Group 1 - The core viewpoint of the articles indicates that over 80% of newly established active equity funds have shown signs of building positions, with cautious strategies due to market volatility and year-end style shifts [1][2][4] - As of December 3, 61 new active equity funds were established in the fourth quarter, with 57 being mixed equity funds, and 51 of these funds have experienced net value fluctuations [2][3] - The most notable building activity is observed in funds established in October, with some achieving over 10% returns, while others have faced slight losses due to November's market volatility [2][3] Group 2 - Fund managers are adopting a cautious approach to building positions, with many funds maintaining low levels of investment due to increased market volatility and rapid sector rotation [4][5] - The average decline in 34 core A-share indices has exceeded 3%, with some indices dropping over 11%, prompting fund managers to take a longer-term view on investments [4] - New floating fee rate funds have emerged, with an average fundraising scale of approximately 1.23 billion, and most of these funds have shown minimal net value fluctuations [5] Group 3 - The industry consensus is that AI applications will be a key focus area, with expectations for significant breakthroughs by 2026, particularly in sectors like smart driving and robotics [6][7] - Market analysts suggest that the upcoming central political bureau and economic work meetings may influence market recovery, with a focus on both new and traditional economic sectors [7] - The global AI computing market is expected to continue its strong growth, supported by increasing capital expenditures from leading cloud service providers [7]

| 其中 涨停 | | | | --- | --- | --- | | 涨幅 > 7% | | 67 | | 张唱 5-7% | | 52 | | 涨幅 3-5% | | 146 | | 涨幅 0-3% | | 1279 | | 跌幅 | 0-3% | 3405 | | 跌幅 | 3-5% | 282 | | 跌幅 5-7% | | 35 | | 跌幅 | > 1% | 18 | | 其中 跌停 | | 7 | | 上张家数 | | 1544 | | 下跌家数 平盘停止 总品种数 | | 3740 | | | | 171 | | | | 5455 | | 总成交额 | | 16072.70 乙 | | 总成交量 | | 110515.37 | | 张家增减 | | -1184 | | 张家增幅 | | -43.40% | | 指数量比 | | 0.96 | 海峡两岸概念逆势爆发，海欣食品等涨停。消费股走强，同庆楼等涨停。商业航天概念表现活跃，航天发展等涨停。 一、板块异动 二、涨跌停温度 三、涨跌家数 截至收盘，沪指跌0.42%，报3897.71点，深成指跌0.68%，报13056.7点，创业板指跌0.69% ...

今日三大指数弱势震荡，沪指再度失守3900点。市场热点较为散乱，活跃资金抱团炒作高位妖股，3倍 牛股合富中国再度涨停，金富科技斩获7连板，海王生物5连板，道明光学、通宇通讯4连板。市场全天 成交近1.6万亿，较上个交易日缩量近3000亿，两市下跌个股超3700只。 盘面上看，福建本地股再度爆发，平潭发展等多股涨停。消息面上，福建第十五个五年规划的建议发 布。建议提到，加快平潭综合实验区开放发展，推进新一轮全岛封关运作，建设两岸共同市场先行区 域、两岸同胞共同家园等。另外，福建再推12条惠台利民政策措施，包括支持台企台商发展、优化台胞 台企办税服务、推进对台商贸文旅交流合作等。 其他热点方面，商业航天概念局部活跃，航天发展13天9板；算力硬件股尾盘异动，菲菱科思20%涨 停；消费股继续走强，安记食品、惠发食品午后直线涨停；地产、家居板块震荡走强，海鸥住工拉升封 板；传媒、有色金属、人形机器人等板块表现较弱。 从个股看，两市上涨1544家，下跌3740家，171家涨幅持平。两市共55股涨停，共9股跌停。 截至收盘，沪指跌0.42%报3897.71点，成交6275亿元；深成指跌0.68%报13056.70点，成交9 ...

Core Viewpoint - UBS Securities predicts that the A-share market in China will see significant growth by 2026, with total A-share profit growth expected to rise to 8% from 6% this year [1]. Group 1: Market Outlook - The anticipated increase in profit growth is driven by an improvement in nominal GDP growth and a narrowing decline in the Producer Price Index (PPI), which will boost corporate revenue growth [1]. - Supportive policies and the promotion of "anti-involution" are expected to contribute to a recovery in profit margins [1]. - UBS believes that macro policies, accelerated A-share profit growth, declining risk-free interest rates, continuous net inflow of long-term capital into the stock market, and ongoing market capitalization management reforms will further enhance A-share market valuations [1]. Group 2: Short-term Market Dynamics - Recent short-term factors have led to a pullback in the A-share market; however, this does not alter the medium-term trend of valuation improvement [1]. - The UBS global strategy team anticipates that global technology stocks are likely to rise further next year [1]. - The trading proportion of the technology sector has recently returned to below the average level for the year, and the scale of financing has decreased, indicating that concerns about overcrowding in technology sector trading have eased [1]. Group 3: Investment Themes - Key investment themes to watch in 2026 include technology, consumption, "anti-involution," and the international expansion of Chinese enterprises [2].

