Investment Rating - The report suggests a focus on undervalued, high-dividend banks, particularly large city commercial banks and state-owned banks [2][19]. Core Insights - The banking sector experienced a decline of 0.9% this week, with negative excess returns influenced by a rebound in market risk appetite, leading to continued outflows of active funds from the sector [2][9]. - The People's Bank of China released a financial stability report indicating a decrease in the number of high-risk rated financial institutions, with the number of red zone (high-risk) institutions dropping from 357 to 312 [6][40]. - The report highlights that the asset scale of red zone banks accounts for only 2.1% of the total, indicating overall stability in the banking sector [6][40]. - The report emphasizes that major banks maintain stable capital levels under various GDP slowdown scenarios, with capital adequacy ratios remaining above regulatory requirements [7][43]. Summary by Sections Market Performance - The banking index has shown a cumulative decline of 0.9%, underperforming compared to the CSI 300 and ChiNext indices by 2.8% and 4.8% respectively [9][19]. - Active funds have been flowing out of the banking sector, with net outflows of approximately 1 billion yuan over the past week [21]. Financial Stability Report Highlights - The financial stability report indicates a reduction in the number of participating financial institutions due to mergers and restructuring, with a total of 3529 institutions evaluated in 2025, down from 3936 in 2023 [6][40]. - The report notes that the distribution of ratings for village and town banks has decreased to the 3-D level, reflecting some tail risks in the industry [6][40]. Capital Stability Under Stress Tests - Stress tests for 23 major banks indicate that under light, moderate, and severe scenarios, the capital adequacy ratio could decrease by 5.81, 6.43, and 7.33 percentage points respectively, but remains compliant with regulatory standards [7][43][44]. - The report highlights that systemically important banks can maintain a capital adequacy ratio above 12% even under the most severe stress scenarios [50]. Convertible Bond Opportunities - The report identifies potential strong redemption opportunities in convertible bonds of banks, particularly for banks like Changshu Bank, Shanghai Bank, and Chongqing Bank, which are approaching their strong redemption prices [8][31]. Dividend Yield Analysis - As of December 26, the average dividend yield for the six major state-owned banks' A-shares has decreased to 3.96%, while the H-shares yield stands at 5.24%, with a discount rate of 24% compared to A-shares [25][29].

Report Information - Report Title: Carbonate Lithium Weekly Report [2] - Report Date: December 29, 2025 [3] - Researcher: Wang Guodong [1] Industry Investment Rating - Not provided in the report. Core Viewpoints - Supply side: Last week, carbonate lithium production increased by 40 tons to 24,105 tons, and November production increased by 3% to 103,740 tons. The Ningde Jianxiawo mine has not resumed production, and production enterprises in Yichun and Qinghai have received notices for the re - review of mining rights transfers, affecting supply. In November 2025, China imported 729,000 tons of lithium concentrate, a 11.9% month - on - month increase. The top three importing countries were Australia, Zimbabwe, and Nigeria. In November, carbonate lithium imports were 22,055 tons, a 7.6% month - on - month decrease. The CIF price of imported lithium spodumene concentrate increased week - on - week, and some manufacturers using外购 lithium ore to produce carbonate lithium faced cost inversion [5]. - Demand side: Overall production scheduling in December decreased month - on - month, while large battery cell manufacturers' production scheduling in November increased by 2% month - on - month. In November, the total production of power and other batteries in China was 176.3 GWh, a 3.3% month - on - month and 49.2% year - on - year increase. The total export of power and other batteries was 32.2 GWh, a 14.1% month - on - month and 46.5% year - on - year increase. The sales volume of power and other batteries was 179.4 GWh, an 8.1% month - on - month and 52.2% year - on - year increase. The trade - in policy and the extension of the new energy vehicle purchase tax are expected to support the rapid growth of China's new energy vehicle market sales [6]. - Inventory: This week, carbonate lithium inventory showed a destocking state. Factory inventory decreased by 775 tons, market inventory decreased by 2,614 tons, and futures inventory increased by 2,350 tons [6]. - Strategy: From the supply side, the Ningde