Core Viewpoint - The A-share market is expected to reach a cyclical peak in spring 2026, with a comprehensive market rally potentially triggered by the sequential emergence of "policy bottom, market bottom, and economic bottom" around mid-2026 [1] Group 1: Market Outlook - By mid-2026, the supply in midstream manufacturing may clear, leading to a noticeable increase in sectors where capacity growth is lower than demand growth [1] - The upcoming market rally will be supported by improvements in the fundamental cycle, strengthening trends in emerging industries, shifts in resident asset allocation towards equities, and the enhancement of China's global influence [1] Group 2: Investment Strategy - Before spring 2026, technology growth stocks may experience minor rebounds; from spring to mid-year, high-dividend defensive stocks are expected to outperform [1] - After mid-2026, a "cyclical foundation with growth leading" approach is anticipated, with the "policy bottom" catalyzing cyclical sectors to lead index breakthroughs, while the trends in technology industries and the enhancement of manufacturing global influence will be the main market themes [1] Group 3: Key Investment Themes - Three major structural themes to focus on in 2026 include: 1. Recovery trading sectors such as cyclical Alpha, basic chemicals, and industrial metals 2. Technology industry trend sectors including AI supply chain, humanoid robots, energy storage, photovoltaics, pharmaceuticals, and military industry 3. Sectors related to the enhancement of manufacturing influence, such as chemicals and engineering machinery [2]

Core Viewpoint - The Ministry of Industry and Information Technology has announced the ninth batch of manufacturing single champion enterprises, with XCMG's full series of new energy loaders receiving national certification [1][4]. Group 1: Company Achievements - XCMG's new energy loaders have achieved a diversified technological layout, including pure electric, hybrid, hydrogen fuel cell, and methanol engine options, covering a weight range from 0.5 to 35 tons [5]. - The company has made significant advancements in the new energy loader sector, including the world's first liquefied natural gas loader in 2010, the first pure electric loader in 2019, and the first hydrogen-powered electric loader in 2023 [6]. Group 2: Manufacturing Capabilities - XCMG's green and digital loader manufacturing base is one of the industry's most intelligent manufacturing facilities, generating over 15 million kilowatt-hours of electricity annually from rooftop solar panels and reducing order delivery cycles by 40% through AI-enabled quality control [7]. - The facility has overcome hundreds of key component technology challenges and collaborates with industry partners to create a "cloud-network-vehicle" coordinated solution for unmanned mining operations [7]. Group 3: Environmental Impact - XCMG's new energy loaders are actively reducing carbon emissions globally, with a 6-ton model in Brazil reportedly decreasing carbon emissions by approximately 150 tons annually, equivalent to planting 7,000 trees [8]. - The company's equipment is designed to provide more economical, environmentally friendly, and efficient solutions, redefining the future of engineering construction with a focus on green and intelligent technologies [8].

Group 1 - Company has recently won two contracts in the environmental remediation sector, totaling nearly 80 million yuan [1][2] - The first project, located in Longyou County, Zhejiang Province, has a contract value of 65.21 million yuan and will utilize a comprehensive technical approach for soil and groundwater remediation [1] - The second project in Mouding County, Yunnan Province, is valued at 13.08 million yuan and focuses on the excavation and disposal of heavy metal-contaminated sediment [1] Group 2 - The successful bids highlight the company's professional strength in the environmental remediation field [2] - The company plans to organize construction scientifically and manage projects with a focus on quality, safety, and environmental protection [2]

Core Viewpoint - Shenwan Hongyuan has launched the "Shenxiang Custody Operation Service Platform," marking a significant upgrade in its custody operation business and setting a new benchmark for digital and intelligent transformation in the fund custody industry [1] Group 1: Platform Launch - The "Shenxiang Custody Operation Service Platform" is the first co-developed custody operation service platform in the industry [1] - The platform signifies a comprehensive upgrade of Shenwan Hongyuan's custody operation business system [1] Group 2: Technological Innovation - The platform is driven by the core idea of "capability accumulation - intelligent driving - experience reconstruction" [1] - It achieves full-chain autonomy and intelligent collaboration from underlying architecture to user interface [1] - The platform is fully compatible with domestic chips, operating systems, databases, and middleware, enhancing technical security [1] Group 3: Long-term Development - The platform supports the long-term safe and sustainable development of the business through system self-evolution and service experience enhancement [1]

