Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The embodied intelligence industry is primarily represented by embodied robots and smart vehicles, which are mutually reinforcing in their development [7] - Recent trends in the embodied robot sector include significant funding rounds, technological advancements, and the establishment of industry standards [10][11][12] - The smart vehicle sector is witnessing strong sales growth, with notable performance from new energy vehicle manufacturers [16][17] Summary by Sections 1. Embodied Robot Industry Dynamics - The LET dataset, the largest full-size humanoid robot dataset in China, has been released, providing over 60,000 minutes of real machine data to support the development of humanoid robots [10] - The Ministry of Industry and Information Technology has announced the members of the humanoid robot standardization technical committee, including notable figures from leading companies [11] - GigaAI has launched its first wheeled humanoid robot, Maker H01, featuring advanced sensor configurations and a self-developed operational algorithm [12] - Zhiyuan Robotics has introduced the LinkSoul platform, allowing users to customize robot personalities and behaviors easily [13] - Star Motion Era has unveiled a logistics warehousing solution, marking the first real-world application of an end-to-end VLA model in logistics [14][15] 2. Smart Vehicle Industry Dynamics - In October, the top three new energy vehicle manufacturers by delivery volume were Leap Motor (70,289 units), Hongmeng Zhixing (68,216 units), and XPeng (42,013 units) [16][18] - Pony.ai reported a 72% year-on-year revenue increase in Q3 2025, with significant growth in its Robotaxi business, which is expected to expand to 3,000 vehicles by 2026 [17] - Strategic partnerships are being formed to enhance the development of autonomous driving services, including collaborations between Pony.ai and Sunshine Travel [17][20] 3. Investment and Financing Events - From November 24 to November 30, 2025, there were 10 significant financing events in the embodied intelligence sector, including: - Songyan Power completed nearly 200 million RMB in Pre-B financing to enhance humanoid robot R&D [34] - Lingxin Qiaoshou raised several hundred million RMB in A+ financing, maintaining a dominant market share in dexterous robotic hands [35] - He Mountain Technology completed multiple rounds of financing totaling several hundred million RMB to accelerate tactile perception technology [28]

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - On December 1, ByteDance's Doubao team released a technical preview of the Doubao mobile assistant, integrating the Doubao large model deeply into the operating system, advancing edge AI from application-level to system-level [3][7] - The Doubao mobile assistant allows users to interact through voice, side buttons, or the Doubao Ola Friend headset, enhancing user experience and interaction [7] - The Doubao large model demonstrates international first-class performance in reasoning, visual understanding, image creation, video generation, and voice capabilities, achieving the best results in multiple authoritative evaluations [7] Summary by Sections Industry Overview - The report focuses on the integration of AI technology into mobile systems, highlighting the collaboration between Doubao and mobile manufacturers to create a system-level service [3][7] Investment Highlights - The Doubao mobile assistant is positioned as a core product for mobile manufacturers, facilitating the broadest application scenarios and commercial monetization paths for large models [7] - The assistant is currently available for developers and tech enthusiasts on the engineering sample nubia M153, priced at 3499 yuan, with plans for ecological cooperation with various mobile brands [7]

