有色金属行业 标配（维持） 有色金属行业双周报（2025/11/28-2025/12/11） 行 业 美联储 12 月如期降息 25 基点，持续关注后续降息节奏 2025 年 12 月 12 日 投资要点： 分析师：许正堃 SAC 执业证书编号： 行情回顾。截至2025年12月11日，申万有色金属行业近两周上涨4.79%，跑赢 沪深300指数3.97个百分点，在申万31个行业中排名第3名。截至2025年12月 11日，近两周有色金属行业子板块中，工业金属板块上涨5.97%，小金属板块 上涨5.55%，能源金属板块上涨3.72%，金属新材料板块上涨3.54%，贵金属板 块上涨0.19%。 周 报 有色金属行业重要新闻及观点 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 行 业 研 究 资料来源：东莞证券研究所，iFind 申万有色金属行业指数走势 工业金属。宏观层面，当地时间12月11日，美联储 ...

食品饮料行业 超配（维持） 食品饮料行业双周报（2025/11/28-2025/12/11） 飞天批价波动，关注需求复苏进程 食品饮料（申万）指数走势 资料来源：同花顺,东莞证券研究所 相关报告 证 券 研 究 报 告 2025 年 12 月 12 日 投资要点： ◼ 风险提示：原材料价格波动、产品提价不及预期、渠道开展不及预期、 行业竞争加剧、食品安全风险、宏观经济波动风险等。 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 分析师：黄冬祎 行 业 研 究 ◼ 行情回顾：2025年11月28日-2025年12月11日，SW食品饮料行业指数整 体下降3.45%，板块涨幅位居申万一级行业第二十九位，跑输同期沪深 300指数约4.27个百分点。细分板块中，所有细分板块均跑输沪深300指 数。 ◼ 行业周观点：飞天批价波动，关注需求复苏进程。2025年中央经济 ...

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by more than 10% in the next six months [36]. Core Insights - The approval of NVIDIA's H200 chip sales to China is expected to enhance domestic AI computing power supply, alleviating bottlenecks in model training and AI application deployment. However, the 25% revenue share to the U.S. government may increase procurement costs for domestic users, pushing for rapid development of domestic computing capabilities [31][22]. - The SW computer sector has seen a cumulative decline of 3.01% over the past two weeks, underperforming the CSI 300 index by 3.82 percentage points, ranking 25th among 31 first-level industries [11][4]. Summary by Sections 1. Market Review - The SW computer sector has experienced a cumulative decline of 3.01% from November 28 to December 11, 2025, and a 3.79% decline in December, underperforming the CSI 300 index by 3.82 and 4.35 percentage points respectively. Year-to-date, the sector has risen by 14.05%, lagging behind the CSI 300 index by 1.64 percentage points [11][4]. 2. Valuation Situation - As of December 11, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 52.80 times, positioned at the 84.54th percentile over the past five years and the 70.80th percentile over the past ten years [21][23]. 3. Industry News - The U.S. government has allowed NVIDIA to sell its H200 AI chips to China, imposing a 25% fee per chip. Other companies like AMD and Intel are also included in this arrangement [22]. - DeepSeek has released version 3.2 of its software, enhancing its reasoning capabilities [22]. - Alibaba has established a new C-end business group, aiming to create a super app for AI services [22]. - OpenAI has launched the GPT-5.2 series, significantly improving its capabilities in various tasks [22]. - Microsoft plans to invest $17.5 billion in India over the next four years to expand its AI and cloud computing operations [22]. 4. Company Announcements - Various companies have made announcements regarding asset transfers, capital increases, and strategic investments aimed at enhancing operational efficiency and market competitiveness [24][25][26][27][28][29][30]. 5. Weekly Perspective - The approval of H200 chip exports is expected to boost domestic AI computing capabilities in the short term, while the associated costs and performance limitations may drive the rapid development of domestic computing solutions in the long term [31]. 6. Recommended Focus Stocks - The report suggests focusing on companies like GuoDianYunTong, ShenZhouDigital, Inspur Information, and TaxFriend for their strong growth potential in the financial technology and AI sectors [32].

