Core Points - The announcement states that the CITIC Construction Investment Shenyang International Software Park REIT will be listed for trading on November 6 [1] - As of October 30, the total number of shares for the fund is 300 million [1] - Institutional investors hold 287 million shares in the market, accounting for 95.65% of the total shares [1] - The top ten holders of market shares include major institutions such as Guosen Securities, Guotai Junan Securities, CITIC Securities, CITIC Construction Investment Securities, and Dongwu Life Insurance [1]

Group 1: Securities Industry - The securities industry has seen significant performance growth driven by active market trading in the first three quarters, with total revenue for 42 listed brokerages reaching 419.56 billion yuan, a year-on-year increase of 17.02% [1] - Net profit attributable to shareholders reached 169.05 billion yuan, reflecting a substantial year-on-year growth of 62.38% [1] - The brokerage and margin financing business benefited from favorable policies, leading to increased market transactions and sustained high levels of margin financing [1] Group 2: Insurance Industry - For the first nine months, the cumulative premium income for life insurance increased by 10.2% year-on-year, with life insurance, accident insurance, and health insurance premiums growing by 12.7%, declining by 8.7%, and increasing by 0.2% respectively [2] - In September alone, the premium income for life insurance decreased by 4.2% year-on-year, with life insurance, accident insurance, and health insurance premiums declining by 4.6%, 17.6%, and 2.1% respectively [2] - Property insurance premium income for the first nine months rose by 4.9% year-on-year, with auto insurance and non-auto insurance premiums increasing by 4.4% and 5.4% respectively [2] Group 3: Hong Kong Market - The Hong Kong stock market is experiencing liquidity expansion against the backdrop of the Federal Reserve's interest rate cuts, with a focus on the upward elasticity of the non-bank sector [3] - The Hang Seng Index decreased by 3.53% and the Hang Seng Tech Index fell by 8.62% in October, underperforming the MSCI World Index by 1.94% [3] - As of October 31, the overall market capitalization of Hong Kong stocks was 48.14 trillion HKD, an increase of 17.83% compared to the end of September [3]

中信建投证券认为，当前北美CSP厂商资本开支仍处于快速增长阶段，且展望乐观。当下AI大模型的用 户渗透率仍较低，大模型发展仍处于中初级阶段，产业化周期才开始，大模型带来的算力投资方兴未 艾，资本开支会随着大模型收入的增长而增长，投资的天花板可以很高。短期内，在加单传闻、三季报 业绩预期及中美关系缓和等因素带动下，光模块等AI算力板块上涨明显。随着预期落地，以及存在"需 求虽然很乐观，但供给能力或不足"情况，板块难免有震荡调整，但这不代表产业的景气趋势结束，站 在中期视角仍建议持续重视AI板块。一方面，持续推荐AI算力板块，包括北美算力产业链与国内算力 产业链的核心公司；另一方面，也建议关注AI应用板块，包括端侧AI的进展，如物联网模组公司。 ...

Core Insights - The report from CITIC Securities indicates that multiple companies are expected to see performance improvements in 2026 compared to 2025, driven by the gradual easing of centralized procurement policies, reduced inventory and baseline pressures, and the potential for new product launches and overseas expansion [1][2] Group 1: Medical Device Sector - In Q3 2025, the medical device sector experienced a revenue growth of +0.58%, while net profit and net profit excluding non-recurring items declined by -5.07% and -3.49% respectively, indicating a recovery in revenue growth despite profit declines [2] - The medical equipment segment showed significant growth in Q3 2025, with expectations for continued improvement in Q4 and next year due to better bidding data and normalization of inventory levels [2] - Companies like Haitai New Light, Yirui Technology, and Meihao Medical reported high growth in Q3 and are actively exploring new business opportunities, with some expected to accelerate growth in 2026 [2] Group 2: High-Value Consumables - The high-value consumables sector showed slow recovery in Q3 2025, achieving single-digit revenue growth while profits declined, with performance varying across different sub-sectors due to the timing of centralized procurement impacts [2] - Companies that clear centralized procurement or introduce new products may experience operational turning points in Q4 2025 and 2026 [2] Group 3: In Vitro Diagnostics (IVD) - The IVD sector saw a narrowing decline in Q3 2025 due to factors such as centralized procurement and changes in inspection pricing, with some companies expected to reach performance turning points in Q4 or next year [2] Group 4: Medical Services - The medical services sector experienced a slight revenue decline of -1.08% in Q3 2025, with net profit and net profit excluding non-recurring items down by -20.31% and -14.16% respectively, although the rate of revenue decline was slightly less than in Q2 [3] - Serious medical service companies faced slower revenue growth due to factors like new hospital constructions, local medical insurance reforms, and centralized procurement impacts, underperforming compared to consumer medical services [3]

