Inditex(US:IDEXY) 国泰海通证券研究·2025-12-08 14:05Group 1: Energy Efficiency and Carbon Reduction - The State Council held a meeting on December 5 to discuss enhancing energy efficiency and carbon reduction efforts, emphasizing the importance of these initiatives in achieving carbon peak and carbon neutrality goals [3] - The construction sector is advised to focus on opportunities related to new power systems, including wind and solar energy projects, distributed solar, pumped storage, new energy storage, virtual power plants, and hydrogen industry chain development [3] Group 2: New Urbanization and Real Estate - On December 3, the State Council conducted a collective study on promoting people-centered new urbanization, aiming to create a new pattern of urban-rural integration [4] - The transition of urbanization in China is moving from rapid growth to stable development, necessitating the implementation of urban renewal actions that integrate safety, real estate stability, and high-quality housing development [4] Group 3: REITs and Infrastructure Investment - The National Development and Reform Commission released a list of industry sectors eligible for REITs projects, covering 15 specific areas including transportation, energy, municipal infrastructure, and urban renewal facilities [5] - The expansion of the REITs issuance scope is expected to enhance the role of infrastructure REITs in revitalizing existing assets and promoting a positive investment cycle [5] Group 4: Retail and Consumer Trends - The U.S. retail sales during Black Friday increased by 4.1% year-on-year, indicating resilience in consumer spending despite various challenges [10] - INDITEX reported a 4.9% year-on-year revenue growth in Q3 2025, with net profit rising by 8.9%, reflecting strong performance and effective cost management [11]