Core Viewpoints - The market is expected to remain strong towards the end of the year, but a significant style shift may occur, with mid-cap blue chips likely to rise again, presenting investment opportunities in the consumer, cyclical, and manufacturing sectors of mid-cap blue chips [3][16]. Market Analysis - The market has stabilized and rebounded, with previous adjustments deemed short-term in nature. A recent debt extension plan from a real estate company has drawn market attention, indicating a shift from "potential bottoming" to "value recovery pricing" post-extension. Future debt restructuring and debt-to-equity swaps may occur, with the bond market facing continued negative impacts. If this spreads to the stock market, risk preferences may converge towards mid-cap blue chips, highlighting their stability and growth potential. The stock market is expected to remain strong, but the focus of investment will shift towards mid-range stocks [4][17]. Industry Comparison - From March 2023 to the present, the market has consistently anticipated a tech and dividend-driven trend. Looking ahead, the end of the risk-on style is expected, with future investment opportunities in stocks with moderate risk characteristics. The mid-cap blue chip market, which has been dormant for four years, is poised for a resurgence, and market corrections may present good entry points [5][18]. Industry Allocation - Investment opportunities lie in mid-cap blue chips across three main lines: 1. The consumer sector, which has been quiet for years, is approaching a turning point. Many consumer stocks are undervalued, with supply constraints likely to drive prices up. Focus on mid-sized companies in sectors such as liquor, restaurant supply chains, snacks and beverages, home appliances, hotels, human resources, and beauty care [6][19]. 2. The cyclical sector is experiencing a revaluation driven by technological empowerment and supply constraints. Attention should be given to new materials and strategic minor metals (like antimony and rare earths), as well as industrial metals (copper and aluminum) that are seeing improved supply-demand dynamics, alongside traditional commodities like live pigs and rubber [6][19]. 3. The manufacturing sector is moving away from "dream narratives" to embrace "realization." Investment in manufacturing should shift from mere "story speculation" to verification of orders and revenues. Focus on sectors with ongoing performance verification expectations, such as communications, electronics, power equipment, and machinery [6][19]. Thematic Investments - Key areas of focus include: - **Artificial Intelligence**: Despite some skepticism about AI's future, the market's rational assessment of industry development is expected to lead to upward adjustments in investor expectations. Key areas include edge consumer electronics, robotics, computing power, and software applications [7][20]. - **Semiconductor Expansion and Domestic Substitution**: Domestic wafer fabs are expected to expand next year, and the capitalization of domestic storage chip leaders is progressing. Amid international tensions, domestic semiconductor materials are likely to accelerate development, with a focus on domestic computing power, chip manufacturers, equipment suppliers, and domestic substitutes for semiconductor materials [7][20]. - **Aerospace and Satellites**: There are differing views on the satellite industry’s progress next year. Successful launches of reusable rockets are anticipated to significantly boost industry development. Additionally, the IPO progress of industry leaders is expected to accelerate, with opportunities in satellite constellations, satellite tenders, commercial rockets, and terminal applications [7][20]. - **Solid-State Batteries**: The market remains attentive to the progress of solid-state battery projects. The acceleration of the industrialization process is evident, with the equipment/materials sector entering an order-driven phase, and demonstration vehicle timelines converging to 2025-2027. Focus on core companies in the supply chain [7][20]. - **Upstream Price Increases**: Supply constraints and structural demand growth are expected to provide price elasticity for related products, with attention on price-increasing varieties in the upstream of the new energy industry, chemicals, and non-ferrous metals [8][21].

格隆汇11月30日丨木薯资源(00841.HK)公布中期业绩，截至2025年9月30日止六个月 ，公司收益为8.48 亿港元，同比增长88.86%；公司股东应占期内盈利为1007.2万港元，去年同期亏损903.8万港元；基本 每股盈利为1.7港仙。 就集团酒店及服务式公寓业务，酒店餐饮服务向外承包以收取固定收入，该期间酒店房费收入则稳定。 集团仍旧决心抓紧机会，优化员工分配，以消除负面因素。 报告期内，中国大陆客户对乾木薯片需求增加。因此，集团该年度来自采购及销售乾木薯片的收益增加 至约8.36亿港元，较去年同期约4.39亿港元增加约90.6%。 就「338 Apartment」而言，该物业地舖现时租予第三方用作经营连锁餐厅，而该物业其余可出租层数 面积现时由集团自行经营服务式公寓或已租予第三方租户。 ...

