Core Viewpoint - The regular adjustment of index samples for various indices including CSI 300, CSI 500, CSI 1000, CSI A50, CSI A100, and CSI A500 will take effect after the market closes on December 12, as announced by China Securities Index Co., Ltd. on November 28 [1]. Group 1: CSI 300 Index Adjustments - The CSI 300 index will replace 11 samples, with new additions including Guolian Minsheng, Guangqi Technology, Ningbo Port, Huadian New Energy, Dongshan Precision, Zhongtian Technology, Zhinanceng, and Light Media. The removed samples include FAW Liberation, Oppein Home, Flat Glass, Longyuan Power, and Trina Solar [2][3]. - The number of samples in the information technology and communication services sectors will increase by 4 and 2 respectively, with weightings rising by 1.46% and 0.75% [5]. Group 2: CSI 500 Index Adjustments - The CSI 500 index will replace 50 samples, with new additions such as Dongfang Yuhong, Heertai, Huahong Company, Yantian Port, Dazhu CNC, Oppein Home, Zhongce Rubber, and Supor. Removed samples include China Great Wall, Semir Apparel, Zhongwen Media, and Wangfujing [5]. - The industrial sector will see an increase of 11 samples, with a weighting rise of 2.48% [6]. Group 3: CSI 1000 Index Adjustments - The CSI 1000 index will replace 100 samples, with new additions including Fenghua Hi-Tech, Shijia Photon, Guoji Precision, Yongding Co., Fuling Pickled Cabbage, Galaxy Magnet, and Hanyu Pharmaceutical [6]. - The number of samples in the communication services and industrial sectors will increase by 6 and 2 respectively, with weightings rising by 0.44% and 0.37% [6]. Group 4: Other Indices Adjustments - The CSI A50 index will replace 4 samples, with new additions including Zhongji Xuchuang, Huagong Technology, Guangqi Technology, and Shenghong Technology, while removing ZTE, Sanhuan Group, Shanghai Airport, and Hualu Hengsheng [7]. - The CSI A100 index will replace 6 samples, with new additions such as Dongfang Fortune, Guangqi Technology, and Zhongke Shuguang, while removing Shanghai Airport, Unisplendour, and CITIC Securities [8]. - The CSI A500 index will replace 20 samples, with new additions including Zhongtian Technology, Genesis, Borui Pharmaceutical, Guotai Haitong, and Chip Origin [9].

Group 1 - Xiamen Xinda (SZ 000701) announced on November 28 that its 12th board meeting for the year 2025 was held via telecommunication, where the proposal to revise the "General Manager Work Guidelines" was reviewed [1] - For the first half of 2025, Xiamen Xinda's revenue composition was as follows: 97.7% from commercial activities, 1.73% from industrial activities, and 0.57% from the service sector [1] - As of the report date, Xiamen Xinda's market capitalization stood at 4.9 billion yuan [1]

