Liquidity - The BCI small and medium enterprise financing environment index for November is 52.50, with a month-on-month increase of 0.17% [4] - The M1 and M2 growth rate difference in October is -2.0 percentage points, with a month-on-month increase of 0.8 percentage points [4] - The current price of London gold is $4,197 per ounce [4] Infrastructure and Real Estate Chain - Total inventory of five major steel varieties is at the highest level for the same period in four years [5] - Price changes this week include rebar +0.31%, cement price index -0.10%, rubber -1.01%, coke -3.18%, coking coal -1.41%, iron ore -0.13% [5] - National blast furnace capacity utilization rate, cement, and asphalt operating rates have changed by -0.90 percentage points, -0.30 percentage points, and +0.3 percentage points respectively [5] Real Estate Completion Chain - Prices of titanium dioxide and flat glass have increased by 0.78% and remained unchanged respectively, with glass gross profit at -58 yuan/ton and titanium dioxide gross profit at -1,649 yuan/ton [6] - The operating rate for flat glass this week is 73.63% [6] Industrial Products Chain - Major commodity price performance this week includes cold-rolled steel and copper prices unchanged, aluminum +3.36%, with corresponding gross profit changes turning from loss to profit and increasing by 2.20% and 12.47% respectively [7] - The national semi-steel tire operating rate is 70.92%, with a month-on-month increase of 1.73 percentage points [7] Subcategories - Electrolytic aluminum spot price reaches the highest level since May 2022, while tungsten concentrate price continues to reach the highest level since 2012 [8] - The price of graphite electrodes is 19,000 yuan/ton, with a month-on-month increase of 2.70%, and the comprehensive gross profit is 1,357.4 yuan/ton, down 17.59% [8] - The price of electrolytic aluminum is 22,150 yuan/ton, with a month-on-month increase of 3.36%, and estimated profit is 4,750 yuan/ton (excluding tax), up 12.47% [8] - The price of electrolytic copper is 91,600 yuan/ton, with a month-on-month increase of 4.71% [8] - The price of tungsten concentrate is 354,000 yuan/ton, with a month-on-month increase of 4.42% [8] Price Comparison Relationships - The price ratio of rebar and iron ore this week is 4.09 [10] - The price difference between hot-rolled and rebar steel is 40 yuan/ton [10] - The price difference between Shanghai cold-rolled and hot-rolled steel is 530 yuan/ton, with a month-on-month increase of 40 yuan/ton [10] - The price ratio of stainless steel hot-rolled to electrolytic nickel is 0.11 [10] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 170 yuan/ton, with a month-on-month increase of 6.25% [10] - The price difference between medium-thick plates and rebar is 70 yuan/ton [10] - The London spot gold-silver price ratio is 73 times this week [10] Export Chain - The new export orders PMI for China in November is 47.60%, with a month-on-month increase of 1.7 percentage points [11] - The China Containerized Freight Index (CCFI) comprehensive index this week is 1,114.89 points, with a month-on-month decrease of 0.62% [11] - The U.S. crude steel capacity utilization rate this week is 75.80%, with a month-on-month decrease of 1.10 percentage points [11] Valuation Percentiles - The CSI 300 index increased by 1.28% this week, with the best-performing cyclical sector being industrial metals (+9.14%) [12] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 PB ratio is 37.97% and 100.00% respectively [12] - The current PB ratio of the ordinary steel sector relative to the CSI 300 PB ratio is 0.53, with the highest value since 2013 being 0.82 (reached in August 2017) [12]

Group 1: Energy Storage - In November, domestic energy storage completed a total of 10GW/29.7GWh in bidding, with independent storage projects accounting for 90% of the total. The average bid price for 2/4h systems was 0.594/0.494 CNY/Wh, showing a slight decrease compared to October. It is expected that independent storage bidding will maintain a good level in 2026, supported by the development of the industry and a complete revenue model through energy, capacity, and ancillary service markets [4] - The logic for overseas energy storage continues to evolve, with the overall electricity shortage in the U.S. remaining unchanged. Future technological advancements are expected to be a key focus, with attention on overseas storage and SST opportunities. Demand for energy storage in non-U.S. countries is also anticipated to rise, such as in Middle Eastern data centers and Ukraine's reconstruction efforts [4] Group 2: Hydrogen and Ammonia - The Jilin Provincial Ecological Environment Department has accepted the environmental impact report for a project by Liao Yuan Tian Yi Hydrogen Energy Technology Co., Ltd., which aims to produce 180,000 tons of green methane annually. This project is part of the "wind-solar-storage-hydrogen-ammonia integration" series under a government framework agreement. The hydrogen and ammonia sector is expected to gain more investment due to dual benefits from China's future industries and the EU's carbon tariff in 2026 [5] Group 3: Lithium Battery - Production in December is expected to remain stable, with demand anticipated to improve in January. The market is currently negotiating on the demand side regarding domestic energy storage bidding expectations for 2026, while also monitoring the sales of new energy vehicles. On the supply side, the lithium battery industry is experiencing a "reverse involution" logic, establishing a trend of supply-demand improvement. Short-term expectations for lithium hexafluorophosphate are already high, and various segments are gradually entering long-term contract signing phases. Mid-term investment opportunities should focus on lithium mines with significant supply variability and membrane segments where profitability does not support expansion [6]

