Core Viewpoint - Beijing plans to construct and operate a centralized large-scale data center system with a capacity exceeding 1,000 gigawatts (GW) along a 700-800 kilometer track, marking a significant advancement in commercial space and data processing capabilities [1] Group 1: Industry Developments - The initiative is led by Xingchen Future and Trajectory Chuangguang, which are forming a space data center innovation consortium [1] - The first experimental satellite, "Chuangguang No. 1," is expected to be launched by the end of this year or early next year [1] Group 2: Market Opportunities - The entry of China Star Network and the G60 Qianfan Constellation into mass launch phases, along with the operationalization of Hainan's commercial space launch site and commercial launch vehicles, is driving a new era in commercial space [1] - The trend towards high capacity and low cost is expected to unlock a trillion-dollar market scale, presenting significant growth opportunities for the related industry chain [1]

Core Viewpoint - Lijing Technology has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities and China International Capital Corporation serving as joint sponsors [1] Company Overview - Lijing Technology is a global leader in precision optical solutions, focusing on mid-to-high-end optical modules and system integration markets in consumer electronics, automotive electronics, and smart office sectors [1] - The company is a key supplier for leading global mid-to-high-end brand smartphone manufacturers and is the only provider capable of serving both major smartphone system ecosystems with camera module precision optical solutions [1]

Core Viewpoint - The report from CITIC Securities highlights the gradual advancement of the global industrialization process of computing satellites as a new infrastructure for computing power, with domestic policy details emerging to lead the way [1] Group 1: Global Trends - Technology giants are increasingly investing in space computing, indicating a growing consensus on the importance of space computing [1] - The acceleration of satellite constellation launches in China is contributing to the faster industrialization of computing power [1] Group 2: Domestic Policy - The National Space Administration of China has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)", which further clarifies the details of the policy [1] - The report suggests paying attention to companies related to computing satellites in light of these developments [1]

Core Viewpoint - The evolution of AI large models towards trillion parameters, multi-modal capabilities, and intelligent agents is driving a transition in computing infrastructure towards "super-node" architecture, which significantly enhances training efficiency and inference throughput [1] Group 1: Technological Advancements - Traditional architectures are facing communication and energy consumption bottlenecks, necessitating a shift to super-node architecture [1] - NVL72 represents a solution that improves training efficiency and inference throughput through high bandwidth and low latency interconnections [1] Group 2: Market Opportunities - The demand for switching chips, optical modules, and high-speed connection modules is shifting from linear growth to exponential growth due to the architectural transformation [1] - There is significant room for improvement in domestic AI computing investments compared to overseas, making super-node architecture essential for catching up in domestic computing infrastructure [1] Group 3: Industry Recommendations - Companies are advised to focus on the value reassessment opportunities arising from increased interconnection density [1] - Recommended sectors include high-speed connection module manufacturers, switching interconnection manufacturers, optical module manufacturers, and AIDC and supporting manufacturers [1]

Market Overview - The Shanghai Composite Index fell by 1.67% in November, ending a six-month winning streak after reaching a ten-year high mid-month [1] - The ChiNext Index dropped by 4.23%, showing a pattern of "initial decline followed by recovery" [1] - Market hotspots in November were concentrated in the battery supply chain, Hainan, Fujian, and computing hardware sectors [1] Investment Strategies - Huatai Securities suggests positioning in high-probability sectors during the "spring excitement," focusing on balanced allocations between growth and cyclical sectors [2] - Key areas of interest include aviation equipment, AI-related energy storage, and power supply equipment, as well as chemicals and energy metals [2] - Financial sectors and high-value consumer goods, such as liquor and consumer building materials, are recommended as mid-term investment choices [2] AI Sector Insights - CICC indicates that the current risk of overcrowding in the AI sector is relatively low, with long-term opportunities still present [3] - The overcrowding level in the AI sector has decreased since the peak in late September, suggesting ongoing investment value [3] - Short-term market trends may favor value styles, with institutional investors likely adopting defensive strategies as year-end approaches [3] Optical Communication Opportunities - CITIC Securities highlights the significant growth potential in AI optical interconnection, driven by the need for high-performance, high-bandwidth, and low-latency networks [4] - The advantages of leading firms in the optical communication sector are becoming more pronounced due to increasing demands for R&D capabilities and new technology deployments [4] - The firm is optimistic about the development potential of domestic optical communication leaders [4]

