Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - On November 28, 2025, the CSRC issued the "Announcement on Launching the Pilot Program of Commercial Real Estate Investment Trusts (Request for Comments)" to solicit opinions on the pilot program of commercial real estate investment trusts. On December 1, 2025, the National Development and Reform Commission expanded the industry scope of infrastructure REITs to include commercial office facilities and urban renewal facilities, and added sub - categories such as stadiums, commercial complexes, and four - star and above hotels in consumer infrastructure [3][10][14]. - Launched during the real estate downturn, it provides an opportunity to revitalize the trillion - dollar commercial and office market. It can improve the asset structure of enterprises, help the real estate industry transform into a new development model, and enrich the types of underlying assets in the domestic public REITs market [3][10]. - It is necessary to pay attention to the institutional connection, and detailed rules are still awaited. The overall institutional framework of commercial real estate REITs follows that of infrastructure public REITs, and the specific categories and review mechanisms need further clarification. Implementing a dual - track review system may improve efficiency and accelerate market expansion. The applicability of the key expansion and recruitment mechanism and pilot tax policies in commercial REITs also needs attention [3]. - The secondary market of infrastructure public REITs is under short - term pressure. The valuation and operation quality of new products are the keys. The historical average dividend yields of Japanese office building REITs and hotel REITs are similar to those of current infrastructure public REITs equity - type products [3]. - Investment advice: In a low - interest - rate environment, high - dividend public REITs have an obvious interest - rate spread advantage. With the expansion of categories and improvement of the system, the market is expected to develop rapidly. Attention should be paid to the progress of new - category projects, products with strong underlying asset demand, and expansion and recruitment [3]. Group 3: Summary by Relevant Catalog 3.1 Public REITs Expand to the Commercial Field - On November 28, 2025, the CSRC solicited opinions on the pilot program of commercial real estate investment trusts, with the feedback deadline on December 27, 2025 [10]. - The National Development and Reform Commission is promoting the expansion of infrastructure REITs to more industries and asset types. On December 1, 2025, it issued the "List of Industry Scope of Infrastructure Real Estate Investment Trusts (REITs) Projects (2025 Edition)", expanding to commercial office facilities, urban renewal facilities, and adding sub - categories in consumer infrastructure [14]. - In Q3 2024, there were 736 five - star hotels in China, accounting for 43.5% of the operating income of star - rated tourist hotels, and 2073 four - star hotels, accounting for 37.6%. The scope of the new expansion includes commercial office facilities (super - A and A - grade commercial buildings in super - large and large cities) and urban renewal projects (old - block and old - factory renovation projects), with isolation mechanisms set up [12]. 3.2 The CSRC Solicits Opinions on the Commercial REITs Pilot - Product definition: A commercial real estate investment trust fund is a closed - end publicly offered securities investment fund that invests in commercial real estate asset - backed securities to obtain the ownership or operating rights of commercial real estate, operates and manages commercial real estate to obtain stable cash flows such as rent and fees, and distributes the main income to fund share holders [15]. - Application process: To apply for the raising of a commercial real estate investment trust fund, the fund manager should submit the registration application materials stipulated by the "Securities Investment Fund Law" and the CSRC to the CSRC [20]. - Current situation of infrastructure public REITs: The current application process is "local NDRC - national NDRC - CSRC", with a long review process and a relatively small market scale. As of November 30, 2025, the issuance scale of the public REITs market (initial offering and expansion and recruitment) was about 209.5 billion yuan, and the market value was about 219.9 billion yuan. For commercial real estate assets with a higher degree of marketization, applying only to the CSRC can shorten the review process and accelerate market expansion [25]. - The scale of China's commercial real estate is huge, about 40 - 50 trillion yuan. Some enterprises are preparing for relevant application work, such as Fosun's progress in the independent listing plan of Sanya Atlantis through the REITs model [25]. 