Group 1: Overview of QDII ETF - QDII ETFs are primarily focused on Hong Kong stocks, experiencing rapid growth since 2021, with a significant increase in non-Hong Kong ETFs starting in 2023, reflecting a shift in investor interest towards overseas markets [3][12] - As of November 28, 2025, the cumulative scale of QDII ETFs reached 185.86 billion, indicating a growing trend in overseas investment opportunities [12] - The top 15 QDII ETFs by scale include products like Huaxia Hang Seng Technology ETF and Guotai Junan Nasdaq 100 ETF, with scales of 47.64 billion and 16.90 billion respectively [9][13] Group 2: Mechanism of Premium and Discount Formation - The premium formation mechanism for QDII ETFs relies on cash subscription and redemption, where the return to premium depends on the ability to arbitrage through "subscription + sale" [3][21] - High premiums often arise from disruptions in the arbitrage chain, particularly when subscription limits are imposed due to insufficient QDII quotas [27] - The expected arbitrage returns vary based on market conditions, with overlapping trading hours leading to different calculations of the indicative optimized price value (IOPV) [31][36] Group 3: Evaluation of QDII ETF Premiums - The premium rate is negatively correlated with the cost-effectiveness of QDII ETFs; for instance, when the premium rate exceeds 8%, holding the ETF for a month typically results in significant negative returns [3] - Daily subscription limits and market sentiment are significant factors influencing premium rates, with emotional factors providing long-term explanations for premium levels [3][27] - Some QDII ETFs exhibit additional premiums that cannot be easily explained by market sentiment, indicating potential inefficiencies in pricing [3][27] Group 4: Recent Developments in QDII ETFs - The number of QDII ETFs tracking new indices has been increasing, particularly those focusing on non-Hong Kong indices such as the Dow Jones Industrial Average and the S&P 500 Consumer Select Index [17] - Newly launched QDII ETFs often experience initial premiums, with the Huatai Baichuan South China Arabian ETF showing a first-day premium of 6.31% [17][18] - The overall market enthusiasm for QDII ETFs remains high, as evidenced by the sustained premium levels of newly listed products [17][18]

Core Insights - The report emphasizes that computational power is accumulating, leading to significant advancements in applications, particularly in AI, with a projected 10% impact point approaching in 2026 [3] - Institutional holdings in the computer sector are at a historical low of 2.4%, indicating potential for growth in valuations [3][21] - The report identifies three key focus areas for 2026: large models, computational power, and applications, all showing significant changes and accelerated iterations [3] Group 1: Market Overview - The computer index has shown a year-to-date increase of 18%, ranking 12th among all sectors, with AI computing, embodied intelligence, and AI applications as the main themes [9][10] - The report notes a basic performance turning point, with net profit rebounding and a stable overall performance expected for 2025 [10][13] Group 2: Valuation and Holdings - The report indicates that the computer sector's valuation is at a historical mid-to-high level, with PE (TTM) at 85.4, PS (TTM) at 3.6, and PCF (TTM) at 46.6 [18] - The report highlights that the computer sector's fund allocation is at a historical low, with a 2.4% allocation in Q3 2025 [21] Group 3: AI Model Developments - The report discusses the rapid narrowing of the performance gap between Chinese and American large models, with significant advancements in commercial applications expected [3][26] - It highlights the emergence of various large models in 2025, focusing on monetization, AI programming, and multi-modal capabilities [26][29] Group 4: Key Companies and Trends - The report identifies key companies in the computer sector, such as Zhongke Shuguang and Inspur Information, which have seen significant increases in their market values due to rising domestic computational capacity [23] - The report notes that the demand for AI applications is driving growth in various sectors, with companies like Alibaba and ByteDance leading in AI-related job creation [40]

市公司 时时彩公司书 | 市场数据: | 2025 年 12 月 02 日 | | --- | --- | | 收盘价（元） | 24.45 | | 一年内最高/最低（元） | 32.49/11.05 | | 市净率 | 22.8 | | 股息率%（分红/股价） | | 2025年09月30日 其研教程· 每股净资产 (元) 1.07 | 资产负债率% | 24.41 | | --- | --- | | 总股本/流通 A 股 (百万) | 274/180 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对比走势： 相关研究 证券分析师 刘靖 A0230512070005 liujinq@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 題首德 (920047) — NL005Ⅱc 期临床试验启动在即，增添成长动能 事件: 近日，公司官网发布新闻，由公司自主研发的治疗用生物制品 1 类新药重组人胸腺素β4（代 ● 号 NL005）用于治疗急性心肌梗死（AMI）IIc 期临床研究方案完成与 CDE 的临床试验前沟 通会,公司将 ...

