Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 47.51 yuan per share on November 7, 2025 [6]. Core Insights - The establishment of the subsidiary Berteli Drive marks a significant step in the company's strategy to enhance its capabilities in electric motor technology and humanoid robotics, contributing to its competitive edge in the automotive chassis sector and high-growth areas such as new energy vehicles and intelligent driving [1][3]. - The company is positioned as a leader in the field of drive-by-wire chassis systems, with successful advancements in its robotics business, including the establishment of a subsidiary focused on components for humanoid robots [3]. - The company has made substantial progress in both smart and electric vehicle technologies, becoming the first domestic supplier to achieve mass production of electronic parking brakes (EPB) and expanding its production capacity for line control braking systems [2][4]. Financial Projections - Revenue projections for the company are as follows: 12.875 billion yuan in 2025, 16.441 billion yuan in 2026, and 20.831 billion yuan in 2027, with corresponding net profits of 1.508 billion yuan, 1.867 billion yuan, and 2.314 billion yuan respectively [4][5]. - The expected earnings per share (EPS) are projected to be 2.49 yuan in 2025, 3.08 yuan in 2026, and 3.81 yuan in 2027, indicating a strong growth trajectory [5][10]. - The company anticipates a compound annual growth rate (CAGR) of approximately 29.6% for revenue from 2025 to 2026 and 27.7% from 2026 to 2027 [5][10].

Investment Rating - The report maintains a "Buy" rating for key companies in the petrochemical sector, specifically recommending China National Petroleum, China Petroleum & Chemical, CNOOC, Zhongman Petroleum, and New Natural Gas [4]. Core Views - OPEC+ has decided to pause production increases in Q1 2026, with a planned increase of 137,000 barrels per day in December 2025. The next meeting is scheduled for November 30, 2025. The market sentiment has improved due to this decision, but concerns about weak demand and oversupply remain, leading to expectations of price fluctuations in the short term [1][7]. - The report highlights the impact of U.S. sanctions on Russian oil producers, which has led Turkish refiners to reduce purchases of Russian crude and seek alternatives from Iraq, Libya, Saudi Arabia, and Kazakhstan [1][7]. Summary by Sections Industry Investment Rating - The report recommends focusing on industry leaders with strong performance and high dividends, specifically China National Petroleum, China Petroleum & Chemical, and CNOOC, due to their stable earnings and growth potential [10]. Oil Supply and Demand - As of October 31, 2025, U.S. crude oil production reached 13.65 million barrels per day, an increase of 10,000 barrels from the previous week. Refinery throughput also rose to 15.26 million barrels per day, up by 40,000 barrels [8][9]. - U.S. crude oil inventories increased, with strategic reserves at 409.6 million barrels, up by 500,000 barrels week-on-week [9]. Price Trends - As of November 7, 2025, Brent crude oil futures settled at $63.63 per barrel, down 2.21% from the previous week, while WTI futures settled at $59.75 per barrel, down 2.02% [8][34]. - The report notes a decrease in LNG prices in Northeast Asia, with the price at $11.02 per million British thermal units, down 1.63% week-on-week [8][37]. Company Performance - The report indicates that the petrochemical sector has outperformed the broader market, with a 4.6% increase in the sector compared to a 0.8% increase in the CSI 300 index as of November 7, 2025 [11][14]. - Key companies such as Zhongjie Oil and Gas and Hengtong Petrochemical have shown significant weekly gains, with increases of 15.61% and 8.20%, respectively [16].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The market will remain volatile under the backdrop of declining liquidity. The three - dimensional timing framework continues to predict a volatile decline. The Shanghai - Shenzhen 300 index is in a slow - rising trend and oscillating within a channel, with strong upper resistance and lower support [1][7]. - The power grid equipment theme index has seen significant inflows. In the past week, there were large inflows into the power grid equipment theme, communication equipment theme, etc., while the innovation energy, state - owned enterprise digital economy, etc. had the most outflows [1][25]. - Industries recommended based on capital resonance are agriculture, forestry, animal husbandry and fishery, construction, electric power and public utilities, and petroleum and petrochemicals [2][31]. - The high - volatility and high - liquidity style is dominant this week, with the liquidity factor achieving positive returns. Among Alpha factors, reversal and cash - flow factors perform well. In large - cap stocks, factors such as profit growth and analyst expectations are dominant, while in small - cap stocks, R & D intensity and growth factors perform better [2][39]. 