Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trends of various futures contracts on November 26, 2025, including股指期货,国债 futures, precious metal futures, base metal futures, energy futures, and agricultural futures. Futures are expected to show different trends such as strong - side oscillations, weak - side oscillations, and wide - range oscillations [2]. Summary by Related Catalogs 1. Futures Market Outlook 1.1 Stock Index Futures - On November 26, 2025, stock index futures are likely to oscillate strongly. For example, IF2512 has resistance levels at 4511 and 4539 points, and support levels at 4457 and 4439 points; IH2512 has resistance levels at 2977 and 2990 points, and support levels at 2948 and 2935 points; IC2512 has resistance levels at 7000 and 7054 points, and support levels at 6871 and 6827 points; IM2512 has resistance levels at 7264 and 7300 points, and support levels at 7132 and 7116 points [2]. 1.2 Bond Futures - The ten - year Treasury bond futures contract T2603 is likely to oscillate in a wide range on November 26, 2025, with support levels at 108.14 and 108.03 yuan, and resistance levels at 108.36 and 108.49 yuan. The thirty - year Treasury bond futures contract TL2603 is likely to oscillate weakly in a wide range, with support levels at 114.8 and 114.6 yuan, and resistance levels at 115.6 and 116.0 yuan [2]. 1.3 Precious Metal Futures - The gold futures contract AU2602 is likely to oscillate and consolidate on November 26, 2025, with resistance levels at 951.5 and 961.0 yuan/gram, and support levels at 937.8 and 930.0 yuan/gram. The silver futures contract AG2602 is likely to oscillate in a wide range, with resistance levels at 12281 and 12350 yuan/kg, and support levels at 11890 and 11843 yuan/kg [2][3]. 1.4 Base Metal Futures - Copper futures contract CU2601 is likely to oscillate and consolidate on November 26, 2025, with resistance levels at 87600 and 88000 yuan/ton, and support levels at 86000 and 85600 yuan/ton. Aluminum futures contract AL2601 is likely to oscillate weakly, with support levels at 21380 and 21290 yuan/ton, and resistance levels at 21540 and 21650 yuan/ton. Alumina futures contract AO2601 is likely to oscillate weakly and test support levels at 2707 and 2684 yuan/ton, with resistance levels at 2727 and 2741 yuan/ton. Nickel futures contract NI2601 is likely to oscillate strongly and attack resistance levels at 118000 and 119100 yuan/ton, with support levels at 116100 and 115500 yuan/ton [3]. 1.5 Energy Futures - Crude oil futures contract SC2601 is likely to oscillate weakly on November 26, 2025, and test support levels at 437 and 433 yuan/barrel, with resistance levels at 446 and 449 yuan/barrel. Fuel oil futures contract FU2601 is likely to oscillate weakly and test support levels at 2420 and 2400 yuan/ton, with resistance levels at 2470 and 2491 yuan/ton [4][6]. 1.6 Agricultural Futures - Carbonate lithium futures contract LC2605 is likely to oscillate strongly on November 26, 2025, and attack resistance levels at 101200 and 103600 yuan/ton, with support levels at 97300 and 95000 yuan/ton. Corn futures contract C2601 is likely to oscillate strongly and attack resistance levels at 2265 and 2271 yuan/ton, with support levels at 2238 and 2230 yuan/ton. Palm oil futures contract P2601 is likely to oscillate weakly and test support levels at 8280 and 8178 yuan/ton, with resistance levels at 8360 and 8400 yuan/ton [4][7]. 2. Macro - news and Trading Tips - Diplomatic news: The Chinese and US presidents had a positive, friendly, and constructive phone call initiated by the US side, which is important for the stable development of Sino - US relations [8]. - Policy news: The State Council Information Office will hold a press conference on November 27 to introduce policies to enhance the adaptability of consumer goods supply and demand and further promote consumption. The National Economic Crime Investigation Work Conference emphasized cracking down on economic crimes, and the Inter - ministerial Joint Conference on Alleviating the Burden on Enterprises emphasized establishing a comprehensive service system for enterprises [8]. - Economic data: From January to October, China's full - industry foreign direct investment was 144.34 billion US dollars, a year - on - year increase of 6.2%; the newly signed contract value of foreign contracted projects was 210.7 billion US dollars, a year - on - year increase of 18.6%. The US federal government budget deficit in October was 284 billion US dollars due to the "shutdown." The US 9 - month PPI increased by 0.3% month - on - month, and core PPI increased by 0.1% month - on - month. Retail sales increased by 0.2% month - on - month [8][9][10]. 