Core Viewpoint - Lingke Pharmaceutical has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Jianyin International serving as joint sponsors [1] Group 1: Company Overview - Lingke Pharmaceutical is a China-based pharmaceutical company focused on developing novel drugs for oncology, immunology, and inflammatory diseases [1] - The company was founded by experienced drug development experts, indicating a strong background in drug discovery [1] Group 2: Product Development - Lingke Pharmaceutical has shown significant efficiency in advancing its product development pipeline [1] - The core products LNK01001 and LNK01004 have made substantial progress, with the first candidate expected to enter the preclinical stage [1] - The VAV1 program has entered the supportive research phase for new drug clinical trials [1]

Group 1 - The core point of the article is that Yushi Technology has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - Yushi Technology is a leading technology-driven company in the Greater China region, focusing on L4-level autonomous driving technology, primarily for commercial vehicles in closed environments such as airports and industrial parks [1] - The company's solutions are versatile and applicable to L2 to L4 level autonomous driving, covering logistics, operations, and motor vehicles [1] Group 2 - According to Frost & Sullivan, Yushi Technology is the only global supplier providing large-scale commercial L4-level autonomous driving solutions for airports [1] - The company has successfully implemented unmanned electric towing vehicles, shuttle buses, and patrol vehicles at Hong Kong International Airport, along with related hardware and software for services such as baggage handling, shuttle, and patrol [1]

大行下架五年期存单，负债端精细化管控强化，息差有望进一步企稳。 中信证券主要观点如下： 事项： 11月27日，金融稳定理事会（FSB）公布2025年度全球系统重要性银行名单，工商银行从第2组升至第3 组，成为首家进入第3组的中资银行； 智通财经APP获悉，中信证券发布研报称，上周市场整体反弹，银行板块表现平淡。中信证券认为，多 家银行年内中期分红落地，产品型资金存在配置需要，有助催化银行股短期市场表现；低估值隐含的价 值空间依旧显著，建议机构积极布局，收获高确定性回报。 根据证券时报报道，六大行近日集体下架五年期大额存单，在售大额存单只剩三年期。进一步统计看， 部分股份行与中小银行亦已同步下架三、五年期定期存款，部分大行分支行则在2022年前后就停发五年 期，且此前已存在三、五年期存款利率倒挂现象。分析来看，大行集中下架五年期存单与中小银行的跟 进，本质上是在长期息差承压背景下的负债端精细化管理举措，资产端在LPR多轮下调与存量贷款置换 影响下，收益率延续下行。银行通过缩短存款期限、压缩高成本长期负债，能有效节约负债成本。此 外，根据金管总局数据，三季度银行息差环比初步企稳，财报数据亦显示，期初期末平均法测算 ...

Core Viewpoint - Beijing plans to construct and operate a centralized large-scale data center system with a capacity exceeding 1,000 gigawatts (GW) along a 700-800 kilometer track, marking a significant advancement in commercial space and data processing capabilities [1] Group 1: Industry Developments - The initiative is led by Xingchen Future and Trajectory Chuangguang, which are forming a space data center innovation consortium [1] - The first experimental satellite, "Chuangguang No. 1," is expected to be launched by the end of this year or early next year [1] Group 2: Market Opportunities - The entry of China Star Network and the G60 Qianfan Constellation into mass launch phases, along with the operationalization of Hainan's commercial space launch site and commercial launch vehicles, is driving a new era in commercial space [1] - The trend towards high capacity and low cost is expected to unlock a trillion-dollar market scale, presenting significant growth opportunities for the related industry chain [1]

立景科技是一家全球领先的精密光学解决方案提供商，专注于消费电子、汽车电子、智慧办公等领域的 中高端光学模组及系统集成市场。根据弗若斯特沙利文的资料，该公司是全球头部中高端品牌智能手机 厂商的主力供应商，亦是全球唯一能同时服务两大智能手机系统生态的摄像头模组精密光学解决方案提 供商。 立景科技递表港交所主板，由中信证券和中金公司（601995）联席保荐。 ...

中信证券研报认为，算力卫星作为算力新基建，全球产业化进程逐步推进，国内政策细则出台引领。海 外来看，科技巨头争相布局，太空算力逐渐成为共识。国内来看，算力星座发射加速，产业化进程加 快。国家政策来看，国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划（2025-2027 年）》，细则进一步明确。建议关注算力卫星相关标的。 ...

