Macro Economic Overview - Manufacturing and construction sectors show signs of low-level recovery, while the service sector is weakening, as indicated by the November PMI data [3][5] - The PMI for manufacturing increased by 0.3 percentage points to 50.0%, with improvements in new orders and export orders [3][4] - The construction PMI improved by 0.5 percentage points to 49.6%, supported by the acceleration of special bond issuance [5][6] Corporate Profit Trends - In the first ten months of 2025, the cumulative profit of large-scale industrial enterprises increased by 1.9% year-on-year, down from 3.2% [8][9] - October saw a significant decline in profits, with a year-on-year drop of 5.5%, attributed to a high base effect and rising costs [9][10] - The profit structure indicates a shift, with midstream profits increasing while upstream profits are declining [11][41] Investment Strategies - The report suggests early positioning for the upcoming spring market rally, with December being a crucial macroeconomic window [14][15] - Growth style is expected to continue, with a focus on technology and cyclical sectors [19][27] - The report highlights the potential of small-cap stocks, particularly in a liquidity-rich environment [18][22] Sector-Specific Insights - The real estate sector is seeing a shift towards infrastructure REITs, with a notable performance in affordable housing REITs [3][5] - The coal mining sector is experiencing price stability, with coal prices expected to remain firm [3][5] - The pharmaceutical sector is advancing rapidly in clinical trials for PD-1/VEGF dual antibodies, with four candidates entering registration trials [3][5] ETF and Index Performance - The report discusses the core investment value of the China Securities 2000 Enhanced Strategy ETF, emphasizing its growth potential and resilience [20][21] - The index is characterized by high growth and elasticity, particularly benefiting from liquidity easing and stimulus policies [21][22] Financial Engineering and Asset Allocation - The report recommends a multi-asset allocation strategy favoring short-term bonds, undervalued convertible bonds, and gold assets [55][56] - The bond market is expected to experience upward pressure on yields, with a shift in asset allocation from safe-haven assets to risk assets [43][48]

Group 1: PMI and Economic Indicators - The manufacturing PMI for November 2025 is 49.2%, an increase of 0.2 percentage points from the previous month, indicating an improvement in economic conditions[1] - The production index rose to 50% from 49.7%, returning to the expansion zone, while the new orders index increased to 49.2% from 48.8%[2] - The new export orders index improved significantly by 1.7 percentage points to 47.6%, suggesting a recovery in external demand[2] Group 2: Price and Inventory Trends - The purchasing price index for raw materials rose by 1.1 percentage points to 53.6%, while the factory price index increased by 0.7 percentage points to 48.2%[3] - The inventory index for finished products decreased by 0.8 percentage points to 47.3%, indicating a passive destocking trend among enterprises[4] - Raw material inventory remained stable at 47.3%, while procurement volume increased by 0.5 percentage points to 49.5%[4] Group 3: Sector Performance - The construction industry index rose by 0.5 percentage points to 49.6%, driven by year-end project completions[6] - The service industry index fell by 0.7 percentage points to 59.5%, reflecting a seasonal decline in consumer-related services[6] - Significant increases in export orders were noted in textiles, non-metallic minerals, general equipment, pharmaceutical manufacturing, and non-ferrous metals[2]

Market Overview - On November 26, the A-share market closed with a total of 76 stocks hitting the daily limit, with 68 stocks after excluding 8 ST stocks, resulting in a limit-up rate of 71.7% [1] Limit-Up Stocks - The highest limit-up stock by order volume was Shida Group (600734) with 620,800 hands, followed by Meiyan Jixiang (600868) with 545,700 hands, Luoping Zinc Electric (002114) with 483,000 hands, and Xinhua Du (002264) with 445,500 hands [2] - In terms of consecutive limit-up days, Shida Group achieved 5 consecutive limit-ups, while Xinhua Du, TeFa Information (000070), and Huanrui Century (000892) had 4 consecutive limit-ups [2] Key Stocks and Their Performance - Xinhua Du closed at 10.79 yuan with a turnover rate of 1.05%, and its limit-up order amount reached 481 million yuan, driven by its e-commerce and cross-border e-commerce concepts [4] - Shida Group closed at 6.15 yuan with a turnover rate of 2.02%, and its limit-up order amount was 382 million yuan, linked to its acquisition plans and IT services [4] - Luoping Zinc Electric closed at 9.72 yuan with a turnover rate of 2.88%, with a limit-up order amount of 469 million yuan, associated with lead-zinc production and state-owned assets [4] Sector Highlights Optical Communication - The optical communication sector saw strong performance with stocks like TeFa Information and Changguang Huaxin showing significant gains. TeFa Information is advancing its hollow fiber products, while Changguang Huaxin has achieved mass production of 100G EML [5] Pharmaceuticals - The pharmaceutical sector also had notable limit-up stocks including Peking University Pharmaceutical (000788) and Jindike, focusing on innovative drug development and clinical trials for vaccines [6][7] Semiconductor - The semiconductor sector featured stocks like Leike Defense and Broadcom Integration, with Leike Defense focusing on embedded storage business and Broadcom Integration developing AI-related IoT chips [8][9] Institutional Activity - Longguo's net buying included Changguang Huaxin with over 200 million yuan, while Dongxin Co. and Yongding Co. were among the top net buying stocks [10][11]

