Group 1: Investment Strategy Overview - The report indicates that the stock market may enter a short-term adjustment phase, while the bond market is expected to show a strong oscillation in the near term. However, the long-term upward trend for A-shares is anticipated to continue, with the bond market still in a long-term downtrend [4][16]. - The target for the 30-year government bond is projected to oscillate upward to the pressure level of the annual line, with a long-term target near the low point of September 30, 2024, when policy shifted [4][16]. Group 2: A-Share Market Insights - The A-share market is currently undergoing a mid-term adjustment, with the Shanghai Composite Index stabilizing on low volume but showing poor quality in the upward movement, supported only by a few sectors like military industry. The overseas risks have not been fully released, and the A-share market is expected to be weaker than the European and American markets [5][20]. - The report suggests a cautious approach for investors, recommending strategies such as "building high walls" (dividends), "storing grain" (reducing positions), and "waiting for the right moment" to buy. The A-share market has broken below the critical support level of 3920, indicating the start of a mid-term adjustment [5][20]. Group 3: U.S. Market Analysis - The U.S. stock market is entering a short-term adjustment phase, particularly in the AI sector, which has seen rapid increases in valuation. Despite the low leverage in the private sector and the resilience of the U.S. economy, the overall adjustment space for the U.S. market is expected to be limited [6][24]. - Investors are advised to wait for opportunities to "buy the dip" as the market adjusts [6][26]. Group 4: Currency and Commodity Market Trends - The onshore RMB against the USD was reported at 7.1048, down 18 basis points from the previous close, indicating a potential short-term weakening of the RMB [26]. - The Wenhua Commodity Index rose by 0.04%, with mixed performance across sectors. The report suggests a cautious stance in the commodity market due to the high-risk environment in both A-shares and U.S. markets [29].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views of the Report - This week, the public REITs market declined slightly, with the REITs market turnover decreasing. Both the equity - type public REITs and concession - type public REITs indices fell. Most public REITs products dropped this week [2][7]. - As of November 21, 2025, a total of 78 public REITs have been issued, with a total issuance scale of 201.869 billion yuan. 19 public REITs have been issued since 2025, and 1 was newly issued in November 2025. Additionally, 24 public REITs funds are awaiting listing [2][26]. - Beijing supports the construction of consumer infrastructure and the commercial circulation system. The China Aviation Zhonghe Group Energy Public REIT has been officially declared. The China Merchants Fund Shekou Rental Housing REIT will have its second annual dividend, distributing 0.318 yuan per 10 shares, and the Huaxia JINMAO Commercial REIT will have its third dividend in 2025, distributing 0.3755 yuan per 10 shares [2][31]. - Currently, in the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, with a relatively high allocation cost - performance ratio. The market is expected to continue to expand as 24 REITs funds are waiting to be listed [3][37]. 3. Summary by Directory 3.1 Secondary Market: The Public REITs Market Declined Slightly This Week - **Index Performance**: As of November 21, 2025, the CSI REITs Index fell 0.97% from last week to 810.2, and the CSI REITs Total Return Index was 1041.16, down 0.88% from last week [7]. - **Turnover and Turnover Rate**: The total trading volume of the REITs market this week was 557 million shares, a 21.55% week - on - week decline, and the trading value was 2.375 billion yuan, a 16.49% week - on - week decline. The market turnover rate this week was 2.21%, compared with 2.83% last week [8]. - **Sub - index Performance**: Both the equity - type public REITs and concession - type public REITs indices declined, falling 1.31% and 1.45% respectively. Among them, only the water conservancy facilities REITs rose slightly by 0.15%, while the municipal facilities REITs had the highest decline [10][14]. - **Turnover and Turnover Rate of Different Types of REITs**: Most of the trading volumes of different types of public REITs decreased. In terms of turnover rate, the daily average turnover rates of water conservancy facilities and new infrastructure REITs were greater than 1 this week. The daily average turnover rates of energy infrastructure and municipal facilities REITs increased, while those of other types of REITs mostly decreased [16][18]. - **Single - Target Performance**: Among the 77 public REITs, 9 rose and 68 fell. The top gainers were CICC Yizhuang Industrial Park REIT, Ping An Ningbo Jiaotou Hangzhou Bay Bridge REIT, and Huaxia Nanjing Traffic Expressway REIT, with weekly increases of 1.0%, 0.9%, and 0.6% respectively. The top losers were CICC Chongqing Liangjiang Industrial Park REIT, CITIC Construction Investment Mingyang Smart Energy REIT, and AVIC Yishang Warehouse Logistics REIT, with weekly declines of 5.1%, 4.9%, and 4.5% respectively [20]. 