Global Market Outlook - The recovery in traditional cycle-related investments and consumption in non-US regions is expected to continue, although terminal consumption may recover slowly due to widening wealth disparities and increased uncertainty in economic, political, and employment prospects [2][6] - The Eurozone is maintaining its recovery, with domestic demand expected to replace net exports as the main contributor to economic growth in 2026 [10][11] - Southeast Asia is projected to outperform global growth, with Vietnam and Indonesia as key beneficiaries of industrial relocation and global supply chain diversification [2][17] Industry Outlook - Continued optimism in AI, electrification, and finance sectors, with high demand for overseas computing power expected to persist until the end of 2026 [3][9] - Capital expenditure in high-demand sectors like defense and AI infrastructure is anticipated to expand, while traditional cycle-related capital expenditure may recover at a slower pace due to terminal demand influences [8][9] - The consumer sector is expected to face challenges, with US consumption growth potentially cooling, while non-US regions may see marginal recovery [3][9] Regional Insights - In the Eurozone, private consumption is expected to grow, but high uncertainty may slow consumer confidence recovery [11][12] - Japan's economy is projected to grow above potential GDP, driven by expanding consumption and equipment investment [13][14] - Southeast Asia's average economic growth is forecasted at 4.2%, with specific countries like Vietnam and Indonesia leading in growth rates [17][18] Investment Recommendations - Focus on sectors with reasonable valuations and positive catalysts, such as pharmaceuticals and automotive [9][10] - In Japan, attention is drawn to sectors benefiting from external economic improvements, particularly electronics, machinery, and automotive [15][61] - In Southeast Asia, the real estate sector is expected to thrive in a low-interest-rate environment, while industrial and logistics sectors may benefit from effective tariff rates [18][19] Technology and AI - The demand for AI infrastructure is expected to remain robust, with significant capital expenditure growth anticipated in 2026 [27][28] - AI ASIC and GPU markets are projected to see substantial growth, driven by increased deployment by major cloud service providers [23][26] - Software and AI are expected to mutually enhance each other, with software playing a crucial role in AI application deployment [30][31] Consumer Goods - The food and beverage sector is expected to see a divergence in revenue growth, with leading companies likely to outperform smaller competitors [48][49] - The home care and personal care sectors may face short-term pressure due to slowing growth rates and cost challenges [50][51] - The luxury goods market is projected to recover in 2026, driven by consumer demand in key regions [52][54] Automotive Sector - Global passenger car sales are expected to see a slight increase, particularly in Europe due to new product cycles and improving labor markets [45][46] - European automakers are anticipated to accelerate their electric vehicle transitions, while US automakers stabilize after tariff impacts [46][47]

Core Viewpoint - The article discusses the calendar effect observed in the A-share market, where certain market styles exhibit better performance in specific months, suggesting the presence of seasonal factors influencing these patterns [2][4]. Summary by Sections Calendar Effect of Styles - The small-cap style shows significant volatility in the first half of the year, with better performance in the second half. Specifically, April has weak performance for small-cap stocks, while March and May yield higher average returns [4][13]. - The growth style demonstrates a "high early, low late" pattern, with notable excess returns in January and June-July, achieving a win rate of 90.9% [4][13]. - The quality style exhibits strong performance in both January (excess return of 1.4%, win rate of 81.8%) and December (excess return of 0.5%, win rate of 80%) [4][14]. - The dividend style performs well in April and August, with a win rate of 83.3%, but shows lower performance in June and October [4][15]. Mechanisms Behind Calendar Effects - The performance of growth and small-cap styles is significantly influenced by the rhythm of financial report disclosures, with concentrated disclosures in January, April, and July favoring growth stocks [5][20]. - High dividend announcement days and ex-dividend days can impact the performance of dividend stocks, with positive excess returns following high dividend announcements and negative returns post ex-dividend days [5][24]. - Institutional investors exhibit seasonal changes in risk preferences, with a tendency to favor growth stocks mid-year and quality stocks towards year-end, impacting the performance of respective styles [5][35]. Implications for Investment Strategy - Investors are advised to focus on growth opportunities during the earnings announcement periods in January and April while avoiding small-cap stocks during these times [23][35]. - Attention should be given to the concentration of dividend announcements in March and April, which can enhance the performance of dividend styles, while caution is warranted during the ex-dividend periods [30][34].

