Core Viewpoint - The Q4 style rotation model indicates signals for small-cap and growth stocks, with a focus on sectors such as electric equipment and renewable energy for December [1][2]. Style Rotation Model - The Q4 style rotation model has issued signals favoring small-cap stocks, with a comprehensive score of -1 for the dual-driven rotation strategy as of September 30, 2025 [3]. - The value-growth style rotation model shows a comprehensive score of -3 for the dual-driven rotation strategy, indicating a preference for growth stocks [4]. Industry Rotation Insights - In November, the composite factor strategy yielded an excess return of -0.58%, while the single-factor long strategy had an excess return of -0.83% [4]. - For December, the single-factor long strategy recommends bullish sectors including banking, construction, non-bank financials, and electric equipment and renewable energy. The composite factor strategy suggests bullish sectors such as telecommunications, comprehensive finance, computer technology, electric equipment and renewable energy, and utilities [4].

Group 1: Style Rotation Insights - The Q4 style rotation model indicates signals for small-cap and growth stocks [2][3] - The dual-driven rotation strategy for Q4 has a composite score of -1, predicting a focus on small-cap stocks [3] - The value-growth style rotation model shows a composite score of -3, suggesting a preference for growth stocks [4] Group 2: Industry Rotation Analysis - In November, the composite factor strategy yielded an excess return of -0.58%, while the single-factor long strategy had an excess return of -0.83% [4] - For December, the recommended long industries based on single-factor strategies include banking, construction, non-bank financials, and electric equipment & new energy [4] - The composite factor strategy recommends long positions in telecommunications, comprehensive finance, computers, electric equipment & new energy, and utilities [4] Group 3: Pharmaceutical Sector Performance - In November 2025, the pharmaceutical sector underperformed the broader market, with the SW pharmaceutical and biological index declining by 3.6% compared to a 1.7% drop in the Shanghai Composite Index [7] - The relative premium level of the pharmaceutical sector is currently at 72.6%, indicating a normal valuation level compared to all A-shares [7] - In the Hong Kong market, the pharmaceutical sector performed similarly to the market, with the Hang Seng Medical Care index at -0.1% and the biotechnology sector at +0.4% [7] Group 4: U.S. Pharmaceutical Market Trends - In November 2025, the U.S. pharmaceutical sector outperformed the broader market, with the S&P Healthcare Select Sector Index rising by 9.1% compared to a 0.1% increase in the S&P 500 [8] - Notable gainers in the S&P 500 healthcare component included Eli Lilly (+25%) and Solventum (+23%) [8]

Core Viewpoint - Muxi Co., Ltd. is set to issue shares at a price of 104.66 yuan per share, aiming to raise approximately 39 billion yuan for its projects, with a total expected fundraising amount of 41.97 billion yuan after deducting issuance costs [1][2]. Company Basic Information - The full name of the issuer is Muxi Integrated Circuit (Shanghai), and it is listed under the stock code 688802 [2]. - The company specializes in high-performance general-purpose GPU products, focusing on the research, design, and sales of GPU chips and computing platforms for artificial intelligence training, inference, general computing, and graphics rendering [3]. Issuance Details - The total number of new shares to be issued is 4,010,000 shares, which represents 10.02% of the total share capital post-issuance [2]. - The expected net fundraising amount after deducting issuance costs is approximately 38.99 billion yuan [1]. - The issuance price is determined through offline inquiry and is not higher than the lowest value after excluding the highest bids [2][3]. Financial Metrics - The issuance price corresponds to a price-to-sales ratio of 56.35 times based on the projected revenue for 2024 [2]. - The industry price-to-earnings ratio is noted to be 58.25 times, indicating the company's valuation relative to its peers [2].

