Investment Rating - The industry investment rating is "Outperform the Market" [1][32]. Core Insights - Johnson & Johnson's first-in-class drug, Icotrokinra, has been submitted for market approval in China, targeting moderate to severe plaque psoriasis in adults and children aged 12 and above. This drug is expected to achieve peak annual sales of over $5 billion [3][14]. - Icotrokinra is the first and only IL-23R targeted drug submitted for approval globally, with previous submissions in the US and Europe earlier this year [3][14]. - Johnson & Johnson has initiated a head-to-head study (ICONIC-ASCEND) to demonstrate the superiority of Icotrokinra over the injectable biologic, ustekinumab [3][14]. Summary by Sections Industry Overview - The report highlights the approval of Johnson & Johnson's Icotrokinra for treating moderate to severe plaque psoriasis, which has been prioritized for review by the CDE [3][14]. - The drug was developed with an investment of nearly $1 billion from Protagonist and is positioned as a significant innovation in the market [3][14]. Investment Strategy - The report suggests focusing on innovative pharmaceutical companies with rich pipelines, such as Hengrui Medicine, BeiGene, and China National Pharmaceutical Group. It also highlights companies with high potential single products and leading technology platforms [5]. - The report emphasizes the increasing investment in pharmaceutical R&D and the potential for growth in emerging fields, recommending companies like WuXi AppTec and Kelun Pharmaceutical [5]. Market Performance - The pharmaceutical sector experienced a decline of 6.88% last week, ranking 23rd among 28 industries, while the Shanghai Composite Index fell by 3.77% [19][31]. - The report notes that the pharmaceutical sector's valuation stands at 29.49 times earnings, with a premium of 21.01% over the overall A-share market [25][31].

Industrial Sector - Steel and building materials production has rebounded, while the operating rate of float glass has decreased[2] - The apparent demand for steel building materials has increased, while the operating rate for the textile polyester sector has shown seasonal weakness[2] - The operating rates for automotive tires have slightly declined this week[2] Real Estate - New home sales in 30 major cities decreased by 20.8% year-on-year, but the growth rate improved by 8.7 percentage points compared to last week[2] - The second-hand housing listing price index fell by 0.98% week-on-week, indicating a slight narrowing of the decline[2] Domestic Demand - Movie box office revenue increased by 74.7% year-on-year, with a daily average of 83.89 million yuan[2] - The volume of postal express deliveries has grown by 8.3% year-on-year, showing recovery in logistics[2] - Retail sales of major home appliances decreased by 34.6% year-on-year, a decline of 7.2 percentage points compared to the previous value[2] External Demand - Port cargo throughput increased by 3.4% year-on-year, while container throughput rose by 7.4%[2] - The export container freight index rose by 2.6% week-on-week, indicating a slight increase in shipping costs[2] Prices - The agricultural product wholesale price index fell by 0.1% week-on-week, reflecting seasonal trends[2] - The industrial product prices weakened, with the South China industrial product index dropping by 1.9%[2]

