Group 1 - The report on He Yuan Bio focuses on in-depth analysis and insights into the agricultural sector, highlighting key trends and potential investment opportunities [1][29]. - The report on COSCO Shipping Specialties discusses the logistics and transportation industry, providing an overview of market dynamics and future outlook [1][29]. - The industry allocation model review and update series aims to provide a comprehensive assessment of various sectors, helping investors make informed decisions [1][29]. Group 2 - The report on Connoa presents detailed findings in the pharmaceutical industry, emphasizing growth prospects and market challenges [1][29]. - The series on new opportunities in leading new energy companies explores emerging trends and investment potential within the renewable energy sector [1][29]. - The fundamental background and investment outlook for Shoucheng Holdings are discussed, offering insights into the financial sector and its performance [1][29].

- The report suggests that the short-term correction pressure in the A-share market may have been released, and the market has re-entered a volatile range[1][12] - The report recommends using "dividends + technology" as the main allocation strategy, with dividends potentially having an advantage in terms of volatility[1][12] - The report tracks the performance of major broad-based indices, noting that the Shanghai Composite Index rose by 0.37%, the Shanghai 50 by 1.09%, the CSI 300 by 1.28%, the CSI 500 by 0.94%, the CSI 1000 by 0.11%, the ChiNext Index by 1.86%, and the Beijing 50 Index by 1.49% during the week of December 1-5, 2025[1][13][14] - The valuation of broad-based indices as of December 5, 2025, shows that the CSI 500, CSI 1000, and ChiNext Index are at "moderate" levels, while the Shanghai Composite Index, Shanghai 50, and CSI 300 are at "dangerous" levels[1][19][20] - The report tracks quantitative sentiment indicators, including volume timing signals, which are all cautious as of December 5, 2025[24][25] - The report discusses the "number of rising stocks in the CSI 300" sentiment indicator, which is used to gauge market sentiment by calculating the proportion of stocks with positive returns over a certain period[25][26] - The report evaluates the "moving average sentiment indicator," which uses the eight moving average system to judge the trend state of the CSI 300 index[33][36] - The report observes market profitability effects through cross-sectional volatility and time series volatility, noting that the short-term Alpha environment has improved for the CSI 300 and CSI 500 indices but worsened for the CSI 1000 index[37][38][39][40] - The report tracks institutional research activities, noting that the top five stocks receiving the most attention from institutions during the week were Jereh Co., Ltd., Yihada, Hotgen Biotech, Espressif Systems, and Changan Automobile[41][42][53][54] - The report tracks the performance of stock index futures, noting that the main contracts for IF, IH, IC, and IM all rose during the week, with varying degrees of basis changes[56][57][58][59] - The report tracks southbound capital flows, noting a net inflow of HKD 113.49 billion during the week of December 1-5, 2025[66][68] - The report tracks changes in financing scale, noting that the financing balance as of December 4, 2025, was CNY 24,664.89 billion, an increase of CNY 99.89 billion from November 28, 2025[67][72] - The report tracks the ETF market, noting that stock ETFs had a median return of 1.06% and a net inflow of CNY 25.94 billion during the week, while cross-border ETFs had a median return of 0.48% and a net inflow of CNY 12.67 billion[69][70][71] - The report tracks the degree of fund concentration, noting that the degree of fund concentration decreased slightly from the previous week, while the excess returns of concentrated stocks and funds increased from the previous week[77][79][80]

Core Viewpoint - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have issued new drug directories for basic medical insurance, maternity insurance, work injury insurance, and commercial health insurance, effective from January 1, 2026, replacing the previous 2024 directories [1] Group 1: New Drug Directories - The new drug directories will be strictly enforced by local authorities, prohibiting any adjustments to the types, notes, or classifications of drugs within the directories [1] - The updated directories require timely updates to information systems and databases, ensuring that newly added drugs are included and removed drugs are deleted as per regulations [1] - Adjustments to the "notes" of drugs must be updated in the payment scope, and there is a need for synchronization with drug coding databases and intelligent supervision subsystems [1] Group 2: Transition Period for Excluded Drugs - Drugs that were not successfully renewed and removed from the directory will have a 6-month transition period to ensure continuity of medication [1] - During this transition period, which lasts until the end of June 2026, the medical insurance fund will continue to pay at the original payment standards for these drugs [1] - Local coordinating regions are required to implement effective measures to facilitate the transition and guide designated medical institutions in timely replacements [1]

