Group 1 - The average return of 11 theme funds on the Beijing Stock Exchange (BSE) reached 52.12% in 2025, indicating a strong performance and potential for diversified investor participation as the two-year fixed-open products become available for subscription and redemption [1][19][20] - The number of public fund institutions investing in BSE stocks increased to 29 by the end of 2024, a year-on-year growth of 31.82%, with the number of heavily invested companies rising from 34 to 41 in the first three quarters of 2025 [11][12] - The BSE's market performance shows a shift towards diversified investment styles, with a focus on emerging industries such as intelligent connected new energy vehicles, commercial aerospace, low-altitude economy, and robotics [1][31] Group 2 - The BSE 50 Index reported a value of 1,387.70 points, with a week-on-week increase of 0.75%, while the BSE specialized and new index reached 2,317.70 points, up 0.79% [2][43] - The TTM PE ratios for various sectors on the BSE include high-end equipment at 38.37X, information technology at 84.54X, and chemical new materials at 42.21X, indicating sector-specific valuation trends [2][33] - The top ten companies by market value held by funds on the BSE as of Q3 2025 include Jinbo Bio, Naconoer, and Better Energy, with significant changes in holdings reflecting market dynamics [22][23][24] Group 3 - The BSE's passive index fund scale has seen significant growth, with the BSE 50 Index fund size reaching 128.93 billion yuan by November 28, 2025, and the number of tracking products increasing to 68 [13][16] - The fund holdings on the BSE show that 59.17% of companies have a market value between 2-5 billion yuan, while 49.17% of companies reported a net profit of less than 50 million yuan in 2024 [27][29] - The industry allocation preferences of funds on the BSE are similar to those on the dual innovation board, with the top five sectors being machinery, hardware equipment, electrical equipment, automotive parts, and software services [31][32]

Group 1 - The market adjustment has temporarily concluded, and December is an important macroeconomic window, suggesting early positioning for the spring rally [2][10][14] - The core driving force of the current bull market remains unchanged, with liquidity still in a loose state and the fundamentals undergoing mild recovery [10][18][23] - The recent market adjustment was primarily caused by the inability to form strong macro expectations, geopolitical tensions, and the transmission of overseas liquidity risks [10][12][14] Group 2 - The growth style is expected to continue, with historical data indicating a higher probability of style continuation rather than switching during market adjustments [3][25][26] - The current market environment is conducive to small-cap stocks, which tend to outperform in a loose liquidity context [4][28][30] - Small-cap stocks are likely to lead the next phase of the recovery due to their characteristics and the current macroeconomic conditions [4][28][34] Group 3 - Investment strategies should focus on a dual-driven approach of technology and cyclical sectors, with opportunities emerging in underperforming growth industries [5][39] - Specific sectors to consider include military, media (gaming), AI applications, and core AI hardware, alongside cyclical beneficiaries from PPI improvements [5][39] - The overall investment strategy emphasizes a balanced allocation between technology and cyclical sectors to capture potential market movements [5][39]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [1] Core Viewpoints - The coal price has successfully crossed the fourth target, and the logic for price stability remains intact. The current dynamics are influenced by supply contraction and a surge in demand due to seasonal heating needs [3][4] - The report indicates that both thermal coal and coking coal prices are at a turning point, with thermal coal being a policy-driven commodity. The price recovery process involves several stages, including the restoration of long-term contracts and achieving a balance in profitability between coal and power companies [4][13] - The report highlights that the current coal prices are still at historical lows, providing room for a rebound, especially with the onset of the heating season and supply-side policies [5][14] Summary by Sections Industry Investment Rating - The coal industry is rated as "Positive" [1] Price Trends - As of November 28, the price of Qinhuangdao Q5500 thermal coal is 816 CNY/ton, showing a slight decrease from the previous week. The price at Guangzhou Port is 855 CNY/ton, having reached the target of 750 CNY for coal-power profitability [3][4] - Coking coal prices have also seen significant rebounds, with the price at Jing Tang Port reaching 1670 CNY/ton, up from 1230 CNY/ton in July, marking a 48.4% increase [3][4] Investment Logic - The report outlines