3. Commodity Futures - related Information - On November 25, 2025, US crude oil futures closed down 1.24% at 58.11 US dollars/barrel, and Brent crude oil futures closed down 1.2% at 61.97 US dollars/barrel. International precious metal futures generally closed up, with COMEX gold futures up 0.78% at 4126.3 US dollars/ounce and COMEX silver futures up 1.50% at 51.08 US dollars/ounce. London base metals showed mixed results [11][12]. 4. Futures Market Analysis and Outlook 4.1 Stock Index Futures - On November 25, 2025, stock index futures showed different trends. For example, IF2512 opened slightly higher, rose and then fell back, and finally closed at 4473.0 points, up 0.66% (0.85% based on the closing price). It is expected that in November 2025, stock index futures such as IF, IH, IC, and IM are likely to oscillate weakly in a wide range [13][17][18]. 4.2 Bond Futures - On November 25, 2025, the ten - year Treasury bond futures contract T2603 opened slightly lower, rebounded and then fell back, and closed at 108.220 yuan, down 0.08%. The thirty - year Treasury bond futures contract TL2603 opened slightly lower, rebounded and then fell back, and closed at 115.16 yuan, down 0.33% [37][41]. 4.3 Other Futures - Other futures such as gold, silver, copper, aluminum, etc. also showed different trends on November 25, 2025, and corresponding price trends and support/resistance levels are predicted for November 26, 2025 and November 2025 [43][52][57].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The global economic and political situation is complex, with multiple factors influencing various markets. The end of the Russia-Ukraine conflict, US policies on AI and energy, and China's economic policies all have an impact on different industries [8][9][10]. - Different industries are in different states, with some facing supply - demand imbalances, price fluctuations, and policy - related uncertainties. For example, the steel and coal industries are affected by production policies and demand changes, while the agricultural and energy - chemical industries are influenced by factors such as weather, international relations, and seasonal demand [17][19][40]. Summary by Relevant Catalogs Macro Information - Trump's team has made progress in the Russia - Ukraine peace plan, and an envoy will meet with Putin. Ukraine hopes for Zelensky's early visit to the US to finalize the agreement [8]. - China - US leaders' call is positive for bilateral relations. China will hold a policy briefing on promoting consumer goods consumption [8]. - Alibaba's 2026 fiscal second - quarter revenue increased by 5% year - on - year, but adjusted net profit decreased by 72%. China promotes commercial aerospace development, and a new mobile power standard is expected to be released next year [9]. - Trump launches the "Genesis Mission" to promote AI innovation. The US had a large budget deficit in October due to the government "shutdown". The selection of the Fed chairman is in the final stage [10]. - US inflation rebounded in September, and retail sales growth slowed. Local government special bonds are being issued for investment funds [11]. Macro Finance - **Stock Index Futures**: Adopt a volatile mindset and temporarily wait and see. A - shares rebounded, but the market showed signs of weakness in the afternoon. The selection of the Fed chairman may affect the market, and the short - term decline may lead to a possible rebound, but the index's anti - fragility is insufficient [13][14]. - **Treasury Bond Futures**: Maintain a bullish view on the bond market. The central bank's monetary policy may be further strengthened, and attention should be paid to the central bank's bond - buying in November and exchange rate changes [15]. Black - **Steel and Ore**: In the short term, expect volatility or a rebound; in the medium - to - long term, maintain a bearish view on rallies. Pay attention to macro - policies and the demand and supply situation. Currently, real estate demand is weak, while some industrial demand shows improvement. Steel mills' profits are low, and inventory is relatively high [17][18]. - **Coal and Coke**: Prices may continue to be weakly volatile in the short term. Coal production may be affected by safety regulations and environmental factors, and the potential negative feedback from weak steel demand restricts prices [19][20]. - **Ferroalloys**: The silicon - iron