Key Points - On November 25, Alibaba-W (09988), Kuaishou-W (01024), and Pop Mart (09992) ranked the top three in net inflow of southbound funds, with net inflows of 5.587 billion, 567 million, and 377 million respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), SMIC (00981), and China Aluminum (02600), with net outflows of -364 million, -187 million, and -145 million respectively [1] - In terms of net inflow ratio, Southern East Select (03441), Prudential (02378), and Southern Hong Kong US Technology (03442) led the market with ratios of 88.59%, 85.03%, and 71.70% respectively [1] - The top three in net outflow ratio were GX China (03040), Greentown Service (02869), and Aidi Kang Holdings (09860) with ratios of -91.54%, -58.74%, and -54.29% respectively [1] Top 10 Net Inflow Stocks - Alibaba-W (09988) had a net inflow of 5.587 billion, representing a 24.06% increase, closing at 157.800 (+2.14%) [2] - Kuaishou-W (01024) saw a net inflow of 567 million, with a 15.90% increase, closing at 70.650 (+3.06%) [2] - Pop Mart (09992) recorded a net inflow of 377 million, with a 21.51% increase, closing at 200.200 (+0.35%) [2] - Other notable stocks included Xpeng Motors-W (09868) with a net inflow of 274 million and a 17.01% increase, and China Construction Bank (00939) with a net inflow of 271 million and a 15.20% increase [2] Top 10 Net Outflow Stocks - Yingfu Fund (02800) experienced a net outflow of -364 million, with a -2.62% change, closing at 26.040 (+0.85%) [2] - SMIC (00981) had a net outflow of -187 million, with a -3.52% change, closing at 67.950 (-0.15%) [2] - China Aluminum (02600) saw a net outflow of -145 million, with a -31.17% change, closing at 10.660 (+0.76%) [2] - Other significant outflows included Xinda Biopharmaceutical (01801) with -136 million and a -10.94% change, and ZTO Express-W (02057) with -122 million and a -29.90% change [2] Top 10 Net Inflow Ratios - Southern East Select (03441) led with a net inflow ratio of 88.59%, with a net inflow of 8.441 million, closing at 10.300 (+0.19%) [3] - Prudential (02378) followed with a ratio of 85.03%, net inflow of 11.732 million, closing at 107.800 (+0.94%) [3] - Southern Hong Kong US Technology (03442) had a ratio of 71.70%, with a net inflow of 14.887 million, closing at 9.080 (+2.66%) [3]

Group 1: National Space Administration Action Plan - The National Space Administration issued an action plan for the high-quality and safe development of commercial space from 2025 to 2027, aiming for significant growth in the industry scale and enhanced innovation capabilities by 2027 [2] - The action plan includes five key areas with 22 specific measures, focusing on enhancing innovation, efficient resource utilization, promoting industry growth, improving industry management services, and strengthening safety regulation across the entire chain [2][3][4][5] Group 2: Innovation and Resource Utilization - The plan emphasizes competitive opening of national research projects to commercial space entities, encouraging participation in civil aerospace projects and the commercialization of national technological achievements [2] - It proposes the establishment of a platform for space technology innovation and encourages local governments to create technology innovation centers in key areas such as reusable rockets and smart satellites [2][3] Group 3: Industry Growth and Management - The plan encourages optimization of the industry structure and supports the development of new technologies and products in the commercial space sector, including space resource utilization and space tourism [4] - It aims to establish a national commercial space development fund to attract long-term investments and promote international cooperation in satellite applications [4] Group 4: Safety Regulation - The action plan outlines the establishment of a comprehensive safety regulation system for commercial space activities, including safety checks throughout the product lifecycle and the creation of a commercial space safety regulation service platform [5] - It emphasizes the need for a clear organizational structure for safety regulation and the development of a quantitative risk assessment and decision-making mechanism [5]

