Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook on its future performance [2][7]. Core Insights - The company has undergone multiple strategic upgrades, transitioning from an industry participant to a global competitor in the lithium battery sector. It has focused on high-performance ternary batteries for passenger vehicles and is accelerating internationalization post its Hong Kong listing [6][15]. - The demand for dynamic storage is expected to surge, driven by the expanding market for new energy vehicles (NEVs) and the ongoing growth in the energy storage sector. The report anticipates a significant increase in global energy storage battery shipments from 530 GWh in 2025 to 1,343 GWh by 2028 [6][49]. - The company is strengthening its core competitive advantages and aims to establish itself as a leading global battery brand, with a diversified customer base and a growing market share [6][7]. Financial Data and Profit Forecast - The company’s revenue is projected to grow from 27 billion RMB in 2023 to 96.3 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 28.74% [5]. - Net profit attributable to ordinary shareholders is expected to rise from 294 million RMB in 2023 to 3.84 billion RMB in 2027, reflecting a significant recovery and growth trajectory [5]. - The report estimates the company's price-to-earnings (PE) ratios to be 40, 17, and 11 for the years 2025, 2026, and 2027, respectively, with a target PE valuation of 21 for 2026 [7][8]. Strategic Focus and Market Dynamics - The company has strategically focused on both power and energy storage markets, developing a comprehensive product system that includes high-end products for both sectors. The report highlights the successful launch of various advanced technologies and products in 2025 [15][24]. - The report notes a robust growth in the domestic new energy vehicle market, with sales reaching 11.2 million units in the first three quarters of 2025, and a penetration rate of 46% [6][38]. - The energy storage market is also experiencing high demand, with significant increases in bidding and winning capacities for energy storage projects, indicating a favorable market environment [45][49]. Competitive Positioning - The company is enhancing its competitive positioning by diversifying its customer base, reducing reliance on its top five customers from 71% in 2023 to 55% in 2024, and establishing deep strategic partnerships with key clients [6][7]. - The report emphasizes the importance of technological innovation and cost optimization in maintaining competitive advantages, with a focus on high energy density and fast-charging battery technologies [6][24]. Market Outlook - The global demand for new energy vehicles is projected to grow significantly, with total sales expected to increase from 20.94 million units in 2025 to 33.36 million units by 2028, alongside a rise in the penetration rate to 39% [52]. - The report anticipates that the overall demand for lithium batteries, including both power and energy storage, will continue to expand, driven by technological advancements and increasing market acceptance of electric vehicles [49][52].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In the US, multiple quantitative enhancement products were issued last week, with an increasing issuance speed at the end of the year. Various asset classes in US ETFs maintained inflows, and alternative strategies such as long - short equity performed well. US domestic stock - type mutual funds still faced significant redemption pressure, while bond funds had a slight inflow [2]. 3. Summary by Directory 3.1 US ETF Innovation Products: Multiple Quantitative Enhancement Products Issued - Last week, 43 new products were issued in the US, including 6 individual stock leveraged products and 3 digital currency - related products. One product combined crude oil and Bitcoin with 2x leverage, and Simplify's US stocks + futures strategy also had a 1:1 investment ratio. Motley Fool issued 3 single - factor ETFs, each holding about 150 stocks [5][6]. - BlackRock's quantitative team issued an alternative product, and NEOS issued a long - short equity product. Hedgeye's 130/30 product also adopted a long - short strategy. Global X issued a gold miners ETF, Franklin Templeton issued a small - cap enhanced ETF, and Sterling Capital's stock option product used a quantitative stock - selection strategy [7]. - Columbia issued 6 ETFs, 3 bonds and 3 stocks. The stock products mainly used a quantitative enhancement strategy with semi - annual rebalancing [8]. 3.2 US ETF Dynamics 3.2.1 US ETF Fund Flows: All Asset Classes Maintained Inflows - In the past week, US ETF inflows remained above $40 billion, and domestic stock products had inflows of over $30 billion. There was a significant difference in fund flows between BlackRock's S&P 500 ETF (outflow) and Vanguard's products (inflow). Russell 2000 and high - yield bond ETFs had inflows, indicating a relatively high risk appetite [2][9]. - S&P 500 ETFs had significant recent fund fluctuations, Russell 2000 ETFs had continuous inflows, and gold also returned to an inflow state [13]. 