Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company is set to officially launch the Phase IIc clinical trial for its self-developed recombinant human thymosin β4 (NL005) for the treatment of acute myocardial infarction (AMI) following successful communication with the CDE [4][5] - The company anticipates revenue growth from 0.89 billion yuan in 2025 to 6.11 billion yuan in 2027, with net profits projected to shift from a loss of 440 million yuan in 2025 to a profit of 730 million yuan in 2027 [4][7] - The company has established a significant partnership with a well-known domestic ophthalmology company to promote the localization of its balanced salt solution, enhancing its market presence in the ophthalmic medical sector [5] Financial Summary - Revenue projections for 2025-2027 are 0.89 billion yuan, 2.71 billion yuan, and 6.11 billion yuan respectively, with corresponding net profits of -440 million yuan, -20 million yuan, and 730 million yuan [4][7] - The company’s gross margin is expected to improve from 55.8% in 2025 to 71.5% in 2027, while the net margin is projected to turn positive by 2027 [7][10] - The price-to-sales (P/S) ratio is forecasted to decrease from 78.8 in 2025 to 11.5 in 2027, indicating a potential increase in valuation as revenues grow [4][7]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report indicates that the ΔEVE (Economic Value of Equity) indicator for major banks has decreased compared to 2024, with some banks potentially exceeding the regulatory requirement of -15% [4][15] - The report highlights that for every 20 trillion yuan of local government bonds undertaken by banks, the ΔEVE/ Tier 1 capital ratio deteriorates by 0.65% to 1.73% [24][25] - The current regulatory buffer allows major banks to undertake approximately 666.8 billion yuan of 30-year local government bonds [33][34] - The report suggests a potential relaxation of regulatory requirements for interest rate risk indicators, which could facilitate banks' ability to manage long-term local government bonds [7] Summary by Sections ΔEVE Indicator Assessment - As of H1 2025, the ΔEVE/ Tier 1 capital ratio for major banks is as follows: ICBC at -16.66%, CCB at -17.26%, ABC at -14.89%, BOC at -12.28%, PSBC at -9.02%, and BC at -12.46% [15][16] - The report notes a decline in the ΔEVE indicator for these banks compared to 2024, with specific changes of -1.95pct for ICBC and -2.52pct for CCB [4][15] Local Government Bond Undertaking - The report estimates that major banks added 3.25 trillion yuan in local government bonds in H1 2025, with state-owned banks accounting for 1.86 trillion yuan, representing 57.2% of the total [5][32] - The duration of local government bonds is assumed to be distributed across various terms, with 30% of bonds being 10 years and 23% being 30 years [25][29] Debt Capacity Assessment - The current regulatory buffer allows major banks to support the undertaking of 30-year local government bonds up to 666.8 billion yuan, with potential increases if regulatory requirements are relaxed [33][34] - For every 1% relaxation in the ΔEVE/ Tier 1 capital ratio, banks could undertake an additional 593.4 billion yuan of 30-year local government bonds [34][35] Investment Recommendations - The report recommends a bottom-line allocation to large state-owned banks, with specific beneficiaries being ABC and ICBC [39] - Core allocations should focus on leading comprehensive banks, with recommended stocks including CMB and CCB [39] - For flexible allocations, regional banks with unique characteristics, such as JSB and CQB, are highlighted as potential beneficiaries [39][40]

电力设备 2025 年 12 月 08 日 光伏拐点已现，储能大势所趋 ——行业投资策略 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 58% 2024-12 2025-04 2025-08 电力设备 沪深300 相关研究报告 《动储需求旺盛，产业链供需拐点已 至—锂电行业 2026 年度投资策略》 -2025.12.1 《欧洲电动车销量月报（2025 年 10 月）：法国社会租赁计划落地后 BEV 销量同比明显提速—行业点评报告》 -2025.11.24 《低空经济行业周报（第四十一期）： 进博会上多项低空经济订单签约，时 的科技总部落户上海—行业周报》 -2025.11.9 殷晟路（分析师） 周航（联系人） yinshenglu@kysec.cn zhouhang1@kysec.cn 证书编号：S0790125050020 光伏拐点已现：反内卷持续推进，关注底部反转 当前光伏行业反内卷已取得一定积极成效，Q3 主链上游环节预计显著减亏。后 续重点关注供需两条主线： （1）供给侧：硅料收储平台落地及产业链限产措施。 （2）需求侧：关注"十五五"光伏装机 ...

