Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has successfully completed the first patient enrollment in the Phase III clinical trial of ACC017, an HIV integrase strand transfer inhibitor (INSTI) [3] - The global sales of HIV integrase inhibitors are expected to reach nearly $25 billion in 2024, with products containing Bictegravir (BIC) and Dolutegravir (DTG) accounting for approximately $21 billion [3] - The company reported a revenue of 552 million yuan for the first three quarters of 2025, representing a year-on-year increase of 84.83%, while the net profit attributable to the parent company was -7 million yuan, an increase of 88.78% year-on-year [3] - The company anticipates steady growth in its HIV drug sales and maintains revenue forecasts of 737 million, 1.037 billion, and 1.237 billion yuan for 2025, 2026, and 2027 respectively [3] Financial Summary - For 2025, the company expects revenue of 737 million yuan, with a year-on-year growth of 76.4% [5] - The projected net profit for 2025 is -2 million yuan, with a significant turnaround expected in subsequent years, reaching 44 million yuan in 2026 and 88 million yuan in 2027 [5] - The gross margin is projected to improve from 46.2% in 2023 to 81.2% by 2027 [5] - The company’s current price-to-sales (P/S) ratios are projected to be 8.2, 5.8, and 4.9 for 2025, 2026, and 2027 respectively [3] Research Pipeline - The company is making significant advancements in its HIV treatment and prevention pipeline, with the ACC017 tablet entering Phase III clinical trials and other innovative products progressing through clinical stages [4] - The company has established a comprehensive HIV research pipeline, including the first domestically developed integrase combination preparation entering clinical trials and multiple long-acting HIV prevention drugs nearing IND submission [4]

Investment Rating - The report maintains a "Positive" investment rating for the social services industry [1] Core Insights - Video podcasts are emerging as a new growth curve for content platforms, with significant increases in consumption time and user base [4] - The new duty-free policy in Hainan is showing initial positive effects, with notable increases in shopping amounts and customer spending [14][15] - The sleep health industry in China is experiencing steady growth, driven by consumer preferences for high-quality bedding products [5] Summary by Sections Duty-Free and Trendy Toys - The new duty-free policy in Hainan has led to a 34.8% year-on-year increase in shopping amounts per person, with a 30% increase in average spending [15] - Sanrio's revenue for FY2026Q2 increased by 32% year-on-year, with significant growth in various regions, particularly in Japan and Asia [23][27] - Bandai's revenue for FY2026Q2 reached 343.4 billion yen, a 3.8% increase year-on-year, although net profit decreased by 13.1% due to increased development costs [53][54] Video Podcasts - Bilibili's video podcast consumption time reached 25.9 billion minutes in Q1 2025, a growth of over 270% year-on-year, with user numbers exceeding 40 million [4] - The domestic podcast user base is projected to surpass 150 million by 2025, reflecting a growth of 43.6% year-on-year [4][24] Sleep Health Industry - The market size of China's sleep health industry grew from 261.63 billion yuan in 2016 to 495.58 billion yuan in 2023, with a CAGR of 9.6% [5] - Consumers are increasingly recognizing the importance of bedding products for improving sleep quality, with a significant rise in the frequency of replacing bedding items [5][13]

Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report emphasizes the strong performance of leading mobile games in overseas markets, with notable revenue increases and new game launches driving industry growth [3][29] - The integration of AI in content creation, particularly in AI-generated comics and advertising, is highlighted as a key area for investment, with significant advancements in domestic AI models [3][29] - The report suggests a continued focus on high-growth areas such as AI applications, gaming, and IP collaborations, recommending specific companies for investment [3][29] Industry Data Overview - The game "Delta Force" ranked first in the iOS free game chart in mainland China, while "Honor of Kings" topped the iOS revenue chart [9][13] - The film "Predator: Hunting Grounds" achieved the highest box office for the week, grossing 0.36 billion [25][29] Industry News Summary - OpenAI has reached 1 billion monthly active users, enhancing its product distribution capabilities [25] - The gaming market saw continued growth in October, with Bilibili's game "Escape from Duckkov" surpassing 3 million in sales [29] - The report notes the ongoing high growth in the comic market, with significant collaborations involving popular artists [25][29] Company Performance - Heartbeat Company saw a 30% increase in global revenue in October, with its game "Etheria: Restart" contributing significantly [3][29] - Century Huatong's games "Whiteout Survival" and "Kingshot" also reported strong revenue growth, with a 6% increase in October [3][29] - Bilibili's self-developed game "Escape from Duckkov" achieved sales of over 3 million copies [3][29]

2025 年 11 月 09 日 宏观研究团队 宏 观 研 究 宏 观 经 济 点 评 事件：10 月 CPI 同比 0.2%，预期-0.1%，前值-0.3%；PPI 同比-2.1%，预期-2.3%， 前值-2.3%。 旅游、金饰品带动核心 CPI 超季节性回升 《高基数下出口同比由正转负—宏观 经济点评》-2025.11.8 《10 月出口或仍有韧性—宏观经济专 题》-2025.11.3 《制造业 PMI 超季节性回落—兼评 10 月 PMI 数据》-2025.11.2 有色与中下游制造带动 PPI 同比回升 宏观经济点评 何宁（分析师） 郭晓彬（分析师） hening@kysec.cn 证书编号：S0790522110002 guoxiaobin@kysec.cn 证书编号：S0790525070004 10 月 CPI 同比较前值上升 0.5 个百分点至 0.2%；环比较前值上升 0.1 个百分点 至 0.2%。 1、蔬果、猪肉价格带动食品 CPI 环比回落 10 月 CPI 食品项环比涨幅收窄，环比较前值下降 0.4 个百分点至+0.3%。鲜菜、 鲜果环比涨幅收窄，蛋类环比由正转负，猪肉环比降幅扩大。 ...

