Core Viewpoint - The 2025 technology structural bull market is considered "Bull Market 1.0," with a potential peak in spring 2026, followed by a comprehensive bull market termed "Bull Market 2.0" in the second half of 2026 [1] Group 1: Market Trends - The AI industry trend is expected to deepen, but the cost-effectiveness of the A-share AI industry chain is deemed low, similar to previous years in 2014, 2018, and 2021 [1] - A mid-2026 supply clearing in midstream manufacturing is anticipated, with a notable increase in sectors where capacity growth is lower than demand growth [1] - The sequence of "policy bottom, market bottom, economic bottom" is expected to occur, with mid-2026 potentially validating the "policy bottom" [1] Group 2: Investment Recommendations - Investors are advised to focus on three main lines in 2026: 1. Recovery trading sectors such as cyclical Alpha, basic chemicals, and industrial metals 2. Technology industry trend sectors including AI industry chain, humanoid robots, energy storage, photovoltaics, pharmaceuticals, and military industry 3. Sectors related to manufacturing influence enhancement, such as chemicals and engineering machinery [2] - The transition from Bull Market 1.0 to 2.0 is characterized by high dividend defensiveness, with the latter stage driven by cyclical policies and technological trends [2]

Market Overview - The market experienced a broad decline with 1,196 stocks rising and 4,173 stocks falling, indicating a general bearish trend despite some active sectors like gold and aquaculture showing strength [4] - The trading volume in the two markets decreased significantly to 5 trillion yuan, down 10.39%, reflecting a cautious sentiment among investors [5] Capital Flow - There was a net outflow of funds from major players, while retail investors showed a net inflow, indicating a divergence in investment behavior [6] - Institutional investors are adopting a defensive strategy, focusing on sectors like banking, communication equipment, electricity, and food and beverage, while moving funds from high-valuation sectors to low-valuation ones [6] Investor Sentiment - Retail investor sentiment is cautious, with 75.85% of investors adopting a "watch and wait" approach, indicating a preference for selective stock picking rather than broad market exposure [7] - The sentiment towards the next trading day is mixed, with 55.35% of investors expecting a rise and 44.65% expecting a decline [12]

Market Overview - The A-share market showed a "two up, one flat" pattern with slight gains, indicating limited upward movement. The indices experienced a "low open to late rebound" deep V-shaped trend, with MACD green bars continuously narrowing and KDJ indicators showing a low-level golden cross, suggesting short-term oversold conditions [3][4]. Investor Sentiment - A total of 24,061 users participated in the sentiment survey on November 19, reflecting the market's investment mood. The overall sentiment indicates a cautious approach among investors, with a significant number adopting a "wait-and-see" strategy [1][19]. Trading Activity - The trading volume in both markets significantly shrank, with investors showing reduced enthusiasm in the afternoon session after concentrated trading in the morning. The overall market participation was characterized by a "quick battle" strategy, particularly in precious metals and military industries, while other sectors like gas, cultural media, and real estate saw declines [4][5]. Sector Performance - Specific sectors showed varied performance: gold stocks strengthened, aquaculture stocks surged in the afternoon, and military equipment, insurance, silicon energy, and beauty care sectors were active. Conversely, the Hainan Free Trade Zone sector adjusted, while gas, cultural media, diversified finance, real estate, and pharmaceuticals faced notable declines [3][4]. Fund Flow - There was a net outflow of main funds, while retail investors exhibited a strong wait-and-see attitude. Institutional investors focused on defensive strategies, seeking certainty by increasing positions in banks, communication equipment, electricity, and food sectors. High-valuation sectors like electric equipment and biomedicine faced significant sell-offs [5][6]. Positioning and Profitability - As of November 19, 28.19% of investors increased their positions, while 19.96% reduced their holdings. The average position was reported at 71.69%, indicating a majority of investors were fully invested [9][14]. Additionally, 39.16% of investors reported being within a 20% loss range, while 6.10% had profits exceeding 50% [18].

Group 1: New Energy Business - The company has decided to enter the new energy sector, focusing on chemical synthesis capabilities, which are deemed competitive for commercialization [1] - Expected revenue from the new energy business is projected to break through in 2025, primarily driven by sales of LiFSI and electrolyte products [1] Group 2: Pharmaceutical Business - The pharmaceutical segment is growing rapidly, with a focus on a CDMO business model and partnerships with leading global pharmaceutical companies [1] - The company aims to expand its client base and enhance its product pipeline, anticipating long-term growth as it deepens collaborations with clients [2] Group 3: Malaysia Base Construction - The establishment of a base in Malaysia is intended to meet client supply chain diversification needs and enhance customer loyalty [2] - The Malaysian facility is currently in the construction phase, with production expected to commence within the year [2] Group 4: Crop Protection Business - The crop protection business remains stable, with the company recognized as a strategic partner for major global original research crop protection companies [2] - The company provides comprehensive solutions covering the entire product lifecycle in the crop protection sector [2] Group 5: Capital Expenditure Considerations - Current capital expenditures are focused on the coastal base and the Malaysian facility, with a net cash flow from operating activities of approximately 9 billion yuan in the first three quarters of 2025 [2] - There are no immediate plans for capital operations as the current cash flow supports ongoing capital expenditure plans [2] Group 6: Subsidiary Shanghai Baofeng - Shanghai Baofeng has been listed on the New Third Board and aims to improve product and service quality while expanding into international markets [2] - The subsidiary is focused on maintaining stable growth in traditional refrigeration sectors [2]

