Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - Indonesia's coal export volume is expected to decrease by 20-30 million tons in 2025 compared to 2024 [2] - The report highlights the performance resilience of companies such as Yancoal Energy, Jinko Coal, and focuses on Keda Automation, which specializes in smart mining [3] - The report emphasizes the importance of performance in stock valuation, recommending companies like Shaanxi Coal, Electric Power Energy, and Huai Bei Mining [3] Summary by Sections Coal Mining - Indonesia's coal export volume for 2024 reached 566 million tons, a year-on-year increase of 8.57%, marking a historical high [3] - As of September 2025, Indonesia's coal production decreased by 7.47% year-on-year to 584 million tons, with coal exports down by 7.3% to 380 million tons [3] Price Trends - As of November 7, 2025, coal prices at various ports showed the following changes: - European ARA port coal price (6000K) at $99.15 per ton, up by $3.4 per ton (+3.55%) - Newcastle port coal price (6000K) at $113.7 per ton, up by $1 per ton (+0.89%) - IPE South African Richards Bay coal futures price at $86.9 per ton, up by $5.15 per ton (+4.57%) [30][32] Key Stocks - Recommended stocks include: - China Coal Energy (Buy) with EPS estimates of 1.46 for 2024A and a PE ratio of 9.40 - China Shenhua (Buy) with EPS estimates of 2.95 for 2024A and a PE ratio of 14.40 - Jinko Coal (Buy) with EPS estimates of 1.68 for 2024A and a PE ratio of 9.00 - Electric Power Energy (Buy) with EPS estimates of 2.38 for 2024A and a PE ratio of 8.70 - Yancoal Energy (Buy) with EPS estimates of 1.44 for 2024A and a PE ratio of 10.20 [6]

煤炭开采 10 月至今，煤价涨超百元&板块涨幅第 1 行情回顾（2025.10.31~2025.11.07）： 中信煤炭指数 4022.62 点，上涨 4.43%，位列中信板块涨跌幅榜第 4 位。 煤价"逆袭"的背后。10 月假期后至今，港口煤价在短短 1 月时间上涨 104 元 /吨（705 元/吨涨至 809 元/吨），坑口涨幅更甚，其背后逻辑： 展望后市，需求强度决定煤价上涨斜率及最终高度，任何的上涨都不是一蹴而就， "走走停停"、"涨→涨→稳/跌（消化涨幅）→涨→涨……"的上行格局不改（此 乃重点），仍坚信年底煤价以最高点收官，且价格高度或持续超出市场预期。随 着价格的持续上行，市场恐高心态亦会逐步显现，因此如前所述，我们认为煤价 的上涨并不是一蹴而就，更多呈现"走走停停"的震荡上行趋势。下周北方地区 将开启大面积供暖，电厂日耗随之开启季节性攀升，在整体库存低于前 2 年同期 水平的背景下，会对价格形成有效拉动。外加主产区依然受到安监影响（尤其 11 月份，22 个中央安全生产考核巡查组将陆续进驻 31 个省、自治区、直辖市和新 疆生产建设兵团开展年度考核巡查），产量持续受限，且不排除有加重的趋势。 ...

Investment Rating - The report does not explicitly provide an investment rating for the REITs industry Core Insights - The C-REITs secondary market is under pressure, with the C-REITs total market capitalization approximately 220.6 billion yuan and an average market cap of about 2.9 billion yuan per REIT as of November 7 [3][13] - The C-REITs total return index has increased by 7.61% year-to-date, while the C-REITs closing index has risen by 2.77% [2][11] - The report highlights three main investment strategies for REITs: focusing on policy themes and quality undervalued projects, recognizing the market's acknowledgment of weak-cycle assets, and paying attention to original rights holders with ample asset reserves [6] Summary by Sections REITs Index Performance - The C-REITs total return index fell by 0.40% this week, closing at 1,041.5 points, while the C-REITs closing index decreased by 0.42%, closing at 811.5 points [1][11] - Year-to-date, the C-REITs total return index has increased by 7.61%, ranking fifth among various indices [2][11] REITs Secondary Market Performance - The secondary market for C-REITs showed a downward trend, with 33 REITs rising and 42 falling this week, resulting in an average decline of 0.73% [3][13] - The best-performing sectors this week were ecological and municipal water conservancy REITs, while industrial park and logistics REITs experienced a pullback [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being 华夏中国交建 REIT (9.7%), 平安广州广河 REIT (9.3%), and 易方达广开产园 REIT (8.4%) [5] - Price-to-NAV ratios range from 0.7 to 1.8, with the lowest being 华夏中国交建 REIT at 0.7 [5] Investment Recommendations - The report suggests focusing on REITs in a low-interest-rate environment expected in 2025, emphasizing the importance of quality projects and the potential for recovery in undervalued assets [6] - It also highlights the need to consider asset resilience and market prices when planning investments [6]