证券研究报告 金融行业周报 ——银行盈利修复，监管发布养老预收费存管指引 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 3、12 部门联合印发《金融支持北京市提振扩大消费实施方案》。11月18日，中国人民银行北京市分行等12部门联合印 发《关于金融支持北京市提振和扩大消费的实施方案》。二十届四中全会指出，要大力提振消费、深入实施提振消费专 项行动。《实施方案》的提出有助于贯彻落实这一重要决策部署：它覆盖了商品消费、文旅体育等多领域及重点群体， 金融支持手段多元且贴合北京城市特色，既注重扩大消费供给，又着力优化消费环境，将有效撬动金融资源赋能消费提 振，为提振扩大消费提供坚实支撑。 2 2 CONTENT 目录 重点聚焦 请务必阅读正文后免责条款 2025年11月23日 1 核心观点 银行盈利修复，监管发布养老预收费存管指引 1、银行盈利修复，息差边际企稳。11月14日，国家金融 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - As of November 21, ETF products declined overall in the past two weeks. Among domestic major broad - based ETFs, the Shanghai Composite 50 had the smallest decline, and among industry and theme products, the consumption - themed ETF had the smallest decline [2]. - In the past two weeks, among domestic major broad - based ETFs, the Science and Technology Innovation Board 50, CSI 500, ChiNext Index, and CSI 1000 ETFs had the highest net inflows of funds. On November 21, major broad - based and technology - themed ETFs had significant net inflows [2]. - In the past two weeks, funds in cycle, military, and new energy ETFs changed from net outflows to net inflows; funds in technology, dividend, and other large - manufacturing ETFs accelerated their inflows; while the inflow speed of funds in pharmaceutical, consumption, and financial real - estate ETFs slowed down [2]. 3. Summary by Related Catalogs 3.1 ETF Market Review 3.1.1 Main Types of ETF Fund Flows Overview - In terms of broad - based ETFs, the Science and Technology Innovation Board 50, CSI 500, ChiNext Index, and CSI 1000 ETFs had relatively high net inflows in the past two weeks. For example, the Science and Technology Innovation Board 50 had a net inflow of 90.66 billion yuan in the past two weeks [9]. - Among industry - themed ETFs, technology ETFs had an accelerated inflow of funds in the past two weeks, with a net inflow of 322.73 billion yuan. New energy ETFs changed from net outflows to net inflows, with a net inflow of 28.34 billion yuan [9]. 3.1.2 Cumulative Fund Flows of Main Types of ETFs - For broad - based ETFs, since 2025, the fund trend of major broad - based ETFs has changed from outflows to inflows and then back to outflows. In the past two weeks, the overall funds of major broad - based ETFs turned into net inflows [11]. - For industry and theme ETFs, technology ETFs turned to net inflows since March after a large - scale outflow at the beginning of the year, and the inflow speed accelerated in the past two weeks. Cycle, military, and new energy ETFs changed from net outflows to net inflows [17]. - For bond ETFs, since 2025, credit - bond and treasury - bond ETFs have had the highest net inflows. In the past two weeks, convertible - bond ETFs changed from net outflows to net inflows, and treasury - bond ETFs accelerated their net inflows [17]. 3.1.3 ETF Product Structure Distribution - As of November 21, a total of 13 new ETFs were established in the market in the past two weeks, with a total issuance share of 5.828 billion shares. Among them, 12 were stock ETFs and 1 was a QDII - ETF [26]. - Compared with the end of 2024, the scale of various types of ETFs has increased. The scales of bond ETFs, commodity ETFs, industry + dividend ETFs, QDII - ETFs, and broad - based ETFs increased by 313.15%, 204.80%, 105.82%, 52.50%, and 9.24% respectively [26]. 3.1.4 Fund Manager Scale Distribution - As of November 21, China Asset Management had the largest on - exchange ETF scale, reaching 88.8558 billion yuan. The ETF management scale of E Fund expanded by more than 22 billion yuan compared with a year ago [27]. 3.2 Classification of ETF Tracking 3.2.1 Technology - Themed ETF Tracking in the Past Two Weeks - Products tracking the Hang Seng Tech Index had the highest net inflows of funds in the past two weeks, while products tracking semiconductor materials and equipment had net outflows [32]. 3.2.2 Dividend - Themed ETF Tracking in the Past Two Weeks - Products tracking the Hang Seng Hong Kong Stock Connect High - Dividend Low - Volatility Index had the highest net inflows of funds in the past two weeks, while products tracking the A500 Dividend Low - Volatility Index had net outflows [35]. 3.2.3 Consumption - Themed ETF Tracking in the Past Two Weeks - Products tracking the S&P 500 Consumer Select Index had a relatively high premium rate. ETFs tracking the Hang Seng Consumption Index had the highest net inflows of funds in the past two weeks, while products tracking the CSI Tourism Index had net outflows [37]. 3.2.4 Pharmaceutical - Themed ETF Tracking in the Past Two Weeks - ETFs tracking the Hong Kong Stock Connect Innovative Drugs had the highest net inflows of funds in the past two weeks, while products tracking the CSI Traditional Chinese Medicine Index had net outflows [40]. 3.2.5 Large - Manufacturing - Themed ETF Tracking in the Past Two Weeks - Products tracking the Robot Index had the highest net inflows of funds in the past two weeks, while products tracking the CSI National Defense Index had net outflows [43]. 3.2.6 QDII ETF Tracking in the Past Two Weeks - Products tracking the Hang Seng Tech Index had the highest net inflows of funds in the past two weeks, while ETF products tracking the Hang Seng Index had net outflows [46]. 3.3 Popular - Themed ETF Tracking 3.3.1 AI - Themed ETF Tracking in the Past Two Weeks - AI - themed products performed poorly in the past two weeks, with an average return rate of - 7.70%. Products tracking cloud computing had the smallest decline. Since 2025, funds have had an overall net inflow, and in the past two weeks, the net inflow of funds was 9.172 billion yuan [57]. 3.3.2 Robot - Themed ETF Tracking in the Past Two Weeks - Robot - themed products performed poorly in the past two weeks, with an average return rate of - 7.30%. Products tracking the Robot Index had the smallest decline. Since February 2025, funds have shown a rapid inflow trend, and in the past two weeks, the net inflow of funds was 3.556 billion yuan [61].

