Group 1 - The report emphasizes that global liquidity is continuously improving, which is expected to enhance equity asset returns, particularly in the context of AI-related software and edge applications [1][7][11] - The report suggests that the growth space for small-cap and growth sectors is likely to expand due to synchronized global monetary policy easing [7][11] - The report highlights the significant advancements in AI models, particularly with the release of Gemini 3.0 and GPT-5.2, which are expected to drive substantial commercial opportunities in AI applications [21][28][39] Group 2 - The report identifies key companies to watch, including Blue Sky Technology and Spring Wind Power, which are expected to benefit from AI-related growth [8][65] - It also mentions companies like Jieshun Technology and Kaige Precision Machinery, which are positioned to capitalize on AI-driven product releases and innovations [7][65] - The report notes that the valuation of small-cap stocks remains low, with PE ratios for the National Index 2000 and the Growth Enterprise Market Index at 57.1x and 41.21x respectively, indicating potential for further valuation recovery [65]

Economic Indicators - December economic conditions show a high likelihood of continued month-on-month weakening in macroeconomic performance[1] - The operating rate for asphalt enterprises increased to 31.3%, up by 3.7 percentage points month-on-month, with a year-on-year growth of 9.8%[8] - The capacity utilization rate for steel mills decreased to 85.52%, down by 0.21 percentage points month-on-month, with a year-on-year decline of 0.9%[43] Production and Supply - The average daily crude steel production in mid-December was 1.845 million tons, a decrease of 24,000 tons from early December, with a year-on-year decline of 6.7%[71] - The production of cement was 9.454 million tons, down by 394,000 tons month-on-month, but up by 22.0% year-on-year[93] - The production of photovoltaic glass remained stable at 519,200 tons, with a year-on-year increase of 52.2%[98] Price Trends - The average price of cement in East China was 435 RMB/ton, down by 3 RMB/ton month-on-month, while the price in Southwest China remained unchanged at 512 RMB/ton[104] - The price index for rebar increased by 15 RMB/ton to 3326.2 RMB/ton[112] - The price of lithium carbonate rose to 113,600 RMB/ton, an increase of 12,800 RMB/ton month-on-month, with a year-on-year growth of 51.1%[136] Market Outlook - The real estate sales area in 30 cities reached 2.9 million square meters, the highest level in Q4, indicating a better performance compared to November[7] - The overall industrial sector did not show signs of aggressive production, and the export situation remained relatively stable, suggesting a need for macroeconomic policy support to stabilize the economic fundamentals in the first half of next year[1]