Market Performance - Global markets rebounded last week, with MSCI Global up by 3.3%, MSCI Developed Markets up by 3.4%, and MSCI Emerging Markets up by 2.2 [8][14][30] - Among developed markets, the Nasdaq index showed the strongest performance with a gain of 4.9%, while the French CAC40 index had the weakest performance with a gain of 1.8% [8][14] - In emerging markets, the ChiNext index performed best with a gain of 4.5%, while the Indian Sensex30 index had the weakest performance with a gain of 0.6% [8][14] Trading Sentiment - European stock trading volume increased, while trading volume in US and Asian stocks decreased, leading to a decline in stock index volatility [20] - Investor sentiment in the Hong Kong market improved, while US investor sentiment remained at a historically high level [20][28] - The short-selling ratio in the Hong Kong market decreased to 16.3%, indicating a shift in investor sentiment [20][27] Economic Expectations - Economic sentiment in Europe and the US declined, influenced by weakening manufacturing PMI and geopolitical risks [8][68] - The Citigroup Economic Surprise Index for the US decreased, while the index for China showed slight improvement due to positive policy signals [8][68] Earnings Expectations - Earnings expectations for technology sectors in Hong Kong and the US were revised upward, with the Hang Seng Index's 2025 EPS forecast increased from 2096 to 2104 [8][68] - The S&P 500 Index's 2025 EPS forecast remained stable at 272, while the Eurozone STOXX50 Index's forecast remained unchanged at 333 [8][68] Fund Flows - Significant inflows were observed in the Hong Kong market, with a total of 271 billion HKD flowing into stocks last week [63][67] - The market anticipates a 0.83 rate cut by the Federal Reserve by the end of the year, reflecting a shift in monetary policy expectations [52][62]

Core Insights - The report indicates a general rebound in high-frequency factors, with significant improvement in multi-granularity factor long positions, and AI-enhanced portfolios showing stable performance with positive returns across multiple combinations [2][5]. High-Frequency Factors and Deep Learning Factors Summary - High-frequency skew factor returns for the last week, November, and 2025 YTD are 1.93%, 1.29%, and 23.56% respectively [5][10]. - Downward volatility proportion factor returns for the last week, November, and 2025 YTD are 1.63%, 1.44%, and 20.42% respectively [5][10]. - Opening buy intention proportion factor returns for the last week, November, and 2025 YTD are 1.21%, 1.17%, and 20.51% respectively [5][10]. - Opening buy intention strength factor returns for the last week, November, and 2025 YTD are 1.17%, 1.36%, and 27.15% respectively [5][10]. - Opening large order net buy proportion factor returns for the last week, November, and 2025 YTD are 1.35%, 1.00%, and 21.94% respectively [5][10]. - Opening large order net buy strength factor returns for the last week, November, and 2025 YTD are 0.97%, -0.49%, and 12.12% respectively [5][10]. - Daily return factor for the last week, November, and 2025 YTD is 0.01%, -0.60%, and 21.42% respectively [5][10]. - End-of-day transaction proportion factor returns for the last week, November, and 2025 YTD are 1.64%, -0.07%, and 15.70% respectively [5][10]. - Average single outflow amount proportion factor returns for the last week, November, and 2025 YTD are 0.02%, -2.91%, and -5.96% respectively [5][10]. - Large order driving increase factor returns for the last week, November, and 2025 YTD are -0.34%, -0.49%, and 8.12% respectively [5][10]. AI Enhanced Portfolio Performance - The weekly rebalancing of the CSI 500 AI enhanced wide constraint portfolio shows excess returns of -0.08%, 4.36%, and 8.33% for the last week, November, and 2025 YTD respectively [5][13]. - The weekly rebalancing of the CSI 500 AI enhanced strict constraint portfolio shows excess returns of 0.19%, 2.75%, and 11.02% for the last week, November, and 2025 YTD respectively [5][13]. - The weekly rebalancing of the CSI 1000 AI enhanced wide constraint portfolio shows excess returns of 0.11%, 4.58%, and 18.58% for the last week, November, and 2025 YTD respectively [5][13]. - The weekly rebalancing of the CSI 1000 AI enhanced strict constraint portfolio shows excess returns of 0.11%, 1.93%, and 20.77% for the last week, November, and 2025 YTD respectively [5][13].

