Report Summary 1. Industry Investment Rating - Not mentioned in the provided content 2. Core View - In the week from 2025.11.24 - 2025.11.30, the issuance volume and scale of credit bonds decreased by over 10% week - on - week, and the average issuance cost increased by 8.18BP. The 11 - month composite PMI fell below the boom - bust line, with the non - manufacturing PMI being the main drag on the economy. The central bank's open - market operations led to a net withdrawal of 642 billion yuan, but the end - of - month liquidity was ample and capital prices were stable. There were new bond types issued, and 2 issuers had their main body ratings downgraded [1][4] 3. Summary by Directory 3.1 Macroeconomic Dynamics - **Economic Data**: The November composite PMI output index dropped 0.3 percentage points to 49.7%, the lowest of the year. The manufacturing PMI rose 0.2 percentage points to 49.2%, showing a "weak stabilization" pattern. The non - manufacturing PMI declined 0.6 percentage points to 49.5%, mainly due to the fading of the "National Day" holiday effect and the drag of the real - estate chain [6] - **Funding Situation**: From November 24th to 28th, the central bank conducted 7 - day reverse repurchase operations of 15,118 billion yuan, with 16,760 billion yuan of large - scale reverse repurchases maturing. The MLF was net - injected with 1,000 billion yuan, and the central bank's open - market operations had a net withdrawal of 642 billion yuan. The end - of - month funding was looser, and the DR001 and DR007 averaged 1.31% and 1.46%, respectively, down 11.69BP and 3.5BP from the previous week [7][8] 3.2 Bond Market Observation - **Bond Issuance**: A total of 1,084 bonds were issued in the primary market this week, with a total issuance scale of 18,812.79 billion yuan and a net financing of 4,990.95 billion yuan. The number and scale of credit bond issuances decreased by 13.47% and 11.93% week - on - week respectively, but the net financing remained positive at 2,643.19 billion yuan. The average issuance cost of most bond types increased by 8.18BP [9][10] - **New Bond Types**: On November 28th, Zhejiang Erqing successfully issued the country's first special science - innovation bond to support intelligent ships, with a total issuance scale of 10 billion yuan and a current issuance of 3 billion yuan at a coupon rate of 2.00%. Recently, the science - innovation bond market has been actively innovating, with multiple first - of - its - kind bonds issued [12] 3.3 Risk Warning - **Main Body Rating Downgrade**: This week, the main body ratings of 2 issuers, Vanke Enterprise Co., Ltd. and Vanke Real Estate (Hong Kong) Co., Ltd., were downgraded by S&P [14] - **Main Body Outlook Downgrade**: No issuer's rating outlook was downgraded this week [15]

哈喽，大家好，小圆今天想跟大伙聊聊最近的一个热门话题，人民币汇率，12月3日，在岸人民币对美 元汇率稳定在7.05区间，较4月低点累计升值近5%，离岸人民币更是触及7.065的逾一年高位。 更值得关注的是，11月美元指数明明在震荡上行，人民币却逆势走强，三大人民币汇率指数同步刷新4 月以来高点，这种逆势突围的表现让不少人好奇：人民币会一路涨吗？咱们真的要迎来真正的强货币时 代了？要弄明白这些问题，得先从这次升值的底气说起。 人民币升值的底气何在？ 这次人民币的强势并非偶然，而是内外多重积极因素共振的结果，从外部来看，美联储的降息预期给人 民币创造了有利环境，近期美国非农失业率数据超预期，就业市场不如以往强劲，市场对美联储未来降 息的预期不断升温。 今年以来A股表现强劲，吸引了大量外资流入，直接增加了对人民币的需求，正如专家所说，本轮升值 是市场与政策协同作用的结果，央行通过中间价引导释放稳定信号，企业集中结汇进一步放大了升值动 力，这些因素叠加在一起，让人民币的强势显得顺理成章。 产业优势给出答案 看到人民币升值，可能有朋友会问，这会不会像以前那样冲击出口？毕竟很多人印象里，咱们的出口靠 的是价格优势，这种担 ...

