每经AI快讯，12月1日，中信证券研报认为，算力卫星作为算力新基建，全球产业化进程逐步推进，国 内政策细则出台引领。海外来看，科技巨头争相布局，太空算力逐渐成为共识。国内来看，算力星座发 射加速，产业化进程加快。国家政策来看，国家航天局印发《国家航天局推进商业航天高质量安全发展 行动计划（2025-2027年）》，细则进一步明确。建议关注算力卫星相关标的。 （文章来源：每日经济新闻） ...

12月1日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股要闻一览： 一、今日财经要闻： 1、美乌新一轮谈判结束，特朗普称俄乌和平协议"很有可能"达成。 2、国家统计局发布数据，11月份制造业PMI为49.2%，比上月上升0.2个百分点，景气水平环比好转， 但依然在扩张区间以下，新出口订单表现比较出色。 3、国家航天局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业航天产业迎来专职 监管机构，未来将持续推动我国商业航天高质量发展。 4、工信部组织召开动力和储能电池行业制造业企业座谈会，强调要加快推出针对性政策举措，依法依 规治理动力和储能电池产业非理性竞争。 5、央行召开打击虚拟货币交易炒作工作协调机制会议，会议要求继续坚持对虚拟货币的禁止性政策， 持续打击虚拟货币相关非法金融活动。 6、三部门联合发布《金融机构客户尽职调查和客户身份资料及交易记录保存管理办法》，"个人存取现 金超5万元需登记资金来源"的规定取消。 二、资本市场大事： 1、美联储换帅传闻发酵，降息预期高涨，黄金白银大涨。 2、六大行近日集体下架五年期大额存单，三年期产品利率也降至1.5%至1.75%的水平，且额度紧张， 权 ...

Core Viewpoint - The report from CITIC Securities highlights the gradual advancement of the global industrialization process of computing satellites as a new infrastructure for computing power, with domestic policy details emerging to lead the way [1] Group 1: Global Trends - Technology giants are increasingly investing in space computing, indicating a growing consensus on the importance of space computing [1] - The acceleration of satellite constellation launches in China is contributing to the faster industrialization of computing power [1] Group 2: Domestic Policy - The National Space Administration of China has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)", which further clarifies the details of the policy [1] - The report suggests paying attention to companies related to computing satellites in light of these developments [1]

Core Viewpoint - The report from CITIC Securities highlights the gradual advancement of the global industrialization process of computing satellites as a new infrastructure for computing power, driven by domestic policy details and international competition among tech giants [1] Group 1: Global and Domestic Trends - The industrialization of computing satellites is progressing globally, with tech giants increasingly investing in space computing as a consensus [1] - In China, the launch of computing constellations is accelerating, contributing to a faster industrialization process [1] Group 2: Policy Developments - The National Space Administration of China has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)", which further clarifies the details of the policy [1] - The new policies are expected to lead the way for the development of computing satellites in the domestic market [1] Group 3: Investment Recommendations - The report suggests paying attention to companies related to computing satellites, indicating potential investment opportunities in this emerging sector [1]

Important Market News - China successfully launched the Shijian-28 satellite using the Long March 7 rocket on November 30, 2025, marking the 611th flight of the Long March series [1] - The establishment of the Commercial Space Administration by the National Space Administration signifies dedicated regulatory oversight for China's commercial space industry, which is expected to drive high-quality development across the industry chain [2] Industry Insights - The National Space Administration has announced a plan to promote high-quality and safe development in the commercial space sector from 2025 to 2027, integrating commercial space into the national space development framework [2] - There are currently over 600 commercial space enterprises in China, with potential for growth as safety measures are prioritized [2] - The satellite internet market is projected to grow from approximately 40-50 billion yuan to over 200-400 billion yuan by 2030, with an annual compound growth rate of 10%-28% [3] - The brain-computer interface (BCI) medical application market is expected to reach $40 billion by 2030 and $145 billion by 2040, indicating significant potential for treating neurological disorders [4] - Quantum computing is seen as a transformative technology with the potential to create a market exceeding $100 billion by 2030, driven by technological breakthroughs and market demand [5]

记者从日前在长沙召开的全国促进民营经济发展壮大现场会上获悉，国家发展改革委将进一步拓宽市场准入空间，强化要素支持保障，加快组建国家创业投 资引导基金，切实增强民营企业获得感。（新华社） 商务部决定自12月1日起，对原产于日本、美国、韩国和马来西亚的进口聚苯硫醚所适用的反倾销措施进行期终复审调查。（新华财经） 11月制造业PMI升至49.2% 景气水平有所改善制造业企业信心增强 中国成为全球最大绿色债券市场今年绿债发行总额同比增长92%至1018亿美元全球占比达20% 主要产油国宣布维持明年前三个月暂停增产计划当前石油市场基本面稳健将根据市场情况灵活调整增产节奏 国家统计局服务业调查中心、中国物流与采购联合会11月30日发布数据显示，11月，制造业采购经理指数（PMI）为49.2%，比上月上升0.2个百分点，景气 水平有所改善；生产经营活动预期指数为53.1%，比上月上升0.3个百分点，制造业企业对近期市场发展信心有所增强。非制造业商务活动指数为49.5%，比 上月下降0.6个百分点。综合PMI产出指数为49.7%，比上月下降0.3个百分点。（新华财经） 11月，钢铁行业PMI为48%，比上月下降1.2个百分点 ...

