Core Insights - The event "Zijin Wealth Management Smart Enjoy Special Event - Financial Magic Cube 2025 Annual Closed Private Meeting" focused on discussions about the performance of capital markets in 2025, innovations in wealth management, and core investment opportunities for 2026 [1] Group 1: Investment Strategies - The roundtable discussion emphasized a shift in the definition of core assets, with a focus on technology and new productivity reshaping investment perspectives, moving away from traditional consumer and financial blue-chip stocks [2][3] - A "dumbbell configuration + cornerstone configuration" investment strategy was proposed, prioritizing technology assets while also incorporating high-dividend, policy-supported assets to hedge risks, with a recommendation to favor technology assets in the first half of the year and gradually shift towards dividend assets by the end of Q4 [2] - The need to broaden investment horizons was highlighted, particularly in identifying overlooked opportunities in sectors like technology, innovative pharmaceuticals, and new consumption that do not rely on short-term profitability [3] Group 2: Emerging Investment Opportunities - Two significant investment opportunities were identified: the aging-related sectors, focusing on social engagement and high-quality personalized retirement services, and the data asset sector, where data is seen as a new production factor with vast potential [3] - The importance of insurance products, particularly commercial pension insurance, was emphasized as a crucial component of future investment strategies, offering features like dual accounts and three-year capital protection [3] Group 3: AI and Wealth Management - The company has utilized AI algorithms since its inception in 2014 to create stable long-term returns for clients, with a reported 99.19% profitability rate among clients holding smart accounts as of November 11, 2025 [4] - The AI investment signals provided by the company have shown an average accuracy rate of 88.46%, with specific sectors like low-volatility dividends and technology achieving a 100% accuracy rate in buy/sell signals [4]

Core Viewpoint - The 14th Five-Year Plan period is expected to be a critical phase for comprehensive deepening of reforms, with 2026 marking the beginning of accelerated reforms since the 20th Central Committee's third plenary session [1] Group 1: Economic Outlook - Continuous deepening of domestic demand expansion policies will lead to improvements in corporate profitability during the nominal GDP recovery process [1] - Service demand within consumption is more elastic, making investment growth likely to show a "front low, back high" trend [1] Group 2: Reform Opportunities - The acceleration of reform processes is creating significant opportunities, with short-term domestic demand policies expected to strengthen under a long-term reform framework [1] - The breadth, depth, and intensity of the "dividend" from the era are closely related to the ongoing reforms [1] Group 3: Focus Areas for 2026 - Key areas to focus on in 2026 include the construction of a unified national market, development of new productive forces, reforms related to social welfare, financial and tax system reforms, and accelerating green transformation [1]

Core Viewpoint - The establishment of the Wilarie Research Institute marks a significant step for Wilarie in advancing the research and production of strategic frontier new materials and equipment, aligning with China's manufacturing power strategy [1] Group 1: Company Overview - Wilarie is a national high-tech enterprise invested by Xuzhou Mining Group, primarily engaged in the research and production of metal 3D printing powders [1] - The company has been recognized as a national science and technology reform enterprise and a national specialized and innovative "little giant" enterprise, receiving various honors such as "Advanced Unit Supporting National Defense Construction" and "National Intellectual Property Advantage Enterprise" [1] - Wilarie is a global leader in providing comprehensive solutions for metal additive manufacturing, with notable projects including the "Su Chao" championship trophy made from aerospace-grade titanium alloy through ultra-fine 3D printing [1] Group 2: Product and Market Position - Wilarie focuses on high-temperature alloys, titanium alloys, mold steels, and aluminum alloys for additive manufacturing, holding a leading market share in its main product categories [2] - The company boasts a 100% localization rate for high-end intelligent equipment and key components, achieving world-leading standards [2] - Wilarie has accumulated data from 70,000 furnace runs and has obtained certifications such as ISO9001, AS9100D, and ISO13485, along with three-class medical device registration and CNAS national laboratory certification [2] Group 3: Research and Development Focus - The mission of the Wilarie Research Institute is to create "metal materials for the Chinese people," focusing on strategic new materials and intelligent new equipment for additive manufacturing [2] - The company aims to enhance core functions and competitiveness through continuous research and technological breakthroughs in frontier materials [2] - During the unveiling ceremony, the Yangtze River Delta Advanced Materials Research Institute and Nanjing University of Science and Technology awarded the research institute with titles such as "Joint Laboratory for High-Performance Powder Alloy Preparation" and "Jiangsu Province Graduate Professional Practice Base" [2]

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 ...

在这一转型浪潮中，歌锐科技打造的"牛顿"智能一体化内镜微创手术机器人，将AI、机器人与术中影像 深度集成，构建了"感知-决策-执行-验证"的数字化闭环，将依赖经验的传统手术转变为可量化、可追 溯、可优化的科学流程，消除了传统手术中的不确定性，为更高级的智能应用打下了基础，更为智能骨 科发展提供了可复用的技术路径。 歌锐科技打造的"牛顿"机器人手术解决方案，搭载了国产自主研发的智能移动影像系统"牛顿3D"，可实 现0.16mm超高清扫描与低剂量实时配准；可以基于AI的智能规划模块，根据患者解剖结构自动生成个 性化手术方案；双机械臂协同的机器人执行系统，则通过力反馈与主从控制技术，确保操作精度达到亚 毫米级；术后评估模块通过多模态数据融合，为医生提供量化疗效反馈。 中证报中证网讯(记者傅苏颖)在日前召开的中华医学会第二十四届骨科学术会议暨第十七届COA学术大 会上，歌锐科技打造的"牛顿"全流程内镜微创机器人成功进行了全自主协同手术的演示。 在传统认知中，手术机器人常被视作仅能完成单一任务的"孤岛式"设备——或专注于导航，或局限于机 械臂操作，各环节彼此割裂，难以形成协同闭环。然而，本届大会释放的信号表明，行业正加 ...

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]