Core Insights - China Commercial Aircraft Corporation (COMAC) has significantly increased its registered capital from approximately 50.1 billion RMB to about 94.1 billion RMB, marking an increase of approximately 88% [1][2]. Capital Increase Details - The State-owned Assets Supervision and Administration Commission (SASAC) contributed the largest amount in this round of capital increase, totaling 24.997 billion RMB, raising its shareholding from 49.80% to 53.08% [2][3]. - Other shareholders also participated in the capital increase, with notable contributions including: - Shanghai Guosheng: 8 billion RMB, new shareholding at 19.64% - China Aluminum: 2.802 billion RMB, shareholding increased from 4.11% to 5.17% - China National Building Material: 2.65 billion RMB, shareholding increased from 2.98% to 4.40% - China Electronics Technology Group: 1.728 billion RMB, shareholding increased from 1.99% to 2.90% - China Aviation Industry Corporation: 1.5 billion RMB, shareholding diluted to 6.90% - China Baowu Steel Group: 1.564 billion RMB, shareholding diluted to 3.85% - China Guoxin Holdings: 756 million RMB, shareholding diluted to 1.86% - China National Chemical Corporation did not participate, resulting in a dilution of its shareholding to 2.19% [3]. Company Overview - COMAC was established on May 11, 2008, and is headquartered in Shanghai. It is the main entity responsible for implementing the national major project for large aircraft, focusing on the development of both trunk and regional aircraft [3]. - The company is engaged in the research, production, testing, and operation of civil aircraft and related products, as well as sales and leasing services [3]. Aircraft Delivery and Operations - The C919, a large jet airliner developed by COMAC, has delivered 26 aircraft and opened over 30 flight routes [4]. - Another aircraft, the C909, has delivered over 170 units and opened more than 790 flight routes, with operations in Southeast Asia [4].

2025.11.27 本文字数：1473，阅读时长大约2分钟 此次增资完成后，中国商飞的股权结构迎来重要调整。其中，国务院国资委以近250亿元的注资领投， 持股比例跃升至53.08%，确立了绝对控股地位。 | | | 童企业 · 中国商用飞机有限责任公司 | | | 图书记录 图 | HOT 供震偏市 APP | | --- | --- | --- | --- | --- | --- | --- | | 基本信息 772 | 司法信息 22 | 经营诊断 999* | 知识产权 999+ | 企业发展 39 | 经营状况 998+ | 历史信息: | | | 股东信息。 Qx15更可以置推 | | | 后 查看股权结构 | 持股比例 ▼ | 业下载数据 ◎ 豐企童 | | 国际 | | 股东名称 | | 排股比例 | 认值出资额 中 | 认缴出资日期 0 | | 1 | 国务院国有资产监督管理委员会 大股东 = 武器胶制人 最佳曼晶人 | | 殷权结构 > | 53.07998% 持股详情 > | 4,994,709,8586万(元) | 2018-12-19 | | 2 | 上海国盛(集团)有限公司 | | ...

封图 | 第一财经 任玉明摄影 2025.11. 27 本文字数：1473，阅读时长大约2分钟 据21世纪经济报道，近日，国产大飞机的制造主体中国商飞获得了成立以来最大规模的资本加持。 爱企查App显示，中国商用飞机有限责任公司近日发生工商变更，注册资本由约501.01亿元人民币大幅增至约940.98亿元人民币，增幅约88%。 中国商用飞机有限责任公司成立于2008年3月，法定代表人为贺东风。股东信息显示，该公司由国务院国有资产监督管理委员会、上海国盛（集团）有限 公司、中国航空工业集团有限公司等共同持股。 | ○ ミレモ 日演 レモ不真過大量 | 查企业 ▼ 中国商用飞机有限责任公司 × 查一下 | | | ◎ 老户特惠 | HOT 供需集市 日API | | | --- | --- | --- | --- | --- | --- | --- | | 基本信息 772 | 经营诊断 999+ 司法信息 22 | 知识产权 999+ | 企业发展 39 | 经营状况 999+ | | SVIP 历史信息 56 | | 工商注册 2 Q 发生变更时提醒我 | | | | | | | | 工商注册 | 历史工商注 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B條 作 出。 茲載列中國鋁業股份有限公司在上海證券交易所網站刊登的以下資料全文， 僅 供 參 閱。 承董事會命 中國鋁業股份有限公司 葛小雷 公司秘書 中國‧北京 2025年11月27日 股 票 代 碼：601600 股 票 簡 稱：中 國 鋁 業 公 告 編 號：臨2025-073 中國鋁業股份有限公司 關於召開2025年第三季度業績說明會的公告 本 公 司 董 事 會 及 全 體 董 事 保 證 本 公 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 個 別 及 連 帶 責 任。 重 要 內 容 提 示： 一. 說明會類型 中 國 鋁 ...

关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 股票代码：601600 股票简称：中国铝业 公告编号：临 2025-073 中国铝业股份有限公司 二、说明会召开的基本情况 1、召开时间：2025 年 12 月 5 日（星期五）下午 14:00-15:00 2、召开地点：上海证券交易所上证路演中心 会议召开时间：2025 年 12 月 5 日（星期五）下午 14:00-15:00。 会议召开地点：上海证券交易所上证路演中心 会议召开方式：上证路演中心网络互动方式。 投资者可于 2025 年 11 月 28 日(星期五)至 12 月 4 日(星期四)16:00 前通过登 录上证路演中心网站首页点击"提问预征集"栏目、发送邮件至公司邮箱 （ir@chinalco.com.cn）、传真至 010-82298158 等方式就所关注问题进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 重要内容提示： （网址：http://roadshow.sseinfo.com/）。 一、 ...

