Report Industry Investment Rating - Not mentioned in the provided content Core View of the Report - The current economic fundamentals are weak, and the central bank will continue to maintain a supportive monetary policy stance. Market liquidity is expected to remain reasonably ample, which provides some support for Treasury bond futures prices. With the recent start of position transfer, it is recommended to plan for position transfer [3]. Summary According to Relevant Catalogs Futures Market - Treasury bond futures prices generally rose in the previous trading day, with the T2512 contract rising 0.01% and its open interest decreasing [2]. - The IRR of the CTD bonds corresponding to the main contracts of Treasury bond futures was at a low level, and there were no arbitrage opportunities [2]. Short - term Market Interest Rates - Short - term market interest rates showed mixed trends. SHIBOR 7 - day rate rose 0.4bp, DR007 rate fell 0.27bp, and GC007 rate rose 1.1bp [2]. Spot Market - Yields of key - term Treasury bonds showed mixed trends. The 10Y Treasury bond yield fell 0.04bp to 1.81%, and the long - short (10 - 2) Treasury bond yield spread was 29.71bp [2]. Overseas Market - The 10Y US Treasury bond yield fell 1bp, the 10Y German Treasury bond yield fell 1bp, and the 10Y Japanese Treasury bond yield rose 1.4bp [2]. Macroeconomic News - On November 18, the central bank conducted 4075 billion yuan of 7 - day reverse repurchase operations, with a net investment of 37 billion yuan [3]. - The unemployment rates of different age groups in urban China in October were announced, with the 16 - 24 age group at 17.3%, the 25 - 29 age group at 7.2%, and the 30 - 59 age group at 3.8% [3]. - The scale of US Treasury bonds held overseas in September slightly declined from the record high in August. China's holdings decreased by 500 million US dollars to 700.5 billion US dollars [3]. Industry Information - Most money market interest rates rose. The weighted average interest rate of inter - bank pledged repurchase and inter - bank lending for some terms reached new highs since July [3]. - US Treasury bond yields collectively declined [3]. Comment and Strategy - Treasury bond futures prices rose slightly, and the yield of the 10 - year active Treasury bond fell to 1.801%. The central bank's net investment and other factors affected the market. With weak economic data, the central bank's policy stance supports Treasury bond futures prices, and position transfer planning is recommended [3].

Core Viewpoint - The company Guoneng Rixin (301162.SZ) plans to establish a joint venture with Dongfang Xinneng to develop a storage industry company with a registered capital of 400 million RMB [1] Group 1: Joint Venture Details - The joint venture will be named Dongfang Xinneng (Beijing) Energy Storage Industry Development Co., Ltd. with a total registered capital of 400 million RMB [1] - Dongfang Xinneng will contribute 240 million RMB, holding a 60% stake, while Guoneng Rixin will contribute 160 million RMB for a 40% stake [1] Group 2: Responsibilities and Operations - Dongfang Xinneng is responsible for organizing the establishment of localized project companies in specific regions for new energy projects and managing financing and operations [1] - Guoneng Rixin will conduct feasibility and economic assessments for new energy projects and will have priority in undertaking operation and maintenance services under equal conditions [1]

Core Viewpoint - The company has established cooperation and close connections with several leading enterprises in the new energy sector, including battery manufacturers and electrolyte manufacturers [1] Group 1 - The company is actively engaging with top enterprises in the new energy industry [1] - Collaboration includes partnerships with both battery and electrolyte manufacturers [1]

Core Viewpoint - China General Nuclear Power Group (CGN) is focusing on expanding cooperation in renewable energy, hydrogen energy, and nuclear technology applications with Inner Mongolia, aiming for mutual benefits and project implementation [1] Group 1: Cooperation Areas - CGN and Inner Mongolia are discussing deepening cooperation in renewable energy, hydrogen energy, and nuclear technology [1] - The parties aim to explore and launch several cooperative projects in nuclear energy, energy storage, and green hydrogen [1] Group 2: Investment and Development - CGN emphasizes its commitment to investment and development in Inner Mongolia [1] - The company plans to leverage its advantages in technology, management, and capital to enhance practical cooperation in various sectors [1] Group 3: Project Implementation - Future projects will focus on power transmission channels, large base development, desertification control, hydrogen pipeline construction, and nuclear medical equipment applications [1] - CGN aims to promote the implementation of high-quality projects in Inner Mongolia [1]

Core Viewpoint - The energy sector is a significant area of cooperation between China and the European Union, with both parties having mutual needs in traditional fossil energy and increasing collaboration in renewable energy [1][2]. Group 1: Traditional Energy Cooperation - Both Europe and China require substantial imports of oil and natural gas, leading to numerous global collaborations in upstream oil and gas exploration and development [1]. - European companies, such as Total Energy, are engaged in cooperative exploration projects with China, aiming to lower costs through joint financing and procurement of Chinese products and services [1]. Group 2: Renewable Energy Collaboration - China has established a strong industrial ecosystem in solar energy, wind power, electric vehicles, and batteries, contributing significantly to global low-carbon transitions [1]. - The Chinese industrial chain provides Europe with affordable green products, while European green innovation concepts greatly benefit China's industrial development [1]. Group 3: Investment Opportunities - European energy companies are keen to invest in China due to its vast market and the significant energy demands arising from its manufacturing sector [2]. - Investing in China offers European companies growth opportunities, as success in the competitive Chinese renewable energy market indicates global competitiveness [2]. Group 4: Policy and Standards - China's commitment to its "dual carbon" policy instills confidence in EU companies, with clear timelines for energy transition and ongoing efforts to align international standards in green electricity and certificates [2]. - The collaboration in areas such as renewable energy development, industrial policy, environmental standards, and supply chain coordination is expected to increase as both parties aim for carbon neutrality [3].

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分內容所產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 – 1 – 本 公 司 認 為，雙 方 積 極 把 握 雙 碳 目 標 下 的 戰 略 機 遇，本 著「共 同 發 展、優 勢 互 補、資 源 共 享、合 作 共 贏」的 原 則 加 強 戰 略 合 作，既 是 對 雙 方 多 年 合 作 成 果 的 認 可，又 是 本 集 團 結 合 自 身 資 源 稟 賦 聯 合 優 質 客 戶 實 現 多 元 合作共贏的重要舉措，將進一步助力本集團向綜合能源供應商加速轉型。 合 作 協 議 為 雙 方 開 展 合 作 的 意 向 性 文 件，最 終 合 作 雙 方 的 權 利、義 務 將 另 行 簽 訂 具 體 的 專 項 協 議 確 定。對 於 專 項 協 議 的 簽 訂 和 履 行，本 公 司 將 根 據 適 用 法 律、法 規 及 規 則 適 時 履 行 必 要 的 審 批 程 序 和 信 ...