Core Viewpoint - The article emphasizes the importance of financial opening during the "15th Five-Year Plan" period, highlighting a more proactive approach compared to previous plans, particularly in promoting the internationalization of the Renminbi and enhancing capital account openness [3][4]. Financial Opening Importance - Financial opening is deemed crucial for enhancing China's economic and financial security amid international competition, as China's GDP is projected to account for approximately 17% of the global total by 2024, while the Renminbi's share in global payments remains below 3% [3][4]. - The article argues that increasing financial openness is necessary to activate China's high savings rate and improve capital allocation efficiency, as China's total savings rate is higher compared to the US, EU, and Japan [4][17]. Preconditions for Financial Opening - Ensuring financial security is essential for advancing financial openness, as stable domestic macroeconomic conditions are closely linked to cross-border capital flows [5]. - Changes in macroeconomic factors, such as the relative positions of the Renminbi and US dollar exchange rates, create favorable conditions for further financial opening [5][6]. Policy Directions for Financial Opening - The article outlines potential policy directions for financial opening, focusing on both funding and asset dimensions [7]. - Hong Kong is expected to experience a dual expansion in funding and assets, supported by the central government's commitment to maintaining its unique status as an international financial center [8]. - Shanghai is highlighted as a key area for financial opening, with policies aimed at attracting foreign investment through a richer supply of financial products and enhancing the competitiveness of its international financial center [9].

Core Viewpoint - The article discusses the current market dynamics driven by liquidity and the potential limitations of this bull market, drawing parallels with Japan's past market behavior during the 1990s [2][14][58]. Market Performance - Since the policy shift on "September 24," the domestic market has rebounded significantly, with the Shanghai Composite Index and Hang Seng Index rising by 47% and 50% from their lows, respectively [2]. - The current valuation of the Hang Seng Index stands at a dynamic PE of 11.6, which is above the historical average, indicating that certain high-growth sectors may no longer be considered cheap [2][6]. Valuation Comparisons - While the Hang Seng Index appears cheaper than the S&P 500's dynamic valuation of 22.3, this comparison lacks context regarding profitability and liquidity conditions [6][8]. - The article highlights that the median PE of leading Chinese tech companies is 17.8, which is higher than their median net profit margin of 9.6%, suggesting potential overvaluation in some sectors [6][8]. Economic Indicators - Post-August, domestic demand indicators have weakened, and recent financial credit data supports the view that the credit cycle may be turning downward in the fourth quarter [9][11]. - The article notes that risk premiums in traditional sectors like finance and real estate have dropped below historical averages, while new consumption and innovative pharmaceuticals are stabilizing around historical means [9][11]. Historical Context: Japan's Bull Markets - The article analyzes Japan's three bull markets in the 1990s, which were characterized by significant government stimulus and external economic trends, yet ultimately faced limitations due to structural issues and market sentiment [14][58]. - Each of Japan's bull markets was initiated by substantial fiscal stimulus, with the first round starting in 1992, leading to a 54% rebound over 12.8 months [19][33]. Investor Behavior - During Japan's first bull market, individual investors' participation surged, while foreign investors' share declined, indicating a shift in market sentiment [28][30]. - The second bull market saw a similar pattern, with individual investor enthusiasm waning as foreign investor participation increased [40][42]. Conclusion and Implications - The article concludes that while liquidity can drive market rallies, without substantial improvements in the underlying economy, these rallies may face ceilings [58]. - It suggests that to break through current market limitations, structural policy changes focusing on technology and income expectations are necessary, rather than relying solely on traditional fiscal measures [67].

Core Viewpoint - The industry is transitioning towards a more sustainable business model characterized by moderate changes in volume and price, with relatively stable cash flows. In the short term, property management companies are experiencing moderate growth in revenue and profits driven by scale expansion, with cash collection under slight pressure and a continued increase in dividend willingness [2][5][6]. Group 1: Industry Trends - Changes in internal and external environments are accelerating the transformation of property management companies, leading to an optimization of project portfolios and a shift from "volume increase and price stability" to "sustainable development driven by reasonable price changes" [5][15]. - The industry growth rate is entering a stable phase, with expectations that from 2025 to 2026, the main covered companies will rely on basic property management services for overall growth, which is projected to account for 70-80% of total revenue with an average compound growth rate of 10% [5][23]. - The revenue growth for major covered companies is expected to be around 7% year-on-year for 2025 and 2026, with efficiency management and technology applications supporting profitability despite rising unit labor costs [23][24]. Group 2: Financial Performance - Cash collection rates are slightly under pressure, with projections indicating a decline of 1.1 and 0.9 percentage points in 2024 and the first half of 2025, respectively. However, property management companies still maintain substantial cash reserves, with cash on hand estimated between 4.7 billion and 14.1 billion yuan, representing 39%-68% of market value [6][24]. - The operating cash flow to net profit ratio is 1.6 times, indicating strong cash flow support for continued shareholder return actions, with some major covered companies expected to achieve a shareholder return rate of approximately 5-6% [6][24]. Group 3: Market Dynamics - The property management sector has outperformed the development sector year-to-date but has lagged behind the broader market. As of November 4, the Hang Seng Property Index has risen by 14%, outperforming the China Real Estate Index by 23 percentage points, but underperforming the Hang Seng National Enterprises Index by 13 percentage points [9][11]. - The internal comparison shows that companies like Binhai Service and Greentown Service have relative advantages in profit growth and shareholder returns, outperforming their peers [9].

