Group 1 - The report indicates that the current adjustment phase is characterized as a "doubtful bull market level," with the AI industry chain experiencing a significant trend that has not yet ended, while smaller fluctuations are present and the cost-effectiveness of large trends is temporarily insufficient. This situation resembles historical patterns observed in early 2014 with the ChiNext, early 2018 with food and beverage, and early 2021 with new energy [4][6][7] - The "bull market two-stage theory" remains unchanged, confirming the high-level area of the bull market 1.0 phase. The transition from bull market 1.0 to 2.0 is expected to occur in the first half of 2026, with a focus on the accumulation of conditions for a comprehensive bull market and adjustments in industry trends to digest cost-effectiveness issues [6][7][9] - The report emphasizes that while adjustments are occurring, it is crucial to maintain a firm belief in the bull market. The adjustment phase is seen as a potential bottom, particularly when it aligns with the core track's bull-bear boundary [6][7] Group 2 - The report expresses optimism for the spring market following the adjustment, highlighting that achieving the 2035 medium-developed country goal requires maintaining a high economic growth rate. The economic performance in Q3 2025 was weak, and December 2025 is identified as a critical window for laying out economic policies for 2026, with the possibility of an early verification of the "policy bottom" [7][8] - Two key clues for the spring market are discussed: first, the management's emphasis on economic growth and the potential early verification of the "policy bottom"; second, the mid-term upward trend of the technology industry remains unchanged, with the AI industry still in "stage 3" and moving towards "stage 4," indicating non-linear growth in industry profits [8][9] - The report anticipates that the transition from bull market 1.0 to 2.0 will favor high-dividend defensive strategies, with the actual improvement in economic sentiment catalyzing a breakthrough in cyclical stocks, while the technology industry's trend and global influence of manufacturing will be the main lines of the bull market [9] Group 3 - The report outlines expectations for the 2026 industry style rhythm, indicating that cyclical stocks may serve as the foundational assets for the spring market, with basic chemicals and industrial technology being highlighted as higher elasticity directions. The technology sector is expected to rebound, focusing on innovative pharmaceuticals and national defense industries [9][10] - Specific sectors such as AI computing power, storage, energy storage, and robotics are anticipated to have rebound opportunities in the spring [9][10] - The report includes quantitative sentiment indicators and ETF tracking data, providing insights into market dynamics and investor sentiment [2][17]

Report Information - Report Date: November 22, 2025 [1] - Report Title: High - frequency Economic Weekly Report (2025.11.16 - 2025.11.22) [2] - Analysts: Huang Weiping, Yi Qiang, Wang Zheyi [3] Report Industry Investment Rating - No relevant content provided. Report's Core View - The economic situation shows mixed trends. Industrial production is weak, while personnel flow continues to rise, and freight prices increase slightly. Consumption and some segments of the real - estate market show different trends, and export - related indicators also have their own characteristics. [3] Summary by Catalog 1. Big - class Assets - This week, bond indices generally rose, with the ChinaBond 7 - 10 - year China Development Bank bond index rising the most by 0.7%. Stock indices and commodities generally fell, with the ChiNext Index falling the most by 6.15%, and the Nanhua Precious Metals Index dropping by 4.07%. Most foreign currencies depreciated against the RMB, with the Japanese yen having the largest decline of 1.19%, while the US dollar appreciated by 0.14% against the RMB. [3] 2. Industrial Production - Production performance is weak. From the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27%, the petroleum asphalt plant operating rate dropped by 4.20 pcts to 24.80%, and the blast furnace operating rate decreased by 0.62 pcts to 82.17%, while the crude steel output increased by 6.00%. In the real - estate chain, the rebar operating rate rose by 1.31 pcts to 43.29%, the float glass operating rate decreased by 0.34 pcts to 74.96%, and the mill operating rate dropped by 0.39 pcts to 33.29%. In the consumer goods chain, the polyester filament operating rate increased by 0.10 pcts to 91.33%, the PTA operating rate decreased by 1.89 pcts to 74.29%, and the methanol operating rate dropped by 0.17 pcts to 83.77%. In the automotive chain, the automotive semi - steel tire operating rate decreased by 2.61 pcts to 71.07%, and the automotive full - steel tire operating rate decreased by 3.19 pcts to 61.31%. [3] 3. People and Goods Flow - Personnel flow continued to rise, and freight prices increased slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 6.45% week - on - week. The 7DMA of domestic flight operations increased by 1.51%, and the 7DMA of international flight operations increased by 0.84%. Beijing's subway passenger volume decreased, while those of Shanghai, Shenzhen, and Guangzhou increased. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.02% week - on - week, and the total volume was higher than the same period last year. [3] 4. Consumption - Automobile sales growth declined year - on - year, and price performance decreased. The previous period's automobile wholesale decreased by 5.00% year - on - year, and retail sales decreased by 9.00% year - on - year. Both the 4WMA of wholesale and retail year - on - year growth rates declined. The weekly movie box office decreased by 22%, and the 7DMA of the number of moviegoers decreased by 22%. Agricultural product prices decreased, with pork prices dropping by 0.83% week - on - week and vegetable prices falling by 6.08% week - on - week. [3] 5. Investment - Construction performance was good, and the commercial housing market had a seasonal uptick. The weekly cement inventory ratio increased by 0.1 pcts, the cement price index increased by 0.43%, and the cement shipping rate remained the same as last week. The rebar inventory decreased by 3.8% week - on - week, the proportion of profitable steel mills nationwide decreased by 1.3 pcts, and the rebar apparent demand increased by 6.7% week - on - week. Overall, the terminal demand for construction was good. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 24.2% week - on - week. By city - tier, the transaction area in first - tier cities decreased, while those in second - and third - tier cities increased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 0.1%, and the national second - hand housing listing price index decreased by 0.2% week - on - week. The land transaction area in 100 cities increased, and the land premium rate decreased week - on - week. [3] 6. Export - Port throughput decreased, and most shipping indices increased. The weekly port cargo throughput decreased by 1.1%, and the container throughput decreased by 5.4%. The BDI index increased by 7.06% week - on - week, the domestic SCFI index decreased by 3.98%, and the CCFI index increased by 2.63%. [3]

Group 1 - The duration of medium to long-term pure bond funds has increased, while short-term bond funds have decreased. The median duration for all medium to long-term pure bond funds reached 2.58 years, up 0.08 years week-on-week, placing it at the 80.40th percentile over the past three years [1][4][7] - The median duration for medium to long-term interest rate bond funds reached 3.69 years, increasing by 0.12 years week-on-week, and is at the 84.50th percentile over the past three years [1][7][8] - The median duration for short-term pure bond funds decreased to 0.95 years, down 0.02 years week-on-week, and is at the 83.50th percentile over the past three years [1][7][12] Group 2 - The turnover rate for interest rate bonds has decreased, while the turnover rate for credit bonds has increased. The turnover rate for 10-year and above government bonds decreased by 0.19 percentage points to 1.92%, placing it at the 49.6th percentile over the past three years [1][14][18] - The turnover rate for 5-7 year medium-term notes increased by 0.03 percentage points to 1.23%, at the 28.7th percentile over the past three years [1][14][18] - Local government bonds in Qingdao, Jiangxi, and Jiangsu have shown higher turnover rates, with valuation spreads of 13.81 bps, 10.93 bps, and 11.36 bps respectively [1][21][22] Group 3 - The leverage ratio in the interbank bond market has increased by 0.12 percentage points to 107.17%. The leverage ratio for insurance companies rose by 0.12 percentage points to 128.87%, while the leverage ratio for banks increased by 0.03 percentage points to 102.66% [1][23][28] - The leverage ratio for securities companies decreased by 0.94 percentage points to 224.13%, and the broad fund leverage ratio increased by 0.42 percentage points to 111.89% [1][23][31] Group 4 - The total market's existing wealth management scale increased by 30.252 billion yuan week-on-week, consistent with seasonal levels, while the net value breaking rate slightly decreased [1][29][30] - The scale of fixed-income wealth management products saw significant growth, while other investment types experienced minor fluctuations [1][33][34] - The performance comparison benchmarks for wealth management products showed a decline for 1 month (inclusive) and 1-3 years (inclusive), while remaining stable for 6 months-1 year (inclusive) and over 3 years [1][39][40]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992) [1] Core Insights - Lenovo Group's FY25/26 Q2 financial results exceeded expectations, with revenue of $20.452 billion, a year-on-year