3.2 Primary Market: 24 Public REITs Funds Are Awaiting Listing - **Issuance Situation in 2025**: As of November 21, 2025, 19 public REITs have been issued since 2025, with a new issuance in November 2025 having a scale of 2.448 billion yuan [26]. - **Funds Awaiting Listing**: There are 24 public REITs funds awaiting listing, including 11 initial offerings and 13 follow - on offerings. In terms of project status, 10 have passed, 7 have been feedbacked, 4 have been questioned, 2 have been accepted, and 1 has been declared [28]. 3.3 Public REITs Policies and Market Dynamics - **Policy Support**: On November 18, 12 departments including the Beijing Branch of the People's Bank of China issued a plan to support the construction of consumer infrastructure and the commercial circulation system and encourage the issuance of REITs for eligible consumer infrastructure [31]. - **New REIT Declaration**: On November 18, the China Aviation Zhonghe Group Energy Closed - end Infrastructure Securities Investment Fund was officially declared, which is the second infrastructure public REITs product within the CNNC system [33]. - **Dividend Information**: The China Merchants Fund Shekou Rental Housing REIT will have its second annual dividend, distributing 0.318 yuan per 10 shares, and the Huaxia JINMAO Commercial REIT will have its third dividend in 2025, distributing 0.3755 yuan per 10 shares [34][36]. 3.4 Investment Suggestions - The REITs index declined slightly this week, and the trading value of the public REITs market decreased. Only the water conservancy facilities REITs rose slightly, while the municipal facilities REITs had the highest decline [37]. - The market is expected to continue to expand as 24 REITs funds are waiting to be listed. Currently, public REITs have high - dividend and medium - low - risk advantages, with a relatively high allocation cost - performance ratio [3][37].

Quantitative Models and Construction Methods 1. **Model Name**: Industry Crowding Monitoring Model **Model Construction Idea**: This model is designed to monitor the crowding levels of Shenwan First-Level Industry Indices on a daily basis, identifying industries with high or low crowding levels and tracking changes in crowding over time[3] **Model Construction Process**: The model calculates crowding levels for each industry index based on specific metrics (not detailed in the report) and ranks them accordingly. It provides daily updates on crowding levels and highlights industries with significant changes in crowding[3] **Model Evaluation**: The model effectively identifies industries with high or low crowding levels and tracks significant changes, providing actionable insights for investors[3] 2. **Model Name**: Premium Rate Z-Score Model **Model Construction Idea**: This model identifies potential arbitrage opportunities in ETF products by calculating the Z-score of premium rates for ETFs over a rolling window[4] **Model Construction Process**: - The premium rate for each ETF is calculated as the difference between the ETF's market price and its net asset value (NAV), divided by the NAV - The Z-score is then computed as: $ Z = \frac{(Premium\ Rate - Mean\ Premium\ Rate)}{Standard\ Deviation\ of\ Premium\ Rate} $ where the mean and standard deviation are calculated over a rolling window[4] **Model Evaluation**: The model is useful for identifying ETFs with significant deviations from their historical premium rates, which may indicate potential arbitrage opportunities. However, it also highlights the need to be cautious of potential price corrections[4] --- Model Backtesting Results 1. **Industry Crowding Monitoring Model**: No specific numerical backtesting results were provided in the report[3] 2. **Premium Rate Z-Score Model**: No specific numerical backtesting results were provided in the report[4] --- Quantitative Factors and Construction Methods No specific quantitative factors were detailed in the report --- Factor Backtesting Results No specific quantitative factor backtesting results were provided in the report

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [1][9]. Core Insights - The company has experienced a decline in domestic revenue due to external pressures such as centralized procurement and tax rate adjustments, with a reported revenue of 1.69 billion yuan for the first three quarters of 2025, down 22.52% year-on-year [3][4]. - Despite domestic challenges, the overseas business is progressing well, particularly in the U.S. market, where the company is expanding its respiratory disease diagnostics and has established a local production capability [5][6]. - The gross profit margin has slightly decreased by 3.13 percentage points to 60.30%, influenced by changes in sales structure, while the expense ratios have increased due to declining revenues [7]. Financial Summary - For 2025, the company is projected to generate revenues of 2.32 billion yuan, a decrease of 24.37% year-on-year, with a net profit of 128 million yuan, reflecting a significant decline of 77.28% [10]. - The earnings per share (EPS) for 2025 is estimated at 0.27 yuan, with a price-to-earnings (PE) ratio of 80 times [9][10]. - The company’s financial metrics indicate a challenging outlook, with expected revenue growth rates of -24.37% in 2025, followed by a recovery in subsequent years [10].

