1. 公开市场操作 央行 公告称， 11 月 25 日以固定利率、数量招标方式开展了 3021 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 3021 亿元，中标量 3021 亿元。 Wind 数据显示，当日 4075 亿元 逆回购到期 ，据此计算，单日净回笼 1054 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 中国银行间市场周二资金面平稳向宽，主要期限回购利率低位徘徊，存款类机构隔夜回购利率微降并停留于 1.32% 附近。匿名点击（ X-repo ）系统上， 隔夜报价亦仍在 1.3% ，供给规模接近两千亿元人民币；非银机构质押信用债融入隔夜资金，报价降至 1.4% 附近。交易员指出，资金很松，市场真不缺 钱，资金面整体平稳偏宽态势不改；考虑到本周适逢月末时点，仍需关注央行后续投放力度及资金变化情况。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 海外方面，最新美国隔夜融资担保利率为 3.93% 。 （IMM） // 债市综述 // ...

Group 1 - President Trump announced significant progress in the peace plan for the Russia-Ukraine conflict, with only a few disagreements remaining [2] - Nvidia's stock price dropped sharply due to competition from Google's AI chip TPU, leading to a market cap loss of $1 trillion from its peak [2] Group 2 - The Chinese Ministry of Foreign Affairs stated that the recent phone call between the US and Chinese presidents was initiated by the US and had a positive atmosphere [3] - China's direct foreign investment from January to October reached $144.34 billion, a year-on-year increase of 6.2% [3] Group 3 - A-shares experienced a rebound, with significant gains in lithium and related sectors, while the overall trading volume reached 1.83 trillion yuan [4] - Hong Kong's Hang Seng Index closed up 0.69%, with notable net buying in Alibaba shares [4] Group 4 - Alibaba reported a revenue of 247.795 billion yuan for the second fiscal quarter of 2026, a 5% year-on-year increase, exceeding market expectations [5] - NIO's total revenue for the third quarter reached 21.8 billion yuan, a 16.7% year-on-year increase, with expectations for record revenue in the fourth quarter [5] Group 5 - The Swedish fintech company Klarna announced plans to launch a USD-backed stablecoin named "KlarnaUSD" by 2026 [11] - TSMC filed a lawsuit against a former senior vice president for allegedly misusing proprietary technology [13] Group 6 - The US Treasury reported a budget deficit of $284 billion for October, influenced by a government shutdown [14] - The US consumer confidence index fell by 6.8 points to 88.7 in November, marking the largest decline in seven months [15]

Core Viewpoint - The article highlights the importance of sustainable development reporting in the semiconductor industry, emphasizing the release of the "CASS-ESG 6.0 Guidelines for the Semiconductor Industry" as a key tool for standardizing ESG disclosures [5]. Group 1: Event Overview - The 8th Beijing Responsibility Exhibition and the 2025 China Corporate Social Responsibility Report Summit was held, focusing on high-quality information disclosure [3]. - The event was co-hosted by the China Enterprise Reform and Development Research Association and the Responsibility Cloud Evaluation Institute, gathering representatives from over a hundred well-known companies [3]. Group 2: ESG Guidelines Release - The "CASS-ESG 6.0 Guidelines for the Semiconductor Industry" was jointly released by Wind, Responsibility Cloud Research Institute, and China Resources Microelectronics, marking the first authoritative guidance focused on ESG practices in the semiconductor sector [5]. - The guidelines cover 201 indicators across three dimensions: Environmental, Social, and Governance, with 165 basic indicators and 36 specialized indicators [5]. Group 3: Technical Empowerment - Wind has integrated the semiconductor industry disclosure guidelines into its Wind ESG product, allowing users to easily access the disclosure requirements and assess corporate compliance [8]. Group 4: Roundtable Discussion - A roundtable forum discussed transforming sustainable development reports from compliance tools into core value transmission vehicles, with insights shared on common pitfalls in corporate ESG disclosures [10]. - Wind emphasized that sustainable disclosure is an ongoing task and a crucial bridge for dialogue between enterprises and capital [10].

写一份投委会材料，有多累？ 翻公告、对财报、筛研报、追新闻…… 为几页上会关键内容，耗掉好几天。 真正决定成败的深度判断，反而没时间打磨。 现在， Alice Agent 三剑合一 ， 自动完成重复性工作，直接输出可上会的高质量投资建议书与估 值分析报告 。 01 公司概况：全 景动态聚合 投委会最先关注的，是目标的公司动态和机构观点 。但要回答这个问题，你通常得花数小时在公 告、新闻、研报之间来回查阅。 现在，交给 【上市公司速览通】，速览通帮助您一键自动抓取最新公告、主流券商观点与关键舆 情，结构化呈现业务进展、管理层变动与重大事项。 通过数据量化企业竞争优势 03 财务健康：智能风险识别 准备投委会材料时间紧、任务重，最怕财务端的细微风险被忽略。财务数据需要反复分析和校对， 往往耗掉大量时间。 现在，请交给【自选股财务诊断简报】，它能帮你自动识别公司财务，分析利润质量恶化、现金流 承压、杠杆异常等核心风险，并输出板块对比与趋势判断。 自动抓取公司各项信息 快速汇总新闻脉络与研报观点 02 壁垒分析：综合量化判断 面对高估值标的阐述投资理由时，往往只能凭借经验给出定性判断。然而，光靠定性很难让投委信 服。 ...

