The broker remains bullish on coal, viewing capacity approvals as a compliance exercise with limited real supply impact, and reiterates a strong buy recommendation on the sector.
Guosen is tactically bullish on Chinese food & beverage, favoring baijiu and dairy for a policy-driven Q4 trading window, with Luzhou Laojiao and Gujing Gongjiu as top picks.
Tianfeng remains bullish on Yunyi Electric, viewing the core auto parts business as providing valuation support while SOFC offers a high-growth option, with a 100MW order potentially doubling the company's value.
Dongwu Electronics is bullish on the AI interconnect and supernode supply chain, naming Centec and Huaqin Technology as key domestic beneficiaries ahead of the OCP Global Summit.
The broker is bullish on optical module makers with strong LPO/LRO capabilities, highlighting Innolight, Eoptolink, Coherent, and Linktel as early 1.6T validation leaders.
The export tax rebate reduction is a modest headwind for Chinese NEV exports, but the broker remains constructive on automakers with overseas localization and pricing power.
Both companies offer exposure to secular growth themes in AI infrastructure and advanced electronics, with Chengtian Weiye leveraging NVIDIA's liquid cooling adoption and Dingyang Technology addressing rising test complexity in PCB and optical modules.
Guojin Machinery remains bullish on Chinese construction equipment OEMs, recommending XCMG, Sany, LiuGong and Zoomlion on strong sales, policy relief and expected profit recovery.
Goldman Sachs sees near-term policy focus on the Financial Street Forum and real estate stabilization, while EV tax changes are expected and tech sentiment remains weak.
Huatai Electronics maintains a bullish stance on Luxshare Precision, citing low valuation and dual growth catalysts in edge AI and AI computing, with the Vicor patent lawsuit posing little near-term financial risk.
The broker remains bullish on coal, viewing capacity approvals as a compliance exercise with limited real supply impact, and reiterates a strong buy recommendation on the sector.
Zhenhua Chemical is poised for a sustained earnings upcycle as chromium salt prices rise, with SOFC demand providing a long-term catalyst and current valuation appearing attractive.
The broker maintains a bullish stance on CATL, citing diversified demand growth, limited impact from capacity expansion and policy changes, and a favorable competitive position, with 2026-2027 net profit estimates of RMB 94bn and RMB 110bn.
Shenwan Internet Media is bullish on AI application opportunities in China's internet and media sector, with top picks including XD Inc., Mango Excellent Media, and Focus Media.
The broker maintains a bullish stance on Chinese oil tanker leaders, expecting them to deliver strong performance as efficiency losses persist and spot rates remain elevated.
Kingdee's AI contract signings have already exceeded the full-year 2025 total, and the resulting acceleration in net new ARR suggests the company's AI transition is gaining traction, though revenue recognition lags signings by 1-2 years.