中证报中证网讯（记者 葛瑶）11月18日，高盛资产管理发布2026年投资展望报告认为，在人工智能投 资持续推进的背景下，美国科技巨头仍将保持增长动能，但"七巨头"内部业绩分化或将加剧。此外，新 兴市场股票有望凭借估值优势和盈利跑赢整体市场。 在美股方面，高盛资管认为"七巨头"凭借强大的核心业务和战略再投资继续扩大市场份额，这些公司强 劲的盈利能力有望为进一步的增长奠定基础。超大规模企业的人工智能资本支出应在2026年持续。然 而，强者更强的趋势并非完全一致，这些大型企业迄今为止表现出的业绩同质性可能出现变化，差异扩 大。 高盛资产管理投资组合经理格雷格·图尔托（Greg Tuorto）表示："小盘股有望实现增长，尤其在国防、 科技、消费以及日益增长的医疗保健领域。然而，较高的波动性和流动性风险需要更优秀的主动管理能 力，以识别高潜力的变革型龙头，并且应对主题过热带来的风险。" 2026年，高盛资管认为新兴市场有跑赢整体市场的可能。其称，2025年，美元走弱、油价下跌、通胀缓 解以及美联储鸽派立场等多重宏观条件支持新兴市场。新兴市场股票目前的远期市盈率较美国股票折价 约40%，低于长期平均水平。鉴于新兴市场强劲 ...

Core Insights - The "Newton" robotic surgical solution developed by GeRui Technology successfully demonstrated fully autonomous collaborative surgery at the 24th Annual Orthopedic Conference, indicating a shift towards integrated autonomous collaboration platforms in the industry [1][2] - The industry is evolving from traditional isolated surgical robots to a comprehensive closed-loop system that integrates preoperative planning, intraoperative imaging guidance, robotic execution, and postoperative evaluation, marking a key competitive direction for next-generation products [1] Company Highlights - GeRui Technology's "Newton" robotic system incorporates a domestically developed intelligent mobile imaging system, "Newton 3D," which achieves ultra-high-definition scanning at 0.16mm and low-dose real-time registration [2] - The AI-driven intelligent planning module of the "Newton" system automatically generates personalized surgical plans based on the patient's anatomical structure, enhancing the precision of surgical procedures [2] - The dual-arm collaborative robotic execution system ensures operational precision at the sub-millimeter level through force feedback and master-slave control technology, while the postoperative evaluation module provides quantitative feedback on treatment efficacy through multimodal data fusion [2]

Core Insights - BaiLi TianHeng announced the successful interim analysis of its first-in-class EGFR×HER3 dual antibody ADC (iza-bren) in a Phase III clinical trial for esophageal squamous cell carcinoma, achieving both progression-free survival (PFS) and overall survival (OS) primary endpoints [1][2] - The drug has been included in the breakthrough therapy list by the National Medical Products Administration (NMPA) and is expected to submit a pre-market communication application soon, with commercialization anticipated in the domestic market next year [2] Group 1 - The interim analysis of study BL-B01D1-305 showed that iza-bren demonstrated statistically significant benefits in PFS and OS compared to chemotherapy, indicating major clinical benefits [2] - This marks the first ADC drug to achieve dual positive results in a Phase III clinical study for esophageal cancer treatment [1] - Iza-bren has previously shown excellent data in early clinical trials for advanced esophageal squamous cell carcinoma and has been published in the prestigious journal Nature Medicine [2] Group 2 - BaiLi TianHeng focuses on addressing unmet clinical needs in the global biopharmaceutical frontier, particularly in the field of tumor macromolecule therapy, and aims to become a multinational pharmaceutical company (MNC) with global commercialization capabilities by 2029 [3] - The company has established R&D centers in both the US and China, responsible for early product development and subsequent clinical research [3] - BaiLi TianHeng has developed a leading innovative drug R&D platform with global rights and independent intellectual property, including the HIRE-ADC platform, GNC platform, SEBA platform, and HIRE-ARC platform [3]

