Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The US ETF market has new developments, with the issuance of a commodity long - short strategy product and continuous inflow of funds into stock products. Meanwhile, the performance of Korean - related ETF products is outstanding. The US non - money public funds have experienced changes in scale and redemption pressure, and recently, domestic stock funds have seen an expanded outflow [2]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Commodity Long - Short Strategy Product Issuance - Last week, 19 new products were issued in the US, more than half of which were single - stock products. These single - stock products involve 2x leveraged products and products combining options and leverage, targeting various companies such as those in the cryptocurrency, sports, health, and AI sectors [7]. - Stoneport Advisors issued a commodity long - short strategy product, which tracks an index using a quantitative method to construct a long - short strategy for US - listed commodity futures. The index determines the investable pool annually based on the S&P GSCI and Dow Jones Commodity Index, currently including 23 commodities from sectors like agriculture, precious metals, industrial metals, and energy. It decides long - short weights monthly according to the yield trend algorithm [8]. - First Trust issued a "critical metals" ETF, investing in companies mainly earning income from North America and involved in the mining of new - energy - related metals, new - energy vehicle metals, and other technology metals, ultimately selecting 50 stocks [8]. - iShares issued a large - cap core index enhancement product aiming for low tracking error against the Russell 1000 index and excess returns, managed by a quantitative team, and a European corporate bond product using euro - dollar foreign exchange hedging to reduce exchange - rate impact [10]. - KraneShares issued an options strategy product, using a Delta - neutral spread strategy by buying put options and selling call options while selecting stocks to obtain option premium differences [10]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stock Products Continuously Inflow - In the past week, the inflow of US ETFs exceeded $30 billion, with significant inflow into stock products and outflow from Bitcoin ETFs. BlackRock's S&P 500 ETF ranked first in inflow, short - term bond ETFs had obvious inflows, while technology - related products and Bitcoin ETFs had outflows [2][11][14]. - Gold ETFs had relatively stable fund flows last week, and among broad - based ETFs, the S&P 500 had higher inflows than the Nasdaq 100 in the past two weeks [16]. 3.2.2 US ETF Performance: Korean - Related Products Lead in Gains - US - listed stock ETFs have performed excellently this year. Two passive products have gains of over 80%, and 3x leveraged products have gains of over 300%. However, except for the largest product with a scale close to $7 billion, other products have relatively small scales [17]. 3.3 Recent US Ordinary Public Fund Fund Flows - In September 2025, the total amount of US non - money public funds was $23.47 trillion, an increase of $0.49 trillion compared to August 2025. In September, the S&P 500 rose 3.53%, the scale of US domestic equity products increased by 2.13%, and the redemption pressure increased [2][18]. - Last week, the outflow of US domestic equity funds expanded to $37 billion, and bond products also had a slight outflow [2][19].

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, particularly recommending companies involved in sports manufacturing and non-woven fabric sectors [3][9]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 0.8% from November 3 to November 7, 2025, surpassing the SW All A index by 0.2 percentage points [4]. - October textile and apparel exports faced pressure, with a year-on-year decline of 12.6%, but recent US-China trade negotiations may lead to a gradual recovery in the export chain [9][11]. - The report highlights the potential for growth in the outdoor apparel segment due to the upcoming winter season and the 2026 Milan Winter Olympics, recommending brands like Bosideng [11][12]. Summary by Sections Industry Performance - The SW apparel and home textiles index increased by 2.2%, outperforming the SW All A index by 1.6 percentage points, while the SW textile manufacturing index rose by 1.0% [4]. - Retail sales in the apparel, footwear, and textile categories totaled 1,061.3 billion yuan from January to September, reflecting a 3.1% year-on-year growth [26]. Export Data - In October, China's textile and apparel exports amounted to $22.26 billion, down 12.6% year-on-year, with textile yarns and fabrics at $11.258 billion (down 9.0%) and clothing at $11.004 billion (down 16.0%) [33][34]. Cotton and Wool Prices - As of November 7, the national cotton price B index was reported at 14,792 yuan/ton, a slight increase of 0.1% for the week, while international cotton prices showed a decline [34]. - The Australian wool price index was reported at 924 cents/kg, reflecting a year-on-year increase of 23.4% [36]. Company Performance - Adidas reported a 3% year-on-year increase in revenue for Q3 2025, while Nike's revenue showed a slight recovery with a 1% increase [9][19]. - Nobon and Yanjing demonstrated strong growth in the non-woven fabric sector, with revenue increases of 23% and 17% respectively in Q3 2025 [10]. Market Opportunities - The report emphasizes the importance of domestic demand recovery in 2025, highlighting opportunities in high-quality domestic brands and the potential for a turnaround in the women's apparel sector [12][16].

