Core Insights - The article discusses the rapid evolution of AI narratives and the exponential growth in token usage, highlighting the need for domestic AI industry chain improvements [3][4]. Group 1: AI Industry Developments - The demand for AI is driving significant upgrades in server capabilities, focusing on computing, storage, and operational efficiency [5]. - Domestic computing power is accelerating towards self-sufficiency, indicating a shift in the industry landscape [6]. Group 2: Semiconductor Industry Trends - AI demand is clearly defined, leading to a continuous rise in various segments of the semiconductor supply chain [9]. - SEMI forecasts a 5.4% increase in global silicon wafer shipments by 2025, reaching 12.824 billion square inches, primarily driven by AI-related data center and edge computing needs [10]. - The price of storage chips has surged, with DRAM contract prices expected to rise over 170% by Q3 2025 compared to the same period in 2024, due to increased memory requirements for AI servers [11]. - TSMC is experiencing a surge in orders for its 3nm process technology, driven by strong sales of Apple's iPhone 17 series and new flagship chips from Qualcomm and MediaTek, leading to increased prices and capacity utilization [12].

国泰阳通) # 议程安排 0 09:00-09:30 批零社服:出行有望高增,新消费景气持续 刘越男-国泰海通证券批零社服研究首席分析师 ● 09:30-10:00 航空：人口红利持续,期待超级周期 岳 鑫-国泰海通证券交通运输研究首席分析师 ● 10:00-10:30 快递：快递量持续较快增长，反内卷开启盈利修复 虞 楠-国泰海通证券交通运输研究联席首席分析师 10:30-11:00 通证券2026年度策略: 青绪消费 呢 11月5日下午 | 北京 · 中国大饭店 · 多功能厅4AB 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 更多国泰海通研究和服务 ...

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Group 1 - The article discusses the upcoming AGI era and the productivity revolution brought by humanoid robots, highlighting the significance of technological advancements in this field [1] - It features a series of presentations from industry experts, including topics on the trends of humanoid robot dexterous hands and the new paradigm of embodied intelligence in intelligent science [1] - The event aims to showcase cutting-edge research and trends in intelligent perception and robotics technology, indicating a strong focus on innovation and future developments in the industry [1]

Macro Overview - The long-term growth potential of China's economy is significant, with a stable macroeconomic total expected by 2025, but structural differentiation is evident, necessitating policy solutions for weak domestic demand in 2026 [4] - Asset restructuring is crucial, with inflation expectations playing a vital role in wealth management for residents [5] - Global economic and monetary system restructuring is leading to changes in the pricing framework for assets like gold, the US dollar, and US Treasuries [6] Hong Kong Stock Market Strategy - Hong Kong stocks have substantial upward valuation potential, with the overall valuation still considered low despite a rapid recovery in 2025 [11] - The market is expected to attract a significant amount of incremental capital, with over 1.5 trillion yuan anticipated from domestic investors in 2026 [12] - The scarcity of quality assets in the Hong Kong market is a strong supporting factor for upward movement, particularly in sectors like internet, new consumption, and innovative pharmaceuticals [12] - The technology sector is projected to be the main focus for 2026, driven by the AI wave and supportive policies [13] Non-Banking Sector Regulations - The China Securities Regulatory Commission is seeking opinions on new guidelines for performance benchmarks for publicly offered securities investment funds, aiming to address systemic issues in performance comparison and management mechanisms [19][20] - The new regulations will enhance the selection, change, disclosure, and constraint of benchmarks, improving investment transparency and potentially increasing the proportion of index products in the market [21] Asset Overview - Equity markets are outperforming bonds and commodities, with significant gains in Asian markets, particularly Japan and South Korea [25][26] - The bond market shows a "bull steep" characteristic in China, while US Treasuries exhibit a "bear flat" trend due to hawkish signals from the Federal Reserve [27] - Commodity indices have seen declines, with gold and oil leading the downturn, while the US dollar index has risen [28]

人身险：负债经营边际改善，资产端重要性进一步提升。 负债端延续增长，负债成本改善： 预计2026年银保新单及价值率改善推动NBV延续增长；预定利率调整、分红险占比提升以及全渠道报行合一的实施将推动 行业负债成本的下移。我们预计上市公司NBV增速仍有望实现20%以上增速。 主动管理能力需求提升，投资端预计将呈现两大变化： 在净投资收益率依然承压背景下，预计保险公司会进一步强化主动管理能力，权益多元化配置、利率 择时配置将是投资端的显著变化。 财产险：头部险企竞争格局进一步改善。 车险：预计保费稳健增长，头部公司承保盈利水平持续向好。 非车险：预计报行合一将推动费用率改善。 预计上市险企2026年盈利稳健增长，利率企稳有利于保险公司基本面改善。 风险提示： 权益市场波动，长端利率下行，地产信用违约风险提升；监管出台有关寿险、财险更为严苛的管理规范；定价利率调整下客需持续性不及预期； 负债成本管控不及预期，投产比恶化；自然灾害频发超出往年。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称：资产经营愈发重要的一年；报告日期：2025-11-02；报告作者： 刘欣琦（分析师），登记编号：S0880 ...

