Core Viewpoint - The A-share market is experiencing volatility, but overall corporate earnings are in a recovery phase, with a positive medium-term outlook supported by stable economic and policy expectations [2][3]. Market Performance - As of November 10, 2025, the CSI 300 Index decreased by 0.24%, with notable stock movements including China Duty Free leading with a 10.00% increase and Sanhua Intelligent Control dropping by 7.02% [2]. - The CSI 300 ETF by Bosera fell by 0.33%, with a recent price of 1.52 yuan, while it saw a cumulative increase of 0.73% over the past week as of November 7 [2]. Investment Strategy - Analysts suggest focusing on sectors with independent growth logic and improving return on equity (ROE), rather than avoiding AI narratives entirely [3]. - The current market style is expected to be more balanced compared to the third quarter, with recommendations to invest in technology growth and high-end manufacturing sectors, as well as cyclical sectors benefiting from domestic demand recovery [3]. Sector Analysis - The TMT sector, along with materials and chemicals, is significantly influenced by AI narratives, with these sectors comprising over 60% of institutional holdings [3]. - The top ten weighted stocks in the CSI 300 Index as of October 31, 2025, include Ningde Times and Kweichow Moutai, accounting for 21.76% of the index [4].

Group 1 - The core viewpoint of the news highlights the recovery of the brokerage industry in China, with significant growth in investment banking revenues amid a favorable capital market environment [1] - As of the third quarter, 42 A-share listed brokerages (excluding Guosheng Securities) achieved a net income of 25.151 billion yuan from investment banking fees, representing a year-on-year increase of 23.46% [1] - The market's focus on brokerages is shifting back to sustainable fundamentals, with future relative returns depending more on profit quality and the recovery of Return on Equity (ROE) [1] Group 2 - The top ten weighted stocks in the Guozheng Securities Leading Index (399437) include Dongfang Caifu, CITIC Securities, Huatai Securities, and others, collectively accounting for 78.89% of the index [2]

中国经济网北京11月7日讯 富创精密(688409.SH)近日披露2025年第三季度报告。前三季度，公司实 现营业收入27.30亿元，同比增长17.94%；归属于上市公司股东的净利润3748.41万元，同比下降 80.24%；归属于上市公司股东的扣非净利润2004.82万元，同比下降88.51%；经营活动产生的现金流量 净额为5317.38万元，上年同期为-2.16亿元。 | | | | | 单位:万元 币种:人民币 | | --- | --- | --- | --- | --- | | | | 本报告期比 | | 年初至报告期 | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 100.638.04 | 24.46 | 273,015.27 | 17.94 | | 利润总额 | 3.956.16 | -43.40 | 5.938.64 | -70.51 | | 归属于上市公司股东的 | 2.520.77 | -62.89 | 3.748.41 | -80.24 | | ...

Core Insights - The report from CITIC Securities indicates that market volatility has increased since October, but the success rate of market timing remains low due to changes in the underlying structure of incremental capital [1] - The stability of the overseas business environment and the progress of AI infrastructure investment are identified as crucial variables impacting the market [1] Group 1: Market Trends - The report highlights that not only the TMT sector but also non-ferrous metals, chemicals, and new energy sectors have seen price increases influenced directly or indirectly by AI narratives [1] - These sectors collectively account for over 60% of institutional holdings, suggesting a significant impact on investment strategies [1] Group 2: Investment Strategy - The recommended adjustment strategy is not to deliberately avoid AI narratives but to select stocks with a rising trend in return on equity (ROE) from a low base [1] - AI narratives are seen as affecting the slope of market trends rather than the overall trend itself [1]

Core Viewpoint - The report from CITIC Securities indicates that liquidity easing and supply-side constraints will continue to be the main investment themes in the energy and materials sectors, benefiting precious metals, industrial metals, and certain chemicals like chromium and refrigerants [1] Group 1: Market Overview - From early 2025 to the present, the non-ferrous metal index has significantly outperformed the broader market, primarily due to strong performances in precious and rare metals [2] - Basic chemicals and steel indices have performed similarly to the market, while coal and oil & petrochemical indices have underperformed [2] Group 2: Precious Metals and Copper - Despite a recent high-level pullback in gold prices, the ongoing Fed rate cut cycle is expected to support gold prices, with a projected range of $4,000 to $5,000 per ounce for 2026 [3] - Silver is anticipated to have strong price elasticity due to an expanding supply-demand gap, with a projected price range of $50 to $60 per ounce for 2026 [3] - Copper remains a key investment direction in the metals sector, with a projected price range of $10,000 to $12,000 per ton for 2026, benefiting from liquidity easing and tightening supply [3] Group 3: Supply Constraints and Chemical Products - Supply-side constraints are expected to strengthen, with aluminum supply growth slowing and cobalt prices likely to rise due to severe supply shortages [4] - The projected price for aluminum in 2026 is set at 21,500 RMB per ton, while cobalt is expected to range between 400,000 to 450,000 RMB per ton [4] - Chromium and refrigerants are also expected to see price increases due to tight supply conditions influenced by environmental regulations [4] Group 4: Strategic Metals and US-China Relations - The ongoing US-China geopolitical tensions are enhancing the investment value of strategic metals, particularly rare earths and tungsten, with stable demand growth in defense and advanced manufacturing sectors [5] - The projected price range for praseodymium-neodymium oxide in 2026 is expected to rise to 550,000 to 650,000 RMB per ton, while tungsten is projected to be between 300,000 to 350,000 RMB per ton [5] Group 5: High Demand for Lithium and Potash - Lithium prices are expected to rise due to stronger-than-expected demand from energy storage batteries, with a projected price range of 80,000 to 100,000 RMB per ton for 2026 [6] - Potash prices are also expected to increase, driven by delayed production expansions in major producing regions and strong demand growth in Southeast Asia [6] Group 6: Coal, Steel, Silicon, and Oil - The "anti-involution" policy is expected to support price recoveries in coal, steel, and silicon materials, with projections for slight price increases in thermal coal, coking coal, and silicon materials in 2026 [7] - The steel industry is anticipated to reach a turning point in 2025, with ongoing supply constraints and improved profit distribution trends [7] - Oil supply and demand are expected to shift from a loose to a balanced state, with Brent crude oil prices projected to rise to $65 to $70 per barrel [7]

