Group 1 - The core viewpoint is that the A-share market is expected to continue its upward trend in 2026, despite short-term fluctuations, with a focus on sectors like technology recovery, dividend stocks, and low-positioned industries such as electric new energy [2][3][5] - The food and beverage sector is experiencing significant growth, with the liquor industry showing signs of bottoming out, presenting structural opportunities driven by policy benefits and consumption trends [9][11] - The Ministry of Industry and Information Technology is accelerating the cultivation of "robot+" application scenarios, with humanoid robots expected to enter mass production in 2026, marking a critical development period for the industry [14][16] Group 2 - According to various securities firms, the A-share market is currently in a policy and performance window, with a recommendation to maintain a "barbell" investment strategy focusing on low-positioned sectors that have growth logic [5][6][7] - The liquor industry is anticipated to enter a recovery phase, with a focus on companies that show early signs of turning points and growth elasticity [9] - The food and beverage industry is facing challenges such as insufficient domestic demand, but there are structural investment opportunities arising from policies aimed at boosting domestic consumption and evolving consumer trends [11]

Core Viewpoint - The Hong Kong stock market is showing a clear upward trend in the fourth quarter, with the "barbell strategy" being the optimal choice to respond to market changes, where the technology sector serves as the "offensive spear" of this strategy [1] Group 1: Market Strategy - The barbell strategy consists of two ends: the technology sector benefiting from the AI revolution and new productivity, focusing on high-growth opportunities, while high-dividend sectors provide stable cash flow to mitigate market risks [1] - This allocation aligns with the current market environment characterized by "policy support + technological breakthroughs" and matches the preferences of foreign institutions for leading growth stocks and high-dividend dual lines [1] Group 2: Investment Opportunities - For investors, positioning in the Hong Kong technology sector represents the most imaginative growth opportunity in a volatile market, achieving a balance between offensive and defensive strategies [2] - Relevant ETFs include the Hong Kong Stock Connect Technology ETF (159101), which covers the entire technology industry chain, and the Hang Seng Internet ETF (513330), which focuses on leading internet companies [2]

Core Insights - The China Securities 500 Quality Growth Index (930939) experienced a slight decline of 0.17% as of November 11, 2025, with mixed performance among constituent stocks [1] - The report from China International Capital Corporation (CICC) suggests that the restructuring of the international monetary order and the AI revolution will support the performance of Chinese assets in 2026 [1] - The CICC recommends focusing on three main investment themes: growth in prosperous sectors, breakthroughs in external demand, and cyclical reversals [1] Market Performance - The top-performing stock in the index was Weisheng Information (688100), which rose by 5.22%, while Sanmei Co. (603379) led the declines [1] - The 500 Quality Growth ETF (560500) saw a trading volume of 43.25 million yuan with a turnover rate of 0.09% [1] - Over the past three months, the 500 Quality Growth ETF's scale increased by 30.1 million yuan, indicating significant growth [1] Index Composition - The 500 Quality Growth Index comprises 100 stocks selected for high profitability, sustainable earnings, and strong cash flow [2] - As of October 31, 2025, the top ten weighted stocks in the index accounted for 21.64% of the total index weight, with Huagong Technology (000988) being the largest at 3.37% [2][4]

