朝闻国盛：看好科技和周期品种

Group 1: Market Overview - The report highlights a strong tourism data during the National Day holiday, with cross-border tourism consumption being a significant highlight, while box office performance was relatively weak [3] - The report anticipates that the third quarter earnings reports will focus on four main areas: benefiting from external interest rate cuts and emerging demand in non-ferrous metals, price stabilization in steel, coal, chemicals, and photovoltaics, steady growth in automotive, lithium batteries, electricity, and logistics, and AI-related sectors driven by domestic and international demand [3][4] Group 2: Industry Performance - The report indicates that the overall revenue of the real estate development industry shrank by 14.9% year-on-year to 1.54 trillion yuan, with a net profit loss of 867 billion yuan, marking a 157.2% decline [11] - The report emphasizes that 2025 will see a continued focus on policy-driven growth in the real estate sector, with a recommendation to prioritize investments in leading companies and those with strong fundamentals [12] Group 3: Company Insights - The report discusses China Resources Beverage's decision to relocate its registered office to Hong Kong, which is expected to enhance operational stability and investor confidence [15] - The company aims to strengthen its product matrix by focusing on multiple brands and water types, with plans to launch 14 new products in the beverage sector [16]