2026年的首个交易日A股三大指数集体"开门红"，沪指更是创33年以来最长连阳纪录，再度踏上4000 点。过去的一年，A股实现了重要指数与上市公司质量的双提升，慢牛格局愈发清晰，投资者获得感明 显更足。 日成交量常态化维持在1.5万亿元以上，是A股慢牛行情的又一个显著特征。如此规模的成交量，一方面 说明市场参与者活跃、资金充裕；另一方面也反映出市场投机氛围大幅降低。 监管层在保持市场活跃度的同时，也在持续完善交易监管，严厉打击市场操纵、内幕交易等违法违规行 为，维护公平交易环境，为A股的慢牛行情提供了重要保障。 资金是慢牛行情的"活水"。除了日成交量稳定维持在高位，市场的资金不仅来源多元化，而且耐心资本 占比更高。养老金、保险资金等中长期资金入市比例提高，强化了市场的"压舱石"效应。此外，越来越 多的外资将A股视为全球资产配置的重要一环，中国资产在全球资本市场中的竞争力越来越强。 A股重返4000点，不仅仅是简单的点位回归，更是市场生态和投资理念革新后的实践证明。A股的"慢 牛"人设已经立住，这一次，"慢牛"不是口号，而是正在发生的现实。 A股市场最可喜的变化不仅是主要指数的稳步上行，还有上市公司整体质量的显 ...

2025年，中国经济顶压前行、向新向优发展，新质生产力稳步发展，改革开放扎实推进，高质量发展取 得新成效。多家外媒刊发报道认为，在全球经济复苏曲折乏力的背景下，中国经济将以稳健的基本面、 强劲的创新驱动力、坚定的开放姿态，携手各国共同发展繁荣，为全球发展注入稀缺的确定性。 保持稳定增长态势，为全球产供链稳定发挥关键作用 近期，世界银行、国际货币基金组织、亚洲开发银行等国际组织，高盛、德银等国际投资机构分别上调 2025年中国经济增速预期。国际社会普遍认为中国经济稳中向好、长期向好，认为中国经济基础稳、优 势多、韧性强、潜能大。 意大利克拉斯CNBC电视频道推出特别节目，聚焦中国"十五五"规划建议。意大利国际事务研究所副主 任格雷科在节目中表示，中国以系统化的顶层设计推动科技创新，提升关键领域的技术水平，体现了中 国在新一轮全球产业变革中的主动作为。中国产业政策与科技发展规划不仅有助于维护自身产业链的安 全与韧性，也为全球产业链供应链稳定注入新动力。 印度尼西亚《雅加达环球报》刊文说，中国出口韧性强，主要源于在先进产业领域形成的强大竞争优 势。中国的发展路径表明，提高自身竞争力、推动创新和深化合作是真正可行的发 ...

2025年，中国经济顶压前行、向新向优发展，新质生产力稳步发展，改革开放扎实推进，高质量发展取 得新成效。多家外媒刊发报道认为，在全球经济复苏曲折乏力的背景下，中国经济将以稳健的基本面、 强劲的创新驱动力、坚定的开放姿态，携手各国共同发展繁荣，为全球发展注入稀缺的确定性。 保持稳定增长态势，为全球产供链稳定发挥关键作用 近期，世界银行、国际货币基金组织、亚洲开发银行等国际组织，高盛、德银等国际投资机构分别上调 2025年中国经济增速预期。国际社会普遍认为中国经济稳中向好、长期向好，认为中国经济基础稳、优 势多、韧性强、潜能大。 今日哈萨克斯坦通讯社报道说，中国经济继续保持稳定增长态势，为全球带来急需的确定性。文章援引 中国海关统计数据说，今年前三季度，中国货物贸易进出口总值同比增长4%，展现出强劲韧性。面对 经济全球化逆风加剧，中国出口产品创新性提升、对外贸易新动能增强，为维护全球产业链供应链的稳 定发挥关键作用。 英国天空新闻台阿拉伯语频道报道说，中国经济取得巨大成就并非偶然，是制定长期规划，支持国内生 产、拓展工业门类、加大对高附加值产业投入等政策共同发力的成果。近年来，中国促进消费和投资， 推动科技创新 ...

