Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - In October, the market share of new energy vehicles (NEVs) exceeded 50% for the first time, with a projected high growth in domestic NEV sales expected to continue into 2025, driving demand for batteries and materials [1][2]. - The price of lithium hexafluorophosphate continues to rise, indicating potential recovery in profitability for related companies in the power battery supply chain [1]. - The photovoltaic (PV) sector is focused on a "reverse involution" strategy, with future component pricing dependent on terminal installation demand and profitability of PV power plants [1][2]. - Wind power demand in China is expected to grow steadily, with recommendations to focus on wind turbine and offshore wind sectors [1]. - Energy storage remains in a high-demand phase, with prices for energy storage cells and integration still on the rise [1]. - Hydrogen energy is anticipated to see increased demand for green hydrogen, with a focus on downstream applications and the evolving relationship between green electricity, hydrogen, and green fuels [1]. - Nuclear fusion is highlighted as a long-term energy development direction, with recommendations to monitor core suppliers in this sector [1]. Summary by Sections New Energy Vehicles - In October, NEV sales reached 1.715 million units, a year-on-year increase of 20%, marking a market share surpassing 50% for the first time [2][24]. - Cumulative domestic power battery installation from January to October reached 578.0 GWh, a year-on-year increase of 42.4% [2][24]. Photovoltaic Sector - The report emphasizes the importance of maintaining a "reverse involution" strategy, with ongoing discussions about storage policies and their implementation [1][24]. - The price of silicon materials remains stable, with a focus on terminal demand influencing market prices [15][19]. Wind Power - Continuous growth in wind power demand is anticipated, with a focus on wind turbine and offshore wind sectors [1]. Energy Storage - The energy storage sector is experiencing high demand, with ongoing price increases for energy storage cells and integration [1]. Hydrogen Energy - The report suggests that the substitution of electricity with hydrogen will open up demand for green hydrogen, with a focus on enhancing penetration rates of hydrogen-based energy applications [1]. Nuclear Fusion - Nuclear fusion is identified as a future energy development direction, with recommendations to focus on core suppliers in this area [1].

房地产 | 证券研究报告 — 行业点评 2025 年 11 月 16 日 70 城房价环比跌幅扩大，首次出现所有城市二手房房价 持续下跌的情形；但一二线城市跌幅并未扩大 国家统计局发布 2025 年 10 月份 70 个大中城市商品住宅销售价格变动情况。70 大中 城市新房价格环比下降 0.5%；二手房价格环比下降 0.7%。 核心观点 投资建议 风险提示： 政策出台不及预期；销售与房价持续下行；市场信心修复不及预期；房企信用修复不及预期。 房地产行业 2025 年 10 月 70 个大中城市房价数据点评 相关研究报告 《房地产高质量发展方向聚焦完善制度、优化供给、 提升品质；城市更新将进入加速推进阶段——"十 五五"规划建议解读》（2025/11/3） 《受低基数以及一线城市新政影响，单月销售降幅 收窄；今年以来单月投资降幅持续扩大——房地产 行业 2025 年 9 月统计局数据点评》(2025/10/21) 《70 城新房房价环比跌幅扩大，二手房持平；时隔 一年再度出现所有城市二手房房价全部下跌的情形 ——房地产行业 2025 年 9 月 70 个大中城市房价数 据点评》(2025/10/21) 《资产证 ...

