"十四五"期间，广西资本市场实现跨越式发展，交出了一份可圈可点的成绩单：新增上市公司5家，直 接融资规模突破3000亿元，私募基金净值规模增长超千亿元。这一系列数字背后，是资本市场与实体经 济深度融合的生动实践，更是广西加快建设现代化产业体系的生动注脚。 规模扩容质效双升 直接融资彰显硬核支撑 "十四五"期间，广西资本市场锚定服务地方经济发展大局，以多层次资本市场建设为抓手，推动直接融 资规模实现历史性突破，为实体经济发展提供了稳定高效的资金保障。 数据显示，2021年至2025年9月末，广西辖区企业通过多层次资本市场直接融资达3008亿元，较"十三 五"时期增长约21%，其中股权融资245亿元，债券融资2763亿元，债券融资规模增幅高达38.87%。全国 首单"绿色科创低碳转型挂钩"公司债、深交所首单中小微企业支持债券等创新产品先后落地。 中小创新型上市公司队伍的持续壮大成为广西资本市场发展的鲜明注脚。"十四五"期间，广西新增上市 公司5家，其中创业板2家、北交所3家，星辰科技成为首批北交所上市企业，天山电子开创广西县域 IPO先河，形成了"培育一批、申报一批、上市一批"的良性循环。 截至2025年三季度末 ...

资本市场还精准赋能产业升级，柳工、北部湾港等企业通过定增、发债等方式完成智能化、数字化转型；广西宏 桂资本发行全国首单糖仓CMBS（商业房地产抵押贷款支持证券），盘活特色糖业资产；多家上市公司布局人工智 能领域，柳钢股份、恒逸石化等则在绿色低碳转型上取得显著成效。 证券时报记者 康殷 "十四五"时期，广西资本市场实现跨越式发展，直接融资规模、上市公司质量、私募基金规模等核心指标均实现 大幅增长，为地方实体经济高质量发展提供了坚实支撑。 2021年至2025年9月末，广西辖区企业直接融资达3008亿元，其中债券融资增幅达38.87%，还落地了全国首单"绿 色科创低碳转型挂钩"公司债等创新产品。新增上市公司5家，形成上市培育良性循环；截至今年三季度末，辖区 上市公司总资产、净资产较"十三五"期末均增长超20%，营业收入累计达1.65万亿元，成为区域经济"压舱石"。 期货市场也实现突破，生猪、氧化铝等广西优势产业期货品种上市，交割库、产融服务基地布局持续优化，"保险 +期货"模式惠及超1万户农户，有效助力特色产业风险管理。 面向"十五五"，广西证监局将聚焦多层次资本市场功能发挥，加大对人工智能、关键金属等领域的融资 ...

Core Insights - The "Alumni Return to Hunan" conference was held in Changsha, focusing on promoting investment in key industrial chains in Hunan Province [2] Group 1: Industrial Strength - Hunan Province has cultivated 13 key industrial chains, with the new generation information technology chain being recognized as a national advanced manufacturing cluster, uniquely achieving domestic design for all types of core chips [4] - The green agricultural products and food processing industry chain leads the central region in revenue, while the engineering machinery industry chain ranks first nationwide [4] - The cultural and creative tourism industry chain received over 700 million visitors annually [4] - In the aerospace and Beidou industry chain, small and medium-sized aircraft engines hold a 90% market share, and over 80% of core Beidou technology resources are located in Hunan [4] - Hunan is home to the world's largest rail transit equipment manufacturing base and Asia's largest and most diverse refinery catalyst production base [4] - The province is recognized as the only pilot province for green construction [4] - Hunan leads globally in medium-low speed maglev technology, with over 90% of the system developed independently [5] - The province ranks fifth in the production of new energy vehicles and holds the top market share for positive materials [5] - The intelligent weighing industry chain is the only one co-built by the National Market Supervision Administration and Hunan Province [5] Group 2: Open Platforms - Hunan has established one national-level new area, 19 national-level parks, 8 customs special supervision zones, 7 cross-border e-commerce comprehensive pilot zones, and 3 first-class ports [5] - The province hosts two national-level platforms for China-Africa trade, maintaining the highest trade scale in central and western China for five consecutive years [5] - The free trade pilot zone has achieved 109 institutional innovation results [5] - Hunan has built five international trade corridors, with the number of China-Europe freight trains ranking among the top four nationwide for three consecutive years, allowing goods to reach Europe in 15 days [5] - The Hunan-Guangdong-Nonferrous Sea-Rail Intermodal Transport model reduces shipping time by 10 to 15 days [5] Group 3: Cost Advantages - Hunan features a "low cost + high matching" characteristic, with a unique advantage of "one low, six good, one excellent," making it the lowest in comprehensive operating costs in the central region [5] - The average price of commercial housing in Changsha is 11,000 yuan per square meter, with a housing price-to-income ratio of only 7.4, the lowest among 21 mega cities [5] - Through integrated measures such as source-network-load-storage, electricity costs have been reduced by over 10% [5] - Logistics costs have seen a "ten-year continuous decline," remaining below the national average for four consecutive years [5] Group 4: Investment and Talent Attraction - The "Alumni Return to Hunan" initiative is expected to attract actual investment of 134.172 billion yuan and recruit 2,109 talented individuals from November 2024 to November 2025 [6]

