GUOTAI HAITONG SECURITIES·2025-11-13 06:42Macro Research - The monetary policy framework continues to emphasize "appropriate monetary policy" and "maintaining reasonable growth in financial aggregates," with a shift towards combining counter-cyclical and cross-cyclical adjustments, reflecting the requirements of the 14th Five-Year Plan [1][2][3] - The central bank's focus is transitioning from merely short-term counter-cyclical support to a more forward-looking layout that optimizes efficiency and structural adjustments to better serve long-term economic goals [3][4] Strategy Research - The technology manufacturing sector remains highly prosperous, with rising prices in memory chips and an improved outlook for the lithium battery supply chain due to tight supply and demand [4][5] - Real estate demand is weak, with a significant decline in passenger vehicle sales, while coal demand has improved, leading to a substantial price increase [4][5] Energy Equipment and New Energy Research - The future expansion of the capacity pricing mechanism for energy storage is expected to enhance the economic viability of storage solutions across more provinces, significantly boosting demand in 2026 [8][9] - The introduction of a compensation standard for energy storage in Inner Mongolia at 0.28 yuan/kWh is anticipated to stimulate storage demand [10][25] Agriculture Research - The pet consumption sector showed strong performance during the Double 11 shopping festival, with domestic brands rising in rankings and companies like Zhongchong Co. performing exceptionally well [11][12][14] - The pet industry is experiencing a shift towards higher quality and more emotional consumption behaviors, indicating a trend of pet products becoming more integrated into family life [14][12]