Jianxiawo mine remains shut down, and Yichun plans to cancel 27 mining licenses (all expired, with no impact on actual supply). In November, domestic carbonate lithium production increased by 3% month - on - month, and lithium concentrate imports were 729,000 tons, a 11.9% month - on - month increase. The total import of carbonate lithium in November was about 22,000 tons, a 7.6% month - on - month decrease but a 15% year - on - year increase. Downstream demand is strong, and the destocking trend continues. It is expected that subsequent South American lithium salt imports will supplement the supply. From the demand side, the terminal demand for energy storage remains good, but production scheduling in January is expected to decline slightly. In November, cathode production scheduling increased by 2% month - on - month. The risk of Yichun's mining licenses persists. With profit recovery, lithium extraction from ore continues to increase production, and the cost center shifts upward. The expectation of the Ningde Jianxiawo mine's resumption within the year has failed. After cathode material manufacturers jointly cut production, downstream production scheduling is expected to decline. Attention should be paid to the disturbances at the Yichun mining end. As downstream purchases of carbonate lithium slow down the destocking rate and traders' inventory accumulates, prices are expected to continue to fluctuate [7]. Key Data Tracking Production - related Data - Carbonate lithium weekly production: Last week, production increased by 40 tons to 24,105 tons, and November production increased by 3% to 103,740 tons [5] - Carbonate lithium production by raw material in November 2024: Salt lake accounted for 19.56%, lithium mica 23.05%, and lithium spodumene 45.37% [25][26] Import - related Data - In November 2025, China imported 729,000 tons of lithium concentrate, a 11.9% month - on - month increase. Imports from Australia increased by 44% month - on - month, from Zimbabwe were 110,000 tons (a 28% month - on - month decrease), and from Nigeria were 92,000 tons (a 16% month - on - month decrease). In November, carbonate lithium imports were 22,055 tons, a 7.6% month - on - month decrease, with 10,800 tons from Chile, accounting for 49% [5] Battery - related Data - In November, the total production of power and other batteries in China was 176.3 GWh, a 3.3% month - on - month and 49.2% year - on - year increase. The total export was 32.2 GWh, a 14.1% month - on - month and 46.5% year - on - year increase. The sales volume was 179.4 GWh, an 8.1% month - on - month and 52.2% year - on - year increase [6] Inventory - related Data - This week, carbonate lithium factory inventory decreased by 775 tons, market inventory decreased by 2,614 tons, and futures inventory increased by 2,350 tons [6]

1. Report Industry Investment Rating - Not provided in the content 2. Report Core Views - **Stock Index**: The Chinese Ministry of Finance will continue to implement a more proactive fiscal policy in 2026, expanding fiscal expenditure and supporting the replacement of consumer goods. In November, the profits of industrial enterprises above designated size decreased by 13.1% year - on - year. The market's main line rotates quickly, and attention should be paid to the resistance level of 4000 points. Whether the trading volume can continue to expand is crucial. The stock index may fluctuate [9]. - **Treasury Bonds**: The current bond market lacks significant positive or negative factors, and its trend is mainly dominated by institutional behavior. Without unexpected events in the last few trading days of the year, the market may remain dull. In the short term, if both short - and long - term yields enter a sideways consolidation, there is a risk of yields rising again to test the upper limit of the range since November [10]. 3. Summary by Relevant Catalogs Financial Futures Strategy Suggestions Stock Index Strategy Suggestions - **Trend Review**: The Shanghai Composite Index rose 0.10% to 3963.68 points. Non - ferrous metals, steel, and power equipment sectors led the gains, while electronics, comprehensive, and light manufacturing sectors led the losses [9]. - **Technical Analysis**: The MACD indicator shows that the market index may fluctuate with a slight upward bias [9]. - **Strategy Outlook**: The stock index is expected to move in a range [9]. Treasury Bond Strategy Suggestions - **Trend Review**: The 30 - year main contract rose 0.36% to 112.960 yuan, the 10 - year main contract rose 0.10% to 108.300 yuan, the 5 - year main contract rose 0.05% to 106.050 yuan, and the 2 - year main contract rose 0.03% to 102.548 yuan [10]. - **Technical Analysis**: The MACD indicator shows that the T main contract may fluctuate with a slight upward bias [10]. - **Strategy Outlook**: The bond market is expected to move in a fluctuating manner [10]. Key Data Tracking PMI - In November, the manufacturing PMI rebounded from a low to 49.2%, still below the boom - bust line and lower than Bloomberg's consensus forecast of 49.4%. The rebound was driven by a pulse - like strengthening of external demand. However, the rebound was weak as the business climate of large enterprises declined. The price index of purchased raw materials reached a 5 - year high, indicating an expected rise in PPI month - on - month growth. The rebound was still weak in three aspects: the reading was significantly lower than the same period in previous years, the pressure of contraction was still spreading, and the downturn had lasted for a long time [17]. CPI - In November, the year - on - year CPI strengthened, and the month - on - month PPI remained positive, due to seasonal factors, the low - base effect, and "anti - involution". The year - on - year CPI has fluctuated below 1% for 33 consecutive months, and the year - on - year PPI has been negative for 38 consecutive months, indicating weak domestic demand. At the end of the year and during the Spring Festival, the year - on - year CPI is expected to continue to rise, and the year - on - year PPI is also expected to rebound [20]. Import and Export - In November, China's exports were $3303.5 billion, imports were $2186.7 billion, and the trade surplus was $1116.8 billion. Labor - intensive products, mechanical and electrical products, and high - tech products respectively drove the overall export growth in November by - 1.33%, 5.81%, and 2.01%, with the driving rates increasing by 1.03pp, 5.06pp, and 1.55pp respectively compared with the previous month. Exports to the EU, Africa, and Latin America strengthened, but since November 9, the year - on - year growth rates of global, US imports, and China's container bookings to the US have continued to decline, indicating a high probability of pressure on December exports [22][23]. Industrial Added Value - In November, the year - on - year growth rate of industrial added value dropped to 4.8%, and the service production index dropped to 4.2%. The reasons for the weakening of industrial added value are the suppression of "anti - involution" on the output of key industries and the high base established by strong production after policy implementation in September 2024 [24][27]. Fixed - Asset Investment - From January to November, the year - on - year fixed - asset investment (FAI) fell 2.6%. It is estimated that the year - on - year FAI in November was - 11.1%, a slight increase from October. Private investment growth rebounded to - 12.9%, while public investment growth continued to decline to - 8.9%. In terms of expenditure directions, the year - on - year growth of construction and installation projects/equipment and tools purchase in November decreased to - 16.1% and 6.3% respectively, and the growth of other expenses slightly rebounded to - 13.8%. Infrastructure and real estate investment growth continued to decline, while manufacturing investment showed a slight increase [30]. Social Retail - In November, the year - on - year growth rate of social retail sales (SRS) dropped to 1.3%, lower than market expectations and the weakest since 2023. The reasons for the weakening of SRS are the weakening of durable - goods consumption after the reduction of national subsidies, the weak performance of the "Double 11" sales, and the continued weak performance of post - real - estate cycle consumption [33]. Social Financing - In November, the new social financing was 2.5 trillion yuan, a year - on - year increase of 0.2 trillion yuan. Corporate bonds and non - standard financing were the main supports, while government bonds and credit were the main drags. Bills continued to be used for volume - boosting, and medium - and long - term loans for residents and enterprises continued to increase less year - on - year. The year - on - year growth rate of social financing remained at 8.5%, and the growth rate of credit in the social financing scale remained at 6.3%. The growth rates of M1 and M2 declined, and attention should be paid to the process of deposit currentization in the future [36].

