Market Review - The A-share market is gradually forming a slow bull trend, with technology growth as the main driver. As of November 28, 2025, the Shanghai Composite Index, ChiNext Index, and Sci-Tech 50 Index have increased by 16.0%, 42.5%, and 34.2% respectively, with sectors such as non-ferrous metals, telecommunications, and power equipment leading the gains [10][15][18]. Market Environment - The external economic environment is expected to recover moderately, with the U.S. potentially entering a phase of "loose monetary + loose fiscal" policies. This is likely to sustain technology investment and maintain resilient consumer spending [23][24]. - Domestic new growth drivers continue to strengthen, with corporate profit expectations improving. The "14th Five-Year Plan" emphasizes economic construction, and fiscal policies are expected to support technology innovation, livelihood security, and infrastructure investment [23][31]. - A-share corporate profitability is anticipated to continue improving, with certain industries such as military industry, power equipment, TMT (Technology, Media, and Telecommunications), pharmaceuticals, non-ferrous metals, and steel expected to see upward trends in profitability [23][26]. Structural Opportunities - The "14th Five-Year Plan" outlines four major industrial directions, with technology and manufacturing as dual cores leading the way. Key areas include: 1. **Technology Innovation**: Focus on high-level technological self-reliance and nurturing emerging industries, with AI as a core investment theme. Global AI capital expenditure is expected to grow significantly, supporting high prosperity in related industries [23][31]. 2. **Advanced Manufacturing**: Strengthening the global leading position in advantageous manufacturing sectors, particularly in new energy and defense industries, which are expected to benefit from national security demands and military trade upgrades [23][31]. 3. **Domestic Circulation**: Building a strong domestic market to boost consumption and address internal competition issues. Policy support is expected to release new consumer demand potential [23][31]. 4. **Resource Security**: Enhancing the protection and utilization of strategic resources, with macroeconomic and fundamental resonance likely to drive up non-ferrous metal prices [23][31]. Market Outlook - The report suggests focusing on four main lines for investment opportunities: 1. **Technology Innovation**: Emphasizing the AI industry chain, including semiconductors, communications, PCB, applications, and robotics [23][31]. 2. **Advanced Manufacturing**: Paying attention to new energy and defense industries [23][31]. 3. **Upstream Cycles**: Monitoring price signals in non-ferrous metals and chemicals [23][31]. 4. **Domestic Consumption**: Focusing on new consumption trends [23][31].

证券研究报告 公募REITs三季报： 整体符合预期，稳定优于周期 ※ 核心观点 注：此前我们对解禁的专题研究，见平安固收团队《证券转向超配产业园，未来关注解禁带来的配置机会》20250917 2 • 25Q3季报符合预期，稳定/周期之间有分化。剔除扩募扰动后，25Q3季报收入同比-4%（本文无特殊说明的，均为25Q3数据）。收入、 可供分配完成度分别为95%、98%，边际均有所上行。结构上，延续周期板块下行、稳定板块稳健增长的趋势。按业绩由好至弱，叠加 考虑业绩强弱的延续性，可分为三个梯队，保障房、消费＞经营权＞产业园、仓储。 • 稳定板块：保障房、消费延续稳健增长。剔除扩募扰动后，保障房出租率波动不大。消费收入同比+4%。两个板块剔新券后的收入、可 供分配金额完成度均在100%以上，在各板块中处于较高水平。 • 经营权类延续宽幅波动。正向波动的是环保，收入完成度均达标，且富国首创水务可供分配金额完成度在130%以上。负向波动的主要 是交通、能源、水利。经营权波动多与水光风资源、路网变动等因素有关，一般来说是短期扰动。相对值得跟踪的长期变化是能源的电 力市场化，从25Q3季报来看，各项目电力市场化交易进度有差 ...

