智通财经APP获悉，中国银河证券发布研报称，近日，纽约联储主席威廉姆斯发表"就业下行风险增 加，通胀上行风险减弱，近期内存在进一步调整联邦基金利率目标区间的空间"的鸽派言论，叠加非农 报告数据显示劳动力市场潜在趋势依旧疲软后，市场对美联储12月降息的预期在上周重新升温。此外， 上周末中国铜原料联合谈判小组(CSPT)达成共识决定2026年度降低矿铜产能负荷10%以上，改善铜精矿 供需基本面。若冶炼端的减产发生或将使2026年的精铜供应更为紧张，进一步刺激铜价的上涨。 今年以来全球主力铜矿事故频发扰动生产，全球铜矿产量预期持续下调，连带明年铜矿产量仍具有较大 不确定性。全球铜矿原料紧缺背景下，2025年年底全球最大铜生产Codelco向中国冶炼厂买家提出2026 年精炼铜年度合约升水报价高达335-350美元/吨，较2025年的89美元/吨猛增超275%，矿冶矛盾激化。 中国银河证券主要观点如下： 近日，纽约联储主席威廉姆斯发表"就业下行风险增加，通胀上行风险减弱，近期内存在进一步调整联 邦基金利率目标区间的空间"的鸽派言论，以及美国9月非农就业报告显示劳动力市场潜在趋势依旧疲软 后，市场对美联储12月降息的预 ...

Core Insights - Galaxy Derivatives Capital Management Co., Ltd. has increased its registered capital from 2.1 billion RMB to 2.55 billion RMB, representing an approximate 21% increase [1] - The company was established in April 2014 and is wholly owned by China Galaxy Securities Co., Ltd. through its subsidiary, Galaxy Futures Co., Ltd. [1][2] - The company's business scope includes investment management, corporate management consulting, investment activities with its own funds, import and export of goods, and sales of precious metals and materials [1][2] Company Information - The legal representative of Galaxy Derivatives Capital Management Co., Ltd. is Wei Feng [2] - The company is registered in Shanghai and operates under the business license valid until April 28, 2044 [2] - The company employs between 100 to 499 people and has a tax identification number [2] Business Activities - The company engages in various business activities, including investment management, technology services, supply chain management, and sales of various products such as metals, chemicals, and agricultural materials [2]

Core Insights - The outlook for the power battery industry is optimistic, with solid-state batteries emerging as a clear direction for industrial evolution driven by policy support and demand from new industries like low-altitude economy and embodied intelligence [1][5] Group 1: Market Trends - The lithium battery sector has entered a major upward trend, with the battery index increasing by 64.5% as of November 14, 2025, significantly outperforming other indices due to surging demand for energy storage and solid-state batteries [2] - The industry is returning to an upward cycle, with energy storage becoming a core driver and new capital expenditures (Capex) in battery cells leading to profit recovery and performance improvement [3] Group 2: Key Components and Pricing - Leading battery cell manufacturers are experiencing full order books and steadily increasing capacity utilization, which grants them strong pricing power and positions them to lead the industry's recovery [4] - Material segments are expected to see significant price increases, particularly in electrolyte and related areas, copper foil, lithium iron phosphate, and separator materials, driven by limited supply and growing demand [4] Group 3: Solid-State Battery Developments - Solid-state batteries are gaining traction, with companies actively planning for accelerated commercialization, and the market for semi-solid state batteries expected to exceed 10 GWh in shipments by 2025 [5] - Key challenges in solid-state battery production include material interfaces and engineering for mass production, with a focus on dry processing and the need for improved domestic production of single-walled carbon nanotubes [6]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Financials, specifically focusing on manufacturing and infrastructure investments in China [1][5][7] Core Insights and Arguments - **Manufacturing FAI Growth**: There has been a notable slowdown in manufacturing Fixed Asset Investment (FAI) growth, dropping to 2.7% year-over-year (yoy) from 4.0% yoy in the previous month, indicating steady progress on capital expenditure (capex) slowdown [7] - **Liability Growth**: Total liability growth for industrial firms moderated to 5.0% yoy, while manufacturing firms saw a slight increase to 5.9% yoy. This moderation is expected to lead to more rational capacity expansion [2][7] - **Revenue Decline**: Manufacturing revenue declined by 4.3% yoy, attributed to lower production levels due to overcapacity control efforts. The Value-Added Industrial (VAI) growth also slowed to 4.9% yoy from 6.5% yoy in September [3][10] - **Profit Growth**: Manufacturing profit growth moderated to 7.7% yoy from 9.9% yoy in September, influenced by higher financing costs and lower production [10] Future Outlook - **Infrastructure Investment**: A potential increase in infrastructure investments, supported by a new RMB 500 billion fund from the China Development Bank, is expected to bolster demand in 2026 and aid in the digestion of overcapacity risks [8][3] - **Sector Performance**: 77.1% of sectors experienced a slowdown in capex in October 2025 compared to the first half of 2025, while 39.3% of sectors showed profit improvement [9][7] Additional Important Information - **PPI Trends**: The Producer Price Index (PPI) rebounded month-over-month for the first time since December 2024, with the year-over-year decline narrowing to 2.1% [7] - **Investment Sentiment**: The overall sentiment towards the China Financials sector remains attractive, with ongoing efforts in financial tightening contributing to anti-involution measures [5][4] This summary encapsulates the critical insights from the conference call, highlighting the current state and future expectations of the manufacturing and financial sectors in China.

