国泰君安期货·能源化工 尿素周度报告 国泰君安期货研究所 杨鈜汉 投资咨询从业资格号：Z0021541 日期：2025年12月21日 Guotai Junan Futures all rights reserved, please do not reprint 资料来源：钢联，隆众资讯，国泰君安期货研究 本周尿素观点：短期震荡，中期有支撑 供应 • 本周(20251211-1217)，中国尿素生产企业产量：136.59万吨，较上期跌1.95万吨，环比跌1.41%。周期内新增4家企业装置停车，暂无停车装置恢复生产，同时延续上周 期的装置变化，本周产量小幅减少。下周，中国尿素周产量预计137万吨附近，较本期小幅波动。下个周期暂无企业装置计划停车，2-4家停车企业装置可能恢复生产， 考虑到短时的企业故障发生，延续上周期的变化，预期下个周期产量可能略增。（隆众资讯） • 内需方面，11月为中游补库高峰期，今年粮食价格反弹，东北地区玉米丰收，因此东北地区基层现金流暖于2024年同期。现金流较为充裕背景下，整体贸易商及复 合肥厂连续补库，带动内蒙地区工厂订单数量增加，库存下降。但伴随工厂价格上涨以及货物的顺利外发，中游补 ...

Core Insights - The active user base of securities apps increased by 2.06% month-on-month to 172 million in November 2025, ending a continuous decline [1][5] - The industry is shifting from a focus on traffic competition to an AI-centric service ecosystem, aiming to build user value and trust amid market volatility [1][4] User Engagement Trends - In November 2025, the A-share market exhibited characteristics of "highs followed by pullbacks and volume consolidation," with a notable divergence in market sentiment and investor behavior [1][2] - New account openings reached 2.3814 million, a month-on-month increase of 3.1%, while daily trading volume decreased by approximately 11% [1][2] Competitive Landscape - The top three securities apps by active users in November 2025 were Huatai Securities' "Zhangle Wealth" with 11.8149 million, Guotai Junan's "Junhong" with 10.1848 million, and Ping An Securities with 8.7001 million [2][3] - A total of 11 apps surpassed 6 million monthly active users, indicating a stable competitive landscape among leading brokerage apps [2][3] Strategic Shifts in App Development - The operational strategy of brokerage apps is transitioning from passive tools to AI-native proactive partners, reflecting a systemic restructuring of service concepts and user relationships [3][4] - Leading firms are focusing on intelligent services, with examples including Huatai Securities' AI-driven app and Guotai Junan's dual strategy of launching an independent AI app while enhancing their main app with AI capabilities [3][4] Industry Evolution - The upgrades in app functionalities highlight a fundamental change in competitive dimensions, emphasizing the importance of integrating AI depth, user experience warmth, and operational finesse to convert short-term user interest into long-term trust [4]

泛亚微透本次发行的定价基准日为发行期首日。发行价格为不低于定价基准日前20个交易日上市公司股 票交易均价的80%。定价基准日前20个交易日股票交易均价=定价基准日前20个交易日股票交易总额/定 价基准日前20个交易日股票交易总量。 泛亚微透本次向特定对象发行股票的发行数量按照募集资金总额除以发行价格确定，不超过本次发行前 上市公司总股本的30%，即本次发行不超过27,300,000股(含本数)。 中国经济网北京12月21日讯泛亚微透(688386.SH)近日发布公告称，公司于2025年12月19日收到上海证 券交易所(以下简称"上交所")出具的《关于江苏泛亚微透科技股份有限公司向特定对象发行股票的交易 所审核意见》，具体审核意见为，"江苏泛亚微透科技股份有限公司向特定对象发行股票申请符合发行 条件、上市条件和信息披露要求。本所将在收到你公司申请文件后提交中国证监会注册。" 泛亚微透表示，公司本次向特定对象发行股票事项尚需获得中国证券监督管理委员会(以下简称"中国证 监会")同意注册的决定后方可实施，最终能否获得中国证监会同意注册的决定及其时间尚存在不确定 性。公司将根据该事项的进展情况及时履行信息披露义务，敬 ...