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance exceeding the market by more than 5% within the next six months [28]. Core Views - The report highlights a recent decline in the consumer sector, with the Shanghai and Shenzhen 300 index dropping by 3.77% from November 17 to November 21, 2025. All sub-sectors within the consumer industry experienced declines, with the most significant drop in consumer services at -6.53% [3][5]. - The report suggests focusing on bottom-fishing opportunities following the recent pullback in the consumer sector [3]. Summary by Sections Consumer Goods - Mass Market - The mass market segment shows high demand in functional beverages and snacks, with a notable performance from brands like Dongpeng Beverage and Salted Fish [3]. - The dairy sector is experiencing a steady recovery, with leading companies likely entering a profit recovery phase [3]. - The restaurant supply chain is stabilizing, with industries like condiments and frozen foods beginning to recover from previous lows [3]. Consumer Goods - Alcohol - Most liquor companies reported a deeper decline in net profits for Q3 2025 compared to Q2 2025, indicating ongoing challenges [3]. - The report identifies three key investment lines: high-end white liquor, mid-range white liquor with national expansion, and local market-focused liquor [3]. Social Services - The social services sector is entering a performance vacuum following Q3 reports, with a focus on companies like China Duty Free and Aimeike that may benefit from policy catalysts and mergers [3]. - The report notes the introduction of snow holidays in regions like Xinjiang, which may boost local tourism [17]. Home Appliances - The home appliance market is experiencing a rational adjustment, with significant declines in retail sales during the Double Eleven shopping festival [15]. - Air conditioning production is expected to drop by 22.6% in December, reflecting ongoing downward pressure in the industry [15]. Textile and Jewelry - The report recommends continued attention to investment opportunities in the gold and jewelry accessories sector, particularly brands with potential for market share growth [3]. Cultural Communication - The report emphasizes the importance of understanding consumer sentiment in niche markets, suggesting that companies in the media sector could benefit from this insight [3].

行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年11月23日 请务必阅读正文后免责条款 1 核心摘要 证券研究报告 政策预期升温，优质地产配置价值凸显 地产行业周报 2 周度观点：政策预期升温，降低房贷利率仍有必要。随着2024年四季度销售基数抬升，10月全国商品房销售面积同比降18.8%，70个大 中城市新房/二手房价环比降0.5%和0.7%，且降幅较9月有所扩大。楼市量价承压背景下，近期市场政策预期有所升温。我们在2024年9 月18日发布的专题报告《供需框架下楼市趋势探讨》提到，海外楼市企稳关键在于居民购房意愿与能力的提升、最终带来供需格局的改 善。展望国内楼市，一方面仍需宏观政策发力稳定居民收入预期，提升购房能力，另一方面2025Q3加权房贷利率（3.06%）仍高于10月 百城住宅租金回报率（2.36%），通过降息/房贷加点变化/政府贴息等方式降低房贷利率增强购房相对吸引力仍有必要。 短期大盘波动加剧，优质地产配置价值凸显。1）优质地产相对滞涨，叠加楼市复苏仍不明朗，短期政策博弈性价比提升；2）中期维度 来看，"好房子"的趋势并不会因短期楼市调整发生改变，历史包袱较轻的品质房企有望 ...

Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Viewpoints - The disclosure of the Russia-Ukraine "28-point" peace plan has increased downward pressure on oil prices, with WTI crude futures closing down 3.22% and Brent crude down 2.77% during the specified period [6]. - Geopolitical tensions, particularly between the U.S. and Venezuela, and the ongoing conflict in Libya, contribute to market volatility [6]. - The U.S. job market shows mixed signals, with a significant increase in non-farm employment but a rise in the unemployment rate to 4.4%, the highest in four years [6]. - The fluorochemical sector is experiencing strong demand for popular fluorinated refrigerants, with prices remaining high due to supply constraints and stable market competition [6]. Summary by Sections Oil and Petrochemicals - The Russia-Ukraine peace plan has led to significant downward pressure on oil prices, with geopolitical tensions and mixed economic signals from the U.S. contributing to market uncertainty [6][7]. - Domestic oil companies are diversifying their energy sources and integrating upstream and downstream operations to mitigate the impact of volatile oil prices [7]. Fluorochemicals - The market for popular fluorinated refrigerants, such as R32 and R134a, continues to thrive, with prices remaining elevated due to supply constraints and stable demand from the air conditioning and automotive sectors [6][7]. - The production of second-generation refrigerants is declining due to policy restrictions, while third-generation refrigerants face limited quota increases, leading to a tightening supply-demand balance [6]. Semiconductor Materials - The semiconductor materials sector is showing signs of recovery, with inventory depletion trends improving and domestic substitution gaining momentum [7]. - The report suggests monitoring companies like Shanghai Xinyang and Lianrui New Materials for potential investment opportunities [7].

