Group 1: New Materials Industry - The rare earth magnetic materials industry experienced a decline of 4.08% this week, underperforming the benchmark by 3 percentage points [2] - The industry valuation (TTM P/E) fell by 3.32 times to 73.9 times, currently at 87.2% of its historical percentile [2] - Prices of rare earth concentrates showed a slight decline, with mixed carbonate rare earth ore prices dropping by 2.78% [3] - Praseodymium and neodymium prices peaked and then fell, with praseodymium oxide average price decreasing by 1.8% [3] - Dysprosium prices continued to decline, with an average decrease of 2.58% for dysprosium oxide [4] - The price of sintered neodymium-iron-boron N35 decreased by 1.45%, indicating weak demand and limited order releases [4] Group 2: Investment Recommendations - The short-term prices in the rare earth sector are driven by market sentiment, with supply expected to decrease before the end of the year, while demand remains positive [5] - The overall valuation and performance levels are supported by loose liquidity and industrial policies, but high valuations may face pressure due to declining market risk appetite [5] - The industry maintains an "overweight" rating, with expectations for price recovery and improved market conditions following the easing of export controls [6] - Focus on upstream rare earth resource companies is recommended due to expected supply contraction and strategic value positioning [6] - Downstream magnetic material companies are also expected to benefit from price recovery, particularly those with strong customer structures and new growth opportunities [6] Group 3: Food and Beverage Industry - The food and beverage industry saw a decline of 0.56% from November 3 to November 7, while outperforming the broader market indices [8] - The industry valuation is currently at a low level, with a PE ratio of 22X, ranking 23rd among primary industries [9] - The CPI showed a mild increase of 0.2% in October, with food prices declining by 2.9% [10][11] - Investment recommendations suggest focusing on leading companies with stable demand and strong risk resistance, as well as those innovating in new products and channels [12] - The food and beverage sector maintains a "buy" rating, emphasizing the potential for recovery in the current low valuation environment [12]

晨 会 纪 要 [2025]第 213 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2025 年 11 月 20 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 轩鹏程 文正平 李杰 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 马丽明 贺钰偲 汪炜 聂孟依 一、 宏观信息与点评 1、工信部印发《高标准数字园区建设指南》，目标到 2027 年，建成 200 个左右高标准数字 园区，算力基础设施实现有效部署和应用；强化"人工智能+可信数据空间"应用，推动园区 数据服务创新；积极开展"人工智能+制造"应用探索，推进工业机器人等智能制造装备规模 化部署。 2、三季度，外国机构投资者进一步增持中国股票。投资范围不同的基金（全球/新兴市场/亚 洲）均小幅提高中国仓位。全球前 40 大投资机构的中国股票持仓也升至 1.1%，为 2023 年一 季度以来的最高水平。 3、香港 2025 年千万富翁人口达 39.5 万人，同比增加 5000 人，相当于占 21 至 79 岁本地人 口约 7%。千万富翁平均于 34 岁赚到"第一桶金"，即累积 100 ...