3.3 Pay Attention to the Institutional Connection - The overall institutional framework of commercial real estate REITs follows that of infrastructure public REITs. The "Request for Comments on Commercial REITs" is more concise in terms of the requirements for fund managers and custodians, fund manager responsibilities, and asset requirements. The asset sub - types in the "List of Industry Scope of Infrastructure Real Estate Investment Trusts (REITs) Projects (2025 Edition)" are more specific [26]. - Implementing a dual - track review system for infrastructure public REITs and commercial real estate REITs can provide more choices for issuers, improve review efficiency, and accelerate market expansion. The applicability of the expansion and recruitment mechanism and pilot tax policies in commercial REITs needs attention [27].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has secured multiple contracts exceeding $100 million for gas turbine generator sets, marking a significant entry into the North American data center market [1] - The company aims to create a comprehensive lifecycle solution starting with gas turbine generator sets, leveraging its modular and intelligent power generation solutions to meet the growing electricity demand in North America [2] - Strategic partnerships with international giants like Baker Hughes and Siemens have been established to ensure core production capacity for future order demands in data centers [3] Financial Projections - The company's net profit forecasts for 2025-2027 have been adjusted upwards by 0.6%, 5.1%, and 9.4% to reach 3.07 billion, 3.80 billion, and 4.58 billion yuan respectively, with corresponding EPS of 3.00, 3.71, and 4.47 yuan [4] - Revenue projections for 2025-2027 are estimated at 16.50 billion, 19.65 billion, and 22.84 billion yuan, reflecting growth rates of 23.58%, 19.06%, and 16.25% respectively [5] - The company is expected to maintain a gross margin of approximately 33% over the forecast period, with a projected return on equity (ROE) increasing from 12.7% in 2023 to 15.0% in 2027 [10] Market Position - The company is positioned to develop its power segment as the third growth curve following its drilling and natural gas segments, driven by expanding electricity demand in North America [2][4] - The current market capitalization is approximately 61.35 billion yuan, with a total share count of 1.024 billion shares [6] Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 25 in 2023 to 13 by 2027, indicating an improving valuation as earnings grow [11] - The price-to-book (P/B) ratio is expected to decline from 3.2 in 2023 to 2.0 in 2027, reflecting a strengthening balance sheet [11] Operational Highlights - The company’s gas turbine generator sets are designed for rapid transport and flexible expansion, addressing challenges such as tight project timelines and limited space [2] - The company has initiated business and team development in various lifecycle service areas, including small modular reactor (SMR) power supply and data center management [2] Strategic Partnerships - The company has signed a global strategic cooperation agreement with Baker Hughes for the NovaLT™ gas turbine, ensuring future production capacity [3] - A strategic cooperation agreement with Siemens has also been established to enhance the company’s capabilities in gas turbine technology [3]

Group 1: Automotive Industry - The delivery data for new forces in November shows a weakening of the year-end peak season effect, with significant purchase discounts from automakers [1] - Recommended stocks include NIO and Xpeng Motors, with a focus on low valuation and performance realization [1] - In the parts sector, recommended stocks are Fuyao Glass for its strong performance and overseas expansion, and Wuxi Zhenhua, Huguang Co., and Bojun Technology for their cheap valuations [1] Group 2: Aerospace and Construction Materials - The commercial aerospace sector is entering a new phase of rapid development, with a three-year action plan recently announced [2] - Investment opportunities are highlighted in the rocket sector with companies like Chaojie Co., Gaohua Technology, and Zhongheng Design, as well as in the satellite sector with firms such as Shaanxi Huada and Shanghai Port [2] Group 3: Real Estate - The sales amount for the top 100 real estate companies in November was 244.3 billion yuan, a year-on-year decrease of 36.8% and a month-on-month decrease of 11.7% [3] - Cumulative sales for the top 100 companies from January to November reached 3 trillion yuan, with a year-on-year decline of 18.8%, indicating a worsening trend [3] - Investment suggestions focus on structural alpha opportunities, recommending China Jinmao, China Merchants Shekou, China Resources Mixc Life, and Greentown Service [3] Group 4: Company Research - Water Sheep Co. has announced an employee stock ownership plan, reflecting confidence in long-term development [4] - The plan involves up to 938 participants and a funding source of no more than 51.04 million yuan, with shares repurchased at 20.46 yuan per share [4] - The repurchased shares will not exceed 2.49 million shares, accounting for 0.64% of the total share capital [4]

