Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Views - The report highlights a 7.9% year-on-year increase in national electricity market trading volume from January to October 2025, with significant growth in green electricity trading [2][15]. - The controlled nuclear fusion industry is experiencing accelerated capital expenditure, with a notable increase in project bidding activity [3][17]. - The report emphasizes the importance of policies supporting renewable energy development, predicting stable profitability for new energy generation [4][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.64%, while the public utility and environmental indices increased by 0.89% and 1.59%, respectively [1][14]. - Within the electricity sector, thermal power increased by 1.60%, while hydropower and new energy generation saw smaller gains [1][24]. Important Events - In October 2025, the national electricity market trading volume reached 563.8 billion kWh, marking a 15.6% increase year-on-year [2][15]. - The cumulative trading volume for the first ten months of 2025 was 5,492 billion kWh, accounting for 63.7% of total electricity consumption, up 1.5 percentage points from the previous year [2][15]. Specialized Research - The report details 35 public bidding projects in the controlled nuclear fusion sector from October to November 2025, with a total estimated contract value of 2.6 billion yuan [3][17]. - The bidding activity has significantly accelerated compared to previous months, indicating a growing interest and investment in this area [3][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][22]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [4][22]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for various companies, all maintaining an "Outperform" rating, including Huadian International, Longyuan Power, and China Nuclear Power [8][22].

证券研究报告 | 2025年11月30日 锂电产业链双周评（11月第3期） 工信部座谈指出规范行业竞争，国内企业持续斩获全球储能订单 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 联系人：王喆萱 wangzhexuan@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【新能源车产业链数据】 【锂电材料及锂电池价格】 • 锂盐价格走高，电芯报价上行。本周末碳酸锂价格为9.38万元/吨，较两周前上涨0.86万元/吨。相较两周前，三元正极、磷酸铁锂正极、六氟磷酸锂、电解液、湿法隔膜报价均上涨，负 极报价稳定。本周方形三元动力电芯/铁锂动力电芯/储能用100Ah电芯/储能用2 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - In the context of the rising expectation of the Fed's interest - rate cut and the call between the Chinese and US leaders, the market risk appetite has recovered. The stock market oscillated upward last week, with the technology and consumer sectors performing well, and the dividend sector slightly adjusting. The bond market was weak due to strong stock - market sentiment and relevant rumors, with the yield rising significantly. The 10 - year Treasury bond rate closed at 1.84% on Friday, up 2.46bp from the previous week. In the convertible bond market, half of the individual convertible bonds rose last week, the CSI Convertible Bond Index dropped 0.27% for the whole week, the median price dropped 0.02%, the calculated arithmetic average parity increased 3.77%, and the whole - market conversion premium rate decreased 4.65% compared with the previous week [1][7][8]. - Looking forward, with the expectation of the Fed's interest - rate cut rising again and important meetings in December, along with the continuous progress of the industrial process and the upward revision of corporate profit expectations, the market still has room for further upward movement. For convertible bonds, at the current valuation level, the bond - bottom protection of debt - biased convertible bonds is limited. In the short term, it is still recommended to focus on high - volatility underlying - stock varieties in balanced convertible bonds or low - premium and non - callable equity - biased individual bonds. In terms of direction, pay attention to growth sectors such as AI applications, energy storage, semiconductor equipment and materials, as well as sectors such as photovoltaics and refining that are expected to benefit from policy support [2][18]. 3. Summary by Relevant Catalogs Market Trends Stock Market - Last week, the stock market oscillated upward. The technology and consumer sectors performed well, and the dividend sector slightly adjusted. The Shenwan primary industries showed that most industries rose, with communication (8.70%), electronics (6.05%), and others leading in gains, while petroleum and petrochemicals (- 0.73%), banks (- 0.59%), and others lagging [7][8]. - The daily performance of the A - share market last week was as follows: on Monday, the three major A - share indexes rose, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 0.31%, and the total market turnover was 1.74 trillion yuan, a decrease of 243.3 billion yuan from the previous day. On Tuesday, the three major indexes rose, with the Shanghai Composite Index up 0.87%, the Shenzhen Component Index up 1.56%, and the ChiNext Index