Investment Rating - The report maintains a "Positive" outlook on the liquor industry, indicating that it is entering a strategic allocation period as it approaches a bottom phase [2]. Core Insights - The liquor sector is expected to experience a fundamental turning point in Q3 2026, with a potential dual impact on valuation and performance by the end of 2026 and into 2027. This is based on historical performance patterns observed from 2012 to 2015, where stock price turning points preceded fundamental turning points [2]. - The report emphasizes the need for patience regarding the fundamental recovery and notes that individual company adjustments will vary, leading to differentiated stock performances during this period. It anticipates that the main contribution to stock price returns will come from valuation adjustments rather than earnings growth in the near term [2]. Summary by Sections Fundamental Analysis - The liquor sector has been experiencing a significant downturn since Q4 2024, with Q3 2025 showing accelerated declines. The industry is projected to face a 20%-30% year-on-year decline in sales volume in Q3 2025, with a 50% drop compared to Q3 2024. High-end liquor prices are also declining as the market seeks a balance between volume and price [4]. - Looking ahead, Q1 2026 is expected to continue facing double-digit sales volume declines, but stabilization is anticipated in Q2 2026, with a potential recovery in demand and pricing by Q3 2026 [4]. Valuation Analysis - As of October 31, 2025, the liquor sector's absolute PE ratio stands at 18.7x, significantly below the historical average of 27.6x since 2011. The relative PE ratio compared to the Shanghai Composite Index is 1.14x, also below the historical average of 2.01x. The report suggests that leading companies are expected to increase their dividend payout ratios, with most currently offering dividend yields above 3%, indicating long-term investment value [4]. Holdings Analysis - In Q3 2025, the liquor sector's holdings accounted for 5.52% of total fund investments, a decrease of 1.26 percentage points from previous quarters, returning to levels seen in Q2 2017. This indicates a significant reduction in fund exposure to the liquor sector compared to historical averages [4].

Investment Rating - The report maintains a "Buy" rating for Agricultural Bank of China (601288) [1] Core Views - Agricultural Bank of China continues to lead among major banks in performance, with a 2.0% year-on-year revenue growth and a 3.0% increase in net profit attributable to shareholders for the first nine months of 2025 [4][6] - The bank's non-performing loan ratio slightly decreased to 1.27%, while the provision coverage ratio improved to 295% [4][6] - The bank's strong performance is attributed to accelerated asset growth and a significant increase in non-interest income, which grew by 20.7% year-on-year [6] Financial Data and Earnings Forecast - For 2025, the total revenue is projected to be 718.70 billion yuan, with a year-on-year growth rate of 1.15% [5] - The net profit attributable to shareholders is expected to reach 290.51 billion yuan in 2025, reflecting a 2.99% year-on-year growth [5] - The bank's return on equity (ROE) is forecasted to be 10.10% in 2025, with a non-performing loan ratio of 1.27% [5] - The provision coverage ratio is expected to remain strong at 295.11% in 2025 [5] Performance Highlights - The bank's revenue growth accelerated in the third quarter of 2025, with a 3.0% increase in net profit compared to the previous year, outperforming the average of major banks [6] - Deposit growth accelerated to 9.3% in the third quarter, supporting credit expansion [6] - The bank's net interest margin remained stable at 1.30%, with a slight decrease of 15 basis points year-on-year [6] Investment Analysis - Agricultural Bank of China is expected to undergo a new round of value reassessment due to its superior revenue and profit performance among state-owned banks [6] - The stock has risen nearly 60% since the beginning of the year, leading the banking sector [6] - The bank's strong capital base and anticipated mid-term dividends are expected to further solidify its high dividend advantage [6]

Investment Rating - The report maintains a positive outlook on the pig farming industry, suggesting a left-side layout opportunity as the industry enters a phase of accelerated capacity reduction driven by both fundamental and policy factors [2][3]. Core Insights - The report indicates that the pig farming industry is experiencing a bottoming out of prices, with a notable increase in the utilization rate of breeding facilities, leading to a potential acceleration in capacity reduction. The current pig cycle is nearing its downward tail, making it an opportune time for left-side investments [2][3]. - The pet food market is showing strong performance from domestic brands during the Double Eleven sales event, indicating a growing market for domestic pet food products. The report emphasizes the importance of monitoring the performance of leading companies in this sector [2][3]. - The white feather broiler chicken market is witnessing stable chick prices and a slight recovery in chicken meat prices, suggesting a focus on leading companies for long-term value amidst a backdrop of abundant supply [2][3]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 0.8%, mirroring the performance of the Shanghai and Shenzhen 300 Index. The top five gainers included Pingtan Development (25.7%), Green Kang Bio (11.7%), and Huazi Industry (11.3%) [3]. Pig Farming - The report notes a decline in pig prices, with the average selling price of external three yuan pigs at 11.9 yuan/kg, down 3.6% week-on-week. The average loss for self-breeding sows was -41.1 yuan/head, marking the sixth consecutive week of losses [2][3]. - The report highlights that the number of breeding sows has decreased by 0.77% month-on-month, indicating a proactive capacity reduction in response to ongoing losses [2][3]. Pet Food - The Double Eleven sales event revealed that domestic brands dominated the pet food market, with significant representation in the top-selling brands. The report suggests that the domestic pet food market remains a high-growth sector despite short-term export challenges [2][3]. Broiler Chicken Farming - The average selling price of white feather broiler chicks was 3.45 yuan/chick, with a week-on-week increase of 1.47%. The average selling price of broiler chickens was 3.49 yuan/kg, reflecting a slight recovery [2][3].

