Group 1 - The report emphasizes the establishment of a thematic investment database aimed at identifying high-potential opportunities and monitoring peak trends in popular themes, particularly focusing on quantitative screening of four types of patterns and trading heat indicators [2][9]. - The report identifies a total of 13 thematic indices showing a bottoming pattern, primarily in the pharmaceutical and biotechnology sectors, while 17 indices have broken out, mainly in non-bank financials, utilities, food and beverage, and defense industries [12][9]. - The report highlights a decline in trading heat for humanoid robots and Deepseek themes, with humanoid robots' trading heat dropping to 61% and Deepseek's to 42%, indicating a potential cooling in market interest [3][16]. Group 2 - The report outlines the monitoring of leading stocks corresponding to popular themes, noting that the closing price of Changsheng Bearing is 12.8% below its 60-day moving average, while Daily Interaction is 10.8% below its 60-day moving average [16][20]. - The report indicates that there are currently no thematic indices in an accelerated upward trend, with only three indices showing a main rising pattern, primarily in coal and textile sectors [12][9]. - The report suggests that the thematic investment data system will be updated regularly to provide investors with objective references for capturing market trends [2][9].

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The report highlights significant developments in various sectors, including electric vehicles, solar energy, wind energy, energy storage, power equipment, industrial control, robotics, and hydrogen energy [2][3][4][5][9][18][28][36][50][59] Electric Vehicle and Lithium Battery Sector - Six departments issued a three-year plan to double the number of charging stations, aiming to add over 28 million new charging facilities by 2027, with a retail penetration rate of 57.8% for new energy vehicles in September [9][10] - The retail sales of new energy passenger vehicles reached a historical high of 1.296 million units in September, marking a year-on-year increase of 15.5% [10] Solar Energy Sector - Anticipation of two major favorable policies aimed at curbing price competition in the solar industry, with a focus on high-quality development [18][19] - The report emphasizes the need for effective policies to eliminate outdated production capacity and rejuvenate the solar industry [19] Wind Energy Sector - Multiple key offshore wind projects are undergoing intensive bidding, with a notable procurement of 1.52GW wind turbines by State Power Investment Corporation at competitive prices [28][30] - The report indicates that these projects will lay a solid foundation for installed capacity in 2026 and 2027 [28] Energy Storage Sector - Strong demand for energy storage batteries is expected to approach 600GWh by 2025, with a significant increase in shipments in Q3 2025 [36][37] - The first self-regulatory practice guidelines for energy storage systems have been released, focusing on safety and quality standards [38] Power Equipment Sector - The third batch of bidding for State Grid metering products has commenced, with a total of 16.96 million electric meters up for bid [52] - The Qinggui DC project has entered the feasibility study stage, which will enable the transmission of 36 billion kWh of electricity annually to Guangxi [56] Industrial Control and Robotics Sector - The establishment of a new intelligent transmission system headquarters in Hefei, with a planned investment of 1 billion yuan, aims to enhance the competitiveness of the robotics industry [59][60] - The listing of Yunji Technology on the Hong Kong Stock Exchange marks a significant milestone, with a first-day increase of 49% [61][62] Hydrogen Energy Sector - The National Development and Reform Commission has introduced investment measures to support five key areas, while General Motors has halted the development of the next-generation hydrogen fuel cell [5]

Investment Rating - The industry rating is "Outperform the Market" [7] Core Viewpoints - The report emphasizes that the construction materials sector is expected to benefit from supply-side reforms and a potential turning point in the production capacity cycle. The easing of interest rates is likely to restore home-buying willingness, while policies related to urban renewal and storage will enhance purchasing power, increasing the probability of stabilization in the real estate market [3][5] - The report highlights that the real estate market has entered a bottoming phase after three consecutive years of decline in sales area, with heightened sensitivity to policy easing. The continuous negative growth in PPI for 35 months has led to a focus on reversing this trend, which is expected to benefit the construction materials sector [3][5] Summary by Sections Investment Recommendations - The report suggests focusing on three main investment lines: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials, Beixin Building Materials, and Tubao [5] 2. Undervalued stocks with long-term alpha attributes, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [5] 3. Leading cyclical construction material companies with bottoming fundamentals, including Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [5] Recent High-Frequency Data - As of October 17, 2025, the national average price of bulk P.O 42.5 cement is 343.2 CNY/ton, down 1.1% week-on-week and down 14.1% year-on-year. The average price of glass (5.00mm) is 1231.4 CNY/ton, down 2.7% week-on-week but up 5.8% year-on-year [4][20] Market Review - The report notes that the Shanghai Composite Index fell by 1.47%, and the Shenzhen Composite Index dropped by 4.34%. The construction materials index decreased by 4.11%, with sub-sectors such as refractory materials and fiberglass manufacturing experiencing declines of 9.42% and 10.78%, respectively [4][49][53]

