Core Viewpoint - The real estate industry is nearing the end of its downward cycle, with supply-demand structure optimization leading to recovery [2][9] Group 1: Market Conditions - The real estate industry has been in a downward cycle for nearly five years and is approaching a stabilization point based on international experience [2][9] - Key indicators show significant progress in market adjustments: the narrow inventory (completed unsold residential properties) has decreased from approximately 470 million square meters at the beginning of the year to nearly 400 million square meters [2][9] - New construction area has returned to levels seen in 2002-2003 and is expected to hit bottom by 2026, with real estate development investment likely to stabilize and recover gradually [2][9] Group 2: Demand Structure Changes - A fundamental change in the demand structure for real estate is anticipated, with improvement-type demand expected to account for 40%-50% of total demand, becoming the absolute mainstream [3][10] - The quality of improvement-type residential products has significantly improved, with usable area rates rising from 75%-78% to over 90%, and some projects exceeding 100% [3][10] - Height standards have increased from 2.8-2.9 meters to 3.2 meters or even 3.45-3.6 meters, along with enhancements in decoration standards, public space design, property service quality, and community facilities [3][10] Group 3: Path to Recovery - Two core paths to quickly exit the low point of the industry are identified: the natural market clearing process is nearing completion, and further policy support is needed [4][11] - Recommendations include implementing more substantial measures on the demand side, such as lifting restrictive measures, providing home purchase interest subsidies, or combining with interest rate cuts to lower purchasing costs and boost market confidence [4][11] Group 4: Economic Role and Urbanization - Despite technological innovation being a core driving force, the real estate sector's pillar status in the economy remains unchanged, with its GDP share expected to stabilize around 6%-7% [5][12] - As urbanization enters its later stages, the trend of population concentration in core urban areas is expected to become more pronounced, providing long-term support for real estate development in major city clusters [5][12] Group 5: Investment Insights - Risks from past debt defaults and policy fluctuations have largely been reflected in expectations and stock prices, with the industry clearing entering its later stages [6][13] - Even during the industry adjustment period, companies with "alpha" characteristics have emerged, with several mid-sized real estate firms growing into industry leaders since 2019 [6][14] - An important positive signal is the upward trend in gross profit margins reported by some real estate companies in their mid-2025 reports, with expectations for clearer recovery trends in 2026-2027 [6][14]

在全球消费环境承压的背景下，中国消费市场正呈现结构性分化的新图景。 在12月2日瑞银投资银行举办的分享会上，瑞银投资银行大中华区消费行业研究主管彭燕燕指出，虽然 整体消费增速可能继续放缓，但潮玩、高端金饰、宠物等新消费赛道展现出强劲的阿尔法（超额收益） 机遇。 在回答《每日经济新闻》记者关于"户外+文旅"融合趋势的提问时，瑞银证券休闲及交通运输行业研究 主管陈欣表示，徒步、越野跑等户外活动与传统景区形成了良性互补。此类融合既能有效延长游客停留 时间，也能激活在地多元消费，为传统旅游目的地注入新活力。 从政策层面看，瑞银认为，短期内消费刺激的重点可能从家电补贴逐步转向服务与民生领域；长期而 言，海南自贸港封关在即、入境免签政策持续扩大、体验式消费不断深化等多重趋势，正共同推动中国 消费与旅游市场向更高质量、更多元化的新生态演进。 潮玩、宠物等新消费赛道展现阿尔法逻辑 彭燕燕认为，宏观政策是影响明年消费的关键变量。 她指出，过去两年拉动效应显著的家电补贴政策，其边际效应正在减弱。未来，政策资源可能更多转向 生育支持、民生帮扶及服务消费刺激等领域。例如，针对新生儿家庭的补贴可能加码，并延伸至托育服 务；针对失业人群 ...

