有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 投资建议与投资标的 国家/地区 中国 行业 公用事业行业 报告发布日期 2025 年 11 月 30 日 看好（维持） 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 用电高增有望延续，火电增速由负转正： | 2025-11-23 | | --- | --- | | 公 用 事 业 行 业 周 报 （2025.11.17- | | | 2025.11.21） | | | 长协电价预期上修，现货市场建设加速： | 2025-11-09 | | 公 用 事 业 行 业 周 报 （2025.11.03- | | | 2025.11.07） | | | 火电业绩持续高增，行业持仓已至低点： | 2025-11-02 | | 公 用 事 业 行 业 周 报 （2025.10.27- | | | 2025.10.31） | | 公用事业行业 行业研究 | 行业周报 港口煤价逐步走低，输配电价新 ...

引言 在展开本文前，若您对我们的深度观察感兴趣，欢迎通过点击"关注"与我们保持联系，未来将持续为您呈现更多有价值的独家解析与行业观察。 文 | 不可史意 编辑 | 不可史意 亲爱的读者朋友们，大家好。作为一名持续追踪加拿大政经走向的评论人，今天我想与大家探讨当前局势。2025年11月26日，北美正遭遇一场罕见的严冬 ——加拿大首都渥太华已被厚厚的积雪覆盖，积雪深度达数十厘米。而比自然气候更令人心寒的，是美国突然宣布实施的50%高额关税，这一举措无疑令本 已疲软的加拿大经济前景更加黯淡。 面对这一突如其来的外部压力，加拿大总理马克・卡尼迅速作出回应，公布了一套双向应对方案：其一，将来自非贸易协定国的钢铁进口配额由原来的50% 压缩至20%；其二，紧急调拨50亿加元，为本国木材行业提供财政支援。 表面看来，这些措施展现了政府捍卫本土产业的果决态度。然而究其实质，这更像是前央行行长卡尼在错综复杂的国际贸易棋局中所采取的一种缓冲策略。 这些政策不仅揭示出加拿大经济结构中根深蒂固的三大软肋，也与每一位普通投资者的财富安全紧密相连。 钢铁业：内忧外患的夹缝求生 首先来看钢铁产业所面临的"堰塞湖"式危机。实际上，自卡尼今年 ...

Group 1 - The overall direction of the A-share market is still in a bull market, but it may enter a wide fluctuation phase in the short term. Compared to previous bull markets, there is still considerable room for index growth, but the duration of the bull market may be more important than the magnitude of the increase under the government's guidance for a "slow bull" policy [1][3] - In November, major A-share indices generally declined, with the STAR 50 index experiencing the largest drop of 7.1%, while the Shanghai 50 index saw the smallest decline of 1.3%. The performance across industries showed significant differentiation, with sectors like comprehensive, banking, and media leading in gains [2] - The Hong Kong stock market also experienced fluctuations in November, influenced by expectations of U.S. Federal Reserve interest rate cuts and concerns over AI bubbles. The Hang Seng Index and other indices showed mixed performance, with the Hang Seng Technology Index declining by 4.9% [2] Group 2 - In terms of investment strategy, short-term focus should be on defensive and consumer sectors, while mid-term attention should remain on TMT (Technology, Media, Telecommunications) and advanced manufacturing sectors. During the fluctuation phase, previously lagging sectors may perform better, particularly high-dividend and consumer sectors [3] - For the Hong Kong market, a "dumbbell" strategy is recommended, focusing on technology growth and high-dividend stocks. The market's overall profitability remains strong, and despite recent gains, valuations are still relatively low, making long-term investment attractive [4][5] - Specific areas of interest include domestic policies supporting self-sufficiency in technology, chip manufacturing, and high-end manufacturing, as well as independent internet technology companies with their own growth potential [5]

以下文章来源于宇观策略 ，作者张宇生 宇观策略 . 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 11月A股港股市场表现震荡 11月A股主要指数普遍下跌。受海外预期波动、市场风险偏好回落等因素影响，11月（截至26日），A股 主要指数普遍下跌，其中科创50跌幅最大，11月份累计下跌了7.1%，而上证50跌幅最小，累计下跌1.3%。 行业端分化明显，综合、银行、传媒涨幅居前。 光大策略张宇生团队感谢您的支持 点击注册小程序 查看完整报告 配置方面，短期关注防御及消费板块，中期继续关注TMT和先进制造板块。市场处于震荡的过程中时，前 期滞涨方向可能表现会更好，对应于本轮即为高股息及消费板块。中期来看，流动性驱动行情下，行情中 期TMT更容易成为主线，本轮或许也会如此。若行情转向基本面驱动，考虑到当前行情或 ...

