Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: November 25, 2025 [2] IM Futures Daily Quotes - The CSI 1000 index closed at 7,249.95, up 1.31%. The IM2512 contract closed at 7,172.00, up 0.85%. The IM2601 contract closed at 7,103.40, up 0.79%. The IM2603 contract closed at 6,954.00, up 0.79%. The IM2606 contract closed at 6,725.60, up 0.77% [4]. - The total trading volume of the four IM contracts was 213,192 lots, a decrease of 10,643 lots from the previous day. The total open interest was 367,936 lots, a decrease of 9,256 lots from the previous day [5]. - The IM main contract was at a discount of 77.95 points, a decrease of 16.74 points from the previous day. The annualized basis rate was -15.87% [5]. Annualized Roll - over Cost and Dividend Impact - The CSI 1000 spot price was 7,249.95. The current - month contract (IM2512) had a closing price of 7,172.00, with 24 days remaining until maturity, a dividend value of 0.69, a discount of 77.95 points, a discount rate of -1.1%, and an annualized discount rate of -15.9% [15]. Main Seats - For the IM2512 contract, the top five seats in terms of trading volume had a total volume of 38,415 lots, a decrease of 3,508 lots from the previous day. The top five seats in terms of long positions had a total of 37,781 lots, an increase of 367 lots from the previous day. The top five seats in terms of short positions had a total of 47,832 lots, a decrease of 240 lots from the previous day [19]. IF Futures Daily Quotes - The CSI 300 index closed at 4,490.40, up 0.95%. The IF2512 contract closed at 4,473.00, up 0.66%. The IF2601 contract closed at 4,457.20, up 0.66%. The IF2603 contract closed at 4,444.00, up 0.70%. The IF2606 contract closed at 4,399.80, up 0.67% [24]. - The total trading volume of the four IF contracts was 108,933 lots, a decrease of 4,758 lots from the previous day. The total open interest was 264,574 lots, a decrease of 3,977 lots from the previous day [25]. - The IF main contract was at a discount of 17.4 points, a decrease of 4.55 points from the previous day. The annualized basis rate was -5.68% [25]. Annualized Roll - over Cost and Dividend Impact - The CSI 300 spot price was 4,490.40. The current - month contract (IF2512) had a closing price of 4,473.00, with 24 days remaining until maturity, a dividend impact of 1.00, a discount of 17.40 points, a discount rate of -0.4%, and an annualized discount rate of -5.7% [32]. Main Seats - For the IF2512 contract, the top five seats in terms of trading volume had a total volume of 72,559 lots, a decrease of 4,780 lots from the previous day. The top five seats in terms of long positions had a total of 70,016 lots, a decrease of 3,742 lots from the previous day. The top five seats in terms of short positions had a total of 74,495 lots, a decrease of 3,784 lots from the previous day [37]. IC Futures Daily Quotes - The CSI 500 index closed at 6,954.60, up 1.25%. The IC2512 contract closed at 6,900.00, up 0.85%. The IC2601 contract closed at 6,846.60, up 0.81%. The IC2603 contract closed at 6,736.00, up 0.83%. The IC2606 contract closed at 6,530.80, up 0.82% [42]. - The total trading volume of the four IC contracts was 134,717 lots, an increase of 2,797 lots from the previous day. The total open interest was 258,131 lots, an increase of 5,282 lots from the previous day [43]. - The IC main contract was at a discount of 54.6 points, a decrease of 13.23 points from the previous day. The annualized basis rate was -11.55% [43]. Annualized Roll - over Cost and Dividend Impact - The CSI 500 spot price was 6,954.60. The current - month contract (IC2512) had a closing price of 6,900.00, with 24 days remaining until maturity, a dividend value of 0.61, a discount of 54.60 points, a discount rate of -0.8%, and an annualized discount rate of -11.6% [51]. Main Seats - For the IC2512 contract, the top five seats in terms of trading volume had a total volume of 28,429 lots, a decrease of 1,267 lots from the previous day. The top five seats in terms of long positions had a total of 27,400 lots, an increase of 751 lots from the previous day. The top five seats in terms of short positions had a total of 35,555 lots, an increase of 926 lots from the previous day [57]. IH Futures Daily Quotes - The SSE 50 index closed at 2,968.20, up 0.60%. The IH2512 contract closed at 2,959.20, up 0.35%. The IH2601 contract closed at 2,954.20, up 0.35%. The IH2603 contract closed at 2,954.00, up 0.31%. The IH2606 contract closed at 2,945.20, up 0.28% [63]. - The total trading volume of the four IH contracts was 43,866 lots, a decrease of 889 lots from the previous day. The total open interest was 88,482 lots, a decrease of 977 lots from the previous day [63]. - The IH main contract was at a discount of 9 points, a decrease of 2.84 points from the previous day. The annualized basis rate was -4.44% [64]. Annualized Roll - over Cost and Dividend Impact - The SSE 50 spot price was 2,968.20. The current - month contract (IH2512) had a closing price of 2,959.20, with 24 days remaining until maturity, a dividend value of 0.87, a discount of 9.00 points, a discount rate of -0.3%, and an annualized discount rate of -4.4% [74]. Main Seats - For the IH2512 contract, the top five seats in terms of trading volume had a total volume of 30,351 lots, a decrease of 2,069 lots from the previous day. The top five seats in terms of long positions had a total of 23,445 lots, a decrease of 136 lots from the previous day. The top five seats in terms of short positions had a total of 28,827 lots, a decrease of 475 lots from the previous day [78].

