Core Viewpoint - The article discusses the release of the evaluation index system for world-class enterprises in 16 industries by state-owned enterprises, highlighting the progress and assessment of central enterprises in building world-class standards [1]. Group 1: Evaluation Index System - The first batch of 11 industry evaluation index systems was released in November 2024, followed by a second batch of 5 in November 2025, covering 16 industries including power grid, oil and gas exploration, and telecommunications [1]. - The evaluation index system aims to assess the construction of world-class enterprises based on data from the year 2024 [1]. Group 2: Assessment Results - Among the 45 central enterprises evaluated, 13, including China National Petroleum, China Petroleum & Chemical, and State Grid, ranked in the top tier of their respective industries [1]. - The overall results indicate that central enterprises are making solid progress in building world-class standards [1]. Group 3: Key Evaluation Metrics - The evaluation metrics include various dimensions such as competitiveness, innovation, control, influence, and risk management, with specific indicators for each dimension [2][4][5]. - Key indicators include total revenue, total assets, profit margins, and R&D investment intensity, which are essential for assessing the performance and competitiveness of enterprises [2][3][4][5].

Core Viewpoint - The construction sector is experiencing a significant surge in investment, driven by local governments' accelerated project launches to meet annual targets amid the ongoing recovery from the pandemic [1][14]. Group 1: Market Performance - On the first trading day of March, the Shanghai and Shenzhen stock markets saw strong gains, particularly in the infrastructure sector, which experienced a wave of limit-up stocks [1]. - Among the 28 Shenwan first-level industry indices, cyclical industries such as construction materials and construction decoration rose over 8%, with major state-owned enterprises like China State Construction and China Railway Construction performing exceptionally well [1]. Group 2: Investment Plans - A total of 15 regions have announced clear plans for major projects in 2020, with a combined planned investment exceeding 6 trillion yuan, and nine provinces reporting total project investments over 24 trillion yuan [1][2]. - Six provinces, including Henan, Guangdong, Sichuan, Jiangsu, Fujian, and Shaanxi, have annual investment plans exceeding 500 billion yuan [2][4]. Group 3: Project Details - The investment plans include significant infrastructure projects across various sectors such as highways, high-speed rail, and energy, with Yunnan Province planning a total investment of approximately 3.6 trillion yuan for major infrastructure projects [1][8]. - In addition to traditional infrastructure, there is a notable emphasis on healthcare and elderly care facilities, reflecting a shift in investment focus [1][8]. Group 4: Regional Highlights - Sichuan Province has identified 700 key projects with an expected annual investment of over 600 billion yuan, while Fujian Province has 1,567 key projects with a total investment of 3.84 trillion yuan [5][4]. - Yunnan plans to launch 525 key projects with a total investment of around 5 trillion yuan, emphasizing large-scale projects [8][9]. - Chongqing's investment in infrastructure is projected at approximately 1.45 trillion yuan, focusing on various public health emergency service projects [9][8]. Group 5: Future Directions - Analysts suggest that the new round of infrastructure investment will not only focus on traditional sectors but also expand into healthcare and other public service areas, addressing long-standing deficiencies [14]. - The emphasis on increasing public investment in healthcare infrastructure is seen as a strategy to mitigate economic downturns while improving regional healthcare conditions [14].

Core Viewpoint - The Chinese stock market showed signs of recovery with major indices rebounding, despite ongoing volatility and cautious sentiment among investors [1] Market Performance - The Shanghai Composite Index rose by 0.05% to close at 3836.77 points - The Shenzhen Component Index increased by 0.37% to 12585.08 points - The ChiNext Index gained 0.31% to reach 2929.04 points - The STAR 50 Index saw a rise of 0.84% - Total trading volume across Shanghai, Shenzhen, and Beijing reached 17,405 billion yuan [1] Sector Analysis - Insurance, banking, and coal sectors experienced declines - The military industry sector showed strong performance - Media, construction, semiconductor, and pharmaceutical sectors also performed well - Concepts related to military trade, commercial aerospace, and AI applications were notably active [1] Market Sentiment and Outlook - Guotai Junan noted that the recent weakness in the Chinese stock market is attributed to year-end profit-taking and reduced positions by investors - The cooling expectations for Fed rate cuts, increased volatility in U.S. markets, and a lack of internal policy support have contributed to weakened trading confidence - The slowdown in the registration of equity products has led to insufficient market supply, negatively impacting the microstructure of the stock market - Contrary to the prevailing cautious sentiment, Guotai Junan remains optimistic about the future of the Chinese market, suggesting that the stock index is in a favorable position for growth - The firm believes that opportunities arise during periods of panic, and anticipates a gradual stabilization and year-end rally in the Chinese stock market, indicating significant upward potential and a good opportunity for accumulation [1]

