Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The non-bank financial sector has shown a decline in trading volume, with the commercial real estate REITs pilot program progressing steadily [1] - The insurance industry has surpassed a total asset value of 40 trillion yuan, indicating robust growth [5][23] - The report highlights the performance of various sub-sectors within non-bank finance, with insurance leading in growth [11] Summary by Sections Non-Bank Financial Sub-Sector Performance - In the recent five trading days (November 24-28, 2025), all sub-sectors of non-bank finance underperformed compared to the CSI 300 index, with insurance up by 0.21%, securities by 0.75%, and multi-financial by 1.63% [10] - Year-to-date, the insurance sector has increased by 14.41%, while multi-financial has risen by 6.76% [11] Securities Sector - Trading volume has decreased month-on-month, with the average daily trading amount for November at 22,411 billion yuan, a 12.90% decline from the previous month but a 4.61% increase year-on-year [15] - The China Securities Regulatory Commission (CSRC) has released a consultation draft for the commercial real estate REITs pilot program, aiming to enhance the market [18][21] Insurance Sector - As of Q3 2025, the total assets of insurance companies reached 40.4 trillion yuan, a 12.5% increase from the beginning of the year [23] - The insurance sector's premium income for the first three quarters was 5.2 trillion yuan, reflecting an 8.5% year-on-year growth [23] - The report indicates a strong cyclical characteristic in the insurance industry, with expectations for improvement in both liabilities and investments as the economy recovers [27] Multi-Financial Sector - The trust industry is experiencing a stable transition, with total assets reaching 29.56 trillion yuan in 2024, a 23.58% year-on-year increase [30] - The futures market saw a trading volume of 6.03 billion hands in October 2025, with a transaction value of 61.22 trillion yuan, indicating a 4.56% year-on-year growth [35] Industry Ranking and Key Company Recommendations - The report ranks the non-bank financial sectors as follows: insurance > securities > other multi-financial [46] - Key recommended companies include China Life, Ping An, New China Life, China Pacific Insurance, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [46]

Group 1: Report's Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - Analyze the configuration opportunities brought by the recent fluctuations in interest rates and predict the yield points of 1Y, 10Y, and 30Y national bonds in 2026 [1][14] - Evaluate the impact of a series of US economic data on the future trend of US Treasury yields and analyze the Fed's possible interest - rate adjustment direction [15][23] Group 3: Summary According to the Directory 1. One - Week Viewpoints - **Analysis of Chinese Bond Market Fluctuations**: From 2025.11.24 - 2025.11.28, the yield of the 10 - year active national bond rose 1.65bp to 1.8290%. Interest rates showed significant fluctuations this week, and if the fund redemption fee rate new rules are implemented, it may create good configuration opportunities [10][14] - **Analysis of US Economic Data and Treasury Yield Trends**: A series of US economic data, including PPI, durable goods orders, and unemployment benefits, have been released. The market's expectation of the Fed's December interest - rate cut has increased, and the future trend of US Treasury yields is affected by multiple factors [15][23] 2. Domestic and International Data Summary 2.1 Liquidity Tracking - **Open - Market Operations**: From 2025/11/21 - 2025/11/28, the net investment in the open - market operations was - 15722 billion yuan, mainly through reverse repurchase and MLF operations [29] - **Interest Rate Changes**: The money - market interest rates showed certain fluctuations. For example, the R, DR, and SHIBOR rates changed to varying degrees [30] 2.2 Domestic and International Macroeconomic Data Tracking - **Commodity Prices**: Steel prices and LME non - ferrous metal futures official prices fluctuated. For example, the price of LME 3 - month copper rose 3.68% [53] - **Bond Yields**: The yields of US Treasury bonds showed a pattern of short - term increase and long - term decline, and the term spreads between 10 - year and 2 - year, 10 - year and 3 - month US Treasury bonds decreased [67][70] 3. One - Week Review of Local Government Bonds 3.1 Primary - Market Issuance Overview - **Issuance Scale and Structure**: A total of 116 local government bonds were issued, with a total issuance amount of 3513.59 billion yuan, including 1173.37 billion yuan of refinancing bonds, 2252.72 billion yuan of new special bonds, and 87.50 billion yuan of new general bonds [76] - **Provincial Issuance Ranking**: The top five provinces in terms of issuance amount were Henan, Hubei, Shanghai, Hebei, and Sichuan [79] 3.2 Secondary - Market Overview - **Trading Volume and Activity**: The stock of local government bonds was 54.46 trillion yuan, with a trading volume of 3748.96 billion yuan and a turnover rate of 0.69%. The top three provinces in terms of trading activity were Guangdong, Shandong, and Sichuan [92] - **Yield Changes**: The yields of local government bonds generally increased [95] 3.3 This Month's Local Government Bond Issuance Plan - Not provided in detail in the given content 4. One - Week Review of the Credit Bond Market 4.1 Primary - Market Issuance Overview - **Total Credit Bond Issuance**: A total of 345 credit bonds were issued, with a total issuance amount of 3442.84 billion yuan, a total repayment amount of 2235.67 billion yuan, and a net financing amount of 1207.16 billion yuan, which decreased by 228.25 billion yuan compared with last week [98] - **Issuance by Bond Type**: The net financing amounts of short - term financing bills, medium - term notes, corporate bonds, and corporate bonds were 14.49 billion yuan, 951.47 billion yuan, - 63.08 billion yuan, and 232.14 billion yuan respectively [102] 4.2 Issuance Interest Rates - **Interest - Rate Changes**: The issuance interest rates of short - term financing bills increased by 5.56bp, while those of medium - term notes and corporate bonds decreased by 16.57bp and 25.62bp respectively [107] 4.3 Secondary - Market Trading Overview - **Trading Volume by Bond Type**: The total trading volume of credit bonds was 5431.04 billion yuan, with different trading volumes for different bond types such as short - term financing bills, medium - term notes, corporate bonds, and corporate bonds [109] 4.4 Maturity Yields - **Yield Changes**: The yields of various credit bonds generally increased, including national development bonds, short - term financing bills, medium - term notes, corporate bonds, and urban investment bonds [111][114][116] 4.5 Credit Spreads - **Spread Changes**: The credit spreads of short - term financing bills, medium - term notes, corporate bonds, and urban investment bonds generally widened, but there were also some exceptions [122][125][128] 4.6 Grade Spreads - **Spread Changes**: The grade spreads of short - term financing bills and medium - term notes showed a differentiated trend, while those of corporate bonds and urban investment bonds generally narrowed [131][135][139] 4.7 Trading Activity - **Active Bonds**: The report lists the top five actively traded bonds for each type of credit bond, and the industrial sector had the largest weekly trading volume of bonds [145] 4.8 Subject Rating Changes - **Rating Increases**: The ratings of several companies, including Qingdao Dongjiakou Development Group Co., Ltd., were upgraded [147] - **No Rating Decreases**: There were no bonds with downgraded ratings or outlooks this week [147]