increase of 14.58%, and an adjusted net profit of $512 million, up 25.18% [6] - The Intelligent Devices Group (IDG) showed strong performance in the PC business, with revenue of $15.107 billion, a year-on-year growth of 11.79%, and PC revenue of approximately $11.1 billion, growing 17.58% [6] - The Infrastructure Solutions Group (ISG) reported revenue of $4.087 billion, a year-on-year increase of 23.65%, with AI server sales experiencing double-digit growth [6] - The gross margin slightly improved to 15.39%, indicating effective management of rising storage costs [6] - The report forecasts revenue for FY25/26 to FY27/28 at $79.485 billion, $91.551 billion, and $105.244 billion, respectively, with net profits projected at $1.672 billion, $2.029 billion, and $2.433 billion [6] Financial Data and Profit Forecast - Revenue projections for FY23/24 to FY27/28 are as follows: - FY23/24: $56.864 billion - FY24/25: $69.077 billion - FY25/26E: $79.485 billion - FY26/27E: $91.551 billion - FY27/28E: $105.244 billion [5] - Net profit projections for the same period are: - FY23/24: $1.011 billion - FY24/25: $1.384 billion - FY25/26E: $1.672 billion - FY26/27E: $2.029 billion - FY27/28E: $2.433 billion [5] - Earnings per share are expected to grow from $0.08 in FY23/24 to $0.20 in FY27/28 [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the economic situation from multiple aspects, indicating that industrial production is weak, personnel flow is increasing, consumption shows a downward trend, investment has seasonal recoveries, and exports have a decline in port throughput but an increase in most shipping indices. Meanwhile, bond indices generally rise, while stock indices and commodities generally fall, and most foreign currencies decline [3]. 3. Summary According to the Directory 3.1. Large - scale Assets - This week, bond indices generally rose, stock indices and commodities generally fell, and most foreign currencies declined. Among them, the ChinaBond 7 - 10 - year China Development Bank Bond Index rose the most, with a gain of 0.07%. The ChiNext Index fell the most, with a weekly decline of 6.15%. The Nanhua Precious Metals Index fell the most among commodities, with a decline of 4.07%. The Japanese yen had the largest decline against the RMB, with a weekly decline of 1.19%, while the US dollar appreciated against the RMB, with a weekly gain of 0.14% [3][8]. 3.2. Industrial Production - Production performance was weak. Upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the operating rate of petroleum asphalt plants decreased by 4.20 pcts to 24.80%, the blast furnace operating rate decreased by 0.62 pcts to 82.17%, and the crude steel output increased by 6.00% week - on - week. In the real estate chain, the rebar operating rate increased by 1.31 pcts to 43.29%, the float glass operating rate decreased by 0.34 pcts to 74.96%, and the mill operating rate decreased by 0.39 pcts to 33.29%. In the general consumer goods chain, the operating rate of polyester filament increased by 0.10 pcts to 91.33%, the PTA operating rate decreased by 1.89 pcts to 74.29%, and the methanol operating rate decreased by 0.17 pcts to 83.77%. In the automotive chain, the operating rate of automobile semi - steel tires decreased by 2.61 pcts to 71.07%, and the operating rate of automobile all - steel tires decreased by 3.19 pcts to 61.31% [3][11]. 3.3. People and Goods Flow - Personnel flow continued to increase, and freight prices increased slightly. In terms of personnel flow, the 7 - day moving average (7DMA) of the national migration scale index increased by 6.45% week - on - week. The 7DMA of domestic flight operation numbers increased by 1.51% week - on - week, and the 7DMA of international flight operation numbers increased by 0.84% week - on - week. The subway passenger volume in Beijing decreased, while that in Shanghai, Shenzhen, and Guangzhou increased. In terms of freight volume, the 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.02% week - on - week, and the total volume was higher than the same period last year [3]. 3.4. Consumption - Automobile sales growth declined year - on - year, and price performance declined. The previous period's automobile wholesale decreased by 5.00% year - on - year, and retail decreased by 9.00% year - on - year. Both the 4WMA of wholesale year - on - year growth and the 4WMA of retail year - on - year growth declined. This period's movie box office decreased by 22% week - on - week, and the 7DMA of the number of moviegoers decreased by 22% week - on - week. Agricultural product prices declined, with pork prices decreasing by 0.83% week - on - week and vegetable prices decreasing by 6.08% week - on - week [3]. 