非银金融行业周报 中央经济工作会议定调积极，深化投融 资综合改革 2025 年 12 月 17 日 【投资要点】 -20% -10% 0% 10% 20% 30% 2024/12 2025/6 2025/12 非银金融 沪深300 相关研究 《政策双箭齐发，券商扩表与险资配置迎 契机》 2025.12.08 《差异化下调险企风险因子，引导长期资 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王舫朝 证书编号：S1160524090005 证券分析师：廖紫苑 证书编号：S1160524120004 联系人：汪筠婷 相对指数表现 2025.12.08 《政策松绑助力扩表，看好券商高质量发 展》 2025.12.08 《中金拟吸收合并东兴信达，行业格局加 速重塑》 2025.11.24 《社融增速放缓，政策预期或升温》 2025.11.20 行 业 研 究 / 非 银 金 融 / 证 券 研 究 报 告 金入市》 市场观点：本周中央经济工作会议召开，定调明年经济工作，将内需 置于任务首位，释放积极的政策信号。11 月 CPI 同比+0.7%，涨幅为 2024 年 3 月以来最高，主要是食品价 ...

建筑装饰行业周报 中央经济会议定调"双宽松" ，增量政策 及重点工程有望推进 2025 年 12 月 16 日 【投资要点】 【配置建议】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 相对指数表现 -20% -10% 0% 10% 20% 30% 2024/12 2025/6 2025/12 建筑装饰 沪深300 相关研究 《六部门联合发布促进消费方案，推荐机 器人转型企业》 2025.12.01 《美方就结束俄乌冲突提出 28 点新计划， 继续关注"一带一路"周边地区出海》 2025.11.24 《10 月固投延续下滑，适度宽松的货币政 策持续发力，看好战略工程推进》 《沉潜与时近，古韵焕新声》 2025.11.16 《武桐树再签战略合作协议，继续看好新 质生产力转型方向》 2025.11.10 行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 2025.11.20 板块行情回顾：上周建筑装饰（SW）指数下跌 1.59%，其中园林工程 （+1.74%）、基建市政工 ...

行 业 研 究 / 建 筑 材 料 / 证 券 研 究 报 告 建筑材料行业周报 中央经济会议定调积极，继续关注地产 链底部反弹机会 2025 年 12 月 15 日 【投资要点】 【配置建议】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 相对指数表现 -20% -10% 0% 10% 20% 30% 2024/12 2025/6 2025/12 建筑材料 沪深300 相关研究 《万科债务有望逐渐出清，继续看好消费 建材白马价值回归》 2025.12.01 《地产链有望筑底企稳，关注板块弹性及 出海机会》 2025.11.24 《前十月基建投资同比-0.1%，稳增长背景 下看好战略重点工程推进》 证书编号：S1160524100004 2025.11.20 【风险提示】 地产及基建需求不及预期，毛利率低于预期，回款不及预期。 《克而瑞十月百强销售数据环比持稳，继 续看好消费建材白马价值回归》 2025.11.10 《Q3 建材板块延续利润改善趋势，消费建 材板块前三季度收现比同比改善》 2025.11.09 市场行情回 ...

行 业 研 究 / 有 色 金 属 / 证 券 研 有色金属行业周报 铜铝价格波动加大，关注钢铁政策延续 2025 年 12 月 15 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：李淼 证书编号：S1160524120006 证券分析师：孟宪博 证书编号：S1160525030003 证券分析师：张恒浩 证书编号：S1160525090001 相对指数表现 -10% 8% 26% 44% 62% 80% 2024/12 2025/6 2025/12 有色金属 沪深300 相关研究 《铜铝持续低库存，价格或持续偏强》 2025.12.08 《铜或迎来反弹，关注战略小金属弹性》 2025.12.02 《供需结构逐步改善，继续看好铜铝》 2025.11.25 铜：低库存背景下高波动或持续。当周（12.5-12.12）LME 铜/SHFE 铜收于 11816、94080（美）元/吨，周环比+1.5%/+1.4%。当周进口 铜精矿 TC 为-43.0 美元/干吨，周环比持平，加工费深陷负值区间，凸 显铜矿现货供应紧张。当周精铜杆企业开工率 64.54%，环比-1.87pct， ...

