Investment Rating - The report gives a "Buy" rating for Shengyi Electronics (688183.SH) for the first time [6]. Core Viewpoints - Shengyi Electronics, established in 1985 and listed in 2021, has become a leading PCB supplier in China, focusing on high-end applications in communication networks, computers/servers, and automotive electronics [10][13]. - The company is experiencing significant growth in high-value products, with a revenue increase of 114.79% year-on-year in the first three quarters of 2025, driven by the rising demand for AI and high-speed communication PCBs [17][21]. - Shengyi Electronics is actively expanding its production capacity and investing in high-end PCB projects, with a total investment of 4.5 billion yuan planned for new projects [51][52]. Summary by Sections Company Overview - Shengyi Electronics has a total share capital of 832 million shares and a market capitalization of 87.4 billion yuan, with a major shareholder holding 62.93% [6][15]. - The company has been recognized multiple times as an "Excellent Supplier" and "Gold Supplier" by core clients, reflecting its strong customer relationships and product quality [10]. Financial Performance - The projected revenue for 2023 is 3.273 billion yuan, with a forecasted increase to 10.83 billion yuan by 2025, representing a year-on-year growth of 131.1% [5]. - The net profit is expected to rise from a loss of 25 million yuan in 2023 to a profit of 1.676 billion yuan in 2025, indicating a significant turnaround [5]. Market Trends - The global PCB market is projected to grow, with an expected value of 69.517 billion USD in 2024, increasing to 79.128 billion USD in 2025, driven by the demand for AI infrastructure [25][28]. - Shengyi Electronics is positioned to benefit from the increasing demand for high-end PCBs, particularly in AI servers and high-speed communication equipment, as the industry continues to evolve [30][32]. Strategic Initiatives - The company is focusing on high-end product lines and has successfully transitioned to AI computing infrastructure, achieving large-scale production of AI server motherboards and accelerator cards [48]. - Shengyi Electronics plans to enhance its production capacity through a public offering, aiming to invest 2.6 billion yuan in high-end PCB production facilities [51][52].

Investment Rating - The report maintains a "Strong Outperform" rating for the industry [1] Core Insights - The report discusses the historical trend of deposit migration, highlighting a shift from resident fixed deposits to non-bank and corporate demand deposits, driven by a loose monetary policy environment and the recovery of the real economy [4][12] - The report identifies two significant periods of deposit migration in the past 20 years, occurring from January 2009 to August 2011 and from March 2015 to January 2018, where the proportion of resident fixed deposits decreased significantly [12][35] - Future deposit migration trends will depend on the pace of economic recovery, with current indicators showing initial signs of deposit migration as resident demand deposits and M1 growth rates increase [4][10] Summary by Sections Section 1: Decline in Resident Fixed Deposit Proportion - Recent months have seen a decline in resident fixed deposits, with a corresponding increase in non-bank deposits, indicating a potential shift in deposit behavior [4][10] - As of November 2025, the proportion of resident fixed deposits is 36.98%, down 0.56 percentage points from the peak in April 2025, while non-bank deposits have increased by 1.13 percentage points to 10.68% [10][11] Section 2: Historical Review of Deposit Migration - The report reviews the historical context of deposit migration, noting two major phases: the first from January 2009 to August 2011, and the second from March 2015 to January 2018, where fixed deposit proportions fell significantly [12][35] - During these periods, the share of corporate demand deposits and non-bank deposits increased markedly, indicating a structural shift in deposit behavior [21][35] Section 3: Future Outlook - The continuation of deposit migration is contingent on the recovery of the real economy, with current monetary policy supporting a favorable environment for such shifts [4][12] - The report emphasizes the importance of monitoring economic indicators and the impact of monetary policy on deposit behavior, suggesting that the current trends may lead to sustained changes in deposit structures [4][12]

