Report Summary 1. Report Industry Investment Rating - Index: Volatile [1] - Treasury Bonds: Relatively Strong [1] 2. Core Viewpoints of the Report - **Stock Index**: After the liquidity-driven market since June ended, the market refocused on fundamental logic. New productive forces represented by AI in the technology upstream hardware manufacturing have significant price increase expectations due to supply-demand mismatch, with considerable medium-term profitability. However, related themes have risen significantly since June, lacking further event catalysts near the end of the year, and entered a volatile market in November. Traditional economic sectors like consumption and cyclical themes are still recovering, and it's difficult to enter a fundamental bull market in the short term. Market trading volume, volatility, and risk appetite are decreasing, and the index is expected to be volatile in the short term. Overseas tech stocks also have divergent expectations, with the actual profitability of AI being questioned, the U.S. government shutdown causing an economic data vacuum, and the Fed's hawkish stance on a December rate cut leading to a correction in U.S. tech stocks last week [1]. - **Treasury Bonds**: Treasury bond futures closed down across the board yesterday. The central bank conducted a 7 - day reverse repurchase operation on November 26, with a net withdrawal of funds. The liquidity is reasonably abundant under the central bank's continuous support, but the pressure to achieve the annual economic growth target is low, and the expectation of a central bank rate cut is weak. The bond market lacks upward momentum. In the short term, there is a brief domestic economic data vacuum period in late November, and the bond market is expected to fluctuate within a narrow range [1][2]. 3. Summary by Related Catalogs 3.1 Daily Price Changes - **Stock Index Futures**: On November 26, 2025, IH rose 0.18% to 2,964.6, IF rose 0.45% to 4,493.0, IC rose 0.14% to 6,909.4, and IM rose 0.06% to 7,176.2 compared with the previous day [3]. - **Stock Indexes**: On November 26, 2025, the Shanghai Composite 50 rose 0.12% to 2,971.8, the CSI 300 rose 0.61% to 4,517.6, the CSI 500 rose 0.15% to 6,965.0, and the CSI 1000 fell 0.02% to 7,248.4 compared with the previous day [3]. - **Treasury Bond Futures**: On November 26, 2025, TS fell 0.05% to 102.37, TF fell 0.23% to 105.74, T fell 0.34% to 107.85, and TL fell 0.76% to 114.29 compared with the previous day [3]. 3.2 Market News - At the regular press conference of the Ministry of Foreign Affairs today, regarding Japan's cabinet resolution on November 25 on the so - called "Taiwan issue," the spokesperson Mao Ning stated that Japan's prime minister's wrong remarks on Taiwan seriously violate the spirit of the four political documents between China and Japan, damage the political foundation of bilateral relations, and challenge the post - war international order. China firmly opposes this. Japan's so - called "consistent position" is far from enough [4]. 3.3 Chart Analysis - **Stock Index Futures**: The report provides charts of the trends of IH, IF, IM, IC main contracts, their monthly basis trends, etc. [5][6][7] - **Treasury Bond Futures**: The report includes charts of the trends of treasury bond futures main contracts, treasury bond spot yields, basis, and cross - period spreads of different maturities, as well as cross - variety spreads and capital interest rates [12][13][19] - **Exchange Rates**: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, and exchange rates of the US dollar index, euro against the US dollar, pound against the US dollar, and US dollar against the yen [21][22][28]

Group 1 - The core viewpoint of the news highlights the strong performance of the Sci-Tech Innovation Board, with the Sci-Tech 100 Index rising by 1.22% and the ETF increasing by 1.01%, indicating a bullish trend in the technology sector [1] - The technology sector is leading the A-share market, with significant gains in solid-state batteries, advanced packaging, semiconductors, CPO, and storage chips, contributing to the strength of related indices [1] - The Chief Economist of Guohai Securities predicts a continued slow bull market for A-shares, with technology remaining a key focus [1] Group 2 - Bank of China International notes that AI application companies are showing signs of performance improvement, with the launch of Gemini3 indicating rapid enhancements in large model capabilities [2] - The AI industry is transitioning from "tool innovation" to "ecosystem integration," with vertical applications validating business models in specific scenarios, revealing profit potential [2] - The AI industry chain has experienced a rotation from overseas computing power to domestic computing power, with AI applications still offering high cost-performance ratios for investment [2] Group 3 - The Sci-Tech 100 Index ETF has seen a significant increase in scale, growing by 135 million yuan over the past week, and its shares have increased by 11.1 million [3] - The ETF has experienced a net outflow of 69.1 million yuan recently, but has attracted a total of 152 million yuan over the last five trading days [3] - The top ten weighted stocks in the Sci-Tech 100 Index account for 25.77% of the index, with notable companies including Huahong Semiconductor and GuoDun Quantum [3]

