报告摘要 1、一级市场 注：本篇报告的信用债口径包括定向工具、短期融资券、公司债、金融债（不含同业存单和政金债）、中 期票据、企业债。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 2025年12月15日至12月19日（以下简称"本周"），信用债共发行347只，发行规模总计3705.49亿元，环比 减少19.36%。 发行规模方面，本周，产业债共发行170只，发行规模达1633.10亿元，环比减少12.44%,占本周信用债发行 总规模的比例为44.07%；城投债共发行138只，发行规模达879.59亿元，环比减少0.96%,占本周信用债发 行总规模的比例为23.74%；金融债共发行39只，发行规模达1192.80亿元，环比减少35.24%,占本周信用债 发行总规模的比例为32.1 ...

以下文章来源于债券人 ，作者光大证券固收研究 债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 报告摘要 1、市场行情 本周（2025年12月15日至2025年12月19日，共5个交易日）中证转债指数涨跌幅为+0.48%（上周涨跌幅为 +0.20%），中证全指变动为-0.18%（上周涨跌幅为+0.19%）。2025年以来中证转债涨跌幅为+17.06%，中 证全指涨跌幅为+21.62%。 分评级来看，债项评级高评级券（评级为AAA）、中高评级券（评级为AA+）、中评级券（评级为 AA）、中低评级券（评级为AA-）和低评级券（评级为AA-及以下）本周涨跌幅分别为+0.14%、 +0.26%、+1.18%、+0.83%和+1.16%，中评级券涨幅最高。 分转债规模看，大规模转债（债券余额大于20亿元）、中大规模转债（余额在15至20亿元之间）、中规模 转债（余额在10至15亿元之间）、中小规模转债（余额在5至10亿元之间）、小规模转债（余额小于5亿 元）本周涨跌幅分别为+0.39%、+0.28%、+0.33%、+1.40%和+1.40%，中小规模转债和小规模转债涨幅较 高。 分平价来看，超高平价券（转股价值大于 ...

Core Viewpoint - The A-share market is experiencing a positive trend, with the CSI A500 index showing an increase, driven by strong performances from key stocks and significant inflows into related ETFs [1] Group 1: Market Performance - As of 14:45, the CSI A500 index rose by 0.5%, with notable gains from China Duty Free Group exceeding 8%, and Hainan Airport and Joyson Electronics both rising over 7% [1] - The A500 ETF managed by E Fund (159361) saw a net subscription of over 1.4 billion units during the trading session, accumulating over 1.2 billion yuan in the first three trading days [1] Group 2: Economic Outlook - Everbright Securities anticipates a favorable cross-year market trend, supported by expected domestic economic policy initiatives that could sustain growth within a reasonable range [1] - The release of policy dividends is expected to boost market confidence and attract various types of capital inflows [1] Group 3: Index Composition and Investment Strategy - The CSI A500 index consists of 500 stocks with large market capitalization and good liquidity, covering 91 out of 93 sub-industries in the CSI third-level industry classification, with a higher weight on emerging sectors like information technology and communication services [1] - The management fee rate for the A500 ETF by E Fund is only 0.15% per year, facilitating low-cost investment in representative A-share companies [1]

Core Insights - Xiaomi Group held the 2025 "Human-Vehicle-Home Ecosystem" Partner Conference on December 17, focusing on breakthroughs in large model technology, deepening ecosystem collaboration, and expanding an open ecosystem. The company's AI strategy is viewed as a long-term endeavor, with a comprehensive layout involving self-developed chips, the Surge OS, and AI foundational models, which will provide a fertile ground for future AI applications in various scenarios. The company maintains a "Buy" rating [1]. Group 1: Large Model Technology - Xiaomi released the new foundational model Mimo-V2-Flash, which features a lightweight design with "309 billion total parameters + 15 billion active parameters," ranking in the top 2 globally in code and agent capabilities, surpassing models with 2-3 times the parameter count [1]. - The Mimo-V2-Flash model employs a Hybrid SWA architecture with a 5:1 ratio, achieving a 2.0 to 2.6 times inference speedup, with single-machine throughput of 5000-15000 tokens per second and single-request throughput of 115-150 tokens per second [1]. - The model's inference speed is three times that of DeepSeek V3.2, while its inference cost is 1/20 that of Gemini 2.5 Pro, addressing efficiency and cost challenges for large model deployment [1]. Group 2: Hardware Ecosystem - Xiaomi has established the world's largest consumer hardware platform, with 1.8 billion connected devices globally, including 740 million monthly active mobile users, over 1 billion IoT devices, and more than 500,000 cars delivered [2]. - The company's hardware scale and multi-category collaboration are expected to provide extensive application scenarios and data sources for its AI technology [2]. Group 3: Software Ecosystem - The Surge OS 3, set to launch in August 2025, will serve as the core for ecosystem collaboration, enhancing capabilities across various applications, interconnectivity, smart experiences, and security [3]. - The OS will support over 60 applications and 70 scenarios, with 1.28 billion application installations, and has built a vast interconnected ecosystem with 410 million daily active users [3]. - The Vela lightweight system has empowered 160 million smart devices, and the MINT platform integrates 3.9 trillion data points and over 20 mature algorithms to facilitate complex AI deployments [3]. Group 4: Financial Projections - Xiaomi plans to invest over 200 billion yuan in R&D over the next five years, with an estimated 40 billion yuan in 2026. The company maintains its profit forecast for 2025-2027, projecting Non-IFRS net profits of 42.6 billion, 43.8 billion, and 51 billion yuan respectively [4].

