Investment Rating - The industry rating is "Recommended" [4] Core Insights - The China Securities Regulatory Commission (CSRC) plans to launch a pilot program for Commercial Real Estate Investment Trusts (REITs), which aims to provide an exit channel for real estate companies and alleviate financial pressure, thereby helping to prevent systemic risks in the industry [3][14][6] - Guangdong Province has issued a financial support plan for industry chain integration and mergers, encouraging financial institutions to develop combined financial products and support equity investments, which is expected to enhance the long-term funding structure of the A-share market [7][15] Market Performance - The average daily trading volume of A-shares for the week was 17,369 billion, a decrease of 6.9% week-on-week but an increase of 10.1% year-on-year [16] - The non-bank financial Shenwan index rose by 0.68%, underperforming the CSI 300 index by 0.96 percentage points, ranking 25th among all primary industries [2][13] - The securities sector increased by 0.74%, while the insurance sector rose by 0.20%, and the internet finance sector saw a growth of 2.95% [2][13] Key Company Analysis - The report includes a detailed earnings forecast and valuation for key companies in the non-bank financial sector, with several companies rated as "Buy" or "Hold" based on their projected performance [9][38]

Report Summary 1. Investment Ratings The document does not provide specific industry investment ratings. 2. Core Views - **Financial Derivatives**: Stock index futures are expected to remain volatile, with leading stocks' attempts to rise making large - cap indexes perform strongly. Treasury bond futures may rebound in the short - term [17][22]. - **Agricultural Products**: Protein meal prices are generally supported, while sugar shows different trends internationally and domestically. The oil and fat sector continues to oscillate, and various agricultural products have their own supply - demand and price characteristics [24][27][33]. - **Black Metals**: Steel prices oscillate within a range, and the double - coking market sentiment is weak. Iron ore should be treated with a bearish mindset, and ferroalloys oscillate at the bottom [9]. - **Non - ferrous Metals**: Precious metals maintain a strong trend, and base metals such as copper, aluminum, and zinc have different price trends affected by factors like interest - rate cut expectations and supply - demand [11][12]. - **Energy and Chemicals**: Crude oil prices have rebounded after touching the bottom, and various chemical products have their own price trends based on supply - demand and other factors [16]. 3. Summary by Catalog Financial Derivatives - **Stock Index Futures**: On Wednesday, the market rebounded and then fell back. Indexes showed differentiation, and trading volume and open interest decreased. It is recommended to reduce positions and wait and see, conduct IM/IC long 2512 + short ETF cash - and - carry arbitrage, and use the double - buy option strategy [17][19][21]. - **Treasury Bond Futures**: On Wednesday, treasury bond futures fell sharply. The sharp adjustment may be due to rumors of new public - fund regulations. In the short - term, it is recommended to moderately bet on the oversold rebound and go long at low positions [22]. Agricultural Products - **Protein Meal**: CBOT soybean and soybean meal indexes rose. In the international market, the supply of soybeans is abundant, and domestic soybean meal has price support. It is recommended to lay out a small number of long positions in soybean and rapeseed meal [25][26]. - **Sugar**: International sugar prices continued to rise, and domestic sugar prices oscillated within a range. It is recommended to build long positions at low positions in the short - term and conduct long January and short May arbitrage [28][31][32]. - **Oil and Fat Sector**: The Malaysian palm oil has an expected increase in production and weak exports in November. Palm oil oscillates weakly, and soybean oil follows the overall trend. It is recommended to conduct short - term band operations or wait and see [34][35]. - **Corn/Corn Starch**: The spot is strong, and the futures oscillate at a high level. It is recommended to go long on the 12 - month corn on dips, wait and see for the 01 - month corn, and wait for dips for the 05 - and 07 - month corn [36][38]. - **Pigs**: The pressure of pig slaughter is still high, and it is recommended to wait and see and use the strategy of selling wide - straddle options [39][40]. - **Peanuts**: Peanut spot prices rose, and the futures rose significantly. It is recommended to short the 01 - month peanut lightly at high positions and conduct 15 - month peanut reverse arbitrage [41][42]. - **Eggs**: Egg demand is average, and prices are mainly stable. It is recommended to build long positions in the January contract at low positions [44][46][47]. - **Apples**: Apple demand is average, and prices are mainly stable. It is recommended to wait and see [49][50][51]. - **Cotton - Cotton Yarn**: The fundamentals have few contradictions, and cotton prices mainly oscillate. It is recommended to wait and see [53][54]. Black Metals - **Steel**: Steel prices oscillate within a range, and there is still room to reduce hot - metal production. It is recommended to maintain the oscillating trend and go long on the spread between hot - rolled and rebar futures [56][57]. - **Double - Coking**: The market sentiment is still weak, and it is recommended to gradually take profits on short positions and continue to hold the 1/5 coking coal reverse arbitrage [58][59]. - **Iron Ore**: It should be treated with a bearish mindset, and it is recommended to be bearish at high positions [60][61][63]. - **Ferroalloys**: Prices oscillate at the bottom under the trend of production reduction. It is recommended to expect bottom - oscillating and sell out - of - the - money straddle option combinations [64][65]. Non - ferrous Metals - **Precious Metals**: Gold and silver maintain a strong trend. It is recommended to hold long positions based on the 5 - day moving average and buy out - of - the - money call options [67][68][70]. - **Copper**: Copper prices are supported by the increasing expectation of US interest - rate cuts. It is recommended to hold long positions below 86,000 yuan/ton [71][72][74]. - **Alumina**: Substantial production cuts have not been realized. It is recommended to expect the price to be weak and wait and see [75][76]. - **Electrolytic Aluminum**: Aluminum prices rise with the external market. It is recommended to oscillate strongly with the external market and pay attention to the narrowing of the spread between East China and Central China [77][78][79]. - **Cast Aluminum Alloy**: It runs strongly with aluminum prices. It is recommended to run strongly with aluminum prices and wait and see [80][82][83]. - **Zinc**: It oscillates widely. It is recommended to hold profitable long positions and be vigilant about the impact of overseas funds [84][86]. - **Lead**: Pay attention to the impact of the capital side. It is recommended to take partial profits on previous profitable short positions and pay attention to the capital flow [87][88][89]. - **Nickel**: Production cuts stimulate the rebound of nickel prices, but inventory suppresses the height. It is recommended to be a short - position configuration [90][93]. - **Stainless Steel**: Supply and demand are both weak, and it follows the raw - material rebound. It is recommended to be a short - position configuration and sell out - of - the - money call options [91][94]. - **Industrial Silicon**: It oscillates within a range, and long positions should be held at this price. It is recommended to hold long positions, conduct Si2601, Si2602 cash - and - carry arbitrage, and sell put options [95][97]. - **Polysilicon**: It is strong in the short - term. It is recommended to try shorting after the price rises again and pay attention to stop - profit and stop - loss [98]. Energy and Chemicals - **Crude Oil**: Geopolitical uncertainties still exist, and oil prices have rebounded after touching the bottom [16]. - **Other Chemical Products**: Each chemical product has its own supply - demand and price characteristics, such as asphalt oscillating narrowly, fuel oil with different trends for high - sulfur and low - sulfur, etc. [16].

