[Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2025.12.13 CPI 延续正增，飞天批价波动 [Table_Industry] 食品饮料 ——食品饮料行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 陈力宇(分析师) | 021-38677618 | chenliyu@gtht.com | S0880522090005 | | 李美仪(分析师) | 021-38038667 | limeiyi@gtht.com | S0880524080002 | | 张嘉颖(分析师) | 021-23185613 | zhangjiaying@gtht.com | S0880525040117 | 本报告导读： 11 月 CPI 数据延 ...

宏 观 研 究 日央行加息在即，市场冲击或可控 [Table_Authors] 贺媛(分析师) ——海外经济政策跟踪 本报告导读： 本周美联储如期降息，并开启技术性扩表，预计 2026 年降息仍将持续。关注下周日 央行加息，当前市场预期日本央行或将于 12 月加息 25 个基点，不过，本次日央行 若加息，带来的市场冲击或有限。 投资要点： | | 021-23185639 | | --- | --- | | | heyuan3@gtht.com | | 登记编号 | S0880525040129 | | | 应镓娴(分析师) | | | 021-23185645 | | | yingjiaxian@gtht.com | | 登记编号 | S0880525040060 | | | 梁中华(分析师) | | | 021-23219820 | | | liangzhonghua@gtht.com | | 登记编号 | S0880525040019 | [Table_Report] 相关报告 结构持续分化 2025.12.07 美联储大概率再降息，日央行或重拾加息 2025.12.07 结构分化延续 2025.11. ...

——2025 年 11 月金融数据点评 本报告导读： M1 增速迅速滑落或受到高基数、财政放缓、居民抢购定期存款等多方面因素的影 响。往后看，我们认为 M1 仍有边际企稳的可能性，财政靠前发力、人民币升值趋 势带动的企业结汇潮是不容忽视的两大因素。 投资要点： 请务必阅读正文之后的免责条款部分 | M1 | 增速：能否企稳 | | [Table_Authors] | 韩朝辉(分析师) | | --- | --- | --- | --- | --- | | | | | | 021-38038433 | | | ——2025 年 11 | 月金融数据点评 | | hanchaohui@gtht.com | | | | | 登记编号 | S0880523110001 | | | | | | 张剑宇(研究助理) | | | | | | 021-38674711 | | | | | | zhangjianyu@gtht.com | | | | | 登记编号 | S0880124030031 | | | | | | 梁中华(分析师) | | | | | | 021-23219820 | | | | | | liangzh ...

多资产的传感器，债市波动的放大器 [Table_Authors] 唐元懋(分析师) 2026 年国债期货策略展望 本报告导读： 期货对现券定价可能更加多变，联动策略更加灵活。 投资要点： 债券研究 /[Table_Date] 2025.12.12 | | | 0755-23976753 | | --- | --- | --- | | | tangyuanmao@gtht.com | | | 登记编号 | S0880524040002 | | | | 孙越(分析师) | | | | 021-38031033 | | | | sunyue6@gtht.com | | | 登记编号 | S0880525080004 | | [Table_Report] 相关报告 超长债上行期：保险买入未放量 2025.12.09 12 月首周大行融出规模显著回升 2025.12.09 降息预期下，美债长端承压会持续多久 2025.12.09 破位还是触底？T、TL 合约分化 20251208 2025.12.08 市场交易活跃度回落，解禁博弈节奏提前 2025.12.07 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 ...

新股精要—国内领先的排水管网维护综合 服务商誉帆科技 ——IPO 专题 本报告导读： 誉帆科技（001396.SZ）是国内较早从事排水管道检测和非开挖修复的企业之一，掌 握多学科检测方法及多类整段修复工艺。2024 年公司实现营收/归母净利润 7.30/1.27 亿元。公司所在行业"M74 专业技术服务业"近一个月（截至 2025 年 12 月 11 日） 静态市盈率为 35.57 倍。 投资要点： 新股研究 /[Table_Date] 2025.12.12 | [Table_Authors] | | | --- | --- | | | 王政之(分析师) | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wangsiqi3@gtht.com | | 登记编号 | S088 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the strategic cooperation between China and France in addressing global climate and environmental challenges, emphasizing the importance of multilateralism and the implementation of international agreements such as the Paris Agreement [5][6][9] - The report indicates that China's carbon emissions growth has significantly slowed, with a 0.6% increase in 2024 compared to 2023, which is lower than the global average of 0.8% [17][19] - The establishment of a green foreign debt pilot program in Shanghai aims to support "dual carbon" key enterprises, with over 300 million RMB in financing for green technology projects [20][22] Policy Developments - China and France issued a joint statement on climate cooperation during President Macron's visit, reaffirming their commitment to international climate agreements and cooperation in various areas such as carbon pricing and methane reduction [5][6][7] - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a draft regulation aimed at enhancing corporate governance and investor protection in listed companies [11][12][13] Industry Trends - The Ministry of Ecology and Environment released the "2025 China Mobile Source Environmental Management Annual Report," indicating that mobile sources are a significant contributor to air pollution, with total emissions reaching 18.582 million tons in 2024 [14][15][16] - The "2024 China Greenhouse Gas Bulletin" shows that China's anthropogenic carbon emissions increased by approximately 0.6% in 2024, reflecting effective implementation of carbon reduction commitments [17][19] - The Shanghai branch of the State Administration of Foreign Exchange has initiated a green foreign debt pilot program, with three key enterprises signing agreements to raise over 300 million RMB for green projects [20][22] International Events - The United Nations Environment Programme (UNEP) released the 2025 Climate Adaptation Gap Report, highlighting a significant funding gap for climate adaptation in developing countries [24][25] - Former President Trump announced plans to roll back fuel economy standards, which could impact environmental progress in the U.S. automotive industry [26][27][28] - Germany's government has agreed to construct hydrogen-compatible gas power plants, potentially delaying the coal phase-out process [29] Corporate Developments - China Gas and EVE Energy have entered a strategic partnership to collaborate on energy storage and green energy projects [30][31] - Hutchison Whampoa has been recognized as an "ESG Leading Company" for three consecutive years, reflecting its commitment to sustainability and responsible governance [32][33]

