Investment Rating - The investment rating for the essential consumer goods sector is "Outperform" for multiple companies including Kweichow Moutai, Wuliangye, and Yili [1] Core Insights - In November 2025, four out of eight monitored essential consumer sectors showed positive growth, while four experienced negative growth, with the growth sectors being condiments, frozen foods, soft drinks, and catering services [29] - The overall growth rates across all sectors have slowed compared to the previous month, attributed to macroeconomic conditions, structural industry challenges, and seasonal factors [29] Subsector Summaries Mid-to-High-End and Above Baijiu - Revenue for the mid-to-high-end and premium baijiu sector in November was RMB 24 billion, down 13.0% year-on-year, with cumulative revenue from January to November at RMB 349.2 billion, a decline of 6.2% [30] - The market is experiencing simultaneous declines in both volume and price, with a conservative consumer spending trend [30] Mass-Market and Below Baijiu - Revenue for the mass-market and lower-tier baijiu industry reached RMB 18.9 billion in November, marking a 3.3% year-on-year decline, with cumulative revenue from January to November totaling RMB 180.9 billion, down 8.5% [30] - The production of baijiu in October was 276,000 kiloliters, down 18.3% year-on-year, indicating a challenging market environment [30] Beer - The domestic beer industry generated revenue of RMB 9.9 billion in November, a 2.0% year-on-year decline, with cumulative revenue from January to November at RMB 162.6 billion, representing a 0.2% year-on-year increase [31] - Seasonal demand has decreased due to a nationwide temperature drop, leading to subdued overall demand [31] Condiments - The condiments sector reported revenue of RMB 418 billion in November, a year-on-year increase of 0.8%, with cumulative revenue from January to November at RMB 4,129 billion, up 1.3% [18] Frozen Foods - The frozen foods sector achieved revenue of RMB 81.6 billion in November, a year-on-year increase of 4.0%, with cumulative revenue from January to November at RMB 964 billion, up 2.2% [22] Soft Drinks - Revenue for the soft drinks sector was RMB 388 billion in November, a year-on-year increase of 2.1%, with cumulative revenue from January to November at RMB 6,583 billion, up 4.1% [24] Catering - The catering industry reported revenue of RMB 130.4 billion in November, a year-on-year increase of 0.3%, with cumulative revenue from January to November at RMB 1,607 billion, down 0.7% [26]

Investment Rating - The report assigns an "Outperform" rating to the company, forecasting EPS for 2025, 2026, and 2027 to be RMB 0.37, RMB 0.51, and RMB 0.61 respectively, with a target price set at RMB 18.34 based on a moderate PB premium of 0.65x for 2025 [3][10]. Core Insights - The company has successfully launched the first consumer holding real estate ABS in China, marking a significant milestone in innovative financing. This ABS, managed by Sinolink Securities, has an issuance size of RMB 616 million and a term of approximately 25 years [3][10]. - The company reported a total commercial operation revenue of approximately RMB 10.51 billion for the first nine months of 2025, reflecting a year-on-year increase of 10.82% and maintaining a high occupancy rate of 97.7% [3][10]. - The company has expanded its presence to 143 cities with 205 Wuyue Plazas, achieving a total foot traffic of 950 million, which is a 16.0% increase year-on-year, and a membership base of 49.17 million [3][10]. - The company has made significant strides in both domestic and foreign financing, successfully issuing USD 300 million in senior unsecured bonds and USD 160 million in senior secured notes, alongside medium-term notes in the domestic market [3][10]. Financial Summary - The company’s total revenue for 2023 is projected at RMB 119.17 billion, with a decline expected in subsequent years, reaching RMB 58.48 billion in 2025, a decrease of 34.3% [2][4]. - Net profit attributable to the parent company is forecasted to be RMB 737 million in 2023, with a gradual increase to RMB 1.38 billion by 2027 [2][4]. - The company’s net asset return is expected to improve from 1.2% in 2023 to 2.0% in 2027, indicating a positive trend in profitability [2][4].

短期业绩波动，不改长期趋势 天孚通信(300394) ——三季报业绩点评 股票研究 /[Table_Date] 2025.12.01 2025-12-01 电信运营 [Table_Industry] /信息技术 本报告导读： 下调盈利预测和目标价，维持增持评级；业绩略低预期，不改需求向好；盈利能力 保持稳定，持续投入扩产。 投资要点： 风险提示：行业需求低于预期，行业竞争更加恶劣。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,939 | 3,252 | 6,090 | 9,074 | 10,864 | | (+/-)% | 62.0% | 67.7% | 87.3% | 49.0% | 19.7% | | 净利润(归母) | 730 | 1,344 | 2,254 | 3,328 | 3,999 | | (+/-)% | 81.1% | 84.1% | 67.8% | 47.6% | 20.2% | | 每股净收益( ...

Investment Rating - The report maintains an "Outperform" rating for A-Shares including Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Jiangsu Nhwa Pharmaceutical, Xiamen Amoytop Biotech, Zhejiang Jingxin Pharmaceutical, Innovent Biologics, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, and APT Medical [2][4][29] - The report also maintains an "Outperform" rating for H-Shares including Hansoh Pharmaceutical Group, 3SBio, PATEO, Akeso, and related targets such as Innovent Biologics and WuXi AppTec (H-Shares) [2][7][29] Core Insights - The report continues to recommend the innovative drug and device industry chain [1][2] - In November 2025, the pharmaceutical sector underperformed the broader market, with the SW Pharma Bio index falling by 3.6% compared to a 1.7% drop in the SHCOMP [2][10] - The premium of the pharmaceutical sector to all A-Shares is currently at a normal level of 72.6% as of the end of November 2025 [17][22] Summary by Sections A-Shares Performance - The report highlights the A-Shares that are recommended for investment, maintaining an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine and Sichuan Kelun Pharmaceutical, among others [4][5] - The report notes that the pharmaceutical sector's performance was ranked 23rd among Shenwan's first-level industries in November 2025 [10][12] H-Shares Performance - The report indicates that the H-Shares pharmaceutical sector performed in line with the market, with the Hang Seng Healthcare index down by 0.1% and the biotech sector up by 0.4% in November 2025 [2][23] - Top gainers in the H-Shares market included Laekna, Inc. (+40%) and Clover Biopharmaceuticals, Ltd. (+22%) [23] U.S. