[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 [Table_Summary] 报告要点： 半导体与半导体生产设 备行业周报、月报 2025 年 12 月 01 日 [Table_Title] 台积电扩充 2/3nm 产能，中国 AI 公司推出 自研 TPU ——行业周报 1）因英伟达等客户长期需求，台积电南科晶圆厂再增加 3nm 产能， 并新建 3 座 2nm 晶圆厂。2）三大原厂在 12 月的 DRAM 合约价涨幅 大幅提高，部分上涨 80%-100%。3）三星与英伟达进行中的 HBM4 进入最后阶段，最快有望在 12 月初公布测试结果，可望缩小与 SK 海 力士的技术差距。4）Meta 和英伟达拟将 GPU 运算核心直接集成至 HBM 底部的基础裸晶中。5）中国 AI 芯片公司中昊芯英最新推出自主 研发的 TPU，成为中国科技产业减少对英伟达技术依赖的重要突破。 风险提示 上行风险：中美贸易摩擦趋缓；半导体产业 AI 相关应用领域增速加 快；苹果加速中国 AI 进展等。 下行风险：下游需求不及预期；国际贸易摩擦加剧；苹果 AI 进展放缓； 其他系统性风险等。 [Tab ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [7]. Core Insights - Current demand is weak, but annual cumulative sales remain within a reasonable range, with retail sales of passenger vehicles in China from November 1-23 at 1.384 million units, a year-on-year decrease of 11% [2][21]. - The report highlights the acceleration of domestic brands in the automotive market, with significant developments in AI and solid-state battery technologies [5][4]. - The automotive industry is witnessing a shift towards self-owned brands revitalizing joint venture capacities, as seen with Changan taking over Beijing Hyundai's Chongqing plant [3][35]. Summary by Sections Weekly Market Review - The automotive sector rose by 3.24% this week, outperforming the CSI 300 index by 1.60 percentage points [13]. - The automotive parts sector saw the highest increase at 4.03%, with notable individual stock performances from GAC Group and BYD [16][17]. Data Tracking - Retail and wholesale sales of passenger vehicles showed a cumulative increase of 6% and 11% year-on-year, respectively, for the year to date [21]. - New energy vehicle retail sales from November 1-23 reached 849,000 units, a 3% increase year-on-year, with cumulative sales for the year up 20% [21]. Industry News - Xiaomi launched its MiMo-Embodied model, marking a significant advancement in integrating autonomous driving with embodied intelligence [29][30]. - GAC Group established the first large-capacity solid-state battery production line in China, capable of producing batteries with over 60 Ah capacity [33]. - Long-term plans for Changan include utilizing the newly acquired Hyundai plant to support its production goals [35]. - NIO reported a record third-quarter revenue of 21.79 billion yuan, with a significant increase in vehicle deliveries [38][39].

Stock Recommendations - 运机集团 (001288.SZ) has a strong order backlog and is expected to increase performance as production capacity ramps up[3] - 道通科技 (688208.SH) reported a 19.59% year-on-year revenue growth in Q3 2025, with a net profit growth of 57.48%[3] - 拓普集团 (601689.SH) is a core supplier for Tesla and Huawei, indicating significant growth potential[3] - 中钨高新 (000657.SZ) is enhancing its tungsten self-sufficiency through quality mine acquisitions, with tungsten prices expected to remain high[3] - 巨人网络 (002558.SZ) achieved a net profit of 1.417 billion yuan in Q3 2025, up 32.31% year-on-year[3] - 潮宏基 (002345.SZ) saw an 81.54% profit growth in Q3 after excluding goodwill impairment[4] Market Performance - The 国元金股组合 achieved a weighted return of 3.45% in November 2025, outperforming the Shanghai Composite Index, which fell by 1.67%[11] - The best-performing stock in the portfolio was 巨人网络, with a return of 17.24%[11] - 中钨高新 had the highest increase in stock price over the past month, rising by 19.16%[18] Risk Factors - Economic recovery and policy support may fall short of expectations, posing risks to the market[5] - Individual companies may face operational risks that could impact performance[5]

