Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook for the sector [6]. Core Viewpoints - The report suggests focusing on companies benefiting from the organic silicon industry, such as Xin'an Co. and Xingfa Group, as well as those benefiting from the significant price increase of chlorosulfonic acid, like Kaisheng New Materials [5]. Industry Performance - In the fourth week of November, the chemical sector (Shenwan) rose by 2.98%, outperforming the Shanghai A-share index, which increased by 1.40%, leading the market by 1.58 percentage points [2][13]. - The dynamic PE ratio for the chemical sector is 24.43 times, higher than the average PE of 8.22 times since 2015 [2][13]. Sub-industry Trends - Five sub-industries within the chemical sector saw increases, with the top performers being polyurethane (+3.04%) and other plastic products (+0.64%). Conversely, 27 sub-industries experienced declines, with the largest drop in vinylon (-7.93%) [3][17]. Chemical Prices and Spreads - The report highlights significant price increases for several chemicals, with PVDF powder rising by 26.32% and chlorosulfonic acid by 9.31%. The largest price drops were seen in dichloropropane (-9.29%) and PTFE dispersion emulsion (-7.41%) [4][22]. - In terms of price spreads, the top increases were in the spreads for octanol (+21.87%) and ethylene glycol (+19%), while the largest declines were in PTA spread (-224.92%) [4][41]. Inventory Changes - Notable inventory changes include a decrease in inventory for monoammonium phosphate (-13.94%) and an increase for acetic acid (+8.49%) [5][57].

Investment Rating - The report maintains a "Recommended" investment rating for the environmental and public utility sector [2] Core Insights - The environmental and public utility sectors have shown an upward trend, with the environmental index increasing by 1.59% and the public utility index by 0.89% [5][10] - The coal industry is experiencing a decline in production, with national raw coal output decreasing by 3.8%, 3.2%, and 1.8% in July, August, and September respectively [5] - The report highlights the introduction of new pricing regulations for transmission and distribution, encouraging the exploration of capacity pricing for cross-regional projects [8][50] - The report suggests focusing on investment opportunities in the power sector, particularly recommending companies like Guodian Power and Anhui Energy [5] Summary by Sections Key Event Interpretations - New transmission and distribution pricing regulations have been released, promoting capacity pricing for cross-regional projects [8] - The oil and gas extraction sector has been included in the carbon market, incentivizing methane reduction [9] Market Review - Both the environmental and public utility sectors have seen increases, with the environmental sector outperforming the market with a cumulative increase of 16.94% in 2025 [10] - The power sector has lagged behind, with a cumulative increase of only 2.43% [10] Key Data Tracking - As of November 28, 2025, the price of Qinhuangdao 5500 kcal thermal coal is 820 CNY/ton, remaining stable week-on-week [24] - The average price of LNG at the port is 10.94 USD/million BTU (4026 CNY/ton), down 4.42% from the previous week [37] - The weighted average electricity price in Guangdong reached a peak of 252.14 CNY/MWh on November 24, 2025, an increase of 10.7% [41] Industry Key Events - The Hebei Development and Reform Commission has issued a work plan for long-term electricity trading in 2026 [49] - The National Development and Reform Commission has published new pricing methods for cross-regional transmission projects [50]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report analyzes the primary and secondary market conditions of local government bonds in the week ending December 1, 2025, including net financing, issuance terms, issuance spreads, fundraising directions, and trading activities [1][5]. 3. Summary According to Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 351.4 billion yuan, with net financing increasing by 199.2 billion yuan. The net financing amount was 325.9 billion yuan, with new general bonds at 8.7 billion yuan, new special bonds at 225.3 billion yuan, refinancing general bonds at 68.8 billion yuan, and refinancing special bonds at 48.6 billion yuan [1][9]. - **Issuance Terms**: The 10 - year local government bonds had the highest issuance proportion (27%) this week, and the proportion of 10 - year and above bonds was 76%, slightly down from last week. The 30 - year bonds' issuance proportion increased significantly, while the 5 - year bonds' decreased by about 8 percentage points [1][12]. - **Debt - Resolution - Related Local Government Bonds**: This week, special refinancing bonds worth 82.7 billion yuan were issued. As of now, 34 regions have disclosed plans to issue special refinancing bonds totaling 2.2802 trillion yuan in 2025, including 2 trillion yuan of special bonds for replacing hidden debts. Jiangsu, Hunan, Henan, and Guizhou are expected to issue 251.1 billion yuan, 128.8 billion yuan, 122.7 billion yuan, and 117.6 billion yuan respectively [2][15]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 20.4bp, wider than last week. The 30 - year bonds had the highest weighted average issuance spread at 25.8bp, and spreads for all terms widened. Jilin, Hebei, and Inner Mongolia had weighted average issuance spreads exceeding 25bp [1][25]. - **Fundraising Directions**: As of the end of this week, the main fundraising directions of new special bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (29%), transportation infrastructure (17%), land reserve (17%), affordable housing projects (11%), and social undertakings (11%). The proportion of land reserve increased by 16.9% compared to 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 8.3% [2][28]. - **Issuance Plans**: As of the end of this week, 34 regions have disclosed their fourth - quarter 2025 local government bond issuance plans. Considering the actual issuance in October and November, the total planned issuance in the fourth quarter is nearly 1.6 trillion yuan, with 104.9 billion yuan in December. Next week, 108.7 billion yuan of local government bonds are planned to be issued, with a repayment amount of 48.2 billion yuan and net financing of 60.5 billion yuan, a decrease of 265.4 billion yuan compared to this week [3][33]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the secondary spreads of 15 - year and 30 - year local government bonds were relatively high, while those of 1 - year, 3 - year, 5 - year, and 7 - year bonds narrowed. The secondary spreads of 15 - year and 30 - year bonds were 18.7bp and 16.4bp respectively. In terms of historical quantiles over the past three years, the secondary spreads of 3 - year and 30 - year bonds were at relatively high levels, 44% and 70% respectively. Regionally, the secondary spreads of bonds over 20 - year in each region were relatively high, between 14 - 18bp, and those of bonds over 10 - year in medium - level regions were also relatively high [5][36]. - **Trading Volume**: This week, the trading volume and turnover rate of local government bonds decreased compared to last week. Shenzhen and Chongqing had relatively high turnover rates. The trading volume of local government bonds reached 379 billion yuan, with a turnover rate of 0.70%. Guangdong had the largest trading volume at 3.62 billion yuan, while Shenzhen and Chongqing had the highest turnover rates at 2.0% and 1.6% respectively [5][41].

