Investment Rating - The report maintains a recommendation for the recovery of the restaurant chain sector and highlights the upcoming Moutai shareholders' meeting as a point of interest [10][18]. Core Insights - The food and beverage sector is characterized as having low expectations and low holdings, with a potential for a rebound due to rising CPI and positive micro-consumption data [10][18]. - Key companies such as Yili and H&H International are focusing on balancing growth and profitability, with Yili enhancing its dividend commitments and H&H adjusting its revenue guidance upwards [3][12]. - The report emphasizes the importance of structural opportunities within the restaurant chain and liquor sectors, recommending specific companies for investment [10][18]. Summary by Sections Core Company Tracking - Yili is focusing on quality leadership and strategic expansion while improving shareholder returns, with a positive outlook on its liquid milk segment and overall profitability [3][12]. - H&H International has seen a significant revenue increase, with a 28.5% year-on-year growth in Q3 2025, and is optimizing its debt structure while expanding its online and overseas markets [3][12]. - The report notes that Q3 growth for Yihai International has slightly slowed, but overseas markets continue to perform well, with a focus on product structure optimization to improve margins [3][13]. Investment Recommendations - The report continues to recommend the recovery of the restaurant chain sector, with specific mentions of companies like Haidilao, Angel Yeast, and China Resources Beer as potential investments [10][18]. - For the liquor sector, Moutai, Wuliangye, and Fenjiu are highlighted as top picks, with a focus on valuation shifts in growth segments such as snacks and pet food [10][18]. Industry Valuation Table - The report includes a valuation table for key companies, indicating market capitalizations and profit forecasts, with Moutai having a market cap of 183.66 billion and a projected net profit of 74.73 billion for 2023 [19].

证券研究报告|行业定期报告 2025 年 11 月 23 日 证券研究报告 | 行业定期报告 2025 年 11 月 23 日 10 月用电量增速全面提升至 10.4%，创年内新高 环保公用事业行业周报（2025/11/23） 周期/环保及公用事业 本周环保与公用事业板块均有下跌。环保（申万）行业指数下跌 6.02%，公用 事业（申万）行业指数下跌 4.33%，相对市场整体跌幅较大。 推荐（维持） | | | 占比% | | --- | --- | --- | | 股票家数（只） | 242 | 4.7 | | 总市值（十亿元） | 3985.6 | 3.9 | | 流通市值（十亿元） | 3690.7 | 4.0 | 行业指数 % 1m 6m 12m 绝对表现 2.1 16.0 18.3 相对表现 5.4 2.2 6.7 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Nov/24 Mar/25 Jul/25 Oct/25 (%) 环保及公用事业 沪深300 相关报告 1 、《环保公用事业行业周报 （20251116）：火电发电量由降转增， 水电电量保持较高增长》2025-11-17 2 ...

证券研究报告 | 金融工程 2025 年 11 月 23 日 利率价量择时观点整体转为偏空 美债价量周期择时信号：看多 - 基于美国市场 10 年期国债 YTM 数据判断的多周期择时信号为： 长周期向上突破、中周期向下突破、短周期向下突破。综合来看， 当前合计下行突破 2 票、上行突破 1 票，最终信号的综合评分结 果为看多。 国内利率价量多周期择时策略表现 - 自 2024 年底以来，基于 5/10/30 年期国债 YTM 价量趋势的交易策 略年化收益率分别为 2.24%、2.69%、3.25%，最大回撤为 0.75%、 1.01%、1.78%，收益回撤比为 3.8、4.65、3.54，相对业绩基准的 超额收益率为 0.81%、1.39%、2.57%。2008 年以来，各策略逐年 绝对收益和超额收益大于 0 的概率均接近 100%。 风险提示：本报告基于对历史数据的分析，当市场环境变化时，存在失效 风险。 专题报告 王武蕾 S1090519080001 wangwulei@cmschina.com.cn 梁雨辰 S1090523070008 liangyuchen2@cmschina.com.cn 敬请阅读 ...

