On November 27, the financial news reported that the market adjusted shakily yesterday, with the chinext price index leading the decline. High-position stocks collectively fell sharply, and over a hundred stocks in the all market dropped by more than 9%. The total transaction amount in the Shanghai and Shenzhen markets was 1.3 trillion, decreasing by 185.2 billion compared to the previous trading day, hitting a new low since September 27. In terms of sectors, the IP economy, food processing, logistics, and tourism sectors saw significant increases, while the solid state battery, Huawei smartphones, humanoid siasun robot&automation, and flying autos sectors saw notable declines. By the close yesterday, the Shanghai Composite Index fell by 0.12%, the Shenzhen Component Index by 0.84%, and the chinext price index by 1.15%.

At today's brokerage morning meeting, China Securities Co.,Ltd. suggested continuing to be bullish on the Chinese stock market in the medium term with a 'confidence revaluation bull'; Galaxy Securities stated that top real estate companies are showing excellent operational management capabilities and have financial advantages, with the potential to further increase their market share; Citic Sec believes that the fiberglass industry is currently at a great opportunity allocation point.

China Securities Co.,Ltd.: Continue to be bullish on the Chinese stock market, reevaluate the 'confidence bull' in the medium term.

China Securities Co.,Ltd. pointed out that they continue to be bullish on the mid-term Chinese stock market, with the confidence in the re-evaluation of the bull market. They believe that as policies gradually escalate and take effect, the bull market in 2025 is expected to transition from a "liquidity bull" to a "fundamental bull". Although there may be inevitable volatility and differentiation during the process, the market will not lack investment opportunities. In the short term, they are particularly bullish on the year-end and early-year cross-year market. They tend to overweight several major clues: assets re-evaluation: benefiting from financial real estate and bond-related categories; new high-quality productive assets, benefiting from the "two heavy" and "two new" categories of finance, service consumption, and the direction of deepening themes related to potential benefits from supply-side reforms.

Galaxy Securities: Top real estate enterprises are demonstrating excellent operational management capabilities and have a capital advantage, with the market share expected to further increase.

Galaxy Securities pointed out that since late September, various departments have introduced multiple policies concerning real estate, with supportive measures aimed at the demand side, supply side, and land market. The effects of these policies may gradually become evident. With strong policy support and the low base effect from last year, the results of these policies are expected to gradually emerge; leading real estate companies demonstrate excellent operation management capabilities and have funding advantages, likely leading to an increase in market share.

Citic Sec: Currently, the fiberglass industry is at a major opportunity allocation point.

Citic Sec stated that since the end of March 2024, with major companies adjusting glass fiber pricing, the industry has entered an upward cycle of prosperity, but currently, corporate profits and valuations are still at the bottom. Looking ahead to 2025, Citic Sec believes the supply-demand dynamics in the industry are likely to maintain a balance, while the demand for high-end categories such as wind power yarn and thermoplastic short cuts shows higher certainty and elasticity, with prices also having an upward elasticity. In 2026, the new production capacity in the industry may significantly decrease, and the likelihood of temporary tightness in glass fiber supply is high, which means there is room for price increases. Overall, it is expected that the industry's prosperity will continue to improve, with major glass fiber companies having the potential for profit improvement and valuation increases, making this a significant opportunity configuration point in the current industry, maintaining a "stronger than the trend" rating.