Group 1 - The new stock and newly listed sector continues to exhibit a speculative trend, with localized highlights becoming more pronounced. The current adjustment cycle has lasted nearly four months, and the negative impact from the failure to reach a bottom in early December is expected to have been digested over the past few weeks. A turning point for this adjustment cycle may be approaching [1][2][13] - The average increase in the new stock sector since the beginning of 2024 is approximately 1.2%, with about 60.1% of stocks achieving positive returns, indicating a recovery from the previous week’s average decline of -2.0% [1][13][28] - External catalysts are increasing, including the central bank's encouragement to raise long-term capital investment in A-shares, which may boost overall market risk appetite. Additionally, the Shanghai Stock Exchange's new listing standards for commercial aerospace companies may enhance trading enthusiasm in current popular themes [2][13] Group 2 - The focus remains on technology sectors, particularly in areas such as AI computing power, robotics, and commercial aerospace, which have significant long-term growth potential. Continuous attention and active search for emerging hotspots within these sectors are recommended [3][13] - For sectors that are currently popular, it is advised to manage the rhythm of adjustments and consider rotational investments, including innovative pharmaceuticals, new energy, new consumption, and non-ferrous chemicals [3][13] Group 3 - Upcoming new stocks include Qiangyi Co., Yufan Technology, Shuangxin Environmental Protection, and Hengdong Light [4][33] - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 18.7X and an average subscription success rate of 0.0210% [5][21] - The average first-day increase for newly listed stocks last week was approximately 265%, indicating sustained high trading enthusiasm, although this was a slight decrease from the previous week’s average of 343% [5][25][26]

一月春季行情延续，科技和周期占优 定期报告 投资要点 2025 年 12 月 27 日 策略类●证券研究报告 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 相关报告 新股次新板块弱势博弈，新一轮活跃周期尚 在酝酿-华金证券新股周报 2025.12.21 春季行情开启中，聚焦成长 2025.12.20 局部人气聚集推升新股板块交投意愿，但活 跃周期开启可能仍待观察-华金证券新股周 报 2025.12.14 春季行情中行业如何轮动？ 2025.12.13 挖掘经济潜能，股市慢牛延续 2025.12.12 复盘历史，春季行情提前启动时 A 股 1 月表现偏强，主要受政策和外部事件、流 动性等因素影响。（1）春季行情提前启动时 A 股 1 月表现多偏强。（2）影响 1 月 A 股走势的主要因素是政策和外部事件、流动性等。一是政策和外部事件是影响 1 月 A 股走势的核心因素：首先，积极的政策和外部事件可能导致上证综指上涨， 如 2019 ...

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [6] Core Insights - The humanoid robot industry is entering a phase of accelerated commercialization, driven by a significant increase in the number of new product launches and growing order volumes. The report highlights that many components of humanoid robots share technology with the automotive industry, suggesting investment opportunities in companies with both brain and hardware iteration capabilities, such as XPeng Motors, Xiaomi Group, and others [6][30] - The report notes that the humanoid robot index increased by 4.61% from December 22 to December 26, 2025, outperforming the CSI 300 index by 2.66 percentage points [3][46] Summary by Sections 1. Humanoid Robot Commercialization - The milestone of the 5000th humanoid robot produced by Zhiyuan marks the entry into large-scale commercial use. The cumulative output includes 1742 units of the Expedition A1/A2, 1846 units of the Lingxi X1/X2, and 1412 units of the Spirit G1/G2 [4][10] - The report emphasizes the rapid commercialization of humanoid robots, with significant orders and application scenarios being upgraded. The financing scale and frequency in the humanoid robot sector are also noted to be high, with multiple financing rounds exceeding 1 billion RMB [30][31] 2. Market Performance - The humanoid robot index showed a weekly increase of 4.61%, while the CSI 300 index rose by 1.95%, indicating strong market performance for humanoid robots [3][46] - The report provides a detailed overview of key companies and their performance, highlighting significant orders and partnerships that contribute to the industry's growth [31][35] 3. Key Company Announcements - Zhiyuan's humanoid robots are being deployed in various sectors, including industrial manufacturing and service industries, with notable partnerships established with leading companies like CATL and Bosch [5][36] - The report outlines significant financing events, such as Galaxy General Robotics completing over 300 million USD in new financing, which sets a record for single-round financing in the field of embodied intelligence [5][30] 4. Investment Recommendations - The report suggests focusing on companies that possess both the brain and hardware iteration capabilities, as well as those with the ability to industrialize humanoid robot components. Specific companies mentioned include Top Group, Sanhua Intelligent Control, and CATL among others [6][30]