股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-12 2025-04 2025-08 2025-12 巨化股份 沪深300 基础化工/化学制品 巨化股份（600160.SH） 超预期实施前三季度分红强化股东回报，HFCs 制冷剂价格 2025 年 12 月 08 日 上行趋势不变，公司分红有望持续提升 投资评级：买入（维持） 日期 2025/12/5 当前股价(元) 33.99 一年最高最低(元) 41.95/21.23 总市值(亿元) 917.64 流通市值(亿元) 917.64 总股本(亿股) 27.00 流通股本(亿股) 27.00 近 3 个月换手率(%) 68.38 相关研究报告 《Q3 业绩增幅创年内新高，新业态认 知逐步形成，当下确定性、弹性空间 兼具，主升持续进行中—公司信息更 新报告》-2025.10.24 《2025Q2 业绩大幅创历史新高，新业 态认知逐步形成，全面布局氟化液系 列产品，主升持续进行中—公司信息 更新报告》-2025.8.28 《2025Q2 业绩或大幅创历史新高，全 新商业模式逐步形成—公司信息更新 报告》-2025.7.10 金 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report emphasizes the ongoing development and commercialization of AI applications, particularly in gaming and film sectors, as key areas for investment [3][4] - The upcoming release of major films like "Avatar 3" and new games is expected to drive market recovery and growth [4] Industry Overview - The media sector is experiencing a significant shift with AI applications becoming increasingly integrated into advertising, gaming, and film production [3] - The gaming industry is entering a peak season with new game launches expected to boost revenue significantly [3][4] Industry Data Summary - As of December 6, 2025, "Delta Force" ranks first in the iOS free game chart, while "Honor of Kings" leads the iOS revenue chart [10][14] - "Zootopia 2" has achieved a cumulative box office of over 3 billion yuan, ranking among the top 30 in domestic box office history [4][5] - The report highlights the stability of the top ranks in the WeChat mini-game market, with "Treasure Hunter" and "Endless Winter" leading the charts [30]

Group 1: Commercial Space Development - China's commercial space development is accelerating, with the National Space Administration recently releasing a plan emphasizing "reusable rockets" as a key focus area[4] - The Zhuque-3 rocket, equipped with nine Tianque-12A engines, has a total thrust of 7542 kN and aims to reduce the cost of space access[4] - The launch service price for the Long March 3B rocket for high-orbit missions is approximately CNY 70,900/kg, while the Long March 2 for low-orbit missions is about CNY 28,200/kg[4][22] Group 2: Market Trends and Projections - The 14th Five-Year Plan positions commercial space as a "new pillar industry," targeting a GDP contribution of 2% and a value exceeding CNY 7 trillion by 2030[5] - The plan aims for reusable rockets to achieve over 10 reuse cycles and a 50% reduction in satellite manufacturing costs[5] - The commercial space market is projected to exceed CNY 2.5 trillion by 2025, growing at a compound annual growth rate of 35%[28] Group 3: Competitive Landscape - The Falcon 9 rocket's reusability allows for significantly lower launch costs, with high-orbit service prices at CNY 27,500/kg and low-orbit at CNY 8,700/kg, highlighting a competitive gap with China's pricing[22][25] - The Zhuque-3 rocket's specifications, including a diameter of 4.5 meters and a payload capacity of at least 18 tons to low Earth orbit, position it competitively against international counterparts[19][18] Group 4: Investment Opportunities - Beneficial sectors include components for rockets, solid and liquid engines, and satellite manufacturing, with companies like Aerospace Development and China Satellite among the key players[5] - The report highlights investment opportunities in the commercial launch service sector, driven by the increasing demand for satellite launches, particularly for small satellite constellations[29]

2025 年 12 月 07 日 宏观研究团队 推动基础设施 REITs 扩围 ——宏观周报 | 何宁（分析师） | 沈美辰（分析师） | hening@kysec.cn | shenmeichen@kysec.cn | | --- | --- | --- | --- | | 证书编号：S0790522110002 | 证书编号：S0790524110002 | 国内宏观政策：加快战略性新兴产业集群发展 |  | 过去两周（11 月 23 日-12 月 6 日）国内宏观主要聚焦以下几个方面： 经济增长方面，近期中央召开的重要会议聚焦基本医疗保险制度建设、新型城镇 化规划、城市更新行动等议题。 宏观周报 基建与产业方面, 近两周政策聚焦国家新兴产业发展示范基地创建工作启动；商 业航天高质量发展行动计划推出；推动基础设施 REITs 扩围至城市更新设施、酒 店、体育场馆、商业办公设施等领域；发改委发布《关于加强数据要素学科专业 建设和数字人才队伍建设的意见》等。 地产政策方面，各地继续推进"好房子"建设，例如北京市"十五五"规划建议 持续推进住有所居，实施以公共交通为导向的综合开发，优先向轨道交通站点周 边供应 ...