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints of the Report - Apple prices are expected to maintain a high - level shock in the medium and long - term. Although the current low - price oranges affect apple consumption, the low apple inventory in storage and high warehouse receipt costs will support prices in the future [43]. - The price of red dates is gradually bottoming out. The 2025 production of Xinjiang grey dates has decreased significantly compared to 2024, and after the price decline, it is entering a stable stage despite weak consumption [57]. 3. Summary by Directory 3.1 12 - month Fresh Fruit Price Trend - In December, the apple futures showed a relatively strong shock, with the main contract having strong support at 9000. The red date price gradually found its bottom and fluctuated around 9000 [8]. 3.2 Macroeconomic Analysis - **Downstream Consumption**: In November, the total retail sales of consumer goods reached 4389.8 billion yuan, a year - on - year increase of 1.3% (a month - on - month decrease of 0.42%). From January to November, the cumulative total was 45606.7 billion yuan, a year - on - year increase of 4.0%. The growth rate of commodity retail sales in November was 1.0%, with quality and upgraded consumer goods performing well. The consumption of basic necessities such as grain, oil, food, and clothing also showed an upward trend [13]. - **Price Level**: In November, the national CPI increased by 0.7% year - on - year, with a slight month - on - month decrease of 0.1%. Food prices increased by 0.2% year - on - year, and fresh fruit prices turned from a decline to an increase, rising 0.7% year - on - year [16]. - **Fruit Prices**: As of the 52nd week of 2025, the average wholesale price of six fruits monitored by the Ministry of Agriculture and Rural Affairs was 7.82 yuan/kg, a week - on - week increase of 0.25 yuan/kg. Most of the six types of fruits showed price increases [17]. 3.3 Apple Price Outlook - **Wholesale Market Price**: As of December 19, 2025, the wholesale price of all varieties of apples was 9.30 yuan/kg, a week - on - week decrease of 0.07 yuan/kg, and the wholesale price of Fuji apples was 9.14 yuan/kg, a week - on - week increase of 0.01 yuan/kg [24]. - **Main Production Areas**: In Shandong, the prices in different regions and grades range from 1.8 - 4.5 yuan/jin; in Shaanxi, they range from 2.2 - 4.3 yuan/jin [29]. - **Cold Storage Situation**: As of December 24, 2025, the inventory of apple cold storages in the main production areas of the country was 7.4404 million tons, a week - on - week decrease of 89400 tons, and the inventory removal speed was lower than the same period last year [31]. - **Sales Area Market**: In the South China market, the number of trucks arriving in the Guangdong Chalong market increased. The market consumption improved slightly, but there was pressure to digest the daily arrivals of trucks, and high - quality Gansu apple sources were the main ones sold [35]. - **Storage Profit**: During the acquisition stage of the 2025 - 2026 production season, the profit statistics for 80 first - and second - grade storage merchants in Qixia were suspended [39]. - **Market Outlook**: Due to low apple storage volume and high quality problems leading to high warehouse receipt costs, and the impact of low - priced oranges on current consumption, prices are adjusting at a high level. In the future, low storage volume will affect the market, and prices are expected to remain strong in the medium and long term [43]. 3.4 Red Date Outlook - **Spot Price**: In different markets such as Hebei Cuierzhuang, Henan, and Guangzhou Ruyifang, the prices of red dates vary by grade, with actual transactions based on quality [47]. - **Inventory Data**: The physical inventory of 36 sample points this week was 15898 tons, a week - on - week decrease of 210 tons (a 1.30% decrease), and a year - on - year increase of 37.17%. The acquisition in Xinjiang is coming to an end, and the market arrival volume is gradually increasing [49]. - **Sales Area Market Profit**: This week, the average purchase price of grey dates in the Xinjiang main production area was 5.75 yuan/kg, the price of first - grade finished products in the Hebei sales area was 8.00 - 9.00 yuan/kg, and the gross profit was equivalent to 0.98 yuan/kg [53]. - **Market Outlook**: The 2025 production of Xinjiang grey dates is about 573,800 tons, a 23.49% decrease compared to 2024. The consumption end is weak, but the price is stabilizing after the decline [57].

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 降费措施助推市场交投活跃度，看好板块估值向 上弹性 报告要点 [Table_Summary] 本周非银板块整体表现较强。券商方面，本周沪深交易所推出 2026 年降费措施，市场交投环 比有所提升并维持历史高位，预计 2025 年业绩维持高增趋势，建议关注板块后续配置价值； 保险方面，中长期来看三季报以来印证了存款搬家、增配权益和新单成本改善逻辑，中长期 ROE 改善确定性进一步提升，估值有望加速修复，结合中长期拐点向上的判断，我们认为整体配置 性价比正逐步提高，板块重估进行时。 分析师及联系人 [Table_Author] SFC：BUV596 请阅读最后评级说明和重要声明 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 %% %% 1）本周非银板块整体表现较强。券商方面，本周沪深交易所推出 2026 年降费措施，市场交投 环比有所提升并维持历史高位，预计 2025 年业绩维持高增趋势，建议关注板块后续配置价值； 保险方面，中长期来看三 ...