3.5. Investment - Construction performance was good, and the commercial housing market had a seasonal upswing. This period's cement inventory - to - capacity ratio increased by 0.1 pcts week - on - week, the cement price index increased by 0.43% week - on - week, and the cement shipment rate was flat compared to last week. Rebar inventory decreased by 3.8% week - on - week, the proportion of profitable steel mills nationwide decreased by 1.3 pcts week - on - week, and the apparent demand for rebar increased by 6.7% week - on - week. Overall, the terminal demand for construction was good. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 24.2% week - on - week. By city tier, the commercial housing transaction area in first - tier cities decreased, while that in second - tier and third - tier cities increased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 0.1% week - on - week, and the national second - hand housing listing price index decreased by 0.2% week - on - week. The land transaction area in 100 large and medium - sized cities increased, and the land transaction premium rate decreased week - on - week [3]. 3.6. Export - Port throughput decreased, and most shipping indices increased. This period's port cargo throughput decreased by 1.1% week - on - week, and container throughput decreased by 5.4% week - on - week. The BDI index increased by 7.06% week - on - week, and the domestic SCFI index decreased by 3.98% week - on - week, while the CCFI index increased by 2.63% week - on - week [3].

Group 1 - The duration of medium to long-term pure bond funds has increased, while short-term bond funds have decreased. The median duration of all medium to long-term pure bond funds reached 2.58 years, up 0.08 years week-on-week, placing it at the 80.40th percentile over the past three years [1][9][18] - The median duration of short-term pure bond funds decreased to 0.95 years, down 0.02 years week-on-week, which is at the 83.50th percentile over the past three years [1][9][18] - The median duration of medium to long-term interest rate bond funds reached 3.69 years, up 0.12 years week-on-week, at the 84.50th percentile, while the standard deviation increased to 2.72, at the 97.10th percentile [1][9][18] Group 2 - The turnover rate of interest rate bonds has decreased, while the turnover rate of credit bonds has increased. The turnover rate of 10-year and above government bonds decreased to 1.92%, at the 49.6th percentile over the past three years [1][9][18] - The turnover rate of 5-7 year medium-term notes increased to 1.23%, at the 28.7th percentile [1][9][18] - Local government bonds in Qingdao, Jiangxi, and Jiangsu have high turnover rates, with valuation spreads of 13.81 bps, 10.93 bps, and 11.36 bps respectively [1][9][18] Group 3 - The leverage ratio in the interbank bond market increased by 0.12 percentage points to 107.17%. The leverage ratio for insurance companies rose by 0.12 percentage points to 128.87%, while the leverage ratio for banks increased by 0.03 percentage points to 102.66% [1][9][18] - The leverage ratio for securities companies decreased by 0.94 percentage points to 224.13%, and the leverage ratio for broad-based funds increased by 0.42 percentage points to 111.89% [1][9][18] Group 4 - The total scale of wealth management products in the market increased by 30.25 billion yuan week-on-week, consistent with seasonal levels, while the net value of wealth management products remained stable at 0.73% [1][9][18] - The scale of fixed-income wealth management products saw significant growth, while other investment types experienced slight changes [1][9][18] - The performance comparison benchmarks for wealth management products showed a decline for those with a duration of one month or less and one to three years, while others remained stable or increased [1][9][18]

Investment Rating - The report indicates a positive investment outlook for the home appliance sector, highlighting that the sector outperformed the Shanghai and Shenzhen 300 Index during the week [3][4]. Core Insights - The home appliance sector is experiencing a shift with strategic partnerships, such as Haier Robotics collaborating with INDEMIND to advance embodied robots in home applications [8]. - The report emphasizes three main investment themes: the value and growth potential of leading white and black appliance companies, the technological advancements in core component manufacturers, and the increasing penetration of new consumer categories like cleaning appliances [26][30]. Summary by Sections Market Performance - The home appliance sector index fell by 2.3%, while the Shanghai and Shenzhen 300 Index dropped by 3.8%, indicating a relative outperformance of the sector [3]. - Key companies like Aupu Technology, Zhejiang Meida, and Supor showed positive growth, while Joyoung, Beilong, and Biyi experienced significant declines [4]. Industry Dynamics - Haier Robotics and INDEMIND signed a strategic cooperation agreement to enhance the application of embodied robots in home settings, leveraging Haier's data and supply chain capabilities alongside INDEMIND's AI technology [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance, indicating potential