Macro Strategy - The core view indicates that actual interest rates remain the key anchor for gold prices, with fluctuations in monetary policy impacting market sentiment and gold's value [1][6] - In October, gold prices experienced a "rise then fall" pattern, influenced by geopolitical tensions and economic data, leading to a 5.27% increase in the Shanghai gold futures by the end of the month [1][6] - The outlook for November suggests that gold prices will be driven by geopolitical situations, trade negotiations, and macroeconomic policies, with expectations of continued high volatility [1][6] Fixed Income - The report on Qizhong Convertible Bonds anticipates a listing price between 126.64 and 140.59 CNY, with a subscription rate of 0.0028% [2][7] - The bond has a total issuance scale of 850 million CNY, with proceeds allocated for advanced packaging and testing projects [7][8] Industry Analysis - The food and beverage industry report highlights a 5.5% decline in total revenue and a 6.7% drop in net profit for the liquor sector in the first three quarters of 2025, with a more pronounced 18.3% revenue decline in Q3 [3][10] - The report notes that the recovery of consumption scenarios is slow, particularly in business and personal dining contexts, leading to sustained pressure on demand for high-end and mid-range liquor [3][10] - Investment recommendations suggest focusing on companies that are likely to see early signs of recovery and have strong growth potential, such as Luzhou Laojiao and Shanxi Fenjiu, while also considering companies with solid governance and dividend yields [4][11] Company Recommendations - Tiangong International is highlighted for its potential growth in titanium alloy production, with projected revenues of 5.2 billion, 6.1 billion, and 7 billion CNY from 2025 to 2027, reflecting growth rates of 8%, 16%, and 14% respectively [5][11] - The company is positioned well in the consumer electronics sector and is expanding into new materials for robotics and nuclear fusion applications, which are expected to drive future growth [5][11]

Group 1 - The core viewpoint of the report is that Tian Gong International (00826) is expected to see revenue growth from 5.2 billion to 7 billion yuan from 2025 to 2027, with corresponding growth rates of 8%, 16%, and 14% [1] - The net profit attributable to the parent company is projected to increase from 430 million to 810 million yuan during the same period, with growth rates of 20%, 41%, and 35% [1] - The report assigns a "buy" rating to the company, highlighting its potential in titanium alloy applications in consumer electronics and its forward-looking layout in new materials [1] Group 2 - The company is developing high-nitrogen steel for humanoid robot screw materials and has initiated cooperation with domestic enterprises [1] - High-nitrogen steel is recognized for its high performance and low cost, making it an ideal material for manufacturing planetary roller screws [1] - The company has overcome foreign technical barriers by utilizing unique domestic smelting technology to control nitrogen content and improve purity in high-nitrogen alloy materials [1] Group 3 - Tian Gong International is also focusing on specialized materials for nuclear fusion core components, specifically boron steel and RAFM steel, with boron steel already achieving small-scale trial production [2] - The blanket is a core component of magnetic confinement fusion devices, requiring excellent radiation swelling resistance, high-temperature strength, thermal conductivity, and inherent low activation properties [2] - The company has successfully developed core technology for high-boron steel (304B7) used in neutron shielding for nuclear fusion devices and is accelerating the application development of advanced low-activation steel (RAFM steel) [2]

Group 1 - The core viewpoint of the report is that Dongwu Securities has initiated coverage on Tiangong International (00826) with a "Buy" rating, forecasting revenue growth from 5.2 billion to 7 billion yuan from 2025 to 2027, with corresponding growth rates of 8%, 16%, and 14% [1] - The projected net profit attributable to the parent company is expected to increase from 430 million to 810 million yuan during the same period, with growth rates of 20%, 41%, and 35% [1] - The price-to-earnings (PE) ratios are forecasted to be 17, 12, and 9 times for the years 2025, 2026, and 2027 respectively [1] Group 2 - The company is focusing on high-nitrogen steel for humanoid robot screw materials and has begun collaborations with domestic enterprises, overcoming foreign technical barriers with unique domestic smelting techniques [1] - High-nitrogen steel is recognized for its high performance and low cost, making it an ideal material for manufacturing planetary roller screws, with advantages including high strength, toughness, corrosion resistance, wear resistance, and fatigue resistance [1] - The company has successfully developed high-nitrogen steel products suitable for planetary roller screw production in collaboration with Runfu Power and Heng'erda, with production expected to commence in July 2025 [1] Group 3 - Tiangong International is also developing specialized materials for nuclear fusion core components, including boron steel and RAFM steel, with boron steel already achieving small-scale trial production [2] - The blanket is a core component of magnetic confinement fusion devices, requiring excellent radiation swelling resistance, high-temperature strength, thermal conductivity, and inherent low activation properties [2] - The company has successfully tackled the core technology for neutron shielding new materials, specifically high-boron steel (304B7), and is accelerating the application development of advanced low-activation steel (RAFM steel) for nuclear fusion key structural materials [2]

