Investment Rating - The report maintains a "Buy" rating for the company [1][7][15] Core Insights - The company has raised its 2025 sales target from a year-on-year growth of over 35% to over 40% due to strong sales performance of its key product, orelabrutinib, which saw a 46% year-on-year increase in sales to RMB 1.01 billion in the first three quarters of 2025 [4][5][12] - The company reported a revenue of RMB 1.12 billion for the first nine months of 2025, reflecting a 60% year-on-year growth, with a net loss of RMB 64 million, which is a 77% reduction compared to the previous year [4][11] - The company has a robust pipeline in both oncology and autoimmune diseases, with several products in various stages of development, including orelabrutinib and ICP-332 [5][6][13][14] Financial Performance - For the first three quarters of 2025, the company recorded a revenue of RMB 1.12 billion, with a net loss of RMB 64 million, and a third-quarter revenue of RMB 384 million, marking a 38% year-on-year increase [4][11] - Research and development expenses for the first three quarters were RMB 676 million, a 10% increase year-on-year, while selling expenses rose by 41% to RMB 386 million [4][11] - The company had approximately RMB 7.76 billion in cash as of September 2025, providing a solid financial foundation for ongoing and future projects [4][11] Sales and Product Development - Orelabrutinib's sales reached RMB 373 million in the third quarter of 2025, with a year-on-year growth of 35% and a quarter-on-quarter growth of 14% [5][12] - The company is advancing its autoimmune pipeline, with plans to submit a new drug application for orelabrutinib for ITP in the first half of 2026 and to read out phase IIb data for SLE by the end of 2025 [6][13] - The company expects to submit 5-7 IND applications targeting malignant tumors and autoimmune diseases in 2026, indicating a strong early-stage pipeline [14]

Group 1: Market Trends - The pace of new public offerings has slowed, with 12 new projects added in the last two weeks, a decrease of 10 projects compared to the previous period[6] - The number of terminated projects also decreased by 8, totaling 8 terminations in the same period[6] - There are currently 624 projects in the normal review stage, with 67 projects having passed the review and registration, an increase of 10 projects[6] Group 2: Project Analysis - Fangzheng Technology plans to raise up to 1.98 billion CNY for an AI and high-density interconnect circuit board project, expected to generate an annual output value of approximately 2 billion CNY[23] - Deler Co. intends to acquire 100% of Aizhuo Technology and raise 83 million CNY for smart upgrades, with the target company's valuation at 270 million CNY, reflecting a 203.33% increase[25] Group 3: Fundraising and Pricing - In the last two weeks, three projects were listed, raising a total of 786 million CNY, a 96.47% decrease from the previous period[30] - The average market price discount rate for two fixed-price projects was 48.99%[31] - The average bid premium rate for Changbai Mountain was 9.27%, with a bid success rate of 77.78%[38] Group 4: Unlocking Gains - Among three newly unlocked bidding projects, 66.67% had positive returns, a decrease of 33.33 percentage points from the previous period[42] - The average absolute return on the unlocking day for these projects was 21.56%, marking a decline of 6.09 percentage points[42] - For four fixed-price projects, the average absolute return on the unlocking day was 92.33%, with a 100% success rate[46] Group 5: Risk Factors - Risks include slower-than-expected review progress, fluctuations in secondary market stock prices, and changes in the market environment for fundraising bids[48]

Investment Rating - The report maintains a positive outlook on the coal industry, suggesting a "Buy" rating for specific stocks based on their performance relative to the market [3][29]. Core Insights - The report highlights that the coal prices are expected to rise due to supply constraints and seasonal demand, particularly in the context of winter heating needs [3][4]. - It emphasizes the impact of environmental regulations and safety inspections on coal production, which are likely to tighten supply further [3][7]. - The report identifies several companies as potential investment opportunities, including Jin控煤业, 华阳股份, and 山煤国际, based on their price elasticity and valuation [3][4]. Summary by Sections 1. Recent Industry Policies and Dynamics - The report discusses the initiation of the third round of central ecological environment protection inspections, which will affect major coal-producing regions and companies [7]. - It mentions the State Energy Administration's guidance on integrating coal with renewable energy, focusing on low-carbon transitions and new energy developments in mining areas [7]. 2. Price Trends of Coal - The report notes fluctuations in domestic coal prices, with specific increases in certain regions, such as a rise of 10 CNY/ton in Dazhou and Ordos [8]. - The overall coal price index in the Bohai Rim region has increased by 4 CNY/ton, indicating a general upward trend in coal prices [8]. 3. International Oil Prices - Brent crude oil prices have risen by 1.19% to 64.39 USD/barrel, which may influence coal prices due to the relationship between oil and coal markets [14]. 4. Port Inventory Trends - The report indicates an increase in coal inventory at the Bohai Rim ports, with a total of 24.3 million tons, reflecting a 2.56% rise week-on-week [18]. 5. Domestic and International Freight Rates - Domestic coastal shipping rates have increased slightly, with an average of 51.52 CNY/ton, while international shipping rates from Australia to China have also seen a rise [23]. 6. Key Company Valuation Table - The report provides a detailed valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings projections [28].