一月行情展望 长江证券研究所金融工程研究小组 2025-12-28 %% %% %% %% research.95579.com 1 research.95579.com 2 当月强势股回顾 12月涨幅榜前20的个股中仅有2只起涨时自由流通市值在百亿上下，强势题材主要集中在商业航天，连板标 的需提防下周的月末效应 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% 图：12月涨幅榜Top20（截至12月26日） | 属性 | 名称 | 最低到最高涨幅 | | 前最低价（元） | 起涨时自由流通市值（亿） 起涨时成交额（千万） | | --- | --- | --- | --- | --- | --- | | 商业航天 | 天力复合 | 251 . | 62% | 26 79 . | 37 4 20 7 . . | | 并购重组 | 胜通能源 | 211 . | 62% | 13 51 . | 6 09 16 93 . . | | 商业航天 | 西部材料 | 170 . | 65% | 1 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [7] Core Insights - The annual electricity price expectations are gradually becoming clearer, with multiple factors constraining electricity price levels. The average transaction price for Guangdong's annual electricity trading in 2026 has reached the lower limit of the medium to long-term trading price, indicating a downward price expectation [2][6] - Despite the clear downward expectation for electricity prices, the thermal power sector has shown relative stability, outperforming the hydroelectric sector, which is less impacted by price fluctuations [2][6] - The recent decline in coal prices and the expected increase in capacity prices for 2026 are expected to provide a buffer against the downward trend in long-term contract prices, supporting market expectations for thermal power company profitability [2][6] Summary by Sections Electricity Price Expectations - The electricity supply and demand situation is at risk of deterioration, and there are non-seasonal risks associated with coal prices. The market's expectation for the 2026 annual electricity price has been negatively impacted by weak monthly and spot electricity prices in some provinces [2][7] - The average monthly prices for Guangdong and Jiangsu this year were 373 and 377 cents/kWh, respectively, down by 47 and 52 cents/kWh year-on-year. The announcement of the annual trading results has confirmed the market's previous pessimistic expectations [2][6] Thermal Power Sector Performance - The thermal power sector has shown resilience despite the downward price expectations, driven by two main factors: a significant "inverted V" trend in coal prices since October and the expected stepwise increase in capacity prices for 2026 [2][6] - The price of Qinhuangdao Q5500 thermal coal peaked at 834 yuan/ton in late November but has since dropped to 672 yuan/ton by December 26, a decrease of 162 yuan/ton [2][6] - The expected increase in capacity prices by approximately 65 yuan/year·kW across provinces is anticipated to enhance the profitability stability of thermal power companies [2][6] Investment Recommendations - Recommended companies include Huaneng International, Datang Power, Guodian Power, Huadian International, China Power, China Resources Power, and Funiu Co., as well as Inner Mongolia Huadian, which represents "coal-electricity integration" thermal power [2][12][13] - For the hydroelectric sector, recommended companies include Yangtze Power, Guotou Power, Chuan Investment Energy, and Huaneng Hydropower [2][12][14] - In the renewable energy sector, companies such as Longyuan Power H, Xintian Green Energy H, China Nuclear Power, and Zhongmin Energy are recommended due to their potential for growth [2][12][15]

Investment Rating - The report suggests a positive outlook on the hydrogen energy sector, indicating potential investment opportunities in hydrogen compression and pipeline supply equipment [9]. Core Insights - The hydrogen storage and transportation technology routes are diverse, but a large-scale, low-cost, and safe delivery system is not yet mature. Pipeline transportation is identified as one of the promising methods for development [4][11]. - By December 2025, the first long-distance pure hydrogen pipeline in China, spanning approximately 1,132 kilometers, is expected to be operational, with an initial hydrogen delivery capacity of 100,000 tons per year, potentially increasing to 500,000 tons per year [7]. - The economic feasibility of pure hydrogen pipelines is highlighted, with transportation costs estimated between 0.8 to 4.66 yuan/kg depending on the distance, making it a viable option for long-distance hydrogen delivery in China [11]. Summary by Sections Industry Overview - Hydrogen storage and transportation technologies are varied, with high-pressure gaseous storage being the most mature but limited by low transportation efficiency and high costs over long distances [11]. - Pipeline transportation, including pure hydrogen and hydrogen-blended natural gas pipelines, is viewed as the most economical long-term solution for large-scale hydrogen delivery [11]. Regulatory Developments - Significant progress in standards and policies for hydrogen pipeline transportation is expected by 2025, including the release of national standards for hydrogen pipelines and guidelines for hydrogen blending in natural gas pipelines [11]. - The National Energy Administration has initiated pilot projects for hydrogen pipeline applications, supporting the development of large-scale hydrogen transportation [11]. Project Updates - Key projects include the Sinopec pipeline project, which has passed safety assessments, and the commencement of the first kilometer-level pure hydrogen pipeline in China [11]. - The report emphasizes the importance of addressing safety risks associated with hydrogen embrittlement in pipeline materials [11].