Market Overview - The overall market experienced a rise and then a pullback, with the Shanghai Composite Index increasing by 0.07%, marking five consecutive days of gains, and total market turnover exceeding 1.9 trillion yuan [1] - The CSI 300 Index and the CSI A500 Index both rose by 0.2%, while the ChiNext Index and the STAR Market 50 Index increased by 0.4% [1] Sector Performance - Active sectors included photolithography machines, batteries, and energy metals, while tourism and commercial aerospace sectors saw adjustments [1] - In the Hong Kong market, there was a fluctuation with most AI industry chain stocks weakening, and the innovative drug sector experienced a rise followed by a pullback [1] Index Details - The CSI 300 Index consists of 300 stocks from the Shanghai and Shenzhen markets, with a rolling P/E ratio of 14.1 times, placing it in the 62.7 percentile since its inception in 2005 [2] - The CSI A500 Index is made up of 500 securities from various industries, with a rolling P/E ratio of 16.8 times, ranking in the 72.6 percentile since its launch in 2004 [2] - The STAR Market 50 Index, which tracks the top 50 stocks on the STAR Market, has a rolling P/E ratio of 159.3 times, placing it in the 96.2 percentile since its introduction in 2020 [3] - The Hang Seng China Enterprises Index, which includes 50 large and actively traded stocks from mainland China listed in Hong Kong, has a rolling P/E ratio of 10.4 times, ranking in the 63.4 percentile since 2002 [4]

Market Overview - The current state of the A-share market shows signs of high volatility, with major indices experiencing fluctuations at high levels since November, leading to investor uncertainty about the potential for a "cross-year market" [1] - The economic fundamentals have not shown significant improvement, and counter-cyclical policies are still in effect, resulting in a loose liquidity environment and a notable increase in risk appetite [4][7] Economic Indicators - The actual GDP growth for 2023 is projected at 5.4%, with nominal GDP growth at 4.16% [6] - The manufacturing PMI has remained below the 50 mark for eight consecutive months, indicating contraction in the manufacturing sector [7] - Social retail sales have been declining since June, with a year-on-year decrease of 0.2% reported [6][7] Policy Environment - A series of counter-cyclical policies have been implemented since September 2024, including interest rate cuts and increased fiscal support for infrastructure and real estate [7][8] - The Central Political Bureau emphasized the need for proactive fiscal policies and moderate monetary policies to enhance macroeconomic governance [8] Investment Dynamics - Incremental capital is entering the A-share market, driven by insurance funds and quantitative private equity, with insurance capital's market allocation reaching 5.59 trillion yuan, an increase of 1.49 trillion yuan from the end of 2024 [13][16] - The adjustment of risk factors for insurance companies is expected to bring over 100 billion yuan in new capital to the A-share market [16] Valuation Metrics - The current valuation of the A-share market is considered slightly high, with the 10-year PE-TTM percentile at 85.91% [19] - The risk premium, which measures the attractiveness of stocks relative to bonds, is at 54.01%, indicating that the overall valuation remains acceptable [20] Technical Analysis - The Shanghai Composite Index has broken through the resistance line formed by the highs of 2007 and 2015, which may now serve as a support line for the current market trend [23] Investment Strategy - The investment strategy suggests focusing on growth sectors over dividend stocks, with key areas including technology, lithium batteries, non-ferrous metals, and innovative pharmaceuticals [26]

