Group 1 - The report emphasizes the importance of domestic demand as the primary driver for economic growth in 2026, with a focus on implementing consumption-boosting initiatives and enhancing the domestic market [11][12][13] - The contribution rate of domestic demand to economic growth from 2021 to 2024 is projected to be 86.4%, with final consumption accounting for an average contribution rate of 56.2% [12][13] - The report highlights the shift in the retail industry towards quality and service-driven growth, as discussed in the National Retail Innovation Development Conference [15][16] Group 2 - The North Exchange's consumer services sector saw a weekly increase of 0.44%, with food and beverage sector rising by 3.32% [25][31] - As of December 13, 2025, there are 25 companies related to the consumer services sector in the North Exchange's queue, with an average revenue of 1.242 billion yuan and an average net profit of 140.35 million yuan for 2024 [47][48] - Notable companies in the consumer services sector include Yizhi Moyu, which has a market value of 3.555 billion yuan and a net profit of 62.34 million yuan for 2025 Q1-Q3 [24][35] Group 3 - The Consumer Price Index (CPI) for November 2025 increased by 0.7% year-on-year, primarily driven by rising food prices [36][38] - The average wholesale price of pork is reported at 17.65 yuan per kilogram, while the average price of eggs is at 7.43 yuan per kilogram, reflecting market conditions [40][41] - The report indicates that the average price of fresh milk in major producing provinces is 3.02 yuan per kilogram, remaining stable compared to the previous week [46] Group 4 - The report outlines the significant sales performance during the "Double 11" shopping festival, with home appliances, digital devices, and clothing being the top three categories by sales volume [19][21] - The "Double 12" shopping event is set to further stimulate consumer spending, with various platforms launching promotional activities [18][22] - The report identifies 20 related stocks in the North Exchange for the "Double 12" event, covering categories such as home appliances, personal care, and food and beverages [23][24]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The report indicates that new housing transaction areas for both new and second-hand homes have decreased year-on-year, emphasizing the need to stabilize the real estate market [3] - The overall trend in the real estate market is moving towards stabilization, supported by various policies aimed at halting the decline [8] - The report highlights that while new home prices have shown a slight decrease, the decline in second-hand home prices has remained stable [21] Summary by Sections New Housing Prices - In November 2025, new housing prices in first, second, and third-tier cities decreased by -0.4%, -0.3%, and -0.4% respectively, with the overall decline in 70 cities being -0.4%, a reduction in the rate of decline compared to October [15][17] - Year-on-year, new housing prices in first, second, and third-tier cities fell by -1.2%, -2.2%, and -3.5%, leading to an overall year-on-year decline of 2.8% across 70 cities [15][17] Second-Hand Housing Prices - The second-hand housing prices in November 2025 saw a month-on-month decline of -0.7%, with first, second, and third-tier cities experiencing declines of -1.1%, -0.6%, and -0.6% respectively [21] - Year-on-year, second-hand housing prices across 70 cities decreased by -5.7%, with first, second, and third-tier cities showing declines of -5.8%, -5.6%, and -5.8% respectively [21] Market Performance in Key Cities - In November 2025, new housing prices in key cities showed mixed results, with cities like Shanghai leading with a year-on-year increase of +5.1% [29][30] - The report notes that second-hand housing prices in 35 key cities have uniformly declined, with significant drops in cities like Chengdu and Hohhot [30] Investment Recommendations - The report recommends focusing on real estate companies with strong credit ratings and good fundamentals in cities, such as Greentown China, China Overseas Development, and China Merchants Shekou [8] - It also suggests companies that benefit from both residential and commercial real estate sectors, like China Resources Land and Longfor Group, as well as high-quality property management firms under the "Good House, Good Service" policy [8]

