Group 1 - The core viewpoint of the report emphasizes the recovery of PPI as a significant macroeconomic theme for 2026, which is expected to strengthen corporate profitability and provide solid fundamental support compared to 2025 [7][19][20] - The report predicts that the net profit growth rate for the non-financial sector of the entire A-share market is expected to exceed 10% in 2026, driven by the recovery of PPI [20][22] - The report highlights that the recovery slope of PPI will depend on the degree of fiscal expansion, with a steeper recovery indicating stronger market performance [26][32] Group 2 - The report identifies key industry configurations for 2026, including sectors benefiting from U.S. interest rate cuts, external demand, AI, price increases, and an active capital market [8][19] - Specific sectors such as industrial metals, electric grid equipment, energy storage, battery materials, and certain chemicals are expected to benefit from increased external demand and U.S. capital expenditure expansion [8][19] - The report suggests that the technology sector, particularly in AI and robotics, will continue to see high demand and potential growth, with a focus on software, media, and innovative pharmaceuticals [8][19][40] Group 3 - The report anticipates that the first half of 2026 will present a favorable time window for growth performance, driven by domestic policy initiatives and external interest rate cuts [7][44] - The potential for a "spring rally" is highlighted, with expectations that it may occur earlier than usual due to clearer interest rate cut expectations and favorable market conditions [7][49] - The report emphasizes the importance of monitoring the pace of resident deposit migration and foreign capital inflow as critical variables influencing market dynamics [7][36][41]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating a positive outlook for the sector [10]. Core Insights - The humanoid robot industry is experiencing accelerated financing activities, with companies like Zhongqing Robotics and Yunshe Technology successfully completing multiple funding rounds to enhance R&D and commercialize products [1][2][6]. - The report highlights the potential for humanoid robots to create a market space broader than that of automobiles, marking a significant investment opportunity as the industry transitions from 0 to 1 [10]. - The report emphasizes the importance of companies with core component capabilities and active involvement in humanoid robotics, suggesting a focus on specific stocks within this sector [10]. Summary by Sections Recent Developments - Zhongqing Robotics completed A1+ and A2 funding rounds, attracting investments from various institutional investors [1]. - Yunshe Technology announced over 500 million RMB in C round financing, aimed at enhancing R&D for humanoid and quadruped robots [2]. - Luming Robotics secured Pre-A1 and Pre-A2 funding rounds, focusing on investments in intelligent data and hardware [2]. - Yuanzhi Intelligent was recognized in the national AI medical device initiative, showcasing its advancements in surgical robotics [3]. Industry Performance - The humanoid robot industry is positioned to benefit from the ongoing electrification and intelligence trends, with significant product iterations and business collaborations underway [10]. - The report notes that the humanoid robot sector may be on the verge of a transformative moment akin to the "ChatGPT moment" [10]. Key Companies to Watch - The report suggests monitoring companies with established core components and active engagement in humanoid robotics, including Sanhua Intelligent Controls, Top Group, and Zhejiang Rongtai, among others [10].

2025 年 12 月 12 日 资产配置报告 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 许潇琦 S0350525080004 xuxq01@ghzq.com.cn [Table_Title] 实施城乡居民增收计划，推动投资止跌回稳 ——2025 年中央经济工作会议解读 事件： 12 月 10 日至 11 日，中央经济工作会议在北京举行。中共中央总书记、 国家主席、中央军委主席习近平出席会议并发表重要讲话。 投资要点： 最近一年走势 相关报告 《公募 REITs 月报：一级市场项目进展顺利，产业 园区板块承压*林加力，许潇琦》——2025-12-04 《公募 REITs 月报：二级市场整体承压，新基建板 块迎结构性行情*林加力，许潇琦》——2025-11-05 《党的二十届四中全会解读与比较：承前启后的关 键布局*林加力，许潇琦》——2025-10-25 宜均衡配置*林加力，许潇琦，袁雨琦》—— 2025-10-17 《公募 REITs 月报：一级市场项目进展顺利，二级 市场收益承压*林加力，许潇琦》——2025-10-10 国海证券研 ...

