Core Viewpoint - The report from Dongfang Securities indicates a significant increase in excavator exports in November, reflecting an improvement in industry sentiment and competitiveness in China's engineering machinery sector [1][2]. Group 1: Export Growth and Market Sentiment - In November 2025, China exported 27,752 crawler excavators, totaling $872 million, with a year-on-year increase of 52.36% and 26.67% [1]. - The export growth rate exceeded 50% in November, surpassing the cumulative growth rate of 35% from January to November, indicating accelerated exports and rising market sentiment [1]. Group 2: Demand Variability and Export Resilience - There is variability in demand from different export countries, with significant month-on-month increases exceeding 100% for Brazil, Italy, and Vietnam, while exports to the US, Indonesia, Russia, and Canada saw declines [2]. - Despite the inconsistent demand across countries, the overall export growth remains robust, attributed to the strengthening competitiveness of China's engineering machinery abroad [2]. Group 3: Impact of Used Equipment Exports - The customs data shows a discrepancy with industry association statistics, with customs reporting 27.4 million units exported from January to November, compared to the association's 10.4 million [3]. - The increase in exports of used excavators is expected to lead to a decrease in domestic ownership, which will stabilize or increase utilization rates, benefiting the long-term health of the industry [3].

Core Viewpoint - The company will adopt the "index yield method" for valuing suspended stocks, specifically for Zhongwei Company (stock code: 688012), starting from December 24, 2025 [1] Group 1 - The decision was made in accordance with the guidelines from the China Securities Regulatory Commission and the Securities Association of China regarding the valuation of suspended stocks [1] - The valuation method will revert to using the closing price on the day of resumption of trading once the stock resumes and exhibits active market trading characteristics [1] - Investors are advised to pay attention to this announcement [1]

东方证券表示，自11月初看好黄金以来，沪金平值隐含波动率整体在18%-26%区间内波动，黄金价格维 持稳步上涨，行情始终未进入到加速阶段。虽然12月22日伴随沪金向上突破1000元/克，上期所黄金平 值期权隐波同步上升至25%，但并未偏离过往波动区间，仍属正常波动范围，故后续黄金或仍将维持稳 步上涨的节奏。在美元信用恶化的中期逻辑下，黄金依然值得投资者保持关注。 白银：价格与隐波同步创新高，白银仍然看好但短期波动大不宜盲目增仓 智通财经APP获悉，东方证券发布研报称，12月22日，伦敦金现首次站上4400美元关口，再创历史新 高，今年以来累计涨幅超68%；伦敦银现价格一度攀升至69美元/盎司上方，同样创下历史最高水平。 根据上期所黄金、白银收盘价与平值期权隐含波动率变化情况，商品端两者后续投资节奏或存在分化。 自11月初看好黄金以来，沪金平值隐含波动率整体在18%-26%区间内波动，黄金价格维持稳步上涨，行 情始终未进入到加速阶段。而白银价格与隐波同步创历史新高，意味着后续短期市场波动较大。 东方证券主要观点如下： 金银同创历史新高之时，后续投资节奏或随隐波而分化 东方证券认为，根据上期所黄金、白银收盘价与平 ...

Core Viewpoint - The lithium battery equipment industry is experiencing a significant increase in demand driven by the growth in energy storage, leading to a positive outlook for the sector in 2026 [2][4]. Industry Summary - The demand for energy storage is rapidly increasing, with new bidding scales for domestic energy storage exceeding 400 GWh from January to November 2025, representing a 75% year-on-year growth [2]. - The Chinese government has announced plans for large-scale energy storage construction, aiming for an installed capacity of over 180 million kilowatts by 2027, which is expected to drive direct project investments of approximately 250 billion yuan [2]. - Internationally, energy storage demand is also rising, with LG Energy's plan to increase its storage battery production capacity from an initial target of 30 GWh to 50 GWh by 2026, a 60% increase [2]. Company Summary - The lithium battery equipment industry saw a rapid recovery in orders in 2025, with leading companies like Xian Dao Intelligent, Hai Mu Xing, and Li Yuan Heng reporting new and existing orders exceeding 30 billion yuan, a year-on-year increase of 70%-80% [3]. - The recent signing of large contracts by lithium battery equipment manufacturers reflects the expansion trend driven by new energy storage demands [4]. - The profitability of lithium battery equipment has improved this year, and the continued landing of future orders is expected to enhance the growth certainty of the sector [4].

