Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [6][37]. Core Insights - The report highlights a robust performance in the beauty and personal care sector during the Double Eleven shopping festival, with significant sales growth across various platforms [4][28]. - The overall retail sales growth in October 2025 was 2.9%, surpassing market expectations, with notable increases in gold and jewelry sales, while categories like automotive and home appliances saw declines [3][24]. - The report emphasizes the strong performance of specific companies, such as Proya and Marubi, which achieved substantial sales growth during the Double Eleven event [4][31]. Summary by Sections Market Performance - During the week of November 10-14, 2025, the retail, social services, and beauty care sectors saw increases of 4.06%, 2.28%, and 3.75% respectively, ranking 3rd, 12th, and 4th among 31 primary industries [15][17]. Key Industry Data and News - In October 2025, retail sales grew by 2.9%, with jewelry sales increasing by 37.6%. In contrast, retail sales for home appliances and automotive categories declined by 14.6% and 6.6% respectively [3][24]. - The total retail sales for the first ten months of 2025 reached 41.22 trillion yuan, with a year-on-year growth of 4.28% [24]. Key Company Announcements - Marubi plans to issue H shares and apply for a listing on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness [36]. - The founder of Yonghui Supermarket intends to reduce his shareholding, potentially affecting the company's stock performance [36]. Investment Recommendations - The report recommends focusing on companies such as Proya, Giant Bio, Marubi, Runben, and Chaohongji, which are positioned well within the beauty care and new consumption sectors [6][37].

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, with a year-on-year growth of 2.9%, exceeding the Wind consensus expectation of 2.7% [4][9] - The growth in retail sales is driven by the coordinated development of new urbanization and rural revitalization, enhancing the potential of county and rural markets [11] - Online retail continues to grow rapidly, while physical retail remains stable [12][14] - The consumer price index (CPI) rose by 0.2% year-on-year in October, while the producer price index (PPI) saw a narrowing decline for three consecutive months [34][37] Summary by Sections Overall Retail Sales - The total retail sales of consumer goods in October 2025 increased by 2.9% year-on-year, higher than the Wind consensus of 2.7% [9] - Urban retail sales were 40,021 billion yuan, growing by 2.7%, while rural retail sales reached 6,270 billion yuan, with a growth rate of 4.1% [11] By Category - Restaurant services saw a year-on-year increase of 3.8%, while retail sales of goods grew by 2.8%, affected by weaker automobile sales [22] - Essential and discretionary categories showed marginal improvements, while the real estate-related category turned negative [28] Price Performance - CPI increased by 0.2% year-on-year, with core CPI rising by 1.2% [34] - Food prices fell by 2.9% year-on-year, significantly impacting the CPI [36] Employment Situation - The urban unemployment rate in October 2025 was 5.1%, stable compared to previous months [43] Investment Recommendations - The report suggests focusing on high-end liquor and regional leaders in the liquor industry, as well as companies like Yanjing Beer and Anjui Foods in the restaurant supply chain [51]

| 房地产 | | | | 香江控股 | | | --- | --- | --- | --- | --- | --- | | 煤炭 | -1.80 | 107.28 | -9.36 | 云煤能源 | -9.98 | | 钢铁 | -2.04 | 93.11 | 12.47 | 海南矿业 | -8.05 | | 商贸零售 | -2.06 | 138.56 | -6.17 | 东百集团 | -10.00 | 今日各行业表现（截至上午10:28） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 电子 | 1.18 | 1280.66 | 1.46 | N恒坤 | 311.34 | | 通信 | 0.91 | 414.39 | -2.07 | 剑桥科技 | 8.88 | | 美容护理 | 0.55 | 25.22 | 13.70 | 敷尔佳 | 8.70 | | 计算机 | 0.47 | 700.22 | 15.87 | N南网数 | 237.43 | | 食品饮料 | 0. ...

Core Viewpoint - Hefei Qingyue Ming Trading Co., Ltd. has been established with a registered capital of 30,000 RMB, indicating a new player in the tea and food industry [1] Company Overview - The legal representative of the company is Wang Qingqing [1] - The company is involved in various business activities including tea product manufacturing, alcohol sales, food sales, and catering services [1] - The company has a broad range of operations, including internet sales of food and tobacco retail [1] Business Scope - The company’s licensed projects include tea product production, alcohol operation, food sales, and internet information services, which require approval from relevant authorities [1] - General projects include sales of tea sets, pre-packaged food, health food, packaging materials, and various other consumer goods [1] - The company also offers consulting services, brand management, advertising, and investment activities with its own funds [1]

