在以新质生产力为核心的新一轮周期中，固态电池方向兼具足够大的主题市值容 量、催化密度高、产业从 0→1 向 1→N 的关键拐点等三大特征，有望成为具有持续性和风险收益比的中长期主线之一。展望未来，固态 电池在 2026–2027 年有望集中迎来车规级装车试验、小规模量产、GWh 级产线招标、工信部补贴中期验收等 多重共振催化。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 从技术成熟度 TRL 和制造成熟度 MRL 评估，全固态电池将进入初步成熟期，即从 5~6 跨越到 7~8 的阶段。 全固态电池的科学问题基本已经解决，行业进入了中试线到量产线的阶段。技术成熟度 TRL 跨越的关键在于 工艺路线收敛、良率优化与降本，卡位和验证领先的厂商有望在未来占据更高份额。制造成熟度 ...

Core Viewpoint - The domestic excavator sales in China continue to grow, indicating a recovery in the internal demand cycle, with significant increases in non-excavator machinery sales as well [4][5][6]. Group 1: Excavator Sales and Growth - In November 2025, China's excavator sales (including exports) reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units, up 9.1% [4]. - From January to November 2025, total excavator sales were 212,162 units, reflecting a 16.7% year-on-year growth, while domestic sales were 108,187 units, increasing by 18.6% [4]. - The sales of non-excavator construction machinery showed a notable recovery, with loader sales up 29.4%, grader sales up 24.7%, truck crane sales up 25.8%, crawler crane sales up 102.0%, and truck-mounted crane sales up 36.4% in November 2025 [4]. Group 2: Future Demand and Market Trends - The ongoing replacement cycle of construction machinery is expected to drive sales, with a projected compound growth rate of around 30% for replacement demand in the coming years [5]. - The export of second-hand construction machinery to developing countries is reducing the domestic machinery inventory, further supporting new machine sales [5]. Group 3: Policy and Investment Impact - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, which is expected to stimulate infrastructure investment and subsequently boost demand for construction equipment [7]. - The meeting highlighted the need to optimize fiscal expenditure and enhance the management of local government special bonds, which will contribute to stabilizing investment [7]. Group 4: Export Performance - In November 2025, excavator exports reached 10,185 units, a year-on-year increase of 18.8%, with total exports from January to November at 103,975 units, up 14.9% [8]. - The export value of construction machinery in November 2025 was $5.23 billion, reflecting a 16.6% year-on-year growth, with a total export value of $53.76 billion from January to November, up 12.4% [8]. - Future opportunities for exports include increased demand in Southeast Asia, Africa, and the Middle East, despite challenges such as U.S.-China tariff uncertainties [8]. Group 5: Electrification Trends - In November 2025, electric loader sales surged to 2,935 units, marking a 192.0% year-on-year increase, with an electrification rate of 25.7%, up 14.1 percentage points [9]. - From January to November 2025, electric loader sales totaled 27,049 units, a 160.9% increase, with an electrification rate of 23.4%, up 12.9 percentage points [9]. - The emphasis on green and electric machinery is expected to accelerate the electrification process in the construction machinery industry, enhancing revenue and profits for manufacturers [9]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated total investment of approximately 1.2 trillion yuan, is expected to significantly boost demand for construction machinery [10]. - The project is anticipated to require around 120 billion to 180 billion yuan worth of machinery, with a focus on large excavators, rock tunnel boring machines, cranes, and concrete machinery [10].

Industry Research - The solid-state battery industry is entering a new phase, with consensus on mass production validation by 2026-2027, driven by multiple catalysts. The divergence lies in the process routes and pilot verification, as well as the ability to achieve a commercial closed loop by 2030. The assessment of technology and manufacturing maturity indicates that solid-state technology will progress from stages 5-6 to 7-8. The mid-term focus is on equipment and key materials, while the long-term shift will be towards leading solid-state companies and material companies with core patents [4]. PCB Equipment - The demand for AI computing power is driving a wave of capital expenditure in the PCB industry, with domestic PCB equipment manufacturers expected to see sustained order growth. The industry outlook remains positive, with NVIDIA's Rubin architecture potentially reshaping the demand and landscape for drilling equipment and needles [6]. Company Analysis - Meilan De (688273.SH) has been a leader in the domestic pelvic floor dysfunction (PFD) market for over a decade, focusing on pelvic and obstetric rehabilitation equipment. The company is expanding into reproductive anti-aging, sports rehabilitation, light medical beauty, and brain-machine interface fields, rapidly building a product matrix for women's health throughout their life cycle through self-research and acquisitions. The company utilizes various energy source technologies, including ultrasound, laser, electrophysiology, electrical stimulation, magnetic stimulation, and high-frequency, continuously leading industry development [6]. - Shuanglin Co. (300100.SZ) has been deeply involved in the automotive parts industry for 40 years, gradually forming industrial advantages through internal improvements and external acquisitions. The equipment and screw rod business are expected to become new growth drivers for the company. The outlook for the second half of 2026 is positive, with expectations for gradual increases in robot deployment and trends towards domestic screw rod replacement. Shuanglin possesses unique advantages in screw rod grinding equipment and processes, making it a rare player in the domestic screw rod field [8].