3.2.2 US ETF Performance: Alternative Strategies such as Long - Short Equity Performed Well - Many long - short equity products were issued last week. In the past two years, products replicating futures and combining multiple hedge fund strategies have been increasing. Among the top ten alternative strategy products in the US, State Street's multi - strategy product and Convergence's long - short equity product performed best [14]. 3.3 Recent Fund Flows of US Ordinary Public Offering Funds - In October 2025, the total amount of non - money public offering funds in the US was $23.7 trillion, an increase of $0.22 trillion from September. The S&P 500 rose 2.27% in October, and the scale of domestic stock - type products increased by 0.9%, but the redemption pressure was still high. - From November 25th to December 3rd, domestic stock funds in the US had outflows of over $15 billion. Hybrid products had continuous outflows, while bond funds had a slight inflow [15].

Report's Investment Rating for the Industry The provided content does not mention the industry investment rating. Core Views of the Report - The report constructs multiple ETF portfolios, including macro industry, macro + momentum industry, core - satellite, and trinity style rotation portfolios, to capture investment opportunities and manage risks in the ETF market [1][5]. - It combines macro - based and momentum - based methods to form complementary strategies, aiming to improve the performance of the portfolios [12]. - The trinity style rotation model uses macro liquidity as the core to build a long - term style rotation model and selects ETFs based on the model's results [6]. Summary by Relevant Catalog 1. ETF Portfolio Construction Methods 1.1 Based on Macro Method - Calculate the macro - sensitivity scores of economic, liquidity, and credit for industry - themed ETFs, and adjust the scores according to the latest indicators. Select the top 6 industry - themed indices and corresponding largest - scale ETFs for equal - weight allocation [1][7]. - Traditional cyclical industries are sensitive to the economy, TMT is sensitive to liquidity, and consumption is sensitive to credit. State - owned enterprises and ESG - related themes have low sensitivity to liquidity and credit [5]. 1.2 Trinity Style Rotation - Build a long - term style rotation model centered on macro liquidity, including growth/value, market capitalization, and quality models. Combine the results of the three models to get the final style preference [6]. - Screen ETFs with high exposure to the target style, control industry exposure, and set allocation limits to obtain the ETF allocation model [6]. 2. Macro Industry Portfolio - Select industry - themed ETFs that have been established for over 1 year and have a current scale of over 200 million. Calculate and adjust sensitivity scores, and remove liquidity scores if there is a significant divergence between liquidity and credit. Then select the top 6 industry - themed indices and corresponding largest - scale ETFs for equal - weight allocation [7][8]. - Currently, with economic forward - looking indicators rising and liquidity and credit indicators tightening, the portfolio is value - oriented with high proportions of banks and cyclical sectors. The December 2025 holdings include Huabao CSI Bank ETF, Cathay CSI Coal ETF, etc. [9]. - The portfolio has large fluctuations and outperformed the benchmark significantly in November 2025 [11]. 3. Macro + Momentum Industry Portfolio - Combine macro - based and momentum - based methods. Use clustering to group industry - themed indices and select the product with the highest 6 - month return from each group for equal - weight allocation [12]. - The December 2025 holdings include Huabao CSI Bank ETF, Cathay CSI Coal ETF, and others. The battery and metal industries selected by momentum have increased [15]. - The portfolio has performed well this year and outperformed the CSI 300 significantly in November 2025 [16]. 4. Core - Satellite Portfolio - Design a "core - satellite" portfolio with the CSI 300 as the core to address the high volatility and rapid industry rotation of industry - themed ETFs [18]. - Calculate macro - sensitivity scores for domestic broad - based, industry - themed, and Smart Beta ETFs, construct three stock portfolios, and weight them at 50%, 30%, and 20% respectively [18]. - The December 2025 holdings include Huatai - Peregrine CSI 300 ETF, Huaxia SSE 50 ETF, etc. The portfolio has been stable this year and outperformed the index almost every month, including in November 2025 [21][23]. 5. Trinity Style Rotation ETF Portfolio - The model currently favors small - cap growth + high - quality segments. The factor exposures and historical performance are presented in the report [24]. - The December 2025 holdings include Southern CSI 500ETF, Southern CSI 1000ETF, etc. [30].

Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints of the Report - The issuance speed of US ETFs at the end of the year has increased again, with multiple quantitative enhancement products being issued [2][7]. - The capital inflow of US ETFs has remained above $40 billion, and the risk appetite of capital has remained at a high level [2][13]. - Stock long - short and other alternative strategies of US ETFs have performed well [2][19]. - The redemption pressure of US non - money mutual funds in October 2025 was still high, and domestic stock funds and hybrid products have continued to experience outflows recently, while bond funds have seen a slight inflow [2][20]. Summary by Relevant Catalogs 1. US ETF Innovation Products: Multiple Quantitative Enhancement Products Issued - Last week, 43 new products were issued in the US, including 6 individual stock leverage products and 3 digital currency - related products [2][7]. - Motley Fool issued 3 single - factor ETFs, each holding about 150 stocks [9]. - BlackRock's quantitative team, NEOS, Hedgeye, Global X, Franklin Templeton, Sterling Capital, and Columbia all issued different types of ETFs last week, with many using quantitative strategies [10][11]. 2. US ETF Dynamics 2.1 US ETF Capital: All Types of Assets Maintain Inflows - In the past week, the inflow of US ETFs has remained above $40 billion, and the inflow of domestic stock products has exceeded $30 billion [2][13]. - The S&P 500 ETF of BlackRock continued to have the largest outflow, while the products of Vanguard had a large - scale inflow of over $40 billion, with a capital flow difference of over $80 billion between the two. The Russell 2000 and high - yield bond ETFs had inflows [2][15]. 2.2 US ETF Performance: Stock Long - Short and Other Alternative Strategies Perform Well - Many stock long - short products were issued last week, and products combining futures replication and multiple hedge fund strategies have been increasing in the past two years. Among the top ten alternative strategy products in the US, the multi - strategy product of State Street and the stock long - short product of Convergence performed the best [2][19]. 3. Recent Capital Flows of US Ordinary Mutual Funds - In October 2025, the total amount of US non - money mutual funds was $23.7 trillion, an increase of $0.22 trillion compared to September. The scale of domestic stock products increased by 0.9%, but the redemption pressure was still high [2][20]. - From November 25th to December 3rd, the outflow of US domestic stock funds remained above $15 billion. Hybrid products have continued to experience outflows recently, while bond funds have seen a slight inflow [2][20].

Investment Rating - The report maintains a "Positive" rating for the real estate sector and property management, highlighting potential opportunities in shopping centers and the "Good House" new track [3][4]. Core Insights - The investment side of the real estate industry continues to weaken, with significant declines in new starts and completions. For January to November 2025, total real estate investment decreased by 15.9% year-on-year, with new starts down by 20.5% and completions down by 18% [3][4][19]. - The sales side shows a downward trend in sales area, sales amount, and average sales price. For the same period, the sales area fell by 7.8%, sales amount by 11.1%, and average price by 3.4% year-on-year [20][32]. - The funding side indicates a widening decline in funding sources, with total funding down by 11.9% year-on-year. In November alone, funding sources dropped by 32.5% [37]. Investment Analysis Summary Investment Side - From January to November 2025, real estate development investment totaled 785.91 billion yuan, down 15.9% year-on-year. In November, the investment growth rate was -30.3%, a decline of 7.3 percentage points from October [4][19]. - The residential investment during the same period was 604.32 billion yuan, also down 15% year-on-year, with November showing a -29.5% growth rate [4][19]. Sales Side - The total sales area for January to November was 790 million square meters, down 7.8% year-on-year. In November, the sales area decreased by 17.3% [20][32]. - The total sales amount reached 7.5 trillion yuan, down 11.1% year-on-year, with November's sales amount at 611.3 billion yuan, a 25.1% decrease [20][32]. Funding Side - Total funding sources for real estate development enterprises amounted to 850 billion yuan, down 11.9% year-on-year. In November, the decline was 32.5% [37]. - Domestic loans decreased by 10.4% in November, while self-raised funds fell by 30.7% [37].