——2025 年 11 月金融数据点评 陈曦（分析师） 王帅中（联系人） chenxi2@kysec.cn 证书编号：S0790521100002 wangshuaizhong@kysec.cn 证书编号：S0790125070016 事件：央行公布 2025 年 11 月金融数据，社融新增 2.49 万亿元，社融存量同比 增长 8.5%，较前值持平；2025 年前 11 个月社会融资规模增量累计为 33.39 万亿 元，同比增长 13.6%；M1 同比增长 4.9%，M2 同比增长 8.0%，M0 同比增长 10.6%， 前十个月净投放现金 9175 亿元。 社融新增超市场预期，贷款数据回落受多方面因素影响 2025 年 12 月 15 日 社融新增超市场预期，信贷数据结构分化 固定收益研究团队 1、11 月社融新增 2.49 万亿元，略超 2021-2024 年同期均值。社融新增量超出市 场预期，Wind 统计的 16 家机构预测中位数为 2.18 万亿元，平均数为 2.02 万亿 元。政策性金融工具落地，企业债券净融资和信托贷款放量，11 月信托贷款量 为 844 亿元，同比增长 8.3 倍；企业债券净 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is set to acquire a multi-element injection liquid asset group from Future Pharmaceuticals for a total price of RMB 356 million, which includes both marketed and in-development products [5][6] - The acquisition is expected to enhance the company's product structure and expand its treatment areas, leveraging its market advantages in collective procurement and essential drug products [7] - The projected net profits for 2025-2027 are estimated to be RMB 667 million, RMB 845 million, and RMB 1,067 million respectively, with corresponding EPS of RMB 0.95, RMB 1.20, and RMB 1.52 per share [5][8] Financial Summary - Revenue is projected to grow from RMB 1,942 million in 2023 to RMB 4,472 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 17.3% [8] - The gross margin is expected to stabilize around 61% in the coming years, while the net profit margin is projected to increase from 19.7% in 2023 to 23.8% in 2027 [8] - The company's P/E ratio is forecasted to decrease from 33.6 in 2023 to 12.0 in 2027, indicating an attractive valuation as earnings grow [8]

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The gaming sector is expected to see a significant increase in revenue due to the upcoming holiday season and the launch of new games, with notable titles like "Nine Muses of the Wild" and "Goose Duck Kill" generating high anticipation [3] - The film industry is highlighted by the upcoming release of "Avatar 3," which has already garnered significant pre-sale interest, indicating strong potential for box office performance [3] - The emotional economy in China is projected to grow substantially, with the market expected to reach 8.1 trillion yuan by 2030, driven by online platforms and AI technology [11][12] Summary by Sections 1. Soul: Leading Immersive Social Platform - Soul is positioned as a leading platform in the immersive social space, leveraging AI to enhance user engagement and emotional value [11][17] - The emotional economy in China is projected to grow from 2.4 trillion yuan in 2024 to 8.1 trillion yuan by 2030, with a CAGR of 22.2% [12] - The platform reported a revenue of 16.83 billion yuan in the first eight months of 2025, reflecting a year-on-year growth of 17.82% [21][26] 2. Industry Data Overview - "Delta Action" topped the iOS free game chart, while "Honor of Kings" led the iOS revenue chart as of December 13, 2025 [27][31] - The film "Zootopia 2" achieved the highest weekly box office, indicating strong audience interest [41] 3. Industry News Summary - The release of GPT-5.2 is expected to enhance AI capabilities in the industry, while Disney's investment in OpenAI emphasizes the growing value of content IP [3] - The gaming sector is experiencing a surge, with "Delta Action" achieving record daily revenue following a new season launch [3] 4. Announcement Summary - Recent changes in leadership at various media companies and the successful "hat removal" of Caesar Culture highlight ongoing developments in the industry [3] 5. Sector Performance Overview - The A-share media sector performed moderately in the market, with the gaming sector showing strong performance [3]

北交所策略专题报告 北 交 所 研 究 北 交 所 策 略 专 题 报 开 源 相关研究报告 《北交所医药投资地图：布局小而美 的创新药、高端器械与稳健仿制三大 方 向 — 北 交 所 行 业 主 题 报 告 》 -2025.12.10 《布局减速机赋能机器人产业，3D 打 印+新能源高成长性赛道放量可期— 北交所首次覆盖报告》-2025.12.10 《筑牢新三板"塔基"，多角度发掘专 精特新中小企业—新三板掘金双周报 第一期》-2025.12.9 发行股份及支付现金+配套募集资金，创远信科微宇天导重组方案出炉 ——北交所并购专题报告第十三期 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所是中小企业并购重组首选地，前期并购事宜推进中 从新"国九条"到"并购六条"，2024 年起，并购重组市场迎来了诸多积极信号。 产业整合、跨界并购，为产业发展注入了新的动力。2025 年 10 月 29 日，中共 北京市委金融委员会办公室制定《北京市关于助力并购重组促进上市公司高质量 发展的意见》，意见涵盖六条核心内容，其中特别提到发挥证券交易场所并购重 ...

