Market Overview - The communication sector outperformed the market in November, with the communication index rising by 1.85% while the CSI 300 index fell by 2.46%, ranking 6th among 31 primary industries [12][16] - Notable stocks in the sector included Changguang Huaxin (up 58.52%), Tengjing Technology (up 49.66%), and Guangke Technology (up 36.11%) [12][24] AI Infrastructure Growth - The financial reports from major North American tech companies indicate a sustained high demand for computing power, particularly driven by AI investments. NVIDIA reported a significant revenue increase of 62% year-on-year for Q3 2025, with data center revenue growing by 66% [30][31] - Capital expenditures (CAPEX) from major cloud service providers (CSPs) reached nearly $120 billion in Q3 2025, with a year-on-year growth rate exceeding 50%. TrendForce revised the expected growth rate for global CSPs' capital expenditures in 2025 from 61% to 65% [2][30] Competitive Landscape - Google has enhanced its TPU capabilities with the introduction of Ironwood, its most powerful and efficient accelerator to date. This development raises concerns about NVIDIA's market position, although NVIDIA maintains a strong foothold in the AI infrastructure space through its GPU and CUDA ecosystem [3][62] - Meta plans to integrate Google's TPU chips into its data centers by 2027, potentially worth billions, indicating a shift in competitive dynamics within the AI hardware market [3][57] Investment Recommendations - Continued focus on AI computing infrastructure, edge computing, and commercial aerospace is advised. Key areas for investment include optical devices and modules, communication equipment, and liquid cooling technologies [4][69] - The three major telecom operators are considered important assets for long-term investment due to their stable operations and increasing dividend payouts [4][69] Company Performance Insights - NVIDIA's Q3 2025 revenue reached $57 billion, with a notable increase in data center revenue, affirming the strong demand for AI-related hardware [31][33] - Google's Q3 2025 revenue surpassed $102 billion, driven by growth across all major business segments, including a 34% increase in cloud revenue [36][38] - Microsoft reported a 18% increase in revenue for Q3 2025, with significant investments in AI and cloud services, indicating a robust growth trajectory [41][42] - Amazon's cloud business, AWS, achieved a 20% revenue growth in Q3 2025, with expectations for increased capital expenditures in the coming years [51][53] - Meta's Q3 2025 revenue was $51.24 billion, but net profit declined significantly due to increased costs, prompting a rise in capital expenditure forecasts [46][50]

回调后的债市。本周周中债券市场出现较大幅度回调。（1）从本周债市 回调的期限结构来看，短端品种受央行流动性呵护及配置需求支撑，收 益率始终保持稳定，成为保守型机构的核心底仓选择；长端品种则经历 "政策担忧-预期修复"的切换，前期因新规传闻和浮盈兑现承压，后 期随基本面预期落地及配置盘入场实现修复，3-5 年期中短端品种延续 前期交易热度，成为兼顾收益与流动性的优选标的。（2）从回调的原 因来看，实际上，从此前两周长债基本横盘、11 月 21 日股市大幅回踩 但债市几无反馈中， 已经或多或少展示出债市进入空头思维的迹象。 而本周回踩的直接原因则可能是临近年末银行"落袋为安"兑现浮盈的 操作对市场形成阶段性扰动，部分银行减持高流动性长端品种，转而配 置短期限债券以优化报表结构。（3）往后看，近期消息面上，六大行 集体下架五年期大额存单的动作引发市场对利率下行的联想，叠加贷款 端利率压力，LPR 调降预期有所升温，为后期债市回暖提供政策预期支 撑。12 月份市场将进入全年收官阶段，博弈重心逐步转向 2026 年政策 定调，12 月中旬中央经济工作会议对货币政策的表述、央行 11 月买债 情况公告及公募费率新规的最终 ...

ESG 专题 中国股票市场 ESG 溢价现象探析 投资 ESG 表现优秀的公司能否为投资者带来超额市场收益呢？国内外股 票市场的实证检验并未得到一致的结论。国外的实证研究更多支持 ESG 表现优秀的公司能获得更高的收益，但在碳排放领域，投资那些碳排放 水平越高的公司能也获得更高的收益。国内的实证研究由于不同的 ESG 数据差异较大、研究的截面样本、时间区间、数据频率、实证方法不同， 研究结果也存在分歧。为此，本报告基于股票覆盖较全的秩鼎的 ESG 评 分数据，采用 Fama 和 French（2008）关于探讨股市异象的排序分组方 法和横截面回归方法，研究了较长一段时间里股票收益与 ESG 表现的关 系，主要结论如下： 1、A 股市场存在显著的 ESG 正溢价现象，这一现象在大盘股和中盘股中 更为明显。具体而言，除微盘股外，全样本及其他规模分组中，ESG 指 标与收益率呈现出明显的正相关关系。对冲组合（做多 ESG 指标最高的 组合而做空 ESG 指标最低的组合）的收益率随规模递增，其中大盘股和 中盘股的对冲组合收益要更高，而且显著。横截面回归和行业中性的排 序分组结果也显示出 ESG 指标的预测能力在大盘股 ...

证券研究报告 | 2025年11月30日 估值周观察(11月第5期) 科技主导"反弹周" 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.11.24-2025.11.28）海外市场普遍反弹，估值随股价修复。美股领涨，主要指数均上涨3%以上，其中纳斯达克100涨幅 最显著（+4.93%）。欧元区中，德国表现突出；亚洲市场整体温和上涨，恒生科技和日经225涨幅超3%，估值随股价修复。除道琼斯 工业指数，美股主要指数PE扩张均超过1x；纳斯达克、日经225、韩国综合指数、恒生科技PE扩张幅度超过2x。从估值分位数看，标 普500和法国CAC40位于历史较高水平，印度SENSEX30和恒生科技指数处于较低区间。 • 近一周(2025.11.24-2025.11.28)，A ...

证券研究报告 | 2025年11月30日 超长债周报 TL 放量大跌 核心观点 固定收益周报 超长债复盘：上周 A 股连续反弹，万科展期一度拖累债市情绪，周五传 六大行停售五年期大额存单，并调降三年期存款产品利率，国内降息预 期升温债市小幅反弹，全周来看债市先抑后扬，超长债继续下跌。成交 方面，上周超长债交投活跃度保持平稳，交投非常活跃。利差方面，上 周超长债期限利差走平，品种利差缩窄。 超长债投资展望： 30 年国债：截至 11 月 30 日，30 年国债和 10 年国债利差为 34BP，处于 历史较低水平。从国内经济数据来看，10 月经济下行压力继续增加。我 们测算的 10 月国内 GDP 同比增速约 4.2%，增速较 9 月回落 1.1%。通胀 方面，10 月 CPI 为 0.2%，PPI 为-2.1%，通缩风险依存。我们认为，当 前债市低位震荡概率更大。一方面，去年四季度以来的经济企稳，主要 来自于中央加杠杆的托底。考虑到今年四季度增发国债的概率较低，预 计四季度政府债券融资增速继续回落，四季度国内经济依然承压。另一 方面，利率绝对水平偏低，市场对利好因素有所脱敏，近期投资者情绪 转弱。另外 30-1 ...

证券研究报告 | 2025年11月30日 多资产周报 回调后的债市 回调后的债市。本周周中债券市场出现较大幅度回调。（1）从本周债市 回调的期限结构来看，短端品种受央行流动性呵护及配置需求支撑，收 益率始终保持稳定，成为保守型机构的核心底仓选择；长端品种则经历 "政策担忧-预期修复"的切换，前期因新规传闻和浮盈兑现承压，后 期随基本面预期落地及配置盘入场实现修复，3-5 年期中短端品种延续 前期交易热度，成为兼顾收益与流动性的优选标的。（2）从回调的原 因来看，实际上，从此前两周长债基本横盘、11 月 21 日股市大幅回踩 但债市几无反馈中， 已经或多或少展示出债市进入空头思维的迹象。 而本周回踩的直接原因则可能是临近年末银行"落袋为安"兑现浮盈的 操作对市场形成阶段性扰动，部分银行减持高流动性长端品种，转而配 置短期限债券以优化报表结构。（3）往后看，近期消息面上，六大行 集体下架五年期大额存单的动作引发市场对利率下行的联想，叠加贷款 端利率压力，LPR 调降预期有所升温，为后期债市回暖提供政策预期支 撑。12 月份市场将进入全年收官阶段，博弈重心逐步转向 2026 年政策 定调，12 月中旬中央经济工作会 ...

