证券研究报告 2025 年 12 月 21 日 湘财证券研究所 本周医药生物下跌 0.14%，涨跌幅排名位列申万一级行业第 22 位 根据 Wind 数据，本周申万一级行业医药生物下跌 0.14%，涨幅排名位列申 万 31 个一级行业第 22 位。沪深 300 指数下跌 0.28%，医药跑赢沪深 300 指数 0.14 个百分点。申万医药生物二级子行业医疗服务 II 报收 6344.37 点，上涨 0.55%；中药 II 报收 6372.09 点，上涨 0.17%；化学制药Ⅱ报收 13271.69 点，下跌 1.74%；生物制品Ⅱ报收 6234.22 点，下跌 0.67%；医 药商业Ⅱ报收 5257.60 点，上涨 4.94%；医疗器械 II 报收 6373.39 点，上 涨 1.16%。 根据 Wind 数据，从医疗服务板块公司的表现来看，表现居前的公司有： 美年健康（+24.1%）、百花医药（+8.8%）、迪安诊断（+8.1%）、澳洋健康 （+6.4%）、光正眼科（+5.1%）；表现靠后的公司有：南华生物（-6.5%）、 美迪西（-5.2%）、ST 中珠（-4.8%）、博腾股份（-4.7%）、毕得医药（- ...

Investment Rating - The industry rating is maintained at "Overweight" [6][8][35] Core Insights - The "New Year Opening" strategy of small and medium-sized banks is characterized by high interest rates on deposits, which is expected to support steady credit issuance [6][30] - Large banks are experiencing a significant increase in deposit growth, attributed to regulatory changes and their strong wealth management capabilities, which allow them to attract deposits effectively [6][31] - The competitive landscape indicates that small and medium-sized banks must leverage their local advantages and focus on serving small and micro enterprises to differentiate themselves from larger banks [7][33] Summary by Sections Industry Performance - Deposits are shifting from small and medium-sized banks to large banks, with large banks showing a notable increase in deposit growth since the first quarter of this year [6][31] - The increase in deposit rates by small and medium-sized banks aims to attract savings and counteract structural changes in the deposit market [30][31] Future Outlook - Large banks are expected to continue expanding their market share in the small and micro finance sector, supported by government policies aimed at reducing costs and improving efficiency [7][33] - The "New Year Opening" period is anticipated to see steady growth in credit issuance from large banks, bolstered by favorable fiscal policies [8][35] Investment Recommendations - It is advised to focus on state-owned banks with stable asset deployment and regional banks with growth potential under economic recovery expectations, including recommendations for specific banks such as Industrial and Commercial Bank of China, Bank of China, and others [8][35]

证券研究报告 2025 年 12 月 21 日 湘财证券研究所 行业研究 医疗耗材行业周报 湖南牵头 29 省高频电刀集采启动 相关研究： | 1. 《第五批耗材国采即将落地执 | | | --- | --- | | 行》 | 2025.02.18 | | 2.《年报披露密集期，耗材板块关 | | | 注创新与业绩修复》 | 2025.04.01 | 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 -2 -9 -9 绝对收益 -1 -7 7 -50.00% 0.00% 50.00% 沪深300 医疗耗材 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 核心要点： ❑ 医疗耗材板块上周上涨 2.29% 根据 wind，上周，医药生物报收 8269.04 点，下跌 0.14%，涨幅排名位列 申万一级行业第 22 位，跑赢沪深 300 指数 0.14 个百分点；医疗服务报收 637 ...

