Investment Rating - The report maintains an "Outperform" rating for the real estate industry [2][27]. Core Insights - The recent decline in real estate transactions in major cities is noted, with the October 23rd communiqué from the Fourth Plenary Session of the 20th Central Committee emphasizing the promotion of high-quality real estate development, which is beneficial for quality real estate companies [2][27]. - New home transactions in 30 major cities for the 43rd week of 2025 totaled 2.04 million square meters, down 4.77% from the previous week and down 20.0% year-on-year [28]. - First-tier cities sold 580,000 square meters, up 7.0% from the previous week but down 27% year-on-year, while second-tier cities sold 990,000 square meters, down 4.39% from the previous week and down 13% year-on-year [28]. - The cumulative sales from October 1-23, 2025, in 30 cities reached 4.90 million square meters, reflecting a 0.79% increase from September 2025 but a 22% decrease year-on-year [28]. Summary by Sections New Home Transactions - In the 43rd week of 2025, new home sales in first-tier cities were 580,000 square meters, second-tier cities 990,000 square meters, and third-tier cities 470,000 square meters, showing varying trends in sales [28]. - Cumulatively, from October 1-23, 2025, first-tier cities sold 1.35 million square meters, second-tier cities 2.33 million square meters, and third-tier cities 1.23 million square meters, with year-on-year declines noted across all tiers [28]. Second-Hand Home Transactions - Second-hand home transactions in 24 cities totaled 2.25 million square meters, down 5.32% from the previous week and down 16.98% year-on-year [29]. - First-tier cities sold 853,000 square meters, second-tier cities 961,000 square meters, and third-tier cities 432,000 square meters, with all showing declines both week-on-week and year-on-year [29]. Land Transactions - In the 43rd week of 2025, land supply was 15.95 million square meters, with transactions at 11.48 million square meters, resulting in a supply-to-sales ratio of 1.39 [30]. - Cumulative land supply in 100 major cities this year is 618.76 million square meters, down 14% year-on-year, while cumulative land transfer revenue reached RMB 1.68 trillion, up 2.77% year-on-year [30]. Inventory and Clearance Cycle - The inventory clearance cycle in 35 cities was reported at 22.45 months, indicating a rise from the previous month [31]. - The saleable area was 317.44 million square meters, reflecting a 1.22% increase from the previous month but a 4.36% decrease year-on-year [31].

[Table_Title] 研究报告 Research Report 27 Oct 2025 开云集团 Kering (KER FP) 3Q25 核心品牌与主要市场环比改善，结构优化推动修复拐点显现 Core Brands and Key Markets Show Sequential Recovery in 3Q25, Structural Optimization Drives an Inflection Point 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：10 月 22 日，开云集团发布 3Q2025 业绩。集团收入同比下降 10%；可比门店增速-5%，汇率带来约 5 个百分 点负面影响。各主要品牌与地区均实现环比改善，北美与西欧表现最佳。 [Table_yejiao1] 本研究报告由海通国际分销， ...

Investment Rating - The report maintains an "Overweight" rating for several pharmaceutical companies including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, and Jiangsu Nhwa Pharmaceutical, with related targets such as CSPC Innovation Pharmaceutical [6][28]. Core Insights - The innovative drug sector is experiencing high prosperity, and the report continues to recommend innovative drugs and their industry chain. It highlights the recent global strategic collaboration between Innovent Biologics and Takeda, which is expected to catalyze the innovative drug market [6][29]. - The report notes that the A-Shares pharmaceutical sector underperformed the market in the fourth week of October 2025, with the SW Pharmaceutical and Biological index rising only 0.6% compared to a 2.9% increase in the SHCOMP [8][30]. - In the same period, the Hong Kong pharmaceutical sector also underperformed, while the U.S. pharmaceutical sector performed in line with the market [31][19]. Summary by Sections Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the ongoing recommendation of innovative drugs and the industry chain, maintaining "Overweight" ratings for various companies including Heng Rui Medicine, Hansoh Pharmaceutical, 3SBio, and Nhwa Pharmaceutical. It also recommends Biopharma/Biotech companies with innovative pipelines and increasing performance, maintaining "Overweight" ratings for Innovent Biologics, Xiamen Amoytop Biotech, and others [6][28]. Performance of A-Shares Pharmaceutical Sector - In the fourth week of October 2025, the A-Shares pharmaceutical sector's performance was weaker than the overall market, with a 0.6% increase compared to the SHCOMP's 2.9% rise. The medical service, pharmaceutical commerce, and medical equipment sub-sectors showed relatively better performance [8][30]. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector underperformed the market with a decline of 0.8%, while the U.S. pharmaceutical sector matched the market performance with a 1.9% increase. Notable stock movements included significant gains for companies like WuXi AppTec and declines for Alphamab Oncology in Hong Kong [31][19].

