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。 . . te . 11 国泰海通证券2026年度销赔会 2025年11月4-6日 | 北京 中国大饭店 压泰母曲止 国泰海通证券2026年度策略会 4 国泰海通证券 o .. . . 国泰海道进线 国泰海通证券 法律声明 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听内容 ...

2025年11月4-6日 | 北京 中国大饭店 新消费与传统消费 0 2026年度假路 09:00-09:30 食品饮料 / 美妆: 成长为主,供需出清迎拐点 '皆 猛 - 国泰海通证券研究所所长助理、消费研究组组长、食品 饮料研究 & 美妆研究首席分析师 09:30-10:00 批零社服:传统消费积极转型,新消费超高景气 刘越男 - 国泰海通证券批零社服研究首席分析师 10:00-10:30 家电: 出海成长,内需等待出清修复 蔡雯娟 - 国泰海通证券家电研究首席分析师 10:30-11:00 轻工: 聚焦成长消费与周期价值 刘佳昆 - 国泰海通证券造纸轻工研究首席分析师 11:00-11:30 纺服: 洞察消费者变迁,挖掘结构性机会 盛 开 - 国泰海通证券纺织服装研究首席分析师 11:30-12:00 农业:宠物赛道长坡厚雪,养殖种植亮点亦多 林逸丹 / 王艳君 - 国泰海通证券农林牧渔研究联席首席分析师 重视配置的力量,从机构到居民 ® 11月5日 多功能厅6A 09:00-09:30 非银年度策略报 刘欣琦 - 国泰海通证券金融研究组组长、非银行金融研究首席分 析师 特邀嘉宾 09:00-09:30 ...

tt . t w 国泰海通证券2026年度销验会 2025年11月4-6日 | 北京 中国大饭店 URITIES : . .. . 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。 150 - 100 - 50 。 国泰海通证券2026年度策略会 新征程 . . . : . . 国泰海通证券 . 国泰海通证券2026年度策略会 S HE 由 列入门 | 法律声明 更多国泰海通研究和服务 亦可联系对口销售获取 世 NG SECURITIES 重要提醒 Rations 11 - 新征程 国泰海通证券2026年度 TO 17.7 盟想想出家： ETF和场外复制指数基金行 ETF FTE . ali ิ์ 評学 26年度策略会 . 国泰海通证券 0 国泰海通证券2026年度策略会 国 泰 海 通 亚 斯 石 ...

· 国泰海通证券2026年度策略会 2025年11月4-6日 | 北京 中国大饭店 国泰海道 (CSTD) - et 175 . 高海 国泰海通证交 G - 证券202 国泰海通证券 图象 #月 play 国泰海通证券2026年度策略会 征着 . 1111 1 a MIT V 国泰海通证券2026 征程 b l 13 a II T 国泰海 证券 1977 GAD 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 ath 通证券2026年度策略会 新征文 国泰海通证券 0 the first FC 4 国泰海通证券2026年度策略会 新 r 07 GUOTAL HAITONG 18 10 00 00 00 00 00 00 00 00 ...

国泰培廊计考 每通证券2026年度策略 2025年11月4-6日 | 北京 中国大饭店 扫码查看 · H 研究运营组制作 g (2 D . 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 ...

Macro Overview - The core viewpoint is that China's economy has significant growth potential in the medium to long term, with a stable macroeconomic total in 2025 but noticeable structural differentiation, requiring policy solutions for weak domestic demand in 2026 [2] - Price stability is crucial for growth, as price indicators are central to understanding changes in domestic demand [2] Investment Strategy - The "transformation bull market" in China is expected to continue, with the stock market entering a significant growth cycle starting in 2025, driven by capital market reforms and economic structural transformation [7] - The Shanghai Composite Index reaching 4000 points again is a significant milestone, with further upward potential anticipated [8] - The underlying logic of the Chinese stock market is shifting, with three core factors that previously led to valuation discounts now being dismantled: improved confidence in handling US-China risks, a return to economic construction focus, and the end of the renminbi asset contraction cycle [8][9] Sector Analysis - Urbanization as a growth driver is fading, with reform and transformation becoming the primary focus [9] - The three main drivers of the "transformation bull market" include the decline of risk-free returns, capital market reforms enhancing market investability, and increased certainty in China's transformation development [9] - Investment opportunities are identified in technology growth sectors, manufacturing expansion, cyclical consumption, and financial stocks, with a focus on quality strategies over barbell strategies [10] Hong Kong Market Strategy - The Hong Kong stock market is positioned for upward potential, with a significant inflow of capital expected, particularly from foreign investors [13][14] - The technology sector is highlighted as a key focus for 2026, with opportunities in innovative drugs and brokerage firms [15] Fund Evaluation - The public fund industry is shifting towards a focus on equity, benchmarks, and long-term performance, with a growing emphasis on active equity funds and passive index funds [30][31] - The sales environment for public funds is evolving towards a model that prioritizes long-term client interests and diversified asset allocation [32] Fixed Income Strategy - The fixed income market is expected to experience a shift in macroeconomic anchors, with a focus on multi-asset investment opportunities in a low-interest-rate environment [35][36] Real Estate Outlook - The real estate market is anticipated to undergo changes, with a focus on marginal improvements and long-term growth potential [39][40] Transportation Sector - The aviation industry is expected to enter a "super cycle," driven by recovering demand and a favorable pricing environment [52][53] - The shipping industry is also poised for growth, with increasing demand for oil and dry bulk shipping [56][57] Coal Industry - The coal sector is expected to enter a new upward cycle, driven by recovering demand and supply constraints [74][75] Steel Industry - The steel industry is projected to stabilize, with demand recovering and supply constraints expected to support profitability [80][81]

