Real Estate - In November, the total sales amount of the top 100 real estate companies was 244.3 billion yuan, a year-on-year decrease of 36.8% and a month-on-month decrease of 11.7% [4] - From January to November, the cumulative sales amount reached 3 trillion yuan, with a year-on-year decline of 18.8%, which is an increase of 2.1 percentage points compared to the decline from January to October [4] Public REITs - The expansion of public REITs to the commercial real estate sector has been initiated by the China Securities Regulatory Commission and the National Development and Reform Commission, providing opportunities to revitalize a trillion-yuan market [4] - This move aims to shift enterprises from "heavy development" to "heavy operation," although the short-term market may face pressure, with product valuation and operational quality being critical [4] Food and Beverage - In the snack food sector, there is a focus on operational quality and raw material price trends, while the catering supply chain is seeing improvements in operations, particularly with companies like Anjijia Foods [4] - Investment strategies include flexible trading in underperforming sectors with potential for operational reform, and a positive outlook on dairy products and snack sectors, recommending companies like Yili Group and Yanjinpuzi [4] Jerry Holdings - Jerry Holdings has secured multiple contracts for generator sales exceeding 1 billion yuan with North American data centers, indicating a potential third growth curve for its power segment [5][6] - The company’s subsidiary, Jerry Min Electric Energy Group, has signed significant contracts with major AI industry players, highlighting its expanding market presence [5][6]

Core Viewpoint - The employee stock ownership plan (ESOP) announced by Shuiyang Co. aims to enhance employee motivation and reflects the company's confidence in its development [4][5]. Group 1: Employee Stock Ownership Plan - The ESOP will involve up to 938 participants, categorized into professional and management roles, with a funding source capped at 51.04 million yuan [4]. - The company plans to repurchase shares at a price of 20.46 yuan per share, with a maximum of 2.49 million shares being repurchased, representing 0.64% of the total share capital [4]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 3.41 billion yuan, marking a 12% year-on-year increase, and a net profit attributable to shareholders of 140 million yuan, which is a 44% increase year-on-year [6]. - The company has seen significant growth across multiple brands, with notable increases in sales on various platforms: 11% on Taobao, 19% on Douyin, and 314% on JD.com for the brand Ifidan [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 11月新势力交付数据披露： 1）小鹏交付量同比+18.9%/环比-12.6%至36,728辆；2）蔚来交付量同比+147.9%/环比-10.2%至36,275辆 （NIO品牌同比+18.7%/环比+8.9%至18,393辆、乐道品牌同比+132.1%/环比-32.0%至11,794辆）；3）理想 交付量同比-31.9%/环比+4.5%至33,181辆。 小鹏首款超级增程车型X9上市： 11/20小鹏大七座MPV X9超级增程车型正式上市，上市1小时突破X9历史全天大定纪录。我们判断，小鹏 通过"大电池+全域高压平台"打造增程技术差异化，小鹏有望通过陆续推出更多超高性价比的"一车双 能"车型覆盖更多细分市场。 年终各车企购车优惠 ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 商业航天迎密集催化，关注行业投资机会： 商业航天三年行动计划出台，商业航天进入新一轮高速发展期 点击注册小程序 查看完整报告 2025年11月25日，国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划（2025-2027年）》， 提出要完整准确全面贯彻新发展理念，加快构建新发展格局，坚持高质量发展，坚持有效市场和有为政府相结 合，坚持统筹发展和安全，将商业航天纳入国家航天发展总体布局，营造公开透明、公平公正的政策法规环 境，推动资源配置优化和发展效率提升，推进航天供给侧结构性改革，完善产业生态，加快形成航天新质生产 力，实现航天发展效能整体提升，有力支撑航天强国建设。并明确到2027年，商业航天产业生态高效协同，科 研生产安全有序，产业规模显著壮 ...

