Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The report highlights a significant decline in thermal coal prices, with specific price drops noted for various coal types at different ports. For instance, the price of 5500 kcal thermal coal at Qinhuangdao port decreased by 24 CNY/ton this week [2][10]. - The report also discusses the ongoing electricity market reforms, particularly in Guangdong, where the 2026 annual trading process has commenced, involving various trading methods [3][4]. - The renewable energy sector is expected to see valuation recovery due to new policies promoting green electricity consumption and accelerated subsidy distribution [4]. Summary by Sections Market Overview - The SW public utility sector saw a slight increase of 0.12% this week, ranking 17th among 31 SW sectors. In comparison, the CSI 300 index rose by 1.28% [26]. - Notable stock performances included Min Dong Power (+16.86%) and Zhong Min Energy (+12.62%), while Shanghai Electric saw a decline of -13.53% [32]. Coal and Electricity Pricing - Thermal coal prices have rapidly decreased, with specific reductions of 24 CNY/ton at Qinhuangdao, 20 CNY/ton at Fangchenggang, and 10 CNY/ton at Guangzhou [2][11]. - Average settlement prices for electricity in Guangdong increased to 354.64 CNY/MWh, reflecting a rise from the previous week [11]. Key Events - The report notes the release of competitive bidding results for renewable energy projects under the "136" document, with significant volumes and pricing established for solar and wind energy [3][9]. - The Guangdong Electricity Trading Center has initiated the 2026 annual trading process, which will occur in phases from December 5 to December 22 [3][4]. Sector Outlook - The renewable energy sector is anticipated to benefit from policy changes aimed at enhancing green electricity consumption, suggesting a potential for valuation recovery [4]. - The report recommends focusing on national thermal power operators like Huaneng International and Guodian Power, which are expected to maintain stable earnings despite market uncertainties [4].

Core Insights - The report indicates that the market is experiencing a bullish trend, although it may enter a phase of wide fluctuations in the short term. The current index has significant room for growth compared to previous bull markets, but the duration of the bull market may be more critical than the magnitude of the increase due to government policies promoting a "slow bull" market [2] - The report highlights the attractiveness of fixed-income assets in a low-interest-rate environment, suggesting that the 10-year government bond ETF offers a favorable risk-reward ratio for investors [3] - The report notes that the A-share market is showing signs of recovery, with a focus on defensive and consumer sectors in the short term, while TMT and advanced manufacturing sectors are recommended for medium-term investment [4] Market Data Summary - The A-share market indices showed positive performance, with the Shanghai Composite Index closing at 3902.81, up 0.70%, and the Shenzhen Component Index closing at 13147.68, up 1.08% [8] - The report indicates a slight net inflow into stock ETFs, with small and mid-cap theme ETFs being the main contributors to this inflow [4] - The report also mentions that the issuance of credit bonds increased by 16.86% month-on-month, with a total issuance of 13153.34 billion yuan in November 2025 [7] Industry Research Summary - The report categorizes the electric power equipment and new energy sector into high-growth segments (such as AIDC power supplies, solid-state batteries, hydrogen ammonia, and energy storage) and "anti-involution" segments (including lithium batteries, wind power, and photovoltaics), each presenting unique investment opportunities [12] - The chemical industry is expected to see a recovery in profitability due to macroeconomic improvements and supply-side policy advancements, with a focus on sectors like phosphate chemicals, potassium fertilizers, and lithium battery materials [14] - The report emphasizes the investment potential in the hydrogen ammonia and energy storage sectors, particularly in the context of domestic bidding and overseas opportunities [15]

