截至2025年11月，今年游戏版号发放量已达1624个，超去年总量，其中11月单月发放184个版号创下新 高。游戏行业在稳定政策预期下供给充足，市场销售收入同步增长，展现出强劲复苏势头。在精品化、 全球化与智能化融合推进的背景下，游戏行业迎来了从"规模扩张"向"质量提升"的关键转型期。 政策引领提振信心 游戏版号发放重回稳定轨道，为行业注入强心剂。 与以往不同，今年以来一个明显的变化是——中国游戏市场已进入全面多元化时期，多种游戏类型、各 大游戏平台、国内外市场全面发力。 平台多元化也日益明显。微信、抖音、快手等平台的小游戏迅速崛起，2025年1-6月，国内小程序游戏 市场实际销售收入232.76亿元，同比增长40.2%。小游戏凭借低门槛和社交属性，成功拓展了游戏用户 边界。 截至11月，2025年累计发放版号已达1624个，超过了去年全年总量。特别是11月份单月发放了184个版 号，再次刷新单月新高，显示出审批常态化趋势审批节奏的稳定与可预期，极大促进了优质新游戏的开 发和上线。版号常态化发放标志着行业步入更加成熟的发展阶段。随着政策的引领，游戏公司也更专注 于业务创新与可持续发展，游戏产业正呈现精品化趋势 ...

与此同时，铂族金属股票当前按1220美元/盎司篮子价格计价，较现货价格折价超过20%，估值吸引力明显。历史数据显示，贵 金属股票价格与基础商品表现密切相关，黄金股票在过去5年中与金价的拟合优度（R²）超过82%。 分析师指出，如果现货价格保持当前水平，股票价格有望出现重估驱动的上涨空间。这为投资者在当前折价水平进入市场提供 了机会。 投资者情绪分化明显，铂族金属板块潜在反转空间加大 2026年，花旗研究团队对全球贵金属股票持偏积极态度，明确看好铂族金属（PGMs）优于黄金。 据追风交易台，花旗银行在最新研究报告中表示，相比黄金，2026年铂族金属具备更优的风险回报特征。该投行认为，黄金价 格已在每盎司4000美元附近企稳，风险回报相对均衡，而铂金和钯金则具备向上倾斜的潜力。 花旗指出，铂族金属在过去三年中明显落后于黄金价格表现，铂金相对黄金交易价格大幅折价，这在历史上并不常见。该行分 析师认为，工业需求中黄金向铂金的边际替代可能进一步支撑铂金和钯金价格。 报告预测，当前黄金股票价格反映约3200美元/盎司的金价预期，较现货价格折价超过25%，而铂族金属股票价格反映约1220美 元/盎司的一篮子价格，较现货折价 ...

Core Viewpoint - The steel industry in China is currently facing supply-demand contradictions, but with the implementation of "stabilizing growth" policies, steel demand is expected to remain stable or slightly increase, supported by real estate stabilization, steady infrastructure investment, continuous manufacturing development, and high steel exports [1] Group 1: Production and Demand - In October, China's stainless steel crude steel production reached 3.6244 million tons, an increase of 78,700 tons month-on-month, representing a growth of 2.22% [1] - The overall profit of the steel industry is declining, but the total steel demand is anticipated to remain stable due to various supportive factors [1] Group 2: Supply and Industry Structure - The supply side is expected to tighten under the influence of policy expectations, leading to increased industry concentration [1] - The macro trend of high-quality economic development and new productive forces is expected to benefit high-end steel products, particularly those with high barriers and added value [1] Group 3: Investment Opportunities - The steel industry is expected to see a stable and improving industrial pattern, with some companies currently undervalued, presenting structural investment opportunities [1] - Companies with high gross margins and strong cost control, as well as leading steel enterprises benefiting from economies of scale, are likely to have valuation recovery opportunities in the future [1] Group 4: Long-term Outlook - Under the ongoing supply-side "anti-involution," steel production capacity is concentrating on quality leading companies [1] - On the demand side, special steel is expected to benefit from manufacturing upgrades and AI transformation, while leading companies in the ordinary steel sector may benefit from improvements in the industry supply-demand structure in the medium to long term [1]

Core Viewpoint - The brokerage sector is experiencing fluctuations, with the top-tier brokerage ETF (512000) hitting a new low since August 26, reflecting market volatility and investor sentiment [1][3]. Group 1: Market Performance - As of November, the brokerage ETF (512000) tracks the CSI All Share Securities Companies Index with a price-to-book (PB) ratio of 1.45, placing it at the 35th percentile over the past decade, indicating potential for valuation recovery [3]. - The brokerage ETF (512000) reached a historical milestone with its fund size surpassing 40 billion yuan for the first time on November 6, with an average daily trading volume exceeding 1 billion yuan, making it one of the largest and most liquid ETFs in the A-share market [3]. Group 2: Investment Sentiment - The non-bank financial sector is currently in a state of extreme underweight, suggesting a strong potential for increased allocation from public funds following the release of the draft guidelines for performance comparison benchmarks for publicly offered securities investment funds [3]. - Recent trading activity shows a significant inflow of funds into the brokerage ETF (512000), with a net inflow of 250 million yuan recorded recently, totaling 850 million yuan over the past four days, indicating strong buying interest [5].

