展会期间同步举办了2025中国（河南）－沙特产业合作对接会和2025中国（山东）－沙特乘用车经 贸对接会，依托展会平台优势，匹配地方产业特色与沙特市场需求，为中沙产业合作提供助力。 据介绍，本次展会共有来自山东、河南、江苏、湖北、江西、湖南、陕西等省份的130余家中国企 业参展，产品涵盖汽车装备、机床设备、新能源、电子通讯、建筑建材等，集中展示了中国制造在核心 技术研发、产业链整合等方面的全产业链优势和实力。 人民网利雅得11月25日电（记者任皓宇）沙特工业展暨沙特汽车装备展日前在沙特阿拉伯首都利雅 得举行。 ...

人民财讯11月20日电，东方雨虹（002271）11月20日公告，公司全资子公司东方雨虹巴西拟以自有资金 合计出资约1.08亿巴西雷亚尔（约1.44亿人民币）收购巴西Novakem Indústria Química Ltda.（简 称"Novakem"）60%股权。交易完成后，东方雨虹巴西将持有Novakem 60%股权。本次交易旨在立足公 司建筑建材系统服务商的核心定位，围绕"成为全球建筑建材行业最有价值企业"愿景，充分利用 Novakem在外加剂产品领域的综合优势，助力公司立足巴西并拓展拉美市场，完善海外业务布局，促进 海外业务发展。 ...

展会期间同步举办两大特色对接活动，实现精准对接的双向赋能。2025中国（河南）－沙特产业合作对 接会聚焦智能制造、食品工业、新能源、电力设备等河南优势产业，搭建起河南企业与沙特工商界、投 资机构的直接对话渠道，对接会上，河南省工信厅相关负责人详细推介了河南在重点合作领域的发展成 果与投资机遇，河南企业携核心产品与解决方案精彩亮相，充分展现了"河南制造"的硬实力与创新活 力；2025 中国（山东）－ 沙特乘用车经贸对接会则紧扣沙特汽车市场发展趋势，整合山东二手车出口 产业链资源，与沙特采购商就贸易流程、物流配套、售后保障等达成多项合作共识。两场对接会依托展 会平台优势，深度匹配地方产业特色与沙特市场需求，不仅为参展企业带来了实实在在的合作机遇，更 探索出"展会 + 专场对接"这一海外拓市新模式，得到中沙双方业界的高度认可。 此次展会的成功举办，不仅展现了中国制造的国际竞争力，更夯实了中沙产业合作的民间基础。随着中 沙全面战略伙伴关系不断深化，双方在更多领域的务实合作将持续落地，为共建"一带一路" 高质量发 展共写新篇章。 11月15日，为期三天的沙特工业展暨沙特汽车装备展在沙特利雅得拉开序幕。来自山东、河南、江 ...

略性新兴产业 55 未来产业 ll F Read www. . . . . . . . : " 规划事调 = = = = = = = 小伙伴们好,我是汇小鲸。近 "十五五" 规划建议全文已 日, 发布，这意味着未来五年中国 发展的总蓝图已经绘就! 哪些领域是重点、投资风口在哪 里? 今天，特邀"鲸专家"，为 大家划重点、指方向! 鲸专家，"十五五"和我们普 通投资者有什么关系呀? "十五五" 是2035年基本实现社 会主义现代化承上启下的关键五 年。看懂它，才能抓住未来的投 资主线。 培育壮大新兴产业和未来产业 A 这些新兴产业会带来多大市场? 这些集群将催生数个万亿级甚至 更大规模的市场。 这些未来产业呢? 这些产业蓄势发力，未来10年新增规 模相当于再造一个中国高技术产业。 #++<+Alt+612=11/9/1462&&older= 164/J/イ1×297/11/1 11:17:17 171/71/77/2 创新链条 美健技术 真做 F 15:55 研究 007 33 000 科技攻关具体瞄准哪些"硬骨头"? 要全链条推动集成电路、工业母机、 高端仪器等重点领域关键核心技术攻 关取得决定性突破。 企业 ...

