Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - The industry has shown significant developments, including a major order for humanoid robots from a leading AI model company, valued at over 50 million RMB, highlighting the integration of AI and robotics [2] - The Central Economic Work Conference has set the agenda for 2026, focusing on energy independence and green transformation, which will drive the demand for renewable energy solutions [4] - The report emphasizes the importance of optimizing market pricing for centralized renewable energy generation, as outlined by the National Development and Reform Commission and the National Energy Administration [5] Summary by Relevant Sections Stock Recommendations - Recommended stocks include: - Aiyu Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqo New Energy (688303.SH) - Buy - B - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A [3][4][7] Price Tracking - The average price of polysilicon remains stable at 52.0 RMB/kg, while the average price of silicon wafers and battery cells has shown signs of stabilization after previous declines [6][8][9] Investment Suggestions - Key recommendations focus on various sectors: - BC new technology: Aiyu Co., Ltd., Longi Green Energy - Supply-side: Daqo New Energy, Fulete - Energy storage: Haibo Innovation, Sungrow Power Supply, Deye Technology - Market-oriented: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Overseas expansion: Hengdian East Magnet, Bowei Alloy [10]

Investment Rating - The textile and apparel industry maintains a "Synchronize with the Market" rating, indicating expected performance in line with the benchmark index [6][25]. Core Insights - In November 2025, the domestic retail sales (社零) grew by 1.3% year-on-year, which was below market expectations, with a total of 4.39 trillion yuan [3]. - Cumulative retail sales from January to November 2025 reached 45.61 trillion yuan, reflecting a 4.0% year-on-year increase [3]. - The consumer confidence index in October 2025 was reported at 89.4, showing a slight decline of 0.2 from the previous month [3]. Summary by Sections Retail Performance - In November 2025, retail sales in the food and goods sectors grew by 3.2% and 1.0% year-on-year, respectively [3]. - Online retail sales of physical goods increased by 5.7% year-on-year, outperforming the overall retail growth [4]. - The performance of various retail formats showed that convenience stores and supermarkets had year-on-year growth rates of 6.0% and 4.7%, respectively [4]. Consumer Trends - The "Double Eleven" shopping festival in October 2025 led to a demand pull-forward, resulting in a significant drop in retail sales growth for optional consumer goods in November [5]. - The textile and apparel sector saw a year-on-year growth of 3.5% in November, but this was a decline of 2.8 percentage points from the previous month [5]. Investment Recommendations - The report recommends brands such as 361 Degrees and Bosideng, highlighting Bosideng's innovative product lines and potential for double-digit revenue growth [6]. - For the textile manufacturing sector, companies like Shenzhou International and Yuanyuan Group are recommended due to their stable performance and strong client relationships [7]. - In the jewelry and retail sector, companies with strong terminal performance and product differentiation, such as Caibai Co. and Zhou Daxing, are suggested for investment [7]. Company Performance - Miniso's revenue growth exceeded previous guidance, with a notable increase in same-store sales in October 2025 [8]. - Yonghui Supermarket is also highlighted for its strategic adjustments in store openings and supply chain improvements, leading to a slight improvement in sales gross margin [8].

研究早观点 2025 年 12 月 15 日 星期一 市场走势 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,889.35 | 0.41 | | 深证成指 | | 13,258.33 | 0.84 | | 沪深 | 300 | 4,580.95 | 0.63 | | 中小板指 | | 8,020.01 | 0.92 | | 创业板指 | | 3,194.36 | 0.97 | | 科创 | 50 | 1,348.88 | 1.74 | 资料来源：常闻 分析师： 研究早观点 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【山证宏观】着力推进质的有效提升——2025 年 12 月中央经济工作会 议解读 【行业评论】2025 年 11 月纺织制造台企月度营收数据 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【今日要点】 【山证宏观】着力推进质的有效提升——2025 年 12 月中央经济工作会议解读 郭瑞 ...