Industry Investment Rating - The steel industry maintains an "overweight" rating [49] - The real estate industry maintains an "overweight" rating [57] - The insurance industry maintains an "overweight" rating [86] Core Viewpoints - Global risk preferences have significantly declined, leading to asset price fluctuations and panic selling. However, China's capital market is expected to recover in valuation and experience significant development, with A/H shares, industrial commodities recommended for tactical overweight, and US dollars for tactical underweight [20][21] - The Fed's expected interest rate cut in December has risen significantly, and the market is highly concerned about the Fed's monetary policy. The Chinese economy is expected to gradually stabilize, and the policies of various industries will promote the improvement of industry fundamentals [8][15] - The technology theme is expected to return to the main line, and themes such as commercial space, AI applications, robots, and domestic demand consumption are worthy of attention [29] Summary by Directory Macro Reports - **Global Asset Performance**: From November 24 - 28, 2025, major global stock markets rose, commodities generally increased, the 10 - year US Treasury yield remained unchanged, the US dollar index fell, and the RMB appreciated against the US dollar [5] - **US Economy**: Manufacturing new orders increased, housing price growth slowed, and consumer growth also slowed [6] - **European Economy**: Business confidence in the eurozone stabilized [7] - **Overseas Policies**: The Fed's expected interest rate cut in December rose to 80%, the ECB President said the current interest rate was appropriate, the UK's budget faced a "technical leak", Japan's bond - issuing plan tilted towards short - term bonds, and the BOJ's December interest rate hike expectation did not increase [8][9][10] - **China's Economy**: Consumption, investment, and production showed structural differentiation. The manufacturing PMI marginally rebounded due to improved external demand, and the construction industry's business activity index also increased marginally, but the service industry's declined [13][15] Asset Allocation Report - **A/H Shares**: Tactical overweight is maintained due to multiple factors supporting China's equity performance, such as the release of micro - trading risks and the approaching policy window [20] - **Treasury Bonds**: Tactical standard allocation is maintained because of the imbalance between financing demand and credit supply, and the central bank may take action to maintain market liquidity [20] - **Industrial Commodities**: Tactical overweight is maintained as industrial metals like copper may face supply - demand imbalances, with strong demand and increasing development costs [21] - **US Dollars**: Tactical underweight is maintained as the Fed's policy adjustment and the marginal convergence of the US economy reduce the dollar's allocation value [21] Strategy Reports - **Asset Overview**: Global risk preferences recovered, stocks and commodities rose, silver and copper prices hit record highs, and the dollar index weakened. A - shares and other major global stock markets generally rebounded, and the bond market showed a pattern of a bearish steepening in China and a bullish steepening in the US [23][24][25] - **Theme Analysis**: The trading heat of hot themes was stable, the technology theme returned, and funds flowed into AI and communication. Themes such as commercial space, AI applications, robots, and domestic demand consumption are recommended [29] Overseas Strategy Reports - **Fund Flows**: North - bound funds may have a small net inflow, and south - bound funds' inflow into e - commerce and retail reached a new high since October. Overseas funds showed different flow trends in different markets [36][37] - **Policy Tracking**: Domestic policies covered macro, industrial, and local aspects, and overseas policies included diplomatic, economic, and interest - rate - related policies [39][40][43] Industry Reports - **Steel**: Demand is expected to stabilize, supply is expected to contract, and the industry's fundamentals are expected to gradually recover. Companies with product and cost advantages are recommended [45][48][49] - **Utilities**: The proportion of long - term contract electricity in 2026 is expected to decrease, electricity prices may have limited declines, and the industry's valuation is expected to improve [52] - **Real Estate**: The transaction volume in large and medium - sized cities rebounded, and the spot - housing sales are beneficial to the industry's healthy development [57][58] - **Food and Beverage**: CPI data has boosted the sector's expectations. Different sub - sectors such as liquor, beverages, and snacks have corresponding investment recommendations [62] - **Robotics**: Overseas and domestic companies have made progress in the field of humanoid robots, and investment in this field is active. Core component suppliers and整机 manufacturers are recommended [67][68][69] - **Machinery**: The weekly operating load rate of industrial gases increased, and important projects such as the second - phase of the Huanneng Jintan salt - cavern compressed - air energy - storage project advanced. Related companies are recommended [73][74][75] - **Insurance**: In October 2025, the growth rate of life and property insurance premiums declined marginally. The industry is optimistic about the growth of the life insurance's new business value (NBV) in the 2026 opening season and the continuous improvement of the property insurance's combined ratio (COR) [83][84][85] - **Agriculture**: Corn prices rose, the pet food market showed different trends at home and abroad, and the pig - breeding industry needs to pay attention to the epidemic and demand. Related companies in different sub - sectors are recommended [88][89][90] - **Textile and Apparel**: The US clothing retail industry showed growth, and the overseas K - shaped consumption trend continued. Export - manufacturing and brand - end companies are recommended [93][94][95]

