Core Viewpoint - Company is rated "Buy" by Everbright Securities, highlighting its leading position in the global AMR warehouse fulfillment solutions market and strong commercialization capabilities [1] Group 1: Revenue and Market Position - Company is the global leader in AMR warehouse fulfillment solutions, with a projected revenue of 2.409 billion yuan in 2024, maintaining the number one market share for six consecutive years [1] - The global warehouse automation trend is on the rise, with approximately 80% of warehouses yet to deploy automation solutions, indicating significant market capture potential for AMR solutions [1] - The market size for AMR solutions is expected to reach 162.1 billion yuan by 2029, with a CAGR of 33.1% from 2024 to 2029 [1] Group 2: Customer Base and Service Capabilities - Company has a strong and high-retention global customer base, with 80% of revenue coming from overseas and over 66,000 robots delivered to more than 850 clients across 40 countries [2] - The customer repurchase rate has increased from 58.3% in 2022 to 74.6% in 2024, with key clients showing a repurchase rate of 84.3% [2] - Company offers a diverse range of AMR solutions tailored to various customer needs across manufacturing, e-commerce, and logistics sectors [2] Group 3: Investment in AI and Embodied Intelligence - Company plans to establish a wholly-owned subsidiary focused on embodied intelligence by July 2025, extending core technologies to new applications [3] - The company has accumulated valuable data from servicing major clients, which will support the ongoing training of embodied intelligence models [3]

（张宇生/郭磊）2025-12-14 您可点击今日推送内容的第1条查看 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。 今 日 聚 焦 【策略】新一轮政策部署护航，A股跨年行情可期——策略周专题（2025年12月第2期） 新一轮政策部署护航，A股跨年行情可期。一方面，未来国内经济政策有望持续发力，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；此外，历史来看，"十三五"和"十四五"开局之年A股市场均有不错的表现，历史上开局之年 的积极表现有望在2026年得到延续。 您可点击今日推送内容的第3条查看 【房地产】11月核心15城二手房成交面积环比+15%——光大核心城市房地产销售跟踪（2025年11月 ...

Core Viewpoint - The report provides a comprehensive analysis of market performance, highlighting the performance of various factors and strategies across different stock pools, indicating potential investment opportunities and trends in the market [4][5][6][7][8][9][10]. Factor Performance - In the large-cap factor performance for the week of December 8-12, 2025, the size factor, beta factor, and non-linear market cap factor achieved positive returns of 1.18%, 0.91%, and 0.82% respectively, while the BP factor and liquidity factor recorded negative returns of -0.55% and -0.38% [4]. - In the CSI 300 stock pool, the best-performing factors included total asset growth rate (2.05%), quarterly ROA (1.71%), and turnover rate relative volatility (1.59%), while the worst-performing factors were logarithmic market cap (-1.00%), downside volatility ratio (-1.10%), and large net inflow (-1.14%) [5]. - In the CSI 500 stock pool, the top factors were quarterly EPS (1.61%), total asset growth rate (1.39%), and momentum spring factor (1.22%), with the worst being price-to-sales ratio TTM inverse (-2.49%), downside volatility ratio (-2.55%), and price-to-book ratio (-3.06%) [5]. - In the liquidity 1500 stock pool, the best factors were total asset growth rate (2.25%), quarterly revenue growth rate (2.05%), and quarterly ROA year-on-year (1.92%), while the worst were price-to-earnings ratio (-0.90%), downside volatility ratio (-0.95%), and price-to-book ratio (-0.97%) [5]. Industry Factor Performance - The net asset growth rate factor performed well in the telecommunications, comprehensive, and coal industries, while the net profit growth rate factor excelled in the telecommunications sector [6]. - The earnings per share factor showed strong performance in the telecommunications industry, and the residual volatility factor performed well in telecommunications and commercial trade sectors [6]. Strategy Performance - The PB-ROE-50 combination achieved significant excess returns across stock pools, with the CSI 500 stock pool gaining an excess return of 0.30%, the CSI 800 stock pool gaining 1.60%, and the overall market stock pool gaining 1.59% [7]. - Public fund research selection strategies and private fund research tracking strategies both yielded positive excess returns, with public fund strategies outperforming the CSI 800 by 1.79% and private fund strategies outperforming by 2.77% [8]. - The block trading combination experienced a relative excess return drawdown against the CSI All Index, with an excess return of -0.95% [9]. - The directed issuance combination also faced a relative excess return drawdown against the CSI All Index, with an excess return of -1.50% [10].