Investment Rating - The report maintains an investment rating of "stronger than the market" for the coal industry, indicating an expected increase in performance relative to the benchmark index [2][13]. Core Insights - The central economic work emphasizes "anti-involution," with limited month-on-month growth in coal imports in November. The Xinjiang railway has seen coal transportation exceed 90 million tons, a year-on-year increase of 6.9% [1]. - November coal imports reached 44.05 million tons, showing a month-on-month increase of 5.6% but a year-on-year decrease of 19.9%. Cumulative imports from January to November totaled 432 million tons, down 12% year-on-year [1]. - The report anticipates that supply-side growth will remain limited, while demand is expected to be relatively stable, potentially shifting from a loose supply-demand situation to a balanced or slightly tight one [1]. Summary by Sections Supply and Demand Dynamics - The report notes that coal prices have accelerated their decline due to weak demand, with Qinhuangdao coal prices at 753 RMB/ton, down 4.8% month-on-month and 5.2% year-on-year [1]. - Average daily coal consumption in power plants across 25 provinces was 5.81 million tons, down 6.8% year-on-year, while average inventory stood at 135.46 million tons, a slight decrease of 0.2% year-on-year [1]. - The report suggests that while coal prices are expected to continue declining, the extent of the decline will be limited due to seasonal demand recovery and ongoing supply-side optimization [1]. Price Trends and Market Outlook - The report indicates that the coal price is likely to experience limited declines in the short term, with a focus on economic recovery and macro policies influencing actual demand release [1]. - The report highlights that the second round of price reductions for coke has been implemented, with a decrease of 50-55 RMB/ton, while the main coking coal prices remain stable [7]. - The report emphasizes the need to monitor the production and profitability of steel mills, as well as the overall demand for coking coal, which may influence future price movements [7]. Investment Recommendations - The report recommends focusing on companies that are expected to benefit from stable dividends, such as China Coal Energy, China Shenhua, and Shaanxi Coal and Chemical Industry [8]. - It also suggests monitoring companies that may benefit from coal capacity reserve policies and intelligent safety upgrades in coal mines, as well as those involved in the Belt and Road Initiative [8].

策略周报 留意外部扰动，耐心伺机布局 2025 年 12 月 14 日 【策略观点】 挖掘价值 投资成长 东方财富证券研究所 证券分析师：陈果 证书编号：S1160525040001 联系人：付原 2025.11.19 略 研 究 / 策 略 周 报 / 证 券 研 究 报 告 相关研究 《继续金融打底，耐心逐步布局》 2025.12.08 《关注人民币升值预期下的机会》 2025.11.30 《产业链及主题投资周报——各主题普遍 收跌，涨价链未见明显复苏证据》 2025.11.24 《把握布局窗口期》 2025.11.23 《产业链及主题投资周报——创新药及电 池方向强势，机器人超跌》 策 本周国内中央经济工作会议定调以及美联储"鸽派行动鹰派言论"的 组合落地，A 股与港股走势呈现分化。A 股资金倾向提前布局春季躁 动，流向高弹性的科技成长方向，港股市场受盈利预期疲弱、美联储 降息指引偏鹰及美债收益率反弹等压制，表现相对疲软。 虽然联储降息，但美债收益率近期呈现上升迹象，显示流动性环境未 必那么宽松有利。美股呈现风格切换，显示市场担心 AI 应用商业化可 能落后于再通胀，市场风险偏好也并没有那么高亢。除了持 ...

策略专题 南方中证A500ETF，一键布局中国优质 资产 2025 年 12 月 12 日 【策略观点】 【风险提示】 挖掘价值 投资成长 东方财富证券研究所 证券分析师：陈果 证书编号：S1160525040001 证券分析师：胡远东 证书编号：S1160525070003 相关研究 内需政策效果低预期、关税加征幅度大幅增加、历史数据不代表未来 《景气线索占比重新回升——25Q3 A 股 财报分析（一）》 2025.11.04 《科技配置高企，基金经理怎么看 Q4？— —25Q3 基金持仓及文本透视》 2025.11.03 《科技高景气，中游盈利占比继续扩张— —25 中报业绩速览》 2025.09.02 《恒生消费指数：兼顾传统与新消费的投 资工具》 2025.09.02 《通信/军工共识强化，金融增配但仍低 配》 2025.07.29 略 研 究 / 策 略 专 题 / 证 券 研 究 报 告 策 2025 年权益市场表现亮眼，沪指 10 月一度突破 4000 点，我们认为 此次突破与过去两轮显著不同，一是本轮突破用时超过 1 年，是健康 的震荡慢牛；二是推动本轮突破的最重要的力量来自以信息技术为代 表 ...

