转自：证券时报 人民财讯11月28日电，凯众股份(603037)11月28日公告，公司拟收购安徽拓盛60%股权并配套募资，11 月24日开市起开始停牌。11月28日，公司召开第五届董事会第四次会议，审议通过了《关于<上海凯众 材料科技股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易预案>及其摘要的议 案》等本次交易相关议案，经公司向上交所申请，公司股票、可转债将于12月1日（星期一）开市起复 牌。截至公告披露日，鉴于本次交易的相关审计、评估等工作尚未完成，公司董事会决定暂不召开股东 会审议本次交易相关事项。待相关审计、评估等工作完成后，公司将再次召开董事会审议本次交易相关 事项，并由董事会召集股东会审议与本次交易相关的议案。 ...

Core Viewpoint - Morgan Stanley predicts that the Indian benchmark Nifty 50 index is expected to rise to 30,000 points by the end of 2026, an increase of approximately 15% from current levels, driven by tax cuts and interest rate reductions [1] Market Performance - The Indian stock market experienced its strongest rebound in five months, with the Nifty 50 index surging 1.24% to 26,205.3 points, marking the highest closing level in 14 months [1] - The BSE Sensex index also rose 1.21% to 86,609.51 points, ending a three-day decline, with both indices recording their best single-day performance in five months [2] Economic Drivers - Morgan Stanley's report indicates that the Reserve Bank of India is expected to cut interest rates by 25 basis points in December, alongside recent tax cuts that have begun to boost consumption, corporate debt growth, and automobile sales, collectively driving domestic demand [3][4] - The report highlights that while the current valuation of the Indian stock market is at a premium compared to other emerging markets, it has fallen below long-term averages after 14 months of underperformance [4] Trade Relations - Analysts believe that the likelihood of a US-India trade agreement is high, which could lead to a short-term revaluation of the stock market. Increased oil imports from the US and reduced purchases from Russia may eliminate the possibility of punitive tariffs from the US [5] - The potential removal of the additional 25% tariff is expected to boost investor confidence, attract foreign capital, support the rupee, and benefit the IT and pharmaceutical sectors [5] Sector Preferences - Morgan Stanley maintains an "overweight" rating on sectors such as materials, financials, consumer goods, hospitals, real estate, defense, and power, while holding a "underweight" stance on IT and pharmaceutical sectors [7] - The analysis suggests that industries benefiting from domestic consumption growth and infrastructure development will perform better, with the financial sector poised to gain from the interest rate cycle and increased corporate debt demand [7]

身处新质生产力发展浪潮，如何成为一朵奋勇争先的浪花？11月21日下午，在天津举办的"青春华章 踏 浪新质潮"学习贯彻党的二十届四中全会精神网络主题宣传和互动引导活动中，来自高校的学生给出了 他们共同的回答——积极投身科技强国建设。 未来职业概念时装秀、青春分享会在第三篇章展开，三位来自高校科研、天开园创业等不同领域的青年 分享了将个人理想融入国家需要的成长故事。 在活动尾声，《有我》唱响全场，激励青年扎实走好脚下的每一步路，勇做时代的"弄潮儿"。 11月18日至21日上午，来自全国二十余家媒体的近百名媒体工作者走进天津市高新科技产业园区、高校 实验室以及科技创新企业，了解人工智能、新能源、生物科技、材料等领域的最新科技突破，触摸"天 津智造"的发展脉搏。（记者 马常艳） 从近代工业摇篮到现代智造重镇，天津正成为发展新质生产力的热土。活动第一篇章聚焦新质生产力发 展浪潮，生动阐释新质生产力的核心内涵与发展逻辑。中国新一代人工智能发展战略研究院执行院长、 信创海河实验室主任龚克与学生们一同"踏浪新质潮"；"两弹一星"功勋奖章获得者于敏之子于辛参与跨 时空对话，以亲身经历传递"干惊天动地事，做隐姓埋名人"的精神火种 ...

Core Viewpoint - The event "Youth Chapter: Riding the New Quality Tide" held in Tianjin emphasizes the importance of youth engagement in the development of new quality productivity, aligning with the spirit of the 20th Central Committee of the Communist Party of China [1][2]. Group 1: New Quality Productivity Development - Tianjin is emerging as a hub for new quality productivity, showcasing advancements in AI and technology through various interactive formats [2]. - The event highlighted the strategic significance of "technological self-reliance" and "developing new quality productivity" as outlined in the 20th Central Committee's directives [2]. - Notable figures, including the director of the China New Generation Artificial Intelligence Development Strategy Research Institute, participated in discussions to inspire youth to take on significant roles in the technological revolution [2]. Group 2: Technological Innovations and Youth Engagement - The event featured demonstrations of cutting-edge technologies, such as brain-computer interface-controlled drones and interactive robotic dogs, showcasing Tianjin's technological prowess [3]. - Youth representatives shared their experiences of integrating academic knowledge with practical applications, emphasizing the dual growth of Tianjin and its youth [3]. - The event concluded with a collective performance of the song "You and Me," symbolizing the commitment of youth to contribute to the future of Tianjin [3]. Group 3: Media and Public Engagement - Over a hundred media professionals and influencers gathered in Tianjin to explore high-tech industrial parks and research labs, documenting the city's innovations in various fields [4]. - The event aimed to present Tianjin's proactive approach to nurturing new quality productivity and its vision of a future where every dream is acknowledged [4].