Investment Rating - The report suggests a positive outlook for the agricultural sector, indicating an "Overweight" rating for the industry, as it is expected to outperform the overall market [46]. Core Insights - The agricultural sector index rose by 2.7% while the Shanghai and Shenzhen 300 index fell by 1.1%, highlighting a divergence in performance [2][3]. - The report emphasizes the ongoing decline in pig prices, leading to increased losses and a potential acceleration in capacity reduction within the industry [2][3]. - The "Double Eleven" sales event showed strong performance for pet food brands, indicating growth potential for leading companies in this segment [2][3]. Summary by Sections Pig Farming - Pig prices have continued to decline, with the average selling price for external three yuan pigs at 11.56 yuan/kg, down 2.9% year-on-year [2]. - Losses for self-breeding sows are significant, with a reported loss of 71.95 yuan per head, a week-on-week increase of 30.89 yuan [2]. - The report anticipates that the fourth quarter will see a lackluster peak season for pig prices, with proactive capacity reduction expected to accelerate [2][3]. Pet Food - Major e-commerce platforms reported strong sales during the "Double Eleven" event, with leading brands achieving high rankings in sales [2]. - The report highlights that domestic pet food brands are experiencing a growth trajectory, despite short-term export challenges due to trade tensions [2]. - Companies such as Guai Bao Pet, Zhong Chong Co., and Pei Di Co. are recommended for their strong market positions and growth potential [2][3]. Poultry Farming - The price of white feather broiler chicks has slightly decreased to an average of 3.35 yuan per chick, while chicken prices remain stable at 3.45 yuan/kg [2]. - The report notes that the supply of white chickens is expected to remain abundant, which may impact pricing dynamics in 2025 [2]. - Recommendations include focusing on leading companies like Sheng Nong Development for long-term value [2]. Beef Cattle - Prices for beef cattle and calves have seen a slight decline, with the average price for fattened bulls at 25.6 yuan/kg, down 0.16% week-on-week [2]. - The wholesale price of beef has increased slightly to 66.73 yuan/kg, reflecting a potential upward trend in beef pricing [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7][8]. Core Insights - The company reported Q3 revenue of $2.382 billion, a year-over-year increase of 9.7% and a quarter-over-quarter increase of 7.8%, exceeding guidance [4][7]. - The net profit attributable to shareholders for Q3 was $192 million, reflecting a year-over-year growth of 28.9% and a quarter-over-quarter growth of 44.7% [4][7]. - The gross margin for Q3 was 22%, which is above the guidance range of 18%-20% [4][7]. - For the first three quarters of 2025, total revenue reached $6.838 billion, a year-over-year increase of 17.4%, with a gross margin of 21.6%, up 5.3 percentage points year-over-year [4][7]. Financial Data and Profit Forecast - The company expects total revenue for 2025 to be $6.6755 billion, with a year-over-year growth rate of 15.5% [6]. - The net profit attributable to shareholders is projected to be $512.3 million in 2025, representing a year-over-year growth of 38.5% [6]. - The earnings per share (EPS) is forecasted to be $0.64 for 2025, with a gross margin of 21.9% [6]. - The company’s return on equity (ROE) is expected to improve to 3.4% in 2025 [6]. Operational Performance - The overall utilization rate for Q3 was 95.8%, with a quarter-over-quarter increase of 3.3 percentage points [7]. - The average selling price (ASP) for wafers increased by 3.1% quarter-over-quarter to $953 per wafer [7]. - The company’s 12-inch wafer production capacity increased, contributing significantly to revenue [7]. - The revenue contribution from the industrial and automotive sectors rose, with a quarter-over-quarter increase of 21% [7]. Capital Expenditure and Guidance - The company’s capital expenditure for Q3 was $2.394 billion, reflecting a quarter-over-quarter increase [7]. - For Q4, the company expects revenue to remain stable with a quarter-over-quarter growth of 0% to 2% and a gross margin between 18% and 20% [7].