Investment Rating - The report maintains a "Strong Buy" rating for the gaming sector, indicating a positive outlook for companies with rich product reserves and strong self-developed capabilities [2][76]. Core Insights - The gaming industry continues to show high prosperity, driven by a new product cycle in 2025, with significant contributions from key companies such as Century Huatong, Giant Network, and Gigabit [2][16]. - The overall media industry has seen a revenue increase of 5.58% year-on-year, with net profit growth of 37.07%, indicating improved profitability across sectors [20][26]. - The report highlights the impact of favorable policies and AI technology on the film and television sector, suggesting a potential recovery in the industry [76]. Summary by Sections 1. Media and Internet Overview - The media industry index has increased by 28.47% year-to-date, outperforming major indices like the Shanghai Composite [15][16]. - The gaming sector has seen a year-to-date increase of 59.84%, significantly contributing to the media industry's growth [16]. 2. Industry Performance - In Q3 2025, the media industry achieved a revenue of 1,326.51 billion, a year-on-year increase of 8.98%, with a net profit of 103.16 billion, up 57.23% [26]. - The gaming sector's revenue for Q3 2025 reached 303.62 billion, with a net profit of 57.77 billion, reflecting a year-on-year growth of 28.61% and 111.65% respectively [37]. 3. Sector Analysis 3.1 Gaming - The gaming industry is driven by blockbuster products, with a revenue increase of 24.4% year-on-year for the first three quarters of 2025 [33]. - The report emphasizes the sustainability of profit growth due to the long lifecycle of new game products [39]. 3.2 Television Broadcasting - The television broadcasting sector reported a revenue of 328.9 billion, a year-on-year increase of 5.3%, with a significant reduction in losses [44][46]. 3.3 Film Industry - The film industry saw a revenue of 283.01 billion in the first three quarters of 2025, with a net profit increase of 108.52% [50]. 3.4 Advertising - The advertising sector achieved a revenue of 1,292.33 billion, with a year-on-year growth of 5.97% [61]. 3.5 Digital Media - The digital media sector faced challenges, with a revenue decline of 0.26% year-on-year, primarily due to pressures in content e-commerce [66]. 3.6 Publishing - The publishing sector reported a revenue of 939.11 billion, down 7.37% year-on-year, but net profit increased by 15.48% due to favorable tax policies [69]. 4. Investment Recommendations - The report recommends focusing on gaming companies with strong product pipelines and self-development capabilities, such as 37 Interactive Entertainment and Giant Network [76]. - It also suggests looking at film and television companies benefiting from policy improvements and AI advancements, including China Film and Mango Super Media [76].

公 司 研 究 / 有 色 金 属 / 证 券 研 究 报 告 洛阳钼业（603993）深度研究 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 证券分析师：李淼 证书编号：S1160524120006 证券分析师：朱彤 证书编号：S1160525030006 证券分析师：张恒浩 证书编号：S1160525090001 相对指数表现 基本数据 总市值（百万元） 373,544.66 -20% 16% 52% 88% 124% 160% 2024/12 2025/6 2025/12 洛阳钼业 沪深300 | 总市值（百万元） | 373,544.66 | | --- | --- | | 流通市值（百万元） | 304,866.30 | | 52 周最高/最低（元） | 18.69/6.15 | | 52 周最高/最低（PE） | 29.67/9.76 | | 52 周最高/最低（PB） | 5.77/1.90 | | 52 周涨幅（%） | 183.90 | | 52 周换手率（%） | 40.23 | | 注：数据更新日期截止 2025 年 12 月 11 日 | | 多元并购揽全球，远见经略定乾坤 2 ...

兖矿能源（600188）深度研究 持续内生外延增长，五大产业布局成长 可期 2025 年 12 月 11 日 【投资要点】 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 证券分析师：李淼 证书编号：S1160524120006 证券分析师：王涛 证书编号：S1160525020003 证券分析师：朱彤 证书编号：S1160525030006 相对指数表现 基本数据 -20% -12% -4% 4% 12% 20% 2024/12 2025/6 2025/12 兖矿能源 沪深300 | 总市值（百万元） | 135,004.11 | | --- | --- | | 流通市值（百万元） | 79,676.60 | | 52 周最高/最低（元） | 15.73/12.07 | | 52 周最高/最低（PE） | 10.79/8.28 | | 52 周最高/最低（PB） | 2.66/2.04 | | 52 周涨幅（%） | 11.43 | | 52 周换手率（%） | 123.48 | | 注：数据更新日期截止 2025 年 12 月 10 日 | | 相关研究 公 司 研 究 / 煤 炭 / 证 券 研 ...