Group 1 - The Shenzhen Growth 40 Index has shown strong performance, with a 2.50% increase, and key stocks such as Upstream Electric and Zhongcai Technology have risen significantly, indicating a robust growth trend in the market [1][3] - The top three industries represented in the Shenzhen Growth 40 Index are Power Equipment and New Energy (31.10%), Basic Chemicals (13.74%), and Communications (12.51%), highlighting the sectors driving growth [1] - Domestic power battery installation volume reached 578 GWh from January to October this year, a year-on-year increase of 42.4%, while global energy storage battery shipments grew by 90.7% in the same period, indicating a strong upward trend in the battery industry [1] Group 2 - Citic Securities predicts that global energy storage installations will reach approximately 290 GWh by 2025 and could reach 1.17 TWh by 2030, showcasing significant growth potential in the energy storage sector [2] - The domestic energy storage industry chain is gaining a competitive edge, with increasing global market share in battery cells and storage systems, supported by favorable policies that are accelerating marketization [2] - The basic chemicals sector is expected to experience a cyclical recovery driven by profit improvements, with factors such as capacity cycle recovery and policy support contributing to this trend [2] Group 3 - The top ten weighted stocks in the Shenzhen Growth 40 Index account for 69.02% of the index, with leading companies including CATL and Xinyu Technology, indicating concentrated investment in key growth firms [3]

②中国光伏行业协会辟谣，称不要低估政策决心，光伏行业不走出内卷式恶性竞争誓不罢休。 ①海博思创与宁德时代将在电池及系统产品供应合作，摩根士丹利称这证实了全球对储能的强劲需求以及高端产品的短缺。 ③国家能源局发布促进新能源集成融合发展的指导意见，提及有序推动新能源供热供暖应用 ，同时探索建设以抽水蓄能、新型储能等为调节电源，带动周边的水风光一体化基地发展。 值得关注的产品，及截至发稿涨跌幅： 今日新能源板块暴力反弹，宁德时代一度飙涨7%，新宙邦涨超17%，盛新锂能、天赐材料涨停，带动新能源车ETF大涨5.84%，创业板新能源ETF华夏涨5.15%。 消息面上： 同标的规模最大+新能源车全产业链覆盖：新能源车ETF（515030），+5.84%，权重股包括华友钴业、天齐锂业和赣锋锂业等上游资源龙头、宁德时代、汇川技术、国轩高科等中游电池制造龙 "储能+固态电池含量超70%"：创业板新能源ETF华夏（159368），+5.15%，跟踪创业板新能源指数，权重股包括宁德时代（全球动力电池提供商）、汇川技术（自动化设备业务龙头）、阳光 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the new energy sector, particularly in lithium battery electrolytes, solid-state batteries, and energy storage, with significant increases in relevant indices [1] - As of 10:35 AM, the China Securities New Energy Index rose by 3.9%, and the National Securities New Energy Battery Index increased by 3.5% [1] - The new energy ETF managed by E Fund (516090) has seen net inflows for four consecutive trading days, while the energy storage battery ETF (159566) has experienced net inflows for nine consecutive trading days, totaling nearly 1 billion yuan, with its latest scale surpassing 3 billion yuan, setting a historical high [1] Group 2 - A strategic cooperation agreement was signed between industry leaders CATL and Haibosichuang, involving a procurement of no less than 200 GWh of electricity from 2026 to 2028, indicating optimistic expectations for future energy storage demand [1] - The National Energy Administration's recent guidelines emphasize the importance of optimizing the energy structure and storage configuration of new energy bases, highlighting the integration of new energy and storage systems [1] - The continuous policy support for the energy storage industry signifies its critical role in the high-quality development of new energy [1]

眼下，越来越多的跨国巨头加速布局，以其技术、服务和全球经验，为这座城市的产业链强链补链注入关键动能，共同书写着"扎根西安，枝繁叶 茂"的合作新篇。 每经编辑：贺娟娟 在"一带一路"关键节点城市西安，一场关于全球产业资本与地方高质量发展的深度协同正在上演。 世界领先的工业气体公司——空气产品公司(AirProducts)，自2012年落子西安高新区以来，持续加大投资，其发展轨迹与西安的产业升级和城市发 展同频共振。 从服务西安高新区的存储芯片项目（改革开放后中西部最大外资项目），到如今精准匹配光子、人工智能、新能源等战略性新兴产业，空气产品 公司既是西安发展的见证者，亦是积极的参与者。 "在西安，政府没有任何阻力，都是在帮企业解决问题。"空气产品公司中国区副总裁兼北部和西部地区总经理李曙胜感慨道。 气体巨头深度嵌入"西安制造" 工业气体被称为"工业血液"，看似隐于幕后，却深度嵌入芯片制造、生物医药、新能源等高端产业链，并与人们的日常生活息息相关。 以空气产品公司为例，其服务的领域覆盖电子、化工、医疗、食品等众多行业——超市冷冻食品的锁鲜靠液氮速冻，医院核磁共振的精准成像依 赖氦气，半导体设备的超高速运转更需超高 ...

