zhuhaibin@kysec.cn 证书编号：S0790522080007 锂电需求高增带动全产业链景气度提升，关注北证设备、辅材标的 根据 GGII 调研数据，前三季度全国锂电池总出货量突破 1.2TWh，同比增幅达 60%，其中第三季度单季出货 490GWh，同比增长 47%，在锂电池需求量高增长 情况下，各相关原材料、添加剂等出现价格上涨。锂电板块北交所内除了贝特瑞、 安达科技等锂电主材相关企业外，如广厦环能、灵鸽科技等相关设备企业及各类 辅材企业具有投资机会。广厦环能（920703.BJ）产品属于管壳式换热器，其中 降膜蒸发器可用于 DMC 装置中的蒸发器。灵鸽科技（920284.BJ）的锂电池正 负极材料生产线包括粉体输送、配混、烧结、粉碎、水洗（仅高镍）、包装和智 能化控制等环节，固态电池物料处理系统方面，公司硫化物固态电解质试验线已 成功交付，中试线正在交付中。还有的锂电产业链公司有远航精密、武汉蓝电、 宏裕包材、西磁科技、康普化学、东方碳素、宁新新材等。 北交所策略专题报告 2025 年 11 月 16 日 锂电需求高增向设备端传导，布局北交所"专精特新"设备与材料商 北交所研究团队 ——北 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the transaction area of new and second-hand houses has increased on a month-on-month basis, while year-on-year figures show a decline. The report emphasizes the need to improve the financial infrastructure of the real estate sector and highlights the implementation of supportive financial policies by the central bank to stabilize the market [3][4][57] Summary by Sections Financial Infrastructure Improvement - The central bank aims to establish a multi-level and diversified pension financial system to support high-quality development of the silver economy and address the challenges of an aging population. It emphasizes enhancing financial support to boost consumption and implementing policies to help individuals restore credit [4][12] - The government of Hangzhou has introduced measures to optimize land resource allocation, focusing on precise configuration of new land and effective activation of existing land [4][12] Sales Performance - In the 46th week of 2025, the transaction area of new residential properties in 68 major cities reached 1.93 million square meters, showing a year-on-year decline of 36% but a month-on-month increase of 15%. Cumulatively, the transaction area from the beginning of the year to date is 10,337 million square meters, with a year-on-year decline of 15% [5][15] - The transaction area of second-hand houses in 20 cities was 1.88 million square meters, with a year-on-year decline of 16% and a month-on-month increase of 6%. The cumulative transaction area for the year is 8,630 million square meters, showing a year-on-year increase of 3% [32] Investment Performance - In the 46th week of 2025, the planned land area released in 100 major cities was 6,292 million square meters, with a transaction area of 1,189 million square meters, reflecting a year-on-year decline of 41%. The average transaction premium rate was 1.4% [38] - The transaction area of land in first-tier cities decreased by 19% year-on-year, while second-tier cities saw a slight decline of 0.3%, and third-tier cities experienced a significant drop of 61% [38] Financing Conditions - The issuance of domestic credit bonds in the 46th week of 2025 was 2.62 billion yuan, representing a year-on-year decrease of 46% and a month-on-month decrease of 64%. The cumulative issuance for the year reached 354.92 billion yuan, showing a year-on-year increase of 2% [6][46] Market Performance - The real estate index increased by 2.7% during the week, outperforming the Shanghai and Shenzhen 300 index, which fell by 1.08%. This indicates a relative performance advantage for the real estate sector [51]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the price of thermal coal has surpassed the target of 800 yuan, with the current price at 834 yuan per ton as of November 14, reflecting a slight increase. The price at Guangzhou Port has reached 880 yuan, achieving the previously set target of 750 yuan for coal-electricity profit sharing. The price increase is attributed to supply contraction and a surge in demand due to the northern cold wave [3][4] - The report outlines that the price of coking coal has rebounded significantly from a low of 1230 yuan in July to 1860 yuan per ton as of November 14, with a notable increase in futures prices as well [3][4] - The investment logic suggests that both thermal and coking coal prices are at a turning point, with thermal coal prices expected to follow a four-step recovery process, ultimately reaching a balance point around 860 yuan [4][13] Summary by Sections Investment Logic - Thermal coal is categorized as a policy-driven commodity, with price recovery expected to follow a structured process involving the restoration of long-term contracts and achieving profit-sharing targets. The ideal target price for coal-electricity profit sharing is projected to be around 750 yuan for 2025, with an anticipated price range of 800-860 yuan [4][13] - Coking coal prices are more influenced by market dynamics, with target prices linked to the ratio of coking coal to thermal coal prices. The current ratio suggests target prices for coking coal at 1608 yuan, 1680 yuan, 1800 yuan, and 2064 yuan corresponding to thermal coal's price targets [4][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. **Cyclical Logic**: Companies like Jinko Coal and Yanzhou Coal Mining are highlighted for their potential in thermal coal. 2. **Dividend Logic**: Companies such as China Shenhua and China Coal Energy are noted for their strong dividend potential. 3. **Diversified Aluminum Elasticity**: Companies like Shenhua Holdings and Electric Power Investment are mentioned. 4. **Growth Logic**: New Energy and Guanghui Energy are recognized for their growth potential [5][14] Key Market Indicators - The coal index experienced a slight decline of 0.96%, outperforming the CSI 300 index by 0.12 percentage points. The average PE ratio for the coal sector is reported at 15.9, while the PB ratio stands at 1.42, indicating a relatively low valuation compared to other sectors [8][26][30]

