上 市 公 司 公 司 研 究 / 公 司 深 度 医药生物 2025 年 12 月 12 日 祥生医疗 (688358) ——打造"便携+智能"优势，外部合作前景可期 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 12 月 11 日 | | --- | --- | | 收盘价（元） | 29.65 | | 一年内最高/最低（元） | 40.91/22.79 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 3.37 | | 流通 A 股市值（百万元） | 3,324 | | 上证指数/深证成指 | 3,873.32/13,147.39 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 12.49 | | 资产负债率% | 11.24 | | 总股本/流通 A 股（百万） | 112/112 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 12-11 01-11 02-11 03-11 04-11 ...

公 司 研 究 / 公 司 深 度 房地产 上 市 公 司 2025 年 12 月 12 日 恒隆地产 (00101) ——高端商业典范，主动调改、经营稳步改善 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 12 月 11 日 | | --- | --- | | 收盘价（港币） | 8.95 | | 恒生中国企业指数 | 8934.28 | | 52 周最高/最低（港币） | 9.48/5.58 | | H 股市值（亿港币） | 452.57 | | 流通 H 股（百万股） | 5,056.65 | | 汇率（港币/人民币） | 0.9093 | 一年内股价与基准指数对比走势： -10% 90% HSCEI 恒隆地产 资料来源：Bloomberg 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 10,316 | 11,242 | 9,915 | 10,066 | 10,412 | | 同比增长率（%） | -0.3 | 9.0 | -1 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][10]. Core Insights - The company is positioned to benefit from its integrated raw material and formulation strategy, which is expected to drive growth in the coming years [6][9]. - The company is transitioning towards innovation, focusing on self-developed biological drugs in the fields of oncology and autoimmune diseases, with a robust pipeline of projects [9][65]. - The financial forecast indicates a recovery in revenue and profit margins, with significant growth expected from innovative drug approvals [10][26]. Summary by Sections 1. Integrated Raw Material and Formulation Layout - The company has established itself as a leading pharmaceutical manufacturer in China, with a strong focus on both raw materials and formulations [20][23]. - The company has faced pricing pressures in raw materials and formulations but is expected to see a recovery in performance starting in 2024 [24][25]. 2. Dual-Driven Growth from Raw Materials and Formulations - The raw material business remains stable, with a diverse product lineup and a strong global sales network [41][43]. - The formulation segment has seen rapid growth, particularly after benefiting from national procurement policies, with a compound annual growth rate (CAGR) of 24.4% from 2012 to 2024 [59][61]. 3. Focus on Biological New Drugs - The company is actively developing innovative drugs, with over 20 projects in the pipeline, including 12 that have entered clinical trials [65][66]. - Key projects include HB0034, which is nearing commercialization, and HB0017, which has shown promising results in clinical trials for psoriasis and ankylosing spondylitis [69][71]. 4. Financial Forecast and Valuation Analysis - Revenue projections for 2025-2027 are estimated at 86.32 billion, 94.13 billion, and 102.82 billion respectively, with corresponding profit growth rates expected to recover significantly by 2026 [10][26]. - The target market capitalization is set at 344 billion, indicating a potential upside of 30.04% based on industry average price-to-earnings ratios [10][26].

Group 1: Central Economic Work Conference Highlights - The conference emphasized five "musts" in response to new circumstances, focusing on the prominent contradiction of strong supply and weak demand domestically [8][11][19] - The fiscal policy remains "more proactive," with a clear emphasis on maintaining necessary fiscal deficits, total debt scale, and expenditure [8][11][19] - Monetary policy aims to promote stable economic growth and reasonable price recovery, highlighting the dual support role of monetary policy for the economy and prices [8][11][19] Group 2: Real Estate Sector Insights - The conference introduced measures for "controlling increment, reducing inventory, and optimizing supply," encouraging the acquisition of existing properties for affordable housing [11][14][19] - There is a focus on stabilizing the real estate market, with expectations for policies to support both supply and demand sides, including potential mortgage rate reductions and financing support for real estate companies [11][14][19] - The emphasis on "good housing" indicates a shift towards high-quality property development, with policies expected to support this direction [11][14][19] Group 3: Investment Opportunities - The report suggests focusing on ten key investment areas for the future, including artificial intelligence, robotics, aerospace, and strategic resource metals [12][19] - The construction sector is expected to stabilize in 2026, with emerging sectors likely to gain higher investment opportunities due to national strategic implementations [19][20] - The report highlights the potential for value reassessment in commercial real estate and the "good housing" sector, indicating a positive outlook for quality commercial enterprises during the monetary easing period [14][19][20]

