Core Viewpoint - The core logic for global asset allocation in 2026 is to "follow the direction of credit expansion" [1] Group 1: Market Dynamics - The hidden mainline of the market is that the direction of credit expansion determines the strength of assets and the flow of funds [3] - The past couple of years in the Chinese market have been characterized by "excess liquidity" chasing "scarce return assets," with the recognized scarce assets changing over time [3] - Key factors for future market judgment include whether the liquidity environment has been damaged and whether scarce assets can expand to a broader range [3] Group 2: Credit Expansion and Investment Strategy - The investment strategy for 2026 is framed around the "credit cycle," focusing on three main subjects of credit expansion [4] - In the Chinese market, the credit cycle is expected to experience a slowdown, with structural prosperity still present despite challenges [6] - The U.S. market is seeing a gradual recovery in the credit cycle, supported by fiscal and monetary easing, with no significant signs of bubble formation in AI investments [7] Group 3: Structural Opportunities in China - The overall credit cycle in China is expected to face challenges starting from Q4, but structural prosperity remains effective [9] - The correlation between market performance and economic expectations has increased, indicating a need to focus on structural trends for excess returns [9] - Three structural directions for prosperity include AI-driven trends, capacity cycle reversals, and external demand mapping [9] Group 4: Hong Kong Market Outlook - The outlook for the Hong Kong market in 2026 suggests limited index space, with potential growth coming from structural changes or unexpected pullbacks rather than pure valuation expansion [11] - The Hang Seng Index's dynamic valuation is currently at 11.4 times, indicating a position above the historical average, suggesting that the market is not "cheap" [11] Group 5: Recommended Investment Directions - It is advisable to maintain a moderate allocation to dividend assets to counter the weakening of the overall credit cycle [13] - Key sectors to focus on include AI software and hardware, electric new energy, chemicals, home furnishings, and innovative pharmaceuticals, with careful consideration of valuation and crowding [13] - A potential rise in China's PPI towards the end of this year could provide an opportunity for market shifts towards cyclical and certain consumer sectors [14]

Group 1 - The U.S. Department of Commerce has modified the rules regarding patent invalidation applications, focusing on those from foreign companies, particularly Chinese firms, which may face discriminatory restrictions [2] - China has expressed concerns that these changes violate international obligations related to intellectual property rights and will take necessary measures to protect the legitimate rights of Chinese enterprises [2] Group 2 - A meeting on food safety responsibilities was held in Wuxi, Jiangsu, emphasizing the need for better coordination and implementation of local management responsibilities [3] - The meeting encouraged food production and operation entities to develop and execute risk control lists tailored to their specific situations [3] Group 3 - The Financial Regulatory Bureau held a meeting with foreign financial institutions in Hainan, focusing on their operational conditions and development plans [4] - The bureau aims to enhance the market environment and support the development of Hainan as a significant gateway for China's new era of opening up [4] Group 4 - Shanghai is accelerating the renovation of urban villages and expanding the quality and quantity of affordable housing [5] - The city aims to improve public service resources and community facilities within a 15-minute living circle [5] Group 5 - The Ministry of Finance has denied the existence of any policies related to the issuance of financial bonds for the Guangdong-Hong Kong-Macao Greater Bay Area, warning the public about fraudulent information [6] Group 6 - The Ministry of Industry and Information Technology has issued guidelines for high-standard digital park construction, focusing on optimizing computing power infrastructure [7][8] - The guidelines aim to enhance the efficiency of computing resource utilization [8] Group 7 - Beijing's government has set a goal to incubate 3,000 technology-based enterprises and 600 specialized and innovative enterprises by 2027 [9] - The plan includes the establishment of cooperation platforms and technology development projects to support national strategic needs [9] Group 8 - Chongqing has launched an action plan to promote innovation in the artificial intelligence terminal industry, aiming for a market size exceeding 300 billion yuan by 2030 [10] - The plan includes the creation of a product directory and support for enterprises to participate in international exhibitions [10] Group 9 - A meeting was held to promote the construction of a regional technology innovation center in the Chengdu-Chongqing area, focusing on collaboration and innovation [11] - The meeting emphasized the need for a supportive environment for technological innovation and the integration of education and talent [11] Group 10 - The Ministry of Natural Resources announced a unified management approach for satellite navigation positioning reference stations, expanding the network from 3,363 to 6,951 stations [12] - The new management measures will take effect from January 1, aiming to standardize the construction and operation of these stations [12]

