Investment Rating - The report maintains a "Strong Buy" rating for Dongpeng Beverage, with a target price of 340 CNY [2][6]. Core Views - Dongpeng Beverage has received approval for its H-share issuance, which is expected to alleviate market concerns and enhance its competitive position through strategic investments in overseas capacity, supply chain upgrades, and brand building [2][6]. - The company is projected to maintain high-quality growth in the short term, with a focus on scaling operations and improving profitability through digitalization and cost efficiency [6][7]. - The strategic restructuring into five major regions aims to enhance operational flexibility and drive sales growth, positioning Dongpeng as a leader in the functional beverage sector [6][7]. Company Overview - Total shares outstanding: 52,001.30 million - Total market capitalization: 137.11 billion CNY - Asset-liability ratio: 63.24% - Net asset per share: 16.92 CNY - 12-month price range: 336.50 CNY (high) / 209.99 CNY (low) [3][6]. Financial Projections - Revenue forecast for 2024: 15,839 million CNY, with a year-on-year growth of 40.6% - Net profit forecast for 2024: 3,326 million CNY, with a year-on-year growth of 63.1% - Projected earnings per share for 2024: 6.40 CNY [7][8]. Strategic Focus - The company aims to leverage high-demand functional beverages and enhance its market presence through effective distribution and marketing strategies [6][7]. - The focus on digital transformation is expected to yield significant operational efficiencies and contribute positively to profit margins [6][7].

Investment Rating - The report indicates a positive investment outlook for the oral FXIa inhibitor asundexian, particularly following its successful Phase III trial results for preventing recurrent strokes [21][25]. Core Insights - The oral FXIa inhibitor asundexian has shown significant efficacy in reducing the risk of ischemic stroke in patients with non-cardioembolic ischemic stroke or high-risk transient ischemic attack, achieving its primary efficacy and safety endpoints in the OCEANIC-STROKE study [21][25]. - The report highlights the potential of FXI inhibitors to provide safer anticoagulation options with lower bleeding risks compared to traditional anticoagulants [9][10]. - The report discusses the diverse potential indications for FXI/XIa inhibitors, including prevention of venous thromboembolism (VTE) in orthopedic surgeries, stroke prevention in atrial fibrillation patients, and treatment of cancer-associated VTE [13][10]. Summary by Sections Section 1: Focus on Innovative Drugs - The report reviews the recent advancements in innovative drugs, particularly in the anticoagulant space, emphasizing the role of FXI inhibitors [4][5]. Section 2: Mechanism of Action - FXIa plays a crucial role in pathological thrombus formation while having a limited role in hemostasis, making it an ideal target for developing safer anticoagulants [9][10]. Section 3: Clinical Development Progress - Asundexian has successfully completed Phase III trials, while other FXIa inhibitors like milvexian have faced challenges, including trial terminations due to efficacy concerns [30][33]. - The report details the ongoing clinical trials for various FXI inhibitors, including those by companies like Bayer, BMS, and Regeneron, highlighting their respective stages of development and potential applications [20][39][45]. Section 4: Market Potential - The report underscores the significant market potential for FXI inhibitors, given the high incidence of stroke and VTE, with approximately 12 million people affected by stroke annually worldwide [25][21].