Group 1: Bond Custody Total and Structure - The total bond custody increased month-on-month, reaching 178.25 trillion yuan by the end of November 2025, with a net increase of 1.48 trillion yuan compared to the previous month [4] - By type, the custody of interest rate bonds, credit bonds, and financial bonds increased, while interbank certificates of deposit saw a decrease [4] - The custody of interest rate bonds was 123.94 trillion yuan, with a net increase of 1.46 trillion yuan; credit bonds reached 19.13 trillion yuan, increasing by 0.27 trillion yuan; and financial bonds totaled 12.80 trillion yuan, up by 0.10 trillion yuan [4] Group 2: Bond Holder Structure and Changes - Among major institutions in the bond market, only securities companies and foreign institutions saw a decrease in bond custody, while other institutions showed an increase [5] - Policy banks, commercial banks, and non-legal entity products increased their holdings in interest rate bonds and credit bonds, while reducing interbank certificates of deposit [5] - Credit cooperatives and insurance institutions increased their holdings across interest rate bonds, interbank certificates of deposit, and credit bonds [5] Group 3: Bond Market Leverage Rate Observation - The balance of repurchase agreements decreased month-on-month, leading to a decline in the leverage rate of the bond market [6] - As of the end of November 2025, the estimated balance of repurchase agreements was 11.05 trillion yuan, down by 360.125 billion yuan, with a leverage rate of 106.61%, a decrease of 0.29 percentage points month-on-month [6]

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group aims to enhance operational efficiency and competitiveness in the energy sector, particularly in aviation fuel supply and logistics [4][9]. Group 1: Company Overview - Sinopec is the largest supplier of refined oil and petrochemical products in China, recognized as the world's largest refining company and the second-largest chemical company, with a vast network of over 100 subsidiaries [5]. - China Aviation Oil Group, established in 2002, is Asia's largest aviation fuel enterprise, providing comprehensive services including procurement, transportation, storage, and sales of aviation fuel across numerous airports [6][7]. Group 2: Financial Performance - In 2024, Sinopec reported total revenue of 31,388 billion yuan, a decrease of 3.3% year-on-year, and a net profit attributable to shareholders of 578 billion yuan, down 13.0% from the previous year [5]. - The aviation fuel segment of Sinopec produced 31.43 million tons and sold 27.86 million tons in 2024, indicating a significant operational scale in the aviation fuel market [8]. Group 3: Strategic Implications of the Restructuring - The merger will create a closed-loop industrial chain for aviation fuel, integrating crude oil import, refining, transportation, and airport refueling, which is expected to reduce costs and enhance market influence [8]. - The restructuring aligns with the broader goals of state-owned enterprise reform, focusing on optimizing state capital layout and enhancing core competitiveness through strategic mergers and acquisitions [9].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 事件： 2026年1月8日，公司公告，在中国（包括澳门和香港）独家经销韩国Huons BioPharma Co., Ltd.生产的注 射用A型肉毒毒素产品已获得国家药监局核准签发的《药品注册证书》。 点评： Huons BP产品力获认可，公司参股保障产品供应稳定性 Huons BP为韩国知名制药及医疗器械企业Huons Global的控股子公司，其肉毒毒素产品Liztox于2019年4月 在韩国取得产品注册证，是一款高度纯化的肉毒杆菌毒素（纯化度达到99.8%），不易引起过敏等不良反 应，在产品上市仅一年后，2020年Huons BP实现营收1.2亿元，营业利润3228万元，反映出韩国求美者对 Liztox产品力的认可，公司 ...

