每经AI快讯，11月28日早盘，商业航天概念活跃，乾照光电20%涨停。此前，顺灏股份"一"字涨停，新 雷能、佳缘科技、天银机电、普天科技等跟涨。 ...

Macro Insights - In October 2025, industrial enterprises' profits fell to -5.5% year-on-year from 21.6% in September, while revenue growth also declined to -3.3% from 3.1% [2] - The cash flow of industrial enterprises continues to improve, with cash and short-term investments rising to 5.3% year-on-year in September from 5% in August [2] Fixed Income Analysis - The report discusses the transition of China's economy into a new phase of old and new driving forces, emphasizing the need for a new framework for fundamental analysis [2] Consumer Sector Strategy - The real estate cycle, particularly changes in real estate prices, is crucial for assessing the recovery of consumption in 2026, with expectations of structural stabilization in housing prices [3] - The current allocation and valuation of the essential consumer sector are at historical lows, indicating a high probability of a bottoming out, suggesting opportunities for investment [3] Aerospace and Defense - The report highlights the advancements in reusable rocket technology, with China actively developing rockets like Zhuque-3 and Long March 12A, which are expected to enhance space transportation capacity and reduce costs [5] - The success of reusable rockets is anticipated to accelerate the construction of large satellite constellations, particularly in satellite internet [5] Company-Specific Insights - BOSS Zhipin (2076 HK) is rated "Buy" with a target price of 107.6 HKD, benefiting from its leading position in online recruitment and expected steady profit growth [6] - Advantest (6857 JP) is also rated "Buy" with a target price of 23,000 JPY, poised to benefit from the increasing complexity of AI chips and the growth of the semiconductor testing market [6] - Gaotu Group (GOTU US) reported a revenue of 1.58 billion CNY for Q3 2025, a year-on-year increase of 30.7%, with a focus on improving profitability through AI technology [9] - Atour (ATAT US) achieved a revenue of 2.628 billion CNY in Q3 2025, reflecting a year-on-year growth of 38.4%, with a strong outlook for both hotel and retail segments [10] - Zhongjiao Holdings (839 HK) reported a revenue of 7.363 billion CNY for FY25, indicating a year-on-year growth of 11.9%, transitioning towards a focus on internal growth and value enhancement [10]

Group 1: Aerospace and Nuclear Fusion Achievements - China has made significant breakthroughs in aerospace and nuclear fusion, showcasing its hard power capabilities [1] - The "International Scientific Program for Burning Plasma" was officially launched in Hefei, Anhui, with the BEST device set to validate long-pulse steady-state operation by the end of 2027 [2] Group 2: Lunar Construction and Space Missions - The first batch of "lunar bricks" has successfully returned to Earth after a year-long space exposure experiment, weighing approximately 100 grams [3] - The Shenzhou-22 spacecraft was successfully launched as China's first emergency mission, carrying essential supplies and equipment to the space station [4] Group 3: Maritime Engineering - The new generation of ultra-large dredging vessel "Tongjun" has successfully completed all sea trials and is ready for operational use, boasting the largest hold capacity in Asia at 38,168 cubic meters [5][9] Group 4: Environmental Technology - The world's first aerosol-meteorological coupled forecasting AI model has been tested and is now operational, capable of providing high-precision environmental meteorological forecasts [10]

Core Insights - The event "Towards New Action" focuses on empowering new productive forces through innovative scenarios in advanced fields such as embodied intelligence, commercial aerospace, and the metaverse [1][3][4] - The initiative aims to match scene demands with innovative supply, facilitating market, cooperation, funding, and scenario identification for enterprises [3][4] Group 1: Event Overview - The event was co-hosted by the Beijing Municipal Science and Technology Commission, Zhongguancun Science Park Management Committee, and Shijingshan District People's Government [3] - It is part of a broader effort to promote the construction of new technological scenarios in Beijing [3] Group 2: Key Projects and Collaborations - Several key engineering projects were launched, including a collaboration between China Electronics Technology Group Corporation and Zhongguancun Tongli Technology Service Co., Ltd. to build a smart network engineering center focused on 6G integration [6] - Another project involves the development of a domestic engine flight simulation digital twin gaming platform by Hangyu Rongkang and Zhuanguang Technology [6] Group 3: Focus Areas and Demands - The event highlighted specific technological demands, such as the need for multi-robot autonomous collaborative exploration in complex lunar environments [4] - The demand for constructing future digital street scenarios was also emphasized, aiming to integrate digital spaces into urban renewal and public service systems [4] Group 4: Policy Support and Framework - The event included a policy interpretation session regarding measures to support the construction of a future digital space innovation experimental zone in Beijing [3] - The measures propose systematic support paths in areas like scene openness, content creation, technology validation, application demonstration, and financial support [3]