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].

智通财经APP获悉，中国银河证券发布研报称，2025Q1-Q3钢铁行业同比扭亏为盈，盈利能力显著改 善。需求侧地产步入调整期，同时新基建、新能源等制造用钢的兴起，支撑板材与特钢景气，行业集中 度稳步提升;反内卷政策逐步深化，出清有序推进;中长期看，钢铁行业稳增长、强调绿色化、智能化与 科技创新，高品质特殊钢与高端装备用特种合金钢具备稀缺性，相关龙头占据技术与资金优势有望持续 受益。当前钢铁是良好的配置时点，政策支撑与业绩边际改善可期。 行业边际改善迹象已现。1)2025年至今钢铁涨幅全行业第8，超额收益可观，Q3单季度市场表现优异， 普钢持仓市值维持高位;2)2025Q1-Q3钢铁行业实现营业收入14,252.05亿/+6.4%，归母净利润218.53亿， 同比扭亏为盈，2025Q3单季度实现营业收入4,801.23亿/+0.1%，环比-0.6%，归母净利润87.16亿，同比 扭亏为盈;3)反内卷政策逐步深化，环保与能效标准明确且可监测度高，叠加产能置换重启，行业出清 有望加速推进，行业集中度有望提升。 2026年展望 与市场不同观点在于，该行对钢铁行业2026年表现持乐观态度，主要基于：1)利好政策的持续推 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. ...

致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2025年12月1日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. ...

天眼查App显示，近日，银河德睿资本管理有限公司发生工商变更，注册资本由21亿人民币增至25.5亿 人民币，增幅约21%。该公司成立于2014年4月，法定代表人为魏峰，经营范围含投资管理、企业管理 咨询、以自有资金从事投资活动、货物进出口、金银制品销售、金属材料销售、再生资源销售等。股东 信息显示，该公司由中国银河（601881）旗下银河期货有限公司全资持股。 ...

Core Viewpoint - The food and beverage index in November shows continued recovery, outperforming the broader market due to a shift in market style and a positive CPI growth rate, with pre-processed foods, baked goods, and dairy products leading the gains [1] Group 1: Market Trends - The food and beverage sector experienced a 0.8% increase in November, with an excess return of 3.1% compared to the Wind All A index, ranking 11th among 31 sub-industries [4] - Five out of ten sub-sectors achieved positive monthly returns, with pre-processed foods, dairy, and baked goods showing significant increases of +9.1%, +6.6%, and +4.2% respectively [4] Group 2: Investment Opportunities - The report highlights opportunities in the retail and dining supply chain, with a focus on developing private labels in supermarkets, which could see a growth potential of 2-3 times, translating to a market increment of approximately 100 billion [2] - The dining channel is expected to recover as competition stabilizes, with pre-processed food net profit growth showing improvement in Q3 2025, driven by the easing of price competition and the gradual lifting of alcohol bans [2] Group 3: Price Tracking - As of November 30, 2025, the price of premium liquor has decreased compared to the previous month and year, with specific prices for various brands noted [3] - Packaging material prices have shown mixed trends, with glass and PET prices down year-on-year, while aluminum and cardboard prices have increased [3] - Raw material prices for sugar, flour, palm oil, and pork have decreased significantly year-on-year, while quail eggs and soybean prices have increased [3]