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology industry [1]. Core Insights - The overseas small nucleic acid market is entering a harvest period, with a focus on domestic companies such as Yuyuan, Frontier, and Fuyuan [1][16]. - The A-share pharmaceutical index has increased by 2.67% this week and 16.72% year-to-date, outperforming the CSI 300 by 1.03% and 1.68% respectively [4][9]. - The report highlights significant advancements in small nucleic acid drug technologies, expanding their application beyond rare diseases to chronic conditions such as cardiovascular diseases and metabolic disorders [16][18]. Summary by Sections Industry Trends - The report notes that various pharmaceutical sectors, including raw materials (+4.27%), chemical pharmaceuticals (+4.19%), and medical devices (+2.30%), have seen stock price increases [4][9]. - Key companies with notable stock performance include Haiwang Biological (+38.2%) and Guangdong Wannianqing (+36.2%) [4][9]. Research and Development Progress - Significant drug approvals include the self-immune new drug "Pikangqibai" by Innovent Biologics and the BCL2 inhibitor "Sotokura" by BeiGene, both of which have received regulatory approval [4]. - The report emphasizes the importance of delivery systems in the development of small nucleic acid drugs, with a focus on companies like Yuyuan Pharmaceutical and Frontier Biotech [16][18]. Market Insights and Regulatory Dynamics - The report ranks promising sub-industries as follows: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [10][12]. - Specific stock recommendations include Yuyuan Pharmaceutical, Frontier Biotech, and Heng Rui Medicine among others, based on their innovative drug pipelines and market potential [12][18].

证券研究报告·宏观报告·宏观周报 海外周报 20251130 12 月 FOMC 前瞻："不降息+鸽派发布会" or"降息+鹰派发布会" ◼ 12 月 FOMC 前瞻：降息仍有变数，关注决议投票结构及点阵图指引。 10 月 FOMC 会议后，市场对 12 月的降息预期经历了"过山车"式的大 幅波动。本月前半，多位美联储官员的鹰派发言及 10 月 FOMC 会议纪 要令 12 月降息概率预期一度跌至 29.3%。但随着就业结构不佳及失业 率走高的 9 月非农数据发布，叠加美股大跌后纽约联储主席威廉姆斯及 其他美联储官员对降息的鸽派言论，12 月降息概率预期再度回暖至 83%。当前 FOMC 票委中公开表态支持 12 月暂停降息的共有 5 人，分 别为 Collins、Goolsbee、Musalem 和 Schmid 四位地方联储主席与理事 Barr。而支持降息的共有 4 人，分别为 Bowman、Waller、Miran 和 Williams 均为特朗普提名的理事与有永久投票权的纽约联储主席，其中 Miran 依 旧表态支持降息 50bps。由于美联储即将进入 12 月 FOMC 会议前的静 默期，因此 12 ...

