行 业 及 产 业 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 联系人 王子昂 A0230525040003 wangza@swsresearch.com 高端酒批价回落 关注需求承接 食品饮料 2025 年 12 月 06 日 相关研究 《茅台股东会传递务实信号 月度金股推荐 泸州老窖 ——食品饮料行业周报 20251124-20251128》 2025/11/30 《市场大幅调整 板块相对跑赢 ——食品 饮料行业周报 20251117-20251121》 2025/11/22 《黎明前夕，曙光将至——2026 年食品 ⚫ 风险提示：食品安全问题，经济下行影响白酒及大众品需求。 证 券 研 究 报 看好 ——食品饮料行业周报 20251201-20251205 本期投资提示： 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(res ...

证 券 研 究 报 告 励精图治 ——十五五规划十大投资机会梳理 证券分析师： 程翔 A0230518080007 王胜 A0230511060001 傅静涛 A0230516110001 2025.12.06 主要结论 www.swsresearch.com 2 ◼ 2025年9月3日，抗战胜利80周年大阅兵的举行，9月23日，中国国务院总理李强在出席第80届联合国大会相关活动时向全世界庄严 宣示，中国作为负责任的发展中大国，在世贸组织当前和未来谈判中，将不寻求新的特殊和差别待遇。四中全会召开前夕，"钟才 文"系列文章的发布，分别从军事安全、国际责任与国内预期等多个维度共同传递出了一个明确的信号：中国正从全球规则的适应 者，主动转变为共建者与责任承担者。 ◼ 10月28日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》 发布， "统筹发展和安全"贯穿所有领域。科技 部分十五五首次将新兴产业定位为 "支柱产业"，聚焦新能源、新材料等，核心以集群化发展 + 场景规模化落地为路径，还提出 新技术新产品新场景大规模应用示范行动。从覆盖范围角度而言，三中全会聚焦"战略性产业"，"十五五"拓展至"传统-新 ...

2025 年 12 月 06 日 相关研究 《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 《谷歌大模型超预期了吗? 国内 AI 2026 年策略! 华为容器热点! ——计算机行业 周报 20251117-20251121 》 2025/11/22 证券分析师 申万宏源研究微信服务号 本期投资后了 2026 计算机年度策略：算力聚沙成塔，应用乘风而起。 ● 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 cuihang@swsresearch.com 徐平平 A0230525080002 xupp@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230525100001 chenqh@swsres ...

2025 年 12 月 06 日 新版行业清单出炉,基础设施 REITs EST FB ! 公募 REITs 周度跟踪（2025.12.1-2025.12.5） 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 申万宏源研究微信服务 REITs 即将迈入商业不 -公募 REITs 周度跟 踪 (2025.11.24-2025.11.28)》 2025/11/29 《市场承压回调，关注超跌品种的 -公募 REITs 周度跟踪 電空机 台 (2025.11.17-2025.11.21)》 2025/11/22 《指数修复，发改委支持民间项目 -公募 REITs 周度跟 发行 REITs- 踪 (2025.11.10-2025.11.14)》 2025/11/15 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yanqxf@swsresearch.com 城市更新设施、高端酒店等纳入基础设施 ...

Group 1 - The report indicates that insurance companies have lowered risk factors for long-term holdings in the CSI 300, the China Securities Low Volatility 100, and the STAR Market, with state-owned insurance companies increasing their positions first, followed by the risk factor adjustments. This adjustment provides an additional incentive for other insurance companies to increase equity allocations, with a potential increase in equity investment space amounting to hundreds of billions under unchanged solvency ratios [4][5]. - The report highlights that the spring market's economic and industrial catalysts are not yet clear, and the supply-demand logic of funds may become the main contradiction. Expectations for the insurance "opening red" trading are rising, and high-dividend market trends may begin to emerge before early 2026 [4][5]. - The report suggests that the risk factor adjustments may encourage long-term capital to enter the market, particularly benefiting state-owned insurance companies that have already allocated a high proportion of new premiums to the market. The equity investment risk factor reduction is seen as a delayed policy optimization [5]. Group 2 - The report maintains that the spring market may be a small-scale market, with expectations of a rebound within a high-level oscillation for the overall market. For the oversold technology sector, it may transition into a phase of oscillation after sufficient adjustment [6]. - The mid-term judgment indicates a "two-stage bull market," with the technology structural bull market in 2025 at a high level, and subsequent adjustments may occur. A comprehensive bull market is expected in the second half of 2026 [6]. - The report anticipates that the first half of 2026 will see a "Bull Market 1.0" characterized by oscillation and a focus on cyclical and value styles, while the second half will transition to a "Bull Market 2.0" where technology and advanced manufacturing will dominate [8]. Group 3 - The report identifies potential triggers for the spring market, including the policy layout period starting in mid-December and the "two sessions" in 2026, which may activate policy and industrial themes [6]. - The report emphasizes that the spring market may serve as a foundation for cyclical assets, with a focus on basic chemicals and industrial technology as potential alpha sources. The insurance "opening red" may also highlight high-dividend opportunities [8]. - The report notes that the overall adjustment in technology may lead to a widespread rebound, with particular attention on sectors like innovative pharmaceuticals and national defense, as well as opportunities in AI computing, storage, energy storage, and robotics [8].

