Core Insights - The 2025 Innovative Drug High-Quality Development Conference will be held on December 7, 2025, in Guangzhou, where the National Healthcare Security Administration will release the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the Commercial Health Insurance Innovative Drug Catalog [1] Group 1 - A total of 114 drugs were successfully included in the basic medical insurance catalog, which includes 50 Class 1 innovative drugs, achieving a success rate of 88%, the highest negotiation success rate in nearly seven years [1] - The first version of the commercial insurance catalog includes 19 products, among which 5 are CAR-T products [1] - Continuous policy support and encouragement from the government for innovative drugs, along with the parallel operation of basic medical insurance and commercial insurance, is expected to diversify payment methods and gradually enhance the returns for innovative drug companies [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券研究 文|付宸硕 陈卓 刘意 张清源 江李瑞麟 据福克斯新闻报道，OpenAI正寻求设立、投资或者并购一家火箭公司，目的是在太空算力领域和马斯 克竞争。美国科技巨头陆续开始布局空间算力，投资界也开始认识到其巨大商业价值。随着中国星网和 G60千帆星座先后进入批量化发射阶段，以及海南商业航天发射场和商业运载火箭的投入使用，大运 力、低成本趋势正引领商业航天开启新时代，同时空间算力也进一步打开行业天花板，万亿市场规模的 新赛道即将扬帆起航，为相关产业链带来巨大的发展契机。 ▍OpenAI拟布局火箭，与马斯克开展算力竞争。 据福克斯新闻报道，OpenAI CEO山姆·奥特曼正寻求设立、投资或者并购一家火箭公司，目的是在太空 算力领域和马斯克竞争。目前OpenAI已与可回收火箭公司Stoke Space接触。Stoke Space是由蓝色起源 前员工创立，专注于全流量分级燃烧引擎技术研发，近期完成5.1亿美元D轮融资，本轮融资由美国创新 技术基金（USIT）领投，此外公司还从硅谷银行获得1亿美元信贷额度，公司累计融资总额已接近10亿 美 ...

中信证券研报认为，OpenAI正寻求设立、投资或者并购一家火箭公司，目的是在太空算力领域和马斯 克竞争。美国科技巨头陆续开始布局空间算力，投资界也开始认识到其巨大商业价值。随着中国星网和 G60千帆星座先后进入批量化发射阶段，以及海南商业航天发射场和商业运载火箭的投入使用，大运 力、低成本趋势正引领商业航天开启新时代，同时空间算力也进一步打开行业天花板，万亿市场规模的 新赛道即将扬帆起航，为相关产业链带来巨大的发展契机。 （文章来源：第一财经） ...

（文章来源：第一财经） 中信证券研报称，我们结合全球"两机"（航空发动机和燃气轮机）OEM与国内配套供应商在近期的财 报表现，梳理目前的燃机订单和产能情况，经我们测算，预计至2028年全球燃机的供需逐步实现平衡。 在未来主要OEM的新一轮扩产周期中，我国供应链将充分且持续受益于下游订单与交付的高景气度。 ...

Core Viewpoint - In November, China's export growth exceeded expectations and previous values, primarily driven by strong resilience in exports to non-US regions, with significant contributions from the automotive, semiconductor, and machinery sectors. The drag from labor-intensive products on overall exports has diminished [1] Export Analysis - The export growth in November is attributed to robust performance in non-US markets, indicating a resilient demand [1] - Key sectors contributing to export growth include the automotive industry, semiconductor industry, and machinery and transportation equipment [1] - The overall export growth for the year is projected to reach approximately 5.3%, supported by a strong fundamental outlook for next year [1] Import Analysis - In contrast, import growth in November fell below expectations, potentially linked to a decline in manufacturing sector activity [1] - Notable increases in import volumes were observed for bulk commodities such as iron ore, copper, and natural gas, while imports of crude oil and coal saw a decrease in growth rates [1]

Core Viewpoint - OpenAI is seeking to establish, invest in, or acquire a rocket company to compete in the space computing sector against Elon Musk [1] Industry Summary - Major US tech giants are beginning to invest in space computing, recognizing its significant commercial value [1] - The entry of China's StarNet and G60 Qianfan constellation into mass launch phases, along with the operationalization of Hainan's commercial space launch site and commercial launch vehicles, is leading to a new era in commercial aerospace characterized by high capacity and low costs [1] - The space computing sector is poised to unlock a trillion-dollar market opportunity, presenting substantial growth prospects for the related industry chain [1]