Core Viewpoint - Muxi Co., Ltd. plans to issue 40.1 million shares at a price of 104.66 yuan per share, aiming to raise approximately 3.904 billion yuan for various GPU development projects [1][4]. Company Overview - The full name of the issuer is Muxi Integrated Circuit (Shanghai) Co., Ltd., with the stock code 688802 and public offering code 787802 [2][5]. - The company focuses on the research and development of high-performance GPU chips and computing platforms, targeting applications in various industries such as education, finance, transportation, energy, healthcare, and entertainment [3][6]. Financial Performance - Muxi's revenue for the years 2022, 2023, and 2024 was 426,400 yuan, 53.0212 million yuan, and 743 million yuan, respectively, indicating a compound annual growth rate of 4,074.52% over the last three years [3][6]. - For the first nine months of 2025, the company reported a revenue of 1.236 billion yuan, reflecting a year-on-year growth of 453.52% [3][6]. Fundraising Purpose - The funds raised from the share issuance will be allocated to projects including the development and industrialization of new high-performance general-purpose GPUs, AI inference GPUs, and high-performance GPU technology for emerging applications [2][5].

Market Overview - The A-share market is experiencing a weak sentiment with major indices showing a general decline, particularly in the growth sectors which are adjusting more significantly than value sectors [3][6] - The Shanghai Composite Index closed at 3878.00 points, down 0.51%, while the Shenzhen Component Index fell 0.78% to 12955.25 points, and the ChiNext Index decreased by 1.12% to 3036.79 points [3] Stock Market Analysis - The market lacks a clear leading sector, with significant fluctuations observed in the commercial aerospace sector, influenced by recent rocket launch news [6][10] - Defensive sectors and some cyclical stocks are showing resilience against the overall market decline, suggesting a rotation in investment strategies [6][7] Bond Market Insights - The bond futures market is characterized by a clear differentiation in performance across maturities, with long-term bonds underperforming while mid to short-term bonds are stabilizing [10] - The 30-year bond contract saw a decline of 0.26%, while the 10-year bond contract increased by 0.06%, indicating a mixed sentiment in the bond market [10] Commodity Market Trends - Financial commodities are outperforming industrial commodities, with the Nanhua Commodity Index down 0.28% while industrial products are under pressure [10][11] - The industrial product index has decreased by 7.19% since the beginning of the year, reflecting weak demand and a contraction in manufacturing activity [10] Investment Strategy Recommendations - The report suggests maintaining a balanced allocation between technology and dividend stocks to hedge against sector rotation risks [7][12] - Focus on structural opportunities in undervalued defensive sectors and industries aligned with the "15th Five-Year Plan" trends [7][12] Recent Trading Hotspots - Key investment themes include dividend stocks for their attractive yields, AI applications driven by major tech advancements, and consumer sectors benefiting from currency appreciation [12] - The brokerage sector is highlighted due to active trading volumes and potential changes in trading regulations [12]

今天市场继续调整，指数全绿，但亮点和暗线同样分明。上证收于3878点，跌0.51%，创业板跌超1%。 关键看点是：成交放量到1.67万亿。有量就有戏，说明资金没躺平，而是在激烈地换仓。 板块扫描：防御与进攻并存 防御端：有色（+0.63%）、交运（+0.69%）微涨，符合震荡市特征。 进攻端（实则惨烈）：AI应用全线溃退，计算机、传媒跌超2%，WEB3.0指数暴跌4.44%。情绪退潮， 非常明显。 真正的进攻奇兵：培育钻石指数（+6.18%）和超硬材料。这不是昙花一现，值得深究。 今天，商业不动产REITs试点开了绿灯。这对股市短期没直接影响，但对持有运营型资产的公司是长期 制度红利。意味着酒店、商场、写字楼这些"死资产"未来可能变成持续产生现金流的"活证券"。关注相 关板块的龙头，这是一个改变估值模型的变量。 后市怎么看？震荡中布局明年 指数层面，震荡可能延续，但向下空间有限。两个关键变量：一是国内年底政策定调，二是海外流动性 预期（美联储）。当前位置，悲观没必要。 更重要的是，12月往往是布局次年主线的时候。从今天资金的选择可以看出，市场厌恶高估值泡沫，青 睐有真实产业进展的方向。接下来的策略，应该是"避 ...

