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].

Core Viewpoint - The article emphasizes the ongoing efforts by the government to optimize market competition and promote stable growth in the chemical industry, particularly through measures to eliminate backward production capacity and enhance industry health [4][5]. Group 1: Government Initiatives - The Ministry of Industry and Information Technology (MIIT) has announced a new round of stable growth work plans for key industries, including steel, non-ferrous metals, petrochemicals, and building materials, focusing on structural adjustments and supply optimization [4]. - A draft amendment to the Price Law has been proposed to strengthen the regulation of irrational price wars and improve standards for identifying low-price dumping [4]. - The MIIT and other departments have issued a stable growth work plan for the petrochemical industry for 2025-2026, targeting an average annual growth of over 5% in the industry's added value [4]. Group 2: Industry Trends - The MIIT has convened a meeting to address the development of purified terephthalic acid (PTA) and bottle-grade polyester chips, aiming to mitigate inward competition and promote stable industry operations [5]. - The chemical industry has seen a peak in new capacity investments in recent years, but the overall capital expenditure is expected to decrease moving forward [6]. - Fixed asset investment in the chemical raw materials and products manufacturing sector decreased by 5.6% year-on-year from January to September 2025, marking a decline for the first time since 2020 [6]. Group 3: Market Outlook - The financial data from listed companies indicate a 12.5% year-on-year decrease in capital expenditure for the basic chemical industry in the first half of 2025, with total ongoing projects down by 12.2% [6]. - As capital expenditures decline and demand gradually recovers, the supply-demand dynamics in the chemical industry are expected to improve, leading to a potential increase in industry prosperity [6][7]. - The current price-to-book (PB) valuation of the basic chemical industry is close to historical lows, suggesting that the sector may be poised for a valuation recovery as market conditions improve [7].

Core Viewpoint - The rapid construction of data centers in the United States is raising concerns about electricity supply shortages, which may impact various industries, particularly aluminum production [4]. Group 1: Electricity Supply and Demand - In 2024, the United States is projected to generate approximately 4.3 trillion kWh of electricity, which is about 42.5% of China's expected generation of 10.1 trillion kWh [5]. - The industrial sector accounts for 26% of the total electricity consumption in the U.S., with total electricity consumption expected to reach 4.1 trillion kWh in 2024 [5]. Group 2: Data Center Electricity Consumption - Data centers in the U.S. are expected to consume around 178 TWh of electricity in 2024, representing about 4% of the total electricity consumption, and this is projected to increase to 606 TWh by 2030, accounting for 12% of total consumption [6]. - The increase in electricity consumption by data centers is expected to account for approximately 41% of the total increase in electricity demand in the U.S. from 2024 to 2030 [10]. Group 3: Aluminum Production and Costs - The U.S. is projected to produce 670,000 tons of electrolytic aluminum in 2024, which is about 0.9% of global production and 1.6% of China's production [7]. - The electricity cost for producing electrolytic aluminum in the U.S. is approximately 1.9 times higher than in China, with U.S. industrial electricity prices averaging 9.06 cents/kWh compared to China's average of 0.386 yuan/kWh [8][9]. - The high electricity costs and supply constraints are likely to accelerate the exit of high-cost aluminum production capacity in the U.S. and delay the construction of new capacity [10].

Group 1: Banking Sector - The net profit growth rate of commercial banks in the first three quarters of 2025 improved by 1.2 percentage points compared to the first half of 2025, with state-owned banks showing the highest growth at 2.3% [4] - City commercial banks demonstrated the most significant improvement in net profit growth, with a quarter-on-quarter increase of 2.8 percentage points [4] - The overall interest income is expected to have solid support for the year, alongside a recovery in the capital market, which may sustain the recovery of fee-based income [4] Group 2: Non-Ferrous Metals - In the U.S., electricity supply is tight due to the rapid development of data centers, creating investment opportunities in electrolytic aluminum [5] - The U.S. is projected to generate 4.3 trillion kWh of electricity in 2024, with a consumption of 4.1 trillion kWh, ensuring sufficient power supply [5] - Industrial electricity consumption accounts for 26% of total usage, indicating a significant demand from the industrial sector [5] Group 3: Copper Industry - Refined copper inventory among downstream consumers hit a new low since 2015, indicating ongoing supply tightness [5] - Cable manufacturers' operating rates are recovering amid rising copper prices, and the fourth quarter is expected to benefit from seasonal demand [5] - The supply-demand balance is expected to remain tight, with copper prices likely to continue rising after short-term fluctuations [5] Group 4: Petrochemical Industry - The implementation of anti-involution policies is gradually taking shape, with a focus on optimizing market competition in the chemical industry [7] - The Ministry of Industry and Information Technology recently held a meeting on the development of PTA and bottle chips, signaling a commitment to stabilize growth in the chemical sector [7] - The chemical industry is expected to see a valuation recovery due to improved supply-demand dynamics [7] Group 5: Semiconductor Industry - SMIC's Q3 2025 performance exceeded expectations, with revenue of $2.382 billion, a year-on-year increase of 9.7% and a quarter-on-quarter increase of 7.8% [8] - The increase in wafer shipments by 4.6% quarter-on-quarter and a 3.8% rise in average selling price (ASP) were driven by improved product mix and higher sales of advanced process products [8] - The gross margin for Q3 2025 was 22%, surpassing the company's guidance range and market expectations [8] Group 6: Entertainment Industry - Damai Entertainment reported a revenue of 4.05 billion RMB for FY26H1, reflecting a year-on-year growth of 33% [8] - The company achieved a gross profit of 1.44 billion RMB, with a gross margin of 35.7%, down 7.4 percentage points year-on-year [8] - Adjusted EBITA was 550 million RMB, showing a 14% increase compared to the previous year after excluding one-time gains [8] Group 7: Cosmetics Industry - The company proposed a restricted stock incentive plan to motivate core employees, indicating confidence in long-term development [9] - Sales during the "Double Eleven" shopping festival showed strong growth, with significant year-on-year increases across various platforms [9] - The brand entered the top 20 in the beauty category on Tmall for the first time, ranking 20th, and topped the domestic makeup category on JD.com [9]

