近日，上海电气输配电工程成套有限公司受邀出席印度尼西亚投资商务论坛。本次论坛主题为"庆祝印 尼与中国建交75周年：共塑投资合作的未来"，由安徽省贸促会与印度尼西亚共和国驻上海总领事馆联 合主办。活动上，公司与印尼工业区协会、印尼MGI可再生能源公司签署了关于印尼新能源项目的合作 备忘录，标志着公司在印尼市场迈出更坚实的一步。据了解，该新能源开发项目已被列为印度尼西亚国 家战略项目，在印尼及周边区域具有重要影响。 近日，上海电气输配电工程成套有限公司受邀出席印度尼西亚投资商务论坛。本次论坛主题为"庆祝印 尼与中国建交75周年：共塑投资合作的未来"，由安徽省贸促会与印度尼西亚共和国驻上海总领事馆联 合主办。活动上，公司与印尼工业区协会、印尼MGI可再生能源公司签署了关于印尼新能源项目的合作 备忘录，标志着公司在印尼市场迈出更坚实的一步。据了解，该新能源开发项目已被列为印度尼西亚国 家战略项目，在印尼及周边区域具有重要影响。 ...

Core Viewpoint - Long-term sales agreement signed between Longpan Technology's subsidiaries and Chucheng New Energy, with total sales amount exceeding 450 billion yuan, significantly higher than the previous agreement's 50 billion yuan [3] Group 1: Agreement Details - The supplementary agreement, effective from November 24, 2025, stipulates the sale of 1.3 million tons of lithium iron phosphate cathode materials from the seller to the buyer between 2025 and 2030 [3] - The supplementary agreement revises and supplements the terms of the original procurement cooperation agreement [3] Group 2: Financial Impact - The signing of the supplementary agreement is not expected to have a significant impact on the company's performance for the current year [3] - The agreement is anticipated to help establish long-term stable relationships with downstream partners, contributing to stable sales of the company's products [3]

Core Viewpoint - Longpan Technology announced a significant sales agreement with Chuangneng New Energy, with total sales amounting to over RMB 450 billion expected from the revised agreement [1] Group 1: Agreement Details - Longpan Technology's subsidiaries, Changzhou Liyuan New Energy Technology Co., Ltd. and Nanjing Liyuan Nano Technology Co., Ltd., signed a supplementary agreement with Chuangneng New Energy's subsidiaries [1] - The supplementary agreement revises terms of the original production material procurement cooperation agreement, effective from November 24, 2025 [1] - The total sales amount from the supplementary agreement and the original agreement is estimated to exceed RMB 450 billion, based on expected quantities and market prices [1] Group 2: Sales Projections - The original strategic cooperation agreement signed on May 9 stipulates that the seller will supply a total of 150,000 tons of lithium iron phosphate cathode materials to the buyer from 2025 to 2030 [1] - The total sales amount from this original agreement is projected to exceed RMB 50 billion, based on expected quantities and market prices [1] - The pricing model includes both self-supplied lithium carbonate and customer-supplied lithium carbonate, with specific prices determined monthly [1]

Core Viewpoint - Long-term sales agreements have been established between Longpan Technology's subsidiaries and Chuaneng New Energy, which are expected to significantly impact future performance positively [1][2] Group 1: Agreement Details - Longpan Technology's subsidiaries, Changzhou Lithium Source and Nanjing Lithium Source, signed a supplementary agreement with Chuaneng New Energy's subsidiaries, which modifies previous procurement agreements [1] - The total estimated sales amount from the supplementary agreement and the original agreement exceeds RMB 45 billion, based on expected quantities and market prices [1] Group 2: Strategic Implications - The signing of these agreements is aimed at establishing long-term stable relationships with downstream partners, which aligns with the company's strategic development plan [2] - Successful execution of these agreements is anticipated to have a positive impact on the company's future performance [2]