以"五个必须"引领做好新形势下经济工作。"五个必须"即必须充分 挖掘经济潜能，必须坚持政策支持和改革创新并举，必须做到既"放得活" 又"管得好"，必须坚持投资于物和投资于人紧密结合，必须以苦练内功来 应对外部挑战。会议把"必须充分挖掘经济潜能"放在首位，显示了"在质 的有效提升上取得更大突破"的决心。 2025 年 12 月 12 日 宏观研究/事件点评 投资要点： 【山证宏观】2024 年中央经济工作会议 事件：12 月 10 日至 11 日，中央经济工作会议在北京举行，会议总结 2025 年经济工作，分析当前经济形势，部署 2026 年经济工作。 宏观 着力推进质的有效提升 ——2025 年 12 月中央经济工作会议解读 分析师： 我国经济运行总体平稳、稳中有进，实现向新向优发展。2025 年我国经 济增速、居民就业、收入相对稳定，企业利润波动修复，资本市场稳健运行。 结构上看，最终消费支出对 GDP 的拉动较为平稳，其中"以旧换新"政策 驱动的耐用品消费增速领跑，服务消费则展现出更强的韧性；设备更新投资 及高端化转型带动的高技术领域投资是支撑制造业投资的核心。同时，房地 产、地方政府债务等重点领域风险化 ...

Market Overview - The report highlights a decline in major domestic market indices, with the Shanghai Composite Index closing at 3,873.32, down 0.70%, and the Shenzhen Component Index at 13,147.39, down 1.27% [5][6]. Investment Highlights - The report discusses the acceleration of fund compensation reforms, emphasizing the linkage of performance assessments to profitability metrics, with a requirement that long-term performance indicators account for at least 80% of the evaluation [8]. - It notes that the leverage space for brokerage firms is expanding, as regulatory authorities are considering differentiated supervision to support high-quality institutions while limiting weaker ones, potentially enhancing capital utilization efficiency [8]. Industry Commentary - The mechanical sector is experiencing growth in demand for storage chips due to the AI wave, with AI servers requiring significantly more DRAM and NAND than traditional servers, leading to increased demand for high-performance storage products [7][9]. - The report emphasizes the importance of non-destructive testing methods, such as ultrasound and X-ray, in ensuring the quality of advanced packaging in the semiconductor industry, particularly as 3D NAND technology becomes more prevalent [9]. Company Recommendations - The report recommends focusing on companies like Jiao Cheng Ultrasound and Ri Lian Technology, which are positioned to benefit from advancements in semiconductor testing technologies [9].

Market Overview - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,900.50, down by 0.23%, while the Shenzhen Component Index rose by 0.29% to 13,316.42 [2]. Industry Commentary: Chemical Raw Materials - The new materials sector saw an increase, with the new materials index rising by 0.49%, underperforming the ChiNext Index by 1.37%. Over the past five trading days, various sub-sectors showed different performances, with semiconductor materials up by 1.96% and battery chemicals down by 2.54% [4]. - Key price tracking for amino acids indicated that valine was priced at 12,600 RMB/ton (up 0.80%), while methionine dropped to 18,400 RMB/ton (down 3.16%). Prices for biodegradable materials remained stable, with PLA at 17,800 RMB/ton [4]. Investment Insights - The Tesla humanoid robot, Optimus, is nearing mass production, with a target price below $20,000. This development is expected to significantly benefit upstream materials related to humanoid robots. Key components to watch include electronic skin and tendon protection systems [4]. - Recommended stocks related to electronic skin include Hanwei Technology, Fule New Materials, and Jinghua New Materials, while tendon protection system stocks include Jundingda [4][5]. Industry Commentary: Photovoltaic Industry - The price of polysilicon remained stable at 52.0 RMB/kg, with a projected production of 113,500 tons in December. The establishment of a new storage platform for photovoltaic materials is expected to stabilize prices in the short term [7]. - Photovoltaic glass prices decreased, with 3.2mm coated glass at 19.0 RMB/m² (down 2.56%) and 2.0mm coated glass at 11.5 RMB/m² (down 4.17%) [8]. - The average price of N-type solar cells remained at 0.28 RMB/W, with a 1.8% decrease noted. Production plans for December are expected to drop by approximately 12% due to demand issues [9]. Key Recommendations - Companies to focus on include Aiko Solar and Longi Green Energy for new technology directions, and Daqo New Energy and Flat Glass for supply-side strategies. Other notable mentions include GCL-Poly Energy, Tongwei Co., and JA Solar for various market segments [10].