capital expansion [9]. Sales Data - In October, sales of cleaning appliances like robotic vacuums and washing machines saw significant year-on-year increases, with robotic vacuum sales up 36.01% and washing machine sales up 60.11% [26]. - Personal care products also showed varied performance, with hairdryer sales slightly increasing while prices decreased, and electric shaver sales rising significantly [30]. Investment Themes - The report identifies three main investment lines: - **Dividend and Growth**: Leading white and black appliance companies are characterized by low valuations, high dividends, and stable growth, making them attractive investments [26]. - **Technology**: Core component manufacturers are diversifying into emerging tech fields like robotics and data center cooling, presenting new growth opportunities [26]. - **International Expansion**: The report highlights the growing demand for cleaning appliances in international markets, particularly in Southeast Asia and South America [26]. Macro Economic Environment - As of November 21, 2025, the USD to RMB exchange rate has decreased by 1.40% since the beginning of the year, which may impact import costs for the home appliance sector [36].

Report Industry Investment Rating No relevant content provided. Report's Core View - The REITs market has deviated from the unilateral decline trend but remains in a bottom - oscillation range. It is recommended to stay cautious overall, focus on projects with relatively high distribution rates in the energy and transportation sectors, and look for rebound opportunities in oversold varieties under the pressure of restricted shares lifting [2]. Summary According to the Directory 1. Primary Market: Three Newly Issued Public REITs Made Progress - As of November 21, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 20.8%. Three newly issued public REITs made progress this week: Huaxia Zhonghe Clean Energy REIT has provided feedback, Huaxia Anbo Warehouse Logistics REIT has been established, and AVIC Zhonghe Energy REIT has been submitted for approval. There are currently 9 newly issued and 5 expansion - issued REITs in the approval process [2][10]. 2. Secondary Market: Liquidity Continued to Contract This Week 2.1 Market Review: The CSI REITs Total Return Index Dropped by 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1041.16 points, a decline of 0.88%. It outperformed the CSI 300 by 2.89 percentage points and the CSI Dividend by 2.81 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.57%, underperforming the CSI 300 by 5.61 percentage points and outperforming the CSI Dividend by 8.05 percentage points. Property - type REITs fell 1.25%, and concession - type REITs fell 1.06%. In terms of asset types, the environmental protection and water services (-0.38%), park (-0.77%), transportation (-1.01%), and consumption (-1.10%) sectors performed better [2]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type and concession - type REITs this week were 0.44% and 0.45% respectively, down 15.84 and 2.76 basis points from last week. The trading volumes during the week were 420 million and 136 million shares respectively, with a week - on - week decrease of 26.60% and 0.89%. The data center sector was the most active [2]. 2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yields, the yields of property - type and concession - type REITs were 3.94% and 4.07% respectively. The warehouse logistics (5.55%), transportation (4.89%), and park (4.70%) sectors ranked among the top three [2]. 3. This Week's News and Important Announcements - This week, multiple regions issued policies and announcements related to REITs. Tianjin introduced measures to support the high - quality development of REITs; Beijing supported the issuance of REITs for eligible consumption infrastructure; and many companies announced REITs - related projects such as public bidding and project applications [28]. - Multiple REITs released important announcements, including operation data, restricted shares lifting, and dividend distribution [29].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - REITs in various sectors declined across the board, with the data center sector, which had significant gains previously, leading the decline for the first time. The environmental protection and water utilities, and park sectors were relatively resilient this week. The REITs market has emerged from a unilateral decline but remains in a bottom - oscillating range. Given that the index is at around the 60% percentile level since 2024, overall caution is advised. Attention can be focused on projects with relatively high distribution rates in the energy and transportation sectors, as well as the rebound opportunities of oversold varieties under the pressure of restricted share unlocks [2]. 3. Summary According to the Directory 3.1 Primary Market: Three Newly - Issued Public REITs Made Progress - As of 2025/11/21, 19 REITs have been successfully issued this year, with an issuance scale of 38.79 billion yuan, a year - on - year decrease of 20.8%. Three newly - issued public REITs made progress this week: Huaxia Zhonghe Clean Energy REIT has provided feedback, Huaxia Anbo Warehouse Logistics REIT has been established, and AVIC Zhonghe Energy REIT has been submitted for application. Currently, in the approval process, there are 9 newly - issued REITs that have been submitted, 2 that have been questioned and provided feedback, 1 that has passed the review, and 1 that has been registered and is awaiting listing. For expansion, 5 have been submitted, 3 have been questioned and provided feedback, and 3 have passed the review [2][11]. 3.2 Secondary Market: Liquidity Continued to Contract This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1041.16 points, a decline of 0.88%, outperforming the CSI 300 by 2.89 percentage points and the CSI Dividend by 2.81 percentage points. The year - to - date increase of the CSI REITs Total Return is 7.57%, underperforming the CSI 300 by 5.61 percentage points and outperforming the CSI Dividend by 8.05 percentage points. In terms of project attributes, equity - based REITs declined by 1.25%, and concession - based REITs declined by 1.06%. In terms of asset types, the environmental protection and water utilities (- 0.38%), park (- 0.77%), transportation (- 1.01%), and consumption (- 1.10%) sectors performed better [2]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of equity - based and concession - based REITs this week were 0.44% and 0.45% respectively, down 15.84 and 2.76 basis points from last week. The trading volumes during the week were 420 million and 136 million shares respectively, a week - on - week decrease of 26.60% and 0.89%. The data center sector had the highest activity [2]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector Is Relatively High - According to the ChinaBond valuation yield, the yields of equity - based and concession - based REITs are 3.94% and 4.07% respectively. The warehouse logistics (5.55%), transportation (4.89%), and park (4.70%) sectors rank among the top [2]. 3.3 This Week's News and Important Announcements - Multiple regions issued policies and announcements related to REITs. Tianjin introduced measures to support the high - quality development of REITs; Beijing Shunyi Municipal Holding Group announced a public tender for financial and legal advisors for its public REITs project; Guangbai Co., Ltd. is carrying out the application for a consumption REITs project; Beijing supported the issuance of real - estate investment trust funds for eligible consumption infrastructure; Ji'an focused on promoting the issuance of REITs for projects in industrial parks and affordable rental housing; Qingdao Water Group's public REITs project has been submitted to the National Development and Reform Commission [29]. - Many REITs made important announcements, including operating data announcements, restricted share unlock announcements, and dividend announcements [30][31].

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting that the sector outperformed the CSI 300 index during the week [2][3]. Core Insights - The home appliance sector index fell by 2.3%, while the CSI 300 index dropped by 3.8%, indicating a relative strength in the sector [2][3]. - Key companies such as Aopu Technology, Zhejiang Meida, and Supor showed gains, while companies like Joyoung, Beiqi, and Biyi experienced significant declines [4]. - Haier Robotics and INDEMIND signed a strategic cooperation agreement to advance the application of embodied robots in home settings [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance [9]. Sales Data - In October, sales of cleaning appliances increased year-on-year, with robotic vacuum sales rising by 36.01% to 500,900 units and sales revenue increasing by 35.34% to 1.025 billion yuan [29]. - Sales of washing machines also saw a significant increase, with units sold rising by 60.11% to 429,300 and revenue increasing by 60.34% to 756 million yuan [29]. - Personal care products showed mixed results, with hairdryer sales slightly up by 0.31% but revenue down by 18.17%, while electric shaver sales rose by 29.12% with revenue up by 38.05% [34]. Industry Dynamics - The report identifies three main investment themes: 1. The potential of leading white and black appliance companies characterized by low valuations, high dividends, and stable growth [2]. 2. Upstream core component manufacturers are diversifying into emerging tech fields such as robotics and data center cooling [2]. 3. The increasing penetration of new consumer categories like cleaning appliances presents significant growth opportunities [2]. Macro Economic Environment - As of November 21, 2025, the USD to CNY exchange rate was reported at 7.0875, reflecting a year-to-date decrease of 1.40% [40]. - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year increase of 2.90% [42].