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report - Commercial space is experiencing intensive catalysts, and investment opportunities in the industry are worth attention [2]. 3. Summary According to Relevant Catalogs 3.1 Commercial Space Faces Intensive Catalysts, Focus on Industry Investment Opportunities - **Three - year Action Plan for Commercial Space**: On November 25, 2025, the National Space Administration issued the "Action Plan for Promoting the High - quality and Safe Development of Commercial Space (2025 - 2027)", aiming to achieve high - quality development of commercial space by 2027, with significant growth in industry scale and innovation [3]. - **Establishment of the Commercial Space Department**: The National Space Administration has recently established the Commercial Space Department, which will promote the high - quality development of China's commercial space industry and benefit the entire industrial chain [4]. - **Satellite Internet of Things Business Commercial Test**: The Ministry of Industry and Information Technology has launched a two - year commercial test of satellite Internet of Things business, marking the transition of China's satellite Internet industry to the commercial application exploration stage and bringing investment opportunities for the entire industrial chain [4]. - **Recommended Stocks**: In the rocket direction, recommended stocks include Chaojie Co., Ltd., Gaohua Technology, Zhongheng Design, etc.; in the satellite direction, recommended stocks include Shaanxi Huada, Shanghai Harbor, Shanghai Hanxun, etc. [4]. 3.2 Main Covered Company Earnings Forecast and Valuation - The report provides earnings forecasts, valuations, and ratings for 28 companies from 2024 to 2027, including China National Building Material Group Corporation, Conch Cement, and China State Construction Engineering Corporation. Most of the investment ratings are maintained [13]. 3.3 Weekly Market Review - **Industry Index Performance**: The building and building materials industries showed certain increases this week. The building index increased by 2.43%, and the building materials index increased by 2.21%. Among them, the garden engineering index had the highest increase of 8.40% in the building sub - sectors, and the ceramic index had the highest increase of 5.60% in the building materials sub - sectors [17][19][22]. - **Stock Performance**: In the building materials industry, Hainan Ruizhe had the highest weekly increase of 22.16%, and *ST Lifang had the highest weekly decrease of 30.00%. In the building industry, Guosheng Technology had the highest weekly increase of 57.69%, and *ST Dongyi had the highest weekly decrease of 22.36% [25]. - **Infrastructure Public REITs Performance**: The average weekly increase of infrastructure public REITs was - 0.13%, the average monthly increase was - 1.23%, the average increase since the beginning of the year was 9.67%, the average 250 - day increase was 14.38%, and the average increase since IPO was 13.06% [28]. 3.4 Aggregate Data Tracking - **Real Estate Data**: It includes new construction, construction, completion, and sales area cumulative year - on - year data, land transaction data, real estate transaction data, social financing data, and infrastructure investment growth data. For example, the cumulative year - on - year growth rate of national real estate new construction area continued to decline [31]. - **Eight Major Construction Central Enterprises' New Contract Signing**: The report shows the quarterly new contract signing amounts and year - on - year growth rates of eight major construction central enterprises from 2022Q1 to 2025Q3 [73]. - **Special Bond Issuance**: It includes monthly and cumulative new special bond issuance amounts and replacement special bond issuance amounts from 2022 to 2025 [75][77][79][81]. 3.5 High - frequency Data Tracking - **Cement Data**: It includes national PO42.5 cement average price, East China regional cement price trend, cement - coal price difference index, cement inventory ratio, and cement production monthly year - on - year growth rate [84][85][87][91]. - **Float Glass Data**: It includes glass spot price, glass futures price, and glass inventory [91][92][96]. - **Photovoltaic Glass Data**: It includes glass daily melting volume, soda ash price, 2mm photovoltaic glass price, and photovoltaic glass inventory [98][102][99][104]. - **Glass Fiber Data**: It includes the prices of various types of glass fiber yarns and glass fiber inventory [106][109][110][116]. - **Carbon Fiber Data**: It includes carbon fiber average price, carbon fiber raw silk price, carbon fiber production, carbon fiber inventory, carbon fiber operating rate, carbon fiber gross profit margin, carbon fiber cost, and carbon fiber gross profit [113][117][120][122][124][126][129]. - **Magnesia and Alumina Prices**: It includes the ex - factory tax - included price of large - crystal electro - fused magnesia and alumina price [126][130]. - **Upstream Raw Material Prices**: It includes asphalt price, waste paper price, PVC price, HDPE price, etc. [134][137][135][139]. - **Physical Workload Data**: It includes acrylic acid price, titanium dioxide price, high - machine rental rate, and asphalt average operating rate [141][143][144][146].

