Group 1 - The core viewpoint is that global technology investment enthusiasm will remain strong in 2025, but there will be a structural differentiation characterized by "strong computing power, weak applications" [2] - Major global tech giants are significantly increasing capital expenditures, benefiting upstream computing chips and supporting hardware, while the computer/software sector faces three pressures: 1) Software companies' revenue growth is overall lower than that of the computing chain; 2) Software company valuations are not cheap compared to hardware; 3) Concerns about "large models consuming software" continue to grow [2] - By Q3 2025, domestic public funds are underweight in the computer sector by 1.7 percentage points [2] Group 2 - In 2026, AI applications are expected to break through as computing costs are projected to continue declining, paving the way for application prosperity [3] - There are three major opportunities for AI applications in China: deepening industrial applications, expanding overseas, and reconstructing edge-side AI [4] - China possesses the world's only complete industrial system, providing high-value real-world data, application scenarios, and energy supply, which will generate diverse agent forms [4] - AI application expansion overseas is a strategy for domestic AI product teams to leverage "extreme efficiency + global pricing," with overseas revenue growth generally outpacing domestic [4] - Internet giants and AI startups are actively exploring edge-side forms in the AI era, with high growth potential for related products as hardware and algorithms mature [4]

Group 1 - The overall performance of publicly listed REITs in China showed a continuous decline in secondary market prices, with a weighted REITs index return of -2.74% for the week of December 15-19, 2025 [5] - In comparison to other major asset classes, the return rates ranked from high to low are convertible bonds, gold, US stocks, pure bonds, A-shares, crude oil, and REITs [5] - The insurance sector is seeing a significant increase in equity investments, with the stock asset proportion of five listed insurance companies reaching 9.3% by the end of H1 2025, the highest in nearly a decade [5] Group 2 - The draft of the "Insurance Company Asset-Liability Management Measures" aims to address issues of disconnection in asset-liability management and improve regulatory frameworks, enhancing the long-term operational resilience of the insurance industry [6] - The new measures will help insurance companies manage risks associated with asset-liability mismatches, especially in a long-term declining interest rate environment [6] Group 3 - The copper industry outlook remains positive, with a tight supply-demand balance and a slight recovery in cable manufacturing rates, supporting expectations for rising copper prices [7] - The semiconductor materials sector is expected to benefit from the expansion of advanced processes and the increasing demand for high-purity materials, driven by AI computing and data center construction [7] Group 4 - The energy and environmental sector is witnessing sustained investment opportunities in energy storage and hydrogen-ammonia projects, with significant projects like the Zhongnengjian Songyuan Hydrogen Energy Industrial Park officially commencing operations [8] - The domestic independent energy storage bidding is expected to maintain favorable levels seen in 2025, with rising demand anticipated from non-US countries [8]

Market Overview - The secondary market for publicly listed REITs in China has shown a continuous decline, with a weighted REITs index return of -2.74% for the week of December 15-19, 2025. Compared to other major asset classes, REITs ranked lowest in return performance [4]. - Among different types of REITs, property and concession REITs both experienced declines, with property REITs returning -2.05% and concession REITs returning -3.83% [4]. - The ecological and environmental REITs had the smallest decline, while the top three performing underlying asset types were ecological and environmental, warehousing and logistics, and park REITs [4]. Individual REIT Performance - Excluding the newly listed Huaxia Anbo Warehousing REIT, only 2 REITs increased in value while 75 REITs decreased. The two REITs that saw an increase were Huaxia Waigaoqiao REIT and Bosera Tianjin Kai Industrial Park REIT [4]. - The total trading volume for public REITs was 2.3 billion yuan, with the water conservancy REITs leading in average daily turnover rate. The average daily turnover rate for all listed REITs was 0.51% [4]. Trading Activity - The top three REITs by trading volume were CICC ProLogis REIT, Huaxia China Communications Construction REIT, and Huaxia Anbo Warehousing REIT. In terms of trading value, the top three were Huaxia China Communications Construction REIT, Huaxia China Resources Commercial REIT, and Huatai Jiangsu Expressway REIT [5]. - The net inflow of capital for the week was -1.39 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week. The top three REITs by net inflow were in the warehousing and logistics, new infrastructure, and affordable rental housing categories [5]. Bulk Trading - The total amount of bulk trading for the week reached 169.27 million yuan, which was a decrease from the previous week. There were five trading days with bulk transactions, with the highest single-day transaction occurring on December 18, 2025, amounting to 64.67 million yuan. The top three REITs by bulk trading volume were CICC Lian Dong Science and Technology REIT, CICC Hubei Science and Technology Guanggu REIT, and Huaxia China Communications Construction REIT [5]. New Listings - The Huaxia Anbo Warehousing REIT was listed on December 19, 2025, marking a new addition to the market. Additionally, the project status of two other REITs was updated during the week [6].