Core Viewpoint - The current valuation levels of the A-share market indicate potential investment opportunities and risks, particularly in the non-bank financial and food and beverage sectors, which are currently undervalued compared to their historical averages [1][6]. Valuation Levels - The current Buffett Indicator for A-shares stands at 89.92%, indicating a relatively high valuation compared to historical data [6][21]. - Major broad market indices have PE (TTM) valuations above 20%, with specific indices like the Shenzhen Component Index and CSI 300 at 80.70% and 86.50% historical percentiles, respectively, suggesting caution due to high valuations [7][19]. - Non-bank financial and food and beverage sectors have PE (TTM) valuations at 5.78% and 14.57% historical percentiles, respectively, making them areas of focus for potential investment [7][31]. Industry Valuation Levels - The steel, coal, electronics, computer, real estate, and retail sectors have PE (TTM) valuations at 81.52%, 81.60%, 86.09%, 95.02%, 98.64%, and 98.97% historical percentiles, indicating higher investment risks in these areas [7][31]. - The food and beverage sector shows a PE (TTM) valuation of 16.52, with a recent increase of 5.99%, suggesting a positive trend [31]. - The banking sector has a low PE (TTM) valuation of 4.31, indicating potential undervaluation compared to other sectors [31]. Market Overview - The total market capitalization for the Shanghai market is approximately 645.14 billion, with an average PE ratio of 16.36 [18]. - The Shenzhen market has a total market capitalization of around 426.13 billion, with an average PE ratio of 31.13, reflecting a significant difference in valuation between the two markets [19].

Core Viewpoints - The issuance of new convertible bonds has been relatively low this year, with less than 50 bonds issued and a total scale of less than 500 billion, leading to a scarcity that has attracted market attention [12][14] - New bonds listed since July have closed above 140, indicating strong market demand, and the pricing strategy for new bonds is crucial for obtaining returns [2][12] - Two main strategies for institutions to gain returns from new bonds include buying on the second day after listing and participating in rights offerings [2][27] Market Review - The stock market has been experiencing fluctuations, with the Shanghai Composite Index and ChiNext Index showing declines of 0.18% and 3.01% respectively, indicating a technical pressure around the 4000-point mark [34] - The consumer sector has shown strength, while technology stocks have faced significant pullbacks, influenced by CPI/PPI data and external market conditions [34][55] - The convertible bond market has seen a rise in the index, with the average transaction volume increasing, reflecting a high valuation environment [44][47] Convertible Bond Investment Strategy - The current valuation of convertible bonds is at a high level, with the average premium rate for bonds priced between 90-110 at approximately 30.06%, indicating limited upward momentum [47][55] - A neutral overall view is suggested, with a focus on trading opportunities as the premium rate approaches around 26% [55] - Specific sectors to watch include high-growth areas such as non-ferrous metals, electronics, battery storage, and military industries, as well as themes like AI computing and solid-state batteries [55] Primary Market Tracking - Recently, one new bond was issued, and several companies have received approvals for bond issuance, indicating ongoing activity in the convertible bond market [56][58]

Group 1: A-Share Market Review - The A-share market experienced high volatility, with the Shanghai Composite Index reaching a peak of 4034.08 points before closing at 3990.49 points, reflecting a significant fluctuation during the week [1][9] - The market's risk appetite slightly declined, as indicated by the equity risk premium (ERP) of 2.69%, which changed by 0.11 basis points during the week [1][9] - The performance of micro-cap stocks and the CSI 2000 index was notable, with weekly gains of 4.11% and 0.89% respectively, while the STAR 50 and ChiNext indices showed weaker performance with declines of -3.85% and -3.01% [13][17] Group 2: Global Equity Markets - Global equity markets mostly rose, with the French CAC, Brazilian IBOV, and Vietnamese exchanges leading the gains, recording weekly increases of 2.77%, 2.39%, and 2.27% respectively [2][26] - The U.S. stock market showed mixed results, with the Nasdaq underperforming, as concerns over inflation led to a decline in expectations for a December interest rate cut by the Federal Reserve [2][29] Group 3: Major Asset Classes - Commodity prices saw a comprehensive increase, with Brent crude oil rising by 1.19%, London gold by 1.93%, and LME copper by 1.47% [3][31] - The U.S.-China interest rate spread expanded, with both short and long-term U.S. Treasury yields rising, while the dollar index fell by 0.31% and the RMB appreciated by 0.33% [3][31] Group 4: Policy Events - Domestic economic data released indicated that new credit and social financing in October fell short of expectations, with new loans at 220 billion RMB against an expected 460 billion RMB [4][38] - The U.S. government ended a 43-day shutdown following the signing of a temporary funding bill by President Trump, which will provide funding until January 30, 2026 [4][38] - The Chinese government is expected to face challenges in maintaining economic growth, as investment in real estate, infrastructure, and manufacturing showed a general decline [4][38]