睿兽分析统计结果显示，2025年Q3中企IPO数量同比呈增长趋势，较2024年Q3增加32.69%；环比2025年Q2增加2.99%。 分市场来看，A股整体保持较高IPO活跃度，2024Q3为25家，2025Q1、2025Q3均为27家，是三个市场中IPO数量最稳定且规模较大的板块。港股IPO数量波 动较大，2024Q4和2025Q2均达到 25家，2025Q3保持在24家，整体呈现 "冲高后维持较高水平" 的趋势，赴美上市企业的数量则相对稳定。 2025年Q3中企上市企业数量显示，A股依然是主要上市市场；港股上市数量不及A股，但在募资额方面却远远高于A股市场，募资额高出72.91%。 从行业分布来看，2025年Q3中企IPO的69家公司中，医疗健康、传统行业较为突出，各有9家公司IPO，占总数量的26.09% 。其次，智能制造（8家）、汽车 交通（8家）、企业服务（7家）行业IPO数量较多。募资规模前五大行业分别为传统行业（256.41亿元人民币）、汽车交通（213.84亿元人民币）、能源电 力（188.53亿元人民币）、材料（81.39亿元人民币）、智能制造（79.75亿元人民币）。 从地区分布来看，20 ...

Summary of the 2026 Asia EM Equity Outlook Conference Call Industry or Company Involved - Focus on the Asia Emerging Markets (EM) equity outlook for 2026, with a particular emphasis on Japan and other emerging markets. Core Points and Arguments 1. **Market Strategy for 2026**: The company recommends maintaining a market risk exposure closely aligned with benchmark indices, with a slight preference for Japan over other emerging markets. This strategy aims to achieve excess returns amid ongoing macroeconomic uncertainties [3][4][5]. 2. **Global Economic Outlook**: The outlook for 2026 is cautiously optimistic, driven by generally constructive global growth expectations, particularly the potential for acceleration in 2027. The baseline index target price has been raised, reflecting a wider range between optimistic and pessimistic scenarios due to six key macroeconomic dimensions [3][4][5]. 3. **Key Macro Drivers**: The six dimensions influencing market performance include: - U.S. economic growth - Dollar movements - China's re-inflation - U.S. interest rates - Multipolar world dynamics - Capital expenditures in artificial intelligence and semiconductor demand [3][4][5]. 4. **Japan's Performance**: In the baseline scenario, Japan is expected to slightly outperform emerging markets. Earnings per share (EPS) expectations for Japan are slightly above market consensus, while those for emerging markets and China are below consensus. The trend of re-inflation and improvements in return on equity (ROE) are expected to be supported by the new government through moderate fiscal policies and regulatory reforms [4][5][22]. 5. **Emerging Markets Outlook**: Emerging markets are anticipated to lose momentum in 2026 due to stabilizing dollar conditions, which will limit further easing of financial conditions. A moderate optimism is maintained for the Chinese market, with expectations that the multi-polar world risk will diminish, keeping valuations close to current levels [4][5][22]. 6. **Sector Recommendations**: The company continues to recommend overweight positions in financials, consumer discretionary/e-commerce, and industrials, while underweighting energy and materials. Information technology, telecommunications, and real estate are maintained at equal weight [5][22]. 7. **Investment Themes**: The core investment themes for 2026 include a multipolar world, technology diffusion, longevity trends, and the future of energy, reflecting a rapidly changing global landscape [15][18]. Other Important but Possibly Overlooked Content 1. **Valuation and Earnings Forecasts**: The company has adjusted its earnings forecasts, particularly for Japan, while making smaller adjustments for China and emerging markets. The forecasts reflect a more optimistic view on global growth and inflation, as well as resilience in the financial sector [22][40]. 2. **Historical Performance Context**: The year 2025 is noted as an anomalous year, with market performance resembling that of 2020, driven by U.S. tariffs, fiscal, and monetary policies. The current valuations are significantly above long-term averages, which may limit the outlook for emerging markets [15][18]. 3. **Volatility Expectations**: The company expects continued significant differentiation in market, sector, and stock returns, a key characteristic of 2025, indicating a need for robust portfolio construction to navigate uncertainties [18][20]. This summary encapsulates the key insights and recommendations from the conference call regarding the outlook for Asia's emerging markets in 2026, highlighting the strategic focus on Japan and the broader macroeconomic context influencing investment decisions.