that the price of thermal coal will follow a recovery process involving the restoration of long-term contracts and achieving a profitability balance for coal and power companies, with an ideal target price of around 750 CNY for 2025 [4][13] - Coking coal prices are more influenced by market dynamics, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 CNY to 2064 CNY depending on market conditions [4][13] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. It identifies four main lines for stock selection: cyclical logic, dividend logic, diversified aluminum elasticity, and growth logic [5][14] - Specific companies recommended include Jin控煤业, 兖矿能源 for cyclical logic, 中国神华, 中煤能源 for dividend logic, 神火股份, 电投能源 for diversified aluminum elasticity, and 新集能源, 广汇能源 for growth logic [5][14]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has increased month-on-month, supporting the renovation and upgrading of existing urban facilities. The overall real estate market in China is moving towards stabilization, with potential for slight fluctuations in housing prices during this process. The expectation is for further stabilization of the real estate market under the influence of various supportive policies [5][64]. Summary by Sections 1. Support for Urban Facility Upgrades - The National Development and Reform Commission will support cities in enhancing parking facility planning and upgrading existing facilities, as well as improving the charging infrastructure network [6][14]. 2. Sales Performance - In the 48th week of 2025, the transaction area of new homes in 68 major cities reached 2.43 million square meters, a year-on-year decrease of 49% but a month-on-month increase of 5%. Cumulatively, the transaction area from the beginning of the year to date is 10.829 million square meters, down 16% year-on-year [19][29]. - The transaction area of second-hand homes in 20 cities was 1.88 million square meters, with a year-on-year growth rate of -19% [37]. 3. Investment Performance - In the 48th week of 2025, the planned land area for sale in 100 major cities was 94.7 million square meters, with a transaction area of 40.72 million square meters, down 3% year-on-year. The transaction premium rate was 0.9% [43][46]. 4. Financing Performance - In the 48th week of 2025, the issuance of credit bonds was 17.84 billion yuan, an increase of 27% year-on-year and 279% month-on-month. The cumulative issuance of credit bonds reached 379.47 billion yuan, up 2% year-on-year [51][55]. 5. Weekly Market Review - The real estate index rose by 0.72%, underperforming the CSI 300 index, which increased by 1.64%. The real estate sector ranked 23rd among 28 sectors in terms of performance [56][58].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The PD-1/VEGF dual antibody track is progressing rapidly in clinical trials, with four drugs entering the registration clinical stage globally as of December 2025 [6][15] - In the fourth week of November, the pharmaceutical and biotechnology sector rose by 2.67%, outperforming the CSI 300 index by 1.03 percentage points, ranking 17th among 31 sub-industries [8][18] - The report recommends focusing on innovative drugs and their industrial chain (CXO + research services), with short-term attention on investment opportunities related to influenza [9] Summary by Sections Section 1: PD-1/VEGF Dual Antibody Clinical Progress - As of December 2025, four PD-1/VEGF dual antibodies have entered the registration clinical stage globally [15] - Shenzhou Cell is set to conduct a head-to-head registration Phase III clinical trial for SCTB14 against Pembrolizumab in first-line treatment for locally advanced or metastatic NSCLC [15] - Pfizer has registered over fifteen clinical trials for PD-1/VEGF dual antibodies globally from September to November 2025, including six global trials for SSGJ-707 [15] Section 2: Market Performance - The pharmaceutical and biotechnology sector increased by 2.67% in the fourth week of November, outperforming the CSI 300 index [18] - The raw material drug sector saw the highest increase of 4.9%, while the blood products sector experienced the largest decline of 0.45% [22] Section 3: Investment Recommendations - The report suggests a monthly investment portfolio including companies such as Sanofi, Innovent Biologics, and others, focusing on innovative drugs and related sectors [9][27]

