申万宏源主要观点如下： 申万宏源发布研报称，首次覆盖，给予中创新航(03931)"买入"评级，行业需求景气向上，公司动储放 量后盈利可期。目前锂电下游动力侧商用车加速新能源渗透，储能侧迎来光储平价的建设爆发期。公司 作为锂电行业领军公司，在不断提升行业份额的同时有望充分受益于电芯产品迭代的技术溢价。目前公 司在动力领域不断开拓新客户新车型，储能电芯及储能系统加速外拓海外市场，未来动储电芯出货放量 后规模效应有望逐步彰显。 下游新能源汽车市场持续扩容，1-3Q25，中国新能源车销量达1120万辆，新能源渗透率攀升至46%，商 用车电动化成为重要增量，叠加单车带电量提升，有力支撑动力电池需求。储能市场高景气延续，国内 招标与中标规模稳步增长，投资主体多元，该行预计全球储能电池出货量从2025年530GWh跃升至2028 年1343GWh。锂电行业竞争呈现头部集中与二线崛起态势，公司市占率稳步提升，叠加锂电行业进入 供需改善周期，为企业盈利改善打开新空间。 风险提示 原材料价格大幅上涨的风险;行业竞争加剧导致产品价格大幅下降的风险;海外贸易保护政策风险。 核心壁垒逐步巩固，全力打造全球电池核心品牌 战略聚焦成效显著 ...

申万宏源主要观点如下： 智通财经APP获悉，申万宏源发布研报称，首次覆盖，给予中创新航(03931)"买入"评级，行业需求景气 向上，公司动储放量后盈利可期。目前锂电下游动力侧商用车加速新能源渗透，储能侧迎来光储平价的 建设爆发期。公司作为锂电行业领军公司，在不断提升行业份额的同时有望充分受益于电芯产品迭代的 技术溢价。目前公司在动力领域不断开拓新客户新车型，储能电芯及储能系统加速外拓海外市场，未来 动储电芯出货放量后规模效应有望逐步彰显。 战略聚焦成效显著，多维突破助力跨越发展 核心壁垒逐步巩固，全力打造全球电池核心品牌 公司动储出货高增下，行业配套份额稳步提升，客户结构不断优化，前五大客户依赖度从2023年71%降 至2024年55%，客户覆盖国际车企、储能企业及新兴领域伙伴，且核心客户合作升级为深度战略绑定模 式。国内多基地产能阶梯式增长，海外葡萄牙、泰国基地有序推进，全球化产能网络逐步成型。此外， 公司规模效应与精细化管理推动成本优化，高端产品矩阵与技术创新构筑溢价能力，430Wh/kg全固态 电池等前沿技术布局领先，前瞻布局与全球竞争力持续增强。 风险提示 原材料价格大幅上涨的风险;行业竞争加剧导致 ...

每日经济新闻 申万宏源证券指出，12月美联储如预期降息25bp，近期黄金上涨主要系降息预期升温及美联储将购买短 期国债。长期看货币信用格局重塑持续，美国财政赤字率将提升，当前我国黄金储备偏低，央行购金为 长期趋势，金价中枢将持续上行。此外降息后实际利率下行将吸引黄金ETF流入；同时金银比处于偏高 水平，边际需求修复预期下金银比有望收敛。当前贵金属板块估值处于历史中枢下沿，板块具备持续修 复的动力及空间。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 ...

