Group 1: Food and Beverage Industry - The core investment strategy emphasizes growth first, with supply and demand clearing leading to a turning point. The white wine sector is accelerating its clearing process, while consumer goods show strong resilience [2] - The white wine market is experiencing a significant adjustment, with sales bottoming out and inventory clearing accelerating. The current adjustment cycle is longer compared to previous cycles, indicating a U-shaped recovery rather than a V-shaped one [2] - Beer and beverage sectors are stable, with beer prices and sales remaining steady. The beverage industry shows strong resilience, particularly among leading brands driven by major products [2][3] Group 2: Consumer Goods - The consumer goods sector is stabilizing, with certain industries like food ingredients and health products still in a growth phase. There is a notable divergence within the sector, with seasoning products performing relatively well [3] Group 3: Beauty and Personal Care - The beauty and personal care industry is witnessing a stable demand environment, with a slight recovery in foreign investment. The cosmetics retail sector showed a year-on-year growth of 3.9% in the first nine months of 2025, slightly lagging behind the overall retail market [7] - The brand landscape is changing, with domestic brands experiencing a slowdown in replacement trends, while foreign brands like L'Oréal and Estée Lauder are recovering in the Chinese market [7] Group 4: Social Services and Retail - The service consumption sector is expected to benefit from new policies aimed at expanding service consumption, with education and tea/coffee sectors showing significant growth potential [10] - Emotional value and experiential consumption are driving rapid growth in certain segments, particularly in the IP toy industry, which is still in a high growth phase [11] Group 5: Home Appliances - The home appliance industry is transitioning to a post-subsidy era, with domestic demand recovering slowly. The industry is expected to undergo significant consolidation before stronger market leaders emerge [15] - Companies with advantageous overseas layouts and those actively seeking business model transformations are expected to perform well [16] Group 6: Agriculture - The pet market is experiencing robust growth, with domestic brands gaining traction. The pet food market is steadily growing, driven by increased consumer willingness to spend on pets [26] - The planting sector is focusing on innovation, particularly in seed development and specialty crops [26] Group 7: Pharmaceuticals - The pharmaceutical industry is seeing opportunities in innovative drugs, particularly in oncology and metabolic fields, with a focus on next-generation treatments [29][30] - The demand for CXO services is gradually recovering, with a focus on performance certainty in the domestic market [31] Group 8: Banking - The banking sector is expected to see stable performance in 2026, with net profit growth driven by wealth management and retail lending [67][68] - The focus is on identifying banks with strong growth potential and those that can leverage retail and international business opportunities [62][69]

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].

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].