First Capital Securities·2025-11-10 08:12Macroeconomic Group - In October, China's export growth rate decreased by 0.8% year-on-year in RMB terms, down from 8.4% in September, while import growth was 1.4%, down from 7.5% [4] - The trade surplus for October was $90.1 billion, lower than the expected $113.7 billion and slightly down from $90.4 billion in September [4] - The decline in export growth is attributed to several factors, including fewer working days, a high base from last year, weakening manufacturing PMI in major Western economies, and increased tariffs from the U.S. [5] Industry Comprehensive Group - SanDisk has significantly raised the contract prices for NAND flash memory by up to 50% in November, marking the third price increase this year [10] - The demand for AI computing power is strong, suggesting that the current round of storage price increases may persist for a longer duration [10] Advanced Manufacturing Group - Tianqi Lithium announced long-term supply agreements with two battery companies, covering approximately 40% of their electrolyte demand for the next three years, totaling 1.595 million tons [13] - This move is aimed at mitigating price volatility risks of upstream raw materials, indicating potential price pressures for key upstream materials in 2026 [13] Consumer Group - The packaging paper market is experiencing a price increase trend, with major companies like Nine Dragons Paper and Shanying Paper raising prices by 30 to 150 RMB per ton [15] - The market average price for boxboard and corrugated paper has risen by 40 RMB per ton, driven by strong demand during the Double Eleven shopping festival [15][16] - The pulp market is seeing a decrease in both inventory and prices, alleviating cost pressures for paper manufacturers [16]