Market Performance - The S&P 500 index closed at 6,849, reflecting a weekly increase of 3.7% and a year-to-date increase of 16.4%[6] - The Nasdaq 100 index reached 25,435, with a weekly rise of 4.9% and a year-to-date increase of 21.0%[6] - The Dow Jones Industrial Average increased by 3.2% this week, with a year-to-date growth of 12.2%[6] Sector Analysis - The automotive and auto parts sector saw a significant weekly increase of 9.3% and a year-to-date increase of 9.9%[9] - The information technology sector reported a weekly rise of 4.6% and a year-to-date increase of 32.8%[9] - The healthcare sector experienced a weekly increase of 1.9% and a year-to-date increase of 21.0%[9] Fund Flows - The energy sector recorded a net inflow of $48 million this week, with a total of $572 million over the past 52 weeks[11] - The materials sector faced a net outflow of $290 million this week, totaling a negative $3.344 billion over the past 52 weeks[11] - The financial sector had a net inflow of $2.106 billion this week, with a total outflow of $6.723 billion over the past 52 weeks[11] Earnings Forecast - The overall EPS adjustment for the energy sector was 0.3% this week, with a year-to-date adjustment of -7.4%[14] - The materials sector saw an EPS adjustment of 0.6% this week, with a year-to-date adjustment of 4.9%[14] - The information technology sector's EPS adjustment was 0.6% this week, with a year-to-date adjustment of 28.0%[14]

Quantitative Models and Construction Methods Model Name: Index Component Adjustment Impact Model - **Model Construction Idea**: The model aims to measure the impact of index component adjustments on stock prices, considering the scale of passive products tracking the index and the average trading volume of the stocks[7][8][9]. - **Detailed Construction Process**: - The model calculates the impact of index adjustments using the following formula: $$ \mathrm{effect}_{s} = \frac{\sum_{i}^{m} wt_{in} * index_{-}scale_{i} - \sum_{i}^{n} wt_{out} * index_{-}scale_{i}}{avg_{-}amt_{s}} $$ where: - \( wt_{in} \) represents the buy weight of the stock in the index - \( wt_{out} \) represents the sell weight of the stock in the index - \( index_{-}scale_{i} \) represents the total scale of passive products tracking the index - \( avg_{-}amt_{s} \) represents the average daily trading volume of the stock over the past two weeks[7][8][9]. - **Model Evaluation**: The model effectively quantifies the potential trading impact on stocks due to index adjustments, providing valuable insights for identifying trading opportunities[7][8][9]. Model Backtesting Results - **Index Component Adjustment Impact Model**: - **Net Buy Scale**: - Shenghong Technology: 48.65 billion CNY[10] - Dongshan Precision: 47.91 billion CNY[10] - Guangqi Technology: 34.87 billion CNY[10] - **Impact Coefficient**: - Shenghong Technology: 0.57[10] - Dongshan Precision: 1.31[10] - Guangqi Technology: 3.37[10] Quantitative Factors and Construction Methods Factor Name: Impact Coefficient - **Factor Construction Idea**: The impact coefficient measures the potential impact on a stock's price due to changes in its index weight, considering the net adjustment scale and the stock's average trading volume[9][10][11]. - **Detailed Construction Process**: - The impact coefficient is calculated using the formula: $$ \text{Impact Coefficient} = \frac{\text{Net Adjustment Scale}}{\text{Average Daily Trading Volume}} $$ where: - Net Adjustment Scale is the net buy or sell scale of the stock due to index adjustments - Average Daily Trading Volume is the stock's average trading volume over the past two weeks[9][10][11]. - **Factor Evaluation**: The impact coefficient provides a clear measure of the potential price impact on stocks due to index adjustments, helping investors identify stocks that may experience significant price movements[9][10][11]. Factor Backtesting Results - **Impact Coefficient**: - **Stocks with Impact Coefficient > 2**: - Tower Group: 8.69[12] - Jiangzhong Pharmaceutical: 8.44[12] - Shanxi Drum Power: 6.99[12] - **Stocks with Impact Coefficient < -2**: - Deep Expressway: -15.65[14] - Wanhe Electric: -13.30[14] - Tianyoude Wine: -10.52[14]

