Macro Economic Group - The report indicates that the US PPI remained stable in September, with a month-on-month increase of 0.3%, matching expectations, while the core PPI rose by 0.1%, slightly below the expected 0.2% [5] - Retail sales in the US showed a disappointing performance in September, with a month-on-month increase of only 0.2%, below the expected 0.4%, indicating a weakening consumer spending momentum [5][6] - The report highlights a "K-shaped" recovery in consumer spending, with a decline in auto sales attributed to the expiration of electric vehicle tax credits, alongside a soft job market and low consumer confidence [6] Advanced Manufacturing Group - Goldman Sachs downgraded Ganfeng Lithium's H-share rating to "Sell," lowering the lithium price forecast for the second half of 2026 by 14% to $9,500 per ton due to weak downstream market feedback and slowing inventory replenishment [12] - The report predicts a 12% shortfall in global lithium capacity relative to demand in the second half of 2025, transitioning to a 10% surplus by the second half of 2026 [12] - The report remains optimistic about mid-term lithium demand and price stability, citing a projected 46% growth in energy storage battery demand in 2026 [12] Consumer Group - Bilibili reported Q3 total revenue of 7.69 billion yuan, a year-on-year increase of 5% and a quarter-on-quarter increase of 4.8%, with adjusted net profit soaring by 233% to 786 million yuan [14][15] - The company achieved a GAAP operating profit of 354 million yuan, a significant turnaround from a loss of 66.7 million yuan in the same period last year, driven by cost reduction and efficiency improvements [15] - Advertising revenue grew by 23% year-on-year to 2.57 billion yuan, becoming the core growth engine for the company, while gaming revenue declined by 17% to 1.51 billion yuan due to high base effects from the previous year [15]

"当然，(相关产品)价格正涨得非常、非常厉害，而且我认为，在人工智能需求推动下，这样的涨价速 度是前所未有的，郑孝明表示。他补充称，联想已经签订了长期合同，并且拥有规模优势，"那些供应 有保障的公司实际上能够在市场上占据一席之地。" 郑孝明称，联想集团本季度将力求避免把不断上涨的成本转嫁给客户，以维持今年的强劲销售增势。他 还表示，公司2026年将在价格和供货能力之间找到平衡。 11月25日，据媒体报道，联想集团(00992)已囤积内存及其他关键零部件，以应对由人工智能热潮引发 的供应短缺。 "联想当前的零部件库存较往常高出了约50%"，联想集团首席财务官郑孝明(Winston Cheng)周一向媒体 电视表示。 全球范围的AI数据中心建设热潮，正在推高消费电子产品制造商的采购成本，但联想也从中看到了机 遇，希望借助其库存优势获利。 上周联想集团Q2业绩会上联想集团董事长兼CEO杨元庆表示，公司已与关键零部件供应商签署长期供 货合同。作为核心零部件的大买家，联想能够在供应链谈判中占据更主动的位置，这本身就是应对市场 波动的重要优势。比如在PC领域，庞大的采购量不仅能获得更优的价格成本，还能与供应商建立更深 的 ...

"联想当前的零部件库存较往常高出了约50%"，联想集团首席财务官郑孝明(Winston Cheng)周一向彭博 电视表示。 全球范围的AI 数据中心建设热潮，正在推高消费电子产品制造商的采购成本，但联想也从中看到了机 遇，希望借助其库存优势获利。 智通财经APP获悉，11月25日，据彭博社报道，联想集团(00992)已囤积内存及其他关键零部件，以应对 由人工智能热潮引发的供应短缺。 "当然，(相关产品)价格正涨得非常、非常厉害，而且我认为，在人工智能需求推动下，这样的涨价速 度是前所未有的，郑孝明表示。他补充称，联想已经签订了长期合同，并且拥有规模优势，"那些供应 有保障的公司实际上能够在市场上占据一席之地。" 上周联想集团Q2业绩会上联想集团董事长兼CEO杨元庆表示，公司已与关键零部件供应商签署长期供 货合同。作为核心零部件的大买家，联想能够在供应链谈判中占据更主动的位置，这本身就是应对市场 波动的重要优势。比如在PC领域，庞大的采购量不仅能获得更优的价格成本，还能与供应商建立更深 的战略绑定，这是中小玩家难以比拟的"规模护城河"。 郑孝明称，联想集团本季度将力求避免把不断上涨的成本转嫁给客户，以维持今年的 ...

