宏观 要闻 重要经济指标发布 11月30日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。数据显示， 11月份制造业采购经理指数为49.2%，比上月上升0.2个百分点，景气水平有所改善；非制造业商务活动 指数为49.5%，比上月下降0.6个百分点，显示非制造业经营活动有所放缓；综合PMI产出指数为 49.7%，比上月下降0.3个百分点，我国经济景气水平总体平稳。 分析认为，12月制造业市场需求仍有趋稳回升空间，并带动企业生产活动稳中有增，年末节庆和冬季消 费相关需求集中释放会带动消费相关服务业有所回升，投资有望继续发挥托底经济的作用。不过，专家 也提出，要围绕"十五五"良好开局进一步加强宏观经济政策逆周期调节力度，显著加大政府公共产品、 公共服务投资规模，进一步有效有力带动企业订单增加。 多部门联合召开科技金融统筹推进机制第一次会议 11月27日，中国人民银行、科技部等部门联合召开科技金融统筹推进机制第一次会议。中国人民银行行 长潘功胜、科技部部长阴和俊出席会议并讲话。 会议强调，明年是"十五五"开局之年，各有关部门要扎实推进各项工作任务落实，常态化运行科技金融 统筹推进机制，强化科金 ...

Macro and Economic Indicators - In November, the manufacturing purchasing managers' index (PMI) rose to 49.2%, an increase of 0.2 percentage points from the previous month, indicating an improvement in economic conditions [2] - The non-manufacturing business activity index fell to 49.5%, down 0.6 percentage points, suggesting a slowdown in non-manufacturing activities [2] - The comprehensive PMI output index decreased to 49.7%, a decline of 0.3 percentage points, reflecting overall economic stability [2] - Analysts believe there is potential for a steady recovery in manufacturing demand in December, which could boost production activities and consumer services [2] Financial and Securities - The China Securities Index Company announced a periodic adjustment of various indices, including the Shanghai and Shenzhen 300 Index, which will take effect after market close on December 12 [5] - The Shanghai and Shenzhen 300 Index will replace 11 stocks, including Guolian Minsheng and Guangqi Technology, while removing others like FAW Jiefang and Oppein Home [5] - The CSI 500 Index will replace 50 stocks, with new additions including Dongfang Yuhong and Heertai [6] - The CSI 1000 Index will replace 100 stocks, including Fenghua Hi-Tech and Shijia Photon [6] - The CS50 Index will replace 4 stocks, including Zhongji Xuchuang and Huagong Technology [7] - The CS100 Index will replace 6 stocks, including Dongfang Caifu and Guangqi Technology [8] - The CS500 Index will replace 20 stocks, including Zhongtian Technology and Genesis [9] Regulatory Actions - The China Securities Regulatory Commission (CSRC) has initiated an investigation into Lifan Shuke Co., which is accused of falsifying financial data, with potential penalties including a fine of 10 million yuan [15][16] - The CSRC has also launched a pilot program for commercial real estate investment trusts (REITs) to enhance capital market tools and support real estate development [17] Market Trends - The private equity fund sector has reached a record high of 22.05 trillion yuan as of October, indicating significant growth in the industry [18] - The establishment of a dedicated regulatory body for the commercial aerospace industry in China aims to promote high-quality development in this sector [19] - The first phase of 6G technology trials has been completed, with over 300 key technologies developed, and commercial applications expected to start around 2030 [20][21] - The Ministry of Industry and Information Technology is addressing irrational competition in the power and energy storage battery industry to promote high-quality development [22] Company Adjustments - China Mobile has been removed from the Shanghai Stock Exchange 50 Index due to a decline in its stock price and market capitalization, which no longer meets the inclusion criteria [23] New Stock Offerings - Two new stocks are available for subscription this week: Muxi Co. and Angrui Micro [25] - A total of 33 stocks will be released from lock-up this week, with a combined market value of 594.67 billion yuan, including significant releases from Sichuan Road and Bridge [25] Institutional Strategies - CITIC Securities reports a low-volatility market with a shift towards value stocks, while growth stocks have seen limited performance [27] - Dongwu Securities notes a rebound in revenue and profit growth across the market, with a focus on growth styles leading the recovery [28] - Galaxy Securities highlights a trend of capital moving from high-valuation growth stocks to undervalued cyclical stocks and dividend assets [28]