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report's Core View - The recovery signal of the fundamental situation still needs to be observed, the momentum factor remains bearish, and the market sentiment is rising from a low level. It is recommended to maintain an under - allocation of equity assets. In the short - term style, the small - cap style is expected to dominate in December, and the growth style will continue to dominate. It is recommended to focus on small - cap and growth styles. For fixed - income + funds, it is recommended to focus on relatively stable varieties, and for bond funds, focus on short - duration varieties [2][74]. 3. Summary According to the Catalog 11 - month Review Stock Market - A - shares declined, with the Shanghai Composite Index falling 1.67% and the Science and Technology Innovation 50 falling 6.24%. The Dow Jones Index rose 0.32%, and the Nasdaq Index fell 1.51%. Affected by concerns about the valuation of the US stock AI sector and the volatility of the Fed's interest - rate cut expectations, A - shares and Hong Kong stocks declined, and US stocks fluctuated [8][13]. Bond Market - US bond yields declined, with the 1 - year US bond yield dropping to 3.61% and the 10 - year US bond yield dropping to 4.02%. Domestic bond yields rose, with the 1 - year Treasury yield rising to 1.40% and the 10 - year Treasury yield rising to 1.84%, and the term spread widened. The decline in US bond yields was due to the volatility of the Fed's interest - rate cut expectations, while the rise in domestic bond yields was because the central bank's Treasury purchase volume was lower than expected [8][17]. Foreign Exchange Market - The US dollar index declined to 99.44, and the RMB appreciated. The on - shore exchange rate of the US dollar against the RMB rose to 7.08, and the off - shore exchange rate rose to 7.07. The decline in the US dollar index was due to the continuous volatility of the Fed's interest - rate cut expectations, and the RMB appreciation was supported by the weakening of the US dollar and the strong domestic economic fundamentals [20]. Commodity Market - Crude oil prices fell to $63.2 per barrel. Domestic commodity prices rose slightly after fluctuations, and overseas commodity prices fell overall after rising first and then falling. Among domestic commodities, precious metals and grains led the gains, while coal, coking, steel, minerals, agricultural and sideline products, non - metallic building materials, non - ferrous metals, energy, and chemicals declined [25]. Fund Market - The performance of the fund market in November was poor. The issuance scale increased to 94.6 billion yuan, a 31% increase from the previous month. Structurally, the issuance scale of equity funds was 45.3 billion yuan, a 30% increase from the previous month, accounting for 48% of the total issuance. ETF funds had a net inflow of 100.9 billion yuan (excluding money funds), and LOF funds had a net outflow of 320 million yuan. Among them, equity - type ETF products had a net inflow of 32.3 billion yuan, and equity - type LOF products had a net outflow of 440 million yuan. Active equity funds increased their positions in dividend, value - potential, and prosperous styles and reduced their positions in quality styles [30][36][37]. 12 - month Outlook Overseas Environment - The market's expectation of the Fed's interest - rate cut within the year fluctuated significantly, and the market expected the Fed to cut interest rates in December. The probability of the Fed cutting interest rates in December increased to over 80%. US bond yields first rose and then fell, with an overall decline [43]. Domestic Environment - The private - sector financing growth rate continued to decline, and the inflation factor rebounded from a low level. It is recommended to maintain an under - allocation of equity assets as the economic recovery signal still needs to be observed, and the momentum factor remains bearish [47]. Trading Perspective - The stock - market odds were close to the three - year average, and the A - share market sentiment was rising from a low level but had not yet returned to the optimistic range [48][52]. Market Style - The growth - value style rotation model shows that the market factor, US bond yield, and style momentum are all favorable for growth, and the growth style will continue to dominate. The small - large - cap style rotation model shows that the current credit environment, monetary environment, and long - and short - term style momentum all recommend the small - cap style [59][64]. Hong Kong Stock Market - The number of macro - indicators bullish on Hong Kong stocks decreased compared with last month. The model recommends an under - allocation of Hong Kong stocks as the private - sector financing growth rate, Hong Kong dollar M2 growth rate, and Chinese sovereign CDS spread are bearish, although the US dollar index and south - bound funds are bullish [68]. Domestic Bond Market - Short - term liquidity remained in a tight balance, and long - term interest rates rose. It is recommended to focus on short - duration bond funds as short - term bonds have better opportunities than long - term bonds [71]. Fund Allocation Strategy - It is recommended to maintain an under - allocation of equity assets and focus on small - cap and growth styles. For fixed - income + funds, focus on relatively stable varieties, and for bond funds, focus on short - duration varieties. Recommended funds include Dongwu Mobile Internet (001323.OF, medium - high risk), CITIC Prudential Multi - Strategy (165531.OF, medium - high risk), Harvest New Consumption (001044.OF, medium - high risk), BOC Steady Income (380009.OF, medium risk), and Penghua Stable Short - Term Bond (007515.OF) [2][74].

