中国经济网北京12月1日讯近日，西部利得基金公告，西部利得鑫泓增强债券葛山、计旭。 葛山2012年8月至2014年4月任长江证券股份有限公司研究所研究员，2014年5月至2014年12月任光大证 券股份有限公司研究所研究员，2015年5月至2017年10月任长江证券(上海)资产管理有限公司基金经理 助理，2017年10月至2023年6月任东亚前海证券有限责任公司投资经理，2023年7月加入西部利得基金管 理有限公司，曾任高级销售经理、研究部总经理助理、基金经理，现任研究部副总经理、基金经理。 计旭2016年7月至2018年4月任中债资信评估有限责任公司信用分析师，2018年4月至2019年7月任华宝基 金管理有限公司信用风险分析师。2019年8月加入西部利得基金管理有限公司，曾任研究员、基金经理 助理，现任基金经理。 西部利得鑫泓增强债券A/C成立于2020年11月19日，截至2025年11月28日，其今年来收益率 为-1.17%、-1.58%，成立来收益率为3.51%、1.23%，累计净值为1.0351元、1.0123元。 | 基金名称 | 西部利得鑫泓增强债券型证券投资基金 | | --- | --- | ...

致：香港交易及結算所有限公司 公司名稱: 光大證券股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601788 | 說明 | | A股(上海證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,839 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,906,698,839 | RMB | | | 1 RMB | | 3,906,698,839 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | -- ...

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The fundamentals of supply and demand in the steel industry have limited driving force, and macro - level disturbances may intensify. The demand side is under pressure due to the decline in investment growth, while the supply side is expected to see a further decline in production. The market will be in a situation of weak supply and demand in December, with prices likely to fluctuate within a range, and attention should be paid to macro - level events [4][193][196] 3. Summary by Relevant Catalogs 3.1 Price - In November, the prices of black - series commodities showed divergent trends. Coal and coke prices dropped significantly, while iron ore and steel prices fluctuated within a narrow range, with rebar performing stronger than hot - rolled coil. International hot - rolled coil prices showed mixed trends [6][7] - The basis of rebar and hot - rolled coil futures contracts changed in November. The difference between rebar and billet prices widened, the difference between first - and third - tier rebar resources in East China narrowed, and the difference between rebar and scrap steel prices widened [9][27] - In November, the 1 - 5 spread of rebar futures widened, and the 5 - 10 spread narrowed. The ratio of rebar to iron ore narrowed, and the ratio of rebar to coke widened [37][43] 3.2 Supply - In October, the production of crude steel and pig iron continued to decline. In November, the weekly production of rebar, hot - rolled coil, and five major steel products all decreased. The production of rebar decreased in the northern, eastern, and southern regions [47][55][62] - In November, the blast furnace operating rate, capacity utilization rate, and daily molten iron output declined, while the electric furnace operating rate, capacity utilization rate, and steel mill scrap steel inventory increased [71][77] 3.3 Demand - In October, the year - on - year decline in real estate investment, sales, new construction, and completion widened, while the year - on - year decline in construction narrowed. Infrastructure investment growth continued to be negative, and the growth rates of transportation, water conservancy, and power investment all declined [82][89] - In October, the growth rate of automobile production and sales rebounded, the growth rate of excavator sales declined, and the growth rate of heavy - truck sales increased. The production and export of household appliances showed mixed trends [95][102] - In November, the national building materials trading volume declined, the rebar delivery volume in Hangzhou increased, and the cement delivery volume increased. The trading volume in the eastern and northern regions declined, while that in the southern region increased. The operating rate of cement mills first decreased and then increased [105][113] - In November, the apparent demand for rebar and hot - rolled coil declined, while the apparent demand for five major steel products increased. The land transaction area in 100 large - and medium - sized cities and the commercial housing