**Pre-Market Highlights** 1. **Key Index Constituent Adjustments Involving Zhongji Innolight, Shenghong Tech** *Type: Corporate | Sentiment: Positive* Major A-share indices, including the CSI 300, CSI 500, and SSE 50, will undergo constituent adjustments. Companies like Huadian New Energy, Dongshan Precision, Guide Investment, and Shenghong Tech will be added to the CSI 300 Index. Meanwhile, Huagong Tech, Guangqi Technology, Zhongji Innolight, and Shenghong Tech join the CSI A50 Index. The SSE 50 Index will replace four constituents, adding SAIC Motor, Northern Rare Earth, and Sugon.

2. **Zootopia 2 Shatters Records with 1.92B Yuan Box Office** *Type: Industry | Sentiment: Positive* As of November 30, *Zootopia 2* has grossed over 1.92 billion yuan domestically, surpassing its predecessor’s 1.54 billion yuan record. Zhongtai Securities notes 2025 as a strong year for animated films, with improved industry supply and structure benefiting content producers, distributors, and theater chains.

3. **November Manufacturing PMI Rises to 49.2%, Signals Recovery** *Type: Macro | Sentiment: Positive* China’s November Manufacturing PMI edged up 0.2 percentage points to 49.2%, indicating modest improvement. Analysts like Wang Qing of Oriental Jincheng anticipate potential year-end stimulus measures, including fiscal consumption incentives and monetary easing (e.g., rate cuts or RRR reductions).

4. **PBOC Reiterates Ban on Virtual Currency Trading** *Type: Industry | Sentiment: Neutral* The People’s Bank of China reaffirmed that virtual currencies lack legal tender status and associated financial activities are illegal, emphasizing continued crackdowns on speculative trading.

**Investment Calendar** - 2025 AI + Industrial Ecosystem Conference

**Institutional Views** 1. **CITIC Securities**: Markets show slow-bull characteristics; favor resources and overseas expansion themes. 2. **CSC**: Short-term volatility persists; AI, renewables, and biotech may lead year-end rallies. 3. **Huatai Securities**: High-valuation sectors warrant caution; AI and improving fundamentals remain optimal.

**Key Developments** 1. **MIIT Targets Irrational Competition in Battery Sector** CITIC Securities forecasts 2026 lithium battery supply-demand balance improvements, with premium products commanding higher margins. 2. **Precious Metals Rally: Silver Hits Record, Gold Rebounds to $4,200** BOC Securities highlights robust demand for silver (driven by solar industry) and gold’s sustained uptrend, with the gold-silver ratio poised for correction. 3. **China Estates Commercial Aerospace Division** Kaiyuan Securities predicts accelerated policy support will benefit the entire commercial aerospace supply chain.

**Corporate Announcements** - *Positive*: Canadian Solar (joint venture plans), China Shenhua (new unit operational), Aurotek (6.35B yuan computing deal). - *Negative*: AMEC (1% stake sale by Shanghai Venture), Uni-Trend (insider selling), Sinopep (executive减持).

**Global Markets** U.S. stocks extended gains post-Thanksgiving, with the Nasdaq Golden Dragon China Index up 0.54%. Tech stocks led, notably Intel (+10.19%).