Investment Rating - The report maintains a "Strong Buy" rating for the communication industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The communication industry has shown continuous growth in performance, with a revenue increase of 3.3% year-on-year for the first three quarters of 2025, reaching a total of 19,549 billion yuan, while net profit grew by 9.0% to 1,943 billion yuan [9][24]. - The North American AI sector has led the growth, with a staggering revenue increase of 265% since the beginning of 2025, highlighting significant investment potential in this area [15][23]. - The report suggests focusing on specific segments such as optical modules, copper interconnects, switches, temperature control and power supply equipment, IDC rooms, edge AI, and robotics for potential investment opportunities [2]. Summary by Sections 1. Industry Performance - The communication industry index has increased by 58.8% since the beginning of 2025, outperforming major indices like the Shanghai Composite [15][21]. - The North American AI sector has shown exceptional growth, with revenue and net profit increasing by 71.5% and 129.5% respectively in Q3 2025 [45]. 2. Overall Performance - The overall revenue growth has slowed, but profit growth remains strong, with Q3 2025 showing a 3.7% increase in revenue and a 12.1% increase in net profit [24][29]. - The communication sector's overall gross margin and net margin have shown slight improvements, indicating better profitability management [29][32]. 3. Key Segment Analysis 3.1. Operators - The operators' segment has shown stable growth, with a revenue increase of 0.6% and a net profit increase of 4.3% in the first three quarters of 2025 [39][40]. 3.2. 5G - The 5G segment has maintained low growth rates, but there was a marginal improvement in Q3 2025, with revenue growth of 3.6% [41]. 3.3. North American AI - The North American AI segment has experienced rapid growth, with significant increases in both revenue and net profit, driven by high demand and product optimization [45][47]. 3.4. Domestic Computing Power - The domestic computing power segment has shown overall positive performance, with a revenue increase of 22.0% and net profit growth of 38.8% in the first three quarters of 2025 [48].

行 业 研 究 / 有 色 金 属 / 证 券 研 究 报 告 有色金属行业周报 铜铝需求好转，关注锑市改善 2025 年 11 月 20 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） -10% 6% 22% 38% 54% 70% 2024/11 2025/5 2025/11 有色金属 沪深300 相关研究 《铜铝趋势不改，供需结构或持续改善》 2025.11.10 《金铜趋势不改，铝供需有望持续改善》 2025.11.04 《美联储降息或持续，关注有色金属金融 属性催化》 2025.10.27 《美联储或停止缩表在即，关注行业金融 属性催化》 东方财富证券研究所 证券分析师：李淼 证书编号：S1160524120006 证券分析师：孟宪博 证书编号：S1160525030003 证券分析师：张恒浩 证书编号：S1160525090001 相对指数表现 钢铁：西芒杜正式投产，钢厂盈利有望逐渐改善。当周 SHFE 螺纹钢/SHFE 热 卷收于 3053、3256 元/吨，周环比+0.6%/ +0.3%。当周五大钢材品种供应 834.38 万吨，周环比-22.36 万吨，总库存录得 1477.34 万 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials industry, indicating a positive outlook compared to the broader market [3][51]. Core Insights - The construction materials sector has shown resilience with a 1.50% increase last week, outperforming the CSI 300 index by 2.6 percentage points. Year-to-date, the sector has risen 17.3%, slightly underperforming the CSI 300 index by approximately 0.4 percentage points [6][14]. - Infrastructure investment in the first ten months of 2025 has decreased by 0.1% year-on-year, but there is optimism regarding the acceleration of strategic key projects, particularly in cement, explosives, pipes, and waterproof materials [6][26]. - The report highlights a shift towards consumption upgrades, which is expected to enhance the competitive landscape in the consumer building materials segment, leading to increased market share for leading companies [6][26]. Summary by Sections Market Overview - The construction materials sector has experienced a 1.50% increase last week, with cement, glass, and renovation materials showing varied performance [6][14]. - Cement prices have seen a slight increase, with the national average price at 358 RMB/ton, reflecting a week-on-week increase of 1.1 RMB/ton [20][30]. Infrastructure Investment - National fixed asset investment reached 408914 billion RMB in the first ten months of 2025, down 1.7% year-on-year, with infrastructure investment showing a minor decline of 0.1% [6][24]. - Key sectors such as pipeline transportation, water transportation, and railway transportation have shown growth rates of 13.8%, 9.4%, and 3.0% respectively, indicating relative strength in these areas [6][24]. Cement Market Dynamics - The national cement shipment rate was approximately 46% as of November 14, 2025, with a week-on-week increase of 0.3 percentage points [20][30]. - The report notes that the overall demand for cement is expected to stabilize, with prices likely to experience fluctuations as companies aim to enhance profitability [31][30]. Glass and Fiberglass Market - The average price of float glass has decreased to 1195 RMB/ton, with a week-on-week decline of 2 RMB/ton, while inventory levels have also decreased [39][40]. - Fiberglass prices remained stable, with the average price of non-alkali fiberglass yarn in East China at 3475 RMB/ton [43][44]. Cost Trends - The report indicates that most raw material prices have decreased year-on-year, which is expected to positively impact corporate profitability in the second half of 2025 [45][47].

