Changjiang Securities·2025-11-02 09:13Market Outlook - The A-share market is expected to continue a "slow bull" trend in November, driven by the implementation of the "14th Five-Year Plan" and consensus on trade issues between China and the U.S.[4] - Market valuations are likely to recover from tariff disruptions experienced in October, with improving market confidence and risk appetite in the technology sector[4]. Investment Strategy - Focus on three main lines: 1. Technology growth, particularly in AI hardware like storage and optical modules, as well as high-demand sectors such as energy storage and power grids[4]. 2. Market hotspots, including military industry and gaming sectors, guided by policy and fundamental improvements[4]. 3. Industries benefiting from "anti-involution" policies, such as chemicals and photovoltaics, optimizing supply-demand dynamics[4]. Key Industry Recommendations - Metals: Luoyang Molybdenum Co. is expected to increase copper production capacity by approximately 60% by 2028, benefiting from rising copper prices[9]. - Chemicals: Yara International is expanding its potash production capacity, with a projected output of 1.815 million tons in 2024[10]. - New Energy: Sungrow Power Supply is positioned to gain significantly from the growing U.S. data center market, with expected profit increases[11]. - Machinery: Magpower is expanding its product range and increasing its international market share, with projected net profits of 4.5 billion and 9.4 billion yuan for 2025 and 2026, respectively[12]. - Military: Guangdong Hongda is integrating quality defense assets, enhancing revenue and profit in the defense sector[13]. - Automotive: Top Group is expected to benefit from partnerships with major automotive brands, with projected net profits of 28.0 billion yuan in 2025[17]. - Home Appliances: Anker Innovations is projected to achieve net profits of 26.57 billion yuan in 2025, maintaining a strong growth trajectory[18]. - Electronics: Zhaoyi Innovation is experiencing a robust growth cycle, with a projected net profit of 2.39 billion yuan in 2025[19]. - Communications: Zhongji Xuchuang is expected to see net profits of 101.4 billion yuan in 2025, with a significant growth rate of 96%[20]. - Media: Kaiying Network is expanding its product offerings, with a 65% growth in information services in the first half of the year[21].