Investment Rating - The report assigns a "Buy" rating for the company for the first time [4] Core Views - The global upgrade of disposable hygiene products is transitioning from "internal competition" to "external competition," accelerating the overseas expansion of non-woven fabric manufacturing. The company is positioned to benefit from this trend, with a global supply chain already established [4][39] - The overseas market for absorbent hygiene products is projected to have a market space of approximately $7.16 billion, which is over three times the domestic market size [5][34] Summary by Sections Industry Logic - The upgrade of global absorbent hygiene products is driven by the transition from spunbond non-woven fabrics to hot air non-woven fabrics, benefiting upstream suppliers and indicating a reversal of current challenges [5][9] - Since 2021, cross-border brands have played a pivotal role in reshaping the overseas market landscape, prompting global giants to accelerate product upgrades [5][19] Company Logic - The company is a leading supplier of non-woven fabric for disposable hygiene products, with a strong position in the global supply chain and a focus on high-end products that align with current market demands [39][40] - The company has a competitive edge due to its advanced manufacturing processes and established relationships with major clients, which have been built over more than a decade [49] Financial Forecast and Valuation - Revenue is expected to grow from 14.85 billion yuan in 2024 to 18 billion yuan in 2025, with a year-on-year growth rate of 23%. Net profit is projected to increase significantly from 0.27 billion yuan in 2024 to 0.5 billion yuan in 2025, reflecting a 95% year-on-year growth [4][5] - The company's earnings per share (EPS) is forecasted to rise from 0.08 yuan in 2024 to 0.16 yuan in 2025, indicating strong profitability potential [4][5]

Core Insights - The report emphasizes that perovskite tandem batteries are the inevitable choice for the next phase of photovoltaics due to their superior efficiency compared to traditional silicon-based solutions [7][8] - The efficiency ceiling for tandem batteries is projected to be 44%, with expected mass production efficiency exceeding 35% in the long term [8] - Major manufacturers in the perovskite sector have successfully transitioned to large-scale production, with significant efficiency improvements observed in large-area perovskite batteries [8][9] Industry Overview - The report discusses the limitations of single-material solar cells in efficiently utilizing the entire solar spectrum, which tandem batteries aim to address [8] - The commercial viability of perovskite tandem components is highlighted, with a significant price-performance advantage over traditional silicon components, projected to yield a premium of 1.28 CNY/W while maintaining a cost of only 1.2 CNY/W [8] - The anticipated efficiency of tandem components is expected to reach 28% by 2026, with a breakthrough of over 30% deemed inevitable [8] Market Dynamics - The report notes that the perovskite industry has seen a surge in production capacity, with nearly 10 companies operating 100MW lines as of October 2025, and several major players like BOE and CATL investing in GW-level production lines [9] - The compatibility of perovskite tandem technology with existing silicon production capabilities is expected to facilitate further expansion in the industry [9] - Key materials and equipment suppliers are identified, including TCO glass manufacturers like Jinjing Technology and Yaopi Glass, and equipment providers such as Jiejia Weichuang and Jing Shan Light Machinery [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11] Core Views - The company has shown resilience in its external sales, with a notable recovery in overseas markets, while domestic sales are expected to stabilize [8] - The company's revenue for FY26H1 was HKD 8.045 billion, a year-on-year decrease of 3.1%, but the decline has narrowed significantly compared to previous periods [7] - The gross profit margin improved by 0.9 percentage points to 40.4%, benefiting from cost control and operational efficiency [7][8] Revenue and Profitability - The company's revenue forecast for the upcoming years is as follows: - 2024A: HKD 18.411 billion - 2025A: HKD 16.903 billion - 2026E: HKD 16.953 billion - 2027E: HKD 17.631 billion - 2028E: HKD 18.513 billion - The year-on-year growth