Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The Financial Stability Board (FSB) released the 2025 Global Systemically Important Banks (G-SIBs) list, with the Industrial and Commercial Bank of China (ICBC) moving from the second group to the third group, marking a historic breakthrough for Chinese banks in global importance assessments [1][44] - The upward adjustment in ranking will subject ICBC to stricter capital regulatory requirements, with additional capital requirements increasing from 1.5% to 2% effective from 2027 [1][44] - The banking sector is expected to attract funds due to the ongoing low-interest-rate environment and the "asset shortage" issue, leading to sustained demand for high-dividend, low-valuation bank stocks [1][44] - The insurance sector is transitioning from reliance on sales expenses to refined management and cost control, with policies encouraging a return to the core of insurance protection and supporting increased equity investment by insurance funds [1][49] Summary by Sections Market Review - As of December 4, 2025, the banking, securities, and insurance indices experienced declines of -2.18%, -4.12%, and -2.74% respectively, while the CSI 300 index fell by -0.40% [10] - Xiamen Bank (+4.94%), CITIC Securities (+1.15%), and China Pacific Insurance (-0.96%) were the best performers among sub-sectors [10] Valuation Situation - As of December 4, 2025, the PB ratio for the banking sector was 0.77, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.83, 0.62, 0.73, and 0.65 respectively [19] - The securities sector's PB ratio was 1.44, indicating potential for valuation recovery [22] Recent Market Indicators - The one-year Medium-term Lending Facility (MLF) rate was 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.50% respectively [27] - The average daily trading volume of A-shares was 17142.93 billion, showing a slight decrease of 0.65% [33] Industry News - The China Actuarial Society issued guidelines on the allocation of costs for life insurance products, aiming to clarify cost definitions and management [40][47] - The number of new A-share accounts opened in November 2025 was 2.38 million, a 3% increase from October, indicating a recovery in market sentiment [46] Company Announcements - New China Life announced a cash dividend of 0.67 yuan per share for the first half of 2025, totaling approximately 2.09 billion yuan [42] - Changsha Bank issued 60 billion yuan in secondary capital bonds, while Industrial Bank successfully issued 20 billion yuan in financial bonds [42]

Core Viewpoint - Shanghai Eigencomm Technologies Co., Ltd. (移芯通信) is a leading provider of cellular communication chips, planning to list on the Hong Kong Stock Exchange with a strong financial performance and a diverse product matrix catering to various market needs [1][10]. Company Overview - The company submitted its IPO application on November 30, 2025, with CITIC Securities as the sole sponsor [1]. - 移芯通信 specializes in cellular LTE/5G communication chips, offering a unique balance of power, performance, and area/cost (PPA) [1][9]. - The chip product matrix supports a wide range of applications, including smart meters, vehicles, and industrial devices, forming the backbone of the IoT ecosystem [1][2]. Financial Performance - In 2024, the company reported revenues of approximately RMB 5.52 billion, with a net profit of RMB 120 million, marking a 100% year-on-year increase [1][10]. - For the first half of 2025, revenues reached RMB 3.37 billion, with a net profit of RMB 170 million, reflecting a 20% year-on-year growth [1][10]. - The gross margin for 2024 was 22.34%, with a slight increase to 22.78% in the first half of 2025 [1][10]. Product Offerings - The product series is categorized based on supported cellular IoT standards, including: - NB-IoT for low-speed, long-distance, and ultra-low power applications [6]. - 4G Cat.1bis for mid-speed applications requiring voice support [6]. - 5G RedCap and LTE Cat.4 for high-speed, low-latency industrial IoT applications [6]. - The company holds the global leading position in NB-IoT chip shipments and ranks second in Cat.1bis chip shipments [15][16]. Market Position - According to Frost & Sullivan, 移芯通信 ranks first in China and third globally in the cellular communication chip industry by shipment volume [9][12]. - The global cellular communication chip market is projected to grow from 653.1 million units in 2025 to 1,001.3 million units by 2029, with a compound annual growth rate (CAGR) of 11.9% [11]. Competitive Landscape - The company has developed comprehensive technologies supporting connected devices, including advanced cellular communication algorithms and integrated chip designs [4]. - The competitive landscape includes comparable companies such as Aojie Technology and Chuangyao Technology, with 移芯通信's current market valuation and financial metrics being competitive [22].