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

挖掘价值 投资成长 煤炭行业周报 10 月煤炭产量同环比双降，印尼拟削减 26 年产量目标 2025 年 11 月 20 日 【投资要点】 10 月煤炭产量同环比双降，印尼拟削减 26 年煤炭产量目标至低于 7 亿吨。（1）产量：10 月全国原煤产量 4.07 亿吨，同/环比-2.3%/-1.2%； 1-10 月全国原煤产量 39.73 亿吨，同比+1.5%（1-9 月为+2%）。（2） 需求：10 月火电/生铁/水泥产量同比+7.3%/-7.9%/-15.8%；1-10 月火 电/生铁/水泥产量累计同比-0.4%/-1.8%/-6.7%（1-9月为-1.2%/-1.1%/- 5.2%）。（3）国家发改委：近日组织召开 2025—2026 年供暖季能源保 供视频会议，要求：稳定能源生产供应；抓好能源中长期合同履约； 全力做好高峰期能源保供；重点保障民生采暖用能；提升低温雨雪冰 冻等灾害应对水平；做好安全生产工作。（4）中国煤经会：预计 25 年 印尼煤炭产量 7.5 亿吨，同比-10.3%，且拟将 26 年产量目标削减至低 于 7 亿吨，25 年产量目标 7.35 亿吨（24 年煤炭产量 8.36 亿吨，目标 ...

Strategy Insights - The report highlights strong performance in the innovative drug sector and solid-state batteries, while robotics has seen a significant decline [1][8] - Key themes to focus on include innovative drugs, solid-state batteries, lithium batteries, energy storage, robotics, and commercial aerospace [2] Theme Investment Review - During the week of November 10-14, 2025, innovative drugs showed notable strength, while solid-state batteries experienced slight gains. Other sectors, particularly AI, faced declines [8] - The computing power index fell below the 60-day moving average, with MFI and RSI indicators continuing to decline [8] - The robotics index dropped, with MACD reaching its lowest point since April 7, and MFI entering the oversold zone below 20 [8] - Innovative drug stocks surpassed the 30-day moving average, with MACD trending upwards and MFI indicators showing an upward movement, though not yet in the overbought zone [8] - Solid-state batteries remain in an upward trend, with MA30 providing support, but MFI showed a significant decline this week, indicating a potential weakening of upward momentum [8] - Other sectors such as commercial aerospace, controllable nuclear fusion, quantum technology, and low-altitude economy are experiencing general fluctuations or weakness, but no clear oversold signals have emerged [8] Industry Chain Tracking AI Sector - The recent decline in storage was triggered by Kioxia's disappointing earnings, attributed to a fixed-price agreement with Apple that prevented it from benefiting from spot price increases. This is seen as an individual company issue rather than an industry turning point [41] - Future stock selection may shift from a broad rally to structural opportunities driven by AI, with a focus on core stocks that can benefit from rising storage prices [41] - Close monitoring of upstream manufacturers' capacity expansion plans and the actual implementation of AI demand is recommended [41] Lithium Battery Sector - Recent strong performance in lithium battery stocks is primarily driven by explosive growth in AIDC's electricity demand [42] - AIDC's power consumption has surged due to increased GPU power and AI cabinet upgrades, leading to significant power investment expansion [42] - AIDC's high reliability requirements for backup power are driving rapid growth and even premium pricing in the backup power market, with price increases expected to continue due to persistent supply-demand gaps [42] Technological and Industrial Developments - Baidu launched its native multimodal model, Wenxin Model 5.0, with 2.4 trillion parameters, aiming to enhance AI applications across various industries [47] - Avenzo's EGFR/HER3 dual antibody ADC drug received fast-track designation from the FDA, marking a significant breakthrough for domestic dual antibody ADCs internationally [47] - The successful launch of 13 low-orbit satellites using the Long March 12 rocket from Hainan's commercial aerospace launch site demonstrates advancements in China's commercial aerospace capabilities [47] - Developments in brain-computer interfaces and humanoid robots are also noted, indicating progress in these cutting-edge technologies [47]

