Core Viewpoint - The Chinese stock market is experiencing a positive trend as it approaches the end of 2025, with significant movements in various sectors and a focus on potential investment opportunities for 2026 [1][30]. Group 1: Market Trends and Predictions - The Shanghai Composite Index has achieved an "eight consecutive days of gains" [1]. - The total scale of Chinese ETFs has surpassed 6 trillion, setting a new historical high [1]. - Major brokerages have provided insights on market trends, with predictions for 2026 focusing on sectors that may dominate [2][5][13]. Group 2: Sector Analysis - Citic Securities highlights that 39 out of 360 industry/theme ETFs reached new highs in December, with a focus on telecommunications, non-ferrous metals, and commercial aerospace as key sectors [3]. - Industry sectors such as chemicals, engineering machinery, and new energy are expected to see increased attention and potential growth due to their long-term return on equity (ROE) improvement [4]. - Guotai Junan emphasizes the importance of capital markets in driving social confidence and investment, marking a shift from traditional investment methods to more capital-intensive approaches [5]. Group 3: Currency and Economic Factors - The recent appreciation of the Renminbi is attributed to a weaker US dollar and seasonal capital inflows, which may support the Chinese stock market [9][30]. - The potential for a significant influx of capital back into China is anticipated, driven by the reversal of previous trends in currency valuation and investment sentiment [9][10]. - The structural transformation of the Chinese economy is expected to reduce uncertainty and enhance investment opportunities, particularly in technology and manufacturing sectors [7][24]. Group 4: Investment Strategies - Investment strategies are shifting towards sectors that benefit from the current economic environment, including AI hardware, renewable energy, and consumer services [19][31]. - Brokers suggest focusing on thematic trading opportunities in sectors like robotics, commercial aerospace, and healthcare, which are expected to gain traction in the upcoming year [19][31]. - The market is advised to adopt a cautious approach, emphasizing low-cost entry points and avoiding high-risk positions as the market stabilizes [35][36].

Core Viewpoint - The automotive parts sector is expected to see a weakening overall Beta by 2026, with structural opportunities being more favorable than total market opportunities. The focus should be on "intelligent driving (L2++/L3/L4) + liquid cooling (AIDC) + humanoid robots" as key technological lines, along with long-term certainty in overseas expansion [1]. Summary by Categories EPS Dimension - Companies should seek alpha through high-competitiveness products that enhance market share and those that can increase average selling price (ASP) by entering high-value sectors through internal and external growth [2]. - Globalization is expected to enhance growth potential and risk resilience in the automotive parts sector, particularly in Europe, North America, and Southeast Asia. With profit recovery and deeper customer engagement, companies may transition to global Tier 1/platform leaders between 2026 and 2030. Recommended companies include Fuyao Glass (600660), Xingyu Co., Ltd. (601799), Minth Group, Joyson Electronics (600699), and Xingyuan Magnesium (301398), with New Spring Co., Ltd. (603179) as a focus [2]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles being rapidly deployed. Companies should prioritize chips, domain controllers, core sensors, and drive-by-wire systems that demonstrate systematic capabilities in cost, algorithms, and safety redundancy. Recommended companies include Horizon Robotics, Black Sesame (000716), and Desay SV Automotive, with Bertel (603596) and Nexperia as points of interest [3]. - Robotics: Transitioning from "0 to 1" to "1 to 10," benefiting from large models and supply chains including actuators, reducers, lead screws, and force sensors. Focus should be on automotive parts leaders with "technology synergy + manufacturing collaboration." Recommended companies include Top Group (601689), Joyson Electronics, and Shuanghuan Transmission (002472), with YaPu Co., Ltd. (603013) and Daimay Co., Ltd. (603730) as points of interest [3]. - Liquid Cooling: Growth in AI capital expenditure and increased power consumption in AIDC are expected to create a market space of hundreds of billions for liquid cooling temperature control by 2030. The automotive parts sector should focus on thermal management, pipelines, and quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Machinery (002126), and Feilong Co., Ltd. (002536) [3].

Core Viewpoint - Dongwu Securities has given a "buy" rating to Dongfang Cable (603606.SH) based on recent project wins and expected profit contributions from upcoming projects [1]. Group 1: Company Developments - Dongfang Cable announced winning bids for green transmission facility orders totaling 955 million yuan from State Grid and Southern Power Grid [1]. - The company secured additional orders for high-voltage land cables worth 135 million yuan, offshore wind supporting cables worth 27 million yuan, and a total package of 1.9 billion yuan for ultra-high voltage submarine cables and construction in the Asia region [1]. Group 2: Industry Outlook - The Asian power interconnection orders are starting to ramp up, with expectations of performance elasticity for leading submarine cable companies [1]. - The upcoming Asian marine energy interconnection project is anticipated to contribute over 500 million yuan in profit, based on conservative estimates of a 45% gross margin and a 30% net margin [1]. - Southeast Asian countries are gradually increasing their demand for power interconnection, with Indonesia and Singapore planning to develop a solar manufacturing supply chain and implement submarine cable transmission by 2025 [1].

证券研究报告·宏观报告·宏观周报 金融产品周报 20251228 聚焦主线板块，关注 ETF 组合推荐 2025 年 12 月 28 日 [Table_Tag] [Table_Summary] 事件 ◼ 基金配置建议： 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 相关研究 《25Q3 美国 GDP：过时的数据，过度 的反应——美国 2025 年三季度 GDP 数据点评》 2025-12-24 《2026 年转债策略：从收益增强转向 风险平衡》 2025-12-22 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 ◼ A 股市场行情概述：（2025.12.22-2025.12.26） ◼ 权益类 ETF 基金规模变化统计：前三名的权益类 ETF 类型：规模指数 ETF（832.92 亿元），主题指数 ETF（73.08 亿元），行业指数 ETF（16.61 亿元）。前三名的 ETF 产品：中证 A500ETF（115.41 亿元），A500ETF 南 ...

