Core Viewpoint - The recent transfer of shares for China Shangcheng (02330) indicates a strategic shift in shareholder structure, with significant implications for the company's market positioning and investor confidence [1] Group 1: Shareholder Activity - On December 2, China Shangcheng's shares were transferred from China Galaxy Securities Hong Kong to Bank of China (Hong Kong), with a market value of HKD 4.0681 million, representing 6.28% of the total shares [1] - The transfer reflects a notable change in the company's shareholder base, which may influence future investment strategies and market perception [1] Group 2: Placement Agreement - On October 28, China Shangcheng announced that all conditions of the placement agreement had been met, and the placement was completed on the same date in 2025 [1] - A total of 75.4743 million shares were successfully placed at a price of HKD 0.180 per share to three investors, which included Mr. Chen Hui, Ms. Liu Xiaoling, and Mr. Li Yanyong [1] - Following the placement, the newly issued shares accounted for approximately 16.67% of the company's expanded issued share capital [1]

"第十九届深圳国际金融博览会暨2025中国金融机构年会"近日在深圳举行。在分论坛"2025中国证券业 投资银行高峰论坛"上，中国银河（601881）证券执委会委员吴鹏发表主题演讲表示，预计港股的强劲 表现将延续至2026年，中资投行正迎来由科技驱动经济、消费接棒成新增长线、国资与基石投资者给予 支持的三大机遇。 最后，吴鹏着重强调了文化挑战，并认为这是中资投行国际化发展的最大挑战。"文化方面的相融互 通，实际上是跨国金融机构未来可以成功的基石。"他表示，在这方面，银河证券积极推动文化交流， 通过举行文化融合培训班，让海内外高管共同学习生活等方式，在实现业务交流的同时，也推动了文化 交流。通过类似的人才交流和经验分享，可以有效建立起畅通的沟通协作与工作机制，有助于迎接未来 更为严峻的国际化发展挑战。 基于此，吴鹏认为当前中资投行正迎来三大机遇，即由科技与创新企业驱动经济、消费行业接棒成为新 的增长主线、国资与基石投资者也会给予积极支持。 当然，挑战也同样不容忽视。吴鹏列举了港股市场可能面临的多个方面挑战，包括美国对中概股监管趋 严、美国政府对芯片等新质生产力行业的进一步管控、港股的流动性依然弱于美股，以及潜在的 ...

Group 1 - The New York Fed President Williams expressed dovish views, indicating increased risks of employment downturn and reduced inflation risks, suggesting potential adjustments to the federal funds rate target range [1][2] - Following the release of the September non-farm payroll report, market expectations for a Fed rate cut in December have risen, with futures indicating over 80% probability, leading to a rebound in gold prices and record highs in silver prices [2] - The ongoing rate cut cycle by the Fed and potential shift from balance sheet reduction to expansion due to liquidity pressures may continue to support rising prices for gold and silver [2] Group 2 - The China Copper Raw Materials Joint Negotiation Group (CSPT) has agreed to reduce copper concentrate production capacity by over 10% for 2026, which is expected to improve the supply-demand fundamentals for copper concentrate [3] - Global copper production has been disrupted by frequent accidents, leading to continuous downward adjustments in production expectations, with significant uncertainty for next year's copper output [2][3] - Codelco, the world's largest copper producer, has proposed a substantial increase in the annual contract premium for refined copper to Chinese smelters, rising to $335-$350 per ton for 2026, a more than 275% increase from $89 per ton in 2025, indicating intensified supply-demand conflicts [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]

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. ...

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]

与碳酸锂价格由于政策、监管等带来供给侧扰动而驱动的涨价传导不同，本次产业链价格上涨主要系下 游动储需求持续向好：1）动力方面，25年前三季度中国新能源汽车销量1123万辆，同比高增35%，Q3 增速平稳，电动化率持续提升至49.7%，相应动力电池装车同比高增43%：2）储能方面，136号文后储 能表现超预期，25H2各地容量电价政策出台、套利空间增厚等因素下国内储能经济性显现，海外市场 爆发同频共振，储能成为需求重要支撑，电芯供应出现阶段性紧张局面。 排产持续提升，产能利用率高位带动龙头盈利回升 据则言咨询，样本企业中11月电芯排产环比+7%，材料环节排产环比+2~3%，需求景气度驱动涨价同时 带动排产持续提升。当前电芯、电解液等环节龙头企业产能利用率维持高位，25Q3业绩表现亮眼，盈 利能力企稳回升，25Q3电芯/正极材料/负极材料/电解液/隔膜/集流体/结构件净利率环比 +1.9/+0.4/1.1/+0.8/+2.0/+0.1/+0.6pcts。展望后续，该行认为行业将加速回归平衡，部分环节已经历较长 时间调整，随需求启动有望实现量利齐升，业绩放量可期。 电芯价格持续上涨 则言咨询统计25H1、Q3、Q4 ...

智通财经APP获悉，中国银河证券发布研报称，市场对于通信行业的估值仍旧相对保守，未完全体现行 业的高成长性，通信长牛有望持续。展望2026年，行业成长性不仅来自于人工智能国内外强供给需求共 振，也来自于未来产业以及新兴产业的导向共振，需要重点关注提前布局。该行建议关注科技创新引领 导向带来的超预期，运营商、光通信、卫星互联网及量子科技四大子板块投资方向。 中国银河证券主要观点如下： 2025年通信行业综述：高景气度催化AI业绩高增，AI算力表现亮眼 该行认为新兴产业以及未来AI赋能产业的发展将会是"十五五"期间的重要议题，细化至通信行业主要体 现于算力AI产业链边际改善，卫星互联网+量子科技方兴未艾，表现在运营商、光通信、卫星互联网及 量子科技等方面。 (1)运营商：低估值高股息，运营商盈利能力、现金流资产不断改善，资产价值优势凸显，持续增加分 红回馈股东，"十五五"期间内第二增长曲线明晰; (2)光通信：云厂商AI资本开支增长，带动PCB、GPU、光通信及铜缆等相关产业链的蓬勃发展，预 计"十五五"期间国产替代及产业升级将持续深化; (3)卫星互联网：随着商业火箭发展逐步成熟，以及政府资本开支的增加、单星价 ...