Real Estate - In October, the core 30 cities saw a total of 133 residential land transactions, down 33.2% year-on-year, with an average floor price of 9,279 yuan per square meter, a decrease of 4.5% year-on-year [4] - From January to October, the total area of residential land transactions in 100 cities decreased by 9% year-on-year, while the average floor price increased by 15% year-on-year [4] - The total transaction value of residential land in the core six cities reached 541.2 billion yuan, accounting for 44.7% of the total in 100 cities, indicating a further deepening of market differentiation [4] Non-ferrous Metals - Cable manufacturers' operating rates have increased for three consecutive weeks, with tight supply conditions persisting; the Q4 peak season for the power grid is expected to continue [5] - Air conditioning production in October decreased by 28% year-on-year, but there is a continuous improvement in production on a month-on-month basis [5] - The supply-demand balance for copper is expected to remain tight, with copper prices likely to continue rising after short-term fluctuations [5] Electric Power and Environmental Protection - The hydrogen ammonia methanol sector is expected to attract more investment as a key direction for new energy consumption and green electricity applications [6] - The ongoing electricity shortage in the U.S. presents opportunities for rebound in underperforming sectors such as overseas energy storage and solid-state batteries [6] - The independent energy storage bidding in China for 2026 is expected to maintain a favorable level compared to 2025 [6] Public Utilities - The domestic thermal coal price remained stable week-on-week, while imported coal prices increased significantly [7] - In October, the total electricity consumption in China reached 8,572 billion kilowatt-hours, a year-on-year increase of 10.4% [7] Pharmaceuticals - The small nucleic acid drug sector is experiencing significant advancements, indicating the onset of a new wave of innovative drugs [8] - The industry is entering a golden development period driven by "technological breakthroughs + commercial realization," with many domestic pharmaceutical companies advancing to clinical research stages since 2025 [8] Company Analysis - Hangyang Co., Ltd. reported a revenue of 11.43 billion yuan for Q1-Q3 2025, a year-on-year increase of 10.4%, and a net profit of 760 million yuan, up 12.1% year-on-year [9] - The gross margin was 20.6%, an increase of 0.2 percentage points year-on-year, while the net margin was 7.4%, up 0.3 percentage points year-on-year [9]

Core Insights - EQT is significantly betting on the Asian market, viewing it as a core growth engine, particularly focusing on early-stage innovative companies and demand-driven industries in China [1][2] - The company's strategy in Asia emphasizes domestic markets over cross-border trade, investing in sectors like services, software, education, and financial services to mitigate geopolitical risks [1][3] - EQT's investment decisions and outcomes are largely independent of monetary cycles, with a focus on value creation despite high interest rates [4][5] Summary by Sections Asian Market Strategy - EQT sees more interesting opportunities in China through early-stage strategies, capitalizing on innovation and substantial growth potential [2] - The company’s Asian strategy reflects a broader trend in the global private equity industry, with more investors seeking diversification in Asia [3] Investment Focus - EQT raised over $10 billion for its BPEA private equity fund IX, targeting a total size of $12.5 billion, and plans to invest approximately $930 million in South Korean software provider Douzone Bizon [3] - The company emphasizes investments in domestic demand-related businesses, which are less affected by geopolitical tensions [3] Market Efficiency and Local Operations - The Asian market is perceived as more inefficient compared to the U.S. and Europe, providing "structural alpha opportunities" for investors [3] - EQT has 350 employees in Asia, highlighting the importance of localized operations for deal sourcing, talent recruitment, and exit strategies [3] Independence from Interest Rates - EQT's investment logic is not reliant on interest rate cycles, with the CEO stating that the company does not expect rates to decline [5] - The acquisition of Nord Anglia Education, valued at $14.5 billion, exemplifies EQT's strategy of investing in sectors with inherent value creation potential, regardless of the interest rate environment [5]

Core Viewpoint - Jinglin Asset Management Hong Kong Company has shown a significant increase in its US stock holdings, with a total market value of $4.44 billion as of September 30, 2025, representing a 54.52% increase from the previous quarter [1][2]. Summary by Category Portfolio Activity - The company held 30 securities in the US market at the end of Q3 2025, with a notable active adjustment in its portfolio [1][3]. - In Q3, Jinglin made 9 new purchases, added to 8 existing positions, sold out of 7 stocks, and reduced holdings in 6 stocks [3][6]. Key Holdings - The top ten holdings accounted for 81.9% of the total US stock portfolio, with a slight decrease in concentration compared to the previous quarter [2][3]. - Major increases included Meta (23.46 million shares), Nvidia (174.83 million shares), and significant stakes in Pinduoduo and Alibaba [4][5]. Sector Focus - The company has actively invested in the autonomous driving sector, acquiring 2.68 million shares of WeRide, a leading player in China's autonomous driving market [7]. - Continued investments were made in the hotel and e-commerce sectors, with increased stakes in Atour and Huazhu Group [3][4]. Market Outlook - Jinglin Asset Management maintains a positive outlook on quality Chinese assets, emphasizing structural "alpha" opportunities amid ongoing market fluctuations [9]. - The firm believes that China's competitive advantages, such as cost efficiency and talent reserves, will continue to attract overseas capital, with potential inflows into A-shares and Hong Kong stocks [9].