Group 1 - The Ministry of Industry and Information Technology and five other departments jointly issued an implementation plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the consumer goods supply structure by 2027, with the formation of three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [3] - By 2030, a high-quality development pattern characterized by positive interaction between supply and consumption is expected to be basically formed, with a steady increase in the contribution rate of consumption to economic growth [3] - The Guangdong Provincial Government issued a plan to support enterprises in conducting industry chain integration and mergers, aiming to enhance the competitive advantages of industrial clusters in the Guangdong-Hong Kong-Macao Greater Bay Area by 2027 [4] Group 2 - The China Insurance Industry Association issued a risk warning regarding the "Anwo Stock Insurance" business, clarifying that it is not an approved insurance institution and that stock investment losses are not covered by insurance [4] - The State Administration for Market Regulation and the Ministry of Civil Affairs held a press conference to interpret the "Guidelines for the Construction of the Elderly Care Service Standard System (2025 Edition)," which expands and optimizes the standard system to address issues in the elderly care service sector [4] Group 3 - Long光华芯 has achieved mass production of 100G EML in the optical communication field, and 200G EML has begun sampling [7] - Industrial富联 raised the upper limit for share repurchase to no more than 75 yuan per share [8] -沐曦股份 plans to issue 40.1 million shares with an initial strategic placement of 8.02 million shares, with the subscription date set for December 5 [8]