transaction area in 30 large - and medium - sized cities increased, while the passenger car sales volume declined [121][128] 3.4 Inventory - In November, the inventory of five major steel products decreased by 112.95 million tons, with rebar inventory decreasing by 71.04 million tons and hot - rolled coil inventory decreasing by 5.69 million tons. The inventory in Shanghai and Hangzhou for rebar increased, while that in Guangzhou and Beijing decreased. The inventory of hot - rolled coil in Shanghai and Chengdu increased, while that in Tianjin and Lecong decreased [133][144][156] 3.5 Profit - In November, the losses on the rebar and hot - rolled coil futures contract plates narrowed. The losses of long - process steel mills widened, while the losses of short - process steel mills narrowed. In Jiangsu, the losses per ton of steel for blast furnace steel mills widened, and the losses of electric furnace steel mills during peak - power hours narrowed [160][162] 3.6 Import and Export - From January to October, steel exports increased by 6.6% year - on - year, while in June, steel exports decreased by 12.5% year - on - year [165] 3.7 Liquidity - In October, the growth rate of the stock of social financing, M1, and M2 all declined. The year - on - year and month - on - month growth rates of medium - and long - term loans for enterprises and households decreased significantly [169][178] 3.8 Transaction Data - In November, the positions, settled funds, and trading volumes of rebar and hot - rolled coil all declined [181] 3.9 Steel Options - Information on the historical volatility, position - to - volume ratio of put - to - call options, and trading - volume ratio of put - to - call options of rebar options is provided [184][188]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In December, with loose funds but weak expectations of interest rate cuts, a marginally weakening but overall resilient economy, and inflation continuing to rise moderately, the bond market is expected to maintain a narrow - range oscillation within the year [6] Summary by Directory 1. Bond Market Performance: Favorable Factors Materialized, Bond Market Bearish - **Market Yield and Contract Price**: In early November, after the favorable policy of central bank's bond trading was implemented, with MLF and outright reverse repurchase continuing net injection, the capital was loose. However, the market's expectation of central bank's interest rate cut was low, resulting in a "buy - the - rumor, sell - the - news" situation in the bond market. The bond yields oscillated slightly upward, and the yield curve steepened. As of November 28, the yields of 2 - year, 5 - year, 10 - year, and 30 - year bonds were 1.42%, 1.62%, 1.84%, and 2.19% respectively, up 1.61BP, 5.21BP, 4.58BP, and 4.20BP from October 31. The closing prices of TS, TF, T, and TL main contracts were 102.378 yuan, 105.745 yuan, 107.94 yuan, and 114.49 yuan respectively, down 0.16%, 0.30%, 0.68%, and 1.88% from October 31 [4][9] - **Trading Volume and Open Interest**: On November 28, the trading volumes of 2 - year, 5 - year, 10 - year, and 30 - year bonds were 30770, 58008, 66598, and 97157 respectively, with changes of - 3531, 349, - 12082, and - 22444 compared to October 31. The open interests were 67266, 144566, 234480, and 168934 respectively, with changes of - 16912, - 33502, - 50216, and - 13910 [14] - **Net Basis Spread**: The net basis spread showed a narrow - range oscillation [15] - **Inter - delivery Spread**: The inter - delivery spread of TS decreased slightly, and the long - end inter - delivery spread also declined slightly [17][20] 2. Policy Dynamics: Low Expectations of Interest Rate Cuts - **Reverse Repurchase**: In November, reverse repurchase was flexibly deployed, with a cumulative net injection of 48056 billion yuan, a maturity of 53618 billion yuan, and a net withdrawal of 5562 billion yuan. The reverse