Group 1: Open Market Operations - The central bank announced a 7-day reverse repurchase operation on November 24, with a fixed rate and quantity tendering, amounting to 338.7 billion yuan at an interest rate of 1.40%, with the same amount being the winning bid [1] - On the same day, 283 billion yuan of reverse repos matured, resulting in a net injection of 55.7 billion yuan [1] Group 2: Funding Conditions - The interbank market in China showed a relaxed funding environment, with overnight repurchase rates slightly decreasing to around 1.32% [3] - The overnight quotes in the anonymous X-repo system remained around 1.3%, with a supply scale of about 100 billion yuan [3] - Non-bank institutions were borrowing overnight funds against pledged credit bonds at rates between 1.47% and 1.48% [3] - The latest overnight financing rate in the U.S. was reported at 3.91% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit from major banks was around 1.64%, showing a slight increase from the previous day [7] Group 4: Major Interest Rate Bond Yields - The yields for various government bonds were reported, with the 1-year government bond yield at 1.4025%, and the 10-year bond yield at 1.6900% [9] Group 5: Recent MLF Operations - The central bank plans to conduct a 1 trillion yuan MLF operation on November 25, with a net injection of 100 billion yuan for November, as 900 billion yuan of MLF is set to mature [13] - The total medium-term liquidity released through MLF and reverse repos in November is 600 billion yuan, maintaining a relatively high level for four consecutive months [13] Group 6: Bond Market Developments - The central bank successfully issued 45 billion yuan in central bank bills in Hong Kong on November 24, with a 3-month issuance of 30 billion yuan at an interest rate of 1.60% [13] - The issuance of local government bonds in Inner Mongolia is scheduled for December 1, amounting to 10.4 billion yuan [17]

Group 1 - The core viewpoint of the article emphasizes the importance of maintaining stable and positive Sino-U.S. relations, highlighting mutual benefits and cooperation while addressing issues like Taiwan [2] - China's foreign direct investment reached 9236.8 billion RMB in the first three quarters of this year, showing a year-on-year growth of 4.4%, maintaining its position as the third-largest investor globally [3] - High-tech industries in China saw a sales revenue increase of 13.6% year-on-year in October, with significant growth in sectors like integrated circuits and industrial robots [4] Group 2 - The A-share market experienced fluctuations with military industry themes and AI applications performing well, while lithium mining stocks faced a deep correction [5] - Goldman Sachs predicts that the Chinese stock market will continue to rise, driven by AI applications, with a potential increase of 30% by 2027 [6] - The first batch of AI-focused ETFs is set to launch on November 28, with a total fundraising cap of 220 billion RMB across various funds [7] Group 3 - The domestic oil prices will decrease starting from November 24, with gasoline and diesel prices dropping by 0.05 RMB and 0.06 RMB per liter, respectively [10] - The total installed power generation capacity in China reached 3.75 billion kilowatts by the end of October, marking a year-on-year increase of 17.3% [11] - The European Central Bank warns that stablecoins could siphon off valuable retail deposits from banks, potentially impacting global financial stability [12]

01 谜题尽解，尚待新局——2026年债市年度策略报告 16:00-17:00 核心看点： 2026年债市走向？货币政策宽松空间是否依然有限？面对基本面改善与微观体感疲软 的矛盾，债市将如何抉择？当资本利得惯性遭遇有限票息，是坚守久期还是转向票息策略？明年债 市是否真的只能"小幅看多"，且逆向布局优于顺势而为？ 嘉宾： 杜渐 丨浙商证券固收首席分析师 扫码预约 02 03 中信建投 | 科技团队联合展望 - 2026年度策略报告汇报会议之四 20:00-21:00 核心看点： 2026年科技投资的主线是否仍由AI引领？面对"无就业增长"的降息周期，机遇与挑战 如何分化？中国AI能否凭借其庞大的应用市场、世界级的模型层与自主硬件的快速迭代实现系统性 重估？在算力端，散热、PCB、电源等方向是否蕴含确定性机会？国产芯片会否迎来订单倾斜与集 中度提升？而AI应用商业化、计算机领域的国产化、量子科技及智驾等高景气赛道，又将是下一轮 行情的关键吗？ 嘉宾： 于芳博丨中信建投证券人工智能首席分析师 应瑛丨中信建投证券计算机首席分析师 崔世峰丨中信建投证券海外研究首席分析师 杨伟松丨中信建投证券科技前瞻首席分析师 扫码预约 ...

