Market Performance Overview - The domestic equity market indices generally rose during the week, with the ChiNext Index increasing by 1.86% [4] - The sectors that performed well included non-ferrous metals, communications, and defense industry, while media, real estate, and beauty care sectors saw declines [4] Fund Product Issuance - A total of 39 new funds were established in the domestic market this week, with a total issuance of 36.589 billion units [5] - The breakdown of new funds includes 8 bond funds, 15 equity funds, 5 FOF funds, 9 mixed funds, and 2 money market funds [5] Fund Product Performance Tracking - The performance of long-term thematic funds showed that cyclical theme funds outperformed, while consumer and pharmaceutical theme funds experienced a net value decline [6] - The net value changes for various thematic funds were as follows: cyclical (2.92%), defense industry (2.49%), financial real estate (1.38%), industry rotation (1.30%), industry balance (1.15%), TMT (0.79%), new energy (-0.56%), consumer (-0.89%), and pharmaceutical (-1.56%) [6] ETF Market Tracking - There was a slight inflow of funds into equity ETFs, primarily in small and mid-cap and TMT theme ETFs, with significant inflows into Hong Kong stock ETFs [7] - The median return for equity ETFs was 1.09%, with a net inflow of 2.725 billion yuan, while Hong Kong stock ETFs had a median return of 0.80% and a net inflow of 6.043 billion yuan [7] Fund Positioning High-Frequency Monitoring - The estimated positioning of actively managed equity funds showed a decrease of 0.22 percentage points compared to the previous week [8] - Increased allocations were observed in household appliances, machinery, and electronics sectors, while reductions were noted in communications, automotive, and media sectors [8] ESG Financial Products Tracking - This week saw the issuance of 20 new green bonds, with a total issuance scale of 12.665 billion yuan [9] - The cumulative issuance scale of the domestic green bond market reached 5.09 trillion yuan, with a total of 4,369 bonds issued [9] - The existing ESG funds in the domestic market totaled 211, with a scale of 149.605 billion yuan, and the median net value changes for various ESG fund types were 0.64% for active equity, 1.06% for passive equity index, and -0.07% for bond funds [9]

Core Viewpoint - The steel industry in China, as the largest producer and consumer globally, faces significant pressure to reduce carbon emissions, which account for approximately 15% of the country's total emissions. The transition to a low-carbon model, particularly through the adoption of electric arc furnace (EAF) short processes, is becoming increasingly urgent in the context of global green transformation [1]. Group 1: Development of Electric Arc Furnace Short Processes - The report highlights that the traditional blast furnace-converter process is challenged by high carbon emissions due to its reliance on iron ore and coal, while the EAF short process, which primarily uses scrap steel, offers clear advantages in terms of low carbon emissions and energy efficiency [1][2]. - Sichuan province has emerged as a leader in the development of EAF short processes, with a total crude steel capacity of 32.3 million tons, where the short process accounts for approximately 40% of the total production [2]. - The province's electricity generation capacity has increased significantly, with hydropower contributing over 80% of the total, providing a stable and low-cost energy source for EAF operations [2]. Group 2: Challenges in Scrap Steel Supply - Scrap steel is the primary raw material for the EAF short process, but a shortage of scrap resources poses a significant barrier to its development. By 2045, scrap steel is expected to become the main raw material for steel production in China, with EAF processes projected to account for about 50% of production by 2060 [3]. - A specific example from a southwestern province indicates that while scrap steel resources have increased from 8.86 million tons in 2020 to 9.64 million tons in 2024, consumption has also risen, leading to a persistent shortage [3]. Group 3: Economic Viability and Cost Challenges - The production cost of EAF short processes in Sichuan is approximately 300 RMB per ton higher than that of traditional processes, primarily due to high scrap prices and greater energy consumption [5]. - The report suggests that stable clean energy supply is crucial for maintaining the cost-effectiveness of EAF production, as fluctuations in energy availability can undermine its low-carbon advantages [5]. - To enhance the economic viability of EAF short processes, the report recommends promoting green finance and establishing a green premium sharing mechanism to improve competitiveness [5]. Group 4: Industry Perspectives and Future Outlook - Despite current cost challenges, many steel companies remain optimistic about the future of EAF technology. It is anticipated that as carbon emission costs rise, companies will reassess the overall costs, including carbon costs, leading to increased investment in EAF short processes [6].