Group 1 - The report emphasizes that the Chinese stock market is entering a favorable zone, with a significant opportunity for investment in the upcoming months due to a convergence of policy, liquidity, and fundamentals [12][14][13] - The report identifies key sectors to focus on, including technology, financial services, and consumer goods, suggesting a strategic shift towards more aggressive investment positions [14][12] - The anticipated growth in the Chinese capital market is supported by a reduction in previous valuation discounts, with expectations of double-digit profit growth in the non-financial sector by 2026 [13][12] Group 2 - In the technology sector, companies like Tencent and Alibaba are highlighted for their robust revenue and profit growth, driven by advancements in AI and cloud services [20][24] - The electronics industry is seeing accelerated demand for domestic AI solutions, with companies like Haiguang Information benefiting from this trend [32][8] - The communication sector is expected to thrive due to increased capital expenditure on AI infrastructure, with significant growth anticipated in light communication technologies [39][40] Group 3 - The machinery sector is experiencing growth, with companies like Changying Precision and Hengli Hydraulic showing improved profitability and market positioning [6][8] - The automotive industry, particularly Weichai Power, is noted for steady revenue and performance improvements, indicating a positive outlook [6][8] - The healthcare sector, with a focus on innovative pharmaceuticals, is recommended for investment, particularly in companies like Ying'en Bio [6][8] Group 4 - The consumer sector is poised for recovery after a three-year adjustment period, with low valuations and potential policy support creating structural opportunities [14][12] - Companies in the retail and food & beverage sectors, such as Shoulu Hotel and Yanjing Beer, are highlighted for their improving performance metrics [6][8] - The financial sector, particularly non-bank financial institutions like Huatai Securities and China Ping An, is expected to benefit from market reforms and improved profitability [6][8]

Group 1 - The core point of the report indicates that the comprehensive factor value of the dividend style timing model for the week of November 24 to November 28, 2025, is -0.69, which is relatively stable compared to -0.66 from the previous week, remaining below 0 and not issuing a positive signal [1][6]. - The marginal changes in various factors this week are minimal compared to last week, with the slight decrease in the comprehensive factor attributed to weaker excess performance of dividends and reduced positive contribution from the momentum factor [9][12]. - The main negative contributions to the dividend scoring are due to the downward trend in U.S. Treasury yields and the recovery in industry analyst sentiment, while market sentiment and the dividend momentum factor provide positive contributions [9][12]. Group 2 - The report includes a detailed breakdown of the latest factor values as of November 28, 2025, showing various indicators such as the non-manufacturing PMI for services at -0.12, M2 year-on-year growth at 0.83, and the 10-year U.S. Treasury yield at -1.32 [12]. - The report highlights that the financing net purchase factor is at -1.38, indicating a significant negative sentiment in financing activities, while the industry average sentiment is at 2.07, reflecting a stable outlook [12].

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is "Buy" [1][8]. Core Views - The report highlights a significant improvement in operating cash flow, with a net cash flow of -657.9 billion yuan for Q1-Q3 2025, an improvement from -770.3 billion yuan in the same period of 2024 [5]. - The company has seen a steady growth in new contracts, with a total of 13,400 billion yuan in new contracts signed for Q1-Q3 2025, representing a year-on-year increase of 4.6% [5][18]. - The report projects a decrease in net profit attributable to shareholders by 16.3% for Q3 2025, while the non-recurring net profit increased by 24.1% [2][4]. Summary by Relevant Sections Financial Performance - For Q1-Q3 2025, total revenue was 513.9 billion yuan, a decrease of 4.2% year-on-year [4]. - The net profit attributable to shareholders for the same period was 136 billion yuan, down 16.1% year-on-year [4]. - The gross profit margin for Q1-Q3 2025 was 11.04%, a decrease of 0.50 percentage points [4]. Cash Flow and Contracts - The operating cash flow for Q1-Q3 2025 improved significantly, with Q3 showing a positive cash flow of 115.1 billion yuan [5]. - New contracts signed in Q3 2025 amounted to 3,489 billion yuan, a year-on-year increase of 9.2% [5][18]. Dividend and Asset Management - The proposed dividend payout ratio for H1 2025 is set at 20% of the net profit attributable to shareholders, amounting to approximately 19.14 billion yuan [6]. - The company is focused on optimizing asset allocation and improving asset utilization efficiency [6].