3. Summary According to the Directory 3.1 Quantitative Views 3.1.1 Timing Viewpoint Liquidity is on a downward trend, divergence is on an upward trend, and the prosperity has rebounded again (financial sector up, industrial sector down). The three - dimensional timing framework maintains a judgment of volatile decline. The Shanghai - Shenzhen 300 index is in a slow - rising trend and oscillating within a channel, with no sign of breaking through the range [1][7]. 3.1.2 Index Monitoring By calculating the overall subscription/redemption shares of ETF products for each index, it was found that the power grid equipment theme had the largest inflow ratio in the past week, month, and three - month periods. The innovation energy, state - owned enterprise digital economy, etc. had the most outflows in the past week. The hot - trend strategy for ETFs includes industries such as photovoltaic semiconductors, environmental protection and new energy, energy and chemicals, and power grid equipment [25]. 3.1.3 Capital Flow Resonance The margin trading funds had the largest net inflow of 6249 million yuan in the power equipment and new energy sector last week, and the large - order funds had the largest net inflow of 1323 million yuan in the banking sector. This week, the recommended industries are agriculture, forestry, animal husbandry and fishery, construction, electric power and public utilities, and petroleum and petrochemicals [2][31]. 3.2 Factor Tracking 3.2.1 Style Factors The market this week shows the characteristics of "momentum continuation, high volatility, and high liquidity". The volatility factor and the liquidity factor both achieved positive returns, and the momentum factor also had a positive return [39]. 3.2.2 Alpha Factors - **By Time**: Recently, the reversal and cash - flow factors have performed well. The short - term reversal factor had the best performance in the past month, with a long - position excess return of 1.16% [43]. - **By Index**: In large - cap indexes such as the Shanghai - Shenzhen 300, profit - growth and analyst - expectation factors are dominant. In small - cap indexes such as the CSI 1000, R & D intensity and growth factors perform better. As the market capitalization moves from the CSI 800 to the CSI 1000, the excess returns of most factors show an upward trend [45].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting key companies to focus on, including Geely, Xpeng, Li Auto, BYD, and Xiaomi Group [5][10]. Core Viewpoints - The automotive industry is undergoing significant transformation driven by electrification and automation, with a focus on the T-chain as a core investment theme [10][11]. - The report emphasizes the importance of the upcoming mass production of humanoid robots by Tesla and other companies, which is expected to catalyze growth in the robotics sector [11][19]. - The report suggests that the expansion of the used vehicle replacement subsidy policy will stimulate demand in the heavy truck market, contributing to a recovery in domestic demand [27][28]. Summary by Sections Weekly Market Performance - The automotive sector underperformed the market, with a decline of 0.5% from November 3 to November 9, 2025, ranking 25th among sub-industries [33]. - Specific segments such as commercial passenger vehicles and automotive parts saw increases of 1.5%, while passenger vehicles and commercial freight vehicles declined by 2.4% and 4.6%, respectively [33]. Passenger Vehicles - The report highlights the positive impact of the continued implementation of the vehicle replacement policy, which includes subsidies for scrapping older vehicles, thereby stimulating domestic demand [13][43]. - Recommended companies in the passenger vehicle segment include Geely, Xpeng, BYD, Xiaomi Group, and Li Auto, focusing on those with strong prospects for growth in smart and global markets [14][15]. Intelligent Electric Vehicles - The report anticipates accelerated growth in the intelligent electric vehicle sector, with a focus on the increasing adoption of advanced driving technologies [16][17]. - Key recommendations include companies involved in smart driving and intelligent cockpit technologies, such as Berteli and Horizon Robotics [18]. Robotics - The report identifies the mass production of humanoid robots as a pivotal development, with Tesla's Optimus V3 expected to launch in 2026, marking a new era in embodied intelligence [19][20]. - Companies involved in automotive robotics, such as Top Group and Berteli, are highlighted as key players in this emerging market [21]. Heavy Trucks - The heavy truck market is expected to benefit from expanded subsidies for replacing older vehicles, with a significant increase in sales observed in September 2025 [27][28]. - Recommended companies in this segment include China National Heavy Duty Truck Group and Weichai Power, which are well-positioned to capitalize on the recovery in demand [28]. Tires - The tire industry is experiencing growth driven by high demand and the expansion of production capabilities, particularly in overseas markets [29][30]. - Recommended companies include Sailun Tire and Senkiren, which are expected to benefit from their strong research capabilities and global expansion strategies [31].