repurchase balance at the end of November was 15118 billion yuan. As of November 28, R001, R007, DR001, and DR007 were 1.43%, 1.52%, 1.30%, and 1.47% respectively, with changes of 1.83BP, 2.99BP, - 1.51BP, and 1.17BP from October 31 [24] - **Outright Reverse Repurchase**: In November, the central bank carried out 7000 billion yuan of 3 - month outright reverse repurchase and 8000 billion yuan of 6 - month outright reverse repurchase. After considering the maturity amount, the two - term outright reverse repurchase had a net additional operation of 5000 billion yuan, injecting medium - term liquidity into the market for the sixth consecutive month [28] - **MLF**: In November, the central bank carried out 10000 billion yuan of 1 - year MLF operations. With 9000 billion yuan of MLF maturing in the same month, there was a net injection of 1000 billion yuan, marking the ninth consecutive month of increased MLF operations [32] - **Treasury Bond Trading**: In October, the central bank resumed the suspended treasury bond trading operation since January 2025, with a net purchase of 200 billion yuan of treasury bonds [33][34] - **LPR**: In November, the 1 - year LPR was 3.0%, and the 5 - year - plus LPR was 3.5%, both remaining unchanged from the previous period, in line with market expectations [36] - **PSL**: In October, the PSL had a net withdrawal of 55 billion yuan, with a balance of 10093 billion yuan [36] - **Liquidity**: In November, the overall capital was loose. The 1 - year inter - bank certificate of deposit of joint - stock banks declined slightly, and the bill rate continued to be weak [39][40][43] 3. Bond Supply and Demand: Government Bonds Mostly Issued - **Bond Issuance**: In November, the total issuance of government bonds was 19571 billion yuan, with a maturity of 6786 billion yuan and a net issuance of 12785 billion yuan. As of November, the cumulative net issuance of treasury bonds was 62348 billion yuan, with an issuance progress of 93.62%; the cumulative net issuance of local bonds was 71231 billion yuan, with an issuance progress of 92.51% [6][49] - **Special Bond Issuance**: In November, 4922 billion yuan of new special bonds were issued. From January to November, the cumulative issuance was 44568 billion yuan, with an issuance progress of 96.9%, and the remaining quota for the year was 1432 billion yuan [6] - **Bond Market Trends**: The issuance multiple of local bonds in October remained low. Treasury bond yields rose slightly, US bond yields oscillated weakly, and credit bond spreads widened slightly [53][54][59][60] 4. Strategy Viewpoints: Low Expectations of Interest Rate Cuts, Bond Market Oscillation Continues - The bond market is expected to maintain a narrow - range oscillation within the year due to loose funds, weak interest - rate - cut expectations, a marginally weakening but resilient economy, and moderately rising inflation [6]

光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 工业硅&多晶硅：量价分离，底部明确 p 2 工业硅&多晶硅：量价分离，底部明确 硅策略月报 2025 年 1 2 月 1 | 总 | 结 | | --- | --- | | 1.供给：据百川，预计11月国内工业硅产量38.52万吨，同比下滑2.5%，环比下滑4.9%。月度开炉数减少47台至257台，开炉率下滑6.91%至32.3%。 | | | 西北地区，新疆大厂月内关停11台矿热炉，甘肃新开1台；西南地区，云南关停21台矿热炉，四川关停25台，重庆关停1台。其他地区，内蒙及 | | | 河南各新开1台。 | | | 2.需求：11月多晶硅产量下滑1.86吨至11.9万吨，同比增长5.3%，环比下滑13.6%。11月DMC产量增加1.1万吨至21.2万吨，同比下滑1.5%，环比 | | | 增长5.5%。多晶硅联合限产限售下，现货普遍报价坚挺，因下游订单收缩，硅片率先减产降价，目前晶硅龙头企业与下游根据限售开启新订单， | | | 少量长单签至年末。因下游对高价较为抵触，大部分仍在协商中 ...

光期研究 2 0 2 5年1 2月 橡 胶 策 略 报 告 2 0 2 5 年 1 2 月 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 橡胶：供需双弱，胶价震荡 p 2 | | 目 | 录 | | --- | --- | --- | | 1、价格：期货盘面宽幅震荡 | | | | 2、供应：天胶国内进入停割季 | | | | 3、需求：轮胎库存累库高位 | | | | 4、库存：天然橡胶库存中性 | | | | 5、持仓 | | | p 3 1.1 价格：RU盘面月涨幅2.15%，NR盘面月涨幅0.37%，BR盘面月跌幅1.61% 图表：NR主力合约走势（单位：元/吨） 图表：沪胶主力价格（单位：元/吨） 图表：BR主力合约走势（单位：元/吨） 10000 12000 14000 16000 18000 20000 22000 24000 26000 28000 RSS3 SCRWF 沪胶主连 8500 9500 10500 11500 12500 13500 14500 15500 16500 17500 2022-01 2 ...

