Core Insights - The report maintains a positive outlook on the sustainability of price increases in the midstream and upstream PPI chain, indicating a favorable environment for investment opportunities in these sectors [1] Industrial Sector Monthly Tracking - The automotive manufacturing, oil and coal extraction and processing, black metal mining, and electricity and heat sectors show improvements in economic indicators, while sectors like pharmaceuticals, food and beverage, textiles, and non-metallic materials are in a phase of supply clearing and potential recovery [2] - As of October 2025, industries with improving inventory and fixed asset growth include pharmaceuticals, non-metallic mining and products, light manufacturing, textiles, and food and beverage [2] Economic Conditions - The manufacturing PMI for November 2025 slightly rebounded to 49.2%, with price conditions improving due to reduced internal competition; raw material prices are in an expansion phase [3] - Order conditions have improved, particularly in export orders, while inventory replenishment sentiment has decreased, with the service sector returning to contraction [3] High-Frequency Indicators by Sector - **Consumer Sector**: Service consumption outperforms durable goods, with strong resilience in external demand [3] - Automotive sales, particularly in new energy vehicles, show a year-on-year retail sales growth of 7.3% in October 2025, despite a 0.8% decline in overall passenger vehicle sales [3] - Home appliance sales face high base pressure, with negative growth expected in domestic production for major appliances due to previous demand overextension [3] - Retail growth in textiles stabilizes, with upstream raw material prices showing signs of recovery [3] - **Advanced Manufacturing**: Prices for new energy products remain high, with significant growth in sales of engineering machinery and heavy trucks [3] - The photovoltaic sector sees stable supply-demand dynamics, while lithium battery materials face severe supply-demand mismatches, leading to price increases [3] - **Technology Sector**: Improvements in telecommunications business volume and base station equipment shipments, with domestic chip sales accelerating [3] - **Financial Sector**: Insurance premium growth slows after product repricing, while secondary market transaction volumes recover [3] - **Real Estate Chain**: Real estate sales and prices remain weak, with cement prices fluctuating at low levels [3] - **Cyclical Commodities**: Oil prices fluctuate within a narrow range, while coal prices rise due to winter storage replenishment [3] Supply Indicators - As of October 2025, the inventory growth rate and fixed asset investment growth rate are low, indicating a continued process of supply clearing in various sectors [6]

Core Insights - The report highlights that the computer industry is experiencing a significant shift with a focus on three key areas: large models, computing power, and applications, indicating a competitive convergence and accelerated iteration [3][9] - Institutional holdings in the computer sector are at a historical low of 2.4% as of September 30, 2025, suggesting potential for growth in valuations [3][9] - The report anticipates a robust growth trajectory for the computer sector in 2025, characterized by a Q1 peak followed by steady growth [3][9] Summary by Sections Holdings and Valuation - Institutional holdings in the computer industry are at a historical low of 2.4%, indicating room for valuation expansion [3][9] - The PS/PCF valuation metrics suggest that there is still space for growth in the sector [3][9] Fundamental Analysis - A performance inflection point has been observed, with significant profit elasticity and the gradual formation of AI application catalysts [3][9] - The report identifies three major focus areas for 2026: large models, computing power, and applications, all of which are undergoing significant changes [3][9] Model Development - The gap between Chinese and American large models is narrowing, with expectations for further reduction and potential surpassing in certain areas by 2026 [3][9] - Future developments to watch include breakthroughs in long-context limitations, multi-modal and world models, and innovative training methods [3][9] Computing Infrastructure - The report discusses advancements in chip technology, supernodes, and AI infrastructure, indicating a multi-dimensional iteration that is closing the loop between computing power, models, and applications [3][9] - The evolution of chips from merely usable to highly efficient is highlighted, along with improvements in system efficiency through engineering innovations [3][9] AI Software - The software industry is entering an optimal layout window as large model values are being validated across multiple fields [4][9] - A significant number of companies are seeing AI revenue contributions exceeding 10%, marking a technological revolution in the software sector [4][9] - Promising areas for investment include Deep Research, AI programming, multi-modal applications, industry agents, and AI solutions for marketing, office, and finance [4][9]

