国泰海通证券 海通证券2026年度策略 2025年11月4-6日 | 北京 中国大饭店 扫描二维码查看 研究报告合集 研究运营组制作 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 ...

Group 1 - The article discusses the upcoming strategy conference hosted by Haitong Securities, scheduled for November 4-6, 2025, at the Beijing China Grand Hotel [2] - It emphasizes the importance of the conference for clients of Guotai Junan Securities, highlighting the need for registration through designated sales contacts [4] - The content is specifically tailored for clients who have signed up for Guotai Haitong Securities research services, indicating a focus on maintaining service quality and managing investment risks [7]

Core Insights - The article discusses the upcoming conference focusing on macroeconomic challenges, investment strategies, and the future of artificial intelligence and robotics in various sectors [2][5][10]. Group 1: Macroeconomic Outlook - The conference will feature discussions on China's macroeconomic challenges and strategies to address them, led by experts from the Chinese Academy of Social Sciences [2]. - A session will cover the outlook for the U.S. economy and monetary policy, providing insights into global economic trends [2]. Group 2: Investment Strategies - The conference will include sessions on investment strategies for 2026, focusing on Chinese equity markets, Hong Kong stocks, and financial engineering [5]. - Experts will discuss the IPO market outlook for 2026, highlighting potential opportunities for investors [5]. Group 3: Artificial Intelligence and Robotics - A significant portion of the conference will be dedicated to the future of artificial intelligence, including its applications in various industries and the development of humanoid robots [3][5]. - Discussions will explore the integration of AI in financial services and the implications for the economy [8][10]. Group 4: Sector-Specific Insights - The conference will address the evolving landscape of consumer goods, including the growth of the beauty and beverage sectors, and the impact of new consumption trends [12][13]. - Sessions will also focus on the investment logic behind innovative pharmaceuticals and the potential for growth in the healthcare sector [21][22].

Core Insights - The article emphasizes the rapid growth of the global SSD controller market driven by emerging demands such as AI and data centers, alongside new growth points from automotive electronics and industrial IoT [1][2]. Market Overview - The global SSD controller market is projected to reach approximately $24.965 billion in 2024, increasing to $27.763 billion in 2025, with a compound annual growth rate (CAGR) of about 14.4% from 2025 to 2032, potentially exceeding $66.1 billion by 2032 [2]. Competitive Landscape - The storage controller industry features a coexistence of independent manufacturers and IDM (Integrated Device Manufacturer) firms. Independent firms excel in customer diversity and technical services, while IDM firms focus on product integration and optimization, primarily using in-house controllers for their SSD products [3]. Investment Themes - Investment opportunities are centered around two main areas: 1. High-performance PCIe 5.0 controller suppliers benefiting from AI training and cloud infrastructure expansion 2. Storage controller manufacturers with low power consumption and cost advantages in mobile and PC sectors [3]. Emerging Growth Areas - The penetration rate of automotive and industrial storage controllers is expected to increase over the long term, making related participants worthy of attention [3].

Core Insights - The overall market signals for stocks, bonds, and gold as of October 2025 indicate negative, positive, and negative trends respectively for November 2025 [1][3]. Asset Allocation Signals - As of September 2025, both credit spreads and term spreads are signaling a narrowing trend, with the macroeconomic environment forecasted to be inflationary for Q4 [2]. Macro Momentum Model Signals - The cumulative return of the industry composite trend factor combination from January 2015 to October 2025 is 122.58%, with an excess return of 48.40%. The factor signal for October 2025 was positive, while the Wind All A monthly return was -0.04%. The industry composite trend factor as of October 2025 is 0.34, indicating a rebound and issuing a positive signal [3].

Core Viewpoint - The recent optimization of the duty-free pickup method in cities is expected to expand the market size and enhance consumer experience, driven by new policies aimed at boosting consumption and attracting foreign spending [2][4]. Policy Enhancements - The new notification from various government departments aims to improve the duty-free store policy, effective from November 1, 2025, to stimulate consumption and encourage overseas spending [2]. - Key improvements include: 1. Optimizing domestic tax refund policies to support the sale of domestic products in duty-free stores, promoting culturally significant products [3]. 2. Expanding the range of products available in duty-free stores to include popular items like mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet food [3]. 3. Relaxing approval processes for duty-free store operations, allowing local adaptations and optimizations [3]. 4. Enhancing convenience and regulatory measures, including online booking services and the ability for travelers to pick up purchases at entry duty-free stores [3]. Market Growth Potential - The optimization of the duty-free pickup method significantly enhances shopping convenience and consumer experience, which is likely to expand the city duty-free market [4]. - The opening of new city duty-free stores in major cities, such as Shenzhen and Guangzhou, is anticipated to further stimulate market growth [4].

Group 1 - The core viewpoint of the article emphasizes the potential launch of multi-asset ETFs in China, driven by the need for enhanced index investment and asset allocation functions in the capital market [1] - As of the end of Q3 2025, the domestic ETF market has grown to over 5.6 trillion yuan, marking an increase of nearly 1.9 trillion yuan (+51%) compared to the end of 2024, indicating its importance as a tool for institutional investors [1] - The article highlights the necessity for diversified asset allocation strategies in a low-interest-rate environment, leading asset management institutions to explore new investment boundaries [2] Group 2 - The shift in the structure of bond funds is noted, with a decrease of 844.8 billion yuan in actively managed pure bond funds and an increase of 757.7 billion yuan in mixed bond funds, reflecting a market demand for low-volatility and low-fee index products [2] - Historical experiences from overseas show that stock-bond mixed strategies have evolved into two main forms: constant proportion and dynamic adjustment, with the former maintaining a fixed ratio and the latter adjusting based on market signals [3] - The introduction of a series of multi-asset indices by China Securities since 2024 aims to meet the innovative demand for multi-asset ETFs, with a range of stock-bond combinations and varying weightings [4]

每周 一 景：贵州千户苗寨 点击右上角菜单，收听朗读版 【电子 】DeepSeek 开源 AI 补齐产业链短板 AI 叙事加速演进， token 用量指数级增长。 Deep S eek 补齐 国内 AI 产业链短板。 服务器"算、存、运"协同升级。 国产算力自主可控加速。 风险提示。行业竞争加剧，国产算力渗透率不及预期。 【海外科技 】 AI需求明确，半导体产业链各环节持续升温 投资建议： 维持行业增持评级，推荐 AI 算力方向、云厂商方向、 AI 应用方向、 AI 社交方向 。 SEMI 预测 2025 年全球硅晶圆出货量将增长 5.4% ， AI 需求成为主要驱动力 。 根据 SEMI 最新报告， 2025 年全球硅晶圆出货量将达到 128.24 亿平方 英寸，同比增长 5.4% ，并有望在 2028 年刷新纪录。增长主要受人工智能 (AI) 驱动的数据中心和边缘计算需求拉动，包括用于先进逻辑器件的高端外延晶 圆，以及用于高带宽存储器 (HBM) 的抛光片。从产业角度看，硅晶圆厂商和设备商将迎来订单回暖，当前硅晶圆供给刚从下行周期中恢复，若 AI 需求如期 释放，相关厂商产能利用率将持续提升。 存储芯片价 ...

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 ...

FF and and the may be a . . 000 . . . . . . . . . : . . . . controller the works : iK 4 4 0 - a 2017 国泰海通证券2026年度策略会 Production of the count 1998 - 1992 - 1992 . and and . 138 . . . 2025年11月4-6日｜北京 中国大饭店 ・・・・・ ne 取联系您的 1 2 国泰海通对口销售报 H 一研究运营组制作 the county and and the county the first and ...