Core Insights - The chemical industry is entering a favorable phase driven by demand, value, and supply dynamics [5][6][7] - Global supply constraints and the exit of European capacities are expected to enhance the market environment for the chemical sector [7] Demand Drivers - Key opportunities identified in various sectors include: - Gas turbine upstream: companies like Zhenhua Co., Yingliu Co., Longda Co., and Wanze Co. [5] - Refrigerants and fluorinated liquids: companies such as Juhua Co., New Zhoubang, and Runhe Materials [5] - Energy storage supply chain: including Chuanheng Co., Xingfa Group, Yuntianhua, Batian Co., and others [5] - Semiconductor materials: companies like Yanggu Huatai, Wanrun Co., Dinglong Co., and others [5] Value Drivers - Potential for increased dividend yields in sectors such as: - Coal chemical: Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - Oil refining: Hengli Petrochemical, Satellite Chemical, and Sinopec [6] - Phosphate fertilizers: Yuntianhua, Yuntu Holdings, and others [6] Supply Drivers - Domestic anti-involution policies and the exit of European production capacities are expected to support the chemical industry: - PTA and polyester filament: companies like Xin Fengming and Tongkun Co. [7] - Tire manufacturing: including Sailun Tire, Zhongce Rubber, and others [7] Key Companies and Profit Forecasts - Selected companies with profit forecasts include: - Zhenhua Co. (Net profit forecast for 2025: 6.04 billion, PE: 21.8) [8] - Yingliu Co. (Net profit forecast for 2025: 4.08 billion, PE: 42.7) [8] - Longda Co. (Net profit forecast for 2025: 1.06 billion, PE: 34.9) [8] - Wanze Co. (Net profit forecast for 2025: 2.37 billion, PE: 32.9) [8] - Juhua Co. (Net profit forecast for 2025: 48.14 billion, PE: 24.4) [8] Industry Cycle Insights - The chemical industry is expected to enter a new cycle, with demand recovery and supply-side reforms driving growth [14][21] - The chemical price index has shown signs of recovery, indicating a potential upturn in the market [20][21]

2025 年 12 月 12 日 宏观点评 研究所： 证券分析师： 夏磊 S0350521090004 xial@ghzq.com.cn [Table_Title] 中央经济工作会议的六大关键词 宏观点评 最近一年走势 相关报告 《2026 年宏观经济展望：变局中的突围*夏磊》— —2025-11-20 《宏观深度研究：从成交结构看购房者行为变化* 夏磊》——2025-10-29 《学习四中全会精神的五点心得*夏磊》—— 2025-10-24 《美联储议息会议点评：一次风险缓释的美联储降 息*夏磊》——2025-09-18 《全球贸易系列研究之一：贸易格局变迁中，谁是 耀眼的那颗星？*夏磊》——2025-09-11 事件： 2025 年 12 月 10 日至 11 日，中央经济工作会议在京召开，总结 2025 年经济工作，分析当前经济形势，部署 2026 年经济工作。 投资要点: 2026 年是"十五五"规划开局之年，做好明年的经济工作，对于实 现"十五五"规划良好开局、奠定未来五年发展基础至关重要。本 次中央经济工作会议在承前启后的关键节点召开，全面部署明年经 济工作的总体要求、政策取向和重点任务，意义重大 ...

Core Insights - The report highlights the strategic move of the company to establish a logistics hub for the China-Europe Railway, enhancing its international presence and operational efficiency in lithium battery transportation [2][3]. Summary by Sections Latest Report Summary - The company has initiated a dedicated lithium battery container train service from Chengdu to Shanghai, collaborating closely with railway authorities to ensure safety and operational standards during the trial phase [3]. Investment Highlights - The company's global power battery installations reached 44.3 GWh from January to October 2025, marking a year-on-year increase of 39.7%, positioning it as the fourth largest globally. Additionally, it ranked fifth in energy storage cell shipments for the first three quarters of 2025 [4]. - Revenue for the first three quarters of 2025 totaled 28.54 billion yuan, reflecting a 49.9% year-on-year growth, while net profit surged to 1.2 billion yuan, up 149.9%, and attributable net profit reached 680 million yuan, increasing by 279.7% [4]. - The company is progressing well with its overseas factory in Portugal, which commenced operations on February 24, with an investment of approximately 2 billion euros (about 15.2 billion yuan) and an expected production capacity of 15 GWh by 2027 [4]. Profit Forecast and Investment Rating - The company is projected to achieve revenues of 42.3 billion yuan, 65.5 billion yuan, and 79.5 billion yuan for the years 2025, 2026, and 2027, respectively, with attributable net profits of 1 billion yuan, 2.4 billion yuan, and 3.3 billion yuan, corresponding to PE ratios of 46, 19, and 14 times [5].

