Core Viewpoint - The report from CITIC Securities indicates that the Hong Kong stock market is expected to experience a second round of valuation recovery and further earnings revival by 2026, driven by a rebound in the fundamental outlook and significant valuation discounts [1] Long-term Investment Directions - Technology sector, including AI-related sub-sectors and consumer electronics [1] - Healthcare sector, particularly biotechnology [1] - Resource products benefiting from rising overseas inflation expectations and de-dollarization, including non-ferrous metals and rare earths [1] - Essential consumer goods sector, which is relatively undervalued and expected to see valuation recovery as the domestic economy further recovers [1] - Paper and aviation sectors benefiting from the appreciation of the Renminbi [1]

Core Insights - The report from CITIC Securities highlights significant improvements in Gemini3Pro's multimodal understanding and logical reasoning capabilities, with notable advancements in multimodal performance [1] - The development of native multimodal technology is expected to bring about industry changes and new application opportunities through multimodal reasoning [1] - Upgrades in agent-related capabilities are in line with expectations, showcasing strengths in long text retrieval and task flow planning, which will better support the development of agents in specific scenarios [1] - The focus on coding is primarily directed towards front-end development, with promising results anticipated [1] - There is a recommendation to pay attention to application opportunities represented by multimodal technology, while also considering the new computational demands arising from model advancements [1]

Core Insights - The release of China's third Nationally Determined Contribution (NDC) highlights the country's commitment to low-carbon development strategy [1] Group 1: Carbon Market and Green Certificate Market - During the 14th Five-Year Plan period, a comprehensive upgrade of the carbon reduction "toolbox" centered around the carbon market and green certificate market is expected [1] - The expansion of the carbon market and adjustment of quotas are projected to drive carbon prices up to 80-90 RMB/ton between 2028 and 2030, aiding in the elimination of outdated production capacity in emission-intensive industries [1] - Adjustments in supply and demand within the green certificate market are anticipated to lead to a slight price correction for green certificates to 6-6.5 RMB/unit by 2026, presenting challenges and opportunities for high-energy-consuming and export industries in transitioning to green electricity [1] Group 2: Product Carbon Footprint Management - Product carbon footprint management is expected to enhance the resilience of export enterprises and foster "green competitiveness" [1] - The updates to the "toolbox" will drive structural adjustments across multiple industries [1] - Investment opportunities are suggested in carbon assets, industries benefiting from low-carbon transitions, and companies with outstanding green performance [1]

截至发稿，永顺泰市值为61亿元。 每经头条（nbdtoutiao）——爱泼斯坦案文件解密倒计时，美国会"秒过"法案直通特朗普，引爆两党"极 限撕扯" 每经AI快讯，永顺泰（SZ 001338，收盘价：12.06元）发布公告称，2025年11月19日上午，永顺泰接受 中信证券调研，公司证券事务代表仝国明参与接待，并回答了投资者提出的问题。 2025年1至6月份，永顺泰的营业收入构成为：啤酒制造占比96.03%，其他业务占比3.97%。 （记者 曾健辉） ...

每经AI快讯，博杰股份（SZ 002975，收盘价：73.64元）发布公告称，2025年11月18日，博杰股份接受 中信证券等投资者调研，公司董事会秘书黄璨参与接待，并回答了投资者提出的问题。 2025年1至6月份，博杰股份的营业收入构成为：专用设备制造业占比100.0%。 （记者 王晓波） 每经头条（nbdtoutiao）——炒股亏了保险兜底，月收益高达100%？"安我股保"宣称推出全网首款炒股 保险，两大机构连忙撇清关系 ...

Core Viewpoint - Dongshan Precision (002384) has submitted a listing application to the Hong Kong Stock Exchange, with UBS Group, Haitong International, GF Securities, and CITIC Securities as joint sponsors [1] Company Summary - Dongshan Precision is the largest PCB supplier for edge AI devices globally and the second-largest flexible circuit board supplier, ranking among the top three PCB suppliers worldwide based on 2024 revenue [1] - The company's products are widely used in smartphones, PCs, automotive, industrial, and IoT devices, and it is expanding into the data center terminal market [1] - As an innovation-driven enterprise, Dongshan Precision offers a diversified product portfolio and one-stop solutions for top global technology companies [1] - It is the only supplier with mass production capabilities for PCBs, optical chips, and optical modules, which together account for 9%-14% of the material costs for AI servers, second only to GPUs [1] - Long-term partners include four of the top five consumer electronics companies and major electric vehicle and cloud service giants [1] Industry Summary - The PCB industry is experiencing continuous technological upgrades, with strong demand for high-end products driven primarily by AI, consumer electronics, communications, and automotive electronics [1] - The global edge AI device PCB market is projected to reach USD 9.8 billion in 2024, with rapid growth expected to increase to USD 31.7 billion by 2029, reflecting a compound annual growth rate (CAGR) of 26.4% [1]

