二级速览： 中资美元债二级市场涨跌不一，截至12月26日，Markit iBoxx中资美元债综合指数周度上行0.06%，报251.26；投资级美元债指数周度上涨0.08%， 报244.35；高收益美元债指数周度下跌0.14%，报 241.3。地产美元债指数周度涨0.12%，报178.37；城投美元债指数周度下跌0.01%，报153.9；金融 美元债指数周度下跌0.06%，报290.9。 基准利差： 截至12月26日，中美10年期基准国债利差缩小至229.47bp，较前一周缩小2.13bp。 评级异动： 近两周市场情况 一级市场： 据新华财经统计，近两周（12月15日至12月26日）共发行12笔中资离岸债券，其中包括6笔离岸人民币债券和6笔美元债券，发行规模分别为430.58 亿元人民币和2.96亿美元。近两周发行方式为直接发行的债券共9只，担保发行2只，"直接发行+担保"的1只。 在离岸人民币债券领域，近两周人民币债券单笔发行最大规模为10.5亿元人民币，由南安市发展投资集团有限公司发行。近两周人民币债券发行最 高票息为6.9%，由淄博高新国有资本投资有限公司发行。 在中资美元债券市场，近两周美元债券单笔最大 ...

Core Viewpoint - The steel industry has adjusted its product structure and increased exports since 2021, but prices remain under pressure. Recent anti-involution policies have alleviated supply-demand conflicts, leading to a recovery in corporate profits. However, this round of anti-involution differs from the supply-side reforms of 2015, as the current supply relies more on self-discipline mechanisms and demand remains differentiated [1] Group 1 - Since 2021, steel companies have focused on adjusting product structures and increasing exports, but they face price pressures [1] - The implementation of anti-involution policies this year has marginally eased supply-demand conflicts, resulting in a recovery in corporate profits [1] - The current supply-side adjustments depend more on self-discipline mechanisms, while demand continues to show differentiation [1] Group 2 - The industry is expected to continue improving in supply-demand dynamics under the influence of anti-involution policies, although the extent of improvement may be limited [1] - The overall low level of industry bond spreads indicates ongoing differentiation in the fundamental conditions of companies [1] - Investment recommendations suggest focusing on central state-owned enterprises with significant scale and funding advantages, while also exploring opportunities in perpetual bonds within three years [1]

Core Viewpoint - The bond market in 2025 is characterized as a "non-bull, non-bear volatile market," with interest rates ending a four-year downward trend and the ten-year government bond fluctuating within a narrow range of 1.6% to 1.9% [1] Summary by Themes Market Characteristics - The market is showing new characteristics such as desensitization to macroeconomic factors, increased volatility, and a seesaw effect between stocks and bonds [1] Investor Experience - This year has been particularly impactful for investors in a "low interest rate" environment, with significant reductions in coupon returns and challenges in capital gains, as well as rapid shifts in market trends [1] Key Themes in the Bond Market - Important themes for the bond market this year include: 1. Respecting trends while also trusting common sense 2. The difficulty of executing wave trading strategies 3. The presence of structural opportunities even in a volatile market 4. Profound changes in the bond market ecosystem 5. A shift in asset allocation direction, indicated by the trend of looking at stocks while investing in bonds [1]

Core Viewpoint - Long-term oil price support is expected to stabilize around $60 per barrel, driven by the marginal costs of major oil-producing countries and a preference for quality over quantity in production [1] Group 1 - The energy sector is likely to present investment opportunities, particularly for leading companies that have the capability to increase production and reduce costs [1] - Companies with growth potential in natural gas business segments are highlighted as having favorable positioning in the current market environment [1]

Core Viewpoint - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% from December 22 to 26, 2023 [2][5] Market Performance - The China Securities REITs Total Return Index saw a slight decline of 0.18% on December 26, closing at 1014.80 points. During the week, 67 out of 79 listed public REITs recorded a rise, with the highest increase being 7.86% for the Zhongjin Chongqing Liangjiang REIT [5][6] - The top-performing REITs included Zhongjin Chongqing Liangjiang REIT (7.86%), Huaxia Fund Huayun REIT (5.99%), and Bosera Jinkai Industrial Park REIT (5.94%). Conversely, 10 products experienced declines, with one falling over 5% [5][6] New Developments - The highly anticipated Xinjiang first hydropower REIT, Huaxia Zhongke Clean Energy REIT, successfully concluded its issuance, attracting over 1616 billion yuan in subscription funds, with a public investor subscription multiple of approximately 392 times [3][8][9] - The underlying asset of Huaxia Zhongke Clean Energy REIT is the Bopona Hydropower Station, the largest in the Hotan region, which has maintained stable revenue and power generation for over 14 years [9] Market Insights - Analysts suggest that the recent price fluctuations in the public REITs market are largely unrelated to the underlying fundamentals, but rather influenced by discussions surrounding the accounting treatment of OCI principal and interest [5][7] - The market is still in a policy dividend period, and it is recommended to gradually focus on low-priced opportunities in relatively stable projects [7]

更惊喜的是——未来还将与小艺深度联动，让专业交易 服务真正"听得懂、够贴心"！ 一句话设定盯盘指标，动动嘴就能操作；自然语音创建 条件单，交易从未如此简单；开户时证件一键精准识 别，又快又准；隐私授权精细管理，安全感直接拉满！ 华泰证券旗下的AI涨乐鸿蒙版，把"智能交易"玩出了新 高度： ...