策 略 研 究 2025 年 12 月 11 日 战略定力 ——中央经济工作会议点评 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 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 A 股 策 略 相关研究 证券分析师 程翔 A0230518080007 chengxiang@swsresearch.com 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 程翔 A0230518080007 chengxiang@swsresearch.com - ⚫ 2025 年中央经济工作会议明确了 2026 年"稳中求进、提质增效"的主基调，宏观政策将实施"更加积极 的财政政策"和"适度宽松的货币政策"，并强调"存量+增量政策的集成效应"。通稿在基调上展现出更 强的战略定力，明确提出"我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深……这些大多 是发展中、转型中的问题，经过努力是可以解决的， ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [2][4]. Core Insights - The Central Economic Work Conference emphasized stabilizing the real estate market and managing risks in key areas, with a focus on city-specific policies to control supply, reduce inventory, and improve quality [2][4]. - The report highlights two major opportunities: the rise of "good housing" policies and the potential for value reassessment in commercial real estate, particularly during a period of monetary easing [4][12]. - The report anticipates further supportive policies for both supply and demand in the real estate market, including potential reductions in mortgage rates and optimization of purchase restrictions [4][12]. Summary by Sections Macroeconomic Policy - The report underscores the implementation of more proactive macroeconomic policies to promote stable economic growth and achieve a good start for the 14th Five-Year Plan [4][6]. - It suggests that fiscal and monetary policies will become more aggressive, with expectations for further interest rate cuts [4][8]. Real Estate Market - The report notes that the emphasis on stabilizing the real estate market reflects a dual focus on halting price declines and addressing existing risks [4][12]. - It mentions the introduction of policies aimed at controlling supply, reducing inventory, and encouraging the acquisition of existing properties for affordable housing [4][12]. - The report also discusses the need for reform in the housing provident fund system and the promotion of high-quality housing development [4][12]. Investment Recommendations - The report recommends focusing on the value reassessment of shopping centers and the new "good housing" sector, maintaining a "positive" rating for real estate and property management [4][12]. - Specific companies to watch include: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Hang Lung Properties and Swire Properties [4][12]. - Good housing companies: Jianfa International, Binjiang Group, Greentown China, China Jinmao [4][12]. - Undervalued companies: Jianfa Co., China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments [4][12]. - Property management: China Resources Vientiane, Greentown Service, China Merchants Jinling, Poly Property, China Overseas Property [4][12]. - Second-hand housing intermediaries: Beike-W [4][12].

宏 观 研 究 —— 12 月中央经济工作会议学习理解 事件：新华社北京 12 月 11 日电，中央经济工作会议 12 月 10 日至 11 日在北京举行。 会议在基调上有何亮点？针对新形势提出五个"必须"、强调"国内供强需弱矛盾突出"等 2025 年中央经济工作会议针对新形势提出五个"必须"，与 2024 年五个"统筹"形成逻辑呼应，延续并 深化了经济工作的规律性认识。五个"必须"具体为：必须充分挖掘经济潜能，必须坚持政策支持和改革 创新并举，必须做到既"放得活"又"管得好"，必须坚持投资于物和投资于人紧密结合，必须以苦练内 功应对外部挑战。与 2024 年会议提出的五个"统筹"为对比， 2025 年会议更突出经济潜能挖掘与政策、 改革的协同发力，同时强化内需稳定性保障，政策导向更贴合当前发展形势。 会议分析经济形势时指出，我国"老问题、新挑战仍然不少"，并突出强调"国内供强需弱矛盾突出"， 精准聚焦当前核心痛点。2024 年会议中提出的问题更侧重需求侧，即"国内需求不足，部分企业生产经营 困难，群众就业增收面临压力"。2025 年会议则直指当前供给相对偏强而需求不足的现状，既契合 PPI、 CPI 持续疲 ...

行 业 及 产 业 建筑装饰 2025 年 12 月 11 日 研 究 行 业 相关研究 证 券 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 推动投资止跌回稳，督促各地主动化债 ⚫ 中央经济工作会议 12 月 10 日至 11 日在北京举行。会议指出，做好明年经济工作，坚 持稳中求进工作总基调，更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安 全，实施更加积极有为的宏观政策，持续扩大内需、优化供给，做优增量、盘活存量， 实现"十五五"良好开局。 重要信息回顾： 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 看好 ——2025 年 12 月中央经济工作会议点评 事件： / 点 评 - ⚫ 推动投资止跌回稳，中央预算内 ...

REIT 分析 策 略 研 究 2025 年 12 月 11 日 和田最大水电站，电价弹性可期 ——华夏中核清洁能源 REIT 深度价值分析 本期投资提示： 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 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 请务必仔细阅读正文之后的各项信息披露与声明 申 购 略 证 券 研 究 报 告 - ⚫ 申购策略观点：本基金发行份额为3亿份，预计2025/12/17询价，区间为3.356元/份-5.033 元/份。基础设施项目为波波娜水电站，位于喀拉喀什河（发源于昆仑山冰川），背靠区域 内第一大水电运营商，是和田地区投运装机规模最大、年发电量最高的水电项目。项目售电 以优先计划量为主，批复 ...

证 券 研 究 报 告 11月中国与新兴市场流入加速，发达市场流入减速 全球资产配置资金流向月报（2025年11月） 3 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 涂锦文 A0230525070006 王胜 A0230511060001 2025.12.11 摘要 www.swsresearch.com 证券研究报告 2 ◼ 11月，美国政府关门宣告结束，经济数据开始逐步披露。11月21日，美国劳工局数据显示，9月，新增非农就业人数11.9万人，远超市场预期的5万人，失业率上升0.1个百分点至4.4%， 续创2021年11月以来的最高水平。市场在美元的强弱摇摆中寻找新的线索。12月10日，美联储如期降息25BPs，年内累计下调75BPs，但是本次降息出现3票反对，美联储内部分歧加 大。从11月1日到12月10日，分资产类别来看，1）权益方面，美元计价下，巴西和越南股市领涨全球，美元计价下分别上涨4.5%和4.7%，而纳斯达克和沪深300则出现下跌；2）固收 层面，10年美债收益率和美元指数先下后上，美联储降息当天下行5BPs， ...