Investment Rating - The report maintains an "Overweight" rating for the REITs sector, indicating a positive outlook for investment opportunities in this area [6][7]. Core Insights - The initiation of the commercial real estate REITs pilot program by the China Securities Regulatory Commission marks a significant development, suggesting an expansion of public REITs' underlying assets and a new phase for the REITs market in China [1][11]. - The overall performance of the C-REITs market has shown a slight decline, with the CSI REITs closing index down by 0.14% to 809.1 points as of November 28, 2025, while the full return index decreased by 0.08% to 1040.3 points [2][12]. - The total market capitalization of listed REITs is approximately 219.44 billion yuan, with an average market value of about 2.8 billion yuan per REIT [3][14]. Summary by Sections REITs Events - On November 28, 2025, the China Securities Regulatory Commission publicly solicited opinions on the draft announcement for the commercial real estate REITs pilot program, aimed at enhancing the quality of the REITs market and supporting a new model for real estate development [1][11]. REITs Index Performance - The CSI REITs full return index has increased by 7.49% year-to-date, while the closing index has risen by 2.47% [2][12]. REITs Secondary Market Performance - The secondary market for C-REITs has experienced a general pullback, with 35 REITs rising and 41 falling during the week, resulting in an average weekly decline of 0.2% [3][14]. - The data center and affordable housing sectors performed well, while industrial parks and ecological environmental sectors saw declines [3][14]. REITs Trading Activity - The affordable housing sector exhibited the highest trading activity, with an average daily trading volume of 1.681 million shares and a turnover rate of 0.6% [4][17]. REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Huaxia China Communications REIT at 9.5%, Ping An Guangzhou Guanghe REIT at 9.4%, and E Fund Guangkai Industrial Park REIT at 8.7% [5][6]. Investment Recommendations - The report suggests focusing on three main investment strategies: 1. Emphasizing policy-driven themes and quality undervalued projects with recovery potential [6]. 2. Recognizing the market's acknowledgment of the dividend attributes of weak-cycle assets, while considering timing based on asset resilience and market prices [6]. 3. Monitoring the expansion of REITs alongside new issuances, particularly those with ample asset reserves and quality projects [6].

证券研究报告 | 行业周报 gszqdatemark 2025 11 30 年 月 日 电力设备 发改委治理价格无序竞争，龙蟠科技签订 130 万吨铁锂订单 光伏：国家发改委召开价格无序竞争座谈会，制定成本认定标准。11 月 24 日， 国家发展改革委会同有关部门及相关行业协会召开会议，研究制定价格无序竞争 成本认定标准等相关工作。会议指出，目前部分行业价格无序竞争问题仍然突出， 一些企业对规范价格竞争行为的要求落实不到位，甚至依然存在扰乱市场价格秩 序的行为。国家发展改革委将会同有关部门持续推进相关工作，治理企业价格无 序竞争，维护良好市场价格秩序，助力高质量发展。这有助于光伏产业链各环节价 格回归理性，行业实现可持续发展。核心关注三大方向：1）供给侧改革下的产业 链涨价机会，核心关注通威股份、隆基绿能、晶澳科技、晶科能源、天合光能等； 2）新技术背景下带来的中长期成长性机会，核心关注迈为股份、爱旭股份、聚和 材料等；3）钙钛矿 GW 级布局带来的产业化机会，核心关注金晶科技、万润股份、 捷佳伟创、帝尔激光、京山轻机、德龙激光、曼恩斯特等。 风电&电网：丹麦 2.8GW 海上风电项目启动招标，青桂直流、南通 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The National Development and Reform Commission has introduced new pricing regulations for power transmission and distribution, which will promote the development of green electricity. The new regulations focus on local consumption and cross-province transmission, facilitating the utilization of renewable energy and enhancing the efficiency of power grid companies [2][13] - The exploration of a two-part or capacity-based pricing system for cross-province and cross-region projects will stabilize the revenue from clean energy transmission and improve the utilization rate of high-voltage channels [3][14] - Multiple provinces are rolling out market-oriented trading plans for 2026, which will accelerate the transformation of the electricity market by mandating a high proportion of long-term contracts and ensuring that coal-fired power trading prices fluctuate within a specified range [8][10] Summary by Sections Industry Overview - The report highlights the positive impact of new transmission and distribution pricing regulations on renewable energy consumption and the introduction of market-oriented trading plans for 2026 [2][8] Market Performance - The Shanghai Composite Index closed at 3,888.6 points, up 1.4%, while the CSI 300 Index rose 1.64% to 4,526.66 points. The CITIC Power and Utilities Index increased by 0.88%, underperforming the CSI 300 by 0.76 percentage points [63][64] Key Investment Opportunities - The report recommends focusing on flexible resources such as thermal power and investment opportunities in energy storage and virtual power plants. Specific stocks highlighted include Huaneng International, Huadian International, and China Nuclear Power [8][9]