11 月 21 日，以 " 智领健康未来 " 为主题的 2025 华夏大健康产业发展暨康复服务大会在北京召开。作为连续四届引领行业风向的标杆盛会，科技与创新 始终是贯穿全程的灵魂主线，而医疗健康企业在环境、社会及治理方面的表现同样被社会各界关注。 万得 ESG高级分析师 受邀发表了主题演讲，详细介绍了蒲公英指数的构建背景、评估体系及市场表现，强调该指数为医疗健康行业可持续发展提供了重 要参考。 万得首先介绍了 Wind 万得的业务背景： "Wind 是一家专业化的信息服务机构，为金融领域开发了信息检索、数据提取及组合管理等专业工具，是国内外 机构投资者的重要合作伙伴。 " 她特别指出， Wind 构建的独立 ESG 评级体系已广泛应用于政策研究、金融决策和企业实践当中，例如国务院发展研究 中心发布的报告及可持续挂钩债券发行实践。 蒲公英指数亦是 Wind ESG 评级体系的一次创新性应用。该指数由华夏时报大健康研究院与万得联合研发，从医疗健康领域 A 股 495 家公司中精选前 50 家组成 " 蒲公英 50 指数 " ，港股 262 家公司中精选 30 家组成 " 蒲公英 30 指数 " ，每月根据 ESG ...

Core Viewpoint - The article emphasizes the need for investment advisors to transition from being mere product salespeople to becoming comprehensive asset allocation experts, focusing on creating a wealth system that aligns with clients' life goals [6][20]. Group 1: Challenges in Current Practices - Many investment advisors find themselves trapped in a cycle of product sales due to traditional operational models, which limits their ability to communicate effectively and professionally [4][5]. - Clients are increasingly seeking holistic solutions that encompass growth, protection, inheritance, and liquidity, rather than just individual products [6]. Group 2: Systematic Upgrade to Professional Value - The article suggests that advisors must upgrade their roles to asset allocation experts, moving beyond just selling products to constructing and managing a wealth system tailored to clients' objectives [6]. - This upgrade does not require solitary effort; tools like AI can assist in enhancing advisors' capabilities [7]. Group 3: AI as a Professional Assistant - The AI asset allocation assistant, referred to as "Alice Advisor," can help advisors overcome limitations in visibility, tools, and efficiency, making professional planning a regular part of their work [10]. - The assistant allows for the integration of all asset classes into a single analysis, enabling advisors to make informed decisions based on a comprehensive view of clients' assets [13]. Group 4: Enhanced Diagnostic Capabilities - The AI assistant can provide deep diagnostics, moving from vague qualitative assessments to precise quantitative insights about clients' portfolios, such as identifying overexposure in equities or industry concentration [17]. - This capability allows advisors to respond quickly to complex client needs regarding global allocation and retirement planning, thereby transforming the advisor-client relationship [20]. Group 5: Efficient Solution Generation - The AI assistant can generate customized investment solutions in seconds, addressing complex client requests without the advisor needing to spend excessive time on calculations [21]. - This efficiency allows advisors to focus more on client communication and service rather than manual calculations [21].

Group 1 - The article discusses the potential AI bubble and the implications for the Federal Reserve's interest rate policies, highlighting the uncertainty surrounding rate cuts [2] - It examines the evolution of the real estate market, particularly the direct supply of housing by banks, and its impact on the sector [2] - The article also reflects on the implications of large banks merging with smaller banks, providing insights into the banking sector's future [2] Group 2 - The macroeconomic outlook suggests a stable global economy with a continued cycle of interest rate cuts by the Federal Reserve, emphasizing the shift towards "big fiscal" policies in major economies [5] - It indicates that while China's economy faces short-term pressures, the long-term outlook remains positive, with expectations of a slow bull market in Chinese stocks and a cautious approach to the bond market [5] - The article predicts a long-term upward trend in commodity prices, particularly in the context of a weakening US dollar [5] Group 3 - The discussion on precious metals highlights the fluctuating expectations for Federal Reserve rate cuts and the potential turning point for cyclical demand in gold and silver [7] - It also addresses the structural opportunities in the precious metals market arising from the macroeconomic reordering [7] Group 4 - The focus on AI and large models reveals investment opportunities within the internet and data center industries, emphasizing the growth potential in these sectors [9] - The article identifies five key questions for investors regarding the development trends in AI [9] Group 5 - The report on the technology sector indicates that the AI industry revolution is driving high growth in demand for computing power and hardware, alongside accelerating commercialization in application sectors [11] - It highlights critical growth directions such as 6G, quantum technology, and domestic semiconductor production [11]