Group 1 - The Shanghai Stock Exchange has decided to terminate the review of Jieke Robotics Co., Ltd.'s application for an initial public offering and listing on the Sci-Tech Innovation Board [1][3] - Jieke Robotics submitted an application to withdraw its IPO application along with its sponsor, Guotai Junan Securities Co., Ltd. [3] - The company primarily engages in the research, production, and sales of collaborative robot products, as well as robot system integration business [3] Group 2 - As of the reporting period, Jieke Robotics has a dispersed shareholding structure, with no single shareholder holding more than 20% [3] - The actual controller of the company is Li Mingyang, who directly holds 5.98% of the shares and indirectly controls 35.65% of the voting rights through various entities [4] - Jieke Robotics originally planned to raise 676 million yuan for projects related to smart robot production and research center construction [4]

Core Viewpoint - Dongpeng Beverage is expected to grow into a platform beverage enterprise by continuously improving management efficiency, which will save significant profits to be returned to channels and consumers, aligning with the increasing price sensitivity trend among beverage consumers [1] Group 1: Company Strategy - The company adopts a total cost leadership strategy complemented by information technology empowerment, creating a true competitive moat [1] - Management efficiency is expected to drive the company to expand into energy drinks, sports drinks, and coffee sectors, ensuring long-term excess returns [1] Group 2: Market Outlook - In the context of a gradually slowing growth rate in the beverage industry, efficiency will become paramount, with high-performing companies gradually achieving excess returns [1] - The company’s category expansion is anticipated to exceed market expectations, supported by its high quality-to-price ratio [1] Group 3: Valuation - Based on comparable companies, a PEG ratio of 1.03X is projected for 2026, corresponding to a reasonable per-share valuation of 341.71 yuan [1] - The company maintains an "overweight" rating, indicating positive sentiment towards its future performance [1]

中国经济网北京12月19日讯 今日，国泰海通证券资产管理有限公司公告，国泰海通中证港股通高股息 投资指数发起(QDII)、国泰海通中证香港科技指数发起（QDII）增聘钱玲玲。 钱玲玲历任上海海通证券资产管理有限公司权益投资二部投资经理助理、权益二部投资经理、公募权益 部总监助理，2025年11月加入上海国泰海通证券资产管理有限公司，现任综合策略投资部基金经理。 国泰海通中证香港科技指数发起（QDII）A/C成立于2024年10月8日，截至2025年12月18日，其今年来 收益率为18.24%、18.07%，成立来收益率为12.52%、12.30%，累计净值为1.1252元、1.1230元。 | 基金名称 | 国泰海通中证港股通高股息投资指数型发起式证券投资基金 | | --- | --- | | | (QDII) | | 基金简称 | 国泰海通中证港股通高股息投资指数发起(QDII) | | 基金主代码 | 023073 | | 基金管理人名称 | 上海国泰海通业券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《基金管理公司投 资管理人员管理指导意见》等相关法律法规规定 | ...

Group 1 - The core viewpoint of the report is that Haiguang Information is a leading domestic high-end processor manufacturer, with products covering general processors (CPU) and co-processors (DCU) [1] - The Shuguang X640 has outstanding performance, which may accelerate breakthroughs in domestic card training scenarios, while Haiguang's DCU chips are expanding into multiple scenarios, leading to expected rapid growth in performance [1] - Given the accelerated growth in domestic AI demand and the strengthening trend of domestic substitution, the company's performance is anticipated to grow rapidly [1] Group 2 - The company’s estimated EPS for 2025, 2026, and 2027 is projected to be 1.36, 2.92, and 4.49 yuan respectively [1] - Based on comparable company PE valuations and considering the company's revenue and net profit scale is close to Cambrian, a 120x PE is assigned for 2026, raising the target price to 350.4 yuan [1] - The report maintains a "buy" rating for the company [1]

