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]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The current port coal price inventory is at a high level, with downstream heating demand having been released early. Coupled with the pressure from renewable energy sources, coal prices are expected to maintain a fluctuating trend [2] - The report emphasizes the importance of insurance capital inflow, with premium income showing positive growth concentrated towards leading insurance companies. The ongoing scarcity of fixed-income assets and high dividend assets suggests a shift towards equity allocation, particularly favoring resource stocks [3][36] Summary by Sections Industry Overview - During the week of November 24 to November 28, the port thermal coal spot price decreased by 18 CNY/ton, closing at 816 CNY/ton. The average daily inflow to the four ports in the Bohai Rim was 2.056 million tons, an increase of 0.97 million tons or 0.47% from the previous week. The supply from production areas remained stable, with an increase in port supply [1][11] - The average daily outflow from the four ports in the Bohai Rim was 1.99 million tons, an increase of 210,000 tons or 11.9% from the previous week. The total inventory at the ports rose to 26.611 million tons, an increase of 680,000 tons or 2.61% [1][28][32] Price Trends - The price of thermal coal at production sites showed mixed trends: as of November 28, the price for 5500 kcal thermal coal in Datong decreased by 46 CNY/ton to 654 CNY/ton, while the price for 6000 kcal thermal block coal in Yanzhou increased by 20 CNY/ton to 1150 CNY/ton [17] - The Bohai Rim thermal coal price index remained stable at 698 CNY/ton, while the Qinhuangdao port price index also held steady at 710 CNY/ton [20] Recommendations - The report recommends focusing on elastic thermal coal stocks, particularly those with low valuations, such as Haohua Energy and Guanghui Energy [3][36]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future growth potential [3]. Core Insights - The company is recognized as a leader in the optical components industry, with significant growth expected in molded glass products. Revenue forecasts for 2025 and 2026 have been adjusted to 1.388 billion and 1.831 billion RMB, respectively, with a new revenue forecast for 2027 set at 2.361 billion RMB. The net profit forecasts for the same years have also been updated to 356.65 million, 509.19 million, and 691.54 million RMB, respectively [3]. - The report highlights the company's strong position in the market, driven by the increasing demand for optical applications in consumer electronics, particularly in mobile photography. The company is actively developing new projects to meet customer needs and enhance its product offerings [9]. - The growth of the glass aspheric lens business is attributed to strong demand from automotive, optical communication, and handheld imaging device sectors. The company is expanding its production capacity to meet this growing demand [9]. - Strategic partnerships in the glass wafer business are deepening with major clients, particularly in AR and semiconductor applications, which are expected to drive future growth [9]. Financial Projections - The company’s total revenue is projected to grow from 754.46 million RMB in 2023 to 2.3606 billion RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 28.95% [3][10]. - The net profit is expected to increase from 179.91 million RMB in 2023 to 691.54 million RMB in 2027, with a notable growth rate of 35.81% in the final year of the forecast [3][10]. - The earnings per share (EPS) is forecasted to rise from 0.44 RMB in 2023 to 1.70 RMB in 2027, indicating a strong improvement in profitability [3][10].