Macro Strategy - Recent international gold prices are fluctuating at high levels, with domestic jewelry gold prices also remaining elevated. There is a new trend in gold consumption favoring lighter products like gold bars. Short-term gold prices are expected to maintain high volatility. Consumers should pay attention to international gold price fluctuations if investing, and choose purchasing timing based on their budget for wearing needs [2][3] - From January to October, the national general public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8%. The national general public budget expenditure was 22.5825 trillion yuan, a year-on-year increase of 2%. Securities transaction stamp duty revenue was 162.9 billion yuan, a year-on-year increase of 88.1% [2] - By the end of 2024, the total asset scale of urban commercial banks in China is projected to be 60.15 trillion yuan, a 134-fold increase since 1995, accounting for 13.53% of the banking financial institutions, with a market share increase of 8.24 percentage points. The non-performing loan ratio is 1.76%, and the provision coverage ratio is 188.08% [2] Industry and Company Medical Services Industry - The medical and biological sector rose by 3.29%, ranking fifth among the 31 first-level industries. The Shanghai and Shenzhen 300 Index fell by 1.08%, indicating that the medical sector outperformed the index by 4.37 percentage points [6] - The PE (ttm) of the medical services sector is 33.47X, with a PB (lf) of 3.37X. The PE increased by 0.51X and the PB increased by 0.05X compared to the previous week [7][8] - The TIDES CRDMO market is expected to grow significantly, with the global market projected to increase from 2.1 billion USD in 2018 to 5.5 billion USD in 2023, with a CAGR of 20.9%, and further to 37.3 billion USD by 2032, with a CAGR of 23.8%. The Chinese market is expected to grow from 200 million USD in 2018 to 800 million USD in 2023, with a CAGR of 37.1%, and to 6.2 billion USD by 2032, with a CAGR of 25.5% [9] - Investment recommendations for the medical services sector include focusing on high-growth companies in the ADC CDMO and TIDES CDMO areas, as well as companies in the third-party testing laboratories and consumer medical sectors [10] Traditional Chinese Medicine Industry - The traditional Chinese medicine sector rose by 4.08%, ranking third among secondary sub-sectors. Companies such as Te Yi Pharmaceutical and Zhongsheng Pharmaceutical performed well, while others like *ST Changyao and ST Huluwa performed poorly [12] - The PE (ttm) for the traditional Chinese medicine sector is 29.25X, with a PB (lf) of 2.47X, indicating a slight increase from the previous week [13][14] - The market for traditional Chinese medicinal materials is experiencing volatility, with an overall supply surplus due to increased arrivals from new harvests. Recent weather conditions have also impacted harvesting [15] - The steady advancement of centralized procurement in the traditional Chinese medicine industry aims to reduce patient medication costs and shift competition towards cost control and quality standards [16][17] - Investment recommendations for the traditional Chinese medicine sector include focusing on companies with competitive advantages in product quality and cost, as well as those benefiting from national reforms and centralized procurement policies [18][19]

Industry Overview - The vaccine industry is experiencing a structural opportunity due to the rising trend of influenza, with a focus on flu vaccine developments [2][4] - Recent approvals for clinical trials include various vaccines from companies like Zhifei Biological, including a pertussis-diphtheria-tetanus vaccine and an mRNA shingles vaccine [2][4] - The National Influenza Center reported an increase in flu activity, with a total of 621 reported influenza-like illness outbreaks across the country [4] Market Performance - The vaccine sector saw a 3% increase, with the overall pharmaceutical and biological sector rising by 3.29% during the week of November 9-15, 2025 [5] - Notable companies in the vaccine sector that performed well include Jindike, Hualan Biological, and Baike Biological, while companies like Wantai Biological and Zhifei Biological lagged [6] Valuation Metrics - The vaccine sector's price-to-earnings (PE) ratio (ttm) was 101.87X, reflecting a 2.8X increase week-over-week, while the price-to-book (PB) ratio was 1.99X, up by 0.05X [7][8] Investment Insights - The vaccine industry is under pressure, with a notable structural differentiation among companies. The focus is on innovation and international expansion as key strategies for long-term growth [9] - The industry is transitioning from scale expansion to innovation-driven growth, with supply-demand imbalances and homogenized competition causing short-term challenges [9] - Key drivers for the industry's long-term growth include policy support, demand increase due to an aging population, and technological advancements [10] Recommendations - Companies with strong research and development capabilities and differentiated product offerings, such as CanSino and Kanghua Biological, are recommended for investment [10] - Short-term focus should be on companies involved in flu vaccines due to the seasonal increase in demand [10]

