Core Viewpoint - The main investment logic driving the agricultural sector in 2026 will be both cyclical and growth perspectives, with an expectation of accelerated capacity reduction in the first half of 2026 and a potential upward trend in pig prices [1] Group 1: Cyclical Perspective - In the context of market losses and administrative capacity reduction, capacity deconstruction may accelerate in the fourth quarter of 2025 and the first half of 2026 [1] - The pig price is expected to fluctuate upwards in 2026 [1] - Companies with leading operational capabilities in the livestock and poultry industry chain are continuously recommended [1] Group 2: Growth Perspective - The domestic demand for the pet sector remains robust, with strong momentum for domestic brands, potentially leading to high growth in performance in the second half of 2026 [1] - In the fruit and vegetable planting sector, the blueberry dividend is expected to continue, with a focus on leading blueberry companies that are increasing planting area, improving planting efficiency, enhancing brand and channel development, and accelerating overseas expansion [1] - The functional sugar sector is anticipated to welcome a super single product in the sugar substitute category [1]

2025年第二届中国国际锂业大会于11月24日至26日在四川举办。 华西证券认为，根据SMM消息，供应方面，锂盐厂整体开工率保持高位运行，其中锂辉石端与盐湖端 为供应主力。预计11月国内碳酸锂产量可以维持10月的生产量级，环比大致持平。需求方面，需求端则 展现出强劲动力，动力电池领域受益于新能源汽车商用与乘用市场的同步快速增长，而储能市场延续供 需两旺格局，供应持续偏紧，共同为碳酸锂消费提供有力支撑。展望后市，下游电芯及正极材料企业在 11月的排产计划持续向好，预计碳酸锂库存将继续呈现较大幅度去化。综合来看，需求支撑下的去库预 期将对价格底部形成稳固支撑，预计短期内碳酸锂价格将保持偏强运行。 （文章来源：证券时报网） 中信证券认为，2025年三季度海外锂矿产量环比持平，反映出在前三季度锂价低迷背景下，海外矿企增 产积极性减弱。尽管锂价在2025年三季度回暖，但海外矿企反馈缓慢。南美盐湖提锂企业2025年三季度 经营显著改善，且对2025年四季度展望保持乐观。预计在储能电池需求持续强劲的拉动下，锂产业链有 望延续去库态势，锂价或超预期上涨，上调锂价预测区间上限至12万元/吨，建议关注在锂价反弹过程 中的低成本标 ...

中信证券研报表示，展望2026年，锂电行业整体供需结构有望进一步改善。需求端，受益电动化渗透率 进一步提升叠加单车带电量的显著增长，全球动力电池需求有望保持稳定增长；电池成本下降、收益模 式丰富、融资成本下降等因素推动储能装机经济性显著提升，全球储能迎来国内外需求共振向上的发展 阶段。供给端，电池和中游材料环节资本开支增速触底信号明确，新增扩产仍集中在少数重点企业，且 聚焦在高端品及海外产能上，预计2026年行业供需有望进一步改善；受益供需结构改善，产业链价格企 稳回升，高端产品有望攫取更高的技术溢价。此外，固态电池产业化加速，有望带来电池、材料、设备 环节的投资机会。重点关注技术差异化程度更高、成本控制能力更强的供应链优质头部企业。 ...

中信证券研报称，上周市场波动较大，银行股相对收益显著，资金流入力度加大，板块防守价值显著， 低估值大行表现更加显著。我们认为，低估值隐含的价值空间依旧显著，年底步入长线资金配置时段， 有助催化银行股市场表现，建议机构积极布局，收获确定性回报。 ...

Core Viewpoint - The report from CITIC Securities suggests that in 2026, both cyclical and growth factors will drive the main investment logic in the agricultural sector [1] Group 1: Cyclical Perspective - Due to market losses and administrative capacity reduction, capacity deconstruction may accelerate in Q4 2025 and the first half of 2026, leading to a potential upward fluctuation in pig prices in 2026 [1] - The report continues to recommend companies in the livestock and poultry industry that demonstrate strong operational capabilities and can withstand cyclical fluctuations [1] Group 2: Growth Perspective - The domestic demand for the pet sector remains robust, with strong momentum for domestic brands, potentially leading to high growth in H2 2026 [1] - In the fruit and vegetable planting sector, the blueberry market is expected to continue benefiting from ongoing advantages, with a focus on leading companies that are increasing planting area, improving planting efficiency, enhancing brand and channel development, and accelerating international expansion [1] - The functional sugar sector is anticipated to welcome a super sugar substitute product [1]

Core Viewpoint - The banking sector demonstrates significant defensive value amid market volatility, with low valuation large banks showing notable performance, suggesting a favorable environment for long-term institutional investment [1][4]. Market Performance - The A-share market experienced increased volatility, with major indices recording substantial declines, while the CITIC Bank Index only saw a minor drop of 0.9%, highlighting the defensive nature of the banking sector [1]. - The top-performing bank stocks included China Bank (+8.1%), Everbright Bank (+2.6%), and Construction Bank (+2.4%), indicating that low valuation large banks are performing particularly well [1]. Shareholder and Executive Activity - Nanjing Bank reported that its major shareholder, BNP Paribas, increased its stake by 1.04%, raising its total holding to 18.06%, a record high [2]. - Senior executives from Changshu Bank and Shanghai Rural Commercial Bank have also announced plans to purchase shares, indicating confidence in the bank's future performance [2]. Interest Rate and Loan Market - The People's Bank of China announced that the November Loan Prime Rate (LPR) remains unchanged at 3.0% for one year and 3.5% for five years, reflecting a stable interest rate environment [3]. - The average interest rates for various loans have shown minimal changes, suggesting a stabilization in the banking sector's interest margins [3]. Investment Outlook - The banking sector's defensive characteristics are expected to attract long-term capital allocation as the year-end approaches, providing opportunities for certain returns [4].