Core Insights - Jinglin Asset Management Hong Kong Company disclosed its US stock holdings as of September 30, 2025, reporting a total market value of $4.441 billion, a significant increase of 54.52% from $2.874 billion at the end of the previous quarter [1][3][5] Group 1: Portfolio Adjustments - The company actively adjusted its portfolio in Q3 2025, acquiring 9 new stocks, adding to 8 existing positions, while completely selling out of 7 stocks and reducing holdings in 6 others [5][7] - The top 10 holdings accounted for 81.9% of the total US stock portfolio, indicating a slight decrease in concentration compared to the previous quarter [5][6] - Notable increases included 174.83 million shares of NVIDIA, bringing the total to 237.88 million shares, valued at approximately $443.83 million [5][6] Group 2: Key Stock Movements - The company increased its stake in Meta by 234,600 shares, raising its total to 1.226 million shares, making it the largest holding valued at $900.32 million [5][6] - Significant purchases included 2.6842 million shares of WeRide, valued at $26.57 million, marking a strategic entry into the autonomous driving sector [8][9] - The company also increased its positions in hotel chains Atour and Huazhu, with additional purchases of 2.0794 million shares and 183,200 shares, respectively [5][6] Group 3: Market Outlook - Jinglin Asset Management maintains an optimistic view on quality Chinese assets, emphasizing the potential for structural "alpha" opportunities amid ongoing market fluctuations [2][10] - The firm believes that China's competitive advantages in cost efficiency, talent, and integrated supply chains will continue to attract international investment [10] - The expectation of a weak US dollar may lead global funds to flow into emerging markets, enhancing the appeal of undervalued Chinese stocks [10]

Core Viewpoint - Jinglin Asset Management Hong Kong Company has shown a significant increase in its US stock holdings, with a total market value of $4.44 billion as of September 30, 2025, representing a 54.52% increase from the previous quarter [2][3]. Holdings Overview - As of Q3 2025, Jinglin Hong Kong Company held 30 securities in the US market, with a total market value of $4.44 billion, up from $2.87 billion in the previous quarter [2][3]. - The company actively adjusted its portfolio, making 9 new purchases, adding to 8 existing positions, selling out of 7 stocks, and reducing holdings in 6 stocks [5][8]. Major Investments - The top ten holdings accounted for 81.9% of the total US stock portfolio, indicating a slight decrease in concentration compared to the previous quarter [5][6]. - The largest holding remains Meta Platforms, with an increase of 234,600 shares, bringing the total to 1,226,000 shares [6][7]. - Significant increases were also noted in holdings of Nvidia, with an additional 1,748,300 shares acquired, and in the hotel sector with increased positions in Atour and Huazhu Group [6][7]. New Acquisitions and Exits - Notable new purchases include 2,684,200 shares of WeRide, a leading player in China's autonomous driving sector, and positions in UnitedHealth, Uber, and New Oriental [8][9]. - The company has completely exited positions in several stocks, including Daqo New Energy, Trip.com, and BeiGene, indicating a strategic shift in its investment approach [8]. Market Outlook - Jinglin Asset Management maintains a positive outlook on quality Chinese assets, emphasizing the competitive advantages of Chinese companies in terms of cost efficiency, talent, and comprehensive capabilities across the production process [10]. - The firm believes that despite market fluctuations, there are still structural opportunities worth pursuing, particularly in the context of potential inflows of overseas capital into the Chinese market [10].

Core Insights - Jinglin Asset's overall holdings have increased to $4.44 billion, a significant rise of over 50% compared to the previous quarter, with a total of 30 stocks in its portfolio [1][2] Holdings Overview - The top ten holdings of Jinglin Asset include META, NetEase, NVIDIA, Pinduoduo, Google-A, Manbang, Futu Holdings, Alibaba, Nebius Group, and Qifu Technology, with Chinese stocks making up a substantial portion [2] - The firm has expressed strong optimism about China's future development, citing competitive advantages in cost efficiency, talent reserves, and industry chain collaboration [2] Investment Strategy - Jinglin Asset has notably increased its investment in technology stocks, with a 277% increase in NVIDIA holdings, raising its market value to $444 million, making it the third-largest holding [2] - The firm has also increased its stake in Google-A by 852% [2] - Alibaba saw an 81% increase in holdings, with 843,400 shares valued at $151 million, driven by strong revenue growth and a significant rise in stock price [3] Additional Investments - The firm has made substantial investments in Atour, increasing its holdings by nearly tenfold, and has also built a significant position in WeRide, with 2.68 million shares [3] - WeRide is recognized as a leading player in China's autonomous driving sector, with a notable revenue increase in its Robotaxi business [3] Reductions in Holdings - Jinglin Asset has significantly reduced its holdings in Futu Holdings, Beike, NetEase, and Intel, with Futu Holdings seeing a 34.94% decrease [4] - The firm has completely divested from seven stocks, including Microsoft and Daqo New Energy [4]