Key Points - The Ministry of Industry and Information Technology and five other departments jointly issued a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with the formation of three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [4] - By 2030, a high-quality development pattern characterized by positive interaction between supply and consumption is expected to be established, with a steady increase in the contribution of consumption to economic growth [4] - The State Council will hold a policy briefing on November 27, 2025, to discuss measures related to enhancing the adaptability of supply and demand for consumer goods [4][5] - Guangdong Province issued a plan to support enterprises in conducting industry chain integration and mergers, aiming to enhance the industrial cluster advantages in the Guangdong-Hong Kong-Macao Greater Bay Area by 2027 [5] - The China Insurance Industry Association issued a risk warning regarding "Anwo Stock Insurance," clarifying that it is not an approved insurance institution and that stock investment losses are not covered by insurance [5] - The State Administration for Market Regulation and the Ministry of Civil Affairs held a press conference to interpret the "Guidelines for the Construction of the Elderly Care Service Standard System (2025 Edition)," addressing key issues in the elderly care service sector [6] - The U.S. stock market saw a collective rise for the fourth consecutive trading day, with the Dow Jones up by 0.67%, the S&P 500 up by 0.69%, and the Nasdaq up by 0.82% [7] - The Federal Reserve's Beige Book indicated that U.S. economic activity has remained relatively stable, although overall consumer spending has declined, with high-end consumers being an exception [7] Company News - Long光华芯 has achieved mass production of 100G EML in the optical communication field, and 200G EML has begun sampling [9] - 实达集团 noted that there is no business cooperation with Alibaba Cloud despite market rumors [10] - 金迪克 will not issue new approvals for quadrivalent influenza virus split vaccines within this year [11] - 中水渔业 reported no significant changes in its operating conditions and external business environment [12] - 茂业商业 confirmed that its production and operation are currently normal [13] - 工业富联 raised the upper limit for share repurchase to no more than 75 yuan per share [14] - 中国铁物's controlling shareholder plans to increase its stake in the company by 65 million to 130 million yuan [15] - 北大医药 stated that related influenza drugs have not yet been organized for production and sales, and this will not impact the company's operating performance for a considerable time [16] - 沐曦股份 is set to issue 40.1 million shares on December 5, with an initial strategic placement of 8.02 million shares [18]

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on November 26, with a fixed rate and quantity tendering, amounting to 213.3 billion yuan at an interest rate of 1.40%, with the same amount being the winning bid [1] - On the same day, 310.5 billion yuan of reverse repos matured, resulting in a net withdrawal of 97.2 billion yuan [1] Group 2: Funding Conditions - Despite the central bank's continuous net withdrawal in the open market, the interbank market remains loose, with overnight repurchase rates for deposit institutions slightly decreasing to around 1.31% [3] - The overnight rates in the anonymous X-repo system dropped to a low of 1.28%, with a supply of nearly 200 billion yuan [3] - Non-bank institutions are borrowing overnight funds secured by credit bonds at rates around 1.4% [3] - The latest overnight financing rate in the U.S. is reported at 3.96% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is approximately 1.64%, remaining stable compared to the previous day [7] Group 4: Government Bond Futures - The closing prices for government bond futures show a decline: 30-year main contract down 0.86%, 10-year down 0.36%, 5-year down 0.22%, and 2-year down 0.05% [12] Group 5: Policy and Economic Developments - The Ministry of Industry and Information Technology and five other departments issued a plan to enhance the adaptability of supply and demand for consumer goods, focusing on key industries such as smart connected vehicles and green building materials [13] - The National Development and Reform Commission announced the approval of the "Credit Repair Management Measures," effective from April 1, 2026, categorizing dishonest information into three levels based on severity [13] - The Guangdong Provincial Financial Management Bureau and other departments released a plan to support enterprises in green transformation through the issuance of green bonds and other financial products [13] Group 6: Global Economic Updates - Japan's Prime Minister emphasized the importance of economic stimulus for fiscal sustainability, with the current year's government bond issuance expected to be lower than last year [15] - The South Korean government plans to establish a strategic investment company to manage a special fund for a $350 billion investment in the U.S. [15] - New Zealand's central bank lowered the benchmark interest rate by 25 basis points to 2.25%, aligning with market expectations [16] Group 7: Bond Market Events - The Shanghai Clearing House has begun offering central counterparty clearing services directly to overseas institutions [18] - After 12 years of listing, Joy City Property will delist from the Hong Kong Stock Exchange on November 27 [18] - Japan plans to issue over 11 trillion yen in foreign bonds for the fiscal year 2025 [18] - SoftBank Group is set to issue 500 billion yen in unsecured bonds with a coupon rate of 3.98% [18]

