Core Insights - Fengbei Biotechnology is a pioneer in the comprehensive utilization of waste oil resources, with significant advantages in R&D, product application, and quality control [2] - The company has received numerous accolades, including being recognized as a national-level "specialized, refined, and innovative" small giant enterprise and a unicorn cultivation enterprise in Suzhou [2] - As of June 30, 2025, the company holds 135 patents, including 33 domestic invention patents and 3 international invention patents, and has obtained ISCC certification for the EU market [2] Company Highlights - Fengbei Biotechnology has established a strong customer base due to its core technological advantages, which supports the sustainable and healthy development of its business [2] - The company has been awarded the Innovation Contribution Award by the China Pesticide Association and the first prize of the China Coal Industry Science and Technology Award [2] - The company aims to provide investors with a clear understanding of its investment value and opportunities through its online roadshow [3]

Core Points - The total cash dividends from 320 companies in the Shanghai market have exceeded 278 billion yuan as of October 24, with over 90 companies set to distribute an additional 280 billion yuan in cash dividends [1][2] - A record high of 414 companies have announced profit distribution plans, totaling over 560 billion yuan in cash dividends [1] - Major companies such as China Mobile and China Telecom have completed their cash distributions, amounting to 54.1 billion yuan and 16.6 billion yuan respectively, while the "Big Three" oil companies have distributed approximately 82.5 billion yuan in total [1] Company-Specific Summaries - China Petroleum has announced a cash dividend of 2.2 yuan per share, totaling 40.265 billion yuan, with 35.623 billion yuan allocated to A-share dividends [1] - Jagex has declared a cash dividend of 6.6 yuan per share, amounting to 474 million yuan, which represents 73.46% of its net profit for the period [2] - Guotai Junan plans to distribute 0.15 yuan per share, totaling 2.627 billion yuan, making it one of the leading brokerages in terms of dividend distribution [2] - Guodian Power intends to distribute 1 yuan per share, totaling 1.784 billion yuan, which is 48.38% of its net profit for the period [2] Upcoming Distributions - From October 27 to October 31, 20 companies will distribute a total of 9 billion yuan in cash dividends, including 京沪高铁 (19 billion yuan), 国泰海通 (26 billion yuan), and 国电电力 (18 billion yuan) [1][2] - There are still 74 companies that have not yet announced their dividend distribution plans, with a total amount exceeding 275 billion yuan expected to be distributed in the future [2]

Core Viewpoint - The lithium battery downstream demand remains strong, driving prices higher due to inventory depletion, while cobalt products continue to rise but with slower downstream follow-up, indicating a potential slowdown in price increases [1][2]. Lithium Sector - The lithium sector is experiencing a peak demand season, with inventory depletion pushing prices up. The weekly price of lithium carbonate in Wuxi rose by 1.32% to 76,500 CNY/ton, while the price in the Shanghai Futures Exchange increased by 4.25% to 78,900 CNY/ton [1]. - Lithium concentrate prices reached 881 USD/ton, an increase of 35 USD/ton compared to the previous period, reflecting strong demand from downstream buyers [1][2]. - The production of battery-grade lithium carbonate averaged between 74,500 and 76,330 CNY/ton, with a weekly increase of 2.79% [2]. Cobalt Sector - Cobalt prices are experiencing upward pressure, but the actual demand from the downstream is limited, leading to a slower price increase. The average price of electrolytic cobalt rose by 6.96% to between 400,000 and 415,000 CNY/ton [3]. - Cobalt salt prices are stabilizing as downstream acceptance of current prices is low, focusing mainly on inventory digestion and essential replenishment [3]. - The integration of cobalt-nickel precursor production enhances competitive barriers for cobalt companies, as they extend their reach into the new energy sector [1][3]. Market Dynamics - The overall market is witnessing a strong demand for lithium, supported by the rapid growth of power batteries and a thriving energy storage market, with the operating rate of downstream manufacturers continuously increasing [2]. - Despite the strong demand, the supply side is also seeing new production lines coming online, which may exert pressure on prices in the latter part of November [2].