点击注册小程序 本周数据更新：本周动力煤价格加速下跌 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 本周行情回顾： 本周SW公用事业一级板块上涨0.12%，在31个SW一级板块中排名第17；沪深300上涨1.28%，上证综指上 涨0.37%，深证成指上涨1.26%，创业板指上涨1.86%。细分子板块中，火电下跌0.2%，水电上涨0.66%， 光伏发电上涨0.07%，风力发电上涨0.62%，电能综合服务上涨0.35%，燃气下跌1.66%。本周公用事业涨 幅前五的个股分别为闽东电力（+16.86%）、中闽能源（+12.62%）、惠天热电（+12.60%）、华通热力 （+7.56%）、德龙汇能（+6.19%）；周跌幅前五的个股分别为上海电力（-13.53%）、恒盛能源 （-12.13%）、大众 ...

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 本周市场核心观点： 本周（2025.12.01-2025.12.05，下同）A股整体宽幅震荡，主要宽基指数周度小幅收涨。量能表现方面， 主要宽基指数量能均回升。资金面方面，本周股票型ETF小幅净流入，中小盘主题ETF为净流入主力；融 资增加额维持正值，环比上周略有下降。 从本周市场表现来看，短线回调压力或已释放，市场再度进入震荡区间。资金面较市场交易量能更为积 极，反弹或将延续。建议以"红利+科技"作为配置主线，红利或在波动方面占优。 本周市场各指数全线上涨，上证综指上涨0.37%，上证50上涨1.09%，沪深300上涨1.28%，中证500上涨 0.94%，中证1000上涨0.11%，创业板指上涨1.86%，北证50指数上涨 ...

Core Viewpoint - The article provides a comprehensive analysis of market performance, highlighting the positive and negative returns of various factors across different stock pools and industries, indicating a mixed market sentiment and the effectiveness of specific investment strategies [4][5][6][7][8][9][10][11]. Factor Performance - In the overall market, the profit factor achieved a positive return of 0.61%, while market capitalization and momentum factors also showed positive returns of 0.25%, 0.24%, and 0.23% respectively, indicating a large-cap style market [4]. - In the CSI 300 stock pool, the best-performing factors included quarterly ROA (1.43%) and TTM sales ratio inverse (1.39%), while the logarithmic market cap factor showed a negative return of -1.70% [5]. - In the CSI 500 stock pool, the top factors were the 5-day average turnover rate (1.68%) and the correlation between intraday volatility and trading volume (1.66%), with the logarithmic market cap factor again underperforming at -1.21% [5]. Liquidity and Industry Performance - In the liquidity 1500 stock pool, the price-to-earnings ratio factor performed well with a return of 2.13%, while the 5-day reversal factor had a negative return of -1.44% [6]. - Across industries, fundamental factors like net asset growth rate and net profit growth rate showed consistent positive returns in textiles and non-bank financial sectors, while valuation factors like EP and BP also performed well in most industries [7]. Strategy Performance - The PB-ROE-50 combination achieved positive excess returns of 0.76% in the CSI 500 stock pool and 0.21% in the CSI 800 stock pool, while the overall market stock pool had a slight negative excess return of -0.09% [8]. - Public and private fund research strategies yielded positive excess returns of 0.42% and 0.29% respectively relative to the CSI 800 [9]. - The block trading combination underperformed with an excess return of -0.16% relative to the CSI All Index [10]. - The targeted issuance combination also showed negative excess returns of -2.30% relative to the CSI All Index [11].

