Investment Rating - The industry rating is "Outperform the Market" [5][12] Core Insights - Meta's Ray-Ban Display smart glasses have seen strong market response, with retail stores nearly sold out and trial appointments fully booked before November [1] - Apple is shifting focus from developing a low-cost Vision Pro headset to prioritizing AI glasses to compete with Meta, with plans to preview the product in 2025 and launch in 2027 [2] - The smart glasses market is expected to grow significantly, with global sales projected to reach 14.5 million units by 2025 and a compound annual growth rate (CAGR) exceeding 50% from 2025 to 2029, potentially reaching 60 million units by 2029 [3] Summary by Sections - **Meta's Smart Glasses**: The Meta Ray-Ban Display smart glasses are experiencing high demand, with plans for increased supply and sales points [1] - **Apple's Strategic Shift**: Apple is reallocating resources to focus on AI glasses, indicating a significant change in product development strategy [2] - **Market Growth Projections**: The smart glasses market is anticipated to grow rapidly, with significant sales increases expected in the coming years [3] - **Investment Opportunities**: Recommendations include focusing on companies involved in foldable screen hinges, panel equipment, liquid cooling pumps, automation assembly, and 3D printing applications [3]

宏 观 研 究 美国政府停摆，美元为何回升？ ——国庆中秋假期宏观综述 投资要点： 宏 观 专 题 美国政府停摆小非农走弱，美元指数为何却逆势回升？因美国共和民 主两党在医保福利方面的分歧未能弥合，美国联邦政府自 10 月 1 日起时隔 七年再度"停摆"。民主党人希望延长即将于今年年底到期的《平价医疗法 案》加强型补贴，并撤销"大而美"法案中对联邦医疗补助的削减。两党 在此问题上的巨大分歧至今未能弥合，导致此次美国联邦政府"停摆"持 续时间难以预测。政府停摆导致的不确定性与偏弱的 9 月"小非农"数据 共同导致美元指数一度小幅走低，但自 10 月 2 日至 7 日，美元指数迎来一 轮幅度达到 0.8%的逆势回升。当地时间 10 月 1 日公布的"小非农"9 月 ADP 就业数据就成为重要的劳动力市场观察指标，数据显示 9 月美国非农 就业减少达 3.2 万人，降幅超过 6 月，创 2023 年 4 月以来最低单月表现， 显示"对等关税"冲击劳动力市场程度较大。但至北京时间 10 月 7 日晚间， 美元指数回升至 98.5 附近，较 10 月 1 日已经累计回升达 0.8%。 证 券 研 究 报 告 原因之二： ...

2025 年 10 月 08 日 行 业 研 究 行 业 定 期 报 告 机械设备 3C 设备周观点：Meta AR 眼镜销售火爆， 苹果或全力转向开发 AI 眼镜 投资要点： Meta Ray-Ban Display 智能眼镜市场反应火爆 近日，Meta 首席技术官安德鲁·博斯沃思（Andrew Bosworth）在 Threads 上发表文章称，Meta Ray-Ban Display 智能眼镜在全国各地的 线下零售店几乎全部售罄，11 月之前的试戴预约也几乎全部排满。 博斯沃思表示，目前这款产品的市场反应强于预期，公司正在努 力跟进。并且补货即将到来，本月将增加一倍的销售点数量，从而保 证供货量。目前，Meta 正在评估未来是否支持在线订购。 苹果或全力转向开发 AI 眼镜 据映维网 Nweon 报道，彭博社引述知情人士称，苹果正搁置开发 低成本 Vision Pro 头显的计划，转而优先开发能与 Meta 竞争的 AI 眼 镜，并且正在重新分配资源，包括人员方面。第一款智能眼镜或不配 备显示屏，并设计成为与 iPhone 配合使用。苹果计划在 2025 年预览这 款产品，并计划在 2027 年发布。另 ...