Report Information - Report Date: November 22, 2025 [1] - Report Title: High - frequency Economic Weekly Report (2025.11.16 - 2025.11.22) [2] - Analysts: Huang Weiping, Yi Qiang, Wang Zheyi [3] Report Industry Investment Rating - No relevant content provided. Report's Core View - The economic situation shows mixed trends. Industrial production is weak, while personnel flow continues to rise, and freight prices increase slightly. Consumption and some segments of the real - estate market show different trends, and export - related indicators also have their own characteristics. [3] Summary by Catalog 1. Big - class Assets - This week, bond indices generally rose, with the ChinaBond 7 - 10 - year China Development Bank bond index rising the most by 0.7%. Stock indices and commodities generally fell, with the ChiNext Index falling the most by 6.15%, and the Nanhua Precious Metals Index dropping by 4.07%. Most foreign currencies depreciated against the RMB, with the Japanese yen having the largest decline of 1.19%, while the US dollar appreciated by 0.14% against the RMB. [3] 2. Industrial Production - Production performance is weak. From the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27%, the petroleum asphalt plant operating rate dropped by 4.20 pcts to 24.80%, and the blast furnace operating rate decreased by 0.62 pcts to 82.17%, while the crude steel output increased by 6.00%. In the real - estate chain, the rebar operating rate rose by 1.31 pcts to 43.29%, the float glass operating rate decreased by 0.34 pcts to 74.96%, and the mill operating rate dropped by 0.39 pcts to 33.29%. In the consumer goods chain, the polyester filament operating rate increased by 0.10 pcts to 91.33%, the PTA operating rate decreased by 1.89 pcts to 74.29%, and the methanol operating rate dropped by 0.17 pcts to 83.77%. In the automotive chain, the automotive semi - steel tire operating rate decreased by 2.61 pcts to 71.07%, and the automotive full - steel tire operating rate decreased by 3.19 pcts to 61.31%. [3] 3. People and Goods Flow - Personnel flow continued to rise, and freight prices increased slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 6.45% week - on - week. The 7DMA of domestic flight operations increased by 1.51%, and the 7DMA of international flight operations increased by 0.84%. Beijing's subway passenger volume decreased, while those of Shanghai, Shenzhen, and Guangzhou increased. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.02% week - on - week, and the total volume was higher than the same period last year. [3] 4. Consumption - Automobile sales growth declined year - on - year, and price performance decreased. The previous period's automobile wholesale decreased by 5.00% year - on - year, and retail sales decreased by 9.00% year - on - year. Both the 4WMA of wholesale and retail year - on - year growth rates declined. The weekly movie box office decreased by 22%, and the 7DMA of the number of moviegoers decreased by 22%. Agricultural product prices decreased, with pork prices dropping by 0.83% week - on - week and vegetable prices falling by 6.08% week - on - week. [3] 5. Investment - Construction performance was good, and the commercial housing market had a seasonal uptick. The weekly cement inventory ratio increased by 0.1 pcts, the cement price index increased by 0.43%, and the cement shipping rate remained the same as last week. The rebar inventory decreased by 3.8% week - on - week, the proportion of profitable steel mills nationwide decreased by 1.3 pcts, and the rebar apparent demand increased by 6.7% week - on - week. Overall, the terminal demand for construction was good. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 24.2% week - on - week. By city - tier, the transaction area in first - tier cities decreased, while those in second - and third - tier cities increased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 0.1%, and the national second - hand housing listing price index decreased by 0.2% week - on - week. The land transaction area in 100 cities increased, and the land premium rate decreased week - on - week. [3] 6. Export - Port throughput decreased, and most shipping indices increased. The weekly port cargo throughput decreased by 1.1%, and the container throughput decreased by 5.4%. The BDI index increased by 7.06% week - on - week, the domestic SCFI index decreased by 3.98%, and the CCFI index increased by 2.63%. [3]

