Report Industry Investment Rating No relevant content provided. Core View of the Report - High - frequency economic data focuses on four aspects: production - side heat marginally improves, with increased operating rates of coke ovens, asphalt, PTA, and all - steel tires, while rebar production, semi - steel tire, and blast furnace operating rates decline; commercial housing transaction area improves for two consecutive weeks, and the land supply area of 100 large - and medium - sized cities reaches a seasonal peak; overall prices rise, with increases in crude oil, metal, and agricultural product prices, but continuous decline in coking coal and pork prices; the Baltic Dry Index (BDI) continuously rises significantly, reaching a new high since December 7, 2023. Short - term focus is on the implementation of incremental policies in consumption and investment and the recovery of the real estate market [2][30]. Summary by Directory 1. Production: Heat Marginally Improves, Operating Rates of Coke Ovens, Asphalt, PTA, and All - Steel Tires Rise - **Steel**: In the week of November 28, the coke oven capacity utilization rate increased by 0.92 pct, the blast furnace operating rate decreased by 0.62 pct, and rebar production decreased by 1.88 tons. The coke oven capacity utilization rate of domestic independent coking plants (230 samples) was 72.02%, the blast furnace operating rate of steel mills (247 samples) was 81.09%, and the national building material steel mill rebar production was 206.08 tons, with inventory decreasing by 6.59 tons [2][8]. - **Petroleum Asphalt**: In the week of November 26, the operating rate of domestic petroleum asphalt plants stabilized and rebounded by 3.0 pct, reaching 27.8% [8]. - **Chemical Industry**: On November 27, the PX operating rate remained flat at 90.13%, and the PTA operating rate increased by 2.64 pct to 73.81% [8]. - **Automobile Tires**: In the week of November 27, the all - steel tire operating rate increased by 2.02 pct to 63.33%, and the semi - steel tire operating rate decreased by 1.88 pct to 69.19% [9]. 2. Demand: Land Supply Reaches Seasonal Peak, BDI Reaches New High in Nearly Two Years - **Real Estate**: In the week of November 23, the commercial housing transaction area continued to rise, the inventory - to - sales ratio increased, the land supply area reached an annual peak, and the residential land transaction premium rate decreased. The commercial housing transaction area of 30 large - and medium - sized cities was 204.59 million square meters, the inventory - to - sales ratio of 10 large cities was 112.65, the land supply area of 100 large - and medium - sized cities was 5354.75 million square meters, and the residential land transaction premium rate was 0.73% [13]. - **Movie Box Office**: In the week of November 23, the national movie box office revenue decreased by 193 million yuan compared with the previous week, amounting to 463 million yuan [13]. - **Automobile**: In the week of November 23, the daily average retail sales of automobile manufacturers increased by 0.38 million vehicles to 71,131 vehicles, and the daily average wholesale sales increased by 1.67 million vehicles to 95,654 vehicles [15]. - **Shipping Freight Rates**: In the week of November 28, the Shanghai Containerized Freight Index (SCFI) rose slightly by 0.69% to 1403.13 points, the China Containerized Freight Index (CCFI) slightly declined by 0.09% to 1121.8 points, and the Baltic Dry Index (BDI) rose significantly by 12.53% to 2560 points, reaching a new high since December 7, 2023 [18]. 3. Prices: Crude Oil, Metal, and Agricultural Product Prices All Rebound, Coking Coal Continues to Decline - **Energy**: On November 28, the Brent crude oil futures settlement price rose by 0.64% to $63.2 per barrel, and the coking coal futures settlement price decreased by 4.4% to 1064 yuan per ton [20]. - **Metal**: On November 28, the LME copper, aluminum, and zinc futures prices increased by 3.69%, 2.03%, and 1.97% respectively, and the domestic rebar futures price rose by 1.24% [21]. - **Agricultural Products**: On November 28, the agricultural product wholesale price 200 index rose by 0.89% to 126.49. Among major agricultural products, the average wholesale price of pork decreased by 0.45% to 17.83 yuan per kilogram, the average wholesale price of eggs increased by 1.24% to 7.35 yuan per kilogram, the average wholesale price of 28 key - monitored vegetables increased by 1.94% to 5.79 yuan per kilogram, and the average wholesale price of 7 key - monitored fruits increased by 1.83% to 7.22 yuan per kilogram [23][24]. 