Investment Rating - The report maintains a rating of "Add" for the company [3]. Core Views - The company plans to adjust its U.S. market operations by establishing joint ventures with its controlling shareholder CSIQ, focusing on solar and energy storage businesses in the U.S. [1][6][19]. - The U.S. solar and storage market presents significant growth potential and profitability, bolstered by IRA-related subsidies, despite high export barriers for domestic companies [11][19]. - The company's U.S. production capacity will be scarce post-adjustment, positioning it as one of the few domestic firms meeting OBBBA requirements [19]. Financial Data and Valuation - Total revenue projections for 2023 are 51.31 billion yuan, with a year-on-year growth of 8%. However, a decline is expected in 2024 and 2025, with revenues of 46.165 billion yuan and 37.901 billion yuan, respectively [2][24]. - Operating profit is forecasted to be 3.444 billion yuan in 2023, with a significant drop to 2.483 billion yuan in 2024, followed by a gradual recovery [2][24]. - Net profit attributable to the parent company is expected to be 2.903 billion yuan in 2023, decreasing to 2.247 billion yuan in 2024, before rebounding in subsequent years [2][24]. - The company’s PE ratio is projected to be 20.3 in 2023, increasing to 31.5 in 2025, and then decreasing to 12.1 by 2027 [2][24]. Business Adjustments - The company will establish joint ventures M and N, with respective stakes of 24.9% and 75.1% held by the company and CSIQ, focusing on U.S. solar and energy storage operations [1][6][19]. - The company will also restructure overseas factories supplying the U.S. market, with a one-time equity transfer payment of 350 million yuan expected [1][6][19]. - The expected completion date for these transactions is before December 31, 2025 [1][6][19]. Market Potential - The U.S. solar market is the second largest globally, with a mature electricity market mechanism, and the energy storage business is experiencing rapid growth due to its clear business model and high investment returns [11][19]. - The company currently has a production capacity of 5GW for solar cells, 5GW for solar modules, 3GWh for energy cells, and 6GWh for integrated energy storage in the U.S. [19].

Group 1: Capital Operations of State-Owned Enterprises - The "New Three-Year Action" plan is nearing completion, focusing on capital operations to optimize layouts and enhance the quality of listed companies[1] - State Power Investment Corporation is advancing its capital operations through asset restructuring and professional integration across its subsidiaries[8] - Recent cases of spin-off listings have increased, with China CNR Corporation planning to spin off its subsidiary for listing on the ChiNext board[18] Group 2: Market Performance and Valuation - As of November 28, 2025, the total market value of A-share listed central enterprises is 35.8 trillion yuan, accounting for 30.2% of the total A-share market[28] - The average PE (TTM) for state-owned central enterprises is 44.3 times, which is relatively high compared to the overall A-share market[40] - The valuation structure shows significant differentiation, with small-cap and ESG indices exhibiting a lower historical percentile, indicating better cost-effectiveness for investment[40] Group 3: Policy and Financial Support - Guangdong Province has introduced a financial support plan to explore market-oriented integration and capital operation mechanisms[23] - The plan includes integrating capital operations into the performance evaluation of state-owned enterprises, aiming to enhance internal motivation for strategic mergers and acquisitions[24] - The initiative encourages the use of diverse financial tools, such as targeted placements and cross-border funds, to support local enterprises in strengthening their main businesses[24]

- The report does not contain any quantitative models or factors related to quantitative analysis[1][2][3]