Investment Rating - The report maintains a "Buy" rating for the automotive and auto parts industry [4]. Core Insights - The report highlights a weakening year-end peak season effect, with the launch of Xiaopeng's first super extended-range model, the X9 [1]. - November delivery data for new forces shows: 1) Xiaopeng delivered 36,728 units, up 18.9% year-on-year but down 12.6% month-on-month; 2) NIO delivered 36,275 units, up 147.9% year-on-year but down 10.2% month-on-month; 3) Li Auto delivered 33,181 units, down 31.9% year-on-year but up 4.5% month-on-month [1][2]. - Xiaopeng's X9 model achieved a record for daily pre-orders within one hour of its launch, indicating strong market interest [1]. Summary by Sections Delivery Performance - Xiaopeng: 36,728 units delivered in November, +18.9% YoY, -12.6% MoM [1]. - NIO: 36,275 units delivered, +147.9% YoY, -10.2% MoM [1]. - Li Auto: 33,181 units delivered, -31.9% YoY, +4.5% MoM [1]. Model Launches and Market Strategy - Xiaopeng launched the X9 super extended-range model on November 20, aiming to differentiate with "large battery + full-domain high-voltage platform" technology [1]. - The report suggests that Xiaopeng's strategy of introducing high-cost-performance "dual-energy" models may help capture more market segments [1]. Company Recommendations - The report recommends buying shares of NIO and Xiaopeng, while also suggesting attention to Geely [3]. - For auto parts, it recommends Fuyao Glass for its strong performance and overseas expansion, and Wuxi Zhenhua, Huguang Co., and Bojun Technology for their attractive valuations [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The employee stock ownership plan demonstrates the company's confidence in long-term development and aims to enhance employee motivation while aligning the interests of shareholders, the company, and employees [2][3] - The company achieved high-quality growth in the first three quarters of 2025, with revenue reaching 3.41 billion yuan, a year-on-year increase of 12%, and net profit attributable to shareholders of 140 million yuan, up 44% year-on-year [3] - The company continues to advance as a high-end beauty group, with a dual business strategy of proprietary and CP brands, focusing on high-end and global expansion [4] Financial Performance Summary - Revenue for 2025 is projected at 4.98 billion yuan, with a growth rate of 17.53% [5] - Net profit for 2025 is estimated at 241 million yuan, reflecting a growth rate of 118.75% [5] - Earnings per share (EPS) for 2025 is expected to be 0.62 yuan, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 19 for 2025, 2026, and 2027 respectively [4][5] Business Strategy and Market Position - The company is leveraging multi-brand and multi-channel strategies to drive growth, with significant performance improvements noted across various platforms [3] - The report highlights the successful product upgrades and strong sales momentum for key brands, indicating a robust market presence [3][4] Valuation Metrics - The report provides a detailed forecast of financial metrics, including revenue, net profit, and EPS for the years 2025 to 2027, indicating a positive outlook for the company's financial health [5][10][12]

Group 1 - The report indicates that the sentiment in the market has cooled down, with a slight decrease in the proportion of rising stocks in the CSI 300 index, which remains above 50%, suggesting a cautious outlook for the near term [2] - The new stock fundraising scale has decreased month-on-month, with November 2025 seeing 11 new stocks listed and a total fundraising amount of 10.188 billion yuan, although it still maintains a level above 10 billion yuan [3] - The report predicts negative year-on-year profit growth for industries such as coal, cement, float glass, and ordinary steel, while fuel refining profits are expected to see slight positive growth [4] Group 2 - The inbound tourism market in China is entering a high-quality development phase, driven by visa-free policies and cultural outreach, with significant growth potential for leading OTA companies like Ctrip and Tongcheng Travel [5] - Ctrip is positioned as a leading OTA benefiting from the inbound tourism boom, while Tongcheng Travel is rapidly expanding its international business [5] - The report recommends a "buy" rating for Ctrip Group and maintains a "buy" rating for Tongcheng Travel, while also giving an "accumulate" rating for Zhongxin Tourism [5] Group 3 - The report highlights that China's copper smelting plants are expected to reduce production by over 10% in 2026, which is anticipated to support a bullish outlook for copper prices [6] - The copper market is facing a shortage that is affecting electrolytic copper, with imbalances in inventory potentially leading to increased tightness outside the US [6] - Recommendations include Zijin Mining, Luoyang Molybdenum, Western Mining, and Jinchuan Group, with a focus on companies like Tongling Nonferrous Metals and Jiangxi Copper [6] Group 4 - The report tracks high-frequency data on the real estate market, indicating a cumulative transaction of 706,000 new homes across 20 cities, reflecting a 13% decrease year-on-year [7] - In major cities, Beijing saw a 19% decline in new home transactions, while Shanghai and Shenzhen experienced decreases of 5% and 31%, respectively [7] - Conversely, the second-hand housing market showed a slight increase of 3.1% in transactions across 10 cities, with notable increases in Beijing, Shanghai, and Shenzhen [7]

- The report does not contain any quantitative models or factors related to construction, testing, or evaluation[1][2][3] - The report primarily focuses on market performance, fund issuance, ESG products, and ETF tracking without discussing quantitative models or factors[4][6][70] - No relevant quantitative models or factors are mentioned in the provided content[39][56][76]

