1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The export growth rate rebounded and turned positive in November 2025, indicating strong resilience in foreign trade. The root cause of China's exports continuously exceeding expectations lies in the high cost - effectiveness of Chinese goods, which is the result of domestic "involution" and technological progress. Although the export growth rate may slow down in December due to the high base in 2024, the high cost - effectiveness of Chinese goods will remain unchanged, and China's exports will remain high for a long time. In the bond market, with the revision of economic expectations, bond yields are expected to rise trend - wise [1][5][6][7]. 3. Summary by Relevant Catalogs 3.1 11 - month Import and Export Data Highlights - In November 2025, the year - on - year growth rates of imports, exports, and trade surplus all rebounded. Exports increased by 5.9% year - on - year and 8.2% month - on - month, and the export amount reached a high level since 2021 [3][4]. 3.2 Reasons for the Rebound of Export Growth Rate in November - The negative year - on - year export growth in October was mainly due to the base dislocation in September and October 2024 and trade frictions. After the China - US talks in Kuala Lumpur and the meeting in Busan, the conclusion of trade agreements promoted the return of the export rhythm to normal. After the elimination of base disturbances, the export growth rate rebounded and turned positive in November [5]. 3.3 Analysis of Export Structure - As of November 2025, the cumulative year - on - year growth of mechanical and electrical products exports was 8.0%, and that of high - tech product exports was 6.6%, showing relatively high - speed growth. In contrast, the cumulative year - on - year decrease of labor - intensive goods was 4.2%, indicating a transformation from labor - intensive to high - tech products in exports, which may reflect China's industrial transformation and upgrading [6]. 3.4 Forecast of Export Growth Rate in December - Due to the high base caused by the rush to export in December 2024 after Trump's election and the resulting increase in trade policy uncertainty, the export growth rate in December 2025 may be under pressure. However, the high cost - effectiveness of Chinese goods will not change [7]. 3.5 Market Conditions - On December 8, the long - term yield first rose and then fell, showing an "M" - shaped trend. After the Politburo meeting mentioned the implementation of a more proactive fiscal policy and a moderately loose monetary policy, the long - term yield quickly declined. Attention should be paid to the Fed's interest rate decision and the Central Economic Work Conference [8]. 3.6 Bond Market Viewpoints - In the context of the revision of economic expectations, bond yields are expected to rise trend - wise. For stock and bond allocation, the previous views are maintained [9].

银行 2025 年 12 月 10 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 2025-12 银行 沪深300 相关研究报告 《大行 ΔEVE 指标测算及承接债券 能力评估—行业深度报告》-2025.12.8 《存款偏离与指标问题对当前司库策 略的影响—行业深度报告》-2025.12.4 《理财投资权益的当下与未来—理财 持仓全景扫描系列（七）》-2025.11.27 测算：BCBS 调整利率冲击幅度对ΔEVE 的影响 ——行业点评报告 投资建议 （1）底仓配置：大型国有银行。受益标的农业银行、工商银行；（2）核心配置： 头部综合龙头。受益标的招商银行、兴业银行，推荐标的中信银行；（3）弹性配 置：受益标的江苏银行、重庆银行、渝农商行。 风险提示：宏观经济增速下行；债市利率大幅调整。 | 刘呈祥（分析师） | 朱晓云（分析师） | | --- | --- | | liuchengxiang@kysec.cn | zhuxiaoyun@kysec.cn | | 证书编号：S0790523060002 ...

