小摩发布研报称，中通快递-W将在未来3至6个月继续成为运输行业中的首选股。小摩引述中通快递管 理层最新评论指，反内卷政策正从根本上重塑竞争格局，推动整个行业从以量取胜的增长模式，转向更 关注质量与盈利能力。小摩认为，中通快递正明显受惠于当前行业发展，除了持续扩大市场占有率，亦 展现出稳健的利润表现。 消息面上，11月25日，中通快递-W发布2025"双11"战报。今年"双11"期间(10月20日至11月21日)，中通 在各平台考核指标综合排名第一，其中中通在逆向单量、上门及时率等细分服务环节均实现领跑。在派 送环节，中通通过数据驱动和末端协同，做好上门服务与按需派送，揽签达成率整体提升0.76%。 在"双11"业务量方面，中通快递继续保持领先优势，连续十年"双11"业务量领跑。与此同时，中通在农 村市场的表现尤为亮眼，农村快递上行件量同比增长19.5%。 中通快递-W(02057)再涨超4%，截至发稿，涨4.12%，报161.9港元，成交额6238.66万港元。 ...

来源：新浪港股 摩根大通发布研报称，中通快递-W（02057）将在未来3至6个月继续成为运输行业中的首选股，将公司 H股目标价由187港元上调至197港元，给予"增持"评级。该行又将中通快递（ZTO.US）美股目标价由 24美元调升至25美元，评级同样为"增持"。 小摩引述中通快递管理层最新评论指，反内卷政策正从根本上重塑竞争格局，推动整个行业从以量取胜 的增长模式，转向更关注质量与盈利能力。小摩认为，中通快递正明显受惠于当前行业发展，除了持续 扩大市场占有率，亦展现出稳健的利润表现。 11月25日，中通快递-W发布2025"双11"战报。今年"双11"期间（10月20日至11月21日），中通在各平台 考核指标综合排名第一，其中中通在逆向单量、上门及时率等细分服务环节均实现领跑。在派送环节， 中通通过数据驱动和末端协同，做好上门服务与按需派送，揽签达成率整体提升0.76%。在"双11"业务 量方面，中通快递继续保持领先优势，连续十年"双11"业务量领跑。与此同时，中通在农村市场的表现 尤为亮眼，农村快递上行件量同比增长19.5%。 中通快递-W（02057）盘中涨超4%，截至发稿，股价上涨3.41%，现报16 ...

Core Viewpoint - ZTO Express (02057) has shown strong performance during the "Double 11" shopping festival, maintaining its leading position in the logistics industry, with a focus on quality and profitability rather than just volume growth [1] Group 1: Company Performance - ZTO Express's stock price increased by 4.12%, reaching HKD 161.9, with a trading volume of HKD 62.39 million [1] - During the "Double 11" period (October 20 to November 21), ZTO ranked first in comprehensive assessment metrics across various platforms, excelling in reverse order volume and timely pickup rates [1] - The overall signing and delivery rate improved by 0.76% due to data-driven strategies and end-to-end collaboration in the delivery process [1] Group 2: Market Trends - ZTO Express has maintained its leading position in "Double 11" business volume for ten consecutive years, with a notable 19.5% year-on-year increase in rural express delivery volume [1] - Morgan Stanley's report indicates that ZTO Express is expected to remain a preferred stock in the transportation sector over the next 3 to 6 months, benefiting from the current industry developments [1] - The management of ZTO Express highlighted that anti-involution policies are fundamentally reshaping the competitive landscape, shifting the industry focus from volume-driven growth to quality and profitability [1]