海外消费 行 业 研 究 2025 年 12 月 14 日 投资评级：看好（维持） ——行业周报 行业走势图 数据来源：聚源 -29% -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 社会服务 沪深300 相关研究报告 《柬埔寨公布对中免签政策，蜜雪、 古茗进军早餐—行业周报》-2025.12.7 《论时尚消费如何穿越周期，美图推 出电商设计 Agent — 行业周报》 -2025.11.30 AI+社交：Soul 和伊对母公司递交招股书，关注全球 AI+情绪经济变现赛道 国内当红社交 APP Soul 的母公司 Soulgate 和伊对母公司米连科技拟赴港 IPO。Soul 专注 Z 世代群体，2025 年前 8 个月 Soul 实现收入 16.83 亿元，同比增长 17.8%； 实现经调整净利润 2.86 亿元，同比增长 73.1%，经调整净利率 17%。米连科技旗 下伊对 App 聚焦 30 岁左右的成熟群体，2025 年前 6 个月米连科技实现收入 19.2 亿元，同比增长 85.9%；实现经调整净利润 2.97 亿元，同比增长 285%，经调整净 《 ...

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

2025 年 12 月 14 日 北交所研究团队 北交所打新配置策略：精选高质新股机会，布局低估值高分红资产 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 年北交所新股收益率较好，审核加快关注北交所具备大市值低估值企业 从 2025 年新股情况看北交所表现较好，北交所、上交所、深交所上市企业首日 涨跌幅均值分别为 354.69%、222.90%、206.84%，网上发行中签率均值为 0.0371%、0.0488%、0.0211%，首次发行市盈率均值 12.70X、40.22X、19.77X， 首次发行市净率均值 1.57X、2.39X、2.04X。从北交所发审会节奏上来看，截至 2025 年 12 月 12 日，2025 年 1-12 月北交所合计过会 43 家企业，合计上市 24 家 企业，其中 2025 年 11-12 月北交所合计过会 16 家企业。2025 年 7-12 月北交所 网上发行有效申购户数+冻结资金中枢整体稳定在均值59.95万户和7039.73亿元 左右。从 2025 年北交所新股申购中签率来看，2025 ...

Market Overview - As of November 27, 2025, the number of projects in China's inquiry transfer market reached 163, a 140% increase compared to the entire year of 2024[4] - The transfer scale reached 84.445 billion yuan, which is 380% higher than the total for 2024[4] - The average discount rate for inquiry transfers in 2025 is approximately 84.34%, significantly lower than the 87.2% for private placements[15] Supply and Demand Dynamics - The inquiry transfer mechanism was officially implemented on the ChiNext board in May 2024, leading to a surge in transfer announcements, with 69 recorded in 2025, accounting for 42.33% of the total[4][24] - The inquiry transfer market has seen a compound annual growth rate (CAGR) of 100.74% in project numbers from 2020 to 2025, and a CAGR of 84.68% in transfer scale[20] Investment Characteristics - Inquiry transfers have a shorter registration time of about one week compared to 3 weeks to 1 month for regular private placements, reducing capital occupation time by 2-3 weeks[14] - The inquiry transfer mechanism allows for a more flexible exit strategy for early investors, providing a low-disturbance path for orderly exits, which is crucial in a market with scarce quality assets[18][29] Market Performance - In the week of December 6 to December 12, 2025, the A-share market saw a general increase, with the ChiNext index rising by 2.74%[31] - The CPO index experienced the highest weekly increase of 14.26%, with a year-to-date increase of 183.30%[34] Key Recommendations - Focus on sectors such as smart vehicles (e.g., Hu Guang Co., Rui Hu Mould, Xin Quan Co., and Xin Dong Lian Ke) and high-end manufacturing (e.g., Ao Pu Te, Qing Niao Fire Protection, and Lei Te Optoelectronics) for potential investment opportunities[36]