Core Points - The 2025 China-Africa Innovation Cooperation and Development Forum was held in Wuhan, focusing on innovation and collaboration across various sectors [1] - Approximately 800 participants from 43 countries and regions attended, including government officials, diplomats, and representatives from academia and industry [1] Group 1: Forum Highlights - The forum's theme was "New Opportunities for Innovative Cooperation, Hand in Hand to Pursue Modernization," emphasizing industrial collaboration, technological innovation, cultural exchange, modern agriculture, health, and green development [1] - A total of 39 cooperation agreements were signed, including projects in scientific research, talent training, and industrial collaboration [1] Group 2: Key Initiatives - The establishment of the China-Africa Photovoltaic Industry Alliance was announced, marking a shift from "single-point demonstration" to "ecological co-construction" in renewable energy cooperation [1] - 23 service platforms were launched, including the "African Smart Construction Promotion Center" and the "Wuhan (China-Egypt) Plant Biosafety 'Belt and Road' Joint Laboratory" [1] Group 3: Research and Publications - The forum released three significant documents: the "Africa Food-Water Resources-Environmental Protection and Development Scientific Action Plan (2026-2030)," the "Case Studies of Agricultural Technology Poverty Alleviation in China (English Version)," and the "Africa Industrialization Blue Book (2024) - Focus on New Energy Industry" [1]

Group 1 - The 2025 China-Africa Innovation Cooperation and Development Forum was held in Wuhan, attended by approximately 800 representatives from 43 countries and regions, focusing on innovation and cooperation opportunities [1] - The forum featured 12 parallel sessions, including a project promotion meeting for industrial cooperation between China and African countries, emphasizing areas such as technology innovation, modern agriculture, and health [1] - A total of 39 cooperation agreements were signed during the forum, including the establishment of the China-Africa Photovoltaic Industry Alliance, marking a shift towards ecological collaboration in renewable energy [1] Group 2 - The Jiangxia Laboratory signed a memorandum of cooperation with Tanzania's National Public Health Laboratory to enhance Tanzania's capabilities in pharmaceutical research and infectious disease prevention [2] - The main forum released three significant documents, including the "African Food-Water Resources-Environmental Protection and Development Scientific Action Plan (2026-2030)" and the "African Industrialization Blue Book (2024) - Focus on New Energy Industry" [2]