Investment Rating - The report maintains a "Buy" rating for Agricultural Bank of China [1] Core Insights - Agricultural Bank of China continues to lead among major banks in performance, with a 2.0% year-on-year revenue growth and a 3.0% increase in net profit for the first nine months of 2025 [4][6] - The bank's non-interest income has seen a significant increase of 20.7% year-on-year, contributing positively to revenue growth despite a decline in net interest income [6][10] - The bank's asset quality remains strong, with a slight decrease in the non-performing loan (NPL) ratio to 1.27% and a high provision coverage ratio of 295% [6][10] Financial Data and Earnings Forecast - For 2025, the bank is projected to achieve total revenue of 718.7 billion yuan, with a year-on-year growth rate of 1.15% [5] - The net profit attributable to shareholders is expected to reach 290.5 billion yuan in 2025, reflecting a growth rate of 2.99% [5] - The bank's return on equity (ROE) is forecasted to be 10.10% in 2025, with a price-to-earnings (P/E) ratio of 10.43 [5] Performance Metrics - As of September 30, 2025, the bank's total assets amounted to 48.14 trillion yuan, representing a year-on-year growth of 10.5% [10] - The total loans increased by 9.3% year-on-year, with total deposits also growing by 9.3% [10] - The bank's net interest margin (NIM) is projected to be 1.30% for 2025, down from previous levels due to competitive pressures [6][10]

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating a positive outlook for the industry compared to the overall market performance [46]. Core Insights - The report highlights that the pig farming industry is experiencing a bottoming out of prices, driven by both fundamental and policy factors, which may accelerate capacity reduction [2][3]. - The report emphasizes the importance of focusing on left-side investment opportunities in the pig farming sector as the current pig cycle approaches its downward tail [2][3]. - The domestic pet food market is identified as a high-growth area, with strong performance from local brands during the "Double Eleven" sales event, suggesting a positive growth trajectory for leading companies in this segment [2][3]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural Index rose by 0.8%, mirroring the performance of the CSI 300 Index [3]. - The top five gainers included Pingtan Development (25.7%), Green Kang Biotechnology (11.7%), and Huazi Industrial (11.3%) [3][10]. Pig Farming - Pig prices are stabilizing, with a national average selling price of 11.9 CNY/kg as of November 9, reflecting a week-on-week decrease of 3.6% [2]. - The average weight of pigs sold is at a three-year high of 128.3 kg, indicating a potential for improved profitability as the industry undergoes capacity reduction [2][3]. Pet Food - Domestic pet food brands performed exceptionally well during the "Double Eleven" sales, with top brands being predominantly local [2]. - The report suggests that the pet food market remains a high-growth area, with recommendations to focus on leading companies like Guobao Pet and Zhongchong Co [2][3]. Chicken Farming - The price of white feather broiler chicks remains stable, with an average selling price of 3.45 CNY/chick, indicating a reasonable profit margin in the industry [2]. - The report notes that the supply of broiler chickens is expected to remain ample throughout 2025, emphasizing the importance of focusing on leading companies for long-term value [2].