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。 今 日 聚 焦 【金工】把握年末利率下行契机，解析10年国债ETF配置价值——工具型产品介绍与分析系列之二十七 我们认为宏观基本面承压但韧性仍在、央行政策支撑下，年末利率有望维持偏低并趋于稳定。低利率环境提升 固定收益资产吸引力，为债券ETF配置提供了较高性价比。国泰上证10年期国债ETF（代码：511260.SH）作 为市场上唯一跟踪10年期国债指数的债券ETF，基金规模大、流动性佳，风险收益比良好，公募基金将作为底 仓资产的配置趋势进一步强化，建议关注其配置机会。 本周全市场股票池中，盈利因子获取正收益0.61%；市值因子、非线性市值因子、动量因子分别获取正收益 0.25%、0.24%、0.23%，市场表现为大市值风格；残差波动率因 ...

以下文章来源于一丰看金融 ，作者王一峰、黄怡婷 一丰看金融 . 分享经济金融领域大事小情，路边新闻 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 事件： 12月5日，为完善保险公司偿付能力监管标准，充分发挥保险资金作为耐心资本的优势，国家金融监督管 理总局发布《关于调整保险公司相关业务风险因子的通知》，在严守风险底线的基础上，适度调整保险公 司相关业务风险因子： 1）调整保险公司投资相关股票的风险因子，培育壮大耐心资本； 2）调整保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的风险因子，鼓励保险公 司加大对外贸企业支持力度、有效服务国家战略。 点评： 1、背景：偿二代二期下保险公司偿付能力整体承压，今年以来入市力度增强进一步推升资本占用压力 一方面，由于偿二代二期规则对实际资本的认定 ...

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 2、二级市场表现 价格走势：2025年11月1日-2025年11月30日（以下简称"本月"），我国已上市公募REITs的二级市场价格 整体呈现波动下行的趋势。与其他主流大类资产相比，回报率由高至低排序分别为：黄金>纯债>REITs> 原油>美股>可转债>A股。 从项目属性来看，产权类REITs和特许经营权类REITs的二级市场价格走势于本月呈现分化：产权类REITs 有所下跌，而特许经营权类REITs有所上涨。从底层资产类型来看，本月交通基础设施类REITs涨幅最 大。本月，回报率表现较好的底层资产类别为交通基础设施类、消费类和保障房类。从单只REIT层面来 看，有28只REITs上涨，有49只REITs下跌。涨跌幅方面，涨幅 ...

查看完整报告 点击注册小程序 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 本周A股市场出现回暖 受市场风险偏好抬升影响，本周A股市场出现上涨。受市场情绪好转、风险偏好抬升影响，本周A股市场 出现上涨，主要宽基指数大多上涨。在主要宽基指数中，创业板指表现最好，涨跌幅为1.9%，而科创50表 现最差，涨跌幅为-0.1%。目前万得全A估值处于2010年以来85.7%分位数。 行业方面，有色金属、通信、国防军工表现相对较好。分行业来看，本周申万一级行业涨跌互现。有色金 属、通信、国防军工等行业表现相对较好，涨跌幅分别达到了5.3%、3.7%、2.8%。相比之下，传媒、房 地产、美容护理等行业表现相对靠后，涨跌幅分别达到了-3.9%、-2.2%、-2.0%。 本周重要事件 经济数据方面，国内11月PMI数据公 ...

Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 180.47 and a weekly return of -0.86% [4] - Compared to other major asset classes, the return rates ranked as follows: US stocks > A-shares > convertible bonds > crude oil > pure bonds > gold > REITs [4] - Among different asset types, water conservancy REITs showed the highest increase, while both property and franchise REITs saw price declines [4] Individual REIT Performance - A total of 17 REITs increased in value, 2 remained stable, and 58 experienced declines during the week [4] - The top three performing REITs in terms of growth were 华夏基金华润有巢REIT, 易方达深高速REIT, and 华泰南京建邺REIT [4] - The trading volume for public REITs reached 1.96 billion yuan, with an average daily turnover rate of 0.38% [4] Trading Activity - The top three REITs by trading volume were 华夏基金华润有巢REIT, 中金普洛斯REIT, and 华夏中国交建REIT [5] - The total net inflow for the week was 22.05 million yuan, indicating increased market trading enthusiasm compared to the previous week [5] - The leading categories for net inflow were transportation infrastructure, consumer infrastructure, and new infrastructure REITs [5] Bulk Trading - The total amount of bulk trading reached 214.55 million yuan, showing a decrease from the previous week [5] - The highest single-day bulk trading amount was 84.80 million yuan on December 2, 2025 [5] New Listings - No new REIT products were launched during the week [6] Project Status Update - One REIT product had its project status updated during the week [7]