1. Report Industry Investment Rating - The mid - term outlook for the industry is "Oscillation" [8] 2. Core Viewpoints of the Report - The construction industry is in the off - season, with limited bright spots in the fundamentals of the black building materials sector, and prices are under pressure. However, with the upcoming Central Economic Work Conference, there may be positive macro and policy news, and attention should be paid to potential phased upward opportunities driven by improved macro sentiment [3][7] 3. Summary by Relevant Categories Iron Element - Overseas mine shipments decreased significantly on a month - on - month basis, with reduced shipments from Australia and Brazil and increased shipments from non - mainstream regions. Port inventories decreased slightly on a month - on - month basis. Iron water is expected to continue a slight downward trend, but there is still an expectation for iron ore restocking demand, and iron ore prices are firm. Scrap steel supply increases while demand remains stable, with limited price decline space, and prices are expected to oscillate [4] Carbon Element - After profit restoration and environmental protection relaxation, coke supply has stabilized. In the short term, steel mills' rigid demand support remains, but the cost support for spot goods continues to weaken, and the expectation of price cuts in the market is rising. Coke futures are expected to oscillate following coking coal. Domestic coking coal supply remains low, with no obvious weakening in fundamentals. After the spot price correction, there is still an expectation for downstream winter restocking. The near - term contracts of coking coal futures are suppressed by delivery, while the far - term contracts are expected to oscillate strongly [4] Alloys - Manganese silicon has cost support, but the market supply - demand is loose, and prices are expected to run at a low level around the cost. Silicon iron also has cost support, but supply - demand is also loose, and prices are expected to run at a low level around the cost [7] Glass and Soda Ash - Glass supply has potential disruptions, but high inventory restricts price increases. If there is no further cold - repair by the end of the year, prices are expected to oscillate weakly; otherwise, prices may rise. Soda ash prices are near the cost, with obvious bottom support, but the oversupply situation restricts price increases. In the short term, prices are expected to oscillate, and in the long term, the price center will continue to decline [7] Specific Product Analysis - **Steel**: In the off - season, fundamentals are lackluster, and the futures market is under pressure. Spot market trading is weak. Steel mills' profit margins continue to decline, and production is expected to decrease. Construction site funds are in short supply, and demand is weakening. Although inventory is decreasing, it is still higher than the same period last year. The market is expected to oscillate at a low level in the short term [9] - **Iron Ore**: Iron water production is decreasing, but ore prices are still resilient. Overseas mine shipments have decreased, and port arrivals have increased. Iron water is expected to continue a slight downward trend, but there is an expectation for restocking demand. Ore prices are expected to oscillate strongly in the short term [9] - **Scrap Steel**: The profit of electric furnaces has improved, and daily consumption has slightly increased. Supply has increased slightly, demand is stable, and prices are expected to oscillate [11] - **Coke**: Costs are continuously decreasing, and the expectation of price cuts is strong. Supply has stabilized after profit restoration and environmental protection relaxation, and inventory is decreasing. However, the cost support for spot goods is weakening, and the market is expected to oscillate following coking coal [12] - **Coking Coal**: Coal mines continue to accumulate inventory, and pressure on the futures market remains. Domestic supply remains low, and there is an expectation for downstream restocking after the price correction. The near - term contracts are expected to oscillate, and the far - term contracts are expected to oscillate strongly [13] - **Glass**: The uncertainty of cold - repair remains, and the improvement of actual supply - demand is limited. Supply is expected to decrease, but high inventory restricts price increases. If there is no further cold - repair by the end of the year, prices are expected to oscillate weakly; otherwise, prices may rise [14] - **Soda Ash**: Production remains flat on a month - on - month basis, and spot trading is weak. Prices are near the cost, with obvious bottom support, but the oversupply situation restricts price increases. In the short term, prices are expected to oscillate, and in the long term, the price center will continue to decline [14] - **Manganese Silicon**: The inventory pressure is difficult to relieve, and the futures market oscillates at a low level. Cost support remains, but the market supply - demand is loose, and prices are expected to run at a low level [16] - **Silicon Iron**: Market confidence is insufficient, and futures prices are running weakly. Cost support is strong, but supply - demand is loose, and prices are expected to run at a low level [17]

