吴清指出，今年以来，A股市场总体活跃，市值从8月份开始超过100万亿，实现了量的合理增长和质的 有效提升。 吴清：A股实现了量的合理增长和质的有效提升 12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高质量发展发表致辞。 吴清指出，要把握"十五五"时期证券行业的使命责任，投资银行、证券公司应该发挥重要作用：一是服 务实体经济和新质生产力发展方面强化使命担当；二是更好服务投资者，在服务居民资产优化配置方面 强化使命担当；三是在加快建设金融强化方面强化使命担当；四是在促进高水平制度性开放方面强化使 命担当。 吴清：证券行业要更好服务实体经济和新质生产力 吴清指出，以人工智能、生物医药、绿色能源等为代表的新一代科技革命加速突破，在此过程中，企业 创新主体的地位更加突出，证券公司连接资本市场和实体企业，具有扎实完备的研究体系、专业化的价 值评估和风险定价能力，证券公司在发现企业创新潜力、匹配投融资发展需要、支持产业并购整合等方 面发挥着不可替代的作用，构成了资本市场价格发展、资源配置和功能发挥的微观基础，服务实体经济 和新质生产力是时代赋予证券行业的使命。 吴清：证券公司要提供有利于长期投资、 ...

12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高质量发展发 表致辞。 吴清：A股实现了量的合理增长和质的有效提升 吴清指出，今年以来，A股市场总体活跃，市值从8月份开始超过100万亿，实现了量的合理增 长和质的有效提升。 吴清表示，证券机构是资本市场链接投融资各方最重要的桥梁，对市场功能和生态完善发挥至 关重要。证券公司总资产达到14.5万亿元，净资产约3.3万亿元，四年多来，增长分别超过60% 和40%，服务1200多家科技创新企业上市。证券行业结构不断优化，包括国泰海通合并等标志 性案例平稳的推动，1+1>2的效果初步实现。中小机构聚焦细分赛道取得突破，向差异化、特 色化发展转变。外资机构在境内业务加快布局，对外开放进一步推进，有11家外资独资或控股 的公司在华开展业务，展业兴业。 吴清：不断提升证券行业的适应性和竞争力 吴清指出，只有坚持防风险、强监管、促高质量发展的主线，只有始终守正创新，与时俱进， 不断提升证券行业的适应性和竞争力，才能在纷繁复杂的环境和变化中平稳致远。 吴清指出，对照经济社会高质量发展的内在要求，证券行业的整体实力有待提升，专业水平和 创新能力存在短板，合 ...

Core Insights - The 2025 Shenzhen Global Investment Promotion Conference was held with the theme "Open Chain Global Innovation Leads the Future," attracting over 1,000 representatives from more than 30 countries and regions, resulting in over 340 projects signed with a total investment exceeding 770 billion yuan [1][4][6]. Group 1: Event Overview - The conference showcased Shenzhen's high-quality economic and social development and its international business environment, marking the seventh consecutive year of this global investment event [3][4]. - The event featured a series of activities, including one main conference, seven thematic investment activities, and numerous overseas sub-conferences, aimed at enhancing Shenzhen's role as a core engine city in the Greater Bay Area [3][6]. Group 2: Investment Highlights - Major projects signed included investments from companies like China Electronics, China Steel Research, and Finland's Kone, covering emerging industries such as electronic information technology, new materials, and biomedicine, reflecting Shenzhen's strong appeal for high-quality projects [4][5]. - The conference awarded "2024-2025 Excellent Settled Enterprises" to companies like Luxshare Precision and China Merchants Industry, and recognized "2025 Investment Excellence Zones" in various districts [5][6]. Group 3: Industry Focus - The conference emphasized seven key sectors for investment, including AI, robotics, biomedicine, and new energy materials, inviting influential entrepreneurs and experts to discuss industry trends and investment opportunities [6][7]. - A special financial session showcased Shenzhen's financial innovation and invited global financial institutions to share their experiences, highlighting the city's internationalization and innovative vitality [7][9]. Group 4: Ecosystem and Environment - Shenzhen is committed to creating a market-oriented, law-based, and international business environment, with a total of 4.5921 million operating entities as of October, maintaining the highest density of entrepreneurship in the country [8][9]. - The city has become a preferred destination for global investment, with over 340 Fortune 500 companies having invested in Shenzhen, and a significant increase in foreign investment enterprises established this year [8][9].