- The report discusses multiple quantitative models for A-share and Hong Kong stock markets, including short-term, medium-term, and long-term models. These models are constructed based on price-volume, momentum, acceleration, and trend perspectives, among others. The report emphasizes the importance of combining signals from different models and periods to achieve a balanced strategy[9][12][13] - For A-shares, the short-term models include the "Volume Model" (neutral for all broad-based indices), "Feature Institutional Model" (bearish), "Feature Volume Model" (bearish), and "Smart Algorithm Models" (neutral for CSI 300, bullish for CSI 500)[12][71] - Medium-term A-share models include the "Limit-Up and Limit-Down Model" (neutral), "Up-Down Return Difference Model" (bullish for all broad-based indices), and "Calendar Effect Model" (neutral)[13][72] - The long-term A-share model, "Long-Term Momentum Model," is bullish[14][73] - Comprehensive A-share models, such as "A-Share Comprehensive Weapon V3 Model" and "A-Share Comprehensive Guozheng 2000 Model," are bearish[15][74] - For Hong Kong stocks, the medium-term models include the "Turnover to Volatility Model" (bearish) and "Hang Seng Index Up-Down Return Difference Model" (neutral)[16][74] - The report highlights that the quantitative models are designed to provide market timing signals and are based on historical data, emphasizing simplicity and universality in their construction[9][12] - The backtesting results for the "Double Bottom Pattern" and "Cup and Handle Pattern" show that the double bottom pattern outperformed the Shanghai Composite Index by 1.93% this week, while the cup and handle pattern outperformed by 2.5%[44][50] - The cumulative performance of the double bottom pattern since December 31, 2020, is 13.99%, outperforming the Shanghai Composite Index by 2.02%. However, the cup and handle pattern underperformed the Shanghai Composite Index by -1.14% over the same period[44][50]

Investment Rating - The report maintains a recommendation for investment in the nuclear fusion sector, indicating a positive outlook for the industry [1]. Core Insights - China's launch of the international scientific program in the fusion field is expected to enhance the country's capabilities and foster global collaboration in overcoming challenges in fusion combustion physics [8][9]. - The ITER project has reached a significant milestone with the completion of the installation of the fifth vacuum chamber sector, which is crucial for the project's timeline and future stability [9]. - The development of ship-based fusion reactors by Maritime Fusion could revolutionize the shipping energy landscape, aligning with global decarbonization goals [15]. - An Tai Technology has secured significant contracts, showcasing its strong technical capabilities in the fusion component sector [16]. Summary by Sections Industry Developments - The international scientific program for fusion initiated by the Chinese Academy of Sciences aims to consolidate global scientific efforts and enhance China's leadership in superconducting tokamak research [8]. - The ITER project is on track to complete all nine sectors by 2027, with recent successful installations marking key progress [9]. Technological Advancements - Maritime Fusion's initiative to develop a ship-mounted fusion reactor represents a potential shift in maritime energy sources, targeting zero emissions and significant market disruption [15]. Company-Level Insights - An Tai Technology has won contracts worth 70 million yuan for key fusion components, indicating its competitive edge in the market [16]. - The report highlights several companies for investment, including Lianchuang Optoelectronics and Hezhu Intelligent, while suggesting attention to Guoguang Electric [3][35]. Market Trends - The report notes a significant increase in bidding activities for fusion projects, with November alone seeing a total bidding amount of 2.58 billion yuan, indicating a robust growth trajectory for the sector [25][30]. - The overall market for controlled nuclear fusion is projected to reach 146.5 billion yuan in the next 3-5 years, marking a peak in project tenders [7].

债券研究 证 券 研 究 报 告 【债券周报】 存单周报（1124-1130）：年末存单到期翘尾， 关注续发情况 债券周报 2025 年 11 月 30 日 华创证券研究所 证券分析师：周冠南 电话：010-66500886 邮箱：zhouguannan@hcyjs.com 执业编号：S0360517090002 证券分析师：宋琦 电话：010-63214665 邮箱：songqi@hcyjs.com 执业编号：S0360523080002 相关研究报告 《【华创固收】政策双周报（0530-0612）：买断 式逆回购前置操作，中美经贸磋商原则上达成框 架 》 2025-06-12 《【华创固收】评级披露仍较缓慢，关注权益轮 动向转债传导——可转债周报 20250609》 2025-06-09 《【华创固收】央行开始买债了吗？——债券周 报 20250608》 2025-06-08 《【华创固收】存单周报（0602-0608）：资金预 期有所缓和，关注存单配置价值》 2025-06-08 《【华创固收】关注震荡市场利差被动走阔的加 仓机会——信用周报 20250607》 2025-06-07 证监会审核华创证券 ...