Investment Rating - The report recommends a focus on strong alpha investment opportunities, particularly in quality leaders with marginal performance improvement and light luxury structural demand [2][35]. Core Insights - The luxury goods industry in Q3 2025 exceeded expectations, with North America leading growth and slight improvement in consumption in Mainland China. Major brands like LVMH, Hermès, KERING, and PRADA reported revenue growth of +1.0%, +9.6%, -5.0%, and +8.5% respectively, all improving from Q2 and exceeding consensus expectations [2][35]. - Adidas and Deckers provided annual revenue guidance that fell short of consensus expectations, with Deckers anticipating more tariff impacts in the second half of the fiscal year [3][35]. - In September, China's textile and apparel retail sales grew by 4.7%, showing acceleration from August, while Swiss watch exports improved, indicating a positive trend in consumption [2][5][35]. Summary by Sections Investment Recommendations - Focus on quality leaders with marginal performance improvement, recommending brands such as Shuixing Home Textile, Luolai Lifestyle, HLA Group, and Ellassay Fashion. Additionally, light luxury brands like Prada and Samsonite are highlighted for structural demand opportunities [2][35]. - On the manufacturing side, the report suggests seeking strong alpha manufacturing leaders like Bros Eastern and Anhui Korrun amidst tariff disturbances [2][35]. Industry Performance - The luxury goods sector showed significant improvement in Q3 2025, with most categories and regions experiencing revenue growth. Notably, Miu Miu's revenue surged by 29%, while Hermès and KERING's brands also reported positive growth [2][35]. - The report notes that while there is a slight improvement in consumption in Mainland China, no fundamental changes in the retail environment have been observed [2][35]. Retail and Export Data - In September, China's retail sales of consumer goods and clothing, shoes, hats, and textiles increased by 3.0% and 4.7% year-on-year, respectively, indicating a positive trend in consumer spending [5][17]. - The report highlights that Swiss watch exports to China grew by 17.8% year-on-year, recovering from a low base [5][35].

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating a positive outlook for the sector despite current challenges [3][28]. Core Insights - The report emphasizes the importance of high-quality development in the real estate sector, linking it closely to price stability. It notes that as of September 2025, no cities among the 70 major cities experienced a month-on-month increase in housing prices, with the price gap between new and second-hand homes widening [3][28]. - The central government's focus on real estate is expected to increase over the next five years, with new housing products improving in line with demand trends and outdated restrictive policies being lifted [3][30]. - The report highlights a competitive landscape where demand and resources are increasingly directed towards leading cities and blue-chip developers, suggesting that strong regional development will continue to stimulate market vitality [3][31]. Summary by Sections Investment Recommendations - Recommended companies include: 1) Development: A-Shares - China Vanke, Poly Developments, China Merchants Shekou, Gemdale; H-Shares - China Overseas Land & Investment 2) Commercial and residential: China Resources Land, Longfor Group 3) Property management: Onewo, China Resources Vientiane Life, China Overseas Property, Poly Property Services, China Merchants Property 4) Cultural tourism: Shenzhen Overseas Chinese Town [3][28]. Market Dynamics - The report notes that the share of core cities in the real estate market is expected to increase significantly by 2025, with concentrated land supply cities accounting for 40% of national sales in the first three quarters of 2025 [3][31]. - It discusses the government's strategy to optimize regional economic layouts and promote coordinated development, which is anticipated to enhance market vitality [3][30].