资讯汇总 [table_Header]2025.12.12 【双碳周报】全国碳市场碳排放配额累计成交量明显下调 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 赵子健(分析师) | | | 021-38032292 | | | zhaozijian@gtht.com | | 登记编号 | S0880520060003 | | | 蔡晨(分析师) | | | 021-38031023 | | | caichen@gtht.com | | 登记编号 | S0880525080002 | | | 王佳(分析师) | | | 010-83939781 | | | wangjia7@gtht.com | | 登记编号 | S0880524010001 | [Table_Report] 往期回顾 【双碳周报】全国碳市场碳排放配额累计成交量 明显下降 2025.12.02 【行业 ESG 周报】中方发布《绿色矿产国际经贸 合作倡议》，超百家企业驰援中国香港大埔火灾 2025.12.02 【ESG 投资周报】本月新发绿色债券 13 只，银 行理财稳步发行 2025.12. ...

资讯汇总 [table_Header]2025.12.12 【ESG 投资周报】本月新发绿色债券 65 只，银行理财稳步发行 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 赵子健(分析师) | | | 021-38032292 | | | zhaozijian@gtht.com | | 登记编号 | S0880520060003 | | | 王佳(分析师) | | | 010-83939781 | | | wangjia7@gtht.com | | 登记编号 | S0880524010001 | | | 蔡晨(分析师) | | | 021-38031023 | | | caichen@gtht.com | | 登记编号 | S0880525080002 | [Table_Report] 往期回顾 【行业 ESG 周报】三大行业将完成首次碳排放配 额清缴，证监会发声逐步完善上市公司可持续披 露制度 2025.11.25 请务必阅读正文之后的免责条款部分 1 of 7 [Table_Summary] 结论：上周（2025 年 12 月 8 日-2025 年 ...

债 券 研 究 12 月 FOMC 如期降息，但前瞻指引偏鹰，压缩了未来宽松空间。美联储提前重启 短端扩表成为最大意外，短期改善流动性。 投资要点： 风险提示：美联储政策超预期，海外债券市场系统性风险。 债券研究 /[Table_Date] 2025.12.12 | | 021-38031722 | | --- | --- | | | wangyifan4@gtht.com | | 登记编号 | S0880524120001 | | | 唐元懋(分析师) | | | 0755-23976753 | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | [Table_Report] 相关报告 12 月 FOMC 会议简评：眼下的鸽与未来的鹰 [Table_Authors] 王一凡(分析师) 本报告导读： 跨年攻势序幕有望开启 2025.12.08 压力测试下转债具备韧性 2025.11.24 REIT 打新策略数据跟踪 2025.10.29 买卖国债如何理解：从"长"计议 2025.10.28 把握反击窗口期 2025.10.26 证 券 研 究 报 告 请务 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 87.50 CNY [4][12]. Core Insights - The company is increasing its investment in carbon fiber structural components, which is expected to benefit from the ramp-up of foldable devices. The introduction of new material numbers for major clients is anticipated to lead to significant growth in 2026 [2][12]. - The company has acquired an 80% stake in Weiste, which specializes in carbon fiber structural components for foldable phones, with projected revenues of 180 million CNY and a net profit of 16 million CNY in 2024 [12]. - The company is also expanding its presence in AI terminal products, with significant collaboration with Meta, expecting accelerated growth in 2026 [12]. Financial Summary - Total revenue is projected to grow from 1,398 million CNY in 2023 to 6,513 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 32.2% [10]. - Net profit attributable to shareholders is expected to increase from 73 million CNY in 2023 to 692 million CNY in 2027, with a notable growth rate of 47.5% in 2027 [10]. - The earnings per share (EPS) is forecasted to rise from 0.55 CNY in 2023 to 5.16 CNY in 2027, indicating strong profitability growth [10]. Market Data - The company's market capitalization is approximately 7,885 million CNY, with a 52-week stock price range of 43.42 CNY to 76.69 CNY [5]. - The current price of the stock is 58.80 CNY, with a price-to-earnings (P/E) ratio of 107.48 for 2023, decreasing to 11.39 by 2027 [12][10].