Core Viewpoint - The steel industry is facing challenges with profitability due to ineffective policies on crude steel volume control, and preventing internal competition while improving prices remains a key task for the upcoming year [1][3]. Pricing - Steel prices have been on a downward trend, with future movements dependent on production cuts. The core issues include supply-demand mismatches, weakened cost support, and delayed policy effects. The market is currently in a weak balance state characterized by low inventory, low prices, low demand, and high supply elasticity. The future price trajectory will hinge on the effectiveness of production cut policies [2][3]. Supply - The government is continuing to implement crude steel production controls and promote "dual control of carbon emissions." Policies are focused on preventing new steel production capacity under various guises and promoting high-performance special steel and recycling. The effectiveness of these policies has diminished compared to 2021, leading to increased internal competition and deteriorating profitability [3][4]. Demand - The proportion of steel used in manufacturing has been increasing, surpassing 50%. Traditional manufacturing is stable, while high-end manufacturing and emerging industries are growing rapidly. However, real estate sales have not shown significant recovery, and it is expected that steel consumption in the real estate sector will decline. Overall, domestic steel consumption is projected to decrease by 1.9% in 2026 [4][5]. Costs - The supply of iron ore is expected to increase, which may improve profitability per ton of steel. The global iron ore market is anticipated to be oversupplied in 2026, with a forecasted equilibrium price of $90 per ton (CFR China), down approximately 12% from 2025, leading to an estimated profit improvement of about 130 yuan per ton of steel [5][6]. Profitability - Profit recovery in the steel industry is contingent upon strict enforcement of production cuts. If production is reduced by 4 million tons, the annual crude steel output would be 945 million tons, potentially restoring gross profit margins to around 300 yuan. Conversely, if production is cut by only 2.5 million tons, the output would be 960 million tons, with profit margins likely remaining at this year's average of 0-100 yuan [6][7].

Core Viewpoint - The recent performance of newly listed public REITs has significantly declined, contrasting sharply with their initial high subscription multiples, with some even falling below their issue prices [1][2][4] Group 1: Market Performance - The overall public REITs market has been experiencing a downturn, with the CSI REITs total return index dropping by 5.32% in the second half of the year as of November 10 [2][4] - Trading volume and turnover rates for public REITs have decreased since August, with volumes dropping from 32.57 billion units in August to 20.31 billion units in October [4][6] - As of November 10, the average decline in the secondary market for public REITs over the past three months was 4.25%, with 14 products experiencing declines exceeding 10% [6] Group 2: Individual REIT Performance - A software park REIT listed on November 6 opened below its issue price and closed at 3.596 yuan, reflecting a 0.11% decline [2] - Several newly listed REITs have shown lackluster performance post-listing, with one REIT only achieving a cumulative increase of 3.5% over seven trading days [3] - Despite high initial subscription demand, with some products seeing subscription multiples as high as 535.2 times, the subsequent market performance has been disappointing [3][4] Group 3: Sector Analysis - The industrial park and logistics warehouse sectors have been particularly hard hit, with significant declines in performance metrics such as EBITDA and distributable cash flow [7][8] - In contrast, the affordable housing and municipal environmental protection sectors have shown resilience, with most projects reporting positive revenue growth [7][8] - Data center REITs have performed well, with some achieving over 40% gains since their listing [1][7] Group 4: Investment Strategy - Analysts suggest that future investments in public REITs should focus on selecting high-quality projects, particularly in stable, anti-cyclical sectors, and those with strong expansion demands [1][8] - The recommendation includes being cautious with long lock-up period investments and focusing on three main lines in the secondary market: stable anti-cyclical sectors, marginally recovering sectors, and high-quality asset reserves [1][8]

中信建投董事长刘成11月11日在"2026年资本市场峰会暨中国-沙特投资合作论坛"上表示，"价值投 行"是证券机构发展的根本遵循，是建设一流投行的基础。要把功能性和盈利性统一起来，把为股东创 造价值，为员工创造价值和为社会创造价值统一起来。他表示，企业经营要把社会价值需求全面融入市 场价值需求，要从"交易与博弈"思维，转向"共生与共创"思维；将利益相关者视为价值创造的伙伴，而 非需要管理的成本或需要规避的风险，通过资源配置的优化实现全方位社会价值的提升。（第一财经） ...

Group 1 - The copper and aluminum industry is expected to see further growth in performance in Q4 2025 due to improved macro expectations and risk appetite, with the Federal Reserve's continued interest rate cuts and potential balance sheet expansion enhancing market liquidity [1] - The occurrence of accidents among overseas copper and aluminum leading companies is likely to disrupt global supply, increasing price elasticity for these metals [1] Group 2 - The automotive industry is identified as having three investment directions: cyclical growth, expansion, and overseas opportunities, with a recommendation to focus on industry dynamics and trends rather than domestic demand expectations for 2026 [1] - Commercial vehicles are highlighted for their undervalued and stable dividend attributes, while growth is anticipated in smart driving, Robotaxi, and AI applications in robotics, which may reshape valuations for whole vehicle stocks [1] - The automotive parts sector is expected to benefit from breakthroughs in robotics and supply chain developments, opening new growth opportunities [1] Group 3 - The Hong Kong real estate market has shown signs of stabilization and recovery since Q2 of this year, with expectations of further deepening due to the anticipated interest rate cuts in the US [2] - There is a recommendation to focus on the potential for further market recovery and the possibility of a second upward movement in the sector [2]