Core Insights - Recent performance of Nvidia's FY26Q3 exceeded expectations, and the FY26Q4 guidance is also optimistic, indicating strong growth in the AI sector [1] - Google's release of Gemini 3 shows significant improvements in model performance, further supporting the growth narrative in AI [1] Industry Analysis - The AI industry is in an accelerating upward phase, presenting substantial investment opportunities, particularly in the PCB sector, which is closely aligned with AI chip advancements [1] - The PCB sector has seen recent catalysts, leading to a recommendation for key manufacturers within the AI PCB space [1] Investment Recommendations - Focus on leading manufacturers with strong technical capabilities and customer positioning, as well as high earnings certainty [1] - Identify companies with notable marginal changes, actively expanding capacity, and strengthening AI business expectations [1] - Look for benefits from the rising price cycle of copper-clad laminates, which could improve profits, particularly for leading manufacturers of high-end materials [1]

Core Viewpoint - The New York Fed President Williams hinted at a potential interest rate cut in December, with the market now pricing in a 70% probability of a rate cut by the Federal Reserve in that month [1] Group 1: Federal Reserve Actions - The Federal Reserve will enter a quiet period starting November 29, during which Chairman Powell has no scheduled public appearances or media engagements, making Williams' comments potentially the last influential remarks from Fed officials before the meeting [1] - The expectation is for a "close call" rate cut in December, likely by 25 basis points [1] Group 2: Market Reactions - The reversal of rate cut expectations, combined with the advancement of the "28-point" plan and news regarding the Trump administration's consideration of exporting H200 chips to China, suggests that macroeconomic factors will no longer be a source of pressure for the market in the short term [1] - The market is expected to shift its focus towards issues such as AI companies issuing bonds and the trends in cryptocurrency [1]

中信证券研报认为，展望2026年，锂电行业整体供需结构有望进一步改善。需求端，受益电动化渗透率 进一步提升叠加单车带电量的显著增长，全球动力电池需求有望保持稳定增长；电池成本下降、收益模 式丰富、融资成本下降等因素推动储能装机经济性显著提升，全球储能迎来国内外需求共振向上的发展 阶段。供给端，电池和中游材料环节资本开支增速触底信号明确，新增扩产仍集中在少数重点企业，且 聚焦在高端品及海外产能上，研报预计2026年行业供需有望进一步改善；受益供需结构改善，产业链价 格企稳回升，高端产品有望攫取更高的技术溢价。此外，固态电池产业化加速，有望带来电池、材料、 设备环节的投资机会。重点关注技术差异化程度更高、成本控制能力更强的供应链优质头部企业。 ...

Market Overview - The market experienced fluctuations last Friday, with the Shanghai Composite Index falling over 2% and the ChiNext Index dropping over 4% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.97 trillion, an increase of 257.5 billion compared to the previous trading day [1] - By the end of last Friday, the Shanghai Composite Index fell by 2.45%, the Shenzhen Component Index by 3.41%, and the ChiNext Index by 4.02% [1] Investment Strategies - Huatai Securities emphasized the importance of focusing on mid-term themes and maintaining a safety margin in current market conditions, suggesting that the market adjustment has begun to show potential for recovery [2] - The firm noted that the current market valuation is close to a "reasonable" central point, and if there is an overshoot, investors could consider increasing their positions [2] - Recommended sectors include low-level domestic consumption, domestic computing power, and innovative pharmaceuticals, while continuing to hold large financial stocks to reduce volatility [2] Monetary Policy Insights - CITIC Securities highlighted that the recent issuance of offshore central bank bills in Hong Kong aims to stabilize the offshore RMB exchange rate and curb speculative trading [3] - The issuance is intended to tighten offshore RMB liquidity, thereby increasing the cost of short-selling and preventing a consensus on unilateral depreciation [3] - The central bank's strategy is based on three considerations: managing liquidity to avoid excessive market fluctuations, enhancing the competitiveness of the offshore RMB bond market, and preventing abnormal cross-border capital flows to maintain financial stability [3] Policy Focus - Zhongtai Securities indicated that the current "anti-involution" policies are likely to focus more on key sectors with global "rare earth-like" characteristics, particularly in industries like photovoltaics, batteries, and automobiles, where low-price competition has intensified [4] - The characteristics of these key sectors include holding dominant capacity and technology in the global market, facing challenges from disorderly expansion and low-price competition, and having potential for long-term growth driven by external demand [4] - The policies aim to ensure healthy industry development and leverage these sectors as strategic tools or bargaining chips between nations [4]