4. Logistics: Domestic Flight Volume Decreases, Urban Congestion Index Continues to Rise - **Subway Passenger Volume**: On November 27, the seven - day moving average of Beijing subway passenger volume decreased by 25.24 million person - times to 980.86 million person - times, and that of Shanghai decreased by 9.29 million person - times to 1068.43 million person - times [26]. - **Flight Execution Volume**: On November 28, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight execution volume decreased by 49 flights to 12,484.29 flights, that of domestic (Hong Kong, Macao, and Taiwan) decreased by 1.43 flights to 363.71 flights, and that of international flights increased by 13 flights to 1839 flights [27]. - **Urban Traffic**: On November 28, the seven - day moving average of the peak congestion index of first - tier cities continued to rise by 0.05 to 1.73 [27]. 5. Summary: Production Marginally Improves, Overall Prices Rise - High - frequency economic data focuses on four aspects: production - side heat marginally improves, with increased operating rates of coke ovens, asphalt, PTA, and all - steel tires, while rebar production, semi - steel tire, and blast furnace operating rates decline; commercial housing transaction area improves for two consecutive weeks, and the land supply area of 100 large - and medium - sized cities reaches a seasonal peak; overall prices rise, with increases in crude oil, metal, and agricultural product prices, but continuous decline in coking coal and pork prices; the Baltic Dry Index (BDI) continuously rises significantly, reaching a new high since December 7, 2023. Short - term focus is on the implementation of incremental policies in consumption and investment and the recovery of the real estate market [30].

Quantitative Models and Construction Methods - **Model Name**: Diffusion Index Model **Construction Idea**: The model monitors the critical points of future diffusion index changes to predict market trends[38][39] **Construction Process**: 1. The horizontal axis represents the percentage change in stock prices from the current level, ranging from +10% to -10% 2. The vertical axis represents the length of the retrospective or future window period, ranging from 20 days to 10 days 3. For example, at a horizontal axis value of 0.95 and a vertical axis value of 15 days, the diffusion index value is 0.07, indicating that if all stocks in the micro-cap index drop by 5% after 5 days, the diffusion index value will be 0.07[38] **Evaluation**: The model is effective in identifying potential turning points in the market[39] - **Model Name**: First Threshold Method (Left-Side Trading) **Construction Idea**: This method triggers signals based on predefined threshold values[42] **Construction Process**: 1. On November 14, 2025, the closing value of the diffusion index reached 0.925, triggering a sell signal[42] **Evaluation**: Useful for early signal generation but may require further validation[42] - **Model Name**: Delayed Threshold Method (Right-Side Trading) **Construction Idea**: Signals are generated after a delay to confirm trends[44][46] **Construction Process**: 1. On November 17, 2025, the closing value of the diffusion index reached 0.8975, triggering a sell signal[46] **Evaluation**: Provides more reliable signals by avoiding premature actions[46] - **Model Name**: Dual Moving Average Method (Adaptive Trading) **Construction Idea**: Uses moving averages to adapt to market changes[47] **Construction Process**: 1. On November 25, 2025, the model issued a sell signal based on the dual moving average strategy[47] **Evaluation**: Effective in capturing adaptive trends but may lag in volatile markets[47] Model Backtesting Results - **Diffusion Index Model**: Current value is 0.49, indicating a medium level with potential high volatility in the coming week[38][39] - **First Threshold Method**: Triggered sell signal at 0.925 on November 14, 2025[42] - **Delayed Threshold Method**: Triggered sell signal at 0.8975 on November 17, 2025[46] - **Dual Moving Average Method**: Triggered sell signal on November 25, 2025[47] Quantitative Factors and Construction Methods - **Factor Name**: 10-Day Total Market Cap Turnover Rate **Construction Idea**: Measures liquidity by turnover rate over a 10-day period[5][16][32] **Construction Process**: 1. Calculate the turnover rate using the formula: $ TurnoverRate = \frac{Volume}{MarketCap} $ 2. Aggregate data over a 10-day window[5][16][32] **Evaluation**: High rank IC indicates strong predictive power[5][16][32] - **Factor Name**: 10-Day Free Float Market Cap Turnover Rate **Construction Idea**: Similar to the above but focuses on free float market cap[5][16][32] **Construction Process**: 1. Use the same formula as above but replace market cap with free float market cap[5][16][32] **Evaluation**: High rank IC suggests good performance in liquidity prediction[5][16][32] - **Factor Name**: Beta Factor **Construction Idea**: Measures stock sensitivity to market movements[5][16][32] **Construction Process**: 1. Calculate beta using regression analysis: $ Beta = \frac{Cov(R_i, R_m)}{Var(R_m)} $ where $ R_i $ is the return of the stock and $ R_m $ is the return of the market[5][16][32] **Evaluation**: Positive rank IC indicates effective market sensitivity measurement[5][16][32] - **Factor Name**: Liquidity Factor **Construction Idea**: Assesses stock liquidity based on trading volume and price impact[5][16][32] **Construction Process**: 1. Calculate liquidity using the formula: $ Liquidity = \frac{Volume}{PriceImpact} $ 2. Normalize the data for comparison[5][16][32] **Evaluation**: High rank IC reflects strong predictive ability for liquidity[5][16][32] - **Factor Name**: Standardized Expected Earnings Factor **Construction Idea**: Evaluates expected earnings adjusted for market conditions[5][16][32] **Construction Process**: 1. Standardize expected earnings using z-scores: $ Z = \frac{Earnings - Mean(Earnings)}{StdDev(Earnings)} $ 2. Use standardized values for ranking[5][16][32] **Evaluation**: Positive rank IC indicates reliable earnings prediction[5][16][32] Factor Backtesting Results - **10-Day Total Market Cap Turnover Rate**: Rank IC 0.17, historical average -0.058[5][16][32] - **10-Day Free Float Market Cap Turnover Rate**: Rank IC 0.159, historical average -0.06[5][16][32] - **Beta Factor**: Rank IC 0.152, historical average 0.003[5][16][32] - **Liquidity Factor**: Rank IC 0.151, historical average -0.04[5][16][32] - **Standardized Expected Earnings Factor**: Rank IC 0.133, historical average 0.013[5][16][32] Composite Strategy Performance - **Strategy Name**: Small Cap Low Volatility 50 Strategy **Construction Idea**: Selects 50 stocks with small market cap and low volatility from micro-cap index components[8][16][34] **Construction Process**: 1. Filter stocks based on market cap and volatility criteria 2. Rebalance portfolio bi-weekly[8][16][34] **Evaluation**: Demonstrates strong performance in 2025 but underperformed in 2024[8][16][34] Strategy Backtesting Results - **Small Cap Low Volatility 50 Strategy**: - 2024 Return: 7.07%, Excess Return: -2.93%[8][16][34] - 2025 YTD Return: 74.15%, Weekly Excess Return: 0.22%[8][16][34]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - Precious metals are showing upward momentum, with COMEX gold rising by 4.77% and COMEX silver increasing by 14.95%. The recent liquidity disruptions due to CME's temporary halt have created a short squeeze scenario. Long-term trends indicate that the process of de-dollarization will continue, and investors are advised to hold positions despite volatility [4] - Copper prices are expected to rise due to supply disruptions, with LME copper increasing by 3.69%. The anticipated supply-demand tightness in 2026, driven by production cuts from Freeport and Teck Resources, suggests that price adjustments should be viewed as buying opportunities [5] - Aluminum prices have increased by 2.03% this week, supported by rigid supply despite the end of the peak season. Domestic aluminum ingot inventory is reported at 446,000 tons, showing a slight decrease [5] - Tin prices have risen above 300,000 yuan/ton due to supply disruptions from the conflict in the Democratic Republic of the Congo, indicating