Macro and Financial - China's official PMI shows stability, with manufacturing PMI at 49.2% in November, up 0.2 percentage points from the previous month, while non-manufacturing PMI decreased to 49.5%, down 0.6 percentage points [2] - The People's Bank of China (PBOC) emphasizes dual-track financial regulation and services, reaffirming the ban on virtual currency trading and enhancing multi-departmental regulatory collaboration [2] - The China Securities Regulatory Commission (CSRC) is drafting a pilot program for commercial real estate investment trusts (REITs) to support high-quality market development [4] - Global commodity prices and exchange rates are experiencing significant volatility, with COMEX silver rising over 6% and spot gold surpassing $4200 per ounce, driven by expectations of a Federal Reserve rate cut [5] - Major central banks are signaling policy stability, with the European Central Bank indicating current rates are appropriate and Japan planning significant bond issuance for economic stimulus [5] Capital Market - A-shares and Hong Kong stocks are viewed as "value traps" by institutions, with UBS setting a target for the Hang Seng Tech Index at 7100 points, a nearly 27% increase from the recent close [9] - The Shanghai Stock Exchange and China Securities Index Co. will adjust core indices, effective December 12, enhancing the representation of technology and industrial sectors [10] - A total of 35 A-share companies will have lock-up shares worth 59.53 billion yuan released from December 1 to 7, with significant focus on companies like Sichuan Road & Bridge [10] - Global stock markets are showing divergent trends, with A-shares attracting foreign capital due to valuation advantages, particularly in the technology sector [10] Commercial Industry - The semiconductor industry is undergoing significant changes, with Intel's stock surging 10% and the company potentially becoming a supplier for Apple by 2027 [13] - The commercial aerospace sector is receiving policy support, with the establishment of a dedicated regulatory body to promote high-quality development in China's commercial space industry [14] - Upcoming AI-related events and product launches are expected to drive innovation in consumer electronics and automotive sectors [15] - The tourism market is adjusting due to geopolitical tensions, with a notable increase in cancellations for trips to Japan, leading tourists to seek alternative destinations [15]

Group 1: Metal Sector - Huaxi Nonferrous is expected to see net profit growth from CNY 6.58 billion in 2024 to CNY 11.40 billion in 2026, with a PE ratio decreasing from 37.28 to 21.52[10] - The company has a projected capacity increase to 0.6 million tons of tin and 1 million tons of antimony by 2027, benefiting from resource consolidation trends in Guangxi[12] Group 2: Construction Materials - Huaxin Cement's net profit is forecasted to rise from CNY 24.16 billion in 2024 to CNY 36.73 billion in 2026, with a PE ratio dropping from 17.21 to 11.32[10] - The company has diversified its growth strategy, focusing on overseas markets and stabilizing its aggregate business[28] Group 3: Transportation - ZTO Express is projected to achieve net profits of CNY 88.17 billion in 2024, increasing to CNY 104.11 billion by 2026, with a PE ratio improving from 13.39 to 11.34[10] - The "anti-involution" measures in the express delivery sector have led to a recovery in profitability, with significant improvements in average ticket prices since August 2025[33] Group 4: Energy Sector - ChuanTou Energy's net profit is expected to grow from CNY 45.08 billion in 2024 to CNY 52.59 billion in 2026, with a PE ratio decreasing from 15.93 to 13.65[10] - The company benefits from its stake in Yalong River Hydropower, which contributes significantly to its earnings[73] Group 5: Chemical Sector - Yara International's net profit is projected to increase from CNY 9.50 billion in 2024 to CNY 39.34 billion in 2026, with a PE ratio decreasing from 42.50 to 10.27[10] - The company is positioned as a leader in overseas potash mining, with significant reserves in Laos[49]