Group 1 - The core viewpoint of the report indicates that the bond market is currently experiencing a phase of adjustment and recovery, with slight increases in interest rates across various maturities following a rapid decline in rates the previous week [1][10]. - The report highlights that the fundamental data does not present a clear signal for the bond market to adjust, with demand still under pressure despite a slight recovery in CPI and PPI growth rates [2][11]. - It is noted that the adjustments in the bond market since the third quarter are primarily driven by institutional behavior rather than fundamental or liquidity factors, with a significant reduction in bond fund positions due to increased risk appetite in the equity market [3][15]. Group 2 - The recovery in the bond market since October is largely attributed to non-bank institutions replenishing their positions, while the participation of banks and other institutional investors remains limited due to profit-taking pressures and regulatory constraints [4][19]. - The report suggests that the impact of bank regulatory pressures will be more evident in the early to mid-fourth quarter, as banks prepare for asset allocation for the upcoming year [5][20]. - Overall, the report concludes that the bond market will continue to recover amidst fluctuations, with expectations for smoother declines in interest rates towards the end of the fourth quarter, particularly for the 10-year government bond yield [6][24].

Investment Rating - Maintain "Buy" rating for the industry [5] Core Views - The perovskite photovoltaic technology is advancing towards large-scale commercialization, with significant milestones achieved in the supply chain and technology breakthroughs [1][14] - The offshore wind power sector is expected to accelerate, particularly benefiting companies in Jiangsu's offshore wind industry chain [2][16] - The hydrogen energy sector is encouraged to utilize green hydrogen in coal chemical projects, with a focus on developing large-scale photovoltaic bases in coal-producing areas [3][20] - The energy storage market is seeing competitive bidding with a range of prices, indicating a growing demand for energy storage solutions [3][21][26] - The electric vehicle sector is witnessing a surge in long-term supply agreements for electrolyte products, reflecting a shift in supply-demand dynamics [4][30] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The world's largest commercial perovskite photovoltaic module has been released, marking a significant step towards commercialization [1][14] - Key developments include the successful production of large-sized perovskite modules and the domestic production of TCO conductive film glass [1][15] - Focus areas include supply-side reform opportunities, long-term growth potential from new technologies, and industrialization opportunities in perovskite technology [1][15] 1.2 Wind Power & Grid - A significant green electricity direct connection plan has been issued in Jiangsu, expected to boost offshore wind development [2][16] - The approval of the Panshi ultra-high voltage AC project is anticipated to enhance the wind power sector's infrastructure [2][17] - Key companies to watch include Goldwind Technology, Yunda Co., and Mingyang Smart Energy [2][19] 1.3 Hydrogen & Energy Storage - The National Energy Administration encourages the integration of coal and new energy, promoting large-scale photovoltaic projects in coal areas [3][20] - Energy storage bidding shows a range of prices, indicating a competitive market with significant project scales [3][21][26] - Companies to focus on include Sungrow Power Supply, Aters, and other leading energy storage firms [3][29] 2. New Energy Vehicles - Tianci Materials has signed long-term supply agreements for nearly 1.6 million tons of electrolyte, indicating a robust demand forecast [4][30] - The total locked-in electrolyte supply has exceeded 3 million tons, reflecting a strategic reserve against future capacity expansions [4][30] - Key companies to monitor include Tianci Materials, Hunan Youneng, and Enjie Co. [4][30][31]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental and GaoNeng Environment [5]. Core Insights - The report emphasizes the importance of the "carbon neutrality" initiative, highlighting the government's focus on non-fossil energy sources and waste resource utilization, which opens up opportunities for companies in resource recycling and environmental monitoring [1][16]. - The newly implemented "Ecological Environment Monitoring Regulations" is expected to benefit the environmental monitoring industry by ensuring accurate data collection and penalizing data falsification [17][24]. - The environmental sector has shown strong performance, outperforming the broader market, with significant gains in various sub-sectors [28]. Summary by Sections Investment Views - The report discusses the release of the "China's Action on Carbon Peak and Carbon Neutrality" white paper, which outlines the country's commitment to carbon neutrality and emphasizes the development of non-fossil energy sources [9][16]. - The report highlights the issuance of the "Ecological Environment Monitoring Regulations," which mandates companies to install monitoring equipment and ensure data accuracy [17][24]. - It notes that the current macroeconomic environment, characterized by low interest rates, favors investments in high-dividend and growth-oriented assets [2][24]. Market Performance - The environmental sector has outperformed the market, with a reported increase of 6.38% compared to the Shanghai Composite Index's 1.08% [28]. - Specific sub-sectors such as energy conservation and air quality management have shown notable gains, while monitoring and water treatment have had mixed results [28]. Key Companies - Huicheng Environmental is recognized for its focus on hazardous waste projects and its innovative technology in plastic recycling, which is expected to drive future growth [25]. - GaoNeng Environment is highlighted for its comprehensive environmental services and strong project pipeline, positioning it as a leader in the hazardous waste management sector [25]. - Hongcheng Environment is noted for its consistent performance and high dividend yield, making it an attractive investment option [25].

