（文章来源：第一财经） 中信建投研报表示，巨头纷纷布局，首批科创创业机器人ETF集体上报，底部聚焦优质环节。近期，首 批科创创业机器人ETF集体上报，预计未来市场将有更多资金流入机器人板块，助推板块行情。谷歌 DeepMind CEO曾表示想将Gemini打造成机器人世界的软件基底，目前已挖角波士顿动力前CTO担任硬 件工程副总裁，意味着谷歌进一步加码具身机器人赛道。机器人作为AI应用的重要方向，具有广阔的 落地前景，前期板块回调较为充分，后续Gen3定点、新品发布、宇树IPO进展等事件催化值得重点关 注，底部建议聚焦优质环节，把握确定性和灵巧手等核心变化。 ...

（文章来源：第一财经） 中信建投研报表示，字节围绕内容生态国内外同步布局，目前已形成模型、平台、应用、硬件的全AI 产业链布局。其中，字节模型能力benchmark略低于海外大厂模型，但在多模态产品化与矩阵完整度方 面占优；应用层主要以豆包为核心，调用量及月活数均持续高增，并同步布局各领域原生AI产品，构 建完整生态；端侧硬件为字节持续布局的重点领域，AI时代产品包括智能体耳机、陪伴玩具等，后续 或将布局AI手机等产品。考虑到2025火山引擎原动力大会·冬定档12月18日-12月19日，建议关注字节AI 产业链全栈布局。 ...

Core Viewpoint - The establishment of a dedicated Commercial Space Administration by the National Space Administration aims to enhance the efficiency of launch approvals and licensing, promoting the standardized and large-scale development of the commercial space industry [1] Group 1: Regulatory Developments - The newly formed Commercial Space Administration will serve as a specialized regulatory body to improve the efficiency of launch approvals and licensing [1] - The release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" outlines four core objectives to support the industry [1] Group 2: Industry Goals and Initiatives - The action plan includes initiatives to support low-cost technologies such as reusable rockets and smart satellites through open research projects [1] - It emphasizes the integration of civil and commercial standards to share national resources like measurement and control stations and testing grounds [1] - The establishment of a national fund aims to optimize the industrial ecosystem and create a comprehensive safety regulation system throughout the lifecycle of space projects [1] Group 3: Market Outlook - By 2025, the industry is expected to accelerate, with over 100 in-orbit satellites from GW and Qianfan Constellation, and private rocket companies entering the national satellite launch market [1] - The Ministry of Industry and Information Technology will open satellite communication services to operators, promoting consumer-level applications of direct connection technology [1] - Following the clarification of the policy framework, commercial space is projected to enter a phase of high-frequency launches starting in 2026, with low Earth orbit satellite internet and the rocket launch supply chain becoming key beneficiary sectors [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) and the China Securities Regulatory Commission (CSRC) have expanded the asset types for public REITs, introducing a new category for "Commercial Real Estate REITs," which includes traditional commercial properties like hotels and office buildings, aimed at revitalizing existing commercial assets and alleviating liquidity pressures for quality property companies and local state-owned enterprises [1][2][3]. Summary by Relevant Categories Product Positioning - Commercial Real Estate REITs are defined as closed-end public funds that acquire ownership or operational rights to commercial real estate assets through investment in asset-backed securities, generating stable cash flows from rents and fees, which are then distributed to fund shareholders [2][5]. Registration and Management - The announcement outlines requirements for fund registration, including qualifications for fund managers and custodians, due diligence, application materials, and conditions for commercial real estate assets, emphasizing that assets must have clear ownership, mature operations, and generate stable cash flows [2][5]. Management Norms - Fund managers are required to adhere strictly to professional standards and regulatory requirements, with an emphasis on having robust investment management, asset operation, internal control, and risk management systems in place [2][5]. Regulatory Responsibilities - The announcement clarifies the responsibilities of regulatory bodies in overseeing Commercial Real Estate REITs, including risk monitoring and management, and states that these REITs will follow existing guidelines for publicly offered infrastructure securities investment funds [2][5]. Market Outlook - The introduction of Commercial Real Estate REITs marks a significant step towards a comprehensive REITs market in China, with expectations for accelerated approvals for projects. The performance of existing consumption infrastructure REITs has been strong, with an overall increase of 44.6% since their listing, indicating a positive outlook for commercial real estate assets [3][4].