ETF Market Overview - The performance of ETFs varied, with the CSI 500 showing the highest increase among major broad-based ETFs, while the military industry theme ETF had the largest gain among sector and thematic products [2][9] - In the past two weeks, the net inflow of funds was led by the CSI A500, STAR 50, and CSI 500 ETFs [2][9] - The market saw a total of 9 new ETFs established in the last two weeks, with a total issuance of 3.3 billion shares, all of which were stock ETFs [23] Fund Flow Analysis - Broad-based ETFs experienced a shift from net outflows to net inflows, particularly in the A series ETFs, with significant inflows into the CSI 300 ETF and others, while the SSE 50 ETF saw a net outflow [10][15] - Sector and thematic ETFs saw significant inflows in the past two weeks, particularly in the dividend and manufacturing sectors, while the financial and military sectors experienced accelerated outflows [15][31] Thematic ETF Tracking - The AI-themed ETFs had an average return of 0.38% over the past two weeks, but saw a net outflow of 3.042 billion yuan [2] - The robotics-themed ETFs had a net inflow of 1.476 billion yuan despite an average return of -3.44% [2] - The renewable energy-themed ETFs experienced a net inflow of 1.171 billion yuan, with an average return of -1.88% [2] Product Structure Distribution - Compared to the end of 2024, the scale of various ETFs has increased significantly, with bond ETFs up by 327.08%, commodity ETFs by 225.98%, and industry + dividend ETFs by 109.16% [23] - The largest ETF management scale is held by Huaxia Fund at 929.154 billion yuan, with significant growth observed in both Huaxia and E Fund, each expanding by over 250 billion yuan compared to the previous year [24]

Investment Rating - The report maintains an "Outperform" rating for the renewable energy sector, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights significant developments in the wind and solar sectors, including a major wind turbine order secured by Mingyang in the Middle East and the expansion of household storage subsidies in Australia, which are expected to drive demand [5][8]. - The solar industry is focusing on deepening self-regulation to combat "involution" competition, with a consensus among over 60 companies to enhance industry discipline and promote healthy development [5][8]. Summary by Sections Wind Energy - Mingyang has signed a contract for a 1.5GW wind project in the Middle East, showcasing the competitive advantage of Chinese wind turbine manufacturers in international markets [7][12]. - The wind index fell by 1.96% in the week of December 15-19, underperforming the CSI 300 index by 1.68 percentage points, with a current PE_TTM of approximately 24.71 times [5][13]. Solar Energy - The solar annual conference emphasized the need for industry self-regulation to address excessive competition, with expectations for substantial progress in 2026 [5][8]. - The current PE_TTM for the solar sector is around 44.35 times, with mixed performance among various solar indices [5]. Energy Storage & Hydrogen - Australia has expanded its household storage subsidy program from AUD 2.3 billion to approximately AUD 7.2 billion, significantly boosting the market potential for household storage systems [8]. - The report anticipates that the household storage market in Australia could reach a new capacity of 11GWh by 2026, positioning it as a key growth area globally [8]. Investment Recommendations - The report suggests focusing on companies with strong competitive positions in energy storage, such as Sungrow Power Supply and Sangfor Technologies, and highlights opportunities in distributed storage and lithium battery sectors [8].

