Core Points - The company, Changqing Co., announced a change in the designated sponsor representative for its stock issuance project to specific targets, with Duan Lingyu replacing Chen Lei due to the latter's job change [1] Group 1 - The company received a letter from CITIC Securities regarding the change of the continuous supervision sponsor representative for its stock issuance project [1] - The change was made to ensure the normal continuation of supervisory work in compliance with relevant laws and regulations [1] - The new representative, Duan Lingyu, will take over the responsibilities and duties related to the stock issuance project [1]

股指期货数据日报 2025年11月25日 IM每日行情 IM行情概要 IM成交持仓 单位：点、手、亿元 单位：手 | | 收盘价 | +/- | 成交量 | +/- | | 成交额 | +/- | | 持仓量 +/- | | 持仓保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中证1000 | 7249.95 | 1.31% | 24,543 | | 2 % | 4,042 | | 10% | | | | | | IM2512 | 7172.00 | 0.85% | 152,757 | | -5% | 2,200 | | -3% | 211,318 | -9,330 | 364 | | | IM2601 | 7103.40 | 0.79% | 6,715 | | -15% | 9 | 6 | -14% | 8,020 | 246 | | 1 4 | | IM2603 | 6954.00 | 0.79% | 38,225 | | -1% | 534 | | 0 % | 97,216 ...

Core Viewpoint - The establishment of the "CITIC Construction Investment - Waigaoqiao Group Holding-type Real Estate Asset-backed Special Plan" marks a significant development in the asset-backed securities (ABS) market, particularly for state-owned enterprises in Shanghai, showcasing strong investor interest and a new model for revitalizing state-owned assets [1][2]. Group 1 - The project was initiated by Waigaoqiao Group as the original rights holder, with CITIC Construction Investment Securities acting as the plan manager and lead sales agency [1]. - The underlying assets consist of four industrial plant projects owned by Waigaoqiao Group, managed by its subsidiary, Shanghai Waigaoqiao Free Trade Zone New Development Co., Ltd [1]. - The issuance was conducted through a price inquiry method, with a range of 1.776 billion to 1.83 billion yuan, ultimately achieving a total issuance size of 1.83 billion yuan, attracting 21 investors from various sectors including insurance, bank wealth management, and local state-owned assets [1]. Group 2 - Waigaoqiao Group is recognized as the first developer and operator of the national bonded zone, bonded logistics park, and free trade zone, responsible for comprehensive development, investment attraction, industry cultivation, and property management services in the region [2]. - The selected underlying assets include four high-quality industrial plant projects located in the Waigaoqiao area, with a total building area of approximately 190,600 square meters and an average occupancy rate of 93.16% [2]. - The tenants include companies from industries such as IDC data centers, intelligent manufacturing, and biopharmaceutical research and development, aligning with regional industrial development strategies [2].

Core Viewpoint - The report from CITIC Securities indicates that the bull market in the non-ferrous metals industry will continue to advance, driven by a "new productivity bull market" rather than traditional real estate and infrastructure demands, with strong supply constraints and robust demand as core characteristics [1][4][5]. Group 1: Market Performance - In 2025, the non-ferrous metals industry performed exceptionally well, with the CSI 300 index rising by 18.3% and the non-ferrous metals index increasing by 73.8%. Sub-sectors such as tungsten, rare earths, and copper saw significant gains, with individual stocks like Luoyang Molybdenum and Northern Rare Earth leading the charge [1][18]. - Prices for key metals surged, with cobalt prices up by 129%, tungsten by 110%, and gold and silver prices increasing by 49% and 53%, respectively [1][27]. Group 2: Supply and Demand Dynamics - The supply-demand gap for copper is expected to widen, with refined copper production growth from 2026 to 2028 projected to be lower than demand growth, leading to a sustained increase in copper prices [2][70]. - Aluminum supply remains tight, with overseas production becoming a key contributor, while demand from sectors like new energy vehicles and power grids is expected to support price increases [2][70]. - Gold is anticipated to maintain a long-term bullish trend due to increased central bank purchases and private investment demand amid a reshaping of the global financial order [2][70]. - Rare earths are positioned as strategic resources with significant value appreciation driven by export controls and growing demand from sectors like electric vehicles and humanoid robots [2][70]. Group 3: Investment Focus Areas - The report emphasizes the importance of AI and robotics in driving demand for new materials, including capacitors and inductors, which are expected to see significant growth [2][5]. - Strategic small metals like tungsten and antimony are entering an upward price channel due to supply constraints from export controls and quota reductions, alongside steady demand growth [2][5]. - Lithium prices are at a bottom, with the energy storage sector poised to drive a new growth cycle, while uranium is in a bull market due to inventory depletion and rising demand [2][5].