Group 1: Major Asset Tracking - The bond market is expected to experience short-term upward fluctuations, while the long-term downtrend remains unchanged. The target is set near the low point of September 30, 2024 [18][10]. - The A-share market has recently broken through short-term support levels, with the Shanghai Composite Index nearing the critical support level of 3920. If this level is breached, further downside potential may open up [21][5]. - The U.S. stock market is anticipated to enter a short-term adjustment phase, particularly in the rapidly rising AI sector, which may face valuation corrections [27][25]. Group 2: Investment Strategies - Investors are advised to adopt a strategy of "building high walls (dividends), accumulating grain (reducing positions), and waiting for opportunities" in the A-share market [21][10]. - In the U.S. market, the S&P 500 index has a support level around 6630, and investors are encouraged to wait for "buy the dip" opportunities [27][10]. - The commodity market is currently in a state of observation, with the overall performance being weak and suggesting a cautious approach [32][10]. Group 3: Foreign Exchange Market - The onshore RMB against the USD reported at 7.1110, showing an increase of 36 basis points from the previous close. There is a potential for the RMB to weaken in the short term [28][10]. - The offshore RMB/USD is forming a triple bottom structure, indicating possible future movements [30][10]. Group 4: Important Policies and News - The Ministry of Industry and Information Technology aims to establish around 200 high-standard digital parks by 2027, enhancing digital infrastructure and application [36][10]. - The U.S. Federal Reserve officials have expressed caution regarding further rate cuts, indicating a careful approach to monetary policy [40][10].

Quantitative Models and Construction Methods 1. **Model Name**: Industry Crowding Monitoring Model **Model Construction Idea**: This model is designed to monitor the crowding levels of industries on a daily basis, focusing on the Shenwan First-Level Industry Index. It identifies industries with high or low crowding levels to provide actionable insights for investors. [3] **Model Construction Process**: The model calculates the crowding level of each industry based on specific metrics, such as fund flows and other market indicators. The daily crowding levels are ranked, and industries with significant changes in crowding levels are highlighted. For example, the model identified that the crowding levels of military and media industries experienced significant changes recently. [3] **Model Evaluation**: The model provides a useful tool for identifying industry trends and potential investment opportunities by analyzing crowding dynamics. [3] 2. **Model Name**: Premium Rate Z-Score Model **Model Construction Idea**: This model is used to screen ETF products by identifying potential arbitrage opportunities based on the Z-score of their premium rates. [4] **Model Construction Process**: The Z-score is calculated using rolling measurements of the premium rate of ETF products. The model flags ETFs with significant deviations from their historical averages, indicating potential arbitrage opportunities or risks of price corrections. [4] **Model Evaluation**: The model effectively identifies ETFs with potential arbitrage opportunities, but it also warns of potential price correction risks. [4] --- Model Backtesting Results 1. **Industry Crowding Monitoring Model**: No specific numerical backtesting results were provided in the report. [3] 2. **Premium Rate Z-Score Model**: No specific numerical backtesting results were provided in the report. [4] --- Quantitative Factors and Construction Methods No specific quantitative factors were explicitly mentioned or constructed in the report. --- Factor Backtesting Results No specific quantitative factor backtesting results were provided in the report.

Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualing Pharmaceutical-B, Aorite, and others [1]. Core Views - The pharmaceutical sector experienced a 3.29% increase this week, outperforming the CSI 300 index by 4.37 percentage points. Sub-sectors such as pharmaceutical commerce, pharmacies, and innovative drugs performed well, while medical devices and consumables lagged [2][12]. - The report emphasizes the importance of market pricing power and the impact of liquidity and risk appetite on investment strategies, particularly in innovative drugs and related supply chains [2][12]. - The report highlights the upcoming patent expirations for small molecule drugs, which are expected to create significant demand for raw materials, with a projected sales impact of $390 billion from 2025 to 2030 [3][13]. Summary by Sections Industry Performance - The pharmaceutical sector's performance this week was characterized by a 3.29% increase, with notable performances in pharmaceutical commerce (+7.31%), pharmacies (+6.83%), and innovative drugs (+5.01%). In contrast, medical devices (0.16%) and new medical infrastructure (1.18%) showed weaker performance [17][29]. - The overall price-to-earnings (P/E) ratio for the pharmaceutical industry is reported at 30.84 times, with a premium of 25.08% compared to the overall A-share market excluding the financial sector [33]. Company Dynamics - Notable company announcements include: - Prologis Pharmaceuticals received a European certificate for its product, enhancing its international market prospects [18]. - Jianyou Co. announced FDA approval for its production site, expanding its manufacturing capabilities [19]. - Fuyuan Pharmaceuticals received a drug registration certificate from the National Medical Products Administration, allowing for the marketing of its product [20]. - The report suggests focusing on companies benefiting from domestic innovative drug support policies, such as Yangguang Nuohuo and Nuosige, as well as those with strong overseas business prospects [15][7]. Raw Materials - The report indicates that the raw materials sector is expected to see a significant increase in demand due to patent expirations, with a projected sales impact of $390 billion from 2025 to 2030. The production of raw materials in H1 2025 reached 1.935 million tons, reflecting an 8.2% year-on-year increase [3][13]. - Companies recommended for attention in the raw materials sector include Aorite, Prologis Pharmaceuticals, and Aoxiang Pharmaceuticals, focusing on innovation and strong performance [3][16].

Investment Rating - The overall industry rating is positive, expecting returns to exceed the CSI 300 index by more than 5% in the next six months [33] Core Insights - The computer industry index fell by 3.03% during the week of November 10-16, 2025, ranking 29th among 31 first-level industries, but has risen 18.24% year-to-date, outperforming the CSI 300 index by 0.62 percentage points [3][27] - OpenAI launched the GPT-5.1 series flagship model, focusing on enhancing user experience and conversation engagement, with two models: GPT-5.1 Instant for daily interactions and GPT-5.1 Thinking for advanced reasoning [4][11] - Alibaba and Tencent are actively developing AI intelligent agents, with Alibaba's "Qianwen" project aiming to compete directly with ChatGPT, and Tencent planning to introduce an AI agent within WeChat to assist users [15][17] - Kimi K2 Thinking, a new generation of open-source thinking agent, has achieved significant advancements in reasoning and tool usage capabilities, outperforming other models in various benchmarks [20][23] Summary by Sections Industry Key Events Review - OpenAI released GPT-5.1, optimizing user experience with enhanced models for different interaction types [11] - Alibaba initiated the "Qianwen" project to create a personal AI assistant, leveraging its leading position in the open-source model market [15] - Tencent is exploring AI capabilities within WeChat, aiming to enhance user task completion through AI [17] Market Review - The computer industry index decreased by 3.03% for the week, but has increased by 18.24% since the beginning of the year, outperforming the CSI 300 index [27] - The top five gainers in the computer industry for the week included Haixia Innovation (+33.1%) and Yingfang Software (+19.3%), while the top five losers included Fangzhi Technology (-19.91%) and Chunzong Technology (-17.43%) [29][31] Investment Recommendations - The report recommends focusing on companies like Kingsoft Office, Feng Assistant, and Yonyou Network, as well as those involved in AI applications and computing power demands, such as Haiguang Information and Lenovo Group [5][31]