Core Viewpoint - Xiaomi Group is focusing on long-term AI strategy with breakthroughs in large model technology, deepening ecosystem collaboration, and expanding open ecosystems, as highlighted in their 2025 "Human-Vehicle-Home Ecosystem" partner conference [1] Group 1: Large Model Technology - Xiaomi has launched the new base large model Mimo-V2-Flash, which features a lightweight design with "309 billion total parameters + 15 billion active parameters," ranking in the top 2 globally for code and agent capabilities [2] - The Mimo-V2-Flash model utilizes a Hybrid SWA architecture, achieving a 2.0 to 2.6 times inference speedup, with throughput rates of 5000-15000 tokens per second [2] - The model's inference speed is three times faster than DeepSeek V3.2, while its inference cost is 1/20 of Gemini 2.5 Pro, addressing efficiency and cost challenges for large model deployment [2] Group 2: Hardware Ecosystem - Xiaomi has established the world's largest consumer hardware platform with 1.8 billion connected devices, including 740 million monthly active mobile users and over 1 billion IoT devices [3] - The company has delivered over 500,000 vehicles and opened more than 30 types of aftermarket IoT components, creating a comprehensive hardware coverage across personal, travel, and home devices [3] Group 3: Software System - The upcoming 澎湃OS 3, set to launch in August 2025, will enhance ecosystem collaboration with upgrades in application integration, interconnectivity, smart experience, and security [4] - Xiaomi's ecosystem supports over 60 applications and 70 scenarios, with 1.28 billion app installations, and a daily active interconnectivity of 410 million users [4] - The Vela lightweight system has empowered 160 million smart devices, while the MINT platform integrates 3.9 trillion data points and over 20 algorithms for efficient AI deployment [4] Group 4: Profit Forecast and Valuation - Xiaomi plans to invest over 200 billion yuan in R&D over the next five years, with an estimated 40 billion yuan in 2026, maintaining profit forecasts of 426/438/510 billion yuan for 2025-2027 [5]

Core Viewpoint - The recent transfer of shares in China Ecotourism indicates a strategic shift in shareholder investment, while the company's successful bids for maintenance services highlight its strong market position in the lottery terminal sector [2] Group 1: Shareholder Activity - On December 18, shareholders of China Ecotourism transferred shares from HSBC to Everbright Securities Investment Services Hong Kong, with a market value of HKD 13.114 million, accounting for 33.3% of the total shares [2] Group 2: Business Developments - China Ecotourism's subsidiary, Guangzhou Lotu Terminal Technology Co., Ltd., won the bid for the "Guangdong Sports Lottery 2025 Traditional Terminal Maintenance Service Procurement Project," which involves providing maintenance services for 2,195 traditional terminals [2] - In September, November, and December, Lotu Company secured contracts for lottery terminal procurement and maintenance projects in Jiangsu, Zhejiang, and Guangdong provinces, which are among the top four provinces in national lottery sales [2] - The combined lottery sales from Guangdong, Jiangsu, and Zhejiang provinces account for 25% of the total national lottery sales, indicating a significant market presence for Lotu Company's products and services [2]

Group 1 - The core viewpoint of the article highlights the recent stock transfer of China Ecotourism (01371) from HSBC to Everbright Securities, with a market value of HKD 13.114 million, representing 33.3% of the total shares [1] - China Ecotourism's subsidiary, Guangzhou Lotu Terminal Technology Co., Ltd., has won the bid for the Guangdong Sports Lottery 2025 traditional terminal maintenance service project, which involves providing maintenance services for 2,195 traditional terminal machines [1] - In September, November, and December, Lotu Company has successively won bids for sports lottery terminal procurement and maintenance projects in Jiangsu, Zhejiang, and Guangdong provinces, which are among the top four provinces in national sports lottery sales, accounting for 25% of the total national sales [1] Group 2 - The selection of Lotu Company's terminal products and services by major lottery provinces indicates a strong market recognition and industry position for the company [1]