Core Insights - The report emphasizes the importance of the upcoming spring market rally, driven by policy expectations, seasonal liquidity changes, and institutional repositioning [4][5][6] - The report identifies two significant shifts in the funding landscape that could enhance the securitization rate in China, with a focus on the transition from real estate to equity markets [6][7] - Investment strategies are suggested to focus on both technology and cyclical sectors, highlighting opportunities in underperforming growth industries such as military, media, AI applications, and power equipment [7][8] Industry Analysis Aerospace Industry - The report highlights the rapid development of China's commercial aerospace sector, with reusable rockets being a key focus area, supported by government initiatives [16][18] - The cost of launching satellites is a critical factor, with current prices for high and low orbit missions being significantly higher than those of international competitors like SpaceX [19] - The "14th Five-Year Plan" positions commercial aerospace as a strategic industry, aiming for a GDP contribution of 2% and a market value exceeding 7 trillion yuan by 2030 [20] Real Estate Sector - Recent data indicates a decline in new and second-hand housing transaction volumes, with ongoing government efforts to stabilize the real estate market [35][36] - The report suggests that policies aimed at urban renewal and housing quality improvement will support market stabilization, despite potential price fluctuations [36][37] - The issuance of credit bonds has decreased significantly, indicating a tightening in financing conditions within the sector [38] Financial Sector - The report notes a potential easing of leverage limits for brokerages, which could enhance return on equity (ROE) and support the overall financial sector [50][51] - Regulatory changes are expected to encourage innovation and support mergers and acquisitions, particularly for leading institutions [51] Electronics Industry - The electronics sector is experiencing a recovery, driven by new AI products and improvements in supply-demand dynamics within the panel industry [28][29] - The report highlights the successful IPO of a key player in the AI computing space, indicating strong market interest and investment potential [30] Food and Beverage Sector - The report discusses short-term price fluctuations in the liquor market, particularly for brands like Moutai, while emphasizing the long-term value of established brands [45][46] - New product launches in the health food segment are expected to drive growth for companies like Ximai, with a focus on traditional health concepts [46][48]

Investment Rating - The report maintains a "Positive" investment rating for the industry [1] Core Insights - The report highlights the growth in tourism between China and Cambodia, driven by the new visa-free policy, which is expected to boost tourist flows [5][15] - The breakfast market in China is identified as a significant opportunity, with major brands like Mixue and Guoming entering the segment [6][33] - The education sector is experiencing a shift towards vocational training due to declining numbers in traditional higher education applications, emphasizing employment-oriented education [39][44] - Lin Qingxuan, a high-end domestic skincare brand, is showing strong growth in both online and offline sales, with a notable increase in revenue and profit margins [45][50] Summary by Sections 1. Travel and Tourism - Cambodia has implemented a visa-free policy for Chinese citizens, expected to increase tourist numbers significantly, with a 45% year-on-year increase in Chinese tourists from January to October 2025 [5][15] - In November 2025, Hainan's duty-free shopping reached 2.38 billion yuan, a 27.1% increase year-on-year, despite a slight decrease in shopping visitors [23][24] 2. Breakfast Market - The breakfast market in China is valued at approximately 1.7 trillion yuan, with the external breakfast market estimated between 700 to 800 billion yuan [6][33] - Mixue has launched breakfast offerings in several cities, targeting consumers with affordable pricing [37][38] 3. Education Sector - The number of students taking the national college entrance examination has decreased for the first time in eight years, with a significant drop in graduate school applications [39][40] - Vocational education is gaining traction as students seek better employment outcomes, with a reported 95%+ employment rate in vocational programs [44] 4. Skincare Industry - Lin Qingxuan reported a revenue of 1.05 billion yuan in the first half of 2025, marking a 98.3% year-on-year increase, with online sales growing significantly [45][47] - The brand's product mix includes a high proportion of premium skincare items, contributing to improved profit margins [50][55] 5. Market Performance - The Hong Kong stock market saw the consumer services and media sectors underperforming, while the retail sector outperformed the market [59][65] - Notable stock performances included significant gains in retail and education sectors, with specific companies like Liufu Group and Gaoxin Retail leading the gains [65][66]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to provide good investment opportunities due to the downward pressure on bond market interest rates and the expectation of increased allocations from social security and pension funds [5][6] - The market remains active with 13 REITs funds waiting to be listed, indicating a robust issuance market [8][5] Market Overview - As of the 49th week of 2025, the CSI REITs (closing) index was 805.28, up 3.02% year-on-year but down 0.47% month-on-month; the CSI REITs total return index was 1031.5, up 11.22% year-on-year but down 0.85% month-on-month [5][21] - The trading volume of the REITs market reached 461 million shares, a year-on-year decrease of 34.14%, with a transaction value of 1.962 billion yuan, down 23.86% year-on-year [27][5] Sector Performance - Weekly performance for various REITs sectors showed declines: affordable housing down 0.51%, environmental down 0.47%, highways down 1.12%, industrial parks down 0.95%, warehousing and logistics down 0.48%, energy down 0.14%, and consumer REITs down 1.07% [38][5] - Monthly performance also reflected declines across sectors, with affordable housing down 0.25% and other sectors showing similar trends [38][5] Regulatory Developments - The National Development and Reform Commission issued a notice on the 2025 version of the industry scope list for infrastructure REITs, emphasizing that project initiators must be independent legal entities engaged in relevant business [6][14] - The China Securities Regulatory Commission is focused on deepening capital market reforms and enhancing the attractiveness and competitiveness of the capital market, which includes the steady development of REITs and asset securitization [6][14]