Core Viewpoint - The discussion around the "AI bubble" has become an unavoidable topic in the market due to the increasing scale of AI investments and ambiguous investment returns [1] Group 1: AI Industry Outlook - CITIC Securities analysts predict three potential scenarios for the AI industry over the next 12 months, with a 60% probability assigned to the baseline scenario where OpenAI faces operational challenges and investment pace in the AI sector slows down [1] - The other two hypothetical scenarios, which are considered low probability events (20% each), include significant breakthroughs in AI algorithms and a rebound in U.S. economic inflation leading to a bubble burst [1] Group 2: Investment Strategy - Given the high uncertainty surrounding short-term AI technological advancements and macroeconomic expectations, CITIC Securities advises investors to adopt a "wait and see" approach and consider "contrarian investing" strategies [1] - The recommendation includes gradually increasing the allocation weight towards the application side, specifically in internet and application software sectors [1]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何申明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 SHENZHEN HAN'S CNC TECHNOLOGY CO., LTD. 深圳市大族數控科技股份有限公司 的申請版本 （於中華人民共和國註冊成立的股份有限公司） 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。瀏覽本文件即表 示 閣下知悉、接納並深圳市大族數控科技股份有限公司（「本公司」，連同其子公司統稱「本集 團」）、其獨家保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前， 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投 資者務請僅依據與香港公司註冊處處長登記的本公司招股章程作出投資決定；招股章程的文本 將 ...

Core Viewpoint - The report from Guotai Junan Securities indicates that the external geopolitical situation has become complex, leading to a temporary pullback in the A-share market. It suggests that future fund allocations should maintain a balanced style while slightly favoring growth, with a focus on technology sector funds and consideration of cyclical and financial assets [1][2]. Equity Mixed Funds - In November, the manufacturing PMI rose to 49.2%, an increase of 0.2 percentage points from the previous month, supported by improved foreign trade conditions due to recent US-China economic negotiations [2]. - The Chinese stock market experienced a rapid decline in the penultimate week of November, followed by a recovery in the last week, indicating potential for stabilization and upward movement as a good opportunity for increasing holdings [2]. - The report emphasizes a focus on technology growth and low-position investment opportunities in large financial and consumer sectors, suggesting a structural investment opportunity in both value and growth styles for 2024 [2]. Bond Funds - Following a significant drop, the bond market may enter a phase of corrective rebound, although the extent of recovery may not exceed that of October. The macro environment provides support for bond pricing, allowing for participation in the rebound of certain underpriced bonds [3]. - The report recommends maintaining a "quick in and out" strategy to capitalize on structural opportunities, with a focus on flexible duration interest rate bonds and high liquidity credit bonds [3]. QDII and Commodity Funds - The report highlights that global sovereign credit differentiation and the weakening of the US dollar are prompting central banks to diversify reserves, enhancing the position of gold relative to the dollar and US Treasuries. It suggests a suitable allocation to gold ETFs for long-term and hedging investments [4]. - With the anticipated expansion of capital expenditure in the AI industry and technology companies, the report expects upward revisions in earnings forecasts for US stocks by 2026, recommending an overweight position while being cautious of short-term volatility risks [4]. Fund Recommendations - Recommended equity mixed funds include: Southern Quality Preferred, E Fund Environmental Protection Theme, Boda Huatai Preferred, GF Multi-Factor, Guotai Consumption Preferred, Huatai Baoxing Growth Preferred, and others [5]. - Recommended open-end bond funds include: Bank of China Pure Bond, Fortune Tianli Growth Bond, and China Europe Prosperity [6]. - Recommended QDII and commodity funds include: E Fund Gold ETF, Huaan Yifu Gold ETF, GF Nasdaq 100 ETF, and Invesco Great Wall Nasdaq Technology ETF [6].