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Insights - The company has completed the clinical trial communication for its self-developed drug NL005, aimed at treating acute myocardial infarction (AMI), and will officially start the Phase IIc clinical trial [4] - The domestic AMI mortality rate is on the rise, with approximately 50% of AMI patients experiencing myocardial reperfusion injury (MIRI) after treatment [7] - NL005 is expected to start Phase IIc clinical trials in the first half of 2026, with previous studies showing its effectiveness in reducing myocardial infarction area in animal models [7] - The report estimates a peak revenue of approximately 5.5 billion yuan for the product by 2034, applying a 3x price-to-sales (PS) ratio for valuation, leading to a reasonable market value of about 14.9 billion yuan [7] Financial Data and Profit Forecast - Total revenue projections for 2025E are 700 million yuan, with a year-on-year growth rate of -3.0% [6] - The net profit attributable to the parent company is forecasted to be -500 million yuan for 2025E [6] - The gross profit margin is expected to be 49.6% in 2025E, increasing to 71.5% by 2027E [6]

Group 1 - The report emphasizes the trend of globalization in supply chains, indicating that Chinese companies are entering a new phase of overseas operations, leading to intensified competition and accelerated market share concentration [5][26][60] - The report highlights the advantages of Chinese design and R&D capabilities combined with global supply chain layouts, enabling some companies to transition towards brand exports [6][60] - There are structural investment opportunities in domestic retail, particularly in new AI hardware growth sectors and high-margin emotional consumption products, such as pet products and domestic brands [7][60] Group 2 - The packaging industry is experiencing a global supply chain shift, with leading companies enhancing their market share by aligning with downstream customer trends [7][12] - The report notes that the paper packaging sector has seen a decline in scale and profitability since 2021, but companies like Yutong Technology are maintaining their competitive edge and market share [13][22][23] - The report discusses the expected recovery in the metal packaging industry, driven by policy changes and industry consolidation, which may enhance profitability [8][53][56] Group 3 - The home furnishing sector is positioned at a valuation bottom with high dividend safety, as the real estate market stabilizes and demand for second-hand and replacement housing increases [8][12] - The report identifies opportunities for business expansion and mergers and acquisitions as companies seek to establish new growth trajectories [9][12] - The report highlights the importance of self-owned brands in the home furnishing sector, which have been increasingly developed since 2018 due to trade tensions [7][12]

Group 1: Investment Rating of the Reported Industry - No information about the industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - Multiple - dimensional factors reflect the investment value of the CSI 300 Index, including high market attention, high - quality fundamentals, high dividend cost - effectiveness, and a low proportion of high - gain stocks among its components [2][7]. - CSI 300 index - enhanced funds are more difficult to manage compared to those tracking smaller - cap indices. However, the Guolianan CSI 300 Index - Enhanced Fund balances strong tracking performance and excess returns [2][24]. - The Guolianan CSI 300 Index - Enhanced Fund has low - deviation and flexible industry allocation, with a recent focus on growth and quality [2][39]. Group 3: Summary According to the Table of Contents 1. Multidimensional Factors Reflecting the Investment Value of the CSI 300 - The CSI 300 has high market attention, with its trading volume ratio rising since August 2025 and ranking first among representative broad - based indices as of November 7, 2025 [7]. - It is a high - quality broad - based index with strong profitability quality and stability, matching well with the "PB - ROE" stock - selection strategy [8][10]. - The dividend cost - effectiveness of the CSI 300 is becoming prominent. As of November 7, 2025, its 12 - month dividend rate is 2.54%, exceeding that of CSI 500, CSI 1000, and the 10 - year Treasury yield [17]. - The proportion of high - gain stocks among its components is low, with less than 35% of components having a year - to - date gain of over 20% as of November 7, 2025, and over 50% of components having a gain lower than the index's. Some high - quality stocks are still "waiting to rise" [20]. 2. Guolianan CSI 300 Index - Enhanced Fund: A Product Balancing Enhancement and Tracking Effects 2.1 CSI 300 Index - Enhanced Funds: Difficult to Manage - The difficulty of creating excess returns for index - enhanced funds is ranked as SSE 50 Index - Enhanced > CSI 300 Index - Enhanced > CSI 500 Index - Enhanced > CSI 1000 Index - Enhanced. Since 2020, the average annualized excess returns of SSE 50, CSI 300, CSI 500, and CSI 1000 index - enhanced funds are 0.50%, 1.64%, 2.77%, and 7.12% respectively [24]. - In the past three years, it has been difficult for mid - and large - cap indices represented by the CSI 300 and CSI 500 to create excess returns. The CSI 300 index - enhanced funds still have negative average excess returns this year [26]. 2.2 Guolianan CSI 300 Index - Enhanced Fund: Balancing Strong Tracking and Excess Performance - The fund has achieved positive excess returns this year, with a year - to - date cumulative return of 19.78% and an excess return of 5.06% compared to the CSI 300 Total Return Index. Its performance is relatively good among all CSI 300 index - enhanced funds [27]. - Focusing on tracking effects, it has achieved the highest excess return under a 3% tracking error this year and the lowest tracking error among products with over 3% excess returns. In the long - term, it has maintained a tracking error of less than 3% since its opening for redemptions, with an excellent excess information ratio [28][33]. - It can achieve positive returns in both favorable and unfavorable market conditions. Since its opening for redemptions on March 1, 2024, it has achieved a cumulative return of 2.69% in favorable market conditions while maintaining positive returns in unfavorable conditions [36]. 2.3 Portfolio Characteristics: Flexible Industry Allocation with Low Deviation, Recently Focusing on Growth and Quality - The industry under - or over - allocation amplitude of the fund is relatively low, with the proportion generally within 1%. In the first half of 2024, the industry deviation was significantly low, and it has increased since 2025. The allocation structure of its heavy - position stocks is highly similar to that of the index, with a proportion difference within 0.5% [39]. - Compared with similar products, the allocation deviation of the Guolianan CSI 300 Index - Enhanced Fund is significantly lower. Its individual - stock and industry allocation consistencies are in the top 25% and 15% of similar products respectively [45]. - The fund's factor exposure amplitude is relatively low. Its current portfolio attaches importance to growth, profitability, and analyst expectations, and has a moderate negative exposure in the market - value dimension [46].