Group 1 - The A-share market is expected to continue a slow rising trend due to multiple favorable factors, including the "14th Five-Year Plan" and the commencement of the Federal Reserve's interest rate cut cycle [11][12][13] - Current index levels are considered to have better quality compared to 2015, with significantly lower valuation levels, suggesting that excessive focus on index points is unnecessary [3][11] - The market is entering a period of performance and policy vacuum after the third quarter reports, which may lead to a phase of consolidation [8][14] Group 2 - Short-term market movements are characterized by narrow fluctuations, with the technology growth sector losing some attractiveness, necessitating a wait for upward breakout factors [4][15] - Fund holdings have shifted, with a notable increase in electronic sector allocations, indicating a potential for structural adjustments in the market [6][7] - The market is expected to maintain a balanced configuration, with a focus on sectors like brokerage, steel, and consumer goods, transitioning from a "technology-first" approach to a more "balanced" allocation style [14][15] Group 3 - The upcoming months are anticipated to be a period of consolidation, with a focus on new industry trends such as commercial aerospace, AI applications, and innovative pharmaceuticals [8][10] - The market's performance is likely to be influenced by the economic recovery and the gradual improvement of demand-side conditions, particularly in sectors like energy storage [4][10] - The overall market sentiment is expected to remain stable, with a potential for structural opportunities in high-growth sectors [9][16]

Core Viewpoint - CITIC Securities indicates that after a surge in market sentiment and the realization of three major benefits in late October, the A-share market is currently at a high level and may face a new round of sideways adjustment due to a lack of favorable news in the near term, suggesting investors should pause on increasing positions [1] Group 1: Market Position and Trends - The A-share market's main line and style may experience a shift, with the electronic industry allocation exceeding 25%, the innovation and entrepreneurship board over 40%, and the growth style surpassing 60%, all at the highest levels since 2010, potentially leading to structural adjustments [1] - From a seasonal effect perspective, profit-taking typically occurs at year-end, favoring large-cap value styles [1] Group 2: Investment Outlook for November - Three key themes are highlighted for November: 1. Prosperity clues: Focus on the new energy sector (energy storage, solid-state batteries) and non-bank financials (brokerage, insurance) [1] 2. Year-end portfolio adjustments: Attention should be given to sectors with the smallest gains over the first ten months and lower fund allocation ratios, such as coal, oil and petrochemicals, public utilities, food and beverages, and transportation [1] 3. Short-term switches: Short-term focus on sectors that saw the largest declines in October, with limited overall gains for the year and lower fund allocation ratios, including media, beauty care, and automotive [1]

Core Viewpoint - CITIC Construction Investment indicates that after a surge in market sentiment in late October and the realization of three major benefits, the A-share market is now at a high level and may face a new round of sideways adjustment due to a lack of favorable news in the near term, suggesting investors should pause on increasing positions [1] Group 1: Market Position and Trends - The A-share market's main lines and styles may undergo a shift, with the electronic industry allocation exceeding 25%, the innovation and entrepreneurship sector over 40%, and the growth style surpassing 60%, all at the highest levels since 2010, potentially leading to structural adjustments [1] - From a seasonal perspective, as year-end profits are often realized, large-cap value styles tend to outperform [1] Group 2: Investment Focus for November - Three key areas are highlighted for November: 1. **Economic Prosperity Clues**: Focus on new energy (energy storage, solid-state batteries) and non-bank financial sectors (brokerage, insurance) [1] 2. **Year-End Portfolio Adjustment**: Attention should be given to sectors with the smallest gains over the first ten months and lower fund allocation ratios, such as coal, oil and petrochemicals, public utilities, food and beverages, and transportation [1] 3. **Short-Term Switch**: Short-term focus on sectors that experienced the largest declines in October, with limited overall gains for the year and lower fund allocation ratios, including media, beauty care, and automotive [1]

Core Viewpoint - North American CSP companies are experiencing accelerated capital expenditures and maintaining a positive outlook on future infrastructure investments, with significant year-over-year growth in capital spending reported for Q3 2025 [1][2]. Capital Expenditure Summary - The total capital expenditure for the four major North American cloud service providers (CSPs) reached $113.3 billion in Q3 2025, marking a 75% year-over-year increase and an 18% quarter-over-quarter increase [2]. - Amazon's capital expenditure for Q3 2025 was $35.095 billion, a 55.15% increase year-over-year, with plans to reach approximately $125 billion for the entire year [5]. - Microsoft's capital expenditure for Q3 2025 was $34.9 billion, reflecting a 74.5% year-over-year increase, with a focus on short-term assets [5]. - Google's capital expenditure for Q3 2025 was $23.953 billion, an 83.39% year-over-year increase, with expectations for total capital spending in 2025 to be between $91 billion and $93 billion [5]. - Meta's capital expenditure for Q3 2025 was $19.37 billion, a 110.5% year-over-year increase, with projected capital spending for 2025 between $70 billion and $72 billion [6]. Industry Outlook - The current capital expenditure phase for North American CSPs is characterized by rapid growth and an optimistic outlook, driven by the early stages of large AI model development and increasing demand for computational power [6]. - Short-term factors such as order rumors, Q3 earnings expectations, and improved US-China relations have positively impacted the AI computing sector, particularly in optical modules [7]. - The industry is advised to continue focusing on the AI computing sector, including both North American and domestic supply chains, as well as AI application advancements [7].