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2][48]. Core Viewpoints - The Central Economic Work Conference emphasized the need to deepen the rectification of "involution" competition, particularly in the photovoltaic industry, which is expected to accelerate the exit of backward production capacity and promote the recovery of industry profit margins [4][43]. - The report suggests focusing on leading new energy companies that excel in technology and scale [4][43]. Market Review - As of December 11, 2025, the Shenwan Power Equipment industry rose by 1.32% over the past two weeks, outperforming the CSI 300 index by 0.51 percentage points, ranking 12th among 31 industries [11]. - Year-to-date, the Shenwan Power Equipment sector has increased by 40.05%, surpassing the CSI 300 index by 24.36 percentage points, ranking 5th among 31 industries [11]. - The wind power equipment sector increased by 5.79%, while the photovoltaic equipment sector decreased by 0.82% in the last two weeks [16]. Valuation and Industry Data - As of December 11, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.90 times [24]. - The PE ratios for sub-sectors are as follows: Electric Motor II at 56.45 times, Other Power Equipment II at 51.83 times, Photovoltaic Equipment at 30.06 times, Wind Power Equipment at 33.63 times, Battery at 32.83 times, and Grid Equipment at 28.49 times [24]. Company Announcements - The report highlights significant projects and developments, including the approval of the Zhejiang UHV AC Ring Network Project with a total investment of 29.3 billion yuan, which is the highest for a single UHV AC project in China [38][39]. - The report also notes various company announcements regarding share repurchases and changes in control, indicating active corporate governance within the sector [42][43]. Weekly Perspective - The report reiterates the importance of adhering to the "dual carbon" goals and promoting a comprehensive green transition, with a focus on energy efficiency and carbon reduction in key industries [4][43]. - It emphasizes the need for technological innovation and quality improvement in the photovoltaic sector, moving away from mere scale expansion [4][43].

机械设备行业 标配 （维持） 机械设备行业双周报（2025/11/28-2025/12/11） 政策助推机器人加速产业化落地，11 月挖机同环比双增 2025 年 12 月 12 日 投资要点： 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 相关报告 机械设备本周涨跌幅：申万机械设备行业双周上涨4.38%，跑赢沪深300指数 3.57个百分点，在申万31个行业中排第4名；申万机械设备板块本月至今上涨 2.93%，跑赢沪深300指数2.37个百分点，在申万31个行业中排名第4名；申万 机械设备板块年初至今上涨34.31%，跑赢沪深300指数18.62个百分点，在申 机械设备二级板块本周涨跌幅：截至2025年12月11日，申万机械设备行业的 5个二级板块中，从双周表现来看，工程机械板块涨幅最大，为5.80%。其他 板块表现如下，通用设备板块上涨5.06%，专用设备板块上涨4.96%，自动化 设备板块上涨3.42%，轨交设备Ⅱ板块下跌1.40%。 机械设备个股涨跌情况：截至2025年12月11日，机械设备 ...

证券研究报告 2025 年 12 月 12 日 星期五 【A 股市场大势研判】 大盘震荡调整，三大指数集体收跌 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3873.32 | -0.70% | -27.18 | | | 深证成指 | 13147.39 | -1.27% | -169.04 | | | 沪深 300 | 4552.18 | -0.86% | -39.64 | | | 创业板 | 3163.67 | -1.41% | -45.33 | | | 科创 50 | 1325.83 | -1.55% | -20.87 | | | 北证 50 | 1443.17 | 3.84% | 53.37 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 银行 | 0.1 ...