Core Viewpoint - Guangdong Province has released a financial support plan for enterprises to conduct industrial chain integration and mergers, aiming to resolve structural contradictions in key industries and promote high-quality development of the industrial chain [1] Group 1: Objectives and Goals - The plan aims to enhance the competitive advantage of industrial clusters in the Guangdong-Hong Kong-Macao Greater Bay Area by 2027, improving the efficiency of integration and merger services and establishing a more robust collaborative mechanism [1] - The overarching goal is to better serve the construction of Guangdong's modern industrial system and the high-quality development of the economy and society [1] Group 2: Financial Support Measures - The plan proposes a comprehensive financial support system to empower collaborative development among upstream and downstream enterprises in the industrial chain, focusing on encouraging mergers and acquisitions, enhancing competitiveness, and broadening financing channels [2] - Specific measures include supporting listed companies in utilizing various payment tools for mergers and acquisitions, establishing industry acquisition funds, and integrating mergers and asset revitalization into state-owned enterprise assessment systems [2][3] Group 3: Investment and Financing Strategies - The plan encourages the establishment of a comprehensive service platform for enterprise listings, supporting technology-driven companies to list on various stock exchanges, thereby broadening financing channels [3] - It emphasizes the creation of a full-chain investment system involving angel investment, venture capital, private equity, and acquisition funds, with a focus on key sectors such as chip manufacturing and high-end medical devices [3]

Core Viewpoint - The Guangdong Province has released a financial support plan for enterprises to engage in industrial chain integration and mergers, aiming to resolve structural contradictions in key industries and promote high-quality development of the industrial chain [1] Group 1: Objectives and Goals - The plan aims to enhance the competitive advantage of industrial clusters in the Guangdong-Hong Kong-Macao Greater Bay Area by 2027, improving the efficiency of integration and merger services and establishing a more robust collaborative mechanism [1] - The overarching goal is to support the construction of a modern industrial system in Guangdong and contribute to high-quality economic and social development [1] Group 2: Financial Support Measures - The plan emphasizes the creation of a comprehensive, multi-level financial support system to empower collaborative development among upstream and downstream enterprises in the industrial chain [1] - It proposes 12 specific measures focusing on encouraging integration and mergers, enhancing financial empowerment, and improving policy coordination and work mechanisms [1][2] Group 3: Encouragement of Mergers and Acquisitions - The plan supports listed companies in utilizing various payment tools such as shares, convertible bonds, and cash for mergers and acquisitions, aiming to attract more social capital and enhance sustainable development capabilities [2] - It encourages the establishment of industry acquisition funds by listed companies, targeting key links in the industrial chain [2] Group 4: Capital Market and Investment - The plan aims to broaden direct financing channels in the capital market and improve the fund system to support industrial chain integration [2][3] - It promotes the establishment of a provincial government investment guidance fund system and encourages social capital participation in forming a comprehensive investment system [3] Group 5: Technology and Core Competencies - The plan highlights the importance of supporting technology-driven enterprises in listing on platforms like the ChiNext and STAR Market, thereby enhancing their financing capabilities [3] - It focuses on key areas such as chip manufacturing, industrial software, and high-end medical devices to improve the self-control capabilities of critical core technologies in the industrial chain [3]