may be a better long - term investment option compared to manganese - silicon. Currently, the silicon - iron has a stronger marginal change in fundamentals at low prices, and there is a possibility of more significant production cuts [21]. Non - ferrous Metals and New Materials - **Zinc**: Hold short positions at high levels. Zinc prices are in a volatile downward trend with possible rebounds, affected by macro factors and inventory changes. Domestic processing fees are falling, and downstream demand is cautious [24]. - **Lead**: Hold short positions cautiously. Lead prices are weakly volatile, and social inventory is decreasing due to supply shortages in some regions. Import trading is not active [25]. - **Lithium Carbonate**: In the short term, it will be strongly volatile. Although there are signs of weakening demand in the short term, long - term demand is still positive, attracting funds [27]. - **Industrial Silicon**: Continue to trade in a range. Supply and demand are in a weak balance, and the valuation is relatively low, with limited downward adjustment space [27]. - **Polysilicon**: Trade in a range and buy on dips. The supply - demand contradiction is weaker than the policy - expectation contradiction, and the spot price is firm [28]. Agricultural Products - **Cotton**: Trade in a low - level range. Supply pressure and weak demand coexist, but high costs resist price declines [30]. - **Sugar**: The price trend is bearish, but cost support limits the decline. Global sugar supply is expected to be in surplus, and domestic new - sugar supply is increasing [32]. - **Eggs**: The spot price may be weak, and the near - month futures contract is under pressure. The long - term outlook is positive due to the decline in laying - hen inventory, but the short - term supply pressure remains high [33][34]. - **Apples**: The price trend is strongly volatile. The acquisition season is over, and inventory and consumption will affect future prices [34][35]. - **Corn**: Temporarily wait and see. The current price increase is due to supply - demand mismatch, and there may be a correction in the future, but the decline space is limited [36]. - **Jujubes**: Temporarily wait and see. The production - area prices are stable, and the sales - area prices have increased slightly [37]. - **Pigs**: In the short term, the supply pressure is increasing, and the price is weakly volatile. In the long term, the decline in sow inventory is beneficial to future prices [37][38]. Energy and Chemicals - **Crude Oil**: Consider shorting on rallies. The end of the Russia - Ukraine conflict may lead to a more significant supply - demand imbalance, and the long - term price trend is downward [40]. - **Fuel Oil**: The price will follow the trend of crude oil. The supply is loose, and the demand is weak, and the focus is on the impact of sanctions on Russia [42]. - **Plastic**: Adopt a weakly volatile mindset. The supply pressure is high, but production losses may provide some support [42][43]. - **Rubber**: Pay attention to Southeast Asian weather. The domestic supply is decreasing, and the price is in a volatile range [44]. - **Synthetic Rubber**: The price is weakly volatile in the short term, and there is downward pressure in the long term [45]. - **Methanol**: In the near - term, adopt a weakly volatile mindset; in the long - term, wait for a rally to go long. The supply pressure is high, and the impact of imports needs to be observed [46][47]. - **Caustic Soda**: Adopt a volatile mindset. The spot price is weak, but low futures prices and few warehouse receipts may provide some support [48]. - **Asphalt**: The price fluctuation may increase. Pay attention to the end of the demand season, refinery production changes, and international oil supply [49]. - **Polyester Industry Chain**: The price will follow the cost trend and is expected to be weakly volatile. Although the supply - demand structure has improved marginally, the cost support is weak [50]. - **Liquefied Petroleum Gas**: The short - term strength may turn weak. The supply is abundant, and the impact of the decline in oil prices needs to be considered [51]. - **Paper Pulp**: Enter a range - bound stage. The supply is expected to increase, and the demand is stable, so it is recommended to wait and see [51]. - **Logs**: The price is under pressure. The inventory is expected to increase, and the market is in a weak balance [52]. - **Urea**: The spot price may be weakly volatile, and the futures market may experience short - term basis regression [53].