Core Insights - The management efficiency improvement enables the company to save significant profits to reward channels and consumers, aligning with the growing consumer emphasis on high cost-performance in the beverage industry, thus the company's category expansion is expected to exceed market expectations [1][5]. Group 1: Category Expansion - The company's category expansion is anticipated to surpass expectations. The market believes that the company, leveraging its high cost-performance strategy and nationwide channel expansion, is likely to follow the leading energy and sports drink brands, gradually becoming a second-tier player in the niche market. However, as national expansion is nearly complete, future growth potential may be limited [2][5]. - The company aims to become a platform beverage enterprise by continuously enhancing management efficiency, allowing it to save profits to benefit channels and consumers, thus meeting the increasing price sensitivity of beverage consumers [2][5]. Group 2: Competitive Strategy - The company's "total cost leadership" strategy and information technology empowerment work in tandem to build a true competitive moat. By reducing costs and increasing efficiency on the production side while enhancing channel capabilities through information technology, the company can save more profits to reward channels and consumers, leading to a more pronounced effect of "consumers willing to buy and channels willing to sell" [2][5]. - The company is expanding into emerging segments such as energy drinks, sports drinks, sugar-free tea, and coffee, relying on high cost-performance products, continuous channel reach improvement, and marketing efforts to broaden its consumer base and consumption scenarios [3][6]. Group 3: Market Positioning - The company is expected to continue growing in the energy and sports drink sectors, potentially surpassing foreign leaders to become an industry leader. Additionally, the penetration rates of sugar-free tea and ready-to-drink coffee are steadily increasing, providing the company with opportunities for robust growth [3][6]. - In traditional segments like sugary tea, the company is expected to gradually squeeze traditional players by leveraging higher operational efficiency and offering differentiated product experiences, aiming for long-term excess returns [3][6].

客户端 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 中金公司（03908）午后股价上涨4.32%，现报20.28港元，成交额4.35亿港元。 国泰海通发布研报称，维持中金公司(03908.HK)目标价27.20港元，对应2025年1.2xPB。12月17日，中 金公司公告换股吸收合并东兴证券、信达证券预案并将于12月18日复牌。考虑到中金公司此次并购的协 同性，以及当前券商板块估值深度调整逐步蓄势，维持"增持"评级。该行认为吸并有望显著提升综合实 力，协同效应预计主要体现在扩大客户基础和吸并资产效率提升。 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 中金公司（03908）午后股价上涨4.32%，现报20.28港元，成交额4.35亿港元。 国泰海通发布研报称，维持中金公司(03908.HK)目标价27.20港元，对应2025年1.2xPB。12月17日，中 金公司公告换股吸收合并东兴证券、信达证券预案并将于12月18日复牌。考虑到中金公司此次并购的协 同性，以及当前券商板块估值深度调整逐步蓄势，维持"增持"评级。该行认为吸并有望显著提升综合实 力，协同效应预 ...

12月19日，赛诺医疗涨5.09%，截至发稿，报18.39元/股，成交1.69亿元，换手率2.25%，总市值76.51亿 元。 国泰海通量化选股混合发起A（016466）基金经理为胡崇海。 截至发稿，胡崇海累计任职时间4年6天，现任基金资产总规模136.84亿元，任职期间最佳基金回报 68.39%， 任职期间最差基金回报-0.17%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，赛诺医疗科学技术股份有限公司位于天津开发区第四大街5号泰达生物医药研发大厦A区3 层，成立日期2007年9月21日，上市日期2019年10月30日，公司主营业务涉及高端介入医疗器械研发、 生产、销售,产品管线涵盖心血管、脑血管、结构性心脏病等介入治疗重点领域。主营业务收入构成 为：支架59.76%，球囊32.68%，其他7.56%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓赛诺医疗。国泰海通量化选股混合发起A（016466）三季度 持有股数44 ...