Core Viewpoint - The Guangdong Provincial Financial Management Bureau has launched an "Action Plan" to support enterprises in optimizing their industrial chain layout through mergers and acquisitions, aiming to enhance the competitiveness and quality of the industrial chain [1][2]. Group 1: Financial Support for Industrial Chain Integration - The "Action Plan" emphasizes the importance of financial empowerment for the collaborative development of upstream and downstream enterprises in the industrial chain, focusing on directing financial resources to key areas of integration and mergers [2][3]. - The plan aims to create a world-class industrial cluster by 2027, enhancing the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area and improving the efficiency of integration services [2]. Group 2: Encouragement of Mergers and Acquisitions - The plan encourages listed companies to utilize various payment tools, such as shares and convertible bonds, to facilitate mergers and acquisitions, thereby attracting more social capital and enhancing sustainable development capabilities [3][4]. - It supports the establishment of industrial merger funds by listed companies, focusing on critical upstream and downstream segments of the industrial chain [3]. Group 3: Capital Market Development - The "Action Plan" promotes the improvement of comprehensive service platforms for enterprise listings and encourages technology-driven companies to list on the Growth Enterprise Market and Science and Technology Innovation Board [4]. - Guangdong's capital market has seen significant activity in mergers and acquisitions, with over 100 transactions completed in the past year, amounting to nearly 1,000 billion [4]. Group 4: State-Owned Enterprise Resource Integration - The plan includes measures to integrate quality resources within state-owned enterprises, exploring the inclusion of mergers and asset revitalization in their performance evaluation systems [5][6]. - It highlights the importance of using existing financing platforms for asset restructuring and equity swaps to enhance asset securitization levels [6]. Group 5: Recent Mergers and Acquisitions Examples - Notable recent mergers include Guangdong Hongda's acquisition of Xinjiang-listed company Xuefeng Technology for 2.2 billion, enhancing its production capacity [6]. - Another example is the acquisition of Hong Kong-listed company Yuefeng Environmental by Hanlan Environment for 11.1 billion HKD, expanding its operations across 54 cities [6].

Domestic News - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with the goal of forming three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [1][2] - The "Credit Repair Management Measures" will be implemented starting April 1, 2026, categorizing dishonest information based on severity and setting different public disclosure periods [1] - From January to October 2025, China's total foreign direct investment reached 1,033.23 billion yuan, a year-on-year increase of 7%, with non-financial direct investments in 9553 overseas enterprises totaling 872.6 billion yuan, up 6% [2] - In the first ten months of 2025, the telecommunications business revenue reached 1,467 billion yuan, a year-on-year increase of 0.9%, with a 9% increase in total telecommunications volume at constant prices [2] - Liaoning Province aims to establish a multi-level, sector-specific private equity investment fund system by the end of 2027, targeting a subscription scale of over 180 billion yuan [2] International News - The European Union's trade surplus with the United States decreased, with a surplus of 40.8 billion euros in the third quarter, down 13.3% from the second quarter and 49.7% from the first quarter [4] - The European Commission noted that Germany's defense spending has led to an excessive deficit but has not initiated procedures to address it [4] - Australia's consumer price index rose by 3.8% year-on-year in October, exceeding market expectations and marking the fourth consecutive month of increase [4]

Group 1 - The Ministry of Industry and Information Technology and five other departments issued a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with the formation of three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [2] - The State Council Information Office will hold a press conference on November 27, 2025, to discuss policies related to enhancing the adaptability of supply and demand for consumer goods [2] - The National Development and Reform Commission will hold a news conference on November 27, 2025, to provide updates on relevant policies [2] Group 2 - Guangdong issued a plan to support enterprises in conducting industrial chain integration and mergers, aiming to enhance the competitive advantages of industrial clusters in the Guangdong-Hong Kong-Macao Greater Bay Area by 2027 [3] - The China Insurance Industry Association issued a risk warning regarding "Anwo Stock Insurance," clarifying that it is not an approved insurance institution and that stock investment losses are not covered by insurance [3] Group 3 - Changguang Huaxin has achieved mass production of 100G EML in the optical communication field, and 200G EML has begun sampling [5] - Shida Group noted that it has not engaged in business cooperation with Alibaba Cloud despite market rumors [6] - Jindike will not issue new quadrivalent influenza virus split vaccines this year [7] - Zhongshui Fishery reported no significant changes in its operating conditions and external environment [8] - Maoye Commercial is currently operating normally [9] - Industrial Fulian raised the upper limit for share repurchase to no more than 75 yuan per share [10] - China Iron and Steel's controlling shareholder plans to increase its stake in the company by 65 million to 130 million yuan [11] - Boda Pharmaceutical has not organized the production and sale of related influenza drugs, and it is expected that there will be no impact on the company's operating performance for a considerable period [11] - Muxi Co., Ltd. announced that the subscription date for its issuance is December 5 [11] - Pinming Technology may apply for a trading suspension if its stock continues to experience abnormal fluctuations [12]