Market Overview - The Shanghai Composite Index fell by 1.67% in November, ending a six-month streak of gains after reaching a ten-year high mid-month. The ChiNext Index dropped by 4.23%, showing a "first decline then rise" pattern, with a gradual recovery in late November driven by the computing hardware sector [1] - Market hotspots in November were concentrated in the battery supply chain, Hainan, Fujian, and computing hardware sectors, indicating a faster rotation of market themes [1] Investment Strategies - Huatai Securities suggests positioning in high-probability sectors during the upcoming "spring rally," with a balanced allocation between growth and cyclical sectors. Key areas of focus include aviation equipment and AI-related energy storage, as well as chemical and energy metal sectors. Additionally, large financials and high-value consumer sectors, such as liquor and consumer building materials, remain solid mid-term investment choices [2] - CICC notes that the AI sector currently has relatively low crowding risk, with long-term opportunities still present. However, short-term value styles may have an advantage, as institutional investors may adopt defensive strategies towards year-end [3] Technology and Infrastructure - CITIC Securities emphasizes the significant potential of AI optical interconnection, driven by the rapid development of AI models and applications, which rely on continuous investment in computing infrastructure. High-performance, high-bandwidth, and low-latency networks are crucial for upgrading computing cluster performance. The advantages of leading firms are becoming more pronounced due to increasing demands for R&D capabilities, production capacity, and new technology layouts [4]

Summary of Key Points Core Viewpoint - In the period from January to November 2025, a total of 98 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 100.36 billion yuan in funds [1][2]. Group 1: Listing Companies and Fundraising - Among the 98 listed companies, 33 were on the main board, 30 on the ChiNext board, 12 on the Sci-Tech Innovation board, and 23 on the Beijing Stock Exchange [1]. - Huadian New Energy was the top fundraiser, raising 18.17 billion yuan, followed by Xi'an Yicai and Zhongce Rubber, which raised 4.64 billion yuan and 4.07 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship Fees - A total of 34 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 4.95 billion yuan [2]. - Guotai Junan Securities ranked first in underwriting fees, earning approximately 743.32 million yuan, having sponsored 11 companies [2][3]. - CITIC Securities and CITIC Jianan followed in the ranking, earning 618.01 million yuan and 555.78 million yuan respectively [2][3]. Group 3: Detailed Underwriting Participation - CITIC Jianan sponsored 8 companies, including Daosheng Tianhe and Zhongce Rubber, and participated in joint underwriting for Huadian New Energy [2][3]. - Huatai United Securities and China International Capital Corporation ranked fourth and fifth in underwriting fees, earning 424.02 million yuan and 231.62 million yuan respectively [3][4]. - Other notable firms included Orient Securities and Shenwan Hongyuan, which ranked sixth and seventh, earning 194.91 million yuan and 171.31 million yuan respectively [4][5].

Core Insights - The satellite sector is experiencing significant growth, with the satellite industry ETF (159218) rising by 2.04% as of 10:03 AM on December 1, indicating strong market interest and trading activity [1] - The ETF's trading volume reached over 84 million CNY, with a turnover rate of 12.52%, reflecting increased investor engagement [1] - The report from CITIC Securities highlights the global industrialization of computing satellites and the acceleration of domestic satellite constellation launches, driven by supportive national policies [2] Industry Overview - The satellite industry ETF (159218) is the first ETF tracking the CSI Satellite Industry Index, including top companies across satellite manufacturing, launching, and navigation communication applications [3] - Key component stocks of the ETF include Aerospace Electronics, China Satellite, Huace Navigation, China Satcom, and others, representing a diverse range of upstream and downstream enterprises in the satellite sector [3] Policy and Market Trends - The National Space Administration has issued a plan for the high-quality and safe development of commercial space from 2025 to 2027, providing clearer guidelines for the industry [2] - Major technology companies are increasingly investing in space computing, indicating a growing consensus on the importance of space computing capabilities [2]

