Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - From November 2 to November 8, 2025, investment demand was weak while port throughput rebounded. Industrial production was weak, personnel flow continued to rise, freight prices increased slightly, automobile sales grew year - on - year, prices continued to rise, construction was weak, the real estate market declined, and most shipping indices went up [1] Group 3: Summary by Directory 1. Large - scale Assets - This week, interest - rate bond indices generally declined, credit - bond indices generally rose, stock indices and commodities showed mixed performance, and foreign currencies generally appreciated. The 5 - year China Bond Treasury Index fell the most by 0.08%, the AA - China Bond Corporate Bond Index rose the most by 0.09%, the CSI 300 Index rose the most by 0.82%, the SME Board Index fell the most by 0.59%, the Nanhua Agricultural Products Index rose the most by 0.57%, the Nanhua Black Index fell the most by 2.62%, the Japanese yen had the largest increase of 0.60%, and the US dollar appreciated by 0.13% against the RMB [1][6] 2. Industrial Production - Production performance was weak. Upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the petroleum asphalt plant operating rate decreased by 1.80 pcts to 29.70%, the blast furnace operating rate increased by 1.42 pcts to 83.15%, and the crude steel output decreased by 9.78%. In the real - estate chain, the rebar operating rate decreased by 2.00 pcts to 41.30%, the float glass operating rate remained flat at 76.65%, and the mill operating rate decreased by 0.02 pcts to 37.18%. In the consumer goods chain, the polyester filament operating rate increased by 0.15 pcts to 90.82%, the PTA operating rate decreased by 0.69 pcts to 77.69%, and the methanol operating rate increased by 0.75 pcts to 84.63%. In the automobile chain, the semi - steel tire operating rate increased by 0.26 pcts to 73.67%, and the all - steel tire operating rate increased by 0.12 pcts to 65.46% [1][9] 3. People and Goods Flow - Personnel flow continued to rise, and freight prices increased slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 6.68% week - on - week. The 7DMA of domestic flight operations decreased by 4.20%, and the 7DMA of international flight operations decreased by 2.14%. Beijing's subway passenger volume decreased, while those of Shanghai, Shenzhen, and Guangzhou increased. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.01%, with the total volume lower than the same period last year [1][25] 4. Consumption - Automobile sales increased year - on - year, and prices continued to rise. The previous period's automobile wholesale increased by 24.00% year - on - year, and retail increased by 47.00%. The 4WMA of both wholesale and retail year - on - year growth rates increased. This period's movie box office decreased by 27% week - on - week, and the 7DMA of the number of moviegoers decreased by 28%. Agricultural product prices rose, with pork prices increasing by 2.42% and vegetable prices increasing by 0.87% week - on - week [1][43] 5. Investment - Construction performance was weak, and the commercial housing market declined. The cement inventory - to - capacity ratio increased by 3.2 pcts week - on - week, the cement price index increased by 1.69%, and the cement shipping rate decreased by 0.3 pcts. The rebar inventory decreased by 1.1%, the proportion of profitable steel mills nationwide decreased by 5.2 pcts, and the apparent demand for rebar decreased by 5.9%. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities decreased by 40.6%. The transaction areas of first - tier, second - tier, and third - tier cities all decreased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 3.9%, and the national second - hand housing listing price index decreased by 0.2%. The land transaction area in 100 cities increased, and the land transaction premium rate decreased week - on - week [1][51] 6. Export - Port throughput rebounded, and most shipping indices increased. The port cargo throughput increased by 15.7% week - on - week, and the container throughput increased by 13.8%. The BDI index increased by 7.02%, the domestic SCFI index decreased by 3.59%, and the CCFI index increased by 3.60% week - on - week [1][77]

Group 1 - The short-term market structure indicates that technology growth has insufficient long-term cost-effectiveness, leading to high-level fluctuations while waiting for industrial trend catalysts to accumulate [1][5][6] - The recent narrow fluctuations of the Shanghai Composite Index and the wide fluctuations in technology growth reflect a lack of dominant structures to lead the market breakthrough [2][5][6] - The historical experience shows that when long-term cost-effectiveness is low, the difficulty of earning valuation money significantly increases, requiring continuous verification of industrial catalysts and high growth in performance to sustain effective upward trends [2][5][6] Group 2 - The mid-term market judgment maintains a "two-stage bull market" theory, with 2025's technology structure bull market being