Core Insights - The Chinese media industry has experienced rapid growth over the past 20 years, but growth rates have slowed down due to the saturation of internet user demographics and the decline in traditional media advertising revenues [2] - In 2019, the growth rate of the media industry fell below 10% for the first time, primarily due to the impact of US-China trade tensions and overall economic downturn, with total output value reaching 22,625.4 billion yuan and a growth rate of 7.95% [2] - The media industry faced rare negative growth in 2022, attributed to macroeconomic pressures, ongoing pandemic impacts, and regulatory changes in sectors like online gaming [2] - In 2023, the media industry began to recover, with total output value reaching 31,518.23 billion yuan, marking an 8.38% year-on-year increase, driven by offline consumption recovery and new technological concepts [2] - The media industry's total output value is projected to reach approximately 34,157.9 billion yuan in 2024, indicating a positive growth trajectory [2] Industry Overview - The media industry encompasses various forms of information dissemination, categorized into four types of media [4] - The evolution of the media industry has been marked by significant changes in technology, transitioning from traditional media to new media platforms [6] Industry Policies - Recent policies have focused on the transformation and development of the media industry, emphasizing talent integration between traditional and new media [8] - The government has introduced measures to enhance cultural originality and support various creative sectors, including literature, arts, and digital media [8][9] Industry Value Chain - The media industry value chain consists of upstream content creation, midstream operations and distribution, and downstream end-users, with midstream players holding significant market power [10] Online Literature Market - The online literature sector has grown significantly, with market size increasing from 20.17 billion yuan in 2019 to a projected 41.99 billion yuan in 2024, reflecting a compound annual growth rate of 15.79% [12]

Core Viewpoint - The article highlights the ecological and sustainable development initiatives undertaken by Songjiang District during the "14th Five-Year Plan" period, emphasizing the integration of ecological preservation with economic growth and urban development. Group 1: Ecological Development - Songjiang District is committed to an ecological priority and green development path, launching a national ecological civilization construction demonstration zone and promoting a "waste-free city" initiative [1][4] - The agricultural green development index ranks among the top in the country, with a green food certification rate of 48.9%, maintaining the first position in the city for five consecutive years [1] - The forest coverage rate in the district increased from 18.57% to 19.42%, and it has received "excellent" ratings in water source ecological compensation assessments for five consecutive years [1] Group 2: Green Technology and Industry - Songjiang District focuses on strategic emerging industries such as integrated circuits, biomedicine, artificial intelligence, and new materials, driving the economy towards greener practices [2] - AkzoNobel's Shanghai decorative paint factory has achieved 45% of its electricity from clean energy and aims to increase this to over 90% by 2026 [2] - The district has nurtured 17 national-level green factories and one national-level green park, showcasing its commitment to green manufacturing [2] Group 3: Water and Air Quality Management - The district has implemented a comprehensive "five waters coordination" action plan, improving water quality and managing over 20,000 kilometers of river channels [3] - By 2024, the average PM2.5 concentration is expected to drop to 31.5 micrograms per cubic meter, with an air quality good rate stabilizing at 86.3% [3] Group 4: Waste Management - Songjiang has established a "waste-free city" action system, achieving a household waste recycling rate of 46.65% [4] - The Tianma solid waste disposal project has significantly enhanced the region's waste disposal capacity, earning multiple national honors [4] Group 5: Biodiversity and Ecological Integration - The district is enhancing biodiversity protection, with a focus on creating habitats for protected species and conducting biodiversity baseline surveys [5] - In 2024, the district recorded various protected plant and animal species, indicating successful ecological conservation efforts [5] Group 6: Environmental Governance - Songjiang is improving its modern environmental governance system by enhancing government responsibility and encouraging corporate self-regulation [7] - The district has established a comprehensive ecological environment monitoring platform, covering air, surface water, and soil [7] Group 7: Business Environment and Community Engagement - The district is optimizing its business environment, focusing on enhancing enterprise experiences and achieving efficient administrative processes [8] - Low-carbon living practices are being promoted, with communities like Thames Town achieving significant reductions in carbon emissions [8] Group 8: Future Development Goals - Songjiang aims to continue transforming ecological advantages into developmental benefits, focusing on advanced manufacturing, new productivity, and rural revitalization [8]