央视网消息（新闻联播）：党的二十届四中全会提出，全面增强自主创新能力，抢占科技发展制高点， 不断催生新质生产力。上海、重庆结合经济发展实际，拓展新兴产业和未来产业赛道，以创新驱动高质 量发展。 拓展未来产业赛道 上海以创新驱动高质量发展 在重庆高新区，这个智能网联汽车开发团队，正在拓展应用"车路云网图"一体化关键技术，通过市级云 控平台与智能网联汽车的数据联通，形成集信号灯智能控制、车速动态优化等11类网联功能，突破了智 能汽车靠自身雷达等感知能力的局限。基于这项技术，15家国内外车企在重庆完成了实车测试。 "十四五"期间，依托自主创新能力，重庆一批先进制造业集聚壮大，智能网联新能源汽车产量2024年已 达95.3万辆，高性能铝合金材料成功用于C919大飞机。贯彻落实四中全会精神，下一步，重庆将全力打 造以新能源汽车为核心的现代化产业体系，不断培育壮大新兴产业和未来产业。 在上海张江，这家科技企业正将脑机接口系统从实验室推向应用。这项自主研发的前沿技术，可以更好 地帮助患者康复训练、恢复肢体功能。从理论研究到应用市场，上海抢占前沿赛道，推动脑机接口技术 加速推广。未来，脑机接口产品将在工业制造、生活消费等领域 ...

来源：新浪证券-红岸工作室 12月5日，君实生物涨0.70%，成交额1.55亿元，换手率0.57%，总市值369.61亿元。 异动分析 创新药+猴痘概念+生物疫苗 1、2024年年报，公司具备完整的从创新药物的发现和开发、 在全球范围内的临床研究、 大规模生产到 商业化的全产业链能力， 旨在成为立足中国、 布局全球的创新医药公司。 公司坚持质量为本、 求真务 实、 诚信合规、 追求卓越的企业价值观， 致力于通过源头创新以及合作开发等形式来研发 first-in-class （同类首创）或 best-in-class（同类最优） 的药物。 通过卓越的创新药物发现能力、 强大的生物技术研 发能力和大规模生产能力， 公司已成功开发出极具市场潜力的药品组合， 多项产品具有里程碑意义： 核心产品之一特瑞普利单抗是国内首个获得 NMPA 批准上市的国产抗 PD-1 单克隆抗体， 截至本报告 披露日已在中国内地获批 11 项适应症， 另有一项 sNDA 已受理， 其中多项为公司独家或领先适应 症， 特瑞普利单抗还是 FDA 批准上市的首个中国自主研发和生产的创新生物药， 截至本报告披露日， 特瑞普利单抗已在中国内地、 中国 ...

