- The report provides a snapshot of the A-share market, focusing on the performance of broad-based indices as of December 23, 2025[1][2] - The report includes a comparison of indices with their moving averages and the highest and lowest points over the past 250 trading days[14][15] - The report analyzes the distribution of daily returns for various indices, highlighting the kurtosis and skewness of these distributions[24][26] - The report examines the risk premium of various indices relative to the yield on 10-year government bonds, noting significant mean reversion and volatility[28][29][30] - The report evaluates the PE-TTM (Price-to-Earnings ratio based on trailing twelve months) of various indices, providing historical comparisons and percentile rankings[38][39][42][43] - The report assesses the stock-bond yield ratio, comparing the PE-TTM inverse with the yield on 10-year government bonds[45][46] - The report tracks the dividend yield of various indices, noting historical trends and current values[47][48][52] - The report discusses the percentage of stocks trading below their net asset value (P/B ratio < 1), indicating market valuation attitudes[53][56][58]

- The report provides a snapshot of the A-share market, highlighting the performance of various broad-based indices on December 22, 2025, with the ChiNext Index (2.23%) and the CSI 500 (1.2%) showing the largest gains[1][2] - All tracked indices have moved back above their 5, 10, 20, and 60-day moving averages, with the SSE 50 and CSI 2000 indices recovering to within 2% of their 250-day highs[2][14] - The CSI 2000 had the highest turnover rate at 3.82, followed by the CSI 1000 at 2.23, and the ChiNext Index at 2.15[2][17] - The ChiNext Index had the largest negative skewness and kurtosis deviation, while the CSI 1000 had the smallest[2][23][25] - The risk premium for the ChiNext Index (90.4%) and CSI 500 (86.19%) were relatively high over the past five years, while the SSE 50 (74.13%) and CSI 2000 (72.22%) were lower[2][27][31] - The PE-TTM values for the CSI 500 (95.87%) and CSI 1000 (93.97%) were relatively high, while the CSI 2000 (82.81%) and ChiNext Index (58.02%) were lower[3][41][42] - The dividend yield for the ChiNext Index (62.73%) and CSI 1000 (45.54%) were relatively high over the past five years, while the CSI 500 (21.16%) and CSI 2000 (20.41%) were lower[3][51][53] - The current net break rates for the indices were: SSE 50 (22.0%), CSI 300 (16.0%), CSI 500 (10.8%), CSI 1000 (8.1%), CSI 2000 (3.3%), and CSI All Share (6.14%)[3][55]

Investment Rating - Industry rating: "Overweight" (maintained) [7] Core Insights - The launch of the Hainan Free Trade Port's full island closure on December 18, 2025, marks a new phase in China's high-level opening-up, with the range of "zero tariff" goods expanding from over 1,900 to 6,600 tax items, increasing the proportion to 74% [7] - The introduction of the "ice and snow holiday" in Jilin Province for compulsory education students led to a 119% year-on-year increase in domestic tourist reception and a 31% increase in total spending during the holiday period [7] - Sanya's duty-free sales exceeded 100 million yuan for three consecutive days from December 18 to 20, with a year-on-year growth of 47% on December 20 [7] - Sanya Phoenix International Airport's passenger throughput reached a historical peak in 2025, with a total of 21.849 million passengers, a year-on-year increase of 5.8% [7] Summary by Sections Recent Industry Performance - Relative returns over the past month: 2.61%, three months: -5.0%, and twelve months: -14.53% [3] - Absolute returns over the past month: 5.18%, three months: -3.53%, and twelve months: 1.78% [3] Investment Recommendations - Focus on companies like China Duty Free Group for their comprehensive product upgrades and on airport and transportation companies such as Hainan Airport, Meilan Airport, and Hainan Airlines [7] - Attention is also recommended for travel-related companies like Changbai Mountain, Huangshan Tourism, and others as the winter season and New Year holiday approach [7]