Core Insights - The report indicates that the US economy may oscillate between recession and stagflation, with potential fluctuations in trade barriers between the US and China [3] - The Chinese market is expected to return to low volatility pricing, with a mid-term style leaning towards value, oscillating between defensive and cyclical strategies [3] - Long-term optimism is expressed for sectors such as insurance, non-ferrous metals, energy, advanced internet technology, military trade, and anti-involution industries [3] - Short-term preferences include large financials, state-owned enterprises, anti-involution sectors, aviation, and liquor [3] Economic Overview - In September, China's PPI continued its upward trend, with a year-on-year change of -2.3%, improving from -2.9% previously. The recovery in prices is particularly evident in upstream mining and raw material processing [8][10] - China's exports saw significant improvement in September, with a year-on-year growth of 8.3%, up from 4.4% previously. Exports to the US showed notable improvement, while exports to the EU continued to rise [10][11] Market Performance - The Hong Kong stock market experienced declines, with the Hang Seng Index down by 3.97%, the Hang Seng China Enterprises Index down by 3.7%, and the Hang Seng Technology Index down by 7.98% [14] - The A-share market also faced a downturn, with the Shanghai Composite Index falling by 1.47%, and the STAR 50 Index showing a deeper decline [19] Sector Analysis - The financial and real estate sectors showed resilience, with gains amidst a broader market decline, while technology and advanced manufacturing sectors faced significant losses [30] - Within the banking sector, rural commercial banks, large state-owned banks, and city commercial banks outperformed, while consumer electronics, automation equipment, and wind power equipment lagged [33] Foreign Investment Trends - There was a divergence in foreign index futures positions, with net short positions in IC, IF, and IH increasing, while the net short position in IM decreased [41] Upcoming Focus - Key upcoming events include monitoring US CPI data and Chinese economic indicators, such as GDP growth and industrial output [47]

行 业 研 华福证券 医药生物 2025 年 10 月 19 日 医药生物 究 十五五规划和 ESMO 即将召开，创新主线或迎催 化 投资要点： 行 业 定 期 报 告 行情回顾：本周（2025 年 10 月 13 日- 2025 年 10 月 17 日）中信医药 指数下跌 2.6%，跑输沪深 300 指数 0.4pct，在中信一级行业分类中排名第 14 位；2025 年初至今中信医药生物板块指数上涨 19.8%，跑赢沪深 300 指 数 5.1pct，在中信行业分类中排名第 11 位。本周涨幅前五的个股为：亚太 药业（+36.7%）、多瑞医药（+28.8%）、广生堂（+26.1%）、透景生命（+22.9%）、 向日葵（+22.9%）。 医药各板块观点及展望：从景气度角度，创新药、CXO 及上游受益降 息及创新药产业趋势，业绩趋势预计相对不错，设备及中药等 Q3 部分公 司或有业绩拐点，消费医疗静候复苏，详细见后文。 本周市场复盘及中短期投资思考：本周由于外部环境影响，大盘波动 较大，由于医药前期涨幅较多，本周医药 AH 均跑输大盘，当前情绪较弱， 成交量市场占比不到 5%。从板块上看，中药表现相对强势，而港 ...

Investment Rating - The industry investment rating is "Outperform the Market" [6] Core Insights - The Wind New Materials Index closed at 4848.42 points, down 5.2% week-on-week. Among six sub-industries, the semiconductor materials index fell 6.79%, while the display device materials index decreased by 4.64% [3][12] - Zhejiang Pengfulong Technology Co., Ltd. has restarted its IPO process, aiming to raise approximately 723 million yuan for various projects, including a future factory for high polymer materials [4][31] - Shenzhen has approved the overall planning of a high-end electronic chemical industry park, focusing on a "5+3+X" industrial system to enhance competitiveness and promote industrial clustering [4][34] Summary by Sections Overall Market Review - The Wind New Materials Index decreased by 5.2% this week, with notable declines in semiconductor materials and other related indices [3][12] - The top gainers included Xiangyuan New Materials (up 8.03%) and Changhong High-Tech (up 5.06%), while the largest losers were Lianrui New Materials (down 15.52%) and Jiuri New Materials (down 15.2%) [26][27] Recent Industry Hotspots - BASF and Xiaomi are expanding their collaboration to develop 100 new automotive paint colors over the next three years [30] - The semiconductor materials sector is experiencing rapid domestic production acceleration, with significant growth in downstream wafer fabrication plants [4][30] - The global PC shipment is projected to grow by 9.4% year-on-year in Q3 2025, reaching 75.8 million units, driven by Windows 11 upgrades and device replacements [34][35] - TSMC's market share in the pure wafer foundry market has surpassed 70%, reflecting strong demand driven by AI expansion [36][39] Key Companies to Watch - Focus on Tongcheng New Materials for its progress in import substitution in the photoresist sector [4] - Attention on Huate Gas for its integrated industrial chain in electronic specialty gases [4] - National Ceramic Materials is expected to maintain high growth across its three main business segments [4]