中金研究 我们认为以可持续的商业地产租金收入利润为主体的个股仍然是兼备成长性和股息率的优质绝对收益型选项，我们判断相关股票在2026年起的2-3年维 度有望实现5-10%的可派息租赁利润增长、同时提供5-6%的股息收益回报。开发业务体量占比仍较大的综合型房企股价则在短周期维度更多取决于开 发逻辑；长周期资产价值视角下，部分个股体内商业资产价值相对于REITs和一级市场仍有一定重估空间。 点击小程序查看报告原文 Abstract 摘要 稳定宏观环境提供良好经营基础，市场份额持续头部集中。 我们认为提振消费将是宏观中长期维度的政策重点之一，为购物中心经营提供良好的环境基 础；渠道方面，线下占比和购物中心整体份额相对稳定，其中后者约为社会零售总额的一成左右。行业内部，我们认为头部集中趋势有望延续：一方面， 品牌和消费者两端的市场集聚将持续推动超额同店增长，存量组合中的新项目爬坡亦有望有所贡献；另一方面，集团资金实力与运营商专业能力亦推动头 部商管企业在管项目规模实现较同业更快的成长。 商管企业战略主旋律仍为深化运营，优质重奢场经营复苏有望延续。 我们认为购物中心运营商将在传统项目深化运营、新项目场景模式创新等方面不 ...

Group 1 - The core viewpoint of the article emphasizes the need to maintain an overweight position in gold and Chinese technology stocks while reducing exposure to commodities and dollar assets as the market trends evolve in 2026 [2][8] - The article identifies four key factors that could potentially alter the bullish trends of stocks and gold in 2026: economic growth turning, tightening policies, high valuations, and geopolitical shocks [4][42] - Historical analysis shows that the U.S. stock market has a long bullish phase, while Chinese stocks experience more frequent bull-bear switches, making the timing of market tops more critical for Chinese stocks [3][10] Group 2 - The article outlines the importance of accurately interpreting economic and policy signals to predict market tops, noting that signals from economic and policy dimensions are generally more reliable than those from liquidity, earnings, and valuation [14][28] - For gold, the article highlights that the key determinant for its market top is the Federal Reserve's policy, with historical data showing that four out of five gold bull markets peaked when the Fed began tightening [31][32] - The current economic environment is characterized by a weak recovery in China and a potential stagflation scenario in the U.S., which could support the continuation of the stock bull market while posing risks to the gold bull market [44]