证 券 研 究 报 告 QDII ETF：折溢价探讨与产品投资策略分析 ——ETF兵器谱、金融产品每周见20251203 证券分析师：白皓天 A0230525070001 蒋辛 A0230521080002 邓虎 A0230520070003 联系人： 白皓天 A0230525070001 baiht@swsresearch.com 2025.12.03 投资要点 www.swsresearch.com 证券研究报告 2 ◼ QDII ETF概览：港股ETF为主，2021年起快速发展；2023年期非港股ETF规模快速提升，新布局指数也多聚焦非港股市场。 ◼ QDII ETF的折溢价形成机制： ◼ 1）现金申赎，溢价回归依赖"申购+卖出"；能否套利主要取决于基金能否申赎，其中，溢价的抹平依赖申购； ◼ 2）高溢价往往源于套利链条的断裂； ◼ 3）套利预期收益：分市场探讨，若交易时段重叠，IOPV为实时价格，套利收益=溢价率；若交易时间不重叠，IOPV为预估昨日净值，套 利收益=溢价率-当日收益；当下溢价率水平普遍存在突出套利机会； ◼ 4）溢价并非长期存在，仅部分时段存在普遍高溢价，多源于海外资产业绩占优、或申 ...

Core Insights - The report emphasizes that computational power is accumulating, leading to significant advancements in applications, particularly in AI, with a projected 10% impact point approaching in 2026 [3] - Institutional holdings in the computer sector are at a historical low of 2.4%, indicating potential for growth in valuations [3][21] - The report identifies three key focus areas for 2026: large models, computational power, and applications, all showing significant changes and accelerated iterations [3] Group 1: Market Overview - The computer index has shown a year-to-date increase of 18%, ranking 12th among all sectors, with AI computing, embodied intelligence, and AI applications as the main themes [9][10] - The report notes a basic performance turning point, with net profit rebounding and a stable overall performance expected for 2025 [10][13] Group 2: Valuation and Holdings - The report indicates that the computer sector's valuation is at a historical mid-to-high level, with PE (TTM) at 85.4, PS (TTM) at 3.6, and PCF (TTM) at 46.6 [18] - The report highlights that the computer sector's fund allocation is at a historical low, with a 2.4% allocation in Q3 2025 [21] Group 3: AI Model Developments - The report discusses the rapid narrowing of the performance gap between Chinese and American large models, with significant advancements in commercial applications expected [3][26] - It highlights the emergence of various large models in 2025, focusing on monetization, AI programming, and multi-modal capabilities [26][29] Group 4: Key Companies and Trends - The report identifies key companies in the computer sector, such as Zhongke Shuguang and Inspur Information, which have seen significant increases in their market values due to rising domestic computational capacity [23] - The report notes that the demand for AI applications is driving growth in various sectors, with companies like Alibaba and ByteDance leading in AI-related job creation [40]

市公司 时时彩公司书 | 市场数据: | 2025 年 12 月 02 日 | | --- | --- | | 收盘价（元） | 24.45 | | 一年内最高/最低（元） | 32.49/11.05 | | 市净率 | 22.8 | | 股息率%（分红/股价） | | 2025年09月30日 其研教程· 每股净资产 (元) 1.07 | 资产负债率% | 24.41 | | --- | --- | | 总股本/流通 A 股 (百万) | 274/180 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对比走势： 相关研究 证券分析师 刘靖 A0230512070005 liujinq@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 題首德 (920047) — NL005Ⅱc 期临床试验启动在即，增添成长动能 事件: 近日，公司官网发布新闻，由公司自主研发的治疗用生物制品 1 类新药重组人胸腺素β4（代 ● 号 NL005）用于治疗急性心肌梗死（AMI）IIc 期临床研究方案完成与 CDE 的临床试验前沟 通会,公司将 ...