Group 1: Swine Breeding Industry - The swine breeding sector is experiencing intensified losses, with the average loss per head for self-breeding sows exceeding 120 CNY [1] - As of December 14, the national average selling price of external three-yuan pigs is 11.54 CNY/kg, reflecting a week-on-week increase of 2.9% [1] - The losses are expected to continue, with self-breeding sows under 50 heads facing an average loss of approximately 128.3 CNY per head, and those with 5000-10000 heads facing about 146.5 CNY per head [1] - The industry is likely to see accelerated capacity reduction due to the ongoing losses and seasonal disease outbreaks [1] - Recommended stocks for left-side investment opportunities include Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, and Tiankang Biological [1] Group 2: Pet Food Industry - The pet food industry continues to show growth, with online GMV for October-November increasing by 17% year-on-year [2] - The combined sales for Tmall, JD, and Douyin platforms in October-November reached 7.02 billion CNY, reflecting a 17% year-on-year increase [2] - Notable growth in specific brands includes a 40% increase for Guibao Pet, and 76% for Zhongchong Co., with individual products showing significant year-on-year growth [2] Group 3: Broiler Chicken Industry - The price of broiler chickens has seen a slight rebound, with the average selling price of broiler chicks at 3.33 CNY per chick, up 1.22% week-on-week [3] - The average selling price of broiler meat is 3.57 CNY/kg, reflecting a week-on-week increase of 0.85% [3] - The industry is expected to maintain a focus on leading enterprises and long-term value, with an emphasis on demand-side improvements [3] Group 4: Beef Industry - Prices for beef and calves have shown slight increases, with the average price for fattened bulls at 25.56 CNY/kg, up 0.08% week-on-week [4] - The average price for calves is 32.12 CNY/kg, reflecting a week-on-week increase of 0.09% [4] - However, the wholesale market price for beef has decreased to 66.17 CNY/kg, down 0.59% week-on-week [4]

Group 1 - The core viewpoint emphasizes that the technological revolution is irreversible, supported by China's vast market, which allows for multiple rounds of trial and error, forming a complete industrial and supply chain that is resilient to external fluctuations [1] - In 2026, the economy is expected to enter a "non-typical recovery" phase characterized by "stable volume and rising prices," with a shift from a downward spiral in prices to a moderate recovery, leading to improved corporate profits and micro confidence [1] - Structural differentiation will continue, with significant disparities in policy support across different economic sectors, resulting in an uneven recovery [1] Group 2 - Regarding the current discussion on the revaluation of A-shares, the focus should shift from "value revaluation" to "capital rebalancing," as the market has been overly pessimistic about fundamentals since 2022 [2] - Four key events have reversed market expectations: changes in the policy environment post-September 2024, the emergence of DeepSeek shifting investment thinking from macro to micro, concerns over U.S. policy stability due to "reciprocal tariffs," and discussions on "anti-involution" leading to a shift of fixed-income funds towards equity assets [2] - The scale of "fixed income + products" has more than doubled in a few months, reflecting this context [2] Group 3 - The outlook on the AI bubble is optimistic, with the belief that the fourth technological revolution will not be halted by short-term market fluctuations, highlighting China's unique advantages in consumer market size and the ability to develop substantial industrial and supply chains through iterative innovation [2] - Geopolitical factors are noted as a potential risk, with the possibility of new changes in international relations leading to unexpected global inflation, which could become a risk point in 2026 [2] - The market's ups and downs will not affect the onset of this new era, and as the "capital rebalancing" process deepens, opportunities in the A-share market are expected to emerge continuously [3]

消息面上，长江证券、东吴证券近期公告，宣布上调两融业务规模上限。据不完全统计，2025年以来至 少9家券商公开调整两融业务，包括上调业务规模上限、调整授信管理方式等。东吴证券指出，此次调 整主要为缓解今年以来两融业务规模增长带来的授信额度短缺压力，为未来新开户业务的顺利开展提供 保障。 开源证券发布研报称，证监会近期表态积极具有明确信号意义，行业经历严监管重塑后有望进入"政策 宽松期"，后续杠杆上限提高等政策松绑有望直接助力行业 ROE 实现新突破；投行、公募基金等业务有 望接棒传统业务，支持证券行业盈利景气度；美联储降息直接利好券商国际业务盈利改善，当下券商板 块估值仍在低位，继续看好战略性布局机会。 中资券商股逆市上涨，截至发稿，招商证券（600999）(06099)涨4.81%，报14.16港元；东方证券 （600958）(03958)涨2.62%，报7.06港元；申万宏源（000166）(06806)涨2.29%，报3.13港元；中信建投 （601066）证券(06066)涨1.51%，报12.76港元。 ...