Industrial Sector - Raw material production continues seasonal adjustments, with steel and building materials showing mixed performance[1] - The operating rate of petroleum asphalt and cement clinker has decreased, while the float glass operating rate remains stable[1] - The operating rate of polyester in textiles has weakened seasonally, while the operating rate of full steel tires in the automotive sector has increased[1] Real Estate - New home sales in 30 major cities decreased by 28.4% year-on-year, but the growth rate improved by 3.4 percentage points compared to last week[1] - The year-on-year decline in new home sales for December is 30.2%, a slight improvement of 0.3 percentage points from the previous month[1] - The second-hand housing listing price index fell by 0.54% week-on-week, with the decline narrowing[1] Domestic Demand - Movie box office revenue remains high, with an increase of 78.7% year-on-year, averaging 90.73 million yuan per day[1] - Retail sales of home appliances decreased by 22.5% year-on-year, but improved by 0.6 percentage points from the previous value[1] - The volume of postal express collection increased by 3.8% year-on-year, although it has declined compared to the previous month[1] External Demand - Port cargo throughput increased by 3.4% year-on-year, with container throughput rising by 10.6%[1] - The export container freight index increased by 0.6% week-on-week, continuing its upward trend[1] - South Korea's export value increased by 3.5% year-on-year, although the growth rate fell by 4.9 percentage points compared to November[1] Price Trends - The industrial product price index rose by 1.0%, with black raw materials and non-ferrous metals increasing by 3.9% and 0.8% respectively[1] - Rebar futures prices increased by 1.9%, while spot prices rose by 1.1%[1] - Agricultural product wholesale price index rose by 0.5%, continuing to outperform the same period last year[1]

证券研究报告 摩尔、沐曦接踵而至，国产算力 群星闪耀 电子行业 强于大市（维持） 平安证券研究所 TMT团队 核心摘要 摩尔、沐曦接踵而至，国产算力群星闪耀。2025年12月以来，国产算力大厂摩尔线程-U，C沐曦-U接连登陆A股科创板，为 AI产业发展及投资注入新的活力。在当前全球智能化时代的新一轮产业竞争过程中，AI算力已然成为兵家必争之地，虽然 英伟达为代表的美国算力厂商正处于执全球之牛耳的地位，然而国产算力厂商经过最近数年的磨砺，同样具备与之争锋的 潜力。除寒武纪、海光信息、昇腾之外，沐曦、摩尔线程、壁仞、天数、燧原、昆仑芯等也在快速进步中，ASIC、通用 GPU齐发力，共同推动AI算力芯片的国产进程。 根据沐曦股份招股说明书（12月10日），截止其报告期末，沐熙GPU累计销量已超过25000 颗，部署于10余个智算集群， 在国内AI算力芯片市场拥有一定的市场份额。根据摩尔线程招股说明书（11月27日），基于其自主研发的MUSA架构，公司 率先实现了单芯片架构同时支持AI计算加速、图形渲染、物理仿真和科学计算、超高清视频编解码的技术突破，有力推动 了我国GPU产业的自主可控进程。随着摩尔、沐曦为代表的算 ...

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Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Viewpoints - Progress in peace negotiations between Russia and Ukraine has led to a decrease in oil prices, reflecting a retreat from geopolitical premiums [6]. - The U.S. labor market shows signs of weakness, with a reduction of 41,000 jobs in October and November combined, and the unemployment rate rising to 4.6%, the highest since October 2021 [6]. - The CPI for November recorded a year-on-year increase of 2.7%, below market expectations, suggesting potential easing of inflationary pressures [6]. - In the fluorochemical sector, the 2026 refrigerant quotas are set to increase, and government subsidies for home appliances are expected to continue, supporting demand [6]. - The automotive sector is experiencing sustained growth due to government incentives for vehicle scrappage and replacement [6]. Summary by Sections Oil and Petrochemicals - The report highlights the successful progress in peace talks between Russia and Ukraine, which has contributed to a decline in oil prices, with WTI and Brent crude futures dropping by 1.67% and 1.09% respectively [6]. - The U.S. refining capacity is recovering post-maintenance, with a slight reduction in commercial crude oil inventories, while gasoline and jet fuel stocks are increasing [6]. - The report notes that domestic oil companies are diversifying their oil and gas sources to reduce sensitivity to international oil price fluctuations [7]. Fluorochemicals - The 2026 production quotas for HFCs have been announced, with a total of 797,845 tons, an increase of 5,963 tons from the previous year [6]. - The demand for refrigerants is expected to improve due to ongoing government subsidies and a strong automotive market [6]. Semiconductor Materials - The semiconductor materials sector is experiencing a positive inventory destocking trend, with improving fundamentals in the end market [7]. - The report suggests that the upward cycle in semiconductor materials, combined with domestic substitution, may lead to further price increases [7].