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The Central Economic Work Conference emphasized the implementation of consumption-boosting actions and the optimization of the "Two New" policy, which is expected to support domestic demand growth in the household appliance sector [6] - In November 2025, China's household air conditioner production reached 10.577 million units, a year-on-year decline of 36.7%, with sales at 10.492 million units, down 31.8% year-on-year [6] - The "old-for-new" policy has significantly boosted sales, with related product sales exceeding 2.5 trillion yuan from January to November 2025, benefiting over 360 million consumers [6] - The household air conditioner market is currently experiencing a downturn due to multiple factors, including weak terminal demand following the reduction of national subsidies and high inventory levels in overseas markets [6] Summary by Sections Industry Performance - The relative performance over the last 12 months shows a decline of 9.87% compared to the CSI 300 index, while absolute returns were positive at 7.54% [3] Market Dynamics - The report highlights that the household appliance industry is under pressure, particularly in the air conditioning segment, which is facing a phase of adjustment [6] - The future competition in the vacuum cleaner market is expected to shift towards ecosystem building and service capabilities, moving beyond just product offerings [6] Investment Recommendations - The report suggests focusing on leading white goods companies such as Midea Group, Gree Electric Appliances, and Hisense Home Appliances, as well as black goods exporters like TCL Electronics and Hisense Visual [6]

消费行业研究组 分析师：张婧 证券研究报告·行业点评报告 2025 年 12 月 23 日 江海证券研究发展部 执业证书编号：S1410525010001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -6.08 -4.75 -25.64 绝对收益 -2.53 -2.78 -8.23 数据来源：聚源 注：相对收益与沪深 300 相比 注：2025 年 12 月 22 日数据 -19% -10% -1% 8% 17% 26% 2024-12 2025-04 2025-08 2025-12 食品饮料 沪深300 相关研究报告 1. 江海证券-行业点评报告-食品饮料：白 酒批价短期企稳，线上渠道占比提升 – 2025.10.01 2. 江海证券-行业点评报告-食品饮料：中 报预告陆续发布，行业分化加剧 – 2025.07.16 3. 江海证券-行业点评报告-食品饮料：5 月白酒产量持续下降，啤酒产量同比增 1.3% – 2025.06.27 4. 江海证券-行业点评报告-食品饮料行 业：两会政策窗口临近，关注消费顺周期 板块 – 2025.02.14 5. 江海证券-行业 ...

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The delivery of the world's first methanol dual-fuel intelligent super-large oil tanker, designed and built in China, marks a significant step in the intelligent and green development of the shipbuilding industry, reinforcing China's competitive advantage in the global shipbuilding market [6] - A memorandum of cooperation was signed among CIMC Green Energy, a subsidiary of CIMC, and strategic partners to develop a green methanol industry chain project in Hainan Province [6] - The first large-scale biomass methanol project in China has commenced operation, utilizing advanced biomass gasification technology [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 18.64% compared to the CSI 300 index, with an absolute return of 36.05% [3] Green Methanol Overview - Green methanol is defined based on renewable sources for hydrogen and carbon dioxide, including biomass and electrochemical methods [6] - The advantages of biomass methanol production include high sustainability, carbon reduction efficiency, and mature technology, while challenges include gasification efficiency and cost [6] - The global demand for green methanol in the shipping sector is projected to reach 100 million tons by 2030, with a market size of 400 billion yuan [6] Investment Recommendations - Recommended companies in the green methanol supply chain include Goldwind Technology, CIMC, Fuke Technology, and China Tianying [7] - Midstream equipment companies to watch include Aerospace Engineering, Donghua Technology, and Taiyuan Heavy Industry [7]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The approval of four innovative drugs by the National Medical Products Administration (NMPA) on December 15, 2025, marks a significant milestone for the Chinese pharmaceutical industry, indicating a concentrated effort to enhance the efficiency of drug approval processes and support for urgently needed clinical medications [5][7] - The approved drugs demonstrate significant clinical differentiation and market potential, with clear commercial value, such as the innovative anti-influenza drug from Health元, which offers a single-dose administration, addressing existing treatment challenges [7] - The approval process highlights a "stronger gets stronger" trend, where leading companies are recognized not only for individual products but also for their underlying research and commercialization capabilities, reinforcing their market positions [7] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -3.06% over the past month, -9.84% over the past three months, and -7.91% over the past year, while absolute returns were 0.49% for the last month, -7.88% for the last three months, and 9.5% for the last year [3] Investment Highlights - The approval of four innovative drugs signifies a new phase of high-quality development in the pharmaceutical industry, with a more streamlined process from research and evaluation to market entry [7] - The drugs approved have demonstrated strong clinical efficacy, with the TRK inhibitor showing an objective response rate of 89.1%, fulfilling urgent needs in precision oncology [7] - The report suggests focusing on companies that will directly benefit from these approvals, such as Health元, 诺诚健华, and 恒瑞医药, as they represent key players in the market [7]