Core Viewpoint - Everbright Securities initiates coverage on Zhiyu City Technology (09911), setting a target price of HKD 14.5 and a "Buy" rating, highlighting its leadership in the overseas social sector and successful localization strategy [1] Group 1: Company Overview - Zhiyu City Technology is a leading global social entertainment platform from China, focusing on diverse social experiences for users from various cultural backgrounds, particularly in the Middle East, North Africa, and Southeast Asia [1] - The company achieved revenue of RMB 3.181 billion in H1 2025, representing a 40% year-on-year growth, with SUGO and TopTop revenues both exceeding 100% growth [1] Group 2: Social Business Segments - The core business of the company is its mass social segment, expected to account for over 70% of total revenue by 2024, utilizing a "bush" product matrix strategy to cover diverse social needs through products like MICO, YoHo, TopTop, and SUGO [2] - The company has established operational centers in over 20 countries, with a localized team of approximately 800 people, employing a collaborative model of "Chinese direction, local execution" [2] - The acquisition of BlueCity Brothers enhances the company's position in the diverse social segment, with BlueCity's MAU reaching approximately 7.45 million and a DAU/MAU ratio of 47% [2] Group 3: Innovation and Growth - The company is developing a diversified business ecosystem centered around premium mobile games, social e-commerce, AI, and short dramas, with a focus on collaborative growth [3] - The flagship mobile game, "Alice's Dream: Merge Games," saw over 60% year-on-year revenue growth in 2024, with nearly USD 10 million in revenue by May 2024 [3] - The company is exploring AI-driven social entertainment through its self-developed AIAgent and the AI content community Aippy, while initial results in the short drama sector are promising, targeting Southeast Asia and the Americas [3] - Revenue and profit growth are expected to be robust, with projected revenues of RMB 6.9 billion, 8.41 billion, and 9.7 billion for 2025-2027, and net profits of RMB 0.95 billion, 1.24 billion, and 1.49 billion, reflecting year-on-year growth rates of 97.0%, 31.3%, and 19.7% respectively [3]

Core Viewpoint - Everbright Securities has initiated coverage on Zhibocheng Technology (09911), a leading overseas social enterprise, with a target price of HKD 14.5 and a "Buy" rating, highlighting its successful localization strategy and extensive layout in emerging social entertainment markets, particularly in the Middle East, North Africa, and Southeast Asia [1] Group 1: Company Overview - Zhibocheng Technology is a leading global social entertainment platform from China, primarily focusing on diverse social experiences for users from various cultural backgrounds, especially in the Middle East and North Africa [2] - The company achieved a revenue of RMB 3.181 billion in H1 2025, representing a year-on-year growth of 40%, with SUGO and TopTop revenues growing over 100% [2] - The net profit for H1 2025 reached RMB 489 million, corresponding to a net profit margin of 15.4% [2] Group 2: Business Segments - The company's core business is the mass social segment, expected to account for over 70% of total revenue by 2024, utilizing a "bush" product matrix strategy to cover diverse social products like MICO, YoHo, TopTop, and SUGO [3] - Zhibocheng Technology has established operational centers in over 20 countries, with a localized team of approximately 800 people, employing a collaborative model of "Chinese direction and local execution" [3] - The acquisition of BlueCity Brothers has strengthened the company's position in the diverse social segment, with BlueCity's MAU reaching approximately 7.45 million and a DAU/MAU ratio of 47% [3] Group 3: Innovation and Growth - The company is developing a diversified business ecosystem centered around premium mobile games, social e-commerce, AI, and short dramas, with a focus on collaborative growth [4] - The premium mobile game "Alice's Dream: Merge Games" has seen over 60% year-on-year revenue growth in 2024, with nearly USD 10 million in revenue in May 2024 [4] - Zhibocheng Technology is exploring AI-driven social entertainment through its self-developed AIAgent and the AI content community Aippy, while initial results in the short drama business are emerging in Southeast Asia and the Americas [4] - Revenue and profit growth are expected to be robust, with projected revenues of RMB 6.9 billion, 8.41 billion, and 9.7 billion for 2025-2027, and net profits of RMB 950 million, 1.24 billion, and 1.49 billion, reflecting year-on-year growth rates of 97.0%, 31.3%, and 19.7% respectively [4]

智通财经APP获悉，财政部公布数据，2025年1—11月证券交易印花税1855亿元 同比增长70.7%。 银河证券认为，国家"稳增长、稳股市"、"提振资本市场"的政策目标将持续定调证券板块未来走向，流 动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共同推动证券板块景气 度上行。当前环境下，中长期资金加速入市，市场活跃度维持高位，资本市场展现出"健康牛"态势，财 富管理转型、国际业务拓展、金融科技赋能均有望成为行业提升ROE驱动力。当前板块估值处于历史低 位，防御反弹攻守兼备。建议关注综合实力强劲的头部券商，以及在财管、自营、跨境等业务领域具备 差异化竞争优势的券商。 中信建投研报称，证券方面，2026年政策利好驱动业绩持续增长，板块有望重新定价。2025年证券行业 进入新一轮增长周期，但券商股票因缺少独立催化、前两年悲观情绪的延续等原因而导致超额收益不 佳。当前"服务新质生产力+中长期资金入市+券商国际化机遇"三大核心利好逻辑尚未被市场充分定 价，其驱动的投行、资管、国际业务等新动能，有望在2026年后逐步兑现至行业基本面，为中长期业绩 弹性与韧性提供坚实支撑，无需担忧增长断层。 日前 ...