2025年以来，聚焦北交所核心资产的北证50指数年内涨幅近五成，领跑A股主要指数，吸引众多投资者关注。 如何抓住"创新摇篮"带来的投资机遇，参与北证50指数投资是重要方向。作为北交所的标杆指数，这一由50只市场代表性龙头证券构成的核心标的池，对 创新型中小企业达到"精准覆盖"，更网罗了一批细分赛道的"隐形冠军"。根据数据统计，2025年上半年，北证50成份股40%为专精特新企业，88%为高新 技术企业 。 从业绩指标来看，北证50指数不仅收益率领先其他科创类指数，夏普比率、Calmar比率等风险调整后的收益指标也都处于领先的地位。2025年7月31日成 交额为2022年指数成立初期的44倍，流动性也有了新的突破。 在政策红利密集释放，创新活力加速涌动的前提下，北交所正以服务创新型中小企业主阵地之姿强势出圈！ 作为资本市场赋能新质生产力发展的重要载体，这里汇聚了280家上市公司，战略性新兴产业、先进制造业企业超过八成，国家级专精特新"小巨人"企业 过半。目前，全市场已有近950万户合格投资者与公募、QFII等机构资金形成多元生态合力。在深化改革托底、创新产业（300832）汇聚与资金活水持续 注入的共振下，北交 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report presents a comprehensive analysis of various financial markets, including macro - indicators, commodities, and financial derivatives. It also covers significant macro - events and provides trading suggestions for major varieties. The market is influenced by multiple factors such as geopolitical risks, policy changes, and supply - demand dynamics, and investors need to make cautious decisions based on these factors [2][6][10]. Summary by Related Catalogs 1. Macro Indicators and Market Tracking - **Stock Indices**: The Dow Jones Industrial Index rose 0.682% to 48254.82, the Nasdaq Index fell 0.264% to 23406.46, the S&P 500 rose 0.063% to 6850.92, and the Hang Seng Index rose 0.848% to 26922.73 [2]. - **Interest Rates and Exchange Rates**: SHIBOR overnight fell 6.167% to 1.42, while the dollar index and the dollar - to - RMB (CFETS) remained unchanged [2]. - **Commodity Futures**: COMEX gold rose 1.650% to 4201.40, COMEX silver rose 4.219% to 53.23. Most base metals showed small - scale fluctuations, and energy commodities like NYMEX crude oil fell 4.194% to 58.48 and ICE Brent oil fell 3.703% to 62.68 [2]. 2. Macro - News - **International Relations**: China and Spain strengthened cooperation in various fields, and China expressed willingness to promote economic cooperation with Spain. China also emphasized the importance of Sino - US economic and trade cooperation [6]. - **Industry Policies**: The National Energy Administration proposed to support the construction of 100% new - energy bases, and the 2025 World Power Battery Conference had 180 signed projects worth 861.3 billion yuan [6][7]. - **US Situation**: The US government shutdown crisis may end, and the US Treasury plans to announce "substantial" tariff news and a "tariff dividend" plan [7]. - **Commodity Market**: Oil prices fell due to OPEC's demand forecast cut and increased US API crude oil inventory, while precious metals rose due to geopolitical risks and Fed policy divergence [8]. 3. Morning Meeting Views on Major Varieties 3.1 Agricultural Products - **Peanuts**: On November 12, the peanut futures rose 0.61%. Supply is differentiated, and demand is weak. It is recommended to go long at support levels but beware of price drops due to concentrated supply [10]. - **Sugar**: On November 12, sugar futures fell slightly. Supply and demand factors co - exist. If the price breaks through the key pressure level, a long position can be considered, but beware of price drops after new sugar is listed [10]. - **Corn**: On November 12, corn futures rose slightly. Supply pressure is being released, and demand has both positive and negative factors. It is recommended to hold short - term long positions and pay attention to pressure levels [10]. - **Pigs**: The national average pig price is weak. Supply will remain large in November, and the futures are in high - level adjustment. It is recommended to focus on the support level and conduct inter - month spread trading [10]. - **Eggs**: The spot price of eggs is weak. Supply pressure needs to be observed, and it is recommended to short the futures and conduct inter - month spread trading [10]. - **Cotton**: On November 12, Zhengzhou cotton futures fell. Supply and demand factors co - exist. It is recommended to wait and see and focus on the USDA report [10]. 