up 1.77%, and the total market turnover was 1.83 trillion yuan, an increase of 85.8 billion yuan from the previous day. On Wednesday, the three major indexes showed mixed performance, with the Shanghai Composite Index down 0.15%, the Shenzhen Component Index up 1.02%, and the ChiNext Index up 2.14%, and the total market turnover was 1.80 trillion yuan, a decrease of 29 billion yuan from the previous day. On Thursday, the Shanghai Composite Index rose 0.29%, the Shenzhen Component Index fell 0.25%, and the ChiNext Index fell 0.44%, and the total market turnover was 1.72 trillion yuan, a decrease of 74 billion yuan from the previous day. On Friday, the Shanghai Composite Index rose 0.34%, the Shenzhen Component Index rose 0.85%, and the ChiNext Index rose 0.7%, and the total market turnover was 1.59 trillion yuan, a decrease of 125.7 billion yuan from the previous day [7]. Bond Market - Last week, affected by strong stock - market sentiment and relevant rumors such as the new fund - sales regulations, the central bank's bond - buying scale, and public - fund redemptions, the bond market was weak, and the yield rose significantly. The 10 - year Treasury bond rate closed at 1.84% on Friday, up 2.46bp from the previous week [1][7][8]. Convertible Bond Market - Last week, half of the individual convertible bonds rose. The CSI Convertible Bond Index dropped 0.27% for the whole week, the median price dropped 0.02%, the calculated arithmetic average parity increased 3.77%, and the whole - market conversion premium rate decreased 4.65% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds with parities in [90,100), [100,110), and [110,120) changed by - 2.04%, - 1.31%, and - 2.39% respectively, and were at the 85%, 96%, and 75% quantiles since 2023 [8]. - Most industries in the convertible bond market rose last week. Steel (+2.53%), building materials (+1.27%), machinery and equipment (+1.00%), and electronics (+0.97%) led the gains, while social services (- 3.45%), non - bank finance (- 2.00%), petroleum and petrochemicals (- 1.35%), and coal (- 1.16%) lagged [11][12]. - At the individual - bond level, Dazhong (lithium mine), Chun 23 (consumer electronics), Tianyuan (landfill leachate treatment), Haohan (network intelligence), and Liyang (Ali chip concept) convertible bonds led the gains; Bo 23 (non - ferrous metals), Wei 24 (solid - waste treatment & strong - redemption announced), Xinhua (lithium - battery concept), Yanggu (rubber additives), and Huicheng (waste - catalyst treatment) convertible bonds led the losses [1][13]. - The total trading volume of the convertible bond market last week was 282.476 billion yuan, and the average daily trading volume was 56.495 billion yuan, showing a decline compared with the previous week [16]. Valuation Overview - As of last Friday (2025/11/28), in equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 47.76%, 33.06%, 27.88%, 17.8%, 13.9%, and 11.64% respectively, at the 98%/97%, 90%/87%, 94%/95%, 83%/74%, 86%/83%, and 94%/92% quantiles since 2010/2021. In debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was - 4.01%, at the 1%/5% quantiles since 2010/2021. The average implied volatility of all convertible bonds was 42.86%, at the 86%/86% quantiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 1.51%, at the 82%/83% quantiles since 2010/2021 [19]. Primary - Market Tracking - Last week (2025/11/24 - 2025/11/28), no convertible bonds were announced for issuance, and Zhuomei Convertible Bonds were listed. The underlying stock is Xingyuan Zhuomei, which belongs to the automotive industry. As of November 28, its market value was 5.317 billion yuan. The company is a professional enterprise in designing and manufacturing large - and medium - sized aluminum and magnesium alloy die - casting molds. The issued convertible - bond scale is 450 million yuan, with a credit rating of A+, and it was listed on November 24. After deducting the issuance fees, the funds are all to be invested in the project of an annual output of 3 million sets of high - strength large - sized magnesium alloy precision - formed parts for automobiles [26]. - As of the announcements on November 28, no convertible bonds are announced for issuance or listing in the next week (2025/12/1 - 2025/12/5). Last week, 1 company (Lianrui New Materials) was approved for registration, 1 company (Shangsheng Electronics) passed the listing committee review, 1 company (Aike Technology) was accepted by the exchange, 1 company (Songyuan Safety) passed the shareholders' meeting, and 1 company (Shenling Environment) had a board - of - directors' plan. As of now, there are 97 convertible bonds to be issued, with a total scale of 145.89 billion yuan, including 7 that have been approved for registration with a total scale of 4.72 billion yuan and 6 that have passed the listing committee review with a total scale of 7.46 billion yuan [27].