Report Industry Investment Rating No relevant information provided. Core Views - On November 25, 2025, equity index futures rose while CGB futures fell; commodities were mixed with metals performing relatively strongly [2][10][13] - Gold is in a volatile range with limited upside momentum but solid downside support, and the market's core contradiction centers on the December rate - cut path [17][18] - Polysilicon supply - demand fundamentals remain under pressure, but prices are expected to maintain wide - range volatility due to dry - season output cuts and anti - involution policy expectations [22][23] - On November 24, 2025, President Xi Jinping had a phone call with US President Donald Trump, which is of great importance to the stable development of China - US relations [27] Summary by Directory 1. China Futures 1.1 Overview - On November 25, 2025, in China's financial futures, IH rose by 0.35%, IM rose by 0.66%, and TL fell by 0.33%. In commodity futures, the top three gainers were Lithium Carbonate (up 4.5% with position volume down 6.0% month - on - month), Poly - Silicon (up 2.8% with positions increasing 0.5% month - on - month), and Silver (up 2.8% with positions rising 5.5% month - on - month). The top three decliners were SCFIS Europe Route (down 7.8% with positions up 11.4% month - on - month), Palm Oil (down 1.7% with positions increasing 0.5% month - on - month), and LSFO (down 1.3% with position volume up 0.5% month - on - month) [10][11][12][13] 1.2 Daily Raise 1.2.1 Gold & Silver - On November 25, 2025, Gold rose 1.5% to 946.5 yuan/g, and Silver rose 2.8% to 12127 yuan/kg. Gold is in a volatile range with "weak upside and downside drivers", and the core market contradiction is about the December rate - cut path. The lack of key data before the Fed meeting, internal Fed divisions, and dollar high - level consolidation lead to fluctuating December rate - cut expectations. Gold has limited upside but solid downside support from geopolitical risk premium, stable central bank gold purchases, and optimistic medium - term rate - cut expectations [16][17][18] 1.2.2 Poly - Silicon - On November 25, 2025, Poly - Silicon rose 2.8% to 54730 yuan/ton. From the supply side, output will contract moderately in November due to the dry season, and long - term attention should be paid to anti - involution policies. On the demand side, PV installation growth in the first half of the year exhausted downstream demand, and polysilicon demand faces downside risks starting from November. Overall, supply - demand fundamentals are under pressure, but prices are expected to maintain wide - range volatility [21][22][23] 2. China News 2.1 Macro News - On November 24, 2025, President Xi Jinping had a phone call with US President Donald Trump at the latter's request. Xi clarified China's principled position on the Taiwan question. The Chinese Foreign Ministry spokesperson said the call was initiated by the US side, with a positive, friendly, and constructive atmosphere, which is important for the stable development of China - US relations [27]

人民财讯11月26日电，银河证券发布建材行业2026年度策略报告称，2025年度建材指数及基本面均呈修 复态势，细分板块表现分化。展望2026年，传统产业去产能+新兴产业高景气，建材行业机遇分化。在 政策调控加码、新兴赛道高景气延续等多因素催化下，建材行业结构性投资机会进一步凸显：1."反内 卷"政策继续推进，加快重塑水泥、玻璃等传统建材市场良性竞争秩序，供需格局向好预期增强，行业 盈利有望逐步修复；2.新能源、电子、算力等新兴产业继续发力，高性能玻纤前景广阔，具备技术壁垒 与生产能力的龙头企业将充分享受赛道增长红利；3.地产存量时代叠加新型城镇化推进，存量房翻新、 城市旧改等需求释放，具备渠道布局、品牌及产品品质优势的消费建材龙头企业有望受益。 ...

