Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2][47]. Core Viewpoints - The opening of the "Shago Desert" clean energy base project in Qinghai, which is the largest approved new energy installation in the country, is expected to create a certain demand for the domestic new energy industry chain [3][42]. - The power equipment sector has experienced a decline of 10.21% over the past two weeks, underperforming the CSI 300 index by 6.24 percentage points, ranking 31st among 31 sectors [11][10]. - The report suggests focusing on leading new energy companies with advanced technology and scale due to the significant investment in the new energy base project [42]. Summary by Sections 1. Market Review - As of November 27, 2025, the power equipment sector has seen a year-to-date increase of 38.23%, outperforming the CSI 300 index by 23.47 percentage points, ranking 5th among 31 sectors [11][10]. - The wind power equipment sector declined by 4.29%, the photovoltaic equipment sector by 9.98%, and the grid equipment sector by 11.12% in the last two weeks [11][19]. 2. Valuation and Industry Data - As of November 27, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.19 times, with sub-sectors like electric motors at 55.76 times and photovoltaic equipment at 29.60 times [24][5]. - The report provides detailed valuation metrics for various sub-sectors, indicating a range of PE ratios from 27.51 times for grid equipment to 55.76 times for electric motors [24][5]. 3. Industry News - The "Shago Desert" clean energy base project has a total planned capacity of 19.44 million kilowatts, with over 80% from renewable sources, and is expected to stabilize power supply [37][42]. - The project will utilize a ±800 kV ultra-high voltage direct current transmission line to deliver power to the Guangdong-Hong Kong-Macao Greater Bay Area [37][42]. 4. Company Announcements - The report highlights several companies to watch, including Guodian NARI, Sunshine Power, and Goldwind Technology, which are noted for their technological advancements and market positions in the new energy sector [43][42].

房地产及建材行业 房地产-标配（维持） 建材材料-标配（维持） 房地产及建材行业双周报（2025/11/14-2025/11/27） 行 业 双 周 SAC 执业证书编号： 申万房地产行业指数走势 房地产周观点：中指院：10月百城二手住宅均价为13268元/平，环比下 跌0.84%，同比下跌7.60%，在高挂牌量及预期偏弱影响下，二手房价格 下行压力仍较大。新建住宅均价为16973元/平，环比上涨0.28%，同比 上涨2.67%。截至10月末，全国商品房销售面积累计同比下跌6.8%，全 国商品住宅销售面积累计同比下跌7%，降幅相比9月末分别扩大1.3个百 分点和扩大1.4个百分点。全国商品房销售金额同比下降9.6%，全国商 品住宅销售金额同比下降9.4%，降幅进一步扩大。从房企三季报业绩来 看，行业整体亏损程度相比二季末进一步扩大。整体来看，行业基本面 仍处于"磨底"阶段。我们认为，未来一段时间，加码政策出台及行业 基本面站稳回升的进程，将主导板块行情走势。中长期来看，行业发展 将从"高杠杆、高周转"转向"品质、服务、可持续"，并以城市更新 释放存量潜力。在行业大洗牌及出清背景下，更看好经营稳健的头部央 国企 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Viewpoints - The report highlights the commencement of the "Shago Desert" clean energy base project in Qinghai, which is the largest approved new energy installation in the country, with a total investment of nearly 73 billion yuan and a planned power capacity of 19.44 million kilowatts [3][42] - The project aims to create a multi-energy complementary structure with over 80% of its capacity coming from renewable sources, including 6 million kilowatts of wind power and 9.6 million kilowatts of solar power [42] - The report suggests focusing on leading new energy companies that have technological and scale advantages due to the certainty of demand created by this project [42] Market Review - As of November 27, 2025, the power equipment sector has seen a decline of 10.21% over the past two weeks, underperforming the CSI 300 index by 6.24 percentage points, ranking 31st among 31 sectors [11][13] - Year-to-date, the sector has increased by 38.23%, outperforming the CSI 300 index by 23.47 percentage points, ranking 5th among 31 sectors [11][13] - The wind power equipment sector fell by 4.29%, solar equipment by 9.98%, grid equipment by 11.12%, motor equipment by 4.56%, battery equipment by 11.20%, and other power equipment by 7.80% in the last two weeks [11][19] Valuation and Industry Data - As of November 27, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.19 times [4][24] - Sub-sector PE ratios include: motors at 55.76 times, other power equipment at 52.32 times, solar equipment at 29.60 times, wind equipment at 31.80 times, battery equipment at 32.15 times, and grid equipment at 27.51 times [4][24] Industry News - The report notes the official start of the Qinghai Hainan clean energy base project, which is expected to stabilize power supply and create demand certainty for the domestic new energy industry chain [37][42] - The project will utilize a ±800 kV ultra-high voltage direct current transmission line to deliver power to the Guangdong-Hong Kong-Macao Greater Bay Area [37][42]