Investment Rating - The report emphasizes a long-term investment theme of "technological self-reliance" in China's tech industry, particularly in the context of AI-led transformation and ongoing US-China trade tensions [4]. Core Insights - The report outlines the strategic importance of enhancing technological self-reliance and achieving breakthroughs in key technologies during the "Fifteenth Five-Year Plan" period, which is expected to significantly improve the national innovation system and foster new productivity [3][4]. - It identifies four key areas for development: strengthening original innovation and key technology breakthroughs, deepening the integration of technological and industrial innovation, advancing education and talent development, and promoting digital integration [3][4]. - The report highlights the potential for creating trillion-level markets through the development of strategic emerging industries such as new energy, aerospace, and quantum technology, which could lead to substantial economic growth over the next decade [3][4]. Summary by Sections - **Investment Highlights**: The report stresses the importance of "technological self-reliance" as a central theme for China's tech industry, suggesting a focus on areas like information innovation, intelligent computing, AI applications, and industrial software [4]. - **Strategic Recommendations**: It recommends prioritizing investments in sectors such as AI, embodied intelligence, low-altitude economy, and smart driving, which are expected to drive significant growth [3][4]. - **Future Industry Layout**: The report discusses the forward-looking layout of future industries, including quantum technology and brain-machine interfaces, which are anticipated to become new economic growth points [3][4].

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or Intel, but it highlights positive revenue growth and strategic advancements, suggesting a favorable outlook for investment [1][7]. Core Insights - Intel's 3Q25 revenue reached $13.7 billion, up 8% year-over-year and 3% quarter-over-quarter, driven by recovery in PC and AI-related demand [1][7]. - The CCG (Client Computing Group) revenue was $8.5 billion, also reflecting an 8% increase, supported by Windows 11 upgrades and AI PC shipments [2][8]. - DCAI (Data Center and AI) revenue grew 5% quarter-over-quarter to $4.1 billion, with AI infrastructure redefining the role of server CPUs [3][9]. - Foundry revenue was $4.2 billion, down 4% quarter-over-quarter, but operating losses narrowed, indicating operational improvements [4][10]. - A strategic partnership with NVIDIA aims to integrate x86 CPUs with NVIDIA GPUs for next-generation AI platforms, enhancing Intel's market position [5][11]. - The outlook for 4Q25 projects revenue between $12.8 billion and $13.8 billion, with a midpoint of $13.3 billion, indicating stable future performance [6][12]. Summary by Sections CCG Business - CCG revenue of $8.5 billion was driven by the migration to Windows 11 and AI PC shipments, with expectations for the global PC TAM to approach 290 million units in 2025 [2][8]. - AI PCs are projected to exceed 100 million units in shipments by 2025, with a penetration rate above 40% [2][8]. DCAI Business - DCAI revenue reached $4.1 billion, with a focus on AI infrastructure that enhances the strategic role of server CPUs [3][9]. - The Xeon 6 platform offers significant cost savings and energy efficiency, positioning Intel to regain market share in AI datacenters [3][9]. Foundry Business - Foundry revenue was $4.2 billion, with ongoing improvements in operational efficiency despite a slight decline in revenue [4][10]. - Intel's Fab 52 in Arizona is fully operational, with expectations for yield improvements in the 18A process by the end of 2026 [4][10]. Strategic Partnerships - The collaboration with NVIDIA focuses on deep integration of CPU and GPU technologies to create advanced AI computing platforms [5][11]. Future Outlook - Intel's guidance for 4Q25 indicates stable revenue expectations, with a focus on capital expenditures to support future growth in foundry and process transformation [6][12].