Investment Rating - The industry rating is maintained at "Overweight" [3][10] Core Insights - The rare earth magnetic materials industry has underperformed the market, with a decline of 1.81% this week, lagging behind the benchmark (CSI 300) by 1.53 percentage points [5][12] - The industry valuation (TTM P/E) has decreased by 1.42x to 72.08x, currently at the 85.5% historical percentile [5][12] - Supply of rare earths remains tight, with separation companies continuing to reduce production, and no new output expected [40] - Demand from downstream sectors is stable but weak, with a decrease in procurement intentions due to high upstream prices [40] Summary by Sections Industry Performance - Over the past month, the industry has shown a relative return of -1%, -6% over three months, and a significant 53% over twelve months [4] - Absolute returns are -2% for one month, -4% for three months, and 69% for twelve months [4] Price Trends - Prices for imported light and medium-heavy rare earth ores continue to decline, with specific decreases noted in praseodymium-neodymium and dysprosium prices [6][9][20] - The average price of praseodymium-neodymium oxide has decreased by 0.86% to 574,000 CNY/ton, while the metal price has dropped by 1.06% to 697,500 CNY/ton [14][16] - Dysprosium and terbium prices have also continued to fall, with dysprosium oxide down 1.46% and terbium oxide down 2.23% [20] Investment Recommendations - The report suggests maintaining an "Overweight" rating, highlighting that while there is pressure on high valuations due to low risk appetite, the market may stabilize with improved downstream operations and export demand [10][41] - It is recommended to focus on upstream rare earth resource companies due to expected supply tightening and strategic value positioning, as well as on downstream magnetic material companies with strong customer structures and growth potential [10][43]

证券研究报告 2025 年 11 月 21 日 湘财证券研究所 金融工程研究 策略双周报 期权波动率套利策略跟踪 ——波动率偏斜策略 相关研究： 核心要点： ❑ 波动率偏斜策略跟踪情况 波动率偏斜策略是通过价内合约与价外合约的隐含波动率差异进行套利交 易。正常情况下，VSI 指标会在一定范围内波动，但当不同期权合约的波 动率比值出现实质差异时，就存在相应的反向套利空间。 本年以来，认购子策略收益率为 8.49%，最大回撤为 2.93%；认沽子策略 收益率为-1.31%，最大回撤为 10.49%；组合策略收益率为 3.68%，最大回 撤为 5.57%。 近两周以来（2025 年 12 月 8 日至 2025 年 12 月 19 日），认购子策略的收 益率为 0.91%，最大回撤为 0.09%；认沽子策略收益率为 0.46%，最大回撤 为 0.29%；组合策略收益率为 0.68%，最大回撤为 0.13%。 ❑ 投资建议 近两周以来，标的资产以震荡走势为主，从 VSI 指标偏离情况来看，认购 合约和认沽合约都出现了轻微偏离但很快回归的现象，套利策略非常适用 于这类市场走势，从策略收益来看，认购和认沽子策略均获得了正 ...

证券研究报告 2025 年 12 月 21 日 湘财证券研究所 行业研究 证券行业周报 板块安全边际较高，关注左侧布局机会 1.《行业周报：市场交投保持活跃， 关 注 券 商 估 值 修 复 机 会 》 2025.12.21 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 -1 -3 -16 绝对收益 -1 -1 0 -30% -20% -10% 0% 10% 20% 30% 2024/12/19 2025/2/19 2025/4/19 2025/6/19 2025/8/19 2025/10/19 2025/12/19 沪深300 证券Ⅱ(申万) 相关研究： 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： ❑ 市场回顾：本周非银和券商指数领涨，估值仍处于低位 根据 Wind 数据，本周（12.15-12.19）上证指数上涨 0.03%，沪深 300 指数 下跌 0.3%，创 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][9] Core Insights - The vaccine industry is experiencing a transition from scale expansion to innovation-driven growth, facing short-term pain due to supply-demand imbalance and homogenized competition, but the long-term outlook remains positive driven by policy, demand, and technology [9][28] - Recent clinical trial approvals for innovative vaccines by companies like Zhifei Biological, Kangtai Biological, Wantai Biological, and CanSino indicate significant advancements in the field, particularly in addressing emerging infectious diseases and specific patient populations [4][8] Summary by Sections Industry Performance - The vaccine sector has seen a relative decline, with a 12-month absolute return of -14% and a relative return of -28% compared to the CSI 300 index [4][5] - The vaccine index closed at 11,363.86, down 0.87% last week, while the overall pharmaceutical sector saw a slight decline of 0.14% [5][11] Market Review - The vaccine sector's performance has been lagging, with a cumulative decline of 10.1% since the beginning of 2025, indicating a challenging market environment [5][11] - Notable companies in the vaccine sector include Liaoning Chengda, Hualan Biological, and Kangtai Biological, which have shown better performance compared to others like Kanghua Biological and CanSino [6][11] Valuation - The vaccine sector's price-to-earnings (PE) ratio is 92.32X, reflecting a decrease of 0.74X week-on-week, while the price-to-book (PB) ratio stands at 1.79X, also showing a slight decline [7][11] - The PE ratio is at the 56.20% percentile since 2013, while the PB ratio is at the 1.36% percentile, indicating a relatively high valuation compared to historical data [7][11] Investment Recommendations - The vaccine industry is under pressure, with companies focusing on pipeline adjustments and innovation to enhance competitiveness. Long-term prospects hinge on innovation and international expansion [8][9] - Companies with strong research and development capabilities and differentiated product offerings, such as CanSino and Kanghua Biological, are recommended for investment [9][28]