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The report expresses a positive outlook on the hydrogen, ammonia, and methanol sectors, as well as the energy storage industry chain, highlighting significant investment opportunities [2][20]. - Domestic energy storage has shown strong bidding data, with November seeing a total of 10GW/29.7GWh completed, predominantly from independent storage projects [1][6]. - The report emphasizes the ongoing demand for energy storage in the U.S. and other countries, particularly in the context of data centers and reconstruction efforts in Ukraine [2][6]. - The hydrogen, ammonia, and methanol sectors are expected to gain more investment due to favorable policies and market conditions, particularly in light of the EU's carbon tariff [2][20]. Summary by Sections Energy Storage - Domestic energy storage remains robust, with high levels of bidding activity and production expected to continue into 2026 [1][6]. - The U.S. continues to face electricity shortages, driving demand for energy storage solutions, particularly in data centers [2][6]. - The report notes that the independent energy storage market is expected to establish a complete revenue model through various market segments [1]. Wind Power - The report indicates a significant increase in domestic wind power installations, with a 52.86% year-on-year growth in new installations from January to October 2025 [8][12]. - The bidding capacity for wind power equipment has also seen substantial growth, with a 90% increase in 2024 compared to the previous year [12][20]. Lithium Battery - The report highlights a stable production outlook for lithium batteries, with expectations for strong demand in December, particularly from the new energy vehicle sector [21][24]. - The supply chain for lithium materials is expected to stabilize, with a focus on investment opportunities in lithium mines and separators [21][24]. Investment Recommendations - The report suggests focusing on companies involved in overseas wind power and energy storage, particularly those that can benefit from the growing demand in Europe and the U.S. [20][24].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Views - The chemical industry is expected to see a continuous recovery in its economic environment, driven by improving supply-demand dynamics and macroeconomic conditions [5][3] - The Consumer Price Index (CPI) has turned positive, and the Producer Price Index (PPI) decline is narrowing, indicating a potential stabilization in chemical product prices [1] - Capital expenditures in the chemical industry are decreasing, which, combined with recovering demand, is likely to improve the supply-demand balance and enhance industry prosperity [3] Summary by Sections 1. Market Overview - The basic chemical sector has experienced a slight decline of 0.5% in the past week, ranking 21st among all sectors [10] - The basic chemical index's Price-to-Earnings (PE) ratio is at 43.8 times, while the Price-to-Book (PB) ratio is at 2.47 times, indicating a higher PE valuation compared to historical PB levels [2] 2. Supply and Demand Dynamics - The chemical industry has passed its peak production capacity, leading to a reduction in capital expenditures, with fixed asset investments down by 5.6% year-on-year in the first nine months of 2025 [3] - The report highlights that the chemical product price index (CCPI) was 3882 points as of December 4, 2025, reflecting a 10.4% decrease since the beginning of the year [1] 3. Policy and Regulatory Environment - Recent government initiatives aim to optimize market competition and eliminate outdated production capacity in the chemical sector, which is expected to foster healthy industry development [4] - The Ministry of Industry and Information Technology has introduced a growth stabilization plan for the petrochemical and chemical industry, targeting an average annual growth of over 5% from 2025 to 2026 [4] 4. Investment Recommendations - The report suggests focusing on leading companies in sectors such as phosphate chemicals, potassium fertilizers, pesticides, MDI, titanium dioxide, and lithium battery materials, which have strong cost control capabilities [5] - It also recommends companies in semiconductor materials, OLED materials, and other high-tech chemical fields that possess technological barriers and customer validation advantages [5]

2025 年 12 月 7 日 总量研究 把握年末利率下行契机，解析十年国债 ETF 配置价值 ——工具型产品介绍与分析系列之二十七 要点 年末利率存在下行机会： "供强需弱"格局大概率延续，经济回升向好的基础有待巩固。2025 年 10 月 我国经济呈现"消费改善、生产偏弱、投资下行"的结构性特征，固定资产投 资和房地产开发投资仍是主要拖累。工业增加值同比增速回落、企业利润率略 有下降，显示短期经济面临下行压力。展望四季度，受前期扩内需政策效应减 弱和增量财政政策的支撑尚未显现影响，"供强需弱"格局可能延续，实现全 年目标仍具挑战。 央行重启买债，有助于修复"宽资金—紧负债"的结构扭曲，加快资金面宽松 向债券市场的有效传导。央行重启国债买入，虽初期量不大，但表明货币政策 释放"适度宽松"信号。若后续买债操作持续推进，将进一步释放银行在中长 期国债上的配置能力，加快资金面宽松向债市传导，支撑中长期国债收益率下 行与市场稳定。 短期流动性冲击对债市的扰动有限。进入 11 月后，债市出现调整，我们认为 主要源于短期流动性冲击，而非中长期利率下行趋势的改变。随着冲击影响的 消化，年末利率仍存在下行动力，中长期国债仍 ...

