Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the rapid growth of the community dining sector in China, with the market size expected to reach RMB 2,137.6 billion by 2028, reflecting a compound annual growth rate (CAGR) of 9.4% from 2023 to 2028 [4][16] - The Hainan Free Trade Port has seen significant policy benefits, leading to increased consumer and trade activity, with notable growth in duty-free shopping and foreign trade enterprises [12][13] - The "oil-based skincare" segment is experiencing expansion, with both international and domestic brands enhancing their product offerings, which is expected to drive industry growth [27][28] Summary by Sections Hainan Free Trade Port Tracking - The first week of the Hainan Free Trade Port's full closure saw duty-free shopping amounting to RMB 1.1 billion, with a year-on-year increase of 54.9% [12] - The number of new foreign trade registered enterprises in Hainan increased by 2.3 times year-on-year, with over 30,000 new registered customs declaration units for the year, up over 40% [12] - Passenger throughput at Meilan Airport increased by 11.8% year-on-year during the first week of closure [13] Community Dining - The community dining sector has grown rapidly, with the market size increasing from RMB 1,141.4 billion in 2018 to RMB 1,365.8 billion in 2023, a CAGR of 3.7% [14][19] - JD's "Seven Fresh Kitchen" has opened over 30 stores in Beijing, aiming to establish 10,000 stores in three years, focusing on a dual model of delivery and self-pickup [18][24] - The "锅圈" (Guoquan) has expanded its store size and product offerings, transitioning from a simple grocery model to a comprehensive community kitchen service [24] Oil-based Skincare - The "oil-based skincare" market is seeing increased competition from both international luxury brands and domestic brands, with a focus on high-quality ingredients and effective formulations [27][28] - Lin Qingxuan has maintained the top market share on platforms like Taobao and Douyin, with a significant increase in its market share on Douyin by 13.8 percentage points compared to the previous year [28][33] - The report emphasizes the importance of product innovation and the introduction of new active ingredients to meet diverse consumer needs [28] Market Performance Overview - The Hong Kong retail sector outperformed the Hang Seng Index, while consumer services and media sectors lagged behind [34][35] - The report notes that the duty-free and dining sectors have shown strong performance, with specific companies like 多想云 (Duoxiangyun) and 中国中免 (China Duty Free Group) leading in stock performance [43][44]

REITs 2025 年 12 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 2024-12 2025-04 2025-08 中证REITs全收益 沪深300 相关研究报告 《REITs 市场单周各板块均有所回 调，发行市场保持活跃—行业周报》 -2025.12.21 《提升全社会资源配置效率，保障房 REITs 单周表现优异—行业周报》 -2025.12.14 《稳步发展 REITs 和资产证券化， 发行市场保持活跃—行业周报》 -2025.12.7 保障房 REITs 单周表现优异，发行市场保持活跃 ——行业周报 一周行情：保障房 REITs 单周上涨 3.65%，单月累计下跌 0.83% 2025 年第 52 周，中证 REITs（收盘）指数为 783.86，同比下跌 2.59%，环比上 涨 1.39%，2024 年年初至累计上涨 3.63%，同期沪深 300 指数累计上涨 35.74%， 累计超额收益-32.11%。中证 REITs 全收益指数 1014.8，同比上涨 5.3%，环比上 涨 1.56%， 2024 年年初至今累计上涨 1 ...

北交所策略专题报告 2025 年 12 月 28 日 zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所是中小企业并购重组首选地，收单五新隧装重组获证监会注册 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 组主阵地作用，支持北京证券交易所、全国中小企业股份转让系统股份有限公 司发挥服务创新型中小企业主阵地优势，成为中小企业并购重组交易首选地， 逐步做大影响力。我们认为，服务创新型中小企业的北交所能够及时把握并购机 遇。在北交所公司并购的趋势方向上，应重点关注：（1）同一集团内优质资源整 合；（2）新质生产力行业外延并购；（3）"强链补链"扩张版图式并购。截至 2025 年 12 月 28 日，北交所共发生 46 家次重要投资并购事件。 晶赛科技收购峰华电子，代替偿还原控股股东铜峰电子的债务 4,187.17 万元 为 ...

