Core Viewpoint - A-shares experienced a collective decline in the three major indices, with the Shanghai Composite Index down by 0.24%, the Shenzhen Component Index down by 0.31%, and the ChiNext Index down by 0.51% [1] Sector Performance - Lithium mining, salt lake lithium extraction, real estate, and engineering machinery sectors showed the highest gains [1] - Precious metals, ice and snow tourism, CPO, and semiconductor materials sectors recorded the largest declines [1]

Core Viewpoint - The overall industry prosperity index continued to decline in October, but the rate of decline has slowed, with essential consumption, midstream manufacturing, and large financial sectors showing significant improvement [1] Industry Analysis - **AI Chain Deepening**: The prosperity of storage, communication equipment, and software is on the rise, while components and consumer electronics may experience a high-level decline [1] - **Price Increase Chain**: Benefiting from global fiscal and monetary easing, as well as domestic anti-involution policies, sectors such as non-ferrous metals, coal, certain chemicals, and renovation materials are seeing a recovery in prosperity [1] - **Capital Goods and Intermediate Products**: Industries like batteries, photovoltaics, and engineering machinery are experiencing a rebound in prosperity [1] - **Consumer Goods**: The prosperity of dairy products and cosmetics is recovering from the bottom [1] - **Independent Prosperity Cycles**: Sectors such as pharmaceuticals, military industry, and insurance are witnessing a recovery in prosperity [1] Investment Strategy - A short-term barbell strategy is recommended, balancing investments across growth, cyclical, and dividend sectors, focusing on those with improving prosperity, sustainable potential, and relatively low valuations [1] - After the gradual digestion of technology crowding pressure, there may be opportunities for recovery, particularly in non-ferrous metals, chemicals, new energy, general automation, storage, military industry, and insurance [1] - Additionally, early positioning in certain consumer and service sectors, such as dairy products, is advised [1]

Group 1: Grader Sales - In October 2025, a total of 634 graders were sold, representing a year-on-year increase of 4.11%, with domestic sales of 102 units (up 22.9%) and exports of 532 units (up 1.14%) [1] - From January to October 2025, 6,918 graders were sold, marking a 6.48% increase year-on-year, with domestic sales of 1,224 units (up 29.9%) and exports of 5,694 units (up 2.5%) [1] Group 2: Truck Cranes - In October 2025, 1,422 truck cranes were sold, showing a year-on-year growth of 15%, with domestic sales of 738 units (up 41.7%) and exports of 684 units (down 4.47%) [2] - For the period from January to October 2025, a total of 16,527 truck cranes were sold, reflecting a year-on-year decline of 2.78%, with domestic sales of 8,993 units (down 2.82%) and exports of 7,534 units (down 2.72%) [2] Group 3: Crawler Cranes - In October 2025, 336 crawler cranes were sold, which is a significant year-on-year increase of 71.4%, with domestic sales of 97 units (up 54%) and