Core Viewpoint - The company is accelerating its overseas expansion through acquisitions, with a recent agreement to acquire 100% of Da Zhong Tang in Singapore, marking a significant step in its strategy to internationalize traditional Chinese medicine [4][5]. Group 1: Acquisition and Expansion - The company announced the acquisition of Da Zhong Tang, which operates 14 traditional Chinese medicine clinics in Singapore, enhancing its local service capabilities and user trust [4][5]. - This acquisition follows a strategic partnership with a digital healthcare platform, indicating a robust approach to expanding its market presence in Singapore through a combination of acquisitions, partnerships, and self-built initiatives [5]. Group 2: AI Development in Traditional Medicine - The company is developing AI representations of renowned doctors, leveraging extensive clinical data to replicate expert diagnostic capabilities and enhance patient care [6]. - The AI system, based on deep learning algorithms, aims to facilitate knowledge transfer from top experts to junior doctors, thereby improving the efficiency of medical resource allocation and accelerating revenue growth [6].

Liquidity - The BCI small and medium enterprise financing environment index for October 2025 is 52.41, with a month-on-month increase of 10.15% [4] - The M1 and M2 growth rate difference in October 2025 is -2.0 percentage points, a month-on-month decrease of 0.80 percentage points [4] - The current price of London gold is $4082 per ounce [4] Infrastructure and Real Estate Chain - From January to October, the cumulative year-on-year new construction area of national real estate is -19.80% [5] - Weekly price changes include rebar at -0.94% and cement price index at -0.76%, while rubber increased by 3.14% [5] - The national blast furnace capacity utilization rate increased by 0.99 percentage points, while cement and asphalt decreased by 11.30 percentage points and increased by 1.0 percentage points, respectively [5] Real Estate Completion Chain - From January to October, the cumulative year-on-year completion area of commercial housing is -16.90% [6] - The weekly operating rate for flat glass is 75%, with glass and titanium dioxide prices remaining unchanged [6] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high [7] - Weekly price changes for major bulk commodities include cold-rolled steel at -1.00%, copper at +1.11%, and aluminum at +1.44% [7] - The national semi-steel tire operating rate is 73.68%, with a month-on-month increase of 0.01 percentage points [7] Subcategories - The spot price of oriented silicon steel has decreased by 23% year-to-date [8] - The price of graphite electrodes is 18,500 yuan/ton, unchanged, with a comprehensive gross profit of 1,357.4 yuan/ton, down 25.47% [8] - The price of electrolytic aluminum is 21,890 yuan/ton, with a month-on-month increase of 1.44% and a calculated profit of 4,622 yuan/ton (excluding tax) [8] Price Comparison - The price ratio of rebar to iron ore is 4.01 this week [10] - The price difference between hot-rolled and rebar steel is 110 yuan/ton [10] - The price difference between cold-rolled and hot-rolled steel in Shanghai is 470 yuan/ton, unchanged from the previous week [10] Export Chain - The new export orders PMI for China in October 2025 is 45.90%, a month-on-month decrease of 1.9 percentage points [11] - The CCFI comprehensive index for container shipping rates is 1,094.03 points, with a month-on-month increase of 3.39% [11] - The capacity utilization rate for crude steel in the U.S. is 76.00%, a month-on-month decrease of 0.30 percentage points [11] Valuation Percentiles - The CSI 300 index decreased by 1.08%, with the best-performing cyclical sector being real estate at +2.70% [12] - The PB ratio of ordinary steel and industrial metals relative to the PB of the Shanghai and Shenzhen markets is 44.37% and 91.89%, respectively [12] - The current PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is 0.56, with the highest value since 2013 being 0.82 [12]

Group 1 - The core viewpoint of the article highlights the rapid growth of the energy storage sector, driven by increasing global demand for lithium-ion battery materials, with a significant rise in shipments expected in 2025 [4] - The demand for energy storage cells in China is strong, with leading companies like CATL having orders extending to 2026, indicating a robust market outlook [4] - The lithium battery supply chain is experiencing a surge in demand, with a 1.5% month-on-month increase in battery production, leading to price hikes in upstream materials like lithium hexafluorophosphate and electrolytes [4][5] Group 2 - The price of lithium hexafluorophosphate has seen a substantial increase, reaching 135,000 RMB per ton, a 13.5% rise from the previous week and a 141.1% increase year-on-year, indicating a tight supply-demand balance [5] - The profitability of iron phosphate is expected to recover as demand improves, with the price of iron phosphate currently at 10,500 RMB per ton, although some smaller producers are facing losses [6] - The price of lithium iron phosphate has entered an upward trend, with the market price reaching 38,600 RMB per ton, a 3.9% increase from the previous week and a 13.86% increase year-on-year [7] Group 3 - Prices for electrolytes and their additives, as well as separators, are rising due to structural supply shortages, which is likely to enhance profitability for related companies [8] - The average market price for electrolytes has increased to 30,400 RMB per ton, an 8.6% rise from the previous week and a 63.4% increase year-on-year [8] - The price of electrolyte additive VC surged to 110,000 RMB per ton, reflecting a significant increase of 68% in just one day, driven by strong downstream demand [8]