rates for revenue are projected to be -8% for 2025A, 0% for 2026E, 4% for 2027E, and 5% for 2028E [2] - The net profit attributable to the parent company is forecasted as follows: - 2024A: HKD 2.302 billion - 2025A: HKD 2.063 billion - 2026E: HKD 2.193 billion - 2027E: HKD 2.321 billion - 2028E: HKD 2.433 billion - The year-on-year growth rates for net profit are projected to be -10% for 2025A, 6% for 2026E, 6% for 2027E, and 5% for 2028E [2] Market Performance - Domestic sales in the Chinese market for FY26H1 were HKD 4.203 billion, a year-on-year decrease of 6.5%, but the decline has significantly narrowed compared to FY25H2 [7] - Online sales showed strong performance with a year-on-year increase of 13.6%, while offline sales decreased by 12.3% [7] - The North American market revenue for FY26H1 was HKD 2.161 billion, a slight increase of 0.3%, demonstrating strong resilience amid rising international trade barriers [5] - Revenue from Europe and other markets for FY26H1 was HKD 0.765 billion, a year-on-year increase of 4.3% [5] Cost and Margin Analysis - The overall gross profit margin increased to 40.4%, benefiting from a decrease in average unit costs of key raw materials such as leather, chemicals, and steel [8] - However, the company faced increased tariff costs for exports to the United States, which rose from HKD 6.65 million to HKD 78.83 million year-on-year [8]

Investment Rating - The report provides a positive outlook for the fiberglass industry, indicating a recovery in prices and an upward trend in industry prosperity [4]. Core Insights - The fiberglass industry has seen a price recovery, driven by demand from emerging sectors such as wind power, thermoplastics, and electronics. The overall supply-demand balance remains stable, with major companies maintaining strong pricing strategies [4]. - The brand building materials sector is facing challenges in growth and profitability, with a notable decline in revenue and profits among sample companies. However, operational quality is improving as companies focus on cost control and brand management [5]. - The cement sector has shown significant profit improvement, with a notable increase in net profits compared to the previous year, despite a decline in revenue. This is attributed to a low base from the previous year and stable pricing in the industry [6]. - The glass industry, particularly float and photovoltaic glass, is still under pressure, with revenues and profits declining. However, there are signs of improvement in the third quarter due to price increases [8]. Summary by Sections Fiberglass - The fiberglass industry reported a total revenue of 42.798 billion, a year-on-year increase of 24.25%, and a net profit of 4.601 billion, up 95.04% [4][15]. - Major companies like China Jushi and Zhongcai Technology are highlighted as leaders in the market, with strong profit margins and operational efficiency [20][26]. - The price trend for fiberglass is on an upward trajectory, supported by stable demand from new applications [29]. Brand Building Materials - The brand building materials sector experienced a revenue decline of 6.14% year-on-year, with total revenue of 110.539 billion, marking the lowest level in five years [37]. - Net profit for the sector fell by 25% to 5.775 billion, also the lowest in five years, indicating significant pressure on profitability [37]. - The industry is undergoing a phase of capacity clearing, with expectations of market share redistribution and potential stabilization of profit margins in the future [5]. Cement - The cement sector achieved a total revenue of 181.1 billion, a decline of 8.5% year-on-year, while net profit surged by 159.1% to 9.5 billion, benefiting from a low base and stable pricing [6][55]. - Key players such as Huaxin Cement and Conch Cement are recommended for investment due to their strong performance [6]. - The outlook for the cement industry remains positive, with expectations of continued profit improvement in the coming years [6]. Glass - The float glass sector reported a revenue of 29.39 billion, down 8.99% year-on-year, with a net profit of 0.92 billion, down 51.04% [84]. - The photovoltaic glass sector faced significant challenges, with a revenue decline of 19.43% to 16.706 billion and a net loss of 0.018 billion [104]. - Despite the challenges, there are signs of recovery in the third quarter, with revenue growth driven by price increases [104].