Core Viewpoint - Citic Construction Investment Fund Management Co., Ltd. has announced the termination of sales services for its funds by Beijing Weidongli Fund Sales Co., Ltd. effective December 2, 2025, to protect the interests of investors [1][3]. Group 1 - The termination of sales services is aimed at safeguarding investor interests [1]. - The announcement specifies the effective date of the termination as December 2, 2025 [3]. - Investors are advised to make appropriate arrangements in light of this change [1].

□上交所发布数据显示，2025年前三季度，沪市新增资产重组单数达602家次，其中重大资产重组新增 76家次，同比增长117%，合计交易金额超4000亿元 □Wind统计数据显示，以独立财务顾问口径计算，截至目前，今年获受理并购重组项目数量排名靠前的 券商依次是华泰联合（11）、中信证券（10）、中信建投（10）、国泰海通（9）、中金公司（7），头 部券商优势明显 据上交所此前发布的数据，自"并购六条"发布以来，并购重组活跃度显著提升。2025年前三季度，沪市 新增资产重组单数达602家次，其中重大资产重组新增76家次，同比增长117%，合计交易金额超4000亿 元，远超去年同期。 华安证券投行部相关负责人对上海证券报记者表示，自"并购六条"发布后，监管层不断通过简化审核流 程、创新支付手段、明确私募基金重组锁定期"反向挂钩"等举措，降低企业并购成本与难度。2025年相 关规则进一步修订后，市场活力被充分激发。 在A股并购重组市场生态从"量变"到"质变"的过程中，产业整合"挑大梁"，科创属性成为本轮并购潮中 最鲜明的标签。据国联民生承销保荐统计，截至今年10月末，自"并购六条"发布以来新增披露的资产收 购类重组 ...

中信建投12月1日大宗交易平台出现一笔成交，成交量1411.59万股，成交金额3.29亿元，大宗交易成交 价为23.30元，相对今日收盘价折价7.61%。该笔交易的买方营业部为广发证券股份有限公司上海玉兰路 证券营业部，卖方营业部为中信证券股份有限公司北京中关村大街证券营业部。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为3.66亿元。 12月1日中信建投大宗交易一览 证券时报·数据宝统计显示，中信建投今日收盘价为25.22元，上涨1.73%，日换手率为0.23%，成交额为 3.82亿元，全天主力资金净流出291.74万元，近5日该股累计上涨1.82%，近5日资金合计净流出5114.07 万元。 两融数据显示，该股最新融资余额为17.80亿元，近5日减少6551.54万元，降幅为3.55%。 据天眼查APP显示，中信建投证券股份有限公司成立于2005年11月02日，注册资本775669.4797万人民 币。（数据宝） | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 ...

Core Viewpoint - The anticipation for the "spring market rally" in A-shares for 2026 is growing, with December seen as a crucial window for early positioning [2][5][6]. Group 1: Market Outlook - Multiple sell-side institutions express optimism about the upcoming "spring market rally," suggesting that December may be an important time for positioning [2][5][6]. - The A-share market in November showed a trend of capital shifting from high-valuation growth stocks to low-valuation cyclical stocks and dividend assets [4]. - Analysts believe that the "spring market rally" could potentially start earlier than usual, with key meetings in December serving as catalysts for market movements [8][12]. Group 2: Investment Strategies - Institutions recommend focusing on high-probability directions, technology, and cyclical sectors for investment strategies [2][14]. - Specific sectors highlighted for investment include aviation equipment, AI-related energy storage, and power equipment in the growth category, as well as chemicals and energy metals in the cyclical category [15]. - The focus on traditional manufacturing and resource sectors is emphasized, with a recommendation to consider leading companies in industries where China has a competitive advantage [17]. Group 3: Key Events and Indicators - Important upcoming meetings in December are expected to clarify policy directions for 2026, particularly in technology innovation, domestic demand expansion, and real estate stability [13]. - Economic data releases, Federal Reserve statements, and various industry conferences in December are critical for market sentiment and potential investment decisions [8][12].

