2025 年 11 月 29 日 总量研究 小市值风格占优，机构调研组合超额显著 ——量化组合跟踪周报 20251129 要点 量化市场跟踪 大类因子表现：本周（2025.11.24-2025.11.28，下同），beta 因子、残差波动 率因子和动量因子获得正收益（1.27%、0.71%和 0.46%），市场动量效应显著， 规模因子和非线性市值因子获得负收益（-1.20%和-0.41%），市场小市值风格 占优。 单因子表现：沪深 300 股票池中，本周表现较好的因子有动量弹簧因子(2.26%)、 单季度 ROA(1.90%)、早盘后收益因子(1.88%),表现较差的因子有日内波动率与 成交金额的相关性(-1.30%)、对数市值因子(-1.31%)、动量调整大单(-1.33%)。 中证 500 股票池中，本周表现较好的因子有早盘后收益因子(2.66%)、动量弹簧 因子(2.56%)、5 日反转(1.60%),表现较差的因子有日内波动率与成交金额的相 关性(-2.38%)、市盈率因子(-2.73%)、下行波动率占比(-2.76%)。 流动性 1500 股票池中，本周表现较好的因子有动量弹簧因子(3.25%)、早 ...

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李宁户外以"专业防护科技+东方美学设计"为核心竞争力，构建覆盖多场景的户外产品体系。在科技层 面，李宁联合国家级科研机构共同研发防暴雨双透纳米材料，实现户外装备的主动透气与高效防护，相 关技术已应用于万龙甲冲锋衣等核心产品系列，并获得了ISPO流行趋势大奖等荣耀认证。在文化表达 上，李宁户外将瓷青绿、唐明光铠等传统东方元素融入设计，打造具有中国特色的户外产品语言，推动 中国文化与运动科技的有机结合。 11月29日，中国运动品牌李宁旗下首家户外独立店"COUNTERFLOW溯"，于北京朝阳大悦城正式开 业。作为落实"单品牌、多品类、多渠道"战略的重要举措，该门店的启幕标志着李宁在户外运动赛道布 局的进一步深化，展现出本土企业积极响应全民健身号召、推动体育消费升级的坚定决心。 近年来，随着"泛户外"生活方式的兴起，我国户外运动市场迎来快速发展。李宁公司精准把握大众在轻 户外徒步、近郊露营、城市通勤等领域的需求变化，将户外品类定位于大众化市场，以专业科技为支 撑，融合东方美学设计语言，推动户外运动装备走向更广阔消费群体，助力体育产业高质量发展。 作为2024年初正式成立的独立业务品类，李宁户外充分借助李宁公司在科技 ...

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Betting on elections and sports games is nothing new: In the U.S., it has existed since 1800s, and the modern prediction market—which allows users to bet on the outcome of future events by buying and selling “Yes” or “No” contracts—was first devised in 1988 at the University of Iowa.Get the full story, here: https://t.co/8uERCEQXIF(Photo: Samuel Corum via Getty Images) ...

华为几乎已成为中国智能汽车绕不开的存在。无论哪家车企， 似乎只要用上华为技术，产品就获得了"点石成金"的奇妙效 果。但也有人认为，"车车华为"就意味着"没有华为"。 作者：王帅国 封图：东方IC 2025广州车展，成为"含华量"最高的一次车展。11月21日广州车展首日，经济观察报记者在广交 会展馆6号门口一下车，就看到了一汽奥迪在展馆大楼外立面展示的巨幅广告，"一汽奥迪A5L乾崑 智驾版耀目而来"的字样格外醒目。 进入展馆，华为的身影更是无所不在。仅华为自身就搭建了华为智能汽车解决方案和鸿蒙智行两大 展台，此外还有问界、智界、尚界等"界"字辈品牌的独立展台，另有与华为合作的阿维塔，在其展 台大屏上也凸显着"华为乾崑"的字眼。不仅如此，东风日产与广汽丰田等合资品牌的展台上，也充 斥着华为的气息。 在车展前夜的华为乾崑生态大会上，华为已经开始大展拳脚。华为和东风汽车联合打造的奕境、华 为和与广汽联合推出的启境，共同拉开华为"境"字辈品牌落地的帷幕。 华为几乎已成为中国智能汽车绕不开的存在。无论哪家车企，似乎只要用上华为技术，产品就获得 了"点石成金"的奇妙效果。但也有人认为，"车车华为"就意味着"没有华为"。 " ...