来源：市场资讯 长期：2026年人民币有望温和升值，汇率中枢破7的行情或需要内外因素的进一步共振。一是因美日和 美欧货币政策差导致的美日和美欧利差收窄、美国财政等政策以及特朗普干预美联储独立性等措施导致 美元指数信用受损，美元指数偏弱运行的趋势或将延续。二是2026年央行有望继续保持张弛有度的汇率 政策，助力人民币保持相对韧性。三是若国内政策协同发力，并带动经济内生动能逐步修复，则内外部 因素有望形成较大的合力，对人民币汇率持续走升形成催化。 ▍总结：11月下旬以来，美元指数走软为人民币汇率创造了较为友好的外部环境，叠加央行中间价报价 释放的引导信号，人民币汇率逐步升至年内新高并实现"三价合一"。 展望后市：1）短期来看，考虑到市场对于美联储12月的降息预期已充分定价，同时国内政策性金融工 具和其他增量政策对于经济的提振效果仍有待显现，央行的稳汇率政策更多在于防止单边一致性预期， 预计年内人民币有望偏强运行，汇率中枢或难突破7.0。但考虑到年底结汇的季节性效应，不排除阶段 性突破7.0的概率；2）进入2026年，我们预计美元指数偏弱运行的趋势或将延续，为人民币汇率构成相 对友好的外部环境。同时央行稳汇率政策张 ...

Core Viewpoint - Tianxin Pharmaceutical (603235.SH) is currently trading at 27.10 yuan, reflecting a decline of 1.06% and is in a state of share price decline since its IPO [1] Group 1: IPO Details - Tianxin Pharmaceutical was listed on the Shanghai Stock Exchange on July 12, 2022, with an initial public offering of 43.78 million shares, accounting for 10.00% of the total share capital post-issue, at a price of 36.88 yuan per share [1] - On its first trading day, the stock reached a peak price of 53.11 yuan, marking the highest point since its listing, but has since experienced a downward trend [1] Group 2: Fundraising and Use of Proceeds - The total amount raised from the IPO was 1,614.61 million yuan, with a net amount of 1,517.23 million yuan after deducting issuance costs, which was 880.51 million yuan less than the originally planned fundraising amount of 2,397.74 million yuan [1] - The funds were intended for projects including the construction of Vitamin A, Vitamin B5, cholesterol, and 25-hydroxyvitamin D3 production facilities, sales network and smart factory projects, corporate research institute projects, and to supplement working capital [1] Group 3: Underwriting and Fees - The underwriting institution for this issuance was CITIC Securities, with representatives Ding Yuan and Fang Chong [1] - The total issuance costs (excluding VAT) amounted to 97.37 million yuan, with CITIC Securities receiving 70.77 million yuan in underwriting and sponsorship fees [1]

每经AI快讯，嘉麟杰（SZ 002486，收盘价：3.16元）发布公告称，2025年12月5日上午9:30-11:30，嘉 麟杰接受中信证券股份有限公司等投资者调研，公司总经理王仓等人参与接待，并回答了投资者提出的 问题。 2025年1至6月份，嘉麟杰的营业收入构成为：工业占比100.0%。 截至发稿，嘉麟杰市值为26亿元。 每经头条（nbdtoutiao）——手机不再需要淘宝、微信、美团、携程？豆包手机助手掀翻超级App牌桌， 攻防战全面开打 （记者 张明双） ...

從技術面來看，中信證券當前的多空博弈態勢十分鮮明。價格層面，現價略高於10天平均線（26.81元），但仍受制於30天平均線（28.43元）及60天平均線 （28.88元），中長線趨勢尚未完全轉強。指標信號則呈現分化：一方面，RSI指標處於34的中立區域，MACD信號、保力加通道等仍維持賣出信號；另一方 面，變動率指標（ROC）、牛熊力量指標均發出"買入"或"超跌可能築底"的信號，一目均衡表與心理線指標也明確進入買入區間，與前期"超跌築底"的判斷 形成呼應，暗示短期賣壓可能減弱，存在技術反彈的基礎條件。 清晰的支持與阻力位為短線操作提供了重要參考。支持端形成雙重防線：第一支持位穩固在26.2元，與10日均線距離較近，構成較強技術支撐帶，守住該區 域將大幅提升築底成功概率；第二支持位看向25.4元，可視為短期調整的極限防線。阻力端壓力同樣明確：第一阻力位對應28.3元，既接近30日均線位置， 又與多只窩輪產品的行使價重合，將成為短期反彈的核心考驗；若能成功突破，上方29.4元的第二阻力位才有望打開空間。從數據維度看，5.1%的5日振幅 與56%的短期上升概率，意味著短期存在波動機會，但趨勢尚未明確，操作需保持謹慎 ...