【光大研究每日速递】20251114

Group 1: Financial Data Analysis - In October 2025, M1 balance increased by 6.2% year-on-year, remaining at a relatively high level over the past three years. New loans added in October amounted to 220 billion yuan, while the incremental social financing scale was 815 billion yuan. M2 balance grew by 8.2% year-on-year, which may seem slightly low at first glance. However, considering the relationships of "past vs. present" and "surface vs. internal," the growth in credit, social financing, and M2 should not be viewed as insufficient [4]. Group 2: Energy Sector Insights - The gradual improvement of the capacity electricity price mechanism is a continuous benefit for the energy storage industry. Inner Mongolia maintains a high level of energy storage subsidies, ensuring a considerable increase in energy storage installations next year. The market currently has high expectations for domestic energy storage installations in the coming year, with a focus on monitoring the production of energy storage cells in December and January, as well as upcoming bidding and installation situations. The overall industry remains in a state of sustained prosperity [5]. Group 3: Pharmaceutical Sector Trends - The incidence of influenza-like illnesses (ILI) has increased recently, with the ILI percentage reported at 4.6% for the 44th week of 2025, higher than the previous week's 4.1% and above the levels of 3.1% and 3.3% in 2022 and 2024, respectively, but lower than the 5.9% in 2023. This trend suggests a need to pay attention to sectors related to influenza vaccines, virus testing, and pharmaceuticals [6]. Group 4: Company Performance Reviews - Beike (2423.HK) reported a revenue decline in Q3 2025, achieving revenue of 23.1 billion yuan, a year-on-year increase of 2.1%, but net profit decreased by 36.1% [6]. - Tencent Music (TME.N) achieved total revenue of 8.46 billion yuan in Q3 2025, a year-on-year increase of 20.6%, driven by better-than-expected growth in non-subscription business revenue. Adjusted net profit reached 2.405 billion yuan, up 32.6% year-on-year [6]. - Hong Teng Precision (6088.HK) reported a revenue of 1.324 billion USD in Q3 2025, a year-on-year increase of 13%, with net profit rising by 9%. The company maintains a net profit forecast of 171 million USD for 2025, driven by significant progress in the high-speed interconnection field [7].