证券研究报告 | 2025年11月29日 港股投资周报 医药板块领涨，港股精选组合年内上涨 60.69% 核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益 2.43%，相对恒生指数超额收益-0.10%。 本年，港股精选组合绝对收益 60.69%，相对恒生指数超额收益 31.78%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，环球新材国际等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为制造、大金融、 消费、医药和科技板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周恒生科技指数收益最高，累计收益 3.77%；恒生大型股 指数收益最低，累计收益 2.45%。 行业指数方面，本周原材料业行业收益最高，累计收益 4.28%；能源业行业 收益最低，累计收益-0.70%。 概念板块方面，本周纸业概念板块收益最高，累计收益 10.22%；国内零售 概念板块收益最低，累计收益-3.91%。 南向资金监控 南向资金整体 ...

Market Overview - A-shares experienced a low opening followed by a narrow range of fluctuations, with three major indices showing slight increases, reflecting cautious market sentiment and a wait-and-see approach [1] - The Shanghai Composite Index rose by 0.21% to 3883.46 points, while the Shenzhen Component increased by 0.72%, and the ChiNext Index gained 0.71% [1] - The half-day trading volume was 983.64 billion, indicating a significant decrease in trading activity, highlighting reduced willingness to invest at the end of the month and the impact of overseas market adjustments [1] Sector Performance - The market showed accelerated rotation, with funds quickly switching between thematic stocks; the Fujian sector was notably active, with stocks like Xiamen Construction and Fujian Cement hitting the daily limit, likely due to regional policy expectations [1] - The Hainan sector also rebounded, with Hainan Ruize achieving three consecutive daily limits, demonstrating the resilience of regional themes [1] - Lithium mining stocks rebounded, with major companies like Dazhong Mining and Shengxin Lithium Energy seeing significant gains, driven by a reassessment of value in upstream materials for new energy amid improving supply and demand [1] Consumer and Technology Sectors - The consumer sector saw a rebound, led by Hai Xin Food's strong performance, with the dairy industry showing notable gains; Yantang Dairy hit the daily limit, and Panda Dairy rose over 7% [1] - The semiconductor sector was active, particularly in equipment and third-generation semiconductor branches, with Qianzhao Optoelectronics hitting a 20% limit, indicating sustained attractiveness of tech growth stocks under policy support [1] Oil and Gas Sector - Oil and gas stocks opened high and continued to rise, with Jereh Holdings hitting the daily limit due to a large order from North America, boosting sector sentiment [2] - The CPO concept saw midday fluctuations, with stocks like Tongyu Communication and Changxin Bochuang experiencing significant gains, indicating a resurgence of interest in niche areas [2] Declining Sectors - Banking stocks collectively adjusted, with Postal Savings Bank dropping nearly 2%, reflecting a shift of funds away from low-elasticity assets [2] - Pharmaceutical stocks faced a pullback, with Guangji Pharmaceutical hitting the daily limit down, and Yue Wannianqing dropping over 10%, likely due to uncertainties in industry policies [2] - AI application stocks were sluggish, with companies like Yaowang Technology and Yidian Tianxia declining over 4%, indicating a cooling off of previous hot spots [2] Satellite Internet Sector - The satellite internet concept emerged as a market highlight, with significant gains in component stocks like Aiguang Technology and Aerospace Hanyu, driven by clear policy pathways for commercial space [2] - The Beijing Municipal Science and Technology Commission's plan for a "Space Data Center" aims to deploy AI computing centers, indicating a technological breakthrough and a restructuring of computing distribution [2] - This policy, if implemented, could create opportunities across the entire industry chain from satellite manufacturing to data services, with institutional funds net inflow exceeding 1.3 billion, reflecting market recognition of long-term logic [2] Future Outlook - The A-share market may continue to exhibit structural trends supported by policy and valuation bottoms, with new productivity sectors like satellite internet, humanoid robots, and embodied intelligence expected to become core investment themes next year [3] - Caution is advised as some concept stocks may be overheated; investors should identify companies with real orders and technological barriers [3] - In market fluctuations, rationality is emphasized over emotion, focusing on participation in China's economic transformation and upgrading through fundamental research [3]

Core Viewpoint - The company reported a significant loss for the mid-2025 period, primarily due to unrealized losses on convertible bond investments, contrasting with a profit in the same period of 2024 [1] Financial Performance - The group recorded revenue of approximately 28 million HKD during the mid-2025 period [1] - Loss from continuing operations amounted to about 459 million HKD, compared to a profit of approximately 102 million HKD in the mid-2024 period [1] - The unrealized loss on convertible bond investments was approximately 443 million HKD, classified as other receivables as of September 30, 2025, which is a non-cash item [1] - In the mid-2024 period, the same investment recorded a fair value gain of about 110 million HKD [1] Industry Outlook - The Chinese pharmaceutical market is expected to achieve healthy growth driven by evolving demand for quality medical services and diversified pharmaceutical supply amid structural transformation led by national healthcare reform policies [1] - Despite facing challenges such as strict regulations and intense competition, the company believes there are potential development opportunities in the expanding consumer base within the Chinese pharmaceutical market [1] - The company plans to continuously monitor market trends and explore potential collaborations with strategic partners to develop pharmaceutical and health-related products, aiming to promote long-term development [1]