Group 1 - The A-share market opened higher with the Shanghai Composite Index up 0.01% and the ChiNext Index up 0.07%, driven by strong performance in precious metals and active semiconductor stocks [1] - Guojin Securities anticipates a window period in 2026, favoring investments in industrial resource products that benefit from AI and global manufacturing recovery, including copper, aluminum, tin, lithium, crude oil, and oil transportation [1] - The firm also highlights opportunities in consumer sectors such as aviation, hotels, duty-free, and food and beverage, alongside non-bank financials like insurance and brokerage benefiting from market expansion [1] Group 2 - Xinda Securities suggests a likely spring rally before the 2026 Spring Festival, with a focus on non-bank financials, electric equipment, and machinery, despite current market adjustments [2] - The firm notes that the foundation for a bull market remains solid, with potential for profit improvement and capital inflow, although external uncertainties persist [2] - The past year's market transition from bear to bull has been significantly influenced by policy and capital rather than earnings [2] Group 3 - Dongfang Securities indicates that the market is currently in a consolidation phase with reduced trading volume, and while there is a slight rebound, upward momentum is limited [3] - The Shanghai Composite Index is expected to fluctuate around the 3900-point mark, with trend opportunities awaiting positive signals [3]

Core Viewpoint - The forklift industry in China is experiencing a positive growth trend, with sales in November 2025 reaching 119,700 units, a year-on-year increase of 14.1% [1]. Group 1: Sales Performance - Total forklift sales in November 2025 were 119,700 units, with domestic sales at 75,200 units (up 23.9% year-on-year) and exports at 44,500 units (up 0.7% year-on-year) [1]. - Excluding electric walk-behind warehouse vehicles, sales totaled 46,100 units, reflecting a year-on-year increase of 7.31%, with domestic sales at 28,700 units (up 6.85%) and exports at 17,300 units (up 8.08%) [1]. Group 2: Operational Metrics - The average working hours and operating rate for forklifts in November 2025 were 108 hours and 66.3%, respectively, showing an increase from October 2025 (106 hours and 58.5%) and a significant rise from November 2024 (69.3 hours and 47.3%) [2]. - The increase in working hours and operating rates indicates a rise in actual capacity utilization in downstream sectors, suggesting continued growth in forklift sales [2]. Group 3: Policy Support - The forklift industry is closely linked to the overall economy, with domestic policies aimed at boosting internal demand. The Central Economic Work Conference has prioritized "domestic demand as the main driver" for economic tasks in the coming year [3]. - The "Mechanical Industry Stabilization and Growth Work Plan (2025-2026)" emphasizes the acceleration of new facility constructions, such as smart logistics hubs and parks, further supporting industry growth [3]. Group 4: Beneficiary Companies - Companies expected to benefit from the positive outlook in the forklift sector include Hangcha Group (603298.SH), Anhui Heli (600761.SH), Zhongli Co., Ltd. (603194.SH), and Noli Co., Ltd. (603611.SH) [1].

