Investment Rating - The industry maintains a "Recommended" rating, focusing on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][27]. Core Insights - The report highlights a significant increase in retail performance, with major sectors like retail, social services, and beauty care showing positive growth rates of +3.45%, +3.92%, and +0.50% respectively during the week of November 24-28, 2025 [14][22]. - The implementation plan by six departments aims to enhance the adaptability of supply and demand in consumer goods, targeting the formation of three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027 [3][22]. - Key companies such as Chow Tai Fook and Luk Fook have reported impressive same-store sales growth, with Chow Tai Fook's same-store sales in mainland China increasing by 38.8% from October 1 to November 18, 2025 [4][22]. Summary by Sections Market Performance - The report indicates that the retail, social services, and beauty care sectors ranked 9th, 6th, and 26th among 31 primary industries, with the Shanghai Composite Index rising by 1.40% and the Shenzhen Component Index by 3.56% during the same period [14][18]. Key Industry Events and Information - The report discusses various industry developments, including the registration of a new medical device by Jinbo Bio in the Philippines and the performance of travel company Tongcheng Travel, which reported a revenue of 5.509 billion yuan in Q3 2025, up 10.4% year-on-year [3][22]. - The release of "Zootopia 2" on November 26, 2025, achieved a record box office of 228 million yuan on its first day, indicating strong demand for related merchandise [3][22]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Ltd., Juzhi Bio, Marubi Biotechnology, Runben Co., Ltd., Proya, Chao Hong Ji, and Furuida, which are positioned well within the beauty care and new consumption sectors [5][27].

Group 1 - The core viewpoint of the report emphasizes that major economic provinces are crucial for the high-quality development of the national economy, acting as both a "ballast" and a "main engine" for economic stability and growth [2][11][14] - Major economic provinces face dual challenges of transitioning from "quantitative expansion" to "qualitative improvement," necessitating systematic consideration and strategic planning [2][16] - The report highlights the need for robust industrial strength to support the high-quality development of major economic provinces, which are characterized by high GDP and significant fiscal contributions [3][18] Group 2 - The report indicates that major economic provinces are also significant consumer markets, with potential for consumption growth that has yet to be fully realized [2][26] - It notes that the retail sales of consumer goods in major economic provinces align closely with their GDP rankings, although there are notable exceptions [27][28] - The consumption tendency in economically developed regions is generally lower compared to emerging economic provinces, suggesting a need for targeted policies to enhance consumer spending [31][32] Group 3 - Major economic provinces play a pivotal role in fiscal contributions to the central government, with their public budget revenues reflecting a high degree of consistency with their economic strength [3][35] - The report outlines that these provinces collectively contribute over 70% of the total central government transfers, underscoring their importance in maintaining fiscal balance [3][43] - It highlights the fiscal health of major economic provinces, with most maintaining a deficit rate below the national average, indicating a stable financial environment [3][40][42] Group 4 - The report tracks the industrial production and investment trends, noting a slight decline in industrial production and fixed asset investment, with infrastructure investment facing downward pressure [4][19] - It discusses the consumer confidence index showing a steady upward trend, reflecting a gradual recovery in consumer sentiment [4][27] - The report also highlights the export performance of major economic provinces, which accounted for 85.29% of the national export total in the first three quarters, indicating their critical role in supporting economic stability [3][9]

Investment Rating - The report maintains a positive outlook on the engineering machinery sector and the low-altitude economy, suggesting a "Buy" rating for related stocks [3][8]. Core Insights - The low-altitude economy is progressing with the establishment of a comprehensive regulatory framework and the promotion of new consumption opportunities, including low-altitude tourism and drone usage, supported by government policies [2][21]. - The engineering machinery sector is expected to continue its steady growth, with a slight decrease in rental rates for certain machinery types, indicating a mixed performance across different models [2][3]. Weekly Market Review - From November 23 to November 28, 2025, the Shanghai Composite Index rose by 1.40%, while the Shenzhen Component Index increased by 3.56%, and the ChiNext Index saw a rise of 4.54%. The Shenwan Machinery Equipment Index outperformed the CSI 300 Index by 2.26 percentage points, with a weekly increase of 3.91% [1][11]. - Within the machinery sector, sub-industries such as general equipment and specialized equipment saw increases of 4.70% and 4.28%, respectively, while engineering machinery rose by 3.27% [1][11]. Key Sector Tracking - The rental rate index for aerial work platforms in October 2025 was 660 points, showing a month-on-month decrease of 3.8% but a year-on-year increase of 4.6%. The 20-24m model experienced the largest month-on-month decline of 8.7% [2][3]. - The report highlights specific companies to watch in the low-altitude economy, including Deep City Transportation, Sujiao Science and Technology, and Wan Feng Aowei, among others [3]. Important Industry Data - The manufacturing PMI and its components indicate ongoing trends in production and new orders, which are crucial for assessing the health of the manufacturing sector [33][34]. - The report tracks the monthly export totals and changes, providing insights into the performance of the machinery sector in international markets [38][50].