Core Points - The first "Government-Electricity-Finance-Enterprise" carbon reduction alliance in China was launched in Xiaoshan, Hangzhou, focusing on comprehensive carbon reduction services across 12 sectors [1][2] - The alliance aims to create a systematic support platform for enterprises to facilitate their green transformation, addressing their specific needs from energy-saving solutions to financial support [1][2] Group 1 - The alliance has introduced a "Green Electricity TO" service system, offering 48 specialized carbon reduction services [1] - Xiaoshan, as a pilot area for carbon peak, is both an industrial hub and a forefront for carbon reduction exploration [1] - Zhejiang Hangmin Co., a textile and dyeing enterprise, has benefited from the alliance by receiving a tailored low-carbon transformation plan, which included the installation of over 500 data collection devices and achieving carbon footprint certification for seven products [1] Group 2 - The "Dual Carbon Brain" from the State Grid Xiaoshan Power Supply Company helps enterprises identify transformation paths and calculate carbon footprints, while also facilitating the construction of solar, storage, and charging facilities [2] - Financial institutions are providing tangible support, offering preferential approval and interest rate discounts based on ecological certifications, significantly alleviating the financial pressure of transformation for enterprises [2] - The alliance is expanding its green initiatives to everyday life, with 106 taxis converted to electric and plans to add 369 electric buses by the end of the year [2]

Core Insights - The launch of the ChiNext 50 ETF-DR in Thailand marks a significant milestone in financial innovation, celebrating 50 years of diplomatic relations between China and Thailand [1] - This is the first depository receipt linked to a Chinese ETF in Thailand and the first Chinese ETF product to "go abroad" in depository receipt form [1] Group 1: ChiNext 50 Index Overview - The ChiNext 50 Index, launched in 2014, selects 50 well-known, large-cap, and liquid stocks from the ChiNext index, representing high-quality technology growth companies in sectors like renewable energy, artificial intelligence, pharmaceuticals, and high-end manufacturing [2] - As of November 21, 2024, the ChiNext 50 Index has seen a remarkable increase of over 70% since the beginning of the year, making it a preferred choice for investors looking to allocate to leading Chinese technology growth stocks [2] Group 2: Fund and Market Impact - The Invesco Great Wall ChiNext 50 ETF, established in December 2022, has surpassed a fund size of 5 billion yuan and was included in the ETF Connect in January 2024, enhancing its market influence [2] - The newly listed ChiNext 50 ETF-DR allows Thai investors to invest in Chinese frontier technology companies directly on the Thai Stock Exchange without the need for cross-border remittances, facilitating a "zero time difference, low cost" investment approach [2] Group 3: Internationalization Efforts - Since its inception, the ChiNext 50 Index has maintained steady growth and is on a path of internationalization, with the first ChiNext 50 UCITS ETF launched in major European exchanges in June 2024 [3] - The collaboration between Invesco Group and Thailand's leading securities firm InnovestX aims to promote the ChiNext 50 Index products in Thailand, reflecting a growing demand for Chinese core assets among Thai investors [3] Group 4: Broader Implications - The listing of the ChiNext 50 ETF-DR represents not only a financial product innovation but also a significant dialogue between China and the world, emphasizing cooperation and technological advancement [4]