the first stage, and the spring of 2026 potentially marking a phase peak [7][8] - The market may face three challenges in spring 2026: verification of demand-side key periods, increased sensitivity to performance disturbances and liquidity shocks in low cost-effectiveness areas, and the need for time to wait for new structural highlights in the domestic technology industry [7][8] - The bull market is expected to have depth, with conditions for a comprehensive bull market becoming increasingly sufficient over time, and at least three mid-term returns yet to be realized [8] Group 3 - The economic direction for the next year is expected to evolve with a rotation in the fourth quarter, driven by the price increase cycle and the anticipated turning point in PPI [10] - The rotation of sectors will continue, with potential upward opportunities in the AI industry chain, humanoid robots, innovative pharmaceuticals, and national defense industries [10] - The report highlights that the market has already begun to anticipate the economic improvement of 2026, with the electricity equipment sector nearing low cost-effectiveness and the price increase cycle showing short-term cost-effectiveness limitations [10]

- The report predicts adjustments to the constituent stocks of major indices, including CSI 300, CSI 500, CSI 1000, CSI 2000, SSE 50, and STAR 50, based on publicly available index compilation rules and data [5][10][16][18][20] - CSI 300 Index is constructed by selecting the top 50% stocks based on average daily trading volume over the past year, followed by the top 300 stocks ranked by average daily market capitalization, while adhering to a 10% adjustment limit, priority for old samples, and a 20% buffer zone rule [5] - The adjustment prediction for CSI 300 Index involves calculating the average daily market capitalization and trading volume of A-shares over the past year, excluding stocks with suspension, violations, or financial reporting issues [5] - The report defines a "shock coefficient" to measure the price impact and duration caused by passive index fund rebalancing, calculated as: $ Shock Coefficient = (Passive Buy Amount - Passive Sell Amount) / Average Daily Trading Volume $ This coefficient is applied to assess the impact of adjustments on stocks [6][9] - CSI 500 Index is constructed by excluding CSI 300 constituent stocks and the top 300 stocks by average daily market capitalization over the past year, followed by removing the bottom 20% stocks by average daily trading volume, and selecting the top 500 stocks by market capitalization, adhering to a 10% adjustment limit, priority for old samples, and a 10% buffer zone rule [10] - CSI 1000 Index is constructed by excluding CSI 800 constituent stocks, the top 300 stocks by market capitalization, and stocks with insufficient liquidity (bottom 20% by trading volume), selecting the top 1000 stocks by market capitalization over the past year [16] - CSI 2000 Index is constructed by excluding CSI 800 and CSI 1000 constituent stocks, the top 1500 stocks by market capitalization, and selecting the top 2000 stocks by market capitalization over the past year [16] - SSE 50 Index is constructed by selecting the top 50 stocks by market capitalization and liquidity from the Shanghai Stock Exchange, adhering to adjustment rules similar to other indices [18] - STAR 50 Index is constructed by selecting the top 50 stocks by market capitalization from STAR Market, excluding stocks with delisting risks, major violations, or low liquidity (bottom 10% by trading volume) [20] - The report predicts adjustments to the STAR 50 Index, with two stocks, Aojie Technology-U and Shengke Communication-U, being added [20] - The shock coefficients for the predicted adjustments are calculated for each stock, with the highest coefficients observed for stocks such as Guangqi Technology and Ningbo Port in CSI 300, and Sheneng Shares and Suzhou Supor in CSI 500 [7][11][19][21]

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The REITs market continued to decline this week, with the park and warehousing logistics sectors leading the decline. The market is still concerned about their pressure on occupancy rates. The Shenyang International Software Park REIT listed on Thursday, showing a dismal performance and breaking its issue price on the first day, which may suppress the market sentiment for subsequent new products. The short - term weak and volatile pattern may continue [2]. - As of November 7, 2025, 18 REITs have been successfully issued this year, with a total issuance scale of 36.34 billion yuan, a year - on - year decrease of 25.8%. This week, 3 first - issued public REITs made new progress [2]. - This week, the CSI REITs Total Return Index closed at 1041.51 points, a decline of 0.40%, underperforming the CSI 300 by 1.22 percentage points and the CSI Dividend by 2.63 percentage points. In terms of project attributes, equity - type REITs fell by 0.84%, while franchise - type REITs rose by 0.15%. In terms of asset types, the consumption, data center, environmental protection and water services, and transportation sectors performed better [2]. - In terms of liquidity, the average daily turnover rates of equity - type and franchise - type REITs this week were 0.60% and 0.45% respectively, down 8.70BP and 0.36BP from last week. The trading volumes were 577 million and 129 million shares respectively, with a week - on - week decrease of 11.78% and 0.79%. The data center sector was the most active [2]. - In terms of valuation, the yields of equity - type and franchise - type REITs according to ChinaBond valuations were 3.89% and 4.07% respectively. The warehousing logistics, transportation, and park sectors ranked among the top three [2]. 