证券研究报告 | 行业定期报告 2025 年 11 月 23 日 10 月推盘未售去化周期较 9 月上升 ——样本城市周度高频数据全追踪 周期/房地产 一、核心要点 图 1：样本城市新房及二手房网签面积同比（截至 11 月 20 日） 资料来源：Wind、房管局、招商证券等 表 1：样本城市新房及二手房网签面积同比（截至 11 月 20 日） | 新房（11 | 月 | 1 日-11 月 | 20 日） | 二手房（11 | 月 | 1 日-11 月 | 20 日） | | --- | --- | --- | --- | --- | --- | --- | --- | | 城市能级 | 同比 | 较 | 10 月 | 城市能级 | 同比 | 较 | 10 月 | | 样本城市 | | | | 样本城市 | -12% | -收窄 | +10 PCT | | 城） （39 | -33% | -扩大 | -6 PCT | 城） （16 | | | | | 一线城市 | -40% | -扩大 | -4 PCT | 一线城市 | -20% | -收窄 | +7 PCT | | （4 城） | | | | （2 城） | ...

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3]. Core Insights - Google has released the Gemini 3 large model, which includes the Gemini 3 Pro preview and Gemini 3 Deep Think mode, showcasing significant advancements in AI capabilities [6][9]. - The Google Antigravity platform has been launched, transforming AI assistance into an active partner for developers, enhancing task execution and code verification [12][15]. - The Nano Banana Pro model has been introduced, featuring high-resolution output and advanced image generation capabilities, integrating multimodal understanding and Google's knowledge base [18][16]. Industry Overview - The industry comprises 286 listed companies with a total market capitalization of approximately 4,122.9 billion and a circulating market value of about 3,648.6 billion [3]. - The computer sector experienced a decline of 2.74% in the third week of November 2025, with notable stock performances from companies like Rongji Software and *ST Dongtong [19][20]. Market Performance - The absolute performance over 1 month, 6 months, and 12 months is recorded at 0.4%, 16.2%, and 16.7% respectively, while relative performance stands at 3.7%, 2.5%, and 5.1% [5].

Investment Rating - The report maintains a "Buy" recommendation for the industry, indicating a positive outlook for investment opportunities in the sector [2]. Core Insights - AI has emerged as a new growth engine for performance, with significant capital expenditures from major cloud providers driving revenue growth in related cloud businesses [1][6]. - The report highlights that the demand for AI computing power remains robust, with companies like NVIDIA reporting record revenues and strong future guidance [6][42]. - SaaS companies are experiencing substantial revenue growth, largely attributed to the application of AI technologies [54]. Summary by Sections Cloud: Continued Increase in Capital Expenditures - Major cloud providers collectively invested over $110 billion in capital expenditures in Q3 CY25, with AI being a key driver for this increase [6][13]. - Amazon's capital expenditure surged by 55% to $35.1 billion, surpassing Microsoft as the largest spender in a single quarter [6][18]. - Future guidance indicates that cloud providers will continue to increase capital expenditures focused on AI and data center infrastructure [6][18]. Computing Power: Performance Orders Exceeding Expectations - NVIDIA reported a 62% increase in revenue for Q3 FY26, with data center revenue reaching $51.2 billion, a 66% year-over-year growth [42][45]. - AMD also achieved record revenues of $9.2 billion in Q3, driven by strong demand for its EPYC and Ryzen processors [50][51]. Applications: Overview of SaaS Company Performance - SaaS companies reported significant revenue growth in Q3 CY25, with many exceeding expectations due to AI technology applications [54][55]. - ServiceNow's subscription revenue grew by 21.5%, while Palantir's revenue increased by 63%, driven by demand for its AIP platform [57][58]. - AppLovin's revenue rose by 68%, supported by its AI-driven advertising technology [60].

Domestic Economic Outlook - The annual economic growth target is largely achieved, but Q4 growth may further slow down, with high-frequency data indicating a significant decline in asphalt and cement production rates compared to the same period last year[6][17]. - October fiscal data suggests adjustments in year-end fiscal rhythm, allowing for a lower completion rate of the annual budget, with a notable decrease in expenditure despite a good revenue month[6][20]. Overseas Economic Factors - The Federal Reserve may skip interest rate cuts in December, which could lead to continued pressure on U.S. stocks and have a spillover effect on the domestic market[6][18]. - The October FOMC minutes reveal serious divisions regarding potential rate cuts, with concerns that further cuts could exacerbate inflation risks[6][18]. - The Epstein case is gaining attention, with potential implications for U.S. political stability, as it could lead to significant repercussions across various sectors[6][18]. Asset Allocation Insights - Domestic investment institutions are expected to start positioning for 2026 in December, driven by anticipated monetary easing following the appointment of a new Fed chair[6][19]. - The Q2 2026 PCE index is likely to turn positive, potentially signaling the start of an inflationary trend[6][19]. Market Performance Overview - A-shares experienced collective declines, with the Shanghai Composite Index down 3.90% this week, while the Shenzhen Component fell 5.13%[40]. - The U.S. stock market also faced downward adjustments, with the Dow Jones Industrial Average decreasing by 1.91%[40].