3.2 Energy and Chemicals - **Caustic Soda**: The supply of caustic soda is loose, and demand is difficult to form effective support. The 2601 contract is under pressure, and cautious operation is required [11]. - **Coking Coal**: The downstream purchasing sentiment of coking coal has improved slightly, and the coke price increase is still being negotiated. It is recommended to focus on the support level of the contract [11]. - **Urea**: The domestic urea market price is weak. The daily output has increased, and it is recommended to pay attention to the price range of the UR2601 contract [11]. - **Paper Pulp**: On November 12, paper pulp futures fell slightly. Supply pressure has eased, and demand is weak. It is recommended to hold long positions cautiously and pay attention to pressure and support levels [13]. 3.3 Industrial Metals - **Copper and Aluminum**: Copper and aluminum are expected to remain strong due to macro - factors, but macro - risks should be noted [15]. - **Alumina**: The alumina market is in an oversupply situation, and the price is under pressure. It is recommended to pay attention to factors such as bauxite [16]. - **Steel Products**: The supply - demand structure of steel products has improved, but prices are restricted by the off - season of terminal demand. They are expected to fluctuate at low levels in the short term [19]. - **Ferroalloys**: Ferroalloys mainly follow macro and black - series fluctuations, with limited self - supply and demand drivers [19]. - **Lithium Carbonate**: The lithium carbonate market has a pattern of strong supply and demand. It is recommended to go long at support levels but beware of risks [19]. 3.4 Options and Finance - **Stock Index**: The stock index is in a consolidation phase. It is recommended to reduce positions, adopt a balanced strategy, and sell straddles in options trading [20][21]. - **Options**: Trend investors can focus on arbitrage opportunities between varieties, and volatility investors can consider buying straddles or wide - straddles after volatility decreases [23].

Group 1: Macro Strategy - The current A-share market resembles the early stages of the 2020-2021 bull market, indicating a slow bull phase driven by strategic funds, similar to the role of foreign capital in early 2020 [1][8] - The market is expected to follow a structural "innovation bull" trend in 2026, as new funds and improved performance from domestic institutions emerge [1][8] Group 2: Fixed Income Market - The bond market remains in a box range, with the central bank maintaining liquidity through reverse repos and net purchases of government bonds, while new redemption fee regulations may cause volatility [2][9] - The 10-year government bond yield is expected to continue a narrow fluctuation pattern, with potential opportunities arising from rapid interest rate increases due to new redemption fee regulations [2][9] Group 3: Company Analysis - Fuxiang Pharmaceutical - Fuxiang Pharmaceutical is set to benefit from a significant increase in the price of vinyl carbonate (VC), which has risen 63% from 4.75 million CNY/ton to 7.75 million CNY/ton due to increased demand in the energy storage sector [6][20] - The company has invested in projects to produce 6,000 tons of lithium battery additives annually, positioning itself as a leader in the industry [6][20] - The decline in the price of 6-APA, a key raw material, is expected to enhance the company's gross margin as high-cost inventory is consumed [6][20] Group 4: Company Analysis - Xiaogoods City - Xiaogoods City has acquired land to develop an integrated cultural and commercial complex, which is expected to expand its market presence and increase revenue and profit [7] - The projected net profit for 2025-2027 is 49.0 billion CNY, 61.6 billion CNY, and 72.8 billion CNY, reflecting growth rates of 59%, 26%, and 18% respectively [7]

| 镍：高库存累增与印尼风险博弈，低位震荡 | 2 | | --- | --- | | 不锈钢：向上缺乏驱动，下方难言广阔 | 2 | | 碳酸锂：高位震荡，关注动力需求季节性走弱风险 | 4 | | 工业硅：仓单去化，底部支撑偏强 | 6 | | 多晶硅：关注今日开会信息 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025年11月13日 国泰君安期货商品研究晨报-绿色金融与新能源 | 观点与策略 | | --- | 2025 年 11 月 13 日 镍：高库存累增与印尼风险博弈，低位震荡 不锈钢：向上缺乏驱动，下方难言广阔 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 118,710 | -670 | -1,320 | -2, ...