Core Viewpoint - The article highlights the efforts of the Zhaoqing City disciplinary inspection and supervision authorities to combat corruption and misconduct in the construction sector through education, case analysis, and systemic reforms [1][2][3][4] Group 1: Anti-Corruption Measures - Zhaoqing City has initiated warning education meetings for construction sector officials to learn from past cases and strengthen their awareness of compliance and ethical standards [1] - The city has investigated 79 individuals in the construction sector for misconduct, including 4 city-level and 12 county-level leaders, signaling a strong commitment to strict enforcement [1] - The disciplinary authorities are focusing on key areas such as project approval, bidding, contract execution, and fund disbursement to enhance oversight and prevent corruption [2] Group 2: Systematic Reforms - The Zhaoqing City disciplinary inspection commission is conducting in-depth research on corruption cases to identify patterns and develop preventive measures, resulting in a report on construction sector corruption [2] - Various local commissions are revising and improving 14 regulatory documents to strengthen risk prevention in the construction sector [2] - The Zhaoqing High-tech Zone has issued guidelines to enhance supervision in urban environment construction, emphasizing risk assessment and institutional effectiveness [2] Group 3: Educational Initiatives - The disciplinary authorities are using real cases as educational tools, producing warning films and educational materials to remind officials of the consequences of misconduct [3] - Specific cases of misconduct have been highlighted in educational sessions for public officials to reinforce the importance of integrity in their roles [3] - The authorities are conducting collective discussions and reminders for key personnel in the construction oversight sector to maintain vigilance against corruption [3] Group 4: Ongoing Commitment - The Zhaoqing City disciplinary inspection commission emphasizes a dual approach of immediate corrections and long-term governance to address issues in the construction sector [4] - There is a focus on holding accountable both party members and public officials for any misconduct related to project contracting and bidding processes [4] - The goal is to continuously improve the effectiveness of anti-corruption measures and reduce opportunities for corrupt practices [4]

Financial Data and Key Metrics Changes - Total radiopharmaceutical revenues for Q3 2025 were $1.3 million, an 18% increase compared to Q3 2024, and year-to-date revenues reached $3.6 million, a 24% increase versus 2024 [31] - Year-to-date total operating expenses increased by $16.5 million, or 84%, from $19.7 million in 2024 to $36.2 million in 2025 [32] - Net loss from operations for year-to-date 2025 was $34.9 million, compared to $18.7 million for the same period in 2024 [32] - Cash balance as of September 30, 2025, was $113.9 million, reflecting net proceeds of approximately $56 million from common stock issuance during Q3 2025 [34] Business Line Data and Key Metrics Changes - The multi-isotope plant in South Africa is currently enriching silicon-28 and has shipped commercial samples validated for isotopic purity [4] - The nuclear medical segment has seen growth in volumes and doses sold, leading to increased revenues [9] - The carbon plant is expected to start producing carbon-14, with the first full batch anticipated in January 2026 [8] Market Data and Key Metrics Changes - The acquisition of Renergen is expected to enhance the company's capabilities in the semiconductor gas vertical, with regulatory approvals nearly complete [5] - The company has secured a contract for silicon-28 and aims to fulfill customer orders by 2026 [4] Company Strategy and Development Direction - The company aims to diversify its operations beyond South Africa and expand its radiopharmaceutical footprint globally [70] - Quantum Leap Energy (QLE) plans to secure the nuclear supply chain and has raised $64.3 million via convertible notes to support its initiatives [13][14] - The acquisition of Skyline Builders is part of a strategy to secure critical material supply chains essential for the U.S. and ASP Isotopes [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational capabilities and customer relationships, emphasizing the positive feedback from customers regarding the enrichment processes [38] - The focus for the next six months includes completing the Renergen acquisition and achieving operational de-risking by the end of Q1 2026 [39][40] - The company is committed to providing further guidance on revenue projections as clarity improves internally [52][53] Other Important Information - The company is planning to begin construction of new plants in various locations, including Iceland, the U.S., and the U.K., during 2026 [29] - The first quantum enrichment plant is producing ytterbium-176, with commercial quantities expected in the first half of 2026 [7] Q&A Session Summary Question: Can you talk about the delays in shipping Silicon-28? - Delays were due to the complexity of the production process and modifications made after customer visits, which improved the customer-supplier relationship [37][38] Question: When do you expect to achieve operational de-risking in respect of Renergen? - Operational de-risking is expected by the end of Q1 2026, focusing on completing phase 1C of the project [39][40] Question: When will the company begin to recognize revenue in its isotopes enrichment segment? - Revenue recognition for carbon is expected by the end of December, with silicon isotopes anticipated in the first half of 2026 [41][42] Question: What did the customers say about our samples of both Ytterbium and Silicon? - Customers were pleased with the results of the samples, indicating that the technology works effectively [44][47] Question: Is the $50-$70 million revenue opportunity in 2026 and 2027 still valid? - The company is not changing previous guidance and will provide updates as more clarity is achieved [49][50][52] Question: Can you help us understand the capital commitment in 2026 for new facilities? - Detailed breakdowns of capital commitments and revenue opportunities will be provided in future updates [54][55] Question: Can you discuss the opportunity for LEU Plus? - LEU Plus is a new focus based on customer inquiries, aimed at increasing power density and extending the life of existing nuclear power plants [56][60] Question: Should we model the $3 million revenue from Skyline Builders going forward? - The revenue from Skyline Builders is not expected to continue, as the focus will shift away from construction [64][66]