Investment Rating - The report rates the real estate industry as "Outperform the Market" [1] Core Views - The report highlights that the real estate sector is facing significant challenges, with monthly sales and investment declines continuing to expand due to high base effects and weakening policy impacts [3][6] - It emphasizes that the market confidence remains insufficient, influenced by income and employment expectations, which have not fundamentally changed [6] - The report anticipates a continued pressure on the real estate market, with expectations of a 9% decline in sales area and a 12% decline in sales amount for 2025 [6] Summary by Sections 1. Property Sales - In October, the sales area reached 61.47 million square meters, a year-on-year decline of 18.8%, marking the lowest level since 2009 [6][7] - The sales amount was 597.7 billion yuan, down 24.3% year-on-year, with residential sales area declining by 19.6% and sales amount down 24.6% [6][12] - The average selling price of commercial housing was 9,723 yuan per square meter, a year-on-year decrease of 6.8% [6][9] - Cumulatively, from January to October, the sales area decreased by 6.8% and the sales amount by 9.6% [6] 2. Residential Inventory - The broad inventory of residential properties stood at 1.55 billion square meters, with a year-on-year decrease of 16.8% [6] - The current housing inventory was approximately 396 million square meters, with a year-on-year increase of 5.4% [6] 3. Real Estate Development Investment - In October, the development investment amounted to 585.7 billion yuan, down 23.0% year-on-year, marking the largest monthly decline since December 2022 [6][10] - The new construction area was 36.62 million square meters, a year-on-year decline of 29.5% [6][17] - Cumulatively, from January to October, the development investment decreased by 14.7% [6] 4. Developer Financing - In October, the funds available to developers decreased by 21.9% year-on-year, with sales receipts and external financing both weakening [6][20] - The funds from sales were 306.9 billion yuan, down 27.5% year-on-year [6][22] - The report indicates that the market may continue to face pressure due to weak sales and investment trends [6] 5. Investment Recommendations - The report suggests focusing on three main lines: stable fundamentals in core cities, "small but beautiful" developers with significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [6]

宏观经济 | 证券研究报告 — 总量点评 2025 年 11 月 16 日 10 月金融数据点评 四季度仍需稳增长 10 月新增社融、新增信贷、M1 同比增速和社融同比增速均低于万得一致预 期，仅 M2 同比增速高于万得一致预期，一方面表明适度宽松的货币政策仍 在发力，另一方面表明年内货币政策或仍有加码宽松的客观需求。 相关研究报告 《 中 银 量 化 多 策 略 行 业 轮 动 周 报 – 20251113》20251114 《策略点评》20251113 《2025 年三季度货币政策执行报告学习》 20251112 中银国际证券股份有限公司 具备证券投资咨询业务资格 图表 1.新增社融构成和变化（单位：亿元） | | | 社融 | 人民币贷款 | 外币贷款 | 委托贷款 | 信托贷款 | 汇票 | 企业债 | 股票融资 | 政府债券 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 新增 | | 8,150 | (201) | (200) | 1,653 | 156 | (2,894) | 2,469 | 696 ...

Investment Rating - The report rates the chemical industry as "Outperform the Market" [3] Core Views - The report highlights the increase in overseas natural gas prices and lithium hexafluorophosphate prices, while methionine prices have decreased. It suggests focusing on sectors mentioned in the "14th Five-Year Plan," undervalued leading companies, the impact of "anti-involution" on supply, and electronic materials companies under the context of self-sufficiency [3][10]. Summary by Sections Industry Dynamics - In the week of November 10-16, 2025, among 100 tracked chemical products, 42 saw price increases, 30 saw price decreases, and 28 remained stable. The average price of 31% of products increased month-on-month, while 56% decreased, and 13% remained unchanged. The top gainers included butyl acetate and sulfur, while the largest declines were seen in pure pyridine and methionine [8][29]. Price Trends - The average price of lithium hexafluorophosphate rose to 135,000 CNY/ton, marking a 13.45% increase week-on-week and a 141.07% increase year-on-year. Conversely, methionine's average price fell to 19.55 CNY/kg, down 1.76% week-on-week and 0.91% year-on-year [31][32]. Investment Recommendations - The report recommends focusing on sectors highlighted in the "14th Five-Year Plan," undervalued leading companies, and the impact of supply-side reforms. It suggests a mid-to-long-term investment strategy that includes companies in emerging fields such as semiconductor materials and new energy materials, with specific recommendations for companies like Wanhua Chemical and Hualu Hengsheng [10][29]. Market Performance - The basic chemical industry index rose by 2.61%, ranking 9th among 31 primary industries, while the oil and petrochemical sector increased by 2.29%, ranking 11th [8][10]. Key Stocks - The report identifies "Golden Stocks" for November as Hualu Hengsheng and Yake Technology, highlighting their strong performance and growth potential [5][11][17].