点击注册小程序 查看完整报告 特别申明： 供给：本周精废价差环比+500元/吨 （1）铜矿：2025年7月中国铜精矿产量为13.8 万吨，环比-6.3%，同比-1.6%；8月全球铜精矿产量为193.7万 吨，环比-0.3%。（2）废铜：截至2025年11月14日，精废价差为3488 元/吨，环比11月7日+500 元/吨。 冶炼：本周TC现货价环比-0.5美元/吨 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 本周小结：短期铜价震荡，需求修复后仍看好铜价上行 截至2025年11月14日，SHFE铜收盘价86900 元/吨，环比11月7日+1.12%；LME铜收盘价10846 美元/吨，环比 11月7日+1.41%。（1）宏观：短期宏观扰动减弱。（2）供需：自由港削减2025-2026年铜产量，供给后续仍维 持紧张 ...

Core Viewpoint - The article discusses the implementation of a restricted stock incentive plan by the company Mao Ge Ping, aimed at enhancing long-term incentive mechanisms and aligning the interests of shareholders, the company, and management [4]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 2.59 billion yuan, representing a year-on-year growth of 31.3%, and a net profit attributable to shareholders of 670 million yuan, up 36.1% year-on-year [5]. - For the third quarter of 2025, sales on various platforms showed significant growth: Taobao increased by 25.4%, Douyin by 55.6%, and JD.com by 45.7% [5]. - During the "Double Eleven" sales event, sales continued to perform well, with Taobao, Douyin, and JD.com showing year-on-year growth of 60.5%, 39.8%, and 22.3% respectively [5]. Group 2: Market Position and Product Development - The company has strengthened its high-end beauty positioning, with significant growth in its main product categories and channels [6]. - The product range has expanded from makeup and skincare to include fragrances, with new series such as Guo Yun Ning Xiang and Wen Dao Dong Fang [6]. - The company has successfully entered high-end department stores, including Beijing SKP and Chongqing Xingguang 68, enhancing its offline presence [6]. Group 3: Sales Performance and Rankings - The company achieved notable rankings during the "Double Eleven" event, entering the top 20 in the beauty category on Tmall and ranking first in the domestic makeup category on JD.com [5]. - Several key products have performed exceptionally well, with annual sales exceeding 200,000 units for the Xiaojin Fan powder and over 100,000 units for the Caviar Cushion Foundation and Caviar Mask [5].