Core Insights - The Hong Kong Technology ETF Tianhong (159128) has seen a significant increase in trading volume and net inflow, indicating strong investor interest in the technology sector [1][2] - The Hang Seng Technology ETF Tianhong (520920) also reported record highs in both scale and shares, reflecting robust performance in the technology market [1][2] Fund Performance - As of December 12, 2023, the Hong Kong Technology ETF Tianhong (159128) reached a scale of 1.312 billion yuan, marking a new high since its inception, with a weekly share increase of 22 million [1] - The Hang Seng Technology ETF Tianhong (520920) achieved a scale of 9.322 billion yuan and a total of 10.619 billion shares, both setting new records [1] Capital Inflows - The Hong Kong Technology ETF Tianhong (159128) has experienced continuous net inflows over the past 21 days, totaling 760 million yuan [1] - The Hang Seng Technology ETF Tianhong (520920) has seen net inflows for 32 consecutive days, with a peak single-day inflow of 191 million yuan, accumulating a total of 5.75 billion yuan [2] Market Trends - The Hong Kong stock market has witnessed a surge in share buybacks, with over 700 million shares repurchased in November 2023 alone, compared to lower monthly figures in previous months [2] - Leading technology companies like Tencent and Xiaomi are at the forefront of this buyback trend, indicating a strong commitment to stabilizing market confidence [2] Strategic Developments - The recent Central Economic Work Conference emphasized the importance of deepening and expanding "Artificial Intelligence+" initiatives, aligning with current technological advancements and governance needs [4] - The implementation of a stock buyback mechanism reform by the Hong Kong Stock Exchange in 2024 is expected to enhance corporate buyback activities, allowing companies to retain shares for reuse [3]

Core Viewpoint - The Hong Kong stock market is experiencing a pullback, but there is a counter-trend inflow of funds, particularly into the Hong Kong Technology ETF (159751), which saw a net subscription of 10 million units. The market is expected to continue its upward trend due to strong overall profitability and the scarcity of assets in sectors like the internet, new consumption, and innovative pharmaceuticals, alongside the anticipated interest rate cut by the Federal Reserve in December [1]. Group 1 - The Hong Kong Technology ETF (159751) closely tracks the CSI Hong Kong Stock Connect Technology Index, which selects 50 large-cap, high R&D investment, and high revenue growth technology companies to reflect the overall performance of technology leaders in the Hong Kong Stock Connect [1]. - As of December 3, 2025, the CSI Hong Kong Stock Connect Technology Index (931573) shows mixed performance among its constituent stocks, with Huahong Semiconductor (01347) leading with a 2.40% increase, followed by Gao Wei Electronics (01415) at 1.81%, and BYD Electronics (00285) at 1.28% [1]. - The overall valuation of the Hong Kong stock market remains low despite several months of increases, indicating a high long-term allocation cost-performance ratio [1]. Group 2 - As of November 28, 2025, the top ten weighted stocks in the CSI Hong Kong Stock Connect Technology Index (931573) include Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981), with these ten stocks accounting for 67.26% of the index [2].

Investment Rating - The report maintains an "overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by more than 10% in the next six months [4][25]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index during the period from November 7 to November 20, 2025, with a decline of 1.51%, which is approximately 1.23 percentage points better than the CSI 300 index [11]. - Most sub-sectors within the industry recorded negative returns, with in vitro diagnostics and pharmaceutical distribution showing the highest gains of 2.37% and 2.27%, respectively, while medical R&D outsourcing and medical consumables experienced declines of 3.67% and 2.93% [12]. - Approximately 43% of stocks in the industry recorded positive returns during the same period, with the top performer, Hezhong China, seeing a weekly increase of 82.57% [16]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry as of November 20, 2025, was approximately 51.84 times, indicating a decrease in industry valuation [19]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a decline of 1.51% compared to the index's performance [11]. - Most sub-sectors recorded negative returns, with in vitro diagnostics and pharmaceutical distribution leading in gains [12]. - About 43% of stocks in the industry had positive returns, with significant variations in individual stock performance [16]. 2. Industry News - The report highlights the announcement from the Hebei Provincial Medical Products Procurement Center regarding the centralized procurement of 25 types of medical consumables, including biopsy needles and infusion ports [23]. 3. Company Announcements - Ningbo Tianyi Medical Devices Co., Ltd. received a medical device registration certificate for its blood dialysis concentrate products [24]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the flu-related sector due to the onset of the flu season, recommending several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [25][27].