证券研究报告·宏观报告·宏观周报 金融产品周报 20251130 权益 ETF 系列： 反抽还是反弹？多一点时 间上的耐心 [Table_Tag] [Table_Summary] 事件 ◼ 基金配置建议： 2025 年 11 月 30 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 相关研究 《流动性与科技双驱动的资本市场— —2026 年度展望：大类资产》 2025-11-28 《俄乌"28 点"停火协议：和平之路 依旧漫长》 2025-11-27 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 ◼ A 股市场行情概述：（2025.11.24-2025.11.28） ◼ 主要宽基指数涨跌幅：排名前三名的宽基指数分别为：科创 100 （4.48%），创业板指（4.22%），万得微盘股日频等权指数（3.77%）； 排名后三名的宽基指数分别为：北证 50（0.12%），红利指数（0.16%）， 中证红利（0.34%）。 ◼ 风格指数涨跌幅：排名前三名的 ...

Core Insights - The report highlights the rapid evolution of the global AI industry, transitioning from "model competition" to "systematic construction," indicating strong momentum for long-term industrial upgrades [2][3] - Key technological breakthroughs are driving the industry forward, with Anthropic's Claude Opus 4.5 model demonstrating near top engineer-level performance in complex engineering tasks, marking a significant step towards practical applications of AI in engineering [3][5] - The report emphasizes the increasing penetration of AI into consumer electronics and daily life, with Alibaba's Quark launching AI glasses that enhance multi-modal interaction capabilities, indicating a shift from novelty products to practical functionalities in consumer-grade AI hardware [4][6] Weekly Perspective - The AI industry is experiencing a multi-faceted resonance of technological breakthroughs, application expansion, and industrial policies, showcasing a critical phase of cross-domain collaboration [2] - The focus on embodied intelligence remains high, with Xiaomi's release of the MiMo-Embodied model, which integrates indoor task planning and road environment perception, reflecting the acceleration of exploration in universal intelligent frameworks by leading domestic manufacturers [4][5] - The report notes that the current market sentiment is increasingly concerned with the real revenue contributions of AI businesses and the ability of companies to implement these technologies effectively [6] Key Events - Anthropic's Claude Opus 4.5 was released, achieving significant improvements in code generation and system debugging, outperforming all human candidates in internal tests [5] - DeepSeek launched the DeepSeekMath-V2 model, which utilizes a self-verification framework to enhance the reliability of mathematical proofs, achieving gold medal levels in top competitions [5] - Xiaomi's MiMo-Embodied model is the first to cover both embodied intelligence and autonomous driving, supporting various core tasks and setting new benchmarks in multiple tests [5] Market Dynamics - The report indicates a concentration of market activity around AI upstream hardware leaders, with a noted decrease in the success rate and odds of chasing after high valuations due to increased uncertainty [6] - There is potential for significant returns in the downstream AI applications sector, which is viewed as a "bullish option," suggesting proactive positioning ahead of expected market movements [6]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, specifically recommending AI equipment, humanoid robots, and related sectors [1]. Core Insights - The expansion of AI data centers in the U.S. is driving increased demand for power generation, particularly benefiting domestic equipment manufacturers [2]. - The introduction of Google's Gemini 3 model indicates a sustained growth in AI computing infrastructure, leading to increased demand for PCB and liquid cooling equipment [3]. - The humanoid robot sector is expected to experience a significant upward trend, particularly with upcoming catalysts in December and early 2026 [4]. Summary by Sections Recommended Companies - The report suggests a focus on companies such as North China Huachuang, SANY Heavy Industry, Zhongwei Company, and others across various segments including semiconductor equipment, engineering machinery, and automation [1][13]. Investment Highlights - **Gas Turbines**: The U.S. AI data center expansion is expected to boost demand for gas turbine power generation, with significant opportunities for domestic brands like Jereh and Haomai Technology [2]. - **AI Equipment**: The performance of Google's Gemini 3 has exceeded expectations, indicating a robust demand for AI computing infrastructure, particularly in PCB and liquid cooling solutions [3]. - **Humanoid Robots**: The humanoid robot sector is poised for a major rally, driven by key developments from Tesla and other domestic players [4]. Industry Trends - The mechanical equipment sector is projected to recover, with a focus on electric forklifts and automation solutions driven by labor shortages and technological advancements [17][49]. - The global market for warehouse automation solutions is expected to grow significantly, with AMR solutions leading the way due to their efficiency and flexibility [49]. Financial Projections - The report forecasts substantial growth in net profits for various companies within the sector, with specific projections for 2025-2027 indicating a positive outlook for companies like Zhongli and Jereh [19][25][32].