晨会纪要 证券研究报告 2025 年 11 月 17 日 核心结论 分析师 【基金】行业主题基金专题研究（六）-主动篇：先进制造主题基金研究框 架及产品优选 本文构建主动型先进制造主题基金池。根据主动权益基金对制造行业的配 置、基金与先进制造概念的相关系数等标签划分，细分为均衡型/专注单一 赛道型制造基金、机器人/军工/汽车/新能源/智能驾驶/电池等概念主题基金。 综合定量定性指标、当下投资关注度，建议关注：1）机器人主题：永赢先 进制造智选、鹏华碳中和、平安先进制造、中航趋势领航等；2）军工主题： 长信国防军工、华夏军工安全、永赢高端装备智选等。 【证券Ⅱ】证券行业 2026 年度策略：步步向上，欣欣向荣 我们认为经济定调积极下资本市场上升趋势仍在，券商板块仍是年内不可多 得的相对低估+业绩同比高增的细分资产。在自营相对难以预测、叠加增量 资金持续入市带动 ADT 中枢高企下，我们认为当前经纪主线是不错的选择， 推荐国泰海通、华泰证券、东方证券、国信证券、广发证券，建议关注方正 证券；此外，推荐受益于权益市场活跃的九方智投控股、有望通过换股吸收 大智慧实现增长的湘财股份、持续受益于港股 IPO 回暖的中金公 ...

Group 1: Market Strategy and Economic Outlook - The report indicates that the Hong Kong stock market is poised for a rebound, driven by the easing of US dollar liquidity, which is expected to benefit major asset classes [5][8][9] - The report recommends an overweight position in Hong Kong stocks, A-shares, and commodities, while maintaining a neutral position in Chinese bonds and increasing exposure to US stocks and bonds [9] Group 2: Transportation Industry Insights - The express delivery sector is anticipated to benefit from anti-involution policies, with prices starting to rise since September 2025, indicating a positive trend for future growth [11] - The oil shipping industry faces challenges due to an aging fleet, with the average age of large oil tankers reaching a historical high of 13 years, while new orders are insufficient to meet future capacity needs [12] - The aviation sector is expected to enter a supply-demand resonance cycle, with a low growth rate in aircraft supply and a positive outlook for passenger volume growth in 2025 [13] Group 3: Construction and Building Materials Sector - The construction and building materials industry is at a bottoming phase, with a need for transformation due to insufficient domestic demand and increasing uncertainties from overseas [2][15] - The report highlights the importance of mergers and restructuring among state-owned enterprises to address excess capacity in the construction sector [2] - Recommendations include focusing on major construction blue-chip stocks and international engineering firms, as well as domestic cyclical stocks that are expected to benefit from demand recovery [2] Group 4: Macro Financial Data - In October, loan growth slowed, with new loans amounting to 220 billion yuan, significantly lower than the previous year's 500 billion yuan, reflecting ongoing challenges in the real estate market [18] - The report notes a decrease in social financing growth, with new social financing at 814.9 billion yuan, down from 1.41 trillion yuan in the previous year [19] - The M1 and M2 money supply growth rates have also declined, indicating tighter liquidity conditions [19] Group 5: Company-Specific Developments - Meili Tianyuan Medical Health's acquisition of Siyuanli for 1.25 billion yuan is expected to solidify its position as a leader in the high-end beauty sector, with the integration projected to enhance overall performance [21][22] - The report anticipates that the acquisition will lead to a significant increase in the number of active members and improve operational efficiency through resource synergies [22][23] - The company plans to utilize 1.2 billion HKD for dividends and buybacks over the next three years, highlighting its commitment to shareholder returns [23]

Core Insights - The article emphasizes the need for a self-revolution within the company, termed "scraping bones to detoxify," to achieve sustainable and high-quality development [1][3][4] Group 1: Company Challenges and Strategic Shift - The company faces "structural severe ailments" rather than minor issues, indicating a serious need for change [3] - The strategy of "scraping bones to detoxify" involves abandoning reliance on external funding and creating a healthy cash flow cycle among the company, customers, and partners [3] - This marks a fundamental shift in the company's operational logic from pursuing scale to focusing on quality and self-sustainability [3][4] Group 2: Cultural and Psychological Transformation - The chairman highlights the importance of reshaping the company's culture and mindset, urging the team to avoid blame and complacency [4] - The transformation is fundamentally about changing people's mindsets and overcoming organizational inertia [4] - The chairman's call for a "clear, determined, and enterprising mindset" serves as a foundation for upcoming reforms, representing a form of "soft infrastructure" for the company's transformation [4] Group 3: Industry Implications - The proactive approach of the company serves as a strong example for the entire construction materials industry, signaling a shift towards a new phase focused on healthy cash flow and operational quality [3] - The article acts as a declaration of the company's entry into a new development stage, indicating a willingness to endure short-term pain for long-term stability and health [4] - The commitment to change reflects the determination of the company to adapt and thrive amid the broader context of industrial upgrading and economic transformation in China [4][5]