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and supply-side market clearing has begun, indicating a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, leading to quicker industry recovery [3][8]. - The report highlights a decrease in apparent steel consumption and inventory levels, with a total apparent consumption of 8.88 million tons, down 0.69% week-on-week but up 1.2% year-on-year [5][21]. - The report anticipates that the steel demand will stabilize, with a continued expectation of supply contraction. The negative impact of the real estate sector on steel demand is expected to diminish, while demand from infrastructure and manufacturing is projected to grow steadily [5][3]. Summary by Sections Steel - Steel prices have increased week-on-week, with Shanghai rebar prices rising by 30 CNY/ton to 3260 CNY/ton, a 0.93% increase. Total steel inventory decreased by 320,000 tons to 14.01 million tons [5][8]. - The operating rate of blast furnaces in 247 steel mills decreased to 81.09%, down 1.1 percentage points from the previous week [5][27]. - The average gross profit for rebar was 91 CNY/ton, up 30 CNY/ton from the previous week, while hot-rolled coil had a gross profit of -47 CNY/ton, an increase of 18.4 CNY/ton [5][36]. Raw Materials - Iron ore spot prices increased, with the price for PB powder rising by 2 CNY/ton to 793 CNY/ton, a 0.25% increase. The total inventory of iron ore at ports rose by 1% to 15.206 million tons [5][45][51]. - The total shipment volume of the four major iron ore producers decreased by 225,000 tons to 21.2 million tons [5][60]. Special Steel and New Materials - The report notes an increase in stainless steel prices and a recovery in industrial-grade and battery-grade lithium carbonate prices [5][4]. Macroeconomic Context - The crude steel production from January to October 2025 showed a year-on-year decline, with the construction and manufacturing sectors continuing to weaken [5][5.1]. Investment Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost and flexible steel companies like Fangda Special Steel and New Steel [5].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 17.85 CNY [6][13]. Core Insights - Yingfeng Group plans to increase its stake in Sophia by 10.77% at a premium of 28.85%, reflecting long-term confidence in the company's development [2][13]. - The report indicates that the company may face short-term pressure from the real estate sector, leading to a downward adjustment in profit forecasts for 2025-2027 [13]. - The acquisition by Yingfeng is seen as a recognition of the long-term investment value in the industry and the leading company, suggesting potential for future collaboration [13]. Financial Summary - Total revenue is projected to decrease from 11,666 million CNY in 2023 to 9,982 million CNY in 2025, before recovering to 11,080 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 5.8% from 2025 to 2027 [4][14]. - Net profit attributable to the parent company is expected to decline from 1,261 million CNY in 2023 to 1,011 million CNY in 2025, with a recovery to 1,271 million CNY by 2027 [4][14]. - Earnings per share (EPS) is forecasted to be 1.31 CNY in 2023, dropping to 1.05 CNY in 2025, and then increasing to 1.32 CNY by 2027 [4][14]. Market Data - The current stock price is 13.97 CNY, with a 52-week price range of 12.51 CNY to 19.16 CNY [7]. - The company's total market capitalization is 13,454 million CNY, with a total share count of 963 million shares [7][8]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 10.67 for 2023, decreasing to 9.81 for 2024, and then increasing to 13.30 for 2025 [4][14]. - The price-to-book (P/B) ratio at the current price is 1.9, indicating a valuation that is slightly above book value [8][14].