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 400,000 CNY/ton, with a week-on-week increase of 1.8%. The price ratio of electrolytic cobalt to cobalt powder is 0.77, up by 1.1% week-on-week, while the price ratio of electrolytic cobalt to sulfuric cobalt is 4.39, up by 1.4% [4] - Carbon fiber price remains at 83.8 CNY/kg, with no change week-on-week, resulting in a gross profit of -9.53 CNY/kg [4] Group 2: New Energy Vehicle New Materials - The prices of electric carbon, industrial carbon, and battery-grade lithium hydroxide are 92,100 CNY/ton, 89,300 CNY/ton, and 81,500 CNY/ton respectively, with week-on-week increases of 4.3%, 4.07%, and 2.9%. The price gap between electric carbon and industrial carbon is at its lowest since November 2024, indicating a potential weakening in lithium battery market conditions compared to the industrial sector [5] - The price of sulfuric cobalt is 88,400 CNY/ton, with no change week-on-week [5] - The prices of lithium iron phosphate and 523-type cathode materials are 39,100 CNY/ton and 156,800 CNY/ton respectively, with week-on-week changes of +2.62% and -1.5% [5] - The price of praseodymium-neodymium oxide is 566.92 CNY/kg, with a week-on-week increase of 3.4% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.50 USD/kg, with no change week-on-week [6] - The price of EVA is 10,100 CNY/ton, remaining unchanged and at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, with no change week-on-week [6] Group 4: Nuclear Power New Materials - The prices of zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand are 13,750 CNY/ton, 145 CNY/kg, 9,000 CNY/kg, 13,450 CNY/ton, and 14,012.5 CNY/ton respectively, all remaining unchanged week-on-week. The uranium price for October 2025 is 63.96 USD/pound, with a week-on-week increase of 1.7% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 344,800 CNY/ton, with no change week-on-week. The price of lithium cobalt oxide is 3,810 CNY/kg, also unchanged [8] - The price of silicon carbide is 5,800 CNY/ton, with no change week-on-week. The prices of high-purity gallium, crude indium, and refined indium are 1,805 CNY/kg, 2,405 CNY/kg, and 2,505 CNY/kg respectively, all remaining unchanged [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 412.00 CNY/g, 2,065.00 CNY/g, and 1,100.00 CNY/g respectively, with week-on-week changes of +4.6%, -3.3%, and 0% [10]

Group 1 - The core viewpoint of the article highlights the significant growth potential of China's inbound tourism market, which has lagged behind domestic and outbound tourism in terms of growth rate and GDP contribution [4] - The inbound tourism market is primarily driven by two factors: the release of visa-free policies and the promotion of Chinese culture abroad, leading to a positive cycle of cultural and tourism integration [5] - The inbound tourism market in China has seen rapid growth since 2023, indicating the onset of a golden development period for inbound tourism [5] Group 2 - Trip.com, as a leading OTA, is benefiting from the inbound tourism boom, with a focus on the Asia-Pacific region and a strategy of gradual international growth [6] - Tongcheng Travel is expanding into international markets, with significant year-on-year growth in international flight and hotel bookings expected in 2024 [7] - Zhongxin Tourism, which started with outbound tourism, is gradually developing its inbound tourism business, having established a subsidiary for inbound services in March 2024 [8]

Summary of Key Points Core Viewpoint - The new stock issuance scale has weakened month-on-month, but the monthly fundraising remains at the level of 10 billion yuan, with a total of 101.88 billion yuan raised in November 2025, reflecting a decrease of 20.84% compared to the previous month [4]. Group 1: New Stock Issuance Overview - In November 2025, a total of 11 new stocks were listed, including 4 on the main board, 1 on the ChiNext, 1 on the Sci-Tech Innovation Board, and 5 on the Beijing Stock Exchange, raising a total of 101.88 billion yuan, down 20.84% month-on-month [4]. - Year-to-date, 96 new stocks have been listed, comprising 32 on the main board, 30 on the ChiNext, 11 on the Sci-Tech Innovation Board, and 23 on the Beijing Stock Exchange, with total fundraising reaching 990.82 billion yuan [4]. - The number of offline inquiry accounts continues to grow, indicating sustained high demand for new stock subscriptions [4]. Group 2: Performance of New Stocks - For the main board, the average first-day increase of new stocks in November 2025 was 177.80%, a decrease of 129.77 percentage points compared to the previous month [4]. - In the dual innovation sector (ChiNext and Sci-Tech Innovation Board), two new stocks had an average first-day increase of 267.69%, an increase of 105.49 percentage points month-on-month [5]. Group 3: New Stock Subscription Returns - In November 2025, the new stock subscription returns for a 500 million yuan account on the main board were 0.037% for A-class and 0.035% for B-class accounts [6]. - The cumulative returns for A-class accounts in 2025 were 1.716%, while B-class accounts had cumulative returns of 1.399% [7].

Market Sentiment Tracking - As of November 28, 2025, the proportion of rising stocks in the CSI 300 has slightly decreased month-on-month, remaining above 50%, indicating a cooling market sentiment [4] - The momentum sentiment indicators show a downward trend, with the fast line below the slow line, suggesting a cautious outlook in the near term [4] - The short-term CSI 300 index is in a non-prosperous sentiment zone [4] Fund Separation Tracking - As of November 28, 2025, the degree of fund separation has slightly declined, indicating a strengthening of fund clustering [5] - The excess returns of clustered stocks and funds have seen a slight decrease over the past month [5] PB-ROE-50 Strategy Tracking - In November 2025, the PB-ROE-50 strategy yielded negative excess returns across various stock pools [6] - The excess return for the CSI 500 stock pool was -0.08%, for the CSI 800 stock pool was -1.09%, and for the overall market stock pool was -3.26% [6] Institutional Research Strategy Tracking - In November 2025, the public fund research stock selection strategy achieved positive excess returns [7] - This strategy outperformed the CSI 800 by 3.49%, while the private fund research tracking strategy underperformed by -1.36% [7] Negative List - As of November 28, 2025, several stocks with high interest-bearing debt ratios, such as Guiding Compass and Huaying Technology, ranked below 100 in traditional metrics [8] - Stocks with high financial cost burdens include Langjin Technology and Delixi Shares, with metrics exceeding 10 times [8]