Group 1 - The report highlights that 2026 will be a pivotal year for China's AI investment strategy, marking the first year of domestic computing power industrialization with significant advancements in AI chip performance and supply [3][4]. - Domestic AI chip shipments are expected to reach 1.91 million units in the first half of 2025, representing a year-on-year increase of 110%, driven by strong demand from internet companies and telecom operators [7][8]. - The market share of domestic AI chips is projected to rise to approximately 38% in the first half of 2025, up from 15% in 2023, indicating a rapid increase in domestic production capabilities [7][8]. Group 2 - The report indicates that the gap between Chinese and American large models is narrowing, with expectations that by 2026, Chinese models will not only close the performance gap but may surpass in certain areas [3][4]. - Innovations in model training paradigms are being pursued, focusing on balancing performance, efficiency, and cost, with breakthroughs expected in long-context processing and multi-modal capabilities [3][4][68]. - The software industry is entering an optimal investment window, with many companies reporting that AI revenue now constitutes over 10% of their total income, driven by advancements in large model applications [3][4]. Group 3 - The report emphasizes that the demand for computing power is expected to surge as AI applications become more prevalent, with significant capital expenditures anticipated from major tech companies [29][32]. - The growth in AI token consumption is projected to double every 2-3 months, reflecting the increasing reliance on AI technologies across various sectors [29][30]. - By 2028, China's intelligent computing power scale is expected to more than double compared to current levels, indicating a robust growth trajectory for the industry [38][39]. Group 4 - The report outlines that the domestic AI chip supply chain is gradually proving its capabilities, with companies like Cambricon forecasting revenues between 5 to 7 billion yuan in 2025 [28]. - Huawei is set to launch its Ascend 950 series chips in early 2026, further solidifying its position in the AI chip market [28]. - The report notes that the liquid cooling market for servers is expected to grow significantly, with a compound annual growth rate of 46.8% projected from 2024 to 2029, driven by the adoption of advanced cooling solutions in data centers [48]. Group 5 - The report identifies a shift in power supply architecture from traditional UPS systems to high-voltage direct current (HVDC) systems, which is expected to create new opportunities in the market [43][44]. - The IDC market is anticipated to experience a second turning point as domestic computing power begins to take a more prominent role, with significant improvements in supply-demand dynamics [49][51]. - The report highlights that the overall market for AI applications is expected to see exponential growth, particularly in areas such as multi-modal and agent-based applications, which are driving increased demand for computing resources [39][40].

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The importance of the capital market is highlighted in the new stage of the high - quality development of inclusive finance. The implementation opinions emphasize enhancing the efficiency of the capital market in serving inclusive finance [3][26]. - For small and micro - enterprises, a gradient - based cultivation system of "Beijing Stock Exchange - New Third Board - Regional Equity Market" should be constructed, and innovative products should be used to revitalize inclusive finance assets [3]. - In terms of residents' wealth, the buyer - oriented investment advisory model should be deepened, and the market ecosystem of "long - term investment with long - term funds" should be improved [3]. - For rural revitalization, both investment and financing ends should work together, and derivatives should be used to prevent risks [3]. - A high - quality evaluation system for the capital market to serve inclusive finance should be established to improve the incentive and restraint mechanism [3]. 3. Summary According to Relevant Catalogs 3.1 Inclusive Finance Development and the Role of the Capital Market - The inclusive finance 1.0 stage focused on financial infrastructure services. After ten years of development, it has entered a new stage of high - quality development. The implementation opinions in 2023 pointed out the problems and challenges in inclusive finance development and defined the high - quality inclusive finance system, highlighting the importance of the capital market [3][6][26]. 