Core Viewpoints - The A-share market experienced a rebound after an initial decline, with broad-based ETFs seeing significant inflows, stabilizing market expectations. The Shanghai Composite Index rose by 0.03%, while the Wande Microplate Index and the CSI Dividend Index increased by 3.0% and 1.0%, respectively. The retail trade sector led the gains with an approximate increase of 6.7% [2][12][15]. Economic Data Summary - In November, the high-tech industry showed accelerated production growth, while retail sales and investment growth slowed down. The industrial value added increased by 4.8% year-on-year, with high-tech industries rebounding to 8.4%. However, retail sales growth fell to 1.3%, and fixed asset investment decreased by 2.6% [3][4]. Policy Tracking Summary - Recent policies include the introduction of a draft regulation for insurance company asset-liability management, which aims to enhance long-term operational stability and risk management. The regulation consolidates previous requirements and sets clear regulatory indicators [5]. Market Performance Summary - The A-share market showed mixed performance, with 19 out of 31 sectors achieving positive returns. The consumer sector and non-bank financials performed well, while sectors like machinery and electronics lagged behind. The dairy index led the concept indices with an increase of approximately 11.3% [12][15][16].

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [32] Core Insights - The National Healthcare Security Administration issued the "Guidelines for the Establishment of Pricing Projects for Pathological Medical Services (Trial)," which aims to systematically reshape existing pathological pricing projects, focusing on biopsy sampling, sample processing, slice replication, pathological staining, and diagnosis, establishing 28 pricing projects, 3 additional charges, and 2 expansion items. This refined pricing is expected to promote high-quality development in pathology and create new scenarios for the application of artificial intelligence-assisted technologies [4] - The guidelines will standardize the charging for digital pathological slices, solidifying the data foundation for large-scale applications of new scenarios. It includes "providing digital images of pathological slices" as an essential item for various pathological services, reflecting the costs of related resource consumption in pricing [4] - The guidelines also explore suitable forms to respond to the charging demands of artificial intelligence assistance, promoting the early application of AI in the pathology field by including "AI-assisted diagnosis" as an expansion item in the pricing structure [4] - The establishment of separate pricing projects for pathological diagnosis and sample testing emphasizes the value of technical services and supports precise medication guidance [4] Summary by Sections Investment Strategy - The report suggests focusing on innovative pharmaceutical companies with rich pipeline layouts, such as Heng Rui Medicine, BeiGene, and China National Pharmaceutical Group. It also highlights companies with significant single-product potential and price revaluation prospects, such as 3SBio, Kaineng Technology, and Qianhong Pharmaceutical. Additionally, it recommends companies leading in cutting-edge technology platform layouts, such as Dongcheng Pharmaceutical, Yuanda Pharmaceutical, and Kelun-Biotech [6] - In the CXO sector, it notes that R&D investment in pharmaceuticals is steadily increasing, and the innovation environment is expected to improve, suggesting attention to companies like WuXi AppTec, WuXi Biologics, and Boteng Co. [6] - For upstream companies, it indicates that quality enterprises are entering a harvest period with overseas layouts, recommending attention to Aopumai, Baipusais, and Baiyao [6] - In the medical device sector, it mentions that ongoing procurement will continue to advance, with equipment companies gradually digesting channel inventory, suggesting attention to Mindray Medical, United Imaging, and Kaili Medical [6] Industry News - The report highlights several key developments in the industry, including Takeda's TYK2 drug achieving positive results in Phase III studies, Baiyatai's anti-VEGF monoclonal antibody application for market approval, Sanofi's innovative therapy for hypertrophic cardiomyopathy receiving domestic approval, and Enhertu (Trastuzumab Deruxtecan) gaining FDA approval for a new indication [8][12][15][16]