Core Viewpoint - The fixed asset investment (FAI) in China has seen a year-on-year decline of 2.6% from January to November, with a slight growth of 0.8% when excluding real estate development investment, indicating a significant downturn in investment trends [1][6]. Investment Trends - The FAI growth rate has been declining since 2011, with projections suggesting that by 2025, the FAI growth rate may turn negative for the first time in two decades [1]. - Real estate development investment has been a major drag on FAI growth, with a sharp decline to -10% in 2022 and further drops expected in 2023 and 2024 [6]. - The manufacturing sector's investment growth has also decreased significantly, with a year-on-year growth rate of only 1.9% reported for the first eleven months of the year [6][7]. Policy Responses - The Central Economic Work Conference emphasized the need to stabilize investment and increase the scale of central budget investments, while optimizing the management of local government special bonds [4]. - Experts suggest that the current decline in FAI is a reflection of economic structural adjustments, and caution against expecting a rapid rebound through expansive fiscal policies [4][6]. Future Outlook - Projections for 2026 indicate a potential rebound in investment growth, with expectations of a 2.8% year-on-year increase in FAI in the first quarter, driven by new policy measures and improved conditions for infrastructure and manufacturing investments [8]. - The anticipated easing of financial pressures on local governments and the historical trend of investment growth in the early part of the year support this optimistic outlook [8][9]. - Experts highlight the importance of public investment in infrastructure and social services to stimulate demand and support economic recovery [9].

Core Insights - The deployment of data centers in low Earth orbit (LEO) is emerging as a promising option for technology companies' future computing strategies, especially as China's low Earth orbit satellite constellation approaches a peak launch period [1][2]. Group 1: Satellite Internet and Space Computing - Satellite internet, which utilizes a network of satellites to provide global broadband access, is expected to enhance military communication networks and expand ground user service capabilities [1]. - Space computing is anticipated to address current data center challenges related to heat dissipation and power supply, with space-based data centers capable of utilizing high-intensity solar energy, achieving five times the efficiency of terrestrial systems [1]. Group 2: Launch Demand and Industry Growth - The construction progress of China's low Earth orbit constellations is lagging behind expectations, leading to a rapid increase in rocket launch demand, with projections indicating a rise from 54 launches in 2025 to 860 by 2030, reflecting a compound annual growth rate (CAGR) of 74% [2][3]. - The total number of satellites planned for launch in the next five years is approximately 16,000, with significant implications for the rocket launch industry [3]. Group 3: Rocket Cost and Capacity Expansion - The cost of rocket launch capacity is decreasing, with private rocket companies expected to achieve launch costs as low as 20,000 yuan/kg, nearing the cost of SpaceX's Falcon 9 [4]. - The industry is currently in a phase of capacity expansion, with both state-owned and private enterprises ramping up production capabilities, including new manufacturing facilities and increased launch frequencies [4]. Group 4: Industry Supply Chain and Key Players - The rocket industry is characterized by a supply-demand imbalance, with a focus on high-value and high-barrier companies. Key suppliers include Hangyang Co. (liquid oxygen fuel), Plater (3D printed parts), and Srey New Materials (copper alloys for engines) [5]. - Potential main manufacturers include Aerospace Power (listed platform for the Sixth Academy) and Aerospace Engineering (listed platform for the First Academy) [5].

Core Insights - The A-share market's margin trading balance has reached a historical high, prompting securities firms to frequently raise their margin business limits [1][4][6] - As of December 9, the margin trading balance in the A-share market stood at 25,105.72 billion, an increase of over 6,500 billion since the beginning of the year [1] - The number of new margin trading accounts opened in September surged by 288% year-on-year, reaching a monthly record high [1][2] Securities Firms' Actions - Multiple securities firms, including China Merchants Securities and Zheshang Securities, have raised their margin trading limits, with increases as high as 1,000 billion in a single adjustment [1][4] - Longjiang Securities and Dongwu Securities announced adjustments to their margin business limits on December 9, while Dongfang Securities had already revised its management methods for margin trading [4][6] - Huayin Securities has also increased its credit business limits twice within six months, demonstrating a proactive approach among smaller firms [4][5] Market Demand and Regulatory Support - The surge in demand for margin trading is attributed to a combination of policy support, market enthusiasm, and the need for industry transformation [6][7] - The China Securities Regulatory Commission has indicated a willingness to expand capital space and leverage limits for quality institutions, providing essential support for margin trading expansion [6] - Analysts predict that the margin trading scale could exceed 30 trillion, with long-term funds entering the market, which will support blue-chip stocks and the sci-tech sector [8][9] Risk Management and Future Outlook - The balance between expanding margin trading and managing risks is a critical challenge for securities firms, with a focus on maintaining a dynamic balance [6][8] - The average guarantee ratio for margin clients has remained within a safe range, indicating manageable risk levels [7][8] - The securities sector is expected to see a significant increase in net profits in 2025, with a projected 51% year-on-year growth [8][9]