行 业 研 究 2025 年 12 月 28 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 房地产 沪深300 相关研究报告 ——行业周报 qidong@kysec.cn 证书编号：S0790522010002 《北京再次放宽限购，激活年末市场 热度—行业点评报告》-2025.12.24 《新房二手房成交面积环比增长，住 建部强调促进地产市场供需平衡—行 业周报》-2025.12.21 《高基数下销售疲软，年末市场延续 以 价 换 量 趋 势 — 行 业 点 评 报 告 》 -2025.12.15 新房二手房成交面积环比增长，北京进一步优化调整 住房限购政策 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S07901240 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a significant recovery in the electronic sector, with a notable increase in stock prices driven by improved sentiment around AI and strong performance in semiconductor and consumer electronics segments [3][4] - The storage market continues to show high demand, with price increases for NAND flash wafers and SSDs, reflecting a bullish outlook for the sector [6][7] Market Review - The electronic industry index rose by 4.71% this week, with semiconductors up 5.07% and consumer electronics increasing by 3.48%. Notable stock performances include SK Hynix rising by 9.51% and Micron by 7.10% [3][4] - The report highlights the impact of the Christmas season on tech stocks, contributing to overall market gains [3] Industry Updates - New product launches are driving market excitement, including Samsung's first 2nm processor and Huawei's nova 15 series, which features advanced technology and performance improvements [4] - Major companies are enhancing their computational power collaborations, with significant projects like Oracle's data center approved in Michigan [5] Pricing Trends - The report notes a continuous upward trend in storage prices, with NAND flash wafer prices increasing by over 10% and SSD prices rising by 15% to 20% [6] - Expectations for price hikes in wafer production are also noted, with companies like SMIC and TSMC implementing price adjustments [6] Investment Recommendations - The report suggests several beneficiaries from the current market conditions, including SMIC, Beijing Junzheng, and Huafeng Technology, among others [7]

医药生物 2025 年 12 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-12 2025-04 2025-08 医药生物 沪深300 相关研究报告 《推荐 CXO+科研服务板块的估值切 换机会—行业周报》-2025.12.21 《2025 国谈结果公布，关注相关公司 投资机会—行业周报》-2025.12.14 《必贝特在小核酸领域的差异化布局 —行业周报》-2025.12.7 瑞博生物通过港交所 IPO 聆讯，上市在即 ——行业周报 | 余汝意（分析师） | 巢舒然（分析师） | | --- | --- | | yuruyi@kysec.cn | chaoshuran@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525110001 | chaoshuran@kysec.cn 证书编号：S0790525110001 瑞博生物港交所 IPO 申请通过聆讯，上市在即 2025 年 12 月 21 日，瑞博生物港交所 IPO 申请通过聆讯，即将挂牌上市。瑞博 生物成立于 2007 年，是一家 ...

Group 1: Commercial Aerospace IPO Developments - The Shanghai Stock Exchange issued guidelines on December 26, 2025, detailing the fifth set of listing standards for commercial rocket companies, marking a significant policy breakthrough[3] - Blue Arrow Aerospace completed its IPO counseling on December 23, 2025, becoming the first private rocket company to pass the IPO counseling process, with a valuation of 20 billion yuan[14] - Several commercial aerospace startups, including Star River Power and Micro Nano Starry Sky, are set to complete their IPO counseling in the second half of 2025, indicating a collective push into the capital market[4] Group 2: Traditional Industry Transformation Opportunities - Traditional industry companies are leveraging existing technological synergies and manufacturing capabilities to enter the high-growth commercial aerospace sector[4] - Two main strategies for traditional industries entering commercial aerospace are identified: technology extension and capital strategic layout[15] - Technology extension involves using core technologies from traditional sectors, such as automotive and rail transport, to develop aerospace applications, exemplified by companies like Jinchang Group and Superjet[16] - Capital strategic layout includes investments and acquisitions to quickly enter the commercial aerospace market, as seen with Tongyu Communications and Dongzhu Ecology's acquisition of Kai Rui Star Communication[17] Group 3: Market Performance and Trends - The A-share market saw a general increase, with the Shanghai Composite Index rising by 1.88% and the Shenzhen Component Index increasing by 3.53% during the week of December 20-26, 2025[18] - The lithium battery electrolyte index experienced the highest growth this week, with a rise of 17.80%, led by companies like Tianji Co. and Huasheng Lithium[20] - Small-cap indices outperformed large-cap indices, with the CSI 500 and CSI 1000 indices rising by 4.03% and 3.76%, respectively[19]