Group 1 - The A-share market experienced a pullback due to intertwined short-term risk factors, leading to cautious capital outflows, despite stock private equity positions reaching a nearly 112-week high [1][5] - Private equity firms are adopting varied strategies in response to the high positions, with some maintaining high exposure, others using derivatives for risk hedging, and some quietly reallocating assets for future market opportunities [1][6] Group 2 - Multiple private equity firms attribute the market adjustment to a combination of internal and external factors, with a focus on changes in external environments and liquidity expectations [3] - The tightening of overseas liquidity, particularly following the Federal Reserve's hawkish stance, has led to short-term net outflows of foreign capital, putting pressure on high-valuation technology sectors in A-shares [3][6] - Defensive behaviors from institutions cashing out profits towards year-end are expected to contribute to market volatility [3] Group 3 - As of November 14, the stock private equity position index reached 81.13%, marking a nearly 112-week high, with large private equity firms' positions nearing 90% [5] - Different private equity firms are employing distinct strategies under high positions, with some maintaining optimism about quality companies' growth despite short-term volatility [6][8] - Strategies include purchasing protective put options to hedge against market downturns and reallocating investments towards cyclical sectors while optimizing technology sector layouts [6] Group 4 - Despite short-term market pressures, leading private equity firms remain confident in the medium to long-term outlook and are actively seeking investment opportunities during the adjustment [8] - Focus areas include emerging growth sectors and cyclical industries, such as AI innovations in power construction and domestic semiconductor trends [8] - The Hang Seng Index is viewed as having reached historical low valuations, with structural opportunities in sectors like food and beverage and social services [8] Group 5 - Optimism about the market's future is reflected in the belief that major indices have returned to reasonable risk premiums after filling previous gaps, with substantial capital waiting on the sidelines [9] - The current adjustment is characterized as healthy, aiding in controlling leverage levels and optimizing trading structures [9] - Private equity firms are continuing to identify undervalued opportunities during this pullback, preparing for the next market cycle [9]

Core Insights - Vipshop reported Q3 2025 financial results with net revenue of 21.4 billion RMB, a year-on-year increase of 3.4% and Non-GAAP net profit of 1.5 billion RMB, up 14.6% [1] - The total Gross Merchandise Volume (GMV) for Q3 reached 43.1 billion RMB, reflecting a 7.5% year-on-year growth, with order volume at 166 million, a 1.5% increase [1] - Active user count for the platform in Q3 was 40.1 million, showing a 1.3% year-on-year growth [1] Business Operations - Vipshop enhanced its product sourcing capabilities by deepening collaborations with international brands such as Alexander Wang, bebe, OUTDOOR PRODUCTS, and PINKO, leading to an increase in product supply [1] - The "Vipshop Exclusive" sales segment saw significant growth, with a year-on-year increase of 41% and over 100 new brand partnerships established [1] - The company focused on high-value brand products and exclusive sales events to strengthen Super VIP (SVIP) user engagement, with SVIP users contributing 51% of online sales [1] AI Innovations - Vipshop implemented AI features such as the "Try It On" virtual fitting room, enhancing user experience and social sharing capabilities [4] - Systematic upgrades in models, algorithms, and product operations have led to a more efficient search and recommendation system [4] - The CEO emphasized the growing importance of AI in driving growth and efficiency, expressing confidence in achieving long-term sustainable growth [4] Market Outlook - According to analysis from China Merchants Securities, the macroeconomic environment and recovery in discretionary spending are contributing to sequential improvements for Vipshop [4] - The company is expected to maintain a strong competitive position in the branded apparel discount sector, leveraging deep collaborations with brands to create unique value [4] - The target price for Vipshop is set at $25.29, with a "strong buy" rating reflecting confidence in the company's operational performance and shareholder value enhancement through dividends and buybacks [4]

Core Insights - The article highlights the evolution and current strategies of Xinwang Bank, emphasizing its role as a digital financial pioneer in China, focusing on technology, green finance, inclusive finance, elderly finance, and digital finance to support the real economy in the digital age [1] Group 1: Technology Finance - Xinwang Bank has submitted over 540 patent applications, ranking among the top globally for new applications, and has been recognized in China's top 50 fintech companies for several years [2] - The bank offers fully online, unsecured, and contactless digital financial products tailored to the financing needs of tech startups, addressing their lack of collateral and standardized data [2] Group 2: Green Finance - Xinwang Bank positions itself as a "carbon-neutral bank," integrating "dual carbon" goals into its development strategy, focusing on both low-carbon operations and assisting clients in their low-carbon transitions [3] - The bank has launched