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [12]. Core Insights - The company achieved its first half-year profit, with both domestic and international sales accelerating significantly [3]. - The third quarter of 2025 saw the company report revenue of 19.45 billion yuan, reflecting a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [4]. - The gross margin for Q3 2025 reached 14.5%, showing improvements both year-on-year and quarter-on-quarter, primarily due to increased sales volume and cost management [5]. - The company delivered 174,000 vehicles in Q3 2025, maintaining its position as the top new force in vehicle deliveries for eight consecutive months [7]. - The company is expanding its product matrix and sales channels, with a significant increase in sales service network coverage [6][8]. Financial Performance Summary - Revenue projections for the company are as follows: 32.16 billion yuan in 2024, 63.90 billion yuan in 2025, 113.20 billion yuan in 2026, and 174.00 billion yuan in 2027, with growth rates of 92%, 99%, 77%, and 54% respectively [3][9]. - The company is expected to turn a profit in 2025, with a projected net profit of 738 million yuan, followed by 6.27 billion yuan in 2026 and 8.43 billion yuan in 2027 [3][9]. - The net asset return rate is projected to improve significantly, reaching 7% in 2025 and 45% in 2026 [3][9]. - The company’s cash flow per share is expected to turn positive in 2025, with projections of 15.74 yuan in 2026 and 18.80 yuan in 2027 [3][9].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company has shown significant revenue growth, with a 61.3% year-on-year increase in revenue for the first three quarters of 2025, reaching 2.119 billion [6] - The net profit attributable to the parent company for the same period increased by 104.6% year-on-year, amounting to 305 million [6] - The report highlights the strong demand for wind power components, particularly the growth in sales of forged and cast shafts, contributing to improved profitability [6] - The company is expected to benefit from increased production capacity and demand in the offshore wind sector, with projections for net profit to reach 431 million in 2025, representing a 149% year-on-year increase [4][6] Financial Summary - Total shares outstanding: 320.13 million [2] - Market price: 26.08 yuan, with a market capitalization of 8,349.11 million [2] - Revenue projections for 2023A to 2027E show a growth trajectory from 1,946 million to 4,349 million [4] - The company anticipates a significant increase in effective production capacity for cast products, expected to reach 130,000 to 150,000 tons by 2026 [6] - The report includes a detailed earnings forecast, with net profits projected at 4.3 billion, 6.4 billion, and 7.3 billion for 2025, 2026, and 2027 respectively [6][8]

Investment Rating - The report maintains a "Buy" rating for key companies in the industry, including Huali Group and Jingyuan International [4][6]. Core Insights - The overall performance of overseas sports brands is better than expected, with Nike's reforms showing initial results. Brands like Asics and ON continue to grow rapidly, while Adidas has also exceeded expectations. Companies like Puma and UA are still in a strategic adjustment phase [6][9]. - The footwear manufacturing sector is experiencing revenue pressure, but profitability has improved on a quarter-over-quarter basis. Only Yuchi has achieved positive revenue growth, while others have seen declines [33][34]. Summary by Sections Overseas Sports Brands - Revenue for major brands in Q3 2025 includes Nike at $11.72 billion (+1%), Adidas at $7.77 billion (+3%), and Puma at $2.29 billion (-15%). Net profits show significant variance, with Nike at $727 million (-31%) and ON at $149 million (+290%) [9][24]. - Nike's North American market shows a positive trend (+4%), while Greater China faces challenges (-10%). The overall inventory situation is improving, with Nike's inventory pressure varying by region [20][26]. Footwear Manufacturing - Revenue for footwear manufacturers in Q3 2025 shows declines for most companies, with only Yuchi achieving positive growth. The overall revenue decline is attributed to market conditions and strategic adjustments [33][34]. - Profitability has improved for several companies, with Huali Group and Yuchi showing significant net profit growth. The report indicates a general trend of improving margins despite revenue pressures [35].

