Core Viewpoint - The non-ferrous metals industry is expected to stabilize after hitting bottom in 2024, with a new upward cycle anticipated in 2025 due to macroeconomic improvements, supply chain disruptions, and liquidity easing from the Federal Reserve's interest rate cuts [1] Group 1: Precious Metals - The bull market for gold is likely to continue, driven by the Federal Reserve's ongoing interest rate cuts and potential balance sheet expansion, which will increase global gold ETF purchases and push up gold prices [1] - The acceleration of U.S. debt growth and potential challenges to the Federal Reserve's independence may exacerbate U.S. credit issues, prompting global central banks and private investors to increase gold holdings [1] Group 2: Industrial Metals - The narrative around copper supply constraints continues, with limited new copper mining projects and concentrated smelting capacity, leading to persistent supply tightness [2] - Demand for copper is expected to improve due to reduced pressure from traditional sectors and structural demand growth from the energy transition and data centers, resulting in a favorable supply-demand balance [2] Group 3: Energy Metals - The Democratic Republic of the Congo (DRC), a key supplier of cobalt, is implementing annual export quotas, which will create a supply gap as new projects in Indonesia cannot fully compensate [3] - The demand for cobalt is anticipated to rise due to the high-end electric vehicle market and recovery in consumer electronics, with a widening supply-demand gap expected by 2025-2026 [3] Group 4: Rare Metals - The strategic value of rare earths is increasing, with stable long-term demand from traditional sectors and emerging needs from robotics and low-altitude economies [4] - Domestic supply controls are tightening, enhancing industry concentration and strengthening the global monopoly position of China's rare earth industry, leading to a steady increase in rare earth prices [4] Investment Recommendations - Gold prices are expected to rise due to increased purchases by global central banks and investors, with a recommendation for China National Gold Group (600489) [4] - Copper prices are projected to continue rising due to supply constraints and new demand from AI data centers, recommending Zijin Mining (601899) and Luoyang Molybdenum (603993) [4] - Cobalt prices are set to increase due to supply restrictions from the DRC, recommending Huayou Cobalt (603799) [4] - Rare earth prices are expected to stabilize and improve profitability for companies in the sector, recommending Northern Rare Earth (600111) [4]

背景 11月26日，六部门印发《关于增强消费品供需适配性进一步促进消费的实施方案》（以下简称《实施方 案》）的通知。到2027年，消费品供给结构明显优化，形成3个万亿级消费领域和10个千亿级消费热 点，打造一批富有文化内涵、享誉全球的高品质消费品；到2030年，供给与消费良性互动，相互促进的 高质量发展格局基本形成，消费对经济增长的贡献率稳步提升。 智通财经APP获悉，中国银河证券发布研报称，消费行业需要重视"十五五"规划中消费的中长期目标； 短期关注针对2026年消费相关政策。该行对消费行业2026年海外业务的发展持乐观观点。 中国银河证券主要观点如下： 2）2024年12月中央经济工作会议将大力提振消费列为2025年经济工作首要任务，此后围绕提振消费的 各类政策不断。2025年3月，《提振消费专项行动方案》部署8大方面30项重点任务；2025年4月，国家 税务总局全面推广境外旅客购物离境退税"即买即退"；2025年9月，《关于释放体育消费潜力进一步推 进体育产业高质量发展的意见》重点提及激发体育消费需求。3）2025年10月，十五五规划建议中将消 费行业置于战略高度，提出"大力提振消费，增强居民消费能力， ...

中国银河证券发表报告表示，昨日国家六部委印发《关于增强消费品供需适配性进一步促进消费的实施 方案》的通知。该行指内，地消费行业需要重视十五五规划中消费的中长期目标；短期关注针对2026年 消费相关政策。该行对消费行业2026年海外业务的发展持乐观观点。消费个股方面，关注市场风格切换 (高切低)过程中的高分红率优质公司，以及各细分赛道中有阿尔法的公司。 社服板块新消费赛道，该行推荐古茗、大麦娱乐、蜜雪集团；食品饮料板块，推荐东鹏饮料、立高食 品，关注万辰集团、锅圈、农夫山泉等；农业板块推荐中宠股份；纺服板块关注安踏、特步国际、海澜 之家；科技消费推荐TCL电子、海信家电、绿联科技、石头科技；家电高分红率推荐美的集团、海尔智 家；轻工板块推荐永艺股份、奥瑞金，潮玩谷子推荐泡泡玛特。 ...

