Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing high dividends and capital operations as dual engines for growth [1]. Core Insights - The transportation sector has shown mixed performance, with the overall industry ranking 8th among 31 sectors in terms of growth, having increased by 1.68% from December 1 to December 19, 2025, outperforming the CSI 300 index by 0.76 percentage points [12][13]. - The report highlights that the dividend yield for major segments within the transportation sector, including highways, railways, and ports, remains in the 3%-4% range, with coal and banking sectors leading in yield [27][21]. - The report identifies several high-dividend stocks in the A and H-share markets, recommending companies such as Sichuan Chengyu Expressway (6.0% yield) and China Merchants Port (5.8% yield) as attractive investment opportunities [21][22]. Monthly Market Performance - The report notes that the performance of dividend assets in December 2025 was generally underwhelming, with highway, railway, and port segments showing cumulative changes of -1.45%, +1.12%, and +1.21%, respectively [13][11]. - The average daily transaction volume for ports increased by 26.7% year-on-year, while highway and railway transaction volumes decreased by 5.5% and 34.8%, respectively [26][23]. - The report indicates that the low interest rate environment continues to support the market, with the 10-year government bond yield remaining stable around 1.83% [25][23]. Capital Operations - Sichuan Chengyu plans to acquire 85% of Hubei Jingyi Expressway for 2.409 billion yuan in cash, shifting from a stock issuance to a cash purchase to avoid equity dilution [32]. - Ninghu Expressway is increasing its investment in the Jiangsu Longtan Bridge project by 3.26964 billion yuan, enhancing its stake in the project [34]. - Qingdao Port has terminated its cash acquisition of the Rizhao Port oil terminal due to potential business impacts from legal issues, prioritizing shareholder interests [35]. Highway Sector Tracking - In October 2025, highway passenger traffic was reported at 975 million, a decrease of 3.7% year-on-year, while freight traffic showed a slight increase of 0.1% [36]. - The report highlights the revenue performance of key companies, such as Gansu Expressway, which reported a slight decline in toll revenue for November 2025 [44]. Railway Sector Tracking - Railway passenger volume reached 410 million in October 2025, marking a 10.1% increase year-on-year, while freight volume showed a modest increase of 0.6% [52]. - The report notes that the Daqin Railway achieved a freight volume of 37.22 million tons in November 2025, reflecting a year-on-year growth of 1.75% [59]. Port Sector Tracking - The report indicates that monitored port cargo throughput reached 1.078 billion tons over four weeks, with a year-on-year growth of 2.6% [63]. - Container throughput for the year-to-date reached 31.0469 million TEUs, reflecting a 7.7% increase compared to the previous year [63].

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, anticipating that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [42]. Core Insights - The official launch of the Hainan Free Trade Port's full island closure policy is expected to significantly boost the tourism and hotel sectors, leading to a surge in market expectations for Hainan tourism. There has been a substantial year-on-year increase in flight and hotel bookings for the New Year and Spring Festival holidays, particularly in Sanya, where the demand for cross-year travel is notably high. The hotel and tourism sectors have shown strong performance, leading the consumer services industry, reflecting positive market expectations for the long-term benefits of the closure policy [4][34]. - The report identifies several key investment opportunities, including hotels with balanced supply and demand, human resource services with clear industry trends, the duty-free sector benefiting from new policies, and internet platforms integrating online and offline operations [4]. Industry Basic Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services industry experienced a weekly increase of 2.66%, outperforming the overall A-share market, which saw a decline of 0.15%. The CSI 300 index also fell by 0.28%, while the consumer services index rose by 3.76% [7][24]. - The report highlights that the hotel sector saw a weekly increase of 2.70%, while the tourism and scenic areas sector increased by 3.42% [18]. Notable Announcements - Key announcements include a report from Beijing Human Resources showing a shareholding reduction by a major shareholder and a significant increase in revenue and net profit for China Education Holdings [30][32].

行业研究 证 券 研 究 报 告 保险行业重大事项点评 资负管理要求将深化，多维度匹配督促行业 推荐（维持） 行稳致远 华创证券研究所 证券分析师：陈海椰 邮箱：chenhaiye@hcyjs.com 执业编号：S0360525070004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 （2）收入覆盖率=（保险服务收入+综合投资收益）÷综合成本，最低监管标准为不低于 100%。 （3）压力情景下流动性覆盖率的计算按照国家金融监督管理总局有关流动性风险监管规 则执行，最低监管标准为不低于 100%。 人身保险公司资产负债管理监管指标包括有效久期缺口，综合投资收益覆盖率、净投资 收益覆盖率、压力情景下流动性覆盖率，监测指标包括修正久期缺口、基点价值变动率、 利差三（新增固定收益类资产到期收益率与新业务负债最低要求回报率差额）、利差四（会 计投资收益率与负债保证成本率差额）、压力情景下的利差、流动性匹配率，以及分大类 账户的成本收益匹配指标和流动性匹配指标。其中： 事项： 12 月 19 日，《保险公司资产负债管理办法（征求意见稿） ...