Investment Rating - The industry is rated as "Outperform" [7] Core Views - The report highlights that the recent surge in gold prices is driven by worsening international trade relations and expectations of interest rate cuts by the Federal Reserve, with a 97% probability of a 25 basis point cut in October and a 100% probability in December [2][12] - Industrial metals are experiencing mixed signals, with copper prices supported by supply disruptions and strong demand from the automotive sector, while aluminum prices are expected to remain stable due to tight supply and strong demand [2][14][17] - In the renewable metals sector, cobalt prices are rising due to tight supply and strong demand, while lithium remains a strategic investment opportunity in the electric vehicle supply chain [19][20] - Rare earth prices are under pressure, with mixed performance among other minor metals, as export controls tighten [24][47] Summary by Sections Precious Metals - Gold prices have reached historical highs due to trade tensions and Fed rate cut expectations, with key stocks including Zhongjin, Zijin, and Zhaojin [2][13] - Silver prices are also on the rise, with stocks like Shengda and Huyin being highlighted [2][13] Industrial Metals - Copper is facing supply disruptions from events in Indonesia and Congo, while demand from the automotive sector remains strong, with September sales showing a 23.7% year-on-year increase [14][17] - Aluminum prices are expected to be stable due to balanced supply and demand dynamics, with key stocks including Yun Aluminum and Tianshan [18] Renewable Metals - Cobalt prices are experiencing upward pressure due to tight supply and strong demand, with potential for prices to exceed 400,000 CNY/ton [20][23] - Lithium remains a focus for strategic investment, with expectations of strong demand in the electric vehicle sector [19] Other Minor Metals - Rare earth prices are weak, with specific metals like praseodymium and neodymium seeing price declines, while dysprosium prices have increased [24][47] - The report notes the tightening of export controls on rare earths, impacting market sentiment [24][47]

行 轻工制造 2025 年 10 月 19 日 业 研 究 轻工制造 出口把握阿尔法，新消费情绪改善关注优质个护 投资要点： 行 业 定 期 报 告 【周观点】10 月 17 日特朗普释放缓和对华关税立场信号，对中国商品征 收的高额关税不会长期存在，贸易冲突缓和有望带动出口链情绪好转，精 选强阿尔法。自由点品牌官宣演员金靖担任品牌代言人，近期新消费情绪 有所改善，建议关注优质个护龙头登康口腔、稳健医疗、百亚股份、豪悦 护理。 【周研究】本周发布出口链专题《从成本拆解看出口制造优势几何？》。 近期美国对全球关税政策基本确定，结合关税税率与成本结构分析，我们 认为家具制造回流美国难度大，越南等海外制造软体家具制造优势更为凸 显，持续看好海外产能布局充分的优质制造企业。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S021 ...

Investment Rating - The industry rating is "Outperform the Market" [51] Core Viewpoints - The low-altitude sector is currently positioned for a potential rebound, supported by ongoing catalysts and developments in infrastructure and policy [4][27] - The focus for the low-altitude industry this year is on infrastructure development and the implementation of drone applications, which are crucial for the industry's emergence [5][28] - The report highlights the importance of government initiatives and local planning in advancing the low-altitude economy, indicating a shift from mere planning to actionable policies [4][27] Summary by Sections Market Review and Weekly Insights - The Wind Low Altitude Economic Index decreased by 4.42% this week, ranking 180 out of 339, underperforming the broader market [3][14] - The report notes that the low-altitude sector experienced a smaller decline compared to other technology sectors, indicating its relative stability [4][27] Industry Dynamics - The report emphasizes the establishment of a leadership group by the Civil Aviation Administration of China (CAAC) for general aviation and low-altitude economy, suggesting promising future policies [4][27] - Local governments are increasingly focusing on practical measures such as airspace planning and low-altitude flight management, which are essential for the sector's growth [4][27] Investment Recommendations - Suggested infrastructure investments include companies like Les Information and Suzhou Planning [30] - Recommended drone-related investments include Jifeng Technology, Yokogawa Precision, and others [30] - The report also highlights leading companies in capacity, such as Wanfeng Aowei and Zongshen Power, as potential investment opportunities [30]

Investment Rating - The industry rating is "Outperform the Market" [9] Core Insights - The iPhone Air has begun pre-orders and sold out within five minutes, indicating strong consumer demand [2] - Apple's Vision Pro, equipped with the M5 chip, has been launched, enhancing performance and battery life, with over 1 million apps already compatible [2] - The smart glasses market is experiencing significant growth, with Meta's Ray-Ban Display glasses nearly sold out in retail stores and a projected global sales volume of 14.5 million units by 2025, with a compound annual growth rate exceeding 50% from 2025 to 2029 [4] Summary by Sections - **iPhone Air Pre-orders**: The iPhone Air, marketed as the "thinnest iPhone," started pre-orders on October 17 and sold out quickly, with significant interest shown on various platforms [2] - **Vision Pro Launch**: Apple's Vision Pro, featuring the M5 chip, promises improved performance and battery life, with a vast number of apps already available for use [2] - **Smart Glasses Market**: Meta's smart glasses are in high demand, with prices soaring on e-commerce platforms, and forecasts suggest substantial growth in sales over the next few years [4] - **Investment Opportunities**: Suggested companies for investment include those involved in smart glasses, silicon-based OLED screens, folding screen hinges, panel equipment, liquid cooling micro-pumps, automation assembly and testing equipment, and 3D printing applications [5]