Core Points - The stock price of Shiyijia (敷尔佳) has decreased by 2.48%, closing at 27.18 yuan [1] - Shiyijia was listed on the Shenzhen Stock Exchange's ChiNext board on August 1, 2023, with an initial share price of 55.68 yuan and a total issuance of 40.08 million shares [1][2] - The stock reached a peak price of 80.04 yuan on its first trading day but is currently in a state of decline [2] Fundraising and Financials - Shiyijia raised a total of 223.17 million yuan through its initial public offering (IPO), with a net amount of 207.18 million yuan, exceeding the original plan by 17.52 million yuan [2] - The company planned to raise 189.66 million yuan for projects including production base construction, R&D and quality testing center, brand marketing, and working capital [2] - The total issuance costs (excluding VAT) amounted to 15.99 million yuan, with underwriting fees of 10.75 million yuan [2] Dividend Distribution - According to the announcement for the 2024 annual equity distribution, Shiyijia plans to distribute cash dividends of 10 yuan per 10 shares (including tax) to shareholders, totaling 400.08 million yuan [2] - Additionally, the company will increase its capital by issuing 3 new shares for every 10 shares held, resulting in a total of 120.02 million new shares, raising the total share capital to 520.10 million shares [2]

Core Viewpoint - Huaru Technology's stock price has declined, closing at 24.36 yuan, a drop of 2.05%, indicating the company is currently in a state of stock price decline since its IPO [1] Group 1: IPO and Financial Performance - Huaru Technology was listed on the Shenzhen Stock Exchange's ChiNext board on June 23, 2022, with an issuance of 26.37 million shares at a price of 52.03 yuan per share [1] - The total funds raised from the IPO amounted to 137.20311 million yuan, with a net amount of 127.52455 million yuan, exceeding the original plan by 47.52455 million yuan [1] - The company initially aimed to raise 80 million yuan for projects including a new generation of combat systems and a multidisciplinary collaborative design and simulation testing platform [1] Group 2: Issuance Costs and Stock Adjustments - The total issuance costs for Huaru Technology's IPO were 9.67856 million yuan, with underwriting and sponsorship fees accounting for 8.23219 million yuan [2] - On May 25, 2023, the company announced a stock dividend of 5 shares for every 10 shares held, with a record date of May 31, 2023, and an ex-dividend date of June 1, 2023 [2]