Group 1 - A-share market shows mixed performance with the Shanghai Composite Index being relatively stable while the ChiNext Index is weaker due to a pullback in the technology manufacturing sector [1][11] - The consensus is forming around a potential "rally" in the market as liquidity expectations improve following key overseas events and a positive policy environment from the Central Economic Work Conference [12][13] - The market style is expected to shift towards small-cap and technology growth sectors during the "rally" window from late January to early March 2026, following a period of value-driven performance [12][13] Group 2 - The strong market performance on Wednesday may indicate the start of the 2026 cross-year market trend, supported by significant net subscriptions in stock ETFs [14] - Continued policy support and stable economic growth are anticipated to bolster market confidence and attract various types of capital inflows [14] - The trend of high-net-worth individuals moving their deposits into the stock market is likely to continue, driven by lower expected returns from other asset classes [15] Group 3 - Incremental capital is entering the A-share market through broad-based ETFs, signaling positive market sentiment as investors prepare for the "spring rally" [16] - The technology and small-cap sectors are expected to perform actively as investors increase their positions [16] - The easing of "AI bubble" concerns and the resolution of liquidity uncertainties are providing a recovery opportunity for the market [17] Group 4 - Investment strategies should focus on three key areas: dividend value, high-growth sectors during the upcoming "rally," and active themes driven by policy and technology [18] - In a strengthening RMB environment, sectors such as aviation, gas, and paper are expected to benefit from cost advantages, while upstream resources and consumer goods may see profit margin improvements [20][21] - The non-bank financial sector, particularly insurance stocks, is showing increased elasticity and may outperform if policy catalysts emerge [21]

光大证券指出，历史来看，A股市场中几乎每年都存在"春季躁动"行情。本周三市场的强力上涨或许标 志着2026年跨年行情已经开启。一方面，政策有望持续发力，经济增长有望保持在合理区间，进一步夯 实资本市场繁荣发展的基础。另一方面，政策红利释放，有望提振市场信心，进一步吸引各类资金积极 流入。政策有望持续发力，叠加各类资金有望积极流入，市场有望震荡上行。 行业配置方面，结合往 年规律及当前市场环境，关注成长及消费板块。对于成长板块而言，历史来看，"春季躁动"期间，TMT 及先进制造板块的弹性相对更大；除往年值得关注的成长方向外，本轮行情中消费板块也值得关注。一 方面，当前政策对于消费板块重视程度较高，消费板块有望持续得到政策催化。另一方面，消费板块今 年相对滞涨，或许有望获得部分"踏空"资金的青睐。 ...

报告摘要 1、一级市场 注：本篇报告的信用债口径包括定向工具、短期融资券、公司债、金融债（不含同业存单和政金债）、中 期票据、企业债。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 2025年12月15日至12月19日（以下简称"本周"），信用债共发行347只，发行规模总计3705.49亿元，环比 减少19.36%。 发行规模方面，本周，产业债共发行170只，发行规模达1633.10亿元，环比减少12.44%,占本周信用债发行 总规模的比例为44.07%；城投债共发行138只，发行规模达879.59亿元，环比减少0.96%,占本周信用债发 行总规模的比例为23.74%；金融债共发行39只，发行规模达1192.80亿元，环比减少35.24%,占本周信用债 发行总规模的比例为32.1 ...

以下文章来源于债券人 ，作者光大证券固收研究 债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 报告摘要 1、市场行情 本周（2025年12月15日至2025年12月19日，共5个交易日）中证转债指数涨跌幅为+0.48%（上周涨跌幅为 +0.20%），中证全指变动为-0.18%（上周涨跌幅为+0.19%）。2025年以来中证转债涨跌幅为+17.06%，中 证全指涨跌幅为+21.62%。 分评级来看，债项评级高评级券（评级为AAA）、中高评级券（评级为AA+）、中评级券（评级为 AA）、中低评级券（评级为AA-）和低评级券（评级为AA-及以下）本周涨跌幅分别为+0.14%、 +0.26%、+1.18%、+0.83%和+1.16%，中评级券涨幅最高。 分转债规模看，大规模转债（债券余额大于20亿元）、中大规模转债（余额在15至20亿元之间）、中规模 转债（余额在10至15亿元之间）、中小规模转债（余额在5至10亿元之间）、小规模转债（余额小于5亿 元）本周涨跌幅分别为+0.39%、+0.28%、+0.33%、+1.40%和+1.40%，中小规模转债和小规模转债涨幅较 高。 分平价来看，超高平价券（转股价值大于 ...

