Group 1 - The global economy is seeking a new balance amid downward pressures and structural challenges, with geopolitical conflicts and supply chain restructuring posing significant tests [1] - The "2025 First Financial Annual Financial Value Conference" held in Shanghai focused on key topics such as the internationalization of the RMB, new trends in the Chinese economy, and paths to enhance household consumption [1] - The conference highlighted influential figures in the financial industry who have significantly impacted industry transformation and market research [1] Group 2 - Three key trends are shaping the current global landscape: deep adjustments in globalization, the rise of protectionism, and the integration of technology with the economy [2] - China is entering a "dual investment" phase, balancing both inbound and outbound investments [2] Group 3 - Since the Belt and Road Initiative, China's outbound direct investment (ODI) has rapidly increased, surpassing foreign direct investment (FDI) in 2015 and maintaining a leading position in most years [3] - The structure of China's trade partners has diversified, with exports to the US, EU, and ASEAN decreasing from 50.8% in 2019 to 45.5% in 2024, while exports to Belt and Road countries have risen to approximately 47% [3] Group 4 - The internationalization of the RMB is expected to accelerate during the 14th Five-Year Plan, with significant breakthroughs in trade settlement, payment systems, and reserve allocation over the past 16 years [3][5] - The necessity for RMB internationalization has increased due to changes in the global trade landscape and rising dollar credit risks [5] Group 5 - The new core variable of China's economy is the new quality productivity, driven by technological innovation and deep integration with the industrial chain [5] - The contribution of real estate to the economy has decreased to about 10%, while the stock market is benefiting from emerging industries and economic recovery [12] Group 6 - The long-term trend of the Chinese stock market remains upward, with investment opportunities in sectors such as innovative pharmaceuticals, new energy vehicles, semiconductors, and artificial intelligence [12] - The conference included discussions on wealth growth in a low-interest-rate environment, emphasizing a shift from single yield pursuit to long-term stable allocation strategies [12][13]

国泰海通晨报 2025 年 11 月 05 日 国泰海通证券股份有限公司 研究所 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 2、【海外策略研究】：上周全球指数多数上涨，全球科技资产表现分化，北美持仓指数攀升至历 史高位。资金面上，联储议息会议如期降息，但鲍威尔发言放鹰，12 月降息预期下行。基本面 上，美股科技巨头财报披露后盈利预期上修，主要市场景气预期均回升。 3、【海外科技研究】海外信息科技：AI 和数据中心等新兴需求推动高端 SSD 控制器升级换代， 同时汽车电子和工业物联网兴起带来车规级存储控制器的新增长点。 4、【食品饮料研究】食品饮料：食品饮料板块 25Q3 年收入、净利润同比-6%、-13%，其中白酒 [Table_ImportantInfo] 今日重点推荐 梁中华(分析师) 021-23219820 liangzhonghua@gtht.com S0880525040019 邵睿思(研究助理) 010-83939827 shaoruisi@gtht.com S08 ...