Investment Rating - The report maintains a "stronger than market" rating for the industry [7] Core Views - Precious metals are experiencing historical price highs due to dovish Federal Reserve stance and geopolitical uncertainties [11][12] - Industrial metals, particularly copper, are expected to see price increases due to supply constraints and ongoing demand [13][14] - New energy metals, especially cobalt, are witnessing price increases following policy changes in the Democratic Republic of Congo [19][20] - Other minor metals, such as rare earths, are facing price stagnation due to stable demand and increased inventory [22] Summary by Sections Precious Metals - The market anticipates a rise in Federal Reserve rate cuts, contributing to gold and silver prices reaching historical highs [11] - August PCE data shows a month-on-month increase of 0.3% and a year-on-year increase of 2.7%, supporting the Fed's confidence in further rate cuts [11] - Key stocks to watch include Zhongjin, Zijin, and Chaijin in A-shares, and Lingbao and WanGuo in H-shares [12] Industrial Metals - Copper prices are expected to rise due to supply reductions from the Grasberg mine and ongoing demand [14][18] - Current copper inventory stands at 948,000 tons, with a year-on-year increase of 29,610 tons [14] - Recommended stocks include Jiangxi Copper in H-shares and Tongling Nonferrous in A-shares [18] New Energy Metals - Lithium supply is expected to see slight increases, while cobalt prices are rising due to supply tightness following policy changes in Congo [19][20] - Cobalt prices have increased by 20.3% for sulfate and 21.3% for electrolytic cobalt [19] - Key stocks to monitor include Zhongmin and Zangge for lithium, and Huayou and Tianyuan for cobalt [21] Other Minor Metals - Rare earth prices are expected to remain stable with limited supply changes and steady demand from major manufacturers [22] - The report notes a decline in prices for antimony and tungsten, with a focus on inventory management [22] - Recommended stocks include China Rare Earth and Northern Rare Earth for rare earths [25] Market Review - The non-ferrous index increased by 6.4%, outperforming the CSI 300 index [25] - Notable stock performances include TianNai Technology with a 14.4% increase and Jingyi Co. with a 9.7% decrease [29] - The copper and aluminum sectors are noted for their low valuations, suggesting potential for growth [36]

Investment Rating - The industry rating is "Outperform the Market" [7][56] Core Insights - The "Building Materials Industry Stabilization Work Plan (2025-2026)" was jointly released by six departments, aiming for green building materials revenue to exceed 300 billion yuan by 2026, prohibiting new cement and glass production capacity, and promoting the application of green building materials through government procurement [2][10] - The real estate market is expected to stabilize due to various supportive policies, including interest rate cuts and tax reductions, which are anticipated to enhance home buying willingness and ability [2][5] - The construction materials sector is likely to benefit from supply-side reforms and a potential turning point in the production capacity cycle, with expectations of improved demand in the real estate market [2][5] Summary by Sections Investment Highlights - The report emphasizes the importance of government policies in stabilizing the real estate market, including the promotion of "good materials supporting good houses" and local housing support policies [2][10] - The report notes that from January to August, 21,700 old residential communities were newly started or renovated, accounting for 87% of the annual plan [2][10] - The report highlights that the PPI has been in negative growth for 33 consecutive months, indicating a need for supply-side reforms, which could benefit the building materials sector [2][10] Recent High-Frequency Data - As of September 26, 2025, the average market price of bulk P.O 42.5 cement was 348.3 yuan/ton, showing a month-on-month increase of 1.0% but a year-on-year decrease of 8.0% [3][11] - The average ex-factory price of glass (5.00mm) was 1,235.7 yuan/ton, with a week-on-week increase of 5.7% and a year-on-year increase of 8.3% [3][16] Sector Review - The Shanghai Composite Index rose by 0.21%, while the Shenzhen Composite Index fell by 0.08%. The building materials index decreased by 2.11% [4][47] - Among sub-sectors, glass manufacturing saw a slight increase of 0.42%, while cement manufacturing experienced a decline of 2.77% [4][47] Investment Recommendations - The report suggests focusing on three main lines for investment: high-quality companies benefiting from stock renovation, undervalued stocks with long-term alpha attributes, and leading cyclical building materials companies showing signs of bottoming out [5][50]