Core Insights - Baoyi Pharmaceutical has passed the main board listing hearing on the Hong Kong Stock Exchange, with CITIC Securities and Guotai Junan acting as joint sponsors [1] - The company's core product, SJ02 (Shengnuowa®), is a long-acting recombinant human follicle-stimulating hormone carboxy-terminal peptide fusion protein for assisted reproduction, which received NDA approval from the National Medical Products Administration in August 2025 [1] - Two other core products, KJ103 (an innovative recombinant immunoglobulin G (IgG) degrading enzyme in Phase III development) and KJ017 (a recombinant hyaluronidase in NDA stage), are in late-stage trials or NDA registration in China [1] - The company's strategy focuses on four key areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [1] - According to Frost & Sullivan, the total clinical addressable market size for the company's four strategic therapeutic areas in China is expected to reach approximately RMB 50 billion by 2033 [1]

Core Viewpoint - After the double festival, supply and demand remain stable, with milk prices entering a bottoming phase, and both contract and spot prices showing month-on-month stability. The demand for dairy products continues to face pressure, with ambient temperature products performing weaker than low-temperature ones. However, deep processing and overseas markets are experiencing rapid growth from a low base, indicating a promising future [1] Dairy Industry - Milk prices are stabilizing after the holiday season, indicating a bottoming phase [1] - Demand for dairy products is under pressure, particularly for ambient temperature products compared to low-temperature ones [1] - Deep processing and overseas markets are growing rapidly from a low base, suggesting a bright outlook for the future [1] Beef Industry - In Q3, beef prices have shown high volatility, with a cumulative reduction in stock expected to exceed 10% since the beginning of 2024 [1] - By 2026, there is anticipated downward pressure on beef supply, referencing the previous cycle's reduction and price recovery rhythm [1] - The current cycle for live cattle prices is expected to have upward potential, with a positive outlook for the beef and raw milk cycle resonance [1]

Core Viewpoint - The report from CITIC Securities indicates that live cattle prices have room for growth, while milk prices remain at historically low levels. The ongoing reduction in dairy cow inventory and the gradual impact of the reduction in beef breeding cows are expected to improve the performance of upstream breeding companies. The outlook for raw milk and beef cycles is positive, suggesting a potential upward trend in prices and profitability for the industry [1]. Summary by Category Raw Milk - After the double festival, supply and demand are relatively stable, with milk prices entering a bottoming phase. The overall supply-demand situation has remained stable since Q3, continuing in an oversupply state, with contract prices remaining flat [2]. - The demand for dairy products is under pressure, with a significant decline in sales since Q3 2025, exceeding double digits. The performance of ambient products is notably weaker than that of chilled products. Domestic brands hold only 4% of the market share in deep processing, indicating substantial room for domestic replacement [2]. Beef Cattle - Live cattle prices are experiencing short-term fluctuations, with a cumulative reduction in inventory exceeding 10% since 2024. Attention is drawn to changes in supply by 2026 [3]. - The prices of live cattle and cull cows have been fluctuating at high levels since Q3 2025, with cull cow prices improving, which will enhance profit margins. However, profits are still significantly below the peak of the previous cycle [3]. Future Outlook - Domestic liquid milk demand remains under pressure, but there is potential for growth in deep processing and export markets. The supply-side reduction in inventory is expected to slow down, with expectations for slight acceleration in inventory reduction during the off-season [4]. - The reduction of breeding cows may exceed 10% since 2024, leading to a shortage in domestic cattle supply, which is a key driver for the current rise in beef prices. The previous cycle saw an 11% decline in inventory, resulting in a price increase of over 60% for fattening cattle. The current increase in live cattle prices is still below 20%, indicating further potential for price growth [4].

Core Viewpoint - Significant real estate policy announcements lead to noticeable improvements in housing sales area approximately 4-10 months later, while the turning point for new construction area typically manifests 8-20 months post-policy [1] Group 1: Policy Impact on Housing Market - Housing sales area shows clear improvement following major real estate policy releases [1] - New construction area experiences a lag in response to policy changes, with effects seen later than housing sales [1] Group 2: Market Reactions - Capital markets tend to react ahead of time to policy changes, often leading to early price movements [1] - The building materials sector exhibits high sensitivity to real estate policies, frequently initiating upward trends in stock prices after favorable policy announcements [1] Group 3: Performance Metrics - Building materials stocks significantly outperform the Shanghai Composite Index following key positive policy announcements, demonstrating clear excess returns [1] - The industry maintains a "stronger than market" rating based on these observations [1]