11月29日，在中国经济时报社主办的经济前瞻论坛2025年会上，与会专家学者聚焦"'十五五'：奋力推动高质量发展"主题，围绕"十五五"时期面临的形 势、高质量发展需要推动落实的重点任务、重要领域发展趋势及其中蕴含的机遇等展开深入讨论。 经济前瞻论坛2025年会现场 【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 大消费既需要短期措施，也需要长期政策，更重要的是短期政策与长期政策的密切配合与有效搭配。提高居民消费率要与降低居民储蓄率统筹施策，扩大居 民消费要高度注重居民收入占比的提高，优化供给结构与收入分配结构的有效对接，同时进一步优化扩大消费环境。 国家数据发展研究院院长胡坚波在题为《释放数据要素价值，助力数字中国建设》的演讲中，围绕"十五五"期间以数据要素为核心的数字经济发展，提 出以下观点：要释放数据要素价值，需深化制度创新，特别是通过"三权分置"明确数据持有权、使用权与经营权，为数据流通交易奠定基础； ...

Core Insights - The public fund industry is experiencing a surge in new fund launches as the year-end approaches, with 40 new funds being introduced this week, primarily focusing on equity funds [1][2] Fund Launch Overview - A total of 40 new public funds are being launched this week, with equity products being the main focus for various fund companies [2] - Among the new funds, 16 are actively managed equity funds and 13 are index funds, indicating a strong emphasis on equity investment strategies [2] Thematic Focus of New Funds - Many newly launched funds are targeting current hot themes, such as overseas expansion and consumer trends. For instance, the Yongying Qihang Huixuan fund focuses on growth opportunities from overseas contributions, highlighting that the gross margin of non-financial A-share companies has been higher overseas since 2021 [3] - The Caitong Consumer Preferred fund is aimed at young consumer trends, including brand expansion and innovative consumption, with the fund manager optimistic about the growth potential in the consumer sector [3] Experienced Fund Managers - Several new funds are managed by seasoned professionals, such as Teng Yue from China Merchants, who has nearly 16 years of investment research experience and focuses on sectors like technology, manufacturing, and healthcare [4] - Yang Dong from Guangfa Quality Preferred fund, with 19 years in the securities industry, plans to use a strategy combining subjective long positions, active quantification, and AI enhancement to identify quality assets with growth potential [4] Variety in Index Funds - The newly launched index funds include a range of enhanced index products and broad-based ETFs, such as the Penghua Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index Enhanced Fund and the Jiayin China Securities Index Selection Hong Kong and Shanghai Technology 50 ETF [4] Popularity of Fixed Income and FOF Products - Recent trends show that fixed income plus ("固收+") and Fund of Funds (FOF) products are gaining popularity, with several products achieving significant fundraising success [5] - For example, the Huatai Fuyin Stable Preferred Fund raised approximately 2.498 billion yuan, while other FOF products also saw fundraising in the range of 1 billion to 1.5 billion yuan [5] AI ETF Launch Success - The launch of seven AI-themed ETFs by various fund companies has been met with strong market interest, with the Yongying China Securities Sci-Tech Innovation Entrepreneurship AI ETF selling out in just one day, raising over 900 million yuan [6] - The rapid sale of these AI ETFs reflects the growing enthusiasm for the AI sector, as the domestic AI industry continues to advance across various segments [6]