1. Report's Industry Investment Rating - Not provided in the report 2. Core Views - This week, the REITs index fell 0.1%. The average weekly price changes of equity - type REITs and franchise - type REITs were - 0.1% and - 0.4% respectively. In terms of the weekly price changes of major indices, CSI 300 > CSI REITs > CSI Aggregate Bond > CSI Convertible Bond Index [1]. - As of November 28, 2025, the dividend yield of equity REITs was 18BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 254BP [1]. - The CSRC launched the pilot of commercial real - estate REITs, which is a key step for China's public REITs market to expand from infrastructure and consumption fields to all categories [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - As of November 28, 2025, the closing price of the CSI REITs index was 809.07 points, with a weekly price change of - 0.1%. It outperformed the CSI Aggregate Bond Index (- 0.2%) and the CSI Convertible Bond Index (- 0.3%), but underperformed the CSI 300 Index (+ 1.6%). Year - to - date, the price change rankings of major indices were: CSI Convertible Bond (+ 16.2%) > CSI 300 (+ 15.0%) > CSI REITs (+ 2.5%) > CSI Aggregate Bond (+ 0.6%) [2][6]. - In the past year, the return rate of the CSI REITs index was 5.7% with a volatility of 7.5%. Its return was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index; the volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index [2]. - As of November 28, the total market value of REITs was 219.9 billion yuan, an increase of 100 million yuan from last week; the average daily turnover rate for the whole week was 0.50%, up 0.03 percentage points from the previous week [2][8]. 3.2 Performance by REIT Types - In terms of different project attributes, the average weekly price changes of equity - type REITs and franchise - type REITs were - 0.1% and - 0.4% respectively. Among different project types, REITs showed differentiated price changes. The top three project types with the largest average price increases were new - type (1.8%), affordable housing (0.9%), and municipal facilities (0.4%) [1][3][14]. - The top three REITs in weekly price increase were CICC Xiamen Anju REIT (+ 3.65%), Huaxia Capital First - Outlets REIT (+ 2.67%), and Huaxia Beijing Affordable Housing REIT (+ 2.52%) [3][18]. - Among different project types, affordable rental housing REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.0%; transportation infrastructure REITs had the highest trading volume share this week, accounting for 24.1% of the total REIT trading volume [3][19][20]. - In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia Capital China Resources Commercial REIT (20 million yuan), CICC In - City Mall REIT (8.44 million yuan), and Huatai - PINEBRIDGE Jiangsu Expressway REIT (5.22 million yuan) [3][20][21]. 3.3 Primary Market Issuance - From the beginning of the year to November 28, 2025, there were 2 REIT products in the exchange at the stage of acceptance, 2 at the stage of application, 2 at the inquiry stage, 5 at the feedback stage, 6 products that had passed the review and were waiting to be listed, and 14 first - issued products that had passed the review and were listed [22]. 3.4 Valuation Tracking - REITs have both bond and equity characteristics. As of November 28, the average annualized cash distribution rate of public REITs was 6.32%. From the perspective of equity, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs [24]. - As of November 28, 2025, the dividend yield of equity REITs was 18BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 254BP [1][27]. 3.5 Industry News - The CSRC launched the pilot of commercial real - estate REITs on November 28, aiming to enrich capital market investment and financing tools, support the construction of a new real - estate development model, and enhance the effectiveness of the multi - level capital market in serving the real economy [29]. - The first public REIT in Shaanxi Province, "Ping An Xi'an High - tech Industrial Park Closed - end Infrastructure Securities Investment Fund", was officially applied for. Its underlying assets are 13 buildings in the Software New City of Xi'an High - tech Zone, with a total construction area of 325,000 square meters and an estimated net value of 1.36 billion yuan [4][35]. - The first tunnel infrastructure public REIT, "Orient Securities Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway Closed - end Infrastructure Securities Investment Fund", was officially applied for. Its underlying asset is the "Qianjiang Tunnel" connecting Hangzhou and Haining, Jiaxing [4][35].