Group 1 - Ningde Times announced the cancellation of 111,400 stock options due to some incentive recipients leaving the company, which will not affect the company's share capital or the implementation of the 2021 incentive plan [1] - Xianhui Technology received contracts and notifications from Ningde Times and its subsidiaries totaling approximately 796 million yuan, which is expected to positively impact the company's performance for 2025-2026 [2][3] - The total order amount between Xianhui Technology and Ningde Times reached 2.182 billion yuan over nearly a year [3] Group 2 - Sun Rigu, the third-largest shareholder of Furui Co., transferred 6.36% of the company's shares to his son at a price significantly lower than the market price, which may indicate a lack of confidence in the stock's future performance [4] - China First Heavy Industries' chairman was arrested for bribery, but the company's operations remain normal, with management responsibilities being handled by the executive team [5] - Jiemai Technology's subsidiary signed a cooperation agreement with Ningde New Energy Technology for the joint development of lithium battery composite current collectors, enhancing both companies' competitive edge in the market [6][7] Group 3 - ST Zhengping's stock was suspended for trading due to a significant price increase that deviated from its fundamentals, marking the third suspension in two months [8] - Heshun Petroleum's shareholder acquired 6% of the company's shares through a private transfer, becoming a major shareholder [7] - Meng Tian Home decided to terminate its asset purchase and control change plans, leading to the resumption of its stock trading [9] Group 4 - Aok Shares signed a strategic cooperation agreement with Suzhou Qitian to develop lithium battery electrolyte additives, strengthening its position in the lithium battery materials market [10] - Shengxin Lithium Energy plans to sign a cooperation framework agreement with Huayou Holding Group for the supply of 221,400 tons of lithium salt products from 2026 to 2030, enhancing its market competitiveness [11] - Xiamen Tungsten plans to invest 1.525 billion yuan to establish a wholly-owned subsidiary for the production of high-performance low-cobalt battery materials, aligning with industry trends [12] Group 5 - Hongbo Co.'s subsidiary won an arbitration case, resulting in a compensation of over 243 million yuan, which may impact the company's future profits [14] - Ningbo Fangzheng signed a strategic cooperation agreement with Ningbo Huaxiang Qiyuan Technology to enhance collaboration in the production of precision components for robots [15] - Zhongwen Media plans to use 9.5 billion yuan of idle funds to purchase financial products, indicating a strategy to optimize asset management [16] Group 6 - Shuaifeng Electric plans to invest 53 million yuan in a fund that will directly invest in a digital technology company, reflecting a strategy to diversify investments [17] - Shengbang Co. intends to acquire 60% of Wuxi Wok's equity, which is expected to constitute a major asset restructuring, indicating a strategic move in the automotive sector [18]

梦天家居11月18日晚间公告，公司于近日筹划发行股份及支付现金的方式收购上海川土微电子股份有限 公司控制权，并募集配套资金。同时，公司收到实控人余静渊的通知，实控人正在筹划控制权转让事 项，与上述发行股份及支付现金购买资产事项不互为前提。停牌期间，公司就筹划发行股份及支付现金 购买资产事项、实控人就筹划控制权变更事项进行了充分探讨，但由于涉及事项较多，经交易各方就核 心条款经多次协商和谈判后，仍未达成共识，经慎重考虑并友好协商，各方决定终止筹划前述事项。公 司股票将于2025年11月19日（星期三）上午开市起复牌。 ...