Core Insights - A total of 40 new public funds are being launched this week, with a focus on equity funds, indicating strong market confidence as the year-end approaches [2][4] - The majority of new funds are actively managed equity funds and index funds, with 16 active equity funds and 13 index funds being introduced [4] - Many new funds are designed to fill product line gaps or align with future market trends, such as overseas expansion, technology, and consumer themes [2][5] Fund Distribution - Among the new funds, 13 are mixed funds, 2 are stock funds, and 1 is a flexible allocation fund within the active equity category [4] - The index funds include a variety of enhanced index funds and broad-based ETFs, such as the Penghua Shanghai Stock Exchange Science and Technology Innovation Board 100 Index Enhanced Fund and the China Universal Technology 50 ETF [6][8] Investment Themes - Specific funds are targeting current hot themes, such as the Yongying Qihang Huixuan Fund, which focuses on overseas growth opportunities, and the Caitong Consumer Preferred Fund, which targets young consumer trends and brand expansion [5][6] - Fund managers with extensive experience are leading many of the new funds, indicating a focus on sectors like technology, manufacturing, and healthcare for long-term investment [7][8] Recent Fund Performance - Last week, several "fixed income +" and FOF products attracted significant capital, with the Huatai-PineBridge Stable Selection Fund raising approximately 2.498 billion yuan [9] - The market shows a growing interest in AI-related funds, as evidenced by the rapid subscription of the Yongying Zhongzheng AI ETF, which reached nearly 900 million yuan in a single day [10][11]

Group 1: Economic Indicators - The weekly ECI supply index is at 49.95%, up 0.01 percentage points from last week, while the demand index is at 49.86%, down 0.01 percentage points[6] - The monthly ECI supply index for November is 49.96%, down 0.04 percentage points from October, and the demand index is 49.88%, down 0.02 percentage points[7] - The ECI investment index is at 49.87%, down 0.01 percentage points from last week, and the consumption index is at 49.65%, also down 0.01 percentage points[6] Group 2: Real Estate and Consumption - The transaction area of commercial housing in 30 major cities fell by 31.7% year-on-year as of November 29, indicating continued weakness in real estate sales[7] - Passenger car sales averaged 71,131 units per day in the week ending November 23, down 4,871 units year-on-year, with total retail sales of 1.384 million units in November, a decline of 11.0% year-on-year[22] - The Ministry of Industry and Information Technology issued a plan on November 26 to enhance the adaptability of supply and demand for consumer goods, aiming to promote consumption growth[7] Group 3: Export and Trade - The new export orders index in the November PMI rose by 1.7 percentage points month-on-month, suggesting a potential year-on-year increase in export growth[7] - The total export value of South Korea for the first 20 days of November increased by 8.20% year-on-year, showing a recovery compared to October[34] Group 4: Monetary Policy and Market Trends - The ELI index is at -0.61%, down 0.01 percentage points from last week, indicating a focus on long-term effects of government bond transactions rather than short-term scales[11] - The central bank's net liquidity withdrawal this week was 164.2 billion yuan, with a total reverse repurchase operation of 1,511.8 billion yuan[46]