证券研究报告 | 2025年11月30日 估值周观察(11月第5期) 科技主导"反弹周" 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.11.24-2025.11.28）海外市场普遍反弹，估值随股价修复。美股领涨，主要指数均上涨3%以上，其中纳斯达克100涨幅 最显著（+4.93%）。欧元区中，德国表现突出；亚洲市场整体温和上涨，恒生科技和日经225涨幅超3%，估值随股价修复。除道琼斯 工业指数，美股主要指数PE扩张均超过1x；纳斯达克、日经225、韩国综合指数、恒生科技PE扩张幅度超过2x。从估值分位数看，标 普500和法国CAC40位于历史较高水平，印度SENSEX30和恒生科技指数处于较低区间。 • 近一周(2025.11.24-2025.11.28)，A ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the context of the Fed's increasing expectation of interest rate cuts and the call between Chinese and US leaders, the market risk appetite has recovered. The stock market oscillated upwards last week, with the technology sector that had adjusted recently performing well, and the consumer sector also showing good performance after the six - ministry plan was issued. The bond market was weak, and the yield increased significantly. In the convertible bond market, half of the individual convertible bonds closed up, the CSI Convertible Bond Index dropped 0.27% for the whole week, and the arithmetic average parity increased 3.77%. The overall conversion premium rate decreased 4.65% compared with the previous week [1][7][8]. - Looking forward, with the Fed's expectation of interest rate cuts rising again and important meetings in December, along with the continuous advancement of the industrial process and the upward revision of corporate profit expectations, the market still has room to rise further. For convertible bonds, at the current valuation level, the bond - bottom protection of debt - biased convertible bonds is limited. In the short term, it is still recommended to focus on high - volatility underlying stock varieties in balanced convertible bonds or low - premium and non - callable equity - biased individual bonds. In terms of direction, pay attention to growth sectors such as AI applications, energy storage, semiconductor equipment and materials, as well as sectors such as photovoltaics and refining that are expected to benefit from policy support [2][18]. Summary by Directory Market Trends Stock Market - In the context of the Fed's increasing expectation of interest rate cuts and the call between Chinese and US leaders, the market risk appetite recovered last week, and the stock market oscillated upwards. The technology and consumer sectors performed well, while the dividend sector had a slight adjustment. The A - share market showed different trends on each trading day, with changes in trading volume and active sectors [7]. - Most Shenwan primary industries closed up last week. The communication, electronics, comprehensive, media, and light manufacturing sectors had the highest increases, while the petroleum and petrochemical, banking, coal, and transportation sectors performed poorly [8]. Bond Market - Last week, affected by the strong sentiment in the stock market and relevant rumors such as the new fund sales regulations, the central bank's bond - buying scale, and public fund redemptions, the bond market was weak, and the yield increased significantly. The 10 - year Treasury bond rate closed at 1.84% on Friday, up 2.46bp from the previous week [1][8]. Convertible Bond Market - Half of the individual convertible bonds closed up last week. The CSI Convertible Bond Index dropped 0.27% for the whole week, the price median dropped 0.02%, the arithmetic average parity increased 3.77%, and the overall conversion premium rate decreased 4.65% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds with parities in the ranges of [90,100), [100,110), and [110,120) changed by - 2.04%, - 1.31%, and - 2.39% respectively, and were at the 85%, 96%, and 75% quantiles since 2023 [8]. - Most industries in the convertible bond market closed up last week. The steel, building materials, machinery, and electronics sectors performed well, while the social services, non - bank finance, petroleum and petrochemical, and coal sectors performed poorly [11][12]. - At the individual bond level, the convertible bonds of Dazhong (lithium mine), Chun 23 (consumer electronics), Tianyuan (landfill leachate treatment), Haohan (network intelligence), and Liyang (Ali chip concept) had the highest increases, while those of Bo 23 (non - ferrous metals), Wei 24 (solid waste treatment & call announced), Xinhua (lithium battery concept), Yanggu (rubber additives), and Huicheng (waste catalyst treatment) had the highest decreases [13]. - The total trading volume of the convertible bond market last week was 282.476 billion yuan, with an average daily trading volume of 56.495 billion yuan, a decrease from the previous