Group 1: Economic Policy Directions - The meeting proposed five new "musts," which are an iteration of last year's five "musts," reflecting a deeper understanding of economic work[16] - Fiscal policy continues to be described as "more proactive," focusing on improving fiscal revenue, maintaining debt intensity, and optimizing expenditure structure[18] - Monetary policy remains "appropriately loose," with an emphasis on policy effectiveness, balancing between broad money supply and credit[22] Group 2: Key Economic Tasks - Expanding domestic demand remains the top priority, with expectations for a "rural and urban resident income increase plan" and efforts to stabilize investment[24] - Risk prevention in key areas, particularly in real estate, focuses on stabilizing housing prices and improving supply-demand dynamics, with "deepening housing fund system reform" as a major highlight for next year[28]

Core Insights - The report emphasizes the investment themes for 2026 in the environmental sector, focusing on overseas expansion, carbon reduction, and pollution control as key strategies under the "14th Five-Year Plan" [3][6] - The environmental industry is experiencing a transition as domestic infrastructure peaks, with a projected 4.9% year-on-year growth in sector performance for the first three quarters of 2025 [6][28] Policy Guidance - The "14th Five-Year Plan" has not yet met carbon reduction targets, indicating a need for continued efforts in this area, while other environmental goals have been largely achieved [22][24] - The "15th Five-Year Plan" aims to synergize carbon peak and neutrality goals with pollution reduction and green growth initiatives [6][24] Overseas Expansion - The report identifies significant market opportunities in Southeast Asia and Central Asia for waste incineration, with a potential market size in the hundreds of billions [7] - Indonesia's upcoming waste incineration projects are highlighted, with expectations for rapid development starting in Q1 2026, supported by sovereign fund investments [7] - Key companies positioned for overseas expansion include Weiming Environmental, China Everbright, and others [7] Carbon Reduction - The carbon market is evolving, with ongoing improvements in the carbon emission control system and an expected rise in carbon prices [8] - Non-electric green energy sectors, such as renewable energy heating and biofuels, are anticipated to benefit from policy support and growing domestic demand [8] - Companies like Zhuoyue New Energy are noted for their potential in the biofuel sector, particularly in the context of EU anti-dumping influences subsiding [8] Pollution Control - The water and air sectors are expected to see continued investment in pollution control, with companies like Xingrong Environment and Aofu Technology highlighted for their growth potential [9] - The report notes that the implementation of the National VI emissions standards will create opportunities in the automotive emissions control market [9] Diverse Investment Opportunities - The report outlines various investment opportunities arising from new production capabilities, cyclical trends, and debt management strategies within the environmental sector [10] - Companies involved in smart technologies and battery materials are identified as potential beneficiaries of these trends [10]

Core Insights - The report indicates that the securities industry experienced high growth in 2025, with a shift from self-operated brokerage as the main contributor to a more diversified support structure across various business lines [3][6] - Looking ahead to 2026, the industry is expected to enter a phase of high-quality development, with sustained slow bull market conditions and opportunities for investment in improved segments [3][8] Review of 2025 - In the first three quarters of 2025, the securities firms underperformed the market, with a cumulative increase of 1.2% compared to a 13.8 percentage point underperformance against the CSI 300 index [6][18] - The total operating revenue and net profit attributable to shareholders for listed securities firms reached CNY 4,196.08 billion and CNY 1,684.50 billion, respectively, representing year-on-year increases of 16.9% and 62.8% [6][26] - The average return on equity (ROE) for the industry was 5.6%, up by 2.02 percentage points year-on-year [6][30] Outlook for 2026 - The self-operated and brokerage businesses are likely to continue supporting performance, although brokerage income may be less elastic due to declining commission rates [8][9] - Investment banking and asset management businesses are showing signs of cyclical recovery, with the investment banking sector adapting to regulatory changes and the asset management sector experiencing its first year-on-year growth since 2024 [8][9] - International business contributions are increasing, with leading firms enhancing their overseas operations and capital support [8][9] Investment Recommendations - The report suggests focusing on individual stocks in improved segments, particularly: 1. High-quality leaders in investment banking, such as China International Capital Corporation (CICC) [9] 2. Leaders in asset management, like Orient Securities [9] 3. Industry leaders with strong international business layouts, including CITIC Securities, Huatai Securities, and China Galaxy Securities [9]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time recommendation [11]. Core Insights - The company, Zhonggong International, is a leading player in international engineering, focusing on the integration of science, industry, and trade to create a second growth curve. It has established a global business network covering over 70 countries, transitioning from a traditional contractor to a multinational enterprise [6][22]. - The company is strategically targeting key markets along the "Belt and Road" initiative, particularly in oil and gas, new energy, and healthcare sectors, with significant growth in new contract signings in 2025 [6][9]. Summary by Relevant Sections Design Consulting and Engineering Contracting - The company's international engineering contracting revenue reached 8.219 billion yuan in 2024, a 29.81% increase from 6.332 billion yuan in 2023, demonstrating strong market expansion capabilities [7][60]. - The gross profit margin for design consulting has improved significantly, rising from 23.18% in 2020 to 40.34% in 2024, indicating strong profitability and cost optimization [7][71]. Key Core Equipment R&D and Manufacturing - The domestic market for cableway construction has substantial growth potential, with only 1,168 cableways in operation as of 2024, despite 15,700 A-level tourist attractions in China [8][85]. - The company is expanding its cableway business both domestically and internationally, signing strategic cooperation agreements to enhance its market presence [8]. Engineering Investment and Operations - The new contract signing in the engineering investment and operations segment has seen a dramatic increase, with new contracts rising from 231 million yuan in 2021 to 1.184 billion yuan in 2024, reflecting a 331% year-on-year growth [9]. - The company anticipates achieving net profits of 391 million, 421 million, and 472 million yuan from 2025 to 2027, with corresponding current market valuations of 28.39, 26.35, and 23.54 times [9]. Financial Performance - The company's operating cash flow has shown significant improvement in 2025 Q1-Q3, with a net cash flow increase of 159.34% due to successful project execution and cash collection [43]. - The company has maintained a healthy cash flow, with a collection ratio of 111.55% and a payment ratio of 86.43% in 2025 Q1-Q3 [43].

丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] AI 系列跟踪（84）：可灵 AI"全能灵感周"连续 上新，Gemini 3 Deep Think 推理能力再进阶 报告要点 [Table_Summary] 12 月 1 日-5 日，可灵 AI 连续 5 天上新，发布视频 O1 模型、图片 O1 模型、音画同出模型可 灵 2.6、可灵数字人 2.0，以及可灵 O1"主体库"、"对比模版"功能。12 月 5 日，Gemini 3 Deep Think 正式上线。在 AI 细分赛道中，我们看好：1）优质 IP 或受益于 AI 技术演进带来的 创作效率和变现价值提升，看好受益于多模态加速的 AI 漫剧赛道；2）具备流量&模型&数据优 势的互联网大厂；3）海外已跑通商业模式，国内有望复制（广告、电商、教育等）的垂直赛道； 4）AI+游戏厂商。 分析师及联系人 [Table_Author] SAC：S0490516080001 SFC：BUX177 高超 朱子愉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 12 月 1 日-5 日，可灵 AI ...

Investment Rating - The report maintains a positive investment outlook for the industry, emphasizing the continued value of IP group and global strategies, with expectations for revenue growth driven by IP incubation and operations [9]. Core Insights - Recently, the company celebrated its 15th anniversary with various activities, including a themed exhibition at the Import Expo and the launch of a special blind box series [3][6]. - The company is advancing its global expansion, opening its first store in Qatar in October and in Canada and Denmark in November, while also making its debut at the Macy's Thanksgiving Parade in the U.S. [3][6]. - The company has signed new IPs "1001MOONS" and "SUPERTUTU," and is launching several new products themed around Christmas and winter [3][6]. - The report highlights the company's strong IP incubation and operational capabilities, which are expected to drive revenue growth and improve profit structure due to higher overseas margins [9]. Summary by Sections Event Description - The company has launched a series of activities to celebrate its 15th anniversary, including a themed exhibition and a special blind box series [3][6]. - It is accelerating its global store openings, with significant events such as the participation in the Macy's Thanksgiving Parade [3][6]. IP Incubation and Operations - The company has signed new IPs and launched products that incorporate interactive elements, enhancing customer engagement [9]. - Collaborations with various partners for themed events and exhibitions are ongoing, with a focus on both domestic and international markets [9]. Global Expansion - As of early December, the company has approximately 165 overseas stores, with significant growth in the Americas and Europe [9]. - New store openings in Qatar, Canada, and Denmark mark the company's continued commitment to global expansion [9]. Group Strategy - The company is diversifying its business into film adaptations and other multimedia projects, aiming to establish itself as a comprehensive global IP operator [9]. - The report emphasizes the ongoing value of the company's group and global strategies, with a focus on replicable IP incubation and operations [9].