天眼查App显示，近日，湖南省暾辉科技贸易有限公司成立，法定代表人为李孔云，注册资本200万人 民币，经营范围为一般项目：日用杂品销售;家居用品制造;玩具制造;玩具销售;电子产品销售;电子元器 件制造;工艺美术品及礼仪用品制造（象牙及其制品除外）;工艺美术品及礼仪用品销售（象牙及其制品 除外）;珠宝首饰批发;化妆品批发;鞋帽批发;服装制造;服装服饰批发;箱包销售;箱包制造;农副产品销售; 水产品批发;金银制品销售;建筑材料销售;汽车装饰用品销售;技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广;信息技术咨询服务;网络技术服务;计算机系统服务;互联网销售（除销售需要 许可的商品）;国内贸易代理;通信设备制造;货物进出口（除依法须经批准的项目外，自主开展法律法规 未禁止、未限制的经营活动）。 ...

Macro and Strategy Research - The scale of off-balance sheet financing and direct financing has increased, with a notable rise in entrusted loans and corporate bond financing, while overall social financing showed a year-on-year decrease of nearly 600 billion yuan in October [2][3] - The loan data indicates a weak demand, with a year-on-year decrease of 280 billion yuan in RMB loans, and a significant increase in corporate bill financing, reflecting a trend of companies being cautious about expanding capacity [2][3] - M2 growth rate slightly declined to 8.2% in October, primarily due to base effects and reduced loan-generated deposits, while M1 growth rate fell to 6.2% [3] Mergers and Acquisitions - Mergers and acquisitions are seen as crucial tools for supporting economic transformation and achieving high-quality development, with a significant increase in market activity following the introduction of new policies in 2024 [4][5] - Historical trends show that the U.S. mergers and acquisitions market has experienced several waves, characterized by horizontal, vertical, diversification, and cross-border mergers [5] - The previous wave of mergers and acquisitions in China (2014-2015) positively impacted listed companies' performance, with a notable improvement in ROE following successful mergers [6] Economic Data Analysis - In October 2025, the industrial added value grew by 4.9% year-on-year, below expectations, while retail sales increased by 2.9% [7][8] - Seasonal factors and reduced working days contributed to the slowdown in industrial production, with certain sectors like transportation equipment manufacturing performing well [8] - Fixed asset investment showed a cumulative year-on-year decline of 1.7%, with manufacturing and infrastructure investments particularly affected by weak demand and policy implementations [10] Fund Research - The cross-border ETF market continues to see net inflows, with an expansion of the "Southbound ETF Connect" list, indicating growing interest in international investments [12][13] - The overall ETF market experienced a net inflow of 24.426 billion yuan, with significant contributions from cross-border ETFs [13][14] Industry Research - The medical and biological sector is witnessing a surge in flu cases, with the proportion of flu-like cases in the northern region reaching a four-year high, suggesting potential investment opportunities in diagnostics and vaccine production [16][17] - The light industry and textile sectors are benefiting from strong performance during the "Double Eleven" shopping festival, with apparel sales leading the growth [18][20]

Group 1: Global Asset Allocation Strategy - The global asset allocation environment is expected to transition from preemptive interest rate cuts by the Federal Reserve to a re-inflation cycle driven by both fiscal and monetary policy easing [2][8] - The focus for 2026 will be on the liquidity turning point's impact on asset rotation, with a gradual shift from liquidity-driven to fundamental trend-driven asset logic in domestic markets [8][11] - The report emphasizes the importance of monitoring inflation trends as a tactical timing cue for investment strategies, suggesting a balanced allocation between equities and bonds in the first quarter of 2026 [8][11] Group 2: Industry Investment Strategies - The defense and military industry is entering a new cycle driven by both domestic demand growth and external potential release, with a focus on modernization and technological advancements [2][15] - The young manufacturing industry is highlighted for its global supply chain opportunities, emphasizing the irreversible trend of globalization and the competitive landscape for Chinese enterprises [3][14] - The report identifies key sectors for investment, including defense, aerospace, and advanced manufacturing, driven by government policies and market demand [15][16] Group 3: Economic and Market Outlook - Economic demand is expected to stabilize and recover in 2026, with PPI bottoming out and turning positive, leading to a rotation in industry styles from technology growth to cyclical assets [10][11] - The report predicts that the overall market will see a recovery in corporate earnings, particularly in sectors benefiting from the recovery of industrial product inflation [11][12] - The analysis indicates that the current valuation of cyclical consumer assets remains below historical averages, suggesting potential for future appreciation [12][13]