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [30]. Core Insights - The report highlights the entry of Alibaba and Tencent into the consumer AI market, focusing on the commercialization of AI applications. It emphasizes the potential for these tech giants to leverage their extensive user ecosystems and AI technologies to create a complete AI business loop, enhancing competitiveness and profitability [19][27]. - The report suggests actively monitoring the commercialization process of AI applications and favoring companies that are expected to accelerate performance through AI-driven technologies and products [27]. Summary by Sections Industry Performance Review - The computer industry index fell by 2.38% over the two weeks from November 14 to November 27, 2025, outperforming the CSI 300 index by 1.59 percentage points, ranking 6th among 31 first-level industries. The index dropped 6.02% in November, underperforming the CSI 300 by 3.32 percentage points, but has risen 17.58% year-to-date, outperforming the CSI 300 by 2.83 percentage points [8][11]. Valuation Situation - As of November 27, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 54.14 times, placing it in the 86.46th percentile over the past five years and the 73.87th percentile over the past ten years [18]. Industry News - Key developments include Alibaba's launch of the "Qianwen" project aimed at the AI to C market, and Tencent's plans to introduce an AI assistant within WeChat. Both companies are expected to enhance their platforms with AI capabilities, potentially creating new revenue streams [19][21][27]. - Nvidia reported a revenue of $57 billion for Q3 FY2026, a 62% year-on-year increase, driven primarily by its data center business [21]. Company Announcements - Recent announcements include various companies' strategic moves, such as Zhongfu Information's capital increase and Chuangxin Technology's potential stock issuance, which may lead to changes in control [22][24]. Weekly Perspective - The report reiterates the significance of Alibaba's "Qianwen" project and Tencent's AI initiatives, suggesting that these developments could lead to a robust AI commercial ecosystem, benefiting both companies and the broader industry [26][27]. Recommended Stocks - The report identifies several companies to watch, including: - Guodian Yuntong (002152.SZ) for its stable growth in fintech and deepening layout in data elements and computing power. - Shenzhou Digital (000034.SZ) as a core partner in the "Kunpeng + Ascend" industry chain, expected to benefit from rising domestic computing power demand. - Inspur Information (000977.SZ) for its focus on cloud computing and AI, maintaining a leading position in AI servers [28].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, expecting the industry index to outperform the market index by more than 10% in the next six months [31]. Core Insights - As of November 27, the Shenwan Basic Chemical Index has decreased by 7.3% over the past two weeks, underperforming the CSI 300 Index by 3.3 percentage points, ranking 30th among 31 Shenwan industries. Year-to-date, the index has increased by 26.0%, outperforming the CSI 300 Index by 11.2 percentage points, ranking 8th among 31 industries [5][13]. - All sub-sectors of the Shenwan Basic Chemical Index experienced declines in the past two weeks, with the non-metallic materials sector down 12.0%, chemical fiber down 9.3%, and chemical raw materials down 8.4% [16]. - Among the 404 listed companies in the Shenwan Basic Chemical Index, 46 saw their stock prices rise, with Huaron Chemical, Guofeng New Materials, and Xinjin Road leading with increases of 30.4%, 29.1%, and 25.8%, respectively. Conversely, 358 companies experienced declines, with Jiaao Environmental Protection, Taihe Technology, and Annada showing significant drops of -29.2%, -28.5%, and -26.9% [18]. Summary by Sections Market Review - The Shenwan Basic Chemical Index has shown a year-to-date increase of 26.0%, with significant performance variations across sub-sectors [5][13]. - The non-metallic materials sector has been the worst performer recently, while the plastic sector has shown the highest year-to-date growth of 51.3% [16]. Chemical Product Price Trends - Recent price increases were noted in several chemical products, including caprolactam (+5.49%) and synthetic ammonia (+3.32%), indicating a general upward trend in the market [23][24]. Key Industry News - DuPont announced the groundbreaking of a new production base for MOLYKOTE® special lubricants in Jiangsu, expected to commence operations in early 2027 [27]. - A strategic cooperation agreement was signed between BASF and Sinopec to promote the large-scale application of biogas in Nanjing [27]. Industry Outlook - The report highlights that from January to October, the total profit of industrial enterprises above designated size reached 59,502.9 billion yuan, a year-on-year increase of 1.9%, with the chemical raw materials and products manufacturing sector seeing a profit decline of 5.4% [28]. - The report suggests focusing on companies like Sanmei Co., Ltd. and Juhua Co., Ltd. due to their significant profit growth driven by rising refrigerant prices [28][29].