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within it [6][9]. Core Insights - The media industry has shown a weekly increase of 4.23%, ranking fourth among industries, with notable performances from companies like Reader Media and BlueFocus [12][20]. - The film "Zootopia 2" has achieved a remarkable box office of over 2 billion in just six days, dominating the year-end film market [3][39]. - The report highlights the growth in AI applications, with significant developments from companies like Alibaba and Tencent [2][41]. Market Performance - The media industry (Shenwan) increased by 4.23% from November 22 to November 28, 2025, outperforming the Shanghai Composite Index, which rose by 1.40% [12][20]. - The gaming sector saw a weekly increase of 5.95%, while the advertising and film sectors also experienced positive growth [12][15]. Industry Key Data AI Applications - Recent iOS download estimates for AI applications show a mixed performance, with Alibaba's Qianwen app experiencing a 34.93% increase [2][24]. Gaming - The iOS gaming sales chart for November 29, 2025, lists "Peace Elite," "Honor of Kings," and "Delta Force" as the top three games [3][27]. - In November, 178 domestic and 6 imported game licenses were issued, with several major titles approved for release [29][33]. Film - The total box office for the week of November 22-28 was 1.052 billion yuan, with "Zootopia 2" leading at 667.13 million yuan, accounting for 63.4% of the weekly total [39][40]. Investment Recommendations - The report expresses optimism about themes such as AI applications and cultural exports, focusing on sub-sectors like gaming, IP, short dramas, and publishing [4][41]. - Specific companies to watch include Giant Network, Kyeong Network, and Perfect World among others [4][9].

[Table_Title] 基金研究报告 证券研究报告 2025 年 12 月 1 日 通过跨境 ETF，参与全球市场投资 报告要点： 近年来，跨境 ETF 迎来快速发展期，规模已逼近万亿元大关。据 Wind 数 据显示，目前跨境 ETF 数量达 198 只，合计规模 9274 亿元，展现出强劲的扩 容势头。在全球流动性宽松预期的推动下，近年来全球风险资产整体表现亮 眼，吸引越来越多投资者借助跨境 ETF 这一便捷工具，参与到港股、美股、 日股等全球市场的投资中，通过分散配置分享全球经济增长的红利。 参与跨境 ETF 投资，重点关注跟踪指数、流动性和溢价率。一是跟踪指 数的差异，跟踪指数是影响 ETF 长期投资收益的关键变量，例如在港股科技 指数家族中，指数成分股的行业分布、集中度都会直接影响 ETF 的风险收益 特征，如目前规模最大的跨境 ETF 是港股通互联网 ETF（159792.SZ），其持 股相对集中，小米、腾讯、阿里、美团的占比都超过了 10%，因此 ETF 的弹 性也会更大；二是流动性的充裕度，日均成交额与规模是重要的观测指标， 流动性不足可能导致交易价格失真，盘中成交稀疏价格可能会横盘不动，出 ...

[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 [Table_Summary] 报告要点： 半导体与半导体生产设 备行业周报、月报 2025 年 12 月 01 日 [Table_Title] 台积电扩充 2/3nm 产能，中国 AI 公司推出 自研 TPU ——行业周报 1）因英伟达等客户长期需求，台积电南科晶圆厂再增加 3nm 产能， 并新建 3 座 2nm 晶圆厂。2）三大原厂在 12 月的 DRAM 合约价涨幅 大幅提高，部分上涨 80%-100%。3）三星与英伟达进行中的 HBM4 进入最后阶段，最快有望在 12 月初公布测试结果，可望缩小与 SK 海 力士的技术差距。4）Meta 和英伟达拟将 GPU 运算核心直接集成至 HBM 底部的基础裸晶中。5）中国 AI 芯片公司中昊芯英最新推出自主 研发的 TPU，成为中国科技产业减少对英伟达技术依赖的重要突破。 风险提示 上行风险：中美贸易摩擦趋缓；半导体产业 AI 相关应用领域增速加 快；苹果加速中国 AI 进展等。 下行风险：下游需求不及预期；国际贸易摩擦加剧；苹果 AI 进展放缓； 其他系统性风险等。 [Tab ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [7]. Core Insights - Current demand is weak, but annual cumulative sales remain within a reasonable range, with retail sales of passenger vehicles in China from November 1-23 at 1.384 million units, a year-on-year decrease of 11% [2][21]. - The report highlights the acceleration of domestic brands in the automotive market, with significant developments in AI and solid-state battery technologies [5][4]. - The automotive industry is witnessing a shift towards self-owned brands revitalizing joint venture capacities, as seen with Changan taking over Beijing Hyundai's Chongqing plant [3][35]. Summary by Sections Weekly Market Review - The automotive sector rose by 3.24% this week, outperforming the CSI 300 index by 1.60 percentage points [13]. - The automotive parts sector saw the highest increase at 4.03%, with notable individual stock performances from GAC Group and BYD [16][17]. Data Tracking - Retail and wholesale sales of passenger vehicles showed a cumulative increase of 6% and 11% year-on-year, respectively, for the year to date [21]. - New energy vehicle retail sales from November 1-23 reached 849,000 units, a 3% increase year-on-year, with cumulative sales for the year up 20% [21]. Industry News - Xiaomi launched its MiMo-Embodied model, marking a significant advancement in integrating autonomous driving with embodied intelligence [29][30]. - GAC Group established the first large-capacity solid-state battery production line in China, capable of producing batteries with over 60 Ah capacity [33]. - Long-term plans for Changan include utilizing the newly acquired Hyundai plant to support its production goals [35]. - NIO reported a record third-quarter revenue of 21.79 billion yuan, with a significant increase in vehicle deliveries [38][39].

