SINOLINK SECURITIES·2025-09-28 13:06Group 1: Strategy Overview - The report emphasizes a transition towards a bull market, driven by recovering demand for physical assets amidst supply constraints, particularly in the copper market [3][9][12] - Recent disruptions in copper supply, notably from the Grasberg mine, are expected to create price elasticity for future manufacturing demand recovery [9][12] - The report highlights a shift from a focus on financial assets to physical assets, indicating a potential new cycle for resource commodities [4][12] Group 2: Key Companies and Industries - Engineering Machinery: Hengli Hydraulic (601100.SH) is positioned for growth due to increased overseas demand and domestic infrastructure projects, with a favorable outlook for its core business [14] - Non-Banking Financial: Sichuan Shuangma (000935.SZ) is transitioning to an innovative drug CDMO model, with significant growth potential from its investment projects and pharmaceutical capacity expansion [15][16] - Food and Beverage: Angel Yeast (600298.SH) is expected to benefit from overseas expansion and improved domestic demand, with a favorable cost environment [17] - Transportation: Juneyao Airlines (603885.SH) is set to gain from industry supply-demand improvements and reduced interest expenses, with positive short-term catalysts from seasonal demand [18] - Retail: Gu Ming (1364.HK) is leveraging a unique store expansion strategy in the competitive milk tea market, with significant growth potential in coffee products [19] - Media and Internet: Tencent Holdings (0700.HK) is integrating AI across its ecosystem, enhancing its competitive edge and driving growth through high-margin businesses [20][21] - Electronics: Lante Optics (688127.SH) is experiencing strong demand in various sectors, with supply constraints on production equipment [22] - Computing: Hikvision (002415.SZ) is seeing a recovery in operating quality and profitability, with a focus on AI-driven products [23] - Pharmaceuticals: Innovent Biologics (9969.HK) is a leader in hematology and autoimmune therapies, with significant growth potential from its core products [24] - Defense and Military: Guobo Electronics (688375.SH) is positioned to benefit from growth in military and satellite internet sectors, with a strong market outlook [25]