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The marginal improvement in prices and the expectation of a loose macro - policy environment may jointly drive the A - share market into a stage of "shock upward, structure - dominated". The moderate rise in CPI and the bottom - rebound of PPI mean that the economic downward pressure has eased, but the demand recovery has not formed a strong trend. In the short term, the market is more likely to present a market feature dominated by liquidity and structured opportunities [9]. - The cyclical sector is expected to remain strong, but its sustainability depends on the resonance of external demand and the real - estate chain. The technology - growth sector will still be the medium - term main line, and the service consumption will remain relatively stable, while the real - estate chain still needs further policy implementation [9]. - The current market does not need to be pessimistic. It is recommended to maintain a relatively positive position structure, but not blindly chase the index. The optimal strategy is to conduct structured allocation around the dual main lines of "anti - involution + AI application" [9]. Summary by Relevant Catalogs Market Review - Most of the major market indices fell last week, while the Shanghai 50 remained stable. Among the major industries, the healthcare and daily - consumption indices performed relatively well, with weekly changes of 3.27% and 2.72% respectively; the information - technology and industrial indices performed weakly, with weekly changes of - 4.27% and - 1.28% respectively [10][11][16]. - Among the 30 Shenwan primary industries, 19 industries rose. The industries with larger increases were textile and apparel, commercial retail, and beauty care, with increases of 4.41%, 4.06%, and 3.75% respectively; the industries with larger declines were communication, electronics, and computer, with declines of 4.77%, 4.77%, and 3.03% respectively [10][19]. - The average daily trading volume of Wind All - A last week was 20438.27 billion yuan (the previous value was 20123.50 billion yuan), at a relatively high historical level (89.50% of the three - year historical quantile) [22]. - As of November 14, 2025, the valuation (PE_TTM) of Wind All - A was 22.20, unchanged from last week, at the 90.70% quantile of the past five - year history. Among the 30 Shenwan primary industries, 19 industries' valuations (PE_TTM) recovered [27]. Market Observation - The inflation data in October showed an overall upward trend, confirming the continuation of the weak inflation pattern macroscopically. The CPI rose moderately, and the PPI bottomed out and rebounded. The improvement in industrial product prices may boost the overall market risk appetite [6]. - After the release of inflation data, most of the A - share consumer and cyclical industries rose last week, while the technology sector corrected significantly. The industry adjustment logic was consistent with the inflation data [6]. Investment Suggestions - The cyclical sector may maintain a certain strength, but its sustainability depends on external demand and the real - estate chain. The technology - growth sector will still be the medium - term main line, and service consumption will remain relatively stable, while the real - estate chain still needs further policy implementation [9]. - The risk preferences of different capital channels and sectors are differentiated, reflecting the increasing market uncertainty. The market may maintain a shrinking and volatile market, with sector rotation [9]. - It is recommended to maintain a relatively positive position structure, but not blindly chase the index. The optimal strategy is to conduct structured allocation around the dual main lines of "anti - involution + AI application" [9]. Economic Calendar - This week, domestic economic data to be concerned about include the October bank settlement and sales of foreign exchange data and the China Loan Prime Rate (LPR) for 1 - year and 5 - year terms. Overseas economic data include the November New York Fed Manufacturing Index, initial and continued jobless claims, GDP, price data, September and October unemployment rates, and the change in non - farm payrolls in October [30].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report highlights that the consumption sector is showing signs of recovery, particularly in the restaurant industry due to the National Day and Mid-Autumn Festival, with restaurant revenue reaching 519.9 billion yuan, a year-on-year increase of 3.8% [5] - The overall retail sales in October reached 4.63 trillion yuan, with a year-on-year growth of 2.9%, indicating better-than-expected performance [5] - The report suggests that while essential consumption categories are performing well, optional categories like home appliances are experiencing slower growth due to high base effects from the previous year [5] - Online retail penetration is increasing, with online retail sales for the first ten months reaching 12.8 trillion yuan, a year-on-year increase of 9.6% [5] Summary by Sections Recent Industry Performance - In the past 12 months, the industry has shown relative returns of 4.65% over one month, -1.1% over three months, and 2.33% over twelve months compared to the CSI 300 index [2] - Absolute returns were 4.86% over one month, 9.03% over three months, and 18.94% over twelve months [2] Investment Highlights - The report emphasizes the potential for growth in the consumption market, driven by government initiatives to boost consumption and improve the supply of quality goods and services [5] - Specific companies to watch include those in the restaurant supply chain, consumer growth sectors, and service consumption [5]

Investment Rating - The report indicates a positive investment outlook for the consumer sector, with various sub-sectors showing significant growth in stock performance [2][12]. Core Insights - The consumer sector experienced a broad increase in stock prices, with notable weekly gains in textiles and apparel (+4.41%), retail (+4.06%), and beauty care (+3.75%) [2]. - Domestic cleaning appliance brands are accelerating their international expansion, with leading companies like Ecovacs and Roborock achieving substantial revenue growth and market share in overseas markets [2][14]. - In October, retail sales showed a year-on-year increase of 2.9%, with essential goods like food and daily necessities maintaining steady growth [2][14]. - The report suggests focusing on companies with high R&D investment and strong global operational capabilities in the cleaning appliance sector [2][14]. Summary by Sections Market Weekly Review - The consumer sector saw a comprehensive rise, with specific sub-sectors like textiles and apparel leading the gains [2][12]. - Key stocks that surged included Huanyoujia (+43.19%) and Furi Shares (+61.23%) [12][13]. Industry News and Key Company Announcements - The report highlights the rapid growth of domestic cleaning appliance brands in global markets, particularly in Europe and the U.S., where companies like Ecovacs reported a 7160.87% increase in net profit year-on-year [2][14]. - Retail sales data for October showed a 2.9% increase year-on-year, with essential goods performing well [2][14]. - The report emphasizes the importance of consumer sentiment and spending patterns, particularly in the context of promotional events like "Double Eleven" [16].