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].

在轻工纺织产业领域，围绕高端化、绿色化、智能化发展需求，提升绿色低碳生产工艺，强化前沿技 术研究和高端产品开发。比如，在纺织领域，加快研发具备长效阻燃、无氟疏水等多功能的先进纤维 制品，开发人造血管、医用敷料等高端医用纺织品，研制无源降温、智能检测、仿生与生物合成等新 型纺织品。在造纸领域，针对航空航天、电子电器等特殊需要，研制耐极端温度纸、高压电解电容 纸、纸基柔性电子器件等新产品，大幅拓宽纸基材料应用场景。 在现代冶金产业领域，面向行业转型需求，加快高端原材料制备、精密加工工艺、核心装备与零部件 的研发与应用，重点研制超高强度钢、海洋用铝合金、极薄锂电铜箔、光伏用银浆料等高端产品，大 幅提升"拳头产品"核心竞争力。面向深海深空、新兴能源、生命科学等重大战略需求，重点开发稀土 功能材料、特种镁、钛合金等前沿材料，加快实现产业化，抢占未来产业发展先机，推动山东省建设 成为具有世界影响力的现代冶金产业创新高地。 同时，4个行动计划从创新资源统筹、创新平台建设、企业创新主体地位、创新人才保障、科技成果转 化、产业集群发展和完善协调机制等方面提出了具体推进举措。 下一步，省科技厅将全面贯彻落实党的二十届四中全会精神 ...

｜2025年11月13日星期四｜ NO.1国家能源局：打造以新能源为主体的多能耦合综合供能站 11月12日，国家能源局发布关于促进新能源集成融合发展的指导意见。其中提到，有序推动新能源供热 供暖应用。鼓励在纺织、医药、造纸、食品加工等用热(冷)需求旺盛的产业园区，通过可再生能源电力 供热、热泵供热(制冷)、光伏光热一体化等方式，打造以新能源为主体的多能耦合综合供能站。摸清新 能源供暖资源潜力，科学布局地热能供暖，加强地热能梯级利用，因地制宜发展绿电直连等直接使用绿 电的供暖模式，积极探索地热能、风光、生物质及传统化石能源多热源互补高效利用模式。 NO.2三星电子、SK海力士和铠侠计划提高NAND价格，并削减产量 11月12日，三星、SK海力士、铠侠、美光这四大存储龙头今年下半年都纷纷削减NAND闪存供应量。 同时，三星电子、SK海力士和铠侠等正在谋划推动NAND价格上调。其中，三星目前正与海外大型客 户讨论明年的供货量，并在内部考虑将价格上调20%至30%。 NO.3财政部：2024年全国政府采购规模为33750.43亿元 财政部11月12日消息，2024年全国政府采购规模为33750.43亿元。其中，货物、 ...

（原标题：黄金涨破4200美元；多晶硅收储平台"黄了"传闻被辟谣｜南财早新闻） 新华社：中共中央政治局委员、国务院副总理何立峰12日晚在京会见美中关系全国委员会董事会执行副主席格林伯格、会长欧伦斯。何立峰表 示，中美在经贸领域拥有广阔合作空间，中美双方应相向而行，共同维护好、落实好两国元首釜山会晤重要共识和成果，加强合作、管控分歧， 推动中美经贸关系稳定发展。 1、在第八届中国国际进口博览会期间，商务部副部长盛秋平在上海组织召开外资零售企业座谈会。盛秋平表示，当前中国零售业规模巨大、趋势 向好、充满活力，行业发展处于快速变革期。欢迎广大外资零售企业来华发展。 2、11月12日，教育部等七部门联合印发《关于加强中小学科技教育的意见》，提出构建协同贯通的育人体系等六大任务，以科学、技术、工程、 数学为重点，切实加强中小学科技教育。 2、据上交所国际投资者大会，境外投资者持有A股的市值，从2020年底的超3万亿元增长到目前的超3.5万亿元。瑞银投资银行近日发布报告称， 今年三季度，外国机构投资者进一步增持中国股票。全球前40大投资机构的中国股票持仓升至1.1%，为2023年一季度以来的最高水平。 3、周三，A股全天 ...