Core Viewpoint - Goldman Sachs has raised the target price for Minhua Holdings (01999) by 2% from HKD 4.7 to HKD 4.8, maintaining a "Neutral" investment rating [1] Financial Performance - Minhua's revenue for the first half of the year met expectations, while profits exceeded expectations [1] - For the fiscal year 2026, total revenue and net profit are projected to be HKD 8.045 billion and HKD 1.146 billion, representing a year-on-year decline of 3% and a growth of 1% respectively [1] - Compared to global figures, revenue and net profit are expected to show no change and a growth of 7% respectively [1] Business Segments - Minhua's overseas business growth continues to outpace domestic business growth [1] - Domestic business revenue has seen a reduced decline in quarterly comparisons, primarily due to the growth of online business and a lower base effect [1] Profitability - The profit margin exceeded expectations mainly due to favorable cost conditions, although this was partially offset by an increase in expenses [1] - In response to the latest performance, Goldman Sachs has adjusted its earnings per share forecasts for Minhua for the fiscal years 2026 to 2028 upwards by 1-3% [1]

Core Viewpoint - Goldman Sachs has raised the target price for Minhua Holdings (01999) by 2% from HKD 4.7 to HKD 4.8, maintaining a "Neutral" investment rating [1] Financial Performance - Minhua's revenue for the first half of the year met expectations, while profits exceeded expectations [1] - For the fiscal year 2026, total revenue and net profit are projected to be HKD 8.045 billion and HKD 1.146 billion, representing a year-on-year decline of 3% and a growth of 1% respectively [1] - Compared to global figures, revenue and net profit are expected to show no growth and a 7% increase respectively [1] Business Segments - Minhua's overseas business growth continues to outpace domestic business growth [1] - Domestic business revenue has seen a reduced decline in quarterly comparisons, primarily due to the growth of online business and a lower base effect [1] Profitability - The profit margin exceeded expectations mainly due to favorable cost conditions, although this was partially offset by increased expenses [1] - Goldman Sachs has adjusted its earnings per share forecasts for Minhua for the fiscal years 2026 to 2028 upwards by 1-3% to reflect the latest performance [1]

Core Viewpoint - Minhua Holdings reported a total revenue of HKD 82.41 billion for the six months ending September 30, 2023, representing a year-on-year decline of approximately 2.7%, while profit attributable to equity holders increased by 0.6% to HKD 11.46 billion [1]. Financial Performance - Total revenue for the period was HKD 82,407.57 million, down from HKD 84,714.46 million in the previous year [2]. - Revenue from sold goods amounted to HKD 80,447.81 million, a decrease of 3.1% compared to HKD 83,053.73 million [3]. - Cost of goods sold was HKD 47,946.20 million, leading to a gross profit of HKD 32,501.61 million [2]. - Other income increased by 18% to HKD 195.976 million from HKD 166.073 million [3]. Product Segment Analysis - Revenue from sofas and related products was HKD 55.50 billion, down 4.6% year-on-year [2]. - Revenue from bedding and related products decreased by 7.4% to HKD 11.19 billion [2]. - Other products saw an increase in revenue by 11.4%, reaching HKD 9.31 billion [2]. - Home Group business revenue was HKD 3.80 billion, reflecting a growth of 2.2% [2]. Regional Performance - Revenue from the Chinese market (excluding real estate and shopping mall properties) fell by 6% to approximately HKD 46.75 billion, although there was a quarter-on-quarter improvement [5]. - Overseas market revenue was approximately HKD 24.66 billion, down about 2.6% from HKD 25.31 billion in the previous year [5]. Future Outlook - The company plans to continue advancing its "smart home" strategy, focusing on product innovation and brand building to strengthen its global market leadership [5]. - In the Chinese market, the company aims to enhance market penetration through themed marketing campaigns and increase resources for online sales [5]. - The company will also adjust its store layout in China to improve operational efficiency and actively participate in international exhibitions to navigate changes in the trade environment [5].