Investment Rating - The report maintains a "Recommendation" rating for the automotive sector, indicating a positive outlook for investment opportunities in the coming quarters [5]. Core Insights - The automotive sector is expected to stabilize in Q4 2025, with potential upward movement in Q1 2026, driven by policy direction, profit expectations, and valuation adjustments [1]. - Recent retail performance has been subdued due to the impact of trade-in incentives, and the Guangzhou Auto Show has had limited effect on new car sales [1]. - The report highlights the rebound of state-owned enterprises in vehicle manufacturing, influenced by catalyst factors [1]. Data Tracking - In late November, the discount rate for vehicles increased slightly to 10.1%, with a month-on-month rise of 0.1 percentage points and a year-on-year increase of 1.6 percentage points [3]. - October wholesale vehicle sales reached 2.96 million units, a year-on-year increase of 7.5% and a month-on-month increase of 3.6% [3]. - Retail sales in October were 2.09 million units, reflecting a year-on-year decline of 9.2% and a month-on-month decline of 6.4% [3]. Market Performance - The automotive sector saw a weekly increase of 3.33%, ranking 11th among sectors [9]. - The overall market indices also showed positive movement, with the Shanghai Composite Index rising by 1.40% and the ChiNext Index increasing by 4.54% [9]. Industry News - As of October 2025, the automotive industry reported a profit of 389.5 billion yuan, a year-on-year increase of 4.4%, with total revenue reaching 8,877.8 billion yuan [29]. - The inventory level for passenger vehicles at the end of October was 3.41 million units, indicating a seasonal increase in stock [29]. - New energy vehicle company Li Auto announced plans to release AI-powered accessories, indicating a trend towards integrating advanced technology in vehicles [29].

Investment Rating - The report maintains a "Strong Buy" rating for Anjuke Food (603345) with a target price of 100 yuan [1]. Core Insights - The company is shifting from a channel-driven strategy to a product-driven strategy, with significant progress in new product launches and channel optimization [1]. - The company has successfully introduced several new products, including the 6.0 series of vacuum-packed products and various shrimp products, contributing to double-digit growth [1]. - The overall market conditions are improving, with a notable recovery in the restaurant channel and successful new product promotions since April [1]. Company Overview - Anjuke Food has a total share capital of 333.29 million shares and a market capitalization of 27.146 billion yuan [1]. - The company has a debt-to-asset ratio of 23.91% and a net asset value per share of 45.38 yuan [1]. - The stock price has fluctuated between 94.31 yuan and 69.83 yuan over the past 12 months [1]. Financial Projections - Total revenue is projected to grow from 15,127 million yuan in 2024 to 18,231 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.4% [5]. - The net profit attributable to the parent company is expected to increase from 1,485 million yuan in 2024 to 1,679 million yuan in 2027, reflecting a growth rate of 9.8% in the final year [5]. - Earnings per share (EPS) are forecasted to rise from 4.46 yuan in 2024 to 5.04 yuan in 2027 [5]. Strategic Initiatives - The company is focusing on enhancing its product offerings and optimizing its distribution channels, particularly through customized collaborations with major supermarket chains [1]. - Anjuke Food is also expanding into the halal food segment under the "Anzhai" brand, targeting both domestic and Southeast Asian markets [1]. - The company plans to invest in a new baking project, which is expected to become a significant growth driver in the medium to long term [1].

Investment Rating - The report maintains a positive outlook on the hotel and duty-free sectors, recommending investment in these areas [1]. Core Insights - The implementation plan titled "Enhancing the Adaptability of Consumer Goods Supply and Demand to Further Promote Consumption" was issued, aiming for a significant optimization of the consumer goods supply structure by 2027, with the goal of creating three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [1]. - By 2030, a high-quality development pattern characterized by positive interaction between supply and consumption is expected to be established, with a steady increase in the contribution of consumption to economic growth [1]. Industry Overview - The consumer services sector consists of 55 listed companies with a total market capitalization of approximately 498.8 billion yuan and a circulating market value of about 457.1 billion yuan [2]. - The sector's performance over the past month shows an absolute decline of 7.7%, a slight decrease of 0.7% over six months, and a positive growth of 9.2% over the past year [3]. Market Performance - The consumer services sector experienced a weekly increase of 3.92%, outperforming the overall market indices such as the CSI 300, which rose by 1.64% [8]. - Notable stocks in the consumer services sector included China High-Tech, Junting Hotel, and Kede Education, which showed significant weekly gains [5]. Key Announcements - Major announcements included Meituan's third-quarter revenue of 95.5 billion yuan, a year-on-year increase of 2%, and Alibaba's revenue of 247.8 billion yuan for the same period, reflecting a 5% increase year-on-year [5][30]. - The report highlighted the performance of various companies, such as Atour Group, which reported a 38.4% increase in revenue for the third quarter [5][30]. Future Events - Upcoming shareholder meetings for several companies in the consumer services sector are scheduled, including those for Miao Exhibition and Songcheng Performance [31].