Core Viewpoint - The lithium battery industry is expected to experience a dual drive from energy storage explosion and solid-state battery industrialization by 2026, initiating a new capital expenditure cycle [1] Group 1: Market Trends - As of November 14, 2025, the battery index has significantly outperformed the market with a 64.5% increase, driven by surging energy storage demand, solid-state batteries, and tariff disruptions [2] - The energy storage explosion is identified as a core driving force, leading the industry back into an upward cycle with new capital expenditures in battery cells [3] Group 2: Battery Cell and Material Insights - Battery cell leaders are experiencing full order books and steadily increasing capacity utilization, showcasing strong pricing power and leading the industry recovery [4] - Material layout priorities include: 1) Electrolytes with limited future supply and high price increase potential, 2) Copper foil with full operational rates and low profit margins poised for recovery, 3) Lithium iron phosphate with strong price increase certainty due to storage and overseas substitution trends, 4) Anode materials focusing on fast charging and silicon-based applications, 5) Membranes with ongoing price increase trends, 6) Nickel-rich materials driven by low-altitude economy and embodied intelligence [4] Group 3: Solid-State Battery Developments - Solid-state batteries are gaining momentum with policy support and emerging industry demands, leading to significant changes in the industry landscape [5] - Progress in semi-solid production is expected to exceed 10 GWh in shipments by 2025, with a focus on leading battery cell companies and materials firms capable of rapid scaling [5] - The window for full solid-state battery development is anticipated between 2027 and 2030 [5] Group 4: Investment Recommendations - Key investment opportunities include companies like CATL and Tianci Materials, with additional focus on Yiyuan Lithium Energy, Hunan Youneng, Longpan Technology, and others [6]

中国银河证券股份有限公司2025年度第二十七期短期融资券已于2025年11月26日发行完毕，相关发行情 况如下： 证券代码：601881 证券简称：中国银河 公告编号：2025-108 中国银河证券股份有限公司 2025年度第二十七期短期融资券发行结果公告 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。 2025年11月27日 ■ 本期发行短期融资券的相关文件已刊登在中国货币网（www.chinamoney.com.cn）、上海清算所网站 （www.shclearing.com）、中国债券信息网（www.chinabond.com.cn）。 特此公告。 中国银河证券股份有限公司董事会 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session has set clear requirements and strategic deployments for accelerating the construction of a financial power during the "14th Five-Year Plan" period, providing fundamental guidelines for financial work [1] Group 1: Financial Development Strategies - The "14th Five-Year" plan emphasizes the development of technology finance, green finance, inclusive finance, pension finance, and digital finance as essential strategies for enhancing the financial sector's service capabilities to the real economy [2] - China Galaxy Securities has established a closed-loop mechanism for serving national strategies, achieving significant growth in technology finance and green finance, with increases of 637% and 323% respectively in direct financing methods by the end of September this year [2] Group 2: Service Enhancements and Innovations - The company aims to enhance its service capabilities in technology finance by integrating research, funds, investment banking, and direct investment to support enterprises in IPOs and refinancing [3] - A comprehensive green finance service system will be developed, focusing on green bonds, asset securitization, and ESG investment services to support carbon market construction and achieve dual carbon goals [3] - Inclusive finance will be promoted by strengthening financial supply to small and micro enterprises and enhancing investor protection [3] Group 3: Capital Market Development - The "14th Five-Year" plan highlights the need to improve the inclusiveness and adaptability of capital market systems, guiding securities companies in their business operations [4] - China Galaxy Securities has maintained rapid growth in key financial metrics over its 25 years, ranking among the top five in the industry, with a wealth management client base exceeding 18.8 million [4] Group 4: High-Quality Development Focus - The company is committed to high-quality development, aligning its strategies with the "14th Five-Year" plan's major strategies and key tasks, ensuring the political and organizational advantages of the party are fully reflected in its development [7] - The focus will be on high-quality party building, reform and innovation, and foundational strengthening to ensure sustainable growth and risk management [8] Group 5: International Business Expansion - China Galaxy Securities plans to leverage its Southeast Asia business layout and the "Belt and Road" initiative to enhance its international business, aiming to build a cross-border financial service platform [6]

Core Viewpoint - The current environment is characterized by accelerated long-term capital inflow, maintaining high market activity, indicating a "healthy bull" market. The transformation of wealth management, international business expansion, and financial technology empowerment are expected to drive the industry's ROE improvement, with optimism for investment opportunities in the securities industry by 2026 [1] Group 1: 2025 Review - The overall performance of the securities sector has underperformed the market, with a 3.38% increase compared to a 12.72 percentage point underperformance against the CSI 300 index [2] - As of the third quarter, the 42 listed securities firms achieved a total operating income of 419.56 billion yuan, a year-on-year increase of 31.83%, and a net profit attributable to shareholders of 169.05 billion yuan, up 65.67% year-on-year [2] - There is a mismatch between the market's perception of the securities firms' performance and their valuation, with potential catalysts for valuation recovery including sustained high growth in performance, major mergers and acquisitions, and unexpected policy implementations [2] Group 2: 2026 Outlook - The external policy environment is expected to have a strong positive effect, with a monetary policy likely to maintain a moderately loose overall tone, including anticipated interest rate cuts and new policy tools to support market liquidity [3] - The "14th Five-Year Plan" emphasizes capital market reforms, focusing on enhancing stability, expanding funding sources, and invigorating market participants, which will optimize the operating environment for the securities industry [3] - The securities industry is expected to demonstrate resilience through a value transition, with high trading activity supporting brokerage business, accelerated wealth management transformation, and a recovery in IPOs and financing in the Hong Kong market [3] - The heavy capital business will remain a key driver of performance, with a shift towards equity investment as fixed income allocation space tightens, while strict regulations will limit non-directional investment expansion [3]