证 券 研 究 报 告 羽绒服起家转型户外，质价比与功能性打开市场 ——从坦博尔看户外行业发展趋势 证券分析师：王立平 A0230511040052 刘佩 A0230523070002 联系人： 刘佩 A0230523070002 2025.12.16 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 坦博尔以羽绒服起家，敏锐转型户外，乘行业东风快速成长。公司成立于2004年，以羽绒服起家，2022 年敏锐转型户外定位，凭借高质价比与功能性切入更广阔的市场，产品以卓越的品质、人性化的设计以及 先进的工艺，满足滑雪、登山徒步、以及郊游、通勤等需求。2024 年公司营收 13.0 亿元，同比增长 28%； 归母净利润 1.1 亿元，因费用投入较大同比下滑 23%，零售规模位居本土专业户外品牌第四。 ◼ 户外行业高速增长，国产品牌加码布局。2024年中国专业户外产业市场规模2095亿元，同比增长9.8%。。 行业格局较为分散，2024年前十大品牌的市场份额合计仅占24.3%。目前行业仍以国际品牌为主导，但国 产品牌加码布局，增速更快，2019年至2024年复合年增长率为16.2%，高于国际品牌 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

Investment Rating - The report maintains a "Positive" outlook on the Robotaxi industry, indicating a strong belief in its growth potential driven by technological advancements and supportive policies [1]. Core Insights - The Robotaxi sector is undergoing a transformation, leveraging L4 autonomous driving technology to replace human drivers, thereby reducing operational costs and enhancing profit margins. The industry is transitioning from a phase of technical validation to one of scalable operations, with significant growth expected in the coming years [2][3]. - The industry structure is evolving, comprising intelligent driving technology, hardware production, and terminal operations. Key players are focusing on data collection, vehicle manufacturing, and operational management to create a cohesive ecosystem [2][3]. - Policy frameworks are gradually improving, encouraging pilot programs while ensuring safety. This regulatory environment is facilitating the expansion of Robotaxi companies into international markets [2][3]. Summary by Sections 1. Robotaxi Background: Intelligent Driving Technology Reshaping the Mobility Service Industry - The demand for efficient, comfortable, and affordable travel experiences drives the evolution of the mobility service industry, with technological upgrades transforming supply models [15]. - The entry of autonomous driving technology is leading to a restructuring of the capacity value chain, moving from traditional taxi ownership to a more decentralized model [20][22]. - The feasibility of technology is improving, with leading companies demonstrating lower accident rates compared to human drivers, validating the safety and reliability of L4 systems [26][34]. 2. Industry Chain Structure: Intelligent Driving Technology + Hardware Production + Terminal Operations - The current industry participants are adopting a triangular cooperation model, where intelligent driving companies provide solutions, manufacturers supply vehicle chassis, and service platforms manage operations [47][48]. - The operational aspect is becoming increasingly important, with the efficiency of fleet management and scheduling emerging as new competitive barriers [2][3]. 3. Policy Guidance: Encouraging Pilot Programs While Ensuring Safety - Domestic policies are evolving to support pilot programs under safety assurances, while international markets are gradually opening up, allowing Robotaxi companies to expand their operations [2][3]. 4. Industry Growth Phase: A Trillion-Dollar Market with Potential for Billion-Dollar Enterprises - The industry is in a high-growth phase, with the penetration rate of autonomous driving services expected to rise significantly. Key catalysts in the coming years will include mass production of vehicles and global operational expansion [2][3]. - The market is anticipated to give rise to billion-dollar enterprises as leading companies optimize costs and scale operations [2][3].