digital financial products like "Low Carbon Circular Loan" and "Green Easy Financing" to meet the financing needs of small enterprises in the recycling sector [3] Group 3: Inclusive Finance - To address the financing challenges faced by small and micro enterprises, Xinwang Bank adopts a differentiated strategy, focusing on underserved customer segments and utilizing technology to manage risks [4] - The bank has introduced a decentralized supply chain finance solution that is fully online, real-time, and credit-based, covering the entire lifecycle of enterprises [4] Group 4: Elderly Finance - In response to an aging society, Xinwang Bank has enhanced its services for elderly clients, reflecting social responsibility while tapping into new market growth opportunities [5] - The bank's official app has introduced a "Caring Mode" to improve accessibility for elderly customers, enhancing their experience with customer service [5] Group 5: Digital Finance - As a next-generation digital-native bank, Xinwang Bank is at the forefront of digital finance, creating a comprehensive digital ecosystem that encompasses scenario finance, products, operations, and risk control [6] - The bank has developed a risk evaluation system centered on operational data and an intelligent customer service solution to improve service efficiency and customer experience [7] - Xinwang Bank has initiated the "Smart AI+" strategy, aiming for widespread AI tool adoption across the organization by 2025, promoting a deeper transition in digital finance [7]

Core Insights - The 8th China International Import Expo (CIIE) took place from November 5 to 10, 2023, in Shanghai, featuring participation from 155 countries and regions, with a record 4,108 foreign enterprises exhibiting, marking the highest exhibition area and number of companies to date [1][5][18] - The intended transaction amount reached $83.49 billion, representing a 4.4% increase from the previous year, also setting a new historical high [1][5] - The expo serves as a platform for global goods to enter China, enhancing China's role as a key destination for exports and a source of development for other countries [3][10] Exhibition Scale and Participation - The exhibition area exceeded 367,000 square meters, with over 600 new exhibitors added to the previous year's total of 3,496 [5][18] - Notably, 290 of the world's top 500 companies and industry leaders participated, highlighting the expo's significance in the global market [5][6] Innovation and Technology - The expo showcased a variety of innovative products, including advanced medical devices, smart appliances, and cutting-edge technologies in AI and robotics [3][12] - Companies like Samsung emphasized their commitment to the Chinese market, planning to invest over $56 billion by the end of 2025, with a focus on high-end components [8][12] Global Trade and Economic Integration - The event attracted 163 companies from 37 least developed countries, marking a 23.5% increase, and saw significant participation from African nations and countries involved in the Belt and Road Initiative [14][16] - Nicaragua reported a 34% increase in exports, amounting to approximately $72 million, since participating in the expo, demonstrating its impact on trade growth [16] Open Market and Policy Implications - The expo aligns with China's "14th Five-Year Plan" to expand institutional openness and maintain a multilateral trade system, with the openness index rising by 29.6% from 1990 to 2024 [10] - The event is viewed as a public good provided by China to the world, facilitating a new round of high-level opening-up and supporting global economic cooperation [10][12]

Core Viewpoint - The semiconductor industry in China is experiencing significant growth driven by "AI innovation" and "domestic substitution," with industry indices rising over 40% this year [1][5]. Group 1: Industry Performance - The CSI Semiconductor Index increased by 50.51% in Q3, outperforming the overall market due to expanding industry demand and domestic substitution [2]. - The Debon Semiconductor Industry Mixed Fund, managed by Lei Tao, achieved an annual return of 84% and over 129% in the last three years, significantly exceeding the performance benchmarks [2]. Group 2: Investment Strategy - Lei Tao emphasizes a "three-layer screening method" for stock selection, focusing on high-growth sectors, identifying quality companies that can withstand cycles, and assessing current market valuations [3][4]. - The strategy involves detailed research on various segments of the semiconductor industry, including materials, equipment, EDA, packaging, and chip design, to identify 2 to 3 promising areas for investment [2][3]. Group 3: Future Outlook - The next two years are seen as a critical window for the semiconductor industry, with significant opportunities arising from AI demand and the deepening of domestic substitution [5][6]. - The AI wave is expected to reshape the industry landscape, with many semiconductor companies, especially leading firms, showing strong performance due to the upward cycle and additional demand from AI technologies [6][7]. Group 4: Market Dynamics - The semiconductor industry's growth path is characterized by multiple variables, including technological breakthroughs and capacity adjustments, rather than a smooth upward trajectory [7]. - The phenomenon of "funds clustering" in the semiconductor sector reflects the fundamental strengths and strategic importance of certain companies, which are favored by investors for their scarcity and potential for outstanding performance [7].

