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].

Report Industry Investment Rating No relevant content provided. Core View of the Report In the fourth week of November, the expectation of the Fed's interest rate cut increased, the risk appetite of the equity market recovered. The resonance of disturbances such as the stock - bond seesaw effect, concerns about the implementation of the fund fee rate new regulations, and the Vanke bond extension event led to an upward trend in most medium - and long - term yields, while the short - term yields remained stable due to loose funds. The yield curve showed a bearish steepening under the negative impacts such as the new fund regulations [8]. Summary by Directory I. Interest Rate Bond Market Review: The Yield Curve Shows a Bearish Steepening under the Negative Impacts such as the New Fund Regulations - **Overall situation**: In the fourth week of November, multiple factors such as the Fed's interest rate cut expectation, equity market risk preference, new fund regulations, and the Vanke event affected the bond market. The 1 - year Treasury bond active bond yield remained flat at 1.4%, the 10 - year Treasury bond active bond yield rose 1.65BP to 1.8290%, and the 30 - year Treasury bond rose 2.45BP to 2.1830%. The central bank net回笼 1642 billion yuan this week, the fund sentiment index was basically below 50, the funds were stable and loose, the issuance price of 1 - year national and state - owned bank certificates of deposit rose to 1.6525%, and the weighted price of DR007 rose to 1.4668% [5][8]. - **Daily performance**: - **Monday (November 24)**: The expectation of the Fed's interest rate cut drove the recovery of overseas risky assets, the equity market rebounded after hitting the bottom. The bond yields first declined and then rose, with a daily fluctuation of less than 0.5BP. The 7 - year Treasury bond performed well. The central bank's excess renewal of MLF led to a net injection of 100 billion yuan at the end of the day [2][8][11]. - **Tuesday (November 25)**: After the overnight China - US presidential call, the geopolitical influence eased, the risk preference of the equity market recovered, suppressing the bond market sentiment. Coupled with the new regulations on public fund sales, the bond yields generally rose. The short - term remained stable due to looser funds, while the medium - and long - term performed weakly [2][8][12]. - **Wednesday (November 26)**: The risk preference of the equity market remained high, suppressing the bond market performance. The new regulations on public fund sales, the Vanke event, and the expectation of the central bank's small - scale bond purchase impacted the bond market sentiment. The bond yields generally rose, with the short - term stable due to loose funds and the medium - and long - term weak [2][8][13]. - **Thursday (November 27)**: The funds were stable and loose. Boosted by consumer policies, the equity market opened high and moved high. Affected by the stock - bond seesaw, the Vanke extension, and the redemption of some products, the bond market sentiment was weak, and the long - term performance was significantly weaker than the short - term [2][8][14]. - **Friday (November 28)**: The funds tightened first and then loosened. Xinhua News Agency reported that the six major banks stopped selling five - year large - denomination certificates of deposit and lowered the interest rate of three - year products. Coupled with the weak fundamental expectation, it supported the bullish sentiment in the bond market. Most bond yields declined, and the medium - and long - term performed better than the short - term [2][8][16]. (1) Funding Situation: The Central Bank Conducted OMO with Net Withdrawal, and the Funds Were Stable and Loose The central bank's OMO had a net withdrawal this week, and the fund sentiment index was basically below or around 50, indicating that the funds were in a stable and loose state [5][8][19]. (2) Primary Issuance: The Net Financing of Local Bonds and Inter - Bank Certificates of Deposit Increased, while that of Treasury Bonds and Policy - Financial Bonds Decreased The net financing of local bonds and inter - bank certificates of deposit increased significantly, while the net financing of treasury bonds decreased slightly, and that of policy - financial bonds decreased marginally [25][28][29]. (3) Benchmark Changes: The Term Spreads of Treasury Bonds and China Development Bank Bonds Both Widened The short - term yields of treasury bonds rose 0.09BP, and those of China Development Bank bonds rose 0.55BP. The long - term yields of treasury bonds rose 2.46BP, and those of China Development Bank bonds rose 3.25BP. The 10Y - 1Y spread of treasury bonds widened 2.37BP to 43.95BP, and that of China Development Bank bonds widened 2.70BP to 34.94BP [18][30][38].

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]