Investment Rating - The report maintains a "Strong Buy" rating for the renewable energy sector, particularly highlighting the wind and solar segments as outperforming the market [2]. Core Insights - The report emphasizes the significant contracts emerging in the energy storage supply chain, with Longi signing a major project in the Middle East for BC components, indicating strong international demand [6][7]. - The wind power index has shown a 4.06% increase, outperforming the CSI 300 index by 2.42 percentage points, reflecting a positive market sentiment [5][11]. - The report notes that the domestic wind turbine bidding prices are stabilizing, which is expected to improve the profitability of turbine manufacturers [7]. Summary by Sections Wind Power - The Waning Floating Project has completed its cable procurement, with the project expected to be operational by 2027, marking a significant milestone in China's offshore wind development [10]. - The wind power index has increased by 4.06% this week, with a current PE_TTM valuation of approximately 25.13 times [11]. - Key companies in the wind sector, such as Goldwind Technology and Mingyang Smart Energy, are recommended for investment due to their expanding overseas markets and improving profitability [7][15]. Solar Power - Longi Green Energy has signed a cooperation agreement for a 1.5GW solar project in Abu Dhabi, showcasing its competitive edge in both domestic and international markets [6]. - The solar equipment index has risen by 4.18%, with the current PE_TTM valuation around 44.19 times, indicating strong market performance [5]. Energy Storage & Hydrogen - The energy storage supply chain is witnessing large-scale contracts, with Dragon Power Technology and Chuangneng New Energy agreeing to a significant procurement deal, highlighting the trend of securing supply chains amid rising demand [7]. - The energy storage index has increased by 4.79%, with a current PE_TTM of 30.73 times, reflecting a robust market outlook [5]. - Companies like Sungrow Power and Haibo Technology are recommended for their strong market positions and growth potential in the energy storage sector [7].

Economic Growth Outlook - The GDP growth target for China in 2026 is expected to remain around 5%[4] - The contribution of final consumption expenditure to GDP growth is projected to be 53.5% in 2025, up from 44.5% in 2024[26] - The anticipated growth rate of social retail sales is around 4% in 2026, with final consumption expenditure growth expected to exceed 5%[51] Export Performance - China's export share is projected to continue its upward trend, with an expected growth rate of 4-5% in 2026[21] - As of July 2025, China's export share reached 15.1%, up from 14.9% in 2024, indicating strong global competitiveness[14] Investment Stability - Real estate investment is expected to stabilize, with a projected decline of around 10.2% in 2026, a significant improvement from previous years[55] - Infrastructure investment growth is anticipated to rebound significantly in 2026, supported by new policy tools and long-term special bonds[74] Inflation and Price Trends - CPI is expected to rise to around 0.6% in 2026, driven by food prices, while PPI is projected to recover from a decline of -2.8% in 2025[95][116] - The core CPI is expected to maintain a higher level of around 0.8-1% in 2026, reflecting improved consumer confidence and spending[110] Fiscal Policy Outlook - The narrow deficit ratio is projected to increase to 4-4.3% in 2026, with a special bond issuance of approximately 1.5 trillion yuan[127] - New local special bonds are expected to be in the range of 5-5.5 trillion yuan, marking an increase from 2025[128]

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The third-generation EGFR TKI has become the first-line standard therapy for advanced EGFR mutation NSCLC, significantly extending median progression-free survival (mPFS) to 18.9-22.1 months compared to earlier generations [4][24]. - The domestic EGFR TKI market is expected to exceed 20 billion CNY in 2024, with third-generation EGFR TKIs accounting for 88% of the market share [4][30]. - There is an urgent need to address resistance mechanisms following third-generation EGFR TKI treatment, with ongoing exploration of fourth-generation TKIs, bispecific antibodies, and antibody-drug conjugates (ADCs) [5][32]. Summary by Sections 1. High Incidence of Lung Cancer in China - Lung cancer is the most common malignant tumor globally, with approximately 2.6 million new cases expected in 2024, including about 1.15 million in China [8]. - Non-small cell lung cancer (NSCLC) accounts for around 85% of lung cancer cases, with adenocarcinoma and squamous cell carcinoma being the most prevalent subtypes [8]. 2. Third-Generation EGFR TKI as First-Line Therapy - The third-generation EGFR TKI has established itself as the first-line treatment for advanced EGFR mutation NSCLC, with significant improvements in mPFS compared to first and second generations [4][16][24]. - The report highlights the efficacy of third-generation TKIs in overcoming common mutations and their favorable safety profile [4][24]. 