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [6][30]. Core Insights - The beauty care sector is seeing significant developments, including L'Oréal's minority stake investment in the Chinese skincare brand LAN and Proya's entry into the PDRN market with a new trademark [3][23]. - E-commerce company Yatsen reported a Q3 revenue of RMB 998 million, a 47.5% year-on-year increase, indicating strong growth in the beauty sector [3][23]. - The report highlights the strategic upgrades of Meili Tianyuan, focusing on brand enhancement, chain expansion, and digital transformation [3][23]. Market Performance - For the week of November 17-21, 2025, the retail, social services, and beauty care sectors experienced declines of 7.24%, 4.86%, and 4.53% respectively, ranking 28th, 15th, and 12th among 31 primary industries [15][16]. - The report notes a general downturn in consumer-focused sub-sectors, with trade, general retail, and tourism experiencing the largest declines of 9.12%, 7.49%, and 5.75% respectively [15][16]. Key Industry Events and News - L'Oréal announced a minority investment in LAN, marking its first investment in a local skincare brand in China [3][23]. - Proya launched a new product line under the "PROYA MED" brand, focusing on scientific and medical attributes [3][23]. - The report mentions significant revenue growth for companies like Yatsen and Meili Tianyuan, with Yatsen's Q3 revenue up 47.5% and Meili Tianyuan announcing strategic upgrades [3][23][24]. Investment Recommendations - The report recommends focusing on companies such as Proya, Giant Bio, Marubi, Runben, and others within the beauty care and new consumption sectors [6][30].

[Table_Main] 行业研究|有色金属 证券研究报告 有色金属行业双周报 2025 年 11 月 25 日 [Table_Title] 贵金属价格持续震荡，锑价回涨明显 ——有色金属行业双周报 [Table_Summary] 报告要点： 行情回顾：近 2 周申万有色金属指数下降 5.76% 近 2 周（2025.11.10-2025.11.21），有色金属行业指数下降 5.76%， 跑输沪深 300 指数，在 31 个申万一级行业中排名第 22。从细分领域 看，能源金属（-2.70%）和工业金属（-6.85%）、金属新材料（-10.20%）、 贵金属（-0.65%）、小金属（-6.43%）、均有不同程度下降。 金属价格：锑价回升，钴价涨幅领跑 截至 11 月 21 日，COMEX 黄金收盘价为 4062.80 美元/盎司，近 2 周 上涨 1.37%；COMEX 白银收盘价为 49.66 美元/盎司，近 2 周上涨 2.98% LME 铜现货结算价为 10,685.50 美元/吨，近 2 周下跌 0.32%； LME 铝现货结算价为 2,766 美元/吨，近 2 周下跌 2.66%；黑钨精矿 （≥65% ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [6] Core Insights - The low-altitude economy is experiencing robust development with significant progress in commercial operation regulations and ecological application scenarios [2] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [3] Weekly Market Review - From November 16 to November 21, 2025, the Shanghai Composite Index fell by 3.90%, the Shenzhen Component Index by 5.13%, and the ChiNext Index by 6.15%. The Shenwan Mechanical Equipment Index decreased by 4.78%, underperforming the CSI 300 Index by 1.01 percentage points, ranking 13th among 31 Shenwan first-level industries [1][11] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 5.73%, 5.48%, 5.93%, 1.65%, and 4.41% respectively [1][11] Key Sector Tracking - The low-altitude economy is supported by new regulations from the Civil Aviation Administration of China, which aims to ensure the safety and standardization of low-altitude commercial transport [2] - The engineering machinery sector's import and export trade amounted to USD 4.844 billion in October 2025, with exports growing by 1.29% year-on-year [3] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar [4] - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Giant Star Technology and Quan Feng Holdings for the export chain [4]

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 [Table_Summary] 报告要点： 当前需求偏弱，但年度累计仍处超预期区间 乘用车：11 月 1-16 日，全国乘用车市场零售 88.6 万辆，同比去年 11 月 同期下降 14%，较上月同期下降 6%，今年以来累计零售 2,014.2 万辆， 同比增长 7%；11 月 1-16 日，全国乘用车厂商批发 102.1 万辆，同比去 年11月同期下降14%，较上月同期增长14%，今年以来累计批发2,479.5 万辆，同比增长 11%。 新能源：11 月 1-16 日，全国乘用车新能源市场零售 55.4 万辆，同比去 年 11 月同期增长 2%，较上月同期增长 7%，今年以来累计零售 1,070.3 万辆，同比增长 21%；11 月 1-16 日，全国乘用车厂商新能源批发 61.8 万辆，同比去年 11 月同期增长 1%，较上月同期增长 17%，今年以来累 计批发 1,267.5 万辆，同比增长 28%。 国内主要车企推动多策略出海，中国汽车全球化趋势明确 11 月 18 日，零跑汽车透露与一汽集团的合作已取得实质性进展。 ...