Group 1 - Guangdong Province has introduced a financial support plan for enterprises to conduct industrial chain integration and mergers, aiming to enhance the quality of listed companies and facilitate the integration of state-owned enterprises with quality resources [1] - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to promote the professional integration of central enterprises, resulting in the signing of key projects involving 17 units across 8 groups in critical sectors such as new materials, artificial intelligence, cruise operations, inspection and testing, and air logistics [1][4] Group 2 - Professional integration refers to enterprises breaking boundaries through asset restructuring, equity cooperation, asset replacement, non-compensatory transfer, and strategic alliances, concentrating resources towards advantageous and core enterprises [4] - Since 2024, central enterprises have been adjusting their stock and optimizing their increment to align with national strategies, promote technological innovation, and enhance high-quality development through a series of integrations, thereby optimizing industrial layout and improving resource allocation efficiency [4]

Core Points - The U.S. stock market experienced a fourth consecutive day of gains, with the Dow Jones up 0.67% to 47,427.12 points, the S&P 500 up 0.69% to 6,812.61 points, and the Nasdaq up 0.82% to 23,214.69 points [1] - Major contributors to the Dow's rise included Boeing, which increased by over 2%, and Walmart, which rose nearly 2% [1] - The tech sector also saw gains, with the "Magnificent Seven" index rising 0.46%, and both Microsoft and Tesla increasing by over 1.5% [1] Economic Outlook - The U.S. economy is maintaining a delicate balance, showing no signs of collapse but remaining weak enough to allow for continued interest rate cuts by the Federal Reserve [3] - JPMorgan has issued an optimistic forecast for the S&P 500, setting a base target of 7,500 points by the end of 2026, with potential to exceed 8,000 points under further easing of Fed policies [3] - The current AI-driven supercycle is central to JPMorgan's positive outlook [3]

Group 1 - The core event is the "Gig Job" recruitment fair organized by the Henan Gig Market and the Zhengzhou Economic and Technological Development Zone, scheduled for November 28, which aims to connect job seekers with employers [1] - The recruitment fair will feature over 7,780 quality job positions across various sectors, including IT, biomedicine, finance, logistics, manufacturing, environmental technology, and cultural media, providing a wide range of options for job seekers with different professional backgrounds [1][2] - Participating companies include notable firms such as Food Creation Space Technology Development Co., Ltd., Henan Tianyu Environmental Engineering Co., Ltd., and Zhengzhou Xindong Entertainment Culture Media Co., Ltd., among others [2] Group 2 - The job positions available will range from entry-level to mid and senior management roles, covering areas such as administration, finance, procurement, customer service, and technical positions, catering to diverse employment needs [2] - The recruitment fair will also feature unique activities, including a live audition for short drama actors and free training in handcraft skills, aimed at enhancing job seekers' employability and providing them with additional skills [2]

Group 1 - The Hong Kong fire incident in Tai Po has resulted in 44 fatalities and 45 injuries, with three individuals arrested for suspected manslaughter due to negligence in fire safety standards [2] - The fire spread rapidly, potentially exacerbated by flammable materials used in the building's exterior, leading to a police investigation into the responsible engineering company [2] Group 2 - Sinovac Biotech has secured a $700 million contract in Brazil, marking the largest international order for a Chinese vaccine company to date [5] - The contract involves a partnership with local firms to enhance Brazil's vaccine production capabilities over the next decade [5] Group 3 - HP has announced a global layoff of approximately 10% of its workforce as part of a comprehensive AI transformation plan aimed at cost reduction [8] - The company plans to cut 4,000 to 6,000 jobs by the end of the 2028 fiscal year, targeting annual savings of $1 billion through AI integration [8] Group 4 - Ideal Auto reported a revenue of 27.4 billion yuan for Q3 2025, a year-on-year decline of 36.2%, with a net loss of 624 million yuan [22] - The company anticipates vehicle deliveries between 100,000 and 110,000 units in Q4 2025 [22] Group 5 - HighTu announced a revenue of 1.579 billion yuan for Q3 2025, reflecting a year-on-year growth of 30.7%, while reporting a net loss of 147.1 million yuan [23] - The company continues to show resilience in its financial performance despite the losses [23] Group 6 - ByteDance's "Tomato" business is projected to exceed 60 billion yuan in overall revenue this year, with significant contributions from its various platforms [9] - The company has denied reports regarding the accuracy of these revenue figures [9] Group 7 - OpenAI forecasts that by 2030, it will have 220 million paid subscribers for ChatGPT, representing 8.5% of its estimated 2.6 billion weekly users [21] - The company anticipates annual revenue of approximately $20 billion by the end of this year, despite increasing losses [21]