Core Viewpoint - The A-share market showed a collective increase on December 8, with the Shanghai Composite Index rising by 0.58%, driven by strong performances in sectors such as communication equipment, brokerage, and electronic components, while coal and petrochemical sectors faced declines [1] Industry Summary - The machine tool sector continued to strengthen, with the Machine Tool ETF (159663) rising by 2.07% as of 10:44 AM. Key component stocks such as Yujing Co., Ltd. increased by 8.25%, Huagong Technology by 7.83%, Guoji Precision by 5.57%, Haimeixing by 3.92%, and Zhejiang Haideman by 3.68% [1] - According to the National Bureau of Statistics, the cumulative production of metal cutting machine tools in China is projected to reach 715,000 units by October 2025, reflecting a year-on-year increase of 14.80%. In October alone, production was 69,000 units, up 6.20% year-on-year [1] - Jianghai Securities noted that machine tool-related data is steadily recovering, with a significant increase in export prices. The demand for machine tools is being released as the domestic economy improves and structural transformation progresses, particularly in emerging industries such as new energy vehicles, low-altitude economy, humanoid robots, and commercial aerospace [1] - The Machine Tool ETF (159663) closely tracks the China Securities Machine Tool Index, which encompasses a critical segment of the manufacturing industry—high-end equipment manufacturing. This includes sectors such as laser equipment, machine tool tools, robots, and industrial control equipment, aligning with the new productivity concept that emphasizes innovation-driven and industrial upgrading practices [1]

Core Viewpoint - The development of Atomic and Close-to-Atomic Scale Manufacturing (ACSM) represents a significant breakthrough in material manipulation, allowing for precise atomic-level assembly and modification, which fundamentally changes traditional manufacturing paradigms [1][2]. Group 1: Development and Historical Context - ACSM has evolved from theoretical predictions in the 1950s to practical applications, with key milestones including the invention of the scanning tunneling microscope in the 1980s and the first demonstration of atomic manipulation by IBM scientists in 1989 [2]. - In the 21st century, a pivotal moment occurred when Professor Fang Fengzhou proposed a systematic framework for ACSM, transitioning it from a collection of experiments to a defined academic discipline [2]. Group 2: Research Achievements - Dalian University of Technology has established a distinctive research system in ACSM, hosting the third International Nanomanufacturing Society Advanced Manufacturing Symposium in 2023, which gathered over a hundred top experts [3]. - Key technological breakthroughs include a new method for atomic-scale semiconductor etching achieving controllable etching depths of 0.1 nanometers, advancements in atomic-level surface processing, and the development of dynamic simulation methods for material removal at the atomic scale [3]. Group 3: Application Potential and Challenges - ACSM technology has transformative potential in fields requiring extreme material performance and device precision, such as next-generation chip manufacturing and quantum computing [5]. - Despite its promise, ACSM faces developmental bottlenecks, including the need to understand atomic interactions and develop new equipment while balancing manufacturing efficiency and costs [5]. Group 4: Regional Development and Industrial Impact - For Liaoning to advance in ACSM, it is recommended to leverage its industrial foundation and educational advantages by integrating research resources and forming interdisciplinary teams [6]. - The impact of ACSM on Liaoning's industrial upgrade includes enhancing traditional industries, addressing critical challenges in chip manufacturing, and fostering new industries in quantum technology and advanced materials [6].

Group 1 - This week (December 8 to 12), there are 5 new stocks available for subscription, including 1 from the Shenzhen main board, 1 from the Shanghai main board, 2 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1] - The subscription prices and P/E ratios for the new stocks are as follows: ChiNext stock Nabichuan at 22.63 CNY/share with a P/E ratio of 28.7, Sci-Tech Innovation stock Youxun at 51.66 CNY/share with a P/E ratio of 60.27, and Shenzhen main board stock Yuanchuang at 24.75 CNY/share with a P/E ratio of 12.93 [1] - Nabichuan focuses on thermal management systems for power batteries in electric vehicles and aims to raise 632 million CNY through its IPO [1] - Youxun is a leading company in the optical communication chip sector, aiming to raise 1.033 billion CNY through its IPO, and aligns with the Sci-Tech Innovation board's support for new-generation information technology [1] Group 2 - On December 12, Xihua Technology, which specializes in high-end equipment components, will start its subscription, aiming to raise 1.606 billion CNY [2] - Tian Su Measurement, an independent third-party measurement and testing service provider, will also start its subscription on December 12, with a target of raising 486 million CNY [2] - A total of 7 companies are scheduled for IPO meetings this week, including Linping Development for the Shanghai main board and Youyan Composite for the Sci-Tech Innovation board [2]