Group 1 - The founder and co-CEO of Faraday Future (FF), Jia Yueting, announced the establishment of a second creditor trust to expedite the repayment of domestic guaranteed debts and facilitate his return to China [1] - The assets of the second creditor trust consist of 50% of shares obtained through stock incentives from FF and 50% of approximately 7% shares in AIxC, a Nasdaq-listed company [1] - Jia Yueting emphasized that the reason for placing only 50% of these assets into the trust is to retain the other 50% for FF's business operations, indicating a commitment to repay domestic creditors [1] Group 2 - Faraday Future is an intelligent mobility company founded by Jia Yueting, which currently has multiple electric vehicle models [1] - AIxC is a company that will soon change its stock code from Qualigen Therapeutics, previously a pharmaceutical firm, to focus on cryptocurrency and Web3 business after being strategically invested in by FF [1] - Jia Yueting's previous actions led to significant financial issues, including the bankruptcy of LeEco and his subsequent ban from the securities market, resulting in numerous lawsuits from creditors [2]

Market Review - The A-share market experienced fluctuations, with the Shanghai Composite Index down 0.18% and the ChiNext Index down 3.01% during the week of November 10-14, 2025. The average daily trading volume was 2.04 trillion yuan, slightly up from the previous week [7][8]. Consumer Sector - The global e-commerce market has seen an overall increase in e-commerce penetration, with a CAGR of 15.5% over the past five years. However, the U.S. e-commerce market is entering a phase of slower growth, with a projected penetration rate of 23.5% by 2025 [18][21]. - The U.S. e-commerce landscape is dominated by a few key players, with Amazon and Walmart contributing over 50% of market growth in 2024. Platforms like Temu and SHEIN are facing challenges due to the end of the small package tax exemption policy [25][28]. Health Sector - The flu is on the rise in China, with the percentage of flu-like illness (ILI) cases reported at 5.5% in southern provinces and 6.1% in northern provinces as of the 45th week of 2025. This trend is expected to increase demand for medical services and treatments [30][31]. - Companies involved in flu vaccine production, antiviral drugs, and protective equipment are likely to benefit from the rising flu cases. Notable companies include Jindike, Baike Biological, and Huashan Biological [33][38]. Hard Technology Sector - The electronic industry reported a total revenue of 1.19 trillion yuan in Q3 2025, reflecting a year-on-year growth of 19.33%. The net profit attributable to shareholders reached 895.61 billion yuan, up 47.89% year-on-year, indicating a strong recovery in profitability [35][36]. - The semiconductor manufacturing sector is experiencing growth due to increased utilization rates in downstream wafer fabs. Companies like Huahong and SMIC reported high capacity utilization rates in Q3 2025 [36][37]. Advanced Manufacturing Sector - The lithium battery industry is transitioning from a phase of overcapacity to a rebalancing stage, driven by strong demand for power and energy storage batteries. This sector has undergone a complete industrial cycle, moving from expansion to inventory clearance and now to demand recovery [5].

Group 1: Market Overview - The Hong Kong stock market indices continued to adjust, with the Hang Seng Index down 1.72%, the Hang Seng China Enterprises Index down 1.65%, and the Hang Seng Tech Index down 1.93% [2] - The total market turnover was approximately HKD 242.1 billion, with short selling accounting for about 19.16% of the total turnover [2] - Southbound capital saw a net inflow of approximately HKD 7.5 billion, with Alibaba, Xpeng Motors, and Xiaomi being the most actively bought stocks [2] Group 2: Sector Performance - The gold and non-ferrous metals sectors led the decline due to cooling expectations of US interest rate cuts and a significant drop in gold prices, with spot gold falling below USD 4,000 per ounce [2] - The lithium battery and new energy vehicle supply chains continued to face pressure, with weak automotive sales data showing a slight year-on-year decline in retail sales of passenger vehicles in October [2] - The traditional energy and infrastructure-related stocks also declined, reflecting ongoing market concerns about global economic prospects and demand recovery [2] Group 3: E-commerce Sector Insights - The e-commerce market growth slowed in October, with a year-on-year increase of 4.9% in online retail sales of physical goods, totaling RMB 1.2 trillion in September [6] - During the Double 11 shopping festival, the overall retail sales reached approximately RMB 2.4 trillion, with a year-on-year increase of over 10% [7] - Key players like Alibaba, JD.com, and Douyin showed varying growth rates, with JD.com reporting a 15% increase in total revenue for Q3 2025, slightly above market expectations [8][9] Group 4: Company-Specific Developments - JD.com's retail segment saw an 11% year-on-year revenue increase, while its logistics segment reported a 24% increase, aligning with market expectations [8] - Alibaba is expected to maintain around a 10% revenue growth rate for its core business, with a focus on improving user engagement and operational efficiency [9] - Pinduoduo is anticipated to report a 7% year-on-year revenue increase, with attention on its growth momentum in international markets [9]

