Investment Rating - The investment rating for the electronic industry is "Positive" [2] Core Insights - The electronic sub-industry experienced a pullback this week, with the Shenwan electronic secondary index showing year-to-date changes: semiconductors (+32.19%), other electronics II (+33.80%), components (+75.60%), optical optoelectronics (+0.31%), consumer electronics (+34.36%), and electronic chemicals II (+32.97%). This week, the changes were: semiconductors (-6.09%), other electronics II (-11.95%), components (-5.36%), optical optoelectronics (-4.96%), consumer electronics (-5.62%), and electronic chemicals II (-3.71%) [3][10] - Nvidia's FY26Q3 revenue reached $57 billion, a year-over-year increase of 62% and a quarter-over-quarter increase of 22%, exceeding market expectations of $54.9 billion. The company also provided guidance for FY26Q4 revenue of $65 billion (±2%), surpassing market expectations of $61.7 billion [3][24] - Google released its latest models, Gemini 3 and Nano Banana Pro, which further strengthen the Scaling Law, indicating significant advancements in AI capabilities [3][4] Summary by Sections Electronic Industry Overview - The electronic sub-industry has shown a significant pullback this week, with various segments experiencing declines in their year-to-date performance [3][10] Key Company Performance - Nvidia's FY26Q3 performance included a revenue of $57 billion, a gross margin of 73.6%, and a net income of $31.8 billion, reflecting strong growth in its data center business, which generated $51.2 billion in revenue, a 66% year-over-year increase [3][24][26] - The company indicated that its cloud GPUs are sold out, highlighting strong demand for its products [3] New Product Releases - Google introduced Gemini 3 and Nano Banana Pro, which are expected to enhance AI search capabilities and redefine front-end development by integrating agents with user interfaces [3][4] Investment Recommendations - Suggested 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 [4]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal industry is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal stocks on dips [12][13] - The report highlights a tight supply situation, with coal prices stabilizing at a new platform, and emphasizes the high profitability, cash flow, and dividend yield of quality coal companies [12][13] - The report suggests that the coal sector is undervalued and has potential for valuation enhancement, with a focus on high dividend yields and cyclical elasticity [12][13] Summary by Sections Coal Price Tracking - As of November 22, the market price for Qinhuangdao port thermal coal (Q5500) is 827 RMB/ton, unchanged from the previous week [28] - The price for thermal coal from Shanxi at the pit head is 780 RMB/ton, up by 15 RMB/ton week-on-week [28] - International thermal coal prices have seen slight increases, with Newcastle thermal coal at 86.5 USD/ton, up by 1.5 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.3 percentage points week-on-week [46] - Daily coal consumption in 17 inland provinces has increased by 14.7 thousand tons/day, a rise of 4.37% week-on-week [12] - The report notes that the daily coal consumption in 8 coastal provinces has also risen by 7.5 thousand tons/day, up by 4.18% week-on-week [12] Coal Inventory Situation - Coal inventories in coastal provinces increased by 25.5 thousand tons week-on-week, while inland provinces saw an increase of 89.1 thousand tons [12] - The report indicates a decrease in available days of coal supply in both coastal and inland regions [12] Company Performance - The report emphasizes the strong performance of companies like China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to maintain stable operations and robust earnings [13] - It also highlights companies with higher elasticity such as Yanzhou Coal Mining Company and others, suggesting they are worth monitoring [13]

Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - The A-share automotive sector underperformed the market this week, with the Shanghai and Shenzhen 300 Index declining by 3.77% and the automotive sector falling by 4.89%, ranking 16th among A-share industries [2][8] - Key news includes the Ministry of Industry and Information Technology announcing mandatory national standards for intelligent connected vehicles, and Huawei's launch of two new models, "Yijing" and "Qijing," set to debut next year [21][22] - The report suggests focusing on companies such as BYD, Geely, Great Wall Motors, and others in the passenger vehicle segment, while recommending attention to commercial vehicle manufacturers like China National Heavy Duty Truck and FAW Liberation [2] Summary by Sections Market Performance - The automotive sector's performance this week saw a decline of 4.89%, placing it 16th among A-share industries [8][11] - The passenger vehicle segment experienced a drop of 5.94%, with Jianghuai Automobile and GAC Group leading the decline [5][17] - The commercial vehicle segment fell by 3.04%, with *ST Yaxing and Weichai Power showing the most significant gains [5][19] - The automotive parts sector decreased by 4.87%, with Daway Co. and Tianpu Co. leading the gains [5][20] Industry News - The Ministry of Industry and Information Technology has publicized mandatory national standards for intelligent connected vehicles, focusing on safety requirements for autonomous driving systems [21] - Huawei's new models, "Yijing" and "Qijing," are set to launch next year, with plans for annual new model releases [21] - The report highlights various collaborations and innovations in the industry, including support for battery swap models and local production plans in Europe by Magna with GAC and Xpeng [21][22] Upstream Data Tracking - The report includes tracking of key material prices such as steel, aluminum, and lithium carbonate, which are crucial for automotive manufacturing [24]

