报告导读： 上周（ 2025/11/24-2025/11/28 ）机械设备指数涨跌幅为 +3.91% 。中 国启动聚变领域国际科学计划，核聚变进度加速；低空系统建设规模化加速。 中国启动"聚变领域"国际科学计划，预计2027年装置建成。 2025年11月24日，中国科学院"燃烧等离子体"国际科学计划项目正式启动，面向全球开放包括 紧凑型聚变能实验装置BEST在内的多个领先的聚变能实验装置及平台，协同攻关科学难题，携手点亮人类清洁能源的未来。根据研究计划，2027年底该装置 建成后，将进行氘氚燃烧等离子体实验研究，验证其长脉冲稳态运行能力，力求聚变功率达到20兆瓦至200兆瓦，实现产出能量大于消耗能量，演示聚变能发 电。核聚变进展加速，建议关注产业链发展。 中央空管办加强规范低空管理系统建设，1.5万亿市场向"规模化落地"跨越。 2025年11月24日，中央空管办日前制定出台《国家级和省、市级低空飞行综合 监管服务平台功能要求（1.0版）》，对低空管理系统建设加强规范。据中国民航局预测，2025 年低空经济市场规模将达 1.5 万亿元， 2035 年有望飙升至 3.5 万亿元。本次低空管理系统《要求》发布，重构 ...

从产业生命周期看，王萌表示，国产软件当前处于向高端产品突破的阶段。其中，嵌入式软件市场体量 较大，国产软件有一定优势，但多模仿海外产品，目前仍难与海外抗衡；经营管理类和生产控制类软件 须进一步发展以占据高端市场；研发设计类软件与海外差距还很明显，国产化程度低。 ◎记者 赵明超 进入四季度，市场有所调整，与此同时结构性行情持续演绎，站在当前时点看，有哪些投资机会值得关 注？博时基金指数与量化投资部基金经理王萌在接受上海证券报记者采访时表示，工业软件市场需求增 加，在AI赋能带来新机遇的背景下，叠加自主可控的推进，行业发展后市可期，蕴含着丰富的投资机 会。 行业迎来多重利好 根据国证指数官网，国证工业软件主题指数反映沪深北交易所工业软件产业相关上市公司的证券价格变 化情况。 从具体产品类型看，王萌表示，工业软件分为研发设计类、生产控制类、数字化管理类、嵌入式软件四 大类：研发设计类软件是工业创新核心工具，主要服务于产品设计研发阶段，能让工程师在虚拟环境构 建产品模型，精确计算关键参数，实现精准设计与仿真；生产控制类软件主要是工业生产核心控制系 统，管控从物料投入到成品产出的全过程；数字化管理类软件是企业核心管理系 ...

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, highlighting potential growth opportunities in the sector [4][13]. Core Insights - The cosmetics and medical beauty sector is currently underperforming compared to the market, with the Shenwan Beauty Care Index rising by only 0.5% from November 21 to November 28, 2025, which is lower than the overall market performance [5][4]. - The sixth China Cosmetics Annual Conference emphasized the importance of multi-brand globalization and AI empowerment for future development, with industry leaders discussing strategies for growth and market adaptation [10][4]. - The report anticipates that domestic brands will thrive during the industry's consolidation phase, leveraging innovation and consumer demand to drive growth [11][4]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance, with the Shenwan Cosmetics Index increasing by 1.4%, which is 1.6 percentage points lower than the Shenwan A Index [5][4]. - Key stocks in the sector include Yanjiang Co. (+22.0%), Mingchen Health (+17.9%), and Lihe Technology (+9.9%) [6][4]. Market Trends - The report identifies trends such as the need for brands to localize when expanding internationally, the role of AI in upgrading the industry, and the focus on men's skincare and body care segments [10][4]. - The medical beauty market is expected to see growth driven by new products and consumer demand, despite some economic pressures [12][4]. Company Analysis - Qingmu Technology is highlighted as a leading player in the full-service e-commerce operation sector, with a strong focus on data and technology to drive growth [16][4]. - The report notes that the company has shown significant revenue growth, with projected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025-2027, respectively [19][4]. Investment Recommendations - Recommended stocks include brands with strong channel and brand matrices such as Maogeping, Shuangmei, and Proya, as well as companies in the medical beauty sector like Aimeike [13][4]. - The report suggests focusing on companies with strong R&D capabilities and a broad product pipeline, particularly in the medical beauty segment [13][4].

