国泰海通晨报-20251106

Group 1: Asset Allocation Strategy - The report emphasizes a shift from a barbell strategy to a quality strategy in asset allocation, highlighting opportunities in both technology and non-technology sectors as part of a broad revaluation of the Chinese market [2][9][18] - The report suggests a bullish outlook on Chinese A/H shares, driven by accelerated economic transformation and increased asset management demand due to declining risk-free interest rates [24][25] - It anticipates a moderate recovery in the Eurozone economy in 2026, recommending a benchmark allocation, while suggesting an underweight position for Indian stocks due to uncertainties [24][25] Group 2: Bond Market Insights - The report predicts a slight upward trend in domestic bond yields, influenced by a stable yet slightly easing monetary policy and positive fiscal policy orientation [3][25] - It notes that U.S. Treasury yields may decline moderately due to easing inflation expectations and a resilient economy [3][25] Group 3: Commodity Market Outlook - The report maintains a bullish stance on gold and copper, citing a long-term view on gold's monetary attributes and a structural demand for copper driven by AI infrastructure and grid upgrades [4][26] - It highlights that oil prices are under pressure due to oversupply, while copper prices are supported by supply constraints [4][26] Group 4: Pharmaceutical Industry Analysis - The report indicates a significant increase in the total market value of pharmaceutical stocks held by public funds, rising from 300.9 billion to 409 billion yuan, a 35.9% increase [10][27] - It notes that the proportion of pharmaceutical stocks in public fund holdings has increased to 10.53% as of Q3 2025, reflecting growing confidence in the sector [12][27] - The report identifies chemical preparations, other biological products, and medical devices as the leading segments within the pharmaceutical sector [12][27] Group 5: Gaming Industry Performance - The gaming industry has shown strong growth, with Q3 2025 revenues reaching 30.362 billion yuan, a year-on-year increase of 28.6% [29][30] - The report highlights the positive impact of new product launches and a stable regulatory environment on the gaming sector's performance [29][30] - It emphasizes the importance of high-quality product reserves and overseas expansion for companies in the gaming industry [29][30]