Core Viewpoint - The relative stability of the Chinese aviation fuel market has been disrupted, initiating a transformation led by industry giants that aims to reshape the rules and landscape of the sector [1][6]. Restructuring Announcement - On October 30, 2025, China Aviation Oil (Singapore) Corporation Limited announced that its controlling shareholder, China Aviation Oil Group, is undergoing a restructuring with another enterprise group [2][8]. - The restructuring involves comprehensive integration of assets, channels, and personnel, marking a significant shift from mere capital cooperation to a full industry chain reconstruction [3][4]. Market Dynamics and Reactions - The restructuring has prompted swift and complex reactions from various enterprises within the industry, with concerns about pricing power and supply stability being paramount among aviation companies and smaller refining firms [6][10]. - The restructuring aims to create a "super supply chain" that integrates distribution networks and refining capabilities, potentially enhancing efficiency from refining to refueling [9][10]. Competitive Landscape - The merger of China Aviation Oil Group and a major energy enterprise could significantly alter the competitive landscape of the domestic aviation fuel market, focusing on efficiency improvements across the entire supply chain [5][11]. - The restructuring is expected to elevate competition from channel-based to efficiency and cost-based competition across the entire industry chain [10][11]. Industry Structure and Market Share - Historically, the aviation fuel market in China has been characterized by a stable structure dominated by state-owned giants, with China Aviation Oil Group acting as a key intermediary [13][14]. - China Aviation Oil Group holds approximately 40% of the market share in the distribution and terminal service segments, while state-owned enterprises like Sinopec and PetroChina dominate the production side with about 81% market share [14]. Future Opportunities and Challenges - The restructuring is anticipated to create both pressures and opportunities for smaller players in the market, as they may face challenges in maintaining market share against a newly formed giant [14][21]. - The focus on sustainable aviation fuel (SAF) is emerging as a critical area, with China Aviation Oil Group actively investing in SAF production to align with future regulatory requirements [20][21]. Strategic Adjustments - Companies within the industry are reassessing their strategies in light of the restructuring, with some exploring partnerships or alternative supply channels to mitigate risks associated with the potential dominance of the new entity [16][18]. - The restructuring is seen as a catalyst for a new wave of differentiation and consolidation within the aviation fuel market, prompting companies to adapt to the evolving competitive landscape [11][21].

无论是出于补充资本的需求，还是置换过往的高利率债券，险 企的发债潮仍在继续。经济观察报记者统计发现，2025年以 来，已经有20家险企发行了金融债券，累计金额741亿元，虽 然不及2023年、2024年的千亿级规模，但仍然处于高位。 作者： 姜鑫 陈胡永 封图：东方IC 2025年11月19日，招商局仁和人寿保险股份有限公司（下称"招商仁和"）发行的资本补充债券正 式开始计息，票面利率2.4%。 发行新债券的同时，招商仁和决定对2020年发布的一笔8亿元的资本补充债券行使赎回选择权，该 只债券票面利率为4.95%。 通过新旧债券的置换，招商仁和一年可节省2000万元的利息支出。 无论是出于补充资本的需求，还是置换过往的高利率债券，险企的发债潮仍在继续。 经济观察报记者统计发现，2025年以来，已经有20家险企发行了金融债券，累计金额741亿元，虽 然不及2023年、2024年的千亿级规模，但仍然处于高位。 发新还旧 招商仁和票面利率为2.4%的资本补充债券得到了投资者的认可。 招商仁和原本计划发行8亿元的资本补充债，由于申购倍数增加，其行使了超额增发权，最终发行 13亿元。 无独有偶，英大泰和人寿保险股份有限 ...

Economist and longtime Bitcoin (CRYPTO: BTC) Peter Schiff said on Friday that the apex cryptocurrency is now acting as a "mirror image" of silver, highlighting a stark divergence in November's market performance.Bitcoin Mirrors Silver's Moves, Schiff WarnsTaking to X, he said, while silver climbed 16.5% in November, Bitcoin fell 17.5%.On a year-to-date basis, silver has surged 95%, whereas Bitcoin is down roughly 4%."Since silver will likely go much higher, that means its mirror image will likely crash," he ...

In a Friday post on X, Senator Bernie Sanders called for global support for Amazon.com Inc. (NASDAQ:AMZN) workers, as strikes took place in 38 countries on Black Friday. Check out the current price of AMZN stock here. Sanders highlighted CEO Jeff Bezos' $251 billion net worth in his remarks.Sanders shared a post from Progressive International questioning why Bezos, the world’s fifth-wealthiest person, cannot provide decent wages or working conditions to workers. “It’s time for international solidarity. Let’ ...