week [16]. Valuation Overview - As of last Friday (2025/11/28), in equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 47.76%, 33.06%, 27.88%, 17.8%, 13.9%, and 11.64% respectively, and were at the 98%/97%, 90%/87%, 94%/95%, 83%/74%, 86%/83%, and 94%/92% quantiles since 2010/2021 [19]. - In debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was - 4.01%, at the 1%/5% quantiles since 2010/2021. The average implied volatility of all convertible bonds was 42.86%, at the 86%/86% quantiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 1.51%, at the 82%/83% quantiles since 2010/2021 [19]. Primary Market Tracking - No convertible bonds were announced for issuance last week (2025/11/24 - 2025/11/28), and Zhuomei Convertible Bond was listed. The underlying stock is Xingyuan Zhuomei, which belongs to the automobile industry, with a market value of 5.317 billion yuan as of November 28. The company is a professional enterprise in designing and manufacturing large - and medium - sized aluminum and magnesium alloy die - casting molds. The scale of the convertible bond issued this time is 450 million yuan, with a credit rating of A +, and it was listed on November 24. After deducting the issuance expenses, the funds are to be fully invested in the project of an annual output of 3 million sets of high - strength large - sized magnesium alloy precision - formed parts for automobiles [26]. - As of the announcements on November 28, there are no convertible bonds announced for issuance or listing in the coming week (2025/12/1 - 2025/12/5). Last week, one company (Lianrui New Materials) was approved for registration, one company (Shangsheng Electronics) passed the listing committee review, one company (Aike Technology) was accepted by the exchange, one company (Songyuan Safety) passed the shareholders' meeting, and one company (Shenling Environment) had a board of directors' plan. As of now, there are 97 convertible bonds to be issued, with a total scale of 145.89 billion yuan, including 7 that have been approved for registration with a total scale of 4.72 billion yuan and 6 that have passed the listing committee review with a total scale of 7.46 billion yuan [27].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The report regularly sorts out the latest private exchangeable bond (private EB) project information available from public channels and tracks the basic elements of private exchangeable bond projects [1] Group 3: Summary According to the Directory Newly Added Projects from 20251124 - 20251128 - New Hope Group Co., Ltd.'s 2025 private offering of technological innovation exchangeable corporate bonds to professional investors was approved by the exchange, with an intended issuance scale of 4.5 billion yuan, the underlying stock being New Hope (000876.SZ), the lead underwriter being CICC, and the exchange update date being November 27, 2025 [1] - Jiangsu Shenghong Technology Co., Ltd.'s 2025 private offering of exchangeable corporate bonds to professional investors was approved by the exchange, with an intended issuance scale of 3 billion yuan (down from the previous plan), the underlying stock being Orient Shenghong (000301.SZ), the lead underwriter being Huatai United Securities, and the exchange update date being November 27, 2025 [1] - Shenzhen Huaqiang Group Co., Ltd.'s 2025 private offering of exchangeable corporate bonds (second time) to professional investors was approved by the exchange, with an intended issuance scale of 1.3 billion yuan (down from the previous plan), the underlying stock being Shenzhen Huaqiang (000062.SZ), the lead underwriter being Jinyuan United Securities, and the exchange update date being November 27, 2025 [1] - Hainan农垦 Investment Holdings Group Co., Ltd.'s 2025 private offering of exchangeable corporate bonds to professional investors was accepted by the exchange, with an intended issuance scale of 2.1 billion yuan, the underlying stock being Hainan Rubber (601118.SH), the lead underwriter being CITIC Securities, and the exchange update date being November 25, 2025 [1] Other Project Status (as of 2025 - 11 - 28) - Multiple projects such as those of Guangdong Shengyi Technology Co., Ltd., Hangzhou Iron & Steel Group Co., Ltd., etc., have been approved by the exchange, with different intended issuance scales, underlying stocks, lead underwriters, and update dates [3] - Projects of companies like Strait Innovation Internet Co., Ltd. and Sichuan Jiuzhou Investment Holdings Group Co., Ltd. are in the "Feedback Received" status [3]