Core Viewpoint - Shanghai Aiwai Electronics Technology Co., Ltd. (Aiwai Electronics, 688798.SH) has met the conditions for refinancing, listing, and information disclosure as per the review by the Shanghai Stock Exchange Listing Review Committee [1] Group 1: Financing and Projects - Aiwai Electronics plans to issue convertible bonds with a total fundraising amount not exceeding 1,901.32 million yuan, which will be allocated to several projects including the Global R&D Center Construction Project and various chip R&D and industrialization projects [2][3] - The total investment for the projects is approximately 2,454.61 million yuan, with the specific allocation for each project detailed as follows: - Global R&D Center Construction Project: 1,484.73 million yuan, with 1,224.42 million yuan from the fundraising - Edge AI and Supporting Chip R&D and Industrialization Project: 365.94 million yuan, with 241.20 million yuan from the fundraising - Automotive Chip R&D and Industrialization Project: 316.58 million yuan, with 226.80 million yuan from the fundraising - Motion Control Chip R&D and Industrialization Project: 287.36 million yuan, with 208.90 million yuan from the fundraising [3] Group 2: Shareholder and Management Information - The existing shareholders will have priority in the subscription of the convertible bonds, with the specific ratio to be determined by the board of directors based on market conditions [4] - As of June 30, 2025, Sun Hongjun directly holds 41.80% of the company's shares and indirectly holds an additional 0.01% through Shanghai Aizhun, making him the controlling shareholder and actual controller of the company [4]

Group 1: Insurance Industry Insights - The insurance industry has transitioned from a narrative of balance sheet recession to a phase of healthy expansion, with a positive cycle officially established, expected to strengthen further by 2026 [1] - Key indicators of growth include a recovery and sustained rapid growth in net assets, increased sales of dividend insurance as a main product, and significant room for growth in the market share and total volume of bank insurance channels [1] - The current asset structure of insurance capital is benefiting from low bond rate fluctuations and a slow bull market in the stock market, indicating a favorable investment environment [1] - The focus is on leading companies with high policy value rates, fast growth in new business value, and stable growth in profits and dividends [1] Group 2: Low Altitude Economy Development - The low altitude economy is projected to continue growing, with 2024 being a pivotal year for its development, potentially reaching a market size of over one trillion yuan in the future [2] - In 2023, China's low altitude economy market size exceeded 500 billion yuan, with expectations for continued growth driven by the expansion of downstream application areas [2] - According to the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)," a market scale of one trillion yuan is anticipated by 2030 [2] Group 3: Airline Industry Performance - The release of capacity in the civil aviation fleet is constrained by factors such as the introduction of new aircraft, engine maintenance, and material supply, with peak capacity utilization nearing its limits [3] - There is a sustained recovery in business travel demand, with expectations for policy stimulation to further encourage private travel by 2026, highlighting the importance of recognizing the profitability inflection point for airlines [3] - Major airlines are experiencing improved international line revenue, comparable to domestic lines, marking a shift from historically weak international line revenue since 2015, with strategies focusing on international and emerging markets [3] - By 2025, major airlines are expected to achieve their first profit since the pandemic, marking the beginning of a profit release cycle, with a positive outlook for airline performance over the next two years [3]

12月5日，中信建投发布最新投资研报，对低空经济的发展前景进行了深入剖析，指出低空经济市场规 模有望继续保持增长，未来将形成万亿元的庞大蓝海市场，为投资者指明了新的投资方向。 市场动态方面，2025年多家eVTOL（电动垂直起降飞行器）公司接到国内外意向订单，这一现象充分 反映出低空经济市场空间广阔，需求旺盛。eVTOL作为低空经济的重要载体，具有绿色环保、灵活便 捷等优势，有望在未来城市空中交通、短途运输等领域发挥重要作用。 在相关概念股方面，万丰奥威在通用航空领域布局较早，其生产的钻石飞机在全球通用飞机市场具有较 高的知名度和市场份额，有望受益于低空经济的发展；卧龙电驱在电机驱动技术方面实力雄厚，为 eVTOL等低空飞行器提供关键的动力支持，随着低空经济市场的扩大，其业务有望迎来快速增长；还 有中直股份，作为国内直升机制造的龙头企业，在低空经济领域的应急救援、旅游观光等应用场景中具 有广阔的发展空间。 来源：券商研报精选 中信建投研报明确指出，2024年是低空经济发展的元年，标志着这一新兴产业正式进入高速发展轨道。 回顾2023年，我国低空经济市场规模已然超过5000亿元，展现出强劲的发展势头。随着下游应 ...

中信建投（601066）发布研报称，我国低空经济市场近年来持续增长，政策提出到2030年形成万亿级市 场规模。以2027年为节点，我国将致力于通用航空装备供给能力与产业创新的提升。低空经济的发展有 望带动上下游基础设施迎来发展周期，如卫星、航空器以及低空飞行器运行提供空管环境(软硬件)、基 础设施、算力等。2025年多家eVTOL公司接到国内外意向订单，反映低空经济市场空间广阔。 中信建投主要观点如下： 2024年是低空经济发展元年，未来中国低空经济市场万亿元蓝海。2023年我国低空经济市场规模超5000 亿元，随着下游应用领域的不断扩大，未来有望继续保持增长，按照民航和物流数据，设备价值量占运 营收入的5-15%，基础建设占运营收入的20%。根据《通用航空装备创新应用实施方案(2024-2030年)》 提出到2030年形成万亿级市场规模。以2027年为节点，我国将致力于通用航空装备供给能力与产业创新 的提升。以增强技术创新，完善产品谱系，加速示范应用等20个重点任务为核心，推动航空制造业新型 工业化探索和实践。 低空智能融合基础设施划为"四张网"，包括"设施网"、"空联网"、"航路网"和"服务网"。设施网指 ...