Group 1 - The report indicates a strong short-term foreign capital buying interest following market adjustments, with a potential small net inflow of 100 billion yuan in the recent week for northbound funds, contrasting with a net outflow of 113 billion yuan in the previous week [1][6] - In the Hong Kong stock market, a total of 95 billion HKD flowed into the market recently, with stable foreign capital outflow of 58 billion HKD and flexible foreign capital inflow of 120 billion HKD [10][11] - The report highlights that in the Asia-Pacific market, foreign capital flowed into Japan while experiencing outflows from India in September, with a net inflow of 10716 billion yen into Japan and a net outflow of 27 million USD from India [20][22] Group 2 - The report notes that stable foreign capital primarily flowed into software services (62 billion HKD), textiles and apparel (23 billion HKD), and discretionary retail (23 billion HKD), while outflows were seen in hardware equipment (-35 billion HKD) and banking (-31 billion HKD) [12][14] - Flexible foreign capital showed significant inflows into ETFs (86 billion HKD) and non-bank financials (36 billion HKD), while outflows were noted in discretionary retail (-30 billion HKD) and pharmaceutical biology (-20 billion HKD) [16][17] - The report also mentions that the Hong Kong Stock Connect saw major inflows into banking (44 billion HKD) and telecommunications services (32 billion HKD), while ETFs experienced a notable outflow of 105 billion HKD [18][19]

Domestic Macro - On October 17, the Ministry of Finance announced that it will advance the issuance of the 2026 new local government debt limit this year, with an increase of 100 billion yuan compared to last year, supporting a broader range of projects [4][16]. - On the same day, the National Development Bank issued nearly 190 billion yuan in new policy financial instruments, focusing on supporting major economic provinces and increasing support for private investment and new productivity sectors, which is expected to drive total project investment of 2.8 trillion yuan [4][16]. - The Fourth Plenary Session of the 20th Central Committee began on October 20, with General Secretary Xi Jinping delivering a work report, emphasizing the goal of achieving a per capita GDP level of a moderately developed country by 2035 and deploying seven major tasks for high-quality development [4][16]. Industry Policy - On October 17, the Ministry of Commerce's Trade Relief Investigation Bureau decided to hold a hearing on the EU's anti-dumping case regarding pork and pork products [5][19]. - The State Council, led by Premier Li Qiang, emphasized the importance of logistics in facilitating the domestic circulation and developing a modern industrial system during a State Council executive meeting on the same day [5][19]. - On October 20, the Ministry of Industry and Information Technology organized a meeting to discuss stabilizing growth in the cement industry, stressing the need to implement the "Cement Industry Stabilization Growth Work Plan (2025-2026)" [5][19]. Local Policy - On October 19, Wuhan introduced several measures to provide more benefits and support for homebuyers and enterprises [6][22]. - On October 21, the first AIC mother fund in the country was launched in Shenzhen, with a scale of 7 billion yuan, aimed at investing in the "20+8" industrial cluster [6][22]. - On October 22, the Yunnan Provincial Government issued a special action plan to financially support private enterprises, emphasizing increased financing support and optimizing credit services [6][22]. Overseas Dynamics - On October 17, U.S. President Trump signed an executive order imposing a 25% new tariff on imports of medium and heavy trucks and parts, effective November 1 [7][23]. - On October 18, S&P downgraded France's long-term foreign currency issuer default rating from "AA-" to "A+" [7][23]. - On October 20, the UK tax authority increased scrutiny of cryptocurrency investors, sending reminders to approximately 65,000 individuals suspected of tax evasion [7][23].

Group 1 - The report highlights that when choosing a financing destination, Chinese assets primarily prefer A-shares, with Hong Kong and US stocks as alternatives, due to the distinct characteristics of the listing systems in these markets [2][7]. - In terms of financial standards, the US stock market is the most flexible, followed by Hong Kong, while A-shares have the strictest requirements, emphasizing performance [5][8]. - The report indicates that the US stock market is the most accommodating regarding company structures, with Hong Kong being somewhat flexible, while A-shares are the most cautious, stressing clear ownership and stable control [5][16]. Group 2 - The report states that the approval efficiency and listing pathways are faster and more diverse in the US and Hong Kong compared to A-shares, which maintain a stringent entry barrier primarily through IPOs [5][23]. - The average application duration for Chinese companies listing in the US from January 2024 to October 2025 is estimated at 404 days, while for Hong Kong, it is significantly shorter at 307 days [24][27]. - A-shares have an average listing time of 745 days from IPO acceptance to listing, reflecting a longer and more rigorous approval process [28][30].