Core Viewpoint - The report maintains a "buy" rating for China Civil Aviation Information Network (00696), citing the recovery of the civil aviation industry, increased marketing investments, and improved operational efficiency as key factors for growth [1] Group 1: Company Overview - China Civil Aviation Information Network is a leading supplier of IT solutions for the aviation travel industry in China, deeply involved in the construction, technological iteration, and service upgrades of civil aviation information systems since its inception [2] - The company is one of the top three global GDS suppliers, with a global market share of approximately 28% and a domestic market share of around 95% [2] Group 2: Industry Growth - The civil aviation industry's growth is positively correlated with the company's performance, with a strong relationship between aviation information technology services and flight booking volumes [3] - The number of travelers is expected to reach new highs, with the company's ETD system projected to handle 732 million flight bookings in 2024, surpassing the peak in 2019 [4] - Over the next decade, the per capita flight frequency in China is expected to double, with a CAGR of approximately 6%, and the number of airports increasing from 263 to 400, with a CAGR of around 4% [4] Group 3: Market Opportunities - The launch of the "official direct sales platform" by Hanglv Zongheng in July 2025 marks the company's entry into the trillion-yuan OTA market, addressing airlines' over-reliance on traditional OTAs [5] - Airlines are expected to return to near breakeven in 2024, which will positively impact the company's average selling price (ASP) [4]

Core Viewpoint - The report maintains a "Buy" rating for China Civil Aviation Information Network (00696), citing the recovery of the civil aviation industry, increased marketing investments, and improved operational efficiency as key factors for growth [1] Group 1: Company Overview - China Civil Aviation Information Network is a leading supplier of IT solutions for the aviation travel industry, deeply involved in the construction, technological iteration, and service upgrades of civil aviation information systems since its inception [1] - The company is the largest GDS supplier in China and ranks among the top three globally, with a market share of approximately 28% worldwide and about 95% domestically [1] Group 2: Industry Growth - The civil aviation industry is experiencing stable growth in both volume and price, with a strong correlation between the company's performance and the industry's growth [2] - The number of passengers is expected to reach new highs, with the company's ETD system projected to handle 732 million flight bookings in 2024, surpassing the peak in 2019 [3] - Over the next decade, the average number of flights per person in China is expected to double, with a CAGR of approximately 6%, and the number of airports increasing from 263 to 400, with a CAGR of around 4% [3] Group 3: Market Opportunities - The launch of the "Civil Aviation Official Direct Sales Platform" in July 2025 marks the company's entry into the trillion-yuan OTA market, addressing airlines' over-reliance on traditional OTAs [4] - Airlines are expected to return to near breakeven in 2024, which will positively impact the company's average selling price (ASP) [3] - The increase in visa-free policies is expected to boost the volume of cross-border tourists, leading to an improvement in ASP [3]

每经AI快讯，中资券商股逆市上涨。截至发稿，招商证券(06099.HK)涨4.81%，报14.16港元；东方证券 (03958.HK)涨2.62%，报7.06港元；申万宏源(06806.HK)涨2.29%，报3.13港元；中信建投证券 (06066.HK)涨1.51%，报12.76港元。 ...

中资券商股早盘逆市上涨，截至发稿，招商证券（06099）上涨4.37%，报14.10港元；东方证券 （03958）上涨2.18%，报7.03港元；申万宏源（06806）上涨1.96%，报3.12港元；中信建投证券 （06066）上涨1.27%，报12.73港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 责任编辑：卢昱君 客户端 中资券商股早盘逆市上涨，截至发稿，招商证券（06099）上涨4.37%，报14.10港元；东方证券 （03958）上涨2.18%，报7.03港元；申万宏源（06806）上涨1.96%，报3.12港元；中信建投证券 （06066）上涨1.27%，报12.73港元。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...