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - In the week ending November 14, 2025, the net values of various bond ETF products significantly recovered. The 30 - year Treasury Bond ETF and 10 - year Local Government Bond ETF performed well, rising 0.12% and 0.14% respectively. The Convertible Bond ETF and Shanghai Stock Exchange Convertible Bond ETF rose 0.53% and 0.33% respectively. The ChinaBond New Composite Index rose 0.07% for the week. Short - term and medium - to - long - term pure bond funds rose 0.03% and 0.06% respectively. The CSI AAA Science and Technology Innovation Bond Index remained flat, and the Shanghai Stock Exchange Benchmark Market - making Corporate Bond Index fell 0.01% [4][7]. - As of November 14, 2025, bond - type ETFs had a net inflow of 176 million yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 1.351 billion yuan, net outflows of 196 million yuan, and net outflows of 979 million yuan respectively. Year - to - date, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs were 70.662 billion yuan, 438.727 billion yuan, and 22.582 billion yuan respectively, totaling 531.972 billion yuan [3]. 3. Summaries According to Relevant Catalogs 3.1 Fund Flows - As of November 14, 2025, bond - type ETFs had a net inflow of 176 million yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 1.351 billion yuan, net outflows of 196 million yuan, and net outflows of 979 million yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 702 million yuan, 433 million yuan, and 324 million yuan respectively, while market - making credit bonds had a net outflow of 1.584 billion yuan, and science and technology innovation bonds had a net outflow of 71 million yuan. Year - to - date, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs were 70.662 billion yuan, 438.727 billion yuan, and 22.582 billion yuan respectively, totaling 531.972 billion yuan [3]. 3.2 Net Value Performance - As of November 14, 2025, the 30 - year Treasury Bond ETF and 10 - year Local Government Bond ETF performed well, rising 0.12% and 0.14% respectively for the week. Other products such as the Policy - Financial Bond ETF and National Development Bond ETF rose 8bp. The Convertible Bond ETF and Shanghai Stock Exchange Convertible Bond ETF rose 0.53% and 0.33% respectively last week [4]. 3.3 Performance of Credit Bond ETFs and Science and Technology Innovation Bond ETFs - As of November 14, 2025, the median unit net values of credit bond ETFs and science and technology innovation bond ETFs were 1.0124 and 1.0006 respectively. The credit bond ETFs remained flat for the week, while the science and technology innovation bond ETFs fell 0.01%. Among credit bond ETFs, the Dacheng Credit Bond ETF performed well, rising 0.02%. Among science and technology innovation bond ETFs, the Yongying Science and Technology Innovation Bond ETF and the Invesco Great Wall Science and Technology Innovation Bond ETF performed relatively well. The median discount rate of credit bond ETFs was 29BP, and that of science and technology innovation bond ETFs was 26BP [5]. 3.4 Duration Tracking of Credit - Type ETFs - As of November 14, 2025, the holding durations of the Short - Term Financing ETF, Corporate Bond ETF, and Urban Investment Bond ETF were 0.35 years, 1.99 years, and 2.21 years respectively. Among market - making credit bond ETFs, the median holding durations of products tracking the Shanghai Market - making Corporate Bond Index and the Shenzhen Market - making Corporate Bond Index were 3.79 years and 2.94 years respectively. Among science and technology innovation bond ETFs, the median holding durations of products tracking the AAA Science and Technology Innovation Bond Index, the Shanghai AAA Science and Technology Innovation Bond Index, and the Shenzhen AAA Science and Technology Innovation Bond Index were 3.46 years, 3.54 years, and 3.24 years respectively [8].

Investment Rating - The report does not provide a specific investment rating for the REITs industry [1] Core Insights - The REITs industry is experiencing operational divergence, with varying performance across different sectors. The overall market sentiment is improving, creating potential investment opportunities despite ongoing pressures [5][6] - The total market capitalization of the REITs industry is approximately 2170.96 billion yuan, with a circulating market value of about 1109.16 billion yuan [1] Summary by Sections Industrial Park Sector - The industrial park sector faces significant pressure due to oversupply in major cities, leading to a general decline in rental rates and occupancy [5][12] - Increased competition and a rise in supply have resulted in a downward trend in revenue and EBITDA for many projects [12] - Some projects are adjusting strategies, such as lowering rents and offering customized services to attract tenants [5][12] Warehousing and Logistics Sector - Demand is differentiated, with essential industries like pharmaceuticals and e-commerce supporting occupancy rates, while small tenants show weak demand [5] - The sector is experiencing rental pressure due to increased supply in many regions [5] Affordable Rental Housing Sector - This sector remains the most stable, with occupancy rates consistently above 90% and minimal rental fluctuations [5] - Demand is driven by new citizens and corporate employees, providing strong resilience against market changes [5] Consumer Sector - The consumer sector shows stable occupancy