Group 1: Economic Stimulus in Japan - The economic stimulus plan introduced by Prime Minister Kishi is valued at 21.3 trillion yen (approximately 135 billion USD), exceeding market expectations of 17 trillion yen[2] - The plan allocates 55% (11.7 trillion yen) for inflation subsidies and social welfare, 34% (7.2 trillion yen) for strategic industry investments, and 8% (1.7 trillion yen) for defense and diplomacy[3] - Japan's fiscal deficit rate is projected to rise significantly to 2.8% in 2026, with an increase of 1.77 percentage points, compared to 1.0% for the US and 0.84% for Germany[18] Group 2: Economic Growth and Inflation - The fiscal stimulus is expected to boost Japan's GDP growth by 0.5 percentage points in 2026, which is lower than the contributions expected from the US (0.6 points) and Germany (0.63 points)[23] - Temporary inflation subsidies may reduce the overall CPI growth by 0.7 percentage points in early 2026, but could increase core inflation pressures in the medium term[27] - The combination of loose fiscal policy and tight monetary policy may lead to a reversal of carry trade, with the USD/JPY exchange rate reaching a low of 157.9 recently[4] Group 3: Market Reactions and Asset Performance - In the week following the announcement, major equity indices rose, with the S&P 500 increasing by 3.7% and the Nasdaq by 4.9%[5] - The US dollar index fell by 0.7% to 99.44, while gold prices surged by 3.4% to 4223.9 USD per ounce[5] - The 10-year US Treasury yield decreased by 4.0 basis points to 4.02%, indicating a shift in investor sentiment following the economic developments[5]

权 益 量 化 研 究 2025 年 11 月 30 日 价量匹配改善，情绪指标维持震荡 ——量化择时周报 20251130 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com | 1．情绪模型观点：市场情绪得分周内继续回落 4 | | --- | | 1.1 从分项指标出发：价量匹配改善、主力资金回流，情绪指标维持震 | | 荡、分化 5 | | 2．其他择时模型观点：美容护理短期得分快速提升，价值风 | | 格与小盘风格占优 10 | | 2.1 美容护理行业短期得分快速提升，价值风格与小盘风格占优 10 | | 3．风险提示 14 | 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共15页 简单金融 成就梦想 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 量 化 策 略 - ⚫ 市场情绪得分周内继续回落： ...

Investment Rating - The report assigns a rating based on the AHP score of 2.37, placing the company in the lower-middle tier of the AHP model distribution [4][8]. Core Insights - The company focuses on the "communication + automotive + satellite" three-pronged strategy, primarily developing RF front-end chips, RF SoC chips, and other analog chips, with over 80% of its revenue coming from RF front-end products [4][11]. - The company has broken the 5G RF front-end monopoly, ranking among the top three domestic manufacturers, and has achieved large-scale production of L-PAMiD products for mainstream brand clients, marking a significant milestone in domestic RF front-end capabilities [11][16]. - The company is expanding into the automotive and satellite communication sectors, with a projected market growth in automotive RF front-end applications from $400 million in 2024 to $900 million by 2030, and satellite communication market penetration expected to rise from 5% to around 10% by 2025 [17][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for the company is calculated at 2.37, indicating a position in the 38.7% percentile of the AHP model, suggesting a lower-middle tier ranking [4][8]. New Stock Fundamentals Highlights - The company is a leader in the domestic RF front-end chip market, with a significant focus on 5G, 4G, 3G, and 2G RF front-end chip products, and has achieved a market share of over 30% in high-end mobile devices [11][12]. - The company has successfully launched multiple RF modules, including L-PAMiD, L-PAMiF, and others, across various communication standards, achieving large-scale sales with major brands [16][18]. Comparable Company Financial Metrics - The company has shown a compound annual growth rate (CAGR) of 50.88% in revenue from 2022 to 2024, although it remains below the average of comparable companies [27][26]. - The gross margin has improved from 17.06% in 2022 to 22.62% in 2025 H1, but it still lags behind the average of comparable firms [32][34]. Fundraising Projects and Development Vision - The company plans to use the proceeds from its IPO for projects focused on 5G RF front-end chip and module R&D, RF SoC R&D, and the construction of its headquarters and R&D center [41][42]. - The implementation of these projects is expected to enhance the company's innovation capabilities and improve its product competitiveness in the market [41].