Core Viewpoint - The article discusses the evolving dynamics of the iron ore market, highlighting China's increasing influence and strategic maneuvers in securing pricing power and supply sources, moving from a passive buyer to an active player in the global market [1][13]. Group 1: Historical Context - In 2003, China's imports of Australian iron ore surged, displacing domestic low-grade ore due to the attractiveness of high-grade 62% ore [1]. - From 2004 to 2005, major companies raised prices, forcing Chinese steel mills to accept high costs, leading to chaotic market conditions with rampant bribery and insider trading [3]. - The 2008 financial crisis caused a significant drop in spot prices, intensifying internal conflicts within the industry and prompting the Chinese government to seek changes in pricing mechanisms [3][5]. Group 2: Market Changes and Strategies - After the collapse of long-term contracts, pricing began to align with the Platts index, creating a less transparent pricing mechanism for Chinese buyers [6]. - Between 2010 and 2024, China's steel production continued to grow, with iron ore consumption projected at 1.956 billion tons in 2024, of which 1.237 billion tons will be imported, with Australia supplying 743 million tons [6]. - China aims to increase its equity mines to over 20% by 2025, with significant investments in overseas projects, particularly in Africa and South America, exemplified by the Simandou project in Guinea [8][10]. Group 3: Recent Developments - China's import structure is shifting, with Australia's share of exports to China decreasing from 60% to 45%, enhancing China's bargaining power [11]. - In late 2023, China initiated negotiations for pricing in RMB, leading to major Australian miners like BHP agreeing to RMB settlements, which could reshape global iron ore trade practices [11][13]. - By the end of 2025, it is anticipated that around 70% of iron ore trade will involve RMB settlements, significantly increasing China's influence over pricing and trade terms [13].

Core Viewpoint - The rare earth sector shows positive momentum with a slight increase in the China Rare Earth Industry Index, driven by confidence in long-term market trends and the strategic importance of rare earth resources [1] Group 1: Market Performance - As of November 27, 2025, the China Rare Earth Industry Index rose by 0.33%, with notable increases in stocks such as Fengyuan Co. (+3.15%), Keheng Co. (+3.13%), and Lingyi Technology (+2.74%) [1] - The fluctuation in rare earth product prices is influenced by supply and demand dynamics, with institutions expressing confidence in the sector's long-term development [1] Group 2: Policy Impact - The temporary suspension of export controls by China is expected to boost overseas demand for rare earth products, alleviating previous market concerns regarding the impact of these controls on demand and pricing [1] - The Ministry of Commerce announced a one-year pause on the export control measures that were set to be implemented on October 9, 2025, which is anticipated to enhance export channels and increase overseas demand significantly [1] Group 3: Industry Composition - As of October 31, 2025, the top ten weighted stocks in the China Rare Earth Industry Index accounted for 61.61% of the index, including major players like Northern Rare Earth, Wolong Electric Drive, and Lingyi Technology [1]

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and sector performances, particularly in consumer electronics and HBM concepts, while noting the decline in AI applications and certain real estate stocks [3]. Market Performance - As of the midday session, the Shanghai Composite Index rose by 0.49%, the Shenzhen Component Index increased by 0.38%, and the ChiNext Index initially surged over 2% before settling at a 0.56% gain [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.09 trillion yuan, a decrease of 466 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - The consumer electronics sector saw a rise of 2.28%, while the HBM concept led the gains with a 2.62% increase [4]. - The solid-state battery concept also performed well, contributing to the overall positive sentiment in the market [3]. - The AI application sector continued to show weakness, indicating potential challenges in this area [3]. Notable Stocks - In the pork concept sector, stocks like Jin Xin Nong and Tian Yu Bio experienced significant gains, with Jin Xin Nong hitting the daily limit [5]. - Semiconductor stocks such as Huahong Semiconductor and SMIC saw increases of over 5% and 3%, respectively, reflecting strong performance in the tech sector [6]. - New Energy and AI concept stocks also showed strength, with New Yi Sheng rising by 7% and Yangguang Electric Power increasing by nearly 5% [7]. Additional Market Insights - The Hong Kong stock market opened with a slight increase, with the Hang Seng Technology Index expanding its gains [12]. - The People's Bank of China conducted a reverse repurchase operation of 356.4 billion yuan at an interest rate of 1.40%, indicating ongoing liquidity management [13]. - The Chinese yuan appreciated against the US dollar, reaching its highest level since October 2024 [14].