证 券 研 究 报 告 "制造强国"实干系列周报(11/30期) 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A0230522100006 黄莎 A0230522010002 武雨桐 A0230520090001 李蕾 A0230519080008 穆少阳 A0230524070009 刘宏达 A0230524020002 刘建伟 A0230521100003 联系人：何佳霖 A0230523080002 2025.12.3 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用端 关注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期。重点 关注标的：1）卫星制造：上海瀚迅+臻镭科技+航天电子，2）应用终端：海格通信+国博电子+通宇通讯，3）运营服务： 中国卫通+星图测控+中科星图； ...

市公司 머副▷公司书 报告原因:有信息公布需要点评 型入(维持) | / הודדין | | | --- | --- | | 据: | 2025 年 12月 02 | | 市场数据: 2025 年 12 月 02 日 | | --- | | 192.16 收盘价（元） | | 一年内最高/最低（元） 228.93/168.30 | | 市净率 6.0 | | 股息率%（分红/股价） 3.15 | | 流通 A 股市值 (百万元) 234,428 | | 上证指数/深证成指 3,897.71/13,056.70 | | 注："股息率"以最近一年已公布分红计算 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 31.79 | | 资产负债率% | 28.00 | | 总股本/流通 A 股 (百万) | 1,220/1,220 | | 流通 B 股/H 股 (百万) | -/- | -年内股价与大盛对比走势： and and the local of the local of the local to the local the local the loc ...

| 买入（维持） | | --- | | 市场数据： 2025 年 12 月 02 日 | 上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 报告原因：有信息公布需要点评 | 市场数据： 2025 年 12 月 02 日 | | | --- | --- | | 收盘价（元） | 192.16 | | 一年内最高/最低（元） | 228.93/168.30 | | 市净率 | 6.0 | | 股息率%（分红/股价） | 3.15 | | 流通 A 股市值（百万元） | 234,428 | | 上证指数/深证成指 3,897.71/13,056.70 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 31.79 | | 资产负债率% | 28.00 | | 总股本/流通 A 股（百万） | 1,220/1,220 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% -10% 0% 10% 20% 30% 12-02 01-02 ...

Group 1: Economic Policy Outlook - The fiscal policy for 2025 is characterized by increased intensity, advanced timing, and enhanced flexibility, reflecting a strong intent to support the economy. The fiscal financing scale is expected to reach a historical high of 14.36 trillion yuan, accounting for 10.2% of GDP [2][8] - In the first three quarters of 2025, broad fiscal expenditure is projected to grow by 7.9% year-on-year, indicating a high level of spending intensity [2][8] - The monetary policy is expected to return to a "moderately loose" tone, focusing on guiding expectations and improving transmission channels, with a cautious approach to interest rate cuts compared to 2024 [8] Group 2: Cosmetics and Aesthetic Medicine Industry - The international cosmetics and aesthetic medicine companies are experiencing a strategic adjustment in China, with signs of recovery in the market. The third quarter of 2025 shows a positive revenue growth trend in China, driven by promotional events [3][11] - Key recommendations for the cosmetics sector include companies with strong channel and brand matrices such as Maogeping, Shangmei, and Proya, while companies like Marubi and Huaxi Biological are expected to see marginal improvements in growth [3][11] - In the aesthetic medicine sector, companies with high R&D barriers and strong profitability are favored, with a focus on major product drivers and extensive product pipelines [3][11] Group 3: Kweichow Moutai (贵州茅台) - Kweichow Moutai maintains a buy rating with profit forecasts for 2025-2027 at 90.47 billion, 95.02 billion, and 101.53 billion yuan respectively, with corresponding PE ratios of 20x, 19x, and 18x [12][10] - The company emphasizes its strong brand barrier and excellent business model, which contribute to stable long-term profitability and high cash flow quality [12][10] - Moutai's strategy includes a focus on sustainable development and a commitment to not sacrificing long-term growth for short-term gains, with expectations for stable growth during the 14th Five-Year Plan period [13][10]