exports of 239 units (up 79.7%) [3] - From January to October 2025, 2,701 crawler cranes were sold, representing a year-on-year increase of 22.9%, with domestic sales of 851 units (up 21.6%) and exports of 1,850 units (up 23.6%) [3] Group 4: Truck-Mounted Cranes - In October 2025, 1,907 truck-mounted cranes were sold, reflecting a year-on-year increase of 10.2%, with domestic sales of 1,528 units (up 2.41%) and exports of 379 units (up 59.2%) [4] - From January to October 2025, a total of 20,909 truck-mounted cranes were sold, marking a year-on-year increase of 5.87%, with domestic sales of 16,271 units (up 3.01%) and exports of 4,638 units (up 17.3%) [4] Group 5: Tower Cranes - In October 2025, 329 tower cranes were sold, which is a year-on-year decrease of 6.8%, with domestic sales of 199 units (down 16.7%) and exports of 130 units (up 14%) [5] - From January to October 2025, a total of 4,463 tower cranes were sold, reflecting a year-on-year decline of 30.6%, with domestic sales of 2,384 units (down 50.4%) and exports of 2,079 units (up 28.3%) [5] Group 6: Industrial Vehicles - In October 2025, 114,250 forklifts were sold, showing a year-on-year increase of 15.9%, with domestic sales of 70,388 units (up 16.2%) and exports of 43,862 units (up 15.4%) [6] - From January to October 2025, a total of 1,220,656 forklifts were sold, representing a year-on-year increase of 14.2%, with domestic sales of 767,763 units (up 13.4%) and exports of 452,893 units (up 15.5%) [6] Group 7: Rollers - In October 2025, 1,162 rollers were sold, indicating a year-on-year increase of 19.3%, with domestic sales of 421 units (up 6.85%) and exports of 741 units (up 27.8%) [8] - From January to October 2025, a total of 14,726 rollers were sold, reflecting a year-on-year increase of 21.6%, with domestic sales of 5,597 units (up 17%) and exports of 9,129 units (up 24.6%) [8] Group 8: Pavers - In October 2025, 103 pavers were sold, which is a year-on-year increase of 21.2%, with domestic sales of 63 units (up 8.62%) and exports of 40 units (up 48.1%) [9] - From January to October 2025, a total of 1,352 pavers were sold, marking a year-on-year increase of 31.3%, with domestic sales of 961 units (up 39.9%) and exports of 391 units (up 14%) [9] Group 9: Aerial Work Platforms - In October 2025, 9,120 aerial work platforms were sold, reflecting a year-on-year decrease of 38.8%, with domestic sales of 3,856 units (down 41.8%) and exports of 5,264 units (down 36.3%) [10] - From January to October 2025, a total of 141,021 aerial work platforms were sold, indicating a year-on-year decline of 30.6%, with domestic sales of 55,024 units (down 45.7%) and exports of 85,997 units (down 15.6%) [10] Group 10: High-altitude Work Vehicles - In October 2025, 322 high-altitude work vehicles were sold, showing a year-on-year increase of 5.23%, with domestic sales of 319 units (up 16.8%) and exports of 3 units (down 90.9%) [11] - From January to October 2025, a total of 4,140 high-altitude work vehicles were sold, reflecting a year-on-year increase of 37.7%, with domestic sales of 3,964 units (up 37.6%) and exports of 176 units (up 40.8%) [11]

