Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [2]. Core Viewpoints - Short-term focus on influenza-driven opportunities, while long-term strategies should emphasize innovation and internationalization [2][3]. - The report highlights a significant increase in influenza activity in both southern and northern provinces, suggesting a potential boost in demand for related medical products [10][11]. - The report anticipates substantial savings for the U.S. healthcare system due to upcoming price reductions on key medications, which could impact market dynamics [9]. Summary by Sections Industry Overview - The pharmaceutical and biotechnology sector's weekly return was 2.67%, outperforming the CSI 300 by 1.03%, ranking 17th among 31 primary sub-industry indices [9]. - The chemical pharmaceuticals sub-sector had the highest weekly return of 4.19%, while traditional Chinese medicine ranked sixth with a return of 1.29% [9][25]. Market Trends - The report notes that the influenza activity is rising, with the southern provinces reporting an ILI% of 7.8% and northern provinces at 8.6%, both higher than previous years [10][11]. - Recommendations include focusing on influenza vaccines, antiviral medications, respiratory diagnostics, and drug retail channels in the short term [11]. Investment Opportunities - Short-term investment suggestions include: - Influenza vaccines: Companies like Hualan Vaccine and Jindike [11]. - Antiviral medications: Companies such as Zhongsheng Pharmaceutical and Jichuan Pharmaceutical [11]. - Respiratory diagnostics: Companies like Innotec and Wanfu Biology [11]. - Retail drug channels: Companies such as Yifeng Pharmacy and Dazhonglin [11]. - Long-term investment suggestions focus on: - High-end medical devices: Companies like Mindray Medical and United Imaging [11]. - CXO and upstream life sciences: Companies such as WuXi AppTec and Tigermed [12]. - Innovative drugs: Companies like Innovent Biologics and Hengrui Medicine [12]. Valuation Metrics - The current PE (TTM) for the pharmaceutical and biotechnology industry is 29.42, which is below the historical average of 30.90 [15][18]. - The industry is currently experiencing a premium of 124% compared to the CSI 300 index [18]. Recent Developments - The report outlines recent policy changes aimed at enhancing the pharmaceutical and medical device sectors, including measures from Shanghai and Beijing to promote high-quality development [45]. - Notable industry news includes advancements in cartilage repair technologies and the launch of innovative cardiac ablation systems [46].

Core Insights - The report emphasizes the upward synchronization of performance cycles and technology cycles in the computer industry, driven by AI empowerment and structural improvements in fundamentals [1][2][3] - The computer sector is characterized as a "bull market leader," with a significant resonance between fundamentals and liquidity, reflecting strong market recognition of revenue expansion potential [3][20] - The report forecasts substantial growth in various AI applications, including AI Coding, AI in office software, AI in finance, network security, intelligent driving, and industrial software, indicating a broad market opportunity [3][11][12][13][14][16][17] Group 1: AI Applications - AI Coding is projected to reshape software development paradigms, with a global market value expected to grow from $6.7 billion in 2024 to $25.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 25.2% [3][11][12] - The Chinese AI code generation market is anticipated to expand from 6.5 billion RMB in 2023 to 33 billion RMB by 2028, with a CAGR of 38.4% [3][12] - AI in office software is expected to reach a market size of 30.86 billion RMB in 2024, growing to 191.14 billion RMB by 2028, with a CAGR of 57.75% [3][12] - The network security market is projected to grow to $1.6 billion by 2028, with a CAGR exceeding 230%, driven by the integration of AI technologies [3][14] - Intelligent driving technologies are evolving towards L3 commercial applications, with significant growth in high-speed NOA penetration from 8.7% to 35.7% between 2023 and 2025 [3][16] Group 2: Investment Recommendations - The report suggests focusing on companies involved in AI Coding, such as Zhuoyi Information, and those in AI office software like Kingsoft Office and Foxit Software [3][11][12] - In the AI finance sector, companies like Tonghuashun and Jiufang Zhitu are highlighted for their innovative applications [3][13] - For network security, firms such as Deepin and Anheng Information are recommended due to their advancements in AI-driven security solutions [3][14] - In the intelligent driving space, companies like Desay SV and Zhongke Chuangda are noted for their leadership in high-performance driving solutions [3][16] - Industrial software firms like Zhongkong Technology and Rongzhi Rixin are recognized for their contributions to