Core Insights - The article highlights the significant reforms in China's public fund industry, driven by the China Securities Regulatory Commission's action plan aimed at high-quality development, focusing on fiduciary responsibility and encompassing governance, product innovation, investment operations, and assessment mechanisms [1] - Morgan Asset Management (China) has successfully localized its operations, achieving a non-monetary public fund management scale of 133 billion yuan by Q3 2025, doubling its size in two years and improving its industry ranking by 20 positions, reflecting strong market recognition of its investment management capabilities [1] - The company emphasizes a long-term investment philosophy and has established a robust research-driven culture, which is crucial for generating sustainable alpha for clients [2][6] Company Strategy - Morgan Asset Management (China) has adopted a clear investment research structure, focusing on active management as its core competency, with teams dedicated to growth, balanced growth, and value investments, targeting various risk-return profiles [3] - The firm has identified key investment opportunities in artificial intelligence, leading Chinese manufacturers, and dividend assets, leveraging a dual driver of valuation recovery and earnings growth for structural market opportunities in 2025 [4] - The company has built a systematic talent development mechanism, nurturing fund managers with long-term commitment, evidenced by managers like Du Meng and Li Bo, who have delivered substantial returns over extended periods [4][5] Research and Analysis - Morgan Asset Management promotes a "research compounding" approach, emphasizing the importance of continuous research investment to enhance decision-making quality [6] - The firm has a global research team of 500 analysts, conducting extensive field research and maintaining high-frequency interactions with global teams to integrate local insights with global perspectives [6][7] - A unified research language and framework have been established to facilitate efficient resource sharing and collaboration across regions, enhancing the overall research quality [7] ETF Business Development - Morgan Asset Management has differentiated its ETF offerings by combining active management advantages, becoming the second-largest active ETF issuer globally and leading in net inflows since 2025 [8] - The company has launched 11 ETFs in China, focusing on investor experience and innovative features like quarterly mandatory dividends, catering to various investment strategies [8] - The firm continues to enhance its ETF business by providing localized market insights and strategies through reports and seminars, aiming to support index investors effectively [9] Future Outlook - The asset management industry is expected to increasingly favor long-termism, professional capabilities, and ecosystem collaboration, with Morgan Asset Management committed to refining its practices in investment management, product innovation, and client service [10]

Group 1 - The China Photovoltaic Industry Association refuted rumors about the collapse of the polysilicon storage platform, emphasizing the industry's commitment to combating unhealthy competition [2] - President Xi Jinping expressed China's willingness to import more high-quality products from Spain and explore cooperation in emerging fields such as renewable energy and artificial intelligence [3] - The Shanghai Stock Exchange International Investors Conference highlighted the increase in foreign investment in A-shares, with the market value held by foreign investors rising from over 3 trillion yuan at the end of 2020 to over 3.5 trillion yuan currently [4] Group 2 - The A-share market experienced fluctuations, with the photovoltaic industry chain declining due to external influences, while the banking and insurance sectors showed strength [5] - The number of newly launched funds in the market reached 1,371 this year, the highest in nearly three years, although the average fundraising scale was only 782 million yuan [6] - The Hong Kong-listed company Baillie Gifford announced a delay in its global offering, indicating a shift in market conditions [6] Group 3 - The Ministry of Education and other departments issued guidelines to strengthen science and technology education in primary and secondary schools, focusing on STEM fields [8] - The National Energy Administration released guidelines to promote the integrated development of renewable energy, supporting the establishment of 100% renewable energy bases in suitable regions [8] - The 2025 World Power Battery Conference signed 180 projects with a total amount of 861.3 billion yuan, covering key areas in green energy [9]

Group 1 - The U.S. stock market showed mixed results, with the Dow Jones increasing by 0.68% to a new closing high, while the Nasdaq fell by 0.26% and the S&P 500 rose by 0.06% [4] - International gold prices rose, with spot gold increasing by 1.62% to $4,193.51 per ounce, and COMEX gold rising by 2.06% to $4,201.30 per ounce [5] - International oil prices dropped significantly, with WTI crude oil falling by 4.28% to $58.43 per barrel and Brent crude oil decreasing by 3.84% to $62.66 per barrel [6] Group 2 - The Chinese government is promoting the integration of renewable energy industries, emphasizing the use of green electricity and smart microgrids to create low-carbon industrial parks [9] - The Ministry of Education and six other departments issued guidelines to strengthen science and technology education in primary and secondary schools, aiming for a comprehensive educational ecosystem by 2035 [8] Group 3 - CATL reported that in the first three quarters of 2025, lithium battery exports reached 116 GWh, with a total export value of 3,971 billion yuan, accounting for 43.7% of the new energy export sector [15] - Xiaomi announced the recruitment of AI talent, with a notable addition being the 95-born AI prodigy Luo Fuli, who aims to advance the company's AI research [16] Group 4 - Luckin Coffee is preparing to relist on the U.S. main board, which could enhance its brand image and growth potential [17] - Anthropic, an AI startup backed by Google, plans to invest $50 billion in building data centers in the U.S., creating approximately 800 permanent jobs [20] Group 5 - ByteDance terminated an employee for leaking confidential information, highlighting the importance of information security within the company [21] - Tianqi Lithium announced that its subsidiary in Chile received a court ruling rejecting its lawsuit, which may impact its business operations in the region [24]

