Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing at 26,095 points, up by 0.24%, while the Hang Seng Tech Index fell by 0.37% [2][3] - Southbound capital saw a net inflow of 4.1 billion HKD today [2] Technology Sector - Major tech stocks exhibited divergent trends, with Meituan dropping over 3%, while Alibaba, Xiaomi, and NetEase saw gains [2] - The overall sentiment in the tech sector remains cautious, influenced by the performance of large-cap stocks [2][4] Heavy Machinery Sector - Heavy machinery stocks experienced a collective surge, with Sany Heavy Industry rising over 5% [6] - The heavy truck market in China reported sales of approximately 100,000 units in November, marking a year-on-year increase of about 46% [6] - The industry has seen a consistent upward trend, with an average growth rate of 42% since April [6] Insurance Sector - Insurance stocks showed recovery, with China Pacific Insurance, China Life Insurance, and China People's Insurance Group rising by 3.32%, 2.78%, and 2.54% respectively [7] - Analysts suggest that the impact of real estate sector fluctuations on insurance companies is limited, and a rebound in the insurance liability side is expected [7] New Energy Vehicles (NEV) Sector - The NEV sector faced pressure, with NIO, XPeng Motors, and Li Auto experiencing declines of 6.74%, 5.52%, and 0.78% respectively [10][11] - November sales data revealed that XPeng delivered 36,728 vehicles (up 19% YoY), NIO delivered 36,275 vehicles (up over 76% YoY), while Li Auto's deliveries fell by over 30% YoY [10] Consumer Electronics Sector - The consumer electronics sector continued its upward trend, with companies like FIH Mobile, AAC Technologies, and GoerTek seeing increases of 5.38%, 3.95%, and 3.00% respectively [12][14] - The rise of AI in mobile technology is expected to reshape industry competition and create new growth opportunities for related companies [12] Innovative Pharmaceuticals Sector - The innovative pharmaceuticals sector weakened, with companies like Peijia Medical and WuXi AppTec experiencing declines of 10.36% and 5.13% respectively [15][17] - Analysts believe that the sector is sensitive to global financing conditions, and a potential easing of monetary policy could alleviate financing pressures and support valuation recovery [15]

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢周报（11.24-11.28） 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 观点和策略 一、观点和策略 沪镍观点：本周镍价反弹，厂家有一定惜售，贸易商拿货依然谨慎。近期部分产能减产， 部分货源偏紧。产业链上，镍矿价格坚挺，海运费持平，印尼2026年RKAB配额预计3.19亿 吨，预期供应宽松。镍铁价格有止跌迹象，大部分维稳，小部分仍有回落，成本线重心维 稳。不锈钢库存回升，需求表现仍不佳。精炼镍库存持续高位，过剩格局不变。新能源汽 车产销数据良好，但总体镍需求提振有限。 操作策略： 沪镍主力：20均线上下震荡运行，中长线反弹抛空。 不锈钢主力：20均线向下承压，偏弱运行。 二、基本面分析 2 基本面 3 技术分析 4 产业链梳理总结 1、产业链周度价格变化 2、镍矿市场状况分析 ...

朋友们，有没有觉得最近钱越来越难赚了，花钱却越来越谨慎？ 别急，一场关乎你我钱包的重磅会议即将敲定2026年的经济走向。 每年12月召开的中央经济工作会议，被称为中国经济的"风向标"，今年尤其特殊。 2025年是"十四五"规划收官之年，也是"十五五"规划的谋划起点。 这场会议不仅要总结过去五年重大项目的进展，比如光刻机国产化到了哪一步，还要明确明年经济怎么干、钱往哪里流。 从房贷利率、就业机会到养老育儿补贴，会议释放的信号将直接影响你的月供、工资和消费选择。 历史经验告诉我们，比如2016年会议首次提出"房住不炒"，精准预示了房价拐点。 经济目标的实现，需要产业层面的支撑。 会议上，新兴产业和传统行业的转型路径会成为讨论重点。 人工智能、新能源、生物技术等领域的扶持政策如何细化，传统制造业如何升级，这些议题都关联着未来的就业市场和投资风口。 2025年8月的数据显示，中国人工智能企业数量已突破5000家，平均每天新增2家，相关专利占全球总量的60%。 这些具体进展，需要在会议上评估效果。 眼下，内需不足、楼市调整、外部压力三重挑战叠加，会议如何出招，值得每个普通人盯紧。 2025年中央经济工作会议的特殊性，首 ...