Economic Performance - Shandong Province achieved a GDP of 98,565.8 billion yuan in 2024, growing by 5.7% year-on-year, maintaining its position as the third-largest economy in China[2] - In the first three quarters of 2025, the GDP reached 77,115.0 billion yuan, with a year-on-year growth of 5.6%, surpassing the national average by 0.4 percentage points[2] - The province's industrial investment helped mitigate the negative impact of declining real estate investment, contributing to overall investment growth[2] Fiscal Strength - In 2024, Shandong's general public budget revenue was 7,711.74 billion yuan, a 3.3% increase from the previous year, ranking fifth nationally[4] - The tax ratio was 65.35%, down 4.7 percentage points from the previous year, placing it 13th among provinces[4] - Government fund budget revenue fell to 4,832.12 billion yuan in 2024, a decrease of 1.9% due to declining land transaction prices[4] Debt Situation - By the end of 2024, Shandong's government debt reached 28,428.81 billion yuan, an 18.9% increase from 2023, ranking second nationally[7] - The debt-to-budget revenue ratio was 4.46 times, indicating a moderate level of risk compared to other provinces[7] - The debt growth was concentrated in larger cities, with Qingdao and Jinan having the highest debt levels at 4,382.57 billion yuan and 3,770.56 billion yuan, respectively[8] City-Level Analysis - Qingdao, Jinan, and Yantai led the provincial economy with GDPs of 16,719.46 billion yuan, 13,527.60 billion yuan, and 10,782.83 billion yuan, respectively, accounting for 41.6% of the province's total GDP[3] - Most cities experienced a slowdown in economic growth, with the average growth rate around 5% to 7%[3] - In 2024, the general public budget revenue for Qingdao and Jinan was 1,339.26 billion yuan and 1,083.05 billion yuan, respectively, showing a clear leading advantage[5]

Group 1 - The core viewpoint of the articles highlights the current high prevalence of influenza across China, with 17 provinces experiencing high levels of flu activity and the expectation of peak cases in mid-December [1] - Data monitoring indicates that the positive rate of influenza virus detection among outpatient cases has reached 51%, which is not exceeding the highest levels seen in the past three years [3] - Experts recommend the use of antiviral medications to inhibit virus replication and shorten the duration of illness, although these medications do not directly alleviate symptoms such as fever and sore throat [3] Group 2 - Medical professionals suggest using antipyretic and analgesic medications like ibuprofen and acetaminophen to relieve symptoms such as high fever and body aches [5] - There are risks associated with the practice of sweating out a cold, as it may lead to increased body temperature and potentially life-threatening situations [7] - Criteria for determining when a flu patient is no longer contagious include having a normal temperature for over 24 hours and significant symptom improvement for more than 48 hours [9]

证券研究报告 | A 股策略周报 | 中国策略 冗余时刻还未结束，目标不变、守株待兔 ——A 股市场运行周报第 70 期 核心观点 本周市场继续反弹，但双向波动有所增大。展望后市，考虑到今年三季度市场涨幅较 大、强势标的多数还在冲高回落后的修复过程中，加之近期未出现引领大盘上涨的宏 大叙事和领涨行业，因此我们预计后市大概率维持区间震荡格局。配置方面，基于"冗 余时刻区间震荡，设定目标守株待兔"的判断：择时方面，建议持仓等待，切勿追涨 杀跌、垫高自身成本，同时根据不同宽基指数的"左脚"分类设定目标（例如上证指 数 9 月 4 日低点或前期跳空缺口，恒生科技指数近期低点或年线），伺机出击、分批介 入。行业配置和个股方面，建议关注明显滞涨且份额扩张的券商板块，短期可以关注 走势顺畅且历史上在 12 月胜率较高的家电，留意医药、消费、AI 应用板块中相对低 位的标的，同时关注年线上方的低位滞涨个股。 ❑ 本周（2025-12-01 至 2025-12-05）行情概况 （1）主要指数：宽基指数多数上涨，创业板指涨幅居前。（2）板块观察：有色携 硬科技上涨，消费伴软科技回调。（3）市场情绪：沪深成交环比有所回落，股指 期 ...

Core Insights - The health consumption market is becoming a significant growth point, with the pharmaceutical e-commerce scale expected to exceed 1 billion yuan by 2025, driven by steady growth in traditional Chinese medicine and wellness products [1] - The company emphasizes its "quality gene" as the core foundation for winning the market, utilizing a "company + cooperative + farmer" model to ensure quality control from cultivation to processing, adhering to national standards [4] - The company is launching a comprehensive service plan that includes product selection, basic operations, compliance guidance, and logistics coordination to better integrate quality medicinal materials into modern health consumption scenarios [11] Market Trends - The "Double Twelve" shopping festival is seen as a key opportunity for health industry layout, with rising consumer demand for chronic disease medications, Chinese herbal teas, and home health monitoring devices noted during the "Double Eleven" period [7] - The company is implementing targeted support measures, including a green channel for e-commerce platforms, customized product packages, and optimized logistics processes to ensure timely delivery during the shopping festival [7] Policy Support - The traditional Chinese medicine industry is receiving policy support under the "Healthy China" strategy, encouraging digital development and the promotion of quality products [11] - The company aims to leverage this supportive environment to enhance the market recognition of quality medicinal materials and promote reasonable sales of health products during the "Double Twelve" period [11]