Report Industry Investment Rating - Not provided in the report Core View - The market generally focuses on the changes in the description of monetary policy in the Central Economic Work Conference. The meeting minutes of the People's Bank of China Party Committee's study and implementation of the Central Economic Work Conference spirit are equally important, reflecting the central bank's specific thinking on monetary policy in 2026 [1]. Summary by Directory 1. From the Meeting Minutes of the Central Bank Party Committee's Study to See Subtle Changes in Monetary Policy in 2026 - The Central Economic Work Conference is an important institutional arrangement for the Party to govern the country. After the conference, various systems and ministries will convey, study, and deploy specific work for 2026. The People's Bank of China Party Committee will also study and clarify implementation measures [1][12]. - Comparing the 2025 and 2024 meeting minutes, four main changes were found: adding "grasp the intensity, rhythm, and timing of policy implementation", which may indicate a more moderate loose - monetary - policy; changing the description of social comprehensive financing costs from "stable and gradually decreasing" in 2024 to "operating at a low level" in 2025; making the description of the RMB exchange rate more concise, showing confidence in the recent appreciation trend of the RMB; and continuing to emphasize "coordination with fiscal policy" [2][12][13]. 2. Narrow - Sense Liquidity 2.1 Central Bank Operations - Short - term liquidity: In the past week (12/8 - 12/12), the central bank's net reverse - repurchase injection was 4.7 billion yuan. As of December 12, the central bank's reverse - repurchase balance was 668.5 billion yuan, at a relatively low level [15]. - Medium - term liquidity: In December, the due amount of the central bank's outright reverse - repurchase was 140 billion yuan (including 100 billion yuan for the 3 - month and 40 billion yuan for the 6 - month). On December 5, the central bank renewed the 3 - month outright reverse - repurchase of 100 billion yuan. On December 15, it will renew the 6 - month outright reverse - repurchase of 60 billion yuan, with a net injection of 20 billion yuan [16]. 2.2 Institutional Fund Inflow and Outflow: Large Banks' Net Outflow Reaches a New High - Fund supply: On December 12, large banks' net fund outflow was 4.2 trillion yuan (flow concept), up about 100.2 billion yuan from December 5. The net outflow balance was 4.8 trillion yuan, up about 130.2 billion yuan. The net outflow balance of money funds was 1.1 trillion yuan, down about 117.7 billion yuan from December 5. The net outflow of joint - stock banks was 28.96 billion yuan, up about 285.5 billion yuan from December 5 [18]. - Fund demand: On December 12, the balance of repurchase - to - be - bought bonds in the inter - bank market was about 12.4 trillion yuan, up 646.7 billion yuan from December 5. The leverage ratio of the whole market was 107%, up 0.40 pct from December 5, and the leverage ratio of non - legal person products was 112%, up 1.17 pct from December 5 [29]. 2.3 Repurchase Market Transaction Situation: Low Liquidity Friction - Fund volume and price: In the past week, the inter - bank pledged repurchase market had a large volume and stable prices. The median daily trading volume was about 8.1 trillion yuan, up 203.9 billion yuan from December 1 - 5. The median of R001 was 1.35%, down 1bp from last week. The median spread of R001 - DR001 was 7.0bp, up 0.6bp from last week, and the median spread of GC001 - R001 was 7.2bp, up 0.8bp from last week [32]. - Fund sentiment index: The overall fund situation was loose, and the financing difficulty was low. The sentiment index was mostly below 50 [36]. 2.4 Interest Rate Swaps: Basically Flat - The 1 - year FR007 IRS interest rate was basically the same as last week. This week, the median of the 1 - year FR007 IRS was 1.54%, at the 11% quantile since 2020 [38]. 3. Government Bonds: The Net Payment Pressure of Government Bonds Will Decrease in the Next Week 3.1 Next Week's Net Payment of Government Bonds - In the past week, the net payment of government bonds was 14.8 billion yuan, with a relatively small pressure. Among them, the net repayment of treasury bonds was 69.7 billion yuan, and the net payment of local bonds was 84.5 billion yuan. In the next week, the government bonds are expected to have a net repayment of 83.9 billion yuan, including a net repayment of 119.3 billion yuan for treasury bonds and a net payment of 35.3 billion yuan for local bonds. The net repayment is highly concentrated on Monday [39]. 3.2 Current Issuance Progress of Government Bonds - As of December 12, the net financing progress of treasury bonds was 96.7%, up 0.5% in the past week, with about 221 billion yuan of remaining net financing space in 2025. Local bonds have basically completed issuance [43]. 4. Inter - Bank Certificates of Deposit: Yields Fluctuated Slightly Higher 4.1 Absolute Yields - On December 12, the SHIBOR overnight, 7 - day, 1M, 3M, 6M, 9M, and 1Y quotes were 1.28%, 1.45%, 1.53%, 1.59%, 1.62%, 1.64%, and 1.65% respectively. The yields of 1M, 3M, 6M, 9M, and 1Y inter - bank certificates of deposit of AAA - rated commercial banks were 1.62%, 1.62%, 1.64%, 1.65%, and 1.66% respectively. Except for the 1M term, which increased by 4bp compared with December 5, the quotes of other terms remained unchanged [46]. 4.2 Issuance and Stock Situation - In the past week (December 8 - 12), the total issuance of inter - bank certificates of deposit was 941.78 billion yuan. In terms of issuance terms, the proportions of 1M, 3M, 6M, 9M, and 1Y were 9%, 27%, 43%, 6%, and 15% respectively. Among them, the proportion of 3M increased by 15 pcts, while those of 1M, 6M, 9M, and 1Y decreased by 4 pcts, 1 pct, 2 pcts, and 7 pcts respectively [51]. 4.3 Relative Valuation - On December 12, the spread between the 1 - year AAA - rated inter - bank certificate of deposit yield and R007 was 15bp, at the 34% quantile since 2020. The spread between the 10 - year treasury bond yield and the 1 - year AAA - rated inter - bank certificate of deposit was 18bp, at the 40% quantile since 2020 [54].