策略研究 证 券 研 究 报 告 【华创策略】 牛市下半场，实物再通胀 ——2026 年度投资策略 ❖ 百年变局看中国资产：从"看短做短"到"看长做长" 1）看短做短的背后是长期因子突变下估值体系的紊乱失效，"十四五"期间战 略防御的政策取向，是百年变局下的主动应对，预计"十五五"转向战略相持 进攻、看长做长。2）全球视角看人民币资产优势：①体制：财政足债务稳健、 旧经济出清早，率先双宽稳定扩张；②产业/人才：康波周期下制造产业链齐备 &科创人才红利；③估值：既看 GDP 也看 GNI，人民币国际化，全球 ERP 和 金本位视角看中国资产占优。3）续写增长奇迹的锚点：经济建设为中心，中 长期 GDP 提升路径：居民消费率+中产扩容。结束低价不仅是复苏更是焕发新 生。 ❖ 重塑估值体系：减重增肌的宏观范式、腾笼换鸟的 ROE、居民存款搬家 1）量增质弱的旧范式：地产银行主导的信贷脉冲→减重增肌的新范式：审慎 开支高效运转的高 ROE 权益回报。2）腾笼换鸟的 ROE：新旧动能转换。旧 经济地产链对 A 股 ROE 拖累基本结束，A 股 ROE 告别高杠杆驱动，转向科 技制造高利率、高周转、分红回购。结构转型实现 ...

【解剖大盘】 国内也需要刺激，财政部部长在《人民日报》发表署名文章：发挥积极财政政策作用。这意味着年底财 政这块会提速。相关基建工程建材等今天表现还不错，如三一重工(06031)、中国联塑(02128)、中联重 科(01157)等。 市场已经在提前交易美联储降息，美国银行全球研究表示，目前预计美联储将在 12 月会议降息 25 个基 点，理由是劳动力市场状况和决策者最近的言论暗示将提前降息。港股今天高开，但之后回补缺口整顿 整理，收盘微涨 0.24%。 美欧的经济数据均不理想，美国供应管理协会(ISM)表示，11月美国制造业采购经理人指数(PMI)从10月 的48.7降至48.2。欧元区11月制造业活动再次陷入萎缩区间，由标普全球编制的HCOB欧元区11月采购 经理人指数(PMI)从10月的50.0降至49.6，创五个月低点，略低于初值49.7。这种数据只能降息来对冲。 大摩力挺广汽(02238)：近期上涨来自以下三项利好，包括管理层最新表态将于2026年量产搭载全固态 电池的车型；大幅增加对与华为合作品牌Qijing的资讯披露；宣布与京东开展营销合作。虽然上述三项 举措仍需时间放量，对盈利的实质贡献短期内有 ...

（来源：中色东方） 12月2日，人民日报海外版发布文章《今年1至10月，我国全行业对外直接投资超万亿元——中国对外投资大国地 位日益稳固》，对中国有色集团海外绿色高质量发展实践进行了报道，文中介绍了集团海外投资发展总体情况， 以及积极践行绿色可持续发展理念、推进传统产业绿色化智能化升级、助力当地经济社会发展等情况。 今年1至10月，我国全行业对外直接投资超万亿元——中国对外投资大国地位日益稳固 商务部和国家外汇局发布的最新数据显示，今年1至10月，我国全行业对外直接投资10332.3亿元人民币，同比增 长7%。其中，我国境内投资者共对全球152个国家和地区的9553家境外企业进行了非金融类直接投资，累计投资 8726亿元人民币，增长6%。 分析人士认为，高水平对外开放是"走出去"和"引进来"并重的开放，中国企业对外投资高质量发展，不仅有利于 全球要素优化配置，也有利于相关国家和地区经济社会发展及民生改善，更好实现互利共赢。 中国企业对外投资有哪些新动向、新看点和新趋势？记者进行了采访。 图 | 程硕制图（新华社发） 在全球设立境外企业5.2万家 谈及海外业务，很多中国企业已经不满足于用"走出去"进行简单概括。 ...