Group 1 - The report highlights that the Fourth Plenary Session of the 20th Central Committee has set a strategic tone for the "15th Five-Year Plan," emphasizing the need to consolidate achievements from the "14th Five-Year Plan" while addressing complex international challenges [2][4] - The strategic goals outlined in the report include significant increases in economic, technological, defense, and comprehensive national strength, reflecting a response to intensified global competition and geopolitical instability [3][4] - The report emphasizes the importance of technological innovation as a driver for new productive forces, urging accelerated self-reliance in key technologies and the integration of technology and industry [5][6] Group 2 - The report indicates a structural adjustment in key tasks, prioritizing the construction of a modern industrial system, expanding high-level opening-up, and improving people's livelihoods to promote common prosperity [4][5] - The strategic deployment includes the establishment of a "space power" and "agricultural power," highlighting the need for comprehensive development in aerospace and rural modernization [5][6] - The current economic situation is assessed as stable with strong potential, and the report calls for sustained macroeconomic policies to support growth and mitigate local government debt risks [6][7] Group 3 - Historical data shows that after the release of similar reports, small-cap and growth stocks tend to outperform, with an average growth style increase of 3.24% observed in previous cycles [4][12] - The report anticipates that the emphasis on technological innovation will continue to dominate the policy landscape, with a focus on sustainable development and practical implementation in high-tech industries [5][6] - The global liquidity environment is expected to improve with potential interest rate cuts by the Federal Reserve, which may benefit growth stocks and facilitate a reallocation of global funds [7][10] Group 4 - The report identifies key sectors to watch, including technology trends in semiconductors, computing power, and energy storage, as well as high-growth areas like lithium battery supply chains and wind power [10] - It underscores the importance of the upcoming full text of the "15th Five-Year Plan" recommendations, which is expected to provide further guidance on industrial development [9][10] - The report concludes that the strategic focus on technology and industry development will reinforce the narrative around growth stocks, presenting structural investment opportunities in the medium to long term [10]

Core Insights - The "Quality Improvement, Efficiency Enhancement, and Return to Investors" initiative for the Sci-Tech Innovation Board has seen nearly 90% of companies disclose their action plans for 2025, a 12% increase from 2024 [1] - The initiative is driving companies to enhance operational quality, leading to tangible returns for investors and boosting market vitality and confidence [1] - Over 589 companies on the Sci-Tech Innovation Board have launched more than 2,500 fundraising projects, with over 70% of funds directed towards R&D and production [1] Group 1: Financial Performance and Investment - The total R&D investment for the board reached 84.1 billion yuan in the first half of the year, a 6% year-on-year increase, with a median R&D investment ratio of approximately 13% [2] - Since 2024, companies have shown a commitment to enhancing investor returns through increased buybacks, share repurchases, and dividends, with 363 new buyback and repurchase plans disclosed, totaling over 30 billion yuan [2] - In 2025, 91 new buyback and repurchase plans have been disclosed, with a total upper limit exceeding 8 billion yuan [2] Group 2: Dividend Distribution - In 2024, 376 companies announced cash dividend plans, with a total payout of 38.8 billion yuan, and nearly 80% of these companies had a cash dividend ratio exceeding 30% [3] - In 2025, 79 companies have disclosed interim dividend plans, with a total proposed payout exceeding 6.1 billion yuan [3] Group 3: International Expansion and Market Position - More than 60 companies are participating in the "Belt and Road" initiative, with 37 companies ranking first globally in their respective market segments [1] - Sci-Tech Innovation Board companies completed 14 overseas licensing transactions in the first half of the year, with a potential total transaction value exceeding 12 billion dollars [1]