Core Viewpoint - The report from CITIC Securities highlights the gradual advancement of the global industrialization process of computing satellites as a new infrastructure for computing power, driven by domestic policy details and international competition among tech giants [1] Group 1: Global and Domestic Trends - The industrialization of computing satellites is progressing globally, with tech giants increasingly investing in space computing as a consensus [1] - In China, the launch of computing constellations is accelerating, contributing to a faster industrialization process [1] Group 2: Policy Developments - The National Space Administration of China has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)", which further clarifies the details of the policy [1] - The new policies are expected to lead the way for the development of computing satellites in the domestic market [1] Group 3: Investment Recommendations - The report suggests paying attention to companies related to computing satellites, indicating potential investment opportunities in this emerging sector [1]

【 摘要 】摩根资产管理李德辉认为，短期回调或不改长期投资机遇，A股整体仍处于一个健康的 上行通道中。摩根士丹利基金吴慧文指出，债券市场已从单边行情进入低利率、低波动、低利差 的震荡周期，进入"交易为王时代"。 图片 一、焦点锐评 图片 1．前10月工业企业利润同比增长1.9%，增速回落 11月27日，国家统计局公布的数据显示，1-10月份，规模以上工业企业利润同比增长1.9%，前 值增长3.2%。从三大门类看，1-10月份，采矿业下降27.8%，降幅较1-9月份收窄1.5个百分 点；制造业增长7.7%；电力、热力、燃气及水生产和供应业增长9.5%。10月份，受上年同期基 数有所抬高、财务费用增长较快等因素影响，规模以上工业企业利润同比下降5.5%。 【解读】中金公司张文朗团队认为，工业企业利润增速显著回落，利润下滑主要由营收收缩 （-3.3%）、费用率上升（+0.38个百分点）及投资收益骤降（10月其他损益降至201亿元，较9 月回落近60%）共同驱动。结构分化，采矿业利润降幅收窄，有色开采保持29.7%高增长，煤炭 与油气仍处下行；制造业全链条利润承压，上游与中游受投资收益与费用拖累显著，下游消费品 降幅 ...

Group 1 - The number of Hong Kong stock research reports has increased significantly, with a total of 10,859 reports published this year, up 34.8% from 8,057 last year [1] - In-depth reports have also seen substantial growth, with 1,317 reports this year compared to 854 last year, marking a 54.2% increase [1] - The surge in research reports is attributed to the integration and redistribution of industry research capacity, as mainland research institutions optimize their teams and structures to enhance Hong Kong stock research capabilities [1] Group 2 - Major brokerages are expanding their coverage of Hong Kong stock research, with CITIC Securities publishing 827 reports this year, a 75.58% increase, and GF Securities publishing 378 reports, up 31.7% [2] - The shift in research focus from A-shares to Hong Kong stocks is driven by significant inflows of southbound capital, which have altered the investor structure and reshaped research demand [2][3] - The number of reports covering specific Hong Kong companies, such as Pop Mart, has increased dramatically, indicating a growing interest and diverse opinions on their future growth potential [2] Group 3 - Southbound capital has net bought HKD 1.38 trillion in Hong Kong stocks this year, with its trading volume rising from about 25% to nearly 40% of the main board's total trading [3] - The changing investor structure necessitates more refined research that addresses the offshore market characteristics and investment preferences of mainland investors [3] - Analysts emphasize the need for research to provide forward-looking valuation analyses and pricing judgments, especially around company listings [3] Group 4 - The brokerage industry's commission income from stock trading has decreased by 34% to RMB 4.458 billion in the first half of 2025, while the number of analysts has continued to rise [4] - The transformation of the brokerage research model is underway, with Hong Kong stocks seen as a valuable growth area that can support commission income and provide research for IPOs [4] - Many brokerages are expanding dedicated Hong Kong research teams to maximize the value of their research efforts [4] Group 5 - Research institutions are focusing on three main areas to deepen their Hong Kong stock research: industry research, macro perspectives, and cross-market understanding [5][6] - Teams are developing a multi-dimensional analysis system for the Hong Kong market, providing comparative analysis and allocation suggestions across markets and industries [5] - There is an emphasis on enhancing collaboration between domestic and international teams to provide integrated research services for global investors [6]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The non-bank financial sector has shown a decline in trading volume, with the commercial real estate REITs pilot program progressing steadily [1] - The insurance industry has surpassed a total asset value of 40 trillion yuan, indicating robust growth [5][23] - The report highlights the performance of various sub-sectors within non-bank finance, with insurance leading in growth [11] Summary by Sections Non-Bank Financial Sub-Sector Performance - In the recent five trading days (November 24-28, 2025), all sub-sectors of non-bank finance underperformed compared to the CSI 300 index, with insurance up by 0.21%, securities by 0.75%, and multi-financial by 1.63% [10] - Year-to-date, the insurance sector has increased by 14.41%, while multi-financial has risen by 6.76% [11] Securities Sector - Trading volume has decreased month-on-month, with the average daily trading amount for November at 22,411 billion yuan, a 12.90% decline from the previous month but a 4.61% increase year-on-year [15] - The China Securities Regulatory Commission (CSRC) has released a consultation draft for the commercial real estate REITs pilot program, aiming to enhance the market [18][21] Insurance Sector - As of Q3 2025, the total assets of insurance companies reached 40.4 trillion yuan, a 12.5% increase from the beginning of the year [23] - The insurance sector's premium income for the first three quarters was 5.2 trillion yuan, reflecting an 8.5% year-on-year growth [23] - The report indicates a strong cyclical characteristic in the insurance industry, with expectations for improvement in both liabilities and investments as the economy recovers [27] Multi-Financial Sector - The trust industry is experiencing a stable transition, with total assets reaching 29.56 trillion yuan in 2024, a 23.58% year-on-year increase [30] - The futures market saw a trading volume of 6.03 billion hands in October 2025, with a transaction value of 61.22 trillion yuan, indicating a 4.56% year-on-year growth [35] Industry Ranking and Key Company Recommendations - The report ranks the non-bank financial sectors as follows: insurance > securities > other multi-financial [46] - Key recommended companies include China Life, Ping An, New China Life, China Pacific Insurance, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [46]