丨证券研究报告丨 世界经济与海外市场丨点评报告 ——2025 年 12 月美联储议息会议点评 报告要点 [Table_Summary] 12 月议息会议如期降息 25BP，同时宣布未来 30 天买入 400 亿美元短期国债，即重启准备金 管理型扩表，会议声明整体则变化不大。经济预测方面，本次美联储继续上调经济增长预期， 稳健增长仍是基准情形。降息路径方面，点阵图指向分歧加大，但政策路径预期变化不大。向 前看，1）就业疲软暂无加速迹象，关税对通胀影响或在明年一季度逐步反应，我们维持此前对 于美联储 2026 年一季度暂缓降息的判断；2）明年 5 月美联储主席换届，特朗普大概率提名鸽 派候选人就任，后续视经济情况择机再度开启降息可能性较大，年内预计累计降息至少 50BP。 分析师及联系人 1 SAC：S0490520090001 SFC：BUX667 于博 敬成宇 请阅读最后评级说明和重要声明 [Table_Title] 重启准备金管理型扩表 %% %% %% %% research.95579.com [Table_Author] [Table_Title 重启准备金管理型扩表 2] ——2025 年 12 月 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [13] Core Views - The company's main business profitability continues to improve, with significant potential for market share increase due to rising 6F prices. The iron phosphate business is expected to reach a supply-demand inflection point by 2026, contributing to profitability recovery and enhancement. Additionally, the solid-state battery business is progressing positively, and new materials like insulating adhesives are expected to add substantial value, indicating a favorable outlook for future profit elasticity [3][12] Summary by Relevant Sections Solid-State Battery Materials - Sulfide electrolytes are becoming the mainstream technology due to their high ionic conductivity and low density. The company focuses on the core electrolyte segment of solid-state batteries, launching the LPSX series to address cost issues and support large-scale production while precisely controlling particle size distribution [6][34] - Lithium sulfide is a key cost-reduction point in the solid-state battery industry, with the company achieving breakthroughs in high-purity lithium sulfide production, which is essential for high-performance sulfide solid-state electrolytes [7][50] New Material Developments - The company is actively developing high-temperature, high-performance thermoplastic engineering plastics to meet market demands for lightweight materials, currently in the product trial verification stage with small batch orders already supplied [11] - The company has also applied for patents related to metal-organic framework (MOFs) materials, achieving kilogram-level production and customer testing, showcasing significant performance improvement potential for lithium battery technology [10] Financial Projections - The company is expected to achieve net profits of 1.2 billion yuan and 5.1 billion yuan in 2025 and 2026, respectively, highlighting the cost-effectiveness of the company under the anticipated price increase of 6F [12][30]

[Table_Title] 整车管家系列：如何展望 2026 乘用车需求 行业研究丨深度报告丨汽车与汽车零部件 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 展望 2026 年乘用车市场需求，总量或将由于高基数、政策退坡等影响承压下滑。复盘来看销 量承压时期中低端价格带先行受损，高端市场受影响相对最小。 2026-2027 年新能源汽车购置 税减免力度下滑，从 2024-2025 年的免征转为减半征收，新能源渗透率或仍小幅增长。海外市 场供需两旺，中国产品出海仍处于加速拓展期，新能源出海仍具有高增潜力。未来汽车行业的 发展，可以关注新能源出海机会，以及受β影响相对较小的高端及豪华市场、智能驾驶及 Robotaxi。 分析师及联系人 [Table_Author] 高伊楠 麦贻智 SAC：S0490517060001 SFC：BUW101 请阅读最后评级说明和重要声明 2 / 25 %% %% %% %% research.95579.com 2 汽车与汽车零部件 cjzqdt11111 [Table_Title2] 整车管家系列：如 ...

丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 有色金属转债能否再起趋势性行情？ ——可转债周报 20251206 报告要点 [Table_Summary] 有色金属板块在 2020 年 10 月至 2021 年 11 月期间呈现持续超额收益，行情以 2021 年 6 月 为界分两阶段，后期转债与权益同步走强。当周权益端有色金属板块整体表现较好，而转债平 均剩余期限偏短，促转股意愿或较强，规模较 2021 年收缩，或可关注有色金属转债的后续行 情。当周 A 股整体偏强，创业板指相对突出，周期制造类行业表现较好，板块拥挤度变化有所 分化。可转债市场整体走强，中小盘表现较稳健，估值整体有所拉伸，成交集中在电力设备、 电子等板块。一级市场平稳推进，条款博弈有所延续，对估值结构或有扰动。 分析师及联系人 [Table_Author] 赵增辉 熊锋 朱承志 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 SFC：BWI629 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 有 ...