证券研究报告|策略定期报告 2025 年 12 月 29 日 长征十二号甲入轨成功，商业航天 IPO 新规落地 ——全球产业趋势跟踪周报（1229） 本周产业趋势主要集中在商业航天和人工智能。商业航天方面，2025 年 12 月 23 日 10:00，长征十二号甲遥一运载火箭在酒泉卫星发射中心东风商业航天创 新试验区顺利点火升空，并成功将载荷送入预定轨道，实现"入轨成功"，但 一级火箭回收未实现预定软着陆目标。上海证券交易所正式发布并实施商业火 箭企业适用科创板第五套上市标准，其中最关键的技术指标是：企业需在申报 前实现至少一次采用可重复使用技术的中大型运载火箭发射载荷成功入轨。人 工智能方面，12 月 18 日，路透社报道称， OpenAI 正与部分投资者就新一轮 融资展开初步讨论，拟募集资金规模最高或达 1000 亿美元。据知情人士透露， 这轮仍处于早期阶段的融资若按目标全额筹集，公司估值或将高达 8300 亿美 元。 【主题与产业趋势】长征十二号甲入轨成功，商业航天 IPO 新规落地。2025 年 12 月 23 日 10:00，长征十二号甲遥一运载火箭在酒泉卫星发射中心东风商 业航天创新试验区顺利点火 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report focuses on the primary and secondary market conditions of local government bonds in 2025 and the planned issuance in 2026Q1, covering aspects such as net financing, issuance terms, issuance spreads, and trading volume [1][5]. Summary by Directory 1. Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 2 billion yuan, with a net financing decrease of 31.2 billion yuan. The issuance volume was 2 billion yuan, and the repayment volume was 5.2 billion yuan, resulting in a net repayment of 3.2 billion yuan. Only new special bonds were issued, amounting to 2 billion yuan [1][9]. - **Issuance Terms**: The 20 - year local government bonds had the highest issuance proportion this week (59%), and the proportion of 10 - year and above bonds was 84%, showing a decline compared to last week. The issuance proportions of 5 - year, 10 - year, and 20 - year bonds were 16%, 25%, and 59% respectively, with the 20 - year bond proportion increasing significantly and the 10 - year bond proportion decreasing by about 11 percentage points [1][11]. - **Debt - Resolution - Related Local Government Bonds**: No special refinancing bonds were issued this week. In 2025, a total of 2.3097 trillion yuan of special refinancing bonds were disclosed for issuance, including 2 trillion yuan of special bonds for replacing hidden debts. Jiangsu, Hunan, Henan, and Guizhou had 251.1 billion yuan, 128.8 billion yuan, 122.7 billion yuan, and 117.6 billion yuan respectively in special bonds for replacing hidden debts. As of the end of this week, 1.3668 trillion yuan of special special bonds were disclosed for issuance in 2025, with Jiangsu, Guangdong, Henan, and Yunnan issuing 128.9 billion yuan, 112.7 billion yuan, 76 billion yuan, and 73 billion yuan respectively [2][13][15]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 24.3bp, widening compared to last week. The 20 - year local government bonds had the highest weighted average issuance spread, reaching 25.3bp. The weighted average issuance spreads of 5 - year, 10 - year, and 20 - year bonds widened. Hunan and Guangdong had weighted average issuance spreads exceeding 20bp [1][24]. - **Fund - Raising Allocations**: As of the end of this week, the main investment directions of new special bond funds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (28%), transportation infrastructure (17%), land reserve (17%), affordable housing projects (11%), and social undertakings (11%). The proportion of land reserve investment increased by 17.1% compared to 2024, while cold - chain logistics, municipal and industrial park infrastructure construction decreased by 8.5% [2][26]. - **Issuance Plans**: As of the end of this week, 34 regions disclosed their local government bond issuance plans for the fourth quarter of 2025. Considering the actual issuance volumes in October and November, the total disclosed issuance volume for the fourth quarter was about 1.65 trillion yuan, with 176 billion yuan in December. The planned issuances of new bonds and refinancing bonds in the fourth quarter were 935.7 billion yuan and 713.5 billion yuan respectively. Some regions also disclosed their local government bond issuance plans for the first quarter of 2026, with a total disclosed issuance volume of about 1.68 trillion yuan, including 692.5 billion yuan in January. The planned issuances of new bonds and refinancing bonds in the first quarter were 619.1 billion yuan and 1.0618 trillion yuan respectively. Next week, local government bonds are planned to issue 26 billion yuan, with a repayment volume of 8.6 billion yuan and a net financing of 17.4 billion yuan, a 20.6 - billion - yuan increase compared to this week [3][28][30]. 2. Secondary Market Situation - **Secondary Spreads**: This week, the secondary spreads of 3 - year and 15 - year local government bonds were relatively high. The issuance spreads of 1 - year, 3 - year, and 7 - year bonds widened, while those of other - term bonds narrowed. The secondary spreads of 3 - year and 15 - year bonds reached 19.5bp and 16.4bp respectively. From the perspective of the historical quantiles in the past three years, the historical quantiles of the secondary spreads of 3 - year and 1 - year bonds were relatively high, at 83% and 61% respectively. Regionally, local government bonds with a term of less than 5 years in each region had relatively high secondary spreads, and the secondary spreads of 7 - 10 - year bonds in weak and medium - strength regions were also relatively high, ranging from 13bp to 16bp [5][33][34]. - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds decreased compared to last week. The trading volume of Xinjiang's local government bonds was large, reaching 37.5 billion yuan, and the turnover rate was relatively high, reaching 2.9%. The total trading volume of local government bonds this week was 295.9 billion yuan, and the turnover rate was 0.54% [5][39].