Group 1 - The market is characterized by a slow bull trend with reduced volatility and improved Sharpe ratios compared to the past, but subjective long positions have limited improvement and continue to underperform quantitative strategies [2] - The current market structure shows an increase in allocation funds and quantitative funds, while subjective stock-picking funds are limited, leading to a higher demand for valuation and safety margins from subjective long positions [2] - A significant change in domestic demand is needed to unlock market potential, with recommendations to focus on resource and traditional manufacturing sectors, as well as companies expanding overseas [2] Group 2 - December is expected to open a favorable window for "profit-making effects," with the correlation between market movements and fundamentals being weaker in November [3] - The "spring market" period, which lasts about 20 trading days from the Spring Festival to the Two Sessions, is anticipated to provide good profit opportunities, especially for stocks with positive earnings forecasts [3] - Many sectors have already adjusted by approximately 20%, making December a suitable time for observation and potential investment [3] Group 3 - The cross-year market is supported by easing overseas disturbances and improved risk appetite, with expectations for clearer economic and industrial development guidance from year-end meetings [4] - The market is advised to maintain a bullish outlook and continue to invest in Chinese assets, focusing on high-growth sectors such as AI, advantageous manufacturing, and structural recovery in domestic demand [5] - Key sectors to watch include resource products, new consumption, and technology growth, particularly in AI and domestic computing power industries [5] Group 4 - The market is likely to choose an upward direction after three months of consolidation, with a high probability of a cross-year rally in December [6] - Investment opportunities are expected to arise from the political bureau meeting and central economic work meeting, focusing on resource products, service consumption, and technology sectors [6] - The dual focus on large-cap indices like the Shanghai 50 and the Sci-Tech 50 is recommended for the upcoming cross-year market [6] Group 5 - The market sentiment is expected to improve as December approaches, with significant policy observations anticipated, which could catalyze the cross-year market [8] - Key investment themes include commercial aerospace, AI applications, energy storage, military industry, and innovative pharmaceuticals, particularly those related to the "14th Five-Year Plan" [8] - The improvement in overseas liquidity and the adjustment of previous high-performing sectors are also expected to benefit the market [8] Group 6 - Historical data indicates that policy factors are crucial for the initiation of cross-year rallies, with macroeconomic data playing a less decisive role [9] - The cross-year rally typically starts before a weak market, driven by expectations of policy easing and improved liquidity [9] - Key sectors to focus on include semiconductors, energy storage, robotics, AI applications, and pharmaceuticals, especially if new policy directions emerge from the central economic work meeting [9]