在 中信证券 收购万通证券（原 青岛 证券）的关键节点陈军担任核心负责人，2003-2006年出任 中信万 通证券 总经理。 金融反腐风暴持续向头部 券商 纵深延伸。 近期，据多家媒体援引知情人消息报道称 中信证券 原投资银行业务负责人、执行委员会委员陈军被有 关部门带走调查，其在 中信证券 企业融资部的多名旧部亦牵涉其中。 而这已是这位深耕中信投行近三十年的老将十年内第二次卷入调查风波。 公开信息显示，出生于1969年的陈军是金融圈典型的"券商老将"，1991年从 山东大学 计算数学专业毕 业后他曾短暂任职于 山东大学 数学学院、人民日报事业发展局山东办事处，1997年加入 中信证券 后凭 借着在山东区域市场的深耕站稳脚跟。 离开 中信证券 的陈军并未远离资本市场，他与一众旧部共同创立了 宁波君度私募基金管理有限公司 ， 将业务重心转向拟上市公司的Pre-IPO投资。 数据显示，宁波君度对外投资版图颇为庞大，直接投资的存续/在业企业达38家，间接投资企业更是多 达72家，其中不少企业完成了B轮、D轮等后期融资。 此次陈军被调查的时间节点就在证监会原发行部副主任郭旭东主动投案不久，而媒体报道的更多知情信 息指 ...

Core Viewpoint - SANY Energy (688349.SH) reported significant growth in revenue for the first three quarters of 2025, but faced a substantial decline in net profit, indicating potential challenges in profitability despite increased sales [1][2]. Financial Performance - For the period of January to September 2025, the company achieved operating revenue of 14.451 billion yuan, representing a year-on-year increase of 59.36% [1][2]. - The net profit attributable to shareholders was 122 million yuan, a decrease of 82.21% compared to the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was -13 million yuan, down from 612 million yuan in the same period last year [1][2]. - The net cash flow from operating activities was -1.170 billion yuan, an improvement from -3.210 billion yuan in the previous year [1][2]. Future Projections - The company forecasts operating revenues of 14.939 billion yuan and 17.792 billion yuan for 2023 and 2024, respectively [2][3]. - Projected net profits attributable to shareholders for 2023 and 2024 are 2.007 billion yuan and 1.811 billion yuan, respectively [2][3]. - The net profit after deducting non-recurring gains and losses is expected to be 1.623 billion yuan for 2023 and 1.595 billion yuan for 2024 [2][3]. - The net cash flow from operating activities is projected to be 1.089 billion yuan in 2023, turning negative at -400 million yuan in 2024 [2][3]. IPO and Fundraising - SANY Energy went public on the Shanghai Stock Exchange on June 22, 2022, raising a total of 561.09 million yuan, with a net amount of 547.07 million yuan after expenses [4]. - The actual fundraising exceeded the original target by 243.89 million yuan, which was initially set at 303.18 million yuan [4]. - The funds raised are intended for various projects, including new product development, production line upgrades, and working capital [4].

