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].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In the fourth week of November 2025, industrial production continued to decline, accelerating the destocking of some investment products. Combined with the increase in upstream costs, the apparent volume and price improved, but the sustainability of price increases needs to be verified by subsequent demand [3][36] - In terms of inflation, the monthly average of pork prices continued to decline, while vegetable prices rebounded from a decline with a relatively large overall monthly increase. Food prices in November may have accelerated their month - on - month increase [3][36] - For the bond market in December, there are few highlights in the off - season data of the fundamentals. The focus is on the tone of the Politburo meeting and the Central Economic Work Conference. The PMI in November is expected to rise slightly seasonally but may still be below the boom - bust line [3][37] Summary by Directory Inflation - related - Food prices stopped falling and rebounded. From November 23rd to 28th, the average wholesale price of pork in China decreased by 0.26% month - on - month with a narrowing decline, and vegetable prices increased by 1.23% month - on - month. The 200 - index of agricultural product wholesale prices and the wholesale price index of basket products increased by 0.48% and 0.55% respectively [9] Import and Export - related - The CCFI index weakened slightly, and the SCFI stopped falling and rebounded. This week, the CCFI index decreased by 0.1% month - on - month, and the SCFI increased by 0.7% month - on - month. The North American route supply - demand relationship was balanced, with the freight rate on the West Coast route falling by 0.8% and that on the East Coast route rising by 1.8% [12] - From November 17th to 23rd, the container throughput and cargo throughput at ports increased by 5.4% and decreased by 0.6% month - on - month respectively, and increased by 12.8% and 0.7% year - on - year respectively last week. As of this week, the monthly average year - on - year increase was 10% and 4.4% respectively, better than in October [12] - The BDI and CDFI indices continued to rise. This week, the demand for coal shipping increased, and the North American grain cargo supported the market. The available shipping capacity was tight, pushing up the freight rates [12] Industry - related - Coal prices changed from rising to falling. This week, the price of thermal coal (Q5500) at Qinhuangdao Port decreased by 1.44% month - on - month. The terminal enterprises mainly purchased long - term contract coal, and the acceptance of high - price market coal was low. The increase in origin coal prices made imported coal more advantageous, leading to a decline in port coal prices [18] - The increase in rebar prices narrowed. The spot price of rebar (HRB400 20mm) increased by 0.6% month - on - month. Terminal demand further declined, and the inventory of steel mills decreased faster [18] - The asphalt operating rate rebounded slightly. This week, the asphalt plant operating rate increased by 3.0 percentage points month - on - month to 27.8%, remaining at a low level [18] - Copper prices stopped falling and rebounded. This week, the average prices of Yangtze River non - ferrous copper and LME copper increased by 0.8% and 1.3% month - on - month respectively. The rising probability of the Fed's interest rate cut in December and the tight supply supported the high - level shock of copper prices [23] - The glass futures price stopped falling and rebounded. The spot transaction price center of glass moved down, the trading situation improved, and the market inventory decreased slightly, but the overall fundamental demand was still weak, and the glass price was expected to fluctuate within a narrow range [23] Investment - related - The decline in cement prices narrowed. This week, the weekly average of the cement price index decreased by 0.06% month - on - month, with a narrower decline than the previous week. The increase in raw material costs and stable market demand strengthened the price - increasing willingness of cement enterprises [27] - New home sales continued to rise month - on - month. From November 21st to 27th, the transaction area of new homes in 30 cities was 2.127 million square meters, a month - on - month increase of 9.5% and a year - on - year decrease of 32.6%, indicating a brewing end - of - month sprint but with a slightly lower intensity than the same period [28] - Second - hand home sales continued to decline. From last Friday to this Thursday, second - hand home sales decreased by 0.5% month - on - month and 15.2% year - on - year. Affected by the high base effect after the "924" policy last year, the year - on - year decline in November may remain around - 15%, similar to that in October [28] Consumption - related - From November 1st to 23rd, passenger car retail sales decreased year - on - year. The high - base effect after the "old - for - new" policy last year had a large impact on the year - on - year reading, but there was still a positive growth of about 14% compared with the same period in 2023 [30] - Crude oil prices increased slightly. As of November 28th, Brent crude oil and WTI crude oil prices increased by 1.0% and 0.8% month - on - month respectively. The increasing expectation of the Fed's interest rate cut and the weakening expectation of OPEC+ production increase boosted oil prices [30]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report On November 28, 2025, the convertible bond market showed incremental growth and an increase in valuation. Small - cap growth stocks had an advantage in the market style, and the trading sentiment in the convertible bond market heated up. Most industries in the underlying stocks and convertible bonds rose [1]. 