Core Viewpoint - The brokerage sector is experiencing fluctuations, with the top brokerage ETF (512000) recently hitting a new low since August 26, down 0.18% [1][8]. Group 1: Market Performance - The brokerage ETF (512000) has shown signs of high-frequency premium, indicating active buying interest, with a net inflow of 250 million yuan yesterday and a total of 850 million yuan over the past four days, leading among 14 similar ETFs [3][10]. - As of the end of November, the price-to-book ratio (PB) of the index tracked by the brokerage ETF (512000) is 1.45, placing it at the 35th percentile over the past ten years, suggesting potential for valuation recovery amid continuous growth in brokerage performance [5][12]. Group 2: Fund Allocation and Strategy - The non-bank financial sector is currently underweight, which may increase the likelihood of public funds reallocating towards this sector following the release of the draft guidelines for performance comparison benchmarks for publicly offered securities investment funds [5][12]. - The brokerage ETF (512000) and its linked funds (Class A 006098; Class C 007531) passively track the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, providing an efficient investment tool that balances exposure to both leading and smaller brokerages [12][13]. Group 3: Fund Size and Liquidity - On November 6, the brokerage ETF (512000) reached a historical milestone, with its fund size surpassing 40 billion yuan for the first time, and it has maintained an average daily trading volume exceeding 1 billion yuan throughout the year, positioning it as a leading ETF in terms of scale and liquidity in the A-share market [13].

2025 年 12 月 3 日星期三 重庆市江北区金沙门路 32 号 23 层； 023-63638617 上海市浦东新区世纪大道 210 号 10 楼 1001； 1 市场有风险 投资需谨慎 地址： 电话： | | | | 铅： | | 15 | | --- | --- | --- | | 锡： | | 15 | | 镍： | | 16 | | 豆油、豆粕： | | 16 | | 棕榈油： | | 17 | | 菜粕、菜油： | | 17 | | 棉花： | | 18 | | 白糖： | | 19 | | 苹果： | | 20 | | 生猪： | | 20 | | 鸡蛋： | | 21 | | 玉米&淀粉： | | 22 | | 免责声明 | | 23 | 国债： 上一交易日，国债期货收盘全线下跌，30 年期主力合约跌 0.51%报 113.890 元， 10 年期主力合约跌 0.07%报 107.980 元，5 年期主力合约跌 0.06%报 105.770 元，2 年 期主力合约跌 0.02%报 102.388 元。 公开市场方面，央行公告称，12 月 2 日以固定利率、数量招标方式开展了 1563 亿 ...

ITC 板块将受益于国产链催化效应，如字节跳动发布 AI 硬件应用，有望 拉动底层算力需求，在当前底部位置、估值底部和基本面边际改善情况 下，该板块具有潜力增长空间。 综合考虑估值修复和基本面改善，预计 ITC 板块未来股价收益可达 30%-40%，回调空间有限，具备较高的投资性价比。 当前时点如何看 IDC 板块？20251202 摘要 IDC 行业在经历两个季度停滞后，四季度大厂资本开支规划乐观，预示 2026 年招标量有望创新高，百兆瓦级别大单落地，表明行业正从预期 走向兑现。 国产卡在 ITC 行业的接受度持续提升，世纪互联 50 兆瓦项目使用国产 卡，表明国产卡渗透率提高，与海外卡相关性降低，液冷项目为主的新 订单也反映了这一趋势。 IDC 项目审批权上收至国家发改委，导致新增供给减速，有助于优化当 前供大于求的市场状况，对 ITC 行业产生正面影响，首批通过审批项目 通过率不到个位数。 A 股主流 IDC 公司估值较低，如奥飞和润泽分别为 14 倍和 17 倍，低于 历史需求正常阶段的 10-20 倍估值下限，参考 REITs 估值，当前是布局 ITC 板块的较好机会。 万国和润泽 REITs 首 ...