Core Insights - Changsha has accelerated the construction of a modern industrial system, focusing on advanced manufacturing and supporting pillar industries, with the engineering machinery industry ranking first in the country for 15 consecutive years [1] - The city has cultivated 396 intelligent manufacturing enterprises and has been recognized as one of the first pilot cities for new technology transformation in manufacturing [1] - The digital economy in Changsha has surpassed 500 billion yuan, with a significant focus on future industries such as artificial intelligence and quantum technology [1] Group 1 - Changsha's engineering machinery industry has five companies listed among the world's top 50 manufacturers [1] - The city aims to produce 899,000 new energy vehicles by 2024, accounting for one out of every thirteen vehicles produced in China [1] - The new generation of autonomous safety computing system industry cluster in Changsha is the only "computing" industry cluster among the 80 national advanced manufacturing clusters [1] Group 2 - The average production rate at the Zoomlion Smart Industrial City is one excavator every six minutes, showcasing the efficiency of the manufacturing process [2] - The industrial internet platform at Zoomlion covers over 160 countries and regions, managing more than 800,000 pieces of equipment [2] - The integration of digital technology and intelligent manufacturing at Zoomlion has improved industrial efficiency and product quality stability, while enhancing the working environment for employees [2]

Core Insights - The report emphasizes that the bull market is not over, with a significant shift in Chinese residents' asset allocation towards equities still in its early stages [3][34][51] - The transition from "following" to "leading" in external circulation is a key theme, highlighting the need for A-shares to embrace competitive thinking [3][12][20] - The report outlines a two-phase bull market, with "Bull Market 1.0" expected to peak in spring 2026 and "Bull Market 2.0" potentially starting in the second half of 2026 [4][6][7] Group 1: Competitive Landscape - Global competition is intensifying, and A-shares must adopt a competitive mindset to navigate this environment [3][20][22] - The shift in external circulation from "following" to "leading" reflects China's growing competitiveness and the need to enhance its global influence [3][12][19] - The report suggests that the A-share market can reflect the outcomes of competitive events, impacting pricing and risk preferences [3][22] Group 2: Asset Allocation Trends - The report introduces a "resident asset allocation migration degree indicator," indicating that the migration towards equities is still in its early phase, with significant potential for growth [34][36] - Historical data shows that the peak of equity allocation occurred in 2021, followed by a decline until 2024, with a rebound expected in 2025 [36][51] - The report highlights that the accumulation of profit-making effects in the A-share market is undergoing a qualitative change, which will improve conditions for capital inflow over time [3][34][51] Group 3: Bull Market Phases - "Bull Market 1.0" is characterized by a focus on technology sectors, particularly AI, which may face short-term adjustments but is expected to continue its long-term trend [4][6][7] - "Bull Market 2.0" is anticipated to be a comprehensive bull market driven by cyclical improvements in fundamentals, emerging industry trends, and increased asset allocation towards equities [4][6][7] - The report predicts that by mid-2026, a clearer visibility of supply-demand dynamics will emerge, supporting the transition to "Bull Market 2.0" [4][6][7] Group 4: Industry Outlook - The report identifies key sectors for investment, including technology, manufacturing, and emerging industries, which are expected to benefit from cyclical improvements and policy support [4][6][7] - The anticipated recovery in the manufacturing sector and the emergence of new demand sources are crucial for the overall market outlook [4][6][7] - The report suggests that the transition from "Bull Market 1.0" to "Bull Market 2.0" will involve a shift in investment focus from high-growth technology stocks to cyclical and value-oriented sectors [4][6][7]

Core Insights - The "CCTV Finance Excavator Index" indicates that in October, despite the impact of the National Day and Mid-Autumn Festival holidays, the average operating rate and workload of construction machinery in the country achieved a month-on-month increase [1][3] Group 1: Operating Rates and Workloads - In October, the national average operating rate of construction machinery was 45.56%, reflecting a month-on-month increase of 1.4% [3] - The workload of construction machinery also saw a month-on-month increase of 5.25% [3] Group 2: Provincial Performance - In October, 19 provinces in the country had an operating rate exceeding 50% [5] - 22 provinces, including Henan, Anhui, and Yunnan, experienced a month-on-month increase in workload [5] Group 3: Equipment Performance - Among 13 categories of construction equipment, 8 categories maintained a month-on-month increase in total workload [7] - The workload of pump trucks and excavators increased by 9.51% and 7.26% respectively on a month-on-month basis [7]

Core Insights - Changsha City is focusing on strengthening its industrial base and accelerating the construction of a modern industrial system, with the engineering machinery industry ranking first in the country for 15 consecutive years [1] - The city aims to enhance traditional industries through smart manufacturing, having cultivated 396 smart manufacturing enterprises and being selected as a pilot city for new-type technological transformation in manufacturing [1] - The digital economy in Changsha has surpassed 500 billion yuan, with significant advancements in emerging industries such as artificial intelligence and quantum technology [1] Group 1 - The engineering machinery industry in Changsha has five companies listed among the top 50 global manufacturers, with the city producing 1 out of every 13 new energy vehicles in China, totaling 899,000 units by 2024 [1] - Changsha's new generation of autonomous safety computing system industry cluster is recognized as the only "computing" industry cluster among the 80 national-level advanced manufacturing clusters [1] - The city is committed to integrating smart, green, and collaborative development strategies to build a modern industrial system centered on advanced manufacturing [2] Group 2 - In the Zhonglian Smart Industrial City, an excavator is produced every six minutes, showcasing the efficiency of the manufacturing process [2] - The industrial internet platform at Zhonglian Heavy Industry covers over 160 countries and regions, managing more than 800,000 sets of equipment, enhancing customer service and equipment management [2] - The integration of digital technologies such as IoT, big data, cloud computing, 5G, and AI in manufacturing processes has significantly improved industrial efficiency and product quality stability [2]

