Core Viewpoint - Zhongtai Securities (Shanghai) Asset Management Co., Ltd. announced adjustments to the valuation method for certain funds' suspended stocks, specifically adopting the "index yield method" for the stock "Siyirpu" (stock code: 688536) starting from December 3, 2025 [1] Group 1 - The decision was made in accordance with the guidelines from the China Securities Regulatory Commission and the Asset Management Association of China [1] - The adjustment aims to better protect the interests of fund shareholders [1] - The valuation method will revert to using the closing price on the day of resumption of trading once the stock exhibits active market trading characteristics [1]

Market Overview - The market experienced a significant rebound, with major indices rising sharply in the afternoon, led by the financial sector, and the Shanghai Composite Index reclaiming the 3900-point level [1] - Total market turnover reached 1.7 trillion yuan, an increase of over 100 billion yuan compared to the previous trading day, with more than 4300 stocks rising [1] - The Shanghai Composite Index rose by 0.7% to close at 3902.81 points, while the Shenzhen Component Index increased by 1.08% to 13147.68 points [1] Financial Sector Performance - The financial sector showed strong performance, with insurance and brokerage stocks leading the gains; China Pacific Insurance rose over 5% and Zhongyin Securities hit the daily limit [1] - Morgan Stanley, known as the "whistleblower" of A-shares, added China Pacific Insurance to its focus list and raised its target price for A-shares from 70 yuan to 85 yuan, and for H-shares from 70 HKD to 89 HKD [1] Commercial Aerospace Sector - The commercial aerospace sector continued to perform well, with several stocks such as Aerospace Power and Superjet Co. hitting the daily limit [1] - Dongwu Securities indicated that the development of large-capacity, low-cost, and reliable reusable rockets is imminent, with new models expected to launch by the end of 2025, which could accelerate the deployment of low-orbit satellite constellations in China [1] Sector Fund Flows - Main funds focused on sectors such as communication equipment, power grid equipment, and optical electronics, with notable net inflows into stocks like Shida Group and Yongding Co. [2] Regional Economic Development - Fujian Province is planning significant initiatives for its marine economy as part of its 14th Five-Year Plan, aiming to strengthen its maritime development [3] - Wuhan aims to exceed a total economic output of 3 trillion yuan by 2030, with a focus on becoming a national economic center and enhancing its technological innovation capabilities [4] Solar Industry Update - The solar industry chain has seen a reduction in production plans for December across multiple segments, including silicon materials and modules, due to self-discipline measures and insufficient terminal demand [5] - Industry insiders believe that the continued production cuts are essential for resolving supply-demand imbalances and that prices in the solar sector are expected to gradually recover by 2026 [5] Market Outlook - Zhongtai Securities predicts that the index is likely to maintain a volatile pattern in the near term, with robotics and brokerage sectors expected to be key focuses leading up to the Spring Festival [6] - Dongfang Securities suggests that the market remains weak in the short term, advising investors to selectively accumulate technology stocks [7] - Everbright Securities anticipates a potential rebound in the index, particularly in the phosphate chemical sector, coinciding with the upcoming Phosphate-Lithium Industry High-Quality Development Conference [9]

午后，保险、证券、互联网金融等大金融板块持续拉升。瑞达期货直线拉升封板，中银证券涨停，兴业证券涨超7%，湘财股份、东方财富、东北证券、 华泰证券跟涨。 | | | 明细 ▲ ר | | --- | --- | --- | | | | 13:56 13.94 ୧୫ | | 证券 | | | | 1629.39 2.76% | | | | 基金 成分股 | 简况(F10) | 资金 分析 新闻 | | 毛部 龙头股 | 3日内有涨停 | 连板 连续3日主力净泥 | | 名称/代码 | 最新 ◆ | 涨幅 ◆ 5日涨幅 ◆ ▶ | | 中银证券 | 13.94 | +10.02% +7.89% | | 601696 融 | | | | 领涨龙头2 首板 最终涨停13:54 | | | | 兴业证券 | 7.35 | +7.77% +7.83% | | 601377 融 | | | | 领涨龙头1 | | | | 湘财股份 | 11.84 | +5.81% +4.97% | | 600095 融 | | | | 东方财富 | 23.46 | +4.78% +0.26% | | 创 300059 融 | | | | 人 ...

Group 1 - The securities sector showed strength at the beginning of trading, with Zhongtai Securities rising over 2% [1] - Other companies such as Xiangcai Co. and Industrial Securities also experienced gains [1]

Core Viewpoint - Zhongtai Securities successfully raised 6 billion yuan through a targeted A-share issuance, marking its first equity refinancing since its listing in June 2020 [2] Fundraising Details - The fundraising involved 15 investors, including the controlling shareholder, Zhaomining Group [2] - After deducting issuance costs, all raised funds will be used to increase capital, enhancing the company's capital strength and core competitiveness [2] Business Strategy - The company aims to strengthen its capabilities in alternative investments, bond investments, market making, and wealth management [2] - The goal is to optimize the business structure, improve comprehensive financial service levels, and enhance profitability [2] Market Context - This refinancing is noted as the first competitive issuance project in the securities industry in recent years [2] - Hongta Securities served as one of the joint lead underwriters, showcasing its expertise and efficiency in the securities refinancing sector [2]

（责任编辑：田云绯） 海看股份首次公开发行募集资金总额为126,017.40万元，扣除发行费用后，募集资金净额为 116,947.69万元。公司最终募集资金净额比原计划多31170.25万元。海看股份2023年6月15日披露的招股 说明书显示，公司拟募集资金85,777.44万元，用于海看新媒体云平台升级建设项目、版权内容采购项 目。 海看股份发行费用9,069.71万元，其中中泰证券股份有限公司获得保荐及承销费用7,869.40万元。 中国经济网北京12月4日讯 海看股份(301262.SZ)今日收报25.22元，跌幅6.77%，总市值105.17亿 元。该股目前处于破发状态。 2023年6月20日，海看股份在深交所创业板上市，发行股票数量为4,170.00万股，占本次发行后股份 总数的10.00%，发行价格为30.22元/股。公司发行的保荐机构为中泰证券股份有限公司，保荐代表人为 孙参政、仓勇。 ...