Core Insights - The report emphasizes that despite short-term risks, the long-term logic remains intact, with a focus on AI as a key variable in the context of China's "14th Five-Year Plan" [1][3] - The performance of growth styles is recovering, driven primarily by technology, with expectations for a style shift from growth to value around mid-2026 [3][4] - The report suggests that the current AI hardware risk-reward ratio is declining, but technology remains the preferred direction for investment [2][9] AI Hardware and Market Dynamics - The current market is highly concentrated on AI upstream hardware leaders, leading to amplified impacts from a few stocks on the overall market [2] - If market volume is sufficient, this direction may continue to drive the market to new highs; however, reduced volume could increase risks associated with high leverage [2] - The report draws parallels to 2023, where stocks like CPO and NVIDIA saw significant upward trends, with CPO outperforming NVIDIA by a substantial margin [2][3] Seasonal Trends and Investment Strategies - Historical data indicates that in the fourth quarter, funds typically shift towards more stable sectors, with financials and stable styles outperforming [4][5] - The report anticipates an early onset of the spring rally, driven by early recognition of seasonal patterns among market participants [5] - The report suggests that the AI application sector can be viewed as a "call option," with potential for significant upside once key industry events occur [8][9] AI Applications and Future Opportunities - The report highlights that the AI application sector is expected to see mid-term certainty and broader opportunities compared to upstream hardware [7][9] - It identifies several promising areas for investment, including AI+ innovative drugs, AI+ military applications, AIGC, media and gaming, AI edge computing, humanoid robots, and intelligent driving [9][10] - The report notes that while the AI software application market has not yet seen widespread impactful products, recent advancements in large models and domestic initiatives signal potential growth [9][10] Specific Company Insights - The report lists various companies involved in AI applications, including Han's Information, Youfu Network, and Kingsoft Office, among others, with market capitalizations ranging from 88.1 million to 4,207.6 million [23] - It emphasizes the importance of monitoring companies that are actively developing AI applications, particularly in the context of emerging technologies and market demands [9][23]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a significant revenue growth of 72% year-on-year in Q3 2025, reaching $25.44 million, driven by multiple fast-growing business segments [7] - The company has established a profitable single-vehicle model for its Gen-7 Robotaxi in Guangzhou, marking a critical milestone in its commercial viability [7] - The company is well-positioned for future growth with a strong liquidity position, holding $588 million in cash and cash equivalents as of September 30, 2025, which supports its fleet expansion plans [7] Financial Performance Summary - Total revenue projections for 2025-2027 are $77.58 million, $104.91 million, and $342.42 million respectively, with a compound annual growth rate of 226.39% from 2025 to 2027 [1][8] - The company expects to reduce the BOM cost of its seventh-generation Robotaxi by 20% by 2026, following a 70% reduction in the fourth-generation autonomous truck kit [7] - The overall gross margin improved from 9.2% in the previous year to 18.4% in Q3 2025, indicating a significant enhancement in revenue quality [7]

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 港口库存上升，煤价略有下行 2025 年 11 月 29 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（11 月 24 日至 11 月 28 日）港口动力煤现货价环比下跌 18 元/吨， 报收 816 元/吨。 供给端，本周环渤海四港区日均调入量 205.6 万吨，环比上周上涨 0.97 万吨，涨幅 0.47%。本周产地供应较为稳定，港口供应量有所增加。 需求端，本周环渤海四港区日均调出量 199 万吨，环比上周增加 21 万 吨，增幅 11.9%。日均锚地船舶共 100 艘，环比上周减少 24 艘，降幅 19%；环渤海四港区库存端 2661.10 万吨，环比上周上涨 68 万吨，增幅 2.61%。港口本周整体调出量增加、库存绝对值上涨，需求释放有限， 煤价略有下行。 我们分析认为：目前港口煤价库存处于较高位置，下游供暖需求已提前 释放，叠加新能源水电风电挤压火电份额，预计煤价维持震荡走势。 估值与建议： 仍旧关注保险资金增量；保费收入维持正增长，且向头部保险集中。固 收类资产荒依旧，叠加红利资产已经高位， ...