3. Exploration of Resistance Mechanisms - The report discusses the complexity of resistance mechanisms to third-generation EGFR TKIs, including both EGFR-dependent and independent pathways [5][32]. - Current research focuses on developing fourth-generation TKIs targeting specific mutations and exploring combination therapies with bispecific antibodies and ADCs [5][32][39]. 4. Investment Recommendations - The report emphasizes the growth potential of third-generation EGFR TKIs and suggests monitoring companies like Hansoh Pharma and Eli Lilly for market penetration and sales growth [51]. - It also highlights the progress of ADCs and bispecific antibodies in clinical trials, indicating a robust pipeline for future treatments [51][52].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company is currently facing pressure on sales and performance, particularly with the L series needing revitalization. The anticipated product upgrades in 2026 are seen as crucial for overcoming current challenges [4][7][8]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 27.4 billion yuan, a decrease of 36.2% year-on-year and 9.5% quarter-on-quarter, with a net loss of 6.2 billion yuan [4]. - The company delivered 93,000 vehicles in Q3 2025, down 39.0% year-on-year and 16.1% quarter-on-quarter. The automotive sales revenue was 25.9 billion yuan, reflecting a decline of 37.4% year-on-year and 10.4% quarter-on-quarter [7]. - The gross margin for automotive business in Q3 was 15.5%, down 5.4 percentage points year-on-year and 3.9 percentage points quarter-on-quarter. Excluding the impact of the MEGA recall, the gross margin would have been 19.8% [7]. Future Projections - Revenue projections for 2025 to 2027 have been adjusted to 9 billion, 36 billion, and 60 billion yuan respectively, reflecting a significant downward revision from previous estimates [8]. - The company expects Q4 2025 deliveries to be between 100,000 and 110,000 units, with October's deliveries at 32,000 units [7]. Product Strategy - The L series product upgrades are deemed essential for the company to navigate its current difficulties, with expectations for enhancements in features such as high-level autonomous driving capabilities and battery technology [7][8]. - The report highlights that the L9 model, which has been on the market for over three years, requires significant upgrades to improve its competitiveness [7]. Valuation Metrics - The company’s estimated P/E ratio for 2025 is 154.2, indicating a high valuation relative to earnings, while the P/B ratio is projected to be 2.0 [6][12].

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the CSI 300 index by more than 5% within the next six months [34]. Core Insights - The Financial Stability Board (FSB) has released the 2025 list of Global Systemically Important Banks (G-SIBs), with five Chinese state-owned banks included. Notably, the Industrial and Commercial Bank of China (ICBC) has moved to the third group, requiring an additional capital requirement increase from 1.5% to 2.0% [4][12]. - The China Securities Regulatory Commission (CSRC) has issued a draft announcement for the pilot of Commercial Real Estate Investment Trusts (REITs), aimed at revitalizing the commercial real estate market and filling the gap for quality investment targets [5][13]. - A joint announcement from six departments outlines a plan to enhance the adaptability of supply and demand for consumer goods, targeting significant improvements in the supply structure by 2027 and fostering a high-quality development pattern by 2030 [6][19]. Summary by Sections Global Systemically Important Banks - The FSB has categorized Chinese banks into different groups, with ICBC in the third group, Agricultural Bank of China, Bank of China, and China Construction Bank in the second group, and China Communications Bank in the first group. This classification reflects the banks' systemic importance and associated capital requirements [4][12]. Commercial Real Estate Investment Trusts - The CSRC's draft announcement outlines the framework for establishing Commercial REITs, which will allow investment in commercial real estate assets to generate stable cash flows. This initiative is expected to address challenges in the commercial real estate sector and enhance financing channels [5][13]. Consumer Goods Supply and Demand - The joint plan from six government departments aims to optimize the supply structure of consumer goods, with specific targets for 2027 and 2030. The focus is on creating significant consumer sectors and enhancing the quality of products available in the market [6][19]. Industry Data - The banking sector saw a net injection of 15,118 billion yuan through open market operations, while the SHIBOR rates showed mixed performance. The average daily trading volume in the stock market was 21,585 billion yuan, reflecting a decrease of 7.4% from the previous week [21][27][29]. - The insurance sector's ten-year government bond yield increased by 2.46 basis points, indicating a slight upward trend in interest rates [32].