日前，中证指数有限公司宣布将调整沪深300、中证500、中证1000等指数样本，此次调整为指数样本的 定期调整，将于12月12日收市后正式生效。本次样本调整后，信息技术、通信服务与工业等行业样本数 量及权重普遍上升，A系列指数较传统宽基指数行业配比更加均衡，新质生产力含量进一步提升，有助 于指数发挥服务国家战略、引导资源配置的作用。其中沪深300指数更换11只样本，华电新能、东山精 密等调入指数。 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - In October, economic growth continued the slowdown trend from the third quarter, with some economic indicators significantly affected by the external environment. The 500 billion new policy - based financial instruments had been fully disbursed by the end of October, which may effectively boost investment in the fourth quarter. It is expected that the annual economic growth target of 5% can be achieved. - Overseas, the release of the US October CPI and some employment data was hindered due to data collection issues during the shutdown. The number of initial jobless claims last week hit a 7 - month low. The Fed's economic beige book showed that recent US economic activity was stable, but there were downward risks in the labor market. Since November, the US interest - rate cut rhythm has been inconsistent, and the dovish tone within the Fed has become more prominent, increasing the expectation of an interest - rate cut in December. - The economic indicators in October declined across the board, and the fundamentals were slightly under pressure. It is expected that the economy will continue the weak recovery trend in the fourth quarter, which will support the bond market. The central bank maintains a moderately loose policy tone, but the space for further monetary easing this year is limited. During the policy vacuum period, the bond market sentiment is generally weak and sensitive to news, and it may continue to fluctuate within a range in the short term, waiting for directional guidance from uncertain factors such as the central bank's Treasury bond trading scale in November and the new fund redemption rules [99][100]. 3. Summary According to the Table of Contents 3.1 Market Review - **Weekly Data**: The 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures' active contracts (TL2512, T2512, TF2512, TS2512) fell by 0.93%, 0.45%, 0.10%, and 0.08% respectively. The trading volumes were 520,100, 442,800, 320,200, and 164,100 respectively [12]. - **Treasury Bond Futures Market Review**: The closing prices of the 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures' main contracts all declined. The trading volume of the TS main contract decreased slightly, while those of the TF, T, and TL main contracts increased. The open interest of all main contracts (TS, TF, T, TL) increased [15][21][29]. 3.2 News Review and Analysis - **Key News**: On November 24, the National Development and Reform Commission planned to formulate standards for identifying costs in disorderly price competition. On November 25, the central bank conducted 1 trillion yuan of MLF operations, with a net investment of 100 billion yuan. On November 27, it was reported that from January to October, the total profit of national large - scale industrial enterprises increased by 1.9% year - on - year, but in October, it decreased by 5.5% year - on - year. On November 28, many regions in China were researching and planning policies to support the sale of completed properties. In addition, there were news about the progress of the Russia - Ukraine peace plan and the US jobless claims data [32][33]. 3.3 Chart Analysis - **Spread Changes**: This week, the spread between the 10 - year and 5 - year Treasury bond yields narrowed, while the spread between the 10 - year and 1 - year yields widened. The spreads between the 2 - year and 5 - year, and 5 - year and 10 - year main contracts both narrowed. The spread between the current and next quarters of the 10 - year contract widened, while that of the 30 - year contract narrowed. The spreads between the current and next quarters of the 5 - year and 2 - year contracts widened [42][48][52]. - **Treasury Bond Futures Main Position Changes**: The net short positions of the top 20 positions in the T Treasury bond futures main contract decreased [65]. - **Interest Rate Changes**: The overnight Shibor rate decreased, while the 1 - week, 2 - week, and 1 - month Shibor rates increased. The DR007 weighted average rate fell to around 1.46%. The yields of short - term Treasury bonds were strong, while those of medium - and long - term bonds were weak. The 1 - 3 - year yields decreased by 0.5 - 1.5 bp, the 5 - 7 - year yields increased by about 3 bp, and the 10 - year and 30 - year yields increased by about 1.9 and 2.7 bp respectively, reaching 1.83% and 2.18%. The spreads between the 10 - year and 30 - year US and Chinese Treasury bond yields both narrowed slightly [69][76]. - **Central Bank Open - Market Operations**: This week, the central bank conducted 151.18 billion yuan of reverse repurchases, with 167.6 billion yuan due; it also conducted 200 billion yuan of MLF operations, with 90 billion yuan due, achieving a net investment of 13.58 billion yuan [79]. - **Bond Issuance and Maturity**: This week, the total bond issuance was 141.494 billion yuan, the total repayment was 119.1457 billion yuan, and the net financing was 22.3482 billion yuan [81]. - **Market Sentiment**: The central parity rate of the RMB against the US dollar was 7.0789, with a cumulative increase of 86 basis points this week. The spread between the offshore and onshore RMB widened. The 10 - year US Treasury bond yield decreased, and the VIX index dropped significantly. The 10 - year Treasury bond yield in China increased significantly, and the A - share risk premium decreased slightly [85][91][96]. 3.4 Market Outlook and Strategies - **Domestic Fundamentals**: In October, social retail sales, industrial added value, and fixed - asset investment showed a downward trend, and the growth rates of social financing and credit decreased year - on - year. The support of government bonds for social financing continued to weaken, and the actual loan demand of enterprises and residents remained weak. The growth rates of M1 and M2 declined, and the activation of deposits slowed down. The year - on - year export growth rate turned negative, falling by 1.1% compared with the same period last year. - **Overseas Situation**: The release of the US October CPI and some employment data was affected. The number of initial jobless claims last week was at a 7 - month low. The Fed's economic beige book showed stable economic activity but downward risks in the labor market. The expectation of an interest - rate cut in December increased. - **Market Outlook**: The economic indicators in October declined, and the fundamentals were under pressure. It is expected that the economy will continue the weak recovery trend in the fourth quarter, supporting the bond market. The central bank maintains a moderately loose policy, but the space for further monetary easing is limited. In the short term, the bond market may continue to fluctuate within a range, waiting for directional guidance from uncertain factors [99][100].

Core Viewpoint - Dapeng Industrial (920091) experienced a decline of 2.54% today, with a turnover rate of 42.36% and a transaction volume of 349 million yuan, indicating significant trading activity and potential volatility in the stock [2] Trading Activity - The stock was listed on the trading board due to its turnover rate reaching 42.36%, with institutional investors net buying 5.3979 million yuan [2] - The top five trading departments had a total transaction volume of 67.6065 million yuan, with a buying amount of 29.6438 million yuan and a selling amount of 37.9627 million yuan, resulting in a net selling of 8.3189 million yuan [2] - Among the trading departments, two institutional specialized seats were involved, with a total buying amount of 11.7161 million yuan and a selling amount of 6.3182 million yuan, leading to a net buying of 5.3979 million yuan [2] Historical Performance - Over the past six months, the stock has appeared on the trading board five times, with an average price drop of 7.46% the day after being listed and an average decline of 11.20% in the following five days [2]