3. Summary by Directory 3.1 First - level Market: 3 First - issued Public REITs Made New Progress - As of November 7, 2025, a total of 77 REITs have been issued, with a total issuance scale of 202 billion yuan, a total market value of 220.6 billion yuan, and a circulating market value of 110.9 billion yuan. Among them, there are 55 equity - type REITs and 23 franchise - type REITs [13]. - This week, 3 first - issued REITs made new progress: the CITIC Construction Investment Shenyang International Software Park REIT was listed, the Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT was under inquiry, and the E Fund Guangxi Beitou Expressway REIT was accepted. There was no new progress in the expansion and fundraising of REITs this week [14][15]. 3.2 Second - level Market: Liquidity Declined This Week 3.2.1 Market Review: The CSI REITs Total Return Index Fell by 0.4% - This week, the CSI REITs Total Return Index closed at 1041.51 points, a decline of 0.4%. It underperformed the CSI 300 by 1.22 percentage points and the CSI Dividend by 2.63 percentage points. The CSI REITs Total Return Index has risen by 7.61% since the beginning of the year, underperforming the CSI 300 by 11.30 percentage points and outperforming the CSI Dividend by 4.54 percentage points [2]. - In terms of project attributes, equity - type REITs fell by 0.84%, while franchise - type REITs rose by 0.15%. In terms of asset types, the consumption (+0.41%), data center (+0.29%), environmental protection and water services (+0.28%), and transportation (+0.26%) sectors performed better [2]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of equity - type and franchise - type REITs this week were 0.60% and 0.45% respectively, down 8.70BP and 0.36BP from last week. The trading volumes were 577 million and 129 million shares respectively, with a week - on - week decrease of 11.78% and 0.79%. The data center sector was the most active [2]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - According to ChinaBond valuations, the yields of equity - type and franchise - type REITs were 3.89% and 4.07% respectively. The warehousing logistics (5.53%), transportation (4.96%), and park (4.63%) sectors ranked among the top three [2]. 3.3 This Week's News and Important Announcements - On November 4, 2025, Li Ming, the vice - chairman of the China Securities Regulatory Commission, said at the 2025 International Financial Leaders Investment Summit that support would be provided to include RMB stock trading counters, REITs, etc. in the Hong Kong Stock Connect [31]. - This week, there were several important announcements, including the release of restricted shares of some REITs and dividend announcements [31].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Based on fund holdings, consumption - related funds can be classified into five types, with most fund managers adopting the "segmented track (mainly liquor)" strategy [3]. - Consumption - related funds can generate relatively stable excess returns in the long - term compared to the sector index, are relatively good at stock - picking in certain industries, and it's difficult to identify their stock - picking ability for consumer stocks compared to all - industry funds [3]. - When comparing consumption - related funds with different style characteristics from seven dimensions, high turnover may lead to high returns recently, high - ROE style funds usually have high dividend attributes, etc. [3]. - To screen the observation list of consumption - related funds, quantitative indicators such as excess performance momentum, performance in favorable and unfavorable environments, stock - picking ability, etc. can be referred to [3]. 3. Summary According to the Directory 3.1 Classification of Consumption - Related Funds - The classification method is based on the fund's full - position data and heavy - position stock data in a certain sector. For consumption funds, some Hong Kong stocks are additionally included. Most of the top 10 consumption - related funds in terms of scale have some commonalities in allocation [6]. - Consumption - related funds are classified into five types: consumption + satellite, sector rotation, segmented track, consumption rotation, and consumption equilibrium, with "segmented track (mainly liquor)" being the most commonly adopted strategy [3]. 