Group 1 - The A-share market is at a significant turning point, with the Shanghai Composite Index likely to consolidate around the 4000-point mark, indicating a potential for a balanced market style where cyclical and technology sectors may alternate in performance [2] - Short-term investment opportunities are suggested in the securities, consumption, banking, and photovoltaic equipment sectors, with a recommendation for balanced allocation strategies to capture structural opportunities [2] - The market is expected to maintain a steady upward trend in the short term, with investors advised to keep reasonable positions and avoid chasing highs or selling lows, while closely monitoring macroeconomic data and policy changes [2] Group 2 - The automotive industry is highlighted as having three investment directions: cyclical, growth, and overseas expansion, with a focus on the changing industry landscape and trends rather than total domestic demand [3] - Key growth areas in the automotive sector include intelligent driving, Robotaxi, and AI applications in robotics, with expectations for a revaluation of technology attributes in whole vehicle stocks and new growth opportunities in parts due to breakthroughs in robotics supply chains [3] Group 3 - The Hong Kong real estate market has shown signs of stabilization and recovery since the second quarter of this year, with potential for further market repair and a second upward opportunity in the sector as the dollar interest rate cut process is expected to deepen [4]

Core Viewpoint - The company believes that a bull market for resource products, driven by supply constraints, will continue into 2024 and 2025, with a positive outlook extending to 2026, characterized by strong demand and limited supply [1] Group 1: Market Outlook - The bull market for non-ferrous metals is expected to be significant, with a focus on "new quality productivity" as the demand driver, contrasting with the previous cycle that was heavily influenced by real estate and infrastructure [1] - The company maintains a bullish stance on the market, anticipating that the characteristics of supply constraints and strong demand will persist through 2026 [1] Group 2: Key Drivers - The rapid rise of China and its substantial industrial advantages are identified as key factors supporting the ongoing bull market [1] - Emerging sectors such as AI, robotics, and new materials are expected to experience strong growth cycles, contributing to the overall market dynamics [1]

（文章来源：第一财经） 中信建投指出，2024年初我们明确提出供给受限的资源品牛市，2024和2025年得到印证，有色迎来波澜 壮阔的行情，站在当下，2026年我们依然看好有色再进阶，维持牛市格局，2006年"眉飞色舞"需求终端 指向"地产基建"，这一轮牛市需求终端指向"新质生产力"，我们更愿意称之为"新质生产力牛市"，得益 于我国的快速崛起以及巨大的产业优势，2026年新质生产力元素仍将维持牛市格局，供给的窘迫和需求 的强势仍然是这一轮牛市的特点，AI和机器人新材料也将乘风而起迎来强成长周期。 ...

Core Viewpoint - CITIC Construction Investment (中信建投) released its automotive investment strategy outlook for 2026, highlighting three investment directions: cyclical growth, expansion overseas, and industry trends [1] Group 1: Investment Directions - The automotive industry is characterized by cyclical growth, with expectations for policy support weakening by 2026, leading to a diminished cyclical attribute [1] - The focus should shift from overall domestic demand to industry structure and trend changes [1] - Overseas expansion and growth are expected to become core investment directions, particularly in commercial vehicles which are seen as undervalued with stable dividend attributes [1] Group 2: Growth Areas - The main growth areas identified include intelligent driving, Robotaxi, and AI applications in robotics [1] - The technological attributes of complete vehicle stocks are expected to strengthen, leading to a potential revaluation [1] - Automotive parts are anticipated to benefit from breakthroughs in the supply chain related to robotics, opening new growth opportunities [1]

Core Viewpoint - The investment strategy outlook for the computer industry in 2026 by CITIC Securities highlights AI as the leading development theme, with additional focus on domestic production, quantum technology, financial IT, and intelligent driving sectors, suggesting a dual recovery in performance and valuation for the industry [1] Group 1: AI Development - The rapid iteration of AI models and high demand for computing power are accelerating commercialization [1] - The AI ecosystem is gradually forming, which supports the industry's growth [1] Group 2: Domestic Production - Domestic production is advancing into a "deep water zone" driven by policies and orders [1] - Industrial software is identified as a core support for becoming a manufacturing powerhouse [1] Group 3: Quantum Technology - Quantum technology is recognized as a future industry, initiating a new global competitive landscape [1] Group 4: Financial IT and Intelligent Driving - The financial IT and intelligent driving sectors continue to present structural opportunities due to their high growth potential [1] - There is a recommendation to focus on AI, domestic production, and cutting-edge technology areas [1]

Core Viewpoint - The company, Yubang New Materials, has announced a change in the designated sponsor representative for its ongoing convertible bond issuance project, ensuring continuity in supervision and compliance [1]. Group 1 - Yubang New Materials received a notice from CITIC Securities regarding the change of the sponsor representative for its 2023 convertible bond issuance [1]. - The original sponsor representatives were Zhang Shiju and Li Pengfei, with Li Pengfei being replaced due to a job transfer [1]. - Mao Zhenyu has been appointed as the new representative to continue the supervision of the convertible bond project [1].