早 报 精 选 1、 中共中央政治局11月28日下午就加强网络生态治理进行第二十三次集体学习。中共中央总书记习近平在主持学习时强调，网络 生态治理是网络强国建设的重要任务，事关国家发展和安全，事关人民群众切身利益。要健全网络生态治理长效机制，着力提升治理 的前瞻性、精准性、系统性、协同性，持续营造风清气正的网络空间。 2、国务院安委会日前印发通知，部署开展高层建筑重大火灾风险隐患排查整治行动，聚焦有人员居住和活动的高层民用建筑（包括 居民住宅建筑和办公、医疗、商业等公共建筑）开展排查整治，特别是正在进行外墙改造施工和内部局部装修改造的高层民用建筑， 全面加强高层建筑消防安全管理，切实保障人民群众生命财产安全。 3、国家统计局发布数据显示，11月份，制造业采购经理指数（PMI）为49.2%，比上月上升0.2个百分点，景气水平有所改善。从 企业规模看，大型企业PMI为49.3%，比上月下降0.6个百分点，低于临界点；中、小型企业PMI分别为48.9%和49.1%，比上月上 升0.2个和2.0个百分点，均低于临界点。 4、财政部数据显示，1-10月，国有企业营业总收入683529.3亿元，同比增长0.9%；国有企业 ...

运载火箭能实现高频率、低成本、"航班化"往返太空吗？西北工业大学科技成果转化企业——陕西 天回航天技术有限公司，用自主研发的"红龙二号"发动机给出了肯定答案。 天回航天董事长、西北工业大学教授刘红军介绍，这款150吨级混合循环液氧甲烷发动机，创新采 用在线智能检测与航班化可重复使用设计，预计重复使用次数不少于50次，这意味着未来真正迈向太空 运输的"航班时代"。 天回航天的技术突破，正是陕西推动科技创新和产业创新深度融合的生动体现。在科技成果转 化"三项改革"等一系列政策的推动下，陕西有很多像刘红军这样的科研人员，带着科技成果走向市场， 实现技术价值与市场需求的精准对接，为培育新质生产力、实现高水平科技自立自强注入强劲动能。 改革破冰，为高效转化"护航" "过去，我们手里握着技术专利，却因为'不敢转、不愿转、缺钱转'，只能让成果'躺'在实验室 里。"11月30日，陕西科技大学教授牛育华回忆起曾经的困境，感慨万千。 这样的困境，在陕西高校和科研院所中并不少见。陕西高校、科研机构众多，但长期以来，不少科 研人员手握专利技术，却被转化难题挡在市场大门外。 2022年，陕西以体制机制改革为突破口，在全省高校院所开展职 ...

【宏观】 外需修复，推升供给——2025年11月PMI数据点评 新出口订单指数反弹，带动供给边际改善。 2025 年 11 月份，新出口订单指数为 47.6% ，边际回升 1.7 个百分点，创下半年以来的最大涨幅。在外需的支 撑下，生产指数升至临界点，但是表现不及近年同期平均水平，且涨幅弱于季节性。企业生产的积极性进一步提升还要内需的推动。从行业看，农副食品加 工、有色金属冶炼及压延加工等行业产需较为活跃，而石油煤炭及其他燃料加工、化学纤维及橡胶塑料制品等行业产需景气水平偏低。同时，原材料采购价格 总体水平加快上涨，反映"反内卷"治理效果持续释放。出厂价格指数虽然边际回升，但是仍处于收缩区间。在内需的疲软之下，制造业企业对原材料的扩大采 购较为谨慎。 建筑业景气指数边际回升，但是仍需提振。 在非制造业，服务业景气度边际回落，降幅强于季节性。究其原因，除了假期效应消退的影响，还与房地产供需 加快调整后，相关行业市场活跃度偏弱有关。建筑业景气指数边际回升，涨幅强于季节性。究其原因，或与四季度新型政策性金融工具落地、部分地方债结存 限额的投放有关。值得一提的是，财政部将提前下达 2026 年新增地方政府债务限额，支 ...

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is positioned as a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate into a long-term growth phase. The report emphasizes that "one generation of materials supports one generation of industry," highlighting the foundational nature of the new materials industry as the material basis for other industries [4]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - A significant development is the plan to construct a large-scale data center system in Beijing, aimed at moving large-scale AI computing power to space, with operations expected to exceed 1 GW [6][22]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [7]. 3. New Energy Sector - The report highlights the focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. - As of October 2025, over 800 integrated projects for wind and solar hydrogen production have been planned in China, with a total green hydrogen capacity nearing 9 million tons per year [10]. 4. Biotechnology Sector - The focus is on synthetic biology and scientific services [11]. - A notable breakthrough in India involves the launch of a pilot plant for CO2 to DME conversion, marking a significant milestone in carbon recycling technology [12]. 5. Energy Conservation and Environmental Protection Sector - Key materials include adsorption resins, membrane materials, and biodegradable plastics [13]. - The Ministry of Ecology and Environment has released a carbon emissions trading market allocation plan, which aims to incentivize companies based on their carbon emissions performance [14]. 6. Key Companies and Earnings Forecast - The report lists several key companies with their stock prices and earnings per share (EPS) forecasts for 2024 to 2026, indicating a positive outlook for many companies in the new materials sector [16].