2月底，伯克希尔哈撒韦正式发布2024年年度报告及巴菲特年度股东信。芒格书院通过DeepSeek精译了这份奥马哈来信的全文。 01 我们以股东希望的方式传递信息 致伯克希尔·哈撒韦公司股东： 这封致股东信是伯克希尔年报的重要组成部分。作为上市公司，我们有义务定期向您披露大量具体事实和数据。 但"年报"二字承载着更重的责任——除了法定披露事项，我们认为还应当向您阐述所投资产的本质与我们的投资理念。我们的沟通准则始终如一：若角色 互换（即您执掌伯克希尔，而我与家族作为被动投资者将毕生积蓄托付于您），您会希望以何种方式获得信息，我们便以何种方式传递信息。 这种理念促使我们每年如实报告您通过伯克希尔股权间接持有的各家企业的兴衰起落。不过当谈及具体子公司的问题时，我们始终恪守六十年前汤姆·墨 菲传授的黄金法则："指名道姓赞其优，分门别类析其弊。" 02 错的——是的，伯克希尔也会犯错 有时，我在评估为伯克希尔购买的企业的未来经济前景时犯了错误——每一次都是资本配置失误。这种情况既发生在对可交易股票的判断上——我们将这 些股票视为企业的部分所有权——也发生在对公司的100%收购上。 在其他时候，我在评估伯克希尔所聘用的经 ...

证券之星消息，11月28日，国企改革（399974）指数报收于1841.64点，涨0.22%，成交863.26亿元，换 手率0.48%。当日该指数成份股中，上涨的有63家，东方电气以5.56%的涨幅领涨，下跌的有33家，招商 蛇口以2.63%的跌幅领跌。 资金流向方面，国企改革（399974）指数成份股当日主力资金净流出合计7.88亿元，游资资金净流入合 计1998.58万元，散户资金净流入合计7.68亿元。成份股资金流向详情见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600036 招商银行 | | 3.25 Z | 15.29% | -3.61 Z | -16.97% | 3588.10万 | 1.69% | | 600118 | 中国卫星 | 1.53 Z | 6.36% | -6095.63万 | -2.54% | -9186.52万 | -3.82% | | 668109 | 紫金矿业 | 1. ...

中信建投证券 电子行业 庞佳军 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。同时，第六届新浪财经金麒麟最佳分析师评选结果隆重揭晓。 10位分析师荣获证券分析师·未来之星殊荣，所属机构及研究行业名单如下（排名不分先后）： 长江证券 新能源汽车与零部件行业 王子豪 广发证券 公用事业行业 姜涛 东方证券 电子行业 薛宏伟 国泰海通证券 策略研究 方奕 国金证券 宏观经济研究 杨佳妮 中泰证券 电子行业 杨旭 天风证券 银行业 刘杰 浙商证券 宏观经济研究 林成炜 华福证券 机器人及高端制造行业 戴永波 责任编辑：凌辰 ...

宏观研究 [Table_ReportType] 专题报告 | ] [Table_A 解运亮 uthor宏观首席 分析师 | | --- | | 执业编号：S1500521040002 | | 联系电话：010-83326858 | | 邮 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@cindasc.com [Table_Title] 企业利润率出现不寻常的下滑 [Table_ReportDate] 2025 年 11 月 28 日 证券研究报告 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号 金隅大厦B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 企业利润率出现不寻常的下滑。回顾历史来看，2020-2024 年，工业企业 在 1-10 月的营收利润率都较 1-9 月进一步提升。反观今年 1-10 月，工业 企业营收利润率出现了不同寻常的下滑。结合统计 ...

