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]

南方财经11月19日电，中信证券食品饮料行业2026年投资策略研报称，2025年大众品板块需求弱势延 续，行业经历量价齐跌。2026年，对于大众品需求端持有谨慎乐观的观点，中信证券认为绝大部分大众 品行业需求经历了连续2年量价齐跌，同时渠道端库存基本完成挤水分而逐步恢复至良性健康水平，同 时结合2025年三季度大众品需求环比企稳趋势以及考虑到2026年是消费大年（2026年春节备货和2027年 春节备货绝大部分都将反映在2026年），看好大众品2026年行业终端需求量同比企稳。不过考虑到需求 依然偏弱、性价比消费趋势不改，2026年大众品终端价格同比或仍略有压力，但考虑到行业竞争程度边 际没有加剧，价格跌幅有望较2025年明显收窄。基于基本面触底判断，建议关注过去2~3年股价调整幅 度大、静态估值处于历史底部，有望受益内需触底带来业绩和估值双升的乳品板块和餐供板块。 ...

据各公司官网，国内目前已有极电光能、协鑫光电、纤纳光电、仁烁光电等多家初创公司积极布局钙钛 矿太阳能电池及组件领域。2025年2月，极电光能全球首条准GW级产线投入量产，预计每年可产出180 万片钙钛矿光伏组件；同月，仁烁光能GW级钙钛矿项目启动仪式在江苏常熟举行，预计2026年初投 产；2025年6月，协鑫光电GW级基地在江苏昆山正式投产，成为全球首个GW级钙钛矿叠层组件生产基 地；此外，纤纳光电准GW级钙钛矿产线也计划于2026年初投产。 钙钛矿太阳能电池是指以钙钛矿结构(ABX3)为吸光层的新型有机-无机杂化太阳能电池。钙钛矿太阳能 电池具备优异的电学和光学性能，成本低廉且制备简单。据美国可再生能源实验室，在晶硅电池已经接 近其理论效率极限29.4%的情况下，钙钛矿电池可以轻松实现更高的光电转换效率，与晶硅制备成叠层 电池后有望实现45%的效率上限。因此钙钛矿太阳能电池也被认为是最有应用前景的下一代光伏技术。 当前钙钛矿组件成本偏高，但规模化和技术迭代降本空间较大。 该行测算当前钙钛矿光伏组件的单位材料成本合计约为0.95元/W，其中FTO导电玻璃和背板玻璃分别占 材料成本的45%/18%，是材料成本的 ...

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]

中信证券研报称， 化工板块目前主要围绕三大主线进行交易：1）储能需求带动产业链景气度提升，上 游锂电等材料供需格局有望重塑，重点推荐新能源相关的材料标的、六氟磷酸锂、磷酸铁及磷酸铁锂产 业链；2）化工反内卷持续加码，多行业发起行业自律，化工品价格有望底部回暖；3）化工品行业自身 高景气，主营业务有望保持高增长。 ...

人民财讯11月19日电，中信证券研报称，化工板块目前主要围绕三大主线进行交易：1)储能需求带动产 业链景气度提升，上游锂电等材料供需格局有望重塑，重点推荐新能源相关的材料标的、六氟磷酸锂、 磷酸铁及磷酸铁锂产业链；2)化工"反内卷"持续加码，多行业发起行业自律，化工品价格有望底部回 暖；3)化工品行业自身高景气，主营业务有望保持高增长。 ...

纳芯微已通过港交所主板上市聆讯，中金公司、中信证券、建银国际为联席保荐人。 公司采用fabless运营模式，专注芯片研发和设计，将晶圆制造及封测等环节外包。产品覆盖汽车电子、 泛能源、消费电子等领域，包括传感器、信号链芯片与电源管理芯片，能够为终端客户提供定制化解决 方案。 ...

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] Industry Summary - Since 2025, several quasi-GW level perovskite production lines, including those from Extreme Electric and GCL-Poly, have begun mass production, accelerating the industrialization process of perovskite technology [1] - It is expected that global shipments of perovskite modules will reach approximately 20 GW by 2030, with a market space of around 20 billion yuan, corresponding to a CAGR of over 200% from 2025 to 2030 [1] - The expansion cycle will significantly stimulate the demand for equipment such as coating, laser, and other related technologies, suggesting investment opportunities in both perovskite modules and equipment sectors [1]

Core Viewpoint - Citic Securities maintains an "Overweight" rating for Cisco (CSCO.O) with a target price of $90, driven by strong guidance for FY2026Q2 and significant AI order growth [1] Group 1: Financial Performance - Cisco's FY2026Q2 guidance exceeded expectations, indicating robust financial health [1] - AI orders reached $1.3 billion, with projected annual AI revenue of $3 billion [1] Group 2: Business Drivers - The initiation of a campus network upgrade cycle is expected to drive growth in traditional business segments [1] - Strong demand for AI infrastructure is a key factor supporting the company's growth trajectory [1] Group 3: Valuation - The target price has been raised to $90 based on comparable company valuations [1]