今日聚焦 1、摩尔线程 摩尔线程12月3日公告，经上交所审核同意，公司发行的人民币普通股股票将于2025年12月5日在上交所 科创板上市。 2、沐曦股份：发行价格确定为104.66元/股 沐曦股份12月3日公告，发行人与保荐人(主承销商)根据网下发行询价报价情况，协商确定公司发行价 格为104.66元/股，发行价格确定后上市时市值约为418.74亿元，对应的发行人2024年摊薄后静态市销率 为56.35倍，低于同行业可比公司2024年静态市销率平均水平。 3、王府井：拟使用不超15.2亿元暂时闲置募资进行现金管理 王府井12月3日公告，公司计划使用不超过15.2亿元的暂时闲置募集资金进行现金管理，购买安全性 高、流动性好的保本型产品或其他符合规定的产品(包括结构性存款、通知存款、协定存款等)，投资产 品的期限均不超过12个月，且不用于质押及以证券投资为目的的投资行为。 4、赛轮轮胎：拟1.52亿美元投建柬埔寨贡布经济特区项目(二期) 赛轮轮胎12月3日公告，公司拟投资建设柬埔寨贡布经济特区项目(二期)，项目投资总额1.52亿美元，由 公司在柬埔寨设立的全资子公司贡布湾投资负责实施。项目建设期为12个月，预计可 ...

Core Viewpoint - The Q4 style rotation model indicates signals for small-cap and growth stocks, with a focus on sectors such as electric equipment and renewable energy for December [1][2]. Style Rotation Model - The Q4 style rotation model has issued signals favoring small-cap stocks, with a comprehensive score of -1 for the dual-driven rotation strategy as of September 30, 2025 [3]. - The value-growth style rotation model shows a comprehensive score of -3 for the dual-driven rotation strategy, indicating a preference for growth stocks [4]. Industry Rotation Insights - In November, the composite factor strategy yielded an excess return of -0.58%, while the single-factor long strategy had an excess return of -0.83% [4]. - For December, the single-factor long strategy recommends bullish sectors including banking, construction, non-bank financials, and electric equipment and renewable energy. The composite factor strategy suggests bullish sectors such as telecommunications, comprehensive finance, computer technology, electric equipment and renewable energy, and utilities [4].

风格轮动模型方面， Q4 风格轮动模型发出小盘、成长信号。 行业轮动模型方面 ， 12 月，单因子策略、复合因子策略推荐配置的多头行业均涵盖电力设备 及新能源。 大小盘风格轮动 Q4 配置信号。 根据 2025 年 09 月 30 日的最新数据， 2025Q4 ，双驱轮动策略得出的综合分数为 -1 ，预测信号为小盘。 【金工】风格及行 业观点月 报（2025.12） 价值成长风格轮动 Q4 配置信号。 根据 2025 年 09 月 30 日的最新数据， 2025Q4 ，双驱轮动策略得出的综合分数为 -3 ，预测信号为成长。 行业轮动 11 月表现。 使用行业历史基本面、预期基本面、情绪面、量价技术面、宏观经济等维度的因子对各行业打分， 分别构建复合因子策略及单因子多 策略 。 11 月复合因子策略的 超额收益为 -0.58% ，单因子多策略的超额收益为 -0.83% 。 行业轮动 12 月观点。 单 因子多策略推荐配置的多头行业为银行、建筑、有色金融、非银行金融、电力设备及新能源。复合因子策略推荐的多头行业为通 信、综合金融、计算机、电力设备及新能源、电力及公用事业。 风险提示： 模型失效风险、因子失效风险、 ...

根据薪资处理公司ADP周三发布的报告，11月私营企业就业岗位意外减少3.2万个，且小企业遭受重创，11月美国劳动力市场的放缓势头进一步加剧。 随着市场对美国就业形势的担忧日益加剧，ADP数据表明问题比预期的更严重。此次就业人数的下降与10月份形成鲜明对比，后者经上修后为增加4.7万个 岗位。 数据公布后，现货黄金小幅上涨，并重回4220美元。 损失最大的是专业和商业服务业，减少了2.6万人。其他裁员的行业包括信息服务业（减少2万人）、制造业（减少1.8万人）以及金融活动和建筑业，后两者 均减少了9000人。 薪资增长速度也有所放缓，留任员工的薪资同比上涨4.4%，较10月份下降了0.1个百分点。 大型企业（即拥有50名或以上员工的公司）实际上净增了9万名员工。然而，员工少于50人的企业减少了12万个岗位，其中拥有20至49名员工的公司减少了 7.4万个。这是自2023年3月以来的最大降幅。 教育和医疗服务业以3.3万人的新增招聘领跑，休闲和酒店业增加了1.3万人。但各行业广泛的下滑拉低了整体数据。 这份ADP报告是美联储在12月9日至10日开会前能看到的最后一份就业数据。期货交易员认为，尽管一些官员对应否进一 ...