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 联系人 马昕晔 A0230511090002 maxy@swsresearch.com 2025 年 11 月 30 日 发改委持续推进"反内卷"进程， 多地 MDI 停车检修致价格上涨， 钾肥进口大合同同比持稳 看好 ——《化工周报 25/11/24-25/11/28》 本期投资提示： 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 ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The issuance and net financing of local government bonds increased significantly on a weekly basis this period but are expected to decline significantly next period. As of November 28, 2025, the cumulative issuance of new general bonds and new special-purpose bonds accounted for 91.4% and 100.7% of the annual quota respectively, and 92.8% and 101.6% considering the expected issuance next period [4]. - As of November 28, 2025, the issuance of special new special-purpose bonds this period was 541 billion yuan, the issuance of special refinancing bonds for replacing hidden debts was 27 billion yuan, and the issuance of special refinancing bonds for repaying existing debts was 788 billion yuan. The cumulative issuance of special new special-purpose bonds reached 13,508 billion yuan, the cumulative issuance of special refinancing bonds for replacing hidden debts reached 19,989 billion yuan with a progress of 99.9%, and the cumulative issuance of special refinancing bonds for repaying existing debts since October 2025 was 2,204 billion yuan [4]. - The spread between local government bonds and treasury bonds widened for 10Y and 30Y, and the weekly turnover rate decreased on a weekly basis. As of November 28, 2025, the spreads of 10-year and 30-year local government bonds over treasury bonds were 17.88BP and 22.49BP respectively, up 3.54BP and 4.25BP from November 21, 2025. The weekly turnover rate of local government bonds this period was 0.69%, down from 0.80% last period [4]. - Currently, the spreads of 15/20/30Y, especially 15Y, local government bonds over treasury bonds have certain value for investment. Since 2018, the top of the spread adjustment may be about 20 - 25BP above the lower limit of the issuance spread, and the bottom may be near the lower limit of the issuance spread. Currently, the top of the spread between local government bonds and treasury bonds may be around 30 - 35BP, and the bottom may be around 5 - 10BP [4]. 3. Summary According to the Table of Contents 3.1 This Period: Local Government Bond Issuance Increased and the Weighted Issuance Term Lengthened - This period (November 24 - 30, 2025), the total issuance/net financing of local government bonds was 351.359 billion yuan/326.212 billion yuan (last period was 184.659 billion yuan/126.343 billion yuan), and next period (December 1 - 7, 2025), the expected issuance/net financing is 108.717 billion yuan/60.494 billion yuan [4][11]. - The weighted issuance term of local government bonds this period was 15.41 years, longer than 14.30 years last period (November 17 - 23, 2025) [4][12]. - As of November 28, 2025, the cumulative issuance of new general bonds and new special-purpose bonds accounted for 91.4% and 100.7% of the annual quota respectively, and 92.8% and 101.6% considering the expected issuance next period. The part exceeding 100% may come from the 500 billion yuan of remaining quota mentioned in the press conference of the Ministry of Finance on October 17 [4][20]. - The planned issuance of local government bonds in December 2025 is 105 billion yuan in total, including 21.3 billion yuan of new special-purpose bonds. As of November 28, 2025, 11 regions have disclosed a total planned issuance of 105 billion yuan, compared with 242.6 billion yuan and 8 billion yuan in the same regions and 1,091.3 billion yuan and 21.1 billion yuan nationwide in the same period last year [4][26]. - As of November 28, 2025, the cumulative issuance of special new special-purpose bonds was 13,508 billion yuan (54.1 billion yuan issued this period); the cumulative issuance of special refinancing bonds for replacing hidden debts was 19,989 billion yuan (2.7 billion yuan issued this period) with a progress of 99.9%, and 32 regions including Zhejiang have completed the issuance (only 1.1 billion yuan of quota in Henan remains to be issued); since October 2025, the cumulative issuance of special refinancing bonds for repaying existing debts (possibly from the 500 billion yuan of remaining quota mentioned in the press conference of the Ministry of Finance on October 17) was 2,204 billion yuan (78.8 billion yuan issued this period) [4][22]. 3.2 This Period: The Spread between Local Government Bonds and Treasury Bonds Widened for 10Y and 30Y, and the Weekly Turnover Rate Decreased on a Weekly Basis - As of November 28, 2025, the spreads of 10-year and 30-year local government bonds over treasury bonds were 17.88BP and 22.49BP respectively, up 3.54BP and 4.25BP from November 21, 2025, and were at the 42.70% and 88.00% historical percentiles since 2023 respectively [4][36]. - The weekly turnover rate of local government bonds this period was 0.69%, down from 0.80% last period. The yields and liquidity of 7 - 10Y local government bonds in regions such as Yunnan, Inner Mongolia, and Tianjin were better than the national average [4].