3.2 Holding Characteristics: Can Consumption - Related Funds Create Positive Excess Returns? - As a whole, consumption - related funds have similar performance to the consumption sector index before 2025, and have achieved certain excess returns compared to the index since this year [22]. - Consumption - related funds are relatively good at stock - picking in industries such as household appliances, textile and apparel, agriculture, forestry, animal husbandry and fishery, etc., and have prominent excess returns in some industries during certain periods [23][26]. - It's difficult to determine whether consumption - related fund managers have stronger stock - picking ability for consumer stocks compared to all - industry funds [28]. - Consumption - related funds prefer to allocate liquor in food and beverage, and their individual - stock allocation is relatively stable. They had positions in new - consumption stocks earlier [36]. - Through cluster analysis, different types of consumption - related funds can be identified, such as those focusing on agriculture, forestry, animal husbandry and fishery, those focusing on liquor investment, etc. [39] 3.3 Comparison of Consumption - Related Funds with Different Style Characteristics - In terms of turnover trading, high - turnover consumption - related funds have better short - term performance recently, and some liquor - themed funds with low turnover have return drag. In the long - term, both high - and low - turnover funds have excellent performers [42][44]. - In terms of holding style, funds with high ROE generally have high dividend attributes. Different segmented tracks have significant differences in market - value styles [48][52]. - In terms of holding popularity, the structure of market - preferred stocks in the consumption sector has changed significantly, and there are excellent performers in various types of products [53]. - In terms of left - and right - side investment, consumption - related funds are generally on the right side of the market median, and there are excellent performers on both sides [59]. - In terms of stock - picking ability, by calculating the skewness, kurtosis, and mean/standard deviation of stock - picking returns, funds with strong stock - picking ability can be found [60][62]. - In terms of adaptability to different market environments, different types of products show different adaptability results, and there are products with strong performance in favorable or unfavorable environments [63][65]. - In terms of segmented - track rotation, there are both products with good and poor rotation effects among consumption - related funds [71]. 3.4 Observation List of Consumption - Related Funds - The screening of the observation list refers to quantitative indicators such as excess performance momentum, performance in favorable and unfavorable environments, stock - picking ability, left - and right - side investment ability, and segmented - track rotation effect. Other factors such as the fund manager's tenure and fund scale are also considered [75]. - The observation list includes funds like E Fund Long - Term Value, Cathay Pacific Consumption Optimization, Changxin Multi - Benefit, etc. [3][76]

Investment Rating - The report indicates a positive outlook for the coal industry, emphasizing the importance of ESG (Environmental, Social, and Governance) practices in the sector [3][6]. Core Insights - The coal industry is under dual pressure to ensure energy security while transitioning to a low-carbon economy, with ESG practices being a key solution to balance these demands [3][6]. - A new ESG evaluation system tailored for coal enterprises has been developed, incorporating indicators such as "green mining," "safety production," and "intelligent management" to better reflect industry characteristics [3][11]. - The report highlights the necessity for coal enterprises to enhance their ESG management and information disclosure quality in response to evolving regulatory requirements [10][11]. Summary by Sections 1. Coal Central Enterprises ESG Policies: Green Transition in a Critical Phase - The coal industry is a pillar of national energy security and economic development, facing increasing policy guidance towards green transformation [7][9]. - Recent policies have detailed ESG management requirements, particularly in energy conservation, emissions reduction, and low-carbon transition [7][9]. 2. Constructing the ESG Evaluation System for Coal Central Enterprises: Balancing Green and Safety - The ESG evaluation system includes four categories of positive indicators and one category of negative indicators, with a total of 23 primary indicators and 59 secondary indicators [11][20]. - The system emphasizes the importance of environmental, social, and governance aspects, with specific indicators for green mining and safety management [11][16]. - The evaluation framework aims to ensure objective, comparable, and actionable results, with a total score of 100 points [11][20]. 3. Key Assumptions of Risks - The report does not provide specific details on risks but acknowledges the potential challenges in the implementation of ESG-related policies and the uncertainties surrounding global climate risks [3][21].

