生猪板块：短期猪价虽承压，降本增效驱动业绩改善。投资建议：此前政策核心是抗通缩，未来重心或将逐步切换至反内卷，若反内卷政策趋严，本质上是对行业“无效扩张”的清算。此时成本优势即生存权：牧原、温氏等头部企业凭借效率壁垒，在政策约束下仍能维持较高头均盈利。推荐低成本、确定性强的龙头：【牧原股份】【温氏股份】；重点关注成本控制优异、成长性高的小猪企：【神农集团】【巨星农牧】【德康农牧】。风险提示：猪价不及预期、动物疫病大规模爆发、原材料价格大幅波动。

The global helicopter-based transport market refers to the industry involving the transportation of passengers, goods, or equipment by helicopters on a global scale. This market encompasses various sectors, including commercial, military, and private helicopter operations.

Heart transplantation therapeutics encompass any treatment aimed at improving outcomes before, during, and after the life-saving surgery of replacing a diseased heart with a healthy donor one. This includes:

Healthcare RCM software helps to streamline the medical practices financials. This software helps healthcare service providers to manage their business processes effectively. Some of the key findings include managing patient records, insurance status, and payment information. Integrating healthcare RCM software reduces denied claims, tracks unpaid claims, and reduces revenue leakages. Hospitals, medical labs, and physicians are the end-users of this software.

Healthcare physician staffing refers to the process of recruiting, placing, and managing medical professionals, such as doctors and specialists, to ensure that healthcare facilities have the appropriate personnel to meet patient care needs. This staffing can include permanent, temporary, or locum tenens physicians, and is essential for maintaining quality healthcare services, particularly in regions with physician shortages or high demand. It involves managing workforce distribution, addressing gaps in care, and ensuring compliance with healthcare regulations.

国内供需平衡趋于收紧，玉米价格有望维持温和上涨。USDA9 月供需报告预计 25/26 产季全球期末库销比环比调减 0.10pcts，中国期末库销比环比调减 0.34pcts。目前国内玉米价格已处于历史周期底部位置，中长期供需平衡趋于收紧，后续预计价格底部支撑较强。

Healthcare logistics refers to the planning, management, and execution of the movement and storage of healthcare products, equipment, and supplies throughout the healthcare supply chain. It involves the coordination of various activities, including procurement, warehousing, transportation, distribution, and inventory management, to ensure the timely and efficient delivery of healthcare goods to healthcare facilities, pharmacies, and ultimately to patients.

黄金长期上涨的基础在于法币信用的稀释。在全球财政赤字持续扩大，且货币供应超越实体经济增长时，法币信用及购买力就会被削弱，单位货币所能代表的真实价值也相应下降。黄金作为实物资产，其价值不依赖任何主权背书，因而在货币超发环境中能够实现价值的被动“重估”。长期来看，货币中最具竞争力的美元相对黄金已贬值超过98%。

Healthcare IT refers to the application of hardware, software, and IT services in the healthcare industry. These services are used to enhance the processing, storage, retrieval, sharing, and use of healthcare data and information involved in the treatment of a patient. The enhanced digital processes in healthcare IT further help in decision-making, reducing time and cost and increasing patient satisfaction.

25Q3 以来，银行板块绝对与相对收益表现均相对较弱。截至10 月20 日，A 股银行指数下跌4%，大幅跑输沪深300 指数19.3pct，股价阶段性承压调整后，银行板块“高股息、低估值”属性再度凸显。