Group 1: Central Bank Policies - The People's Bank of China continues to enforce a prohibitive policy against virtual currencies, emphasizing that they do not hold the same legal status as fiat currencies and are considered illegal financial activities [2] - The central bank aims to enhance monitoring capabilities and combat illegal activities related to virtual currencies to protect public assets and maintain financial order [2] Group 2: Economic Indicators - In November, the manufacturing PMI was reported at 49.2%, showing a slight increase of 0.2 percentage points from the previous month, indicating a modest improvement in economic conditions [3] - The non-manufacturing business activity index fell to 49.5%, a decrease of 0.6 percentage points from the previous month, with the construction sector showing a slight increase while the service sector declined [3][4] Group 3: Market Adjustments - Major indices such as CSI 300 and CSI 500 will undergo sample adjustments effective December 12, impacting stocks like Zhongji Xuchuang and Shenghong Technology [5] - A new regulation has been introduced that eliminates the requirement for individuals to register the source of funds when withdrawing over 50,000 yuan, allowing banks to assess risk before questioning clients [6] Group 4: Precious Metals Market - The precious metals market has seen significant price increases, with silver futures and spot prices reaching historic highs, driven by expectations of a Federal Reserve rate cut and tight supply conditions [7] Group 5: Investment Strategies - Citic Securities suggests that a significant change in domestic demand is necessary to unlock market potential, recommending a focus on resource and traditional manufacturing sectors [10] - China Galaxy emphasizes the importance of the upcoming Central Economic Work Conference in determining policy direction for 2026, which could influence market sentiment and investment strategies [17]

Macro and Economic Indicators - In November, the manufacturing purchasing managers' index (PMI) rose to 49.2%, an increase of 0.2 percentage points from the previous month, indicating an improvement in economic conditions [2] - The non-manufacturing business activity index fell to 49.5%, down 0.6 percentage points, suggesting a slowdown in non-manufacturing activities [2] - The comprehensive PMI output index decreased to 49.7%, a decline of 0.3 percentage points, reflecting overall economic stability [2] - Analysts believe there is potential for a steady recovery in manufacturing demand in December, which could boost production activities and consumer services [2] Financial and Securities - The China Securities Index Company announced a periodic adjustment of various indices, including the Shanghai and Shenzhen 300 Index, which will take effect after market close on December 12 [5] - The Shanghai and Shenzhen 300 Index will replace 11 stocks, including Guolian Minsheng and Guangqi Technology, while removing others like FAW Jiefang and Oppein Home [5] - The CSI 500 Index will replace 50 stocks, with new additions including Dongfang Yuhong and Heertai [6] - The CSI 1000 Index will replace 100 stocks, including Fenghua Hi-Tech and Shijia Photon [6] - The CS50 Index will replace 4 stocks, including Zhongji Xuchuang and Huagong Technology [7] - The CS100 Index will replace 6 stocks, including Dongfang Caifu and Guangqi Technology [8] - The CS500 Index will replace 20 stocks, including Zhongtian Technology and Genesis [9] Regulatory Actions - The China Securities Regulatory Commission (CSRC) has initiated an investigation into Lifan Shuke Co., which is accused of falsifying financial data, with potential penalties including a fine of 10 million yuan [15][16] - The CSRC has also launched a pilot program for commercial real estate investment trusts (REITs) to enhance capital market tools and support real estate development [17] Market Trends - The private equity fund sector has reached a record high of 22.05 trillion yuan as of October, indicating significant growth in the industry [18] - The establishment of a dedicated regulatory body for the commercial aerospace industry in China aims to promote high-quality development in this sector [19] - The first phase of 6G technology trials has been completed, with over 300 key technologies developed, and commercial applications expected to start around 2030 [20][21] - The Ministry of Industry and Information Technology is addressing irrational competition in the power and energy storage battery industry to promote high-quality development [22] Company Adjustments - China Mobile has been removed from the Shanghai Stock Exchange 50 Index due to a decline in its stock price and market capitalization, which no longer meets the inclusion criteria [23] New Stock Offerings - Two new stocks are available for subscription this week: Muxi Co. and Angrui Micro [25] - A total of 33 stocks will be released from lock-up this week, with a combined market value of 594.67 billion yuan, including significant releases from Sichuan Road and Bridge [25] Institutional Strategies - CITIC Securities reports a low-volatility market with a shift towards value stocks, while growth stocks have seen limited performance [27] - Dongwu Securities notes a rebound in revenue and profit growth across the market, with a focus on growth styles leading the recovery [28] - Galaxy Securities highlights a trend of capital moving from high-valuation growth stocks to undervalued cyclical stocks and dividend assets [28]