Market Overview - The communication sector outperformed the market in November, with the communication index rising by 1.85% while the CSI 300 index fell by 2.46%, ranking 6th among 31 primary industries [12][16] - Notable stocks in the sector included Changguang Huaxin (up 58.52%), Tengjing Technology (up 49.66%), and Guangke Technology (up 36.11%) [12][24] AI Infrastructure Growth - The financial reports from major North American tech companies indicate a sustained high demand for computing power, particularly driven by AI investments. NVIDIA reported a significant revenue increase of 62% year-on-year for Q3 2025, with data center revenue growing by 66% [30][31] - Capital expenditures (CAPEX) from major cloud service providers (CSPs) reached nearly $120 billion in Q3 2025, with a year-on-year growth rate exceeding 50%. TrendForce revised the expected growth rate for global CSPs' capital expenditures in 2025 from 61% to 65% [2][30] Competitive Landscape - Google has enhanced its TPU capabilities with the introduction of Ironwood, its most powerful and efficient accelerator to date. This development raises concerns about NVIDIA's market position, although NVIDIA maintains a strong foothold in the AI infrastructure space through its GPU and CUDA ecosystem [3][62] - Meta plans to integrate Google's TPU chips into its data centers by 2027, potentially worth billions, indicating a shift in competitive dynamics within the AI hardware market [3][57] Investment Recommendations - Continued focus on AI computing infrastructure, edge computing, and commercial aerospace is advised. Key areas for investment include optical devices and modules, communication equipment, and liquid cooling technologies [4][69] - The three major telecom operators are considered important assets for long-term investment due to their stable operations and increasing dividend payouts [4][69] Company Performance Insights - NVIDIA's Q3 2025 revenue reached $57 billion, with a notable increase in data center revenue, affirming the strong demand for AI-related hardware [31][33] - Google's Q3 2025 revenue surpassed $102 billion, driven by growth across all major business segments, including a 34% increase in cloud revenue [36][38] - Microsoft reported a 18% increase in revenue for Q3 2025, with significant investments in AI and cloud services, indicating a robust growth trajectory [41][42] - Amazon's cloud business, AWS, achieved a 20% revenue growth in Q3 2025, with expectations for increased capital expenditures in the coming years [51][53] - Meta's Q3 2025 revenue was $51.24 billion, but net profit declined significantly due to increased costs, prompting a rise in capital expenditure forecasts [46][50]

Group 1: Bond Market Analysis - The bond market experienced a significant pullback this week, with short-term bonds supported by central bank liquidity and demand, maintaining stable yields[1] - Long-term bonds faced pressure due to policy concerns and profit-taking, but later recovered as fundamental expectations solidified and institutional buying resumed[1] - The recent actions of major banks to withdraw large-denomination certificates of deposit have raised expectations for interest rate declines, providing policy support for a potential bond market recovery[1] Group 2: Market Performance Overview - From November 22 to November 29, the CSI 300 index rose by 1.65%, the Hang Seng Index increased by 2.54%, and the S&P 500 gained 3.73%[2] - The 10-year China bond yield increased by 2.47 basis points, while the 10-year U.S. Treasury yield decreased by 4 basis points[2] - The U.S. dollar index fell by 0.72%, and the offshore RMB appreciated by 0.49%[2] Group 3: Inventory and Fund Behavior - The latest weekly crude oil inventory stood at 44,355 million tons, up by 2.78 million tons from the previous week[3] - The latest data shows a decrease in long positions in the U.S. dollar by 177 contracts, while short positions increased by 1,611 contracts[3] - The gold ETF size rose to 3,361 million ounces, an increase of 160,000 ounces from the previous week[3]

ESG 专题 中国股票市场 ESG 溢价现象探析 投资 ESG 表现优秀的公司能否为投资者带来超额市场收益呢？国内外股 票市场的实证检验并未得到一致的结论。国外的实证研究更多支持 ESG 表现优秀的公司能获得更高的收益，但在碳排放领域，投资那些碳排放 水平越高的公司能也获得更高的收益。国内的实证研究由于不同的 ESG 数据差异较大、研究的截面样本、时间区间、数据频率、实证方法不同， 研究结果也存在分歧。为此，本报告基于股票覆盖较全的秩鼎的 ESG 评 分数据，采用 Fama 和 French（2008）关于探讨股市异象的排序分组方 法和横截面回归方法，研究了较长一段时间里股票收益与 ESG 表现的关 系，主要结论如下： 1、A 股市场存在显著的 ESG 正溢价现象，这一现象在大盘股和中盘股中 更为明显。具体而言，除微盘股外，全样本及其他规模分组中，ESG 指 标与收益率呈现出明显的正相关关系。对冲组合（做多 ESG 指标最高的 组合而做空 ESG 指标最低的组合）的收益率随规模递增，其中大盘股和 中盘股的对冲组合收益要更高，而且显著。横截面回归和行业中性的排 序分组结果也显示出 ESG 指标的预测能力在大盘股 ...