Group 1 - As of the end of Q3 2025, 44 brokerages appeared in the top ten circulating shareholders of 361 stocks, holding a total of 5.195 billion shares valued at over 66.6 billion yuan [1] - The brokerage holdings are diversified, with hardware equipment and chemical industries being the most favored, having 41 and 33 stocks respectively, followed by pharmaceutical and machinery industries with 26 and 20 stocks [1] - The top holdings by market value include CITIC Jianan's 1.984 billion yuan in Muyuan Foods, followed by Shenwan Hongyuan's 1.079 billion yuan in Guangqi Technology, and other significant holdings in Cangge Mining and Jilin Aodong [1] Group 2 - In Q3, brokerages actively entered 206 new stocks, primarily in non-ferrous metals, pharmaceuticals, hardware equipment, and chemicals, with notable new entries including Postal Savings Bank and Shenhuo Co. [2] - A total of 63 stocks saw increased holdings, with notable increases from Dongfang Securities in Inner Mongolia Huadian and CITIC Jianan in Muyuan Foods, reflecting significant growth in market value [2] - Brokerages also reduced holdings in certain stocks, with CITIC Jianan and Shenwan Hongyuan among those reducing positions, although some saw an increase in market value due to prior stock price increases [3] Group 3 - Brokerage proprietary business performance is closely linked to their stock holdings, with Huatai Securities holding the most stocks at 50, followed by CITIC Securities and Guosen Securities [4] - In the first three quarters of the year, total proprietary business revenue for listed brokerages reached 186.857 billion yuan, accounting for over 44% of total revenue, with CITIC Securities leading at 31.603 billion yuan [4] - The top brokerages demonstrated significant advantages in proprietary business, with notable revenue growth from Guotai Junan and others, indicating a strong competitive position in the market [4]

Group 1: Energy Storage - The energy storage market is recovering, and the global trend remains positive, driven by the economic turning point in domestic energy storage and strong investment due to renewable energy marketization and capacity pricing [1][2] - The cumulative penetration rate of energy storage in China is still below 10%, with an expected increase in new installations to 300 GWh next year [2] - The largest overseas opportunity comes from data centers, which are generating significant storage demand, with leading companies already securing large orders [2] - Energy storage is projected to drive lithium battery demand growth exceeding 30% next year, presenting investment opportunities across materials, batteries, and integration [1][2] Group 2: Lithium Batteries - Energy storage represents the most elastic segment under non-linear growth, as the industry is currently experiencing supply shortages and profitability at the bottom [2] - Demand for lithium materials is expected to grow by over 25% in 2026, leading to price increases in materials, despite current market skepticism regarding demand and pricing [2] - The focus is on the upcoming peak production season, where supply-demand imbalances in materials and energy storage batteries are expected to drive prices higher [2] Group 3: Photovoltaics - The cost of silicon materials is expected to support prices strongly, with anticipated production cuts leading to rising average industry costs [3] - Key observations for the photovoltaic sector include the pricing situation in the component segment and the progress of silicon material capacity consolidation, with positive changes expected in November [3] - The sector's top recommendation is BC batteries, which could lead to a recovery in profitability for leading photovoltaic companies if progress in reducing internal competition is achieved [3] Group 4: Power Equipment - Recent developments include NVIDIA's release of an 800V HVDC white paper, indicating trends in the HVDC/SST industry, and increased interest in supporting equipment [3] - High-voltage equipment tenders are expected to revive, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area, with a notable increase in domestic transformer exports [3] - The power equipment sector remains a high-certainty area with ample orders on hand, and attention is drawn to high-voltage tenders and IDC supporting opportunities [3] Group 5: Hydrogen Energy - Hydrogen energy is positioned as a forward-looking industry in the 14th Five-Year Plan, with significant potential for growth over the next decade [3] - The focus is on identifying which downstream hydrogen energy applications will develop commercial models first, serving as key investment signals for the sector [3] Group 6: Robotics - Elon Musk anticipates the release of the Optimus V3 mass production prototype in early 2026, with plans to establish a production line for 1 million units by the end of 2026 [4] - The focus is on leading companies in the supply chain and the expected significant growth in shipments from domestic players [4]