日本政坛这一轮风波，来得快，也来得急。 高市早苗上台之后，把对华关系摆到最前头，话讲得硬，姿态也摆得高，一口咬定要"减少对中国的依赖"，还提出所谓"自主供应链"的构想。 她不是在试探，而是在施压。 可她好像忘了，施压从来不是单向的。 中国这边没着急回应，但动作早就开始了——不是那种一纸公文式的警告，而是从稀土、医药、民生基础品，再到产业技术链条，一层层收紧。 很多人盯着稀土，觉得这是最狠的招数。 其实不是。 稀土只是表皮，底下藏着的东西，日本压根没准备好面对。 先说稀土。 日本这些年喊着"多元化"，拼命往澳大利亚、美国、印度找新来源，投钱建本地提炼厂，看起来热火朝天。 可问题不在矿石有没有，而在能不能用。 稀土从开采到变成手机里的磁铁、电动车里的电机，中间几十道工序，每一步都得靠技术支撑。 中国不光有矿，更有几十年积累下来的精炼、分离、提纯工艺。 日本就算把全世界的矿石都买回来，没有这整套工业能力，照样做不出高端产品。 这不是危言耸听，是现实。 日本在新能源、半导体、精密器械这些领域，全都要用到稀土材料。 一旦中国的深加工环节出问题，哪怕只卡住其中一环，整个生产线就得停。 军工更不用说了——雷达、导弹导引头、 ...

Group 1 - The Hong Kong stock market is entering a value investment phase, with current adjustments providing better cost-effectiveness compared to A-shares [2] - Short-term capital may continue to seek safety, with a focus on underperforming sectors such as consumer services, construction, textiles, and home appliances [2][3] - Certain industries like electronics, pharmaceuticals, automotive, and light manufacturing have experienced significant declines, presenting opportunities for recovery [2] Group 2 - The recent market volatility has highlighted the importance of balanced asset allocation, especially in the context of external disturbances affecting investor sentiment [4] - The Chinese AI industry is seen as a long-term theme supported by national planning, with technology stocks in Hong Kong still offering mid-term investment value [4] - The shift in market style from technology to defensive dividend sectors has been noted since mid-October, with various dividend-focused ETFs available in the Hong Kong market [6]

Group 1 - The core viewpoint of the article emphasizes the acceleration of innovation capabilities in China's industries, driven by policy support for cultivating new productive forces, leading to the upgrading of traditional industries and the rapid development of emerging industries [1][3]. - The emergence of new quality services is identified as a crucial engine for cultivating new productive forces, characterized by new dynamics through innovative production factors like information technology and AI, new ecosystems relying on collaborative partnerships, and new paradigms promoting deep industry integration [2][3]. Group 2 - The demand for new quality services is closely linked to China's focus on developing new productive forces, as highlighted in the "14th Five-Year Plan," which aims for significant breakthroughs in high-quality development and the construction of a modern economic system [4][5]. - Since the "14th Five-Year Plan," the average annual growth rate of the added value of high-tech manufacturing has been 9.2%, with projections indicating that by 2024, it will account for 16.3% of the total industrial added value [5]. - The "Two New" policies, which include large-scale equipment updates and the replacement of consumer goods, are expected to release market potential worth trillions, marking a significant step in the comprehensive deepening of these policies [5][6]. Group 3 - The new quality service market is entering a trillion-level explosive growth phase, with key sectors such as industrial, electronics, transportation, medical, and construction serving as core areas for this development [6][7]. - In the industrial sector, the demand for equipment updates is driving the foundation of the new quality service market, with policies promoting upgrades in high-end equipment and digital transformation [6][7]. - The medical sector's new quality services focus on intelligent equipment upgrades, digital diagnosis, and green construction, supported by increasing policy backing and rapid market growth [7]. Group 4 - The transportation sector is a key application area for equipment updates and dual transformation, with the shift to new energy vehicles and the development of smart logistics driving the new quality service market [7]. - In the construction sector, new quality services are centered on the renovation of old buildings, smart building construction, and the application of green materials, driven by urban renewal initiatives and carbon neutrality requirements [7][8]. - Overall, new quality services are seen as an inevitable trend in economic development, serving as a vital support for optimizing and upgrading the economic structure, driven by technological innovation and user demand [8].