Investment Rating - The investment rating for the food and beverage industry is "Positive" (maintained) [1] Core Viewpoints - During the industry downturn, Moutai is actively seeking change, demonstrating anti-cyclical capabilities suitable for long-term investment. The food and beverage index increased by 0.1% from November 24 to November 28, ranking 25th among 28 sectors, underperforming the CSI 300 by approximately 1.6 percentage points. The sub-sectors of processed foods (+5.6%), snacks (+2.9%), and baked goods (+2.7%) performed relatively well. The current liquor industry is in a deep adjustment period, with companies facing high channel inventories, product price inversions, and slowing growth rates. However, Moutai still shows growth potential. The high-quality liquor market in China has vast space for growth, particularly for sauce-flavored liquor and Moutai's market share. Moutai's historical significance and cultural strength are core competitive advantages, and it has successfully navigated multiple cycles in the past. After the third quarter of this adjustment period, Moutai's sales have shown a positive trend, with Moutai 1935 performing exceptionally well, confirming its risk resilience. Moutai's production capacity is subject to clear time constraints, with annual capacity investments not expected to be significant. Capacity release depends on ecological carrying capacity and the cultivation of skilled craftsmen, both of which are fundamental principles for capacity investment. During the industry adjustment period, Moutai will increase production and stockpile base liquor to improve the sales-to-inventory ratio, smoothing out industry cycle fluctuations. The "14th Five-Year Plan" for Moutai is based on positive, scientific, and rational principles, with reasonable goals. The main business focuses on consolidating core product advantages and enhancing channel ecology and competitiveness through series liquor. Innovation efforts are directed towards digital and green transformations, emphasizing consumer demand through product innovation and scenario expansion to adapt to changing consumption trends. Although the liquor industry is still in an adjustment cycle, Moutai's investment value stands out as a high-quality asset. Its strong brand and quality barriers, along with the scarcity of production capacity supported by ecological and craftsmanship guarantees, enhance its long-term momentum. Despite short-term price fluctuations, the company actively maintains market prices with a long-term development focus. Short-term attention should be paid to price changes and sales during the Spring Festival, while long-term views highlight its significant anti-cyclical capabilities and sustainable value creation potential, making it suitable for long-term investment [4][12][13]. Summary by Sections Market Performance - The food and beverage index increased by 0.1% from November 24 to November 28, ranking 25th among 28 sectors, underperforming the CSI 300 by approximately 1.6 percentage points. The sub-sectors of processed foods (+5.6%), snacks (+2.9%), and baked goods (+2.7%) performed relatively well. Leading stocks included Hai Xin Food, Jia Long Shares, and Yan Tang Dairy, while Nan Qiao Food, Hua Tong Shares, and Bai Run Shares saw declines [12][13][14]. Upstream Data - As of November 18, the GDT auction price for whole milk powder was $3,452 per ton, down 1.5% month-on-month and down 9.8% year-on-year. On November 20, the domestic fresh milk price was 3.03 yuan per kilogram, stable month-on-month but down 3.2% year-on-year. The domestic milk price is expected to continue its downward trend in the short to medium term [16][19]. Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Weilong Delicious, and Bai Run Shares. Guizhou Moutai is expected to deepen its reform process and emphasize sustainable development despite short-term demand pressures. Shanxi Fenjiu has high mid-term growth certainty, while Ximai Food is experiencing stable growth in its oat business. Weilong Delicious is expected to alleviate declines in noodle products with new product launches, and Bai Run Shares is showing improvement trends in pre-mixed liquor [5][51].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The electronic industry index experienced a weekly increase of 6.17%, with consumer electronics rising by 8%, semiconductors by 5.4%, and optical electronics by 3.4% [3] - The release of Google's Gemini 3.0 has strengthened the narrative around TPU, leading to increased market interest in domestic companies like Moer Thread and Muxi, which are set to enter the capital market [5] - The storage sector is entering a "super cycle," with supply shortages and price increases expected to continue until 2026, as indicated by Micron's HBM3E and HBM4 products being fully sold out for next year [6] Market Review - The macroeconomic risks in the U.S. have eased, leading to a recovery in global tech indices, with the Nasdaq index rising by 5% this week [4] - Major tech stocks such as Google and Tesla saw significant gains, with Google up 6.8% and Tesla up 10% [4] Industry Updates - AI glasses are entering a period of intensive new product releases, with several companies, including Quark and Ideal Auto, set to launch their AI glasses soon [4] - The demand for advanced process nodes, particularly 2nm, is outpacing supply, prompting companies like TSMC and Samsung to expand their production capabilities [6] Investment Recommendations - The AI edge and semiconductor equipment sectors are expected to become key themes in the tech industry, with recommended beneficiaries including GoerTek, Luxshare Precision, and Changxin Memory [7]