公司研究 证 券 研 究 报 告 五粮液（000858）1218 共商共建共享大会点评 强推（维持） 补贴渠道，份额优先 目标价：215 元 事项： 公司召开 1218 共商共建共享大会，会上公司交流理性坦诚，客观总结 2025 年 成果与不足，对 26 年进行规划和部署，同时发布马年生肖酒新品。我们前往 参会并点评如下： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 89,175 | 72,234 | 72,533 | 77,794 | | 同比增速(%) | 7.1% | -19.0% | 0.4% | 7.3% | | 归母净利润(百万) | 31,853 | 23,507 | 23,882 | 26,317 | | 同比增速(%) | 5.4% | -26.2% | 1.6% | 10.2% | | 每股盈利(元) | 8.21 | 6.06 | 6.15 | 6.78 | | 市盈率(倍) | 13 | 18 | 1 ...

债券研究 证 券 研 究 报 告 【债券周报】 存单周报（1215-1221）：跨年后或进入"供 需双强"格局 债券周报 2025 年 12 月 21 日 华创证券研究所 证券分析师：周冠南 电话：010-66500886 邮箱：zhouguannan@hcyjs.com 执业编号：S0360517090002 证券分析师：宋琦 电话：010-63214665 邮箱：songqi@hcyjs.com 执业编号：S0360523080002 相关研究报告 《【华创固收】政策双周报（0530-0612）：买断 式逆回购前置操作，中美经贸磋商原则上达成框 架 》 2025-06-12 《【华创固收】评级披露仍较缓慢，关注权益轮 动向转债传导——可转债周报 20250609》 2025-06-09 《【华创固收】央行开始买债了吗？——债券周 报 20250608》 2025-06-08 《【华创固收】存单周报（0602-0608）：资金预 期有所缓和，关注存单配置价值》 2025-06-08 《【华创固收】关注震荡市场利差被动走阔的加 仓机会——信用周报 20250607》 2025-06-07 证监会审核华创证券投 ...

| | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,178 | 4,335 | 4,691 | 5,316 | | 同比增速(%) | 9.0% | 3.7% | 8.2% | 13.3% | | 归母净利润(百万) | 194 | 175 | 253 | 328 | | 同比增速(%) | -3.0% | -10.1% | 44.5% | 29.8% | | 每股盈利(元) | 0.19 | 0.17 | 0.25 | 0.32 | | 市盈率(倍) | 90 | 101 | 70 | 54 | | 市净率(倍) | 5.8 | 5.6 | 5.4 | 5.1 | 证 券 研 究 报 告 四川九洲（000801）重大事项点评 推荐（维持） 拟收购控股股东旗下射频业务资产组，优化 产业布局、推进补链强链 1）提高公司在射频领域的综合竞争力及行业地位。上市公司主营业务包括空 管、智能终端、微波射频三大领域，微波射频主要面向军方市场，应用于航空、 航天、电子、兵器、船舶等行业的通讯、雷达、电子对抗、 ...

证 券 研 究 报 告 【债券周报】 信用利差多数走阔，优先布局中短端票息资产 ——信用周报 20251221 （1）1y 品种：当前收益率主要分布在 1.72%-1.80%区间，利差在 2024 年以来 中枢水平以下 13-19BP，本周利差小幅回升，但性价比仍相对较低。 （2）2-3y 品种：收益率主要分布在 1.83%-2.10%区间，利差在 19-42BP 区间， 考虑增值税新规对国开债曲线影响后（按 3%税率估算，影响约 5BP），2-3y 信 用品种利差在 2024 年以来中枢水平附近。考虑到后续基金和理财对短端品种 的配置需求较高，可优选底仓品种，优先布局明年中短端票息资产。 （3）4-5y 品种：收益率主要分布在 2.0%-2.35%区间，利差在 26-55BP 区间。 本周 4-5y 品种利差走阔，尤其低等级品种，主要受地产债及周期债调整影响， 票息配置性价比边际回升。在 3y 以内短端极致拥挤的情况下，基金和理财或 拉长久期至 4-5y 品种博取收益，但需求力量较今年或整体有所减弱、波动性 或增强。从季节性看，12 月信用利差压缩动能通常有限，一季度非银配置力 量逐渐增强、债市利空因素边际 ...