Group 1 - Recent adjustments in the A-share market are primarily due to weak domestic economic data, a strong US dollar index, year-end performance pressures, and a cautious funding environment [2][4][50] - The key signals for market stabilization will come from the political bureau meeting and the central economic work conference scheduled for December, which are expected to provide strong expansionary policies [5][50][51] - The market is likely to remain in a data and policy vacuum in the short term, but there is potential for a rebound in the first quarter of the following year, with a high probability of reaching new highs [6][51] Group 2 - The performance of technology stocks may lag behind large-cap blue-chip and financial cyclical stocks during this period, with a focus on cyclical resource price increases, service consumption, and self-sufficiency as the main investment themes [6][51] - The A-share market has shown a significant adjustment, with the Shanghai Composite Index dropping 3.9% and the CSI 300 Index falling 3.8% in a single week, marking the largest weekly decline since April [7][50] - The small-cap stocks have faced increased pressure as they approach the performance disclosure period, leading to a notable underperformance compared to larger indices [20][21][50]

汽车行业周报 ❑ 个股行情回顾 汽车板块个股：本周，汽车板块个股下跌居多。其中，涨幅居前的个股有天 普股份（+14.7%）、路畅科技（+8.1%）和浙江荣泰（+7.6%）；跌幅居前 的个股有富临精工（-20.3%）、新朋股份（-18.1%）和立中集团（-17.2%）。 重点覆盖个股：本周，已覆盖个股周度下跌居多。其中，涨幅居前的个股为 康隆达（+8.3%）、华纬科技（+4.3%）和江淮汽车（+0.8%）；跌幅居前的 个股有道氏技术（-15.5%）、星源卓镁（-14.7%）和神驰机电（-11.7%）。 华为连发"两境"新品牌，特斯拉开放 Robotaxi 服务 中游制造/汽车 ❑ 风险提示：生产不及预期；消费不及预期；盈利不及预期。 11 月 16 日至 11 月 23 日，汽车行业整体下跌 5.1%。11 月 20 日，东风与华为 乾崑深度合作的 DH 项目中文品牌定名"奕境"，首款车型将于明年 4 月的北 京车展发布，后续每年至少有一款全新车型上市。同日，启境品牌将在华为乾 崑生态大会上正式发布，明年启境计划推出两款车型，首款车型将于明年 6 月 上市交付。 证券研究报告|行业定期报告 2025 年 11 ...

证券研究报告 | 金融工程 2025 年 11 月 23 日 维持观望，大盘风格或仍将占优 2. 市场最新观点 风险提示：择时和风格轮动模型结论基于合理假设前提下结合历史数据统计规 律推导而出，市场环境变化下可能导致出现模型失效风险。 定期报告 敬请阅读末页的重要说明 王武蕾 S1090519080001 wangwulei@cmschina.com.cn 王禹哲 S1090525080001 wangyuzhe@cmschina.com.cn ❑ 择时观点上，本周继续维持震荡观望的判断，核心原因有三点，较前期有所 扩充：一是交易维度信号偏弱，目前全市场 Beta 离散度上行、PB 分化度下 行、全 A 交易量能下行，三者均给出偏向谨慎信号。简而言之，即市场缺乏 交易主线，未能形成新的趋势。二是基本面维度有喜有忧，即中上游景气度 回升较为明显，但下游景气度以及信贷数据不及预期。三是全球流动性风险 仍未解除，上周市场回调的主要原因在于美联储 12 月降息预期显著回落导 致全球流动性收缩，虽然周五美联储"三把手"威廉姆斯表示"近期内有进 一步调整利率的空间"，带动美股企稳，但当前美联储内部分歧仍较大，在 12 月 ...