从周边游到境内长线游，再到出境游，携宠出游的路线和距离越来越长。11月30日，随着众信旅游首个 携宠出境游团发团日期渐近，由此引发的业界对于携宠出游的讨论也持续走热。选择携宠出境的游客大 多有丰富的旅行经验，偏好慢节奏的度假模式，关注重点是宠物的吃喝玩乐与安全保障。在需求增长的 背后，携宠出游市场仍是蓝海，大量旅行社还未涉足这一领域。产业链条中，境内外的航司、酒店等正 加速推进宠物友好理念，有航司将宠物托运体重上限提升，有连锁酒店正在试点推行宠物友好客房。但 多重挑战仍存在：国际航线"宠物进客舱"落地难，宠物出境手续繁琐，酒店服务标准化不足、专业配套 欠缺。随着"人宠同源"理念深化，产业链各环节的宠物配套基础设施建设仍需不断完善。 众信旅游集团旗下全景旅游东南亚部宠物产品负责人李超注意到这一趋势。他表示，"毛孩子"已经成为 家庭的重要成员，宠物经济也已是成熟模块，宠物出游本身就是一个商机。再加上一些经常单人出行、 家有宠物的游客向他反馈，往往会因为"分离焦虑"放弃时间较长的出境游，市场还缺乏支持带宠物同行 的出境游产品。 在经过大量调研之后，李超了解到，有带宠物出境游需求的主人明显偏好慢节奏的度假模式。他们不 ...

Investment Rating - The report maintains a positive outlook on the hotel and duty-free sectors, recommending investment in these areas [1]. Core Insights - The implementation plan titled "Enhancing the Adaptability of Consumer Goods Supply and Demand to Further Promote Consumption" was issued, aiming for a significant optimization of the consumer goods supply structure by 2027, with the goal of creating three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [1]. - By 2030, a high-quality development pattern characterized by positive interaction between supply and consumption is expected to be established, with a steady increase in the contribution of consumption to economic growth [1]. Industry Overview - The consumer services sector consists of 55 listed companies with a total market capitalization of approximately 498.8 billion yuan and a circulating market value of about 457.1 billion yuan [2]. - The sector's performance over the past month shows an absolute decline of 7.7%, a slight decrease of 0.7% over six months, and a positive growth of 9.2% over the past year [3]. Market Performance - The consumer services sector experienced a weekly increase of 3.92%, outperforming the overall market indices such as the CSI 300, which rose by 1.64% [8]. - Notable stocks in the consumer services sector included China High-Tech, Junting Hotel, and Kede Education, which showed significant weekly gains [5]. Key Announcements - Major announcements included Meituan's third-quarter revenue of 95.5 billion yuan, a year-on-year increase of 2%, and Alibaba's revenue of 247.8 billion yuan for the same period, reflecting a 5% increase year-on-year [5][30]. - The report highlighted the performance of various companies, such as Atour Group, which reported a 38.4% increase in revenue for the third quarter [5][30]. Future Events - Upcoming shareholder meetings for several companies in the consumer services sector are scheduled, including those for Miao Exhibition and Songcheng Performance [31].

Core Viewpoint - The report from CITIC Securities emphasizes the importance of focusing on opportunities in resource and traditional manufacturing industries, highlighting the advantages of leading companies in sectors where China has a global market share [1] Group 1: Market Characteristics - The market is characterized by low volatility and a slow bull trend, with a notable decrease in the volatility of major broad-based indices [1] - The maximum drawdown of the Shanghai Composite Index this year is -9.7%, which is significantly lower than previous years, indicating a relatively stable market environment [1] - The Sharpe ratios for major indices have improved, with the Shanghai Composite Index and Shenzhen Component Index exceeding 1, indicating favorable risk-adjusted returns [1] Group 2: Performance of Investment Strategies - Subjective long-only products have slightly outperformed the Wind All A index but continue to lag behind quantitative strategies, with average returns of 23.3% compared to 26.4% for Wind All A and 35.2% for quantitative products [2] - The gap between private and public subjective long strategies has reached a peak, with private strategies underperforming public ones by 7.6 percentage points [3] - The performance of balanced market selection products remains mediocre, indicating limited excess returns from stock selection despite significant index gains [2][3] Group 3: Capital Flow and Investment Behavior - There is a notable increase in allocation-type capital and quantitative pricing power, while the growth of active stock-picking funds is limited [4] - The influx of capital from insurance funds and "fixed income plus" products has contributed to market stability, but these funds are less sensitive to individual stock fundamentals [4] - The main source of active capital driving rapid increases in high-growth sectors has been margin financing, which has seen a net increase of approximately 700 billion yuan over two months [5] Group 4: Market Strategy and Outlook - The prevailing strategy among subjective long investors has become cautious, characterized by a "squat, hit, and withdraw" approach due to the lack of pricing power in individual stocks [6] - The report suggests that breaking the current market deadlock will require significant positive changes in fundamentals, particularly in domestic demand [7] - Without unexpected changes in fundamentals, the anticipated market movements may only reflect existing structural logic, limiting potential upside [7]