Group 1 - During the "14th Five-Year Plan" period, China has focused on technological advancements in deep earth, deep sea, and polar regions, achieving significant milestones in large equipment and platform construction [1] - The "Lutian-1" satellite, a domestically developed L-band differential interferometric SAR satellite, represents a breakthrough in China's radar interferometry technology, enabling monthly nationwide data acquisition for deformation monitoring [1] - The Ministry of Natural Resources has reported over 500,000 scenes of data distributed nationwide, which are widely applied in geological disaster risk identification [1] Group 2 - Innovations in mining technology have addressed challenges in Tibet, leading to the development of a large-scale filling process that minimizes ecological damage during resource extraction [2] - The Mining and Metallurgy Technology Group has improved the recovery rates of germanium from coal and other metals, achieving over 80% recovery from coal and a 10% average increase in recovery rates for gallium, indium, and germanium during smelting processes [2] - Key technologies for the design, manufacturing, and installation of subsea pipelines have been successfully applied in major domestic and international projects, including the first commercial application of a large-diameter bimetallic composite pipe [2] Group 3 - The "Deep Sea One" vessel, along with the "Jiaolong" manned submersible, completed China's first Arctic dive, establishing China as the first country to conduct routine manned submersible operations in densely ice-covered Arctic regions [3] - The Ministry of Natural Resources plans to strengthen original innovation and tackle key challenges during the "15th Five-Year Plan" period, focusing on major national scientific projects and establishing joint funds for marine and land research [3]

Core Viewpoint - The successful launch of the Shenzhou-22 spacecraft marks China's first emergency launch mission in manned spaceflight, utilizing a 16-day emergency launch plan to ensure the safety and efficiency of the operation [1][2]. Group 1: Emergency Launch Implementation - The emergency launch was initiated after the Shenzhou-20 spacecraft window showed minor cracks, leading to a conclusion that it did not meet safety conditions for manned return. The command center quickly activated the emergency plan, completing risk assessments and necessary preparations within 20 days [2]. - The Long March 2F Yao-22 rocket and Shenzhou-22 spacecraft were put into a ready state, undergoing tests and checks, including propellant loading, to ensure a successful launch and docking with the space station [2]. Group 2: Differences Between Emergency and Regular Launches - The Shenzhou-22 spacecraft features several technical upgrades compared to the Shenzhou-21, enhancing reliability. It was launched in an unmanned state, carrying supplies, which differentiates it from manned launches [3]. - The 16-day emergency launch task is characterized by a compact process, high intensity, and rapid pace, presenting significant challenges to the spacecraft systems [3]. Group 3: Safety Measures for the Space Station - The Chinese space station has implemented various risk control measures since its design phase, including backup systems for the Tianhe core module and cargo spacecraft, ensuring normal operations and safe returns for astronauts [5][6]. - For space debris protection, the station employs active avoidance for debris larger than 10 cm, protective devices for debris smaller than 1 cm, and impact sensing for intermediate sizes, allowing for emergency pressure protocols in case of leaks [6].

Market News - The three major U.S. stock indices closed higher, with the Dow Jones up 0.67%, S&P 500 up 0.69%, and Nasdaq Composite up 0.82% [1] - Major tech stocks mostly rose, with Oracle up over 4%, AMD up over 3%, and Nvidia, Tesla, Netflix, and Microsoft up over 1% [1] - The U.S. economic activity has nearly stalled, influenced by government shutdowns affecting consumer decisions, with manufacturing and retail facing cost pressures due to tariffs [1] Industry Insights - Beijing Blue Arrow Aerospace's Zhuque-3 rocket is set for its maiden flight on November 29, with the National Space Administration promoting commercial aerospace development [3] - The satellite communication industry is projected to grow from a market size of approximately 40-50 billion yuan to over 200-400 billion yuan by 2030, with an annual growth rate of 10%-28% [4] - The Ministry of Industry and Information Technology and other departments have issued a plan to enhance consumer goods supply and demand adaptability, promoting flexible and customized manufacturing [5] - China Commercial Aircraft Corporation's registered capital increased from 50.101 billion yuan to 94.098 billion yuan, with a significant boost in production capacity for the C919 aircraft [6] Investment Opportunities - The flexible manufacturing model aims to address supply-demand mismatches and enhance responsiveness to consumer needs, supported by technologies like industrial internet and AI [5] - The increase in capital for China Commercial Aircraft Corporation signals strong governmental support for the domestic aircraft industry, potentially disrupting the Airbus and Boeing duopoly [6]

