Investment Rating - The report maintains a positive outlook on the construction and decoration industry, indicating an "Overweight" investment rating, suggesting that the industry is expected to outperform the overall market [4][25]. Core Insights - The report highlights the need to stabilize investment and manage local government debt risks, as emphasized by the central government's recent economic work conference [4][12]. - It notes that the construction industry experienced a weekly decline of 1.59%, underperforming compared to major indices, with the best-performing sub-industry being professional engineering, which saw a slight increase of 0.73% [5][6]. - The report identifies key companies that are expected to benefit from new investment opportunities, particularly in emerging sectors aligned with national strategies [4][12]. Industry Performance Summary - The construction sector's weekly performance showed a decline of 1.59%, with the SW Construction Decoration Index underperforming against the Shanghai Composite Index [5][6]. - The best-performing sub-industries for the week included professional engineering (+0.73%), while the largest annual gainers were private infrastructure companies (+51.98%) and ecological landscaping (+50.53%) [4][6]. - Notable individual stock performances included Yaxiang Integration (+25.20%) and Hainan Development (+20.37%), while stocks like Jiaojian Co. (-30.30%) and Zhengping Co. (-22.61%) faced significant declines [10][11]. Key Company Developments - Chongqing Construction won a joint bid for a major engineering project valued at 1.714 billion yuan, representing 6.29% of its projected 2024 revenue [14]. - Wenkai Co. secured a contract for an environmental improvement project worth 91 million yuan, accounting for 13.08% of its expected 2024 revenue [14]. - The report emphasizes the importance of focusing on undervalued companies, suggesting that firms like China Railway and Shanghai Construction may see valuation recovery [4][12].

Investment Rating - The report maintains a positive outlook on the shipping industry, specifically recommending China Power, China Shipbuilding, and China Ship Defense, while also highlighting Yangtze River and Songfa shares as potential investments [4]. Core Insights - The report indicates an improvement in new ship orders during November and December, reinforcing the logic of the replacement cycle. The strong second-hand ship prices are positively influencing the new ship market [4]. - The report notes that VLCC (Very Large Crude Carrier) freight rates have exceeded expectations, with a current average of $114,420 per day, despite a slight week-on-week decline of 1%. The report anticipates significant upward potential for both charter rates and second-hand ship prices [4]. - The report emphasizes the resilience of the railway freight volume and highway truck traffic, suggesting steady growth in these sectors [4]. Summary by Sections Shipping Market - VLCC freight rates have shown a 110% increase in Q4 compared to Q3, with one-year charter rates rising by 23%. The report highlights that the second-hand ship prices have yet to reflect these changes [4]. - The Suezmax crude oil tanker rates have decreased by 4% to $71,888 per day, while Aframax rates increased by 3% to $62,987 per day [4]. Air Transportation - The report discusses the unprecedented challenges in the aircraft manufacturing chain and the ongoing trend of aging aircraft globally. It predicts a significant improvement in airline profitability as the industry approaches a turning point [4]. - Recommended airlines include China Eastern Airlines, China Southern Airlines, and Spring Airlines, among others, due to their strong demand and supply dynamics [4]. Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined: price stabilization leading to profit recovery, continued competitive pressure, and potential mergers and acquisitions [4]. - Companies to watch include Shentong Express, YTO Express, and ZTO Express, with a focus on their performance in the upcoming annual reports [4]. Road and Rail - The report cites data from the Ministry of Transport indicating that from December 1 to December 7, national railway freight volume was 80.19 million tons, a decrease of 2.35% week-on-week [4]. - The report suggests that the highway sector will benefit from two main investment themes throughout 2025: high dividend yields and potential value management catalysts [4].

2025 年 12 月 13 日 机构普遍欠配,转债韧性较弱 转债周度跟踪 20251212 ● 1. 周观点及展望 相关研究 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wanqml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 联系人 徐亚 A0230524060002 xuya@swsresearch.com 申万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 ● 本周权益和转债市场仍未脱离震荡走势，主要股票指数中微盘股跌幅较大，但转债反应相 对钝化,微盘股下跌对转债的负面扰动不及 8 月底和 11 月下旬。转债估值和市场同步震 荡，百元溢价率在 30%附近波动，结构上依旧是偏股区估值环比表现好于偏债区，估值 高位、资金流出、纯债调整等多重利空因素下偏债区估值较前期有所走弱, 正股表现偏弱 的背景下偏股区估值逆向拉升,呈现一定的抗跌性。临近年底，权益市场波动较大,但转 债市场呈现了超预期的抗跌性，或与保险、年金、公募等机构投资者欠配压力 ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a "Buy" rating for key companies within the industry [3][5]. Core Insights - The home appliance sector index underperformed compared to the CSI 300 index, with a decline of 2.0% while the CSI 300 index fell by only 0.1% [5][6]. - Key developments include the completion of Xiaomi's first major home appliance factory, which marks a significant milestone in its strategy to expand into the home appliance market [15]. - The report highlights a notable increase in sales for cleaning appliances, with robotic vacuum sales rising by 40.65% year-on-year in November 2025 [37]. Summary by Sections Industry Performance - The home appliance sector index decreased by 2.0%, underperforming the CSI 300 index which saw a minor decline of 0.1% [5][6]. - Key companies such as Aopu Technology led gains with a 1.6% increase, while companies like Oujiahua and Wanhe Electric experienced declines of 7.1% and 6.0% respectively [9][6]. Industry Dynamics - The Ministry of Commerce is monitoring the impact of Mexico's proposed tax increases on non-free trade partners, which could adversely affect trade relations, including with China [13][14]. - Xiaomi's new smart home appliance factory in Wuhan has officially commenced production, contributing to its broader ecosystem strategy [15]. Data Observations - In November 2025, sales of cleaning appliances showed significant growth, with robotic vacuum sales reaching 535,500 units, a 40.65% increase year-on-year, and sales revenue of 714 million yuan, up 5.83% [37][38]. - The average price of robotic vacuums decreased by 24.75% to 1,334.20 yuan per unit [43]. - Hair dryer sales remained stable with a slight decline in volume but an increase in revenue, indicating a shift in consumer spending patterns [44]. Macro Economic Environment - As of December 12, 2025, the USD to RMB exchange rate has decreased by 1.73% since the beginning of the year, impacting import costs for the home appliance sector [52][53]. - The report notes a decline in residential property sales, which may influence consumer spending on home appliances [54].