potential short squeeze risks [6] - Lithium prices have seen a slight increase, with domestic production rising by 3% month-on-month and 49% year-on-year. The market remains tight, and investors are advised to buy on dips [6] Summary by Sections Industry Overview - The closing index for the industry is at 7396.64, with a weekly high of 7829.42 and a low of 4280.14 [2] Price Movements - Basic metals: LME copper up 3.69%, aluminum up 2.03%, zinc up 1.97%, lead down 0.40%, tin up 6.30% - Precious metals: COMEX gold up 4.77%, silver up 14.95%, NYMEX palladium up 8.27%, platinum down 1.60% - New energy metals: LME nickel up 1.50%, cobalt up 0.50%, lithium carbonate up 1.57% [19] Inventory Levels - Global visible inventory changes: copper increased by 5,705 tons, aluminum decreased by 11,298 tons, zinc decreased by 855 tons, lead decreased by 3,370 tons, tin increased by 432 tons, nickel increased by 334 tons [34][36] Investment Recommendations - Recommended stocks include Xingye Silver Tin, Tin Industry Co., Huaxi Nonferrous, New Jinlu, Dazhong Mining, Guocheng Mining, Zhongkuang Resources, Shengda Resources, Chifeng Gold, Zijin Gold International, Zhaojin Gold, Shenhuo Co., and Zijin Mining [8]

Investment Strategy Overview - The core investment strategy for the pharmaceutical sector in 2026 emphasizes innovation and the recovery of profitability within the industry, as the sector has shown signs of stabilization after a period of volatility [4][30]. Innovative Drug Industry Chain - The domestic innovative drug sector is gaining global recognition, with a significant increase in the attention from multinational corporations (MNCs) towards domestic assets. The demand for new products is strong, driven by the approaching patent cliffs for MNCs and favorable policies for domestic drugs entering international markets [5][44]. - The market for PD-(L)1/VEGF bispecific antibodies is experiencing heightened interest, with complementary mechanisms to antibody-drug conjugates (ADCs) expected to drive synergy and growth [5][51]. - The demand for new therapeutic modalities such as peptides, ADCs, small nucleic acids, and cell and gene therapies (CGT) is projected to maintain high growth rates, supported by a recovering outsourcing demand during the overseas interest rate decline [6][43]. Non-Pharmaceutical Sector - The medical device sector is showing signs of recovery, with some companies reporting improved performance in Q3 2025. The bidding for medical equipment is expected to continue recovering, leading to better performance in 2026 [6][7]. - The traditional Chinese medicine sector is anticipated to benefit from ongoing adjustments to the essential drug list, with opportunities for price increases and improved profit margins for leading companies [6][7]. Retail Pharmacy Sector - The retail pharmacy industry is undergoing accelerated consolidation, with leading pharmacies optimizing their store structures to alleviate profit pressures. This is expected to result in a noticeable improvement in profit margins in 2026 [7]. Market Performance and Valuation - The pharmaceutical sector has shown a rebound since early 2025, with a notable increase in the market index, outperforming the broader market indices. As of November 21, 2025, the CITIC Pharmaceutical Index had risen by 14.68% [15][30]. - The valuation of the pharmaceutical sector is at a historical median since 2010, with a price-to-earnings (PE) ratio of 48.38X, indicating a high premium compared to the broader market [17][30]. - The scale of pharmaceutical funds reached a record high of 226 billion yuan by Q3 2025, although the market capitalization of pharmaceutical stocks remains below historical peaks, suggesting potential for growth [20][24]. Financial Performance - The pharmaceutical sector's revenue for the first three quarters of 2025 was 185.46 billion yuan, reflecting a year-on-year decline of 1.34%. However, Q3 2025 showed a revenue increase of 1.18% compared to the previous quarter, indicating signs of recovery [30][31]. - The net profit attributable to shareholders for the pharmaceutical sector in the first three quarters of 2025 was 14.06 billion yuan, down 1.69% year-on-year, but with a positive growth of 3.61% in Q3 2025 compared to the previous quarter [30][31].