宏观研究 美联储如期降息并重启购债，未来降息步伐或将 事 件 点 评 放缓 12 月美联储议息会议点评 2025 年 12 月 11 日 投资要点： S0340518010002 电话：0769-22111089 邮箱：fxp@dgzq.com.cn S0340522120001 电话：0769-22118627 邮箱： yinweiqi@dgzq.com.cn 分析师：曾浩 S0340523110001 电话：0769-22119276 邮箱： zenghao@dgzq.com.cn S0340524080001 电话：0769-22118627 邮箱： xiongyue@dgzq.com.cn S0340525070001 电话：0769-22119276 邮箱： yezipei@dgzq.com.cn 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 事件：北京时间周四（12 月 11 日）凌晨，美国联邦公开市场委员会（FOMC） 公布最新利率决议。 分析师：费小平 SAC 执业证书编号： 分析师：尹炜祺 ...

Investment Rating - The report maintains a "Market Weight" rating for the engineering machinery industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [36]. Core Insights - In November 2025, excavator sales reached 20,027 units, representing a year-on-year increase of 13.85% and a month-on-month increase of 10.67%. Domestic sales accounted for 9,842 units, with a year-on-year growth of 9.11% and a month-on-month growth of 16.23% [3]. - Loader sales in November 2025 totaled 11,419 units, showing a year-on-year increase of 32.07% and a month-on-month increase of 6.99%. Domestic sales were 5,671 units, with a year-on-year growth of 29.39% [4]. - The report highlights a significant recovery in demand for excavators in Europe and North America, with both domestic and export sales showing positive trends [5]. - The report emphasizes the ongoing transition towards electric machinery, driven by stricter environmental regulations in Europe and North America, with a projected market for electric construction machinery expected to grow significantly [6]. Summary by Sections Excavator Sales - In November 2025, excavator sales were 20,027 units, with domestic sales at 9,842 units and export sales at 10,185 units, the latter accounting for 50.86% of total sales. Year-to-date sales from January to November reached 212,162 units, a 16.73% increase year-on-year [3]. Loader Sales - Loader sales in November 2025 were 11,419 units, with domestic sales of 5,671 units and export sales of 5,748 units. Year-to-date loader sales reached 115,831 units, reflecting a year-on-year increase of 17.24% [4]. Market Trends - The report notes that while domestic demand in real estate remains weak, there are signs of recovery in the mining sector and infrastructure investments, which could lead to a new growth cycle for the engineering machinery industry [5]. - The report also mentions that the export trade value of engineering machinery products was $4.668 billion in October, with a year-on-year growth of 1.30% [5]. Technological Development - The report stresses the importance of electric and intelligent machinery in the industry, with significant growth potential in the electric machinery market, particularly in light of upcoming regulations in Europe [6].

证券研究报告 2025 年 12 月 10 日 星期三 【A 股市场大势研判】 大盘震荡分化，创业板指收涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3909.52 | -0.37% | -14.56 | | | 深证成指 | 13277.36 | -0.39% | -52.63 | | | 沪深 300 | 4598.22 | -0.51% | -23.53 | | | 创业板 | 3209.60 | 0.61% | 19.33 | | | 科创 50 | 1347.11 | -0.27% | -3.69 | | | 北证 50 | 1401.73 | -1.72% | -24.51 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 综合 | 3.45% | ...

银行业 超配（维持） 股息铸盾，资金化矛 投 资 银行业 2026 年上半年投资策略 2025 年 12 月 9 日 S0340525040001 电话：0769-23320072 邮箱： lijiajun@dgzq.com.cn 行 业 研 究 资料来源：IFinD，东莞证券研究所 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 推荐 分析师：李嘉俊 SAC 执业证书编号： 复盘：ROE 彰显盈利韧性，增量资金追逐确定性价值。2025 年前三 季度，行业年化平均 ROE 维持在 10.73%，尽管受宏观环境影响有所 下行，但横向比较仍处于中上游水平，盈利韧性凸显。市场表现方 面，截至 11 月末，申万银行板块上涨 9.16%，各子板块实现普涨。 板块走出逆周期行情，主要得益于险资等增量资金的持续流入，以 及低利率环境下银行股高股息、盈利确定性的配置吸引力。 策 略 银行指数走势 基本面展望：政策协同稳增长，息差压力与结构分化并存。（1）量： 财政与货币政策协同发力，全方位扩大国内需求，有望为银行信 ...