Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the robust growth of emerging consumer goods, reflecting the new consumption concepts developed by the younger generation in the current social environment. Understanding this new consumption narrative is crucial for capturing the growth of new consumer companies [4][15] - The report suggests focusing on high-quality domestic brands with strong professionalism and innovation in the beauty and skincare sector, such as Mao Geping and Shangmei [4][15] - In the gold and jewelry sector, it recommends attention to leading brands in the ancient gold segment that are favored by younger consumers, such as Laopu Gold and Chaohongji [4][15] - For trendy toys, companies with successful experience in IP creation and operation, like Pop Mart, are highlighted [4][15] - In the ready-to-drink tea segment, it advises focusing on strong brand power and extensive business coverage of leading tea brands like Mixue Group and Guming [4][15] Summary by Relevant Sections Industry Performance - In November, the Consumer Price Index (CPI) increased by 0.7% year-on-year, with the rise primarily driven by food prices turning from decline to increase. The CPI's year-on-year growth rate expanded by 0.5 percentage points compared to the previous month, marking the highest level since March 2024 [4] - The report tracks the performance of the new consumption sector, noting a weekly decline of 1.64% in the beauty and personal care sector and a 0.21% decline in the retail sector from December 8 to December 12, 2025 [7] Key Industry Data - In October, the retail sales of clothing and textiles increased by 6.3% year-on-year, cosmetics by 9.6%, and gold and silver jewelry by 37.6% [11][17] - The report indicates that the retail sales of beverages rose by 7.1% year-on-year in October [17]

证券研究报告 固收定期报告 hyzqdatemark 2025 年 12 月 13 日 如何解读 11 月金融数据？ ——2025 年 11 月金融数据点评 投资要点： 事件：12 月 12 日傍晚央行披露了 11 月金融数据：新增贷款 3900 亿元，社融增量 2.49 万亿元。11 月末，M2 达 337.0 万亿，YoY+8.0%；M1 YoY +4.9%；社融增速 8.5%。 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 信贷需求持续偏弱，11 月新增贷款同比少增。由于信贷需求偏弱，季初月新增贷款 往往较低，季末月银行偏好冲信贷规模以做大季末时点贷款规模。11 月新增贷款仅 3900 亿，同比大幅少增。11 月个贷-2063 亿，对公+6100 亿，非银同业贷款-147 亿。11 月个贷短期-2158 亿，个贷中长期+100 亿，均同比大幅少增，反映居民主 动去杠杆，消费及按揭信贷需求皆弱。11 月对公短贷+1000 亿，对公中长期+1700 亿，票据融资+3342 亿，对公信贷需 ...

证券研究报告 固收点评报告 hyzqdatemark 2025 年 12 月 13 日 中央经济工作会议的几个债市信号 ——12 月中央经济工作会议点评 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 25Q3 以来，看空债市的较多，长债显著调整，超长债期限利差明显走阔。截至 12 月 11 日，10 年期国债收益率较 1 月 2 日上升 22BP，30 年期国债收益率上升 38BP， 5 年期商业银行二级资本债（AAA-）收益率则上升了 44BP。12 月 11 日的"30Y-10Y" 国债期限利差达 39BP，2023 年初以来利差为[10,43]BP,目前接近区间上限。考虑到 今年 5 月政策利率下调了 10BP，但长债收益率大幅高于年初，不仅修正了 2024 年 底大幅降息的预期，甚至定价了些未来加息的预期。本次中央经济工作会议明确提 出，"继续实施适度宽松的货币政策，灵活高效运用降准降息等多种政策工具，" 这说明当前仍处于降准降息的大周期中。 2026 年政府债券净融资 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a decline in performance for the third quarter, but its stable earnings and dividend value are highlighted [5] - The company plans to acquire 1.6GW of wind power, which is expected to significantly enhance profitability [7] - The coal-electricity integration strategy is expected to solidify the company's profit moat, with a commitment to substantial dividends over the next three years [7] Financial Summary - For 2025, the company is projected to have a revenue of 19,533 million RMB, a decrease of 12.38% year-on-year [6] - The net profit attributable to shareholders is expected to be 2,140 million RMB, reflecting a year-on-year decline of 7.96% [6] - The earnings per share (EPS) for 2025 is estimated at 0.33 RMB [6] - The company has a target price of 5.03 RMB per share based on a discounted cash flow analysis [7]