Group 1 - The report maintains a bullish outlook on physical gold and CTA strategies while suggesting a wait-and-see approach for equities until the next cycle [3] - The absolute returns for global multi-asset allocation strategies in November were -0.16% for low-risk, -1.04% for medium-high risk, and -2.94% for A-share sector and style rotation, with year-to-date returns of 3.49%, 22.12%, and 27.88% respectively [3][10] - The forecast for the ROE of the Wind All A and Wind All A non-financial indices for Q4 2025 is 7.50% and 6.60%, respectively, with a downward adjustment compared to the previous month [3][40] Group 2 - The report indicates a downtrend in A-share sentiment index from historical highs, with a similar decline in the Hong Kong stock sentiment index [3] - The report suggests a bullish stance on large-cap and value styles in A-shares, particularly in sectors such as home appliances, utilities, defense, electronics, computers, and insurance [3] - The report highlights that the current institutional focus is shifting towards basic chemicals, defense, textiles, non-bank financials, and media, while attention on the telecommunications sector is decreasing [3] Group 3 - The report predicts that gold priced in USD will continue to strengthen, supported by a weak economic outlook and increased market volatility [3][70] - The report notes that the A-share market is experiencing a rotation in sector performance, with a focus on industries with higher financial health indicators [3] - The report emphasizes the importance of monitoring liquidity, stock dispersion, and volatility as many sectors are approaching crowded indicator thresholds [3]

Core Viewpoint - Muxi Co., Ltd. plans to issue 40.1 million shares at a price of 104.66 yuan per share, aiming to raise approximately 3.904 billion yuan for various GPU development projects [1][2]. Company Basic Information - Full company name: Muxi Integrated Circuit (Shanghai) Co., Ltd. [2] - Stock code: 688802 [2] - Public offering code: 787802 [2] Issuance Details - Total shares to be issued: 40.1 million [2] - Issuance price: 104.66 yuan per share [1][2] - Total shares after issuance: 40.1 million [2] - Issuance represents 10.02% of total shares post-issuance [2] - The company aims to raise funds for high-performance GPU projects [2]. Financial Performance - Revenue for 2022, 2023, and projected for 2024: 426,400 yuan, 53.0212 million yuan, and 743 million yuan respectively, indicating a compound annual growth rate of 4074.52% over three years [4]. - Revenue for the first nine months of 2025 reached 1.236 billion yuan, reflecting a year-on-year growth of 453.52% [4]. - The company anticipates reaching breakeven by 2026 [4]. Industry Focus - Muxi Co. focuses on the development of high-performance GPU chips and computing platforms, targeting applications in various sectors including education, finance, transportation, energy, healthcare, and entertainment [3]. - Key products include the Xisi N series GPUs for inference, Xiyun C series GPUs for training and general computing, and the upcoming Xicai G series GPUs for graphics rendering [4].

专题：2026年邮政金融论坛暨中邮证券策略报告会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年12月3日，"2026年邮政金融论坛暨中邮证券策略报告会"在北京举行。中邮证券副总裁、首席经 济学家黄付生作《中国市场：渐入佳境》专题报告并发布全球资产配置观点。黄付生认为，2026年中国 权益市场将进入"长周期、结构性牛市"，债券市场转入震荡，大宗商品超级周期或逐步开启，全球资产 配置焦点将向中国倾斜。 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：杨赐 专题：2026年邮政金融论坛暨中邮证券策略报告会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年全球大类资产普涨，中国权益潜力巨大。2025年前11个月全球主要资产呈现"除比特币外全面上 涨"态势，其中，韩国综合指数、COMEX黄金涨幅均超60%，沪深300、恒生指数等涨幅 ...

Core Insights - Lenovo (Beijing) Co., Ltd. has obtained a patent titled "Method for Activating Multiple Edge Servers," with authorization announcement number CN 115604259 B, applied for on August 2022 [1] Company Overview - Lenovo (Beijing) Co., Ltd. was established in 1992 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 5.65 billion HKD [1] - Lenovo (Beijing) Co., Ltd. has invested in 107 enterprises and participated in 5,000 bidding projects [1] - The company holds 1,751 trademark records and 5,000 patent records, along with 238 administrative licenses [1]