Stock Recommendations - 运机集团 (001288.SZ) has a strong order backlog and is expected to increase performance as production capacity ramps up[3] - 道通科技 (688208.SH) reported a 19.59% year-on-year revenue growth in Q3 2025, with a net profit growth of 57.48%[3] - 拓普集团 (601689.SH) is a core supplier for Tesla and Huawei, indicating significant growth potential[3] - 中钨高新 (000657.SZ) is enhancing its tungsten self-sufficiency through quality mine acquisitions, with tungsten prices expected to remain high[3] - 巨人网络 (002558.SZ) achieved a net profit of 1.417 billion yuan in Q3 2025, up 32.31% year-on-year[3] - 潮宏基 (002345.SZ) saw an 81.54% profit growth in Q3 after excluding goodwill impairment[4] Market Performance - The 国元金股组合 achieved a weighted return of 3.45% in November 2025, outperforming the Shanghai Composite Index, which fell by 1.67%[11] - The best-performing stock in the portfolio was 巨人网络, with a return of 17.24%[11] - 中钨高新 had the highest increase in stock price over the past month, rising by 19.16%[18] Risk Factors - Economic recovery and policy support may fall short of expectations, posing risks to the market[5] - Individual companies may face operational risks that could impact performance[5]

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [6][30]. Core Insights - The beauty care sector is seeing significant developments, including L'Oréal's minority stake investment in the Chinese skincare brand LAN and Proya's entry into the PDRN market with a new trademark [3][23]. - E-commerce company Yatsen reported a Q3 revenue of RMB 998 million, a 47.5% year-on-year increase, indicating strong growth in the beauty sector [3][23]. - The report highlights the strategic upgrades of Meili Tianyuan, focusing on brand enhancement, chain expansion, and digital transformation [3][23]. Market Performance - For the week of November 17-21, 2025, the retail, social services, and beauty care sectors experienced declines of 7.24%, 4.86%, and 4.53% respectively, ranking 28th, 15th, and 12th among 31 primary industries [15][16]. - The report notes a general downturn in consumer-focused sub-sectors, with trade, general retail, and tourism experiencing the largest declines of 9.12%, 7.49%, and 5.75% respectively [15][16]. Key Industry Events and News - L'Oréal announced a minority investment in LAN, marking its first investment in a local skincare brand in China [3][23]. - Proya launched a new product line under the "PROYA MED" brand, focusing on scientific and medical attributes [3][23]. - The report mentions significant revenue growth for companies like Yatsen and Meili Tianyuan, with Yatsen's Q3 revenue up 47.5% and Meili Tianyuan announcing strategic upgrades [3][23][24]. Investment Recommendations - The report recommends focusing on companies such as Proya, Giant Bio, Marubi, Runben, and others within the beauty care and new consumption sectors [6][30].

[Table_Main] 行业研究|有色金属 证券研究报告 有色金属行业双周报 2025 年 11 月 25 日 [Table_Title] 贵金属价格持续震荡，锑价回涨明显 ——有色金属行业双周报 [Table_Summary] 报告要点： 行情回顾：近 2 周申万有色金属指数下降 5.76% 近 2 周（2025.11.10-2025.11.21），有色金属行业指数下降 5.76%， 跑输沪深 300 指数，在 31 个申万一级行业中排名第 22。从细分领域 看，能源金属（-2.70%）和工业金属（-6.85%）、金属新材料（-10.20%）、 贵金属（-0.65%）、小金属（-6.43%）、均有不同程度下降。 金属价格：锑价回升，钴价涨幅领跑 截至 11 月 21 日，COMEX 黄金收盘价为 4062.80 美元/盎司，近 2 周 上涨 1.37%；COMEX 白银收盘价为 49.66 美元/盎司，近 2 周上涨 2.98% LME 铜现货结算价为 10,685.50 美元/吨，近 2 周下跌 0.32%； LME 铝现货结算价为 2,766 美元/吨，近 2 周下跌 2.66%；黑钨精矿 （≥65% ...