Core Viewpoint - The semiconductor industry in the A-share market is experiencing significant growth driven by "AI innovation" and "domestic substitution," with industry indices rising over 40% this year [1] Group 1: Industry Performance - The CSI Semiconductor Index increased by 50.51% in Q3, outperforming the overall market due to expanding industry demand and domestic substitution [2] - The Debon Semiconductor Industry Mixed Fund, managed by Lei Tao, achieved a year-to-date return of 84% and over 129% in the last three years, significantly exceeding the performance benchmarks [2] Group 2: Investment Strategy - Lei Tao emphasizes two key points for selecting quality stocks in the semiconductor sector: detailed research on industry sub-segments and assessment of market conditions [2][3] - The investment selection framework involves identifying high-growth sectors, selecting resilient companies, and evaluating current market valuations to ensure safety margins [3][4] Group 3: Market Dynamics - The Chinese semiconductor industry is at a pivotal point, driven by domestic substitution and the global AI technology revolution, with the next two years seen as critical for development [5][6] - AI is expected to reshape the industry landscape, with significant demand growth anticipated as AI applications extend to various sectors, including mobile, automotive, and IoT devices [6] Group 4: Future Outlook - Lei Tao expresses confidence in semiconductor asset allocation, noting that industry growth is not linear and is influenced by multiple factors such as technological breakthroughs and production adjustments [7] - The phenomenon of "funds clustering" in the semiconductor sector reflects the underlying fundamentals, strategic positions, and scarcity of certain companies, which attract long-term investment [7]

Core Viewpoint - The semiconductor industry in the A-share market is experiencing significant growth driven by "AI innovation" and "domestic substitution," with industry indices rising over 40% this year [1] Group 1: Industry Performance - The CSI Semiconductor Index increased by 50.51% in Q3, outperforming the overall market due to expanding industry demand and domestic substitution [2] - The Debon Semiconductor Industry Mixed Fund managed by Lei Tao achieved a year-to-date return of 84% and over 129% in the last three years, significantly exceeding the benchmark returns of 35.28% and 59.90% respectively [2] Group 2: Investment Strategy - Lei Tao emphasizes two key points for selecting quality stocks in the semiconductor sector: detailed research on industry sub-segments and assessment of market conditions [2] - The investment strategy involves a systematic "three-layer screening method" focusing on high-growth sectors, identifying resilient companies, and evaluating current market valuations [3] Group 3: Market Dynamics - The semiconductor industry is at a critical juncture driven by domestic substitution and the global AI technology revolution, with the next two years seen as a key development window [4] - The industry is currently in an upward cycle, benefiting from AI demand, with significant growth potential in advanced processes and AI computing-related chip design [4] Group 4: Future Outlook - The current development of AI is still in its early stages, primarily focused on cloud and IT infrastructure, with further penetration into consumer devices expected to create new applications [5] - Lei Tao expresses confidence in the resilience of semiconductor companies' earnings over the next 1-2 years, driven by the industry's growth trajectory [5] Group 5: Investment Considerations - Investors are advised to maintain patience and rationality regarding short-term market fluctuations, as the semiconductor industry's growth path is complex and influenced by multiple variables [6] - The phenomenon of "capital clustering" in the semiconductor sector reflects the fundamental strengths and strategic importance of certain companies, which are favored by long-term investors [6]

Core Insights - Midea Group held its 30th Technology Month, themed "AInnovation," showcasing advancements in technological innovation, industrial breakthroughs, and talent cultivation [1][2] - The event introduced structural adjustments to award categories, emphasizing overseas OBM business breakthroughs and new industries, while significantly increasing the number of AI innovation awards [1][2] R&D and Innovation - Midea has invested over 43 billion yuan in R&D over the past three years, with R&D expenditure exceeding 8.8 billion yuan in the first half of 2025, marking a 14.4% year-on-year increase [2] - The company aims to establish a global R&D network, with over 23,000 R&D personnel by the end of 2024, accounting for more than 50% of non-production staff [2][3] Financial Performance - Midea's revenue is projected to exceed 400 billion yuan in 2024, with ToB business surpassing 100 billion yuan and overseas OBM sales increasing by 35% year-on-year [3] - For the first three quarters of the year, Midea reported revenue of 363.06 billion yuan, a 13.8% increase, and a net profit of 37.88 billion yuan, up 19.5%, both reaching record highs [3]