Core Viewpoint - LeMo Technology (02539.HK), a machine massage service provider from Fuzhou, Fujian, is launching its IPO from November 25 to November 28, 2025, with plans to list on the Hong Kong Stock Exchange on December 3, 2025 [3][4]. Group 1: IPO Details - The total number of shares offered globally is 5,555,600 H-shares, with 555,600 shares available for public sale in Hong Kong and 5,000,000 shares for international sale [1][4]. - The expected price range for the shares is between HKD 27.00 and HKD 40.00, with a maximum fundraising target of approximately HKD 2.22 billion [4][5]. - The initial allocation for public sale is set at 10%, with no over-allotment option available [5]. Group 2: Financial Projections and Use of Proceeds - Assuming a median offer price of HKD 33.50, the net proceeds from the IPO are estimated to be around HKD 147 million, with approximately 60% allocated for expanding service coverage, 20% for technology enhancement, 10% for brand promotion, and 10% for working capital and general corporate purposes [5]. - The total estimated listing expenses are around HKD 38.8 million, which includes underwriting commissions and various fees [5]. Group 3: Company Background and Market Position - Established in 2014, LeMo Technology launched the "LeMo Bar" brand in 2016, providing machine massage services in high-traffic public areas across China [6]. - According to Frost & Sullivan, LeMo Technology ranked first among machine massage service providers in mainland China by transaction volume, with market shares of 33.9%, 37.3%, and 42.9% for the years 2022 to 2024 [6]. - The company has established over 48,000 service points and deployed more than 535,000 massage machines, covering all 31 provincial-level administrative regions and 337 cities in mainland China, with over 174 million identifiable service users and more than 40 million registered members [6].

华泰证券：技术路线双轨并行，绿电制甲醇长期主导潜力明确 华泰证券表示，国内绿色甲醇产能呈现"小规模验证、加速落地、储备充足"的格局，截至2025年9月末 已投产19万吨/年、在建311万吨/年，远期规划产能有望达1823万吨/年。技术路线上两大主流路线并 行，绿电制甲醇因降本潜力长期主导地位明确。虽IMO净零框架投票推迟，但航运业脱碳目标未变，下 游需求已逐步形成，短期在建项目落地与政策支持构成催化剂，长期技术降本与规模化打开成长空间， 投资机会覆盖上中下游分环节龙头。整体而言，短期抓"产能落地+政策红利"，长期布局"技术降本+供 需协同"的分环节龙头，可有效应对政策节奏波动，把握行业成长机遇。 中泰证券：以均衡配置渡过纠结期 市场风格会重新聚焦科技 中泰证券表示，以均衡配置渡过纠结期，耐心等待风格重新聚焦科技。本周市场全面缩量下跌，科技板 块跌幅最大，市场用加速下跌完成了风格切换。高频资金来看，宽基ETF资金加速净流入，南向北向资 金均衡配置。此前该行推荐的均衡配置组合可以渡过纠结期，用与科技弱相关甚至负相关的行业进行对 冲，例如：1)金融：对冲科技震荡风险；2)顺周期中的化工；3)中美叙事转暖下创新药。市 ...

依据《上海证券交易所公司债券上市规则》等规定，上交所同意中信建投证券股份有限公司2025年面向 专业投资者公开发行永续次级债券（第六期）于2025年11月26日起在上交所上市，并采取匹配成交、点 击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25信投Y6"，证券代码 为"244197"。 11月25日，上交所发布关于中信建投证券股份有限公司2025年面向专业投资者公开发行永续次级债券 （第六期）上市的公告。 来源：市场资讯 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and support for technology innovation bonds and private enterprise bonds in the Chinese bond market, driven by policy improvements and market mechanisms [1][2][4][6] - In the first three quarters, 75 securities firms acted as main underwriters for technology innovation bonds, with a total issuance amount of 705.18 billion yuan, marking a substantial year-on-year increase [2][5] - The technology innovation bond underwriting business saw a strong growth trend, with a year-on-year increase of nearly 60%, and the total amount underwritten exceeded 700 billion yuan [5][6] Group 2 - The bond market for low-carbon transition is rapidly growing, with 244 transition bonds issued by the end of 2024, totaling 220.8 billion yuan, primarily from high-carbon industries [4] - In the green finance sector, 51 securities firms underwrote 137 green bonds, totaling 109.01 billion yuan, with CITIC Construction leading the underwriting amount at 18.79 billion yuan [3][4] - The support for small and micro enterprises is evident, with 41 securities firms underwriting 50 bonds totaling 20.77 billion yuan, and regulatory bodies enhancing financing channels for private enterprises [7][8]

Group 1 - The humanoid robot industry is experiencing positive changes both domestically and internationally, with a focus on high-quality segments and upcoming Gen3 product releases and mass production guidance [1] - The solid-state battery equipment sector is advancing, with the first domestic large-capacity all-solid-state battery production line having been established and entering trial production, accelerating the industrialization process [1] - The engineering machinery sector is maintaining high growth rates in exports despite a slowdown in excavator domestic sales, while non-excavator sales remain strong, indicating overall good domestic operations [1] Group 2 - The rapid development of AI technology is significantly impacting the passive components industry, driving growth in high-end MLCCs, chip inductors, tantalum capacitors, and packaging materials, while also benefiting upstream raw materials such as nickel powder and carbonyl iron powder [2] - The performance of materials is crucial for device performance, providing advantages to upstream raw materials and supporting enterprises in the upstream and downstream industries [2] Group 3 - The global gas turbine market is expected to see a 95% year-on-year increase in new orders by Q3 2025, reaching 24GW, driven by various factors including energy policy shifts and increased AI power demand [3] - The high demand for gas turbines globally is likely to create export opportunities for domestic manufacturers of hot-end blades and cold-end casings [3]

Group 1 - The rapid development of AI technology is having a profound impact on the passive component industry [1] - High-end MLCC, chip inductors, tantalum capacitors, and packaging materials are expected to experience rapid growth due to AI advancements [1] - The upstream raw materials sector, including nickel powder, carbonyl iron powder, metal soft magnetic powder (core), and thermal materials, is also anticipated to grow quickly [1] Group 2 - Material performance is crucial in determining device performance, highlighting the advantages of upstream raw materials and supporting enterprises in the industry [1]