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the relevant market index by more than 15% over the next 6-12 months [40]. Core Insights - The company focuses on the research, manufacturing, and sales of passive optical devices in the optical communication field, with major business segments including passive optical fiber cabling, passive internal optical devices, and related supporting businesses [7][14]. - The company has shown significant revenue growth, with projected revenues of CNY 4.75 billion, CNY 6.13 billion, and CNY 13.15 billion for the years 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 19.74%, 29.03%, and 114.40% [8][30]. - The company is well-positioned to benefit from the rapid growth in downstream sectors such as AI data centers, with over 80% of its revenue derived from this area [30][31]. Financial Performance - The company achieved a net profit of CNY 0.55 billion, CNY 0.65 billion, and CNY 1.48 billion for the years 2022, 2023, and 2024, with year-over-year growth rates of 347.21%, 16.62%, and 128.71% respectively [8][30]. - For the first half of 2025, the company reported revenues of CNY 16.25 billion, a 91.38% increase year-over-year, and a net profit of CNY 2.24 billion, up 123.75% from the previous year [8][30]. Industry Overview - The optical communication industry is experiencing steady growth, driven by increasing demand for high bandwidth and low latency solutions in data centers and telecommunications [15][20]. - The market size for optical communication in China is projected to grow from CNY 1,266 billion in 2021 to CNY 1,473 billion by 2024, with a compound annual growth rate of 5.18% [15][18]. Competitive Position - The company has established itself as a significant supplier of passive optical devices globally, with a strong customer base including major players like Google, Amazon, and Microsoft [30][31]. - The company is actively developing new products to meet the evolving demands of the market, including high-density optical fiber connectors and advanced passive optical devices [31][32]. Investment Projects - The company plans to invest in three main projects through its IPO proceeds, including the expansion of its manufacturing base in Guilin, a production base in Vietnam, and the establishment of an optical research and development center [33][34].

Group 1 - The new stock and newly listed sector is currently experiencing a weak and volatile trading environment, with a potential new active cycle still in the making [1][14] - The average increase of new stocks listed since 2024 is approximately -2.0%, with about 30.2% of new stocks achieving positive returns [1][30] - The trading enthusiasm for new stocks has encountered obstacles, but the overall trend of capital inflow remains intact, indicating that the sector's funds are gradually becoming more active [2][14] Group 2 - The average issuance price-to-earnings (P/E) ratio for new stocks last week was 32.2X, with a relatively high P/E ratio of 62.0X for a specific stock [5][24] - Last week, the average first-day increase for newly listed stocks was over 340%, indicating a return to a relatively excited trading sentiment [5][28] - The average first-day closing P/E ratio for newly listed stocks in December has risen, reflecting a heightened revaluation of new stocks [19][20] Group 3 - The focus remains on technology sectors, particularly those related to AI computing and robotics, which are expected to continue evolving and have significant long-term growth potential [3][14] - The upcoming new stocks include companies from various sectors, with specific attention to their performance metrics and market positioning [4][39] - The average issuance P/E ratio for upcoming new stocks is projected to be 37.8X, indicating a slight increase in pricing expectations [35][36]