Core Points - The Shenzhou-22 spacecraft was successfully launched on November 25, marking China's first emergency manned space mission due to the delayed return of Shenzhou-20 caused by a suspected collision with space debris [3][5][11] - The launch utilized a 16-day emergency preparation process, significantly shorter than the usual 30-day timeline, demonstrating the efficiency of the Chinese space program [7][8] - Shenzhou-22 is an unmanned mission carrying supplies for the space station, including food, medicine, and equipment to address issues from the previous mission [6][10] Launch Details - The Long March 2F rocket lifted off from the Jiuquan Satellite Launch Center at 12:11 PM, successfully separating from the spacecraft approximately 10 minutes later [5][6] - The spacecraft docked with the Tianhe core module of the space station at 3:50 PM on the same day [5] Emergency Launch Process - The emergency launch was initiated after the Shenzhou-20 mission faced safety concerns due to space debris, leading to a rapid transition to launch readiness [4][11] - The preparation involved advanced planning and division of tasks to ensure that non-time-sensitive work was completed ahead of time [7] Technological Improvements - Shenzhou-22 features several technical upgrades, including enhanced human-machine interaction design and improved payload capacity [8][9] - The spacecraft is designed to support the return of astronauts from Shenzhou-21, despite being launched in an unmanned state [6][10] Space Debris Concerns - The incident with Shenzhou-20 highlights the dangers posed by space debris, which travels at speeds exceeding 7 kilometers per second [11][12] - The increase in space debris is attributed to various factors, including defunct satellites and operational waste from space missions [11][13]

Market Performance - On November 26, the market showed a strong performance in Shanghai but weaker in other areas, with the ChiNext index rising over 3% at one point [1] - More than 3,500 stocks declined, indicating a broad market pullback despite the previous two days of gains [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.78 trillion yuan, a decrease of 28.8 billion yuan compared to the previous trading day [1] Sector Performance - The top-performing sectors included optical communication, artificial intelligence models, and large consumer goods, with significant activity noted in the Fujian Free Trade Zone and aerospace sectors [2] - The optical communication sector showed a notable increase, ranking high in multiple trading days, indicating strong investor interest [2] - Other sectors such as robotics, lithium batteries, and pharmaceuticals also demonstrated resilience, contributing to the overall market dynamics [2]

Core Viewpoint - The A-share market shows a divergence in index performance, with the Shanghai Composite Index being dragged down by military, banking, and traditional cyclical stocks, while the Shenzhen Component Index is supported by consumer electronics, retail, and new energy sectors, and the ChiNext Index leads due to strong performance in high-growth sectors like CPO (optical modules), pharmaceuticals, and semiconductors [4][5]. Market Performance - A total of 9 stocks rose while 3,591 stocks fell, indicating a market characterized by "high-growth sectors strengthening and traditional defensive sectors retreating" [5]. - The CPO (optical modules) sector continues to perform strongly, with the pharmaceutical sector leading due to flu and innovative drug concepts, while traditional cyclical sectors like banking, oil, and steel experienced slight pullbacks [5]. Trading Volume - The total trading volume in the two markets decreased by 1.6%, reflecting a trend of "rapid rise in the morning and gradual narrowing in the afternoon" [6]. - The Shenzhen market dominated trading volume, while the Shanghai market saw a contraction, indicating that market funds are seeking "undervalued, high-growth" targets [6]. Fund Flows - Institutional investors are cautious and pursuing "certain growth," with technology sectors like consumer electronics, semiconductors, and communication equipment becoming core allocation directions [8]. - Individual investors are avoiding "high valuation risks," moving funds from previously popular internet and software service sectors into low-valuation defensive sectors like banking and public utilities [8]. Investor Sentiment - Retail investor sentiment is at 75.85%, while institutional sentiment stands at 52.86% [9].