Investment Rating - The report maintains a "Buy" rating for several companies in the textile and apparel industry, including Shenzhou International, Anta Sports, Li Ning, and Bosideng [4][11][20][34]. Core Insights - Burberry's FY2026H1 revenue decreased by 5% year-on-year to £1.032 billion, with retail and wholesale revenues declining by 3% and 12% respectively. However, gross margin improved by 4.5 percentage points to 67.9%, and adjusted operating profit was £19 million, a significant recovery from a loss of £41 million in FY2025H1 [1][15]. - The overall same-store sales for Burberry remained flat, with a slight decline in Q1 followed by growth in Q2, indicating a recovery trend in various regions [2][18]. - The report highlights the improving fundamentals of downstream brand Nike, which is expected to positively impact upstream manufacturing companies and recommends stocks like Shenzhou International and Tabo [3][19]. Summary by Sections Burberry's Performance - Burberry's FY2026H1 revenue fell by 5% to £1.032 billion, with retail down 3% and wholesale down 12%. Gross margin rose to 67.9%, and operating profit improved to £19 million from a loss of £41 million [1][15]. - Same-store sales were flat, with a 1% decline in Q1 and a 2% increase in Q2, showing regional recovery [2][18]. Recommendations for Key Stocks - The report recommends Shenzhou International (2025 PE of 15x), Tabo (FY2026 PE of 15x), and Huayi Group (2025 PE of 22x) due to expected improvements in the industry [3][19]. - For the sportswear sector, Anta Sports and Li Ning are highlighted as strong performers, both with a 2025 PE of 17x, while Xtep International is noted for its growth potential with a 2025 PE of 11x [20][22]. Market Trends - The textile and apparel sector outperformed the market, with the textile manufacturing sector up 2.61% and brand apparel up 3.12% [24]. - The report indicates a positive outlook for the winter season, particularly for down jacket leader Bosideng, which has a FY2026 PE of 14x [8][20]. Recent Company Reports - Bosideng reported a 1.4% increase in revenue and a 5.3% increase in net profit for FY2026H1, with a focus on product innovation and channel optimization [29][31]. - Chow Tai Fook's FY2026H1 revenue decreased by 1.1%, but operating profit increased by 0.7%, indicating a steady recovery [32][34].

Investment Rating - The report maintains a "Buy" rating for key coal companies such as China Shenhua, Shaanxi Coal and others, indicating a positive outlook for the coal mining sector [9]. Core Viewpoints - The current coal price dynamics are primarily driven by "real demand" rather than speculative demand, with expectations of increased consumption as colder weather approaches [2][6]. - The coal market is experiencing a phase of price adjustment due to a lack of significant demand, with coal prices expected to stabilize and potentially rise as winter progresses and consumption increases [2][11]. - The report emphasizes that while coal prices are currently under pressure, the overall upward trend remains intact due to supply constraints and the potential for demand to pick up [6][11]. Summary by Sections Market Overview - The CITIC Coal Index decreased by 0.54%, underperforming the CSI 300 Index by 2.18 percentage points, ranking 29th among CITIC sectors [1][76]. - As of November 28, 2025, the price of thermal coal at northern ports was reported at 824 CNY/ton, reflecting a week-on-week decrease of 7 CNY/ton [35][76]. Key Areas of Analysis - **Thermal Coal**: The market sentiment is weak, leading to price adjustments. The supply remains stable, but demand is not meeting expectations, causing inventory pressures [11][14]. - **Coking Coal**: Prices are declining due to reduced purchasing from downstream sectors, with many coking enterprises pausing purchases to manage existing inventory [40][50]. - **Coke**: The first round of price reductions has begun, with steel mills becoming more cautious in their procurement strategies [56][74]. Price Trends - The report notes that the price of coking coal has seen a cumulative decline of 50-130 CNY/ton across various grades, with expectations for further price drops in the short term [50][56]. - The average profit per ton of coke has increased, indicating a potential recovery in profitability for coking enterprises despite the overall market weakness [70][74]. Inventory and Supply Dynamics - Inventory levels for both thermal and coking coal are rising, with many downstream buyers halting purchases, leading to increased stockpiles at coal mines [45][56]. - The report highlights that the effective supply of domestic coking coal may gradually shrink due to regulatory pressures and limited new capacity [57][58].