来源：浙商证券股份有限公司 核心观点 本周市场明显分化、呈现"沪弱深强"格局，多数宽基指数冲高回落。展望后市，由于以上证为代表的权 重指数勉强站上5 周均线，但还未收复前期上升趋势线；而在算力链"强势吸金"的背后，市场出现明显 分化格局。我们预计，在"权重不够强、行业大分化"的局面下，市场或继续维持区间震荡格局。配置方 面，基于"市场分化震荡继续，多看少动守株待兔"的判断：择时方面，建议持仓等待，切勿追涨杀跌、 垫高自身成本，同时根据不同宽基指数的"左脚"分类设定目标，伺机出击、分批介入。行业配置，建议 关注明显滞涨且份额扩张的券商板块、走势顺畅且历史上在12 月胜率较高的家电，以及近期利好频出 的机械设备。个股方面，留意医药、消费、AI 应用板块中相对低位的标的，同时关注年线上方低位滞 涨个股。 本周（2025-12-08 至2025-12-12）行情概况（1）主要指数：市场呈现"沪弱深强"格局，多数宽基指数冲 高回落。（2）板块观察：算力携硬科技领涨，大周期和消费走弱。（3）市场情绪：沪深成交环比上 升，IC 股指期货合约升水。（4）资金流向：两融余额小幅上升，有色金属ETF 净流入最多。（5）量 化"黑 ...

