1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core View of the Report - The issuance scale of government bonds using the remaining quota for debt resolution has exceeded 280 billion yuan. The report provides a weekly update on local government bond issuance and special bond issuance progress [1][6] 3. Summary by Relevant Catalog 3.1 Local Bond Actual Issuance and Forecast Issuance - **Actual Issuance vs. Pre - issuance Disclosure**: From December 1st - 7th, local bonds were issued at 108.72 billion yuan, including 50.44 billion yuan of new bonds (21 billion yuan of new general bonds and 39.05 billion yuan of new special bonds) and 58.28 billion yuan of refinancing bonds (41.31 billion yuan of refinancing general bonds and 16.97 billion yuan of refinancing special bonds). From December 8th - 14th, local bonds are expected to be issued at 106.96 billion yuan, including 71.05 billion yuan of new bonds (21 billion yuan of new general bonds and 50.05 billion yuan of new special bonds) and 35.9 billion yuan of refinancing bonds (18.74 billion yuan of refinancing general bonds and 17.16 billion yuan of refinancing special bonds) [2][6] - **Comparison of Planned and Actual Issuance**: The report shows the planned and actual issuance of local bonds in November and December, as well as the monthly issuance plan, actual issuance, and net financing situation of local bonds from May to December 2025 [20][21] 3.2 Local Bond Net Supply - From December 1st - 7th, the net supply of local bonds was 6.05 billion yuan; from December 8th - 14th, the forecast net supply of local bonds is 6.23 billion yuan [16] 3.3 New Bond Issuance Progress - As of December 7th, the issuance progress of new general bonds was 92.44%, and the issuance progress of new special bonds was 98.23%. The calculation denominator of the issuance progress includes the 200 - billion - yuan part of the used remaining quota, so it differs from the previous calculation method [25] 3.4 Refinancing Bond Net Supply - The report shows the cumulative scale of the difference between refinancing bonds and local bond maturities from January to December from 2020 to 2025, with the statistical scope including both issued and unissued but disclosed bonds [27][28] 3.5 Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of December 7th, the fifth - round second - batch special refinancing bonds totaled 200 billion yuan, the sixth - round special refinancing bonds totaled 28.81 billion yuan, and an additional 1.6821 billion yuan was newly disclosed for the next week. The top three provinces or municipalities with separately - planned budgets in the fifth - round second - batch disclosure were Jiangsu (25.11 billion yuan), Hunan (12.88 billion yuan), and Henan (12.27 billion yuan) [6] - **Special New Special Bond Issuance Statistics**: As of December 7th, the total disclosed amount of special new special bonds in 2025 was 135.0841 billion yuan, and since 2023, the total disclosed amount was 253.8705 billion yuan. The top three in terms of disclosed scale were Jiangsu (24.4035 billion yuan), Hubei (13.7769 billion yuan), and Xinjiang (13.117 billion yuan). The top three provinces or municipalities with separately - planned budgets in 2025 were Jiangsu (12.89 billion yuan), Guangdong (11.9268 billion yuan), and Yunnan (7.2997 billion yuan) [7] 3.6 Local Bond Investment and Trading - **Primary - Secondary Spread**: The report shows the primary and secondary spreads of local bonds on December 7th and November 30th, 2025, including spreads for different maturities (1Y, 2Y, 3Y, 5Y, 7Y, 10Y, 15Y, 20Y, 30Y) and the overall spread [38] - **Regional Secondary Spread**: The report presents the regional secondary spreads of local bonds, but specific data is not detailed in the text [39] 3.7 New Special Bond Investment Directions - The report shows the investment directions of new special bonds, with the statistics for the latest month only considering the investment directions of issued new bonds and not pre - issuance disclosures [40]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The nylon new materials project by Tianchen Qixiang has achieved full production and has entered a phase of efficient and stable operation after a 72-hour