Core Insights - The overall mechanical equipment index outperformed the market in 2025, with significant gains in humanoid robots, AI PCB equipment, and lithium battery equipment, particularly in solid-state battery technology [1][2] - The fundamentals of the mechanical equipment sector are showing steady growth, with a recovery in the lithium battery equipment and machine tool segments [1][2] Investment Opportunities for 2026 - Investment opportunities in the mechanical equipment sector for 2026 can be categorized into three main areas: 1. Focus on AI-related technology growth, including AI PCB equipment, gas turbines, and liquid cooling systems [2] 2. Emphasis on future and emerging industries as highlighted in the 14th Five-Year Plan, which includes humanoid robots, controllable nuclear fusion, low-altitude economy, deep-sea economy, and commercial aerospace [2] 3. Selection of high-quality stocks in cyclical industries with upward beta characteristics, such as engineering machinery, wind power equipment, and lithium battery equipment [2] AI Infrastructure and Equipment Demand - The demand for computing power is surging, with a focus on AI PCB equipment, AIDC equipment, and liquid cooling systems: 1. AI PCB equipment is expected to benefit from the AI computing revolution, leading to increased demand and higher value per unit [3] 2. AIDC equipment will see growth driven by the construction of AI data centers, with diverse power supply needs being met by gas turbines and nuclear power [3] 3. Liquid cooling systems are anticipated to become mainstream due to the limitations of traditional air cooling under high power demands, leading to explosive market growth [3] Future and Emerging Industries - Key areas of focus in future and emerging industries include: 1. Humanoid robots, with attention on Tesla's Gen3 release and domestic production ramp-up [4] 2. Controllable nuclear fusion, with significant projects entering critical construction phases [4] 3. Low-altitude economy, which is moving towards commercialization, necessitating investment in low-altitude infrastructure [4] 4. Deep-sea technology, with substantial potential for domestic substitution in equipment and key components [4] 5. Commercial aerospace, which is expected to drive demand for related equipment due to favorable policy directions [4] Industry Performance Expectations - The mechanical equipment sector is expected to perform well, with: 1. Engineering machinery benefiting from stable domestic demand and potential for increased market share for domestic brands [4] 2. Wind power equipment experiencing high growth due to clear domestic targets and accelerated international expansion [4] 3. Lithium battery equipment poised for a new round of expansion, with solid-state battery industrialization trends accelerating [4]

10月28日，中国上城发布公告，配售协议所载的所有条件已获达成，而配售事项已于2025年10月28日完 成。合共7547.43万股配售股份已成功由配售代理根据配售协议的条款及条件按每股配售股份0.180港元 的配售价配售予叁位承配人，陈晖先生为一位投资者；刘晓玲女士为一位投资者；及李艳勇先生为一位 投资者，占公司紧接配售事项后经配发及发行配售股份扩大的公司已发行股本约16.67%。 （原标题：中国上城(02330)股东将股票由建设亚洲转入中国银河证券香港 转仓市值1961.08万港元） 智通财经APP获悉，香港联交所最新资料显示，11月26日，中国上城(02330)股东将股票由建设亚洲转入 中国银河证券香港，转仓市值1961.08万港元，占比7.87%。 ...

Group 1 - Tianfeng Securities plans to issue offshore bonds not exceeding $960 million to optimize debt structure and enhance the financing capability of its subsidiary Tianfeng International Securities [1] - The funds raised will be used to repay offshore debts, including medium to long-term offshore bonds and bank loans due within one year, which will alleviate short-term repayment pressure and enhance liquidity [1] - This move reflects the proactive approach of Chinese financial institutions in expanding financing channels, potentially stabilizing market expectations [1] Group 2 - Wang Ying has been appointed as the new chairman of China Merchants Fund, indicating further optimization of the company's governance structure [2] - Wang's extensive banking management experience is expected to bring new strategic perspectives and promote business collaboration and innovation within the fund [2] - Changes in leadership at major fund companies often lead to a reassessment of the competitive landscape in the industry, signaling ongoing reforms [2] Group 3 - CICC is planning a major asset restructuring through a share swap to absorb Dongxing Securities and Xinda Securities, which may reshape the brokerage industry landscape and increase market concentration [3] - The restructuring is expected to significantly expand CICC's business scale and market share, with potential synergies and a revaluation of its valuation logic [3] - The acceleration of consolidation in the brokerage sector may intensify competition for smaller firms, while also injecting structural vitality into the overall market [3] Group 4 - China Galaxy Securities has established its Beijing Internet Securities branch, marking a significant step in its wealth management business transformation [4] - This branch is positioned as an "innovative business subsidiary" aimed at integrating online and offline financial services and exploring sustainable operational development paths [4] - The establishment of this internet branch may accelerate the digital transformation in the brokerage sector and intensify competition driven by technological empowerment [4]