Core Insights - Lenovo Group is stockpiling memory and other critical components to address supply shortages driven by the AI boom [1] - The company's CFO, Zheng Xiaoming, stated that current component inventory is approximately 50% higher than usual [1] - The surge in demand for advanced hardware in AI data centers is increasing costs for consumer electronics manufacturers, but Lenovo sees an opportunity to profit from its inventory advantage [1] Group 1 - Zheng Xiaoming noted that prices are rising at an unprecedented rate due to AI-driven demand [1] - Lenovo has signed long-term contracts and possesses scale advantages, indicating that "whoever controls supply can secure a position in the market" [1] - The company aims to avoid passing increased costs onto customers this quarter to maintain strong sales growth for the year [1] Group 2 - Lenovo plans to achieve a balance between product pricing and supply by 2026 [1] - The company has sufficient memory chips to meet its demand for the entire year of 2026 and is better positioned than competitors to handle any supply shortages [1]

按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年11月24日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 上周环球 大类资产表现 资料来源：中信证券财富管理 (香港) 本周主要地区 经济数据公布日程 (3) 台股市场焦点 AI出口动能延续， 经济处于舒适区 股票 估值承压但仍受益于AI； GUC;台达电子 ETF iShares 安硕核心MSCI 台湾ETF (1) 港股市场焦点 中国经济增长 "前低后高" 股票 预计港股盈利增速触底升； 腾讯控股；阿里巴巴 ETF iShares安碩 恒生科技指數ETF (2) 韩国市场焦点 通胀超预期， 明年初再降息 股票 顺势而为，配置韩股； SK海力士 ；三星电子 ETF iShares安碩 MSCI南韩ETF 1 上周环球 股市表现 科技股估值焦虑引发全球市场大幅回调 | 环球主要股票市场表现 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Insights - Lenovo's Chairman and CEO, Yang Yuanqing, highlighted that the rapid development of AI technology has led to a surge in global demand for critical components such as memory, flash storage, and solid-state drives, resulting in short-term price volatility [1] - Lenovo has established long-term stable partnerships with core suppliers to secure the supply of key components and effectively manage cost fluctuations impacting profits [1] - The upgrade cycle for PCs based on Windows 10 is not yet over, and its driving effect will continue for several quarters, with AI PCs being a significant growth driver [1] Financial Performance - Lenovo reported a 15% year-on-year revenue growth for the second quarter of the 2025/26 fiscal year, reaching 146.4 billion RMB, marking a historical quarterly high [2] - Adjusted net profit increased by 25% year-on-year to 3.66 billion RMB, with AI-related business revenue now accounting for 30% of total revenue [2] - The Intelligent Devices Group (IDG) generated revenue of 108.1 billion RMB, a 12% increase year-on-year, with PC market share exceeding 25% for the first time [2] - The Infrastructure Solutions Group (ISG) achieved approximately 29.3 billion RMB in revenue, up 24% year-on-year, while the Solutions and Services Group (SSG) saw an 18% year-on-year revenue increase [2]

Macro News - The People's Bank of China announced that the 1-year and 5-year Loan Prime Rates (LPR) remain unchanged at 3.0% and 3.5% respectively, marking six consecutive months of stability since June [1] - The Federal Reserve's October meeting minutes revealed mixed opinions among officials regarding a potential rate cut in December, with a 36.2% probability of a 25 basis point cut and a 63.8% probability of maintaining the current rate [1] - The U.S. Bureau of Labor Statistics will not release the October non-farm payroll report, combining it with the November data to be published on December 16 [2] Industry News - Counterpoint Research forecasts that memory prices are expected to rise by approximately 50% before the second quarter of 2026, primarily due to a critical chip shortage affecting traditional LPDDR4 [3] - The Shanghai Real Estate Brokerage Industry Association initiated a self-discipline campaign to maintain market order, emphasizing accurate market reflection, honest information dissemination, and fair competition among real estate agencies [4] - The China Semiconductor Industry Association predicts that the chip design industry sales will reach 835.73 billion yuan in 2025, a 29.4% increase from 2024, translating to approximately 118.04 billion USD, marking the first time sales exceed 100 billion USD [5] Sector Opportunities - CITIC Securities suggests that domestic charging infrastructure is poised for a new acceleration phase, driven by policy support, particularly for high-power fast charging equipment, benefiting related charging pile equipment companies [6] - Huaxin Securities believes that the overall price of the new energy vehicle supply chain is at a low point, with strong demand resilience, presenting a good opportunity for investment in core companies within the supply chain [6] - CITIC Securities highlights significant advancements in Gemini 3 Pro's multimodal understanding and logical reasoning capabilities, suggesting continued attention to the development of native multimodal technologies and the new application opportunities they present [6]