Market Concerns and Spring Market Outlook - The current market is concerned about the economic resilience in the medium to long term, with stock prices already reflecting pessimistic expectations sufficiently. November economic data showed a decline in retail sales and investment growth, but an increase in export growth, indicating structural recovery in consumption [7][12][16] - The impact of the Bank of Japan's interest rate hike on A-shares is limited. Historical data shows that the negative impact on US stocks is greater and more persistent than on A-shares. A-shares have historically shown resilience following such rate hikes [16][18] Spring Market Potential - The core factors influencing the initiation of the spring market include policies, external events, liquidity, and valuation sentiment. Historical patterns indicate that A-shares often experience adjustments before the spring market begins, with 15 out of 16 past spring markets showing some form of adjustment prior to initiation [24][26] - There is a possibility of a short-term spring market opening, with A-shares maintaining a slow bull trend. Short-term policies are expected to remain positive, and external risks are limited, with potential for further policy support to stimulate consumption [33][34] Industry Allocation - The technology growth sector is expected to maintain its advantage in the short term, with a shift in style being difficult due to high valuations and sentiment. Current valuations in technology sectors remain neutral to high, and liquidity may continue to ease [33][41] - There are potential allocation opportunities in certain consumer sectors supported by policy, particularly as the year-end approaches. The technology growth and some cyclical sectors may benefit from the Bank of Japan's interest rate hike [33][34][41] - Current sentiment and PEG ratios in sectors such as pharmaceuticals, media, and electric equipment are low, indicating potential for growth. A balanced allocation strategy is recommended across technology growth, cyclical, and consumer sectors [33][41]

Investment Rating - The investment rating for the company is "Buy," indicating an expected increase in stock price relative to the market index by more than 15% over the next 6-12 months [38]. Core Insights - The company, Shaanxi Tourism (603402.SH), operates in the tourism sector, integrating tourism performances, cable cars, dining, and project investment and management. It is recognized as a leader in the cultural tourism industry in Shaanxi Province, leveraging its rich cultural heritage and natural resources [7][27]. - The company has shown significant revenue growth from 2022 to 2024, with projected revenues of CNY 2.32 billion, CNY 10.88 billion, and CNY 12.63 billion, reflecting year-over-year growth rates of -36.01%, 386.05%, and 17.86% respectively [8][34]. - The company is expected to face a decline in revenue and net profit in 2025, with forecasts indicating a decrease of 11.54% in revenue and 14.80% in net profit [2][34]. Financial Performance - The company reported revenues of CNY 2.32 billion in 2022, CNY 10.88 billion in 2023, and CNY 12.63 billion in 2024, with corresponding net profits of CNY -0.72 billion, CNY 4.27 billion, and CNY 5.12 billion [8][34]. - For the first three quarters of 2025, the company achieved revenues of CNY 8.89 billion, a decrease of 18.80% year-over-year, and a net profit of CNY 3.69 billion, down 26.93% from the previous year [8]. Industry Overview - The tourism industry in China has been experiencing robust growth, with domestic tourism reaching 3.15 trillion CNY in revenue in the first half of 2025, a 15.2% increase year-over-year [16][20]. - Shaanxi Province is a significant cultural and historical tourism destination, with government initiatives aimed at enhancing its tourism infrastructure and promoting cultural heritage [20][25]. Company Highlights - The company is a pioneer in cultural tourism in Shaanxi, with its flagship performance "The Long Hate Song" being a major cultural attraction [27]. - The company has developed a strong brand presence in tourism performances, cable cars, and dining, with notable projects including the West Peak Cableway and the Tang Le Palace restaurant [7][27]. - The company plans to expand its performance offerings and enhance its operational capabilities through various investment projects, including the construction of new cultural performance venues [30][33].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is considered a strong player in its industry due to its market position and growth potential [38]. Core Insights - The company, Shuangxin Environmental Protection, is a leading player in the domestic polyvinyl alcohol (PVA) industry, with a complete circular economy industrial chain from limestone to calcium carbide, vinyl acetate, polyvinyl alcohol, and specialty fibers [28][29]. - The company has shown a decline in revenue and net profit from 2022 to 2024, with projected growth in 2025, indicating a potential recovery phase [10][35]. - The company is actively expanding its product offerings and market reach, focusing on high-value-added PVA products and downstream applications [29][30]. Financial Performance - The company achieved operating revenues of 5.061 billion yuan in 2022, 3.783 billion yuan in 2023, and 3.486 billion yuan in 2024, with year-over-year changes of 11.97%, -25.25%, and -7.85% respectively [10][5]. - The net profit attributable to the parent company was 808 million yuan in 2022, 558 million yuan in 2023, and 521 million yuan in 2024, with year-over-year changes of 3.48%, -30.91%, and -6.65% respectively [10][5]. - For the first half of 2025, the company reported operating revenue of 2.668 billion yuan, a 2.68% increase compared to the same period in 2024, and a net profit of 404 million yuan, a 2.01% increase [10]. Industry Overview - The company operates in the calcium carbide and polyvinyl alcohol industries, which are critical to the chemical sector in China, with the country being the largest producer and consumer of calcium carbide globally [16][21]. - The domestic calcium carbide production capacity was approximately 42 million tons in 2024, with a utilization rate of 74% [16]. - The polyvinyl alcohol market is also growing, with China's production capacity accounting for about 60% of the global total, indicating strong domestic demand and potential for further growth [21][27]. Competitive Position - Shuangxin Environmental Protection is one of the top three players in the domestic PVA industry, with significant market share and established relationships with major clients both domestically and internationally [28][29]. - The company has formed strategic partnerships, such as with Mitsubishi Chemical, enhancing its market presence and product offerings [28]. - Compared to its peers, the company has a lower revenue scale but a higher sales gross margin, indicating strong operational efficiency [35][36].