科技创新策源和高端产业引领功能显著增强。五年来，浦东已建、在建和规划建设大科学设施14个，首艘国产大型邮轮等核心技术装备实现突破。区域 内高新技术企业、专精特新企业、"小巨人"企业数量分别是2020年1.4倍、5.2倍、19.3倍。 浦东引领区建设五年来，制度型开放总体方案基本落地，77条试点经验向更大范围复制推广。发布实施数据出境管理办法和负面清单，开展全国首批增 值电信业务扩大开放试点。实施"一业一证"、市场准营承诺即入制。上海国际再保险登记交易中心、企业走出去综合服务中心等功能性平台加快建设。 央视网消息（新闻联播）：上海浦东新区打造社会主义现代化建设引领区五年来，高水平改革开放不断向纵深推进，一批首创性、引领性创新成果落地 见效，有力推动经济高质量发展。 ...

Core Insights - The event highlights the role of technology in empowering state-owned enterprises (SOEs) in Hebei Province, focusing on innovation as a driver for development [1] Group 1: Event Overview - The technology achievement exhibition in Hebei's Zhengding New District showcases nearly 400 innovative results across 11 key sectors, including modern steel, green chemicals, new energy, and aerospace information [3] - The exhibition features a series of activities such as expert keynote speeches, youth technology talent sharing sessions, and a patent conversion matchmaking event [3] Group 2: Key Innovations - Hebei's Hebei Steel Group has achieved a global first with the stable production of the "zero-reforming hydrogen metallurgy project," marking a revolutionary breakthrough in low-carbon steelmaking technology [3] - The Kailuan Group has successfully scaled production of the world's first 50 tons/year micron-level "polyformaldehyde high-strength fiber," filling a domestic gap in high-end engineering plastics [3] - The Tangshan Sanyou Group has introduced an internationally pioneering technology for "concentrated seawater dissimilation treatment and deep utilization," setting a global industrialization record for seawater concentration [3] Group 3: Advancements in Intelligent Manufacturing - Hebei Steel Group's Weisaibo Steel model has transitioned the steel industry from "assisted decision-making" to "autonomous cognition," marking a significant leap in smart manufacturing [4] - Hebei Port Group has established the province's first automated container terminal, achieving an overall intelligent level that meets international advanced standards [4] - The Hebei Construction Investment Group has developed the country's first "UTC600 self-climbing tower crane," overcoming limitations in super-tall construction with internationally advanced core technology [4] Group 4: Energy and New Materials - The Hebei Construction Investment Group's first liquid air energy storage project has successfully connected to the grid, driving technological upgrades in the energy storage and low-temperature materials sectors [5] - The Tangshan Sanyou Group's annual production of 100,000 tons of battery-grade sodium carbonate provides essential raw materials for the burgeoning sodium-ion battery industry in China [5] Group 5: Transportation and Smart Services - Hebei Expressway Group has launched "full-scale Harmony Highway Smart Technology," achieving the first adaptation of the Harmony system across all highway scenarios [5] - The Hebei Transportation Investment Group has completed the development of a new generation 94GHz ultra-distance traffic millimeter-wave radar, achieving six major breakthroughs [5] - The Hebei Port Group's "power coal industry model" has enhanced port operational efficiency by over 30% through AI empowerment [5] Group 6: Research and Development Achievements - Since the launch of the "three years up, five years strong" initiative, Hebei's SOEs have initiated 14,718 research projects, with 147 key core technologies reaching international or domestic leading levels [6] - A total of 7,767 patents have been authorized, and 587 standards have been established, with 488 provincial-level or higher technology awards received [6] - Cumulative R&D investment has reached 95.5 billion yuan, maintaining a leading position in R&D intensity nationwide, with a projected technology conversion rate of over 20% by 2025 [6]