Core Viewpoints - Various style indices experienced adjustments last week, with cyclical and growth styles seeing the most significant declines due to recent rapid increases leading to overvaluation and short-term profit-taking [3][7] - The expectation for a Federal Reserve rate cut in December has increased, although there remains considerable disagreement among officials regarding this decision [10] Market Liquidity - Overall market liquidity remains sufficient, with average daily trading volume close to 2 trillion yuan despite recent fluctuations [11] - The margin financing balance has stabilized around 2.5 trillion yuan, indicating a steady recovery since the beginning of the year [11] - Long-term capital inflows are evident, with insurance funds' stock investments increasing by 1.19 trillion yuan to 3.62 trillion yuan by the end of Q3 2025 [11] Market Analysis - The market is undergoing a corrective phase, with major indices experiencing declines, influenced by external factors affecting the technology sector and changing expectations regarding the Federal Reserve's interest rate policy [13][15] - Despite the adjustments, there are signs of potential positive changes, including strong inflows into equity ETFs and a shift in external factors towards a more favorable outlook regarding the Federal Reserve's rate decisions [15] Industry and Theme Allocation - Focus on growth sectors such as technology and advanced manufacturing, which have seen some overvaluation corrections while maintaining high overall economic vitality [5][15] - Continuous attention to "anti-involution" policies, particularly in sectors like electric equipment and basic chemicals where fundamentals are improving and valuations are reasonable [5] - Emphasis on domestic demand improvement, with potential opportunities in machinery, home appliances, automobiles, and consumer electronics benefiting from domestic policies [5][15]

小摩引述中通快递管理层最新评论指，反内卷政策正从根本上重塑竞争格局，推动整个行业从以量取胜 的增长模式，转向更关注质量与盈利能力。小摩认为，中通快递正明显受惠于当前行业发展，除了持续 扩大市场占有率，亦展现出稳健的利润表现。 摩根大通发布研报称，中通快递-W(02057)将在未来3至6个月继续成为运输行业中的首选股，将公司H 股目标价由187港元上调至197港元，予"增持"评级。该行又将中通快递(ZTO.US)美股目标价由24美元 调升至25美元，评级同样为"增持"。 ...

小摩引述中通快递管理层最新评论指，反内卷政策正从根本上重塑竞争格局，推动整个行业从以量取胜 的增长模式，转向更关注质量与盈利能力。小摩认为，中通快递正明显受惠于当前行业发展，除了持续 扩大市场占有率，亦展现出稳健的利润表现。 智通财经APP获悉，摩根大通发布研报称，中通快递-W(02057)将在未来3至6个月继续成为运输行业中 的首选股，将公司H股目标价由187港元上调至197港元，予"增持"评级。该行又将中通快递(ZTO.US)美 股目标价由24美元调升至25美元，评级同样为"增持"。 ...

Group 1 - The core viewpoint is that the non-ferrous metals industry is expected to perform well in 2025, driven by macro narratives surrounding the weakening of the US dollar and the AI technology revolution [1] - Industrial metals, particularly copper, have seen significant price increases, with COMEX copper rising by 26.8% compared to the end of last year [1] - In 2026, as global narratives converge, non-ferrous metals may shift from forward pricing to a combination of near and far pricing, leading to an increase in real demand pricing power [1] Group 2 - The non-ferrous 60 ETF (159881) tracks the CSI Non-Ferrous Index (930708), which selects listed companies involved in the mining, smelting, and processing of non-ferrous metals, covering key areas such as copper, gold, aluminum, rare earths, and lithium [1] - The index reflects the overall performance of the non-ferrous metals industry, exhibiting significant cyclical characteristics influenced by economic cycles and the development of the new energy industry [1] - Structural support for the industry may arise from anti-involution policies and export demand driven by industrialization in southern countries [1]

中通快递-W(02057)涨超3%，截至发稿，涨3.68%，报154.9港元，成交额2.78亿港元。 中通快递近期公布的第三季度业绩显示，三季度公司包裹量95.7亿件，同比增长9.8%，同时也保持了优 质的服务及客户满意度。调整后净利润增长5.0%至人民币25.1亿元，营收118.6亿元，同比增长11.1%， 经营活动产生的现金流为人民币32.1亿元。 消息面上，摩根大通发布研报称，中通快递将在未来3至6个月继续成为运输行业中的首选股，将公司H 股目标价由187港元上调至197港元，予"增持"评级。该行引述中通快递管理层最新评论指，反内卷政策 正从根本上重塑竞争格局，推动整个行业从以量取胜的增长模式，转向更关注品质与盈利能力。摩根大 通认为，中通快递正明显受惠于当前行业发展，除了持续扩大市场占有率，亦展现出稳健的利润表现。 ...