Group 1 - The core viewpoint is that various factors previously disturbing the market are gradually easing, leading to a potential recovery of Chinese assets due to improved cost-effectiveness and favorable domestic conditions [1] - The easing of overseas disturbances is highlighted, with the Federal Reserve's statements and economic data boosting interest rate cut expectations, while advancements in the global AI industry are alleviating concerns over the "AI bubble" [1] - The domestic environment continues to support the recovery of Chinese assets, particularly with the recent appreciation of the RMB, which has strengthened past the 7.08 mark, creating a resonance with the capital market recovery [1] Group 2 - Looking ahead, as previous disturbances fade, the market is expected to enter a new phase, with a focus on whether the year-end rally can be initiated as anticipated, as this period is crucial for generating active market movements [1] - The China Securities A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries, effectively gathering industry leaders [1] - The index compilation incorporates mechanisms such as mutual connectivity and ESG screening, aligning with the preferences of domestic and international institutional investors, which is beneficial for attracting long-term capital to core A-share assets [1]

Core Insights - The report highlights a slowdown in global merchandise trade growth as indicated by the World Trade Organization [4] - The U.S. online consumption during Black Friday reached a record high of $11.8 billion [4] - The European Central Bank President Lagarde stated that interest rates are at a reasonable level [4] - OPEC+ has agreed to maintain the overall oil production of the group unchanged until 2026 [4] - The proportion of single-person households in South Korea has surpassed 36% for the first time [4] - China's National Bureau of Statistics reported that the manufacturing PMI for November was 49.2%, while the non-manufacturing business activity index was 49.5% [4] - The total social logistics volume in China for the first ten months reached 293.7 trillion yuan, reflecting a year-on-year increase of 5.1% [4] - The top 100 enterprises in China acquired land worth 847.8 billion yuan from January to November, marking a year-on-year growth of 14.1% [4] - New regulations for live-streaming e-commerce are expected to be introduced [4] - The AI industry in Beijing is projected to exceed 450 billion yuan this year [4] Economic Data - The Baltic Dry Index closed at 2560.00, up 3.23% [5] - The Nasdaq Index closed at 23365.69, up 0.65% [5] - The CME Bitcoin futures price was 91500.00, up 1.27% [5] - The Dow Jones Industrial Average closed at 47716.42, up 0.61% [5] - The ICE Brent Crude Oil price was 63.19, down 0.24% [5] - The London Gold price closed at 4218.55, up 1.48% [5] - The U.S. Dollar Index was at 99.44, down 0.11% [5] - The Hang Seng Index closed at 25858.89, down 0.34% [5] - The Shanghai Composite Index closed at 3888.60, up 0.34% [5] - The Shenzhen Composite Index closed at 2453.81, up 0.96% [5]

风风险险资资产产回回稳稳，，高高低低切切或或已已结结束束 22002255年年1111月月2244日日--22002255年年1111月月2288日日基基金金投投顾顾观观 本周中美股市止跌回稳，A股上涨但成交额周度回落，债市走弱，黄金上涨。具体来看，市场 有以下几个重要方面： 01 经过前周市场大幅调整后，本周A股市场明显回升，上证指数周上涨1.40%。但沪深两市日 均成交金额回落近1200亿元至1.72万亿附近。申万一级行业上，通信、电子、综合行业涨 幅居前，石油石化、银行、煤炭跌幅居前。本周国证价值上涨0.47%，国证成长上涨 2.81%，成长风格占优。恒生指数上涨2.53%，万得全A上涨2.90%，A股表现略强于港 股。 04 海外方面，在上周大幅下跌后，上周五至本周四，美股共4个交易日连收4阳，美元指数和美 债收益率下行。主要因素一是美联储官员接连发表有利于降息的讲话，12月降息的概率显著 提升，且其中可能还包含对下一任联储主席人选及其偏鸽态度的猜测，基本面数据暂无波 澜，风险资产本周皆有所缓和；二是中美领导人对话，释放积极信号。行业方面，工业材 料、消费医药、科技等板块反弹靠前，科技板块中市场交易谷 ...