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel sector experienced a decline of 7.02% this week, underperforming the broader market, with specific segments such as long products down by 9.67% and flat products down by 7.38% [2][10] - Despite current supply-demand challenges and overall profit decline, the steel demand is expected to stabilize or slightly increase due to government policies aimed at economic growth, particularly in real estate and infrastructure [3][2] - The report suggests that the steel industry is likely to maintain a balanced supply-demand situation, with a focus on high-margin specialty steel companies and leading firms with strong cost control [3][2] Supply Situation - As of November 21, the capacity utilization rate for blast furnaces among sample steel companies is 88.6%, a decrease of 0.22 percentage points week-on-week [2][25] - The production of five major steel products reached 7.412 million tons, an increase of 2.08% week-on-week [2][25] Demand Situation - The consumption of five major steel products was 8.942 million tons, reflecting a week-on-week increase of 3.90% [2][30] - The transaction volume of construction steel by mainstream traders was 100,000 tons, a slight increase of 0.24% week-on-week [2][35] Inventory Situation - Social inventory of five major steel products decreased by 3.01% week-on-week to 10.294 million tons, while factory inventory also saw a decline of 2.95% to 4.037 million tons [2][43] Steel Prices & Profits - The comprehensive index for ordinary steel was 3,438.3 CNY/ton, a week-on-week increase of 0.47% [2][49] - The profit for rebar produced in blast furnaces was -30 CNY/ton, while the profit for electric arc furnace-produced construction steel was -112 CNY/ton, reflecting a week-on-week increase of 27.74% [2][55] Raw Material Situation - The spot price index for Australian iron ore (62% Fe) was 793 CNY/ton, up by 0.89% week-on-week [2][72] - The price for coking coal at the main stockpile in Jingtang Port was 1,790 CNY/ton, down by 40 CNY/ton week-on-week [2][72] Investment Recommendations - The report recommends focusing on regional leaders with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and those with strong competitive advantages in raw material supply [3][2]

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry. Core Insights - The report highlights that spring orders are beginning to be released in certain regions, and the profitability of polyester filament continues to improve [1]. Summary by Sections Domestic and International Refining Project Price Differentials - As of November 21, 2025, the domestic key refining project price differential is 2389.69 CNY/ton, with a week-on-week increase of 52.43 CNY/ton (+2.24%). The international key refining project price differential is 1446.16 CNY/ton, with a week-on-week increase of 6.66 CNY/ton (+0.46%) [2][3]. Refining Sector - The report notes that the end of the U.S. government shutdown is expected to boost demand. Geopolitical tensions, particularly the attack on the Russian port of Novorossiysk, raise concerns about supply disruptions from Russia. The Brent and WTI crude oil prices as of November 21, 2025, are 62.56 USD/barrel and 58.06 USD/barrel, respectively, reflecting decreases of 1.83 USD and 2.03 USD from the previous week [2][15]. Chemical Sector - The chemical price differentials are showing a fluctuating trend. Polyethylene prices are stable, while polypropylene demand remains weak, leading to price declines. The report indicates that the price of pure benzene remains stable, with a slight increase in its price differential [2][57]. Polyester & Nylon Sector - Demand for polyester filament is gradually being released, with product prices and profits showing slight increases. The report mentions that two new production facilities have been commissioned, although they have not yet started production. The prices of nylon fiber products have slightly increased, while the price differential has significantly decreased [2][57]. Stock Performance of Major Refining Companies - As of November 21, 2025, the stock price changes for six major private refining companies over the past week are as follows: Rongsheng Petrochemical (-9.17%), Hengli Petrochemical (-5.29%), Dongfang Shenghong (-3.44%), Hengyi Petrochemical (-3.01%), Tongkun Co. (-6.04%), and Xin Fengming (-9.63%). Over the past month, stock price changes are: Rongsheng Petrochemical (+4.58%), Hengli Petrochemical (+14.38%), Dongfang Shenghong (+7.91%), Hengyi Petrochemical (+10.44%), Tongkun Co. (+11.55%), and Xin Fengming (+7.98%) [2].