【食饮 】供需出清迎拐 点 ——食品饮料2026年年度策略 投资建议：成长为先，供需出清迎拐点。 白酒加速出清，大众品韧性强。白酒动销见底，报表、库存加速出清，批价下跌激发需求；大众品见底，板块分化 加剧，饮料、调味品、啤酒韧性较强。 白酒加速出清，底部已现。 25Q3白酒加速出清，从次高端-地产酒-高端陆续出清。与2012-14年相比，本轮周期需求和预期的调整幅度相对较小、调整周 期明显拉长。上一轮白酒调整呈V型，行业出清速度快；本轮调整在前期更像U型，25Q3起大幅下修，单季度跌幅超过上一轮最低值，行业进入加速调整 期，动销见底，报表、库存加速出清。短期股价已反应市场悲观预期，随着行业陆续出清，板块有望震荡上行。 啤酒&饮料：啤酒稳定，饮料结构繁荣。 25年啤酒出清先于白酒，吨价和销量平稳，行业分化加剧，区域啤酒在大单品+根据地优势加持下优势相对凸显， 全国化啤酒保持平稳，建议关注有竞争优势的区域啤酒龙头。饮料行业韧性强，龙头在大单品驱动下保持结构性景气，中国食品等部分传统龙头，兼具长期 确定性和低估值，具备价值修复空间。 大众品：成长为主线，兼顾低估值。 大众品整体见底，保持平稳，以食品原料、保健品为代 ...

Group 1: Core Views on Consumer Spending - The "14th Five-Year Plan" emphasizes a significant increase in the resident consumption rate, aiming for around 50% in the next five years, reflecting a more pragmatic and achievable target compared to previous plans [3] - Various policy efforts will drive the evolution of the resident consumption rate, with projections suggesting it could rise to a range of 42%-47% by 2030, contributing an additional 2.9-3.9 percentage points to nominal GDP growth [5] Group 2: Analysis of Factors Affecting Consumption Rate - Since 1995, the resident consumption rate in China has decreased by 8 percentage points, with key contributing factors including ineffective redistribution effects (2.2 percentage points), limited channels for property income (1.4 percentage points), and fluctuations in average consumption propensity (3.9 percentage points) [7] - The importance of structural reforms in income distribution and consumer expectations is highlighted, indicating that achieving consumption targets requires a coordinated approach rather than merely setting goals [7] Group 3: Market Performance and Economic Indicators - Global indices mostly rose, with MSCI Global up by 0.6%, and emerging markets showing a 0.9% increase, while the U.S. 10Y Treasury yield saw a significant rise [8] - The earnings expectations for U.S. tech and consumer discretionary sectors were notably revised upwards, with the S&P 500's 2025 EPS forecast increasing to 270 [9] Group 4: Semiconductor Storage Controller Market Insights - The global SSD controller market is projected to grow rapidly, with an estimated size of approximately $24.965 billion in 2024, expected to reach $27.763 billion in 2025, and a compound annual growth rate of about 14.4% from 2025 to 2032 [14] - The competitive landscape features both independent manufacturers and IDM firms, with the former excelling in customer diversity and technical services, while the latter focuses on product integration for their SSD offerings [15] Group 5: Investment Recommendations in Consumer Goods - The beverage, snack, and food raw material sectors continue to show performance advantages, while the liquor sector is experiencing a significant downward adjustment, with Q3 2025 liquor revenue down by 18% year-on-year [16] - The consumer goods sector shows a mixed performance, with beer and soft drinks experiencing growth, while other segments like traditional liquor and prepared foods face challenges [17]

. and and the subject of 1 国泰海通证券 . 上 Tia BART TIMETE il 417 国泰海通证券2026年度策略会 教 - diffe - ADAL a 日处 i 26年度 国泰 国泰海通证券2005年度策略会 新征程 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 ...

Core Viewpoint - The article discusses the strategic outlook for Haitong Securities in 2026, emphasizing the importance of adapting to market changes and identifying investment opportunities in various sectors [2]. Group 1: Market Trends - The article highlights the anticipated market trends for 2026, focusing on the recovery of the economy post-pandemic and the potential for growth in sectors such as technology and renewable energy [2]. - It mentions the expected increase in consumer spending and investment in infrastructure, which could drive market performance [2]. Group 2: Investment Strategies - The article outlines specific investment strategies that Haitong Securities plans to implement, including a focus on high-growth sectors and diversification of investment portfolios [2]. - It emphasizes the importance of thorough research and analysis to identify undervalued assets and emerging market trends [2]. Group 3: Financial Projections - The article provides financial projections for 2026, indicating a potential increase in revenue and profitability for Haitong Securities, driven by strategic investments and market expansion [2]. - It notes that the company aims to achieve a significant market share in key sectors, which could enhance its competitive position [2].