Group 1 - The report highlights the significant achievements in the recent China-US trade talks, with the US agreeing to suspend certain tariffs on Chinese goods, which may positively impact trade dynamics [7] - The macroeconomic policy emphasizes the importance of expanding domestic demand and improving living standards, as outlined in the "15th Five-Year Plan" [5][6] - The report notes a shift in export growth, with October exports showing a decline of 1.1% year-on-year, influenced by high base effects from the previous year [11][12] Group 2 - The report discusses the rebalancing between technology and cyclical sectors, suggesting that both will play significant roles in the market moving forward [17][20] - It identifies the satellite industry as a strategic investment opportunity, driven by large market potential, strong policy support, and technological advancements [23][24] - The report indicates that the REIT market is showing resilience, with the recent listing of the CITIC Construction Investment Shenyang International Software Park REIT, which is expected to attract investment due to its high dividend yield [65][66]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that thermal coal prices have surpassed 800 RMB per ton, with coking coal prices also rising in tandem. The price of Qinhuangdao Q5500 thermal coal reached 817 RMB per ton as of November 7, marking a significant increase due to supply constraints and rising demand driven by heating needs from a cold wave [3][4] - The report outlines a four-step process for the upward movement of thermal coal prices, including the restoration of long-term contracts and achieving a balance in profitability between coal and power companies, with a target price of around 750 RMB for 2025 [4][13] - Coking coal prices are expected to follow thermal coal trends, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential prices of 1608 RMB to 2064 RMB depending on thermal coal price movements [4][13] Summary by Sections Investment Logic - Thermal coal and coking coal prices are at a turning point, with thermal coal being a policy-driven commodity. The upward price movement is expected to follow a structured process involving the restoration of long-term contracts and achieving a profitability balance [4][13] - Coking coal prices are more influenced by market supply and demand dynamics, with a significant correlation to thermal coal prices [4][13] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. It highlights that both thermal and coking coal prices are at historical lows, providing room for rebound [5][14] - Four main lines of investment are recommended: 1. Cyclical logic: companies like Jinko Coal and Yanzhou Coal 2. Dividend logic: companies like China Shenhua and Zhongmei Energy 3. Diversified aluminum elasticity: companies like Shenhua Holdings and Electric Power Energy 4. Growth logic: companies like Xinji Energy and Guanghui Energy [5][14] Key Market Indicators - The coal index increased by 4.52%, outperforming the CSI 300 index by 3.7 percentage points, with most major coal companies showing positive growth [8][10] - The average PE ratio for the coal sector is 16.36, and the PB ratio is 1.43, indicating a relatively low valuation compared to other sectors [24][29] Thermal Coal Market Overview - As of November 7, the price of Qinhuangdao Q5500 thermal coal is 817 RMB per ton, reflecting a 6.10% increase from the previous week [17] - The report notes a slight increase in coal mine operating rates and a small rise in port inventories, indicating a tightening supply situation [17][28] Coking Coal Market Overview - The price of main coking coal at Jingtang Port reached 1860 RMB per ton, showing a 5.68% increase, with expectations for further price adjustments based on thermal coal trends [18][20]