Key Points - Precious metals such as gold, silver, and copper have seen a significant surge, which may have a short-term effect on the A-share market [1] - The establishment of a commercial space agency by the National Space Administration is expected to continue the positive momentum in the commercial space sector, which has shown good performance recently [1] - The battery industry is facing irrational competition, prompting regulatory responses aimed at curbing excessive competition and price hikes, with implications for the new energy market [1] - The manufacturing Purchasing Managers' Index (PMI) for November improved to 49.2%, up 0.2 percentage points from the previous month, indicating a slight recovery in manufacturing activity [1] - The recent market volatility and subsequent stabilization are largely attributed to the Federal Reserve's signals regarding interest rate cuts, which have influenced global markets including the A-shares [1] A-share Market Analysis - Following a period of decline, the A-share market has begun to stabilize, although trading volumes remain low, indicating that major institutional investors have not yet made significant moves [2][4] - The current market environment suggests that investors may consider taking tentative positions during periods of high volatility or sharp declines [2][4] - The recent trend of shrinking trading volumes is viewed positively, as it suggests a potential turning point for the market, with expectations for a recovery in December [5][6] - Despite the positive signals, the market remains cautious, with rapid sector rotations and limited correlation between indices and individual stocks [7] Sector Focus - The technology sector, particularly AI-related stocks, has begun to rotate but has not yet generated significant market momentum [8] - Upcoming key meetings and policy discussions regarding real estate and consumer spending are critical, as the real estate sector remains a cornerstone of economic stability [9][12] - The commercial space sector is gaining attention, with recent developments indicating a proactive approach from various stakeholders [12]

商业航天司设立，整治内卷聚焦价格治理及储能 ——国内外产业政策周报（1130） 本周国内政策方面，商业航天司设立有望解决多部门职能交叉问题、整治内卷 聚焦价格治理及储能和动力电池方面、消费供需适配政策印发。海外政策方面， 本周中美元首通话，明年四月特朗普有望访华。 专题报告 相关报告 1、《今年以来服务消费政策部 署梳理，美政府结束停摆——国 内外产业政策周报（1116）》 2、《黄金税收政策调整，美国 与亚洲多国达成合作——国内 外产业政策周报（1103）》 3、《发布会召开介绍和解读四 中全会精神，有哪些增量信息？ — — 国 内 外 产 业 政 策 周 报 （1025）》 4、《整治内卷聚焦价格治理， 特朗普威胁对华大幅加征关税 — — 国 内 外 产 业 政 策 周 报 （1011）》 5、《钢铁建材等稳增长方案陆 续印发，美国众议院代表团访华 — — 国 内 外 产 业 政 策 周 报 （0927）》 6、《三行业整治内卷进展突出， 中美元首会谈聚焦 TikTok—— 国内外产业政策周报（0920）》 7、《新型储能建设方案出台， 中美将在西班牙举行会谈—— 国内外产业政策周报（0913）》 8、《 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) emphasizes the need to regulate the "involution" competition in the power and energy storage battery industry to promote high-quality development [1][3][4]. Group 1: Industry Development and Challenges - The power and energy storage battery industry in China has rapidly developed, achieving global competitive advantages in market scale, innovation capability, and industrial system [3][4]. - Despite the growth, the industry faces several challenges that require a comprehensive understanding of the development situation [4]. Group 2: Regulatory Measures and Industry Cooperation - MIIT plans to implement targeted policies to address irrational competition, enhance capacity monitoring, and improve product quality supervision [4]. - The ministry encourages enterprises to resist irrational competition, enhance innovation, and increase R&D investment to improve core competitiveness [4]. - Strengthening collaboration within the industry chain is essential to enhance self-control levels and create new development advantages [4]. Group 3: Future Planning and Support - MIIT will scientifically formulate the "14th Five-Year" industrial development plan, increase support for technological innovation, and enhance standard-setting to foster a conducive environment for high-quality industry development [4].

（文章来源：央视新闻） 记者从工业和信息化部获悉，近年来，我国动力和储能电池产业迅速发展壮大，在市场规模、创新能 力、产业体系等方面形成了全球竞争优势。与此同时，产业发展还面临不少问题和挑战。我国将综合整 治"内卷式"竞争，加快推出针对性政策举措，依法依规治理动力和储能电池产业非理性竞争，加强产能 监测、预警和调控，加大生产一致性和产品质量监督检查力度，打击知识产权违法行为，引导企业科学 布局产能、合理有序"出海"，全力推动产业高质量发展。 ...