3.2 Solving the Financing Problem of Small and Micro - Enterprises - **Beijing Stock Exchange**: It is a main position for cultivating innovative small and medium - sized enterprises. As of now, there are 282 listed companies, with a high proportion of private enterprises and a certain proportion of specialized and sophisticated "little giants". In the future, it is recommended to optimize listing standards, study the access mechanism for small and medium - sized enterprises in cutting - edge technology fields, and improve systems such as refinancing and mergers and acquisitions [3][32]. - **New Third Board**: As the "axis" of the multi - level capital market, the structure of listed enterprises has been optimized in recent years, with an increasing proportion of innovative - layer enterprises. In the future, it is necessary to enhance its market functions and service capabilities, such as optimizing the hierarchical management standard system and activating the use of financing tools [3]. - **Regional Equity Market**: As the "foundation" of the gradient - based cultivation system, the institutional connection mechanism between the third and fourth boards has been gradually improved. There are 26 "specialized and sophisticated" special boards in 35 regional equity markets, which can provide a source of high - quality enterprises for the capital market [3][41]. - **Innovative Products**: Stock exchanges such as the Shanghai Stock Exchange are actively exploring asset securitization to serve inclusive finance, such as intellectual property ABS, supply - chain ABS, etc. [3] 3.3 Solving the Investment Problem of Residents' Wealth - **Enhancing Investment Returns**: Listed companies should strengthen investment function construction by increasing performance returns and stabilizing dividend expectations. Since 2022, the annual dividend and repurchase total of A - shares has been significantly higher than the equity financing total. For public funds, the "Action Plan for Promoting the High - Quality Development of Public Funds" was issued in 2025, aiming to improve investment returns, reform the evaluation mechanism, and increase the scale of equity investment [70][71][72]. - **Diversifying Investment Products**: The correlation coefficient among existing investment products is high. It is recommended to increase the supply of diversified products such as cross - border ETFs, QDIIs, and derivatives, and also increase the supply of stable - income complex products such as REITs and quantitative strategies [75]. - **Strengthening Investment Advisers**: The buyer - oriented investment advisory model should be deepened. By linking business income with the scale of customers' existing assets, it can maintain consistency with customers' interests. Some securities companies have achieved good results in this regard [78]. 3.4 Solving the Rural Revitalization Problem - **Diversified Debt Financing Tools**: Since 2021, non - financial enterprises have been guided to issue rural revitalization notes in the inter - bank market, and in 2023, the exchange launched rural revitalization special bonds, with funds used for rural revitalization - related fields [80][82]. - **Innovative "Insurance + Futures" Model**: As of the end of 2024, 192 "insurance + futures" projects have been carried out nationwide, with a cumulative support fund of 253 million yuan, protecting a spot scale of 1.7287 million tons and covering about 9.6435 million mu of farmland [85]. - **Supporting Agricultural Technology Enterprises**: The capital market should support the listing of agricultural technology enterprises and enrich the secondary - market indexes reflecting agricultural - related enterprises, and increase the issuance of agricultural - themed public funds [91]. 3.5 Improving the Incentive and Restraint Mechanism - In September 2025, the Securities Association formulated and released the "Interim Measures for the Special Evaluation of Securities Companies in Implementing the Five Major Articles of Finance", with inclusive finance core indicators including bond financing for small and micro - enterprises and private enterprises. In April 2025, the People's Bank of China and other departments jointly issued the "Pilot Overall Statistical System for the Five Major Articles of Finance", with over 200 key statistical indicators [97][99].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - In the recent week, gold ETFs led the gains, and the science and technology sector mostly declined. Funds were deployed in the science and technology innovation sector against the trend, with SGE Gold 9999 having the highest net inflow [1][2][11]. 3. Summary According to the Table of Contents 3.1 Index Product Establishment, Fund - raising, and Application - **Product Establishment and Listing**: Five products were listed, with a concentration of Hong Kong Stock Connect products. Eight products, including Chang Sheng CSI A500 Index Enhancement A, were established, and index - enhancement products such as Zhong Jia Beizheng 50 Component Index Enhancement A were established intensively [1][5]. - **Product Issuance Information**: Two index products ended their fund - raising in the coming week, and no index products were to start fund - raising. The products were Chuang Jin He Xin CSI A500 Index Enhancement A and Hua Tai Bao Xing CSI All - Index Enhancement A [1][7]. - **Product Application Information**: A total of 28 index products were applied for in the recent week, maintaining the diversified characteristics of industry themes. There were 18 theme funds focusing on different content tracks and 6 linked funds [1][9]. 