Investment Rating - The report maintains an "Overweight" rating for the power sector [4] Core Views - The rise in coal prices is expected to support electricity price expectations, with the current price of 809 CNY/ton for Q5500 coal, marking a new high for the year [12][10] - The continuous operation of the electricity spot market across 28 provinces indicates significant progress towards a unified national electricity market [12][10] Summary by Sections Industry Insights - Coal prices have surged, creating a favorable environment for the upcoming 2026 electricity price negotiations. The coal market is currently characterized by tight supply and demand, with coal production declining for three consecutive months from July to September [12][10] - The electricity spot market has entered continuous operation, with 28 provinces now participating. This transition marks a significant shift from a planned to a market-driven electricity production organization [12][10] Market Performance - The Shanghai Composite Index closed at 3,997.56 points, up 1.08%, while the CSI 300 Index rose 0.82%. The CITIC Power and Utilities Index increased by 2.30%, outperforming the CSI 300 by 1.48 percentage points [58][59] Investment Recommendations - Focus on the thermal power sector, particularly companies like Huaneng International, Huadian International, and Zhejiang Energy, as coal prices rebound and performance expectations improve [3] - Emphasize investments in undervalued green energy sectors, particularly in Hong Kong-listed green energy and wind power operators [3] - Monitor the hydropower sector, with a recommendation to pay attention to companies like Yangtze Power and Guotou Power [3] Key Company Announcements - Huaneng announced a significant investment in a new integrated heat and power project in Heilongjiang, with a total investment of 12.043 billion CNY [69] - Shenzhen Nanshan Thermal Power received a government subsidy of 8.05 million CNY, representing 36.75% of its net profit for the last fiscal year [69]