Core Insights - The latest report from the United Nations World Tourism Organization indicates that international tourist arrivals are expected to exceed 1.1 billion from January to September 2025, reflecting a year-on-year increase of approximately 50 million, or 5% growth [1] - Despite challenges such as global economic inflation and geopolitical tensions, the tourism market continues to show strong growth, with stable increases in both international visitor numbers and revenue [1] - The report highlights that Africa has shown the most significant performance in the global tourism market, with a 10% year-on-year increase in international tourist arrivals by September [1] Regional Performance - Europe remains the largest global tourist destination, welcoming 625 million international visitors in the first nine months, a 4% increase year-on-year, with Western and Southern Europe performing particularly well [1] - The Americas achieved an overall growth of 2%, with South America showing the strongest performance at 9% [1] - The Asia-Pacific region recorded an 8% increase in tourist numbers, with Northeast Asia leading at a remarkable 17% growth [1] Airline and Accommodation Metrics - According to the International Air Transport Association, international passenger demand (RPK) grew by 7% year-on-year from January to September, with capacity increasing by 6% [1] - Global hotel occupancy rates reached 68% in September, remaining stable compared to 2024 [1] Future Projections - The United Nations World Tourism Organization forecasts a 3% to 5% increase in international tourist numbers for 2025, emphasizing the need for government and institutional support to ensure the long-term stability of the tourism industry [2]

Tim Martin, chief executive of JD Wetherspoon, claimed that ‘prices will definitely rise’ in response to the tax increase - Heathcliff O'Malley Hotel, pub and restaurant chiefs are preparing to cut investment and jobs after Rachel Reeves launched a stealth tax raid on the hospitality industry. Some of Britain’s biggest chains said they would be forced to rein in spending plans and raise prices as a result of reforms to business rates – a form of property tax – that have left many nursing tens of millions ...

Group 1 - Japanese Prime Minister Fumio Kishida's remarks regarding Taiwan have led to escalating diplomatic tensions between China and Japan, resulting in significant cancellations of flights and a downturn in tourism [1][4][5] - Chinese airlines are set to cancel over 900 flights to Japan in December, which is three times the number reported two days prior, affecting approximately 15.6 million seats [1][2] - Major Japanese airports, particularly Kansai International Airport, are experiencing the most significant impact, with 626 inbound flights canceled, including numerous flights from major Chinese cities [1][2] Group 2 - The price of round-trip tickets from Kansai to Shanghai has dropped significantly, from approximately 20,000 yen (130 USD) last year to about 8,500 yen this year [2] - There is uncertainty regarding future flight cancellations, with estimates suggesting that 10% to 20% of the nearly 300 weekly flights from Narita to mainland China may be affected [2] - Japanese industries are expressing concern over the potential decline in Chinese tourists, with reports of over 1,000 cancellations at a hotel in Aichi Prefecture during a specific period [2][4] Group 3 - The ongoing diplomatic dispute has led to the suspension of youth exchange programs between China and Japan, which typically see increased activity during November and December [4][5] - Several performances by Japanese artists in China have been canceled as a direct consequence of the diplomatic tensions [4][5] - The Chinese government has issued warnings to its citizens regarding travel to Japan, reflecting the deteriorating relations [4][6]

Core Viewpoint - Minsheng International (00938.HK) reported a decline in revenue for the six months ending September 30, 2025, primarily due to decreased income from the renovation and decoration segment, partially offset by increased income from property management services [1] Financial Performance - Revenue from continuing operations for the period was approximately HKD 43.88 million, compared to approximately HKD 48.91 million for the six months ending September 30, 2024, representing a decrease of about HKD 5.026 million [1] - The loss attributable to equity holders from continuing operations for the period was approximately HKD 14.29 million, down from approximately HKD 21.31 million for the same period in the previous year [1] - Total comprehensive expenses attributable to equity holders from continuing operations for the period were approximately HKD 9.686 million, significantly lower than approximately HKD 20.084 million for the six months ending September 30, 2024 [1] Segment Performance - The decline in revenue was mainly due to reduced income from the renovation and decoration segment, which was partially offset by an increase in income from the property management services segment [1] - The company reported a foreign exchange gain of approximately HKD 4.588 million from the translation of overseas operations [1] - Financial costs for the period amounted to approximately HKD 16.554 million [1]

Group 1 - The company reported a revenue of HKD 17.52 million for the six months ending September 30, 2025, representing a year-on-year decrease of 22% [1] - The profit attributable to the owners of the company was HKD 958,000, a significant decline of 84.53% compared to the previous year [1] - Earnings per share stood at HKD 0.16 cents [1]