11月27日，中国人民银行、科技部等部门联合召开科技金融统筹推进机制第一次会议。中国人民银行行长潘功胜、科技部部长阴和俊出席会议并 讲话。中国人民银行副行长朱鹤新主持会议，科技部副部长邱勇、金融监管总局副局长周亮、中国证监会副主席陈华平、国务院国资委党委委员 肖宗辉出席。 其中会议指出，党的二十届四中全会对未来五年的发展作出顶层设计和战略擘画，坚持科技创新在国家发展中的战略核心地位，要求加快高水平 科技自立自强，引领发展新质生产力，大力发展金融"五篇大文章"，为"十五五"科技金融工作指明了方向。各有关部门要深入学习贯彻全会精神， 突出科技创新的引领作用，加快构建与科技创新相适应的科技金融体制，持续深化金融供给侧结构性改革，推动科技、产业、金融良性循环，为 建设科技强国提供坚实支撑。 01 A股重要指数样本股调整 11月28日，中证指数网站发布关于沪深300、中证500、中证1000、中证A500等指数定期调整结果的公告称，此次调整为指数样本的定期调整，将 于12月12日收市后正式生效。 其中沪深300指数更换11只样本，华电新能、东山精密、指南针、胜宏科技等调入指数。中证500指数更换50只样本，和而泰、华虹 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, highlighting their potential for growth and profitability in overseas markets [8][29]. Core Insights - The construction industry is experiencing a significant trend towards overseas expansion, driven by urbanization and industrialization in emerging markets, as well as the relocation of manufacturing capacity from China [1][11]. - There is a notable increase in overseas engineering demand, with specialized engineering firms expected to benefit significantly from this trend [1][11]. - The report emphasizes the importance of companies with competitive advantages in niche markets, recommending specific firms such as China Chemical, Jinggong Steel Structure, Jianghe Group, China National Materials, and China Steel International [1][11][19]. Summary by Sections Industry Investment Rating - The report recommends a "Buy" rating for several key players in the construction sector, including China Chemical (PE 6.3X), Jinggong Steel Structure (PE 10.7X), Jianghe Group (PE 12X), China National Materials (PE 7.3X), and China Steel International (PE 10X) [1][29]. Overseas Demand Drivers - Three main factors are driving the high demand for overseas construction: 1. Rapid economic growth in emerging regions such as Southeast Asia, Africa, and the Middle East, leading to increased infrastructure investment [19]. 2. The transfer of excess production capacity from China, particularly in cement and steel, to overseas markets, which is expected to boost regional engineering demand [19]. 3. The collaborative demand for construction services as various industries expand internationally, with a significant number of A-share companies reporting overseas revenue growth [19] [28]. AI and Semiconductor Cleanroom Growth - The report highlights the ongoing surge in global computing power demand driven by AI development, which is expected to lead to substantial growth in the semiconductor cleanroom market [3][26]. - It forecasts that global and Chinese semiconductor cleanroom investments will reach approximately 1680 billion and 504 billion respectively by 2025, representing about 15% of total industry capital expenditure [26]. High Dividend Yield Opportunities - The report identifies several construction companies with robust performance and high dividend yields, suggesting that these firms will attract long-term capital inflows. Key companies include Sichuan Road and Bridge (6.6%), Jianghe Group (6.5%), Jinggong Steel Structure (6.5%), Anhui Construction (5.7%), Tunnel Shares (5.5%), and Sanwei Chemical (6.4%) [7][28][29]. Recommendations for Specific Companies - The report recommends focusing on companies that are well-positioned to benefit from the ongoing trends, including: - China Chemical for chemical engineering overseas expansion - Jinggong Steel Structure for steel structure projects - Jianghe Group for high-end curtain wall projects - China National Materials for cement engineering - China Steel International for metallurgy projects - Semiconductor cleanroom leaders such as Yaxin Integration, Shenghui Integration, and Bocheng Co. [1][11][19][29].

