Tongwei stated the industry has broadly agreed on a buyout framework: About 600-700kt of marginal capacity will be phased out by acquirers, leaving about 2,700kt of annual retained capacity. Future production will be strictly determined by actual demand. November 24, 2025 02:30 AM GMT Tongwei Co. Ltd. | Asia Pacific Asia Pacific Summit 2025 Feedback Consolidation Progress About 10 producers are expected to become JV shareholders, per Tongwei, with equity and capital contributions linked to incl. market shar ...

2026 年年度展望丨革故鼎新：修复式增长下的再平衡与 新动力 20251124 摘要 2026 年中国经济预计将呈现修复式增长，名义 GDP 增速有望从 2025 年的 4%回升至 5%，主要受益于通胀尤其是 PPI 的改善，新兴产业如 AI 将更受关注，而房地产行业关注度下降。 中国宏观政策或将更加重视需求端，通过财政发力来改善居民消费和企 业贷款需求疲软的局面，预计 2026 年广义财政赤字率维持在 4%左右， 新增政府债券规模与 GDP 占比与 2025 年基本持平。 新兴产业如 AR 技术和"十五五"规划中的未来产业将获得更多政策支 持，成为市场配置的重要方向，而传统行业如房地产的金融属性将被削 弱，投资者应重点关注和配置新兴产业。 2026 年权益市场配置策略应从 2025 年的极致成长股配置转向更加均 衡，名义 GDP 增速回升和民营 GDP 改善将改变市场环境，整体行情乐 观，但上证指数不太可能达到 5,000-5,200 点。 预计 2026 年中国经济增长目标定在 5%左右，出口预计延续正增长趋 势，中美贸易摩擦预计有所缓和，以旧换新政策对商品零售有提升作用， 但整体消费受限于居民收入增长 ...

Due to continuing property price declines in China, investors are concerned about potential defaults on mortgages and MSE/business operating loans using property as collateral. We gauge the risk by analysing: 1) foreclosed property: 2.1m units or 1.8% of total properties with mortgages or MSE/business operating loans; 2) negative cash flow: 1.2%/4.8% of borrowers may have insufficient monthly income to cover mortgages/all loans; 3) negative equity: 0.7m units by 2025E to 3.3m units by 2027E with the loan lo ...

ab 21 November 2025 Global Research China Solar Industry China solar biweekly: Demand weakens in November Polysilicon price flat at Rmb52/kg According to PV InfoLink, the price of monograde polysilicon was unchanged WoW at Rmb52/kg in the week starting 17 November. Current inventory levels are up 1% WoW to 27.1kt. Silicon China forecasts monthly polysilicon production to decline 12% MoM to below 120kt (52GW) in November, mainly on weaker demand and production cuts at Sichuan and Yunnan during the low season ...

Asia Pacific Equity Research 21 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Humanoid Robot Sector's continued ascent evident in Global TMT takeaways, Xpeng's move, UBTech's order wins In this note, we share takeaways from the Global TMT con ...

M Idea The Rowdy Robot: Top 10 Takeaways from the 'Godfather' of AVs I had the honor of hosting a keynote fireside discussion with Sebastian Thrun at the 24th Annual Morgan Stanley Asia Pacific Summit in Singapore. When Ravi Shanker and I launched the autonomous vehicle research effort at Morgan Stanley back in 2012, Sebastian Thrun was already a leading light, having won the DARPA Grand Challenge for driverless cars in 2005. Sebastian is a pioneer in robotics, driverless vehicles and artificial intelligenc ...

20 November 2025 | 7:36PM HKT Equity Research Gigadevice (603986.SS): Specialty DRAM continuous ramp up in 2026E with product expansion; TP raised to Rmb257; Buy We remain constructive on Gigadevice's specialty DRAM ramp-up and long-term opportunities in customized DRAM applications. We raise our Gigadevice target price by 14% to Rmb257 on both higher EPS (NI +64% CAGR in 2025-27E) and P/E multiple, supported by (1) strong specialty DRAM business in 2026E on rising demand from AI infrastructure and tight su ...

Global Research China Electrolyte Sector Electrolyte/LiPF6 supply-demand to improve in 2026E; raising price targets for Tinci/Capchem LiPF6 price uptrend likely to continue in 2026 As per ICCSINO, the LiPF6 retail price has risen to Rmb158,000/tonne (t) from Rmb57,000/t in early September, alongside a ~Rmb3,000/t price hike for LPF battery electrolyte in the same period. We attribute the LiPF6 price gain mainly to: 1) growing demand for downstream ESS batteries; 2) less planned new capacity vs the prior two ...

新华保险 20251124 摘要 新华保险已构建全国性机构布局，股权结构呈现多元集中且国有资本深 度参与的特点，中央汇金和香港中央结算有限公司合计持股超 62%，国 有法人合计持股超 14%。管理团队由内部培养和外部引入相结合，保障 战略传承与资管优化并重。 2023 年新华保险营收和归母净利润因新准则切换大幅波动，但 2024 年营收达 1,325 亿元，同比增长 85.3%；归母净利润达 262.3 亿元， 同比增长超 200%。新业务价值在连续四年下跌后于近两年回升，内涵 价值也重回上升趋势。 新华保险负债端发展历程经历了康典、万峰、李全和杨玉成四个时期， 各阶段侧重不同，从确立战略布局到转向保障型产品，再到加快个险增 员和分红险转型，体现了公司战略的演进。 新华保险大力推动分红险转型，2025 年上半年分红险占比达 15.1%， 长期险首年保费增速显著提升至 46.3 亿元。分红险的保底加浮动特征 预计将降低负债端成本压力，并有望在新华保险的强劲投资能力下占据 领先地位。 Q&A 新华保险的公司概述和发展历程是怎样的？ 新华保险成立于 1996 年 9 月，由 15 家发起股东，包括东方集团、宝钢集团 ...

三元生物 20251124 摘要 美国对赤藓糖醇征收高额预交关税（462%）导致直接出口受阻，但因 美国市场刚性需求和三仁生物品牌效应，产品通过转口贸易维持部分销 量，1-9 月美国市场销量同比下降 25%。 针对美国反倾销，部分客户提起诉讼，若法院裁定特定复配产品不在反 倾销范围内，将有助于合法出口。美国政府停摆导致裁决推迟，预计未 来一年内有结果，同时，企业积极探索通过邻国转口贸易。 欧盟对三仁生物征收较高反倾销税，导致直接出口停滞。公司通过调整 产品配方，生产含 90%以下阿洛酮糖的赤藓糖醇复配产品以规避关税， 并逐步被客户接受，需求量增加。 国内赤藓糖醇价格维持在每公斤 1.2-1.3 美元的底部水平，行业库存普 遍不大，企业多以销定产。公司虽主动降价促销，但通过扩大销量和成 本控制，基本维持了运营效果，预计 2025 年业绩与 2024 年相当。 公司通过技术改进、节能改造和自动化控制等措施降低生产成本，有效 应对欧美反倾销影响，同时积极拓展东南亚、中东和南美等新兴市场。 Q&A 今年前三季度，三仁生物在经营情况上有哪些变化？美国对行业的反倾销调查 进展如何，对公司业绩产生了哪些影响？ 欧盟对公司的 ...