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [28]. Core Insights - The report highlights a 2.7% increase in the Shenwan Pharmaceutical and Biological Index, outperforming the Shanghai Composite Index, which rose by 1.4% [3][5]. - The report emphasizes the importance of monitoring changes in flu epidemics and their impact on the pharmaceutical sector, particularly regarding vaccine and treatment demand [2]. - Key domestic developments include the approval of new indications for innovative drugs and significant stock purchases by company executives, indicating confidence in the sector [12][13]. Market Performance - The Shenwan Pharmaceutical and Biological Index rose by 2.7% this week, ranking 17th among 31 Shenwan first-level sub-industries [3][5]. - The overall valuation of the pharmaceutical sector stands at 29.5 times earnings, placing it 10th among 31 Shenwan first-level industries [5][10]. Recent Key Events Domestic Developments - The State Council meeting discussed enhancing the basic medical insurance system, which is expected to improve the efficiency of fund management and healthcare resource allocation [11]. - Major companies like Mindray Medical and Huyuan Bio are making significant moves, such as stock buybacks and new product approvals, which are seen as positive indicators for the industry [12][13]. International Developments - The report notes the approval of groundbreaking drugs, including the first siRNA drug for treating familial chylomicronemia syndrome, and highlights the challenges faced by other drugs in clinical trials [15][16][17]. Investment Recommendations - The report suggests focusing on innovative drug sectors and companies with strong performance metrics, including Heng Rui Pharmaceutical, Changchun High-tech, and Mindray Medical, among others [2][12]. - It also recommends monitoring companies involved in flu vaccines and treatments as flu activity increases [2].

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, highlighting potential growth opportunities in the sector [4][13]. Core Insights - The cosmetics and medical beauty sector is currently underperforming compared to the market, with the Shenwan Beauty Care Index rising by only 0.5% from November 21 to November 28, 2025, which is lower than the overall market performance [5][4]. - The sixth China Cosmetics Annual Conference emphasized the importance of multi-brand globalization and AI empowerment for future development, with industry leaders discussing strategies for growth and market adaptation [10][4]. - The report anticipates that domestic brands will thrive during the industry's consolidation phase, leveraging innovation and consumer demand to drive growth [11][4]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance, with the Shenwan Cosmetics Index increasing by 1.4%, which is 1.6 percentage points lower than the Shenwan A Index [5][4]. - Key stocks in the sector include Yanjiang Co. (+22.0%), Mingchen Health (+17.9%), and Lihe Technology (+9.9%) [6][4]. Market Trends - The report identifies trends such as the need for brands to localize when expanding internationally, the role of AI in upgrading the industry, and the focus on men's skincare and body care segments [10][4]. - The medical beauty market is expected to see growth driven by new products and consumer demand, despite some economic pressures [12][4]. Company Analysis - Qingmu Technology is highlighted as a leading player in the full-service e-commerce operation sector, with a strong focus on data and technology to drive growth [16][4]. - The report notes that the company has shown significant revenue growth, with projected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025-2027, respectively [19][4]. Investment Recommendations - Recommended stocks include brands with strong channel and brand matrices such as Maogeping, Shuangmei, and Proya, as well as companies in the medical beauty sector like Aimeike [13][4]. - The report suggests focusing on companies with strong R&D capabilities and a broad product pipeline, particularly in the medical beauty segment [13][4].

Investment Rating - The report maintains a positive outlook on the non-woven fabric industry chain, recommending continued investment opportunities in this sector [2][7]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising by 2.8%, lagging behind the SW All A index by 0.2 percentage points [2][3]. - Recent industry data indicates a 3.5% year-on-year growth in retail sales for clothing, shoes, and textiles, totaling 1,205.3 billion yuan from January to October [20][25]. - Exports of textiles and apparel saw a significant decline, with October figures showing a 12.6% year-on-year drop, amounting to 22.26 billion USD [24][27]. - Cotton prices have shown a slight increase, with the national cotton price B index at 14,858 yuan per ton, up 0.8% [29]. - Australian wool prices have stabilized and increased, with the index at 978 cents per kilogram, reflecting a 32.0% year-on-year rise [31]. Summary by Sections Textile Sector - The report highlights the strong performance of Yanjiang, which reached a new high in stock price, and continues to recommend investment in the non-woven fabric industry chain [7][9]. - Yanjiang's deep ties with major international brands are expected to drive significant growth, with a potential market size exceeding 500 billion yuan for heat-resistant non-woven fabrics [7]. - Other companies like Noble and Jieya are also noted for their strong market positions and growth potential [7]. Apparel Sector - Bosideng's mid-term performance met expectations, with a 1.4% increase in revenue to 8.93 billion yuan and a 5.3% rise in net profit to 1.19 billion yuan [9][10]. - The report emphasizes the potential for growth in the women's clothing sector, which has seen a turnaround in market expectations [10]. Market Trends - The report anticipates a gradual recovery in domestic demand, particularly in new consumption areas such as outdoor sports and discount retail [2][8]. - The global tariff situation is stabilizing, which is expected to maintain the competitive edge of core manufacturing [2][8]. Key Data Points - Retail sales for clothing, shoes, and textiles from January to October reached 1,205.3 billion yuan, with a year-on-year growth of 3.5% [20][25]. - Textile and apparel exports in October were 22.26 billion USD, down 12.6% year-on-year, with specific declines in textile and clothing categories [24][27]. - Cotton prices have increased slightly, with the national cotton price B index at 14,858 yuan per ton [29]. - Australian wool prices have shown significant year-on-year increases, with the index at 978 cents per kilogram [31].