Investment Ratings - The report maintains a positive outlook on copper, aluminum, and precious metals, indicating high levels of market activity and potential for price increases [12][14][36]. Core Insights - Copper prices increased by 3.69% to $11,175.50 per ton on LME, with a notable decrease in copper inventory across major regions, indicating a tightening supply [12][21]. - Aluminum prices rose by 2.03% to $2,865.00 per ton on LME, with a decrease in domestic inventory and an increase in production rates, suggesting a recovering demand [13][18]. - Gold prices surged by 4.77% to $4,256.4 per ounce, driven by geopolitical risks and increased holdings in gold ETFs, reflecting strong market sentiment [14][30]. - The rare earth sector shows a bullish trend, with prices for praseodymium and neodymium oxide rising by 3.43%, supported by tightening supply and favorable export conditions [37][36]. - Antimony prices increased by 2.90%, bolstered by the suspension of export controls by the Ministry of Commerce, enhancing market confidence [38]. - Tin prices rose by 3.04%, influenced by geopolitical tensions in the Democratic Republic of Congo and effective measures against smuggling in Indonesia [39]. Summary by Sections Copper - LME copper price increased by 3.69% to $11,175.50 per ton, with a decrease in national copper inventory to 173,500 tons, reflecting a supply contraction [12][21]. - The copper processing fee index dropped to -$42.75 per ton, indicating pressure on the supply side [12]. - The copper wire and cable industry shows a mixed performance, with operating rates at 66.89%, reflecting a decline in year-on-year demand [12][21]. Aluminum - LME aluminum price rose by 2.03% to $2,865.00 per ton, with domestic inventory decreasing to 596,000 tons [13][18]. - The operating rate for aluminum processing increased by 0.3% to 62.3%, indicating a recovery in demand [13][18]. - The cost of prebaked anodes is expected to rise by over 400 yuan per ton, reflecting improved supply-demand dynamics [13]. Precious Metals - Gold prices increased by 4.77% to $4,256.4 per ounce, influenced by geopolitical tensions and increased ETF holdings [14][30]. - The market remains strong, with expectations for continued price support unless a liquidity crisis occurs [14]. Rare Earths - Prices for praseodymium and neodymium oxide rose by 3.43%, with expectations of supply tightening due to policy changes and raw material shortages [37]. - The export volume of magnetic materials increased by 16% year-on-year, indicating strong demand [37]. Antimony - Antimony prices increased by 2.90%, supported by the suspension of export controls, which boosted market confidence [38]. - Global supply is expected to decline due to reduced production from overseas mines, maintaining upward price pressure [38]. Tin - Tin prices rose by 3.04%, driven by supply constraints from geopolitical tensions in Africa and effective anti-smuggling measures in Indonesia [39]. - The market outlook remains positive, with expectations for sustained demand growth [39]. Lithium - Lithium carbonate prices increased by 4.04% to 92,800 yuan per ton, with production levels showing a slight increase [63]. - The demand for lithium remains strong, driven by growth in the battery and energy storage markets [63]. Cobalt - Cobalt prices increased by 1.6% to 403,000 yuan per ton, with supply constraints expected to support future price increases [64]. - The market is characterized by a "price without market" scenario, indicating a need for demand recovery [64].

私域电商行业趋势丨白皮书 核心摘要： 在用户增量见顶、获客成本高涨的背景之下私域电商行业迎来了快速发展，在通过精细化、差异化的运营策 略与用户需求相匹配的同时，私域电商还基于数字化及渠道运营能力去满足品牌方提升竞争力的需求，重构 用户全生命周期价值。伴随着技术迭代与政策规范，行业现已步入AI赋能、公私域联动的发展新阶段。预计 消费激励政策落地、技术发展与经营边界拓宽将推动行业发展进一步深化，加深精细化运营效率、提升技术 应用效果和实现模式的跨境输出。 行业概览 - 发展背景及驱动 经济端：用户增量见顶，获客成本高涨，对用户全生命周期管理和精细化运营的需求 推动了私域电商快速发展 近十年来，伴随移动网络的快速普及和电商基建的高速发展我国网购用户数量迅速增长，在 2024 年已达到 9.7 亿，网购渗透率也从 60% 上升至接近 90% ，后续自然增长空间已有限。在此背景 下，电商行业运营逻辑也从增量攫取向存量运营过渡。私域电商以其获客成本较低、注重用户长期 价值挖掘等特征，符合当下行业对于用户全生命周期管理及精细化运营的需求。 需求端：用户关注服务和个性化满足等进阶型需求，私域电商精细化、差异化的运营 策略与用 ...