Group 1: Semiconductor Industry - The Chinese Ministry of Commerce emphasizes that the responsibility for the current global semiconductor supply chain disruption lies with the Netherlands, urging the EU to encourage the Dutch government to propose constructive solutions [2] - The Dutch government has recently announced a suspension of an administrative order, which is seen as a small step towards resolving the semiconductor issue, but significant uncertainties remain [2] Group 2: Consumer Goods and Economic Policy - Six Chinese departments have issued a plan to enhance the adaptability of consumer goods supply and demand, aiming to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027 [2] - By 2030, the plan envisions a high-quality development pattern where supply and consumption interact positively, with a steady increase in consumption's contribution to economic growth [2] Group 3: Telecommunications Industry - In the first ten months of 2025, the telecommunications industry in China reported a total revenue of 14,670 billion yuan, reflecting a year-on-year growth of 0.9% [2] - When adjusted for last year's prices, the total telecommunications business volume grew by 9% year-on-year [2] Group 4: Corporate Announcements - Industrial Fulian has adjusted its share repurchase price ceiling from 19.36 yuan per share to 75.00 yuan per share, which is 150% of the average trading price over the previous 30 trading days [6] - Muxi Co., Ltd. plans to issue 40.1 million shares in its IPO, with the initial strategic placement of 8.02 million shares, and the subscription date set for December 5, 2025 [6]

Group 1 - The global macro environment has changed frequently over the past 12 months, challenging traditional market rules and prompting investors to seek long-term opportunities [1] - In the first half of 2025, international stocks represented by the MSCI All Country World Index (excluding the US) outperformed US large-cap stocks represented by the S&P 500, reversing the long-standing dominance of US equities [1] - Despite the strong performance of international growth stocks, their valuations remain relatively low compared to the significantly expanded valuations of US tech stocks, which have been supported by strong earnings and returns [1] Group 2 - The MSCI All Country World Index (excluding the US) is heavily weighted towards value sectors, with financials, energy, materials, and industrials making up 61%, while structural growth sectors like technology have a lower weight [2] - Historical data indicates that high-growth companies tend to outperform their slower-growing peers, suggesting that passive strategies tracking broad indices may miss opportunities for excess returns [2] Group 3 - Growth stocks encompass a diverse range of companies with varying characteristics, and their growth drivers can change over time [3] - Growth companies can be categorized into emerging growth companies, which are often disruptors in developing industries with significant upside potential, and stable compounding growth companies, which have established profitability and clear growth drivers [3] Group 4 - Understanding structural trends is crucial in an increasingly uncertain global macroeconomic environment, as these trends can help well-managed companies seize opportunities and enhance growth potential [4] - Artificial intelligence (AI) is a prominent global trend, with new generative AI models emerging, such as DeepSeek's R1 model, which offers competitive performance at lower costs, facilitating broader access to AI technology [4][5] - The luxury goods sector is benefiting from direct-to-consumer sales models, allowing brands to control distribution, pricing, and customer experience, thus enhancing brand value and profit margins [5] Group 5 - The transportation sector is undergoing significant transformation driven by electrification, autonomous driving technology, and evolving usage patterns, creating long-term growth opportunities for innovative companies [5] - In emerging markets, the rapid development of fintech and e-commerce presents attractive structural growth opportunities, as digital financial services and online consumption are accelerating due to increased smartphone penetration and an underserved banking user base [5] Group 6 - Investors in international growth stocks have reasons to reassess their investment strategies due to heightened geopolitical instability and rapid technological advancements reshaping the global economic landscape [6] - Historical experience shows that well-managed and innovative international companies can provide substantial long-term returns, suggesting that current market uncertainties may present growth opportunities for investors with analytical capabilities and long-term perspectives [6]