证券研究报告 2025 年 12 月 20 日 湘财证券研究所 策略研究 策略周报 11 月固定资产投资累计同比增速继续为负，A 股指数多数震荡下行 ——2025.12.15-2025.12.19 日策略周报 相关研究： 核心要点： 2025.12.15-2025.12.19 日，多数 A 股指数震荡下行 究-10月固定资产投资累计同比继 续下滑，A股指数窄幅震荡下行》 2025.11.15 2. 《20251122湘财证券-策略研 究-11月LPR继续保持不变，A股指 据 Wind 数据，2025.12.15-2025.12.19 日，我们关注的 6 个 A 股指数，除上 证指数基本持平外，多数震荡下行，其中，上周（2025.12.08-2025.12.12 日）相对上涨居前的创业板指和科创综指，反而跌幅居前，最终：上证指 数微涨 0.03%、深证成指下跌 0.89%，创业板指下跌 2.26%、沪深 300 微跌 0.28%、科创综指下跌 2.53%、万得全 A 微跌 0.15%。周振幅最大的是科创 综指的 4.10%。 3. 《20251129湘财证券-策略研 究-10月工业企业利润增速依然偏 A 股指数 ...

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The demand for AI computing power is driving both the quantity and price of PCBs upward, with significant growth expected in the AI PCB market [8] - The introduction of the Rubin architecture is anticipated to enhance the value of PCBs in servers, with the value of a single server's PCB expected to more than double compared to previous generations [4] - The upgrade of data center switches is also contributing to the increase in PCB value, as the number of PCB layers and material quality are improving [5] - AI server and high-speed switch demand is projected to grow rapidly, driven by substantial capital expenditures from major AI and internet companies [6][8] Summary by Sections Industry Performance - Over the past 12 months, the electronic industry has shown a relative return of 21.9% compared to the CSI 300 index, with an absolute return of 37.7% [3] Investment Recommendations - The report highlights a sustained recovery in consumer electronics, with new foldable smartphones being released and advancements in AI technology driving high demand for AI infrastructure [7][15] - The report emphasizes that the capital expenditure growth in data centers will lead to a compound annual growth rate of 21% by 2029, further supporting the expansion of computing power clusters [6][8]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The report highlights that President Trump signed an executive order reaffirming the goal of returning to the Moon by 2028, establishing a framework for U.S. leadership in space exploration, security, and commercial activities [3][4] - The new U.S. space strategy includes specific timelines and goals, such as returning to the Moon by 2028 and establishing a permanent outpost by 2030, along with deploying nuclear reactors to support long-term activities [3][4] - The policy aims to boost the U.S. space economy, particularly in commercial aerospace, lunar exploration, nuclear systems, and related security technologies, suggesting investment opportunities in companies with technological reserves or collaboration potential in these areas [4][5] Market Performance - From December 15 to December 19, the defense and military industry index rose by 1.5%, outperforming the CSI 300 index by 1.8 percentage points [7] - Since the beginning of 2025, the defense and military industry index has increased by 22.9%, surpassing the CSI 300 index by 6.9 percentage points [7] - As of December 19, the defense and military industry PE (TTM) was 83.49 times, and the PB (LF) was approximately 3.52 times, indicating a high valuation relative to historical levels [7] Investment Suggestions - SpaceX has solidified its global leadership in commercial aerospace through reusable rocket technology and rapid deployment of low Earth orbit constellations, prompting domestic acceleration in technological breakthroughs and resource allocation [5][17] - Domestic developments include advancements in reusable rocket models and the initiation of large-scale satellite constellation launches, indicating a shift towards commercial operations in the aerospace sector [5][17] - The report recommends focusing on companies in the aerospace electronics sector, as domestic policies, capital, and technology converge to drive the commercial aerospace industry from validation to scale [5][17]