Group 1 - The core viewpoint emphasizes growth as a priority, with supply and demand clearing leading to a turning point in the market. The liquor industry is accelerating its clearance, while consumer goods show strong resilience [1] - The liquor market is experiencing a significant clearance, with sales bottoming out and inventory levels decreasing rapidly. The current adjustment cycle is longer compared to previous cycles, indicating a U-shaped recovery rather than a V-shaped one [1] - Beer and beverage sectors are stable, with beer clearance occurring before liquor. The beverage industry shows strong resilience, particularly among leading brands driven by major products [1] Group 2 - The consumer goods sector is stabilizing, with some industries like food ingredients and health products still in a growth phase. There is significant differentiation within the sector, with seasoning products performing relatively well [2] - The snack food sector is experiencing a marginal decline in prosperity, highlighting the importance of product innovation and strong channel expansion capabilities for future growth [2]

Core Viewpoint - The article discusses the upcoming 2026 annual strategy conference organized by Guotai Junan Securities, focusing on asset allocation and investment strategies in the context of national policy and market trends [3][4]. Group 1: Conference Agenda - The conference will feature a series of presentations and discussions, starting with a keynote address by Lu Ying, Vice President of Guotai Junan Research and Institutional Business Committee [3]. - A special guest from the Ministry of Finance Research Institute will provide insights on the Fourth Plenary Session and the outlook for fiscal policy in 2026 [3]. - Various experts will present on topics including the outlook for major asset classes, gold investment strategies, and equity theme investment strategies for 2026 [4]. Group 2: Expert Contributions - Zuo Xiuhai, Deputy General Manager of Haitong Asset Management, will discuss the outlook for major asset allocation and investment strategies for 2026 [4]. - Xu Zhiyan, Chief Index Investment Officer and Assistant General Manager of Huashan Fund, will present on the prospects for gold investments in 2026 [4]. - Su Hui, Strategy Research Analyst at Guotai Junan Securities, will cover the investment outlook for Chinese equity themes [4]. Group 3: Roundtable Discussion - A roundtable forum will be held on asset allocation and ETF configuration, featuring prominent figures from various funds and asset management companies [4]. - The discussion will be moderated by Ye Kang, Co-General Manager of the Asset Allocation Department at Guotai Junan Securities [4].

11月4日下午 V 大 FTA 京 · 中国大饭店 议程安排 | ● 13:30-14:20 技术跃迁、市场爆发与生态共生 | | --- | | 人形机器人关节十年新征程 | | 石照耀-北京工业大学教授、长江学者 | 更多国泰海通研究和服务 *参会请联系您的 ● 14:20-15:10 具身智能驱动的未来工厂 珞石机器人技术矩阵与工业场景实践 于文进-珞石机器人副总经理、研发中心总经理 ● 15:10-16:00 人形机器人灵巧手 张延柏-灵心巧手联合创始人 ● 16:00-16:50 Al触觉传感的模型建构和应用方向 马 扬-他山科技CEO 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 ...

11月5日下午 北京 · 中国大饭店 · 多功能厅1 13:30-14:00 ● 14:45-15:15 量找产业链中高需求、高壁垒、高盈利卓越龙头 韩其成-国泰海通证券建筑工程研究首席分析师 ● 15:15-15:45 潮平两岸阔，风正一帆悬! 涂力磊-国泰海通证券研究所所长助理、先进制造研 究组组长、房地产研究首席、中小市值与创新股权 研究联席首席分析师 ● 14:00-14:45 房价趋势判断 -- 行业2026年基本面看法 李彦国-冰山指数创始人 圆桌论坛: 反内卷下钢铁、煤炭、石化行业的投资机会 李鹏飞-国泰海通证券钢铁研究首席分析师 黄 涛-国泰海通证券煤炭开采研究首席分析师 朱军军-国泰海通证券石油化工研究联席首席分析师 2026年电价影响因素 吴 杰-国泰海通证券公用事业研究首席分析师 全球大宗增产周期下的航运投资机会 岳 鑫-国泰海通证券交通运输研究首席分析师 *参会请联系您的 国泰海通对口销售报名 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国 ...