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and an expectation that the industry index will outperform the benchmark index [3]. Core Insights - The world's first engineering-scale supercritical carbon dioxide (sCO2) power generation system, "Super Carbon No. 1," has completed grid debugging and is expected to achieve full power generation within the year. This technology offers significant advantages over traditional steam turbine generation, including higher efficiency, faster response times, and lower carbon emissions [7]. - The sCO2 technology is particularly well-suited for applications in nuclear power, solar thermal power, and industrial waste heat recovery, with the potential to enhance efficiency in these sectors [7]. - The report highlights the advancements in sCO2 technology in China, positioning the country as a global leader in this field, with ongoing projects and collaborations aimed at further development and application [7]. Industry Overview - The industry comprises 242 listed companies, with a total market capitalization of 4,017.6 billion and a circulating market capitalization of 3,721.7 billion [3]. - Recent performance metrics indicate a 1-month absolute performance of -2.3%, a 6-month performance of 14.3%, and a 12-month performance of 18.4%, reflecting a generally positive trend over the longer term [5]. - The report references several related studies that provide insights into the electricity consumption growth and the performance of various energy sectors, indicating a robust environment for investment in the power industry [6].

Investment Rating - The report maintains a recommendation for the commercial real estate REITs sector, indicating a positive outlook for the industry [4]. Core Insights - The introduction of commercial real estate REITs marks an expansion of the public REITs market in China, moving from infrastructure to commercial real estate, thus enriching the market categories [2][3]. - The asset types within commercial real estate REITs include office buildings and hotels, which are new additions, while also overlapping with existing infrastructure REITs in areas like commercial complexes and retail [3]. - Regulatory oversight for commercial real estate REITs is expected to be led by the China Securities Regulatory Commission (CSRC), potentially allowing for more flexible review processes regarding asset functionality and compliance [16][17]. Summary by Sections Industry Overview - The commercial real estate REITs will provide a new exit tool for real estate developers, facilitating a transition from development to asset management [17]. - The report identifies three potential beneficiary directions within the equity market: companies with substantial office and hotel assets, private enterprises with strong operational capabilities, and firms with abundant asset reserves [17]. Market Dynamics - The total market capitalization for public REITs is reported at 219.89 billion yuan [4]. - The report highlights the performance of the REITs index, showing a 12.1% increase over 12 months, despite a -0.9% decline over the past month [6]. Regulatory Environment - The CSRC's role in overseeing commercial real estate REITs suggests a streamlined approval process, which may enhance the operational efficiency of these funds [16]. - The report compares the regulatory frameworks of commercial real estate REITs and infrastructure REITs, noting differences in oversight and application processes [16][17].

麦元勋 S1090519090003 maiyuanxun@cmschina.com.cn 李奕熹 研究助理 liyixi@cmschina.com.cn 证券研究报告 | 金融工程 2025 年 11 月 30 日 欧盟SFDR 2.0 解析：国际ESG投资影响与中国市场启示 ——ESG 热点洞察系列报告之三 欧盟发布 SFDR 2.0，拟简化有关披露，并新增"ESG 基础""转型""可持续"三类 产品取代原第 8/9 条标签。我们预期，这将短期内提高欧盟 ESG 产品的合规和数 据要求，迫使 ESG 策略命名更趋谨慎；中长期或将推动 ESG 成为系统性能力， 资金更有序流向绿色与转型行业。当前外资 ESG 资金在中国偏好绿色转型龙头、 高科技成长企业，新规出台将对国内资管、上市公司和出口企业具有重要借鉴价 值。 风险提示： 任瞳 S1090519080004 rentong@cmschina.com.cn 专题报告 敬请阅读末页的重要说明 ➢ 核心修订内容：为缓解 SFDR 1.0 在实践中出现的合规负担沉重、披露碎片化以 及第 8/9 条标签被滥用等问题，欧盟委员会于 11 月 20 日正式发布 SFD ...

Strategy Logic - The report introduces the "Shouzheng Chuq" investment sentiment indicator, which aims to identify potential investment opportunities in the A-share market by analyzing industry rotation phenomena [1][5] - The strategy combines three main dimensions: investment sentiment, volume-price indicators, and analyst expectations, resulting in 12 detailed industry rotation indicators [1][5] - The investment sentiment indicator utilizes market data and alternative data to create positive and negative screening factors, capturing market momentum and sentiment [5][6] Strategy Performance - In November, the overall industry benchmark return was -0.95%, while the "Shouzheng Chuq" sentiment indicator long portfolio returned -1.24% [2][6] - The combined "Expectation Resonance" model long portfolio achieved a return of 0.98%, resulting in an excess return of 1.93% [2][6] - Year-to-date, the "Shouzheng Chuq" sentiment indicator long portfolio has shown robust performance with a return of 30.29% and an excess return of 8.05% [2][12] Latest Recommendations - The top recommended industries based on the latest data include non-bank financials, automotive, food and beverage, home appliances, transportation, and banking according to the "Shouzheng Chuq" model [3][21] - The "Expectation Resonance" model ranks non-bank financials, banking, home appliances, transportation, automotive, and electronics as the leading industries [3][21] - Detailed scores for recommended industries and corresponding ETFs are provided, indicating strong performance in non-bank financials and home appliances [21][22]