Group 1: North America's Electricity Shortage - North America is facing significant electricity shortages driven by increased demand from AI expansion, manufacturing changes, and electrification, with a notable rise in electricity consumption growth [2] - The rapid growth of data centers, particularly due to partnerships like that of OpenAI and NVIDIA, is expected to contribute to a substantial increase in electricity demand, with a projected capital expenditure growth of 58.5% for major cloud providers by 2025 [2] - The aging power grid and the retirement of old coal and gas projects exacerbate the supply-demand imbalance, with a forecasted annual electricity load increase of over 30GW in the next five years, primarily from data centers [2] Group 2: Impact on Electricity Prices and Corporate Costs - The electricity shortage has led to a 6% increase in average retail electricity prices in the U.S. compared to the previous year, with some regions attributing this rise to the construction of data centers [3] - Rising electricity costs may pressure corporate profitability, necessitating vigilance regarding cost transmission effects on operations [3] - The U.S. government plans to invest hundreds of billions in nuclear power to address the electricity gap created by AI developments, with a goal of constructing ten large nuclear reactors by 2030 [3][4] Group 3: Beneficial Industries in China - The systemic electricity shortage in North America is expected to benefit several Chinese industries, including machinery, power equipment, photovoltaic energy, and non-ferrous metals, as demand is likely to increase due to the electricity gap [4] - Gas turbines are anticipated to be the primary new power source in the short term, with solid oxide fuel cells (SOFC), photovoltaics, and energy storage serving as supplementary solutions [4] Group 4: Opportunities in Equipment and Technology - Major global manufacturers like GE, Siemens, and Mitsubishi are expanding production to meet the demand for gas turbines driven by AI data center construction [5] - The North American power grid requires significant upgrades, with a projected transformer supply gap of up to 66% from 2024 to 2027, presenting opportunities for Chinese manufacturers [6] - Energy storage solutions are expected to become standard for AI data centers, with potential for increased demand in North America [7] Group 5: Emerging Technologies and Renewable Energy - High Voltage Direct Current (HVDC) systems and Solid State Transformers (SST) are seen as future solutions for the power needs of modern AI factories, with NVIDIA pushing for an upgrade to 800V HVDC systems by 2027 [8] - The demand for photovoltaic energy is expected to rise significantly due to the retirement of old power sources and the long construction timelines for new gas and nuclear plants [9] - The construction of new transmission networks in North America will increase the demand for aluminum, which is widely used in power transmission, potentially boosting the profitability of the electrolytic aluminum industry [10]

Core Viewpoint - The report emphasizes that the field of embodied intelligence is transitioning from "route differentiation" to "fusion landing," with data-driven and heterogeneous training becoming central to achieving general intelligence [2]. Group 1: Embodied Intelligence Algorithms - The evolution of robot algorithms has shifted from model-driven to data-driven approaches, with hierarchical control as a foundational paradigm and VLA (Vision-Language-Action) models enhancing generalization and interaction capabilities [5][7]. - The current mainstream paths in robot algorithms include hierarchical architecture, VLA, and world models, each differing in theoretical logic, engineering implementation, and industrial application [9][11]. - The introduction of large model structures, such as Transformers, has established a unified algorithmic foundation, facilitating cross-task learning and creating a closed loop of perception, cognition, and control [8][9]. Group 2: Data in Embodied Intelligence - Data acquisition for humanoid robots has evolved into three main paths: real machine acquisition, video learning, and simulation generation, forming a complementary ecosystem [16][18]. - Real machine acquisition emphasizes high-value, high-cost feedback through teleoperation, while video learning leverages low-cost, high-diversity visual data to enhance training [20][22]. - Simulation-generated data is becoming a significant source for large-scale training, with advancements in high-fidelity physics engines and digital twin environments facilitating the Sim2Real transition [23][24]. Group 3: Hot Topics in Embodied Intelligence - The Scaling Law phenomenon in embodied intelligence indicates that as model size, data, and computing power increase, robots significantly improve in cognition and behavior, leading to breakthroughs in generalization and task capabilities [27][28]. - The lack of standardized benchmarks for evaluating embodied intelligence poses challenges, with recent efforts like the BEHAVIOR-1K benchmark aiming to establish a comprehensive evaluation framework [29][30]. - Physical AI, which integrates physical knowledge with AI models, is emerging as a foundational exploration direction, enhancing robots' understanding of physical rules and causal reasoning [35][37]. Group 4: Industry Landscape - The humanoid robot software ecosystem comprises foundational models, data science, simulation software, and evaluation systems, with major tech companies and startups collaborating to build this ecosystem [45][46]. - Key players in the industry include tech giants like Google, Meta, and NVIDIA, alongside humanoid robot startups that focus on AI model development and data acquisition systems [45][46].

Group 1 - The article provides an overview of recent data updates across various industries, highlighting key metrics and trends [2][3] - The industry prosperity tracking covers over 28 key industries and 100 core indicators, updated weekly to identify industry signals [4] - The heavy-duty truck monthly database indicates a continuous expansion of new energy heavy-duty trucks, with increasing penetration rates and focuses on sales, registration volumes, and market shares [5][6] Group 2 - The real estate weekly overview updates data on the housing market, covering new homes, second-hand homes, land markets, and real estate finance and policies [7][8] - The chemical monthly report analyzes the price index trends of chemical products and monitors demand across downstream industries [9][10] - The article encourages access to more specialized data through the company's digital research platform [11][12]