Core Insights - The green transformation of enterprises, industries, energy, and transportation in the Beijing-Tianjin-Hebei region has significantly improved air quality during the "14th Five-Year Plan" period [1][2] Group 1: Tax Revenue and Environmental Impact - From January 2021 to September 2025, enterprises in the Beijing-Tianjin-Hebei region benefited from a reduction in environmental protection tax amounting to 1.63 billion yuan due to compliance with air pollutant discharge standards [1] - The cost of environmental protection tax per 10,000 yuan of GDP for enterprises in the region decreased from 18.6 yuan to 17.6 yuan, indicating a clear effect of green transformation [1] Group 2: Industrial Structure Optimization - The proportion of sales revenue from high-energy consumption and high-emission industries in the manufacturing sector dropped from 40.6% in 2021 to 34.4% by September 2025 [1] - The share of new energy vehicle sales in total vehicle sales in the region increased from 13% in 2021 to 45.8% by September 2025, reflecting a shift towards greener transportation [1] Group 3: Governance and Policy Implications - The collaborative development of green transformation across enterprises, industries, energy, and transportation has established a comprehensive pollution prevention system [2] - The governance model of "policy guidance + tax adjustment + multi-field collaboration" serves as a reference for ecological environment governance across regions in the country [2] - The tax authorities will work with environmental departments to implement air pollution prevention and control actions effectively, enhancing the role of environmental taxes and related policies [2]