Core Viewpoint - After the Double Festival, supply and demand remain stable, with milk prices entering a bottoming phase, and both contract and spot prices showing stable month-on-month changes. The demand for dairy products continues to face pressure, with ambient products performing weaker than chilled ones. However, deep processing and overseas expansion are growing rapidly from a low base, indicating a promising future [1] Group 1: Dairy Industry - Milk prices are stabilizing after the holiday season, indicating a bottoming phase [1] - Demand for dairy products is under pressure, particularly in ambient segments compared to chilled segments [1] - Deep processing and overseas markets are experiencing rapid growth from a low base, suggesting a bright outlook for the future [1] Group 2: Beef Industry - In Q3, beef cattle prices have shown high volatility, with a cumulative reduction in stock expected to exceed 10% since the beginning of 2024 [1] - By 2026, there is anticipated downward pressure on the supply side of beef cattle, referencing the previous cycle's reduction and price recovery patterns [1] - The current cycle for live cattle prices is expected to have upward potential, with a positive outlook for the synergy between beef cattle and raw milk cycles [1]

Core Viewpoint - The report from CITIC Securities indicates that overseas lithium mine production remained stable in Q3 2025, reflecting a decrease in production enthusiasm among overseas mining companies due to weak lithium prices in the first three quarters of the year [1] Group 1: Lithium Market Dynamics - Despite a recovery in lithium prices in Q3 2025, feedback from overseas mining companies has been slow [1] - South American salt lake lithium extraction companies showed significant operational improvement in Q3 2025 and maintain an optimistic outlook for Q4 2025 [1] Group 2: Price Forecast and Investment Recommendations - The strong demand for energy storage batteries is expected to continue driving the lithium industry, leading to a potential upward trend in lithium prices [1] - The price forecast for lithium has been adjusted, with the upper limit now set at 120,000 yuan per ton, suggesting a focus on low-cost stocks and companies with expected resource production increases during the price rebound [1]

中信证券研报称，近年来国内财富管理市场规模体量均持续增长，在无风险收益持续下行、资产轮动速 度加快、财富人群配置需求日益多元化的背景下，我们预计配置类产品有望迎来发展契机。基于此，我 们以低相关、有代表性的股债商指数作为底层资产，基于"风险平价+信号增强"的思路构建了大类资产 趋势配置策略。从历史回测结果来看，2012年初至2025年10月底，大类资产趋势配置策略年化收益为 8.97%，夏普比率为1.85，历年均能实现正收益，2025年以来实现收益13.87%。从情景复盘结果来看， 在历史上各类资产出现较大波动时，大类资产趋势配置策略能够通过有效地调整降低整体组合的风险。 ...

Core Insights - The report from CITIC Securities indicates that after the dual festivals, supply and demand remain stable, with milk prices entering a bottoming phase. Contract prices are stable on a month-on-month basis, while dairy product demand continues to face pressure, particularly with ambient temperature products underperforming compared to chilled products [1] - The deep processing sector and exports are experiencing rapid growth from a low base, suggesting a promising future outlook [1] - In Q3, beef cattle prices have shown high volatility, and it is expected that the cumulative reduction in stock since 2024 may exceed 10%. By 2026, there may be downward pressure on the supply side of beef cattle [1] - Based on the previous cycle of beef cattle reduction and price recovery, it is anticipated that there is still upward potential for live cattle prices in the current cycle. The industry remains optimistic about the resonance between beef cattle and raw milk cycles [1]

Core Insights - The China Securities Regulatory Commission (CSRC) has approved several brokerages, including Guolian Minsheng, Western Securities, and Northeast Securities, to conduct pilot programs for optimizing account management functions, which are crucial for operational efficiency and customer investment experience [1][2] Group 1: Account Management Optimization - The approved pilot programs aim to enhance the account management system of brokerages to keep pace with the increasing diversity of financial products and services in the market [1] - The regulatory guidelines emphasize the importance of customer fund safety, proper management of fund transfers, and compliance with identity verification and risk management protocols [1][2] Group 2: Customer-Centric Approach - Guolian Minsheng plans to establish a comprehensive account core system to achieve unified identity recognition, risk management, and centralized asset management for clients, moving away from traditional isolated account management [2] - The optimization of account management functions is expected to improve customer experience by allowing for a panoramic view of various assets and facilitating easier fund transfers, thereby enhancing fund utilization efficiency [2][3] Group 3: Industry Trends - There is a growing demand for wealth management among Chinese residents, with a significant increase in new investor accounts, totaling 24.67 million in the first ten months of the year, reflecting a 9.32% year-on-year growth [3] - Brokerages are increasingly focusing on customer service efficiency and quality as key competitive factors in the wealth management sector, with firms like Northeast Securities and招商证券 implementing customer-centric organizational structures and service systems [3]