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [2][3]. Core Insights - The overall fundamentals and performance of the building materials sector have shown signs of recovery [2]. - The real estate market is currently under pressure, with significant declines in sales and prices, but there is potential for policy support to stabilize the market [5][26]. - The industry is transitioning from a focus on high leverage and turnover to an emphasis on quality, service, and sustainability, with urban renewal expected to unlock potential [5][26]. Summary by Sections Real Estate Sector Overview - As of October 2025, the average price of second-hand residential properties in 100 cities was 13,268 CNY/sqm, down 0.84% month-on-month and 7.60% year-on-year [5][26]. - New residential properties averaged 16,973 CNY/sqm, up 0.28% month-on-month and 2.67% year-on-year [5][26]. - Cumulative sales area of commercial housing fell by 6.8% year-on-year, with a 9.6% decline in sales value [5][26]. - The industry is in a "bottoming" phase, with expectations for policy measures to support recovery [5][26]. Building Materials Sector Overview - The cement industry is now included in the national carbon market, with companies over 2.6 million tons of CO₂ equivalent subject to quota management [5][45]. - The overall revenue of the cement industry is under pressure, but profitability is improving, particularly for leading companies [5][45]. - The glass and fiberglass sectors are experiencing structural recovery, with supply constraints expected to improve competition in the long term [5][46]. - The building materials sector is currently at historical low valuations, with some stocks offering attractive dividend yields [5][45]. Recommendations - For the real estate sector, companies such as Poly Developments (600048), Binjiang Group (002244), and China Merchants Shekou (001979) are favored due to their stable operations and focus on first- and second-tier cities [5][26]. - In the building materials sector, companies like Conch Cement (600585), Taipai Group (002233), and Huaxin Cement (600801) are recommended for their strong fundamentals and high dividend yields [5][45]. - For glass fiber, China Jushi (600176) is highlighted as a potential investment opportunity due to its recovery in profitability [5][46].

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [63]. Core Insights - The non-ferrous metals industry has experienced a decline of 6.87% over the past two weeks, underperforming the CSI 300 index by 2.90 percentage points, ranking 28th among 31 industries [3][13]. - The report highlights that the Federal Reserve's fluctuating interest rate expectations have led to continued volatility in metal prices, particularly in industrial metals, which are expected to maintain upward momentum due to improving supply-demand dynamics [6][56]. - Precious metals have shown resilience, with gold prices rising significantly, supported by a declining dollar credit, while lithium prices are recovering due to tightening supply conditions and new growth opportunities in energy storage [57][58]. Market Review - As of November 27, 2025, the LME copper price was $10,930/ton, aluminum at $2,831.50/ton, lead at $1,983.50/ton, zinc at $3,022/ton, nickel at $14,840/ton, and tin at $37,925/ton [24]. - The COMEX gold price reached $4,189.60/oz, up $175.9 since early November, while silver was at $53.83/oz, up $5.92 [33][57]. - Lithium carbonate futures were priced at ¥95,800/ton, reflecting a recovery of ¥13,500 since early November, and cobalt prices increased to ¥401,300/ton [37][58]. Industry Analysis by Subsector Industrial Metals - The report notes that the supply-demand balance for copper and aluminum continues to improve, with prices expected to have upward momentum due to macroeconomic easing [6][56]. Precious Metals - The report indicates that despite short-term risks, the long-term outlook for gold remains positive, with prices expected to continue rising due to a weakening dollar [57][58]. Energy Metals - The report emphasizes the upward trend in lithium prices driven by tightening supply and new growth opportunities in energy storage and solid-state batteries [58]. Minor Metals - The rare earth price index was reported at 207.92, with some prices like praseodymium-neodymium oxide increasing, while others like dysprosium and terbium saw declines [41][58]. Company Recommendations - The report suggests focusing on companies such as Western Mining (601168) and Luoyang Molybdenum (603993) in the industrial metals sector, and Ganfeng Lithium (002460) and Tianqi Lithium (002466) in the energy metals sector due to their strong performance and growth potential [6][59].