Market Overview - The Hong Kong stock market opened higher on December 1, with the Hang Seng Index rising by 0.34% to 25,945.87 points, the Hang Seng Tech Index increasing by 0.21% to 5,611.02 points, the National Enterprises Index up by 0.31% to 9,158.34 points, and the Red Chip Index gaining 0.1% to 4,197.73 points [1] Company News - Meituan (03690.HK) reported third-quarter revenue of 95.5 billion yuan, a year-on-year increase of 2%, but its core local business operating profit turned negative with a loss of 14.1 billion yuan [2] - China Gas (00384.HK) announced revenue of 34.481 billion HKD and a profit of 1.334 billion HKD for the six months ending September 30, 2025 [3] - Ying Tong Holdings (06883.HK) reported revenue of 1.028 billion RMB for the six months ending September 30, 2025, a decrease of 3.42%, while net profit increased by 15.4% to 133 million RMB [3] - Ji Hai Resources (02489.HK) achieved revenue of 450 million RMB for the nine months ending September 30, 2025, an increase of 23.41%, with net profit rising by 2.98% to 88.127 million RMB [3] - Yuhua Education (06169.HK) reported annual revenue of 2.497 billion RMB for the year ending August 31, 2025, a year-on-year increase of 5.4%, and net profit of 930 million RMB, up 133.2% [3] - Huitai Textile (01382.HK) reported mid-term revenue of 2.524 billion HKD for the six months ending September 30, 2025, a decrease of 6.72%, with net profit down by 25.77% to 79.322 million HKD [3] - New Higher Education Group (02001.HK) reported annual revenue of 2.599 billion RMB for the year ending August 31, 2025, an increase of 7.78%, with net profit rising by 9.67% to 829 million RMB [3] - Huaxin Handbag International Holdings (02683.HK) reported revenue of 432 million HKD for the six months ending September 30, 2025, an increase of 22.55%, with profit rising by 78.88% to 48.262 million HKD [4] - Bay Area Development (00737.HK) reported toll revenue for October from various highways, with total revenues of approximately 208 million HKD, 79.78 million HKD, and 55.312 million HKD, representing year-on-year decreases of 0.5%, 6%, and 11% respectively [4] - Glory Holdings (09998.HK) was awarded a construction contract worth approximately 56.5 million SGD [5] - Haina Star Technology (08297.HK) plans to establish a joint venture with Shandong Hanno to develop high-end liquor business [6] - Vietnam Manufacturing Processing Export (00422.HK) plans to transfer land use rights for two plots in Dong Nai Province for 114 million HKD [7] - Baiyunshan (00874.HK) sold additional basic assets to Xingzheng Asset Management for 440 million HKD [8] - Pag Biopharmaceutical-B (02565.HK) filed for H-share full circulation with the China Securities Regulatory Commission [9] - SMIC (00981.HK) terminated the sale of its stake in SMIC Ningbo [10] Institutional Insights - Everbright Securities noted that compared to previous bull markets, the current index still has significant upside potential, but the duration of the bull market may be more important than the magnitude of the increase under the government's "slow bull" policy guidance. The market may lack strong catalysts in the short term, leading to a period of consolidation [11] - CICC observed that the Hong Kong stock market has been fluctuating and lacking direction over the past two months. In this context, dividend stocks have become a preferred choice. The banking sector has rebounded nearly 10% since the end of September. CICC highlighted three structural trends: AI industry trends, traditional domestic demand, and external demand driving cyclical recovery. The AI industry's advantages lie in ongoing trends and domestic policy support, but it faces challenges with high valuations and expectations [12]

Core Viewpoint - The Hong Kong stock market has been experiencing volatility and lacks direction over the past two months, with dividend stocks emerging as a preferred choice in this uncertain environment [2][5]. Group 1: Market Overview - The market has been characterized by fluctuations, with high expectations and positions in the technology growth sector making investors sensitive to negative news, exacerbated by concerns over AI bubbles and the Federal Reserve's interest rate outlook [2][5]. - The banking sector has rebounded nearly 10% since the end of September, indicating a preference for dividend stocks amidst the market's indecision [2][5]. - The Hang Seng Index's optimistic