Core Viewpoint - The A-share market is experiencing a positive trend, with the CSI A500 index showing an increase, driven by strong performances from key stocks and significant inflows into related ETFs [1] Group 1: Market Performance - As of 14:45, the CSI A500 index rose by 0.5%, with notable gains from China Duty Free Group exceeding 8%, and Hainan Airport and Joyson Electronics both rising over 7% [1] - The A500 ETF managed by E Fund (159361) saw a net subscription of over 1.4 billion units during the trading session, accumulating over 1.2 billion yuan in the first three trading days [1] Group 2: Economic Outlook - Everbright Securities anticipates a favorable cross-year market trend, supported by expected domestic economic policy initiatives that could sustain growth within a reasonable range [1] - The release of policy dividends is expected to boost market confidence and attract various types of capital inflows [1] Group 3: Index Composition and Investment Strategy - The CSI A500 index consists of 500 stocks with large market capitalization and good liquidity, covering 91 out of 93 sub-industries in the CSI third-level industry classification, with a higher weight on emerging sectors like information technology and communication services [1] - The management fee rate for the A500 ETF by E Fund is only 0.15% per year, facilitating low-cost investment in representative A-share companies [1]

Core Insights - Xiaomi Group held the 2025 "Human-Vehicle-Home Ecosystem" Partner Conference on December 17, focusing on breakthroughs in large model technology, deepening ecosystem collaboration, and expanding an open ecosystem. The company's AI strategy is viewed as a long-term endeavor, with a comprehensive layout involving self-developed chips, the Surge OS, and AI foundational models, which will provide a fertile ground for future AI applications in various scenarios. The company maintains a "Buy" rating [1]. Group 1: Large Model Technology - Xiaomi released the new foundational model Mimo-V2-Flash, which features a lightweight design with "309 billion total parameters + 15 billion active parameters," ranking in the top 2 globally in code and agent capabilities, surpassing models with 2-3 times the parameter count [1]. - The Mimo-V2-Flash model employs a Hybrid SWA architecture with a 5:1 ratio, achieving a 2.0 to 2.6 times inference speedup, with single-machine throughput of 5000-15000 tokens per second and single-request throughput of 115-150 tokens per second [1]. - The model's inference speed is three times that of DeepSeek V3.2, while its inference cost is 1/20 that of Gemini 2.5 Pro, addressing efficiency and cost challenges for large model deployment [1]. Group 2: Hardware Ecosystem - Xiaomi has established the world's largest consumer hardware platform, with 1.8 billion connected devices globally, including 740 million monthly active mobile users, over 1 billion IoT devices, and more than 500,000 cars delivered [2]. - The company's hardware scale and multi-category collaboration are expected to provide extensive application scenarios and data sources for its AI technology [2]. Group 3: Software Ecosystem - The Surge OS 3, set to launch in August 2025, will serve as the core for ecosystem collaboration, enhancing capabilities across various applications, interconnectivity, smart experiences, and security [3]. - The OS will support over 60 applications and 70 scenarios, with 1.28 billion application installations, and has built a vast interconnected ecosystem with 410 million daily active users [3]. - The Vela lightweight system has empowered 160 million smart devices, and the MINT platform integrates 3.9 trillion data points and over 20 mature algorithms to facilitate complex AI deployments [3]. Group 4: Financial Projections - Xiaomi plans to invest over 200 billion yuan in R&D over the next five years, with an estimated 40 billion yuan in 2026. The company maintains its profit forecast for 2025-2027, projecting Non-IFRS net profits of 42.6 billion, 43.8 billion, and 51 billion yuan respectively [4].

Core Viewpoint - Xiaomi Group is focusing on long-term AI strategy with breakthroughs in large model technology, deepening ecosystem collaboration, and expanding open ecosystems, as highlighted in their 2025 "Human-Vehicle-Home Ecosystem" partner conference [1] Group 1: Large Model Technology - Xiaomi has launched the new base large model Mimo-V2-Flash, which features a lightweight design with "309 billion total parameters + 15 billion active parameters," ranking in the top 2 globally for code and agent capabilities [2] - The Mimo-V2-Flash model utilizes a Hybrid SWA architecture, achieving a 2.0 to 2.6 times inference speedup, with throughput rates of 5000-15000 tokens per second [2] - The model's inference speed is three times faster than DeepSeek V3.2, while its inference cost is 1/20 of Gemini 2.5 Pro, addressing efficiency and cost challenges for large model deployment [2] Group 2: Hardware Ecosystem - Xiaomi has established the world's largest consumer hardware platform with 1.8 billion connected devices, including 740 million monthly active mobile users and over 1 billion IoT devices [3] - The company has delivered over 500,000 vehicles and opened more than 30 types of aftermarket IoT components, creating a comprehensive hardware coverage across personal, travel, and home devices [3] Group 3: Software System - The upcoming 澎湃OS 3, set to launch in August 2025, will enhance ecosystem collaboration with upgrades in application integration, interconnectivity, smart experience, and security [4] - Xiaomi's ecosystem supports over 60 applications and 70 scenarios, with 1.28 billion app installations, and a daily active interconnectivity of 410 million users [4] - The Vela lightweight system has empowered 160 million smart devices, while the MINT platform integrates 3.9 trillion data points and over 20 algorithms for efficient AI deployment [4] Group 4: Profit Forecast and Valuation - Xiaomi plans to invest over 200 billion yuan in R&D over the next five years, with an estimated 40 billion yuan in 2026, maintaining profit forecasts of 426/438/510 billion yuan for 2025-2027 [5]