东兴证券晨报-20251124

Economic News - The U.S. is preparing for a new round of actions regarding Venezuela, with options including attempts to overthrow the Maduro regime [2] - The Ministry of Industry and Information Technology in China has announced the establishment of a standardization technical committee for humanoid robots, with a member from Yushu Technology serving as deputy director [2] - The Inner Mongolia Autonomous Region has released suggestions for its 14th Five-Year Plan, emphasizing the development and utilization of strategic mineral resources, particularly rare earths [2] - The U.S. has quietly dissolved the "Department of Government Efficiency," which was established by President Trump, with its functions now taken over by the Office of Personnel Management [2] - The National Bureau of Statistics in China reported that in mid-November 2025, 30 out of 50 monitored important production materials saw price increases, while 17 experienced declines [2] - The Supreme People's Court in China has announced a crackdown on tax-related crimes, emphasizing the importance of maintaining fiscal stability and social justice [2] - The Ministry of Finance and the China Securities Regulatory Commission have issued a notice to promote the healthy development of accounting firms in auditing H-share companies, enhancing cooperation between mainland and Hong Kong accounting sectors [2] Company News - Alibaba announced that its Qianwen APP surpassed 10 million downloads in its first week of public testing [5] - Jiahua Technology is planning to acquire a controlling stake in Shudun Information Technology through a share issuance and cash payment, which may constitute a major asset restructuring [5] - Mixue Group's budget coffee brand, Lucky Coffee, has surpassed 10,000 global stores, rapidly rising in the domestic coffee chain market [5] - Yizhiming stated that its large die-casting machines have been successfully applied in mass production projects for new energy vehicle integrated rear floorboards [5] - Midea Group and BYD signed a strategic cooperation agreement to enhance collaboration in technology, standards, and marketing, aiming to create a seamless "human-vehicle-home" ecosystem [5] Industry Analysis Aviation Industry - In October, domestic airlines increased capacity by approximately 3.6% year-on-year and 5.6% month-on-month, with passenger load factors improving due to the extended National Day holiday [6][7] - The overall passenger load factor for listed airlines in October increased by about 1.8 percentage points year-on-year and month-on-month, with major airlines achieving load factors above 89% [7] - Internationally, airlines increased capacity by about 14.3% year-on-year and 6.7% month-on-month, with load factors improving by 4.0 percentage points year-on-year [8] - The recent travel advisory for Japan may impact demand for related routes, as airlines have announced special handling for tickets [9][10] - The report suggests that the ongoing "anti-involution" trend in the industry is beginning to show results, with a focus on maintaining capacity and improving profitability [11] Banking Industry - The social financing growth rate continued to decline, with a year-on-year increase of 8.5% reported for October, reflecting a decrease in government bond financing [13][14] - The total amount of new loans in October was 220 billion yuan, with a year-on-year decrease of 280 billion yuan, indicating weak credit demand [15] - The M1 growth rate fell to 6.2%, while M2 increased by 8.2%, suggesting a trend of "de-banking" in deposits [17] - The report anticipates that credit demand will remain weak towards the end of the year, with social financing growth expected to decline further [18] Express Delivery Industry - In October, the total volume of express delivery services reached 17.6 billion pieces, with a year-on-year growth of 7.9%, marking the lowest growth rate of the year [19] - The report indicates that the decline in growth rate is linked to a decrease in enthusiasm for the Double Eleven shopping festival, as consumers become more rational in their spending [19][20] - The report highlights a divergence in strategies among major express companies, with some focusing on market share while others prioritize price increases [20][21] - The ongoing "anti-involution" trend is expected to continue, leading to improved service quality and profitability in the industry [21]