Group 1 - The article emphasizes the importance of focusing on robot manufacturers and core component suppliers, including actuators and motors, reducers, screw types, screw equipment, bearings, sensors, and complete machines [1] - On December 26, the Shanghai Stock Exchange released guidelines for the IPO of commercial aerospace companies, supporting those in a critical phase of large-scale commercialization [1] - The Long March 8A rocket successfully completed its sixth launch, marking a high-density launch year with six successful missions in 2025 [1] Group 2 - The narrative of commercial aerospace and humanoid robots is highlighted, with Elon Musk announcing plans to launch a rocket to Mars by the end of 2026, carrying a Tesla Optimus humanoid robot for feasibility testing [2] - The acceleration of financing in the embodied intelligence sector is noted, indicating a growing interest and investment in this area [3]

2025上证鹰·上证最佳分析师榜单正式出炉，国泰海通获10项大奖，详情如下： 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听 内容 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 本公众订阅号(微信号: GTHT RESEARCH )为国泰海通证券股份有限公司(以下简称"国泰海通证券") 研究所依法设立、独立运营的唯一官方订阅号。其他机构或个人在微信平台上以国泰海通研究所名义注 册的，或含有"国泰海通研究"，或含有与国泰海通证券研究所品牌名称相关信息的其他订阅号均不是国 泰海通证券研究所官方订阅号 本订阅号不是国泰海通证券研究报告发布平台 本订阅号所载内容均来 | 名 次 | 奖项 | 研究团队 | | --- | --- | --- | ...

第十九届（2025）"卖方分析师水晶球奖"评选 结果揭晓，国泰海通斩获 31项 大奖，在 "最具影响力机构"、"最佳研究机构"、"本土金牌研究团 队"、"最佳服务机构" 四项机构奖项中，均名列 前四 ！ 国泰海通研究与机构业务委员会副总裁、研究所所长路颖荣获"金牌领队" 称号，共计 23个 研究团队上榜或入围 卖方分析师水晶球奖，其中， 食品饮 料、非银行金融 团队摘得 榜首； 批发和零售贸易、 社会服务业 团队获第二名； 医药生物、 北交所 团队获第三名； 非金属类建材、钢铁、汽车及零 部件、通信、海外、轻工造纸、有色金属 等团队获前五名。 销售团队同样斩获佳绩， " 最佳服务机构"排名第二 ， 分别荣获 北京地区 金牌销售经理 第一名 、 上海地区 金牌销售经理 第二名 、 深广地区 金牌 销售经理 第三名 。 | 名次 | 行业 | 研究团队 | | --- | --- | --- | | I | 食品饮料 | 譬猛、颜慧菁等 | | I | 非银行金融机构 | 刘欣琦等 | | 2 | 批发和零售贸易 | 刘越男、于清泰等 | | 2 | 社会服务业 | 刘越男、于清泰等 | | 3 | 医药生物 | ...

Core Viewpoint - The article discusses the release of the "Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor" by the People's Bank of China and seven other departments, which aims to optimize the cross-border trade settlement system and expand the use of the Renminbi in cross-border transactions [1][2]. Group 1: Financial Support Measures - The "Opinions" propose 21 key measures to enhance the financial organization collaboration system, build a high-quality capital circulation system, promote institutional reforms, establish a digital financial service platform, and deepen cross-border financial regulatory cooperation [1][2]. - The focus is on leveraging the core financial functions of "financing" and "settlement" to support the high-quality development of the Western Land-Sea New Corridor, which connects the Silk Road Economic Belt and the 21st Century Maritime Silk Road [1][2]. Group 2: Cross-Border Trade and Currency Use - The "Opinions" support banks in facilitating legitimate trade settlements for quality enterprises and promote the convenience of cross-border settlements for new trade formats such as market procurement and cross-border e-commerce [2]. - To expand the use of the Renminbi, the "Opinions" emphasize strengthening bilateral currency cooperation with Southeast Asia and Central Asia, and support investors from ASEAN countries to invest in Renminbi [2]. Group 3: Digital Currency Development - The "Opinions" highlight the advantages of digital Renminbi, such as payment and settlement efficiency, low cost, and programmability, and propose exploring its application in various scenarios including cross-border payments and financing [2]. - There is a focus on expanding the regions for digital Renminbi's cross-border application and utilizing bilateral and multilateral business models to reduce costs and increase efficiency in cross-border payments [2]. Group 4: Investment Recommendations - The Western Land-Sea New Corridor is identified as a significant international logistics channel that will play a crucial role in expanding the use of the Renminbi, with digital Renminbi expected to encounter new development opportunities [3]. - The article suggests paying attention to related industry chains, including banking IT systems, payment ecosystems, and infrastructure such as hardware wallets and financial devices [3].