点击注册小程序 本周上证综指下跌0.18%，上证50持平，沪深300下跌1.08%，中证500下跌1.26%，中证1000下跌0.52%， 创业板指下跌3.01%，北证50指数下跌0.56%。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周市场核心观点与市场复盘： 本周（2025.11.10-2025.11.14，下同）A股延续宽幅震荡表现，主要宽基指数周度收跌，市场量能再度收 缩。资金面方面，融资增加额环比上周小幅提升；股票型ETF实现净流入，TMT主题ETF为净流入主力。 近期市场交易情绪稳中有降，热点主题有所切换，TMT主题呈现回调。短线市场或延续宽幅震荡格局，后 市看好"红利+科技"主线，红利或在波动方面占优。 截至2025年11月14日，宽基指数来看，上证指数、上证50和沪 ...

Group 1 - The A-share market continues to exhibit a wide fluctuation pattern, with major indices experiencing weekly declines and market volume shrinking again. Financing increased slightly compared to the previous week, and stock ETFs saw net inflows, with TMT-themed ETFs being the main contributors [4] - In the fund market, pharmaceutical-themed funds performed well, while TMT-themed funds experienced significant pullbacks. Various ETFs across different investment scopes saw inflows, particularly TMT and sci-tech themed ETFs, with notable inflows into the Hang Seng Internet ETF and gold ETFs [5] - The convertible bond market saw a slight increase, with both the convertible bond and equity markets rising since the beginning of 2025, although the convertible bond market's performance was weaker. The demand for high-quality convertible bonds remains strong, and prices are at relatively high levels, necessitating careful selection [6] Group 2 - The energy storage sector is thriving, leading to price increases in lithium-ion battery materials. Short-term supply and demand are tight, with significant price hikes in lithium hexafluorophosphate. The profitability of iron phosphate is expected to recover, and prices for lithium iron phosphate materials are entering an upward channel [8] - The pharmaceutical sector saw a rise in flu-like cases, prompting attention to flu vaccines, respiratory virus testing, and cold medicine sectors. The pharmaceutical index rose by 3.29%, outperforming the CSI 300 index by 4.37 percentage points [8] - The company U (688220.SH) reported a revenue of 2.88 billion yuan for the first three quarters of 2025, a year-on-year increase of 13.42%. The net profit attributable to shareholders was a loss of 327 million yuan, a reduction in loss by 85 million yuan, with a gross margin of 25.38%, up by 1.92 percentage points year-on-year [8]

Group 1 - The pharmaceutical and biotechnology index increased by 3.29%, outperforming the CSI 300 index by 4.37 percentage points and the ChiNext index by 4.59 percentage points, ranking 5th among 31 sub-industries [4] - The Hong Kong Hang Seng Healthcare Index rose by 6.8%, surpassing the Hang Seng China Enterprises Index by 5.4 percentage points [4] Group 2 - There is a notable increase in flu-like cases since the beginning of autumn 2025, indicating a potentially severe flu season this year. In the 45th week of 2025, 21,412 flu-like case samples were tested, with positive samples primarily being A(H3N2) [5] - The change in circulating strains compared to previous years may increase the risk of breaching herd immunity, although predicting respiratory virus outbreaks remains uncertain [5] Group 3 - Future investments in the pharmaceutical sector should focus on the clinical value of drugs, addressing the clinical needs of patients, as both domestic healthcare policies and global expansion strategies increasingly emphasize clinical value [6] - Risks include unexpected cost control policies, research and development failures, insufficient policy support, and slower-than-expected promotion of commercial health insurance [6]

Market Overview - The China convertible bond index increased by 0.52% during the week of November 10 to November 14, 2025, compared to a previous increase of 0.86% [6] - The overall index for the year-to-date shows a gain of 18.61% for convertible bonds and 23.61% for the broader market index [6] - High-rated bonds (AAA) decreased by 0.61%, while medium-rated bonds (AA) saw an increase of 0.56%, indicating a preference for medium-rated securities [6] Convertible Bond Performance - The average price of convertible bonds reached 133.30 yuan, with a price percentile of 99.28% [8] - The average conversion value was 105.52 yuan, with a percentile of 95.81% [8] - The average conversion premium stood at 27.12%, with a percentile of 18.21% [8] Investment Strategy - The convertible bond market experienced slight growth while the equity market declined, suggesting a shift in investor preference [9] - There is a noted scarcity of high-quality convertible bonds, leading to a need for careful selection and diversification in investment strategies [9] - It is recommended to assess convertible bond terms and underlying stock conditions to balance risk and return effectively [9]