2025年11月28日 证券研究报告 | 服务主导新周期 ——对"十五五"中国经济趋势的判断 经济研究 · 宏观专题 证券分析师：李智能 证券分析师：田地 证券分析师：董德志 0755-22940456 0755-81982035 021-60933158 lizn@guosen.com.cn tiandi2@guosen.com.cn dongdz@guosen.com.cn S0980516060001 S0980524090003 S0980513100001 请务必阅读正文之后的免责声明及其项下所有内容 摘要 请务必阅读正文之后的免责声明及其项下所有内容 • 2025年中国经济正经历三大深刻且相互关联的转变：（1）增长主引擎正从第二产业向更具潜 力的第三产业（服务业）切换；（2）建筑业自然萎缩；（3）内需主力从投资转向消费。 • "反内卷"=控供给+扩需求（主要针对实物产品部门），是串联这一切的主线。其路径清晰： 在供给端，建筑业的主动萎缩与工业产能出清，正是清理低效资本、发展新质生产力的关键一 步；需求端，资本存量过高背景下投资需求总量难以扩张（结构会有亮点），消费构成扩需求 主力，而发展服务业正是 ...

财政部11月28日公布数据显示，1—10月，全国国有及国有控股企业(以下称国有企业)营业总收入同比 增长0.9%，利润总额同比下降3.0%。 一、营业总收入。1—10月，国有企业营业总收入683529.3亿元，同比增长0.9%。 二、利润总额。1—10月，国有企业利润总额34214.4亿元，同比下降3.0%。 三、应交税费。1—10月，国有企业应交税费48729.2亿元，同比增长0.5%。 四、资产负债率。10月末，国有企业资产负债率65.2%，同比上升0.4个百分点。 ①本月报所称全国国有及国有控股企业，包括国务院国资委、财政部履行出资人职责的中央企业、中央 部门和单位所属企业以及36个省(自治区、直辖市、计划单列市)的地方国有及国有控股企业、新疆生产 建设兵团所属国有及国有控股企业，不含国有一级金融企业及所属企业。所属行业包括农林牧渔业、工 业、建筑业、交通运输仓储业、邮电通信业、批发和零售业、房地产业、信息技术服务业和其他行业。 ②由于企业增减变动以及股权变化等客观因素影响，不同期间纳入全国国有及国有控股企业汇总范围的 企业不完全相同。本月报同比增长相关数据，由本期汇总范围内企业本年数据与同口径上年同期 ...

Group 1 - The core viewpoint of the article is that the economic performance of state-owned and state-controlled enterprises in China showed a slight increase in revenue but a decline in profits for the first ten months of 2025 [1] Group 2 - Total operating revenue for state-owned enterprises reached 6,835.293 billion yuan, reflecting a year-on-year growth of 0.9% [1] - Total profit for state-owned enterprises amounted to 342.144 billion yuan, indicating a year-on-year decrease of 3.0% [1] - Taxes payable by state-owned enterprises were 487.292 billion yuan, which represents a year-on-year increase of 0.5% [1] - The asset-liability ratio for state-owned enterprises was 65.2% at the end of October, showing an increase of 0.4 percentage points year-on-year [1]

数据来源：国家统计局 2018-2025年Q3工业增加值指数当季值统计图 数据来源：国家统计局 相关报告：智研咨询发布的《2025-2031年中国工业云行业市场深度评估及投资机会预测报告》 根据国家统计局公布的数据，2025年第三季度工业增加值当季值为10.35万亿元，同比增长1.1%；2025 年第三季度工业增加值指数当季值为105.8，2025年第三季度工业增加值指数累计值为106.1。 2018-2025年工业增加值Q3当季值与年度累计值统计图 ...

Core Insights - The report highlights a positive growth trend in industrial enterprise profits for the first ten months of 2025, with a total profit of CNY 59,502.9 billion, reflecting a year-on-year increase of 1.9% [5][6] - The report emphasizes the impact of raw material prices on the profitability of industrial enterprises, indicating that these prices remain a significant drag on earnings [5][6] - A new consumption promotion plan issued by six ministries aims to optimize the supply structure of consumer goods by 2027, creating three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [8][9] Macroeconomic Overview - Industrial enterprises maintained a year-on-year profit growth, although the growth rate slowed by 1.3 percentage points compared to the previous three quarters [5] - In October, industrial profits saw a year-on-year decline of 5.5%, with a month-on-month drop of 27.1 percentage points [5] - The report notes that the mining sector's contribution to profits has been consistently low this year [5] Revenue and Cost Analysis - For the first ten months, industrial enterprises reported a revenue growth of 1.8%, with a slight decrease in revenue per hundred yuan of assets to CNY 74.5 [6] - Operating costs increased by 2.0%, with the profit margin remaining stable at 5.3% [6] - The report indicates that industrial production activities remain active, but pricing pressures persist, with PPI and production material PPI showing negative year-on-year growth [6][7] Consumption Promotion Plan - The plan aims for a significant optimization of the consumer goods supply structure by 2027, with a focus on new technologies and innovative business models [8][9] - It emphasizes the importance of matching supply with diverse consumer needs, including specific demographics such as children, students, and the elderly [10] - The report outlines the creation of new consumption scenarios and business formats, supported by a favorable development environment [11] Investment Recommendations - The report suggests focusing on companies related to employment, tourism, and cultural consumption, as well as those involved in sports events and creative industries [12]