Group 1 - The company Shandong Road and Bridge (SZ 000498) held its 20th meeting of the 10th board of directors on November 21, 2025, to discuss the proposal for participating in the bidding for the Yiyuan to Zoucheng expressway project [1] - For the first half of 2025, the company's revenue composition was as follows: construction industry accounted for 95.75%, leasing and sales for 2.66%, ready-mixed concrete processing and sales for 1.02%, and design consulting for 0.57% [1] - As of the report date, Shandong Road and Bridge had a market capitalization of 9.3 billion yuan [1]

董事会认为公司拥有人应占亏损净额乃主要由于建筑合约收入由截至2024年9月30日止六个月的1.042亿 港元大幅下降至截至2025年9月30日止六个月的1060万港元，此乃由于物业市场整体低迷及集团在此期 间承接新项目的项目价值减少所致。 中国新消费集团(08275)发布截至2025年9月30日止六个月业绩，收益1220.8万港元，同比下降88.5%;净 亏损831.9万港元，同比扩大495.5%;每股基本亏损1.1港仙。 ...

董事会认为公司拥有人应占亏损净额乃主要由于建筑合约收入由截至2024年9月30日止六个月的1.042亿 港元大幅下降至截至2025年9月30日止六个月的1060万港元，此乃由于物业市场整体低迷及集团在此期 间承接新项目的项目价值减少所致。 智通财经APP讯，中国新消费集团(08275)发布截至2025年9月30日止六个月业绩，收益1220.8万港元， 同比下降88.5%;净亏损831.9万港元，同比扩大495.5%;每股基本亏损1.1港仙。 ...

- The report introduces a quantitative model named "250-day new high distance" to track market trends and identify hot spots. The model is based on momentum and trend-following strategies, emphasizing stocks that consistently hit new highs. The calculation formula is: $ 250\text{-day new high distance} = 1 - \frac{Close_{t}}{ts\_max(Close, 250)} $ where $ Close_{t} $ represents the latest closing price, and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance equals 0; otherwise, it is a positive value indicating the degree of fallback [11][12][13] - The report evaluates the model positively, citing its ability to capture market leaders and trends effectively. It references studies by George (2004), William O'Neil, and Mark Minervini, which highlight the importance of tracking stocks near their 52-week highs for superior returns [11][18] - The report provides backtesting results for the "250-day new high distance" model across major indices as of November 21, 2025. The distances are: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45% [12][13][32] - The report introduces a factor named "Stable New High Stocks" to identify stocks with smooth price paths and sustained momentum. The factor construction involves: - Analyst attention: At least five buy or overweight ratings in the past three months - Relative strength: Top 20% in 250-day price change - Price stability: Ranking top 50% based on metrics like price displacement ratio and smoothness of 250-day new high distance over the past 120 days - Trend continuation: Ranking top 50 stocks based on the average 250-day new high distance over the past five days [24][27][28] - The report evaluates the "Stable New High Stocks" factor positively, citing research by Turan G Bali et al. (2011) and Da et al. (2012), which demonstrate the superior returns of stocks with smooth momentum paths compared to those with jumpy price movements [24][27] - Backtesting results for the "Stable New High Stocks" factor show 15 selected stocks, including Heertai, Sray New Materials, and Zangge Mining. These stocks are distributed across manufacturing and cyclical sectors, with manufacturing focusing on construction and cyclical sectors on non-ferrous metals [28][31][33]