Core Viewpoint - The stock of XG Group (600815) experienced a limit-up increase today, with a turnover rate of 9.23% and a transaction volume of 742 million yuan, indicating strong market interest and trading activity [2][3]. Trading Activity - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to a price deviation of 10.56%, with a net buying amount of 46.75 million yuan from brokerage seats [2]. - The top five brokerage seats accounted for a total transaction volume of 123 million yuan, with a buying amount of 84.76 million yuan and a selling amount of 38.01 million yuan, resulting in a net buying of 46.75 million yuan [2][3]. - The largest buying brokerage was Goldman Sachs (China) Securities, with a purchase amount of 28.64 million yuan, while the largest selling brokerage was CITIC Securities, with a selling amount of 10.11 million yuan [2][3]. Fund Flow - The stock saw a net inflow of 127 million yuan from main funds today, with large orders contributing 88.86 million yuan and big orders contributing 38.59 million yuan. Over the past five days, the net inflow of main funds reached 192 million yuan [3]. - In the past six months, the stock has appeared on the Dragon and Tiger List six times, with an average price increase of 4.10% the day after being listed and an average increase of 6.77% over the following five days [3]. Financial Performance - According to the third-quarter report released on October 31, the company achieved a revenue of 431 million yuan in the first three quarters, representing a year-on-year decline of 23.30%, and reported a net loss of 6.29 million yuan [3].

证券研究报告 2025 年 11 月 17 日 湘财证券研究所 金融工程研究 跟踪周报 超预期股票精选策略跟踪周报 超预期股票精选策略根据净利润同比超预期、分析师超预期这两个指标构 建超预期股票池；我们选择 Wind 全 A 作为底层股票池，将分析师超预期 TOP50 组合、净利润同比超预期 TOP50-100 组合合并，作为最终的超预期 股票池；为了增强策略收益，我们从量价行情角度挖掘增强因子，最终在 超预期股票池内根据增强因子的排序，选出头部股票构建组合。 相关研究： 1. 《湘财证券-金融工程-超预期股 票精选策略》 2024.08.19 2. 《湘财证券-金融工程-超预期股 票 精 选 策 略 改 进 》 2024.11.19 分析师：别璐莎 证书编号：S0500524010001 Tel：(021) 50293663 Email：bls06644 @xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 主动型量化基金市场表现 上周（2025.11.10-2025.11.14），根据 Wind，主动型量化基金中位数收益为 0.17%，沪深 300 指数收益为-1. ...

Core Insights - The report emphasizes seizing growth opportunities arising from industrial upgrades in the machinery sector [4][6] - Investment recommendations focus on capturing growth lines and identifying quality leading companies with core competitiveness [5][7] Group 1: Industry Overview - The machinery industry is entering a second phase of industrial upgrading, with high-end manufacturing poised for significant growth opportunities [11][13] - The industry is characterized by a broad distribution across various downstream sectors, with a focus on high-end equipment and autonomous manufacturing [39][43] Group 2: Emerging Growth Directions - Key emerging growth areas include humanoid robots, AI infrastructure, and unmanned forklifts, driven by AI advancements and energy transformation [6][10] - The report highlights the potential of humanoid robots, which are currently in a transformative phase, with significant commercial prospects anticipated in the near future [1][49] Group 3: Engineering Machinery - Domestic engineering machinery has stabilized, with expectations of continued recovery driven by equipment updates and major infrastructure projects [7][10] - The global layout of engineering machinery is expected to smooth domestic cyclical fluctuations and enhance profitability [7] Group 4: Self-Control and Localization - The report identifies significant opportunities in domestic substitution and self-control, particularly in scientific instruments and semiconductor components [7][10] - The focus is on increasing localization rates in core segments, which presents substantial growth potential [7][10] Group 5: Nuclear Power and Controlled Nuclear Fusion - The nuclear power sector is experiencing favorable conditions, with ongoing improvements in the nuclear fission power industry and future growth potential in controlled nuclear fusion [7][10] Group 6: Value Directions - The report emphasizes the importance of detection services, general equipment, and tire molds as key value directions within the machinery industry [7][10] - It recommends focusing on companies with strong cash flow and resilience in the current economic environment [7][10] Group 7: Investment Recommendations - The report suggests a combination of growth and forward-looking investment opportunities, highlighting specific companies across various segments [7][10] - Long-term investment recommendations include companies in detection services, engineering machinery, and renewable energy equipment [7][10]