3. Summary by Relevant Catalogs 3.1 Market Main Index Performance - Index performance: The CSI Convertible Bond Index rose 0.68% month - on - month, the Shanghai Composite Index rose 0.34%, the Shenzhen Component Index rose 0.85%, the ChiNext Index rose 0.70%, the SSE 50 Index fell 0.09%, and the CSI 1000 Index rose 1.06%. From the perspective of style indices, small - cap growth stocks were relatively dominant, with small - cap growth rising 1.67% [1][7]. 3.2 Market Fund Performance - Trading volume: The trading volume of the convertible bond market was 5.9368 billion yuan, a month - on - month increase of 19.84%; the total trading volume of the Wind All - A Index was 159.7731 billion yuan, a month - on - month decrease of 7.28%. The net inflow of main funds in the Shanghai and Shenzhen stock markets was 682.5 million yuan, and the yield of the 10 - year treasury bond decreased by 1.25bp month - on - month to 1.84% [1][8]. 3.3 Convertible Bond Valuation - Bond price: The weighted average closing price of convertible bonds was 132.44 yuan, a 0.87% increase from the previous day. The proportion of high - price bonds above 130 yuan was 54.04%, a 2.28 - percentage - point increase from the previous day. The price median was 130.74 yuan, a 0.55% increase from the previous day [2]. - Valuation: The fitted conversion premium rate of 100 - yuan par value was 31.35%, a 0.44 - percentage - point increase from the previous day. The overall weighted par value was 100.04 yuan, a 0.91% increase from the previous day. The premium rates of all types of convertible bonds increased [2]. 3.4 Industry Rotation - Underlying stock industry: 28 industries in the A - share market rose, with the top three gainers being steel (+1.59%), agriculture, forestry, animal husbandry and fishery (+1.59%), and commerce and retail (+1.46%); only two industries fell, namely banking (-0.83%) and coal (-0.14%) [3]. - Convertible bond industry: All convertible bond industries rose, with the top three gainers being steel (+4.81%), building materials (+4.56%), and power equipment (+2.70%) [3]. - Different sectors: In terms of closing price, large - cycle rose 1.60%, manufacturing rose 1.28%, technology rose 0.62%, large - consumption rose 0.57%, and large - finance rose 0.32%. In terms of conversion premium rate, large - cycle decreased by 0.087 percentage points, manufacturing decreased by 0.3 percentage points, technology decreased by 0.36 percentage points, large - consumption increased by 0.016 percentage points, and large - finance increased by 1.3 percentage points [3].

Investment Rating - The report does not explicitly provide an investment rating for the blood purification device industry Core Insights - The report highlights the increasing prevalence of End-Stage Renal Disease (ESRD) globally and in China, with the number of patients expected to rise significantly by 2030, indicating a growing market for blood purification devices [13][15] - Blood purification is identified as the most widely used treatment method for ESRD, with a higher survival rate compared to other treatments like kidney transplantation and conservative treatment [19] - The Chinese blood purification device market is projected to grow rapidly, driven by an increase in ESRD patients, improved reimbursement policies, and advancements in dialysis infrastructure [26] Market Overview - The global ESRD patient population increased from 9.13 million in 2019 to 11.14 million in 2023, with a CAGR of 5.1%, and is expected to reach 14.85 million by 2030 [13][14] - In China, the ESRD patient population grew from 3.03 million in 2019 to 4.13 million in 2023, with a CAGR of 8.1%, projected to reach 6.13 million by 2030 [15] - The number of patients receiving blood purification treatment in China rose from 736,000 in 2019 to 1.07 million in 2023, with a CAGR of 9.8%, expected to reach 3.79 million by 2030 [19][18] Treatment Methods - Blood purification methods include hemodialysis, peritoneal dialysis, blood perfusion, and blood filtration, with hemodialysis being the most common and effective method for ESRD patients [23] - Hemodialysis is noted for its effectiveness in removing toxins and excess fluid, while peritoneal dialysis is gaining traction due to its home treatment capabilities [21][23] Market Size and Growth - The Chinese blood purification device market size increased from 116.3 billion yuan in 2019 to 145.0 billion yuan in 2023, with a CAGR of 5.7%, and is expected to reach 515.2 billion yuan by 2030, with a projected CAGR of 19.9% from 2023 to 2030 [26] - The market for blood purification devices is segmented into blood purification machines, blood purification consumables, and other related equipment, with significant growth expected across all segments [26] Competitive Landscape - Domestic companies are rapidly catching up to international competitors in the blood purification consumables market, achieving nearly 50% market share in key areas [27] - The report indicates that the domestic market for blood purification machines still has room for growth, as these products have historically relied on imports due to high technical barriers [27][34] - The report emphasizes that domestic manufacturers are improving their technology and performance, positioning themselves to capture a larger market share [29][34]