朝闻道20251112：震荡徐行，择时而动

Core Insights - The report indicates a transitional phase in the cyclical consumption stage, with technology growth entering a left-side layout period [3] - The steel industry is experiencing a significant shift in the global iron ore supply-demand landscape due to the commissioning of major projects [3] Industry Strategy - The steel sector is set to benefit from the official commissioning of the West Mangdu Iron Mine on November 11, 2025, which will enhance China's position from a mere buyer to a significant resource owner, allowing for more active participation in international pricing negotiations [7] - The project includes a 670-kilometer railway and deep-water port, with the first shipment of approximately 200,000 tons of high-grade iron ore expected to be sent to China in mid-November [7] - This strategic move is anticipated to inject strong momentum into the long-term healthy development of China's steel industry across multiple dimensions, including resource security and economic benefits [7] Theme Strategy - The humanoid robot sector is experiencing a significant adjustment, with multiple catalysts emerging, suggesting it may enter a left-side layout period [4] - Key upcoming events include the 2025 China Robot Industry Development Conference and the 2025 Shenzhen High-Tech Fair, which will showcase advancements in robotics [4] - Notable company developments include the release of a new humanoid robot by Xiaopeng and Tesla's updates on the mass production of its Optimus robot [4] Market Strategy - The market is currently in a narrow range of fluctuations, with significant sector rotation and differentiation, necessitating a focus on timing for trading to achieve excess returns [7] - The cyclical and consumer sectors have shown strong performance recently, confirming previous strategies that indicated a transition and rebalancing phase [7] - The technology sector, after undergoing adjustments, is now viewed as entering a left-side layout period, with a focus on internal high-low switching [7]