证 券 研 究 报 告 转债市场日度跟踪 20251219 市场概况：19 日转债跟随正股上涨，估值抬升 指数表现：中证转债指数环比上涨 0.38%、上证综指环比上涨 0.36%、深证成 指环比上涨 0.66%、创业板指环比上涨 0.49%、上证 50 指数环比上涨 0.19%、 中证 1000 指数环比上涨 0.79%。 市场风格：小盘价值相对占优。大盘成长环比上涨 0.40%、大盘价值环比下降 0.17%、中盘成长环比上涨 1.05%、中盘价值环比上涨 0.91%、小盘成长环比 上涨 0.97%、小盘价值环比上涨 1.07%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 712.04 亿元，环比 增长 11.42%；万得全 A 总成交额为 17487.42 亿元，环比增长 4.29%；沪深两 市主力净流出 44.44 亿元，十年国债收益率环比降低 0.48bp 至 1.83%。 转债价格：转债中枢提升，高价券占比提升。转债整体收盘价加权平均值为 132.77 元，环比上升 0.35%。其中偏股型转债的收盘价为 192.56 元，环比下降 1.43%；偏债型转债的收盘价为 119.54 元，环比上升 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved in the development of oral SERDs for breast cancer treatment. Core Insights - The report highlights the recent FDA approval of Imlunestrant, an oral SERD developed by Eli Lilly, for the treatment of ER+/HER2–/ESR1 mutant advanced or metastatic breast cancer, marking it as the second oral SERD approved after Elacestrant [18][19] - The EMBER-3 trial results indicate that Imlunestrant significantly improves progression-free survival (PFS) compared to standard endocrine therapy, with a median PFS of 5.5 months versus 3.8 months for standard therapy [23] - Giredestrant, developed by Roche, has shown positive results in the III phase evERA trial, demonstrating significant benefits in PFS compared to standard treatment in patients previously treated with CDK4/6 inhibitors [27] - Camizestrant, another oral SERD from AstraZeneca, has shown promising efficacy in the SERENA-6 trial, with a median PFS of 16.6 months when combined with CDK4/6 inhibitors [33] Summary by Sections Section 1: Focus on Innovative Drugs - The report reviews the advancements in innovative drugs, particularly in the field of breast cancer treatment, emphasizing the importance of oral SERDs [2][5] Section 2: Current Status of ER+ Breast Cancer Therapies - The report discusses the current landscape of therapies for ER+ breast cancer, including the mechanisms of action for various anti-estrogen therapies and the challenges of resistance faced by patients [10][8] Section 3: Clinical Development of New Oral SERDs - The report details the clinical development progress of several new oral SERDs, including Imlunestrant, Giredestrant, and Camizestrant, highlighting their respective phases and trial outcomes [12][11][33] Section 4: Market Dynamics and Company Performance - The report provides insights into the market dynamics of the biotech sector, including stock performance of key companies involved in the development of innovative cancer therapies [46][49]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, focusing on AI equipment and consumables, as well as nuclear fusion [1]. Core Insights - The AI wave is initiating a new cycle in intelligent manufacturing, shifting investment focus towards assets that can define the future and support the AI trend [18]. - The nuclear fusion sector is accelerating, with significant project announcements indicating a robust investment environment, projecting a global market size nearing 500 billion USD by 2030 [6][22]. - The report emphasizes the importance of monetary and fiscal policies in stimulating domestic demand, suggesting a new recovery cycle for the equipment industry [6]. Summary by Sections Industry and Company Investment Views - The mechanical industry is expected to benefit from the AI trend, with human-like robots and AI PCB equipment being key areas of growth [18][20]. - Solid-state batteries are projected to see accelerated development, with significant capital expenditure expected in the equipment sector [21]. - The report highlights the potential of controlled nuclear fusion as a sustainable energy source, with ongoing projects enhancing the industry's viability [22]. - Domestic demand for construction machinery is recovering, supported by large infrastructure projects and a global economic rebound [23]. Key Company Earnings Forecasts and Valuations - Companies such as 汇川技术 (Inovance Technology), 法兰泰克 (Falan Tech), and 信捷电气 (Xinjie Electric) are rated as "Strong Buy" with projected EPS growth and favorable PE ratios [2][7]. - The report lists several companies across various sectors, including AI equipment, robotics, and engineering machinery, as key investment opportunities [6][19]. Market Performance - The mechanical sector has shown a mixed performance, with a recent decline of 1.7% in the sector index, while individual stocks have varied significantly in their weekly performance [10][14]. - The report notes that the overall market sentiment remains cautious, with fluctuations in stock prices reflecting broader economic conditions [10][14].