证券研究报告 2026 年 01 月 04 日 湘财证券研究所 行业研究 机械行业周报 12 月 PMI 重回扩张区间，关注通用设备、机器人 ——机械行业周报（2025.12.29~2025.12.31） 相关研究： 1.《20251213湘财证券-机械行业：持续 推荐锂电专用设备、燃气轮机、机器 人》 2.《20251221湘财证券-机械行业：11月 工程机械需求持续好转，工业机器人产 量保持快速增长》 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 6.9 3.4 27.5 绝对收益 9.1 3.2 50.2 -20% 0% 20% 40% 60% 25/01 25/03 25/05 25/07 25/09 25/11 机械设备(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 通用设备：2025 年 12 月 PMI 为 50.1%，环比上升 0. ...

证券研究报告 2026 年 1 月 4 日 湘财证券研究所 相关研究： | 1.《近期板块走强，关注零售百货 | | --- | | 业态变革》 2024.12.11 | | 2.《2024年社零总额增长3.5%，线 | | 下商超业态平稳复苏》2025.01.24 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.0 5.7 -10.4 绝对收益 0.0 5.5 12.3 -50.00% 0.00% 50.00% 沪深300 商贸零售(申万) 注：相对收益与沪深 300 相比 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 行业研究 商贸零售行业周报 元旦假期文旅消费数据出炉，关注相关零售产业链 核心要点： ❑ 商贸零售板块上周下跌 1.63% 根据 wind，上周，商贸零售报收 2422.59 点，下跌 1.63%，涨幅排名位列 申万一级行业第26位，跑输沪深300指数1.04个百分点；贸易Ⅱ报收4 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The vaccine industry is experiencing steady growth, with 68 preventive vaccines approved for clinical trials in 2025, an increase of 13 from 2024 [3] - The industry is transitioning from scale expansion to innovation-driven growth, facing short-term challenges due to supply-demand imbalances and homogenized competition, but the long-term outlook remains positive [9][24] - Key drivers for the industry's development include policy support, increasing demand due to aging populations, and technological innovation [9][26] Summary by Sections Industry Dynamics - The approval of new vaccines is on the rise, with significant advancements in innovative vaccines and multi-valent products [3] - The market is characterized by a high proportion of Me-too products, leading to intense competition and price declines [8] Market Performance - The vaccine sector has seen a cumulative decline of 12.35% since the beginning of 2025, with a recent weekly drop of 2.52% [4][14] - Companies such as Olin Bio, Hualan Biological, and CanSino have shown better performance, while companies like Gendik and Wantai Biologics have lagged [5] Valuation Metrics - The vaccine sector's PE (ttm) is 90.01X, down 2.34X from the previous period, while the PB (lf) stands at 1.74X, reflecting a slight decrease [6] Investment Recommendations - The industry is advised to focus on companies with strong R&D capabilities and differentiated product lines, particularly those with high technical barriers [9][26] - Companies like CanSino and Kanghua Biological are recommended due to their innovative strengths and market demand resilience [9][26]

Investment Rating - The industry rating is maintained at "Overweight" [9][39]. Core Insights - The financial stability report indicates that the asset quality of banks continues to consolidate, with significant progress in resolving debt risks associated with financing platforms and managing risks in small and medium-sized financial institutions [8][36]. - As of the end of 2024, approximately 40% of financing platforms have exited the platform sequence through market-oriented transformations, with the scale of operational financial debt for these platforms around 14.8 trillion yuan, a decrease of about 25% from early 2023 [9][36]. - The average interest rate for newly issued bonds by financing platforms dropped to 2.67% in Q4 2024, a reduction of over 2 percentage points compared to Q1 2023, indicating a significant decrease in financing risk premiums [9][36]. - The overall risk status of national banks is stable, with 71% of the asset scale concentrated in 21 national banks, and the majority of ratings falling within levels 1-5 [9][36]. - The report highlights that there are no "red zone" banks in nine provinces, and the number of "red zone" banks in 13 provinces remains in single digits, indicating a significant reduction in existing risks across most regions [10][36]. Summary by Sections Market Performance - Over the past 12 months, the industry has shown a relative return of -10.7% and an absolute return of 7.0% [6]. Investment Recommendations - The banking sector's profitability is stabilizing at the bottom, with ongoing risk management in key areas such as urban investment and real estate, creating conditions for valuation recovery [12][39]. - In a low-interest-rate environment, the high dividend advantage of bank stocks is expected to continue, highlighting their investment value [12][39]. - Recommended banks include Industrial and Commercial Bank of China, Bank of China, CITIC Bank, Jiangsu Bank, Shanghai Rural Commercial Bank, Chongqing Rural Commercial Bank, and Suzhou Bank [12][39].