Investment Rating - The industry investment rating is "Outperform the Market" [1][31]. Core Viewpoints - The report highlights the initiation of centralized procurement for electrophysiology and neuro-interventional medical consumables in Beijing, which is expected to promote the entry of domestic high-end products and accelerate domestic substitution [4]. - The procurement covers all public medical institutions in Beijing, with a two-year agreement period, and includes various categories of electrophysiology and neuro-interventional products [4]. - The report suggests focusing on leading companies with comprehensive layouts in the electrophysiology field, such as Huatai Medical and Microelectrophysiology [4]. Summary by Sections Industry Overview - The centralized procurement for electrophysiology and neuro-interventional consumables has officially started, with a deadline for submission set for December 1 [4]. - The procurement is led by six top-tier hospitals in Beijing and aims to enhance the availability of domestic products [4]. Investment Strategy - The report recommends attention to innovative drug companies with rich pipeline layouts, such as Heng Rui Medicine, BeiGene, and China Biopharmaceuticals [6]. - It also highlights companies with significant single-product potential and those leading in advanced technology platforms [6]. Market Performance - The pharmaceutical sector saw a 2.67% increase last week, outperforming the CSI 300 index, which rose by 1.64% [9][20]. - In the Hong Kong market, the pharmaceutical sector increased by 3.85%, leading among 11 sectors [30]. Notable Industry News - Abbott announced a $21 billion acquisition of Exact Sciences, enhancing its position in the cancer diagnostics field [13]. - Johnson & Johnson is acquiring Halda Therapeutics for $3.05 billion, focusing on prostate cancer treatments [14]. - A significant ophthalmic drug has been approved for market release, expanding treatment options for age-related macular degeneration [16]. - Novartis received approval for its oral drug Remibrutinib in China, targeting chronic spontaneous urticaria [17].

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - Alibaba's Q2 FY2026 report shows significant growth in capital expenditure and AI-related product revenue, with a 80.1% year-on-year increase in capital expenditure to 31.5 billion yuan [2][7] - The AI-related product revenue continues to demonstrate strong momentum, achieving a triple-digit year-on-year growth for another quarter [6] - The competitive landscape in the global AI large model sector remains intense, driving the adoption and application of large models, which will boost the AI computing power market [21] Summary by Sections Industry News and Commentary - Alibaba's Q2 FY2026 report indicates a revenue of 247.8 billion yuan, a 5% year-on-year increase, with a 15% increase when excluding disposed businesses [5] - The cloud intelligence business of Alibaba shows robust growth, with revenue reaching 39.8 billion yuan, a year-on-year growth of 34% [5][6] - Kuaishou's new multimodal model Keye-VL-671B-A37B has been released, showcasing superior performance in various benchmarks, which is expected to enhance the application of domestic large models [10][13] Weekly Market Review - The computer industry index rose by 3.08%, outperforming the CSI 300 index by 1.44 percentage points [15] - As of the last trading day of the week, the overall P/E ratio for the computer industry was 54.2 times, with 304 out of 360 A-share component stocks rising [18] Investment Recommendations - The report recommends focusing on AI-related investment opportunities, particularly in AI computing power and algorithms [21] - Specific stock recommendations include HaiGuang Information, Industrial Fulian, Inspur Information, and others in the AI computing power sector, as well as strong recommendations for companies like Hengsheng Electronics and Zhongke Chuangda in AI algorithms and applications [21]