Core Viewpoint - The successful establishment of the first industrial factory-based asset-backed securities (ABS) in China marks a significant milestone in the development of the inter-institutional REITs market, demonstrating strong investor confidence and providing a new financing channel for state-owned enterprises [1][2][3]. Group 1: Project Overview - The project, initiated by CITIC Construction Investment and Waigaoqiao Group, has an issuance scale of 1.83 billion yuan, making it the first inter-institutional REITs in China backed by industrial factory assets [1][2]. - The underlying assets consist of four standard factory projects located in the Waigaoqiao Free Trade Zone, with a total construction area of approximately 190,600 square meters and an average occupancy rate of 93.16% [2][3]. - The main tenants include companies from the IDC data center, smart manufacturing, and biopharmaceutical research sectors, aligning with regional industrial development strategies [2]. Group 2: Financial and Operational Mechanisms - The project utilized a pricing inquiry mechanism, achieving a final issuance size of 1.83 billion yuan, which reflects a premium of about 3% over the equity valuation of the project company [1][2]. - A revenue assessment mechanism and an incentive structure for the operational management team were established to enhance operational efficiency [3][4]. - The project features a unique distribution mechanism of "benchmark return + excess return," which is expected to attract potential investors continuously [4]. Group 3: Market Impact and Future Developments - This project is expected to serve as a model for revitalizing state-owned assets and expanding financing channels for local state-owned enterprises, showcasing strong demonstration effects [2][3]. - The Shanghai Stock Exchange has reported a total of 50 projects submitted for approval, with a cumulative issuance scale nearing 120 billion yuan, indicating robust market activity and interest in inter-institutional REITs [5]. - Future plans include enhancing the operational management of underlying assets through the introduction of fund manager systems and improving market mechanisms to ensure the sustainable development of the inter-institutional REITs market [4][5].

Core Insights - The establishment of the "CITIC Construction Investment - Waigaoqiao Group Holding Real Estate Asset-Backed Special Plan" marks the first issuance of an industrial plant-based real estate ABS in the market, with a scale of 1.83 billion yuan [1] - This project expands the asset range of institutional REITs and creates a new equity financing channel for local state-owned enterprises, demonstrating strong exemplary effects [1] - The underlying assets consist of four standard plant projects held by Waigaoqiao Group, located in the Waigaoqiao Free Trade Zone in Shanghai, with a total construction area of approximately 190,600 square meters [1] Company Insights - Waigaoqiao Group has accumulated rich operational property resources over 30 years of development, primarily relying on leasing, which leads to longer capital recovery cycles and lower asset turnover rates [1] - The company is facing significant funding needs for ongoing key project developments in the Waigaoqiao area, and aims to revitalize existing assets through equity financing tools in the capital market [1] - CITIC Construction Investment plans to introduce a fund manager system in institutional REITs to enhance the operational management of underlying assets and improve product value [1] Industry Insights - Institutional REITs are positioned as equity-type listed products and are a crucial part of building a multi-tiered REITs market, serving as an innovative tool for revitalizing existing assets and expanding effective investments [1] - Since the launch of the first institutional REITs in 2023, the Shanghai Stock Exchange has been committed to developing the holding-type real estate ABS market, with 50 projects submitted and a total application scale nearing 120 billion yuan [1] - The Shanghai Stock Exchange emphasizes a balanced approach to development and safety, ensuring the authenticity of underlying assets and promoting market vitality through improved mechanisms and supporting rules [2]