Core Viewpoint - The impact of duration volatility on perpetual bonds may outweigh tail credit issues, indicating a need for careful monitoring of market dynamics and credit conditions in the banking sector [1][2]. Group 1: Market Overview - In 2025, the issuance of bank subordinated bonds remained stable, with a marginal increase in net issuance, although there was structural differentiation, particularly a year-on-year decline of 205 billion in net issuance from joint-stock banks, which is the main reason for the contraction in secondary capital bonds [1][2]. - The spread of bank perpetual bonds in the secondary market transitioned from convergence to differentiation, with high-rated short-duration bonds seeing a decline in spreads as funding costs stabilized, while low-rated long-duration bonds faced upward spread volatility due to market fluctuations [1][2]. Group 2: Key Changes in the Market - The net issuance trend reflects a divergence in bank balance sheet expansion and contraction, with joint-stock and rural commercial banks showing a significant slowdown in expansion, while city commercial banks still have a certain demand for expansion despite relatively low capital adequacy ratios, leading to a trend of increasing net issuance of subordinated bonds [2]. - The instability on the configuration side has resulted in insufficient resilience of long-duration subordinated bonds, with a notable overreaction in valuations since Q4 2025, partly due to the impact of new interest value-added tax regulations and concerns over the high elasticity of perpetual bonds and redemption regulations [2]. - Tail risks are evolving, with potential shifts from credit risk exposure accumulated during earlier expansions to insufficient core capital due to new loans/credit bonds in a contracting environment, which may weaken expectations for future issuance of perpetual bonds, leading to two choices: not redeeming or redeeming without reissuing, with the latter being more likely [2]. Group 3: 2026 Market and Strategy Outlook - For 2026, the issuance from large state-owned banks is expected to remain stable at around 900 billion, with an additional 250 billion in TLAC bonds, while small and medium-sized banks are projected to issue between 600 billion to 700 billion in subordinated bonds [3]. - Investment strategies for 2026 should focus on the stability of the liability side and the redemption aspect of credit, with limited spread space for short-duration bonds and sufficient spread for long-duration bonds, although instability on the liability side may continue to disrupt the market [3]. - The current high spreads of bonds provide a favorable configuration cost-performance ratio, but in a challenging market environment, the need for precise timing and wave management in trading will increase, with investment opportunities likely arising from adjustments following market sentiment shocks [3].

Group 1 - The article emphasizes the importance of understanding market trends and investment opportunities in the current economic climate [2][3] - It highlights the necessity for investors to stay informed about regulatory changes and their potential impacts on investment strategies [4] - The content suggests that thorough research and analysis are crucial for making informed investment decisions [5] Group 2 - The article discusses the role of technology in enhancing investment research and analysis capabilities [6] - It points out the significance of data-driven insights in identifying market trends and potential risks [6] - The content encourages collaboration between analysts and sales teams to optimize investment strategies [6]

Group 1 - The core viewpoint of the article is that the investment and financing landscape is entering a new phase, with leading brokerage firms expected to benefit from enhanced corporate client resources, professional service capabilities, and cross-border service abilities [1][2] Group 2 - In the A-share market, equity financing is gradually recovering, with November seeing 12 new IPOs raising a total of 20.5 billion yuan, a month-on-month increase of 1 [1] - The refinancing scale in November reached 12 billion yuan, with year-to-date A-share IPO scale up 95% year-on-year and refinancing scale up 363% year-on-year (70% increase after excluding large-scale placements) [1] - The demand for mergers and acquisitions remains strong, with 157 major restructuring events disclosed year-to-date, including 11 in November [1] - In terms of bond issuance, the cumulative underwriting scale has increased year-on-year, with November's core bond issuance (corporate bonds + enterprise bonds + convertible bonds) reaching 398.3 billion yuan, a year-to-date increase of 13% [1] Group 3 - In the Hong Kong stock market, equity financing has been active, with year-to-date IPO scale reaching 259.4 billion HKD, a year-on-year increase of 228%, and refinancing scale at 315.6 billion HKD, a year-on-year increase of 251% [2] - The China Securities Regulatory Commission has proposed measures to enhance the regulatory environment for overseas listings, which is expected to further improve financing convenience in the Hong Kong market [2] - The article highlights that the reform dividends are continuously being released, benefiting various businesses including investment banking [2]