Core Viewpoint - The article discusses the significant growth and strategic moves of the "San Sheng" group, particularly under the leadership of Liu Jing, who has successfully navigated the company through multiple key capital market transactions, including the planned IPO of Mandi International in Hong Kong. Company Overview - Liu Jing, the second-generation leader of the "San Sheng" group, is known for his adept capital operations since taking over in 2012 [1] - Under Liu's leadership, San Sheng Pharmaceutical transitioned to the Hong Kong Stock Exchange and successfully spun off San Sheng Guojian for independent listing in 2020 [1] Stock Performance - Both San Sheng Pharmaceutical and San Sheng Guojian have seen substantial stock price increases this year, with San Sheng Pharmaceutical's stock rising nearly fourfold [2] - Liu Jing's family wealth has also increased significantly, ranking 443rd on the Hurun Rich List with a net worth of 15 billion yuan [2] Upcoming IPO - In November 2023, San Sheng Pharmaceutical plans to spin off its subsidiary Mandi International for a Hong Kong IPO, marking the third capital market platform for the "San Sheng" group [2] - Mandi International's core product, Minoxidil hair growth solution, holds a 57% market share in China's hair loss medication market, maintaining the top position for ten consecutive years [2] Valuation and Investment - Mandi International has a post-investment valuation of 5.8 billion HKD following a Series A funding round that raised approximately 50 million USD [5] - The company has received investments from notable entities, including Alibaba Health [3][5] Financial Performance - Mandi International's revenue has shown steady growth, with figures of 982 million yuan, 1.23 billion yuan, 1.45 billion yuan, and 743 million yuan for the years 2022 to 2025 [11] - The flagship product series, Mandi®, has contributed approximately 90% of the company's revenue during the reporting period [12] Dividend Policy - Mandi International has implemented a "clearance-style dividend" policy, distributing a total of 1.42 billion yuan in dividends over the reporting period, exceeding the total net profit [14] Cost Structure - The company maintains a high gross margin, with rates of 80.3%, 82%, 82.7%, and 81.1% during the reporting period, while net profit margins have fluctuated [13] - Sales expenses have been significantly higher than R&D expenses, with sales costs being nine times that of R&D [15][16] Distribution Network - Mandi International's revenue primarily comes from sales through third-party distributors, with a decreasing number of distributors from 173 to 106 over the reporting period [18]

5年来，依托国家综合改革试点，浦东在要素市场化配置、科技创新、政府职能转变等领域形成了一批可复制、可推广的制度创新成果。 以市场准入为例，深化的"一业一证"改革，将行业准入涉及的多张许可证整合为一张"行业综合许可证"，已累计发放超过1.7万张。 央视网消息：2025年是浦东开发开放35周年，也是浦东打造"社会主义现代化建设引领区"5周年。5年来，浦东在首创性改革、引领性开放、开 拓性创新方面取得了一批重要成果。 在制度型开放方面，浦东实现了与新加坡、马来西亚等国"单一窗口"的数据互通，并建立了数据跨境流动便利化管理机制。同时，依托国家授 权出台多部浦东新区法规和管理措施，以法治巩固改革成果，保障高水平开放。 创新"加速跑" 三大先导产业蓬勃发展 以科技创新驱动产业升级是浦东打造"引领区"的核心任务。5年来，聚焦人工智能、生物医药、集成电路三大先导产业，浦东的自主创新体系 正加速成形，产业能级持续攀升。 在浦东的一家具身智能企业，研发人员正在测试最新款的人形机器人。展厅里，机器人展示了叠衣服、抓取物品等技能，吸引众多访客驻足。 企业负责人介绍，产品能如此快速地迭代和落地，正得益于浦东高度集聚、链条完整的人工智能 ...

证券时报记者 马传茂 邱晓华分析，在外部关税冲击和内部转型阵痛的双重压力下，中国经济保持稳定主要得益于四个关 键因素：宏观政策积极有为、深化改革和扩大开放持续释放制度红利、消费继续发挥"压舱石"作用、外 部冲击的时效性特征使进出口波动得到缓冲。 他认为，改革开放以来中国经济经历了四次重大调整，当前正处于第四次调整周期，且诸多迹象表 明，经济正处于即将走出困境的关键阶段——房地产等因素的拖累逐步减弱，人工智能、生物医药、低 空经济等新动能加速成长，深化改革带来的制度红利持续释放，这些积极变化预示着明年经济发展环境 将得到改善。 邱晓华说："从经济周期、科技革命和全球格局三个维度分析，虽然前行路上仍面临挑战，但中国 经济正在积蓄新的发展动能。在新一轮科技革命中，中国与世界站在同一起跑线上，发展前景值得期 待。" （责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 近日，"第十九届深圳国际金 ...