Group 1: High-end Manufacturing and Security - The defense industry is entering a new cycle driven by both domestic demand and external potential, focusing on information technology, intelligent equipment, and emerging fields like military trade and deep space economy [2] - The machinery sector is expected to undergo a value reassessment and technological empowerment, with a focus on robotics and autonomous driving, alongside a push for core technology breakthroughs [2] - The electric power and new energy sectors are witnessing a new growth cycle, with lithium battery storage demand surging and the photovoltaic market stabilizing [2] - The home appliance industry is focusing on policy subsidies, technological transformation, and overseas expansion, particularly in Southeast Asia and Latin America [2] - The automotive sector is experiencing rapid technological advancements in smart driving and hybrid technologies, with a focus on export opportunities and collaboration with tech companies [2] Group 2: Real Estate and Banking - The real estate market is stabilizing, with key cities expected to see price stabilization driven by household balance sheet recovery and supportive policies [3] - The banking sector is entering a new profit cycle, with stable interest margins supporting long-term profitability, and a focus on undervalued shares and quality city commercial banks [4] Group 3: Securities and Insurance - The securities industry is benefiting from wealth management trends, with a focus on stable earnings and international expansion as a long-term narrative [5] - The insurance sector is characterized by high elasticity, with investment-driven profit growth and a focus on regulatory compliance and risk management [6] Group 4: Construction and Chemicals - The construction industry is expected to stabilize with government debt management and new infrastructure projects, focusing on regional coordination and green development [10] - The chemical sector is entering a recovery phase, with a focus on high-quality enterprises and strategic investments in various chains [10][12] Group 5: Utilities and Environmental Protection - The utilities sector is seeing steady growth in electricity demand, with a focus on high-dividend investments in water and coal power [13] - The environmental protection sector is benefiting from policy adjustments and technological advancements, with a focus on improving profitability in water and waste management [16] Group 6: Capital Markets and Financial Innovation - The capital market is exploring new paths for empowering inclusive finance, focusing on small and micro-enterprise support and rural revitalization [21] - The green certificate market is expected to grow significantly, driven by policy support and increasing demand for renewable energy [22] Group 7: E-commerce and Retail - The retail sector is experiencing structural changes driven by AI, with a focus on rational competition and the globalization of Chinese brands [23] Group 8: Bonds and Financial Engineering - The convertible bond market is expected to see continued growth, driven by demand for fixed income and equity market expectations [25] - The quantitative investment sector is gaining traction, with a focus on unique strategies and the development of fixed income products [27]

Core Viewpoint - The recent inclusion of lipid management in Shanghai's public health services reflects the efforts of international companies like Novartis to address chronic disease prevention and cardiovascular health in the city [1] Group 1: New Member Companies and Their Contributions - Six new member companies of the Shanghai Mayor's International Business Advisory Council include global giants such as Nike, Veolia, Vale, SK, Mizuho Financial Group, and Adidas, representing various sectors like semiconductors, finance, consumer goods, and mining [2] - Adidas has become the largest single-country market for the company in China, with a revenue of €3.459 billion in the previous year, marking a 10.3% year-on-year growth [2] - Veolia's project in Pudong supplies nearly 2 million cubic meters of drinking water daily to 4.3 million residents [2] - Vale's iron ore shipments to China reached approximately 140 million tons in the first three quarters of this year, accounting for 62% of the company's global iron ore sales during the same period [2] Group 2: Alignment of Corporate Goals with Shanghai's Development - Companies believe there is significant potential in the Chinese market, leading to the establishment of a dedicated area for energy transition metals at this year's China International Import Expo [3] - The alignment between Shanghai's development direction and corporate goals is emphasized, with companies like Veolia developing smart water management platforms tailored to local needs [3] Group 3: Engagement and Contributions of New Members - New members are expected to submit consulting reports starting from their second year, but Adidas has already begun contributing by suggesting standardized guidelines for sports event management in Shanghai [4] - Companies are leveraging their global presence to gather insights and propose actionable recommendations for Shanghai's development, with Mizuho Bank focusing on sustainable development and demographic challenges [4] Group 4: Corporate Growth and Interaction with Shanghai - Companies are looking to achieve "second growth" in Shanghai, with Adidas planning to relocate its Greater China headquarters and actively participate in local events [5] - Veolia aims to integrate advanced technologies in water, waste, and energy management to help Chinese industrial parks reduce carbon emissions by 15% to 30% [5] - Mizuho Bank is expanding its operations in China, having received approval to establish the first wholly-owned Japanese securities company in the country, aiming to create a foundation for future growth [5] - The interaction between Shanghai and member companies is increasing, with regular events organized to facilitate communication and collaboration [5]