rates above 90%, benefiting from asset upgrades and marketing strategies [5] - Rental income performance varies, with shopping centers seeing growth while outlet and farmer's market types face short-term fluctuations [5] Highway Sector - The highway sector has seen improved traffic volumes due to seasonal travel, although attention is needed on network diversion impacts [5] - Revenue growth is primarily driven by increased passenger traffic during peak travel seasons [5] Municipal Utilities Sector - Core indicators vary significantly due to industry characteristics, influenced by seasonal cycles and policy adjustments [5] Energy Sector - Performance heavily relies on resource endowments and policies, with national subsidy mechanisms being a key variable affecting distributable amounts [5] Data Center Sector - The customer base is primarily large enterprises, maintaining high occupancy and billing rates, indicating stable cash flow [5] Investment Recommendations - The report suggests that despite ongoing pressures, there are structural opportunities for investment, particularly in fundamentally sound assets. It recommends considering projects with reasonable valuations and potential for recovery [5]

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The marginal improvement in prices and the expectation of a loose macro - policy environment may jointly drive the A - share market into a stage of "shock upward, structure - dominated". The moderate rise in CPI and the bottom - rebound of PPI mean that the economic downward pressure has eased, but the demand recovery has not formed a strong trend. In the short term, the market is more likely to present a market feature dominated by liquidity and structured opportunities [9]. - The cyclical sector is expected to remain strong, but its sustainability depends on the resonance of external demand and the real - estate chain. The technology - growth sector will still be the medium - term main line, and the service consumption will remain relatively stable, while the real - estate chain still needs further policy implementation [9]. - The current market does not need to be pessimistic. It is recommended to maintain a relatively positive position structure, but not blindly chase the index. The optimal strategy is to conduct structured allocation around the dual main lines of "anti - involution + AI application" [9]. Summary by Relevant Catalogs Market Review - Most of the major market indices fell last week, while the Shanghai 50 remained stable. Among the major industries, the healthcare and daily - consumption indices performed relatively well, with weekly changes of 3.27% and 2.72% respectively; the information - technology and industrial indices performed weakly, with weekly changes of - 4.27% and - 1.28% respectively [10][11][16]. - Among the 30 Shenwan primary industries, 19 industries rose. The industries with larger increases were textile and apparel, commercial retail, and beauty care, with increases of 4.41%, 4.06%, and 3.75% respectively; the industries with larger declines were communication, electronics, and computer, with declines of 4.77%, 4.77%, and 3.03% respectively [10][19]. - The average daily trading volume of Wind All - A last week was 20438.27 billion yuan (the previous value was 20123.50 billion yuan), at a relatively high historical level (89.50% of the three - year historical quantile) [22]. - As of November 14, 2025, the valuation (PE_TTM) of Wind All - A was 22.20, unchanged from last week, at the 90.70% quantile of the past five - year history. Among the 30 Shenwan primary industries, 19 industries' valuations (PE_TTM) recovered [27]. Market Observation - The inflation data in October showed an overall upward trend, confirming the continuation of the weak inflation pattern macroscopically. The CPI rose moderately, and the PPI bottomed out and rebounded. The improvement in industrial product prices may boost the overall market risk appetite [6]. - After the release of inflation data, most of the A - share consumer and cyclical industries rose last week, while the technology sector corrected significantly. The industry adjustment logic was consistent with the inflation data [6]. Investment Suggestions - The cyclical sector may maintain a certain strength, but its sustainability depends on external demand and the real - estate chain. The technology - growth sector will still be the medium - term main line, and service consumption will remain relatively stable, while the real - estate chain still needs further policy implementation [9]. - The risk preferences of different capital channels and sectors are differentiated, reflecting the increasing market uncertainty. The market may maintain a shrinking and volatile market, with sector rotation [9]. - It is recommended to maintain a relatively positive position structure, but not blindly chase the index. The optimal strategy is to conduct structured allocation around the dual main lines of "anti - involution + AI application" [9]. Economic Calendar - This week, domestic economic data to be concerned about include the October bank settlement and sales of foreign exchange data and the China Loan Prime Rate (LPR) for 1 - year and 5 - year terms. Overseas economic data include the November New York Fed Manufacturing Index, initial and continued jobless claims, GDP, price data, September and October unemployment rates, and the change in non - farm payrolls in October [30].