东兴证券晨报-20251112

Economic News - The article by He Lifeng emphasizes the importance of developing new productive forces as a long-term task, advocating for practical and localized approaches to enhance capabilities in this area [2] - The EU plans to gradually eliminate Huawei and ZTE equipment, which has raised concerns about market principles and fair competition from the Chinese government [2] - The US Department of Commerce announced a suspension of export control rules from November 10, 2025, to November 9, 2026, as part of the consensus reached during the China-US trade talks [2] - The National Development and Reform Commission (NDRC) is focusing on accelerating the development of the service industry and engaging with various sectors [2] - The People's Bank of China released a monetary policy report indicating a commitment to maintaining a moderately loose monetary policy and stabilizing the RMB exchange rate [2] - The NDRC has recommended 105 infrastructure REITs projects to the China Securities Regulatory Commission, with 83 already issued, expected to drive over 1 trillion yuan in new investments [2][3] Industry Insights - The price of phosphate rock remains high due to a surge in chemical prices, with market averages reported at 1017 yuan/ton for 30% grade and 945 yuan/ton for 28% grade [3] - The logistics sector is set to benefit from a new implementation plan aimed at reducing logistics costs through data openness and integration [3][7] - The aviation industry has shown improvement in Q3 2025, with the three major airlines reporting a combined profit of 10.27 billion yuan, a significant increase from the previous year [9] - Domestic airlines are maintaining low growth in capacity, with major airlines showing a year-on-year growth of only 2.7% to 1.6% in capacity during peak months [10] - International flight capacity is stabilizing, with significant recovery in routes to Japan and South Korea, while routes to the US remain under 30% recovery [11] - The three major airlines are expected to increase their fleet size by around 4% this year, aligning with their planned aircraft introductions [12] - The aviation sector is anticipated to see a marginal improvement in Q4 2025, with stable ticket prices and reduced losses compared to the previous year [13] Non-Banking Financial Sector - The China Securities Regulatory Commission is focusing on deepening reforms in the multi-tiered capital market system to enhance its core competitiveness [15][16] - Key reform directions include improving market inclusivity, enhancing the quality of listed companies, expanding high-level institutional openness, and strengthening investor protection [16][19] - The non-banking financial sector is expected to benefit from an optimized market environment, which will enhance investment returns and diversify business lines [19][20]