摘要 ： 第十九届中国科学仪器发展年会（ACCSI2026）将于2026年4月22-24日在北京海淀区举行，本届年会以 "AI赋能·智启未来" 为主题，致力于搭 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 第十九届中国科学仪器发展年会（ACCSI2026）将于2026年4月22-24日在北京海淀区举行。本届年会以 "AI赋能·智启未来" 为主题，由 仪 器 信 息 网 (ins trument.com.cn) 、 中 关 村 科 学 城 管 理 委 员 会 （ 拟 ） 联 合 主 办 ， 中 国 认 证 认 可 协 会 、 北 京 市 高 端 科 学 仪 器 技 术 创 新 中 心 （拟）、北京新材料和新能源科技发展中心（拟） 、南京市产品质量监督检验院、我要测网（woyaoce.cn）等单位协办，致力于搭建"政、 产、学、研、用、资、媒"高端交流平台，推动中国科学仪器产业迈向智能化新纪元。 ACCSI2026精彩亮点抢先看 部分已确认赞助企业（持续更新中） 截止目前，以下行业翘楚已确认加入ACCSI2026合作阵营（排名不分先后）： ...

Core Viewpoint - 瑞尔集团's stock rose over 7% in early trading, reflecting positive market sentiment ahead of its upcoming board meeting to approve mid-term results [1] Financial Performance - 瑞尔集团预计在11月28日的董事会会议上审批中期业绩 [1] - The company has issued a profit warning, forecasting a pre-tax profit of no less than 20 million HKD, a significant increase from 7.4 million HKD in the same period last year [1] - The profit increase is attributed to operational improvements driven by AI-enabled clinical and business management systems, a rebound in patient demand and service volume, and strict cost reduction and efficiency enhancement measures [1]

Core Viewpoint - 瑞尔集团's stock rose over 7% in early trading, reflecting positive market sentiment ahead of its upcoming board meeting to approve mid-term results [1] Financial Performance - 瑞尔集团预计在11月28日的董事会会议上审批中期业绩 [1] - The company has issued a profit warning, projecting a pre-tax profit of no less than 20 million HKD, a significant increase from 7.4 million HKD in the same period last year [1] - The profit increase is attributed to operational improvements from AI-enabled clinical and business management systems, a rebound in patient demand and service volume, and strict cost reduction and efficiency enhancement measures [1]

私域电商四大优势凸显，未来聚焦四大核心方向 近日，由梦饷科技主办的2025美食鲜品商家行业大会在上海隆重举行，作为私域电商领域的领航者，梦饷科技汇聚众多行业精英、 品牌商家代表，共同解析美食鲜品行业发展痛点与趋势机遇，发布 2026 年品类创新方向以及未来增长策略。 梦饷科技COO郭馨宇出席大会并发表主旨演讲，深度剖析了私域电商的核心优势与未来展望。"每一个电商品类都可以在私域重新火 一次 "，她指出，在公域流量竞争白热化的当下，私域电商正在重塑行业格局，从 "流量洼地" 走向 "用户价值高地"，成为品牌商家 不可错过的增长机遇。 郭馨宇表示，在拓展获客渠道、沉淀用户资产、内容价值变现以及长期用户陪伴方面，私域电商拥有核心优势，成为商家业绩增长 的确定性保证。过去八年梦饷科技服务了超4万家国内外品牌，累计销售超10亿件商品，帮助百草味、时光稻留、千年珍等众多美食 类型垂直品牌实现品销一体、极致爆发。 以"时光稻留"为例，其专注粮油行业30余年，服务超百万家庭，在与梦饷合作之后，取得单档期销售300吨大米的亮眼战绩，人参品 类领导品牌"千年珍"与梦饷联合溯源游学，推动人参礼盒订单突破10000盒，通过私域渠道开 ...

Core Viewpoint - The company, New Guodu, has submitted an application for an H-share listing on the Hong Kong Stock Exchange, marking a significant step in its global expansion strategy [1][2]. Group 1: Company Overview - New Guodu was listed on the Shenzhen Stock Exchange in 2010 and is the second A-share listed payment institution to pursue an IPO in Hong Kong, following Lakala [1]. - The company aims to enhance its global strategy, accelerate overseas business expansion, and improve its international market competitiveness through this listing [1][2]. Group 2: Financial Performance - New Guodu's revenue sources are primarily from acquiring and value-added services, accounting for over 60% of total revenue. The company reported revenues of RMB 43.15 billion, RMB 38.00 billion, RMB 31.46 billion, and RMB 15.27 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The net profits for the same periods were RMB 0.45 billion, RMB 7.54 billion, RMB 2.31 billion, and RMB 2.74 billion, indicating a significant decline in revenue and net profit for 2024 and the first half of 2025 [2]. Group 3: Market Challenges - The payment industry is facing intensified competition, regulatory tightening, and declining fee rates, which have pressured New Guodu's main business profitability [3][4]. - The company is also encountering challenges in its overseas market expansion due to local competition and regulatory barriers, which have not yet translated into stable profit support [3][4]. Group 4: Future Outlook - The application for a Hong Kong listing is just the first step in a lengthy process that includes several critical stages such as review, hearing, and regulatory approval, all of which carry uncertainties [4]. - The company needs to optimize its revenue structure and enhance information disclosure to address market concerns and meet regulatory requirements [4].