Group 1 - The construction of low Earth orbit (LEO) satellite constellations is accelerating, with increasing competition for orbital and spectrum resources [4] - LEO satellites are favored for their low latency and global coverage, making them central to commercial space development [4] - The industry is shifting from traditional frequency bands (C, Ku) to higher frequency bands (Ka) to support high-throughput data transmission [4] Group 2 - Satellite platforms and payload technologies are continuously advancing, leading to improved satellite performance and reduced costs [5] - Satellite platforms are becoming more integrated and intelligent, utilizing lightweight materials and modular designs [5] - Payloads are evolving towards multifunctionality and software-defined capabilities, enhancing communication and remote sensing applications [5] Group 3 - Commercial applications of satellites are expanding beyond traditional communication to include IoT, aviation, maritime, and emergency response [6] - Starlink exemplifies this trend with a diverse business model that includes home broadband and mobile services, resulting in rapid user growth and revenue [6] - Future trends such as integrated communication-navigation-remote sensing and AI processing on satellites will further enhance service capabilities and market potential [6]

Group 1 - The core viewpoint of the article emphasizes the strategic growth of Shuanglin Co., which has expanded its automotive parts business through both internal development and external acquisitions, establishing a platform-based layout in the industry [4] - Shuanglin Co. has diversified its main business from seat actuators to wheel hub bearings, new energy electric drives, and gearboxes, with a focus on screw rod business starting in 2023 [4] - The company is expected to benefit from the increasing demand for screw rods as humanoid robots approach mass production, with projected annual growth rates for screw rod shipments potentially reaching triple digits from 2025 to 2030 [5] Group 2 - Shuanglin Co. possesses advantages in screw rod equipment and technology compared to other domestic suppliers, including the acquisition of key production equipment and expertise in reverse planetary roller screw rod production [6] - The company has established strong partnerships with leading domestic humanoid robot companies, which may enhance its customer structure and lead to increased benefits as robot production ramps up in the second half of 2026 [6] - The main business of Shuanglin Co. remains stable, with four major divisions contributing to growth, including interior and exterior parts, wheel hub bearings, and new energy electric drives, which are expected to drive revenue and profit increases [8]

Core Viewpoint - The article discusses the anticipated financial data for December 2025, highlighting a slowdown in credit growth and the expected performance of loans, social financing, and monetary aggregates [6][8][10]. Group 1: Loan Growth - It is projected that new RMB loans in December will be around 800 billion to 1 trillion, with a year-on-year growth rate of approximately 6.3% to 6.4%, slightly lower than the 990 billion from the previous year [6][7]. - The manufacturing PMI for December is reported at 50.1, indicating a return to expansion, which may positively influence credit demand [6]. Group 2: Social Financing - The expected new social financing for December is estimated to be between 2 trillion to 2.2 trillion, with a growth rate around 8.25% to 8.3%, lower than the previous year's high base of 2.85 trillion [8]. - The overall social financing growth rate for the year is projected to be around 8.3%, which remains relatively high [8]. Group 3: Monetary Aggregates - M2 growth is expected to slightly increase, supported by year-end fiscal spending, while M1 growth is anticipated to remain subdued due to high base effects, projected at around 4% [9][10]. - Factors influencing M2 include increased government deposits and seasonal shifts in private sector deposits, while M1 is affected by the concentration of public demand deposits and market conditions [9]. Group 4: January Outlook - For January, a "good start" in loan growth is anticipated, with funding market rates expected to show a "low then high" trend, prompting the central bank to increase liquidity [10]. - The central bank may need to implement measures such as a one-time reserve requirement ratio cut to address liquidity needs, especially given the tax payment period and the expected increase in loan demand [10].

Core Viewpoint - 毛戈平 has signed a strategic cooperation framework agreement with L Catterton, aiming to enhance global market expansion, acquisitions, strategic investments, capital structure optimization, talent introduction, and governance [4]. Group 1: Strategic Cooperation - The agreement will leverage L Catterton's global investment network to assist 毛戈平 in expanding its high-end retail channels overseas [4]. - Both parties plan to establish a private equity investment fund focused on the global high-end beauty sector, injecting new momentum into 毛戈平's long-term development [4]. - Collaboration will also occur in optimizing capital structure, talent acquisition, and governance [4]. Group 2: L Catterton's Investment Expertise - L Catterton manages approximately $39 billion in equity capital across private equity, credit, and real estate platforms, with extensive experience in the beauty and personal care brand sectors [5]. - The firm has invested in over 300 globally recognized consumer brands, with individual investments ranging from $5 million to $5 billion [5]. - L Catterton has a global presence with 18 offices and over 200 investment and operational experts, continuously creating differentiated value for its portfolio [5].