Core Viewpoint - The company reported a revenue of 2.88 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 13.42%, while the net profit attributable to shareholders was a loss of 327 million yuan, showing a reduction in losses by 85 million yuan compared to the previous year [4]. Group 1: Financial Performance - The company achieved a revenue of 982 million yuan in Q3 2025, representing a year-on-year growth of 11.07% but a slight decline of 0.59% compared to the previous quarter [4]. - The gross profit margin for Q3 2025 was 26.65%, which is an increase of 4.71 percentage points year-on-year and 3.44 percentage points quarter-on-quarter [4]. Group 2: Business Segments - The cellular baseband chip business showed strong performance, with revenue growth of approximately 25% year-on-year and gross profit growth exceeding 50%, indicating significant improvement in profitability [5]. - The custom chip and IP licensing business faced challenges with a revenue decline of over 60% year-on-year due to long project cycles and delayed revenue recognition, but is expected to see substantial growth in 2026 as multiple projects are delivered [5]. Group 3: Market Position and Future Outlook - In the IoT chip market, the company holds a leading position with nearly 50% market share in the Cat.1 segment, and is well-positioned in the 5G RedCap field with several terminal products expected to launch in Q4 2025 [6]. - The smartphone SoC product matrix is gradually improving, with expectations for significant growth in 2025, including over one million units of 4G quad-core chips and the launch of the first 4G octa-core chip [6]. - The ASIC business is anticipated to benefit from the rising demand in sectors such as smart wearables, edge AI, and cloud inference, with a substantial increase in revenue expected in 2026 due to a strong order backlog [8].

Market Overview - In the week from November 10 to November 14, 2025, gold prices increased while domestic equity market indices collectively retreated. The comprehensive, textile and apparel, and retail trade sectors saw the highest gains, while the communication, electronics, and computer sectors experienced the largest declines [4]. Fund Issuance - A total of 25 new funds were established in the domestic market this week, with a combined issuance of 14.173 billion units. This included 14 equity funds, 4 FOF funds, 4 mixed funds, and 3 bond funds. Overall, 41 new funds were issued across the market, comprising 23 equity funds, 8 mixed funds, 5 FOF funds, 4 bond funds, and 1 REIT [5]. Fund Performance Tracking - The performance of long-term thematic funds showed that the pharmaceutical theme funds performed best with a gain of 4.69%, while TMT theme funds saw a significant decline of 4.42%. Other thematic fund performances included cyclical (2.00%), consumer (1.68%), financial real estate (0.77%), new energy (-0.43%), industry rotation (-0.68%), industry balance (-1.24%), and national defense and military industry (-1.95%) [6]. ETF Market Tracking - This week, various ETFs saw inflows, particularly TMT and Sci-Tech themed ETFs, driven by passive fund accumulation. The median return for equity ETFs was -1.08% with a net inflow of 11.729 billion yuan. Hong Kong stock ETFs had a median return of 1.32% and a net inflow of 8.432 billion yuan. Commodity ETFs, represented by gold ETFs, had a median return of 3.26% with a net inflow of 5.957 billion yuan [7]. Fund Position Monitoring - The estimated position of actively managed equity funds decreased by 0.19 percentage points compared to the previous week. In terms of sector allocation, funds increased their positions in electronics, home appliances, and automobiles, while reducing their holdings in computers, non-bank financials, and banks [8]. ESG Financial Products Tracking - This week, 30 new green bonds were issued, totaling 64.801 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance of 5.02 trillion yuan and 4,297 bonds issued as of November 14, 2025. The median net value change for active equity, passive index equity, and bond ESG funds was -1.67%, -1.13%, and +0.04%, respectively. High-quality governance, ecology, and ESG-themed funds showed significantly better performance [9].

Core Viewpoint - The company reported strong revenue growth in FY26H1, driven by performance in live events and IP derivative businesses, despite some challenges in profit margins and specific segments [4][5][6]. Group 1: Financial Performance - The company achieved revenue of 4.05 billion RMB in FY26H1, representing a year-over-year increase of 33% [4]. - Gross profit reached 1.44 billion RMB, with a year-over-year growth of 9.7%, resulting in a gross margin of 35.7%, which is a decline of 7.4 percentage points compared to the previous year [4]. - Adjusted EBITA was 550 million RMB, down 14% year-over-year, but up 14% compared to FY25H1 after excluding a one-time gain of 160 million RMB [4]. - Net profit attributable to shareholders was 520 million RMB, reflecting a significant year-over-year increase of 54% [4]. Group 2: Business Segments - Revenue from performance content and technology business was 1.339 billion RMB, up 15% year-over-year, with segment performance at approximately 754 million RMB, a 5% increase [5]. - The ticketing business saw a 17% increase in user engagement, with over 2,500 large events serviced, a 19% increase in the number of events compared to the previous year [5]. - The IP derivative business generated 1.16 billion RMB in revenue, a remarkable year-over-year growth of 105%, with segment performance at 235 million RMB, up 44% [5]. - The film content and technology business reported revenue of 1.064 billion RMB, down 15% year-over-year, as the company adopted a cautious strategy focusing on low-risk, high-quality content [5]. - The drama production segment achieved revenue of 484 million RMB, with a significant increase of 423 million RMB year-over-year, turning a profit [5]. Group 3: Cost Management - The company reported a gross profit of 1.444 billion RMB, with sales and marketing expenses of 332 million RMB, reflecting a 1% year-over-year increase and a decrease in expense ratio from 11% to 8% [6]. - Management expenses were 669 million RMB, up 12% year-over-year, primarily due to increased operational costs associated with business growth [6].