Core Viewpoint - The report from CITIC Securities highlights the accelerating industrialization of computing satellites as a new infrastructure, driven by domestic policy developments and global technological advancements [1] Industry Analysis - The global industrialization process of computing satellites is progressing steadily, with major technology companies actively investing in this area [1] - The concept of space computing is becoming a consensus among industry players [1] Domestic Policy Developments - The National Space Administration has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)," providing clearer guidelines for the industry [1] - Significant easing of entry requirements for companies developing commercial satellites, eliminating the need for weapon equipment research and production licenses [1] - Establishment of a national commercial space development fund to guide and cultivate patient capital [1] Supply and Market Dynamics - The opening and sharing of national space infrastructure are expected to reduce construction pressures for companies [1] - Expansion of government procurement to promote the participation of commercial rockets and satellites in national space missions, thereby increasing market opportunities [1] - The acceleration of satellite constellation launches in China indicates a faster pace of industrialization [1] Investment Recommendations - The report suggests paying attention to companies related to computing satellites as potential investment opportunities [1]

每经AI快讯，12月1日，中信证券研报认为，算力卫星作为算力新基建，全球产业化进程逐步推进，国 内政策细则出台引领。海外来看，科技巨头争相布局，太空算力逐渐成为共识。国内来看，算力星座发 射加速，产业化进程加快。国家政策来看，国家航天局印发《国家航天局推进商业航天高质量安全发展 行动计划（2025-2027年）》，细则进一步明确。建议关注算力卫星相关标的。 （文章来源：每日经济新闻） ...

Market Overview - A-shares opened collectively higher on December 1, with the Shanghai Composite Index rising by 0.14%, the Shenzhen Component Index increasing by 0.42%, and the ChiNext Index up by 0.26%. The precious metals and film and media sectors led the gains [1] Institutional Insights - Huatai Securities suggests positioning in high-probability directions during the "spring excitement," as the market sentiment has improved with the rebound in A-shares and expectations of a December interest rate cut by the Federal Reserve. They recommend a balanced allocation between growth and cyclical sectors, focusing on aviation equipment, AI-related energy storage, and power equipment, as well as chemicals and energy metals. Additionally, large financials and high-value consumer sectors like liquor and consumer building materials remain key mid-term investment choices [2] - CICC indicates that the current risk of overcrowding in the AI sector is relatively low, with long-term opportunities still present. The overcrowding level in the AI sector has decreased since the peak at the end of September, suggesting ongoing investment value. However, the current market style rotation favors value stocks in the short term, as institutional investors may adopt defensive strategies due to reduced risk appetite towards year-end [3] - CITIC Securities highlights significant opportunities in AI optical interconnection, driven by the rapid development of AI models and applications, which rely on continuous investment in computing infrastructure. They emphasize that high-performance, high-bandwidth, and low-latency networks are crucial for enhancing computing cluster performance. The advantages of leading firms are becoming more pronounced due to increasing demands for R&D capabilities, production capacity, and new technology deployment. CITIC Securities is optimistic about the growth potential of domestic optical communication leaders [4]