Group 1 - The overall performance of the chemical new materials industry in the Beijing Stock Exchange is improving, with many companies reducing losses or turning profitable in the first three quarters of 2025. However, some companies are still affected by industry downturns, leading to a year-on-year decline in performance for Q1-Q3 2025 [2][10][18] - The average Return on Equity (ROE) for the chemical new materials industry in Q1-Q3 2025 is 4%, an increase of 1 percentage point compared to the same period in 2024. The overall gross profit margin is 17.7%, and the net profit margin is 5.2%, both showing improvement year-on-year [17][18] - The battery materials sector has shown remarkable performance, achieving a net profit attributable to shareholders of 525 million yuan, a year-on-year increase of 244%. The chemical products sector follows with a net profit of 716 million yuan, up 66% year-on-year [18][19] Group 2 - The chemical new materials industry on the Beijing Stock Exchange experienced a slight decline of 0.23% this week, while the battery materials sector performed well with a weekly increase of 11.45% [3][25][26] - Notable individual stock performances this week include: Andar Technology (+20.38%), Jinhua New Materials (+13.28%), and Deer Chemical (+11.13%) [30][32] - The price trends of various chemical products show fluctuations, with Brent crude oil priced at $66.43 per barrel, and MDI at 19,150 yuan per ton, reflecting a weekly increase of 2.41% [35][36]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that the domestic storage manufacturers are expected to experience rapid growth in production capacity due to breakthroughs in domestic equipment and alleviation of financial pressures following IPOs [3][4] - AI demand is driving a storage shortage that is likely to persist at least until 2027, increasing the necessity for expansion [4] - Domestic equipment companies are gradually achieving breakthroughs in key processes, which is expected to significantly enhance the localization rate of storage equipment [5][6] Summary by Sections Industry Overview - The report indicates a cyclical upturn combined with technological breakthroughs in the storage chip equipment sector, accelerating the domestic substitution of equipment [3] Demand and Supply Dynamics - AI servers are driving exponential growth in storage demand, with DRAM usage per AI server being approximately eight times that of traditional servers, and NAND usage being about three times higher [4] - The report notes that traditional DRAM may not stabilize until after 2027, while NAND and high-capacity storage demand could continue until 2028 or longer [4] Equipment Localization - Key processes for storage expansion will significantly boost the demand for etching and thin-film equipment, with specific technologies such as ONON deposition and high aspect ratio etching being highlighted [5] - Current domestic equipment companies have made progress in various processes, with some achieving mass production in advanced production lines [6] Beneficiary Companies - Key beneficiaries identified include: - Etching Equipment: Northern Huachuang, Zhongwei Company - Thin-Film Deposition Equipment: Tuojing Technology, Northern Huachuang, Weidao Nano, Maiwei Co., etc. - Process Control Equipment: Zhongke Feicai, Jingce Electronics, etc. - Backend Equipment: Changchuan Technology, Jingzhida, Xidian Co., etc. [7]

Investment Rating - The report assigns a positive investment rating to Nant Technology, indicating a favorable outlook for the company's growth and market position [1]. Core Insights - Nant Technology specializes in precision mechanical components for air conditioning compressors and is gradually expanding into the automotive sector, establishing long-term partnerships with leading companies in the industry [1][11]. - The company has shown consistent revenue growth, with projected revenues reaching 1.031 billion yuan in 2024, representing a 10% increase year-on-year, and a net profit of 98.21 million yuan, reflecting a 17% growth [1][34]. - The demand in the company's main business areas remains stable, with high industry barriers due to significant initial investments and long-term customer and technology accumulation [2][45]. Summary by Sections Company Overview - Nant Technology focuses on the research, production, and sales of precision mechanical components, primarily for air conditioning and automotive applications [15][45]. - The company has established stable partnerships with major players like Midea and Gree, supplying a significant portion of their compressor components [11][12]. Market Demand and Industry Barriers - The compressor industry shows stable demand, with China's air conditioning production growing from 23.13 million units in 2001 to 265.98 million units in 2024, reflecting a compound annual growth rate (CAGR) of 11.20% [2][13]. - The automotive precision component sector is also expanding, with a steady CAGR of 9% from 2005 to 2024, and a notable 35.50% increase in new energy vehicle sales in 2024 [2][13]. Competitive Advantages - Nant Technology's competitive edge lies in its close relationships with customers and its technological advantages, having achieved a high level of technical barriers in the industry [3][12]. - The company has a comparable PE ratio of 46.52X for 2024, indicating a strong market position relative to its peers [3][16]. - The company has received multiple awards for its quality and innovation, further solidifying its reputation in the market [12][14]. Financial Performance - The company's revenue from precision components reached 796.56 million yuan in 2024, accounting for 77% of total revenue, with a steady increase in gross margin from 19.51% in 2022 to 22.65% in 2024 [20][43]. - Nant Technology's net profit has consistently increased, with figures of 46.64 million yuan, 84.19 million yuan, and 98.21 million yuan from 2022 to 2024, respectively [33][34].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the anticipated entry of social security and pension funds into the market [3][5] Summary by Sections Market Overview - As of the 45th week of 2025, the CSI REITs (closing) index was 811.48, up 4.84% year-on-year but down 0.42% month-on-month. The CSI REITs total return index was 1041.51, up 11.67% year-on-year but down 0.4% month-on-month [5][18] - Year-to-date, the CSI REITs (closing) index has increased by 7.28%, while the CSI 300 index has risen by 36.36%, resulting in an excess return of -29.09% [14][18] Trading Volume and Market Activity - The trading volume of the REITs market reached 733 million units, a year-on-year increase of 16.91%, with a transaction value of 2.877 billion yuan, up 18.93% year-on-year. The turnover rate for the period was 2.96%, down 1.08% year-on-year [25][27] - Over the past 30 days, the total trading volume in the REITs market was 3.458 billion units, a year-on-year decrease of 17.87%, with a total transaction value of 15.051 billion yuan, down 20.3% year-on-year [30][34] Sector Performance - In the 45th week of 2025, the weekly performance of various REIT sectors was as follows: affordable housing -0.98%, environmental +0.74%, highways +0.09%, industrial parks -1.09%, warehousing and logistics -1.62%, energy -0.51%, and consumption +1.19%. Monthly performance showed similar trends [35][49] - The consumption REITs sector saw a monthly increase of 2.08% [35] Upcoming Listings - There are currently 10 REITs funds awaiting listing, indicating an active issuance market [6]