Core Insights - The report highlights a steady recovery in AIDC demand in China, driven by significant capital expenditures from major companies like Alibaba, which reported a 34% year-on-year revenue growth in its cloud segment and an 80.1% increase in capital expenditures [35][38]. - The potential approval of the H200 chip for export to China is expected to further stimulate domestic AI model development and increase demand for domestic AIDC solutions [42][43]. Macroeconomic Overview - The macroeconomic analysis indicates a continued trend of moderate export recovery, with November exports increasing by 5.9% year-on-year, a significant rebound from the previous decline of 1.1% [6][7]. - The report notes that while there is a recovery in export figures, the overall trend remains cautious due to high base effects and potential global trade slowdowns [9][10]. Industry Analysis - The telecommunications sector is experiencing a positive shift, with AIDC demand expected to accelerate as companies ramp up investments in AI and cloud infrastructure [35][39]. - The report suggests that the approval of the H200 chip could lead to a resurgence in demand for AI servers and related infrastructure, benefiting various segments within the AIDC ecosystem [42][43]. Investment Recommendations - Recommended stocks in the AIDC space include companies like Huazhong Technology, Aofei Data, and Guanghuan New Network, which are positioned to benefit from the anticipated growth in AIDC demand [40][44]. - The report also identifies potential beneficiaries in the cooling and power supply sectors related to AIDC, suggesting a broad investment opportunity across the supply chain [40][44]. Institutional Research Trends - Recent institutional research has shown increased interest in sectors such as home appliances, building materials, and computing, indicating a shift in market focus [24][25]. - The report emphasizes the importance of institutional research as a critical component of investment decision-making, providing timely and multidimensional insights into industry dynamics [24].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights strong growth in AIDC demand driven by significant capital expenditures from Alibaba, which reported a 34% year-on-year revenue increase in Q2 FY2026 and an 80.10% increase in total capital expenditures [3] - Century Internet's IDC business shows robust growth with a 21.7% year-on-year revenue increase in Q3 2025, indicating a positive trend in AIDC demand [4] - The potential approval of the H200 chip is expected to boost domestic AIDC demand, enhancing the AI ecosystem in China [5] Summary by Sections AIDC Demand and Growth - Alibaba's capital expenditures reached 31.5 billion yuan in Q2 FY2026, up 80.10% year-on-year, with a focus on AI cloud computing infrastructure [3] - Century Internet's operational capacity increased to 783 MW, with a quarterly growth of 109 MW, reflecting a strong demand for IDC services [4] Chip Supply and Market Impact - The U.S. government's potential approval for the H200 chip could significantly enhance domestic AIDC demand and support the growth of the AI ecosystem in China [5] Investment Recommendations - Recommended stocks in AIDC data centers include Guanghuan New Network, Aofei Data, and others, while beneficiaries include WanGuo Data and Century Internet [6] - For AIDC cooling solutions, recommended stocks include Yingweike, with beneficiaries like Yinlun Co. and others [6] - In AIDC power supply, beneficiary stocks include Kehua Data and others [6]

业 研 究 《"AI+卫星"的共振—行业周报》 -2025.12.7 《字节发布豆包手机助手，重视端侧 AI 投 资 机 遇 — 行 业 点 评 报 告 》 -2025.12.1 《谷歌和阿里火出圈，全球 AI 持续共 振—行业周报》-2025.11.30 蒋颖（分析师） 雷星宇（联系人） jiangying@kysec.cn ——行业点评报告 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% 0% 24% 48% 72% 96% 2024-12 2025-04 2025-08 通信 沪深300 相关研究报告 2025 年 12 月 09 日 "H200 芯片或放开"下的投资机会梳理 leixingyu@kysec.cn 证书编号：S0790124040002 英伟达 H200 芯片有望获对华出口许可，国内 AI 模型发展或将加速 2025 年 12 月 9 日，据央视网、中国基金报消息，美国总统特朗普在"真实社交" 媒体平台发文称，在确保美国国家安全的前提下，将"允许英伟达向中国及其他 国家的合格客户交付其 H200 芯片产品"，Blackwell 芯片以及即将发布的 Rubin 芯片则不在获批 ...

Group 1 - The report indicates a rebound in institutional research focus on home appliances, building materials, and computers, with an increase in the number of research sessions compared to the previous week [2][12][19] - In the weekly perspective, the total number of research sessions for the entire A-share market decreased to 482, lower than 542 in the same period of 2024, indicating a continued decline in research heat [12][20] - Monthly data shows that in November, the total number of research sessions for the entire A-share market reached 2969, which is lower than 3286 in the same period of 2024, but reflects a rebound compared to previous months [20][21] Group 2 - From an individual stock perspective, companies such as Dazhu Laser, Jereh, and Fule New Materials received significant market attention, with Dazhu Laser being researched 4 times in the last week [25][28] - Over the past month, companies like Oke Yi, Huichuan Technology, and Ice Wheel Environment have also garnered considerable attention, with Oke Yi being researched 28 times [29][30] - Zhongyou Technology, focusing on intelligent logistics systems, has seen a remarkable performance with a revenue growth of 36.69% and a net profit growth of 1074.35% in the first three quarters of 2025, leading to increased institutional interest [27]