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。 报告摘要 本周小结：宏观情绪改善，看好铜价继续上行 截至2025年12月12日，SHFE铜收盘价94080 元/吨，环比12月5日+1.40%；LME铜收盘价11553 美元/吨， 环比12月5日-0.96%。（1）宏观：美联储12月如期降息；国内中央经济工作会议强调明年政策"坚持稳中 求进、提质增效"，提出优化"两新"（大规模设备更新和消费品以旧换新）政策，整体利好铜消费。（2） 供需：线缆企业开工率在铜价大涨后本周略有回落，但Q4电网旺季效应仍存；2025Q4空调排产同比下 降，但环比改善；供需仍将维持偏紧格局，继续看好铜价上行。 库存：国内铜社库环比+2.6%，LME铜库存环比+0.8% 点击注册小程序 查看完整报告 特别申明： （1）港口铜精矿库存：截至2025年12月 ...

中信证券：内外兼顾，寻求交集 从此次中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。但对于股票市场而言，内需品种 和外需品种的预期和定价与去年存在巨大差异：去年底，投资者对外需普遍谨慎，对内需充满期待，但最终外 需的表现大超预期；今年是重仓布局外需敞口品种，预期相对充分，但对内需品种欠缺信心。实际上，明年外 需继续超预期的难度在加大，但内需可期待的因素在增多。 从这些角度来看，海外敞口品种业绩兑现力强，但估值继续提升难度大；内需敞口品种景气度一般，但一旦超 预期修复，估值弹性不小。配置上要寻求交集，即海外敞口为基底、内需积极变化也会产生催化的品种。 国泰海通：当下是布局春季行情的重要窗口 对于后市，我们比市场共识更乐观：部分投资者以政策表述从"超常规"到"跨周期"解读政策不积极，但这存在 谬误，2025年超常规是相较于2024年尾部风险暴露而言。面向2026年，中央经济工作会议明确"巩固拓展经济 稳中向好势头"，并要求财政政策"更加积极"与"内需主导"，首次提出"推动投资止跌回稳"，并时隔十年重提 房地产"去库存"；中财办副主任韩文秀表示将根据形势变化出台实施增量政策，继续实施"国补"与靠前实 ...

【大河财立方消息】2025年A股已进入收官倒计时，步入年末，市场正处于全年业绩兑现与2026年开局 衔接的关键节点。来年如何布局？跨年行情怎么看？大河财立方记者梳理了6家券商最新解读。 中信建投：跨年行情蓄势待发 中信建投分析师夏凡捷、何盛发表研报认为，从9月初至12月初，AH两地市场经历了较长时间的调整， 投资者情绪趋于谨慎，而近期，多项关键事件与数据相继公布，整体基调符合或略好于市场预期。 中信建投认为，牛市底层逻辑仍在，主要由结构性行情和资本市场改革政策推动。目前市场已经基本完 成调整，叠加基金排名基本落地，跨年有望迎来新一波行情。 中期行业配置方面，中信建投建议重点关注具有一定景气催化的有色金属和AI算力，主题上以商业航 天为主，可控核聚变和人形机器人为辅；港股也具有投资机会，潜在热点板块主要有互联网巨头、创新 药。重点关注：有色、商业航天、AI、人形机器人、可控核聚变、创新药、非银金融等。 中信证券：内外兼顾，寻求交集 中信证券裘翔、刘春彤等人发表研报认为，从此次中央经济工作会议内容来看，做大内循环仍是重心， 定位和去年相似。 研报中提到，但对于股票市场而言，内需品种和外需品种的预期和定价与去年存在 ...

2025 年 12 月 14 日 行业研究 从银行视角看经济工作会议 ——2025 年中央经济工作会议精神解读 银行业 买入（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 一是数量工具层面，央行或继续通过逆回购、买断式、MLF、国债买卖、降准等 多重渠道"花样放水"。现阶段央行流动性投放渠道丰富，逆回购、买断式、MLF、 国债买卖等工具涵盖多种期限与操作频次，对银行体系流动性"补水"并不局限 于降准一种方式。截至 12 月 12 日，包含逆回购、买断式、MLF、国债买卖等工 具在内的广义公开市场操作存量约 14 万亿。鉴于央行保持其"贷方地位"以维系 结构性流动性短缺框架有效性，综合考虑流动性投放的滚动频度、融资成本、基 础货币吞吐强度等因素，预计 2026 年需要央行通过二 ...