REITs 业 研 究 2025 年 11 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 2024-11 2025-03 2025-07 中证REITs全收益 沪深300 2025 年第 46 周，中证 REITs（收盘）指数为 818.17，同比上涨 6.38%，环比上 涨 0.82%；中证 REITs 全收益指数 1050.45，同比上涨 12.19%，环比上涨 0.86%。 本周 REITs 市场交易规模成交量达 7.1 亿份，同比增长 73.59%；成交额达 28.44 亿元，同比增长 73.52%；区间换手率 2.83%，同比增长-0.21pct。本周保障房、 环保、高速公路、产业园区、仓储物流、能源、消费类 REITs 一周涨跌幅分别为 +1.15%、+0.11%、+1.81%、+0.07%、+0.49%、+0.30%、+1.25%；一月涨跌幅分 别为+1.34%、+2.38%、+1.87%、-3.16%、-2.03%、+0.09%、+4.3%。我们认为， 债券市场利率中枢下行压力下，"资产荒"逻辑有望继续演绎，REITs 作为高分 红、中低风险 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The 2025 Double Eleven e-commerce promotion concluded with a total online sales of 1,695 billion yuan, representing a 14.2% increase compared to 2024. Tmall led in overall e-commerce sales, while JD reported record high transaction volumes with a 40% increase in the number of orders and nearly 60% growth in order volume [3][26] - The jewelry sector performed exceptionally well, with gold products favored by younger consumers. The demand for gold has evolved from a singular focus on value preservation to a multifaceted need for cultural recognition and emotional value, indicating higher growth potential for aesthetically and culturally rich gold jewelry [3][29] - The beauty sector achieved a total GMV of 132.5 billion yuan, with skincare and fragrance/cosmetics sales reaching 99.1 billion yuan and 33.4 billion yuan, respectively. Domestic brands like Proya and Han Shu dominated the sales charts, showcasing the strength of local brands [3][32] - The integration of AI technology in retail is enhancing consumer experiences, creating a virtuous cycle among consumers, merchants, and platforms [3][42] Summary by Sections Retail Market Review - The retail industry index rose by 4.06% during the week of November 10-14, 2025, outperforming the Shanghai Composite Index, which fell by 0.18%. The retail sector ranked third among 31 primary industries [5][14] - The supermarket sector saw the highest increase, with a weekly growth of 7.09%, while the jewelry sector led the year-to-date performance with a 23.66% increase [18][21] Retail Insights: Double Eleven Promotion - The Double Eleven e-commerce event showed resilience in growth, with significant sales increases across platforms. Tmall's comprehensive e-commerce sales reached 16,191 billion yuan, while instant retail sales soared by 138.4% [26] - Gold jewelry sales saw a remarkable increase, with the flagship store of Lao Pu Gold achieving over 3 billion yuan in sales within 10 minutes of opening on Tmall [29] - The beauty category's GMV reached 132.5 billion yuan, with domestic brands capturing significant market share, particularly in skincare and cosmetics [32] Focus on High-Growth Sectors - Investment recommendations include focusing on high-quality companies in sectors driven by emotional consumption themes, such as gold jewelry, offline retail, cosmetics, and medical aesthetics [6][48] - Specific companies highlighted for investment include Lao Pu Gold, Proya, and Aimeike, among others, which are expected to benefit from current market trends [49]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The domestic electronic sector continues to face pressure, with a notable decline in the electronic industry index by 4.44% this week, driven by factors such as the US tech stock pullback and ongoing storage price increases [3][4] - AI demand remains strong, leading to significant price hikes in storage, with Samsung increasing certain memory chip prices by 60% this month [5] - The North American data center construction is hindered by power shortages, impacting AI infrastructure development [5] Summary by Sections Market Review - The electronic industry index fell by 4.44% this week, with consumer electronics down 5.49% and semiconductors down 3.97% [3] - US tech stocks showed a slight recovery after the government shutdown ended, with notable gains from companies like Nvidia and AMD [3] Industry Updates - Domestic chip production is accelerating, with new product iterations and significant developments in AI-related hardware [4] - The AI glasses market saw a tenfold increase in sales during the Double Eleven shopping festival [4] Investment Recommendations - The report suggests focusing on technology sectors that have seen significant corrections but have potential catalysts, including companies like SMIC, Huahong Semiconductor, and others [6]