Investment Rating - The industry investment rating is "Overweight" (maintained) [7] Core Insights - The report highlights the significant breakthrough of Fuhong Hanlin's PD-1 inhibitor, H drug, which has received acceptance for registration for perioperative treatment of resectable gastric cancer, marking a key advancement in tumor immunotherapy [7] - The global tumor immunotherapy market is projected to grow at a compound annual growth rate (CAGR) of 8.0% from 2025 to 2031, indicating a substantial market opportunity as the treatment landscape expands from late-stage to early-stage therapies [7] - The report emphasizes the potential for A-share companies to benefit from this innovation, particularly those involved in tumor immunotherapy and related services [7] Summary by Sections Industry Performance - The industry has shown relative returns of -3.06% over the past month, -9.84% over the past three months, and -7.91% over the past year compared to the CSI 300 index [3] Recent Developments - The report discusses various recent developments in the pharmaceutical and biotechnology sector, including supportive policies in Sichuan and significant collaborations in the industry [4] Investment Recommendations - The report suggests focusing on "frontier breakthrough leaders" and "core assets in tumor innovation," recommending attention to companies such as Heng Rui Medicine, WuXi AppTec, and Kelun Pharmaceutical [7]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The management change at WuXi AppTec is seen as a strategic move to leverage the expertise of both commercial and technical leaders to navigate the evolving payment landscape for CAR-T therapies. The new CEO, Tian Feng, brings over 20 years of experience in oncology commercialization, while the new chairman, Dr. Liu Cheng, is a leading scientist in the CAR-T field [5][7] - The establishment of the first national commercial health insurance innovation drug directory marks a significant shift in China's multi-tiered payment system, providing new payment channels for high-cost therapies like CAR-T. This policy change indicates a transition in market focus from "technical validation" to "payment capability and market access" [7] - The management aims to capitalize on this policy window by enhancing collaborations with insurance companies and optimizing costs, such as reducing core material costs by over 90% through self-developed lentiviral vectors. This strategic adjustment signals a broader industry shift from research-driven to a dual focus on research and commercialization [7] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -3.06% over the past month, -9.84% over the past three months, and -7.91% over the past year compared to the CSI 300 index. Absolute returns were 0.49% for the last month, -7.88% for the last three months, and 9.5% for the last year [3] Management Changes - WuXi AppTec announced significant changes in its core management team, appointing Tian Feng as the new CEO and Dr. Liu Cheng as the chairman. This change is crucial as the company seeks to enhance its market performance amid evolving industry challenges [5][7] Investment Recommendations - The report suggests focusing on companies within the A-share market that have a strong position in the cell therapy industry, such as WuXi AppTec, Fosun Pharma, and others, due to the anticipated opportunities arising from the breakthrough in CAR-T therapy payment bottlenecks [7]

执业证书编号：S1410524040001 江省资本市场跟踪双周报— （2025.11.23-2025.12.6) – 2025.12.08 2. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.11.9-2025.11.22）– 2025.11.24 3. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.10.26-2025.11.8） – 2025.11.10 4. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.10.12-2025.10.25） – 2025.10.29 5. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.9.21-2025.10.11） – 2025.10.14 黑龙江省资本市场跟踪双周报 — — （2025.12.7-2025.12.20） 证券研究报告·黑龙江省资本市场跟踪报告 2025 年 12 月 22 日 江海证券研究发展部 机械军工行业研究组 分析师：张诗瑶 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继 ...