Core Viewpoint - The withdrawal of public fund license applications by Guojin Securities Asset Management marks the end of the "application boom" for broker asset management public licenses that began in 2023, indicating a shift towards deep adjustment and differentiated development in the industry [1][2]. Group 1: License Application Trends - The surge in applications for public licenses began in May 2022 when the CSRC relaxed restrictions on the number of public licenses, allowing broker asset management subsidiaries to apply [2]. - In 2023, six institutions, including China Merchants Asset Management and Xingye Asset Management, submitted applications, but only two received licenses that year [2]. - By 2024, there were no new public licenses granted, and by late 2025, several broker asset management firms began withdrawing their applications [2][4]. Group 2: Regulatory Context and Industry Response - The timing of the withdrawal coincides with the approaching deadline for the Asset Management New Regulations, which require brokers to complete the public transformation of their products by the end of 2025 [4]. - Many broker asset management firms are transferring their public products to affiliated fund companies as a common strategy to comply with the regulations [4]. Group 3: Market Dynamics and Future Directions - The withdrawal of public license applications has led to a clear differentiation in the development paths of broker asset management firms, with only 14 out of 30 firms obtaining public qualifications [5]. - Firms with public licenses are encouraged to seek differentiated advantages in a competitive market, while those without may focus on traditional strengths in private asset management [5]. - The private asset management sector is experiencing a resurgence, with the scale of private products reaching 5.73 trillion yuan by September 2025, an increase of approximately 270 billion yuan from the end of 2024 [5].

Group 1 - The core viewpoint of the report is that the tightness in copper mines is being transmitted to electrolytic copper, leading to an optimistic outlook for copper prices reaching new highs [1] - The China Copper Raw Materials Joint Negotiation Group (CSPT) has reached a consensus to reduce copper mine production capacity by over 10% by 2026, indicating a commitment to address the supply shortage [2] - CSPT members cover approximately 70% of China's electrolytic copper production capacity, with a total capacity of about 1,422,000 tons as of October 2025 [3] Group 2 - The reduction in copper mine production is seen as an inevitable result of the tight supply expected in 2025/2026, with several mines already adjusting their production forecasts downward due to various disruptions [4] - The profitability of smelting companies is increasingly reliant on by-products like sulfuric acid, as the treatment and refining charges (TC/RC) have been declining, with spot prices reaching historical lows [5] - Global copper inventories are at a six-year high, but regional imbalances may exacerbate tightness in electrolytic copper outside the U.S., particularly due to expectations of U.S. tariffs [6]

Report Information - Report Title: "Methanol Strategy Monthly Report: Iran's Plants Shut Down Due to Gas Restrictions" [3][4] - Report Date: December 1, 2025 [1] 1. Report Industry Investment Rating - No information provided in the report. 