Core Insights - The solid-state battery industry is accelerating towards commercialization, with global shipments expected to exceed 700 GWh by 2030, including over 200 GWh of all-solid-state batteries [1][2] - Chinese manufacturers are achieving a competitive edge in semi-solid-state battery production and are rapidly catching up in all-solid-state battery development, aiming for vehicle testing and small-scale production by 2026-2027, with full commercialization targeted for 2030 [2][4] Industry Overview - Solid-state batteries are anticipated to drive a new wave of electrification innovation, applicable in electric vehicles, consumer electronics, energy storage, robotics, and aircraft, addressing safety and range challenges [2] - The global solid-state battery shipment is projected to reach 705 GWh by 2030, with a compound annual growth rate (CAGR) of 183% from 2025 to 2030 [2] Technical Analysis - Material advancements focus on solid electrolytes, with polymer and oxide materials concentrated in semi-solid-state batteries, while sulfide and halide materials are used in all-solid-state batteries [3] - Equipment for semi-solid-state batteries remains similar to liquid batteries, while all-solid-state batteries require significant changes in production processes, including the transition from wet to dry electrode methods and the introduction of new equipment for stacking and pressure applications [3] Investment Framework - The solid-state battery sector is identified as a trillion-yuan emerging market, with a focus on solid electrolytes and specialized equipment showing potential for growth and profit [4] - A stock pool of 62 core solid-state battery companies in A-shares has a combined market value of 1.2 trillion yuan, with a notable performance increase of 64.3% from June 1, 2025, to October 26, 2025, outperforming the CSI 300 index [4] 2026 Outlook - Semi-solid-state batteries are expected to see increased adoption in consumer electronics, automotive, and energy storage sectors, with significant production and application growth anticipated in 2026 [5] - All-solid-state battery testing in vehicles is expected to intensify in 2025-2026, focusing on improving interfacial properties and high-pressure manufacturing processes [5]

人民财讯11月10日电，中信证券研报称，10月PPI同比跌幅进一步收窄至-2.1%，环比录得正增长，表现 略超市场预期，反内卷受益型行业与有色系行业继续成为工业品价格中的核心贡献。反内卷品类方面， 煤炭、水泥、光伏设备和元器件、锂离子电池的PPI回升表现较为亮眼。供给扰动延续背景下，有色系 延续大涨态势，成为10月PPI超预期的重要驱动因素。进入四季度"低基数保护"消失后，PPI同比回升路 径或偏慢。10月CPI同比读数如期回升至+0.2%，核心CPI同比读数连续6个月回升至1.2%，为2024年3月 以来最高值，其中旅游和金饰品贡献了较大涨幅，猪肉价格则出现超预期下跌再度呈现出"旺季不旺"的 特征。结合猪肉价格的新变化对后续CPI走势预测进行更新，中性情景下，预计2025年四季度的CPI同 比或将维持在0.5%以下的区间低位徘徊。 ...

Group 1 - The core viewpoint of the article is that since October, market volatility has increased, but the success rate of market timing has not improved due to changes in the underlying structure of incremental capital, with stable absolute return funds entering the market reducing the effectiveness of traditional aggressive timing strategies [1] - The current important variables affecting the market are the stability of the corporate overseas environment and the progress of AI infrastructure investment, which are closely related to Sino-U.S. relations [1] - The TMT sector, along with non-ferrous metals, chemicals, and new energy, has seen price increases directly or indirectly influenced by AI narratives, with these sectors collectively accounting for over 60% of institutional holdings [1] Group 2 - In this context, the strategy for portfolio adjustment is not to deliberately avoid AI narratives but to select stocks with a trend of rising ROE from the bottom, indicating that AI narratives have influenced the slope of market trends rather than the overall trend itself [1]

Group 1 - The core viewpoint of the article highlights three main trading themes in the chemical sector [1] Group 2 - The first theme is the boost in industry sentiment driven by energy storage demand, with a reshaping of the supply-demand landscape for upstream lithium battery materials, recommending materials related to new energy [1] - The second theme focuses on the ongoing "anti-involution" in the chemical industry, where multiple sectors are initiating self-discipline, leading to a potential recovery in chemical product prices from their bottom [1] - The third theme indicates that the chemical industry itself is experiencing high prosperity, with core business expected to maintain high growth [1]

Core Insights - The solid-state battery industry is accelerating its development, with global shipments expected to exceed 700 GWh by 2030, including over 200 GWh of all-solid-state batteries [1] - China has achieved mass production of semi-solid-state batteries, surpassing Japan, the US, and Europe, while all-solid-state batteries are rapidly catching up, aiming for vehicle integration and small-scale production by 2026-2027, with commercialization targeted for 2030 [1] - By 2026, semi-solid-state batteries are anticipated to see significant deployment in consumer, power, and energy storage sectors, while all-solid-state batteries will begin vehicle validation [1] Investment Opportunities - Companies are advised to seize investment opportunities in the battery, materials, and equipment sectors as the industry evolves [1]