证券研究报告 电子 | 消费电子 北交所|首次覆盖报告 投资要点： 雅葆轩(920357.BJ) 投资评级： 增持（首次） ——PCBA 电子制造服务"小巨人"，受益于汽车电子智驾需求和工控数字化转型 hyzqdatemark 2025 年 12 月 12 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | 年 | 12 | 日 | | 2025 | | 月 | 11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 25.11 | | | | | | | 一 年 内 最 最 低 | | | | / | | 高 | | | | （元） | | | 31.57/16.24 | | | | | | | 总市值（百万元） | | | 2,010.81 | | | | | | | 流通市值（百万元） | | | 1,117.76 | | | | ...

证券研究报告 固收点评报告 hyzqdatemark 2025 年 12 月 12 日 ——11 月外贸及物价数据点评 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 马赫 请务必仔细阅读正文之后的评级说明和重要声明 核心观点：11 月 CPI 同比上涨主要受鲜菜价格大幅反弹拉动，PPI 同比仍偏弱。出 口超预期回升或因 10 月受去年基数效应压制、欧美圣诞季备货及中美关税改善等因 素推动。外贸出口结构持续改善，多元化成效凸显，中高端制造业成出口核心动力。 联系人 mahe@huayuanstock.com 出口超预期，PPI 同比仍偏弱 CPI 同比上涨。11 月 CPI 同比上涨 0.7%，涨幅较上月扩大 0.5 个百分点，为 2024 年 3 月以来最高水平。其中食品价格由上月下降 2.9%转为上涨 0.2%，对 CPI 同比 的影响由下拉 0.54 个百分点转为上拉 0.04 个百分点；非食品价格同比+0.8%，涨幅 较上月微降 0.1 个百分点。扣除食品和能源价格的核心 CPI 同比+1.2%，连续 3 个 月维持在 1 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its market position and growth potential [5][8]. Core Insights - The company specializes in polyurethane materials and has over 20 years of technical expertise, focusing on three main product categories: polyurethane elastomers, polyester/polyether polyols, and other downstream derivatives [6][15]. - The company achieved revenue of 3.55 billion yuan in the first half of 2025, with a year-on-year growth of 6.98%, and a significant increase in net profit by 54.98% to 112 million yuan [6][25]. - The company is positioned as a national manufacturing champion in the CPU segment, with a market share of 35% in 2021, and is expanding its production capacity to enhance its competitive edge [6][10]. Summary by Sections 1. Business Overview - The company is a leading manufacturer of polyurethane raw materials and derivatives, with a diverse product range that includes elastomers, polyols, and other fine chemical materials [15][22]. - The company has established a robust R&D framework, holding over 520 patents and participating in the formulation of more than 20 national standards [17][19]. 2. Industry Context - China is a major producer and consumer of polyurethane, accounting for approximately 50% of global production, with the market expected to grow to 237.9 billion yuan by 2027 [6][40]. - The industry is characterized by increasing concentration, with major players dominating the upstream raw materials market, particularly in MDI and TDI [43][48]. 3. Competitive Advantages - The company has a leading position in the polyurethane sector, with ongoing capacity expansion projects that will significantly increase its production capabilities [6][10]. - The company is focusing on high-end product development and expanding its applications in various industries, including automotive and renewable energy [10][64]. 4. Financial Projections - The company is projected to achieve net profits of 202 million yuan, 233 million yuan, and 268 million yuan from 2025 to 2027, with corresponding P/E ratios of 21.7, 18.8, and 16.3 [8][29]. - Revenue is expected to grow steadily, with a forecasted increase in operating income from 7.48 billion yuan in 2025 to 9.39 billion yuan in 2027 [7][8].