- The report suggests that the short-term correction pressure in the A-share market may have been released, and the market has re-entered a volatile range[1][12] - The report recommends using "dividends + technology" as the main allocation strategy, with dividends potentially having an advantage in terms of volatility[1][12] - The report tracks the performance of major broad-based indices, noting that the Shanghai Composite Index rose by 0.37%, the Shanghai 50 by 1.09%, the CSI 300 by 1.28%, the CSI 500 by 0.94%, the CSI 1000 by 0.11%, the ChiNext Index by 1.86%, and the Beijing 50 Index by 1.49% during the week of December 1-5, 2025[1][13][14] - The valuation of broad-based indices as of December 5, 2025, shows that the CSI 500, CSI 1000, and ChiNext Index are at "moderate" levels, while the Shanghai Composite Index, Shanghai 50, and CSI 300 are at "dangerous" levels[1][19][20] - The report tracks quantitative sentiment indicators, including volume timing signals, which are all cautious as of December 5, 2025[24][25] - The report discusses the "number of rising stocks in the CSI 300" sentiment indicator, which is used to gauge market sentiment by calculating the proportion of stocks with positive returns over a certain period[25][26] - The report evaluates the "moving average sentiment indicator," which uses the eight moving average system to judge the trend state of the CSI 300 index[33][36] - The report observes market profitability effects through cross-sectional volatility and time series volatility, noting that the short-term Alpha environment has improved for the CSI 300 and CSI 500 indices but worsened for the CSI 1000 index[37][38][39][40] - The report tracks institutional research activities, noting that the top five stocks receiving the most attention from institutions during the week were Jereh Co., Ltd., Yihada, Hotgen Biotech, Espressif Systems, and Changan Automobile[41][42][53][54] - The report tracks the performance of stock index futures, noting that the main contracts for IF, IH, IC, and IM all rose during the week, with varying degrees of basis changes[56][57][58][59] - The report tracks southbound capital flows, noting a net inflow of HKD 113.49 billion during the week of December 1-5, 2025[66][68] - The report tracks changes in financing scale, noting that the financing balance as of December 4, 2025, was CNY 24,664.89 billion, an increase of CNY 99.89 billion from November 28, 2025[67][72] - The report tracks the ETF market, noting that stock ETFs had a median return of 1.06% and a net inflow of CNY 25.94 billion during the week, while cross-border ETFs had a median return of 0.48% and a net inflow of CNY 12.67 billion[69][70][71] - The report tracks the degree of fund concentration, noting that the degree of fund concentration decreased slightly from the previous week, while the excess returns of concentrated stocks and funds increased from the previous week[77][79][80]

2025 年 12 月 6 日 策略研究 国内外利好共振，市场有所回暖 ——策略周专题（2025 年 12 月第 1 期） 要点 本周 A 股市场出现回暖 受市场风险偏好抬升影响，本周 A 股市场出现上涨。受市场情绪好转、风险偏 好抬升影响，本周 A 股市场出现上涨，主要宽基指数大多上涨。在主要宽基指 数中，创业板指表现最好，涨跌幅为 1.9%，而科创 50 表现最差，涨跌幅为-0.1%。 目前万得全 A 估值处于 2010 年以来 85.7%分位数。 行业方面，有色金属、通信、国防军工表现相对较好。分行业来看，本周申万一 级行业涨跌互现。有色金属、通信、国防军工等行业表现相对较好，涨跌幅分别 达到了 5.3%、3.7%、2.8%。相比之下，传媒、房地产、美容护理等行业表现 相对靠后，涨跌幅分别达到了-3.9%、-2.2%、-2.0%。 本周重要事件 政策及会议方面，国家航天局设立商业航天司、特朗普或于明年初公布新任美联 储主席提名人选等。国家航天局已于近期设立商业航天司，相关业务正在逐步开 展，标志着我国商业航天产业迎来专职监管机构；美国总统特朗普 12 月 2 日在 白宫举行的内阁会议上说，他很可能在 2 ...

2025 年 12 月 6 日 行业研究 股票风险因子差异化下调，推动险资进一步发挥耐心资本优势 ——《关于调整保险公司相关业务风险因子的通知》点评 非银行金融 增持（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 长周期考核权重升至 70%，利好险资加大入 市力度——《进一步加强国有商业保险公司 长周期考核的通知》点评（2025-07-12） 保险权益投资空间拓宽，长期资金入市有望 提速——《关于调整保险资金权益类资产监 管比例有关事项的通知》点评（2025-04-09） 进一步明确长周期考核要求，提升中长期资 金入市力度——《关于推动中长期资金入市 工作的实施方案》点评（2025-01-23） 要点 另一方面，政策鼓励下今年以来险资入市力度显著增强，25Q3 末行业（人身险公 司+财产险公司）股票配置比例达 10%，环比+1.2pc ...