target of 26,000 points remains valid despite recent fluctuations [2]. Group 2: Investment Themes - Dividend assets are seen as a hedge against weak domestic demand, with the Hong Kong stock dividend yield still attractive, although the selection of such assets is narrowing [46]. - The AI industry is expected to continue benefiting from domestic policy support, but faces challenges due to high valuations and expectations, necessitating new catalysts for growth [21][32]. - External demand is anticipated to drive a cyclical recovery in global manufacturing, although sustainability over the year remains uncertain [36][38]. Group 3: Sector Analysis - Traditional domestic demand sectors are undervalued but lack profit support, presenting potential trading opportunities if policy catalysts emerge, while caution is advised regarding "static valuation traps" [45]. - The external demand chain is expected to benefit from U.S. fiscal stimulus and interest rate cuts, with key indicators such as manufacturing PMI and existing home sales serving as timing signals [36][38]. - The AI sector's short-term focus should be on hardware domestic substitution, while long-term prospects hinge on application demand and profitability realization [21][33]. Group 4: Strategic Recommendations - Investors are encouraged to maintain a "barbell" strategy, combining dividend stocks with technology and internet sectors, while dynamically adjusting weights based on market conditions [18]. - The focus should be on sectors with strong cyclical characteristics, such as copper and aluminum, particularly in the first quarter, while traditional domestic consumption may continue to be hampered by fundamental weaknesses [18][46].

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - The aluminum market has strong upside potential in 2026 due to limited supply growth and resilient demand, with attention on the scale of Indonesian production and photovoltaic production schedules in Q1. Short - term inventory trends in December depend on photovoltaic production and aluminum ingot imports [3]. - The alumina market remains under pressure, with prices likely to continue to be weak. Although it has reached a relatively low level, the supply - demand situation is still not favorable [4]. 3. Summary by Sections Aluminum - **Price and Outlook**: After a short - term adjustment, the market has a strong bullish expectation for aluminum. The AI - related energy and storage sectors are expected to drive aluminum demand. In 2026, the upside potential of aluminum prices is significant, but there may be a short - term dip in Q1 [3]. - **Supply and Demand**: In December, inventory depletion depends on photovoltaic production and imported aluminum ingots. Aluminum ingot social inventory decreased by 23,000 tons to 590,000 tons this week. Downstream demand was average, with some products showing a decline in cumulative output year - to - date [3]. Alumina - **Price and Market**: Alumina prices continued to decline and are close to the low point in April. The market is bearish, but from a trading perspective, the cost - effectiveness of short - selling is not high [4]. - **Supply and Demand**: Spot trading is limited, and inventory has increased. The production of alumina is still rigid, and the supply - demand situation remains loose [4]. Trading - **Spread**: The A00 spot premium weakened, while the alumina spot premium strengthened. The near - month spread of Shanghai aluminum strengthened [10][11]. - **Volume and Open Interest**: The trading volume and open interest of both Shanghai aluminum and alumina main contracts decreased slightly. The open - interest - to - inventory ratio of Shanghai aluminum declined, and that of alumina continued to fall and is at a historically low level [14][20]. Inventory - **Bauxite**: Port inventory and inventory days increased in the Steel Union's weekly data as of November 28. In October, the inventory and inventory days of Chinese bauxite ports in the阿拉丁 data showed a downward trend. The inventory of bauxite in alumina enterprises continued to increase in October. Port shipments from Guinea decreased, while sea - floating inventory increased [25][28][31]. - **Alumina**: Total inventory continued to increase. In the Steel Union's data, it increased by 59,000 tons this week. In the阿拉丁 data, as of November 27, the national alumina inventory was 4.415 million tons, an increase of 71,000 tons [44][51]. - **Electrolytic Aluminum**: Social inventory decreased by 23,000 tons to 590,000 tons as of November 27, showing obvious inventory depletion [52]. - **Processed Products**: Aluminum rod inventory showed a differentiated trend. In October, the finished - to - raw - material inventory ratios of aluminum profiles and aluminum plate - strips and foils showed opposite trends [57][60]. Production - **Bauxite**: Domestic bauxite supply was generally stable, with a slight decline in October. Imported bauxite is an important factor in the growth of total supply. There were differences in production changes among different provinces [65][66]. - **Alumina**: Capacity utilization remained stable, but the supply - demand situation remained loose. The weekly production of metallurgical - grade alumina was 1.858 million tons, an increase of 13,000 tons [70]. - **Electrolytic Aluminum**: Operating capacity remained at a high level, and production was also at a high level in recent years. The aluminum - water ratio increased seasonally [73]. - **Downstream Processing**: The production of aluminum plate - strips and foils increased slightly, while the production of recycled aluminum rods decreased. The overall operating rate of downstream leading enterprises increased [76][77]. Profit - **Alumina**: Smelting profit declined marginally. The profit of metallurgical - grade alumina in the Steel Union's data was 135.4 yuan/ton. Profits in Shandong, Shanxi, and Henan were stable, while Guangxi had better profit performance [84]. - **Electrolytic Aluminum**: Profits remained at a high level, but market expectations were disturbed by uncertainties such as the global economic situation and geopolitical conflicts [96]. - **Downstream Processing**: The processing fee of aluminum rods increased, but downstream processing profits remained at a low level [97]. Consumption - **Import and Export**: The import losses of alumina and Shanghai aluminum increased. In October, the export of un - wrought aluminum and aluminum products decreased slightly [106][108]. - **Apparent Demand**: The transaction area of commercial housing decreased, while automobile production increased month - on - month [113].

Group 1: Market Overview - The Hong Kong stock market experienced a cautious sentiment with mixed performance among the three major indices, where the Hang Seng Index rose by 0.07% and the Hang Seng Technology Index fell by 0.36% [2] - Southbound capital saw a net inflow of 1.3 billion HKD today, indicating continued interest from mainland investors [2] Group 2: New Consumption Concept Stocks - New consumption concept stocks surged against the market trend, with notable gains from companies like Pop Mart, which rose over 6%, and others such as Lao Pu Gold and Miniso, which increased by 4.45% and 2.73% respectively [7] - A recent policy initiative from six Chinese ministries aims to enhance the supply-demand match in consumer goods, targeting the cultivation of three trillion-level consumption sectors and ten billion-level consumption hotspots by 2027 [7][8] Group 3: Technology Sector Performance - Major technology stocks showed a mixed performance, with Xiaomi, JD.com, and Meituan rising by 2.49%, 1.22%, and 0.19% respectively, while Alibaba, Baidu, and Tencent saw declines of 2.71%, 1.57%, and 1.29% [5][6] - Analysts from Dongwu Securities noted that the AI industry trend is irreversible, and leading tech companies in Hong Kong are expected to benefit significantly from this acceleration [5] Group 4: Innovative Pharmaceutical Sector - The innovative pharmaceutical sector showed signs of recovery, with stocks like Lai Kai Pharmaceutical and Sanleaf Bio rising by 16.07% and 10.08% respectively [11][12] - A report from Founder Securities highlighted that Chinese pharmaceutical companies are gaining global competitiveness in advanced technology fields, and the market is expected to recognize the value of early-stage innovative pipelines [11] Group 5: Commodities Sector - The commodities sector remained active, driven by rising expectations for a Federal Reserve rate cut, with companies like China Silver Group and Jihai Resources increasing by 3.08% and 3.03% respectively [13][14] Group 6: IPO Activity - The online market operator Quantitative派 saw its stock price surge by 88.78% on its first day of trading on the Hong Kong Stock Exchange, raising approximately 131 million HKD through its IPO [16]