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a leading position in the market [2]. Core Insights - The humanoid robot industry is expected to accelerate due to Tesla's advancements, with the Optimus V3.0 model anticipated for release in Q1 2026 and mass production by the end of 2026, priced below $20,000 [5]. - The new materials sector index increased by 0.49%, underperforming compared to the ChiNext index which rose by 1.37% [3][18]. - Key materials related to humanoid robots, such as electronic skin and dexterous hand transmission devices, are highlighted as significant investment opportunities [5]. Market Performance - The new materials sector saw a mixed performance with specific indices showing varied results: synthetic biology index up by 0.16%, semiconductor materials up by 1.96%, electronic chemicals up by 1.87%, and battery chemicals down by 2.54% [3][18]. - The overall market performance for the week (December 1-5, 2025) showed the Shanghai Composite Index rising by 0.37% and the CSI 300 by 1.28% [14]. Price Tracking - Amino acids prices showed slight fluctuations: valine at 12,600 CNY/ton (+0.80%), arginine at 21,350 CNY/ton (-0.23%), and methionine at 18,400 CNY/ton (-3.16%) [4]. - Prices for biodegradable materials remained stable, with PLA (injection grade) at 17,800 CNY/ton and PBS at 17,500 CNY/ton [4]. Investment Recommendations - Investors are advised to focus on companies involved in the production of electronic skin and dexterous hand components, with specific mentions of Hanwei Technology, Fule New Materials, and Jinhua New Materials as potential beneficiaries [5].

Market Trends - The domestic market indices showed a slight decline, with the Shanghai Composite Index closing at 3,909.52, down 0.37%, and the Shenzhen Component Index at 13,277.36, down 0.39% [4]. Industry Commentary - The communication industry is witnessing significant developments, particularly with Marvell's proposed acquisition of Celestial AI for approximately $3.25 billion, which is expected to accelerate the arrival of the Optical Interconnect (OIO) era within two years. The acquisition includes a cash component of $1 billion and approximately 27.2 million common shares, with additional performance-based payments potentially bringing the total to $5.5 billion [6]. - Celestial AI's technology aims to enhance the efficiency of AI clusters, achieving over twice the energy efficiency of copper interconnects and significantly reducing latency and power consumption. The technology is expected to contribute substantial revenue starting in the second half of the 2028 fiscal year [6]. - The successful launch of the Zhuque-3 rocket marks a significant milestone in commercial aerospace, with expectations for a substantial increase in launch capacity by 2026. This success is anticipated to alleviate the current bottleneck in national rocket launch capabilities [10]. Derivative Research - The investment value of the BaiRun convertible bond is highlighted, with a remaining term of 1.82 years and a bond balance of 1.127 billion yuan. The bond's market price is 121.84 yuan, with a conversion premium of 154.25% [11]. Key Recommendations - The report suggests focusing on several key areas within the communication and aerospace sectors, including: 1. CPO/OIO technologies: Companies such as Tianfu Communication, Zhongji Xuchuang, and others are recommended for investment [10]. 2. Domestic computing power: Companies like ZTE, Unisoc, and Inspur Information are highlighted as potential investment opportunities [10]. 3. Commercial aerospace: Companies such as Chaojie Co., Yinbang Co., and others are noted for their growth potential in the commercial aerospace sector [10]. Overall Market Performance - The overall market showed an upward trend during the week of December 1-5, 2025, with the Shenwan Communication Index rising by 3.69% and the ChiNext Index increasing by 1.86%. The satellite communication sector led the gains with an 11.60% increase [10].

