Core Viewpoint - FTSE Russell announced adjustments to several indices including the FTSE China 50 Index, which will take effect after market close on December 19, 2025 [1] Group 1: Index Adjustments - The FTSE China 50 Index will include new constituents such as China Hongqiao (01378), CATL (03750), and Heng Rui Pharmaceutical (01276) [1] - The index will exclude companies like CITIC Securities H (06066), Great Wall Motors H (02333), and Li Auto-W (02015) [1] Group 2: Alternative Stocks - FTSE Russell released a list of alternative stocks for the FTSE China 50 Index, which includes companies like Aluminum Corporation of China (02600), Hansoh Pharmaceutical (03692), Huatai Securities (06886), JD Health (06618), and New China Life Insurance (01336) [1]

Core Viewpoint - FTSE Russell announced adjustments to several indices, including the FTSE China 50 Index, which will take effect after the market closes on December 19, 2025, with changes in constituent stocks [1] Group 1: Index Adjustments - The FTSE China 50 Index will include new constituents such as China Hongqiao (01378), CATL (03750), and Heng Rui Pharmaceutical (01276) [1] - The index will remove companies like CITIC Securities H shares (06066), Great Wall Motors H shares (02333), and Li Auto-W (02015) [1] Group 2: Alternative Stocks - FTSE Russell released a list of alternative stocks for the FTSE China 50 Index, which includes companies like Aluminum Corporation of China (02600), Hansoh Pharmaceutical (03692), Huatai Securities (06886), JD Health (06618), and New China Life Insurance (01336) [1]

Core Insights - The China Securities A500 Index fell by 0.6%, the A100 Index by 0.5%, and the A50 Index by 0.4%, while funds chose to increase their positions in related ETFs, particularly the A500 ETF from E Fund, which saw a net subscription of 36 million units for the day, following a nearly 100 million yuan net inflow on the previous trading day [1][3][4] - CITIC Securities believes that the slow bull market pattern remains unchanged, and anticipates an early spring rally next year, suggesting strategic positioning ahead of key meetings in mid-December to prepare for the year-end market [1] ETF Performance - The A500 ETF tracks the A500 Index, which consists of 500 securities with large market capitalization and good liquidity, covering 91 out of 93 sub-industries [3] - The A100 ETF tracks the A100 Index, composed of 100 representative securities with large market capitalization and good liquidity, covering 46 sub-industries, reflecting the overall performance of major listed companies [3] - The A50 Index is made up of the 50 largest stocks by market capitalization, covering 50 sub-industries, with a notable focus on large-cap stocks [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06066 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | ...

致：香港交易及結算所有限公司 公司名稱: 中信建投証券股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06066 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 ...

Core Insights - The article highlights the top and bottom AH share premium rates as of December 3, with Northeast Electric (00042) leading at a premium rate of 900.00% [1][2]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has the highest premium rate at 900.00% with H-share priced at 0.270 HKD and A-share at 2.25 CNY [2]. - Hongye Futures (03678) follows with a premium rate of 276.85%, H-share at 3.240 HKD and A-share at 10.19 CNY [2]. - Sinopec Oilfield Service (01033) ranks third with a premium rate of 265.79%, H-share at 0.760 HKD and A-share at 2.32 CNY [2]. Group 2: Bottom AH Share Premium Rates - Contemporary Amperex Technology (03750) has the lowest premium rate at -4.88%, with H-share priced at 473.600 HKD and A-share at 376.08 CNY [2]. - China Merchants Bank (03968) has a premium rate of -0.25%, H-share at 51.650 HKD and A-share at 43.01 CNY [2]. - Heng Rui Medicine (01276) follows with a premium rate of 1.71%, H-share at 71.800 HKD and A-share at 60.97 CNY [2]. Group 3: Premium Deviation Values - Guanghe Communication (00638) has the highest deviation value at 49.00% [1][3]. - Northeast Electric (00042) also features prominently with a deviation value of 36.60% [1][3]. - Chenming Paper (01812) ranks third with a deviation value of 26.74% [1][3]. Group 4: Bottom Premium Deviation Values - GAC Group (02238) has the lowest deviation value at -26.76% [1][3]. - Junsheng Electronics (00699) follows with a deviation value of -18.54% [1][3]. - Jiangsu Ninghu Highway (00177) has a deviation value of -15.01% [1][3].