Market Overview - On November 28, 2025, the A-share market saw all three major indices close higher, with the Shanghai Composite Index at 3888.60 points, up 0.34%, the Shenzhen Component Index at 12984.08 points, up 0.85%, and the ChiNext Index at 3052.59 points, up 0.70%. Over 4100 stocks rose, while the total trading volume in the Shanghai and Shenzhen markets was 1.59 trillion yuan, a decrease of 120 billion yuan from the previous trading day [1] - In the Hong Kong market, the three major indices showed mixed results, with the Hang Seng Index down 0.34% or 87.04 points, closing at 25858.89 points, and a total trading volume of 146.204 billion HKD. The Hang Seng China Enterprises Index fell 0.38%, while the Hang Seng Tech Index rose slightly by 0.02%. For the month, the Hang Seng Index decreased by 0.18%, the China Enterprises Index by 0.42%, and the Tech Index by 5.23% [1] Industry News - The Ministry of Industry and Information Technology (MIIT) held a meeting on November 28, 2025, to discuss the power and energy storage battery industry, emphasizing the need for targeted policy measures to regulate irrational competition. MIIT Minister Li Lecheng highlighted the rapid growth of the industry, which has gained global competitive advantages in market size, innovation, and industrial systems. However, challenges remain, necessitating a comprehensive understanding of the industry landscape and the implementation of measures to combat "involution" competition, enhance capacity monitoring, and improve product quality oversight [2] - The Shanghai Stock Exchange announced on November 28, 2025, that it would closely monitor stocks with abnormal fluctuations, including *ST Suwu and *ST Yazhen, which are under delisting risk warnings, as well as stocks like Hezhi China and Tianpu Co., which have shown significant volatility. The exchange took self-regulatory measures against 80 instances of abnormal trading behavior and reported one suspected illegal case to the China Securities Regulatory Commission [3]

Core Points - The Shanghai Stock Exchange announced adjustments to various indices, including the Shanghai 50 and Sci-Tech 50, effective December 12, with specific stocks being added and removed from these indices [1][5][9] - The Shenzhen Stock Exchange will also adjust its indices, including the Shenzhen Component Index and ChiNext Index, with changes effective December 15 [5][7] - The China Securities Regulatory Commission (CSRC) is drafting regulations to promote the development of Real Estate Investment Trusts (REITs) and improve the capital market [9][10] Company News - Oriental Precision Engineering plans to sell its 100% stake in Fosber Group and two other companies for a total of €774 million, which is expected to constitute a major asset restructuring [13] - ST Lifan announced a temporary suspension of its stock trading due to serious financial misconduct, with potential delisting implications if confirmed [14] - Chaozhuo Aerospace reported a share transfer agreement that will change its controlling shareholder to a state-owned entity [15] - Cambrian Technologies appointed Chen Tianshi as the new chairman of its board, holding a significant share of the company [20] Industry Insights - The Ministry of Industry and Information Technology highlighted the rapid growth of China's power and energy storage battery industry, emphasizing the need for regulatory measures to address irrational competition and enhance quality control [11][21] - The semiconductor industry is facing challenges, with a focus on the control dispute involving Wentai Technology and its subsidiary, which is critical for global supply chain stability [16][17][18]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20251128 工信部召开动力和储能电池产业座谈会，北 证 50 上涨 0.39% 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 2025 年 11 月 28 日 相关研究： 《央行逆回购 3105 亿元稳流动性北 证 50 下跌 1.4%》 2025-11-19 《北证 50 缩量下跌,广东印发数字经 济新三年方案》 2025-11-20 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）加密货币市场集体大涨，美联储主席人选 ...

11月28日，工业和信息化部组织召开动力和储能电池行业制造业企业座谈会，围绕规范动力和储能电池 产业竞争秩序、推动产业高质量发展，听取相关企业情况介绍及意见建议。李乐成指出，我们要全面客 观认识产业发展形势，认真落实党中央关于综合整治"内卷式"竞争的决策部署，加快推出针对性政策举 措，依法依规治理动力和储能电池产业非理性竞争，加强产能监测、预警和调控，加大生产一致性和产 品质量监督检查力度，打击知识产权违法行为，引导企业科学布局产能、合理有序"出海"，全力推动产 业高质量发展。 ...