Core Points - The mid-term dividends from 20 companies, including Beijing-Shanghai High-Speed Railway Co., Ltd., Guotai Junan Securities Co., Ltd., and State Power Development Co., Ltd., will exceed 9 billion yuan from October 27 to October 31 [1] - As of October 24, 320 companies in the Shanghai market have distributed over 278 billion yuan in mid-term dividends, with an additional 90 companies expected to distribute over 280 billion yuan [1][2] - The total mid-term dividend amount for 414 companies has reached over 560 billion yuan, setting a historical high [1] Company-Specific Information - Major dividend payers include China Mobile and China Telecom, with cash distributions of 54.1 billion yuan and 16.6 billion yuan, respectively, while the "Big Three" oil companies have collectively distributed approximately 82.5 billion yuan [2] - Companies like Xiamen Gibit Network Technology Co., Ltd. and Jiangsu Shuoshi Biotechnology Co., Ltd. have reported per-share dividends exceeding 2 yuan, with Gibit reaching 6.6 yuan per share [2] Dividend Yield Insights - The dividend yield for 290 companies in the Shanghai market exceeds 3%, with 81 companies yielding over 5% [3] - Among the 320 companies that have implemented mid-term dividends, the average yield is 2.53%, with 102 companies exceeding 3% and 40 companies surpassing 5% [3]

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China has approved the suggestions for the 15th Five-Year Plan, emphasizing high-quality development and technological self-reliance as primary goals for the upcoming decade [1] Group 1: Economic Growth and Development Goals - The average GDP growth rate needs to be maintained above 4.5% over the next decade to achieve the goal of reaching the per capita GDP level of moderately developed countries by 2035 [2] - The focus has shifted from "economic development" and "reform and opening up" to "high-quality development" and "technological self-reliance," indicating a greater emphasis on the quality and technological content of economic growth [2] - The plan includes a commitment to maintaining a reasonable proportion of the manufacturing sector and constructing a modern industrial system centered on advanced manufacturing [2][8] Group 2: Policy Directions and Strategic Focus - The report outlines 12 major deployments, with a strong emphasis on supporting the real economy, enhancing service sector development, and building modern infrastructure [4] - The focus on supply-side reforms will prioritize "productivity + innovation," while demand-side policies will concentrate on "consumption + inclusiveness" [6] - The report highlights the importance of stabilizing employment, enterprises, markets, and expectations as part of maintaining economic fundamentals [7] Group 3: Market Outlook and Investment Opportunities - The Chinese stock market is expected to continue its upward trend, driven by the transformation of the economy and ongoing capital market reforms [3] - New emerging technologies are identified as a key investment theme, with cyclical financial sectors also seen as potential outperformers [3] - The emphasis on high-quality economic development and the need for a robust manufacturing base suggest that policies supporting advanced manufacturing and technology sectors will be prioritized [4][8]

Group 1: Event Overview - The first Global Asset Allocation Summit hosted by Guotai Junan Securities took place in Shanghai, focusing on "Asset Allocation in a New Landscape" with participation from experts and institutional investors [1] - The summit aimed to explore new paradigms for global asset allocation amidst changing economic conditions and technological advancements [1] Group 2: Key Insights from Speakers - Guotai Junan's Director, Geng Xuling, emphasized the company's commitment to building global asset allocation capabilities, focusing on a systematic investment research framework and an AI-driven investment advisory platform [1] - Wang Yiming, Vice Chairman of the China International Economic Exchange Center, highlighted the importance of high-quality development and expanding domestic demand in the context of the 14th Five-Year Plan [2] - BlackRock's Chairman, Fan Hua, advised investors to set reasonable return targets and manage macro risks strategically, while focusing on disruptive trends such as digital innovation and low-carbon transitions [3] Group 3: New Services and Strategies - Guotai Junan Securities introduced a new asset allocation service called "Global Smart Allocation," which follows a standardized six-step process to enhance client wealth management [3] - The summit featured discussions on innovative global asset allocation strategies, with a consensus on the increasing focus on China's technology sector amid a global decline in interest rates [4] - The company aims to establish itself as a leading platform in China's asset allocation sector, fostering alliances with top asset management institutions [5]

Group 1 - The first Global Asset Allocation Summit organized by Guotai Junan Securities was held in Shanghai, focusing on "Asset Allocation in a New Landscape" with participation from experts and institutional investors [1] - Guotai Junan Securities aims to enhance global asset allocation capabilities by building a systematic buy-side research and investment system, promoting an AI-driven investment advisory platform, and fostering collaborative partnerships with clients and institutions [1] - The summit featured keynote speeches addressing macroeconomic trends, investment strategies, and the importance of high-quality development and technology innovation in the context of China's 14th Five-Year Plan [2][3] Group 2 - Keynote speakers emphasized the need for investors to set reasonable return targets, manage macro risks strategically, and focus on disruptive trends such as digital innovation and low-carbon transitions in a low-interest-rate environment [3] - The summit included roundtable discussions on global asset allocation driven by innovation, highlighting China's technology sector as a focal point for foreign investment amid a declining interest rate cycle [4] - Guotai Junan Securities announced a new asset allocation service called "Global Smart Allocation," which utilizes a standardized six-step process to enhance wealth management and client investment experience [3][5]