Company Overview - Luxshare Technology (SZ 002617) announced on November 7 that its 20th meeting of the 6th board of directors was held at the company's office in Zhuji City, where it reviewed the proposal to extend the return of idle raised funds for temporary working capital [1] Financial Performance - For the first half of 2025, Luxshare Technology's revenue composition was as follows: Industrial sector accounted for 78.31%, photovoltaic industry for 21.17%, other businesses for 0.54%, and the new energy vehicle sector had a negative contribution of -0.03% [1] Market Capitalization - As of the report date, Luxshare Technology's market capitalization stood at 17.4 billion yuan [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - This week, nickel prices fluctuated weakly with average trading volume, mainly affected by macro factors. The nickel ore price remained firm, the nickel iron price continued to decline, the stainless - steel inventory increased slightly, and the long - term surplus pattern remained unchanged. The production and sales data of new energy vehicles were good, but the overall boost was limited [8]. - The Shanghai nickel main contract will fluctuate around the 20 - day moving average, with support from the cost line below. The stainless - steel main contract will have a wide - range fluctuation around the 20 - day moving average [9][10]. Group 3: Summary by Directory 1. Views and Strategies - **Shanghai Nickel View**: This week, nickel prices fluctuated weakly, affected by macro factors. The nickel ore price was firm, the nickel iron price declined, the stainless - steel inventory increased slightly, and the long - term surplus pattern remained unchanged. The new energy vehicle production and sales data were good, but the overall boost was limited [8]. - **Operation Strategy**: The Shanghai nickel main contract will fluctuate around the 20 - day moving average, with support from the cost line below. The stainless - steel main contract will have a wide - range fluctuation around the 20 - day moving average [9][10]. 2. Fundamental Analysis - **Industry Chain Weekly Price Changes** - Nickel ore prices (red clay nickel ore with different grades) remained unchanged compared to last week. The price of battery - grade and electroplating - grade nickel sulfate also remained unchanged. The price of low - nickel iron in Shandong remained the same, while the high - nickel iron price decreased by 0.53%. The price of electrolytic nickel (Shanghai electrolytic nickel, Shanghai Russian nickel, and Jinchuan ex - factory price) decreased, and the 304 stainless - steel price decreased by 0.36% [13][14]. - **Nickel Ore Market Conditions** - Nickel ore prices remained stable, and the freight remained the same as last week. As of October 30, 2025, the total nickel ore inventory at 14 ports in China was 14.791 million wet tons, a decrease of 1.26%. The imported nickel ore volume in September 2025 decreased by 3.66% month - on - month but increased by 33.91% year - on - year. The northern Philippines had a tender with a firm price, and the rainy season in Surigao was approaching [17]. - **Electrolytic Nickel Market Conditions** - Nickel prices fluctuated weakly with average trading volume. In the long - term, the supply and demand will both increase, but the surplus pattern will not change. The substitution of ternary materials in the new energy industry chain is becoming more obvious, and the growth of nickel demand is slowing down. In September 2025, China's refined nickel production increased both month - on - month and year - on - year. The import and export volume also changed, with an increase in imports and a decrease in exports in September 2025 compared to the previous month. The LME and SHFE inventories increased [22][26][30]. - **Nickel Iron Market Conditions** - The nickel iron price declined. In September 2025, China's nickel pig iron production decreased both month - on - month and year - on - year. The nickel iron import volume increased both month - on - month and year - on - year. The inventory in September 2025 was 202,900 physical tons, equivalent to 19,900 nickel tons [44][48][51]. - **Stainless - Steel Market Conditions** - The 304 stainless - steel price decreased by 50 yuan/ton this week. In September 2025, the stainless - steel crude steel production was 3.4267 million tons, with an increase in the 300 - series production. The import volume was 120,300 tons, and the export volume was 418,500 tons. As of October 31, 2025, the national stainless - steel inventory increased by 370 tons [59][65][71]. - **New Energy Vehicle Production and Sales** - In September 2025, the production and sales of new energy vehicles were 1.617 million and 1.604 million respectively, with year - on - year growth of 23.7% and 24.6%. From January to September 2025, the cumulative production and sales were 11.243 million and 11.228 million respectively, with year - on - year growth of 35.2% and 34.9%. In September 2025, the total battery production was 151.2 GWh, and the power battery loading volume was 76.0 GWh [75][78]. 3. Technical Analysis - From the daily K - line, the price fluctuated around the 20 - day moving average. During the price decline this week, there was obvious position - increasing, and position - reducing occurred around 120,000. The MACD direction was not clear, and the KDJ was downward but not in the oversold area [81]. 4. Industry Chain Sorting Summary - **Fundamental View** - Nickel ore: Neutral, with stable quotes, flat freight, and the approaching rainy season. - Nickel iron: Neutral, with a stable - to - decreasing price and a certain decline in the cost line. - Refined nickel: Slightly bearish, with the long - term surplus pattern remaining unchanged and continuous inventory build - up at home and abroad. - Stainless - steel: Neutral, with a slight increase in inventory. - New energy: Neutral, with good production data and a year - on - year increase in ternary battery loading [84]. - **Trading Strategy** - Unilateral strategy: The Shanghai nickel main contract will fluctuate around the 20 - day moving average, with support from the cost line below. The stainless - steel main contract will have a wide - range fluctuation around the 20 - day moving average [86][87].

Group 1 - The core point of the article is that Aohai Technology (SZ 002993) held its third board meeting on October 24, 2025, to review proposals including amendments to the company's articles of association [1] - For the first half of 2025, Aohai Technology's revenue composition was 88.13% from the computer, communication, and other electronic equipment manufacturing industry, and 11.87% from the new energy vehicle sector [1] - As of the report date, Aohai Technology's market capitalization was 13.1 billion yuan [1]

Group 1 - The core point of the article is that Aohai Technology (SZ 002993) announced a guarantee balance of approximately 719 million yuan for its subsidiaries, which accounts for 14.63% of the company's audited net assets for the fiscal year 2024 [1] - For the first half of 2025, Aohai Technology's revenue composition is as follows: 88.13% from the manufacturing of computers, communications, and other electronic devices, and 11.87% from the new energy vehicle industry [1] - As of the report date, Aohai Technology has a market capitalization of 13.1 billion yuan [1]