AI-driven industrial transformations [3][17]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The electronic sub-industry has significantly recovered, with the Shenwan Electronics secondary index showing year-to-date changes of: Semiconductors (+39.75%), Other Electronics II (+43.95%), Components (+89.82%), Optical Electronics (+5.55%), Consumer Electronics (+42.54%), and Electronic Chemicals II (+38.20%) [2][9] - North American key stocks mostly rose, with notable increases for companies like Micron Technology (+180.99%) and Intel (+102.29%) year-to-date [10] - Google's TPU v7 demonstrates cost advantages over GPU-based systems, challenging the GPU-dominated computing market. The total cost of ownership (TCO) for TPU is approximately 30%-40% lower than NVIDIA's GB200 system [2][24] - The demand for AI infrastructure is growing significantly, with NVIDIA reporting that cloud GPUs are sold out, indicating a supply-demand imbalance. TrendForce predicts over 20% year-on-year growth in global AI server shipments by 2026 [2][3] Summary by Sections Market Performance - The Shenwan Electronics secondary index has shown substantial recovery, with weekly changes for various segments: Semiconductors (+5.72%), Other Electronics II (+7.59%), Components (+8.10%), Optical Electronics (+5.23%), Consumer Electronics (+6.08%), and Electronic Chemicals II (+3.93%) [9] - Key North American stocks have shown positive performance, with significant increases for companies like Tesla (+9.99%) and Qualcomm (+2.93%) [10] Technology Competition - Google's TPU v7 has emerged as a strong competitor in the computing market, leveraging superior system-level engineering to achieve higher model performance utilization rates compared to NVIDIA GPUs [2][24] - The competition between GPU and TPU is seen as a redistribution of market share in a growing market, with both technologies expected to experience rapid growth [2] Investment Opportunities - Recommended companies to watch include: For overseas AI - Industrial Fulian, Huadian Co., Pengding Holdings, Shenghong Technology, and Shengyi Technology; For domestic AI - Cambricon, Chipone, Haiguang Information, SMIC, and Shenzhen South Circuit [3]

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report highlights that international oil prices experienced fluctuations due to geopolitical factors, particularly the ongoing situation in Ukraine. As of November 28, 2025, Brent and WTI oil prices were reported at $62.38 and $58.55 per barrel, respectively [2][9] - The report indicates an increase in U.S. crude oil and refined product inventories, which negatively impacted the market. However, a reduction in the number of active oil rigs in the U.S. and skepticism regarding the peace negotiations in Ukraine contributed to price volatility [2][9] - The report notes that the oil and petrochemical sector underperformed compared to the broader market, with a decline of 0.73% in the sector as of November 28, 2025 [10] Summary by Sections Oil Price Review - As of November 28, 2025, Brent crude futures settled at $62.38 per barrel, down $0.18 (-0.29%) from the previous week, while WTI crude futures increased by $0.49 (+0.84%) to $58.55 per barrel [24] - The report also mentions the Urals crude price remained stable at $65.49 per barrel, while ESPO crude fell by $0.84 (-1.56%) to $53.16 per barrel [24] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms was reported at 366, with a net increase of 1 platform. The floating drilling platform count rose to 129, with an increase of 2 platforms [27] U.S. Crude Oil Supply - U.S. crude oil production was reported at 13.814 million barrels per day, a decrease of 20,000 barrels from the previous week. The number of active drilling rigs fell to 407, down by 12 rigs [38] U.S. Crude Oil Demand - U.S. refinery crude processing averaged 16.443 million barrels per day, an increase of 211,000 barrels from the previous week, with a refinery utilization rate of 92.30%, up 2.3 percentage points [45] U.S. Crude Oil Inventory - Total U.S. crude oil inventories reached 838 million barrels, an increase of 3.272 million barrels (+0.39%) from the previous week. Strategic reserves were at 411 million barrels, up 498,000 barrels (+0.12%) [54] Refined Oil Products - In the North American market, average prices for diesel, gasoline, and jet fuel were reported at $99.57, $79.04, and $89.17 per barrel, respectively, with corresponding price differentials to crude oil [77]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector assets [3][11] - The supply side remains tight, with a decrease in coal production over the past four months, providing a solid support for coal prices [3][11] - Demand is gradually increasing, particularly in power generation, which is expected to drive down inventory levels in the downstream market [3][11] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5%, indicating strong asset attributes [3][11] - The coal sector is currently undervalued, with expectations for overall valuation improvement [3][11] Summary by Sections Coal Price Tracking - As of November 29, the market price for Qinhuangdao port thermal coal (Q5500) is 818 RMB/ton, down 9 RMB/ton week-on-week [2][30] - The price for coking coal at Jingtang port is 1710 RMB/ton, down 80 RMB/ton week-on-week [2][32] - International thermal coal prices have shown slight increases, with Newcastle coal at 87.5 USD/ton, up 0.5 USD/ton week-on-week [2][30] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.3%, down 0.2 percentage points week-on-week [3][47] - The daily coal consumption in inland provinces has increased by 3,000 tons/day (+0.85%) while coastal provinces have seen a slight decrease [3][48] - The overall supply remains tight, with expectations for coal prices to trend upward due to the supply-demand dynamics [3][11] Inventory Situation - Coal inventory in inland provinces has increased by 557,000 tons week-on-week, while coastal provinces have seen an increase of 1,160,000 tons [3][48] - The available days of coal supply in inland provinces have decreased slightly, indicating a tightening supply situation [3][48] Company Focus - Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, which are noted for their stable operations and strong performance [12] - Companies with higher elasticity such as Yancoal Australia and Gansu Energy Chemical are also highlighted for potential investment [12]

国开行发行 90 亿元绿色金融债券，欧盟将发布《工业脱碳加速器法案》立法 提案 [Table_Industry] ESG 周报 [Table_R 2025 年 1eportDate] 1 月 30 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 | [Table_StockAndRank] ESG | | | --- | --- | | 投资评级 | —— | | 上次评级 | —— | 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 本期内容提要: [Table_S [Table_Summary 热点聚焦 ummary]：] 国内：国开行发行 90 亿元绿色金融债券，重点支持基础设施绿色升级。国 家开发银行日前在上海清算所成功发行 90 亿元 3 年期绿色金融债券，发行 利率为 1.52%，认购倍数 2.46 倍。截至 11 月 28 日，国开行已累计发行绿 色金融债券 2295 亿元。本次发行严格 ...

Core Conclusions - The market has experienced wide fluctuations since November, primarily due to entering an earnings and policy vacuum period, making it sensitive to uncertain events and negative factors. Weak economic data and overseas market disturbances may exacerbate market volatility. Additionally, the slowdown in resident capital inflows has extended the time for market consolidation after reaching a high turnover rate during the bull market [2][10][11]. Conditions for Index Breakthrough Condition 1: Incremental Policy Catalysts - The potential for unexpected stable growth policies to be implemented ahead of schedule could advance the spring market. The focus should be on the policy direction set by the Central Economic Work Conference in December. Historically, the probability of market success increases as the conference date approaches, with a significant rise expected post-conference [3][19][22]. Condition 2: Improvement in Economic Data (Earnings) - For a bull market driven by earnings, continuous improvement in economic data is essential. Current PMI is below the threshold, and other economic indicators such as industrial production and real estate data are weak. Significant improvements in economic data may not be seen until early 2026, as social financing and credit data typically peak at the beginning of the year [3][20][25]. Condition 3: Significant Inflows of Resident Capital - A breakthrough in a bull market, especially during a liquidity-driven phase, is often accompanied by substantial inflows of resident capital. Recent months have shown a slowdown in the inflow of funds, indicating that the current capital environment is not robust. The potential for increased capital inflows may be catalyzed by a December interest rate cut by the Federal Reserve, but improvements are more likely in Q1 2026 due to typically higher liquidity and activity levels at the start of the year [3][25][27]. Market Changes - The A-share market has seen all major indices rise, with notable gains in the ChiNext 50 and ChiNext Index. The communication and electronics sectors led the gains, while oil and banking sectors faced declines. Global markets also showed positive trends, with significant increases in major indices like the S&P 500 and Nikkei 225 [35][36]. Investment Strategy - The report suggests a tactical approach where the foundation of the bull market remains solid, with potential for earnings improvement and capital inflows to extend the bull market duration. Strategic positioning should consider the upcoming policy and capital changes that may present upward opportunities [29][32]. Sector Allocation - Recommended sectors for investment include non-bank financials, electric equipment, and machinery, with a focus on low-valuation value stocks. The report emphasizes the importance of monitoring policy catalysts and the potential for significant performance in low-valuation sectors as the market outlook evolves [34][33].