证券研究报告 2025 年 11 月 17 日 湘财证券研究所 金融工程研究 跟踪周报 超预期股票精选策略跟踪周报 超预期股票精选策略根据净利润同比超预期、分析师超预期这两个指标构 建超预期股票池；我们选择 Wind 全 A 作为底层股票池，将分析师超预期 TOP50 组合、净利润同比超预期 TOP50-100 组合合并，作为最终的超预期 股票池；为了增强策略收益，我们从量价行情角度挖掘增强因子，最终在 超预期股票池内根据增强因子的排序，选出头部股票构建组合。 相关研究： 1. 《湘财证券-金融工程-超预期股 票精选策略》 2024.08.19 2. 《湘财证券-金融工程-超预期股 票 精 选 策 略 改 进 》 2024.11.19 分析师：别璐莎 证书编号：S0500524010001 Tel：(021) 50293663 Email：bls06644 @xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 主动型量化基金市场表现 上周（2025.11.10-2025.11.14），根据 Wind，主动型量化基金中位数收益为 0.17%，沪深 300 指数收益为-1. ...

Macro Strategy - Fixed asset investment in China showed a cumulative year-on-year decline of -1.70% for the first ten months of 2025, worsening from -0.50% in September. Key components such as infrastructure investment and manufacturing also experienced declines, with infrastructure down by 1.83 percentage points and manufacturing down by 1.30 percentage points. Real estate development investment saw a significant drop of -14.70% compared to -13.90% in September [2][4][5] Stock Market Overview - A-share indices experienced narrow fluctuations and slight declines from November 10 to November 14, 2025, with the Shanghai Composite Index down by 0.18% and the ChiNext Index down by 3.01%. The market is currently in a "slow bull" phase, with expectations of continued wide fluctuations and gradual upward movement in November [3][4][7] Industry Performance - Among the 31 first-level industries, most showed gains, with the top performers being comprehensive and textile sectors, which rose by 6.99% and 4.41% respectively. In contrast, the communication and electronics sectors faced declines of -4.77% each. Year-to-date, energy metals and components have seen significant increases of 92.91% and 85.55% respectively [5][6] Banking Sector Insights - The central bank's report emphasized maintaining reasonable growth in financial totals and solidifying credit support. The report indicated that recent weak credit growth is influenced by various factors, including local government debt replacement and the structural evolution of the economy. The central bank aims to keep financial totals, including credit and bond financing, growing steadily [14][15] - The central bank plans to enhance support for technology finance, which is a key focus of the 14th Five-Year Plan. This includes optimizing monetary policy tools to support technological innovation and ensuring that banks maintain reasonable net interest margins to facilitate continued support for the real economy [15][17] Investment Recommendations - The banking sector is expected to attract investment due to high dividend yields, with recommendations to focus on state-owned banks and potential valuation recovery opportunities in joint-stock and regional banks. Specific banks highlighted include Industrial and Commercial Bank of China, Bank of China, and others [17]

Investment Rating - The industry investment rating is maintained as "Buy" [2][7]. Core Views - Recent data indicates that the year-on-year decline in second-hand housing transactions in first-tier cities has narrowed, while new housing transactions remain under pressure [1][6]. - The market is entering a traditional off-season for transactions, with significant year-on-year declines in new housing sales, while second-hand housing sales are also slowing down [7]. Summary by Sections Recent Performance - In Beijing, the average daily transaction of second-hand homes was 504 units, down 14.5% year-on-year, while new homes saw a 43.3% decline with 85 units sold [4]. - In Shanghai, second-hand homes had an average daily transaction of 756 units, down 15% year-on-year, and new homes saw a 2% decline with 315 units sold [4]. - In Shenzhen, second-hand homes had an average daily transaction of 171 units, down 29%, and new homes saw a significant 77% decline with 64 units sold [5]. - For November (up to the 15th), second-hand home transactions in first-tier cities showed a year-on-year decline of 24%, while new homes declined by 47% [4][5]. Market Trends - The new housing transaction area in 30 major cities decreased by 26% year-on-year, with a notable narrowing of the decline compared to the previous week [6]. - The cumulative transaction area from January to November showed a year-on-year decline of 9.6% [6]. - The year-on-year decline in second-hand housing transactions across 13 cities was 21% for the week and 31% for November, with a cumulative increase of 5% from January to November [6]. Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities and land reserves in core cities, such as Poly Developments [7]. - It also highlights the potential for valuation recovery among leading intermediary firms benefiting from an increase in second-hand housing transactions, such as Wo Ai Wo Jia [7].