Group 1 - The new stock fundraising scale has decreased month-on-month, with a total of 11 new stocks listed in November 2025, raising 10.188 billion yuan, but still maintaining a fundraising level above 10 billion yuan [4] - The average first-day increase for new stocks on the main board and the dual innovation board was 177.8% and 267.7%, respectively, indicating strong initial market performance [4] - The number of offline inquiry accounts continues to grow, reflecting sustained high demand for new stock subscriptions [4] Group 2 - The market sentiment has cooled slightly, with the proportion of rising stocks in the CSI 300 index decreasing month-on-month, although it remains above 50% [5] - Momentum indicators show a downward trend, suggesting a cautious outlook for the near future [5] - The CSI 300 index is currently in a non-prosperous emotional zone, indicating potential challenges ahead [5] Group 3 - The inbound tourism market in China is entering a high-quality development phase, driven by visa-free policies and cultural outreach, with significant growth potential [6] - Leading OTA companies like Ctrip and Trip.com are expected to benefit from the inbound tourism boom, while Tongcheng Travel is expanding into international markets [6] - Zhongxin Tourism is gradually starting its inbound tourism business, leveraging its rich domestic and international supply chain resources [6] Group 4 - The price of electrolytic cobalt reached 400,000 yuan per ton, with a month-on-month increase of 1.8%, indicating rising costs in the materials sector [7] - The price of carbon fiber remained stable at 83.8 yuan per kilogram, with a gross profit margin of -9.53 yuan per kilogram [7] Group 5 - The commercial aerospace sector is entering a new phase of rapid development, with the introduction of a three-year action plan and the establishment of a commercial aerospace department by the National Space Administration [7] - Investment opportunities in the commercial aerospace industry are being highlighted as a result of these developments [7] Group 6 - Xiaopeng Motors reported a year-on-year increase of 18.9% in deliveries, totaling 36,728 vehicles, while NIO saw a significant year-on-year increase of 147.9% [8] - Li Auto's deliveries decreased by 31.9% year-on-year, totaling 33,181 vehicles, indicating varying performance among new energy vehicle manufacturers [8] Group 7 - Shuiyang Co., Ltd. announced an employee stock ownership plan, reflecting long-term development confidence, with a funding source of up to 51.04 million yuan [8] - The plan involves a maximum of 938 participants and includes stock repurchased at a price of 20.46 yuan per share, accounting for 0.64% of the total share capital [8]

Group 1: Banking Sector - The Financial Stability Board (FSB) released the 2025 Global Systemically Important Banks (G-SIBs) list, with adjustments in group rankings. Industrial and Commercial Bank of China (ICBC) moved from Group 2 to Group 3, while Deutsche Bank dropped from Group 2 to Group 1 [4] - ICBC's capital strength remains adequate to meet G-SIBs regulatory requirements, especially considering factors like special government bond capital supplements and TLAC non-capital bond issuances [4] Group 2: Steel Industry - The Ministry of Industry and Information Technology (MIIT) issued the "Steel Industry Normative Conditions (2025 Edition)" on February 8, 2025, and reiterated the need to promote the orderly exit of outdated production capacity on July 18, 2025. This suggests a potential recovery in steel sector profitability to historical average levels [4] - Steel stocks' price-to-book (PB) ratios are expected to recover alongside profitability improvements, although caution is advised regarding significant fluctuations in futures prices [4] Group 3: Copper Industry - The China Copper Raw Material Negotiation Group (CSPT) has mandated member companies to reduce copper production capacity by over 10% in 2026, indicating a tightening supply chain that may lead to higher copper prices [5][6] - The processing fees and pricing terms for copper concentrate have deviated significantly from market norms, prompting CSPT to enforce stricter compliance among its members [6] Group 4: Renewable Energy and Utilities - The National Development and Reform Commission (NDRC) acknowledged the achievements in the development of energy storage and hydrogen energy, emphasizing the importance of market mechanisms for reasonable returns in the energy storage sector [7] - Recent policies aim to enhance the consumption of green electricity, with expectations for valuation recovery in the green electricity sector due to accelerated subsidy disbursements [7] Group 5: Jewelry Sector - Chow Tai Fook reported a 1.1% year-on-year decrease in revenue for the first half of FY2026, totaling HKD 38.986 billion, while net profit increased by 0.2% to HKD 2.534 billion. The company proposed an interim cash dividend of HKD 0.22 per share, reflecting a payout ratio of 85.7% [8]