Report Industry Investment Rating No information about the industry investment rating is provided in the report. Core Viewpoints - The central bank's current policy attitude is similar to that in Q4 2023, with a reduced desire to promote the growth of M2 and social financing. However, the current situation is due to the decline in government bond net financing, and the central bank has no intention to tighten liquidity actively but lacks the willingness to relax it. With the approaching of year - end important meetings, the policy's demand for stable growth may become clearer, and attention should be paid to whether the monetary policy attitude will change [24]. - The funds rate center this week was higher than expected. If the central bank's policy framework remains unchanged, the funds price may loosen marginally at the end of November and next week [28][49]. - The market's attention to the winning bid rate of the repurchase - type reverse repurchase has increased. The central bank may not intentionally raise the winning bid rate, but a significant decline may still require a policy rate cut [20][21]. Summary by Relevant Catalogs I. Money Market 1.1 This Week's Funds Review - The central bank's 7 - day reverse repurchase had a net injection of 554 billion yuan this week, and an 80 - billion - yuan 6 - month repurchase - type reverse repurchase operation was carried out on Monday. The monthly net injection of the repurchase - type reverse repurchase increased by 100 billion yuan to 500 billion yuan compared with October. Affected by tax payments and government bond payments, the funds tightened in the first half of the week and then loosened. DR001 reached 1.53% at one point and fell to 1.32% on Friday [3][7]. - The trading volume of pledged repurchase first decreased and then increased, with the average daily trading volume decreasing by 0.15 trillion yuan to 7.29 trillion yuan compared with last week. The net lending of large - scale banks first decreased and then increased, returning to 4 trillion yuan on Friday. The net lending of joint - stock banks and city commercial banks increased after Tuesday, but the net lending of joint - stock banks decreased again on Friday. The new - caliber funds gap index reached - 398 on Tuesday and then fell to - 4117 on Friday, lower than - 1918 last Friday [14]. - As of Friday, the cross - month progress of inter - bank institutions was at the lowest level in recent years, and the cross - month progress of the exchange was only higher than that in 2024. The overall cross - month progress of the market was 9.6%, 4.4 percentage points lower than the average from 2020 - 2024 [18]. - After the "Financial Times" mentioned "fund idling", the market's attention to the winning bid rate of the repurchase - type reverse repurchase increased. The 6 - month repurchase - type reverse repurchase injection in November reached 800 billion yuan, with a net injection of 500 billion yuan, reflecting the central bank's intention to maintain sufficient liquidity. However, due to the large maturity of certificates of deposit and banks' high demand for medium - term liquidity across the Spring Festival, the winning bid rate may be affected. The central bank may not intentionally raise the winning bid rate, but a significant decline may require a policy rate cut [20][21]. 1.2 Next Week's Funds Outlook - The expected government bond payment scale next week is 557.3 billion yuan, with a net payment of 308.8 billion yuan, a decrease from this week. It is estimated that the government bond issuance scale in November is 1.94 trillion yuan, with a net financing of 1.25 trillion yuan, an increase of about 720 billion yuan compared with October. It is estimated that the government bond issuance scale in December is about 2.28 trillion yuan, with a net financing of about 670 billion yuan [31][38][40]. - The maturity scale of the 7 - day reverse repurchase next week will increase from 1.122 trillion yuan to 1.676 trillion yuan, and there will also be a 900 - billion - yuan MLF maturity on Tuesday. Although the increase in reverse repurchase maturity, government bond payment pressure, and institutions' cross - month funds demand may disturb the funds, the central bank's MLF is expected to be renewed in excess, and the year - end fiscal expenditure may hedge the impact. If the central bank's policy framework remains unchanged, the funds rate may decline next week [49]. II. Inter - bank Certificates of Deposit - The 1 - year Shibor rate remained unchanged at 1.65% this week. The net repayment scale of inter - bank certificates of deposit increased by 36.97 billion yuan to 38.71 billion yuan compared with last week. The net financing scales of state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were - 195.9 billion yuan, - 162.7 billion yuan, - 26.7 billion yuan, and - 13.7 billion yuan respectively. The issuance proportion of 1 - year certificates of deposit increased to 39%. The maturity scale of certificates of deposit next week is about 775.2 billion yuan, a decrease of 145.8 billion yuan compared with this week [50][52]. - The issuance success rates of rural commercial banks, joint - stock banks, and city commercial banks decreased compared with last week, while that of state - owned banks increased. The issuance spread between city commercial banks and joint - stock banks for 1 - year certificates of deposit narrowed. Affected by the increased funds fluctuations, fund companies tended to reduce their holdings of certificates of deposit, the willingness of money market funds to increase their holdings declined significantly, the demand of wealth management products and other products was relatively stable, and joint - stock banks tended to increase their holdings. The relative strength index of supply and demand for certificates of deposit continued to decline, falling by 4.1 percentage points to 37.7% on Friday, still in a relatively strong range. The supply - demand index of 6 - month certificates of deposit increased, while that of other maturities decreased slightly [53][65]. III. Bill Market - The bill rate continued to rise after Tuesday this week. The 3 - month and 6 - month national bill rates increased by 18BP and 14BP respectively compared with November 14th, reaching 0.58% and 0.77% [70]. IV. Bond Trading Sentiment Tracking - The bond market continued to fluctuate narrowly this week, and the credit and secondary - tier perpetual bond spreads were relatively stable. The willingness of large - scale banks to increase their bond holdings decreased slightly, mainly due to the significant weakening of the willingness to increase their holdings of certificates of deposit, a slight decrease in the willingness to increase their holdings of short - term treasury bonds, and an increase in the willingness to reduce their holdings of medium - term notes. Trading - type institutions' willingness to increase their bond holdings increased slightly, while allocation - type institutions' willingness to increase their bond holdings decreased [73].