2025年11月25日，京东集团与徐工集团签署新一轮战略合作协议，双方宣布将在物流、工业品、数字技术等领域深化合作。 这一看似常规的商业合作背后，是一个关乎中国制造业未来的宏大命题：根据京东工业联合国研大数据研究院的报告，2024年，中国工业供应链总成本高达 115.19万亿元，通过数智化转型，有望实现约6.77万亿元的成本降低。这相当于为中国制造业打开了一个"万亿级"的降本空间。 签约前夕，观察者网受邀走进徐州徐工生产基地，亲眼见证这场合作已经结出的硕果。 向降本要利润：采购，从成本中心到价值中心 "去年采购成本得到了显著的降低，今年预期降本规模将进一步增加。"徐工全球采购中心总经理滕胜向观察者网透露，直观地展现了采购职能的价值蜕变。 更令人振奋的是，通过非生产物资采购的数字化改革，徐工在工具、劳保等品类实现了显著降本、采购周期从二十几天缩短至3-5天的显著成效。 徐工全球采购中心非生产采购管理部负责人展示了一组更具象的数据：过去需要170多家供应商分散供应的工具和劳保用品，现在通过京东工业的MRO采购 平台一键下单，3-5天内直达全国各分厂；供应商数量从170多家整合至18家，管理效率大幅提升。 在分析徐 ...

证券日报网讯12月2日，合众思壮（002383）在互动平台回答投资者提问时表示，公司主要聚焦非道路 工程机械的无人驾驶技术研究，在农机自动驾驶系统领域已经实现规模化应用。同时，在核心技术上， 公司已具备车规级高精度定位应用能力。 ...

Enhanced financial strength post HK IPO. Following the HK listing,SANY raised ~HK$15bn (or ~RMB13.7bn). We forecast SANY's net cashto reach RMB25bn by end-2025E. More than half of the proceeds will bespent on global sales network and overseas capacity expansion. Key risks: (1) Slowdown of overseas demand; (2) lack of sustainablerecovery of non-earth-moving machinery demand in China; (3) decline inmining capex. 机构：招银国际 研究员：Wayne FUNG As discussed in our 2026 sector outlook published today (link), we see larg ...

Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index slightly up by 0.24% closing at 26,095.05 points, while the Hang Seng Tech Index fell by 0.37% to 5,624.04 points [1][3] - Trading volume was low, with total turnover at 178.2 billion HKD, a decrease of 22.7 billion HKD from the previous day [1] Sector Performance - The electric vehicle sector negatively impacted the market, with NIO (HK09866) dropping over 6% and XPeng Motors (HK09868) down over 5%. Other notable declines included Meituan (HK03690) and JD Health (06618) both down over 3% [5] - Alibaba saw an increase of over 1%, while Xiaomi and NetEase rose by over 0.9% [5] - The Apple-related stocks were active, with AAC Technologies (HK02018) rising nearly 4% due to news about Apple's first foldable phone, the iPhone Fold, entering engineering validation and pre-production stages [5] Industry Insights - The engineering machinery sector performed well, with SANY Heavy Industry (HK06031) increasing by over 5%. CITIC Securities noted a stable outlook for heavy truck domestic sales and continued export growth, which could support high industry volumes [5] - Southbound capital saw a net inflow of over 4.1 billion HKD into Hong Kong stocks [6] Future Outlook - China Galaxy Securities indicated that market risk appetite is cautious as year-end approaches, suggesting that the Hong Kong market may continue to experience volatility. They recommend focusing on cyclical stocks that may rebound due to rising downstream commodity prices [8] - Investment manager Liu Hui expressed optimism for the long-term outlook of Hong Kong and A-shares, anticipating a weaker dollar in the coming year, which could benefit emerging markets including Hong Kong and A-shares [8]