2025 年 12 月 10 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 210 期 观点精粹: 最新报告摘要 证券研究报告 1、最新报告摘要 1.1、资金供给端改善，解禁减持规模高增--策略周报 分析师：赵阳 S0350525100003 联系人：郭可凡 S0350124070038 资金供给端改善，解禁减持规模高增--策略周报 2027 年订单能见度提高，业绩有望持续高增--工业富联/消费电子(601138/212705) 公司点评 投资要点: 1.本周（2025/12/01-2025/12/05，下同）宏观资金面宽松，央行通过公开市场操作开展 7 天逆回购净回笼 8480 亿元，开展 10000 亿元 3 个月买断式逆回购操作，本周总计实现资金净投放 1520 亿元。资金价格方面，短 端利率下行，中端与长端利率上行，期限利差走阔。 2.股市资金供给端整体改善，权益基金发行回暖。融资余额小幅回升，但杠杆资金参与度有所下降，融资净流 入较多的行业为有色金属、电子，融资净流出较多的行业为 ...

2025 年 12 月 09 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘熹 S0350523040001 | | | | liux10@ghzq.com.cn | | 联系人 | ： | 唐锦珂 S0350125070014 | | | | tangjk@ghzq.com.cn | 最近一年走势 [Table_Title] 2027 年订单能见度提高，业绩有望持续高增 ——工业富联（601138）公司点评 | 相对沪深 300 | 表现 | | 2025/12/09 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 工业富联 | -6.5% | 39.4% | 213.3% | | 沪深 300 | -1.7% | 3.7% | 15.9% | | 市场数据 | | | 2025/12/09 | | 当前价格（元） | | | 67.99 | | 52 周价格区间（元） | | | 14.58-83.88 | | 总市值（百万） | | | 1,350,157.92 | ...

2025 年 12 月 09 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 证券研究报告 [Table_Title] 晨会纪要 ——2025 年第 209 期 观点精粹: 最新报告摘要 辛醇、硫酸价格上涨，关注反内卷和铬盐--行业周报 业绩稳定增长，后续管线丰富--华东医药/化学制药(000963/213701) 公司点评 超长债企稳了吗？--债券研究周报 隆培素上市在即，期待 TransCon 技术长效生长激素商业化空间--行业周报 固收买卖方怎么看待当前债市点位的配置价值？--债券研究周报 去产能迎来加速阶段，布局生猪底部--行业周报 节奏为先，革新求变——2026 年可转债年度策略--策略 PPT 1、最新报告摘要 1.1、辛醇、硫酸价格上涨，关注反内卷和铬盐--行业周报 分析师：李永磊 S0350521080004 分析师：董伯骏 S0350521080009 联系人：于畅 S0350124080008 2025 年 12 月 4 日，国海化工景气指数为 91.81，较 11 月 27 日上升 0.45。 投资建议： 日本首相高市早苗近期 ...

Overview - The report highlights that the convertible bond market experienced significant growth in 2025, with the China Convertible Bond Index rising by 17.87%, driven primarily by price parity and valuation support [2][12] - The current environment presents challenges for convertible bonds, with overall cost-effectiveness declining and valuation at historical highs, leading to increased investment difficulty [2][12] Section 1: 2025 Convertible Bond Review - The convertible bond market saw a strong performance in early 2025 due to ample liquidity and moderate economic recovery, with price parity being the main driver [12] - The market faced a pullback in March-April due to negative CPI and external disturbances, but recovered from May to September as fundamental expectations improved [12] - The overall market for convertible bonds is now in a "deep water zone," with a significant decline in supply and an increase in the median price to 132 yuan, indicating a high premium environment [2][12][27] Section 2: 2026 Stock Market Outlook - The report anticipates a turning point in the stock market, with corporate earnings expected to recover and long-term capital inflows continuing to support the equity market [41][45] - The M1 money supply has shown a significant turning point since September 2024, indicating improved liquidity conditions that are expected to benefit the stock market [46][52] Section 3: 2026 Convertible Bond Outlook and Allocation Strategy - The report suggests a dynamic adjustment of positions in convertible bonds based on market cycles, emphasizing a focus on index-based allocations [2][56] - The strategy indicates that the best accumulation window for convertible bonds is during the latter half of a market downturn and the early half of an uptrend [2][56] - The report highlights the importance of sector rotation, suggesting that constructing an equal-weighted index can effectively capture rotation opportunities [2][67]