Core Viewpoint - Chengdu Kanopu Robot Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its entry into the capital market as a leading player in the industrial robotics sector in China [1] Group 1: Company Overview - Kanopu was established in 2012 and specializes in the R&D, manufacturing, sales, and service of core components and complete machines for intelligent industrial robots, recognized as a national high-tech enterprise [2] - The company has developed a product matrix that includes industrial robots, collaborative robots, and embodied intelligent robots, with over 70 models applied across various industries such as automotive, 3C electronics, new energy, and construction machinery [2] - As of now, Kanopu has over 500 customers and its products have been exported to Southeast Asia, Latin America, and Europe, establishing a strong global presence in the industrial robotics sector [2] Group 2: Financial Performance - In the years 2022, 2023, 2024, and the first half of 2025, Kanopu achieved revenues of 197 million RMB, 222 million RMB, 234 million RMB, and 156 million RMB respectively, with gross profit margins of 27.5%, 27.1%, 30.4%, and 32.4%, indicating steady growth [2] - The company reported a cumulative profit of 17.09 million RMB from 2022 to 2024, positioning itself as a leader in profitability among Chinese enterprises achieving scale in industrial robotics [2] Group 3: Strategic Development - Kanopu's growth strategy is characterized by a long-term vision, initially focusing on controllers from 2012 to 2018, then expanding to complete machines and establishing a comprehensive product system from 2018 to 2022 [3] - The company aims to be among the first in China to commercialize embodied intelligent products in industrial settings from 2023 to 2025, leveraging advancements in AI and sensor technology [3] - The global revenue for embodied industrial robots is projected to grow from 2.3 billion RMB in 2025 to 8 billion RMB in 2029, with a compound annual growth rate of 37.0%, highlighting the market potential that Kanopu is targeting [3] Group 4: Product Innovation and Future Plans - Kanopu has successfully conducted pilot applications of multi-modal embodied industrial robots in various scenarios, including welding, polishing, and sorting, creating replicable solutions [4] - The company plans to focus on "AI + scene-defined products" as part of its strategy, investing in foundational robot technology, multi-modal vertical models for specific scenarios, and expanding its product portfolio and application areas [4] - Future growth will also involve deepening technological R&D and extending product applications to fields such as construction, agriculture, and commercial services like home care, aiming for sustainable growth and a leading global brand in intelligent robotics [4]

Core Viewpoint - The 2025 Global Responsible Investment Conference, hosted by the United Nations Principles for Responsible Investment (PRI) in São Paulo, Brazil, focuses on "Global Challenges, Resilience in Investment Strategies, and Investment Opportunities" [1] Group 1: Company Initiatives - E Fund Management is one of the early adopters of responsible investment in China, having joined PRI in 2017 and continuously integrating ESG research into its investment practices [1] - E Fund has been invited to the conference for the third consecutive year, engaging in dialogues with global participants to share China's responsible investment practices [1] Group 2: ESG Development in China - The ESG research director of E Fund, Cheng Jie, highlighted that although ESG in Asia started relatively late, significant progress has been made in regulatory frameworks, data availability, asset management capabilities, and corporate awareness [2] - The "dual carbon" goals are driving China's industrial structure and financial system towards a green and low-carbon transition, with asset management institutions shifting from ESG research to practical investment applications [2] Group 3: Collaborative Efforts - A sub-forum titled "Responsible Investment Practices in Emerging Markets: China and Brazil" was hosted by E Fund's chief ESG researcher, Wei Yixi, featuring discussions on innovative practices in ESG between China and Brazil [2] - E Fund and Itaú Asset Management jointly released the "China-Brazil Responsible Investment White Paper," which outlines the latest developments and case studies in sustainable information disclosure, classification standards, and product standards between the two countries [3]

该产品的拟任基金经理赵强于2022年加入富达，拥有十多年投资管理经验，尤其擅长从全球视野深入把 握宏观环境进行资产配置。他同时也是富达基金多元资产部负责人、养老投资业务负责人，以及富达在 中国市场的首只FOF——富达任远稳健三个月持有混合型基金中基金的基金经理。 赵强表示："我们此次推出的养老FOF，其业绩比较基准中包含了恒生、标普500和黄金等全球资产，是 目前市场上首只在基准中包含海外市场指数的养老FOF基金。这一设计不仅体现了我们对全球资产配置 的前瞻性思考，更旨在通过全球多元布局，为国内养老人群提供更具韧性的投资组合。同时，该基金背 后还有来自富达全球研究网络、养老投资顾问郑任远先生，以及人工智能和金融科技团队的协作和支 持，助力我们更好地服务于中国投资者的养老需求。" 富达基金管理(中国)有限公司总经理孙晨表示："养老是关乎国计民生的重要事业，也是富达尤其能贡 献价值的领域之一，更是我们在中国的长期战略核心支柱。此次养老FOF的推出，标志着我们在中国养 老金融领域迈出了坚实的一步，借此，我们能够把富达在养老投资领域的国际经验及产品布局有序地引 入并落地中国市场，逐步为中国投资者打造覆盖全生命周期的养 ...