Investment Rating - The report maintains a positive investment rating for the domestic computing power sector, emphasizing the potential of supernodes and aerospace computing as key growth areas [5]. Core Insights - Supernodes are expected to become a mainstream technology under cluster expansion, significantly enhancing training and inference capabilities, thus driving the development of the domestic computing power ecosystem [3][41]. - Aerospace computing is gaining attention from major tech companies and is anticipated to be a crucial direction for domestic computing power development [3][41]. - The report highlights key investment opportunities in domestic AI computing, including chip design, advanced wafer manufacturing, liquid cooling solutions, and AI servers [3][41]. Summary by Sections Market Review - During the week of November 3-7, the CSI 300 index rose by 0.82%, while the small and medium-sized board index fell by 0.59%, and the ChiNext index increased by 0.65%. The computer sector (CITIC) saw a decline of 2.08% [1][49]. Industry News - Major developments include the launch of the world's first single-cabinet 640-card supernode by Zhongke Shuguang, which integrates advanced cooling and power supply technologies [3][45]. - The report notes that two leading domestic computing power companies, Moer Thread and Muxi Co., are set to go public, which could catalyze further growth in the sector [3][29]. Company Dynamics - Fangzhi Technology plans to reduce its shareholding by up to 3% due to personal financial needs, without affecting the company's control [2]. - Suochen Technology is acquiring a 60% stake in Beijing Likong Yuantong Technology for approximately 192 million yuan, indicating active consolidation in the sector [2][47]. Investment Recommendations - The report suggests focusing on key players in domestic AI computing, including chip design leaders like Cambrian and Haiguang Information, as well as advanced wafer manufacturers like SMIC [3][41]. - In aerospace computing, it recommends monitoring core companies such as Putian Technology and Shunhao Co., along with satellite internet leaders [3][41].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company is planning to acquire a controlling stake in Zhuhai Noah Changtian Storage Technology Co., Ltd., which will indirectly provide control over SkyHigh Memory Limited (SHM), a leading global 2D NAND enterprise. This acquisition is expected to enhance the company's storage product line and market reach [3]. - The actual controllers of the company are not participating in the pre-IPO share transfer, which involves approximately 5.58 million shares, accounting for 3.77% of the total share capital [2]. Financial Forecasts - The projected revenue for the company is expected to grow from 1,804 million yuan in 2024 to 3,124 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 26% [5][10]. - The net profit attributable to the parent company is forecasted to be 292 million yuan in 2024, dropping to 125 million yuan in 2025, and then recovering to 432 million yuan by 2027, indicating significant volatility in profitability [5][11]. - The earnings per share (EPS) is expected to fluctuate from 1.98 yuan in 2024 to 2.92 yuan in 2027, with a notable dip in 2025 [5][11]. Market and Product Strategy - The acquisition of SHM is anticipated to create synergies in product offerings, market expansion, and technological capabilities, thereby enhancing the company's competitive position in the global storage market [3]. - The company is optimistic about the recovery of the NOR Flash business and the increasing application of its products in AI edge computing, which supports the positive outlook for future growth [4].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Kodali, and others [5][6]. Core Insights - The electric power equipment and new energy sector saw a weekly increase of 4.98%, outperforming the Shanghai Composite Index, with notable rises in nuclear power (10.94%), solar energy (7.70%), and energy storage (2.84%) [1]. - Demand for energy storage is significantly increasing, with the price of lithium hexafluorophosphate continuing to rise, exceeding 120,000 yuan/ton, doubling since the end of September [12]. - The domestic energy storage market completed 10GW/29.4GWh of bidding work in October 2025, with strong demand in regions like Inner Mongolia and Gansu [3][35]. Summary by Sections New Energy Vehicles - Tianqi Materials signed long-term contracts for 159,500 tons of electrolyte with Guoxuan High-Tech and Zhongchuang Innovation, bringing the total contracted electrolyte volume to over 3 million tons [2][12]. - The electrolyte market saw a 40% year-on-year increase in shipments for the first three quarters of 2025, with Q3 shipments up 32% [12]. New Energy Generation - The production of polysilicon is expected to decline by over 10% in November, with a projected output of 134,000 tons in October [3][33]. - The domestic component production is expected to be less than 44.5GW in November, with potential for price rebounds and profit recovery [34]. Electric Power Equipment and Automation - The State Grid's five batches of bidding for transmission and transformation equipment totaled 10.559 billion yuan, with significant contracts across various equipment types [4]. - Key companies to watch include Ningde Times, Kodali, and others [4]. Investment Recommendations - The report highlights three main investment themes: 1. Long-term competitive landscape improvements in battery and separator segments, recommending companies like Ningde Times and Enjie [29]. 2. The impact of 4680 technology iterations on the supply chain, focusing on companies involved in high-nickel cathodes and silicon-based anodes [29]. 3. New technologies leading to high elasticity, with a focus on solid-state battery companies [29].