Core Viewpoint - The article discusses the recent adjustments in the margin financing and securities lending (two-in-one) business by various brokerage firms in China, highlighting the increase in business scale and changes in credit management practices to meet market demand and enhance competitiveness [1][9]. Group 1: Business Adjustments - At least 9 brokerage firms have publicly adjusted their two-in-one business this year, including raising business scale limits and modifying credit management methods [1]. - The adjustments can be categorized into two types: increasing the "total business scale," which directly affects operational boundaries, and adjusting the "total credit limit," primarily driven by internal operational needs [3]. Group 2: Credit Management Models - There are two main models for managing the total credit limit in the two-in-one business: a static fixed limit model and a dynamic capital-linked model [5]. - The dynamic capital-linked model, which ties the credit limit to the firm's net capital, has become the industry standard, allowing for flexibility in meeting market demands while adhering to regulatory guidelines [6]. Group 3: Capital Strength as a Competitive Edge - The continuous adjustments in the two-in-one business are influenced by increased market demand, improved policy environment, and competitive pressures within the industry [9]. - Major brokerages are actively enhancing their net capital through methods such as private placements and bond issuances, which is crucial for expanding their business capabilities in the two-in-one sector [8].

Group 1 - The "14th Five-Year Plan" period is a transitional phase in achieving socialist modernization, with high-quality development as the core focus amidst significant global changes [1][2] - The economic model in China is transitioning from a "demographic dividend" based on quantity to a "quality dividend," emphasizing the need for high-skilled talent due to increased automation in manufacturing [3] - The recent Central Economic Work Conference prioritized expanding domestic demand, highlighting the importance of boosting consumption for the healthy operation of the Chinese economy [3] Group 2 - To enhance consumption, it is essential to increase the actual income and income expectations of workers, alongside reforms in income distribution policies such as tax adjustments [3] - The A-share market is expected to experience a structural market characterized by low volatility dividends and technological growth [4] - Gold prices are anticipated to continue rising until 2026, although the rate of increase may slow due to improving U.S. economic conditions and stabilizing geopolitical situations [4] - Basic metal prices are expected to see a favorable performance, particularly copper, as supply and demand reach a new equilibrium [4]

（记者 王晓波） 2025年1至6月份，兆驰股份的营业收入构成为：电子制造及互联网服务占比100.0%。 每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 每经AI快讯，兆驰股份（SZ 002429，收盘价：7.17元）发布公告称，2025年12月10日，兆驰股份接受 浙商证券等投资者调研，公司副总经理兼董事会秘书单华锦等人参与接待，并回答了投资者提出的问 题。 ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-075 1,006,064,931.51元。 特此公告。 浙商证券股份有限公司董事会 2025年12月12日 2025年度第七期短期融资券兑付完成公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 浙商证券股份有限公司（以下简称"本公司"）于2025年7月21日成功发行了浙商证券股份有限公司2025 年度第七期短期融资券（以下简称"本期短期融资券"），本期短期融资券发行规模为人民币10亿元，票 面利率为1.57%，短期融资券期限为141天，兑付日期为2025年12月9日（详见本公司于2025年7月21日 登载于上海证券交易所网站www.sse.com.cn的《浙商证券股份有限公司2025年度第七期短期融资券发行 结果公告》）。 2025年12月9日，本公司按期兑付了本期短期融资券本息共计人民币 浙商证券股份有限公司 ...

Core Viewpoint - Nabaichuan New Energy Co., Ltd. has received approval for its initial public offering (IPO) of up to 27.9174 million shares on the ChiNext board, with a determined issue price of RMB 22.63 per share [1][4]. Group 1: Issuance Details - The IPO will consist of strategic placement, offline issuance to qualified investors, and online issuance to the public [1]. - The initial strategic placement was set at 5.58348 million shares, representing 20% of the total issuance, which was later adjusted to 4.18761 million shares, or 15% of the total [2][5]. - The offline initial issuance was 17.02979 million shares, accounting for 71.77% of the total issuance after deducting the final strategic placement [3]. Group 2: Subscription and Allocation - The final allocation after the strategic placement and the initiation of the online-offline allocation mechanism resulted in 1,228.3790 million shares for offline and 1,144.6000 million shares for online issuance [3]. - The online subscription saw an effective application multiple of 11,468.06724 times, leading to a decision to initiate the allocation mechanism [3]. - The final online issuance rate was 0.0148966532%, with an effective subscription multiple of 6,712.917722 times [3]. Group 3: Financial Statistics - The total amount raised from online investors was RMB 257,938,640.92, with 11,398,084 shares subscribed [8]. - Offline investors subscribed for 12,283,790 shares, raising RMB 277,982,167.70, with no shares being abandoned [8]. - The underwriter, Zheshang Securities, will underwrite all shares not subscribed by online investors, totaling 47,916 shares [7].