Core Viewpoint - Huatai Securities indicates that the State Council's emphasis on promoting consumption and stabilizing investment reflects ongoing positive policy factors, with short-term market focus on new technologies and themes such as perovskite and asset restructuring [1] Group 1: Market Trends - The market is currently showing high attention to new technologies and themes, particularly in the perovskite and asset restructuring sectors [1] - The energy storage industry chain is expected to benefit from price increases in new materials, with a notable reduction in inventory in the carbon fiber industry [1] Group 2: Investment Opportunities - Three main investment lines for 2026 are identified: companies benefiting from overseas expansion that are not yet fully priced in, real estate chain companies with cleared risks and potential turning points in revenue or profitability, and new material companies likely to benefit from high-end manufacturing replacements [1] Group 3: Industry Index - The Building Materials ETF (159745) tracks the Building Materials Index (931009), which selects listed companies involved in the manufacturing and sales of cement, glass, ceramics, and other building materials [1] - The index reflects the overall performance of listed companies in the building materials sector, which is closely related to the real estate and infrastructure industries, with a primary focus on traditional manufacturing [1]

Core Viewpoint - The Chinese government is expected to intensify fiscal policies to boost consumption and stabilize economic growth amid challenges such as slowing external demand and weakened domestic momentum [1][2]. Economic Indicators - In October, the industrial added value increased by 4.9% year-on-year, slowing down by 1.6 percentage points from September; retail sales of consumer goods grew by 2.9%, a slight decline of 0.1 percentage points from September [1]. - From January to October, fixed asset investment (excluding rural households) totaled 4089.14 billion yuan, down 1.7% year-on-year [1]. Consumption Trends - Service consumption is becoming a significant growth point, with retail sales of consumer goods increasing by 4.3% year-on-year and service retail sales growing by 5.3% from January to October [3]. - Digital and green consumption are expanding, with online retail sales rising by 9.6% year-on-year [4]. Investment Insights - Fixed asset investment has shown a rare cumulative year-on-year negative value for two consecutive months, primarily due to a slowdown in infrastructure, manufacturing, and real estate investments [5]. - Despite the nominal decline, fixed asset investment remains positive when adjusted for price factors, indicating its continued role in economic growth [5]. Policy Measures - The "Two Major" construction initiative is highlighted as a key strategy for expanding effective investment and nurturing new productive forces, with a planned allocation of 800 billion yuan for 1459 projects by 2025 [6][7]. - The government aims to enhance the adaptability of supply and demand to release consumption potential and improve economic circulation [8]. Future Outlook - The interaction between new supply and new demand is expected to foster a virtuous cycle of potential consumption and beneficial investment, enhancing the internal dynamics of the domestic economy [9].

Group 1 - The report highlights that the Jiangsu province's service revenue from five monitored scenarios related to the "Su Chao" events reached nearly 38 billion yuan, showing a year-on-year growth of 42.7% [1] - The report indicates that the service revenue from tourism, travel, dining, accommodation, and sports during the first six rounds of the "Su Chao" matches totaled 37.96 billion yuan, with significant contributions from out-of-province visitors [1] - The Jiangsu Provincial People's Congress Finance and Economic Committee acknowledged the positive impact of the "Su Chao" events on economic vitality and recommended the creation of more integrated experiences combining viewing, dining, and entertainment [1] Group 2 - The overall economic performance of Jiangsu province in the first half of the year was stable and showed progress, achieving a GDP of nearly 6.7 trillion yuan, which is over 10% of the national total, with a year-on-year growth of 5.7% [2] - Out of 41 planned indicators set at the beginning of the year, 22 indicators are progressing smoothly, with seven indicators, including GDP and revenue from the productive service industry, ahead of schedule [2] - The province's foreign trade import and export total and the proportion of high-tech industry output to the total industrial output have met or nearly met the scheduled progress requirements [2]

Group 1 - The core report indicates that Jiangsu Province's economic performance in the first half of 2025 is stable and shows progress, achieving a GDP of nearly 6.7 trillion yuan, which accounts for over 10% of the national total, with a year-on-year growth of 5.7%, surpassing the national average by 0.4 percentage points [2] - The "Su Chao" events have significantly contributed to the local economy, with service revenue from five monitored scenarios reaching approximately 380 billion yuan, indicating a year-on-year increase of 42.7% [1] - The report highlights that out-of-province tourist spending in the travel and dining sectors accounted for 28.8% and 19.7% of the total service revenue, respectively, suggesting a strong impact from external visitors [1] Group 2 - The provincial government has successfully met 22 out of 41 planned economic indicators for the year, with seven indicators, including GDP and revenue from the productive service industry, progressing faster than scheduled [2] - The report emphasizes the importance of creating more integrated experiences around events, such as food and entertainment, to further stimulate economic activity [1]