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]

Investment Rating - The report maintains a strong buy rating for the new consumption industry [3] Core Insights - New consumption is characterized by new demand from emerging consumer groups like Generation Z and a shift from leverage-driven consumption to income-driven consumption among older demographics [5][17] - The supply side benefits from China's robust manufacturing capabilities and the internet's ability to reshape business models and efficiency [5][17] - The report highlights two main investment opportunities: aggressive new consumption sectors such as trendy toys and gold jewelry, and defensive cyclical sectors like liquor and travel [5][4] Summary by Sections New Consumption: What is New Consumption? - New consumption has gained traction in recent years, initially a term from the primary market, now widely recognized [17] - It encompasses both new demand from younger consumers and a shift in older consumers' preferences towards more rational spending [17][21] New Demand: Stars Gather to Form Light - Emotional consumption and the rise of national trends are significant drivers, with luxury attributes associated with products [46] - The report identifies key sectors: IP toys, gold jewelry, and new tea drinks, which align with current consumer trends [5][4] New Supply: Old Trees Sprout New Buds - The report emphasizes that industries with easier pathways develop first, while more challenging sectors follow as technology and information improve [33] - It discusses the efficiency gains in retail and service sectors through standardization and technological advancements [33] Investment Recommendations - The report suggests focusing on two types of opportunities: aggressive new consumption sectors (e.g., trendy toys, gold jewelry) and defensive cyclical sectors (e.g., liquor, travel) [5][4] - Specific companies to watch include Pop Mart, Mijia, and various tea brands [5][4] Emotional Consumption and National Trends - Generation Z's emotional consumption is highlighted, with a significant portion willing to pay for emotional value [21][23] - The report notes the increasing acceptance of Chinese brands among younger consumers, contrasting with older generations' preferences [21][22] Gold Jewelry Market - The gold jewelry market is projected to grow significantly, with ancient gold jewelry gaining popularity due to its cultural significance [86][87] - The market size for ancient gold jewelry is expected to reach 4,214 billion by 2028, with a compound annual growth rate of 21.8% [86][87] IP Toy Market - The report outlines the rapid growth of the IP toy market, with a projected market size of 1,741 billion by 2024, reflecting a compound annual growth rate of 13.6% [69][70] - The emotional value associated with IP toys is a key driver of consumer interest and market expansion [78][79]

Core Insights - The report suggests that the real estate market is expected to stabilize with a sales volume of approximately 6.8 to 7 billion square meters over the next 3-5 years [2][13][18] - Housing prices are projected to flatten by the end of 2026 to mid-2027, following a period of decline [2][29][56] - The report identifies three key clues indicating a potential price bottoming out in 2026-2027, including the limited decline in prices after sales volume hits the bottom, the decrease in the percentage of income spent on housing loans, and the rebound in rental yields [2][23][42] Group 1: Sales Volume and Price Trends - The sales volume of commercial housing is expected to reach around 6.98 billion square meters in 2026, indicating a significant decline of 53% from peak levels [12][18] - The report notes that the sales volume is approaching a long-term equilibrium range, with a projected stabilization around 6.8 billion square meters over the next few years [13][18] - Historical data from the U.S. and Japan shows that after sales volumes hit bottom, the decline in housing prices was relatively small, with decreases of -3.97% and -1.01% respectively [23][29] Group 2: Investment Strategies - The report recommends prioritizing real estate companies with strong land acquisition capabilities and good sales performance [2] - It suggests focusing on light-asset companies and those emphasizing quality housing while the prices have not yet stabilized, with a long-term investment strategy favoring diversified and robust real estate firms [2] - Companies showing signs of potential recovery should be monitored for investment opportunities [2] Group 3: Rental Yields and Debt Levels - The rebound in rental yields is expected to be around +1.5 percentage points, with housing prices potentially overshooting by -48% to -51% [2][45][56] - The report highlights that the rental yield currently exceeds the yield on ten-year government bonds but remains lower than housing loan rates, indicating a challenging environment for property investment [45][46] - The percentage of income spent on housing loans in China has decreased significantly, suggesting a reduction in debt burden for residents, which may positively impact housing price stabilization [42][44]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company is focusing on the high-end uniform temperature plate market, with plans to invest in the construction of production capacity for 30 million and 18 million PCS of high-end uniform temperature plates. The global market for uniform temperature plates is projected to grow from $1.24 billion in 2024 to $3.59 billion by 2032, reflecting a compound annual growth rate (CAGR) of 14.21% [3][4]. - The company is currently in the sample testing phase with North American clients, and it has made significant progress in its development of uniform temperature plate technology since 2017 [3]. - The company has established a joint venture with Jianzhun Motor to expand its product offerings in ultra-thin micro fans, which are essential for active cooling solutions in smartphones and other consumer electronics [4][7]. Financial Projections - Revenue projections for the company are as follows: 2025 expected revenue of 1.13 billion yuan, 2026 expected revenue of 3.01 billion yuan, and 2027 expected revenue of 5.01 billion yuan. Corresponding net profits are projected to be 180 million yuan, 500 million yuan, and 840 million yuan for the same years [8][10]. - The report outlines a significant growth trajectory, with revenue growth rates expected to reach 165.44% in 2026 and 66.52% in 2027 [10][13]. Market Position - The company is recognized as one of the few high-tech enterprises capable of mass production of both mid-to-high-end thermal materials and high-performance thermal components, such as heat pipes and uniform temperature plates. Its products are widely used in smartphones, laptops, automotive electronics, and security monitoring [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a revenue of 1.912 billion yuan for the first three quarters, representing a year-on-year increase of 30.97%, with a net profit attributable to shareholders of 377 million yuan, up 50.04% year-on-year [5][6] - The gross margin improved significantly to 46.17%, an increase of 3.36 percentage points year-on-year [6] - The developer ecosystem is expanding, with the ESP Component Registry platform now hosting 1,179 components, and an average of 152 new projects related to ESP32 being added daily on GitHub [7] Financial Performance Summary - For the fiscal year 2024, the company is projected to achieve a revenue of 2.007 billion yuan, with a growth rate of 40.04% [10] - The net profit attributable to shareholders is expected to reach 339.32 million yuan, reflecting a growth rate of 149.13% [10] - The company anticipates revenues of 2.679 billion yuan, 3.464 billion yuan, and 4.415 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 529.32 million yuan, 710.69 million yuan, and 916.76 million yuan [8][10]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the computer industry is experiencing significant growth driven by advancements in AI technology and cloud computing, with companies like Alibaba leading the charge in AI capabilities and market share [4][5][6] - Alibaba's recent financial performance shows a revenue of 247.795 billion yuan for FY26Q2, exceeding market expectations, with a year-on-year growth of 5% [4] - The report emphasizes the increasing demand for AI products, with Alibaba's cloud business achieving a revenue growth of 34% year-on-year, driven by public cloud and AI product demand [5][6] Summary by Sections Industry Overview - The closing index for the computer industry is at 5247.18, with a 52-week high of 5841.52 and a low of 3963.29 [1] Performance Analysis - The relative performance of the computer industry compared to the CSI 300 index shows fluctuations, with a notable decline of 11% from November 2024 to November 2025 [3] Company Highlights - Alibaba's AI-related products have seen a continuous three-digit year-on-year growth for nine consecutive quarters, indicating strong market demand [5] - The company is expanding its AI capabilities across various sectors, including government and finance, and is enhancing its global presence with new data centers [5][6] Investment Recommendations - The report suggests focusing on several key companies within the internet and AI sectors, including Alibaba, Tencent, and various domestic and overseas computing firms [8][9]