本周末北证 50 报收 1463.03 点，周涨跌幅为+1.19%。消费服务本周走势较弱， 跌幅在五大行业中较大，周涨跌幅为-1.95%。本周开源北交所北交所消费服务二 级行业大部分出现下跌，商业服务、农林牧渔、建筑装饰、包装印刷本周上涨， 其中涨幅超过 1%的有：商业服务（+2.18%）、农林牧渔（+1.35%）、包装印刷 （+1.37%）。个股情况来看，本周 23.40%的消费服务标的市值有所上涨。分二级 行业来看，农林牧渔有 60%以上的标的本周上涨。周涨跌幅居前的个股分别为宏 裕包材（+24.67%）、北矿检测（+14.28%）、田野股份（+13.19%）、铜冠矿建 （+5.32%）、秋乐种业（+2.45%）、康农种业（+2.31%）、中纺标（+0.94%）、广 咨国际（+0.94%）、中设咨询（+0.26%）、国航远洋（+0.1%）。 北交所策略专题报告 2025 年 12 月 28 日 北证文创国潮主线浮现—从柏星龙 AI 文创到朱炳仁铜上市辅导 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 文旅产业发展快速 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The value of layout in the high-end liquor sector is becoming evident, and the optimization of raw milk supply and demand is creating investment opportunities [3][12] - The food and beverage index experienced a decline of 0.6% from December 22 to December 26, ranking 25th among 28 sectors, underperforming the CSI 300 by approximately 2.5 percentage points [12][14] - The high-end liquor industry is currently in a deep adjustment period due to slowing economic growth and insufficient consumer confidence, but there are signs of demand improvement compared to the second and third quarters [12] - The price strategy for premium liquor brands like Moutai is stabilizing, with recent prices in the range of 1500-1600 RMB, and significant price drops are not expected in the near future [12] - The raw milk supply-demand gap has slightly narrowed, with a short-term recovery in demand due to pre-holiday stocking, but long-term supply remains in surplus [4][13] Summary by Sections Weekly Insights - The liquor sector shows layout value, and the raw milk supply-demand optimization is generating investment opportunities [3][12] - The food and beverage index underperformed the market, with specific sub-sectors like health products and other foods showing relative strength [12][14] Market Performance - The food and beverage index fell by 0.6%, ranking 25th out of 28 sectors, with health products (+0.5%) and other foods (+0.0%) performing relatively better [12][14] Upstream Data - Recent data indicates a decline in some upstream raw material prices, with full-fat milk powder auction prices down 18.7% year-on-year [20][21] Liquor Industry News - Prices for premium Moutai products have increased, reflecting strong market demand and limited supply [42] Recommended Portfolio - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, and West Oat Foods, among others, focusing on companies with strong performance stability and risk resilience [5][48]

2025 年 12 月 28 日 北交所策略专题报告 2025 年打新择时复盘：上市首日售出策略仍然为短期最佳策略 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所 2025 年打新择时复盘，一周内新股股价最高日通常为上市首日 从 2025 年北交所节奏上来看，截至 2025 年 12 月 26 日，2025 年 1-12 月北交所 合计过会 49 家企业，合计上市 25 家企业，从 2025 年 4 季度开始，北交所上市 节奏出现提升，其中 2025 年 11-12 月北交所合计过会 22 家企业。从 2024 年至 今 48 家上市企业一周内股价变化趋势来看，多数企业股价最高日为上市首日。 我们按照上市日期为 T 日，上市企业股价最高日在 T 日、T+1、T+2、T+3、T+4、 T+5、T+6、T+7 的占比分别为 72.92%、0.00%、4.17% 、2.08%、4.17%、6.25%、 2.08%、8.33%。其中，一周内股价最高日不是上市首日的企业数量共有 13 家， 整体来主要由于 1）上市首日市场情 ...