Group 1: Market Overview - As of November 30, 2025, the Shanghai Composite Index fell by 1.67%, while the Shenzhen Component Index and the ChiNext Index dropped by 2.95% and 4.23%, respectively[5] - The average decline of the stock portfolio in November was 4.83%, underperforming the CSI 300 Index, which fell by 2.46%[5] - The market is expected to experience consolidation, with external economic conditions remaining stable and the potential for further monetary easing by the Federal Reserve[5] Group 2: Stock Recommendations - Huaxin Cement (600801) is positioned for overseas expansion, with a closing price of 22.42 CNY and a projected EPS of 1.42 CNY for 2025[8][12] - Sanmei Co. (603379) focuses on refrigerants, with a closing price of 52.17 CNY and an expected EPS of 3.50 CNY for 2025[13][15] - China Duty Free Group (601888) benefits from policy dividends, closing at 79.03 CNY with a projected EPS of 1.94 CNY for 2025[16][19] - Contemporary Amperex Technology Co. (300750) is undergoing valuation recovery, with a closing price of 373.20 CNY and an expected EPS of 15.00 CNY for 2025[20][23] - Sungrow Power Supply (300274) is seeing favorable conditions in new energy storage, closing at 182.90 CNY with a projected EPS of 7.07 CNY for 2025[24][26] - SANY Heavy Industry (600031) is focused on engineering machinery, with a closing price of 20.32 CNY and an expected EPS of 1.00 CNY for 2025[27][29] - Yutong Bus (600066) is expanding its overseas market, closing at 31.11 CNY with a projected EPS of 2.14 CNY for 2025[33][37] - North Huachuang (002371) specializes in semiconductor equipment, with a closing price of 427.90 CNY and an expected EPS of 10.03 CNY for 2025[38][41] - Kingsoft Office (688111) is leveraging AI in office solutions, closing at 311.31 CNY with a projected EPS of 4.07 CNY for 2025[42][44]

平安证券指出，证券行业近期市场景气度改善、交投活跃度维持高位，板块从估值到业绩均具备β属 性，全面受益。长期看资本市场新一轮改革周期开启，券商仍有较大发展增量空间。证监会发布的商业 不动产投资信托基金试点政策有望推动商业地产通过Reits市场盘活存量资产，拓宽权益融资渠道，当 前我国商业地产领域盘活优质资产空间较大，Reits市场已形成逐渐成熟的投融资体系。此外，保险行 业受益于居民储蓄需求旺盛及资本市场回暖，寿险业务结构优化将助力负债端业绩保持稳健，资产端具 备弹性。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从A股市场中选取主要证券企业作为指 数样本，涵盖了在交易所上市的核心证券行业公司。该指数旨在反映证券行业的整体表现，具有显著的 行业集中度和周期性特征。 （文章来源：每日经济新闻） ...

Report Summary Report Industry Investment Rating There is no specific industry investment rating provided in the report. Core Viewpoints - The report is bullish on the PVC second - main contract, and there are four reasons for this view: valuation and cost support, export demand increment, policy and supply - demand marginal improvement, and sentiment and funds drive [2][3]. - For stock index futures, the current rebound is expected to continue, and it is recommended to buy on dips [7]. - Gold is in a complex oscillation process, and it is not advisable to chase rising or sell on dips [12]. - Iron ore is in a wide - range oscillation, and a high - selling and low - buying strategy is recommended [14]. - Glass can be viewed with a slightly bullish oscillatory mindset due to policy - driven supply - side adjustment [19]. - Methanol prices have risen by over 5% this week, and there are multiple factors supporting the market, so it is advisable to grasp long opportunities [21]. - Pulp futures are in a slightly bearish oscillatory trend, with inventory showing a slight decline [25]. Summary by Related Catalogs PVC Second - Main Contract - Valuation and cost: The current PVC price is at a near - decade low, with the whole industry in loss (700 yuan/ton loss for the calcium carbide method and 560 yuan/ton for the ethylene method). Coal prices are firm, and the decline in caustic soda prices weakens the "subsidizing chlorine with alkali" support, leading to a supply contraction expectation [3]. - Export demand: India has a demand gap of 3 million tons/year, and China's exports to India account for over 40%. From January to September 2025, exports increased by 47.78% year - on - year. After India cancelled the BIS certification, an additional 200,000 - 300,000 tons of exports are expected in the fourth quarter [3]. - Policy and supply - demand: The implementation of "guaranteeing the delivery of buildings" and urban village renovation policies will boost the demand for downstream pipes and profiles in the real estate industry. The new production capacity has been put into operation, and some enterprises have reduced their loads, alleviating supply pressure [3]. - Sentiment and funds: Macroeconomic policies have released positive signals, increasing market risk appetite and driving up futures prices [3]. Stock Index Futures - The index opened lower in the morning on the last day of November, then rose and closed at the daily high. The current rebound is expected to continue next week, and it is recommended to buy on dips [7][8]. Gold - Gold is in a complex oscillation process, which is expected to last for some time. It is not advisable to chase rising or sell on dips [12]. Iron Ore - With the commissioning of the Simandou project, the expectation of supply loosening has further fermented. The domestic demand support is weak, and it is recommended to use a high - selling and low - buying strategy in the wide - range oscillation [14][15]. Glass - The daily melting volume has declined, and inventory reduction started this week. The main drivers are policy - driven supply - side adjustment. Technically, it can be viewed with a slightly bullish oscillatory mindset [19]. Methanol - Methanol prices have risen by over 5% this week. Multiple factors support the market, including a sharp decline in coastal port inventories, supply disruptions due to concentrated gas restrictions at Iranian plants, and active port trading sentiment [21]. Pulp - As of November 27, 2025, the inventory of mainstream Chinese pulp ports was 2.172 million tons, a decrease of 0.1 million tons from the previous period, a 0.05% month - on - month decline. The inventory trend shows a slight decline, and the futures market is in a slightly bearish oscillatory trend [25].