full-load performance assessment, with key technical and economic indicators meeting or exceeding design values [5][11]. - The project, which began construction in 2019, aims to break foreign monopolies and address critical supply chain issues, with a total investment of approximately 20 billion yuan and an annual production capacity of 1 million tons of nylon new materials [11]. - The company has signed new contracts totaling 312.67 billion yuan from January to October 2025, reflecting a year-on-year increase of 0.45%, with significant contributions from industrial and new materials sales [11]. Summary by Sections Project Development - Tianchen Qixiang's nylon new materials project has fully achieved production capacity, marking a transition to a stable operational phase [11]. - The project is expected to produce 200,000 tons of nylon 66 products annually, along with other chemical products, thereby establishing a complete nylon 66 chip industry chain [11]. Financial Performance - The company reported a total revenue of 186.61 billion yuan for 2024, with projections of 207.62 billion yuan for 2025, indicating a steady growth trajectory [17]. - The net profit attributable to shareholders is projected to reach 6.35 billion yuan in 2025, reflecting a compound annual growth rate of no less than 15% from 2021 [11][17]. Market Position - The company is positioned to benefit from the ongoing development of coal chemical projects in Xinjiang, with potential orders amounting to 700-800 billion yuan, which could enhance performance [11]. - The company has maintained a high dividend payout ratio of 19.69%, distributing 611 million yuan in cash dividends, demonstrating a commitment to shareholder returns [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Viewpoints - China Shipbuilding Group has signed a new shipbuilding project with China Ocean Shipping Group in Shanghai, involving 87 vessels with a total value of approximately 50 billion RMB, marking the highest single cooperation contract amount for domestic shipbuilding companies in China [2][4]. - The company has enhanced its comprehensive shipbuilding capabilities following the merger with China Shipbuilding Industry Corporation, leading to a robust order backlog and the expectation of continued growth in new orders throughout the year [2][10]. - The lifting of the U.S. 301 investigation measures has alleviated significant pressure on the sector, resulting in a substantial increase in global new orders in November, with a year-on-year growth of 32% and a month-on-month growth of 62% [10]. - The demand for shipping is improving, particularly for oil tankers, which are expected to follow container ship orders, driven by the need for fleet renewal and environmental considerations [10]. Summary by Relevant Sections Company Overview - The new shipbuilding project includes a wide range of vessel types, such as ultra-large container ships, bulk carriers, and oil tankers, with construction primarily handled by subsidiaries of China Shipbuilding [10]. - The company’s order backlog is robust, with orders scheduled until the end of 2028, and some extending to 2029, indicating strong future revenue support [10]. Financial Projections - For the years 2025 and 2026, the company is projected to achieve net profits of 10.315 billion RMB and 18.171 billion RMB, respectively, with corresponding price-to-earnings ratios of 25 times and 14 times [10]. - The total revenue is expected to grow significantly, with projected revenues of 78.584 billion RMB in 2024, increasing to 254.252 billion RMB by 2027 [14]. Market Dynamics - The global shipping industry is experiencing a recovery, with increasing demand for new vessels and rising second-hand ship prices, indicating a potential turning point for new ship prices [10]. - The company is well-positioned to attract global shipbuilding orders due to its technological, capacity, and cost advantages, reinforcing its status as a leading player in the shipbuilding sector [10].