Market Overview - A-shares showed a rebound with the ChiNext Index rising over 1% and the Hang Seng Technology Index also increasing by more than 1% [1] - The Shanghai Composite Index closed slightly up by 0.04% at 3879.52 points, while the Shenzhen Component rose by 0.35% and the ChiNext Index increased by 0.76% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 10,403 billion [1] Robotics Sector - The robotics sector experienced a significant surge, with stocks like Haichang New Materials and Hwa Wo股份 hitting the daily limit, and Jiangsu Leili rising over 10% [3][5] - The U.S. government is reportedly accelerating the development of robotics technology, with plans for an executive order and the establishment of a robotics working group [4][5] - Tesla's Optimus team is advancing its humanoid robot production, with plans for mass production by the end of 2026, which may benefit domestic suppliers [5][6] Brokerage Sector - The brokerage sector saw a notable rise, with Changcheng Securities increasing over 4% and other firms like Xiangcai Securities and Huatai Securities also gaining [2] - The industry is expected to undergo significant changes due to supply-side reforms and a shift towards a more concentrated market structure, with a focus on high-quality development [2] - Current valuations of brokerages are considered reasonable but still low compared to the potential for growth in profitability and valuation driven by policy and internal growth [2] Commercial Aerospace Sector - The commercial aerospace sector became active again, with stocks like Aerospace Hanyu and Zhaobiao股份 rising over 10% [6] - The establishment of a dedicated Commercial Aerospace Department by the National Space Administration indicates a push for high-quality development in this industry [6][7] - The recent issuance of a plan for the commercial aerospace sector aims for significant growth and improved governance by 2027, enhancing the overall ecosystem [6][7]

Group 1 - The core viewpoint of the article emphasizes that innovative drugs remain the most important theme in the pharmaceutical sector, with recent fluctuations leading to a return to relatively reasonable and low stock price levels, market expectations, and capital allocation, highlighting the investment safety margin and return value [1] - The report suggests that within the pharmaceutical sector, there has been a certain degree of high-low switching or thematic rotation due to the recent surge and subsequent adjustment in innovative drugs [1] - It is recommended to actively position in sectors and stocks that are expected to see fundamental improvements in 2026, driven by price clearing, demand recovery, and turning points in the business cycle [1]

格隆汇12月3日｜中泰证券研报指出，荣昌生物前三季度营收增长强劲， 亏损大幅收窄的积极态势。大 幅扭亏盈利拐点将至，引领重症肌无力疗法变革浪潮。泰它西普新适应症取得积极进展，迎接gMG治 疗领域创新药物的爆发风口。根据clinical trials，泰它西普治疗重症肌无力的海外III期研究预计在2026 年完成，迎来国际化元年，若能够在海外成功上市将有望为公司带来可观的增量市场。公司布局了包括 RC148（PD-1/VEGF 双抗）在内的多个在研项目，并探索内部药物（如RC148 与Claudin18.2 ADC RC118）联用的潜力，为长期发展储备了动能。荣昌生物正处在商业化能力加速兑现的通道上，通过高 效的运营和精准的投入，公司正快速向盈亏平衡点靠拢。维持"增持"评级。 ...

Core Viewpoint - The coal sector is expected to enter a new cycle by 2026, with investment opportunities highlighted based on the resonance of trading and fundamentals, emphasizing high dividend and low valuation stocks, companies with capacity growth, and coking coal benefiting from price stabilization and profit improvement [1] Group 1: Price Review - Coal prices showed a trend of "low before high," with significant year-on-year declines in 2025, but a recovery began after June, leading to an overall upward trend [1] - The average price of thermal coal (Q5500) was 695 CNY/ton, down 19% year-on-year, while coking coal averaged 1497 CNY/ton, down 28% year-on-year [1] - Long-term contract prices for Qinhuangdao Q5500 were 678 CNY/ton, down 3% year-on-year, and Henan's main coking coal was 1546 CNY/ton, down 27% year-on-year [1] Group 2: Supply Side - The exit of "pre-approval capacity increase" is expected to strengthen supply contraction, with a potential reduction of over 100 million tons in 2026 due to stricter safety regulations and production self-discipline [2] - The import of coal is expected to be limited, with a total of 38.7623 million tons imported from January to October 2025, a decrease of 11% year-on-year, indicating a reduced role of imports as a supply regulator [2] - The growth of coal transportation from Xinjiang has shown signs of fatigue, with a production scale of 44.5 million tons in 2025, up 2.8% year-on-year, and external transportation of 8.518 million tons, up 6.4% year-on-year [3] Group 3: Demand Side - The demand for electricity coal is expected to return to growth in 2026, with a projected increase in coal consumption for power generation if electricity generation growth exceeds 3% [4] - Steel demand is anticipated to be supported by a growth plan aiming for an average annual increase of around 4% in the steel industry from 2025 to 2026, which will drive coal demand [4] - The chemical sector is expected to maintain growth in coal consumption due to the strategic development of coal chemical projects and high oil prices [5] - The impact of the construction materials sector on coal consumption is expected to weaken, with signs of stabilization in the real estate market and increased infrastructure investment [6]