Investment Highlights - The report indicates a clear turning point for the food and beverage industry following accelerated clearance, with expectations for leading sectors to initiate recovery [2][7] - The overall revenue for the food and beverage sector showed a slight increase of 0.2% year-on-year, while net profit decreased by 4.6% in the first three quarters of 2025 [18][20] - In Q3 2025, the sector experienced a significant decline, with revenues and net profits dropping by 4.9% and 14.6% respectively [18][20] Sector Review 1. Overall Review - The food and beverage sector faced continuous pressure and adjustments, with traditional consumption accelerating clearance while new consumption trends continued to grow [18][20] - The white liquor segment saw a revenue decline of 18.4% and a net profit decline of 22.2% in Q3 2025, indicating significant pressure on the sector [20][22] - In contrast, sectors like snacks and beverages maintained double-digit growth due to product and channel innovations [20][21] 2. White Liquor - The white liquor industry is undergoing accelerated clearance, with varying rhythms among companies. The demand has weakened, leading to noticeable declines in revenue and net profit for most companies [22][25] - High-end liquor maintained some growth, with Moutai achieving a revenue increase of 0.3% in Q3 2025, while other brands like Wuliangye saw declines exceeding 50% [23][25] - The report emphasizes the importance of supply-demand balance and pricing as key indicators for the industry's recovery [22][23] 3. Low-Alcohol Beverages and Drinks - The beer segment showed stable performance with a revenue increase of 2.0% and a net profit increase of 11.8% in the first three quarters of 2025 [21][22] - The report highlights the potential for recovery in demand for low-alcohol beverages and drinks, driven by health trends and product innovation [22][23] 4. Consumer Goods - The dairy sector is gradually stabilizing, with upstream supply clearing and downstream processing demand increasing, leading to a potential balance in the raw milk cycle [31][33] - The snack sector, particularly the konjac and oat categories, is expected to maintain high growth rates, supported by the expansion of new retail channels [31][36] - The report notes that the overall demand for dining remains weak, but specific segments like Western-style condiments and frozen baking show structural opportunities [31][33] Investment Recommendations - The report suggests focusing on companies that are early in their clearance processes and have strong brand momentum, such as Gujing Gongjiu and Luzhou Laojiao [11][12] - For low-alcohol beverages, attention is drawn to leading companies like Kweichow Moutai and Tsingtao Brewery, which are expected to benefit from demand recovery [11][12] - In the consumer goods sector, companies with strong performance and cost advantages, such as Yili and Modern Dairy, are recommended for investment [11][12]

行 业 研 究 / 电 力 设 备 / 证 券 研 究 报 告 电力设备行业年度投资策略 新能源底部反转，机器人创新破局 2025 年 11 月 18 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：周旭辉 证书编号：S1160521050001 证券分析师：李京波 证书编号：S1160522120001 证券分析师：杨安东 证书编号：S1160524070005 证券分析师：朱晋潇 证书编号：S1160522070001 证券分析师：安邦 证书编号：S1160525010002 证券分析师：唐硕 证书编号：S1160524090002 证券分析师：郭娜 证书编号：S1160524070001 相对指数表现 -20% -6% 8% 22% 36% 50% 2024/11 2025/5 2025/11 电力设备 沪深300 相关研究 《液冷：为何加速渗透？行业增速几何？ 新技术和受益标的》 2025.08.21 《MIM：轻量化高精密工艺，拓展机器人 应用领域》 2025.07.23 《机器人星辰大海，新能源关注新技术》 2025.06.24 《人形机器人系列专题之电子皮 ...