乃东区政府副区长、区卫生健康委员会党组书记张雪戈在捐赠仪式上说："这批物资不 仅是雪中送炭，更是鄂藏情深的生动体现。"他介绍，近年来，乃东区医疗卫生事业取得长 足发展，区中心医院门诊量、住院人数同比分别增长20%和23%，并成功引进国际先进的治 疗下肢静脉曲张的CHIVA技术，实现医疗技术关键突破。此外，乃东区还投入1700余万元 打造村（社区）标准化卫生室，全面提升基层服务能力。"然而，在基层医疗与疾病防控方 面，我们仍面临不小的挑战。这批物资的到来正当其时。" 11月18日，武汉市汉阳区、湖北省阳光慈善物资中心与西藏九州通医药有限公司联合向 西藏山南市乃东区卫生健康系统捐赠一批价值101万余元的医疗设备和药品，其中包括医用 分子筛制氧机、正压呼吸机、电子血压计、监护仪等基层急需的医疗物资。在武汉市第十一 批援藏工作队积极协调下，这批物资跨越3000多公里顺利抵达雪域高原，为乃东区医疗卫生 事业注入"武汉关爱"。 编辑：胡之澜 西藏九州通医药有限公司总经理普国涛说："作为扎根西藏的企业，我们深知高原地区 医疗资源来之不易。此次捐赠的制氧机、呼吸机等设备将直接服务于基层医疗机构和慢性病 防治一线。"他表示，企 ...

Core Viewpoint - The report from China International Capital Corporation (CICC) maintains a positive outlook on sectors related to AI, electrification, and finance, highlighting sustained demand and investment opportunities in these areas [1] AI Sector - CICC analysts predict that the high demand for overseas computing power will continue until the end of 2026, with tight capacity expected in the electricity and storage sectors during the same period [1] - The growth in overseas electricity consumption is driven by AI infrastructure and industrial chain restructuring, indicating a persistent narrative of electricity shortages that will benefit the power operation sector [1] Electrification - Electrification is expected to benefit from energy transition, infrastructure projects, and investments in data centers, contributing to the overall growth in the sector [1] Consumer Sector - CICC expresses a cautious stance on the consumer sector, forecasting a potential slowdown in consumption growth in the U.S. by 2026, while non-U.S. regions may see marginal recovery but remain slow overall [1] - In the context of ongoing fundamental differentiation, the report suggests focusing on sectors with reasonable valuations and positive potential catalysts, such as marginal changes in pharmaceuticals and automotive industries [1]

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Views - The report highlights a return of inflation trading, with consumer goods showing a positive trend in performance [1][8] - The overall industry size is significant, with a total market capitalization of 18,186 billion and a circulating market capitalization of 16,721.2 billion [1] Summary by Sections Macroeconomic Analysis - Retail sales growth year-on-year is at 2.9%, with a slight recovery in October due to the holiday effect, showing a month-on-month increase of 0.16% [6] - The restaurant sector saw a year-on-year revenue increase of 3.8% in October, while jewelry sales surged by 37.6% [6][7] - Service retail sales grew by 5.3% year-on-year from January to October, indicating a gradual recovery in service consumption [7] Food and Beverage Sector - October inflation data exceeded expectations, with both CPI and PPI showing improvements, suggesting a potential recovery in profitability for the food and beverage sector [8] - Companies like Haidilao and Anjuke are expected to perform well due to improved demand and operational strategies [9][10] Textile and Apparel Sector - The textile manufacturing sector is experiencing stable overseas demand, with major brands like NIKE showing signs of recovery [12] - Recommendations include focusing on leading manufacturers with optimized order structures and production efficiency [12] Tobacco Sector - The report recommends companies like Smoore International and China Tobacco Hong Kong, highlighting their stable growth and market positioning [16] Home Appliances Sector - The report suggests focusing on leading white goods manufacturers like Midea Group, which has shown stable operational performance [17] Retail and E-commerce - The report notes a significant increase in e-commerce sales during the Double Eleven shopping festival, with a total sales growth of 14.2% [24] - Companies like JD.com are expected to maintain robust growth, with a projected non-GAAP net profit of 318 billion for 2025 [25] Pharmaceutical Sector - The report emphasizes the importance of innovation in the pharmaceutical industry, recommending companies like Innovent Biologics and 3SBio for their strong project pipelines [27] Agriculture Sector - The report indicates a rapid reduction in sow production capacity, suggesting a potential increase in pig prices in 2026 [28]