本周医药生物下跌 2.06%，涨跌幅排名位列申万一级行业第 28 位 证券研究报告 2026 年 01 月 03 日 湘财证券研究所 行业研究 医疗服务行业周报 英矽智能港股挂牌，AI 制药潜力大 --医疗服务行业周报 2025.12.29-2026.1.2 相关研究： 核心要点： 英矽智能港股挂牌，AI 制药潜力大 根据 Wind 资讯，12 月 30 日，AI 制药企业英矽智能在香港交易所正式挂 牌，募资总额 22.77 亿港元，成为 2025 年募集资金最高的港股生物医药上 市项目。这家以人工智能驱动新药研发的企业，正将"AI+Biotech"（人工 智能与生物科技融合）的创新模式，从上海推向全球市场。 从制药的流程看，AI 技术已经在多个环节找到了适合自己的应用场景， 并发挥出巨大潜力。从临床前药物发现阶段到药物研发后期临床试验阶段， AI 技术已经渗透到药物研发诸多环节。例如基准化合物设计、预测疾病 靶点、预测信号通路、预测成药靶点、确认新靶点、硅化合物库设计、预 测药物结构与活性的关系、预测 ADMET 性质、优化药物反应试验、选择 受试人群、药物警戒和转录组数据查询等。现阶段 AI 在药物研发需 ...

证券研究报告 2026 年 01 月 03 日 湘财证券研究所 行业研究 房地产行业周报 需求依旧偏弱，政策仍需加码 相关研究： 1.《周度观点：成交下行压力加大， 关注后续政策落地》 2025.12.14 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -6 -9 -16 -15% -5% 5% 15% 沪深300 房地产(申万) 绝对收益 -4 -9 0 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 核心城市：2025 年一线城市二手房成交韧性较强，新房需求仍然较弱 北京：根据 Wind 数据，北京近一周（12.25-12.31）二手房、新房日均成交 套数同比降幅收窄，主要受"12.24"限购放松带动需求短期释放。其中， 二手住宅日均成交 702 套（同比-8%），降幅显著收窄至两位数以内；新房 日均成交 159 套（同比-31%），尽管降幅较前两周收窄，但去年基 ...