- The multi-asset allocation model is constructed based on macro state recognition, incorporating growth/inflation factors, liquidity, and gold factors to create a dynamic risk budget portfolio [4][33][34] - The growth factor includes PMI, industrial added value, retail sales, fixed asset investment, and export data, while the inflation factor uses CPI and PPI. Liquidity factor is measured by M1 year-on-year growth [34][35] - Equity market characteristics are monitored using ERP (Equity Risk Premium), EP (Earnings Yield), and BP (Book-to-Price ratio) to construct stock-bond cost-effectiveness factors [34][35] - Gold investment factors are constructed using the dollar index, central bank gold purchases, and exchange rates to assess dynamic allocation value [34][35] - The model employs a multi-objective optimization approach, integrating asset momentum into traditional risk parity and risk budget frameworks. ETFs are used for portfolio construction, with dynamic adjustments based on macro signals [37][38] - The industry rotation model incorporates six dimensions: macro, financial, analyst expectations, ETF share changes, public fund/selected fund position momentum, and event momentum [39][41] - The industry rotation model has achieved an annualized return of 28% since 2012, with an annualized excess return of 18.1% over industry equal weight and a monthly excess win rate of 70% [42][43] - The industry rotation ETF strategy employs a five-layer recursive solution method to enhance portfolio performance, achieving an annualized return improvement of over 12% [77][78] - The "Accompanying Style Enhanced FOF" uses a dynamic multi-factor model focusing on Alpha and crowding factors, with quarterly adjustments to optimize fund selection and portfolio construction [46][47] - The "Accompanying Broad-based Enhanced FOF" employs a relative benchmark strategy to control tracking error while maximizing composite factor scores, using a dynamic multi-factor model [53][54] - The "Long-term Capability Factor FOF" combines Brinson model-based decomposition with TM and H-M models for timing and selection capabilities, incorporating style factors for enhanced fund selection [64][66] - The "KF-Alpha+ Trading FOF" uses quarterly data and Kalman filter-based industry estimation to construct Alpha factors, focusing on industry-specific stock selection capabilities [70][73] - The industry rotation ETF portfolio achieved a monthly excess return of 1.5% during the reporting period, with a full-period annualized excess return of 17.79% and an IR of 1.72 [78][79][87]

Core Viewpoint - China Western Electric's performance in the first three quarters of 2025 shows a year-on-year increase of 19.29%, indicating strong growth [1] Financial Performance - The company's gross profit margin for the first three quarters of 2025 is 22.14%, an increase of 1.66 percentage points year-on-year, reflecting an overall improvement in profitability [1] Market Outlook - The core growth in the first three quarters is expected to be driven by key products such as switches and transformers [1] - The investment scale for national grid construction in 2025 is projected to exceed 650 billion yuan, continuing a high growth trend [1] - Fixed asset investment by the Southern Power Grid is expected to surpass 175 billion yuan [1] Industry Demand - The demand for ultra-high voltage construction is rigid and sustained, driven by the delivery from the Shage Desert Base and the demand for hydropower in the southwest [1] - The company maintains a solid market position, with products like switchgear and transformers ranking among the industry leaders [1] - As a comprehensive leader in transmission and distribution equipment, the company is poised to benefit from the high demand in grid construction and a robust downstream market [1]

Core Insights - The total number of IPO projects under review is 265, with various statuses including accepted, inquired, registered, and suspended [3][4][5] - The leading underwriting institution is Guotai Haitong Securities, handling 35 projects, followed by CITIC Securities with 29.5 projects, and CITIC Jianzhong Securities with 21 projects [2][4] Summary by Category IPO Project Status - The breakdown of the 265 IPO projects shows: - Accepted: 18 - Inquired: 34 - Registered: 15 - Suspended: 1 - Terminated: 76 [4][5] Underwriting Institutions - The concentration of projects among the top ten underwriting institutions accounts for 61.51% of all projects, indicating a high level of project concentration [2] - The top three underwriting institutions are: - Guotai Haitong Securities: 35 projects - CITIC Securities: 29.5 projects - CITIC Jianzhong Securities: 21 projects [2][4] Project Distribution by Board - The distribution of projects across different boards is as follows: - Shanghai Main Board: 18 projects - Sci-Tech Innovation Board: 34 projects - Shenzhen Main Board: 21 projects - Growth Enterprise Market: 27 projects - Beijing Stock Exchange: 165 projects [4][5]

奥特佳本次发行拟募集资金总额不超过人民币49,965.00万元（含本数），扣除发行费用后将全部用 于补充流动资金或偿还银行贷款。 截至2025年9月30日，公司控股股东长江一号产投持有公司583,786,466股股份，占公司本次发行前 总股本的17.64%。长江产业集团持有长江一号产投100%财产份额，为公司的实际控制人。 奥特佳本次发行对象为长江一号产投，按本次发行数量上限测算，本次发行完成后，长江一号产投 将合计持有公司不超过780,499,064股股份，占本次发行后总股本的22.26%（以截至2025年9月30日公司 总股本加本次发行数量上限计算），仍为公司控股股东。因此，本次发行不会导致公司控制权发生变 化。 中国经济网北京12月3日讯 奥特佳(002239.SZ)昨日晚间披露公告，公司于2025年12月2日收到深交 所上市审核中心出具的《关于奥特佳新能源科技集团股份有限公司申请向特定对象发行股票的审核中心 意见告知函》。 深交所上市审核中心对公司向特定对象发行股票的申请文件进行了审核，认为公司符合发行条件、 上市条件和信息披露要求，后续深交所将按规定报中国证监会履行相关注册程序。公司本次向特定对象 ...