证券研究报告 2025 年 11 月 16 日 湘财证券研究所 行业研究 稀土磁材行业周报 1 本周行业涨跌幅及价格统计时间区间为 2025/11/10 至 2025/11/14，下同。 2 估值历史分位数计算使用数据区间为 2012/02/17 至 2025/11/14，下同。 敬请阅读末页之重要声明 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -18 -1 47 绝对收益 -16 10 61 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 本周行业继续调整，产业链价格短期转弱 相关研究： | 《本周行业表现延续弱势，轻重稀土价格走 | | | --- | --- | | 势分化》 | 20251109 | | 《本周板块小幅下跌，产业链价格回升》 | | | 20251103 | | 据 Wind 数据，本周1稀土磁材行业下跌 4.08%，跑输基准（沪深 300） 3pct。行业估值（市盈率 TTM）回落 3.32x 至 73.9x， ...

Investment Rating - The industry rating is maintained at "Overweight" [10] Core Views - The report emphasizes maintaining reasonable growth in financial totals and stabilizing credit support [7][32] - The central bank's monetary policy aims for moderate easing, ensuring relatively loose social financing conditions while enhancing policy execution and transmission [8][32] - The report highlights the importance of maintaining a reasonable net interest margin to expand monetary policy space [9][33] Summary by Sections Industry Performance - The banking index increased by 1.70% during the period from November 10 to November 16, 2025, outperforming the CSI 300 index by 2.78 percentage points [12] - Large banks showed a leading market performance with a growth of 3.19% [12] Monetary Policy Insights - The central bank's report indicates that the overall economic operation is stable, although recent investment has weakened, affecting social financing growth [8][32] - The central bank believes that a slight decrease in loan growth reflects changes in the financial supply side, which is considered reasonable [8][32] Credit and Financing - Recent credit growth has been weak, primarily due to local special bond replacements and the evolution of the economic structure [8][32] - The report suggests that the effectiveness of policy financial tools in supporting project financing is yet to be seen [10][35] Investment Recommendations - The report recommends focusing on state-owned banks for stable high dividend investment value and potential valuation recovery opportunities for joint-stock and regional banks [10][35] - Specific banks recommended include Industrial and Commercial Bank of China, Bank of China, CITIC Bank, Jiangsu Bank, Shanghai Rural Commercial Bank, Chongqing Rural Commercial Bank, and Suzhou Bank [10][35]

Investment Rating - The industry investment rating is maintained at "Overweight" [2][22] Core Insights - The retail sector saw a 4.06% increase last week, outperforming the CSI 300 index by 5.14 percentage points [2][7] - The total sales during the 2025 "Double Eleven" shopping festival reached 16,950 billion, a year-on-year increase of 14.2% [4][20] - The current PE ratio for the retail sector is 51.03X, with a PB ratio of 2.06X [3][15][18] Industry Performance - The retail sector's performance over the past month shows a relative return of 4.6%, a 3-month return of -2.7%, and a 12-month return of 2.3% [2] - The retail sector's absolute returns were 4.4% over the past month, 8.1% over the past 3 months, and 18.9% over the past year [2] Industry Dynamics - The "Double Eleven" shopping festival highlighted a shift in consumer behavior towards rational spending, with a focus on quality and brand value [4][20] - The home appliance sector is expected to maintain strong growth due to ongoing subsidy policies, while competition is evolving towards AI empowerment and green solutions [4][20] - The beauty industry is experiencing significant structural upgrades, with a focus on high-end products and effective performance [4][20] Investment Recommendations - The report suggests focusing on sectors that emphasize experience, content, and community engagement, particularly in smart home appliances and beauty care [4][21][22] - Attention is recommended for high-end domestic beauty brands and the instant retail supply chain during the "Double Eleven" period [5][22]