Core Insights - The report highlights the current industry allocation positions of the Bank of China’s multi-strategy system, with significant weights in non-bank financials (11.6%), transportation (10.1%), and basic chemicals (9.6%) [1] - The average weekly return for the CITIC primary industries was 1.6%, with the best-performing sectors being consumer services (7.7%), basic chemicals (7.5%), and textiles (4.5%) [3][10] - The report indicates that the composite strategy achieved a cumulative return of 32.6% year-to-date, outperforming the CITIC primary industry equal-weight benchmark by 5.0% [3] Industry Performance Review - The best-performing sectors over the past week were consumer services (7.7%), basic chemicals (7.5%), and textiles (4.5%), while the worst performers were computers (-3.4%), communications (-3.0%), and electronics (-2.8%) [10][11] - The report provides a detailed breakdown of the weekly and monthly performance of various sectors, indicating a near 1-month average return of 3.9% across 30 CITIC primary industries [10] Valuation Risk Warning - The report employs a valuation warning system based on the PB ratio over the past six years, identifying sectors with high valuation risks. Currently, sectors such as retail, computers, oil and petrochemicals, media, coal, and comprehensive industries are flagged for high valuation [12][13][14] Single Strategy Rankings and Recent Performance - The top three industries based on the high prosperity industry rotation strategy (S1) are non-bank financials, non-ferrous metals, and comprehensive finance [15][16] - The report outlines the performance of various strategies, with the highest excess return from the traditional multi-factor scoring strategy (S7) at 19.7% [3] Macro Style Rotation Strategy - The macro style rotation strategy identifies the top six industries based on current macro indicators, which include banking, oil and petrochemicals, transportation, electric utilities, construction, and home appliances [23][25] Long-term Reversal Strategy - The long-term reversal strategy recommends industries such as agriculture, basic chemicals, pharmaceuticals, defense, and electric equipment and new energy for investment [28]

Core Insights - The report highlights a potential rotation in consumer styles, driven by a recovery in CPI and favorable profit-valuation comparisons, suggesting that consumer sectors may experience a rebound [6][2][7] Company Summaries 1. China Eastern Airlines (600115.SH) - Notable inclusion in the November stock selection list, indicating positive sentiment towards the airline sector [1] 2. Baijiu Industry - The baijiu industry is experiencing a significant decline, with revenue and net profit growth rates of -5.8% and -6.9% respectively for the first three quarters of 2025. The third quarter saw a sharper decline with revenue and net profit growth rates of -18.5% and -22.1% respectively. The industry is transitioning from "over-competition" to "orderly competition" as companies reduce channel expenses to stabilize prices [8][7] 3. Baijun Medical (佰仁医疗) - The company reported a revenue of 382 million yuan for the first three quarters of 2025, a year-on-year increase of 30.58%. The net profit attributable to shareholders was 93 million yuan, up 57.93%. The third quarter alone saw a revenue of 134 million yuan, a 31.54% increase year-on-year, although net profit decreased by 9.39% [3][11][12] 4. Food and Beverage Sector - The food and beverage industry is expected to recover due to policies aimed at boosting consumer spending and improving macroeconomic data. The report notes that the core CPI has shown signs of recovery, with September and October figures at 1.0% and 1.2% respectively, indicating a positive trend in consumer prices [7][2][6] 5. Frozen Food and Beer Sectors - The frozen food sector is closely linked to the restaurant industry, with leading companies showing significant recovery as they adapt to market changes. The beer sector, while still facing challenges, is expected to benefit from the recovery in restaurant consumption in 2026 [9][8] 6. Consumer Spending - The report emphasizes that improving consumer spending is a key goal in the "14th Five-Year Plan," with a focus on enhancing domestic demand as a primary driver of economic growth. The contribution of final consumption expenditure to GDP growth has been higher than that of capital formation in recent years [7][6] 7. Research and Development in Baijun Medical - Baijun Medical has increased its R&D investment, with 118 million yuan spent in the first three quarters, accounting for 30.81% of its revenue. The company has several products in the approval process, which are expected to contribute to future growth [13][12][11]