Report Information - Report Title: Precious Metals Weekly Report [1][13][23][44] - Report Date: November 10, 2025 [2] Investment Rating - No investment rating for the industry is provided in the report. Core Views - Last week, precious metal prices were in a volatile consolidation. Although the US private employment data in October exceeded expectations, gold and silver were supported. Market sentiment was affected by two uncertainties: the ongoing US government shutdown and the US Supreme Court's questioning of the legality of Trump's comprehensive tariff collection [3][6]. - The AI revolution has accelerated the wave of layoffs. The number of Challenger job cuts in the US in October increased by 175.3% year-on-year, reaching the highest level in the same period in twenty years. The private data provider Revelio Labs reported that non-farm payrolls turned negative in October, with a decrease of 9,100 jobs [3][7]. - Fed officials' statements showed a divergence on monetary policy. This year's Fed voters were cautious due to the government shutdown, and the direction of a December rate cut was unclear. Next year's voters were more concerned about inflation risks, and monetary policy may remain in a tightening stance for a longer time [3][7]. - Currently, gold and silver prices are in a volatile state, waiting for more information for further guidance. In the short term, prices may rebound due to data fluctuations, but the rebound space is expected to be limited. The view that gold and silver prices are in a phased adjustment is maintained [3][7]. Summary by Directory 1. Last Week's Trading Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold | 921.26 | -0.66 | -0.07 | 136,660 | 178,255 | Yuan/gram | | Shanghai Gold T+D | 917.64 | -2.56 | -0.28 | 37,088 | 254,462 | Yuan/gram | | COMEX Gold | 4007.80 | -5.60 | -0.14 | - | - | US dollars/ounce | | SHFE Silver | 11484 | 43 | 0.38 | 522,479 | 634,627 | Yuan/kilogram | | Shanghai Silver T+D | 11480 | 38 | 0.33 | 619,304 | 4,294,018 | Yuan/kilogram | | COMEX Silver | 48.23 | -0.02 | -0.05 | - | - | US dollars/ounce | [4] 2. Market Analysis and Outlook - The US government shutdown has broken the previous record and become the longest in history. Some Senate Democrats are ready to advance a package to end the shutdown, showing the most significant breakthrough in bipartisan negotiations in over a month [6]. - On November 5, the Supreme Court debated the legality of Trump's large - scale tariff collection. Most justices initially thought Trump overstepped his authority. The specific judgment time is undetermined [6]. - The Fed's officials have different views on monetary policy. Governor Milan called for more aggressive rate cuts, while Governor Cook said that each Fed meeting is real - time for monetary policy, and the risk on both sides of the Fed's dual mandate has increased [7]. - This week, attention should be paid to the US October CPI and PPI data, Fed speeches, the progress of the US government shutdown, and the Supreme Court's "tariff ruling" on Trump [8] 3. Important Data Information - The US ADP employment in October increased by 42,000, significantly exceeding the expected 30,000, but overall labor demand is still slowing, and wage growth is stagnant [9]. - As of September this year, the number of job cuts announced by US companies has approached 950,000, the highest level in the same period since 2020, with the government sector being the hardest - hit area [9]. - The US ISM manufacturing PMI in October was 48.7, contracting for the eighth consecutive month and lower than the expected 49.5 [9]. - The US ISM services PMI in October rose 2.4 points to 52.4, reaching an eight - month high, far exceeding the expected 50.8 [9]. - The eurozone's October manufacturing PMI was 50, with new orders stagnant and exports declining for four consecutive months. German and French manufacturing PMIs remained in the contraction zone [10]. - The eurozone's October services PMI was 53%, better than the initial value, pushing the composite PMI to the highest level since May 2023. Germany's service industry recovered strongly, while France's contracted for 14 consecutive months [10]. - The China Securities Regulatory Commission approved the registration of platinum, palladium futures, and options on the Guangzhou Futures Exchange [10]. - Indian gold ETFs have seen record capital inflows this year, with purchases approaching $3 billion, equivalent to about 26 tons of gold [10]. - China's foreign exchange reserves at the end of October were $3.343 trillion, and the gold reserves were 74.09 million ounces, increasing by 30,000 ounces month - on - month, the 12th consecutive month of increase [11] 4. Related Data Charts - The report provides multiple charts showing the price trends of SHFE and COMEX gold and silver, inventory changes, non - commercial net long positions, ETF holdings, price spreads, and the relationships between gold prices and other factors such as the US dollar, copper prices, inflation expectations, and interest rates [16][18][22][25][29][30][36][40][42]

Group 1 - CITIC Securities maintains a bullish outlook on gold stocks, indicating a decrease in volatility for commodities and stock indices [1] - The sentiment index for A-shares and Hong Kong stocks has declined, with a notable drop in the VIX for major indices [1] - Institutional focus is shifting towards defense, military, and non-bank financial sectors, while interest in the telecommunications sector is decreasing [1] Group 2 - CICC forecasts a more balanced market style for A-shares by 2026, driven by the restructuring of the international monetary order and the AI revolution [2] - The report emphasizes the importance of fundamentals and the movement of global and domestic funds in shaping market dynamics [2] - Three main investment themes are suggested: growth in prosperous sectors, breakthroughs in external demand, and cyclical reversals [2] Group 3 - China Galaxy Securities highlights the ongoing adjustment in the technology sector, with a focus on the rotation of market themes [3] - The report notes that the market is expected to maintain rapid rotation, with sectors like electric grid equipment, lithium batteries, and chemicals showing upward trends [3] - Key investment themes include anti-involution, new productive forces, consumer sectors, and "dual heavy" areas benefiting from project construction [3]

Core Viewpoint - The report from China International Capital Corporation (CICC) suggests that by 2026, the restructuring of the international monetary order will be further reinforced, and the AI revolution will enter a critical application phase, supporting the performance of Chinese assets [1] Group 1: Market Outlook - By 2026, the importance of A-share fundamentals will continue to rise, with global and domestic capital flows being significant factors [1] - The current global macro environment and trends in innovative industries remain favorable for growth styles, although valuations have increased after more than a year of growth in these sectors [1] Group 2: Investment Strategy - The market style in A-shares may become more balanced by 2026, driven by a three-year de-capacity cycle and policies promoting "anti-involution," leading to more cyclical industries approaching supply-demand balance [1] - Three main investment themes are recommended: 1) Growth in favorable conditions, 2) Breakthroughs in external demand, 3) Cyclical reversals [1]