Core Viewpoint - The article discusses the current economic trends in China, highlighting both positive and negative indicators in various sectors, including service consumption, durable goods, exports, and real estate sales, while also addressing commodity prices and fiscal policies. Group 1: Economic Indicators - Service consumption shows recovery with metro passenger volume increasing by 7% year-on-year in early November, compared to a 0.8% increase in October [2] - Durable goods consumption, particularly passenger car retail, has rebounded significantly, with a 47% year-on-year increase from October 27 to 31, compared to a previous decline of 9% [2][16] - Export activity is improving, as evidenced by a 13.8% month-on-month increase in port container throughput as of November 2 [2][26] Group 2: Price Trends - Agricultural product prices are on the rise, with pork prices increasing by 2.4% and vegetable prices by 1.6% [3][41] - Domestic and international commodity prices are declining, with the South China index down by 0.5% and the RJ/CRB commodity price index also down by 0.5% [5][40] Group 3: Real Estate and Construction - Real estate sales are experiencing a significant downturn, with a 43% year-on-year decrease in residential sales in the first week of November, compared to a 26% decline in October [4][14] - Construction activity is slightly declining, with cement shipment rates at 37.1%, down 0.3% from the previous week [4][18] Group 4: Fiscal Policy and Debt Management - The Ministry of Finance announced the establishment of a debt management department to address new hidden debt behaviors and ensure accountability [46][47] - New local government bond issuance plans indicate a total of 151.9 billion yuan for the week of November 10, with a focus on special bonds [46] Group 5: Interest Rates and Funding - Bond yields have slightly increased, with one-year, five-year, and ten-year government bond yields reported at 1.4045%, 1.5873%, and 1.8142%, respectively, as of November 7 [6][60] - The funding rates are fluctuating, with DR001 at 1.3321% and DR007 at 1.4130% as of November 7 [60]

Group 1 - The report highlights the acceleration of performance benchmark adjustments for public funds, with 79 active equity funds changing their benchmarks in 2025, compared to only 54 in 2024, indicating a better alignment with risk-return characteristics [1][24] - The report notes a shift in the distribution of active equity funds' performance deviation from benchmarks, with a decrease in funds showing significant negative deviations, reflecting a focus on generating excess returns relative to benchmarks as part of the high-quality development initiative [1][24] Group 2 - The report discusses the performance of the convertible bond market, noting a slight decline in the China Convertible Bond Index by 0.11% in October, while year-to-date, it has increased by 16.99% [3] - It emphasizes the differentiation in performance among various styles of convertible bonds, with low-priced, high yield-to-maturity, and high dividend styles outperforming others [3] - The report suggests strategies for future investment, including focusing on undervalued options, a dual low and momentum strategy, and bonds with defensive attributes [3] Group 3 - The macroeconomic environment review indicates a weak recovery in domestic demand, with strong exports and a cautious approach to policy adjustments [4][33] - The report anticipates continued positive trends in U.S. equities driven by interest rate cuts, AI developments, and improved U.S.-China relations, while cautioning against potential AI bubbles [4][33] Group 4 - The report on the semiconductor industry highlights stable market conditions in September, with strong AI-related orders and a notable increase in storage prices [7] - It projects a robust recovery in the semiconductor market, particularly in advanced packaging and testing, driven by demand from AI and automotive sectors [7] Group 5 - The agricultural sector report indicates a mixed outlook, with expectations of a recovery in the beef industry and a focus on domestic brands in the pet economy [8] - It highlights the importance of structural growth opportunities in the poultry sector, particularly in breeding and resource management [8]

Core Viewpoint - Oriental Yuhong (002271) demonstrates strong resilience and strategic determination in a challenging construction materials industry, achieving significant growth in key financial metrics despite overall market pressures [1][3][4] Financial Performance - In the first three quarters of 2025, the company reported revenue of 20.601 billion yuan and a net profit attributable to shareholders of 810 million yuan, with a net cash flow from operating activities of 416 million yuan, reflecting a year-on-year increase of 184.56% [1] - The third quarter alone saw revenue of 7.032 billion yuan, marking an 8.51% year-on-year growth [1] Industry Context - The construction materials industry is currently undergoing a deep adjustment phase, with national sales in the building materials and home furnishings sector declining by 3.75% year-on-year from January to September 2025, and new construction area in real estate down by 18.9% [1][3] Strategic Initiatives - The company is optimizing its customer structure, channel transformation, and business model, with engineering and retail channels accounting for 84.06% of total revenue in the first half of 2025 [3] - The "retail-first, partner-first, overseas-first" strategy is being actively pursued, with initiatives like the "Rainbow" plan and grassroots market promotions enhancing brand penetration [3] Financial Quality Improvement - Key financial indicators are improving, with accounts receivable decreasing by 18.6% year-on-year by the end of the third quarter, and the share pledge ratio of the actual controller reduced to 42.86%, alleviating high pledge risks [3] Future Outlook - The company is expected to further unlock growth potential with the implementation of new industry regulations and the continued expansion of its overseas business [4]