Core Viewpoint - Tian Gong International (00826) has seen a significant stock price increase, attributed to its strategic positioning in the emerging nuclear fusion energy sector and advancements in powder metallurgy technology [1] Group 1: Stock Performance - The stock price of Tian Gong International rose nearly 7% during trading, with a current increase of 5.54%, reaching HKD 3.05, and a trading volume of HKD 88.48 million [1] Group 2: Industry Insights - The Central Committee of the Communist Party of China has proposed a forward-looking layout for future industries, emphasizing nuclear fusion energy as a new economic growth point [1] - Powder metallurgy technology is identified as a foundational capability platform for Tian Gong International to enter the strategic new materials and high-end manufacturing sectors, potentially leading to both performance and valuation improvements [1] Group 3: Technological Advancements - Nuclear fusion structural and functional materials require high resistance to temperature and radiation, relying on powder metallurgy systems for production [1] - As global nuclear fusion technology accelerates towards commercialization, the company is positioned to become a core node in the supply chain, with growth potential as the industry expands [1] - The blanket is a core component of the magnetic confinement fusion device Tokamak, necessitating properties such as radiation swelling resistance, high-temperature strength, thermal conductivity, and inherent low activation [1] - RAFM steel is recognized as the most mature and mainstream candidate structural material for blankets, while boron steel is noted for its high neutron absorption capacity and sufficient mechanical properties [1] - The company has successfully developed core technology for a new neutron shielding material, high boron steel (304B7), for nuclear fusion devices and has achieved small batch production [1] - The company is accelerating the application development of advanced low-activation steel (RAFM steel) for nuclear fusion key structural materials [1]

Core Viewpoint - Tian Gong International (00826) has seen a significant stock price increase, attributed to its strategic positioning in the emerging nuclear fusion energy sector and advancements in powder metallurgy technology [1] Group 1: Company Developments - Tian Gong International's stock rose nearly 7% during trading, closing up 5.54% at HKD 3.05, with a trading volume of HKD 88.48 million [1] - The company has successfully developed core technology for a new neutron shielding material, high-boron steel (304B7), for nuclear fusion devices and has begun small-scale production of trial pieces [1] - The company is accelerating the application development of advanced low-activation steel (RAFM steel), which is crucial for nuclear fusion structural materials [1] Group 2: Industry Insights - The Central Committee of the Communist Party of China has proposed forward-looking layouts for future industries, emphasizing nuclear fusion energy as a new economic growth point [1] - Powder metallurgy technology is identified as a foundational capability platform for Tian Gong International to enter the strategic new materials and high-end manufacturing sectors, potentially enhancing both performance and valuation [1] - RAFM steel is recognized as the most mature and mainstream candidate structural material for the core component of magnetic confinement fusion devices, known as tokamaks, due to its excellent radiation swelling resistance, high-temperature strength, thermal conductivity, and inherent low activation properties [1]

Group 1 - Tian Gong International (00826) saw a significant increase in stock price, rising over 8% and currently trading at 2.66 HKD with a transaction volume of 116 million HKD [1] - China Fusion Energy Company, established with a registered capital of 15 billion RMB and only two months old, made its debut at the 25th China International Industry Fair, showcasing its technology and business layout [1] - The company aims for commercial fusion energy by 2050, following the typical nuclear energy development path from experimental to demonstration to commercial reactors, with R&D activities in Shanghai and Chengdu [1] Group 2 - Industrial analysts at Industrial Securities believe that Tian Gong International is well-positioned in the scarce core materials sector, with significant growth potential in titanium alloys, fusion materials, and humanoid robots [2] - Materials are identified as a major technical bottleneck in the development of fusion reactors, with RAFM steel and high-boron steel being primary candidates for reactor structures, requiring 4,000 to 7,000 tons of RAFM steel and 400 to 1,000 tons of high-boron steel per reactor [2] - The company leverages its powder metallurgy advantages to significantly enhance beneficial alloy element composition while achieving a dispersion of nano-scale strengthening phases, which may greatly improve the key performance of fusion reactor materials in the future [2]

Group 1 - Tian Gong International (00826) saw a significant increase in stock price, rising over 8% in the afternoon and currently trading at 2.66 HKD with a transaction volume of 116 million HKD [1] - The China Fusion Energy Company, established with a registered capital of 15 billion CNY and only two months since its inception, made its debut at the 25th China International Industry Fair, showcasing its technological roadmap and business layout [1] - The company aims for commercial fusion energy by 2050, with research and development activities linked between Shanghai and Chengdu, and plans to build a fusion experimental device named "China Circulation No. 4 (HL-4)" in Shanghai [1] Group 2 - Industrial analysts at Industrial Securities believe that Tian Gong International is strategically positioned in the scarce core materials sector, with significant growth potential in titanium alloys, fusion materials, and humanoid robots [2] - Materials are identified as a major technical bottleneck in the development of fusion reactors, with RAFM steel and high-boron steel being primary candidates for structural materials due to their excellent radiation resistance [2] - Each fusion reactor requires between 4,000 to 7,000 tons of RAFM steel and 400 to 1,000 tons of high-boron steel, indicating a vast market for fusion materials [2] - The company leverages its powder metallurgy advantages to significantly enhance beneficial alloy element composition while achieving a dispersion of nano-level strengthening phases, which is expected to greatly improve the key performance of fusion reactor materials in the future [2]