11月官方储备资产将公布；理想汽车将发布AI眼镜；沐曦股份将开启申购。 【重磅新闻】 理想汽车近日宣布，理想AI眼镜Livis发布会将于12月3日19:30举行。 《期货做市交易业务管理规则》将正式实施 中国期货业协会此前发布《期货做市交易业务管理规则》，将自12月1日起实施。《规则》共六章三十五 条，分为总则、交易管理、风险管理、内控管理、自律管理、附则，涵盖做市业务前中后台，贯穿做市业 务全过程。主要内容包括：明确展业前提和业务范围，细化交易环节管理要求，建立健全风控内控机制， 以及强化自律管理职责。 中国11月官方储备资产将公布 12月7日，中国11月官方储备资产数据将公布。此前央行数据显示，中国10月末黄金储备报7409万盎司，环 比增加3万盎司，为连续第12个月增持黄金。10月末外汇储备3.343万亿美元，9月末为3.339万亿美元。 多个产业大会密集召开 2025"人工智能+"产业生态大会将于12月1日至3日在北京市海淀区中关村国家自主创新示范区展示中心举 办。大会以"智赋链动 生态共鸣"为主题，以"1+12+赛+展+链"为组织模式，全方位覆盖AI产业全链条，打造 多维度交流合作场景。 2026年 ...

立方数科连续三年虚增收入和成本，严重违反证券法律法规，安徽证监局拟对立方数科处以1000万元罚款，对汪逸等10名责任人合计罚款3000万 元。立方数科涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序。 （原标题：300344，连续3年财务造假或被强制退市！下周解禁股名单出炉，4股业绩亏损） 下一周解禁市值594.67亿元。 11月28日，"证监会发布"微信公众号发布《安徽证监局严肃查处立方数科严重财务造假案件》通报稿，证监会近日对上市公司立方数科(300344) 涉嫌定期报告财务数据存在虚假记载作出行政处罚及市场禁入事先告知。 证监会表示，经查，2021年至2023年，立方数科通过开展代理业务、融资性贸易、虚假贸易等方式，累计虚增收入6.38亿元、成本6.28亿元。其 中，2021年收入、成本分别虚增2.80亿元、2.77亿元，2022年收入、成本分别虚增3.12亿元、3.05亿元，2023年收入、成本分别虚增0.46亿元、0.45 亿元。 同日，立方数科发布公告称，公司收到中国证券监督管理委员会安徽监管局下发的《行政处罚及市场禁入事先告知书》。根据相关规定，公司股 票于12月1日（星期一）起停牌，并于 ...

联芸科技的解禁规模次之，下周将有2.23亿股上市流通，解禁股主要为首发原股东限售股份，解禁市值 达105.75亿元。 解禁比例来看，胜业电气、炜冈科技、昆船智能、三未信安的解禁比例居前，均超50%。 人民财讯11月28日电，下周将有33只个股解禁，按照最新收盘价计算，合计解禁市值594.67亿元。 四川路桥（600039）的解禁规模最大，下周将有19.78亿股上市流通，主要为定向增发机构配售股份， 解禁市值达186.5亿元。 ...

从解禁市值来看，12月1日是解禁高峰期，14家公司解禁市值合计377.77亿元，占下周解禁规模的 63.46%。按11月28日收盘价计算，解禁市值居前三位的是：四川路桥（186.5亿元）、联芸科技 （105.75亿元）、佳驰科技（62.32亿元）。从个股的解禁量看，解禁股数居前三位的是：四川路桥 （19.78亿股）、星湖科技（4.06亿股）、泰胜风能（2.52亿股）。 从解禁股份类型来看，股权激励限售股份有12家，首发原股东限售股份有6家，股权激励一般股份有6 家，定向增发机构配售股份有3家，首发机构配售股份有3家，首发原股东限售股份,首发战略配售股份 有3家，首发战略配售股份有1家，定向增发机构配售股份,追加承诺限售股份上市流通有1家。 Wind数据统计显示，下周（12月1日-12月5日）共有35家公司限售股陆续解禁，合计解禁36.44亿股，按 11月28日收盘价计算，解禁总市值为595.29亿元。 ...