- The "Market Sentiment Tracking" system includes the "Proportion of Rising Stocks Sentiment Indicator," which calculates the proportion of stocks with positive returns in the past N days within the CSI 300 Index. This indicator helps identify market sentiment by detecting market bottoms when the proportion increases and potential overheating when the proportion is high. However, it has limitations in avoiding market downturns and may miss gains during sustained market rallies[12][13][15] - The "Proportion of Rising Stocks Timing Strategy" applies two smoothing windows (N1=50, N2=35) to the sentiment indicator. When the short-term smoothed line exceeds the long-term smoothed line, it signals a bullish market view. Conversely, when the short-term line falls below the long-term line, it indicates a cautious market outlook[13][15][16] - The "Moving Average Sentiment Indicator" uses an eight-moving-average system (parameters: 8, 13, 21, 34, 55, 89, 144, 233) to assess the CSI 300 Index's trend. The indicator assigns values of -1, 0, or 1 based on the moving average range, correlating with the index's performance. A bullish signal is generated when the current price exceeds the moving average values for more than five of the eight averages[21][26] - The "PB-ROE-50 Strategy" is based on the PB-ROE pricing model and incorporates factors like SUE and ROE growth to identify stocks with expectation gaps. The strategy selects 50 stocks to form a portfolio, aiming to enhance returns by leveraging expectation differences and additional alpha factors[30][33][34] - The "Institutional Research Strategy" includes "Public Fund Research Stock Selection" and "Private Fund Research Tracking." These strategies utilize institutional research data, such as the number of times a company is researched and its pre-research performance relative to benchmarks, to identify alpha opportunities[37][39][40] - The "Leverage Ratio Negative List" introduces three leverage ratio metrics: traditional, strict, and relaxed. The relaxed leverage ratio includes additional liabilities like other current liabilities and non-current liabilities due within one year, providing more opportunities for short-selling gains compared to traditional metrics[42][43][45] - The "Financial Cost Burden Ratio" measures a company's interest payment pressure using the formula: Financial Cost Burden Ratio = Interest Expense / EBIT. This metric focuses on interest expenses post-2018, offering a clearer view of financial costs and identifying companies with high repayment pressure[46][47][48] - The "Proportion of Rising Stocks Sentiment Indicator" showed a slight month-on-month decline as of November 28, 2025, with a value above 50%, indicating cooling market sentiment[12] - The "Proportion of Rising Stocks Timing Strategy" indicated a cautious market view as the short-term smoothed line was below the long-term smoothed line in the past month[16] - The "Moving Average Sentiment Indicator" suggested the CSI 300 Index was in a non-prosperous sentiment zone as of November 28, 2025[21] - The "PB-ROE-50 Strategy" delivered negative excess returns in November 2025: -0.08% for the CSI 500 pool, -1.09% for the CSI 800 pool, and -3.26% for the entire market pool[30][34] - The "Institutional Research Strategy" showed mixed results in November 2025: the "Public Fund Research Stock Selection" achieved a 3.49% excess return relative to the CSI 800, while the "Private Fund Research Tracking" recorded a -1.36% excess return relative to the CSI 800[37][39]

Investment Rating - The report gives a "Buy" rating for Trip.com and Tongcheng Travel, and an "Accumulate" rating for Zhongxin Tourism [3][4]. Core Viewpoints - The Chinese inbound tourism market is entering a golden development period, driven by visa-free policies and cultural exports, with significant growth potential [1][20]. - The inbound tourism market has shown rapid growth since 2023, with inbound visitor numbers expected to increase from 82.03 million in 2023 to 131.90 million in 2024, a year-on-year growth of 60.8% [20]. - The report highlights the importance of optimizing visa-free policies and enhancing cultural outreach as key drivers for the growth of inbound tourism [7][9]. Summary by Sections 1. Market Potential - The Chinese inbound tourism market has a low base and significant growth potential, with historical growth lagging behind domestic and outbound tourism [19][21]. - Key source countries for inbound tourism include South Korea, Japan, and Russia for short-haul travel, while the United States is the largest long-haul source [19][50]. 2. Policy Impact - The report emphasizes the positive impact of visa-free policies, particularly in Hainan, which has significantly boosted inbound visitor numbers [19][20]. - The continuous release of visa-free policy benefits is expected to inject strong policy-driven momentum into the inbound tourism market [19][20]. 3. Cultural Influence - The integration of cultural exports with tourism is creating a virtuous cycle, enhancing China's global appeal and driving inbound tourism growth [7][19]. - The report cites Turkey as a successful example of how cultural exports can stimulate inbound tourism [7][19]. 4. Company Analysis - Trip.com is actively expanding its inbound tourism market presence and optimizing its supply chain to leverage growth opportunities [2][9]. - Tongcheng Travel is rapidly developing its international business, with significant year-on-year growth in international flight and hotel bookings expected in 2024 [2][9]. - Zhongxin Tourism, with its strong outbound tourism background, is beginning to establish its inbound tourism services, showing potential for future growth [3][9].