Core Viewpoints - The company's main business has reached a bottom, and the investment business is expected to yield returns, with the current stock price having a high margin of safety [1] - The company emphasizes shareholder returns, having announced a HKD 600 million shareholder return plan, with a current dividend yield (TTM) close to 9%, making it attractive [1] Group 1: Game Business - The core IP "Magic Domain" has shown stable improvement in revenue, and the company expects this trend to continue into 2026 [2][3] - A new version of "Magic Domain" has completed development and is awaiting approval for launch, which is anticipated to bring additional revenue [3] - Overall, the company expects good profit growth in its game business by 2026, driven by cost reduction and efficiency measures [3] Group 2: Mynd.AI Business - The company is focusing on reducing losses in the Mynd.AI business, with a good growth rate in SaaS business expected [4] - The integration of AI voice assistant technology aims to enhance classroom interaction, promoting automation in teaching [4] - The company anticipates achieving EBITDA breakeven in Q4 2025 and profitability in 2026 for the Mynd.AI business [4] Group 3: Investment Business - The company has strategically invested in Hangzhou ShuaiKu Network, becoming its largest shareholder with a 46% stake, which has shown strong revenue growth [5] - A strategic investment of USD 20 million in Rokid has been made, with significant sales growth reported in the AR glasses segment [5] - The company has entered into an exclusive partnership with Zhongke Wenge to promote AI services outside mainland China, enhancing its international presence [6] Group 4: Profit Forecast and Valuation - The company has revised its EPS forecasts for 2025-2027 to HKD 0.78, 1.45, and 1.77 respectively, reflecting the stabilization of the game business and growth in the investment sector [7] - The estimated net profit for the game and application service business in 2026 is projected to be HKD 870 million, with a valuation of HKD 8 billion based on an 8x PE ratio [7][8] - The Mynd.AI business is expected to generate revenue of HKD 1.95 billion in 2026, with a valuation of HKD 1.08 billion based on a 0.7x PS ratio [8]

Core Insights - The Bloomberg Investment Management Forum in Shanghai highlighted the rapid transformation of the asset management industry through quantitative research strategies, emphasizing Bloomberg's commitment to this field over the past 30 years [1][4]. Group 1: Macro Quantitative Scenario Analysis - Bloomberg has developed a factor-based macro quantitative scenario analysis model that integrates macroeconomic variables with underlying drivers such as credit risk and demand changes, utilizing a large covariance matrix updated daily to detail asset correlations and risk transmission [4][6]. - Users can customize macro variable impacts and driver weight distributions to simulate investment portfolio performance under various economic conditions [6]. Group 2: Risk Budgeting in Equity Allocation - The application of risk budgeting strategies in global and A-share markets can help mitigate losses during market volatility by adjusting allocations based on low correlation and volatility differences among A-share stocks [7][9]. - This approach aims to create a more balanced and resilient investment portfolio by ensuring each asset contributes equally to overall portfolio risk rather than focusing solely on weight [9]. Group 3: Cross-Asset Investment and Strategy Index Development - The discussion on cross-asset investment strategies highlighted the increasing demand for diversified asset allocation and risk premium management among institutions, with a focus on innovation to inspire investors and reduce risks [10][12]. - Bloomberg supports quantitative teams with data integration, risk analysis, and scenario simulation to enhance strategy development and risk management efficiency [12]. Group 4: Risk Management in Investment Decisions - Effective risk management is crucial in investment decision-making, with strategies based on risk perspectives aiding in capturing alpha and facilitating quantitative backtesting [13][15]. - The use of risk parity methods combined with asset correlations can enhance portfolio robustness, addressing the challenges of return forecasting [15]. Group 5: Factor Investment and Alternative Data - The exploration of factor investment frameworks and the use of alternative data and machine learning to tackle the "factor zoo" challenge were discussed, with innovative factors developed from Bloomberg's supply chain data [17][19]. - The application of deep learning models for dynamic beta estimation shows significant performance improvements over traditional methods, enhancing the predictive capabilities for future volatility and variance [19].