Group 1 - The report highlights the sustained demand for computing power, with significant growth expected in the AI infrastructure sector driven by domestic advancements in computing chips and increased capital expenditure from cloud service providers [2][3]. - The domestic AI infrastructure is anticipated to experience rapid growth by 2026, following a slight dip in expectations due to external factors such as the ban on NVIDIA chips [2]. - The report emphasizes the structural alpha opportunities within the industry, particularly in segments like optical modules, liquid cooling, switches, and power supplies, as the demand for AI computing continues to rise [2]. Group 2 - The report indicates that the terminal AI market is on the verge of significant expansion, with policy support and ecosystem development expected to drive growth in 2026 [3]. - Innovations in products, such as Meta's AI glasses, are likely to accelerate the market penetration of terminal AI applications [3]. - The report suggests that the industry is transitioning from a phase of thematic catalysts to one of performance realization, with the emergence of "hit products" expected to further boost the sector [3]. Group 3 - The telecommunications sector is currently experiencing a phase of capital expenditure reduction, business restructuring, and increasing dividend payouts, which positions it favorably for investors [4]. - The report notes that the telecommunications sector has shown resilience, with profit growth outpacing revenue growth, and a stable or increasing dividend yield in a low-interest-rate environment [4]. - Emerging business areas, particularly in AI and satellite communications, are expected to contribute to a second growth curve for telecommunications companies [4]. Group 4 - The North American AI sector has seen a remarkable increase in capital expenditure, with projections indicating that spending could exceed $600 billion by 2026, driven by robust demand for AI services [12][13]. - The report outlines that the AI computing market is characterized by a dual demand for training and inference, with inference demand expected to surpass training demand in the near future [35][36]. - The report highlights the importance of energy management solutions, such as 800 VDC systems, in addressing the rising power consumption associated with AI data centers [69][70].

Key Insights - The report highlights the rapid development of the AI industry and its positive impact on the media sector, particularly in gaming and film, driven by favorable policies and technological advancements [1][2][6] - The media industry has outperformed the market, with the Shenwan Media Index rising by 27.45% as of November 12, 2025, surpassing the Shanghai Composite Index's increase of 18.07% [15][16] - The gaming sector has shown significant growth, with a year-on-year revenue increase of 24.4% and a net profit growth of 88.61% in the first three quarters of 2025 [28][34] - The film industry has benefited from blockbuster films, with total box office revenue reaching 450.97 billion yuan, a 15.44% increase compared to the previous year [76][78] - The advertising sector is experiencing moderate growth, with a revenue increase of 5.97% in the first three quarters of 2025 [37] Group 1: Media Industry Overview - The media industry is experiencing a positive trend, with the gaming sector leading the growth, followed by television broadcasting and film [15][16] - The gaming sub-sector has seen a remarkable increase of 59.84%, while the film sector has grown by 19.07% [16][19] - The overall revenue for the media industry reached 3,875.61 billion yuan, reflecting a 5.58% year-on-year growth [23][24] Group 2: Gaming Sector Insights - The gaming industry has achieved a revenue of 848.14 billion yuan in the first three quarters of 2025, with a significant net profit margin of 16.31% [28][34] - The introduction of new games and the revival of existing titles have contributed to the positive growth trajectory in the gaming market [63][66] - The trend of cross-platform gaming is emerging, enhancing user engagement and revenue generation [69][71] Group 3: Film Industry Insights - The film industry is witnessing a resurgence, with a strong pipeline of upcoming films expected to drive further box office growth [76][78] - The dominance of blockbuster films is evident, with the top five films accounting for 57.06% of total box office revenue [78][79] - The average ticket price has slightly decreased to 42.1 yuan, indicating a competitive market environment [77] Group 4: Advertising Sector Insights - The advertising sector has shown stable revenue growth, with a total revenue of 1,292.33 billion yuan in the first three quarters of 2025 [37] - The sector is adapting to new marketing strategies, including programmatic advertising and innovative consumer engagement methods [37][41] - Despite the growth, the profit margins in advertising are under pressure, reflecting the competitive landscape [37][41]