10 月份全国全社会用电量同比增长 10.4%，国际气价周环比上涨 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 11 月 23 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 化工行业： 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@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 [Table_Title] 10 月份全国全社会用电量同比增长 10.4%，国际气 价周环比上涨 2025 年 11 月 23 日 本期内容提 ...

Investment Rating - The investment rating for the environmental protection industry is "Positive" [2] Core Viewpoints - The "14th Five-Year Plan" emphasizes the development of a circular economy, which is expected to unlock potential in the recycling metal industry, making it a significant area for investment [2][3] - China's non-ferrous metal resources are unevenly distributed, with copper, aluminum, and nickel reserves being relatively scarce, leading to high import dependence [3][17] - The demand for copper is projected to increase significantly due to the growth of new energy sectors and data centers, with a potential supply gap of 30% by 2035 [26][29] - The production of recycled metals is crucial for achieving carbon neutrality, with significant energy and water savings compared to primary metal production [29][30] Summary by Sections Market Performance - As of November 21, the environmental protection sector declined by 6.02%, underperforming the broader market, which fell by 3.90% [3][10] - The water management and waste treatment sub-sectors also experienced declines of 4.50% and 9.76%, respectively [11][12] Industry Dynamics - The Ministry of Finance announced early allocation of the 2026 budget for clean energy development, supporting unconventional natural gas extraction [35] - The Ministry of Ecology and Environment issued a notice regarding carbon emission trading quotas for the steel, cement, and aluminum industries for 2024 and 2025 [36] - The production of ten major non-ferrous metals in China is expected to grow at an annual rate of around 5% [30][31] Investment Recommendations - The report recommends focusing on companies in the water and waste incineration sectors, which are expected to maintain stable profitability and positive cash flow [3][30] - Key recommended stocks include: Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co. [3][30]

—— 量化市场追踪周报（2025W47） [Table_ReportTime] 2025 年 11 月 23 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [Table_ReportType] 金工点评报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 主动权益趋势性增配电子、有色与及反内卷板块 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W47)：主动权益趋势性增 配电子、有色与及反内卷板块 [Table_ReportDate] 2025 年 ...

Investment Rating - The report assigns a positive investment rating to Luk Fook Holdings (0590.HK) with expectations of significant revenue and profit growth in FY2026H1 [1]. Core Insights - The company anticipates a revenue increase of 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by rising gold prices, an increase in the sales proportion of priced jewelry products, and operational leverage enhancing profit margins [1]. - Same-store sales have shown a positive trend, with retail value growth of 13% year-on-year from April to June and 18% from July to September, indicating a robust recovery and consumer acceptance despite rising gold prices [2]. - The pricing of gold products continues to perform well, with a 67% year-on-year increase in same-store sales for priced gold products, reflecting strong consumer demand [3]. - The company is expanding its market presence, with a total of 2,634 stores as of September, and plans to open 20 new stores overseas in FY2026, including a recent entry into Vietnam [4]. Financial Summary - Revenue projections for FY2026-2028 are as follows: HKD 15.58 billion in 2026, HKD 17.51 billion in 2027, and HKD 19.42 billion in 2028, representing growth rates of 17%, 12%, and 11% respectively [6]. - The expected net profit for the same period is HKD 1.45 billion in 2026, HKD 1.68 billion in 2027, and HKD 1.89 billion in 2028, with growth rates of 32%, 16%, and 13% respectively [6]. - Earnings per share (EPS) are projected to increase from HKD 1.87 in 2025 to HKD 3.22 by 2028 [6][8].