证券研究报告 | 2025年11月30日 风险提示：海外市场动荡，全球不确定性上升。 超长债周报 TL 放量大跌 核心观点 固定收益周报 超长债复盘：上周 A 股连续反弹，万科展期一度拖累债市情绪，周五传 六大行停售五年期大额存单，并调降三年期存款产品利率，国内降息预 期升温债市小幅反弹，全周来看债市先抑后扬，超长债继续下跌。成交 方面，上周超长债交投活跃度保持平稳，交投非常活跃。利差方面，上 周超长债期限利差走平，品种利差缩窄。 超长债投资展望： 30 年国债：截至 11 月 30 日，30 年国债和 10 年国债利差为 34BP，处于 历史较低水平。从国内经济数据来看，10 月经济下行压力继续增加。我 们测算的 10 月国内 GDP 同比增速约 4.2%，增速较 9 月回落 1.1%。通胀 方面，10 月 CPI 为 0.2%，PPI 为-2.1%，通缩风险依存。我们认为，当 前债市低位震荡概率更大。一方面，去年四季度以来的经济企稳，主要 来自于中央加杠杆的托底。考虑到今年四季度增发国债的概率较低，预 计四季度政府债券融资增速继续回落，四季度国内经济依然承压。另一 方面，利率绝对水平偏低，市场对利好因素有 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Viewpoints - The company has steadily developed into a leading chain pharmacy enterprise in China over the past 20 years, with a strong market presence in Central South, East China, and South China regions, and a total of over 14,666 stores by September 2025, serving 110 million members [3][4] - The retail pharmacy industry is undergoing a transformation from scale expansion to quality competition, with a market size of 929.3 billion yuan in 2023, growing by 6.5% year-on-year, but showing signs of slowing growth [3][46] - The company has shown slight revenue growth and strong profit growth in the first three quarters of 2025, with operating income of 17.286 billion yuan (up 0.4% year-on-year) and net profit of 1.225 billion yuan (up 10.3% year-on-year) [20][21] - The company is expected to maintain growth through refined operations and the development of a new retail system, with projected revenues of 24.546 billion yuan, 27.292 billion yuan, and 30.444 billion yuan for 2025-2027, representing year-on-year growth rates of 2.0%, 11.2%, and 11.5% respectively [3][20] Summary by Sections Company Overview - The company has expanded its operational regions and has a strong financing and acquisition capability, establishing itself as a leading chain pharmacy since its founding in 2001 [5] - The company has a clear shareholding structure, with the controlling shareholder being Chairman Gao Yi, who holds 11.67% of the shares directly [8] Industry Status - The retail pharmacy market is experiencing a decline in growth rates, with the number of retail pharmacies decreasing from 706,000 in Q3 2024 to 699,000 in Q1 2025 due to industry slowdown and online competition [3][46] - The industry is expected to see increased concentration and chain rates, with larger chain enterprises likely to gain competitive advantages over smaller pharmacies [3][46] Operational Effectiveness - The company has implemented a "fleet-type" store network strategy, enhancing customer repurchase rates through a membership system and digitalization [3][29] - The company has issued convertible bonds to raise 1.797 billion yuan for projects aimed at improving operational efficiency and logistics capabilities [18] Performance Review - The company has maintained stable expense ratios, with a gross margin of 40.4% and a net margin of 7.6% in the first three quarters of 2025 [29] - The retail business remains the primary revenue source, while the franchise and distribution business has shown significant growth, with a 17.5% increase in revenue [32] Future Outlook - The company is expected to benefit from the trend of prescription drug outflow, which is anticipated to provide new growth opportunities in the retail pharmacy market [57][62] - The company is focusing on expanding its new retail system, enhancing its O2O and B2C channels, and leveraging its large member base to drive sales [93]