Investment Rating - The report maintains a positive investment rating for the humanoid robotics sector, highlighting its growth potential and recent developments in the industry [4]. Core Insights - The establishment of the humanoid robotics standardization committee by the Ministry of Industry and Information Technology is expected to facilitate the development of industry standards, which will be crucial for the mass production and application of humanoid robots [8][16]. - The report emphasizes that the core strategy for the robotics sector in 2026 will focus on "narrowing the circle and differentiation," suggesting that competitive advantages will become more pronounced among platform companies [8]. - Recent acquisitions in the robotics sector, such as UBTECH's planned acquisition of 43% of Fenglong shares for 1.665 billion yuan, indicate a trend of unicorn companies in the robotics field actively pursuing listed companies [17]. Industry Overview - The humanoid robotics sector has shown significant performance, with the humanoid robotics index increasing by 4.17% over the past week, outperforming the CSI 300 index, which rose by 1.95% [10]. - The liquidity in the robotics sector has improved, with core stocks reaching a liquidity peak, accounting for 9.09% of the total A-share trading volume on December 25 [12]. - The report lists key stocks in the humanoid robotics sector, including Daya Co., Haoshi Electromechanical, and Tianqi Co., which have shown substantial weekly gains [14][15]. Key Events - The report outlines several important events, including the launch of a humanoid robot six-dimensional force sensor by Fourier, priced at a "thousand yuan level," which could lower costs and promote mass production [18][19]. - The establishment of a joint venture between Weichuang Electric and Zhejiang Rongtai aims to expand into the mechatronics market for intelligent robots [21]. - Cloud Deep Technology has initiated its listing guidance, focusing on the development and production of quadruped and humanoid robots [20]. Market Size and Performance - The report provides data on the industry size, noting that there are 476 listed companies in the sector with a total market value of 500.34 billion yuan and a circulating market value of 432.26 billion yuan [4]. - The humanoid robotics sector has shown a strong relative performance, with a 12-month absolute return of 45.2% compared to the broader market [6].

证券研究报告 | 宏观定期报告 2025 年 12 月 29 日 央国企动态系列报告之 54 —央企负责人年会定调价值创造，专业整合与新兴产业布 局双线推进 频率：双周 2025 年 12 月召开的中央企业负责人会议，为 2026 年国资国企工作确立了 "深化改革"与"价值创造"的核心主线，并突出强调"推进战略性、专业化 重组整合"。 风险提示：国企改革的推进进度不及预期，或后续政策方向发生变化；报告中 列示上市公司不涉及投资建议。 定期报告 相关报告 1、《央国企动态系列报告之 53—央国企整合呈现多元模 式，深度契合"十五五"资产 盘活主线》2025-12-15 2、《央国企动态系列报告之 52—"新三年行动"收官在 即，央国企资本运作提速 》 2025-12-1 林喜鹏 S1090522050001 linxipeng@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 顶层设计明确年度主线，价值创造与专业化整合成为核心。央企负责人会 议为 2026 年工作定调，强调以"一利五率"和"加强上市公司质量与市 值管理"为抓手深化价值创造，并将大力推进战略性、专业化重组整合和 高质量并购置于突出战略位 ...

Investment Rating - The report initiates coverage with an "Accumulate" investment rating for the company [1][3]. Core Views - The company is a rare platform-type entity in the A-share market, mastering the underlying technology of ultrasound and continuously advancing applications in various segments, including lithium batteries, semiconductor advanced packaging, and medical aesthetics. This platform capability provides resilience across economic cycles, with the second growth curve already beginning to materialize [1][7][14]. - The company is positioned to replicate its growth trajectory in the lithium battery sector within the advanced packaging equipment market, driven by strong domestic demand for localization [7][21]. Financial Data and Valuation - The company forecasts total revenue growth from 5.25 billion CNY in 2023 to 15.32 billion CNY in 2027, with year-on-year growth rates of 34% and 40% for 2025 and 2026 respectively [2][8]. - The net profit attributable to shareholders is expected to rise from 670 million CNY in 2023 to 3.81 billion CNY in 2027, with significant growth rates of 76% and 64% for 2025 and 2026 respectively [2][8]. - The company's price-to-earnings (PE) ratio is projected to decrease from 206.9 in 2023 to 36.2 by 2027, indicating improving valuation metrics as earnings grow [2][8]. Company Overview - The company has been a leader in the domestic ultrasound equipment market for nearly 20 years, with a comprehensive ultrasound technology platform that supports various industries, including lithium batteries, photovoltaic energy storage, semiconductors, automotive wiring, and medical aesthetics [7][34]. - The company has established a stable revenue stream from consumables, which accounted for 31.42% of total revenue in 2024, reflecting a strong business model that combines equipment sales with high-margin consumables [34][30]. Growth Curves - The first growth curve is driven by the recovery in capital expenditures in the lithium battery sector, with new technologies like solid-state batteries creating additional demand for equipment [18][21]. - The second growth curve focuses on advanced packaging equipment, where the company has secured orders and is positioned to lead in domestic market share [21][22]. - The third growth curve involves strategic expansion into the medical aesthetics sector, with significant market potential anticipated in the coming years [21][22]. Profitability and Financial Performance - The company has shown a compound annual growth rate (CAGR) of 32.32% in revenue from 2018 to 2024, with a notable recovery in profitability expected as market conditions improve [39][42]. - The gross margin for consumables is projected to reach 75.93% in 2024, significantly higher than the overall product margins, contributing to enhanced profitability [27][30]. - The company maintains a high research and development expenditure rate, which supports its long-term growth strategy and technological advancements [51].