Core Viewpoint - The successful launch of the Zhuque-3 rocket marks a significant breakthrough in China's commercial space industry, particularly in reusable liquid oxygen-methane launch vehicle technology [1] Group 1: Technological Achievements - On December 3, the Zhuque-3 rocket successfully entered orbit, becoming China's first reusable liquid oxygen-methane launch vehicle to achieve orbital flight [1] - Although the first-stage recovery did not achieve a soft landing due to abnormal combustion, the entire testing, launch, and flight process was fully validated [1] Group 2: Industry Implications - The Zhuque-3's successful orbit entry represents a critical turning point for China's commercial space industry, addressing the current bottleneck in launch vehicles [1] - The successful launch provides a lower-cost option for the addition of new satellite constellations, which is expected to accelerate the construction of satellite networks and lead to an explosion in application demand [1] Group 3: Future Developments - Upcoming launches of rockets such as Tianlong-3, Lijian-2, Chang-12 series, and Zhishen-1 are planned, which will include recovery tests and are anticipated to further alleviate industry bottlenecks [1] - The advancements in rocket technology are expected to streamline the entire industry chain logic, enhancing the overall growth of the commercial space sector [1]

中信建投研报指出，2024年是低空经济发展元年，未来中国低空经济市场万亿元蓝海。2023年我国低空 经济市场规模超5000亿元，随着下游应用领域的不断扩大，未来有望继续保持增长，按照民航和物流数 据，设备价值量占运营收入的5-15%，基础建设占运营收入的20%。根据《通用航空装备创新应用实施 方案（2024-2030年）》提出到2030年形成万亿级市场规模。以2027年为节点，我国将致力于通用航空 装备供给能力与产业创新的提升。以增强技术创新，完善产品谱系，加速示范应用等20个重点任务为核 心，推动航空制造业新型工业化探索和实践。2025年多家eVTOL公司接到国内外意向订单，反映低空 经济市场空间广阔。 ...

Core Viewpoint - Quantum technology is highlighted as a key future industry by the state, tasked with becoming a new economic growth point [1] Group 1: National Strategy - The Central Committee's proposal emphasizes accelerating high-level technological self-reliance and leading the development of new productive forces [1] - The focus on quantum technology in the 14th Five-Year Plan indicates the government's strong commitment to the industry [1] Group 2: Future Industry Development - The strategy includes exploring diverse technological routes, typical application scenarios, feasible business models, and market regulatory rules [1] - Other emerging industries mentioned alongside quantum technology include biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication [1]

Core Insights - Alibaba is leveraging the Qwen large model foundation to comprehensively reshape its business and accelerate the construction of B-end ecological barriers through an open-source strategy and strong performance [2][42] - The company is committed to increasing capital expenditure to meet strong demand for computing power, with cloud revenue continuing to grow significantly, validating the closed-loop logic of "infrastructure investment - technology iteration - commercial monetization" [2][42] AI Model Development - Alibaba has been early in the AI model layout, with its flagship Qwen series iterating three major versions and multiple minor versions in just over two years, covering vertical scenarios such as text, mathematics, code, and multi-modal applications [3][43] - As the only major player adhering to an open-source strategy, Alibaba has accelerated model iterations since 2024, narrowing the capability gap with overseas models and is expected to surpass closed-source models in the B-end market [3][43] Model Capabilities and Updates - Alibaba's AI model layout has achieved "full size," "full modality," and "multi-scenario" coverage, with the first trillion-parameter multi-modal model M6 released in March 2021, and subsequent expansions in parameter size [4][43] - As of October 2025, the Qwen model series has iterated three major versions and multiple minor versions, covering model sizes from 0.5 billion to one trillion parameters [4][43] - The Qwen series has open-sourced a total of 357 models, with a significant acceleration in update frequency since 2024, including 71 models in the first half of 2024 and 120 in the second half [5][45] Competitive Positioning - Alibaba's model capabilities rank in the global first tier, with the gap to leading overseas firms reduced from over six months to approximately three months [12][51] - The Qwen3 235B model, released on July 22, 2025, is comparable to DeepSeek-V3.1 Terminus, while the Qwen2.5 Instruct-72B model was the first domestic model to exceed an overseas model in the open-source arena [12][51] Market Strategy and Ecosystem - The company has formed a complete layout for both B-end and C-end markets, with open-source serving as the foundation for business and product support [35][74] - As of the 2025 Yunqi Conference, the Tongyi series models have achieved 600 million downloads and served over 1 million customers, with the Mota community further enhancing the open-source ecosystem [35][74] Future Outlook - The focus will be on the official release of Qwen3-Next (equivalent to Qwen3.5) and optimizing vertical models based on it, with Qwen4 expected to be released in Q2 2026 [21][60] - The ongoing open-source strategy is anticipated to maintain the frequency of model updates, further enhancing capabilities while narrowing the time gap with leading overseas models [21][60]