Investment Rating - The report maintains an "Accumulate" rating for the building materials sector [4] Core Views - The real estate sector remains weak, but the probability of policy interventions is gradually increasing, which may provide support for the building materials industry [1] - The cement market is experiencing a "double weakness" in supply and demand, with a slight recovery in infrastructure but ongoing challenges in the housing market [2][16] - The glass market is facing supply-demand contradictions, but self-discipline in production among photovoltaic glass manufacturers may alleviate some pressures [1][3] - Consumption building materials are expected to benefit from favorable second-hand housing transactions and consumption stimulus policies, with significant potential for market share growth [1] - The fiberglass market shows signs of bottoming out, with a potential increase in demand driven by wind power projects [1][6] Summary by Sections Cement Industry Tracking - As of November 7, 2025, the national cement price index is 348.96 CNY/ton, with a week-on-week increase of 0.47% [2][16] - The cement output this week is 2.849 million tons, up 0.8% from last week [2] - The market is characterized by weak supply and demand, with construction projects hindered by funding and progress issues [2][16] Glass Industry Tracking - The average price of float glass is 1197.22 CNY/ton, down 0.45% from last week [3] - Inventory levels have decreased slightly, but overall market transactions remain sluggish [3] Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with demand showing some decline [6] - The electronic fiberglass market continues to see strong demand for high-end products, with stable pricing expected in the short term [6] Consumption Building Materials - The demand for consumption building materials is showing signs of weak recovery, with fluctuations in upstream raw material prices [6] Carbon Fiber Industry Tracking - The carbon fiber market price remains stable, with production costs averaging 106,300 CNY/ton [7] - The industry is facing challenges with profitability, as the average gross margin is negative [7] Key Stocks - Recommended stocks include North New Materials, Weixing New Materials, and San Ke Tree, with various ratings and earnings projections for 2024 to 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the non-ferrous metals sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - Concerns over supply due to data centers "grabbing electricity" are expected to support aluminum prices in the short term [1]. - Liquidity concerns and tariff rulings are gradually exhausting bearish factors for precious metals, with a focus on the developments regarding U.S. government operations and tariff decisions [1]. - The copper market remains tight due to supply disruptions and internal competition among smelters, which is expected to support copper prices [1]. - The lithium market is experiencing fluctuations, with production expectations from the Jiangxia Mine impacting prices, while strong demand from downstream sectors is providing upward pressure [2]. - Nickel prices are under pressure due to reduced purchasing sentiment from downstream buyers, leading to a weaker market outlook [2]. Summary by Sections Precious Metals - The liquidity concerns stemming from the U.S. government shutdown have led to a significant increase in cash balances, impacting market liquidity [1]. - The U.S. Supreme Court's hearings on tariff rulings have not yet provided a resolution, with expectations that tariffs will remain in place regardless of the court's decision [1]. Industrial Metals - **Copper**: The market is facing a tight supply situation due to disruptions in mining and smelting operations, with a notable increase in global copper inventories [1]. - **Aluminum**: The industry is stable with no significant production changes, but concerns over electricity supply are expected to keep prices strong [1]. - **Nickel**: The market is experiencing a downturn due to oversupply and reduced demand from traditional sectors [1]. Energy Metals - **Lithium**: Prices are fluctuating with production increases and strong demand from the battery sector, indicating a balanced market [2]. - **Cobalt**: The supply gap remains rigid, with prices expected to stabilize at high levels due to ongoing demand [2]. Key Companies to Watch - Companies such as Xinyi Silver, Shengda Resources, and Zijin Mining are highlighted as potential investment opportunities within the sector [1].

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Shenzhou International, Anta Sports, Li Ning, and Bosideng, among others [10][40]. Core Insights - Puma's Q3 2025 performance shows a significant revenue decline of 15.3% year-on-year to €1.96 billion, with a gross margin decrease of 2.6 percentage points to 45.2%. The company is undergoing a restructuring phase in 2025, focusing on distribution adjustments and cash management [1][15]. - The report highlights the resilience of the sports footwear and apparel sector, with expectations for long-term growth despite current challenges. It emphasizes the potential recovery of upstream manufacturing orders as Nike's fundamentals improve [3][27]. - The report identifies specific investment opportunities in the industry, recommending companies with strong performance and growth potential, such as Anta Sports and Li Ning, which have corresponding P/E ratios of 16 and 17 for 2025 [26][40]. Summary by Sections Puma Q3 2025 Performance - Puma's revenue decreased by 15.3% year-on-year to €1.96 billion, with a currency-neutral decline of 10.4%. The adjusted operating profit fell by 83.3% to €39.5 million, and the net profit was a loss of €10 million [1][15]. - The company is implementing a stock clearance plan, expecting inventory levels to normalize by the end of 2026 [1][15]. Regional and Business Model Analysis - The report notes a 15.4% decline in wholesale business to €1.39 billion, while DTC (Direct-to-Consumer) revenue grew by 4.5% to €570 million, driven by e-commerce growth [25][36]. - Revenue across all regions declined, with the Americas down 15.2% to €680 million, Asia-Pacific down 9% to €370 million, and EMEA down 7.1% to €910 million [25][36]. Investment Recommendations - The report recommends Shenzhou International, with a 2025 P/E of 14, and Tabo, also with a 2026 P/E of 14, as key beneficiaries of Nike's improving fundamentals [26][40]. - It also highlights Anta Sports and Li Ning as strong long-term growth candidates, with P/E ratios of 16 and 17, respectively [27][40]. - For the fashion and leisure apparel segment, Bosideng is recommended with a 2026 P/E of 13, while Hai Lan's Home and Luolai Life are also noted for their growth potential [28][40].