Export Data Analysis - In October, exports (in USD) decreased by 1.1% year-on-year, significantly lower than the expected 3.2% and previous value of 8.3%[1] - The month-on-month decline was 7.1%, which is worse than the seasonal average decline of 3.2%[2] - Exports to emerging markets like ASEAN and Africa saw notable declines, with ASEAN down 4.7 percentage points to 11% and Africa down 46.1 percentage points to 10.5%[2] Supply Chain and Production Factors - The drop in exports is attributed more to short-term supply disruptions rather than a significant decline in external demand[2] - A reduction of 3 working days in October compared to the previous month exacerbated supply issues, particularly following the "production rush" phenomenon in September[2] - High-frequency export chain production indicators fell to -0.2%, aligning with the October export growth rate of -1.1%[2] Import Data Insights - Imports (in USD) also fell, with a year-on-year decrease of 6.4% to 1% in October, down from a previous value of 7.4%[1] - Processing trade imports saw a significant drop from 12% in September to 4.6% in October, indicating substantial supply disruptions[3] Future Outlook - With the easing of US-China trade tensions and the expected recovery in supply, November exports are anticipated to rebound[4] - The export performance to developed economies is showing divergence, with exports to the US improving while those to the EU and UK are declining[4] - Emerging markets are expected to continue increasing their demand for intermediate and capital goods, supporting resilience in China's exports[4]

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry, indicating a favorable investment rating for the sector [2]. Core Insights - The overall ESG scores for the 18 central enterprises in the non-ferrous metals industry are high, with 11 companies scoring over 100 points, reflecting a systematic approach to ESG management [2][8]. - The report highlights that while environmental management is prioritized, there are areas for improvement in third-party verification and social responsibility disclosures [2][11][56]. Summary by Sections 1. Overall Scores and Governance - The ESG governance structure is well-established, with a majority of companies achieving high scores, indicating a mature disclosure framework [8][11]. 2. Importance Assessment - All companies have disclosed financial and impact importance assessments, but only 11% have third-party verification, indicating a need for improvement in external validation [11][12]. 3. Environmental Management - Environmental disclosures are comprehensive, with 67% of companies achieving full scores in environmental indicators, though there is room for improvement in areas like green mining and circular economy practices [18][21]. 4. Climate Change Response - A significant number of companies (67%) received full scores for climate-related disclosures, demonstrating a strong commitment to addressing climate change [36][40]. 5. Social Responsibility - Social indicators show high coverage, with a focus on social responsibility, although disclosures on technology ethics are lacking [56][59]. 6. Governance Structure - The governance framework is robust, with most companies having established ESG reporting mechanisms, but there is a notable weakness in due diligence practices [69].

Investment Rating - The report rates the coal industry as "Positive" [1] Core Insights - The coal industry faces dual pressures of green transformation and safety production as ESG disclosure becomes mandatory by 2025 [4] - A tailored ESG evaluation system for coal enterprises is proposed, focusing on "green mining," "safety production," and "smart management" [4] - The evaluation system includes 4 categories of positive indicators and 1 category of negative indicators, totaling 23 primary indicators and 59 secondary indicators, with a maximum score of 100 [4] Summary by Sections 1. Coal Central Enterprises ESG Policies: Green Transformation in a Critical Phase - The coal industry is a pillar of national energy security and economic development, facing pressures to ensure energy security while promoting low-carbon transformation [9][10] - Recent policies emphasize high-quality development in the coal sector, focusing on green, safe, intelligent, and efficient growth paths [10] 2. Building the ESG Evaluation System for Coal Central Enterprises: Balancing Green and Safety - The ESG evaluation system is based on general indicators and tailored to the coal industry's characteristics, with 4 categories of positive indicators and 1 negative indicator [14] - The system includes general, environmental, social, and governance indicators, with a total of 22 primary indicators and 56 secondary indicators [14] - Environmental indicators focus on carbon reduction and include new metrics for "green mining and ecological restoration" [15][17] - Social indicators assess the coal enterprises' contributions to social development, with a new focus on "energy supply responsibility" [18][19] - Governance indicators emphasize safety production and smart management, with new metrics for "safety production governance" and "dividend mechanisms" [20][21] 3. Detailed ESG Evaluation Framework - The evaluation framework includes specific scoring for each indicator, ensuring a comprehensive assessment of ESG performance [28][29] - Positive indicators cover various aspects, including energy consumption, greenhouse gas emissions, pollution prevention, and community engagement [28] - Negative indicators focus on violations and penalties, with a scoring system that deducts points for each infraction [24][29]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is experiencing a slight decline in performance due to weak end-demand, with a revenue drop of 4.79% year-on-year in the first three quarters of 2025 [6] - The company is focusing on transforming its marketing system to support a comprehensive home furnishing strategy, aiming to enhance its competitive edge in the long term [6] - The company is committed to a home furnishing development strategy, implementing various reforms to support this core strategy [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 181.04 billion yuan, with a year-on-year decline of 4.3% [5] - The net profit attributable to the parent company for 2025 is estimated at 25.27 billion yuan, reflecting a year-on-year decrease of 2.8% [5] - The company's gross margin for Q3 2025 was 38.77%, down 1.59 percentage points year-on-year [9] Revenue Breakdown - Revenue from wardrobes and related products was 67.86 billion yuan, down 5.58% year-on-year [6] - Revenue from cabinets was 38.35 billion yuan, down 4.80% year-on-year [6] - Revenue from bathroom products was 7.87 billion yuan, down 1.57% year-on-year [6] Market Position and Strategy - The company has over 1,200 effective retail home furnishing stores, with more than 60% of distributors engaged in the home furnishing business [9] - The company is enhancing its supply chain management and focusing on smart manufacturing to build a competitive advantage [6] - The company aims to redefine consumer needs in the home furnishing market, transitioning from merely meeting demands to defining them [6]