Group 1 - The core viewpoint of the report is that 汇量科技 (01860) is positioned as a leader in the domestic programmatic advertising sector, driven by a data-algorithm flywheel that enhances growth potential [1] - The company is expected to achieve revenues of $20.6 billion, $26.7 billion, and $37.3 billion from 2025 to 2027, with adjusted net profits of $0.88 billion, $1.31 billion, and $2.19 billion respectively [1] - The report assigns a target price of HKD 24.63 per share based on a 38x PE valuation for 2026, translating to a market capitalization of approximately HKD 387.6 billion [1] Group 2 - The company has launched IAP (In-App Purchase) smart bidding products in April and July 2025, which are expected to enhance the precision of advertising algorithms and improve ROAS and profit margins [2] - The gaming market's IAP monetization is becoming mainstream, with a market size 4.6 times that of IAA (In-App Advertising), indicating significant growth potential for the company's core advertising business [2] - The company has observed a high growth trend in mid-to-heavy game user acquisition since Q2 2025, driven by the IAP smart algorithm [2] Group 3 - The non-gaming advertising market presents substantial long-term growth opportunities, with e-commerce advertising expected to be 2.7 times larger than gaming advertising in 2024 [3] - The company plans to launch a Target CPE smart bidding product for non-gaming categories in 2024, which has already shown initial growth trends after a year of ramp-up [3] - With a current penetration rate of less than 1%, there is significant expansion potential in the non-gaming advertising market, which is expected to support long-term revenue growth for the company [3]

Group 1 - The core viewpoint of the report is that 汇量科技 (Mediatonic) is positioned as a leading player in the domestic programmatic advertising market, driven by a data-algorithm flywheel effect that enhances growth potential [2] - The company is expected to achieve revenues of $20.6 billion, $26.7 billion, and $37.3 billion from 2025 to 2027, with adjusted net profits of $0.88 billion, $1.31 billion, and $2.19 billion respectively [1] - The report assigns a target price of HKD 24.63 per share, based on a 38x PE valuation for 2026, translating to a market capitalization of $49.8 billion or HKD 387.6 billion [1] Group 2 - The AI programmatic advertising sector has three main advantages: algorithm efficiency driving ROAS growth, a significant flywheel effect, and competitive strength derived from algorithmic improvements [2] - The company has launched IAP (In-App Purchase) smart bidding products, which are expected to enhance the precision of advertising algorithms and improve ROAS and profit margins [3] - The non-gaming advertising market presents substantial long-term growth potential, with e-commerce advertising expected to be 2.7 times larger than gaming advertising in 2024 [4]

平安证券指出，非银金融行业中，证券板块近期市场景气度改善、交投活跃度维持高位，板块从估 值到业绩均具备β属性，全面受益。长期看资本市场新一轮改革周期开启，券商仍有较大发展增量空 间。中金公司"三合一"重大资产重组预案出炉，合并后主体有望发挥原有中金公司投资银行、私募股权 投资、机构业务、资产管理和国际化业务优势，吸收信达证券和东方证券在企业纾困、并购重整、区域 布局、零售客户上的特色资源，实现汇金系"投行+AMC资源"的深度协同，加快一流投资银行和投资机 构建设进程。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从A股市场中选取涉及证券经纪、 投资银行、资产管理等业务的上市公司证券作为指数样本，以反映证券行业相关上市公司证券的整体表 现。证券公司指数覆盖了各类证券相关业务，具有较强的周期性和市场敏感性，是衡量资本市场活跃度 的重要指标之一。 风险提示：数据来源wind、截至2025.12.19，证券ETF规模为568.02亿，在同类21只产品中排名第 一。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 ...

Group 1 - The core viewpoint of the article is that CATL (宁德时代) is increasing its focus on the supply chain of high-pressure lithium iron phosphate, particularly through the development of oxalic acid-based lithium iron phosphate, which is expected to see demand growth surpassing that of traditional lithium iron phosphate [1][2] - The demand for oxalic acid-based lithium iron phosphate is anticipated to grow due to its performance and process advantages in high-pressure applications, with a price premium of 1,000 to 3,000 yuan per ton compared to standard products [2][3] - CATL's recent investment in Fujian Precision Engineering, a leading company in oxalic acid-based lithium iron phosphate, indicates a strategic shift towards internal supply relationships, enhancing supply chain security [1][2] Group 2 - The rapid growth in the production of oxalic acid-based lithium iron phosphate is expected to make the new energy sector the largest application area for oxalic acid, with an estimated additional demand of over 180,000 tons from new production capacities planned by Fujian Precision Engineering and Pengbo New Materials [3] - The supply of oxalic acid is projected to tighten, with significant new supply contributions expected only by the end of 2026, while immediate contributions will come from limited new projects in the first half of next year [3]