Core Viewpoint - Freetech (Zhejiang) Intelligent Technology Co., Ltd. has submitted a new application for an IPO on the Hong Kong Stock Exchange after two previous attempts failed, indicating the company's ongoing commitment to public listing and growth in the intelligent driving solutions market [4]. Business Overview - Established in 2016, Freetech is a leading supplier of intelligent driving solutions, focusing on Advanced Driver Assistance Systems (ADAS) and Autonomous Driving Systems (ADS) technology, aiming to provide safe, comfortable, and intelligent driving experiences through deep collaboration with OEM customers [7]. - The company ranks second among third-party suppliers in China for L0 to L2 level driving assistance solutions, with a market share of 7.2% as of 2024 [7]. - As of June 30, 2025, Freetech has established partnerships with 51 OEMs and has over 380 designated projects and more than 290 mass production projects across a diverse range of vehicles [7]. Key Clients - Since 2019, Freetech has been a non-exclusive supplier for Geely Holding Group, developing driving assistance products and deployment solutions across multiple Geely brands. The revenue from Geely accounted for 19.7%, 43.3%, 59.4%, and 76.0% of Freetech's income in 2022, 2023, 2024, and the first half of 2025, respectively [8]. Product Development - Freetech has developed an integrated intelligent driving platform called ODIN, which combines advanced controllers, precise sensors, robust software, and a solid data feedback platform, enabling the integration of cutting-edge intelligent driving technologies [9]. - The company offers a full-stack intelligent driving solution based on the ODIN platform, employing a vertically integrated approach that includes hardware design, software and algorithm development, system integration, and manufacturing [9]. Financial Performance - Freetech's revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 327.72 million, RMB 908.32 million, RMB 1.283 billion, and RMB 928.24 million, respectively. The corresponding net losses were RMB 855 million, RMB 738 million, RMB 528 million, and RMB 164 million [18][20]. - The adjusted net losses for the same periods were RMB 692 million, RMB 627 million, RMB 445 million, and RMB 152 million [20]. Shareholding Structure - Prior to the IPO, Freetech's major shareholders include Ningbo Junma, which holds 11.73%, and several equity incentive platforms with smaller stakes. The largest shareholder group controls approximately 21.99% of the shares and can exercise 42.60% of the voting rights [11][12]. Management Team - The board of directors consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors, indicating a diverse and experienced leadership team [17].

来源：瑞恩资本RyanbenCapital 中信证券(06030.HK)于周一(11月24日)发布公告，第八届董事会宣布董事会变动： 张长义先生， 非执行董事张麟先生，因工作调动，已向董事会提呈辞任非执行董事及董事会发展战略与ESG委员会委 员的职务。 建议增补委任： 张长义先生，为董事会执行董事； 李艺女士、梁丹先生、张学军先生，为董事会非执行董事； 刘俏先生、李兰冰女士，为董事会独立非执行董事。 董事会各董事候选人之履历详情载列如下： 执行董事候选人 58岁，现任本公司党委副书记、监事会主席、工会主席。 张先生，于2018年加入本公司，于2020年6月23日获委任为本公司监事会主席。 张先生曾任建设部教育司 干部、科员、副主任科员，建设部办公厅主任科员、助理调研员，国务院办 公厅秘书二局二秘(副处级)、副处长、一秘兼副处长(正处级)，国务院办公厅正处级秘书、副局级秘 书、正局级秘书。张先生亦任金石泽信投资管理有限公司董事长。 张先生，于1989年获 西北建工学院工业与民用建筑专业工学学士学位，1999年获哈尔滨建筑大学管理 工程专 业工学硕士学位。 非执行董事候选人 李艺女士(曾用名李如意)， 55岁，现 ...

中信证券发布研报称，网龙(00777.HK)主业底部已过，前瞻布局的投资业务迎来收获期，公司当下股价 具备较高安全边际;此外，公司注重股东回报，此前宣布6亿港元股东回报计划，当下股息率(TTM)接近 9%，具备较高吸引力，重申"买入"评级，上调公司2026年目标价至21港元。 机构评级详情见下表： | 指标 | 网龙 | 互联网传媒 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | -0.86% | -9.35% | 31 60 | | 港股流通市值 | 57.68 乙 | 1206.0亿 | 14 60 | | 营业收入 | 51.27 乙 | 187.83 乙 | 12 60 | | 净利率 | -1.3% | -17.09% | 35 60 | | 毛利率 | 69.51% | 43.76% | 14 60 | | 负债率 | 45.36% | 53.63% | 38 60 | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 股票代码 股票简称 | | 投行名称 | 发布日期 ...