Core Insights - The social security fund, typically seen as a stable investment vehicle, has recently faced challenges by being significantly invested in a poorly performing stock priced at 2 yuan, raising questions about its investment strategy [1][2] Group 1: Investment Performance - The fund's total holdings reached 210.52 billion yuan by the third quarter of 2025, primarily consisting of stocks from companies with steady growth, making the investment in the 2 yuan stock particularly noteworthy [2] - The specific stock in question is a leading player in the steel industry, which has seen its price drop from 6.4 yuan in 2022 to around 1.76-2 yuan, resulting in an estimated loss of approximately 15% for the fund [4][5] - The company reported significant losses, including a net loss of 3.3 billion yuan in 2023 and 7.1 billion yuan in 2024, with continued losses in 2025, indicating a deteriorating financial situation [4] Group 2: Investment Rationale - The fund's investment in this low-priced stock is attributed to expectations of a cyclical recovery in the steel industry, as it holds substantial iron ore resources and production capacity [5] - The investment aligns with national strategies aimed at supporting the green transformation and optimization of traditional industries, reflecting a long-term investment approach [5] - The fund's diversified portfolio includes 604 stocks across various sectors, allowing for risk mitigation through exposure to both emerging and traditional industries [5][6] Group 3: Risk Management and Strategy - The fund has actively managed its exposure by reducing its holdings from 57.76 million shares to 32.82 million shares, demonstrating a proactive risk management strategy [6] - The fund maintains a long-term investment philosophy, viewing the current situation as part of a broader investment cycle, with the stock still in its observation phase [6] - Despite the challenges, the fund's overall performance remains strong, with a cumulative balance of 9.85 trillion yuan, indicating resilience and capacity to absorb short-term losses [6][8]

来源：锋行链盟 资产优质 标的资产盈利能力强，符合IPO标准 壳资源干净 无重大违法违规、负债低、股权清晰 交易真实 避免"忽悠式重组""保壳式借壳" 在中国A股市场，创业板（ChiNext）原本定位为服务成长型创新创业企业，长期以来禁止借壳上市。2019年6月20日，中国证监 会发布《关于修改〈上市公司重大资产重组管理办法〉的决定（征求意见稿）》，首次提出"允许符合国家战略的高新技术产业 和战略性新兴产业相关资产在创业板重组上市"，即允许部分符合条件的企业在创业板借壳上市。这打破了此前创业板不能借壳 的禁令。 以下是创业板借壳上市的详细流程及核心要点分析： 一、创业板借壳上市的政策背景与条件 政策依据： 《上市公司重大资产重组管理办法》（2020年修订） 中国证监会《关于修改〈上市公司重大资产重组管理办法〉的决定》（2019年） 深交所《深圳证券交易所创业板股票上市规则》 基本定义：借壳上市是指非上市公司通过收购一家上市公司股份取得控制权，并将自身资产注入该上市公司，从而实现间 接上市。 核心门槛（针对创业板）： 被借壳公司（即壳公司）必须是合法存续的创业板上市公司； 注入资产需属于"国家战略的高新技术产业 ...

Group 1: Oil Price Adjustment - The next price adjustment window for refined oil is set for December 8, with a projected decrease of 60 CNY per ton for gasoline and diesel due to a -1.26% change in the average price of crude oil [2] - Market expectations of a Federal Reserve rate cut and stalled peace talks in the Russia-Ukraine conflict have weakened the outlook for Russian oil exports [2] - Despite OPEC+ agreeing to increase production in November, actual output has declined due to some member countries' production halts, leading to a supply shortfall [2] Group 2: CPI and PPI Data - The National Bureau of Statistics will release November CPI and PPI data on December 10, with an expected CPI year-on-year growth rate increase from 0.2% to around 0.7% [3] - The rise in CPI is attributed to fluctuations in food prices, particularly due to adverse weather conditions affecting vegetable supply [3] - Predictions indicate that the CPI's tail effect for next year will be approximately 0%, higher than this year's -0.4% [3] Group 3: Financial Data Release - November financial data, including new loans, M2, and social financing, is expected to be released next week, with new loans projected at 300 billion CNY, a year-on-year decrease of 280 billion CNY [4] - Social financing is anticipated to increase by 2.2 trillion CNY, down by approximately 342 billion CNY year-on-year, with a growth rate of 8.4% [4] - M2 growth is expected to be 8.0%, a decrease of 0.2 percentage points, while M1 growth is projected at 5.3%, down 0.9 percentage points [4] Group 4: Federal Reserve Meeting - The Federal Reserve is scheduled to hold a meeting next week, with an 87% probability of a 25 basis point rate cut [5] - Economic indicators suggest a cooling labor market, reinforcing expectations for a rate cut [5] - Projections for 2026 indicate potential economic growth of 2% to 2.5%, with uncertainty surrounding the Fed's rate cut trajectory [6] Group 5: New Stock Issuance - Five new stocks are set to be issued next week, raising approximately 4.297 billion CNY, with a total of 184 million shares [7] - Companies involved include Youxun Co., focusing on optical communication chips, and Nabachuan, specializing in thermal management for electric vehicle batteries [7] - Other companies include Yuanchuang, a major player in rubber tracks, and Xihua Technology, which manufactures specialized components for high-end equipment [7]