Core Viewpoint - The report from CITIC Securities indicates a cautious optimism for the demand side of the consumer goods sector in 2026, following two years of declining volume and price [1] Group 1: Industry Demand Trends - The consumer goods sector has experienced a continuous decline in both volume and price for two consecutive years [1] - Channel inventory has largely been adjusted, returning to a healthy level [1] - There is a stabilization trend in consumer goods demand observed in Q3 2025, which is expected to carry into 2026, a year anticipated to be significant for consumption due to preparations for the Spring Festival [1] Group 2: Price and Competition Outlook - Despite the cautious optimism regarding demand, the terminal prices for consumer goods may still face slight pressure year-on-year in 2026 due to weak demand and ongoing trends towards cost-effective consumption [1] - The intensity of competition in the industry has not increased significantly, suggesting that the decline in prices may be less severe compared to 2025 [1] Group 3: Investment Recommendations - The report suggests focusing on the dairy and catering sectors, which have seen significant stock price adjustments over the past 2-3 years and are currently at historical low static valuations [1] - These sectors are expected to benefit from a recovery in domestic demand, leading to improvements in both performance and valuation [1]

Core Viewpoint - Perovskite solar cells are recognized as the most promising next-generation photovoltaic technology due to their excellent electrical and optical properties, as well as higher theoretical photoelectric conversion efficiency [1][2] Industry Overview - The commercialization process of perovskite solar cells is accelerating, with several companies like Jidian Energy and GCL-Poly Energy launching quasi-GW production lines since 2025 [1][4] - The global shipment of perovskite modules is expected to reach around 20GW by 2030, with a market space of approximately 20 billion yuan, corresponding to a CAGR of over 200% from 2025 to 2030 [1][5] Cost and Production Insights - Current unit material cost of perovskite photovoltaic modules is approximately 0.95 yuan/W, with FTO conductive glass and back glass accounting for 45% and 18% of the material cost, respectively [3] - The production cost of perovskite modules is currently 1.63 yuan/W, but significant cost reductions are anticipated as technology evolves and production scales up, potentially bringing costs below those of crystalline silicon modules (approximately 0.7 yuan/W) [3] Market Potential and Equipment Demand - The rapid development of perovskite components is expected to stimulate significant growth in equipment demand, with the equipment market for perovskite components projected to reach 10 billion yuan by 2030, corresponding to a CAGR of about 74% from 2025 to 2030 [5] - The increasing domestic production rate of perovskite equipment is facilitating the large-scale development of the perovskite industry [5]

Core Viewpoint - The consumer goods sector is expected to gradually bottom out in demand by 2026, with a narrowing of price declines, although the potential for upward recovery may be limited due to intense competition and weakening raw material cost advantages [1][2]. Group 1: Consumer Goods Industry Overview - The consumer goods sector experienced weak demand and intense competition in the first three quarters of 2025, leading to a decline in both volume and price [2]. - The demand for consumer goods is anticipated to stabilize in 2026, supported by a healthy inventory level and the upcoming consumption peak due to the Spring Festival preparations [2]. - Despite the expected stabilization in demand, the consumer goods sector may still face slight pressure on terminal prices due to ongoing weak demand and a trend towards cost-effective consumption [2]. Group 2: Dairy Products - The liquid milk sector faced a decline in demand due to weakened consumer purchasing power, but the rate of decline has slowed compared to 2024 [3]. - Improvements in raw milk supply and demand are expected, with milk prices projected to stop declining and potentially recover in the second half of 2026 [3]. - The liquid milk industry is anticipated to stabilize at its fundamental bottom in 2026, with reduced promotional pricing and a narrowing of price declines [3]. Group 3: Snacks - The snack industry is expected to continue benefiting from channel growth in 2025, particularly in bulk snack channels and membership supermarkets, despite a slowdown in e-commerce and traditional channels [4]. - The profitability of the snack sector is under pressure due to rising raw material costs and increased competition [4]. - In 2026, the focus will be on growth stocks within the snack sector, particularly those benefiting from the ongoing trends in specific product categories [4]. Group 4: Food Supply Chain - The food supply chain sector is closely tied to the performance of the downstream restaurant industry, which is currently experiencing weak overall conditions [5]. - Structural highlights include resilient leading companies gaining market share and the acceleration of mergers and acquisitions to expand categories and channels [5]. - The sector is expected to show signs of marginal improvement in 2026, with potential recovery in demand and easing competitive pressures [5]. Group 5: Beverage Industry - The beverage sector experienced fluctuations in demand in 2025, with a negative growth trend emerging in the third quarter due to price wars on delivery platforms [6]. - The health and functional beverage categories performed better than others, and despite intense competition, many companies managed to improve net profit margins [6]. - A recovery in beverage demand is anticipated in 2026, with expected growth in the mid to high single digits, contingent on market demand and raw material prices [6][7].

Group 1 - The core viewpoint is that by 2026, the demand for consumer goods is expected to gradually bottom out and recover, with a narrowing of price declines, although the upward recovery potential may be limited [1] - Industry competition and the weakening of raw material cost advantages may lead to uncertainty in profitability trends for certain sectors [1] - The year 2026 is seen as a phase where the fundamentals of consumer goods reach a bottom, representing a left-side investment opportunity [1] Group 2 - Investment recommendations are made from three dimensions: the first is the bottoming out of fundamentals and valuations, the second is the growth and prosperity dimension, and the third is the high dividend dimension [1]