Group 1 - The new stock sector is experiencing increased trading willingness due to localized popularity, but the overall active cycle may still require observation [1][12] - The average increase of new stocks listed since 2024 is approximately 1.5%, with about 54.2% of stocks achieving positive returns [1][12] - The recent performance of specific new stocks, such as Moer Thread, has significantly boosted trading activity, indicating a potential rise in investor interest [1][12] Group 2 - The average issuance price-earnings ratio for new stocks in December has slightly increased, with the main board's average at 27.1X, up from 24.3X the previous month [13][19] - The first-day average closing price-earnings ratio for new stocks on the main board in December is 102.8X, significantly higher than the previous month's average of 63.1X [16][19] - The first-day trading enthusiasm for new stocks has cooled, with an average first-day increase of only 146.6%, compared to 350% in the previous week [24][25] Group 3 - Upcoming new stocks include Angrui Micro and Muxi Co., with average issuance price-earnings ratios of 33.7X for the new stocks expected to be listed [3][31] - The new stocks set to be issued this week include 7 stocks across various boards, maintaining a good subscription profit effect [31][32] - Specific companies like Jianxin Superconducting and Shuangxin Environmental Protection are highlighted for their potential, with significant expected revenue growth [32][35]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [4][10] Core Viewpoints - The AI competition landscape is deepening in multiple dimensions, accelerating the evolution of ecological applications [2] - AI creative and reasoning applications are entering a high growth phase, with programming and role-playing becoming core scenarios [7] - The report highlights the significant user growth and engagement in the AI creative sector, with active users exceeding one million for leading products [7] Summary by Relevant Sections Industry Performance - The relative return over 1 month is -0.86%, over 3 months is -7.8%, and over 12 months is -4.17% [6] - The absolute return over 1 month is -3.01%, over 3 months is -7.71%, and over 12 months is 9.95% [6] AI Creative Sector Insights - In November 2025, over 200 AI creative web products had a total visit count exceeding 27 million, with independent visitors surpassing 7.7 million [7] - Leading products like Jimeng AI and Gaoding AI have over one million active users, with significant growth in independent visitor numbers for Canva and Keling AI [7] - The average usage time for several products exceeds 8 minutes, indicating strong user engagement [7] AI Development Trends - The AI development is entering a "great divergence" phase, with open-source models capturing 30% of traffic globally, and Chinese open-source models leading in specific scenarios [7] - The report notes a shift from generating text to problem-solving capabilities in AI, with programming requests increasing from 11% to over 50% [7] - The multi-model ecosystem is becoming clearer, with closed-source models handling high-value tasks and open-source models focusing on low-cost, high-concurrency needs [7] Investment Recommendations - The report suggests focusing on companies such as BlueFocus, Kunlun Wanwei, Tianyu Digital Science, Yinsai Group, Visual China, and HuiLiang Technology as potential investment opportunities [7]