证券研究报告 计算机 | 计算机设备 北交所|首次覆盖报告 hyzqdatemark 2025 年 12 月 12 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 12 | 10 | 日 | | | | | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | | 24.73 | | 年 高 低 | 最 | / | | | | | | 48.62/19.88 | 内 | 一 | 最 | | | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 2,473.00 | | | | | | | 流通市值（百万元） | | | | | | | | ...

证券研究报告 晨会 hyzqdatemark 2025 年 12 月 11 日 投资要点： | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 3,873.32 | -0.70% | 18.72% | | 创业板指 | 3,163.67 | -1.41% | 53.54% | | 沪深 300 | 4,552.18 | -0.86% | 19.15% | | 中证 1000 | 7,312.00 | -1.30% | 26.13% | | 科创 50 | 1,325.83 | -1.55% | 38.78% | | 北证 50 | 1,443.17 | 3.84% | 41.50% | 资料来源：聚源，华源证券研究所，截至2025年12月11日 华源晨会精粹 20251211 汽车 看好高端车市场自主品牌崛起——汽车行业双周报：40 万元以上高端车市场空 间稳定，且目前自主份额占比较低，自主车企具备较大提升空间。在智能电动化时 代，竞争要素由品牌+参数性能向以科技属性+感性体验为外在表征的新要素转变。 在新的竞争框架下，自主车 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Ming Ming Hen Mang, is a leading player in the snack retail industry, with a total of 14,394 stores across 28 provinces in China as of December 31, 2024, indicating significant market penetration [6][2] - The Chinese food and beverage retail market is projected to reach 7.1 trillion yuan in 2024, growing at a CAGR of 5.2% from 2019 to 2024, with the snack retail segment expected to grow from approximately 2.9 trillion yuan in 2019 to 3.7 trillion yuan in 2024 [13][14] - The company primarily generates revenue through franchising, with franchise income accounting for 98.8% of total revenue in 2024, amounting to 38.89 billion yuan [28][37] - The company has a strong supply chain management system, combining self-operated and outsourced logistics, with 25 self-operated warehouses and 11 third-party warehouses, ensuring efficient distribution [50][51] Summary by Sections Company Overview - Ming Ming Hen Mang is positioned as a top player in the snack retail industry, having established a significant presence since its founding in 2016 and the acquisition of Zhao Yi Ming in 2023 [6][2] Market Growth - The food and beverage retail market in China is expected to grow steadily, with the snack retail segment projected to expand significantly, particularly in lower-tier cities [13][14][15] Revenue and Profitability - The company reported a revenue of 39.34 billion yuan and a gross profit of 2.999 billion yuan in 2024, reflecting a year-on-year increase of 282.15% and 288.31% respectively [28][31] - Adjusted net profit reached 910 million yuan in 2024, showing a substantial increase of 288.67% compared to the previous year [31] Franchise Model and Expansion - The company has rapidly expanded its franchise network, adding 8,083 new franchise stores in 2024, with a total of 14,379 stores by year-end [37][42] - Approximately 58% of the stores are located in county and town areas, indicating a strong focus on penetrating lower-tier markets [42] Supply Chain and Digitalization - The company employs a robust supply chain strategy, with a focus on digitalization to enhance efficiency in product selection, logistics, and store management [50][51] - The logistics costs as a percentage of total revenue have been effectively controlled, indicating superior management compared to industry peers [50] Product Offering and Pricing Strategy - The company emphasizes high-quality and cost-effective products, with an average price approximately 25% lower than similar products in offline supermarkets [47] - The product range includes over 1,800 SKUs per store, with a significant portion being custom products developed in collaboration with manufacturers [47]