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [70]. Core Insights - The mechanical equipment industry experienced a bi-weekly decline of 3.36%, outperforming the CSI 300 index by 0.61 percentage points, ranking 11th among 31 industries [12]. - Year-to-date, the mechanical equipment sector has increased by 28.67%, surpassing the CSI 300 index by 13.92 percentage points, ranking 7th among 31 industries [12]. - The report highlights the acceleration of human-shaped robot development driven by continuous policy support and technological advancements, which is expected to enhance application scenarios [4][66]. - The engineering machinery sector is projected to see sustained demand due to the commencement of major national projects and the acceleration of funding and replacement policies [4][67]. Summary by Sections Market Review - As of November 27, 2025, the mechanical equipment sector's bi-weekly performance showed a decline of 3.36%, with a month-to-date decline of 4.73% and a year-to-date increase of 28.67% [12][15]. - Among the five sub-sectors, the engineering machinery sector had the smallest decline of 0.31% bi-weekly, while the rail transit equipment II sector saw the largest decline of 6.46% [20][21]. Valuation - The overall PE TTM for the mechanical equipment sector is 30.48 times, with sub-sectors showing varying valuations: general equipment at 42.01 times, specialized equipment at 30.72 times, and rail transit equipment II at 17.16 times [3][24]. Data Updates - The report includes updates on sales figures for various machinery, such as a 10.20% year-on-year increase in truck crane sales for October 2025, and a 15.90% increase in forklift sales [63]. Company Announcements - The report notes several companies' announcements regarding shareholding changes and patent grants, indicating ongoing innovation and market activity within the sector [66]. Recommendations - The report suggests focusing on companies like Huichuan Technology, Green Harmonic, Sany Heavy Industry, and Hengli Hydraulic, citing their strong market positions and growth potential driven by infrastructure investments and technological advancements [68].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [2][47]. Core Viewpoints - The white liquor sector is bottoming out, with a focus on structural opportunities. The report anticipates continued pressure on sales in the white liquor market through Q4 of this year and Q1 of next year, with a potential recovery in Q2 of next year due to a low base effect. The report suggests monitoring high-end liquor brands like Kweichow Moutai and other regional brands for investment opportunities [2][44]. - The report highlights a mixed performance across various segments within the food and beverage industry, with certain sectors like snacks and soft drinks showing potential growth driven by key products and channel contributions [2][44]. Summary by Sections 1. Market Review - The SW food and beverage industry index decreased by 2.97% from November 14 to November 27, 2025, outperforming the CSI 300 index by approximately 1.00 percentage points [9][11]. - Most sub-sectors underperformed the CSI 300 index during the same period, with the dairy sector showing the smallest decline of 0.11% [11][12]. - Approximately 6% of stocks in the industry recorded positive returns, with notable gainers including Hai Xin Food (+11.34%) and Nan Qiao Food (+7.86%) [13][14]. - The industry valuation is currently below the five-year average, with a PE ratio of approximately 21.3 times, compared to the historical average of 32 times [15]. 2. Key Industry Data Tracking 2.1 White Liquor Sector - The report notes a decline in the prices of premium liquor brands, with the price of Feitian Moutai at 1590 RMB per bottle, down 50 RMB from the previous period [17]. 2.2 Seasoning Sector - Prices for soybean meal increased, while white sugar and glass prices decreased. The price of white sugar fell to 5470 RMB per ton, a decrease of 290 RMB [22]. 2.3 Beer Sector - The average price of barley decreased to 2195 RMB per ton, while the price of aluminum ingots increased slightly [27]. 2.4 Dairy Sector - The average price of fresh milk remained stable at 3.03 RMB per kilogram [34]. 2.5 Meat Products Sector - The average wholesale price of pork decreased to 18.07 RMB per kilogram, reflecting a year-on-year decline of 22.88% [36]. 3. Industry News - The report mentions a 4.1% year-on-year growth in retail sales of tobacco and alcohol for October 2025, indicating a positive trend in consumer spending [39]. - The report also highlights a 16.1% increase in beer exports for the first ten months of 2025, suggesting a growing international demand [40]. 4. Company Announcements - Yili Group announced a shareholder return plan for 2025-2027, committing to a cash dividend of no less than 75% of the net profit attributable to shareholders [43]. 5. Weekly Industry Perspective - The report emphasizes the importance of monitoring economic recovery and distributor confidence in the white liquor sector, while also suggesting investment in high-quality brands and sectors benefiting from policy support [44][45].

农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/11/14-2025/11/27） 行 业 牧原股份赴港上市获证监会备案 2025 年 11 月 28 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 资料来源：iFinD ，东莞证券研究 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业略跑赢沪深300指数。2025年11月14日—2025年11月27日， SW农林牧渔行业下跌3.79%，跑赢同期沪深300指数约0.18个百分点；细分 板块中，仅渔业录得正收益，上涨7.89%；动物保健、种植业、养殖业、 饲料和农产品加工均录得负收益，分别下跌0.85%、3.31%、3.34%、4.76% 和7.96%。估值方面，截至2025年11月27日，SW农林牧渔行业指数整体PB （整体法，最新报告期，剔除负值）约2.80倍 ...