Core Viewpoint - The report from China International Capital Corporation (CICC) suggests that by 2026, the restructuring of the international monetary order will be further reinforced, and the AI revolution will enter a critical application phase, supporting the performance of Chinese assets [1] Group 1: Market Outlook - By 2026, the importance of fundamentals in the A-share market will continue to rise, with global and domestic capital flows being significant factors [1] - The current global macro environment and trends in innovative industries remain relatively favorable for growth styles, although valuations in growth sectors have increased after more than a year of gains [1] Group 2: Investment Strategy - The market style in A-shares may trend towards balance in 2026, driven by a three-year capacity reduction cycle and policies promoting "anti-involution," leading to more cyclical industries approaching supply-demand balance [1] - Three main investment themes are recommended: 1) Prosperous growth, 2) Breakthroughs in external demand, 3) Cyclical reversals [1]

Core Insights - The automotive industry is experiencing significant transformation driven by the rise of "new automotive forces" and "automotive intelligence," which are becoming key topics in society and industry development [1][4] - The launch of the Hong Kong Stock Automotive 50 ETF by Huabao Fund, which tracks the "CSI Hong Kong Stock Connect Automotive Industry Theme Index," aims to provide investors with exposure to high-quality stocks across the entire automotive industry chain, focusing on downstream vehicle manufacturing and applications [1][3] Industry Overview - The automotive sector has become a crucial economic pillar in China, surpassing Japan as the world's largest automobile exporter for two consecutive years by 2024 [3][4] - The integration of AI into the automotive industry is expected to attract a new wave of capital investment, with significant advancements in electric and intelligent vehicle technologies [4][11] ETF Details - The Hong Kong Stock Automotive 50 ETF (subscription code: 520783; listing code: 520780) is designed to focus on leading companies in the automotive sector, particularly in vehicle manufacturing [6][7] - As of September 30, 2025, the top ten holdings of the index include prominent companies such as XPeng Motors, Li Auto, BYD, and Geely, with a combined weight of nearly 70% [6][7] Performance Metrics - The CSI Hong Kong Stock Connect Automotive Industry Theme Index has shown a cumulative increase of 159.99% since its base date, outperforming other industry indices and broad market indices [8][10] - The financial performance of the index constituents reflects strong growth, with a year-on-year revenue growth rate of 23.7% and a net profit growth rate of 35.3% as of mid-2025 [11]

Core Viewpoint - The gas turbine sector is experiencing a significant surge in demand driven by real orders and technological advancements, with companies like Triangular Defense and Weichai Power seeing substantial stock price increases due to new contracts and strategic partnerships [2][3][10]. Market Dynamics - The global energy crisis has positioned gas turbines as essential, with a 36% year-on-year increase in new orders in Q1 2025, and a staggering 187% growth in North America [5][6]. - Major manufacturers like GE and Siemens are facing order backlogs extending to 2028, indicating a supply-demand imbalance [5][6]. Technological Advancements - Gas turbines are favored for their quick startup time (10 minutes), high efficiency (over 45% thermal efficiency, up to 64% for combined cycle units), and low carbon emissions, aligning with global carbon reduction goals [5][6]. - Domestic manufacturers in China are catching up technologically, with significant advancements in high-temperature components and a high localization rate for small gas turbines [9]. Domestic Market Opportunities - Chinese companies are seizing the opportunity to enter the global supply chain, with firms like Aerospace Technology and Weichai Power securing long-term contracts with international giants [10]. - The export value of China's gas turbines is projected to grow from 8 billion yuan in 2023 to 12 billion yuan by 2030, driven by demand in North America and the Middle East [13]. Investment Focus - Key investment areas include core components, complete machine manufacturers, and after-sales services, with companies like Yingliu Co. and Dongfang Electric positioned favorably due to their technological capabilities and order backlogs [15][16]. - The market is expected to continue growing, with the global gas turbine market projected to exceed 300 billion yuan by 2030, benefiting companies with strong technological foundations and international partnerships [17].

Core Insights - The private equity market is experiencing a significant increase in positions, with the stock private equity position index reaching 80.16% as of October 31, marking a new high for the year [1][2] - The rise in positions reflects a positive shift in market expectations, with a notable increase from a low of 73.93% in August [2] - The majority of private equity firms are fully invested, with 63.21% in a full position, indicating strong confidence in market conditions [2] Position Distribution - As of October 31, 80.07% of large private equity firms (over 100 billion) maintained positions above 80%, while those managing between 50 billion and 100 billion reached 85.02% [2] - Smaller private equity firms are also increasing their positions, with most categories exceeding the 80% threshold [2] Market Consensus - There is a consensus among private equity firms that a structural market trend will continue, leading to a preference for high positions [3] - Firms anticipate a potential market correction in November but believe it will serve as a buildup for the next market rally [3] Investment Focus - Private equity firms are focusing on two main sectors: technology and cyclical industries [4] - The technology sector is driven by the AI revolution and advancements in the semiconductor industry, while cyclical industries are shifting towards quality improvement and international market expansion [4] Portfolio Strategy - Current portfolio strategies emphasize a combination of core (high-quality blue-chip) and satellite (innovative growth) investments [5] - Core investments focus on undervalued quality companies across various sectors, while satellite investments target high-growth areas such as AI computing and biotechnology [5]