Core Viewpoint - The article discusses the weak credit expansion in November 2025, highlighting insufficient demand and a significant increase in short-term loans and bills, while long-term loans remain sluggish [4][5][6]. Group 1: Credit Expansion and Loan Data - In November, new RMB loans totaled 390 billion, a year-on-year decrease of 190 billion, falling short of the expected 504.3 billion [4]. - The total new RMB loans from January to November reached 15.4 trillion, a year-on-year decrease of 1.7 trillion, indicating a low credit issuance environment in the second half of the year [4]. - The annual loan issuance is projected to be around 16 trillion, with a year-on-year decrease of approximately 2 trillion, leading to an expected year-end loan growth rate of about 6.3% [4]. Group 2: Corporate Loans and Short-term Financing - New corporate loans in November amounted to 610 billion, a year-on-year increase of 360 billion, with short-term loans and bills contributing significantly [5][6]. - Bills accounted for over 70% of new corporate loans, while short-term loans saw a substantial increase, totaling 4.4 trillion from January to November, significantly higher than the five-year average [6]. - Long-term loans showed a decrease, with a total of 8.5 trillion added from January to November, down 1.6 trillion year-on-year [6]. Group 3: Household Loans and Consumer Activity - In November, household loans decreased by 206.3 billion, continuing the negative trend from October, with total household loans from January to November at 533.3 billion, down 1.8 trillion year-on-year [7]. - The decline in household loans is attributed to weak employment and income conditions, leading to reduced willingness to purchase homes and consume [7]. Group 4: Social Financing and Monetary Indicators - New social financing in November reached 2.5 trillion, with a year-on-year increase of 159.7 billion, maintaining an 8.5% growth rate [8]. - M2 growth remained stable at 8%, while M1 growth decreased to 4.9%, indicating a widening gap between M2 and M1 growth rates [9].

Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 180.06 and a weekly return of -0.23% [3] - Compared to other major asset classes, the return rates ranked from highest to lowest are: Gold > A-shares > Pure Bonds > REITs > Convertible Bonds > US Stocks > Crude Oil [3] - There was a divergence in price movements between property-type REITs, which saw an increase, and concession-type REITs, which experienced a decline [3] - Municipal facility REITs had the highest increase in returns, with the top three asset types being municipal facilities, water conservancy facilities, and new infrastructure [3] Individual REIT Performance - A total of 34 REITs increased in value, 2 remained stable, and 41 decreased in value during the week [3] - The top three REITs by increase in value were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and GF Chengdu Gaotou Industrial Park REIT [3] - The total trading volume for public REITs was 2.15 billion yuan, with new infrastructure REITs leading in average daily turnover rate at 0.45% [3] Trading Activity - The top three REITs by trading volume were Huaxia China Communications Construction REIT, CICC ProLogis REIT, and Harvest JD Warehouse Infrastructure REIT [4] - The total net inflow for the week was 3.06 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week [4] - The top three REITs by net inflow were new infrastructure, transportation infrastructure, and warehousing logistics [4] Bulk Trading - The total amount of bulk trading reached 23.5 million yuan, showing a decline from the previous week [4] - There were three trading days with bulk transactions, with the highest single-day transaction occurring on December 8, 2025, at 9.99 million yuan [4] - The top three REITs by bulk trading volume were GF Chengdu Gaotou Industrial Park REIT, Huaxia Huaren Commercial REIT, and Southern SF Logistics REIT [4] Primary Market - No new REIT products were listed during the week [5] - The project status of two REIT products was updated [5]

2025 年 12 月 13 日 行业研究 信贷投放较早呈现年末收官特征 ——2025 年 11 月份金融数据点评 银行业 买入（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 贷款增长再现"小月"，社融与货币降速——2025 年 10 月份金融数据点评 贷款熨平波动，货币持续活化——2025 年 9 月份 金融数据点评 社融遇拐点，货币见活化——2025 年 8 月份金融 数据点评 信贷扩张季节性回落，存款资金入市节奏提速 —— 2025 年 7 月份金融数据点评 信用活动季节性走强——2025 年 6 月份金融数据 点评 信用扩张走向量价平衡——2025 年 5 月份金融数 据点评 如何看待 4 月社融与信贷"大劈叉"？——2025 年 4 月份金融数据点评 贷款投放超预期，关注需求修复持续性——2025 年 3 月份金融数据点评 ...