2025 年 12 月 13 日 宏观环境"还原"，A 股向上空间受 限未变 ——申万宏源策略一周回顾展望(25/12/08-25/12/13) 相关研究 证券分析师 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 韦春泽 A0230524060005 weicz@swsresearch.com 联系人 程翔 A0230518080007 chengxiang@swsresearch.com 策 略 研 究 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 证 券 研 究 报 告 一 周 回 顾 展 望 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 一、11 月下旬以来，A 股市场面临的宏观环境出现了"还原"，风格特征也还原了 10 月 底之前的状态。但向上空间受限的问题并未根本解决：光连接 Alpha 逻辑演绎，但 26 年 美股科技龙头资本开支回落担忧犹在，AI 产业链 Beta 仍承压。光连接向上 ...

Investment Rating - The report maintains a positive outlook on high-quality liquor companies, indicating that it has entered a strategic allocation period for these firms [2][7][8]. Core Viewpoints - The report highlights a significant decline in revenue for major liquor companies, with expectations of continued pressure in Q1 2026, but anticipates stabilization in Q2 and a potential turning point in Q3 2026 as inventory clears and demand recovers [2][7][8]. - The report recommends key liquor stocks including Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Wuliangye, while also suggesting attention to other brands like Yingjia Gongjiu and Jinhuijiu [2][7]. - For consumer goods, the report emphasizes opportunities in the restaurant supply chain, particularly in condiments and frozen foods, recommending companies like Anjifood, Yili, and Qindao Beer [2][9]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a decline of 1.63% last week, with liquor down 1.50%, underperforming the broader market [6]. - The top gainers included Yanjin Beer and Xin Dairy, while the largest losers were Xiwang Food and Haixin Food [6]. 2. Market Performance by Sector - The report notes that high-end liquor prices have been under pressure, with Moutai's bottle price at 1500 yuan, down 45 yuan week-on-week, and Wuliangye at approximately 780 yuan, down 20 yuan [8][38]. - The report indicates that Moutai's price has dropped over 100 yuan in three weeks due to increased supply and weak seasonal demand [8]. 3. Industry Events - The report discusses the strategic adjustments made by companies to alleviate channel pressures and boost confidence among distributors, which is expected to stabilize prices [2][8]. - It also mentions the anticipated recovery in the dairy sector, with a focus on solid-state processing products and low-temperature milk [9]. 4. Valuation Table - The report provides a current valuation for the food and beverage sector at a dynamic PE of 19.92x, with a premium rate of 22%, and for the liquor sector at a dynamic PE of 18.60x, with a premium rate of 14% [38].

计算机 2025 年 12 月 13 日 OpenAI GPT 5.2 发布！重磅中航 相关研究 《计算机 2026 年策略！合合信息深度发 布！——计算机行业周报 20251201- 20251205》 2025/12/06 《AI Infra：重点关注数据层软件及 MaaS——计算机行业周报 20251124- 20251128》 2025/11/29 证券分析师 联系人 王开元 A0230125030001 wangky@swsresearch.com 信深度发布！ 看好 ——计算机行业周报 20251208-20251212 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 及 产 业 行 业 研 究 / 行 业 点 评 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsres ...

计算机 2025 年 12 月 13 日 OpenAI GPT 5.2 发布！重磅中航 相关研究 《计算机 2026 年策略！合合信息深度发 布！——计算机行业周报 20251201- 20251205》 2025/12/06 《AI Infra：重点关注数据层软件及 MaaS——计算机行业周报 20251124- 20251128》 2025/11/29 证券分析师 联系人 王开元 A0230125030001 wangky@swsresearch.com 信深度发布！ 看好 ——计算机行业周报 20251208-20251212 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 行 业 研 究 / 行 业 点 评 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuiha ...

2025 年 12 月 13 日 机构普遍欠配，转债韧性较强 ——转债周度跟踪 20251212 ⚫ 1. 周观点及展望 相关研究 - 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wangml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 联系人 徐亚 A0230524060002 xuya@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 债 券 研 究 债 券 周 评 证 券 研 究 报 告 ⚫ 本周权益和转债市场仍未脱离震荡走势，主要股票指数中微盘股跌幅较大，但转债反应相 对钝化，微盘股下跌对转债的负面扰动不及 8 月底和 11 月下旬。转债估值和市场同步震 荡，百元溢价率在 30%附近波动，结构上依旧是偏股区估值环比表现好于偏债区，估值 高位、资金流出、纯债调整等多重利空因素下偏债区估值较前期有所走弱，正股表现偏弱 的背景下偏股区估值逆向拉升，呈现一定的抗跌性。临近年底，权益 ...

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