3.2 ETF Market Review - **Overall ETF Performance**: In the recent week (2025/11/10 - 2025/11/14), most A - share ETFs declined. Among them, the declines of Kechuang 50ETF, ChiNext 50ETF, and CSI 500ETF were - 3.83%, - 3.67%, and - 1.24% respectively. Among Hong Kong - stock ETFs, only the Hang Seng ETF rose by 1.30%. Among US - stock ETFs, the S&P 500ETF rose by 2.68%. In terms of commodity ETFs, the non - ferrous ETF rose by 1.26%, and gold strongly rebounded by 3.26%, attracting risk - averse funds [2][11]. - **A - share ETF Performance by Industry**: Medical - related ETFs rose significantly, with the Chinese medicine ETF having the highest increase of 3.61%, followed by the innovative drug ETF and medical device ETF with increases of 2.82% and 1.94% respectively. The chemical ETF also had a relatively high increase of 3.38%. The science and technology sector declined significantly, with the communication ETF, electronic ETF, and chip ETF declining by - 6.99%, - 5.62%, and - 4.81% respectively [2][15]. - **Cross - border ETF Performance**: In the recent week, the major broad - based indices of cross - border markets rose and fell differently. The French CAC40 had the highest increase of 2.77%. Among the corresponding ETFs, Boshi Hang Seng Healthcare ETF and Hua An French CAC40ETF rose significantly, with increases of 5.90% and 3.22% respectively, while Huatai Baorui CSI KRX Korea Semiconductor ETF declined by 4.20% [19]. 3.3 ETF Fund Flow - **Overall Scale and Change**: As of November 14, 2025, there were 1,304 ETFs in the entire market, with a latest total scale of 5,633.719 billion yuan, a decrease of 39.14 billion yuan from the previous week. The scale of A - share ETFs decreased by 36.404 billion yuan in the recent week [2][25]. - **Net Inflow and Outflow of Funds**: Among non - currency ETFs, the ETFs targeting SGE Gold 9999 had the largest net inflow of funds, reaching 5.567 billion yuan, while the ETFs of CSI A500 had the largest net outflow of funds, with a total outflow of 4.04 billion yuan. Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50ETF and Southern ChiNext Artificial Intelligence ETF had relatively high fund inflows, with 2.495 billion yuan and 2.028 billion yuan respectively [2][28][31]. - **Liquidity**: Haifu Tong CSI Short - Term Financing ETF led in liquidity in the recent week, with an average daily trading volume of 28.769 billion yuan. E Fund CSI Hong Kong Securities Investment Theme ETF also had relatively high liquidity, with an average daily trading volume of 9.648 billion yuan [31].

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - The REITs market showed signs of stability and recovery in the first half of November 2025, with the CSI REITs index rising 0.4%. The spread between REITs and dividend - paying stocks turned positive, making REITs more attractive compared to stocks and bonds. - REITs offline subscription remained highly popular, but the narrowing gap between primary and secondary market valuations led to the Shenyang Software Park REIT breaking below its issue price on the offline unlocking day. - Multiple REITs expansion projects were in progress, and the government supported the issuance of public REITs for private projects, with new asset types expected to make their debut. 3. Summary by Directory 1. Market Volume and Price Stabilized, and the Spread with Dividend Stocks Turned Positive - **Index Performance**: The CSI REITs index first declined and then rose in the first half of November 2025, accumulating a 0.4% increase. The equity market was in a consolidation phase, with the CSI 300 falling 0.3%, while the CSI Dividend and commodities rose 2.5% and 2.8% respectively. The 10 - year Treasury yield remained around 1.8% [3][12]. - **Sector Performance**: The consumption sector led the rise (+1.62%), followed by transportation (+1.42%) and rental housing (+1.11%). The industrial park sector was under pressure, with a 1.96% decline, and the logistics sector's decline narrowed to 0.40% [17][18]. - **Individual Securities**: More than 90% of transportation individual securities rose, and the JINMAO Commercial REIT led the gainers with an 8.19% increase. All the declining individual securities were from the industrial park and logistics sectors [23]. - **Liquidity**: The average daily turnover rate of the REITs market in the first half of November was 0.49%, up 0.20 pcts from the same period in October. The industrial park sector had a significant increase in turnover rate, but was still dominated by selling pressure [24]. - **Dividend Yield and Valuation**: As of November 14, 2025, the dividend yield of equity - type REITs was 4.40%, with a 2.58% spread to the 10 - year Treasury yield (at the 59% quantile) and a 0.17% spread to the CSI Dividend yield (at the 82% quantile). The P/NAV of equity - type REITs was 1.27X (at the 69% quantile), and the P/FFO of concession - type REITs was 13.44X (at the 52% quantile) [32][38]. - **Internal Rate of Return (IRR)**: The latest IRR of equity - type REITs was 3.9% (at the 23% quantile), and that of concession - type REITs was 4.1% (at the 7% quantile) [44]. 