Investment Rating - The report maintains a "Buy" recommendation for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Views - The non-ferrous metals market is experiencing short-term fluctuations due to factors such as the U.S. government shutdown and cooling interest rate expectations. However, the long-term price trend remains upward, supported by domestic demand improvements from the "14th Five-Year Plan" [2][3]. - In the industrial metals segment, copper prices are under pressure due to a rebound in the U.S. dollar and reduced import costs, while aluminum production is stable despite environmental restrictions [2][3]. - Energy metals, particularly lithium and cobalt, are expected to perform well due to strong demand from the electric vehicle and energy storage sectors, despite regulatory delays in cobalt exports from the Democratic Republic of Congo [3][4]. - Precious metals are forecasted to rise in value, driven by central bank gold purchases and weakening U.S. dollar credit, despite short-term pressures from hawkish Federal Reserve signals [4][5]. Summary by Sections Industrial Metals - Copper prices have decreased by 1.80% to $10,695 per ton, with a stable demand outlook for Q4 [9][35]. - Aluminum production capacity remains steady, with a slight increase in inventory by 0.3 thousand tons, indicating a stable demand environment [2][18]. - Key companies recommended include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][4]. Energy Metals - Lithium prices are expected to remain strong due to high demand from the battery sector, while cobalt supply is constrained by regulatory delays [3][4]. - Recommended companies in this sector include Huayou Cobalt and Tianqi Lithium [3]. Precious Metals - Gold prices are projected to rise, with current prices at $4,007.80 per ounce, despite recent fluctuations due to U.S. economic data and Federal Reserve policy [4][62]. - Key companies recommended include Western Gold, Shandong Gold, and Zijin Gold International [4][5].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others [3][4]. Core Views - The steel industry is gradually entering the off-season, with differentiated performance among various products. Steel production and apparent consumption are both declining, indicating seasonal characteristics. Inventory reduction rates are similar to previous years, but absolute inventory levels remain high. Steel mill profits are at low levels, and a seasonal downward trend is expected in both supply and demand [3][4]. - The report highlights that the production structure is changing, with some steel mills shifting from rebar production to plate production due to weak real estate demand. This has led to an increase in plate production and a decrease in rebar production, with supply changes outpacing demand changes in the short term [3][4]. Summary by Sections Price Trends - As of November 7, 2025, steel prices have decreased, with rebar priced at 3200 CNY/ton, down 10 CNY/ton from the previous week. Hot-rolled and cold-rolled prices also saw declines of 60 CNY/ton and 50 CNY/ton, respectively [1][10]. Production and Inventory - Total steel production for the week was 8.57 million tons, a decrease of 185,500 tons from the previous week. Social inventory decreased by 20,400 tons to 10.7383 million tons, while steel mill inventory fell by 80,900 tons [2][3]. Profitability - Steel mill profits have declined, with rebar, hot-rolled, and cold-rolled margins decreasing by 7 CNY/ton, 38 CNY/ton, and 10 CNY/ton, respectively. Electric arc furnace steel margins also fell by 14 CNY/ton [1][3]. Investment Recommendations - The report recommends several stocks, including Hualing Steel, Baosteel, Nanjing Steel, and others, highlighting their potential for recovery in profitability due to capacity regulation and precise management [3][4].

Group 1: Importance of Improving Consumption Statistics - Improving consumption statistics is crucial for accurately observing the resident consumption rate and guiding policy direction[1] - Recent efforts have been made to enhance consumption statistics, including the release of service retail data in August 2023[1] - The government has initiated actions to improve comprehensive consumption statistics, aiming for a more targeted approach in stimulating consumption[1] Group 2: Comparison with Other Economies - Comparing consumption statistics between China and the U.S. reveals significant differences, with U.S. residents' per capita consumption approximately ten times that of China[1] - The U.S. enjoys a price advantage in consumer price index (CPI) compared to China's overall price levels, affecting consumption rates[2] - Service consumption in China is a major bottleneck, with only 46.1% of consumption expenditure allocated to services compared to 68.5% in the U.S.[20] Group 3: Statistical Methodology Challenges - China's statistical methods for financial services and insurance are inadequate, leading to underreported service consumption[22] - The narrow scope of service consumption statistics in China fails to capture the full value of public service subsidies, affecting data comparability[25] - The transition from depreciation cost method to market-based virtual rent method for housing services in 2023 aims to better reflect actual consumption value[26] Group 4: Risks and Considerations - There are risks associated with discrepancies between service consumption data and actual figures, potentially affecting policy effectiveness[31] - The progress of improving consumption statistics may not align with expectations, complicating efforts to enhance consumption rates[31] - Achieving higher consumption rates requires not only improved statistics but also policies that enhance consumer willingness and capacity[31]