证券研究报告 | 策略定期报告 2025 年 12 月 3 日 11 月制造业 PMI 环比上行，化工品价格多数上涨 ——行业景气观察（1203） 本周景气度改善的方向主要在资源品、消费服务和信息技术领域。上游资源品中， 工业金属、贵金属价格普遍上涨；中游制造领域，新能源产业链价格多数上涨， 11 月重卡销量三个月滚动同比增幅收窄。信息技术中，存储器价格持续上涨，10 月北美 PCB 出货量与订单量三个月滚动同比增幅扩大。消费服务领域，票房收 入上行，中药材价格上涨。10 月制造业 PMI 改善，建筑业环比上行，服务业自 24 年以来首次进入收缩区间。推荐景气较高或有改善的有色、钢铁、化工、电 池、中药、影视、半导体等。 定期报告 相关报告 《金属价格多数上涨，存储器、新 能源材料价格持续强势（1126）》 《10 月社零同比增幅收窄，新能 源产业链价格多数上涨（1119）》 《10 月 PPI 降幅持续收窄，新能 源产业链价格普遍上涨（1112）》 《9 月北美 PCB 出货量同比增幅 扩大，锂原材料价格上涨（1105）》 《三季报披露近六成，资源品价 格多数上涨——行业景气观察 （1029）》 《9 月社 ...

Group 1 - The process for transferring urban and rural residents' pension insurance for individuals moving their household registration to Chengdu is outlined, allowing for the transfer of personal account amounts without counting years of contribution, with specific payment rates based on the average salary of on-the-job employees in the province [1][6] - The Chengdu Urban Management Committee emphasizes its commitment to addressing illegal constructions, reporting the demolition of over 3,000 illegal structures covering approximately 2 million square meters in 2025, with plans for continued enforcement in 2026 [2][7] - The Xichang Qingshan Airport has recently opened new flight routes and plans to add more routes in the coming year, including connections to major cities like Xiamen and Hefei, as well as increasing frequency on existing routes [3][6] Group 2 - Conditions for installing elevators in existing residential buildings in Yajiang County are specified, including compliance with urban planning and safety regulations, and eligibility criteria for buildings constructed before May 2015 [5][8]

Fund Issuance - Over 60 new funds are set to be issued in December, with 28 launched on December 1 alone, marking a competitive issuance environment [1] - A total of 1450 new funds have been issued this year, surpassing last year's total of 1143 and reaching a three-year high [1] Copper Prices - The three-month copper price on the London Metal Exchange has reached a historical high of $11,338 per ton, with a recent increase of 1.7% [1] Memory Prices - DDR4 memory prices remain higher than DDR5, with no signs of decline despite already elevated prices [1] - Some NAND sellers are renegotiating previously confirmed transactions to seek higher profits, risking their reputations [1] AMOLED Production - The first 8.6-generation AMOLED glass processing line in China is entering equipment debugging, with a total investment of 628 million yuan [1] - This project is expected to significantly shorten supply chain response times and reduce logistics costs, supporting the production of BOE's B16 project [1] 丸美生物 Compliance Issues -丸美生物 is facing internal control issues, including non-compliance in financial accounting and fundraising management, leading to regulatory warnings for key executives [5] - The company plans a secondary listing in Hong Kong to enhance capital strength and international competitiveness amid these challenges [5] -丸美生物 has distributed a total of approximately 1.083 billion yuan in dividends over the past six years, with the founders holding over 80% of shares [5] Star Universe Shares - Star Universe is planning to issue H-shares and list on the Hong Kong Stock Exchange [6] Guizhou Bailin Investigation - Guizhou Bailin's actual controller is under investigation by the China Securities Regulatory Commission for insider trading and information disclosure violations [7] National Grid Project - A subsidiary of Samsung Medical is a candidate for a 152 million yuan transformer procurement project with the National Grid [16] Market Performance - The ChiNext index fell over 1% amid market fluctuations, with significant declines in AI application concepts [18] - The overall market saw over 3800 stocks decline, while sectors like superhard materials and coal performed well [18]