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (November 17-23, 2025) saw a decline in major indices, with the Shanghai Composite Index down 3.90%, the Shenzhen Component Index down 5.13%, and the ChiNext Index down 6.15%. The telecommunications sector, represented by the Shenwan Communications Index, also experienced a decline of 2.51% [2][11]. - Among the sub-sectors, the telecommunications network equipment and devices had the lowest decline at 1.76%, while telecommunications cables and supporting equipment saw the highest decline at 6.09% [2][14]. - Notable individual stock performances included Dekeli with a rise of 24.82%, Shida Group at 18.16%, and Guangku Technology at 14.86% [2][16]. Summary by Sections Market Overview - The telecommunications sector experienced a general downward trend, with the Shenwan Communications Index declining by 2.51% during the week [2][11]. - The sub-sectors showed varied performance, with telecommunications network equipment and devices declining the least at 1.76%, while telecommunications cables and supporting equipment faced the most significant drop at 6.09% [2][14]. Key Company News - Nvidia reported strong third-quarter results for FY2026, with revenue reaching $57 billion, a year-on-year increase of 62.5% and a quarter-on-quarter increase of 22%. The data center segment accounted for 90% of total revenue, highlighting its role as a key growth driver [3][18]. - The Ministry of Industry and Information Technology (MIIT) initiated commercial trials for satellite IoT services, aiming to enhance the satellite communication market and support emerging industries [4][20]. Investment Focus Areas - The report suggests focusing on the computing power industry chain and the satellite industry chain, particularly in light of Nvidia's strong performance and the launch of satellite IoT services [3][4].

2025 年 11 月 25 日星期二 【实时热点】 苹果罕见裁员 5 年期美债收益率跌 2.62 个基点报 3.593% 10 年期美债收益率跌 3.66 个基点报 4.027% 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 雷军斥资超 1 亿港元增持小米 260 万股 【美国债市】 2 年期美债收益率跌 1.06 个基点报 3.495% 券 研 究 报 告 美联储沃勒主张在 12 月降息 特朗普下令启动"创世使命" 计划 大力推动 AI 科研革命 北美 LNG 出口激增 50% 大西洋航线运费延续猛涨态势 12 条中日航线取消全部航班 标普：上调中国明年 GDP 预测至 4.4% 中国 1-10 月全国累计发电装机容量同比增 17.3% 中国 10 月共销售彩票 468.93 亿元 同比增 6% 亚马逊宣布大手笔数据中心投资 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- | | 波罗的海干散货 | ...

Investment Rating - The report maintains a "Recommendation" rating for the semiconductor and semiconductor production equipment industry [5] Core Insights - The report highlights that the expansion of DRAM production capacity by original manufacturers is squeezing NAND production capacity, leading to a tight supply situation [1] - Global smartphone sales are beginning to slow down, with Q3 2025 shipments estimated at approximately 300 million units, a year-on-year increase of about 0.5% [22] - The global wafer foundry revenue is expected to reach $199 billion in 2025, a year-on-year increase of 25%, and is projected to exceed $230 billion in 2026 due to the expansion of AI applications [27] Market Indices - The overseas AI chip index fell by 5.05% this week, with AMD and Marvell down 17.4% and 10.4% respectively [1][10] - The domestic AI chip index also decreased by 5.3%, with significant declines in companies like Hengxuan Technology and Zhaoyi Innovation [1][10] - The storage chip index dropped by 15.3%, with Shannon Semiconductor experiencing a decline of 27.6% [1][15] Industry Data - Chinese panel manufacturers are accelerating the expansion of AMOLED production capacity, expected to increase their global share from 34% in 2020 to 48.2% by 2025 [23] - The global wafer foundry market is projected to grow significantly, reaching $3.9 trillion by 2030 [27] - DRAM prices have seen a cumulative increase of 50% this year, with current market prices for DDR5 and DDR4 showing significant discrepancies [30][31] Major Events - Samsung plans to expand its 2nm foundry process capacity to 21,000 wafers per month by the end of 2026, a growth of 163% from the end of 2024 [39] - SK Hynix anticipates adding 20,000 wafers of 1c DRAM capacity by the end of 2025, with further expansions planned for 2026 [41] - Apple has significantly increased its chip orders from TSMC, expecting to add 4 to 5 million A19 and A19 Pro chips in the next two months [42]