Core Insights - The report maintains a positive investment rating for the agricultural sector, particularly highlighting the resilience and growth potential in the pet food market and the cyclical recovery in the pig farming industry [1] Group 1: Pet Industry Performance - The pet food sales during the 2025 Double Eleven shopping festival reached 9.4 billion yuan, showcasing significant growth in the pet sector [11][12] - Major brands like Mai Fudi and Frigat led sales on platforms such as JD and Tmall, indicating strong competitive advantages [11][12] - The trend towards high-end and refined pet products is evident, with new processing techniques gaining market share [11][12][16] Group 2: Pig Farming Market Dynamics - As of November 14, 2025, the average price of pigs was 11.66 yuan/kg, reflecting a week-on-week decrease of 0.22 yuan/kg and a year-on-year decline of 4.79% [4][15] - The supply side is expected to contract due to overproduction in October and a reduction in breeding stock, while demand may increase due to seasonal consumption patterns [4][15] - The report suggests that the pig farming sector may enter a favorable investment phase as losses accelerate and market conditions stabilize [5][26] Group 3: Market Performance Overview - From November 10 to November 14, the agricultural index outperformed the broader market by 2.87 percentage points, with a 2.70% increase in the agricultural index compared to a 0.18% decline in the Shanghai Composite Index [28][29] - Key stocks such as Yuegui Co. and ST Jiawo saw significant gains, indicating strong performance within the agricultural sector [28][33] Group 4: Feed Industry Insights - The domestic feed market is benefiting from the recovery in livestock numbers and strong overseas demand, with a projected increase in feed production [26] - The report highlights the growth in feed production from 162 million tons in 2010 to 315 million tons in 2024, with a compound annual growth rate (CAGR) of 4.86% [26]

《底部布局，柳暗花明—行业投资策 略》-2025.11.14 《白酒底部布局，兼顾成长型标的— 行业周报》-2025.11.9 《三季报业绩压力增大，白酒报表持 续出清—行业周报》-2025.11.2 消费板块共振上涨，消费行业结构性回暖 ——行业周报 食品饮料 2025 年 11 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 29% 2024-11 2025-03 2025-07 食品饮料 沪深300 相关研究报告 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：消费已有企稳迹象，布局机会渐行渐近 11 月 10 日-11 月 14 日，食品饮料指数涨幅为 2.8%，一级子行业排名第 5，跑赢 沪深 300 约 3.9pct，子行业中预加工食品（+6.9%）、烘焙食品（+5.1%）、乳品 （+4.3%）表现相对领先。本周消费板块集体上行，是由于 10 月 CPI 由负转正 引发催化， ...

医药生物 2025 年 11 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-11 2025-03 2025-07 医药生物 沪深300 ——行业周报 | 余汝意（分析师） | 刘艺（联系人） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | liuyi1@kysec.cn | shiqizheng@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790124070022 | 证书编号：S0790125020004 | 海外 MNC 抢滩 FGF21 靶点，推荐国内投资机会 MASH 是基于较大患者基数、明确临床需求与商业化验证形成的确定性赛道。 根据Frost & Sullivan预测，2030年中国及全球的MASH患病人数将分别达到0.56 亿人和 4.9 亿人。MASH 创新管线众多，FGF21 能够调控脂代谢以及阻止纤维化， 全球药企竞相布局。海外研发格局看，目前依鲁西夫明、Pegozafermin、 Efimosfermin alf ...

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Views - The report emphasizes the significant advancements in AI infrastructure, particularly through the launch of Baidu's Kunlun chip and Alibaba's Qianwen app, indicating a strong focus on AI development and domestic computing power [11][13] - The report highlights the expected explosive growth in the domestic computing power industry, driven by major internet companies like Baidu and Alibaba investing heavily in AI applications and infrastructure [13][14] Summary by Sections Section 1: AI Development and Infrastructure - Baidu's Kunlun chip has introduced new models, including Kunlun M100 and M300, aimed at optimizing large-scale inference and training for multimodal models, with continuous product releases planned over the next five years [12] - Alibaba has rebranded its flagship AI app to Qianwen, aligning its features closer to OpenAI's ChatGPT, and is investing 380 billion yuan in AI infrastructure over three years [13] Section 2: Communication Data Tracking - As of August 2025, China has 4.646 million 5G base stations, with a net increase of 395,000 stations from the end of 2024 [23] - The number of 5G mobile phone users reached 1.154 billion, showing a year-on-year growth of 19.46% [23] - 5G mobile phone shipments in August 2025 were 19.992 million units, accounting for 88.4% of total shipments, with a slight year-on-year increase of 1.2% [23] Section 3: Operator Performance - In the first half of 2025, China Mobile's cloud revenue reached 56.1 billion yuan, growing by 11.3% year-on-year, while China Telecom's Tianyi Cloud revenue was 57.3 billion yuan, up by 3.8% [39] - The average revenue per user (ARPU) for China Mobile remained stable at 48.0 yuan, while China Telecom's ARPU slightly decreased by 0.6% to 46.0 yuan [39]