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The Wenchang Satellite Super Factory, which can produce 1,000 satellites annually, is set to commence operations, enabling seamless integration of satellite production and launch. This development is expected to significantly shorten the production cycle for individual satellites and facilitate mass production of low Earth orbit (LEO) satellites, thereby accelerating the growth of China's commercial space industry [2][4][9] - The factory's establishment is anticipated to enhance the efficiency of LEO satellite constellation deployment, meeting the growing demand for satellite networks in China. The factory will support the production of 500 kg satellites in bulk, transforming the traditional custom and small-batch satellite manufacturing model [4][9] - The competitive landscape for orbital resources is intensifying, with projections indicating that approximately 57,000 LEO satellites will be deployed by 2029. The factory's operations will contribute to the rapid deployment of satellite constellations, addressing the saturation of communication frequency resources [4][9] Summary by Sections Event Description - The Wenchang Satellite Super Factory is located in Hainan and is designed to produce 1,000 satellites per year. It is the only facility in the country capable of integrating satellite assembly with launch operations, marking it as Asia's largest satellite manufacturing base [4][9] Recent Developments - China's commercial space sector is entering a phase of regular launches, with multiple successful missions completed in December. This trend indicates a shift towards normalized launch operations, driven by technological advancements and increased launch capacity [4][9]

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨港股公司点评丨小米集团-W（01810.HK） [Table_Title] 汽车业务实现扭亏，Q3 业绩再创新高 报告要点 [Table_Summary] 2025 年前三季度，小米集团实现营收 3403.70 亿元，同比增长 32.5%；经调整净利润 328.17 亿元，同比增长 73.5%。毛利率 22.75%，同比提升 1.69pct；净利率 9.64%，同比提升 2.28pct。 2025Q3 单季度实现营收 1131.21 亿元，同比增长 22.28%；经调整净利润再创新高，达到 113.11 亿元，同比增长 80.92%。毛利率 22.75%，同比提升 1.69pct；净利率 9.64%，同比提升 2.28pct。 分析师及联系人 [Table_Author] 杨洋 高伊楠 陈亮 张永乾 SAC：S0490517070012 SAC：S0490517060001 SAC：S0490517070017 SAC：S0490524030002 SFC：BUW100 SFC：BUW101 SFC：BUW408 请阅读最后评级说明和重要声明 % ...

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2025 年第 49 周计算机行业周报： 朱雀三号发射入轨，关注商业航天产业进展 报告要点 [Table_Summary] 上周计算机板块小幅回撤，整体下跌 1.66%，在长江一级行业中排名第 27 位，两市成交额占 比为 7.12%，商业航天相关标的活跃。上周 DeepSeek-V3.2 和 DeepSeek-V3.2-Speciale 正 式发布；豆包手机助手以技术预览版正式亮相，搭载该功能的努比亚（nubia）M153 工程样机 同步开售；"2025 脑机接口大会"在上海成功举办。本周建议关注产业链各环节的核心供应商， 重点关注卫星应用相关标的。 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 分析师及联系人 [Table_Author] 丨证券研究报告丨 上周关键词：DeepSeek-V3.2、豆包手机助手、脑机接口 2025-12-09 重点推荐：商业航天 朱雀三 ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector saw a 3.65% increase in the 49th week of 2025, ranking 3rd among major industries, and a 70.43% increase since the beginning of the year, ranking 2nd [2][4]. - AWS launched the Trainium 3 chip, significantly enhancing performance and energy efficiency, while DeepSeek V3.2 made breakthroughs in inference capabilities and cost reduction for long sequences [2][5][6]. - The collaboration between AWS and NVIDIA is expected to accelerate the integration of self-developed chips with the NVIDIA ecosystem, clarifying the ASIC penetration logic [7]. Summary by Sections Market Performance - The communication sector's performance in the 49th week of 2025 was a 3.65% increase, with a year-to-date increase of 70.43% [2][4]. - Top gainers in the sector included Tianfu Communication (+25.8%), Tongyu Communication (+23.9%), and Meige Intelligent (+13.7%), while the largest declines were seen in Online and Offline (-11.8%), Data Port (-10.8%), and Kesi Technology (-8.6%) [4]. Technological Developments - AWS's Trainium 3 chip offers a 4.4x performance increase and a 40% improvement in energy efficiency, reducing training costs for clients by up to 50% [5]. - DeepSeek V3.2, the first open-source model to integrate "deep thinking" and "tool invocation," surpassed GPT-5 in inference benchmarks, significantly lowering costs for long sequence tasks [6]. Investment Recommendations - Recommended companies include China Mobile, China Telecom, and China Unicom in the operator category; Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication in optical modules; and AI applications such as Boshi Jie, Heertai, and Tuobang Co. [7].

