Core Viewpoint - The New York Fed President Williams hinted at a potential interest rate cut in December, with the market now pricing in a 70% probability of a rate cut by the Federal Reserve in that month [1] Group 1: Federal Reserve Actions - The Federal Reserve will enter a quiet period starting November 29, during which Chairman Powell has no scheduled public appearances or media engagements, making Williams' comments potentially the last influential remarks from Fed officials before the meeting [1] - The expectation is for a "close call" rate cut in December, likely by 25 basis points [1] Group 2: Market Reactions - The reversal of rate cut expectations, combined with the advancement of the "28-point" plan and news regarding the Trump administration's consideration of exporting H200 chips to China, suggests that macroeconomic factors will no longer be a source of pressure for the market in the short term [1] - The market is expected to shift its focus towards issues such as AI companies issuing bonds and the trends in cryptocurrency [1]

中信证券研报认为，展望2026年，锂电行业整体供需结构有望进一步改善。需求端，受益电动化渗透率 进一步提升叠加单车带电量的显著增长，全球动力电池需求有望保持稳定增长；电池成本下降、收益模 式丰富、融资成本下降等因素推动储能装机经济性显著提升，全球储能迎来国内外需求共振向上的发展 阶段。供给端，电池和中游材料环节资本开支增速触底信号明确，新增扩产仍集中在少数重点企业，且 聚焦在高端品及海外产能上，研报预计2026年行业供需有望进一步改善；受益供需结构改善，产业链价 格企稳回升，高端产品有望攫取更高的技术溢价。此外，固态电池产业化加速，有望带来电池、材料、 设备环节的投资机会。重点关注技术差异化程度更高、成本控制能力更强的供应链优质头部企业。 ...

Market Overview - The market experienced fluctuations last Friday, with the Shanghai Composite Index falling over 2% and the ChiNext Index dropping over 4% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.97 trillion, an increase of 257.5 billion compared to the previous trading day [1] - By the end of last Friday, the Shanghai Composite Index fell by 2.45%, the Shenzhen Component Index by 3.41%, and the ChiNext Index by 4.02% [1] Investment Strategies - Huatai Securities emphasized the importance of focusing on mid-term themes and maintaining a safety margin in current market conditions, suggesting that the market adjustment has begun to show potential for recovery [2] - The firm noted that the current market valuation is close to a "reasonable" central point, and if there is an overshoot, investors could consider increasing their positions [2] - Recommended sectors include low-level domestic consumption, domestic computing power, and innovative pharmaceuticals, while continuing to hold large financial stocks to reduce volatility [2] Monetary Policy Insights - CITIC Securities highlighted that the recent issuance of offshore central bank bills in Hong Kong aims to stabilize the offshore RMB exchange rate and curb speculative trading [3] - The issuance is intended to tighten offshore RMB liquidity, thereby increasing the cost of short-selling and preventing a consensus on unilateral depreciation [3] - The central bank's strategy is based on three considerations: managing liquidity to avoid excessive market fluctuations, enhancing the competitiveness of the offshore RMB bond market, and preventing abnormal cross-border capital flows to maintain financial stability [3] Policy Focus - Zhongtai Securities indicated that the current "anti-involution" policies are likely to focus more on key sectors with global "rare earth-like" characteristics, particularly in industries like photovoltaics, batteries, and automobiles, where low-price competition has intensified [4] - The characteristics of these key sectors include holding dominant capacity and technology in the global market, facing challenges from disorderly expansion and low-price competition, and having potential for long-term growth driven by external demand [4] - The policies aim to ensure healthy industry development and leverage these sectors as strategic tools or bargaining chips between nations [4]

Group 1: Market Overview - The market experienced fluctuations with the Shanghai Composite Index falling over 2% and the ChiNext Index dropping over 4% last Friday [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.97 trillion, an increase of 257.5 billion compared to the previous trading day [1] - Key sectors showing gains included the shipbuilding sector and AI applications, while battery, silicon energy, and lithium mining sectors faced declines [1] Group 2: Securities Insights - Huatai Securities emphasized the importance of focusing on mid-term themes and maintaining a safety margin in current market conditions [1] - CITIC Securities noted that the central bank's issuance of offshore central bank bills in Hong Kong could help stabilize the offshore RMB exchange rate [2] - Zhongtai Securities indicated that the current "anti-involution" policies may increasingly focus on key areas with global "rare earth-like" characteristics, particularly in industries facing low-price competition [3] Group 3: Policy Implications - The issuance of offshore central bank bills is aimed at tightening offshore RMB liquidity, increasing short-selling costs, and stabilizing exchange rate expectations [2] - The "anti-involution" policy is expected to address industries that dominate global capacity and technology, face chaotic expansion, and have long-term growth potential driven by external demand [3]

中信证券首席经济学家明明表示，近期离岸人民币有所走弱，央行此时发行离岸央票，一方面能够收紧 离岸人民币流动性，提高做空成本，抑制投机性交易，另一方面能稳定离岸人民币汇率预期，防止形成 单边贬值共识。明明又称，尽管2025年美联储处于降息周期，但三季度以来美元指数出现边际抬升。央 行维持离岸央票高位发行，主要基于三点考量：一是满足常态化流动性管理需求，避免市场过度波动； 二是完善离岸人民币债券市场，提升其国际竞争力；三是防范跨境资本异常流动，维护金融稳定。 ...