每经AI快讯，东北制药（SZ 000597，收盘价：5.59元）11月28日晚间发布公告称，公司第十届第八次 董事会会议于2025年11月28日以通讯表决的方式召开。会议审议了《关于会计估计变更的议案》等文 件。 （记者 王晓波） 2025年1至6月份，东北制药的营业收入构成为：医药制造业占比52.0%，医药商业占比46.18%，其他行 业占比1.82%。 截至发稿，东北制药市值为80亿元。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 ...

Group 1 - The core point of the article is that ST Xiangxue announced the decision to abolish its supervisory board and the related rules during its board meeting held on November 28, 2025 [1] - The company reported its revenue composition for the first half of 2025, with traditional Chinese medicine accounting for 64.87%, pharmaceutical manufacturing for 22.53%, other sectors for 20.22%, pharmaceutical distribution for 4.27%, and medical devices for 1.18% [1] - As of the report, ST Xiangxue has a market capitalization of 6.3 billion yuan [1]

Core Viewpoint - The governance structure of listed companies is undergoing a significant transformation driven by the new Company Law and accompanying regulations from the China Securities Regulatory Commission (CSRC) [1][2] Regulatory Policy Support - The transformation is initiated by the revised Company Law, effective from July 1, 2024, allowing companies to establish an audit committee under the board of directors to assume the functions of the supervisory board, eliminating the need for a supervisory board [2] - The CSRC has issued several supporting policies to align with the new Company Law, including guidelines for company charters and shareholder meetings, with a final adjustment deadline set for January 1, 2026 [2] - Major pharmaceutical companies such as Shanghai Pharmaceuticals, Baiyunshan, and Sinopharm have announced amendments to their company charters to abolish the supervisory board [2] Streamlined Governance Structure - The cancellation of the supervisory board aims to optimize the governance structure through the professional advantages of the audit committee, enhancing operational efficiency [3] - The overlap in functions between the supervisory board and the audit committee has led to resource waste and increased communication costs; consolidating these functions is expected to speed up decision-making and align supervision with actual operations [3] - The audit committee's professional adaptability is particularly crucial in the fast-evolving and highly regulated pharmaceutical industry, allowing for better management of financial conditions, compliance, production quality, and sales risks [3] Enhanced Substantive Supervision - The governance structure change aims to shift corporate supervision from "formal compliance" to "substantive effectiveness," with the audit committee playing a key role in ensuring financial integrity and risk management [4] - A well-staffed audit committee can rigorously oversee financial conditions and internal controls, providing reliable information for investors and promoting sustainable corporate development [4] - The audit committee is expected to proactively identify and address potential risks, particularly in areas like technological innovation and market expansion within the pharmaceutical sector [4] Future Goals - The abolition of the supervisory board is just the starting point; the core goal is to establish a high-level, risk-matched supervisory system [5] - As the audit committee continues to improve in terms of talent composition and operational mechanisms, pharmaceutical companies are expected to enhance compliance and unleash innovation potential, contributing to high-quality industry development and public health initiatives [5]

Core Insights - The top three companies with the highest short positions as of November 21 are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 19.60%, 16.49%, and 16.36% respectively [1][2] Summary by Category Top Short Positions - Vanke Enterprises (02202): Previous short position of 390 million shares, current short position of 433 million shares, resulting in a short ratio of 19.60% [2] - COSCO Shipping Holdings (01919): Maintained a short position of 475 million shares, with a short ratio of 16.49% [2] - Heng Rui Medicine (01276): Previous short position of 40.39 million shares, current short position of 42.24 million shares, leading to a short ratio of 16.36% [2] Largest Increases in Short Positions - China Hongqiao Group (01735): Increased short ratio from 0.04% to 2.61%, an increase of 2.58% [2][3] - Vanke Enterprises (02202): Increased short ratio from 17.68% to 19.60%, an increase of 1.92% [2][3] - Dongfang Electric (01072): Increased short ratio from 10.21% to 11.66%, an increase of 1.45% [2][3] Largest Decreases in Short Positions - Contemporary Amperex Technology Co., Ltd. (03750): Decreased short ratio from 13.64% to 10.74%, a decrease of 2.90% [3][4] - Sanhua Intelligent Controls (02050): Decreased short ratio from 10.21% to 8.93%, a decrease of 1.28% [3][4] - GCL-Poly Energy Holdings Limited (03800): Decreased short ratio from 8.86% to 7.67%, a decrease of 1.18% [3][4]