Report Industry Investment Rating No information provided in the content. Core Viewpoints - This week's main concerns include a slight rebound in the week-on-week new home sales in 20 cities, a widening year-on-year decline, and only Hangzhou's new home sales were higher than the same period last year. Overall, the real estate sales remained weak. Commodity prices mostly rose, the production remained stable with a differentiated performance in the operating rates. The box office was significantly higher than the seasonal level due to the release of popular movies, which concentratedly reflected the viewing demand [2]. - The year-on-year decline in new home sales widened this week. The week-on-week growth rate of the new home transaction area in 20 cities tracked by Wind was 3.08%, and the year-on-year decline was 33.38%. Specifically, the new home transactions decreased week-on-week, and the year-on-year decline widened. The new home transaction area in second-tier cities was slightly weaker than the previous period, while those in first-tier and third - fourth - tier cities were stronger than the previous period. The year-on-year decline widened significantly, and the new home transaction areas in all tiers of cities were much weaker than the same period last year [2]. - In terms of investment and production, most commodity prices rose. The price of rebar increased slightly, with robust demand, steel mills reducing production, and merchants reluctant to sell, which supported the price increase. The cement price increased slightly as the weather improved, construction accelerated, and manufacturers pushed up the price, but the demand support was limited. The glass futures price rose, with an enhanced expectation of supply contraction, solid cost support, and short - term improvement in production and sales. The asphalt price decreased slightly due to the seasonal shrinkage of demand, sufficient supply, and weakened cost - end support [2]. - In industrial production, the operating rates showed a differentiated performance. The operating rates of petroleum asphalt and automobile tires increased, the operating rate of coking enterprises increased slightly, while the operating rates of steel blast furnaces and PTA decreased, and the operating rate of polyester filament decreased slightly [2]. - In terms of consumption, the travel momentum was strong. The subway ridership, domestic flights, automobile consumption, and box office were higher than the seasonal levels [2]. - In terms of inflation, the pork price decreased, the vegetable price and oil price increased. This week, the vegetable price increased due to cold weather and rainfall leading to vegetable production reduction and poor supply connection. The crude oil price increased, driven by the expected production cut by OPEC+, the decline in US production, and geopolitical risks [2]. - In terms of exports, the SCFI and BDI increased this week. The transportation demand on the East Coast of the United States route rebounded, shipping companies promoted freight rate increases, and the operating cost provided support [2]. Summary by Directory 1. Real Estate Sales: New Home Sales Remained Weak Year-on-Year - From November 21st to November 27th, the new home transactions decreased week-on-week, and the year-on-year decline widened. The week-on-week growth rate of the new home transaction area in 20 cities tracked by Wind was 3.08%, and the year-on-year decline was 33.38%. Among them, the new home transaction area in second-tier cities was slightly weaker than the previous period, while those in first-tier and third - fourth - tier cities were stronger than the previous period. The year-on-year decline widened significantly, and the new home transaction areas in all tiers of cities were much weaker than the same period last year [2][7]. - In terms of key cities, from a week-on-week perspective, except for Beijing (-32.88%), Shenzhen (-28.09%), and Hangzhou (-1.38%), the new home transactions in other key cities were significantly stronger than the previous period. From a year-on-year perspective, except for Hangzhou (18.73%), the new home transaction areas in other key cities were much weaker than the same period last year [7]. - From November 21st to November 27th, the second - hand home transactions showed a differentiated week-on-week performance, and the year-on-year decline widened. In key cities, from a week-on-week perspective, except for Hangzhou (-1.46%) and Shenzhen (-7.75%), the second - hand home transaction areas in other key cities were stronger than the previous period. From a year-on-year perspective, the second - hand home transaction areas in all key cities decreased significantly compared with the same period last year [7]. 2. Investment: Commodity Prices Mostly Rose - In terms of investment, most commodity prices rose this week. The prices of rebar and cement increased slightly, the glass futures price rose, and the asphalt price decreased slightly [31]. 3. Production: Operating Rates Showed a Differentiated Performance - In production, the operating rates showed a differentiated performance this week. The operating rates of petroleum asphalt and automobile tires increased, the operating rate of coking enterprises increased slightly, while the operating rates of steel blast furnaces and PTA decreased, and the operating rate of polyester filament decreased slightly [39]. 4. Consumption: Travel Momentum was Strong - In terms of consumption, the subway ridership, domestic flights, automobile sales, and box office were higher than the seasonal levels [49]. 5. Exports: SCFI Increased, BDI Increased - In terms of exports, the SCFI index increased slightly, the BDI index increased, the port cargo throughput decreased, and the CRB spot index decreased slightly this week [55]. 6. Prices: Pork Price Decreased, Vegetable Price Increased, Oil Price Increased - In terms of prices, the pork price decreased slightly, the vegetable price increased, the oil price increased, and the rebar price increased slightly [60].

Core Insights - Alibaba Group reported Q2 FY2026 revenue of 247.795 billion yuan, with a 15% year-on-year growth after excluding the impact of divested businesses [2] - The company continues to invest in AI and cloud services, with Alibaba Cloud's quarterly revenue accelerating by 34% year-on-year, reaching a new high [2] - The CEO emphasized the focus on building AI technology and infrastructure, as well as a large consumer platform that integrates life services and e-commerce [2] Financial Performance - Alibaba Cloud's revenue growth is driven by AI demand and public cloud revenue, achieving three-digit year-on-year growth in AI-related products for nine consecutive quarters [2] - E-commerce customer management revenue (CMR) grew by 10% year-on-year, while instant retail business revenue surged by 60% [3] - The average order value has increased, and user retention rates have improved, contributing to the growth of monthly active consumers on the Taobao App [3] Strategic Developments - The launch of the Qianwen App aims to strengthen Alibaba's presence in both AI to B and to C markets, with over 10 million downloads in its first week of public testing [3] - Approximately 3,500 Tmall brands have integrated their offline stores into instant retail, leading to significant growth during the Double 11 shopping festival [4] - The introduction of the "Gaode Street Ranking" by Gaode aims to create a new offline service credit system based on user behavior and credit [4] Market Position - According to Omdia, Alibaba Cloud held a 35.8% market share in China's AI cloud market as of the first half of 2025, surpassing the combined share of the second to fourth competitors [2] - Recent partnerships with NBA, Marriott, China UnionPay, and Bosch highlight Alibaba Cloud's growing influence in the AI collaboration space [2]