Group 1: China Civil Aviation Information Network (00696) - The company is a leading GDS provider globally and the largest in China, with a global market share of approximately 28% and a domestic market share of about 95% [10] - The company's performance is highly correlated with the growth of the civil aviation industry, with expected flight bookings reaching 732 million in 2024, surpassing the 2019 peak [10] - The launch of the "official direct sales platform" in July 2025 positions the company to enter the trillion-yuan OTA market, aiming to reduce reliance on traditional OTAs [10] - The company is projected to achieve net profits of 2.21 billion, 2.43 billion, and 2.65 billion yuan from 2025 to 2027, with a maintained "buy" rating based on recovery in the civil aviation sector [10] Group 2: Xiangsheng Medical (688358) - Xiangsheng Medical has focused on ultrasound technology since its establishment in 1996, holding over 400 intellectual property rights and offering a comprehensive range of ultrasound products [11] - The company aims to leverage its "portable + intelligent" advantage, with products like SonoFamily series that include high-end and portable ultrasound devices, enhancing its competitive edge [11] - The company is expected to achieve revenues of 517 million, 620 million, and 744 million yuan from 2025 to 2027, with net profits projected at 146 million, 182 million, and 229 million yuan, respectively, maintaining a "buy" rating [13] Group 3: CIMC Enric (03899.HK) - CIMC Enric is a clean energy equipment platform under CIMC, focusing on LNG transportation, storage, and processing, with a projected net profit CAGR of 17% from 2020 to 2024 [13] - The company has a robust order backlog of 30.8 billion yuan, with 27.3 billion yuan in clean energy equipment orders, benefiting from the LNG market's growth [14] - The company is expected to achieve net profits of 1.13 billion, 1.47 billion, and 1.76 billion yuan from 2025 to 2027, with a "buy" rating based on a 29% upside potential from its current valuation [15] Group 4: PVA Industry (皖维高新 600063) - The company has established a comprehensive PVA industrial chain, with a focus on cost advantages and long-term growth potential, aiming to expand into high-value new materials [23] - The company is positioned to benefit from a recovery in demand for PVA products, with a projected increase in production capacity and profitability in the coming years [23] - The company is expected to achieve revenues of 8.064 billion, 8.881 billion, and 9.768 billion yuan from 2025 to 2027, with net profits projected at 473 million, 622 million, and 862 million yuan, respectively, maintaining an "overweight" rating [25] Group 5: Social Services Industry - The introduction of spring and autumn holidays has stimulated tourism demand, with significant increases in travel and spending during these periods [26] - The winter "snow holiday" policy has also contributed to the recovery of the ice and snow tourism industry, with various incentives driving participation [26] - The overall service consumption is expected to benefit from government policies aimed at boosting demand, with a focus on tourism and related sectors [27]

行 业 及 产 业 商贸零售 2025 年 12 月 15 日 11 月社零同比+1.3%，服务消费 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 《10 月社零同比+2.9%，服务及餐饮消费 表现亮眼—— 10 月社会零售品消费数据 点评》 2025/11/14 《9 月社零同比+3.0%，服务消费呈现强 韧性—— 9 月社会零售品消费数据点评》 2025/10/21 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 研究支持 张蕴达 A0230125030003 zhangyd@swsresearch.com 联系人 张蕴达 A0230125030003 zhangyd@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 延续强劲增长 看好 ——11 月社会零售品消费数据点评 相关研究 ⚫ 2025 年 11 月社会消费品零售总额同比增长 1.3%，低于市场一致预期。11 月促消费政 策进一步细化落实，双十一大促顺利收官，服务消费保持强劲增长释放活力，但在去 ...