Core Viewpoint - The report from CITIC Securities indicates that after a significant rise, US and Chinese tech stocks have experienced a pullback, leading to notable market divergence. The firm believes that the current phase is still early in AI application development, and even without achieving AGI, AI will unlock the data dividends accumulated over 30 years of the internet, enhancing efficiency and productivity. They project that global AI Capex could increase 5-7 times by 2030 from 2025 levels, with China's AI Capex potentially rising 7-9 times, suggesting that AI investment has not peaked yet [1][2][11]. Market Performance - AI-driven US stock market has seen a bull run, with the Nasdaq rising up to 140% since the end of 2022, and Nvidia's stock soaring up to 14 times. The Philadelphia Semiconductor Index (SOX) increased by 39% from early 2025 to November 27 [2]. - In China, AI assets have also appreciated, with the A-share market seeing light module and PCB stocks rise by 137% and 65% respectively from the beginning of the year to November 27. Notable stocks like Cambricon and Semiconductor Manufacturing International Corporation (SMIC) have seen increases of 119%, 58%, and 37% respectively from July 25 to November 27 [2]. AI Capex Projections - CITIC Securities anticipates that the combined Capex of the four major US cloud service providers (CSPs) will reach $406 billion by 2025, a 61% increase year-on-year. This Capex level is projected to exceed the net profits of these companies but remain below their operating cash flows, raising concerns about whether global Capex has peaked [3]. AI Token Consumption and Chip Market - The firm has developed a comprehensive framework for estimating AI token consumption and related metrics. By 2030, global token consumption is expected to increase by 100-340 times compared to 2025. Consequently, the scale of inference computing power is projected to grow by 65-220 times, with the AI chip market potentially expanding to over $1 trillion by 2030, which aligns with projections from major tech companies like Nvidia [6][7]. Domestic AI Chip Market - China's AI chip market is expected to grow from $35-40 billion in 2025 to 7-9 times that amount by 2030, outpacing global growth. The domestic AI chip localization rate is projected to rise from 30-40% in 2025 to 60-70% by 2030. This growth is driven by increased investment from Chinese internet companies and advancements in domestic AI capabilities [11]. Opportunities in the AI Supply Chain - The domestic AI chip sector still lags behind Nvidia, creating opportunities in cooling solutions, AI power supplies, and other related fields. Key areas of focus include: - Liquid cooling technology, which is becoming mainstream due to its efficiency in data centers, with a projected market size of approximately $85.8 billion by 2027 [14]. - AI power supplies, which are expected to see significant growth due to rising power density requirements, with market sizes projected at $58.5 billion and $95.7 billion for 2026 and 2027 respectively [14]. - High Voltage Direct Current (HVDC) solutions, which are anticipated to gain traction, with a market size expected to reach $43.15 billion by 2028 [14]. - Optical communication modules, driven by increasing demand for high-speed, low-power solutions, with a projected compound annual growth rate of 22% over the next five years [14].

Core Viewpoint - Lingke Pharmaceutical has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Jianyin International serving as joint sponsors [1] Group 1: Company Overview - Lingke Pharmaceutical is a China-based pharmaceutical company focused on developing novel drugs for oncology, immunology, and inflammatory diseases [1] - The company was founded by experienced drug development experts, indicating a strong background in drug discovery [1] Group 2: Product Development - Lingke Pharmaceutical has shown significant efficiency in advancing its product development pipeline [1] - The core products LNK01001 and LNK01004 have made substantial progress, with the first candidate expected to enter the preclinical stage [1] - The VAV1 program has entered the supportive research phase for new drug clinical trials [1]

Group 1 - The core point of the article is that Yushi Technology has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - Yushi Technology is a leading technology-driven company in the Greater China region, focusing on L4-level autonomous driving technology, primarily for commercial vehicles in closed environments such as airports and industrial parks [1] - The company's solutions are versatile and applicable to L2 to L4 level autonomous driving, covering logistics, operations, and motor vehicles [1] Group 2 - According to Frost & Sullivan, Yushi Technology is the only global supplier providing large-scale commercial L4-level autonomous driving solutions for airports [1] - The company has successfully implemented unmanned electric towing vehicles, shuttle buses, and patrol vehicles at Hong Kong International Airport, along with related hardware and software for services such as baggage handling, shuttle, and patrol [1]

大行下架五年期存单，负债端精细化管控强化，息差有望进一步企稳。 中信证券主要观点如下： 事项： 11月27日，金融稳定理事会（FSB）公布2025年度全球系统重要性银行名单，工商银行从第2组升至第3 组，成为首家进入第3组的中资银行； 智通财经APP获悉，中信证券发布研报称，上周市场整体反弹，银行板块表现平淡。中信证券认为，多 家银行年内中期分红落地，产品型资金存在配置需要，有助催化银行股短期市场表现；低估值隐含的价 值空间依旧显著，建议机构积极布局，收获高确定性回报。 根据证券时报报道，六大行近日集体下架五年期大额存单，在售大额存单只剩三年期。进一步统计看， 部分股份行与中小银行亦已同步下架三、五年期定期存款，部分大行分支行则在2022年前后就停发五年 期，且此前已存在三、五年期存款利率倒挂现象。分析来看，大行集中下架五年期存单与中小银行的跟 进，本质上是在长期息差承压背景下的负债端精细化管理举措，资产端在LPR多轮下调与存量贷款置换 影响下，收益率延续下行。银行通过缩短存款期限、压缩高成本长期负债，能有效节约负债成本。此 外，根据金管总局数据，三季度银行息差环比初步企稳，财报数据亦显示，期初期末平均法测算 ...