2025 年 12 月 6 日 总量研究 信用债发行量环比下降，各行业信用利差整体上行 ——信用债周度观察（20251201-20251205） 要点 1、 一级市场 注：本篇报告的信用债口径包括定向工具、短期融资券、公司债、金融债（不含 同业存单和政金债）、中期票据、企业债。 2025 年 12 月 1 日至 12 月 5 日（以下简称"本周"），信用债共发行 308 只， 发行规模总计 3395.35 亿元，环比减少 42.35%。 发行规模方面，本周，产业债共发行 123 只，发行规模达 1149.26 亿元，环比 减少 62.74%,占本周信用债发行总规模的比例为 33.85%；城投债共发行 152 只， 发行规模达 963.39 亿元，环比减少 18.53%,占本周信用债发行总规模的比例为 28.37%；金融债共发行 33 只，发行规模达 1282.70 亿元，环比减少 20.96%, 占本周信用债发行总规模的比例为 37.78%。 发行期限方面，本周信用债整体的平均发行期限为 2.66 年，其中，产业债平均 发行期限为 2.49 年、城投债平均发行期限为 2.80 年、金融债平均发行期限为 2.6 ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From December 1, 2025, to December 5, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend, with a weighted REITs index return rate of - 0.86%. Compared with other mainstream large - category assets, REITs performed weakly. In the primary market, no new REITs products were listed, and the project status of one REITs product was updated [1][11]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **Large - category Asset Level**: The secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The returns of China's public REITs were - 0.86%, ranking behind other mainstream large - category assets such as US stocks, A - shares, convertible bonds, etc. [1][11] - **Underlying Asset Level**: Both the property - type and franchise - type REITs' secondary - market prices declined. Among different underlying asset types, water conservancy facilities REITs had the largest increase, and the top three in terms of return rate were water conservancy facilities, new infrastructure, and energy - type REITs [16][18] - **Single REIT Level**: Among 77 REITs, 17 rose, 2 remained flat, and 58 declined. The top three in terms of increase were Huaxia Fund CR Land Youchao REIT, E Fund Shenzhen Expressway REIT, and Huatai Nanjing Jianye REIT; the top three in terms of decline were Zheshang Shanghai - Hangzhou - Ningbo REIT, China Merchants Expressway REIT, and E Fund Huawei Market REIT [23] 3.1.2 Trading Volume and Turnover Rate - **Underlying Asset Level**: The trading volume of public REITs this week was 1.96 billion yuan, with an average daily turnover rate of 0.38%. The top three in terms of trading volume were transportation infrastructure, consumer infrastructure, and park infrastructure; the top three in terms of average daily turnover rate were ecological and environmental protection, affordable rental housing, and water conservancy facilities [24] - **Single REIT Level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Huaxia Fund CR Land Youchao REIT, CICC Puluosi REIT, and Huaxia China Communications Construction REIT; the top three in terms of trading amount were Huaxia Fund CR Land Youchao REIT, Huaxia CR Land Commercial REIT, and Huaxia China Communications Construction REIT; the top three in terms of turnover rate were Huaxia Fund CR Land Youchao REIT, CICC Chongqing Liangjiang REIT, and Huatai Nanjing Jianye REIT [27] 3.1.3 Main Force Net Inflow and Block Trade Situation - **Main Force Net Inflow Situation**: The total net inflow of the main force this week was 22.05 million yuan, and the market trading enthusiasm increased compared with last week. The top three in terms of net inflow of different underlying asset REITs were transportation infrastructure, consumer infrastructure, and new infrastructure; the top three single - REITs in terms of net inflow were Huaxia CR Land Commercial REIT, CICC Anhui Expressway REIT, and Southern Runze Technology Data Center REIT [31] - **Block Trade Situation**: The total block - trade amount this week reached 214.55 million yuan, a decrease compared with last week. There were block - trade transactions on 4 trading days, with the highest single - day trading volume on December 2, 2025. The top three single - REITs in terms of block - trade amount were China Merchants Expressway REIT, CICC Chongqing Liangjiang REIT, and ICBC Hebei Expressway REIT [32] 3.2 Primary Market 3.2.1 Listed Projects As of December 5, 2025, there were 77 public REITs products in China, with a total issuance scale of 199.301 billion yuan. The transportation infrastructure category had the largest issuance scale, followed by the park infrastructure category. No new REITs products were listed this week [36][38] 3.2.2 Projects to be Listed There were 20 REITs in the to - be - listed state, including 13 first - issue REITs and 7 to - be - expanded REITs. The project status of Ping An Xi'an Gaoke Industrial Park Closed - end Infrastructure Securities Investment Fund (first - issue) was updated to "accepted" [41][42]