{"id":20558,"date":"2025-11-20T09:33:32","date_gmt":"2025-11-20T01:33:32","guid":{"rendered":"https:\/\/www.orientfutures.com.sg\/?p=20558"},"modified":"2025-11-20T09:46:28","modified_gmt":"2025-11-20T01:46:28","slug":"morning-brief-2025-11-20","status":"publish","type":"post","link":"https:\/\/of.sbwd.website\/zh\/research\/morning-brief-2025-11-20\/","title":{"rendered":"Morning Brief 2025-11-20"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> &lt; 1<\/span> <span class=\"rt-label rt-postfix\">\u5206\u949f<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"20558\" class=\"elementor elementor-20558\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4025ec7 e-con-full e-flex e-con e-parent\" data-id=\"4025ec7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-945fb5f elementor-widget elementor-widget-text-editor\" data-id=\"945fb5f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-ogsc=\"\"><p><strong>Govt<\/strong><\/p><p>-Vice Premier Zhang Guoqing emphasized during investigation in Guizhou and Chongqing on digital and intelligent transformation of manufacturing and innovation-driven development of SOEs that SOEs must enhance independent innovation capabilities, foster new quality productive forces through sci-tech innovation, and build new competitive edges. He urged improved institutional mechanisms for original innovation, increased R&amp;D investment in basic research, accelerated development of original technology hubs, and achieving more breakthroughs in core and cutting-edge technologies.<\/p><p><strong>Co Focus<\/strong><\/p><p>-CICC to merge with Dongxing Securities and Cinda Securities via share swap, all three companies to be suspended from trading starting Nov 20 for no more than 25 trading days.<\/p><p>-Changying Precision stated on an interactive investor platform that it is seeing accelerated growth in new overseas orders for humanoid robots in 4Q and is actively expanding production.<\/p><p><strong>Data<\/strong><\/p><p>-According to data released by the CPCA, from Nov 1 to 16, retail sales of new energy passenger vehicles in China reached 554k units, up 2% y\/y and up 7% m\/m.<\/p><p><strong>Nov 19 Block Trade Info<\/strong><\/p><p>*Discount<\/p><p>-PRIMARIUS (688206 CH) saw 9 block trades worth 36.09mn at 30.00yuan per share, 14.38pct discount from last closing.<\/p><p>Flat<\/p><p>*ZHONGJI INNOLIGHT (300308 CH) saw 1 block trade worth 33.10mn at 472.91yuan per share, flat from last closing.<\/p><p>*Premium<\/p><p>-ASAC (601890 CH) saw 1 block trade worth 2.13mn at 10.65yuan per share, 10.02pct premium from last closing.<\/p><\/div><p>For more insights, please visit Orient Futures Singapore\u2019s research platform,\u00a0<a href=\"http:\/\/www.finoview.com.sg\/\">\u7e41\u5fae<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2604ec3 elementor-widget elementor-widget-button\" data-id=\"2604ec3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/of.sbwd.website\/wp-content\/uploads\/2025\/11\/Morning-Brief-2025-11-20.pdf\" target=\"_blank\" rel=\"nofollow\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> &lt; 1<\/span> <span class=\"rt-label rt-postfix\">\u5206\u949f<\/span><\/span>According to data released by the CPCA, from Nov 1 to 16, retail sales of new energy passenger vehicles in China reached 554k units, up 2% y\/y and up 7% m\/m.<\/p>","protected":false},"author":3,"featured_media":20560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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