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty sector, with specific recommendations for companies like Maogeping and Shangmei Co. [4][9] Core Insights - The cosmetics and medical beauty sector underperformed the market during the reporting period, with the Shenwan Beauty Care Index declining by 3.1% [5] - The upcoming Double 11 shopping festival is expected to boost sales for Shangmei Co. and Maogeping, with strong performance anticipated on platforms like Douyin and Tmall [4][9] - Key companies such as Proya and Shanghai Jahwa reported mixed results, with Proya's revenue for Q3 2025 at 1.736 billion yuan, down 11.63% year-on-year, while Shanghai Jahwa's revenue grew by 28% to 1.483 billion yuan [10][15] Summary by Sections Industry Performance - The cosmetics and medical beauty sector showed a decline, with the Shenwan Cosmetics Index down 2.6% and the Shenwan Personal Care Index down 0.9% [5] - The top-performing stocks included *ST Meigu (+12.3%) and Jinsong New Materials (+6.2%), while Huaxi Biological and Beitaini saw declines of 7.8% and 7.4%, respectively [5] Company Performance - Proya's Q3 2025 revenue was 1.736 billion yuan, a decrease of 11.63% year-on-year, with a net profit of 227 million yuan, down 23.64% [10] - Shanghai Jahwa reported Q3 revenue of 1.483 billion yuan, an increase of 28%, with a net profit of 140 million yuan [15] - Ruoyuchen's Q3 revenue reached 819 million yuan, up 123.4% year-on-year, with a net profit of 33 million yuan [18] Market Trends - The 8th China International Import Expo showcased major international beauty brands, highlighting trends such as high-end market targeting and AI technology in beauty research and development [27] - The report indicates that the Chinese market is evolving into a global innovation hub for beauty products, with a focus on sustainability and green transformation [27] E-commerce Insights - The report provides data on the performance of domestic brands on platforms like Douyin and Tmall, with Shangmei Co. achieving significant growth in GMV [21] - The overall retail sales of cosmetics in September 2025 grew by 8.6%, driven by pre-Double 11 promotions [22][24]

Group 1 - Market sentiment score has continued to rise, reaching 3 as of November 7, up from 2.7 the previous week, indicating further recovery in market sentiment and a generally bullish outlook [1][6] - The trading volume of the entire A-share market slightly decreased this week, with an average daily trading volume of 20,123.50 billion yuan, showing a decline in market activity [1][12] - The industry trend scores have shown significant improvement, with utilities, power equipment, coal, environmental protection, and steel being the strongest short-term trends, particularly utilities with a score of 100 [1][33] Group 2 - The short-term trend scores for the steel industry have rapidly increased, maintaining a dominant position for value and large-cap styles [1][33] - The banking sector also saw a quick rise in short-term trend scores, reinforcing the dominance of value and large-cap styles [1][33] - The model indicates that the overall market and value styles are currently favored, with signals suggesting a potential strengthening of these trends in the future [1][44] Group 3 - The inter-industry trading volatility has risen sharply, indicating increased activity and liquidity in sector switching, with the index breaking through the upper Bollinger band [1][16] - The correlation between funding attention and stock price increases has shown a rebound, suggesting a marginal improvement in short-term market sentiment [1][11] - The financing balance ratio continues to rise, reflecting an increase in market leverage and a more active trading atmosphere [1][22] Group 4 - The model's overall indicators suggest that the market is currently experiencing a structural shift, with high trading congestion in sectors like power equipment, transportation, and coal, while sectors like computers and food and beverage show lower congestion levels [1][36][40] - The report highlights that high congestion in sectors with significant price increases may pose volatility risks, while low congestion sectors could present opportunities for excess returns if conditions improve [1][36][40] - The report emphasizes the importance of tracking industry congestion to identify potential structural risks and optimize asset allocation strategies [1][36]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [12]. Core Insights - The report highlights that the gaming sector is experiencing a recovery with increased clarity on new products for 2026, which may lead to upward revisions in performance. The report emphasizes the importance of differentiated competition based on user preferences and game categories [5]. - The music streaming landscape is undergoing adjustments, particularly with the rise of "Soda Music," which has surpassed 100 million MAU. The report suggests a rational perspective on the music market dynamics, focusing on the ROI of user engagement and content monetization strategies [5]. - AI investments are shifting towards a focus on return on investment (ROI), with significant capital expenditures expected in the domestic market. The report identifies key players in the AI and cloud computing sectors, highlighting their potential for revenue growth and valuation attractiveness [5]. Summary by Sections Gaming Sector - The gaming sector is seeing a recovery with more game licenses being issued, and companies are focusing on differentiated competition based on user and genre [5]. - Key companies to watch include Tencent Holdings, Giant Network, and ST Huatuo, with a focus on their performance and product launches in 2026 [5]. Music Industry - The rise of "Soda Music" has led to adjustments in the music streaming market, with a focus on low-cost content production and user community engagement [5]. - The report emphasizes the importance of high-quality user communities for monetization and the challenges of traditional advertising models in music streaming [5]. AI and Technology - The report anticipates a shift in AI investments towards a focus on ROI, with domestic companies increasing their capital expenditures in AI and cloud computing [5]. - Key companies in the AI space include Tencent, Alibaba, and Baidu, with a focus on their cloud computing capabilities and AI applications [5].