Market Overview - The Shanghai Composite Index closed at 3946.74, up by 0.18% with an increase of 6.93 points [2] - The Shenzhen Component Index remained flat at 13080.09, with a change of -0.40 points [2] - The CSI 300 Index rose by 0.44%, closing at 4588.29, an increase of 20.10 points [2] - The ChiNext Index increased by 0.25%, closing at 3076.85, with an increase of 7.63 points [2] - The STAR 50 Index decreased by 0.97%, closing at 1344.80, down by 13.13 points [2] - The North Exchange 50 Index fell by 1.40%, closing at 1461.12, a decrease of 20.70 points [2] Sector Performance - The top-performing sectors included Nonferrous Metals (up 2.39%), Oil & Petrochemicals (up 1.67%), and National Defense & Military (up 1.11%) [3] - The worst-performing sectors were Real Estate (down 2.09%), Media (down 1.72%), and Building Materials (down 1.71%) [3] - Concept sectors showing strong performance included Shipbuilding System (up 4.60%) and Lead Metal (up 2.03%) [3] - Underperforming concept sectors included Hainan Free Trade Zone (down 4.52%) and Childcare Services (down 2.82%) [3] Future Outlook - The market is currently in a consolidation phase, with the Shanghai Composite Index likely to stabilize around the 4000-point mark [5] - The report suggests a "barbell strategy" for investment, focusing on high-dividend sectors for defensive positioning and selectively investing in technology sectors for growth opportunities [5] - The report highlights the importance of embracing free trade and reducing barriers as emphasized by the State Council during the Shanghai Cooperation Organization meeting [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The 15th Five - Year Plan still focuses on technological self - reliance, and the technology sector is expected to be a long - term direction. The domestic liquidity environment is expected to remain loose, residents may increase their allocation of equity assets, and with the Fed's interest rate cuts and RMB appreciation, external funds are also expected to flow into the domestic market. Although funds are relatively cautious near the end of the year and the market style is more balanced compared to the third quarter, the current market trend is still expected to maintain a long - term and slow - rising bull market [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices for IF contracts (current month, next month, next quarter, and far - quarter) were 4595.80, 4581.40, 4552.40, and 4513.20 respectively, and the previous day's closing prices were 4569.60, 4555.00, 4523.00, and 4476.80. There were declines of - 20.00, - 18.80, - 23.00, and - 27.20, with corresponding percentage declines of - 0.44, - 0.41, - 0.51, and - 0.60. The trading volumes were 23964.00, 76476.00, 15119.00, and 6304.00, and the open interests were 33649.00, 158826.00, 67946.00, and 18267.00, with changes in open interest of - 3588.00, 4718.00, 3154.00, and 1683.00 [1] - **IH Contracts**: The previous two - day closing prices for IH contracts were 3072.60, 3068.80, 3064.00, and 3059.60, and the previous day's closing prices were 3034.00, 3030.40, 3025.80, and 3017.00. The declines were - 36.60, - 37.40, - 37.40, and - 39.40, with percentage declines of - 1.19, - 1.22, - 1.22, and - 1.29. The trading volumes were 9482.00, 32072.00, 5074.00, and 1605.00, and the open interests were 11938.00, 62716.00, 17381.00, and 5086.00, with changes in open interest of - 824.00, 1112.00, 452.00, and 66.00 [1] - **IC Contracts**: The previous two - day closing prices for IC contracts were 7215.80, 7143.40, 6960.40, and 6757.80, and the previous day's closing prices were 7152.80, 7079.80, 6897.00, and 6690.00. The declines were - 62.40, - 61.00, - 66.00, and - 69.60, with percentage declines of - 0.86, - 0.85, - 0.95, and - 1.03. The trading volumes were 26417.00, 83267.00, 17679.00, and 7077.00, and the open interests were 31223.00, 139697.00, 60086.00, and 23013.00, with changes in open interest of - 1529.00, 6266.00, 1185.00, and 2263.00 [1] - **IM Contracts**: The previous two - day closing prices for IM contracts were 7566.00, 7478.40, 7246.00, and 7012.00, and the previous day's closing prices were 7468.40, 7372.00, 7140.00, and 6913.40. The declines were - 81.80, - 90.80, - 91.80, and - 88.80, with percentage declines of - 1.08, - 1.22, - 1.27, and - 1.27. The trading volumes were 34335.00, 125074.00, 23113.00, and 10057.00, and the open interests were 53957.00, 182376.00, 82892.00, and 37997.00, with changes in open interest of - 1680.00, - 1368.00, 2359.00, and 1746.00 [1] - **Inter - month Spreads**: The current values of inter - month spreads for IF, IH, IC, and IM (next month - current month) were - 14.60, - 3.60, - 73.00, and - 96.40 respectively, and the previous values were - 14.40, - 3.80, - 72.40, and - 87.60 [1] 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the index points was 4568.19, with a trading volume of 177.71 billion lots and a total trading amount of 4201.50 billion yuan. The previous two - day value was 4598.05, with a decline of - 0.65% [1] - **SSE 50 Index**: The previous value of the index points was 3003.02, with a trading volume of 43.59 billion lots and a total trading amount of 1062.01 billion yuan. The previous two - day value was 3012.07, with a decline of - 0.30% [1] - **CSI 500 Index**: The previous value of the index points was 7151.02, with a trading volume of 202.21 billion lots and a total trading amount of 3065.40 billion yuan. The previous two - day value was 7235.35, with a decline of - 1.17% [1] - **CSI 1000 Index**: The previous value of the index points was 7502.76, with a trading volume of 271.97 billion lots and a total trading amount of 4062.93 billion yuan. The previous two - day value was 7590.58, with a decline of - 1.16% [1] - **Industry Indexes**: Different industries such as information technology, energy, raw materials, etc. showed various percentage declines. For example, the information technology industry had a decline of - 3.39% [1] 3.3 Futures - Spot Basis - **CSI 300**: The previous value of the basis was - 96.54 [1] - **SSE 50**: No relevant basis value details provided - **CSI 500**: The previous values of the basis for different contracts were 1.78, - 71.22, - 254.02, - 461.02, and the previous two - day values were - 19.55, - 91.95, - 274.95, - 477.55 [1] - **IM Contracts and CSI 1000**: The previous values of the basis for IM contracts (current month, next month, next quarter, and far - quarter) against CSI 1000 were - 34.36, - 130.76, - 362.76, - 589.36, and the previous two - day values were - 24.58, - 112.18, - 344.58, - 578.58 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3939.81, 13080.49, 7957.60, and 3069.22 respectively, and the previous two - day value of the Shanghai Composite Index was 3105.20, with a decline of - 1.16% [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 25930.03, 50323.91, 6617.32, and 23153.92 respectively, and the previous two - day values were 26384.28, 50376.53, 6672.41, and 23590.52. The percentage declines were - 1.72%, - 0.10%, - 0.83%, and - 1.85% respectively [1] 3.5 Macro Information - The Chinese Foreign Ministry's Asia Department Director was dissatisfied with the results of the consultation with Japan. China maintains its stance on safeguarding core interests and international justice, and demands that Japan correct its wrong remarks [2] - The US has modified the transparency rules for patent invalidation applications, targeting some Chinese enterprises. China's Ministry of Commerce will take measures to safeguard the legitimate rights of Chinese enterprises [2] - Premier Li Qiang called for free trade and less trade barriers at the SCO meeting, and proposed strengthening cooperation in areas such as new energy [2] - Hainan Free Trade Port is ready for the full - island customs - closure operation, and more financial reform and opening - up measures will be piloted in Hainan [2] 3.6 Industry Information - Shanghai will accelerate the construction of "good houses", promote the renovation of urban villages, and expand the supply of affordable housing [2] - Jiangsu will conduct a pilot program for real - estate trust property registration in Nanjing and Suzhou [2] - Chongqing plans to reach an AI terminal industry scale of over 300 billion yuan by 2030 [2] - China will standardize the management of satellite navigation and positioning reference stations from January 1st next year [2]