2015—2025年，东吴证券研究所实现从区域性研究部门到全市场最佳研究机构前十的跨越式发展。 以"机制+人才"双轮驱动，锚定苏州及长三角产业禀赋，深耕"产业研究+资本服务"差异化路径，构建多 元服务生态并强化内部协同。十年深耕下，研究业务已成为东吴证券发展的重要引擎。站在新起点，东 吴证券研究所将持续锚定深度研究与市场定价核心能力，全力冲刺国内一流券商研究所目标。 12月17日，2025证券时报最佳分析师获奖名单在苏州正式揭晓，东吴证券研究所凭借扎实的研究实力， 再度交出亮眼答卷。在团队奖项方面，东吴证券研究所斩获含金量十足的最佳研究团队SSR（Superior Super Research）第七名，"最佳北交所公司研究团队"排名跃升至第三名，四大产业研究领域全部跻身 前十。细分赛道的表现同样可圈可点：不仅蝉联"汽车和汽车零部件"行业研究榜首，还在新能源和电力 设备、传播与文化、环保、非银金融等热门领域稳居前三，宏观、机械、医药等行业也成功跻身前五， 展现出全面且强劲的研究竞争力。 这一成绩的取得，恰逢东吴证券研究所转型卖方研究十周年之际，可谓生动印证了其十年深耕带来的实 力跃迁。 从区域性研究部门，跃升为 ...

Core Viewpoint - Dongwu Securities Research Institute has achieved significant growth from a regional research department to one of the top ten research institutions in the market from 2015 to 2025, driven by a dual approach of "mechanism + talent" and focusing on "industry research + capital services" [1][2] Group 1: Achievements and Recognition - On December 17, 2025, Dongwu Securities Research Institute was recognized as the seventh-best research team in the SSR rankings and third in the "Best North Exchange Company Research Team," with all four major industry research areas ranking in the top ten [1] - The research institute has maintained its position as the top research team in the automotive and auto parts sector and ranked in the top three in several other key areas, showcasing its comprehensive research competitiveness [1] Group 2: Transformation and Growth - The transformation to a market-oriented research model began in 2015, coinciding with a significant capital increase of nearly 5 billion yuan from a refinancing effort, which enhanced the company's market influence [2] - Dongwu Securities has seen its commission income grow over 12 times from 2015 to 2021, despite a challenging market environment in 2025 where overall commission income dropped by over 30% [4] Group 3: Strategic Focus and Regional Development - The research institute aims to deepen its industry chain research and provide forward-looking insights and precise investment advice, focusing on key areas such as technological innovation and green transformation [4][8] - Dongwu Securities emphasizes its strategic orientation of "serving the new quality productivity development" and aims to align its research efforts with the local economy, particularly in the Yangtze River Delta region [6][7] Group 4: Future Directions - The research institute plans to continue enhancing its deep research and market pricing capabilities, aiming to become a leading brokerage research institute in China [11] - Dongwu Securities is committed to building a bridge between capital and industry, leveraging its unique advantages in expert think tanks and regional platforms to achieve value discovery [11]

| 序号 | 交易营业部名称 | | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | --- | | 1 | 国信证券股份有限公司浙江互联网分公司 | 428次 35.28% | 2 | 4883.38 | 0.58% | | 2 | 中国国际金融股份有限公司上海分公司 | 114次 37.72% | | 6058.06 | 0.72% | | 3 | 东方财富证券股份有限公司昌都两江大道证券营业部 | 201次 35.32% | | 3781.92 | 0.45% | | 4 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 526次 33.08% | | 4072.88 | 0.48% | | 5 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 499次 34.47% | | 4914.26 | 0.58% | | | (买入前5名与卖出前5名)总合计: | | | 167838.83 | 19.92% | | 序号 | 交易营业部名称 | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- ...

Group 1 - The core viewpoint of the article emphasizes Dongpeng Beverage's commitment to a platform strategy and its steady expansion across multiple product categories [1] - Dongpeng plans to fully implement its "1+6" multi-category strategy by 2026, aiming to establish itself as a leading beverage group in China [1] - The "1" in the strategy refers to Dongpeng Special Drink, while the "6" includes various beverages such as electrolyte drink "Bushi La," large-pack drink "Guo Zhi Cha," coconut drink "Hai Dao Ye," ready-to-drink milk tea "Gang Shi Nai Cha," sugar-free tea drink "Shang Cha," and coffee drink "Da Ka" [1] Group 2 - The company is leveraging its latecomer advantage and deep insights into the beverage market to position itself in promising segments [1] - Dongpeng is optimistic about its platform potential in the medium to long term, with diversification and accelerated overseas expansion towards becoming a beverage giant [1] - Current forecasts for net profit attributable to the parent company for 2025-2027 are 4.601 billion, 5.847 billion, and 7.051 billion yuan, with corresponding PE ratios of 31, 24, and 20 times [1]

中证报中证网讯(记者林倩)12月25日，东吴证券策略首席分析师陈刚在中国证券报"金牛来了"直播间表 示，2026年资金将继续向股市流动，大类资产配置中，权益资产的配置比例中长期内将得到提升。 ...

Group 1 - The core logic driving "technology growth" will remain unchanged through 2026, according to Dongwu Securities' chief strategist Chen Gang [1] - AI trading is expanding towards applications and edge computing, indicating a shift in focus [1] - The company is optimistic about sectors such as edge consumer electronics and smart vehicles [1]