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 108.83 and a sector rating of "Outperform" [1][5]. Core Insights - The company reported a revenue of RMB 382 million for the first three quarters of the year, representing a year-on-year growth of 30.58%. The net profit attributable to the parent company was RMB 93 million, up 57.93% year-on-year [5]. - The third quarter revenue was RMB 134 million, showing a year-on-year increase of 31.54%, while the net profit decreased by 9.39% year-on-year [5]. - The company is expected to continue launching new products, which will contribute to future growth, maintaining a positive outlook for the company's development [5][7]. Financial Performance Summary - For the years 2023 to 2027, the company is projected to achieve the following: - Revenue growth rates of 25.6% in 2023, 35.4% in 2024, and 37.5% in 2025 [9]. - Net profit growth rates of 21.1% in 2023, 27.0% in 2024, and 60.8% in 2025 [9]. - The estimated earnings per share (EPS) are expected to rise from RMB 0.84 in 2023 to RMB 3.27 in 2027 [9]. - The company maintains a high R&D expense ratio, with R&D expenses accounting for 30.81% of revenue in the first three quarters [10]. Product Development and Market Position - The company is in the process of launching multiple new products, with 8 products currently in the registration review phase [10]. - The collagen product line, particularly Collagen-I, is nearing approval and is expected to provide significant revenue growth [10].

Investment Rating - The industry investment rating is "Outperform the Market" [1][19] Core Viewpoints - The food and beverage industry is expected to recover due to domestic demand policies and continuous macroeconomic data improvement. The focus on increasing residents' consumption power is a key goal in the "14th Five-Year Plan," making consumption enhancement a future policy priority. The recovery of the food and beverage sub-industries is anticipated under these conditions [2][4] - The report suggests prioritizing investments in sub-sectors benefiting from the recovery of dining consumption scenarios, such as frozen foods, condiments, and the broader dining supply chain. Key companies to watch include Anjijia Food, Yihai International, Baba Food, and Guoquan [2][4] Summary by Relevant Sections Macroeconomic Data - Since March, core CPI has been recovering, with September and October figures at 1.0% and 1.2%, respectively. The CPI turned positive in October at 0.2%, indicating a positive price trend. Retail sales of consumer goods from January to September increased by 4.5% year-on-year, with goods consumption outperforming dining consumption [4][2] Policy Environment - The report emphasizes that enhancing residents' consumption rates is a key goal in the "14th Five-Year Plan," with domestic demand playing a crucial role in economic growth. The contribution of final consumption expenditure to GDP growth has been higher than that of capital formation in recent years, indicating significant potential for consumption growth in China [4][2] Sub-Industry Performance - The liquor sector is showing signs of bottoming out, with revenue and net profit growth rates for the first three quarters of 2025 at -5.8% and -6.9%, respectively. The report notes that while the industry is currently at a low point, it is transitioning from "over-competition" to "orderly competition" [4][2] - The performance of leading companies in the consumer goods sector demonstrates resilience, particularly in frozen foods, beer, and dining chain formats. The report highlights that leading companies are adapting to market changes and improving their performance [4][2]

Core Insights - The report indicates that the consumer sector is expected to experience a rotation and rebound, driven by a recovery in CPI and favorable profit-valuation ratios [2][4][9] Group 1: Market Trends - Since the beginning of 2025, the A-share market has shown an overall upward trend, with the Wind All A index rising by 27.02%. The technology sector has led this trend with a year-to-date increase of 39.12%, while the consumer sector has lagged with only a 10.85% increase [3][4] - As of November 11, 2025, the valuations of technology and cyclical sectors are at relatively high levels, with P/E ratios at 62.69% and 83.71% respectively since January 1, 2020 [4][9] Group 2: CPI and Consumer Sector - The report highlights a significant correlation between essential consumer goods performance and CPI trends. Since February 2025, CPI has shown a bottoming trend, with a notable recovery starting in July 2025, culminating in a 0.2% year-on-year increase in October 2025 [7][13] - Essential consumer goods typically exhibit stable demand, characterized by low unit prices and high consumption frequency, making price movements a key driver of market performance [7][9] Group 3: Profit-valuation Comparison - The consumer sector shows a clear advantage in terms of profit-valuation ratios, especially in sub-sectors such as medical services, airports, home appliances, personal care products, non-white liquor, and condiments, which have demonstrated high earnings growth while maintaining low historical valuations [9][11]