证 券 研 究 报 告 债券研究 【债券日报】 基金新规等利空影响下，收益率曲线熊陡 ——利率债市场周度复盘 利率债市场复盘：基金新规等利空影响下，收益率曲线熊陡 周一（11 月 24 日），美联储降息预期升温带动海外风险资产修复，权益市场 探底回升，股债跷板效应明显，现券收益率先下后上，全天波动幅度多在 0.5BP 以内，7y 国债表现较好，尾盘央行超额续作 MLF 净投放 1000 亿元。 周二（11 月 25 日），隔夜中美元首通话，地缘政治影响缓和，权益市场风险 偏好回暖，股债跷板效应压制债市情绪，叠加公募基金销售新规扰动，现券收 益率整体上行，短端得益于资金面转松表现持稳，中长端表现较弱。 周三（11 月 26 日），权益市场风险偏好维持高位，股债跷板效应压制债市表 现，叠加公募基金销售新规、万科事件、央行买债预期冲击债市情绪，现券收 益率整体上行，短端得益于资金面偏松表现持稳，中长端表现较弱。 周四（11 月 27 日），资金面平稳宽松，消费品政策提振下，权益市场高开高 走，股债跷板、万科展期叠加部分产品受到赎回扰动，债市情绪偏弱，长端表 现明显弱于短端。 周五（11 月 28 日），日内资金面由 ...

Investment Rating - The report maintains a "Buy" recommendation for the non-ferrous metals sector, driven by rising expectations of interest rate cuts by the Federal Reserve, leading to a rebound in metal prices [2]. Core Views - The report highlights three main industry perspectives: 1. The expectation of interest rate cuts by the Federal Reserve is likely to benefit both base and precious metals, leading to price increases [6]. 2. Silver prices have reached historical highs due to low inventory levels and rising demand, supported by the Fed's dovish stance [6]. 3. Ongoing supply disruptions in copper mining are expected to lead to reduced smelting capacity and higher copper prices [6]. Summary by Sections Industry Overview - The non-ferrous metals sector includes 126 listed companies with a total market capitalization of approximately 457.86 billion yuan, representing 3.86% of the overall market [3]. - Recent performance metrics show a 67.3% increase in absolute performance over the past year, with a relative performance increase of 50.4% [4]. Key Events and Impacts - The Federal Reserve's recent meeting indicated a significant division among officials regarding future rate cuts, with market expectations for a 25 basis point cut in December rising to 86.4% [6]. - Silver prices surged to 12,727 yuan per kilogram, marking a 9% increase from the previous week, attributed to low inventory levels and strong demand [6]. - Copper smelting capacity is projected to face reductions due to ongoing supply disruptions, with expectations of a decrease in processing fees, which may support higher copper prices [6]. Company Insights - Yunnan Aluminum Co. plans to acquire stakes in several subsidiaries for 2.267 billion yuan, increasing its electrolytic aluminum capacity by 154,500 tons [8]. - Tianshan Aluminum has initiated a green low-carbon efficiency improvement project, expected to enhance its annual production capacity to 1.4 million tons [8]. - China Hongqiao has completed a share placement, raising approximately 11.49 billion HKD for project development and debt repayment, indicating strong confidence in future growth [10]. Stock Recommendations - The report recommends focusing on precious metals and copper-aluminum sectors, highlighting companies such as Zijin Mining, Jinchuan Group, and China Hongqiao as key investment opportunities [11].