● 刘英杰 谭丁豪 日前，中信建投证券在北京成功举办了2026年资本市场峰会暨中国-沙特投资合作论坛。本次会议以"革 故鼎新、质赢未来"为主题，吸引了来自沙特资本市场管理局、交易所及全球多个国家和地区的企业 家、投资者参与。 在会上，中信建投证券研究团队发表了对2026年的展望。与会分析师普遍认为，2026年作为"十五五"规 划的开局之年，中国经济将在深化改革和扩大开放中实现质的提升，A股市场有望在政策支持和基本面 改善的双重驱动下延续慢牛格局，新质生产力、科技创新与战略资源等领域将孕育丰富的结构性投资机 会。 肩负建设金融强国重要使命 五大变革引领2026年新发展 中信建投证券首席经济学家黄文涛在分享2026年宏观经济与投资展望时表示，"十五五"期间是中国发展 历史上非常重要的阶段，2026年将是夯实基础、全面发力的高起步之年。 黄文涛认为，未来五年中国将经历五个方面的革故鼎新：一是经济增长动力从传统要素驱动向创新驱动 转变；二是产业升级过程中传统产业逐步转型，现代化产业体系建设加速；三是投资于人与投资于物之 间寻求新平衡，投资于人越来越重要；四是供给与需求关系优化，内需成为更大看点；五是全球化进程 中中国 ...

● 刘英杰谭丁豪 "十五五"时期将是基本实现社会主义现代化夯实基础、全面发力的关键时期。在刘成看来，证券机构作 为金融体系的重要组成部分，将坚决落实中央金融工作会议精神，培育一流投资银行和投资机构。作为 资本市场上的"国家队"，中信建投证券将以建设金融强国为使命，着力在加快打造"价值投行""新质投 行""数智投行"三个方面发力。 在加快打造"价值投行"方面，刘成表示，中信建投证券将致力于走向国际市场竞争前列。公司将坚守根 本遵循，统一功能性、盈利性与各方价值创造，致力于让客户更优秀，为股东提供可持续回报，为员工 打造成长平台，并深度融入社会价值。他特别提及公司国际化进程，例如中信建投国际今年在香港市场 成功参与保荐包括全球新能源龙头宁德时代（300750）在内的3家港股IPO，股权融资规模达429.26亿港 元，展现了跨境服务能力。 在加快打造"新质投行"方面，刘成认为，创新是证券机构发展的关键。公司将强化功能性定位，服务国 家战略，赋能新质生产力发展；通过自我革新，从传统服务模式向陪伴式、主动赋能的行业合伙人转 变，并依托"研究+投资+投行"模式，打造全生命周期、全产业链服务平台。 在加快打造"数智投行"方 ...

Core Points - The company held its Q3 2025 earnings briefing on November 11, 2025, via an online interactive platform [1] - Key executives, including the chairman and general manager, participated in the meeting to address investor inquiries [1] Group 1: Risk Management and Future Plans - The company is focused on risk management in its photovoltaic projects in Africa, emphasizing policy compliance, financial risk control, and quality assurance [2] - The company plans to enhance its investment in renewable energy projects, aiming to increase the proportion of renewable energy and reduce electricity purchase costs [2] - A joint venture is planned in Zambia for a 10MW solar power project, with an investment of approximately 43.43 million RMB (about 6.09 million USD) [2] Group 2: Financial Performance - The company's net profit attributable to shareholders increased by 33.93% year-on-year, while operating revenue decreased by 7.16% [2] - The revenue decline was primarily due to a one-time recognition of gas supply income from the previous year, amounting to 274 million RMB [2] Group 3: Business Expansion and Strategy - The company's water supply services cover urban areas and several towns in Hunan province, with ongoing investments in wastewater treatment projects [3] - The company is exploring market expansion beyond its current operations in Hunan and other provinces [3] - Future strategic goals include significant breakthroughs in resource integration and the establishment of new industries by 2027 [3] Group 4: ESG Initiatives - The company is committed to sustainable development through innovation, safety, and governance, aiming to enhance long-term value [3]