1. Report Industry Investment Rating The document does not provide an investment rating for the industry. 2. Core View of the Report This week, the public offering REITs market saw a slight increase, with a decrease in trading volume. Both the equity - type and franchise - type public offering REITs indices rose. There are 23 public offering REITs funds awaiting listing, and the market is expected to continue expanding. In the context of asset shortage, public offering REITs have the advantages of high dividends and medium - low risks, and their allocation cost - performance is relatively high [2][4][40]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: Slight Increase in the Public Offering REITs Market This Week - **Market Index Performance**: As of November 14, 2025, the China Securities REITs Index rose 0.82% to 818.17 compared to last week, and the China Securities REITs Total Return Index was 1050.45, up 0.86% from last week [9]. - **Trading Volume and Turnover**: The total trading volume of the REITs market this week was 710 million shares, a 3.14% week - on - week decline, and the trading amount was 2.844 billion yuan, a 1.15% week - on - week decline. The market turnover rate was 2.83%, down from 2.96% last week [11]. - **Index Performance by Asset Type**: Equity - type and franchise - type public offering REITs indices rose by 0.68% and 0.31% respectively. Among them, transportation infrastructure REITs had the highest increase, and municipal facilities REITs had the highest decline [4][14]. - **Trading Volume and Turnover by REITs Type**: Most types of public offering REITs saw an increase in trading volume and turnover. Water conservancy facilities, new infrastructure, warehousing and logistics, energy infrastructure, and transportation infrastructure REITs had increased trading volume, while others decreased. The daily average turnover rate of some types also changed accordingly [19][21]. - **Single - Product Performance**: Among the 77 public offering REITs, 56 rose, 20 fell, and 1 remained unchanged. The top - rising products included Zhongjin Shandong Hi - Speed Group Expressway REIT, etc., and the top - falling products included Huatai Zijin Nanjing Jianye Industrial Park REIT, etc. [23]. 3.2 Primary Market: 23 Public Offering REITs Funds Awaiting Listing - **Issuance Situation**: As of November 14, 2025, a total of 77 public offering REITs had been issued, with a total issuance scale of 198.1 billion yuan. In 2025, 18 public offering REITs were issued, 2 in October, and none in November [3][30]. - **Pending Listings**: There are 23 public offering REITs funds awaiting listing, including 10 for initial offerings and 13 for expansion. In terms of project status, 10 have passed, 7 have been feedback, 4 have been questioned, and 2 have been accepted [32]. 3.3 Public Offering REITs Policies and Market Dynamics - **Xiamen Anju Group's Plan**: On November 12, Xiamen Anju Group announced plans to use enterprise - bond investment projects as underlying assets for the expansion of Zhongjin Xiamen Anju REIT. The application materials have been officially accepted by the CSRC and the Shanghai Stock Exchange [35][36]. - **NDRC's Recommendation**: As of November 12, the National Development and Reform Commission has recommended 105 REITs projects to the CSRC, with 83 successfully listed, raising 207 billion yuan and expected to drive over 1 trillion yuan in new project investments [37]. - **Early End of Subscription for Huaxia Anbo Warehouse REIT**: On November 12, Huaxia Anbo Warehouse REIT announced the early end of the public - investor subscription and proportionate allocation due to over - subscription [38]. 3.4 Investment Suggestions This week, the REITs index rose slightly, and the trading volume decreased. The market is expected to continue expanding. In the context of asset shortage, public offering REITs have high dividends and medium - low risks, with high allocation cost - performance [4][40].

- The report constructs an industry congestion monitoring model to monitor the congestion levels of Shenwan First-Level Industry Indexes on a daily basis[3] - The report constructs a premium rate Z-score model to screen ETF products for potential arbitrage opportunities[4] - The industry congestion monitoring model indicates that the congestion levels of the power equipment and chemical industries were high on the previous trading day, while the congestion levels of the computer and automotive industries were relatively low[3] - The premium rate Z-score model provides signals for ETF products, indicating potential arbitrage opportunities and cautioning about the risk of pullbacks[4]