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The US initial jobless claims decreased, and the market risk preference was moderate, with the US dollar index fluctuating in the short - term [1][14]. - Gold prices fluctuated and rose near the $4200 mark, and silver prices retreated from high levels. The upward momentum of commodities slowed down [2][11]. - The macro factors are relatively supportive of copper prices in the short - term, and the price is expected to fluctuate at a high level [38]. - The inventory of soda ash manufacturers decreased, but the soda ash market is still under pressure due to supply expansion and demand reduction [4][70][71]. Summary According to the Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Hasset expects a 25bp interest rate cut at the next meeting. Gold prices fluctuated and rose near $4200, and silver prices retreated from high levels. The market is in a consolidation phase, and the gold - silver ratio is expected to rise [10][11]. 1.2 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - The US un - paid national debt exceeded $30 trillion, and the initial jobless claims were lower than expected. The US dollar index is expected to fluctuate in the short - term [12][14][16]. 1.3 Macro Strategy (US Stock Index Futures) - Goldman Sachs suspended the bond issuance for CyrusOne. The US initial jobless claims decreased. The US stock index futures are expected to fluctuate at a high level in the short - term and be treated with a bullish mindset overall [17][18]. 1.4 Macro Strategy (Stock Index Futures) - 16 provinces completed the old - community renovation plan. China and France held talks. The stock market trading was light, and it is recommended to hold long positions in stock index futures evenly [19][20][21]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank will conduct a 100 - billion - yuan repurchase operation. The treasury bond futures fell sharply. It is recommended to hold short positions before the market sentiment stabilizes [22][24][25]. 2. Commodity News and Comments 2.1 Agricultural Products (Corn Starch) - The boxboard and corrugated paper industries' operating rates increased. The corn starch supply pressure is expected to remain low. It is recommended to operate around the current processing fee in the rice - flour price difference strategy [26][27]. 2.2 Black Metals (Steam Coal) - The steam coal price in the northern port market was weak. The coal price is expected to decline seasonally from December to January [28]. 2.3 Black Metals (Iron Ore) - The global new ship order volume decreased by over 40% year - on - year. The iron ore price is expected to fluctuate sideways [29]. 2.4 Black Metals (Coking Coal/Coke) - The coking coal auction price in Lvliang increased. The first round of coke price cuts was implemented. The coking coal and coke market is expected to fluctuate [30][31]. 2.5 Agricultural Products (Corn) - The inventory of corn deep - processing enterprises increased month - on - month but decreased year - on - year. The 01 contract is expected to drive the market upward in the short - term, and mid - and long - term opportunities should be focused on [32][33]. 2.6 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Argentina's soybean planting progress was delayed. The vegetable oil market weakened, and the palm oil price rebound was blocked. It is recommended to pay attention to the palm oil's rebound opportunities [34][35]. 2.7 Non - ferrous Metals (Copper) - The dehydration project of Kamoa - Kakula Copper Mine progressed smoothly, and high - grade mining is expected to resume. Mercuria plans to extract over 40,000 tons of copper from LME warehouses. The copper price is expected to fluctuate at a high level, and it is recommended to buy on dips [36][37][38]. 