Group 1 - The market experienced fluctuations with a slight increase of 0.25% in the overall A-share market during the week of September 22-26, 2025, with the Sci-Tech 50 and ChiNext indices leading the gains, while the CSI Red Chip and CSI 1000 indices lagged behind [2][9] - The technology and advanced manufacturing sectors showed strong performance, while the pharmaceutical, medical, and consumer sectors faced declines [2][9] - The report indicates a decrease in the stock-bond yield spread to 0.5%, which is below the +1 standard deviation, suggesting a potential market peak in the near future [3][18] Group 2 - The gaming industry saw the approval of 156 new game titles in September, enhancing supply within the sector, with major companies like Tencent and NetEase receiving approvals for several key games [4][38] - The construction materials industry is set to benefit from the "Stabilizing Growth Work Plan (2025-2026)", which aims to promote the elimination of outdated production capacity and improve the supply-demand balance [4][39] - Nvidia announced a significant investment of $100 billion into OpenAI, indicating ongoing expansion in AI infrastructure, which presents investment opportunities in AI-related sectors [4][40] Group 3 - The report suggests a favorable outlook for the "Red October" market trend following the National Day holiday, with expectations of a market rally based on historical patterns [5][14] - The focus remains on sectors such as Hang Seng Technology, energy storage, satellite connectivity, and commercial aerospace, with recommendations for internal expansion within growth sectors [5][41] - The report highlights the potential for external rotation into consumer and large-cap blue-chip stocks for investors seeking lower volatility [5][41]

Group 1 - The report indicates that the US stock market experienced a pullback, with the Nasdaq dropping by 1% during the week. This was influenced by hawkish statements from Federal Reserve officials, including Powell, who noted that stock valuations are high and that rapid rate cuts could keep inflation near 3%, above the Fed's 2% target [2][9][11] - Economic data showed signs of improvement, with initial and continuing jobless claims decreasing. The final annualized Q2 GDP growth rate was revised up to 3.8%, indicating a strengthening labor market and economy [2][10][11] - The core PCE inflation rate for August remained steady at 2.9% year-on-year, with a month-on-month increase of 0.2%, suggesting that tariff impacts are subsiding [2][10][11] Group 2 - In the asset price section, major global asset classes showed mixed performance, with NYMEX platinum rising by 8.60%, while the Korean Composite Index fell by 1.72%, marking the largest decline [3][34] - The report highlights that the Shenzhen Component Index had the highest increase among global equity markets, rising by 1.06%, while the Nasdaq Composite Index saw a decline of 1.09% [3][39] - The report notes that the energy sector in the US stock market saw the largest gain at 3.35%, while the communication services sector experienced the largest drop at -2.91% [46] Group 3 - The report provides updates on significant economic data, including a rebound in the Eurozone M3 money supply and a decline in the UK industrial trends orders index [60][67] - It tracks important data releases for the week, including the US Q2 GDP final value, which was revised to 3.8%, and initial jobless claims, which fell to 218,000 [74]

Group 1 - The report highlights a trend towards promoting high-quality development and innovative applications in various industries, with a focus on optimizing traditional sectors like petrochemicals and transportation while encouraging emerging fields such as artificial intelligence and digital consumption [2][12]. - Financial policies are directed towards supporting key areas such as technological innovation and small and micro enterprises, providing funding guarantees for industrial upgrades [2][12]. - The report notes that the semiconductor sector has shown significant growth, with various sub-sectors like semiconductor silicon wafers and equipment experiencing notable increases in their market performance [3][27]. Group 2 - The industrial policy emphasizes controlling overcapacity risks in the petrochemical sector and supporting the transformation of outdated facilities, while also promoting new technology demonstrations [13]. - In the artificial intelligence sector, the report indicates a push for increased R&D and innovation, particularly in consumer products like smart devices and AI applications [14]. - The automotive and parts industry is under scrutiny for product quality, with regulatory bodies conducting extensive quality checks to prevent irrational competition and ensure safety [15][17]. Group 3 - The transportation sector is integrating artificial intelligence, focusing on optimizing computing power supply and enhancing data sharing across various transportation infrastructures [18]. - The financial sector is encouraged to enhance its support for the real economy, particularly in financing technology innovation and stabilizing foreign trade [19]. - The report outlines a cultural and tourism consumption month initiative aimed at stimulating market activity through various promotional events and subsidies [20]. Group 4 - The report tracks asset prices, indicating that the semiconductor sector has outperformed others, with a weekly increase of 7.50% [24]. - Monthly performance data shows that the top-performing concepts include power batteries and lithium battery electrolytes, with significant increases of 20.44% and 19.97% respectively [28]. - Year-to-date performance highlights that concepts like optical modules and optical chips have seen substantial growth, with increases of 115.10% and 93.65% respectively [34].