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Insights - The company has completed the clinical trial communication for its self-developed drug NL005, aimed at treating acute myocardial infarction (AMI), and will officially start the Phase IIc clinical trial [4] - The domestic AMI mortality rate is on the rise, with approximately 50% of AMI patients experiencing myocardial reperfusion injury (MIRI) after treatment [7] - NL005 is expected to start Phase IIc clinical trials in the first half of 2026, with previous studies showing its effectiveness in reducing myocardial infarction area in animal models [7] - The report estimates a peak revenue of approximately 5.5 billion yuan for the product by 2034, applying a 3x price-to-sales (PS) ratio for valuation, leading to a reasonable market value of about 14.9 billion yuan [7] Financial Data and Profit Forecast - Total revenue projections for 2025E are 700 million yuan, with a year-on-year growth rate of -3.0% [6] - The net profit attributable to the parent company is forecasted to be -500 million yuan for 2025E [6] - The gross profit margin is expected to be 49.6% in 2025E, increasing to 71.5% by 2027E [6]

Group 1 - The report emphasizes the trend of globalization in supply chains, indicating that Chinese companies are entering a new phase of overseas operations, leading to intensified competition and accelerated market share concentration [5][26][60] - The report highlights the advantages of Chinese design and R&D capabilities combined with global supply chain layouts, enabling some companies to transition towards brand exports [6][60] - There are structural investment opportunities in domestic retail, particularly in new AI hardware growth sectors and high-margin emotional consumption products, such as pet products and domestic brands [7][60] Group 2 - The packaging industry is experiencing a global supply chain shift, with leading companies enhancing their market share by aligning with downstream customer trends [7][12] - The report notes that the paper packaging sector has seen a decline in scale and profitability since 2021, but companies like Yutong Technology are maintaining their competitive edge and market share [13][22][23] - The report discusses the expected recovery in the metal packaging industry, driven by policy changes and industry consolidation, which may enhance profitability [8][53][56] Group 3 - The home furnishing sector is positioned at a valuation bottom with high dividend safety, as the real estate market stabilizes and demand for second-hand and replacement housing increases [8][12] - The report identifies opportunities for business expansion and mergers and acquisitions as companies seek to establish new growth trajectories [9][12] - The report highlights the importance of self-owned brands in the home furnishing sector, which have been increasingly developed since 2018 due to trade tensions [7][12]

证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 2025 年 12 月 03 日 国联安沪深 300 指增：兼顾增强与 跟踪的沪深 300 指增产品 ——基金经理研究系列报告之八十八 相关研究 白皓天 A0230525070001 baiht@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 权 益 量 化 研 究 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 股 票 基 金 - ⚫ 多维因素反映沪深 300 投资价值。（1）沪深 300 指数的成交额占比近期有所提升，市 场关注度较高；（2）沪深 300 在基本面、高股息性价比与成分股待涨占比等三大特征 中表现突出：基本面特征——高质量的宽基指数、性价比特征——股息性价比逐渐突出、 成分股待涨占比——年内高涨幅股票 ...

证 券 研 究 报 告 "制造强国"实干系列周报(11/30期) 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A0230522100006 黄莎 A0230522010002 武雨桐 A0230520090001 李蕾 A0230519080008 穆少阳 A0230524070009 刘宏达 A0230524020002 刘建伟 A0230521100003 联系人：何佳霖 A0230523080002 2025.12.3 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用端 关注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期。重点 关注标的：1）卫星制造：上海瀚迅+臻镭科技+航天电子，2）应用终端：海格通信+国博电子+通宇通讯，3）运营服务： 中国卫通+星图测控+中科星图； ...

市公司 머副▷公司书 报告原因:有信息公布需要点评 型入(维持) | / הודדין | | | --- | --- | | 据: | 2025 年 12月 02 | | 市场数据: 2025 年 12 月 02 日 | | --- | | 192.16 收盘价（元） | | 一年内最高/最低（元） 228.93/168.30 | | 市净率 6.0 | | 股息率%（分红/股价） 3.15 | | 流通 A 股市值 (百万元) 234,428 | | 上证指数/深证成指 3,897.71/13,056.70 | | 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) | 31.79 | | 资产负债率% | 28.00 | | 总股本/流通 A 股 (百万) | 1,220/1,220 | | 流通 B 股/H 股 (百万) | -/- | -年内股价与大盛对比走势： and and the local of the local of the local to the local the local the loc ...