长沙晚报掌上长沙11月20日讯（全媒体记者 周丛笑）今天三大指数集体高开，沪指高开0.35%，深成指 高开1.03%，创业板指高开1.79%。量能上，开盘半小时，沪深两市成交额突破5600亿，较昨日此时放 量近300亿，预计全天成交金额超1.7万亿。行业板块上，CPO、水产、证券等板块指数涨幅居前，固态 电池概念震荡拉升，银行板块延续强势 。 长江证券资深投资顾问刘浪表示，昨天锂矿板块再度活跃。消息面上，广期所碳酸锂主力合约日内涨近 5%，并于盘中一度重新突破10万元/吨，为2024年6月以来首次。中邮证券认为，从未来空间来看，中 国储能产业已确立3-5年的持续成长周期。AI推动数据中心规模爆发式增长，AI数据中心功率极高且波 动大，需配置储能来平滑电网冲击，同时作为备用电源支撑算力峰值，未来两三年海外储能年增速预期 或至40%-50%，成为碳酸锂需求主要增长动力。但值得注意的是，锂电板块在经历了此前的放量大跌 后，资金短期筹码已出现松动，后市或仍以局部修复为主。 行情上，昨天市场全天震荡分化，两市成交额萎缩超2000亿，创出月内地量水平。指数上，微盘股指数 接连跌穿5、10日均线，并创出3个多月来的单日最大 ...

据民政部消息，为加强养老机构预收费监管，健全商业银行第三方存管制度，按照有关规定，民政部、金融监管总局联合制定了《养老机构预收费存管工作指 引》。《指引》提出，养老机构原则上通过存管银行收取押金、会员费。通过其他支付机构或者现金收取的，应当于收取当日（至迟次日）划转或者存入专用存款 账户。 3．工信部：预计2025年全年我国AI玩具市场规模将增至290亿元 11月19日，工业和信息化部举行新闻发布会，介绍GB 6675《玩具安全》系列强制性国家标准修订情况。工业和信息化部消费品工业司司长何亚琼表示，近年来， 随着新材料、新工艺、新技术的不断应用，我国玩具产品的品种丰富度实现大幅提升，玩具产品质量不断提高，标准体系不断完善。毛绒、布艺、木制、金属、塑 胶等各种材质的玩具产品基本实现全覆盖；益智玩具、智能玩具等创新产品引领潮流新趋势；尤其是人工智能及大模型的应用为玩具产品注入新灵魂，显著提升玩 具产品交互体验，能互动、能养成、有性格、有记忆的AI玩具深受年轻人喜爱，已成为行业竞争的新赛道。据统计，2024年我国AI玩具市场规模约246亿元，预计 2025年全年将增至290亿元。 4．工信部：将会同相关部门制定发布 ...

重要消息有哪些 1．张国清在贵州、重庆调研时强调 加快制造业数智化转型升级 扎实推进国有企业创新发展 中共中央政治局委员、国务院副总理张国清16日至19日在贵州、重庆调研制造业数智化转型升级、国有企业创新发展等工作。张国清强调，国有 企业要持续提高自主创新能力，以科技创新与产业创新深度融合培育新质生产力、打造竞争新优势。要健全国有企业推进原始创新制度安排，提 升基础研究的研发投入占比，加快原创技术策源地布局与建设，在关键核心技术、关键共性技术、前沿技术上取得更多突破。要推动国有企业加 快布局建设一批概念验证、中试验证平台，强化软硬件创新与标准研制一体推进，加快应用场景培育和开放，形成技术突破、场景验证、产业应 用、迭代升级的良性循环。要支持国有企业与高校、科研院所、民营企业密切配合，面向产业所需共同凝练科技问题、协同开展攻关、共建创新 平台、联合培养人才，促进创新要素顺畅流动，持续优化创新生态，提升协同创新整体效能。 2．京津冀签署自贸试验区全产业链协同创新行动方案 《京津冀自贸试验区全产业链协同创新行动方案》19日在天津签署，明确在先进制造、数字经济、现代物流三大重点产业领域开展协同创新，标 志着三地自贸试 ...