2.8 Non - ferrous Metals (Polysilicon) - Shaanxi's photovoltaic and wind power mechanism electricity prices were announced. The polysilicon supply - demand contradiction worsened. It is recommended to operate cautiously and consider option double - buying opportunities [39][40]. 2.9 Non - ferrous Metals (Industrial Silicon) - Hesheng Silicon Industry's controlling shareholder pledged part of its shares. The industrial silicon market is expected to fluctuate between 8800 - 9500 yuan/ton [41][42]. 2.10 Non - ferrous Metals (Lead) - The LME lead 0 - 3 spread was at a discount, and the lead ingot social inventory reached a 15 - month low. It is recommended to buy lead on dips [43][44]. 2.11 Non - ferrous Metals (Zinc) - The LME zinc 0 - 3 spread was at a premium, and the zinc ingot social inventory decreased. It is recommended to hold long positions and pay attention to the pressure near 23,000 yuan/ton [45][46]. 2.12 Non - ferrous Metals (Nickel) - Vale's 2026 nickel production is expected to be 175,000 - 200,000 tons. The nickel market is expected to fluctuate and wait for new drivers [47][48]. 2.13 Non - ferrous Metals (Lithium Carbonate) - Salt Lake Co., Ltd. is expected to exceed its lithium carbonate production plan. It is recommended to short on rallies in the short - term and buy on dips in the mid - term [49][50]. 2.14 Non - ferrous Metals (Tin) - The LME tin 0 - 3 spread was at a premium. The tin price is expected to fluctuate at a high level, and it is recommended to buy on dips [51][52]. 2.15 Energy and Chemicals (Carbon Emissions) - The CEA closing price was 60.03 yuan/ton. The CEA price is expected to fluctuate in the short - term [53][54]. 2.16 Energy and Chemicals (Natural Gas) - The US natural gas inventory decreased week - on - week. The NYMEX natural gas faces downward pressure [55][57]. 2.17 Energy and Chemicals (LLDPE) - China's polyethylene production decreased week - on - week. The LLDPE supply - demand is still relatively loose, and short - selling should pay attention to macro disturbances [58][59]. 2.18 Energy and Chemicals (PTA) - The operating rates of the Jiangsu and Zhejiang textile industries decreased. The PTA price is expected to have limited downward space in the short - term, and it is recommended to buy on dips [59][60][61]. 2.19 Energy and Chemicals (Caustic Soda) - The caustic soda price in Shandong decreased locally. The caustic soda market is expected to be weak in the short - term [62][63]. 2.20 Energy and Chemicals (Urea) - The urea enterprise inventory decreased. The urea price is expected to be supported by inventory reduction, and attention should be paid to the new upward drive from the macro - level [64][65][66]. 2.21 Energy and Chemicals (PVC) - The PVC price decreased slightly. The PVC market is expected to fluctuate at a low level due to high supply and low demand [67][68][69]. 2.22 Energy and Chemicals (Soda Ash) - The soda ash manufacturer inventory decreased. The soda ash market is under pressure due to supply expansion and demand reduction, and it is recommended to short far - month contracts on rallies [70][71]. 2.23 Energy and Chemicals (Float Glass) - The float glass manufacturer inventory decreased. The float glass market is expected to be weak, and it is recommended to short on rallies in the mid - term [72].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-12-05 股市盘⾯缩量，债市情绪悲观 股指期货：盘⾯缩量，压制微盘。 股指期权：结构分化，防御为主。 国债期货：TL年内新低。 股指期货方面，盘面缩量，压制微盘。周四盘面现止跌迹象，主要指 数收红，科创板及创业板领涨，全天来看，市场量能降至1.5万亿的水 平，缩量趋势明显，在此背景之下，近期资金被抽离的小微盘指数表现弱 势，市场向大市值个股集中。同时，股指期货在周三大幅增仓之后，周四 呈明显减仓趋势，显示前期对冲避险的资金有离场的迹象，隐含恐慌情绪 消散。另外，若比较沪深300指数与IF当季年化基差率的走势，近期呈现 负相关，即在反弹之后，期货市场资金更倾向高抛低吸，而非追涨杀跌， 故上攻空间短期有限。 股指期权方面，结构分化，防御为主。周四标的市场整体企稳，金融 期权成交量较前一日小幅收缩。情绪方面，偏度、持仓量PCR等指标边际 信息有限，成交量PCR较周三明显回落，各品种隐波下沉为主，反映期权 市场担忧改善。展望后市，12月市场上行驱动不足，预计震荡分化格局下 隐波易升难降，波动率卖方策略需低仓位谨慎配置，或叠加 ...