证券研究报告 | 金融工程 gszqdatemark 2025 11 30 年 月 日 量化周报 风格后续关注高低切 风格后续关注高低切。本周（ 11.24-11.28）大盘震荡上行，上证指数全周 收涨 1.40%。在此背景下，大部分大指数与板块迎来了一波 30 分钟级别 反弹。市场的本轮上涨自 4 月 7 日以来，日线级别反弹已经持续了 7 个多 月，反弹幅度也基本在 30%左右，各大指数和板块的上涨基本都轮动了一 遍，超 2/3 的行业日线级别上涨处于超涨状态，几乎所有的规模指数及一 半以上的行业更是走出了复杂的 9-17 浪的上涨结构，科创 50 更是在所有 宽基里面率先形成了日线级别下跌，食品饮料、医药、商贸零售、汽车、 电子、通信、计算机、军工、非银、机械也相继形成了日线级别下跌，中 证 500、中证 1000、创业板指、沪深 300、传媒、建筑、建材、房地产也 有较大概率将确认日线级别下跌。因此我们认为本轮日线级别上涨大概率 已经结束。未来市场大概率会是震荡调整的态势，当下的反弹大概率只是 一波 30 分钟级别反弹，风格后续大概率会进行高低切。中期来看，上证 指数、上证 50、沪深 300、中证 ...

证券研究报告 | 宏观研究 gszqdatemark 2025 11 29 年 月 日 宏观点评 中央经济工作会议前瞻 事件：按惯例，12 月上中旬将召开政治局会议、中央经济工作会议。 核心观点：12 月政治局会议一开完、2026 年政策大方向也就定了，随 后的中央经济工作会议据此进一步部署、篇幅也更长，我们预计：应会 突出"十五五"开局之年的重要性，2026 年政策总基调应会偏积极、 偏扩张、偏刺激，应会强调"做好经济工作意义重大"、GDP 目标可能 继续定为 5%左右，应会进一步突出强产业（科技&新质生产力）、扩内 需、中央加杠杆，应会进一步布局"十五五"，也应会进一步要求抓落 实、充分调动各方积极性；具体方向上，重点关注货币政策、财政政 策、科技自立自强、"两重"、"两新"、服务消费、提升居民消费率、稳 股市、稳楼市、"投资于人"、"中国人经济"等可能的新部署。继续提 示：大环境依旧是市场的好朋友，乐观点、乘势而上、调整就是机会。 1、12 月政治局会议历来是中央经济工作会议的吹风会，且大多间隔在 一周内，次年经济工作基调和总体部署也就此确定。节奏上，每年 4/7/10/12 月的季度政治局会议（10 ...

证券研究报告 | 行业周报 gszqdatemark 2025 11 30 年 月 日 房地产开发 2025W48：本周新房成交因基数同比大幅减少，年末房企拿地积极性降低 年末房企拿地积极性有所降低。根据中指数据，1-11 月 TOP100 房企拿地 总额 8478 亿元，同比+14.1%，增幅较 1-10 月大幅收窄。今年上半年， 部分核心城市核心地段土地市场相对热度较高，结构性的成交带动了全国 土地市场出让金额的增长；但随着头部房企补库目标的达成以及下半年新 房市场进一步走冷，年末房企拿地积极性有所降低。从榜单看，1-11 月权 益拿地金额排名前 5 的分别是中海地产、绿城中国、招商蛇口、保利发展、 华润置地。从新增货值看排名前 5 的分别是中海地产、招商蛇口、绿城中 国、保利发展、华润置地。 行情回顾：本周申万房地产指数累计变动幅度为 0.7%，落后沪深 300 指 数 0.92 个百分点，在 31 个申万一级行业排名第 24 名。 新房：本周 30 个城市新房成交面积为 187.5 万平方米，环比提升 9.3%， 同比下降 50.7%，其中样本一线城市的新房成交面积为 55.2 万方，环比 +27.5 ...