Report Information - Report Title: Fund Market Tracking and ETF Strategy Allocation Monthly Report [2] - Report Date: January 3, 2026 [1] - Analyst: Li Zhengwei [6] 1. Report Industry Investment Rating No industry investment rating information was provided in the report 2. Report Core Views - As of December 31, 2025, the number and total net asset value of funds in the market continued to rise and the growth - oriented funds outperformed the value - oriented funds in December 2025 [4][11] - The scale of the ETF market also expanded in December 2025, with stock - type ETFs having a relatively high overall return rate and cross - border ETFs performing the worst [6][31] - Two ETF rotation strategies were introduced, and both strategies had certain cumulative excess returns since 2023 [8] - Investment suggestions were made for January 2026, recommending specific industries and corresponding ETFs for different strategies [9] 3. Summary by Directory 3.1 Fund Market Tracking - **Market Overview**: As of December 31, 2025, there were 13,617 funds in the market, an increase of 142 from the end of the previous month. The total net asset value of funds was 36.32 trillion yuan, an increase of 315.115 billion yuan. Stock - type funds increased the most in number and scale in December [11][15] - **Fund Performance**: From December 1 to 31, 2025, the growth fund index, balance fund index, and value fund index had returns of 3.69%, 2.71%, and 1.14% respectively. The growth - type fund outperformed the value - type fund. The median return of all funds in December was 0.53%, and the proportion of funds with positive returns was 79.33%. Yongying High - end Equipment Selection A had the highest increase in December, and Yongying Technology Selection A had the highest increase since the beginning of the year [17][22] 3.2 ETF Market Tracking - **ETF Market Composition**: As of December 31, 2025, there were 1,401 ETFs in the Shanghai and Shenzhen stock markets, an increase of 32 from the previous period. The total asset management scale was 6.02 trillion yuan, an increase of 329.581 billion yuan, and the total share was 3.37 trillion shares, an increase of 132.247 billion shares [24] - **ETF New Products**: In December 2025, 18 ETFs were newly listed, including 5 science - innovation and entrepreneurship artificial intelligence ETFs and 13 other stock - type ETFs. 32 ETFs were newly established, with a total issuance scale of 12.536 billion yuan [26] - **ETF Product Classification Performance**: In December, stock - type ETFs had a relatively high overall return rate with a median return of 3.34%, while cross - border ETFs had the worst performance with a median return of - 3.50%. Stock - type ETFs also had the highest internal deviation in December [31] 3.3 ETF Strategy Tracking - **Based on Main Funds' Industry ETF Rotation**: The strategy focused on the banking, food and beverage, and petroleum and petrochemical industries in December 2025. In December 2025, the cumulative return of the strategy was - 1.70%, and the cumulative excess return relative to the CSI 300 index was - 3.98%. Since 2023, the cumulative return of the strategy was 48.47%, and the cumulative excess return relative to the CSI 300 index was 28.88% [8] - **PB - ROE Framework - based Industry ETF Rotation**: The strategy focused on the automobile, beauty care, and agriculture, forestry, animal husbandry and fishery industries in December 2025. In December 2025, the cumulative return of the strategy was - 1.23%, and the cumulative excess return relative to the CSI 300 index was - 3.51%. Since 2023, the cumulative return of the strategy was 25.47%, and the cumulative excess return relative to the CSI 300 index was 5.89% [8] 3.4 Investment Suggestions - For the industry preferences of main funds, in January 2026, the non - ferrous metals, non - banking finance, and steel industries were favored, and the corresponding ETFs were their industry ETFs [9] - According to the industry PB - ROE situation and supplementary indicators, the PB - ROE framework - based ETF rotation strategy recommended paying attention to the communication, agriculture, forestry, animal husbandry and fishery, and transportation industries in January, and the corresponding ETFs were their industry ETFs [9]

Core Insights - The report highlights the ongoing iteration of large model technology, leading to a wave of innovation in AI-enabled consumer electronics, particularly in edge AI deployment, which offers low cost, high performance, and enhanced privacy security [4][20][26]. Group 1: Industry Performance - The electronic industry has shown a relative return of 30.2% over the past 12 months, outperforming the CSI 300 index, with an absolute return of 47.9% [3]. - Traditional consumer electronics have entered a phase of low growth, with smartphone and PC sales stabilizing, while TWS (True Wireless Stereo) devices are also experiencing slow growth [15]. Group 2: Edge AI Development - The development of model compression technology has laid the groundwork for deploying large models on edge devices, enhancing the capabilities of edge AI [21][26]. - Companies like Huawei and ByteDance are showcasing significant applications of edge AI in smartphones, with products like the Doubao mobile assistant demonstrating the potential for complex operations and cross-application functionality [30][32]. Group 3: ASIC Demand - The demand for ASIC (Application-Specific Integrated Circuit) is surging due to its cost-effectiveness and customization advantages over GPUs, with the market expected to grow from $6.6 billion in 2023 to $55 billion by 2028, reflecting a compound annual growth rate (CAGR) of 53% [5][71]. - Major tech companies are increasingly developing their own ASICs, with Google and Amazon leading the way in supplying these chips, further validating their performance and commercial value [9][71]. Group 4: PCB Market Growth - The demand for PCBs (Printed Circuit Boards) is expected to rise as AI companies and global internet giants invest heavily in data center expansions, with a projected CAGR of 21% in global data center capital expenditures by 2029 [6]. - The increasing complexity of AI servers and high-speed switches is driving up the value of individual PCBs, leading to a simultaneous increase in both volume and price [6][68]. Group 5: Investment Recommendations - The report suggests focusing on companies within the edge AI, ASIC, and PCB supply chains, maintaining a bullish outlook on the electronic industry [8][9]. - Specific companies to watch include Rockchip, Hengxuan Technology, and Horizon Robotics in the edge AI sector, and Chipone and Cambrian in the ASIC sector [9].