走进西上海发展历程展厅，了解企业发展历史 为持续引导投资者更好认识上市公司投资价值，推动投资者树立股东意识和价值投资理念，在上海证券 交易所指导下，华泰证券于2025年12月19日组织开展"我是股东——走进西上海"活动。本次活动由华泰 证券、西上海主办，上交所投教基地、华泰证券投教基地、华泰证券上海分公司、智通财经承办，共有 30余名投资者参与，一行人走进这家专注于汽车综合物流服务和汽车零部件研产销的上市公司。 活动期间，投资者们走进西上海发展历程展厅。在讲解员的专业介绍下，投资者对公司的基本概况、发 展历程、核心产品及技术，以及产业布局建设有了更加深入、直观的了解。介绍过程中，投资者们积极 交流，对公司的生产流程表现出浓厚兴趣，深刻感受到优秀汽车服务供应商的优质生产经营能力和深厚 文化底蕴。 面对面交流，深入探讨投资者关切问题 后续，在上海证券交易所的指导下，华泰证券投教基地将持续开展"我是股东——走进沪市上市公司"系 列活动，带领投资者看懂一家公司、读懂一个行业，和投资者一起穿透投资标的底层资产，建立理性投 资、长期投资、价值投资的投资理念。 【公司概况】 西上海汽车服务股份有限公司（简称：西上海），成立 ...

Core Viewpoint - Huatai Securities shows mixed financial performance with a decrease in operating revenue but an increase in net profit year-on-year, indicating potential resilience in profitability despite revenue challenges [2]. Group 1: Financial Performance - As of September 30, 2025, Huatai Securities reported operating revenue of 27.129 billion yuan, a year-on-year decrease of 13.67% [2]. - The company achieved a net profit attributable to shareholders of 12.733 billion yuan, reflecting a year-on-year increase of 1.69% [2]. Group 2: Shareholder and Market Activity - As of December 25, 2023, Huatai Securities had a total financing balance of 6.199 billion yuan, which is 3.57% of its market capitalization, indicating a low financing balance compared to the past year [1]. - The number of shareholders decreased to 195,500, down by 6.96% from the previous period, while the average number of circulating shares per person increased by 7.62% to 38,566 shares [2]. Group 3: Dividend and Institutional Holdings - Since its A-share listing, Huatai Securities has distributed a total of 42.893 billion yuan in dividends, with 13.994 billion yuan distributed over the past three years [3]. - As of September 30, 2025, the largest circulating shareholder, Hong Kong Central Clearing Limited, held 442 million shares, a decrease of 108 million shares from the previous period [3].

Group 1: Market Overview - The Shanghai Composite Index recorded a seven-day rise, closing up 0.47%, while the Shenzhen Component Index and ChiNext Index also saw gains of 0.33% and 0.3% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.92 trillion yuan, an increase of 44.3 billion yuan compared to the previous trading day [1] - Active sectors included commercial aerospace, robotics, semiconductor supply chain, and paper manufacturing, while precious metals, Hainan, and energy metals faced declines [1] Group 2: Mining Industry Insights - Huatai Securities expressed optimism about the trend of mining service and equipment companies transitioning towards mining development, driven by high metal prices [2] - The transition models include equity participation, control, and EPC+O models, which are expected to become significant forces in mining development [2] - Smaller mining owners are keen to develop but face financial and technical constraints, creating opportunities for mining service companies to assist in development [2] Group 3: Medical Device Sector Strategy - Guojin Securities highlighted that the investment strategy for the medical device sector in 2026 will focus on overseas expansion and innovation [3] - Key areas of interest include leading companies in digestive endoscope consumables with strong overseas market expansion, home medical device leaders with innovative wearable products, and differentiated innovation in cardiovascular intervention products [3] Group 4: Photovoltaic Industry Outlook - CICC noted that the photovoltaic sector is expected to see marginal improvements in supply-demand relationships by 2026, with leading companies likely to turn losses into profits [4] - The challenges in photovoltaic consumption are prompting domestic electricity market reforms and the development of adjustable power sources, with energy storage benefiting from both domestic and international market conditions [4]

Core Viewpoint - The recent policy adjustments in Beijing's real estate sector are expected to accelerate market stabilization and boost policy expectations in Shanghai and Shenzhen [1] Group 1: Policy Changes - On December 24, Beijing's Housing and Urban-Rural Development Commission and the Development and Reform Commission jointly released a notice to further optimize and adjust real estate-related policies, focusing on purchase restrictions, commercial loans, and housing fund policies [1] Group 2: Investment Recommendations - The report recommends focusing on four main lines of real estate stocks: 1. "Three Good" real estate stocks characterized by good credit, good cities, and good products [1] 2. Real estate companies that manage to maintain cash flow during market adjustments through operational capabilities [1] 3. Local Hong Kong real estate companies benefiting from the recovery of the Hong Kong market [1] 4. Property management companies with stable cash flow and dividend advantages [1]