Core Insights - The 2025 China Chengtai International Economic and Trade Fair aims to promote "going global" for Chinese enterprises, positioning Chengtai as a key gateway for international expansion [1][2] - The event builds on the success of the first fair held in 2024, which attracted over a thousand companies, highlighting the growing importance of international trade for long-term business development [1][2] Summary by Sections Event Overview - The second fair is larger and more mature, featuring 173 signed projects with an intended signing amount of approximately 67.36 billion yuan, covering various sectors including energy trade, oil services, and cross-border e-commerce [3] - The event includes nine thematic activities, evolving from a single event to a multi-month industry ecosystem cultivation initiative, enhancing the depth of the "going global" theme across different sectors [3] Government Initiatives - Two complementary government-guided funds were launched, with a total scale of 35 billion yuan, indicating a shift from "fund attraction" to "industry ecosystem co-construction" [4] - The fair introduced three major industry ecosystem scenarios related to the gaming industry, along with a comprehensive service list to support local operations and talent development [4] Competitive Advantages - Chengtai leverages the advantages of the Hainan Free Trade Port, including zero tariffs and low tax rates, to reduce operational costs and facilitate global resource allocation [5][6] - The geographical location of Chengtai, with access to major ports and airports, enhances its logistics capabilities, attracting notable logistics companies to the region [6] - The region has a solid industrial foundation with significant clusters in digital culture, gaming, and cross-border e-commerce, fostering a vibrant "going global" ecosystem [6] Impact and Future Prospects - The fair's influence extends beyond the event itself, with significant investment projects and partnerships emerging, such as the Zhejiang-Qiong Cooperation Industrial Park, which has attracted multiple high-value projects [7][8] - The ongoing efforts to promote Chengtai as a key player in the global supply chain demonstrate the potential for county-level regions to contribute uniquely to the Hainan Free Trade Port's development [8]

Core Insights - The evolution of sports jerseys in Jiangsu reflects the province's industrial transformation, showcasing a shift from traditional to high-tech materials and indicating a broader economic narrative of innovation and regional balance [2][4][6]. Industry and Company Developments - The transition from cotton to synthetic materials in sports jerseys illustrates a history of material science innovation, with polyester and nylon becoming mainstream, enhancing performance and comfort [4][5]. - Jiangsu's textile industry has evolved into a high-tech sector, capable of meeting international demands with rapid production timelines, highlighting the strength of its complete industrial chain [4][8]. - The introduction of smart fabrics, such as those developed by China Petrochemical's Yizheng Chemical Fiber, demonstrates advancements in textile technology, allowing for dynamic adjustments to temperature and humidity [5][6]. - The development of new materials is a strategic focus in Jiangsu, with significant investments in advanced materials like nanomaterials and green building materials, indicating a robust growth trajectory [7][8]. - The successful launch of the Changtai Yangtze River Bridge, utilizing high-strength materials from CITIC Pacific Special Steel, exemplifies Jiangsu's capabilities in producing high-performance materials for major infrastructure projects [8]. Regional Economic Balance - The performance of Jiangsu's football teams and their jerseys symbolizes the province's economic structure, with Suzhou leading in innovation, Nantong focusing on marine engineering, and Xuzhou emerging as a new industrial force [10][15][16]. - Jiangsu's economic strategy emphasizes systemic and collaborative development across regions, with Suzhou, Suzhong, and Subei each playing distinct roles in the overall economic landscape [10][12][13]. - The province's advanced manufacturing clusters, such as those in the automotive and semiconductor industries, showcase the benefits of regional collaboration and supply chain integration, enhancing competitiveness [18][20][21]. Innovation and Collaboration - Jiangsu's industrial ecosystem is characterized by deep integration of innovation and supply chains, fostering a dynamic environment for technological advancements and efficient production [19][21]. - The collaboration between traditional and emerging industries in Jiangsu is revitalizing sectors like textiles, demonstrating the potential for innovation through cross-industry partnerships [20][21]. - The establishment of innovation hubs, such as the Suzhou-Suqian industrial park, reflects a commitment to fostering research and development alongside manufacturing, enhancing the province's competitive edge [20][21].