Report Industry Investment Rating - Not mentioned in the provided content Core View of the Report - The current economic fundamentals are weak, and the central bank will continue to maintain a supportive monetary policy stance. Market liquidity is expected to remain reasonably ample, which provides some support for Treasury bond futures prices. With the recent start of position transfer, it is recommended to plan for position transfer [3]. Summary According to Relevant Catalogs Futures Market - Treasury bond futures prices generally rose in the previous trading day, with the T2512 contract rising 0.01% and its open interest decreasing [2]. - The IRR of the CTD bonds corresponding to the main contracts of Treasury bond futures was at a low level, and there were no arbitrage opportunities [2]. Short - term Market Interest Rates - Short - term market interest rates showed mixed trends. SHIBOR 7 - day rate rose 0.4bp, DR007 rate fell 0.27bp, and GC007 rate rose 1.1bp [2]. Spot Market - Yields of key - term Treasury bonds showed mixed trends. The 10Y Treasury bond yield fell 0.04bp to 1.81%, and the long - short (10 - 2) Treasury bond yield spread was 29.71bp [2]. Overseas Market - The 10Y US Treasury bond yield fell 1bp, the 10Y German Treasury bond yield fell 1bp, and the 10Y Japanese Treasury bond yield rose 1.4bp [2]. Macroeconomic News - On November 18, the central bank conducted 4075 billion yuan of 7 - day reverse repurchase operations, with a net investment of 37 billion yuan [3]. - The unemployment rates of different age groups in urban China in October were announced, with the 16 - 24 age group at 17.3%, the 25 - 29 age group at 7.2%, and the 30 - 59 age group at 3.8% [3]. - The scale of US Treasury bonds held overseas in September slightly declined from the record high in August. China's holdings decreased by 500 million US dollars to 700.5 billion US dollars [3]. Industry Information - Most money market interest rates rose. The weighted average interest rate of inter - bank pledged repurchase and inter - bank lending for some terms reached new highs since July [3]. - US Treasury bond yields collectively declined [3]. Comment and Strategy - Treasury bond futures prices rose slightly, and the yield of the 10 - year active Treasury bond fell to 1.801%. The central bank's net investment and other factors affected the market. With weak economic data, the central bank's policy stance supports Treasury bond futures prices, and position transfer planning is recommended [3].

Core Viewpoint - The company Guoneng Rixin (301162.SZ) plans to establish a joint venture with Dongfang Xinneng to develop a storage industry company with a registered capital of 400 million RMB [1] Group 1: Joint Venture Details - The joint venture will be named Dongfang Xinneng (Beijing) Energy Storage Industry Development Co., Ltd. with a total registered capital of 400 million RMB [1] - Dongfang Xinneng will contribute 240 million RMB, holding a 60% stake, while Guoneng Rixin will contribute 160 million RMB for a 40% stake [1] Group 2: Responsibilities and Operations - Dongfang Xinneng is responsible for organizing the establishment of localized project companies in specific regions for new energy projects and managing financing and operations [1] - Guoneng Rixin will conduct feasibility and economic assessments for new energy projects and will have priority in undertaking operation and maintenance services under equal conditions [1]