陈 骁 投资咨询资格编号：S1060516070001 证券研究报告 A股策略周报： 张弛换挡，蓄势再发 证券分析师 研究助理 靳旭媛 一般从业资格编号：S1060124070018 2025年11月23日 请务必阅读正文后免责条款 1 ※ 核心观点|张弛换挡，蓄势再发 2 • 上周美联储降息预期扰动、AI泡沫担忧等影响下，全球权益普遍承压。美股三大股指下跌1%-3%，对流动性较为敏感的恒生指数下跌 5.1%。A股缩量调整，上证指数下跌3.90%，小盘成长跌幅靠前，北证50、中证2000、创业板指跌幅在6%-10%，大盘红利相对较为抗跌， 上证50、中证红利指数跌幅在4%以内。全A日均成交额回落至1.87万亿元，全周股票型ETF净流入约500亿元，中证500、沪深300等宽基 类ETF是净流入的主要贡献；结构上，银行、传媒、食品饮料跌幅较浅，电力设备领跌10.54%。概念方面，水产、中船系概念领涨。 • 海外方面，美联储12月降息预期先降后升。基本面上，美国就业数据对 12月降息指引作用淡化。美国9月非农就业人口超预期增长11.9万 人，但失业率升至4.4%，为2021年10月以来最高。12对于月是否降息，一 ...

Investment Rating - The industry investment rating is "Outperform" [31] Core Insights - Pfizer's Q3 2025 revenue decreased from $17.7 billion to $16.65 billion, a decline of 7% year-over-year, primarily due to reduced demand for COVID-19 products [3][10] - Despite the revenue drop, Pfizer raised its full-year profit forecast, driven by growth in non-COVID business segments [3] - Total revenue for the first three quarters of 2025 was $45.02 billion, down 2% year-over-year [3][10] Summary by Sections Part 1: Q3 2025 Financial Overview and Key Events - Pfizer's Q3 2025 reported net income was $3.54 billion, a 21% decrease from the previous year, while adjusted income was $4.95 billion, down 18% [7][10] - Key events included reaching an agreement with the U.S. government to alleviate tariff threats and a partnership with Metsera to enhance its presence in the obesity market [13][11] Part 2: Core Product Sales Analysis - The oncology segment is the fastest-growing among Pfizer's three business units, with Ibrance sales at $3.083 billion, down 6% year-over-year [20] - Nectin-4 ADC drug Padcev generated $464 million in Q3 2025, a 13% increase, and is established as a standard treatment for certain cancers [20][29] - Rare disease drug Vyndaqel series sales reached $1.591 billion, up 7%, benefiting from ongoing promotion in developed markets [20] Part 3: Future Pipeline Milestones - Pfizer anticipates one regulatory decision and two Phase III data readouts potentially delayed to 2026 [23][25] - The regulatory decision involves BRAFTOVI for treating BRAF V600E mutation metastatic colorectal cancer [25]

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The black metal industry is entering a long-cycle peak phase, with both supply and demand sides experiencing low growth or gradual decline. However, the inherent demand rigidity prevents an immediate recession, providing opportunities for asset enhancement and valuation improvement for leading companies [4][26] - Supply-side adjustments are focused on further concentration and reasonable control of total capacity, with significant consolidation in the coal and steel industries [3][4] - Demand is shifting towards domestic manufacturing and new export markets, with a decreasing reliance on real estate [4][26] Summary by Sections Pricing Cycle, Cost Structure, and Profit Distribution - The pricing framework indicates a high correlation between supply and demand in the black metal industry, with supply-side policies significantly influencing production changes [11][14] - The cost structure highlights that iron ore and coal prices are core components of production costs, with iron ore accounting for approximately 53% of the high furnace ironmaking costs [27][28] - Profit distribution shows that upstream mining resources enjoy the highest profit margins, while steel and coke producers face more pressure [30][31] Industry Chain Map and Pricing Framework - The black metal industry chain includes coal, iron ore, coke, and steel, with coal being a primary raw material for coke production [8][9] - The pricing framework emphasizes the strong linkage between coal, coke, and steel prices, driven by supply and demand dynamics [11][14] Fundamental Cycle and Supply-Demand Transition Paths - The supply cycle is characterized by a peak phase, with capacity growth slowing and structural adjustments underway [37][40] - The demand cycle is closely aligned with macroeconomic trends, with a notable shift towards manufacturing and export markets [4][26] - The transition path for demand indicates a reduction in steel consumption for real estate, with manufacturing and export demand becoming more prominent [4][26]