Core Viewpoint - The article discusses the recent advancements and strategic importance of brain-computer interface (BCI) medical devices, highlighting the government's commitment to fostering innovation and establishing a robust industry framework by 2030 [3][4]. Group 1: Policy and Strategic Importance - The National Medical Products Administration held a meeting on December 18, 2025, to discuss the development of BCI medical devices, emphasizing the need for safety and effectiveness as primary considerations [3]. - The meeting called for enhanced collaboration across various sectors, including academia, research, and medical institutions, to address key technical challenges and improve the supply chain [3]. - The Ministry of Industry and Information Technology, along with six other departments, previously issued guidelines to promote innovation in the BCI industry, recognizing it as a frontier technology merging life sciences and information sciences [3]. Group 2: Industry Development Goals - By 2027, significant breakthroughs in BCI technology are expected, with the establishment of advanced technical, industrial, and standard systems, aiming for products to reach international standards in performance [4]. - The BCI industry is projected to expand significantly, creating 2 to 3 industrial clusters and exploring new applications and business models by 2027 [4]. - By 2030, the BCI industry aims to enhance its innovation capabilities, develop a reliable industrial ecosystem, and nurture 2 to 3 globally influential leading companies alongside a number of specialized small and medium enterprises [4].

Core Viewpoint - The sixth batch of high-value medical consumables centralized procurement documents has been released, with expectations of moderate price reductions and an increase in market share for domestic manufacturers [1][2]. Group 1: Event Overview - On December 22, the National Organization for High-Value Medical Consumables Joint Procurement Office announced the release of procurement documents for drug-coated balloons and urological intervention consumables, with the sixth batch set to begin on January 13, 2026 [2]. - The procurement cycle will last until December 31, 2028, with total annual agreement procurement volumes not less than 90% of the previous year's actual usage [2]. Group 2: Pricing and Bidding Process - The procurement will be conducted in multiple rounds of bidding divided into A and B units, with expectations of moderate price declines [2]. - Bidding will be based on the declared prices and a pricing comparison rule, ranking from low to high to determine the selected enterprises [2]. Group 3: Market Impact - The volume of procurement is in line with expectations, and there is potential for an increase in market share for domestic manufacturers [3].

报告导读： 国家医保局印发《病理类医疗服务价格项目立项指南（试行）》，有望规范人 工智能辅助诊断市场。 12 月 19 日，国家医保局印发《病理类医疗服务价格项目立项指南（试行）》，我们认为人工智能辅助诊断市场有望更加规范，给予所处医疗器械行业增持 评级。 为贯彻落实《深化医疗服务价格改革试点方案》，推进全国医疗服务价格项目规范编制工作，按照"成熟一批、发布一批"的工作思路， 2025 年 12 月 19 日，国家医保局编制印发了《病理类医疗服务价格项目立项指南（试行）》，将已有价格项目规范整合为 28 项、加收项 3 项、扩展项 2 项。下一步，国家 医保局将指导各省医保局参考《病理类医疗服务价格项目立项指南（试行）》，制定全省统一的价格基准，由具有价格管理权限的统筹地区对照全省价格基 准，上下浮动确定实际执行的价格水平。 《病理类医疗服务价格项目立项指南（试行）》中的第一项及第二项，病理诊断费及病理诊断费（远程）中，明确规定扩展项【人工智能辅助诊断】，价格构 成为所定价格涵盖病理样本接收、判读、诊断、人工智能辅助诊断、出具报告并上传等步骤所需的人力资源和基本物质资源消耗。 以上内容节选自国泰海通证券已发布 ...