来源：睿见Economy 徐经纬回顾了互联互通机制11年来的发展，该机制已从股票扩展至债券、ETF及衍生产品，覆盖超4400 家中国内地相关股票，成为外资配置中国资产的主要渠道。 他特别提到，港交所过去十年IPO集资总额达3000亿美元，持续保持全球领先地位。未来，港交所将通 过特专科技上市机制（18C章）重点支持AI、芯片等硬科技企业，并依托CoreClimate平台推动低碳经济 与ESG发展，不断提升香港国际金融中心的活力与竞争力。 由中国人民大学主办的2025深圳国际金融大会于11月19日至21日在深圳举行。香港交易所董事总经理徐 经纬发表主题演讲，强调港交所作为"超级联系人"，致力于"立足中国，连接世界"。 他指出，港交所不仅是监管者和运营者，更通过伦敦、纽约、利雅得等全球8个办公地，构建起连接中 国与中东及全球市场的网络。 ...

Core Viewpoint - The 19th Shenzhen International Financial Expo opened on November 19, highlighting the importance of financial institutions in supporting the real economy and helping investors share in economic development [1] Company Strategy - Dongfang Fund emphasizes serving the real economy and assisting investors in sharing the benefits of economic growth as its fundamental mission [1] - The company has strategically focused on sectors aligned with economic transformation and industrial upgrading, including innovative technology, new energy vehicles, artificial intelligence, and low-carbon economy [1] Product Offerings - Dongfang Fund has developed products such as green inclusive theme financial bond funds and pension target funds of funds (FOF) to cater to the diverse investment needs of different types of investors [1] - The aim is to guide capital towards key areas supported by national strategies, reflecting a commitment to deepening investment in specific segments of China's economic transformation and industrial upgrading [1]

Group 1 - Brazil has been China's largest trading partner for 16 consecutive years, with bilateral trade exceeding $100 billion for seven consecutive years [6] - The 8th China International Import Expo (CIIE) highlighted a "green" theme, coinciding with the opening of COP30 in the Amazon region, emphasizing its importance in global climate governance [1][3] - Brazilian companies showcased products and technologies derived from renewable resources, aiming to contribute to a low-carbon, high-quality economy [1][3] Group 2 - The Brazilian government announced a temporary capital move to Belém during COP30 to underscore the Amazon's significance in global environmental agendas [3] - Companies like Suzano are focusing on biodiversity restoration and have developed a decarbonization white paper aligned with China's carbon neutrality goals [3][5] - The event provided opportunities for Chinese companies to collaborate with Brazilian partners, particularly in green finance, renewable energy, and sustainable agriculture [5][6]