Core Viewpoint - The evolution of AI large models towards trillion parameters, multi-modal capabilities, and intelligent agents is driving a transition in computing infrastructure towards "super-node" architecture, which significantly enhances training efficiency and inference throughput [1] Group 1: Technological Advancements - Traditional architectures are facing communication and energy consumption bottlenecks, necessitating a shift to super-node architecture [1] - NVL72 represents a solution that improves training efficiency and inference throughput through high bandwidth and low latency interconnections [1] Group 2: Market Opportunities - The demand for switching chips, optical modules, and high-speed connection modules is shifting from linear growth to exponential growth due to the architectural transformation [1] - There is significant room for improvement in domestic AI computing investments compared to overseas, making super-node architecture essential for catching up in domestic computing infrastructure [1] Group 3: Industry Recommendations - Companies are advised to focus on the value reassessment opportunities arising from increased interconnection density [1] - Recommended sectors include high-speed connection module manufacturers, switching interconnection manufacturers, optical module manufacturers, and AIDC and supporting manufacturers [1]

Core Viewpoint - The report from CITIC Securities highlights the gradual advancement of the global industrialization process of computing satellites as a new infrastructure for computing power, driven by domestic policy details and international competition among tech giants [1] Group 1: Global and Domestic Trends - The industrialization of computing satellites is progressing globally, with tech giants increasingly investing in space computing as a consensus [1] - In China, the launch of computing constellations is accelerating, contributing to a faster industrialization process [1] Group 2: Policy Developments - The National Space Administration of China has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)", which further clarifies the details of the policy [1] - The new policies are expected to lead the way for the development of computing satellites in the domestic market [1] Group 3: Investment Recommendations - The report suggests paying attention to companies related to computing satellites, indicating potential investment opportunities in this emerging sector [1]

Core Viewpoint - The report from CITIC Securities emphasizes the importance of focusing on opportunities in resource and traditional manufacturing industries, highlighting the advantages of leading companies in sectors where China has a global market share [1] Group 1: Market Characteristics - The market is characterized by low volatility and a slow bull trend, with a notable decrease in the volatility of major broad-based indices [1] - The maximum drawdown of the Shanghai Composite Index this year is -9.7%, which is significantly lower than previous years, indicating a relatively stable market environment [1] - The Sharpe ratios for major indices have improved, with the Shanghai Composite Index and Shenzhen Component Index exceeding 1, indicating favorable risk-adjusted returns [1] Group 2: Performance of Investment Strategies - Subjective long-only products have slightly outperformed the Wind All A index but continue to lag behind quantitative strategies, with average returns of 23.3% compared to 26.4% for Wind All A and 35.2% for quantitative products [2] - The gap between private and public subjective long strategies has reached a peak, with private strategies underperforming public ones by 7.6 percentage points [3] - The performance of balanced market selection products remains mediocre, indicating limited excess returns from stock selection despite significant index gains [2][3] Group 3: Capital Flow and Investment Behavior - There is a notable increase in allocation-type capital and quantitative pricing power, while the growth of active stock-picking funds is limited [4] - The influx of capital from insurance funds and "fixed income plus" products has contributed to market stability, but these funds are less sensitive to individual stock fundamentals [4] - The main source of active capital driving rapid increases in high-growth sectors has been margin financing, which has seen a net increase of approximately 700 billion yuan over two months [5] Group 4: Market Strategy and Outlook - The prevailing strategy among subjective long investors has become cautious, characterized by a "squat, hit, and withdraw" approach due to the lack of pricing power in individual stocks [6] - The report suggests that breaking the current market deadlock will require significant positive changes in fundamentals, particularly in domestic demand [7] - Without unexpected changes in fundamentals, the anticipated market movements may only reflect existing structural logic, limiting potential upside [7]

Core Viewpoint - The Chinese aerospace industry is entering a rapid development phase, with significant opportunities arising from the commercialization of space and advancements in space computing power [1][2]. Group 1: Industry Development - China's aerospace sector is experiencing a transformation with the launch of large-scale projects like China Star Network and the G60 Qianfan Constellation [1]. - The establishment of commercial launch sites and rockets is leading to a trend of high capacity and low cost in commercial space endeavors [1]. - A trillion-dollar market is emerging, presenting substantial growth opportunities for the related industrial chain [1]. Group 2: Space Computing Power - Beijing plans to construct a GW-level space computing power system in low Earth orbit, aiming to transfer large-scale AI computing to space [2]. - The construction of the data center will occur in three phases, with the first phase focusing on key technology breakthroughs and the launch of trial satellites by 2025-2027 [2]. - The second phase will aim to reduce construction and operational costs, while the third phase will involve mass production and deployment of satellites by 2031-2035 [2]. Group 3: Energy Efficiency and Cost Reduction - Space data centers can achieve a Power Usage Effectiveness (PUE) close to 1, significantly reducing energy consumption compared to ground data centers, which typically have a PUE around 1.4 [3]. - Space solar power stations can generate electricity for over 8000 hours annually, further lowering energy costs [3]. - The integration of space data centers with solar power stations and high-energy laser transmission is seen as a new trend in AI development [3]. Group 4: Competitive Landscape - The dawn-dusk orbit is a critical resource for space computing, with intense competition among major powers for satellite frequency and orbital resources [4]. - The competition for these resources is expected to accelerate the development of China's space computing capabilities [4]. Group 5: Market Opportunities - Major tech companies, including those in the U.S., are actively investing in space computing technologies, indicating a growing market for solar cells and laser modules [5]. - The successful launch of the "Three-body Computing Constellation" by a domestic lab marks a significant milestone in space computing [5]. - The demand for solar cells and upgraded laser modules is anticipated to rise as the space computing industry expands [5].