Investment Rating - The industry rating is "Outperform the Market" [5][78]. Core Viewpoints - The pig farming sector is experiencing continued price declines, leading to negative profits for farmers. As of September 26, the pig price was 12.50 CNY/kg, down 0.19 CNY/kg week-on-week. The profits for self-breeding and purchased piglet farming were -74.11 CNY/head and -236.57 CNY/head, respectively, with week-on-week declines of -49.66 CNY and -37.25 CNY [2][11][36]. - In the beef sector, prices for calves and fattened bulls have stabilized after recent increases, with calf prices at 32.36 CNY/kg and fattened bull prices at 25.96 CNY/kg, both unchanged week-on-week. The long-term supply of beef is expected to tighten, with a potential price upturn anticipated in 2026-2027 [3][38]. - The poultry sector is seeing mixed trends, with white feathered chicken prices experiencing slight fluctuations due to steady demand ahead of the holidays. As of September 26, the price was 6.90 CNY/kg, up 0.02 CNY/kg week-on-week [4][44]. Summary by Sections Pig Farming - Continued price decline in pig farming, with significant losses reported for farmers. The average weight of pigs being sold has shown a mixed trend, with group farms seeing slight increases while smallholders have decreased [2][11][24]. - The supply pressure remains high, and prices are expected to remain weak in the short term, although long-term adjustments in production capacity may lead to price recovery [36][32]. Beef Industry - The beef market is stabilizing after a period of price increases, with expectations of tightening supply in the medium to long term due to previous losses in the industry [3][38]. - The price of calves has increased by 34% since the beginning of the year, indicating a potential recovery in the market [38]. Poultry Sector - The white chicken market is experiencing stable prices with slight increases in certain areas due to tight supply. The egg price has decreased slightly, reflecting market conditions [4][44]. - The ongoing avian influenza situation may impact supply chains, but there is potential for recovery in consumption due to government policies promoting domestic demand [47]. Agricultural Products - The Argentine government's recent policy changes regarding export tariffs have significantly impacted soybean meal prices, leading to a sharp decline followed by a rebound [4][58]. - The focus on enhancing grain production and food security is emphasized, with potential growth in agricultural technology sectors [54].

Group 1 - The report emphasizes the establishment of a thematic investment database aimed at identifying high-quality price-volume patterns and monitoring the peak rhythm of popular themes and the adjustment levels of leading stocks [2][9]. - The report highlights that there are currently 125 thematic indices showing a bottoming pattern, with key industries being comprehensive, computer, and defense [12]. - The report notes a decline in trading heat for the humanoid robot and Deepseek themes, with trading heat dropping to 80% and 73% respectively, while the leading stocks are positioned above their 60-day moving average [3][20]. Group 2 - The report outlines two main objectives of the thematic database: to find investment opportunities and to provide warnings for potential peaks [9]. - The report indicates that there are 10 thematic indices that have broken out, primarily in the communication sector, and 2 indices in a main rising pattern, mainly in electronics and basic chemicals [12]. - The report mentions that the trading heat for humanoid robots has decreased by 1.8% for Changsheng Bearing, while Daily Interaction's stock price is up by 7.1% [20].