Investment Rating - The report maintains a positive outlook on the computer industry, highlighting key investment opportunities in AI computing, embodied intelligence, and AI applications [3][4]. Core Insights - The computer sector has seen an 18% increase from early 2025 to December 2, 2025, ranking 12th among all industries, driven by fundamentals and thematic investments [3][4]. - The gap between Chinese and American large models is narrowing, with expectations for further convergence and potential surpassing in certain areas by 2026 [3][20]. - The importance of AI infrastructure is increasing, with a focus on software layers that are rapidly expanding in market size and penetration [3][4]. - The report identifies key companies benefiting from AI advancements, including 合合信息, which is positioned as a leader in intelligent text recognition [3][4]. Summary by Sections 2026 Computer Annual Strategy - The strategy emphasizes the aggregation of computing power and the rise of applications, with AI being the main theme for 2026 [3][4]. - The report notes a significant rebound in revenue and net profit for the computer sector in 2025, confirming a fundamental turning point [9][10]. Large Models - The report discusses the acceleration of monetization for large models in 2025, with a focus on AI programming and multi-modal applications [20][23]. - It highlights that domestic models are catching up in performance and cost-effectiveness compared to their international counterparts [20][23]. Computing Power - The trend towards supernodes is clear, with domestic computing power achieving overall performance improvements [3][4]. - Quantum computing is beginning to move towards commercialization, with several breakthroughs expected in the second half of 2025 [3][4]. Applications - The report indicates that industry know-how serves as a competitive moat, with software entering an optimal layout period [3][4]. - It predicts that many companies will see AI revenue exceed 10%, marking a technological revolution in the software industry [3][4]. Key Companies and Investment Targets - The report lists several companies as key investment targets, including 金山办公, 海康威视, and 浪潮信息, among others, across various segments such as AIGC and digital economy leaders [3][4].

研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 2025 年 12 月 06 日 新版行业清单出炉，基础设施 REITs 再扩围！ ——公募 REITs 周度跟踪（2025.12.1-2025.12.5） 相关研究 《里程碑！REITs 即将迈入商业不 动产新时代——公募 REITs 周度跟 踪（2025.11.24-2025.11.28）》 2025/11/29 《市场承压回调，关注超跌品种的 博弈机会——公募 REITs 周度跟踪 （2025.11.17-2025.11.21）》 2025/11/22 《指数修复，发改委支持民间项目 发行 REITs——公募 REITs 周度跟 踪（2025.11.10-2025.11.14）》 2025/11/15 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使 ...

证 券 研 究 报 告 在多元资产的时代乘风破浪 ——公募FOF业务及产品布局2026年展望 证券分析师：邓虎 A0230520070003 2025.12.5 联系人： 邓虎 A0230520070003 denghu@swsresearch.com 主要内容 2 1. 公募FOF行业现状 2. 多元资产的下一步进化方向 3. 高波FOF何去何从？ 4. 风险提示及声明 FOF创22Q4以来新高，公募FOF乘上多元资产的风 图1：公募FOF的数量和规模变化 图2：公募FOF规模变动的原因 资料来源：Wind，申万宏源研究 资料来源：Wind，申万宏源研究 www.swsresearch.com 证券研究报告 3 • 经历了多年的FOF规模整体下降，2024年Q4起公募FOF整体规模开始回升，甚至创出22年Q4以来的新高。产 品的净申购也逆转了多年的持续净赎回情况，连续三个季度出现大幅正的资金流入。 • 公募FOF回暖的背后主要依托招商银行的"长盈计划"，再深层次，则是在利率水平快速下降后，市场对于多元 资产配置实现固收+的认可度上升，需求增长。 2025年首发和规模增长较大的FOF 多元资产配置成为FOF的 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 0.79 [2][6]. Core Insights - The company reported a revenue of RMB 3.96 billion for FY25, representing a year-on-year growth of 6.1%, while net profit decreased by 36.9% to RMB 390 million. Adjusted net profit, excluding certain impairments, increased by 6.5% to RMB 740 million, aligning with expectations [3][4]. - The company has optimized its school count and strengthened headquarters management, which is expected to lead to a recovery in profit margins. The average tuition fee increased by 6% to RMB 13,600 per academic year [4][6]. - The company sold eight low-efficiency school assets from FY24 to FY25, aiming to enhance operational efficiency by reducing the number of schools and increasing the proportion of undergraduate students [5][6]. Financial Data and Profit Forecast - For FY25, the company’s revenue is projected at RMB 3.96 billion, with an adjusted net profit of RMB 738 million. The adjusted net profit is expected to grow to RMB 764 million in FY26 and RMB 812 million in FY27 [7][10]. - The gross margin for FY25 is reported at 42.1%, slightly lower than the previous year, but operational efficiency is anticipated to improve moving forward [4][6]. - The company’s student enrollment for FY25 is 291,000, with a stable student structure, where undergraduate students account for 48% and vocational students for 3% [4][5].

证 券 研 究 报 告 业绩高增速组合构建全攻略 证券分析师：杨俊文 A0230522070001 邓虎 A0230520070003 研究支持： 杨俊文 A0230522070001 2025.12.05 主要内容 2 1. 业绩高增速组合的构建 2. 业绩高增速组合是否实现了业绩的高增？ 3. 哪些因子对股票当年利润增速有预测效果？ 4. 因子递进选股与并列选股的差异 5. 附录：分析师因子的改进 1. 业绩高增速组合的构建 ◼ 预期当年利润高增股票池的筛选：在中证全指样本空间内，站在每年的4、8、10月底，筛选出总市值和过去一年日均成 交金额排名前 80%的样本，然后剔除去年归母净利润为负的样本，根据分析师一致预期业绩增速筛选出前50%的样本。 www.swsresearch.com 证券研究报告 3 1. 业绩高增速组合的构建 ◼ 预期当年利润高增股票池的筛选：在 2011/8/31~2025/10/31回测期间，预期当年利润高增股票池内的股票数量平均 为571只。 www.swsresearch.com 证券研究报告 4 1. 业绩高增速组合的构建 ◼ 预期当年利润高增股票池的筛选：我们将股票池内的 ...