Group 1 - The core point of the news is that CITIC Securities Asset Management Co., Ltd. has increased its stake in China General Nuclear Power Corporation (CGN Power) by purchasing 12.371 million shares at an average price of HKD 2.9671 per share, raising its ownership percentage from 14.92% to 15.03% [1][2] Group 2 - The transaction involved a total investment of approximately HKD 36.706 million [1] - After the purchase, CITIC Securities Asset Management Co., Ltd. holds a total of 1,678,255,000 shares in CGN Power [1][2]

重要提示 1.易方达国证自由现金流交易型开放式指数证券投资基金联接基金（以下简称"本基金"）根据中国证券 监督管理委员会《关于准予易方达国证自由现金流交易型开放式指数证券投资基金联接基金注册的批 复》（证监许可[2025]1147号）进行募集。 登录新浪财经APP 搜索【信披】查看更多考评等级 易方达国证自由现金流交易型开放式指数证券投资基金联接基金基金份额发售公告 2.本基金为契约型开放式、指数基金、联接基金。 3.本基金的管理人和登记机构均为易方达基金管理有限公司（以下简称"本公司"），托管人为中信证券 股份有限公司。 4.本基金将自2025年11月28日至2025年12月25日通过基金管理人指定的销售机构公开发售。基金管理人 根据认购的情况可适当调整募集时间，并及时公告，但最长不超过法定募集期限。 5.基金份额类别 本基金将基金份额分为不同的类别。在投资人认购/申购基金时收取认购/申购费用，并不再从本类别基 金资产中计提销售服务费的基金份额，称为A类基金份额；从本类基金资产中计提销售服务费，并不收 取认购/申购费用的基金份额，称为C类基金份额。 本基金各类基金份额分别设置代码，分别计算并公布基金份额净值 ...

Core Insights - The company, Moer Thread Intelligent Technology (Beijing) Co., Ltd., is primarily engaged in the research, design, and sales of GPU chips and related products, focusing on full-function GPUs [2] - Moer Thread has launched four generations of GPU architecture and intelligent SoCs, covering a comprehensive range of computing acceleration products in AI computing, high-performance computing, and graphics rendering [2] - The company has established a full-stack AI product line that spans cloud, edge, and end devices [2] Company Development - During the IPO guidance period, the rapid development of Moer Thread was observed, highlighting the company's commitment to an innovative development culture [2] - The management team's perseverance and dedication were notably admired, indicating strong leadership within the company [2] - The company aims to enhance corporate governance and information disclosure while striving for profitability to deliver excellent performance to investors [2]

Market Overview - The recent global market downturn, driven by heightened risk aversion, has led to a significant adjustment in the A-share market, with the Shanghai Composite Index falling below 3900 points [2][3] - Key sectors such as new energy, photovoltaic, and power equipment have experienced notable pullbacks, while banking, shipbuilding, and consumer sectors have shown relative resilience [2] External Influences - The adjustment in the A-share market is primarily attributed to external factors, including concerns over the "AI bubble," a retreat in expectations for Federal Reserve interest rate cuts, and a cautious shift in market sentiment [3][4] - The volatility in global risk assets has been exacerbated by year-end fund settlement periods, prompting some investors to lock in profits and rankings through selling [3] Fundamental Support - Despite recent market fluctuations, the fundamental factors supporting the current rally in the Chinese stock market remain intact, including steady macroeconomic recovery, improved competitiveness of key industries, and enhanced capital market positioning [4][5] - The adjustment is viewed as a short-term disturbance rather than a fundamental shift in market dynamics, with expectations for a potential recovery as market sentiment stabilizes [4] Investment Opportunities - The current market adjustment presents a strategic opportunity for investors to reposition their portfolios ahead of the anticipated spring market rally in 2026 [6] - There is a consensus among institutions that the internal certainties of the Chinese market, such as new growth momentum and clear policy direction, will not be adversely affected by external disturbances [5][6] - Following the adjustment, sectors such as banking and insurance, along with consumer stocks with stable fundamentals, may present rotation opportunities before the technology sector regains momentum [6]

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...