Investment Rating - The report maintains an "Overweight" rating for the copper sector, indicating a positive outlook for investment opportunities in this industry [5]. Core Insights - The report highlights that the copper market is expected to experience a supply shortage in 2026 due to ongoing disruptions in mining operations and insufficient capital expenditure (CAPEX) [1][2][3]. - It emphasizes that macroeconomic factors, particularly the interplay between U.S. and China policies, will support a bullish trend in copper prices, with expectations of a price increase driven by demand from sectors like electric grids, new energy vehicles, and AI [3][4][8]. Summary by Sections 1. Review of 2025 - The copper market faced unexpected supply disruptions in 2025, leading to a confirmed shortage for 2026. Major incidents included mining disruptions at Kamoa-Kakula, El Teniente, Grasberg, and Quebrada Blanca, collectively reducing production guidance by 490,000 tons [1][13][19]. 2. Outlook for 2026 2.1 Macroeconomic Factors - 2026 is a pivotal year for U.S.-China relations, with expectations of a more stable trade environment and supportive fiscal policies, which are likely to enhance copper price stability and growth [3][23]. 2.2 Supply Side - The report notes that supply constraints will persist in 2026, with CAPEX needing to rise to incentivize new projects. Current CAPEX levels are significantly lower than historical peaks, indicating a cautious approach from mining companies [3][36][37]. 2.3 Demand Side - Demand for copper is projected to grow, particularly from electric grid investments and the burgeoning AI sector. The report estimates a compound annual growth rate (CAGR) of 3.7% for copper demand from 2025 to 2029 [4][8]. 3. Supply-Demand Gap from 2025 to 2029 - The report forecasts a widening supply-demand gap for copper, with expected shortages of 470,000 tons in 2025, increasing to 244,000 tons by 2029 if production does not ramp up significantly [4][41]. 4. Key Investment Recommendations - The report suggests focusing on companies such as Zijin Mining, Luoyang Molybdenum, and others, which are expected to benefit from the anticipated price increases and improved earnings [8][9].

Investment Rating - The report maintains a "Buy" rating for the coal mining industry, indicating a positive outlook for the sector [4][6]. Core Insights - The report emphasizes the critical role of coal in ensuring power supply stability during the winter months, particularly in the context of increasing electricity demand driven by data centers [2][5]. - It highlights that the peak electricity demand in the U.S. is expected to increase by 166 GW over the next five years, with data centers being a significant contributor to this growth [2]. - The report suggests that coal-fired power generation will be essential in filling the supply gap during winter electricity shortages, reinforcing its importance as a reliable energy source [5]. Summary by Sections Coal Mining Prices - European ARA coal price is at $97.3 per ton, down by $1.44 per ton (-1.46%) from the previous week [1]. - Newcastle coal price is at $111.1 per ton, up by $0.2 per ton (+0.18%) [1]. - IPE South African Richards Bay coal price is at $85.1 per ton, up by $0.2 per ton (+0.18%) [1]. Electricity Demand - The report notes that coal power will play a crucial role in meeting electricity demand, especially during winter when renewable energy sources may be less reliable [5][6]. - The report recommends focusing on companies with strong performance potential, such as Yancoal Energy and Jinneng Holding, which are expected to benefit from the increased demand for coal [5][6]. Key Stocks - The report lists several key stocks with "Buy" ratings, including: - China Coal Energy (601898.SH) with an EPS forecast of 1.46 for 2024 and a PE ratio of 9.40 [6]. - China Shenhua Energy (601088.SH) with an EPS forecast of 2.95 for 2024 and a PE ratio of 14.40 [6]. - Jinneng Holding (601001.SH) with an EPS forecast of 1.68 for 2024 and a PE ratio of 9.00 [6]. Market Trends - The report indicates a significant increase in electricity demand, with data centers being a primary driver, and suggests that coal will remain a vital component of the energy mix in the coming years [2][5].