证券研究报告 2025 年 12 月 31 日 湘财证券研究所 行业研究 银行业年度策略 高股息为盾，静待价值修复 相关研究： 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 | 相对收益 | -4.85 | 4.99 | -10.62 | | --- | --- | --- | --- | | 绝对收益 | -2.10 | 5.22 | 5.69 | 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 中国人寿金融中心10楼 核心要点： 市场回顾 今年银行板块行情节奏呈现"前强、中弱、后稳"的走势，主要反映从避 险主导到寻求增长的市场风格转换过程，以及资产风险预期的变化。 政策导向：宽松政策过渡期，金融支持实体经济 | 1. | 《2025年中期策略-价值重估仍 | | --- | --- | | 在进行时》 | 2025.07.02 | | 2. | 《业绩底部修复，配置价值提 | | 升》 | 2025.09.05 | 2026 年，政策环境正从此前的超常规逆周期调节模式，向更具稳定性和 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3][9]. Core Insights - The company is positioned as a tungsten industry operation management platform under China Minmetals, with a comprehensive business layout covering the entire tungsten industry chain [4][20]. - Revenue has been steadily increasing, driven by the injection of high-quality mining assets, which has enhanced the company's profitability [5][29]. - The supply of tungsten concentrate is expected to tighten in the long term, while emerging sectors are likely to drive demand for hard alloys upward [6][44]. - The company is gradually injecting high-quality tungsten mining assets, benefiting from the rapid development of AI-related PCB micro-drill business [7][29]. - The investment suggestion indicates that tungsten prices are expected to remain strong due to long-term supply constraints and growing demand, with projected revenues and net profits showing significant growth from 2025 to 2027 [8][9]. Summary by Sections Company Overview - The company was established in 1991 and became a controlled entity of China Minmetals in 2010, evolving into a comprehensive tungsten industry platform [4][20]. - Its main business segments include cutting tools, hard alloys, refractory metals, concentrate and powder products, and trade and equipment [24][25]. Revenue and Profitability - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 17.39% from 2019 to 2022, and net profit CAGR of 63.24% during the same period [29]. - In 2024, revenue is expected to grow by 7.8% year-on-year, with net profit increasing by 17.47% [29][31]. Supply and Demand Dynamics - Tungsten is a strategic rare metal with limited global supply, and China holds a dominant position in tungsten reserves [6][49]. - The demand for hard alloys is expected to rise due to emerging applications in various high-tech sectors, including AI and renewable energy [6][44]. Asset Injection and Business Expansion - The company is in the process of acquiring high-quality tungsten mining assets, which is anticipated to significantly enhance its performance [7][21]. - The PCB micro-drill business is expected to benefit from the rapid growth in AI applications, with plans for increased investment in this area [7][8]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are expected to be 175.97 billion, 196.59 billion, and 210.98 billion respectively, with corresponding net profits of 12.47 billion, 17.84 billion, and 21.56 billion [9][11].