国泰海通宏观研究团队 刘姜枫 S0880525070019 梁中华 S0880525040019 本报告作者： · 概要 · α因素对于中国出口增速的影响日益增强。因此本文在外需因素以外，着重展望了关税变化、订单透支、转口监管、汇率变化等α因素对出口的 影响。我们认为，2026年α因素回落的风险较低，β因素的韧性仍存，全年仍有望实现1-3%的增速表现。 近年来β因素越来越难以解释中国出口，全球地缘摩擦和科技转型的背景下，应更加重视α因素的影响。 全球PMI与中国出口增速近十年同向波 动、波幅一致的相关性在2023年以来被打破，究其原因是在①中国内部转型过程中，产业结构调整、内外价格分化，和②全球经贸摩擦加剧、地 缘关系重构两个因素。 理解α因素的关键变化，重点在于理解新格局与新产业： ✔ 新贸易格局的形成，缘于两次关税冲击影响了贸易流向，究其根本是百年未有之大变局下地缘关系的重构在中国出口国别上的表现。最显著 的变化是中美贸易"藕断丝连"。 ✔ 新产业出口的表现，缘于中国内部的经济转型、产业升级、内外价差在中国出口产品层面的表现。 2026年中国出口主要的α因素展望： ①出口订单透支：已经逐渐消化 。7-8月 ...

Core Viewpoint - Guotai Junan Securities held its first Global Asset Allocation Summit, focusing on "Asset Allocation in a New Landscape," where experts and renowned institutional investors discussed new paradigms for global asset allocation [1] Group 1: Company Initiatives - Guotai Junan aims to enhance its global asset allocation capabilities by adopting a "global perspective and Chinese wisdom," establishing a systematic buy-side research and investment framework to improve client investment experiences [1] - The company emphasizes "innovation-driven and professional excellence," actively developing an "AI + investment advisory" intelligent asset allocation platform to facilitate smarter, more forward-looking, and efficient investment decisions for clients [1] - Guotai Junan is committed to "open sharing and win-win cooperation," upgrading its buy-side asset allocation service system and "win product system" to build close partnerships with clients and institutions, ensuring investor protection in global investments [1] Group 2: Service Offerings - The company introduced a new asset allocation service called "Global Smart Allocation," which follows a standardized six-step process to safeguard clients' wealth and support the transformation of its wealth management services [2] - By 2025, Guotai Junan plans to leverage its merger to establish itself as a leading professional platform in China's asset allocation sector with international influence, focusing on building a top-tier asset management institution alliance [2]

Market Overview - The market rebounded yesterday with all three major indices closing in the green. The Shanghai Composite Index rose by 0.22%, the Shenzhen Component Index increased by 0.22%, and the ChiNext Index gained 0.09% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.64 trillion yuan, a decrease of 23.9 billion yuan compared to the previous trading day [1] Coal Industry Insights - CITIC Securities indicated that the supply and demand for thermal coal are favorable, and coal prices in production areas are expected to continue rising. Recent rainfall and maintenance on the Daqin Line have restricted coal production and transportation, leading to a slight tightening of supply [2] - As the northern regions enter the heating season, demand from non-electric industries such as chemicals and metallurgy is gradually increasing, enhancing market activity and bullish sentiment [2] Robotics Sector Opportunities - Guotai Junan suggested focusing on investment opportunities within the Yushu Technology robotics industry chain or ecosystem. On October 20, Yushu Technology launched a humanoid robot that stands 180 cm tall and weighs 70 kg, showcasing significant advantages in technology and product iteration [3] AI Data Center Transition - Guojin Securities reported that overseas cryptocurrency mining farms are transitioning to AI data centers due to their low electricity costs and substantial approved power quotas. Most mining farms are preparing for this shift, although strategies and progress vary [4] - Companies that are aggressively pursuing AI data center transitions, with clear expansion plans and power guarantees, are recommended for investment, especially those whose market value is discounted compared to their current stock price [4]