Core Viewpoint - The successful listing of Fengbei Bio on the Shanghai Stock Exchange marks a new benchmark for the capitalized development of the waste oil recycling industry, initiating a new phase of scaled growth [1] Group 1: Technology Leadership - Fengbei Bio is a leader in the domestic biodiesel industry, focusing on oil modification and comprehensive utilization to achieve multi-field applications of biodiesel [2] - The company has a market share ranking among the top in the biodiesel sector, supported by its continuous R&D investments and a strong patent portfolio of 135 patents, including 33 domestic invention patents and 3 international invention patents [2] - The company actively participates in industry standard formulation and has established unique process advantages in raw material pretreatment, catalyst recycling, and automated continuous production, enhancing its competitive edge [2] Group 2: Market Expansion - Fengbei Bio has built a complete resource recycling industry chain from waste oil to biodiesel and biobased materials, leveraging its core technology and channel advantages to serve a wide range of clients in the agricultural chemical sector and global commodity trading [4] - The company’s low pour point biodiesel effectively addresses industry pain points related to crystallization and pipeline blockage in cold environments, giving it strong market competitiveness in colder regions [4] - The company has obtained ISCC certification for its biodiesel products, achieving a leading market share in the domestic agricultural chemical sector [4] Group 3: Performance and Growth - From 2022 to the first half of 2025, the company’s revenue has shown steady growth, achieving 1.709 billion, 1.728 billion, 1.948 billion, and 1.478 billion respectively [5] - The company’s green, renewable, and biodegradable biobased materials and fuels exhibit significant market potential against the backdrop of global fossil resource scarcity and carbon neutrality strategies [5] - With the gradual release of production capacity from fundraising projects and enhanced market expansion efforts, the company’s market position and growth potential are expected to further improve [5]

Group 1 - The core point of the news is that Haibo Sichuang's stock price has dropped by 5.08%, currently trading at 270.41 CNY per share, with a total market capitalization of 48.699 billion CNY [1] - Haibo Sichuang focuses on the research, production, and sales of electrochemical energy storage systems, providing a full range of energy storage system products and solutions for various sectors including traditional power generation, renewable energy, smart grids, and end power users [1] - The company's main business revenue composition is as follows: energy storage systems account for 99.77%, new energy vehicle leasing for 0.10%, other services for 0.07%, and technical services for 0.06% [1] Group 2 - From the perspective of fund holdings, one fund under Dongfang Fund has heavily invested in Haibo Sichuang, specifically the Dongfang Low Carbon Economy Mixed A fund, which holds 4,466 shares, representing 2.82% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 64,700 CNY [2] - The Dongfang Low Carbon Economy Mixed A fund was established on March 4, 2025, with a current scale of 24.1872 million CNY and a cumulative return of 20.17% since inception [3]

Core Viewpoint - Longkun Technology (301305.SZ) reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit, driven primarily by the sustainable aviation fuel (SAF) market and rising prices of used cooking oil (UCO) [1][2][3] Financial Performance - For the first three quarters of 2025, Longkun Technology achieved a revenue of 1.39 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 250 million yuan, up 28.9% [1] - In Q3 2025, the company reported a revenue of 530 million yuan, reflecting an 8.3% year-on-year growth, and a net profit of 100 million yuan, which is a 39.6% increase compared to the same period last year [1] - The company's Q3 performance set historical highs for both quarterly and year-to-date results, significantly exceeding market expectations [1] Market Dynamics - The demand for SAF has surged due to regulatory policies mandating blending of aviation fuel in various countries, leading to increased competition for raw materials [2] - As of October 2025, the price of UCO abroad reached $1,116 per ton, a 12% increase since the beginning of the year, while domestic prices for waste cooking oil have risen to 6,850 yuan per ton, a 19% increase [2] Business Operations - Longkun Technology is a key player in the UCO market, leveraging its comprehensive waste oil collection and processing system to enhance profitability [3][4] - Approximately 55% of the company's revenue and 52% of its gross profit in the first half of 2025 came from bioenergy products, with rising UCO prices positively impacting profit margins [3] - The company operates 35 biomass resource regeneration projects, with 21 already in operation, and holds the leading market share in major cities like Beijing, Shenzhen, and Guangzhou [4] Strategic Initiatives - In 2023, Longkun Technology initiated a significant strategic transformation towards biotechnology, focusing on synthetic biological manufacturing [5] - The company’s subsidiary, Longjian Biotechnology, has received approval for its human milk oligosaccharides (HMOs) product, positioning it as the first domestic enterprise to achieve this milestone [5] - The HMO project is expected to scale production by 2026, tapping into the growing market for high-value nutritional components as consumer awareness of "precision nutrition" increases [5]