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - From December 22 - 26, 2025, the central bank's short - term reverse repurchase slightly net - withdrew funds. From December 22 - 28, 2025, the net payment scale of government bonds significantly increased compared with the previous week. The maturity yield of inter - bank certificates of deposit (NCDs) showed a sideways trend overall, and the average leverage ratio of the inter - bank bond market increased. - Looking forward to early 2026, there are many factors disturbing the capital market. However, the key lies in the central bank's attitude towards liquidity injection. It is expected that the central bank will support the capital market in early 2026, and measures such as "dual cuts" or active liquidity injection through open - market operations are expected in the first quarter [7]. 3. Summary by Directory 3.1 Capital Market - **Central Bank Operations**: From December 22 - 26, 2025, the central bank's 7 - day reverse repurchase had a net withdrawal of 348 billion yuan, treasury cash fixed - deposit had a net injection of 300 billion yuan, and medium - term lending facility (MLF) had a net injection of 1000 billion yuan. From December 29, 2025 - January 4, 2026, 7 - day and 14 - day reverse repurchases will mature at 6227 billion yuan, with 4701 billion yuan maturing on January 4, 2026. In January 2026, 3M and 6M outright reverse repurchases will mature at 11000 billion yuan and 6000 billion yuan respectively, and MLF will mature at 2000 billion yuan [6]. - **Interest Rates**: From December 22 - 26, 2025, the average values of DR001 and R001 were 1.26% and 1.35% respectively, down 1.0 basis points and up 0.5 basis points compared with December 15 - 19, 2025; the average values of DR007 and R007 were 1.45% and 1.52% respectively, up 0.3 basis points and up 0.6 basis points compared with December 15 - 19, 2025 [7]. - **Government Bond Net Financing**: From December 22 - 28, 2025, the net payment scale of government bonds was about 3667 billion yuan, an increase of about 3506 billion yuan compared with December 15 - 21, 2025. The net financing of national bonds was about 3741 billion yuan, and the net financing of local government bonds was about - 74 billion yuan. From December 29, 2025 - January 4, 2026, the net payment scale of government bonds is expected to be 138 billion yuan [8]. 3.2 Inter - bank Certificates of Deposit (NCDs) - **Maturity Yield**: As of December 26, 2025, the maturity yields of 1M and 3M NCDs were 1.6150% and 1.5950% respectively, up 0.2 basis points and basically unchanged compared with December 19, 2025; the maturity yield of 1Y NCDs was 1.6350%, basically unchanged compared with December 19, 2025 [9]. - **Net Financing**: From December 22 - 28, 2025, the net financing of NCDs was about - 3219 billion yuan. From December 29, 2025 - January 4, 2026, the maturity repayment of NCDs is expected to be 2949 billion yuan. The maturity scale of NCDs in January 2026 is about 2.32 trillion yuan, a decrease of 1.39 trillion yuan month - on - month and an increase of 0.93 trillion yuan year - on - year [9]. 3.3 Institutional Behavior - **Leverage Ratio**: From December 22 - 26, 2025, the average leverage ratio of the inter - bank bond market was 108.18%, compared with 107.92% from December 15 - 19, 2025 [10]. - **Duration of Bond Funds**: On December 26, 2025, the median duration (MA5) of medium - and long - term interest - rate style pure bond funds was 4.80 years, up 0.10 years week - on - week, at the 89.8% quantile since the beginning of 2022; the median duration (MA5) of short - term interest - rate style pure bond funds was 1.74 years, up 0.20 years week - on - week, at the 44.9% quantile since the beginning of 2022 [10].

丨证券研究报告丨 行业研究丨专题报告丨电气设备 [Table_Title] 耀看光伏第 12 期——太空光伏四问四答 报告要点 分析师及联系人 [Table_Author] [Table_Summary] 太空光伏在巨型低轨卫星星座、太空算力、太空输电方面具有不可替代的作用，是实现大国太 空战略的核心技术之一。目前太空光伏主流技术是砷化镓多结电池，得益于成本下降以及效率 提升，晶硅电池可能重回太空光伏主流行列，钙钛矿也有望实现异军突起。预计低轨卫星对应 的太空光伏市场接近 300 亿，是当前市场规模的 10 倍左右，太空算力将进一步打开市场空间。 短期推荐布局太空光伏技术，或者有产品送样以及在美产能布局的企业，中长期推荐技术水平 领先且有相关规划的企业。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 邬博华 曹海花 王耀 任佳惠 申浩树 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SAC：S0490525060004 SFC：BQK482 电气设备 cj ...