Report Overview - **Investment Rating**: Not provided - **Core View**: Although the conversion premium ratio of Bairun Convertible Bond is high, its market price is low and the remaining term is less than 2 years. The company's whiskey business is expected to gradually enter the harvest period, and the convertible bond is expected to have elasticity in the future [5] Company and Bond Information - **Bond Information**: Bairun Convertible Bond (127046.SZ) is AA - rated, with a bond balance of 1.127 billion yuan, accounting for 99.95% of the total issuance. The remaining term is 1.82 years, and the redemption price at maturity is 110 yuan. The closing price on December 5th was 121.84 yuan, with a conversion premium ratio of 154.25% [1] - **Company Information**: Bairun is a consumer - oriented liquor group with pre - mixed cocktails as the core, flavors and fragrances as the foundation, and spirits as the strategic extension. From Q1 to Q3 in 2025, its revenue was 2.27 billion yuan, a year - on - year decrease of 4.89%; the net profit attributable to the parent company was 549 million yuan, a year - on - year decrease of 4.35%. The latest total market value is 23.5 billion yuan, and the PE TTM is 33.79x [3] Key Highlights of Bairun Convertible Bond - **Profitability**: The company's business is diversified, covering flavors, pre - mixed drinks, and whiskey. In H1 2025, the gross profit margins of the flavor business and the pre - mixed drink business reached 70.75% and 70.48% respectively, significantly higher than the average level of about 45% in the non - liquor industry. It focuses on niche markets and has a leading position in the segment, with outstanding profitability [4] - **Whiskey Business**: The company's Laizhou Distillery is the largest whiskey production base in China. As of November 2025, it has filled over 500,000 whiskey aging barrels. In 2025, it launched series of products such as "Bailide" blended whiskey and "Laizhou" single - malt whiskey, covering high - end, mid - end, and low - end markets. With the help of the mature pre - mixed drink channel network, the number of distributors is increasing, laying a solid foundation for future revenue growth [4] - **Pre - mixed Drink Business**: The core brand "RIO" has ranked first in the domestic pre - mixed drink market for many consecutive years, with a market share of 30.97% in 2024. The three - product matrix of "Wei Xun", "Qiang Shuang", and "Qing Shuang" meets the different needs of young consumers. From Q1 to Q3 in 2025, the revenue increased quarter - on - quarter for three consecutive quarters. The jelly wine launched in June and the 12° light - enjoyment series launched in August contributed incremental revenue, supporting the restoration of market share [5] Valuation - Based on the Shanxi Securities convertible bond valuation model, if the stock price remains unchanged and no forced redemption or downward adjustment is considered, the reasonable valuation of Bairun Convertible Bond is between 123 and 128 yuan [6]

通信 周跟踪（20251201-20251207） 领先大市-A(维持) ——光子 OIO 时代不远到来，朱雀三入轨成功看好商业航天 2025 年 12 月 9 日 行业研究/行业周报 相关报告： 【山证通信】商业航天有望迎来规 模 化 发 展 的 关 键 拐 点 - 周 跟 踪 （20251124-20251130） 2025.12.4 现象级热潮，看好国内算力 2026 市场- 周跟踪（20251117-20251123）2025.11.27 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 投资要点 行业动向： 1）Marvell 拟 32.5 亿美金收购 OIO 创业公司 Celestial AI，Scaleup OIO 时 代预计将在 2 年左右到来。 资料来源：最闻 根据芯东西 12 月 3 日报道，Marvell 将以约 32.5 亿美金预付款收购 Celestial AI，其中包括 10 亿美元现金以及约 2720 万普通股。交易还设定了对赌条款，在 C ...