Manufacturing PMI Insights - November Manufacturing PMI increased slightly to 49.2%, up 0.2 percentage points from October's 49%[2] - Production index rose marginally by 0.3 percentage points to 50%, indicating weak production performance[8] - New orders index improved by 0.4 percentage points to 49.2%, slightly better than the same period last year[2] Inventory and Production Constraints - High inventory levels from previous months continue to constrain current production, with finished goods inventory index at 47.3%, down 0.8 percentage points[3] - The purchasing quantity index rose by 0.5 percentage points to 49.5%, but this increase is weaker compared to the previous month's decline of 2.6 percentage points[3] Sector Performance - High-tech manufacturing PMI fell to 50.1%, while equipment manufacturing and consumer goods sectors dropped into contraction territory at 49.8% and 49.4% respectively[3] - High-energy consumption industries saw a PMI increase of 1.1 percentage points to 48.4%, reflecting some improvement in investment dynamics[3] Non-Manufacturing PMI Trends - Non-manufacturing PMI decreased to 49.5%, down 0.7 percentage points, entering contraction territory primarily due to high base effects and holiday impact[4] - Service sector indices for shopping, accommodation, transportation, and tourism all showed declines, with real estate and residential services below critical levels[4] Economic Outlook - Despite short-term disruptions from high inventory, the economy is expected to maintain resilience due to supportive fiscal policies and sustained external demand[4] - The construction sector's PMI rose by 0.5 percentage points to 49.6%, indicating potential for continued improvement in business activity[22]

Investment Rating - The textile and apparel industry is rated as "Neutral" [2] Core Views - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising by 2.8% from November 24 to November 28, lagging behind the SW All A index by 0.2 percentage points [3][4] - Retail sales for clothing, shoes, and textiles reached 1,205.3 billion yuan from January to October, showing a year-on-year growth of 3.5% [3][21] - Textile and apparel exports in October amounted to 22.26 billion USD, down 12.6% year-on-year, with specific declines in textile yarns and fabrics by 9.0% and clothing by 16.0% [3][25] - Cotton prices increased slightly, with the national cotton price B index at 14,858 yuan/ton, up 0.8% [3][32] - Australian wool prices showed significant increases, with the index at 978 cents/kg, up 32.0% year-on-year [3][34] Summary by Sections Industry Performance - The textile and apparel sector's performance was weaker than the market, with the SW textile and apparel index increasing by 2.8%, while the SW apparel and home textiles index rose by 3.0%, and the SW textile manufacturing index increased by 2.7% [3][4] Recent Industry Data - Retail sales for clothing, shoes, and textiles totaled 1,205.3 billion yuan from January to October, reflecting a 3.5% year-on-year increase [3][21] - In October, textile and apparel exports were 22.26 billion USD, a decline of 12.6% year-on-year, with textile yarns and fabrics down 9.0% and clothing down 16.0% [3][25] - Cotton prices rose slightly, with the national cotton price B index at 14,858 yuan/ton, up 0.8% [3][32] - Australian wool prices increased, with the index at 978 cents/kg, up 32.0% year-on-year [3][34] Sector Insights - The report highlights the strong performance of specific companies within the non-woven fabric industry, recommending continued investment in the entire non-woven fabric supply chain [3][8] - The report notes that the outdoor sports segment is expected to see growth, with companies like Bosideng and Anta being highlighted for their potential [3][9] - The report emphasizes the importance of new consumer trends and the potential for recovery in domestic demand in 2026 [3][10]