东吴证券近日发布电力设备行业深度报告：新能源汽车板块2025Q3持仓占总市值比重为 5.28%，环比上升1.13pct。2024Q3-2025Q3持仓比例分别为5.25%、5.29%、5.20%、4.15%、 5.28%。上游锂矿2025Q3整体持仓上升1.24pct至2.86%；中游持仓整体提升0.69pct至8.92%， 结构件、正极、负极、隔膜、六氟磷酸锂及电解液、添加剂、铜箔持仓上升，电池、铝箔持 仓下降；核心零部件2025Q3持仓上升，整车、充电桩持仓下降；新技术板块2025Q3上升 0.29pct至2.00%，钠电池、复合集流体上涨。 以下为研究报告摘要： 新能源汽车：总体持仓上升，上游锂矿&中游&核心零部件&新技术上升，整车&充电桩 持仓下降 新能源汽车板块2025Q3持仓占总市值比重为5.28%，环比上升1.13pct。2024Q3-2025Q3 持仓比例分别为5.25%、5.29%、5.20%、4.15%、5.28%。1）上游锂矿2025Q3整体持仓上升 1.24pct至2.86%；2）中游持仓整体提升0.69pct至8.92%，结构件、正极、负极、隔膜、六氟 磷酸锂及电解液、添加剂、铜箔持 ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - China's economy shows mixed trends with some indicators like GDP and CPI improving while others such as manufacturing PMI and export growth weakening [1]. - The commodity market is influenced by various factors including monetary policies, geopolitical risks, and supply - demand dynamics [2][3][4]. - The financial market, including the bond and stock markets, has its own characteristics and trends, with different investment strategies recommended [22][28][31]. 3. Summary by Directory 3.1 Macro Data - GDP growth in Q3 2025 was 4.8% year - on - year, lower than the previous quarter's 5.2% [1]. - Manufacturing PMI in October 2025 was 49%, down from 49.8% in the previous month [1]. - CPI in October 2025 was 0.2% year - on - year, up from - 0.3% in the previous month [1]. - Export and import growth in October 2025 were - 1.1% and 1.0% year - on - year respectively, showing a slowdown in exports [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - The central bank's moderately loose monetary policy in 2025 led to reasonable growth in financial aggregates and low social financing costs, with optimized credit structure [2]. - In October 2025, the national futures market volume decreased by 13.26% year - on - year while the turnover increased by 4.54% year - on - year [3]. - There are different views within the Fed on interest rate policies, which affects the global financial market [3]. 3.2.2 Metals - Gold prices continued to rise on November 12, 2025, with domestic brand gold jewelry prices hitting new highs [4]. - Global geopolitical risks and Fed's internal policy divergence drove investors to gold as a safe - haven asset [4]. - Some metal inventories in the London Metal Exchange changed on November 11, 2025, with zinc and tin inventories increasing and others like lead and nickel decreasing [5]. 3.2.3 Coal, Coke, Steel and Minerals - The Simandou Iron Ore Project was officially put into production, with a proven reserve of 44 billion tons and a planned annual capacity of 120 million tons [6]. 3.2.4 Energy and Chemicals - OPEC's downward adjustment of global oil demand and increased US API crude inventory led to a decline in US oil prices [8]. - The National Energy Administration released a guidance on promoting the integrated and coordinated development of new energy, aiming to enhance the proportion of green power [9]. - The EIA adjusted its oil price forecasts for 2025 and 2026 [9]. 3.2.5 Agricultural Products - COFCO Group signed a large - scale agricultural product purchase contract with Brazil, involving nearly 20 million tons of soybeans, soybean oil, and palm oil [13]. - Malaysia's palm oil production in 2025 is expected to reach a record high of 20 million tons, a 3.4% year - on - year increase [14]. 3.3 Financial News 3.3.1 Open Market - On November 12, 2025, the central bank conducted 195.5 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 130 billion yuan [16]. 3.3.2 Key News - China and Spain strengthened cooperation in various fields after the meeting between the two heads of state [18]. - China's central bank plans to improve the central bank system during the "15th Five - Year Plan" period [18]. - The issuance scale of panda bonds in China has reached the trillion - yuan level, and the global bond issuance scale hit a record high this year [19][20]. 3.3.3 Bond Market - China's bond market generally warmed up, with most interest - rate bond yields falling and treasury bond futures rising [22]. - The yields of European and US bonds showed different trends on November 12, 2025 [26]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose on November 12, 2025, and the US dollar index fell slightly [27]. 3.3.5 Research Reports - Different securities firms put forward investment strategies for convertible bonds, bonds, and interest - rate bonds in 2026 [28][29]. 3.3.6 Today's Reminders - On November 13, 2025, a large number of bonds will be listed, issued, have payments made, and have principal and interest repaid [30]. 3.4 Stock Market - The China Securities Regulatory Commission will deepen comprehensive investment and financing reforms to enhance the stability of the capital market [31]. - Foreign investors' holdings of A - shares have increased, and global large - scale investment institutions have increased their positions in Chinese stocks [32]. - A - shares fluctuated on November 12, 2025, with some sectors rising and others falling, and the trading volume reached 1.96 trillion yuan [33]. - Hong Kong's Hang Seng Index rose on November 12, 2025, with pharmaceutical and real - estate stocks leading the gains [33]. - This year, the number of newly - issued funds in the whole market reached a three - year high, with a "strong equity, weak bond" trend [34].