Core Points - Zhongwei New Materials (02579.HK) shares closed at HKD 32.40, reflecting a decline of 4.594% and currently trading below the issue price [1] - The company was listed on the Hong Kong Stock Exchange on November 17, 2025, with a total of 104,225,400 shares offered, including 10,422,600 shares for public offering and 93,802,800 shares for international placement [1] - The final issue price was set at HKD 34.00, raising a total of HKD 3,543,663,600, with a net amount of HKD 3,432,609,775 after deducting estimated listing expenses [1] Underwriters and Coordinators - The joint sponsors and coordinators for the issuance include Morgan Stanley Asia Limited and Huatai Financial Holdings (Hong Kong) Limited, among others [2] - Additional joint global coordinators and bookrunners include China International Capital Corporation Hong Kong Securities Limited and BNP Paribas Securities (Asia) Limited [2] Cornerstone Investors - Key cornerstone investors include Guizhou New Industrialization Development Equity Investment Fund, Baoda Investment (Hong Kong) Limited, and Zhong Chuang Innovation Technology Group Co., Ltd. [3] - Other notable investors are Dongsheng Xianxing Technology, Guotai Junan Securities Investment (Hong Kong) Limited, and Hunan Xingxiang Emerging Industry Investment Fund [3]

Core Insights - The 2025 Jiangsu Talent Innovation and Entrepreneurship Competition (domestic competition) concluded with Suzhou achieving significant success, with 22 participants, including 3 first prizes, 4 second prizes, and 8 third prizes, making up one-third of the total awards in the province and ranking first in Jiangsu [1] Group 1: Competition Overview - The competition was held in Nanjing and involved various sectors including new generation information technology, high-end equipment, biomedicine, high-end medical devices, artificial intelligence and robotics, new materials, and new energy [1] - A total of 78 projects advanced to the finals after preliminary rounds, with Suzhou contributing 22 projects, representing 30% of the total and covering all six competition tracks [1] Group 2: Awards and Achievements - Suzhou participants excelled particularly in the new materials, high-end equipment, and biomedicine and high-end medical devices tracks, winning 50% of the first prizes awarded in the province [1]

Core Viewpoint - The U.S. stock market is at a critical technical crossroads, with bullish sentiment facing significant challenges as key support levels are under pressure [1][2]. Group 1: S&P 500 Index - The S&P 500 index is testing three critical support levels, with the first at approximately 6700 points, which includes the 50-day moving average and a trend line since May [2]. - If the 6700 level is breached, the market will test the second support at the recent low of 6631 points, followed by the third support at 6525 points [2]. - Analysts suggest that a breach of all three support levels would confirm a bearish trend reversal, with a potential bottom around 6150 points before early 2026 [2]. Group 2: Russell 2000 Index - The Russell 2000 index, representing small-cap stocks, exhibits the most concerning technical pattern among U.S. benchmarks, having fallen below key support levels [4]. - The index closed below the 2380-2390 point support range, failing to maintain bullish trend support and the 50-day moving average [4]. - Continued trading below these levels could confirm a bearish trend reversal, opening the door for a decline to mid-term support at 2214-2235 points [4]. Group 3: AI Sector - AI stocks, which have led the market this year, are under pressure but have not yet confirmed a bearish trend reversal as they remain above critical support at 79.88-80.00 points [5]. - A breach of this support could lead to further weakness, with potential declines to the 73.90 point gap and mid-term support around 70 points [5]. - If the index breaks down this quarter, the 70-73.90 range may serve as a bottom before early 2026 [5]. Group 4: Market Rotation - There are signs of market rotation as funds shift towards the healthcare sector, which has seen a rise to a target index of 1778 points [7]. - Analysts advise against chasing prices at current levels and recommend waiting for consolidation to buy on dips [7]. - The materials sector has also attracted some rotation funds but faces resistance in the 555-563 point range; failure to break this could lead to further declines towards mid-term support at 511-518 points [7].

Core Viewpoint - Feikai Materials (300398) is focused on maintaining stable growth in its four business segments while expanding its product matrix through both external collaborations and independent research and development [2][4]. Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 2.342 billion yuan, an increase of 7.88% year-on-year; net profit attributable to shareholders was 291 million yuan, up 41.34% year-on-year; and net profit excluding non-recurring items was 265 million yuan, an increase of 29.09% year-on-year [4]. - In Q3 2025, the company achieved a single-quarter main revenue of 880 million yuan, a year-on-year increase of 15.42%; however, net profit attributable to shareholders decreased by 13.53% to 74.064 million yuan, while net profit excluding non-recurring items increased by 11.05% to 88.029 million yuan [4]. - The company's debt ratio stands at 27.41%, with investment income of 61.258 million yuan and financial expenses of 22.5776 million yuan, resulting in a gross profit margin of 36.16% [4]. Development Strategy - The company plans to continue leveraging its core competencies in organic synthesis technology and formulation development to enhance its competitive edge through vertical integration of upstream raw materials [2]. - The company emphasizes the importance of innovation among its research personnel, implementing a practical incentive system that combines material rewards with career advancement opportunities [3]. Market Sentiment - In the last 90 days, one institution has given a rating of "buy" for the stock, with an average target price of 25.7 yuan [5]. - Recent financing data indicates a net inflow of 39.441 million yuan in margin financing over the past three months, suggesting increased investor interest [6].