- The report does not contain any specific quantitative models or factors related to quantitative finance or engineering[1][2][3][10][12][19]

Investment Rating - The report maintains a "Recommendation" rating for the industry [2] Core Insights - The environmental and public utility sectors have seen an increase, with the environmental industry index rising by 1.92% and the public utility index by 0.83%, which is relatively lower than the overall market increase [6] - The total transaction volume for electricity in Guangdong for 2026 is 359.44 billion kWh, a year-on-year increase of 5.4%, with an average transaction price of 372.14 cents/kWh, down 5.0% year-on-year [6] - The report suggests focusing on investment opportunities in the power sector, particularly recommending Guodian Power and Huaneng International for their strong dividends and performance safety [6] Summary by Sections Key Event Analysis - In November, the growth rate of total electricity consumption slowed, with a year-on-year increase of 6.2%, down 4.2 percentage points from October [10] - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the large-scale development of solar thermal power [20] Market Review - The environmental and public utility sectors have shown positive performance, with the environmental sector leading with an 18.58% increase since the beginning of 2025 [22] - The power sector has seen a cumulative increase of 2.71% in the same period [22] Key Data Tracking - The price of Qinhuangdao 5500 kcal thermal coal has decreased to 685 RMB/ton, down 4.86% from December 19, 2025, and down 11.0% year-on-year [36] - The average electricity price in Guangdong reached a peak of 346.72 RMB/MWh on December 24, 2025, an increase of 10.9% week-on-week [52] - The LNG import price has risen to 9.62 RMB/million BTU, up 1.02% from December 19, 2025, while the domestic LNG ex-factory price has decreased to 3915 RMB/ton [50] Industry Key Events - The report highlights several key events in the electricity market, including the construction of charging infrastructure for electric heavy trucks in Chongqing and the implementation of green electricity direct connection projects in Ningxia [63][64]

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly highlighting the stability in the production volume of Moutai and the cyclical layout of food products [1][15]. Core Insights - Moutai's production volume for 2026 is set to remain stable, with a focus on balancing supply and demand, and a shift from production-driven to sales-driven strategies [2][11]. - The report anticipates a significant improvement in supply-demand dynamics compared to 2025, driven by emerging channels stimulating consumer demand for alcoholic beverages [1][15]. - The dairy sector is expected to see a turning point in milk prices, with leading dairy companies projected to experience performance recovery and increased valuation support in 2026 [1][15]. - The report emphasizes the importance of strategic planning and product innovation among key companies to navigate market challenges and capitalize on growth opportunities [12][14]. Summary by Sections Core Company Tracking - Moutai aims to enhance the market share of its 500ml Flying Moutai while reducing the production of high-value products and focusing on a diversified sales network [2][11]. - Luzhou Laojiao maintains a restrained pricing strategy for its Guojiao product, anticipating Q1 2026 as a critical adjustment period for the industry [12]. - Shouxiangu is projected to achieve a compound annual growth rate of over 20% from 2026 to 2030, with a focus on major products and channels [12]. Investment Recommendations - The report suggests a focus on Moutai and other key brands for the upcoming Spring Festival, with recommendations for stocks like Wuliangye and Luzhou Laojiao due to their potential for rebound [15][16]. - Attention is drawn to consumer goods companies such as Weidong and Angel Yeast, which are expected to benefit from cost advantages and cyclical performance improvements [16]. - The report highlights three main investment themes: improving sales volume, cyclical opportunities, and cost benefits across various companies in the sector [16]. Industry Valuation Table - The report includes a valuation table for key companies, indicating market capitalizations and projected earnings for 2025 to 2027, showcasing the financial health and growth potential of major players in the industry [17][19].