2. Offline Subscription Remained Popular, and Low Safety Margin Led to Shenyang Software Park REIT Breaking Below Issue Price - **New Issues**: As of November 14, 2025, there were 77 listed REITs in Shanghai and Shenzhen, with a total market value of 222.5 billion yuan. In the first half of November, the Huaxia Anbo Warehouse Logistics REIT was issued offline, with a scale of 2.448 billion yuan [46][48]. - **Subscription Scale**: The top - up subscription scale for the Huaxia Anbo Warehouse Logistics REIT rebounded to 514 million yuan due to its larger issuance scale [49]. - **Subscription Enthusiasm**: 1,052 products from 132 offline institutions participated in the inquiry for the Huaxia Anbo Warehouse Logistics REIT, setting a new record. The offline subscription multiple (excluding invalid quotes) was 236 times, remaining at a high level [53]. - **Pricing and Allocation**: The Huaxia Anbo Warehouse Logistics REIT was priced at a high level (90% quantile of the inquiry range), with a limited discount. The offline winning rate was 0.68%, and the one - two - level valuation difference continued to narrow [54][64]. - **Initial Listing Performance**: The gap between primary and secondary market valuations gradually narrowed, and the Shenyang Software Park REIT broke below its issue price on the offline unlocking day. The offline subscription return rate for 100 million yuan of funds from January to November 2025 was 3.49% [66][67]. 3. Multiple Expansion Projects Progressed, and Private Projects Received Strong Support - **Dividend Announcements**: In the first half of November, 8 REITs announced dividend plans [74]. - **Unlocking and Expansion**: Three transportation REITs' strategic placement shares were to be unlocked in the second half of November. The holder meetings for the expansion of Huaxia China Resources Youchao REIT and AVIC Jingneng Photovoltaic REIT were to be held [78]. - **Policy Support**: The government issued policies to support the issuance of public REITs for private projects and promoted the expansion of the REITs market and the debut of new asset types [79]. 4. New Assets Added to the REITs Market, and the Shenghao Communication Tower Project was Signed - **Under - Review Projects**: In the first half of November, the E Fund Guangxi Beitou Expressway REIT was accepted by the exchange, and the Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT received an inquiry letter. As of November 14, there were 9 first - issuance projects and 3 expansion projects under review [86]. - **New Asset Progress**: The Shenghao Group's communication tower public REITs project was signed, and 4 public REITs bidding information was updated in the first half of November [87][89].

Summary of Key Points Group 1: Overall Industry Analysis - The report indicates a systemic recovery opportunity for the food and beverage industry in 2026 after a five-year adjustment period from 2021 to 2025, with key external indicators being the Consumer Price Index (CPI) and a focus on cyclical attributes in the liquor and catering supply chain [4][19]. - The liquor sector is expected to see a fundamental turning point in Q3 2026, following a significant decline in sales and prices in Q3 2025, with a projected stabilization and recovery in prices as inventory clears and demand rebounds [4][7][19]. - The report emphasizes that if the fundamentals recover as anticipated, a dual boost in valuation and performance is expected by the end of 2026 and into 2027, marking a strategic allocation period for quality companies [4][7][19]. Group 2: Liquor Investment Strategy - The liquor sector has experienced a significant decline in sales, with Q3 2025 showing a 50% year-on-year drop compared to Q3 2023, and high-end liquor prices continuing to fall as the market seeks a balance between volume and price [4][7][8]. - Key recommended companies in the liquor sector include Luzhou Laojiao, Shanxi Fenjiu, Kweichow Moutai, and Wuliangye, with a focus on strategic positioning for quality firms as the market stabilizes [4][7][8]. - Historical performance analysis from 2012 to 2015 suggests that stock price turning points often precede fundamental turning points, indicating a potential recovery in Q3 2026 [4][7][23]. Group 3: Consumer Goods Investment Strategy - The report identifies systemic opportunities in the consumer goods sector, with CPI as a core observation indicator, predicting gradual improvement in food CPI due to structural demand changes and a shift from price competition to quality competition among companies [4][19]. - Recommended companies in the consumer goods sector include Yili Group, Qingdao Beer, Anjuke Food, and Tianwei Food, with a focus on firms that possess pricing power and are positioned for systematic recovery if CPI continues to improve [4][19]. - The report highlights that if CPI improves consistently, leading companies in various sub-sectors will also experience systematic recovery [4][19].