库存 中 降，钢价震荡偏强 【】【】[Table_Industry] 钢铁 [Table_ReportDate] 2025 年 11 月 30 日 证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [高Table_Author] 升 煤炭、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 煤炭、钢铁行业分析师 执业编号：S1500525070001 邮 箱：liubo1@cindasc.com 李 睿 煤炭、钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [库存稳中有 Table_Title]降，钢价震荡偏强 本期内容提要： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_ReportDate] ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The cumulative installed power generation capacity in China increased by 17.3% year-on-year as of October 2025, reaching 3.75 billion kilowatts [5] - The report highlights a significant increase in solar power generation capacity, which grew by 43.8% year-on-year, while wind power capacity increased by 21.4% [5] - The report indicates that the electricity market is expected to see a gradual increase in prices due to ongoing market reforms and supply-demand dynamics [5] Summary by Sections Market Performance - As of November 28, the utility sector rose by 0.9%, underperforming the broader market, which increased by 1.6% [12] - The electricity sector specifically saw a 0.65% increase, while the gas sector rose by 3.27% [16] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) decreased by 9 CNY/ton week-on-week, settling at 818 CNY/ton [22] - Coal inventory at Qinhuangdao Port increased by 400,000 tons week-on-week, totaling 6 million tons [29] - Daily coal consumption in 17 inland provinces rose by 30,000 tons/day week-on-week, reaching 3.541 million tons [31] Natural Gas Industry Data Tracking - The LNG ex-factory price index in China was 4,312 CNY/ton as of November 28, down 3.88% year-on-year [56] - The U.S. HH spot price increased by 15.3% week-on-week, reaching 4.59 USD/MMBtu, while the European TTF price decreased by 5.6% [59] - The total natural gas supply in the EU for week 47 was 6.23 billion cubic meters, a year-on-year increase of 8.0% [64] Key Industry News - The National Energy Administration reported that the average utilization hours of power generation equipment decreased by 260 hours year-on-year, totaling 2,619 hours [5] - The cumulative geological reserves of coalbed methane in China exceeded 700 billion cubic meters as of October 2025 [5] Investment Recommendations - The report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight electricity supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are recommended, including Xin'ao and Guanghui Energy [5]

Investment Rating - The investment rating for the recycling plastic industry is "Positive" [2] Core Viewpoints - The recycling plastic industry is expected to enter a golden development period, driven by increasing global plastic recycling policies and market demand [4][24] - China is the world's largest plastic producer, with a projected production of 77.076 million tons in 2024, a year-on-year increase of 2.9%. However, the recycling market remains small, with a recycling rate of approximately 25% [18][24] - Global waste plastic has reached 9.2 billion tons, with only 9% being recycled. The EU aims for a 55% recycling rate for plastic packaging by 2030, while the US and India target 30% and 25% respectively [24] Summary by Sections Market Performance - As of November 28, the environmental sector rose by 0.7%, underperforming the broader market, which increased by 1.1% [4][11] - The water management sector increased by 1.06%, while the waste incineration sector decreased by 1.07% [14] Industry Dynamics - The 2025 Energy Transition Conference held in Beijing focused on green energy transformation, highlighting hydrogen energy as a key area of interest [26] - The Ministry of Ecology and Environment is publicizing the list of proposed ecological civilization demonstration zones for 2025 [26] Special Research - The recycling plastic market in China is projected to grow significantly, with a recycling volume of 19.5 million tons in 2024, indicating a substantial gap compared to developed countries [18][19] - The recycling sources are diverse, with PET bottles accounting for 21.8% of the recycled materials in 2024 [19] Investment Recommendations - The report suggests that the environmental quality and industrial green development will maintain high prosperity, with a focus on energy conservation and resource recycling [46] - Key recommended companies include Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and others [46]