Group 1 - The first computing power experimental satellite, "Chenguang No. 1," will be launched, with plans for a space computing center to be established in about five years [1][10][14] - The National Space Administration released a plan for the high-quality and safe development of commercial space from 2025 to 2027, aiming for significant growth in the commercial space industry [1][16] - There are currently 13 commercial space-related companies listed on the Beijing Stock Exchange, with a total market value of 55.193 billion yuan as of November 28, 2025 [1][17][19] Group 2 - The information technology sector saw an average increase of 1.41% this week, with the median P/E ratio dropping to 65.5X [2][26][29] - The automotive industry’s median P/E ratio increased to 32.3X, indicating a positive trend in valuations [3][56] - The biotechnology sector's median P/E ratio decreased to 28.9X, reflecting a mixed performance across industries [2][37] Group 3 - Star Map Control (920116.BJ) reported a revenue increase of 15.57% and a net profit increase of 25.28% for the first three quarters of 2025 [21][23] - Fujida (920640.BJ) achieved a revenue growth of 16.62% and a net profit growth of 55.38% in the same period, indicating strong performance in the RF connector market [22][25] - The overall market capitalization of the technology sector rose from 448.767 billion yuan to 452.243 billion yuan, with a median market cap increase from 2.147 billion yuan to 2.155 billion yuan [3][43][49]

Group 1: Manufacturing Sector - November manufacturing PMI increased to 49.2%, up 0.2 percentage points from the previous month, but still below the seasonal average of 50.0%[14] - PMI for production rose by 0.3 percentage points to 50.0%; new orders improved by 0.4 percentage points to 49.2%[14] - Industrial raw material prices rebounded, with PMI purchase prices at 53.6% and factory prices at 48.2%, both up from previous values[22] Group 2: Non-Manufacturing Sector - November non-manufacturing PMI fell to 49.5%, down 0.7 percentage points, marking the first time this year below the expansion threshold[32] - Construction PMI improved slightly to 49.6%, with new orders index rising by 0.2 percentage points[24] - Policy-driven financial tools are less effective than in 2022, impacting service sector performance negatively[24] Group 3: Economic Indicators - Special bond issuance progress reached approximately 91.0% by the end of November, a significant increase of 10.1 percentage points from October[24] - Small enterprises showed a notable recovery in PMI, increasing by 2.0 percentage points, benefiting from improved US-China trade relations[22] - PPI is expected to narrow its year-on-year decline to around -2.0% in November, with a month-on-month increase of approximately 0.2%[22]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Views - The insurance sector is preparing actively for the 2026 "opening red" period, with a focus on dividend insurance products, which are expected to outperform traditional insurance due to higher yield rates [6] - The brokerage sector continues to show high profitability, with wealth management, investment banking, and overseas business expected to drive earnings improvement [5][7] - The long-term interest rates are stabilizing at the bottom, which is expected to support the asset side logic and improve the liability cost for insurance companies [6] Summary by Sections Insurance Sector - The insurance companies are gearing up for the 2026 "opening red" with dividend insurance becoming the main product, offering a yield rate significantly higher than traditional insurance [6] - The market share of listed insurance companies is expected to increase due to the expansion of bank insurance channels and the release of "storage demand" [6] - The overall outlook for the liability side is optimistic, with potential improvements in the value rate of dividend insurance supported by rate adjustments and structural optimization [6] Brokerage Sector - The average daily trading volume of stock funds from January to November increased by 77.1% year-on-year, indicating strong market activity [7] - The China Securities Regulatory Commission has proposed to include commercial real estate in the public REITs pilot program, which is expected to enhance the market for REITs [7] - Major brokerage firms are expected to see significant ROE expansion under the current growth-oriented strategy, with low valuations presenting strategic allocation opportunities [7] Recommended Stocks - Recommended stocks include China Pacific Insurance, Ping An Insurance, China Life Insurance H, Huatai Securities, Guotai Junan, and others [8]