报告要点 固定收益丨深度报告 [Table_Title] 信用债流动性评估进阶指南（上） ——走在债市曲线之前系列报告（十一） %% %% %% %% research.95579.com 1 丨证券研究报告丨 [Table_Summary] 作为信用债流动性评估进阶指南的上篇，本报告聚焦现有信用债流动性评分体系，解析"评分 排名制"与"排名赋分制"两大主流体系的构建逻辑与操作方法，阐述前者主成分分析法的三 步评分流程与后者简单线性回归法的排序赋分规则，明确两种方法的优劣及适配场景；基于截 面和时序视角，分析券种类型、主体评级等多因素对流动性评分的影响规律，总结不同体系下 评分特征与波动情况，为理解信用债流动性评分逻辑提供参考。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 [Table_Title 信用债流动性评估进阶指南（上） 2] ——走在债市曲线之前系列报告（ ...

Economic Outlook - The meeting provided a clear and coherent assessment of the international situation, indicating a readiness to respond, while emphasizing qualitative improvement and reasonable quantitative growth for the domestic economy[1] - The meeting introduced the concept of "quality improvement and efficiency enhancement" as a work guideline, reflecting a focus on sustainable and high-quality development[1] - The emphasis on "domestic demand as the main driver" and "optimizing supply" aims to strengthen the endogenous momentum and reliability of the domestic circulation[1] Risk Management - The focus of risk prevention has shifted from "stabilizing the stock and real estate markets" to "doing practical work," moving from "stabilizing expectations" to "stabilizing reality"[1] - The meeting released numerous positive signals within a limited scope, suggesting a promising start for the "14th Five-Year Plan" and broad growth potential for Chinese assets[1] Policy Adjustments - The policy tone has shifted from "promoting stability through progress" to "quality improvement and efficiency enhancement," indicating a greater emphasis on the quality and sustainability of development[1] - The meeting highlighted the need for "cross-cycle" adjustments in macroeconomic governance, reflecting concerns about enhancing the effectiveness of macroeconomic management[1] Domestic Demand and Supply - The meeting's first mention of "domestic demand as the main driver" and "optimizing supply" signifies a strategic shift towards enhancing domestic demand and improving supply quality[1] - The focus on service consumption as a new engine for expanding domestic demand, particularly in sectors like childcare, education, and healthcare, is expected to drive future growth[1] Market Stability - The meeting did not mention stabilizing the stock and real estate markets, instead emphasizing practical measures to address real economic issues, indicating a shift towards tangible outcomes[1] - The emphasis on "stabilizing employment, enterprises, markets, and expectations" reflects a more grounded approach to economic stability compared to previous years[1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company has maintained strategic stability since establishing its "smart, characteristic, international, and comprehensive" strategy in 2014, emphasizing a stable operational approach in 2024 that aligns with long-term capital preferences in the current market environment [2][12] - The company is expected to continue its stable performance with a focus on capital balance, benefiting from its geographical advantages and the strong growth of investment and financing in Jiangsu province [2][12] - The company's stock price has adjusted significantly since the third quarter, with a projected PB ratio of 0.74x for 2025 and a dividend yield of 5.31%, making it an attractive option among leading city commercial banks [4][6] Summary by Relevant Sections Company Overview - Jiangsu Bank is the largest city commercial bank by market capitalization and is currently undervalued, with a 2025 projected PB ratio of 0.74x and a ROE exceeding 13% [6] - The bank's dividend yield is projected to reach 5.31% in 2025, appealing to long-term capital investors [6] Financial Performance - The bank's loan growth is expected to remain stable, with a significant increase of 17.9% in loans by the end of Q3 2025, and an anticipated total loan increase of approximately 400 billion yuan for the year [12][36] - The bank's net interest margin is projected to stabilize, with a deposit cost of 1.78% in the first half of 2025, allowing for continued high growth in net interest income [12][36] - The asset quality remains stable, with a low proportion of personal operating loans and a projected net generation rate of non-performing loans of 1.10% for the first half of 2025, down 31 basis points from 2024 [12][36] Market Position - The company has seen a significant reduction in active fund holdings, with the proportion of active funds holding Jiangsu Bank shares dropping to 0.12% by the end of Q3, indicating a potential for reallocation of capital towards the bank [6][12] - The bank's capital adequacy ratio is expected to remain above 8.6% by the end of 2025, supporting its asset expansion [12][36]