2025 年 12 月 08 日 美联储主席换届交易指南 宏观研究团队 ——宏观经济专题 何宁（分析师） 潘纬桢（分析师） hening@kysec.cn 证书编号：S0790522110002 panweizhen@kysec.cn 证书编号：S0790524040006 美联储的运行机制与货币政策的实施 1. 美联储系统包含 3 大关键实体机构，FOMC 是制定货币政策的核心。美联储 系统共包含 3 大关键实体机构（美联储理事会、12 家地方联储银行、联邦公开 市场委员会），并履行 5 大关键职能（执行美国的货币政策、促进金融体系的稳 定、 促进金融机构的安全与稳健、促进美元支付与结算体系的安全及效率、促 进消费者保护与社区发展），主要目标则是充分就业和物价稳定（双重使命）。 2. FOMC 人员构成多元，货币政策变动决策需经投票。拥有 FOMC 投票权的成 员共有 12 位，包括美联储理事会的 7 位理事、纽约联储行长、4 位轮值投票的 地方联储行长，每年会举行 8 次定期会议，货币政策变动决策均需经过投票。 特朗普有望对美联储领导层施加更大影响力 1. 目前美联储理事会人员构成有利于特朗普施加更大影响 ...

宏观经济点评 提质增效，科技突围——12 月政治局会议学习 ——宏观经济点评 | | | shenmeichen@kysec.cn hening@kysec.cn 证书编号：S0790522110002 证书编号：S0790524110002 事件：中共中央政治局 12 月 8 日召开会议，分析研究 2026 年经济工作。 1.形势判断：会议对"十四五"成就满意，综合国力有所提升。短期看，会议指出"（2025 年）经济社会发展主要目标将顺利实现"，指向全年大概率完成 5%的经济发展目标。 中期看，会议对"十四五"成果满意，指出"我国经济、科技、国防等硬实力和文化、 制度、外交等软实力明显提升，'十四五'即将圆满收官，第二个百年奋斗目标新征 程实现良好开局"。 相关研究报告 《推动基础设施 REITs 扩围—宏观周 报》-2025.12.7 《通向供需新均衡—2026 年宏观展 望》-2025.12.2 《工业生产与需求边际走弱—宏观经 济专题》-2025.12.1 2.经济目标：经济工作稳中求进、提质增效，预计 2026 年经济目标可能略低于 5%， 对总量增长有一定容忍度，重点是结构调整和科技突破。会议指出 ...

2025 年 12 月 09 日 开源晨会 1209 ——晨会纪要 沪深300 及创业板指数近1年走势 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-12 2025-04 2025-08 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | 4.794 | | 综合 | 3.031 | | 电子 | 2.600 | | 非银金融 | 1.904 | | 计算机 | 1.492 | 数据来源：聚源 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 煤炭 | -1.433 | | 石油石化 | -0.839 | | 食品饮料 | -0.775 | | 公用事业 | -0.421 | | 钢铁 | -0.271 | 数据来源：聚源 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】推动基础设施 REITs 扩围——宏观周报-20251207 行业公司 【中小盘】商业航天催化不断，可复用火箭迎来大发展——中小盘 ...

Group 1 - The report indicates that the upcoming spring rally is likely to occur earlier than usual due to significant adjustments in November and a late Spring Festival, suggesting a favorable environment for early positioning in December [1][25][39] - Historical data shows that growth-type spring rallies account for nearly 60% of past spring market trends, driven primarily by liquidity easing and technology policy expectations [2][55] - The cyclical spring rally, while less frequent, still holds strong predictive value, with approximately 40% of past rallies characterized by inventory replenishment and inflation expectations [2][60] Group 2 - The report emphasizes that both technology and cyclical sectors can thrive simultaneously, suggesting a dual-driven approach to investment strategies [4][48] - Key sectors for investment include technology (military, media, AI applications) and cyclical industries (solar, chemicals, steel), which are expected to benefit from improving PPI and anti-involution policies [4][60] - The report highlights that the spring rally is not confined to the spring season, as it can be influenced by macroeconomic expectations, liquidity improvements, and institutional behavior [25][34] Group 3 - The report outlines that the spring rally typically features a strong focus on high beta stocks, with significant sector rotation reflecting the market's anticipation of economic trends and policy directions [49][55] - It notes that the performance of growth stocks is particularly sensitive to liquidity conditions and technology policy, making them prime candidates for investment during the spring rally [56][59] - The cyclical rally is characterized by a recovery in resource prices and manufacturing sectors, driven by inventory replenishment and improving economic conditions [60]