Group 1: Economic Relations - The 13th Morocco-Spain High-Level Meeting is scheduled for December 4, indicating a deepening strategic partnership between the two countries [1] - Bilateral trade is projected to reach a record high of €22.7 billion in 2024, with Morocco exporting €9.83 billion primarily in agricultural products, textiles, and automotive products, while Spain's exports to Morocco are valued at €12.87 billion, focusing on machinery, industrial equipment, chemicals, and electronic components [1] - Morocco has become Spain's main trading partner in Africa, as highlighted by EU statistics [1] Group 2: Foreign Investment - Morocco attracted a total of $69.3 billion in foreign direct investment stock by 2023, with Spain consistently ranking among the top five foreign investors [1] - Approved investment projects in Morocco for 2024 amount to nearly €18.5 billion, with significant contributions from European companies, particularly from Spain, France, and Germany [1] - Spanish investments are primarily concentrated in the industrial sector, aligning with Morocco's industrial acceleration plan, green strategy, and decarbonization initiatives [1] Group 3: Future Investment Goals - Over 1,300 Spanish companies operate in Morocco across various sectors, including construction, finance, agriculture, higher education, engineering, and emerging technologies [2] - The Moroccan Business Confederation (CGEM) and the Spanish Employers' Organization (CEOE) aim to achieve €5 billion in cross-investment by 2028, focusing on energy transition, logistics, sports infrastructure, and cultural industries [2] - The upcoming high-level meeting in Madrid is expected to explore new growth areas such as green hydrogen, cybersecurity, and industrial innovation to enhance bilateral cooperation [2]

本报记者韩昱 中国商业经济学会副会长宋向清也认为，一方面，项目投资可直接拉动经济稳增长，成为年末经济"压 舱石"；另一方面，基建、产业类项目带动钢铁、机械、建材等上游供给，以及物流、运维等下游服 务，可以形成"投资—生产—营收"闭环，激活产业链协同效应。此外，重大项目建设中的基础设施项目 持续完善交通、能源等硬支撑，社会事业项目补齐公共服务短板，既可改善民生体验，又为后续产业落 地、经济升级奠定基础。 在密集开工的同时，地方重大项目建设进展也较为积极。例如，广东省发展和改革委员会11月28日发布 的数据显示，2025年广东省安排省重点建设项目1500个，年度计划投资1万亿元。1月份至10月份，省重 点项目完成投资9598亿元，为年度计划投资的96.0%。深圳宝安国际机场T2航站区及配套设施工程等 158个项目开工建设，广州增城至佛山高速公路（增城至天河段）、广州至湛江铁路等在建项目推进顺 利。 确保重大项目建设持续跑出"加速度"，后续地方还可从哪些方面发力？朱华雷表示，各地政策可围 绕"要素保障、审批提效、资金赋能、环境优化、机制护航"五大核心精准发力，通过政策组合拳，有效 提升重大项目开工率、投资完成率和竣 ...

微信编辑 | 小羊 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 2025.12. 03 香港宏福苑火灾追责持续升级，香港警方与廉政公署已逮捕包括承建商"宏业建筑工程有限公司"及 顾问公司"鸿毅建筑师有限公司"等在内的相关人士。第一财经记者实地探访两家公司香港办公地， 发现"宏业建筑"办公室灯火昏暗且拒绝对话；而本应作为第三方负责监督的"鸿毅建筑师"，则在记 者到访后拉下闸门，回避接触。在记者查阅资料后发现，该项维修工程中标价为1.52亿港元，中标 后却又修改施工方案，价格飙升至3.3亿，而"宏业"正是以低于顾问估算价1.6%的最低价中标。更 现场、更财经，一探究竟！ 万科突发公告，一笔境内债将寻求展期 （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 作者 | 第一 财经 莫子昊、朱斌、航宇 ...