2. Core Views of the Report - In terms of supply, domestic methanol production is expected to decline slightly in December, and imports will fall from a high level. The shutdown of Iranian plants will lead to a significant drop in arrivals from mid - December to January. - In terms of demand, although the Ningbo Fude plant is scheduled for maintenance in December, the restart of Shandong Yangmei's plants and the launch of Shandong Lianhong's new plant at the end of the year are expected to increase the total olefin demand. - Overall, port inventories are likely to enter a destocking phase from mid - December this year to early January next year, driving up methanol prices. However, considering that the price of downstream polyolefins is unlikely to rise significantly, the increase in methanol prices is expected to be limited. The short - term trend is expected to be volatile and bullish. It is recommended to pay attention to the strategy of going long on methanol and short on polyolefins. [3] 3. Summary According to the Directory 3.1 Supply: Domestic开工小降,产量预期小幅走弱 - **Production Profit**: Coal - to - methanol production profits continue to weaken. [6] - **Domestic开工&产量**: In December, domestic plant maintenance mainly involves the southwest production area. Affected by gas restrictions, the start - up of natural gas - to - methanol plants drags down the overall domestic methanol start - up rate, which may drop to around 83%. [3][12] - **Import Profit&Foreign Supply**: A large - scale shutdown of Iranian plants occurred at the end of November. It is expected that the methanol loading volume in Iran will decrease significantly in December. [15] - **Import&Arrival Volume**: Due to the shutdown of Iranian plants at the end of November, the methanol loading volume in Iran is expected to drop significantly in December. Conventionally, China's methanol imports will show a seasonal decline in January. [3][22] 3.2 Demand: MTO需求有支撑 - **Downstream Gross Margin**: As methanol prices weaken, olefin profits have recovered, but there is an expectation of subsequent weakening. [26][32] - **Downstream Start - up Rate**: The Ningbo Fude plant is scheduled for maintenance in December. However, the restart of Shandong Yangmei's plants and the launch of Shandong Lianhong's new plant at the end of the year are expected to increase the total olefin demand. The start - up rate of traditional downstream acetic acid plants will gradually recover to 80 - 90% after the end of maintenance in December. [3][37] 3.3 Inventory:预计港口库存边际走弱 - **Total Inventory**: The overall inventory is expected to enter a destocking phase. [46] - **Inland Inventory**: With the increase in downstream external procurement, inland inventory has decreased month - on - month. [49] - **Port Inventory**: The shutdown of Iranian plants will lead to a significant drop in arrivals from mid - December to January. With the high load of MTO plants in the East China region, port inventories are likely to enter a destocking phase from mid - December this year to early January next year. [56] 3.4 Spread:基差走强 - **Domestic Regional Spread**: Multiple domestic regional spreads are presented in the report, including spreads between different regions such as Shandong and Inner Mongolia. [63][66][69] - **Domestic Freight**: Freight rates between different domestic regions are shown, such as from Inner Mongolia and Shaanxi to Shandong. [72][75] - **Domestic Logistics Window**: Information on the domestic logistics window is provided, including the spread between Shanxi and Shandong. [79] - **Internal - External Spread**: Spreads between China and other regions such as Southeast Asia, India, Europe, and the United States are presented. [81][82] 3.5 Warehouse Receipts:较上月小幅下降 - The number of warehouse receipts has decreased slightly compared to last month. [5]

央广网北京12月1日消息（记者卢海宁）据中央广播电视总台经济之声《交易实况》报道，中国证券投 资基金业协会日前发布的数据显示，我国公募基金总规模保持强劲增长势头，截至今年10月底，我国公 募基金管理规模已达到36.96万亿元，接近37万亿元，自4月以来已连续7个月创下历史新高。 西南证券首席投资顾问张刚表示，此轮增长由市场上涨与储蓄资金搬家共同驱动，形成财富效应正向循 环。股票型基金与混合型基金的规模增长，一方面受市场上涨带动，推动了基金净值与规模同步增加； 另一方面，股市上涨会催生财富效应，吸引大量资金要么流入二级市场购买股票，要么进入基金市场申 购这类基金，而这种储蓄资金的转移，进一步促成了基金规模的扩大。 邢星认为，接下来一段时间，机构将重点布局半导体、AI等科技类品种。此外，消费复苏主线及新能 源细分赛道，不仅估值处于合理区间，还叠加了业绩改善的逻辑。另一方面，债券市场调整后也出现了 错配机会，且债市拥挤度有所下降，短债、中短债基金的配置价值愈发凸显。 安杰则建议，当前依然是结构性行情，投资者还是应依据自身风格择机布局。对于激进投资者，可以关 注AI科技、芯片等高波动品种；稳健投资者则可把握绩优高分红 ...