Core Viewpoint - The company's Q3 2025 performance exceeded expectations, with significant revenue growth and improved profit margins, indicating strong demand and effective operational strategies [4][5][6]. Group 1: Financial Performance - Q3 2025 revenue reached $2.382 billion, a year-over-year increase of 9.7% and a quarter-over-quarter increase of 7.8%, surpassing both company guidance and market expectations [4]. - Gross margin for Q3 2025 was 22%, up 1.5 percentage points year-over-year and 1.6 percentage points quarter-over-quarter, exceeding the company's guidance of 18% to 20% [4]. - Net profit for Q3 2025 was $315 million, with attributable net profit of $192 million, reflecting a year-over-year increase of 28.9% and a quarter-over-quarter increase of 44.7% [4]. Group 2: Revenue Breakdown - Revenue by application in Q3 2025: smartphones (21.5%), computers and tablets (15.2%), consumer electronics (43.4%), IoT and wearables (8.0%), industrial and automotive (11.9%) [5]. - 12-inch wafer revenue accounted for 77% of total wafer revenue in Q3 2025, with a year-over-year decrease of 1.5 percentage points [5]. - Regional revenue distribution in Q3 2025: China (86.2%), USA (10.8%), and Eurasia (3%) [5]. Group 3: Market Dynamics - Strong overall demand continues to outstrip supply, with AI demand expected to remain robust and moderate growth in other sectors [6]. - The trend of domestic substitution is driving increased orders and market share for the company, particularly in the analog chip, memory, and CIS sectors [6]. - Short-term disruptions in output due to memory chip shortages are noted, but overall demand remains unaffected [6]. Group 4: Capacity and Investment - Q3 2025 capacity utilization rate was 95.8%, an increase of 5.4 percentage points year-over-year and 3.3 percentage points quarter-over-quarter [7]. - Capital expenditure for Q3 2025 was $2.39 billion, a quarter-over-quarter increase of 27%, with expectations for 2025 capital expenditure to remain stable or slightly increase [7]. - The company anticipates accelerated capacity expansion in 2026 due to sustained demand from AI, memory, and domestic substitution trends [7].

Market Overview - The secondary market for publicly listed REITs in China showed a fluctuating upward trend, with the weighted REITs index closing at 184.03 and a weekly return of 0.95% [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: Gold > REITs > Convertible Bonds > Pure Bonds > US Stocks > A-shares > Crude Oil [4] - Among different asset types, REITs related to affordable housing had the highest increase, with the top three asset types by return being affordable housing, transportation infrastructure, and consumer-related REITs [4] Individual REIT Performance - A total of 56 REITs experienced price increases, while 20 saw declines, with the top three gainers being Zhongjin Liandong Science and Technology REIT, Zhongjin Shandong Expressway REIT, and China Merchants Shekou Rental Housing REIT [4] - The trading volume for publicly listed REITs reached 2.84 billion yuan, with water infrastructure REITs leading in average daily turnover rate [4] - The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Huaxia Fund Huazhong REIT, and Hongtu Innovation Yantian Port REIT [5] Net Inflow and Block Trading - The total net inflow for the week was -51.39 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week [5] - The top three REITs by net inflow were in the categories of consumer infrastructure, water infrastructure, and affordable rental housing [5] - Total block trading reached 1.01 billion yuan, with the highest single-day block trading occurring on November 12, 2025, at 300.82 million yuan [5] Primary Market - No new REIT products were listed this week, and there were no updates on project statuses [6]

新房：1-10月光大核心30城住宅成交面积同比-11%，成交均价同比+2% 报告摘要 点击注册小程序 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。 1）2025年10月，光大核心30城商品住宅(不含保障)成交面积为1,029万㎡，同比-36.9%，环比-4.5%；其 中，北上广深杭蓉成交面积292万㎡，同比-40.3%，环比-9.8%，余下二线24城成交面积737万㎡，同 比-35.5%，环比-2.2%。 2）2025年1-10月，光大核心30城商品住宅(不含保障)成交面积为1.06亿㎡，同比-11.2%；其中，北上广深 杭蓉成交面积3,346万㎡，同比-6.2%，余下二线24城成交面积7,259万㎡，同比-13.4%。 3）10月，光大核心30城商品住宅(不含保障)成交均价为24,141元/㎡， ...

Group 1 - The article highlights a significant increase in flu-like cases, suggesting a growing demand for flu vaccines, virus testing, and related pharmaceuticals [3][4] - The recent flu outbreak is expected to raise public and market attention, potentially driving investment opportunities in the flu vaccine and treatment sectors [4] Group 2 - The analysis of Q3 earnings for major US tech companies indicates a shift in market focus from investment in AI to the need for return on investment, leading to a re-evaluation of AI's visibility and profitability [9] - Cloud computing revenue for major tech firms has accelerated, confirming the robust demand for AI computing power, with clearer capital expenditure guidance for 2026 [9] Group 3 - October's CPI showed a year-on-year increase, surpassing market expectations, attributed to a weakening high base effect, seasonal food price increases, holiday effects, and medical price reforms [10] - PPI turned positive month-on-month for the first time this year, driven by improved supply-demand dynamics in industrial products and rising international metal prices [10] Group 4 - The financial data for October indicates a seasonal slowdown in credit expansion, with social financing and monetary growth continuing to decline due to high base effects [25] - The forecast for year-end loan growth is around 6.45%, while social financing growth may drop to approximately 8.1% without new special government bond issuances [25] Group 5 - The report on the energy storage sector indicates that the gradual improvement of capacity pricing mechanisms is beneficial for industry development, with Inner Mongolia maintaining high levels of storage subsidies [28] - The market anticipates significant growth in domestic energy storage installations next year, with a focus on monitoring production and installation trends in the coming months [28]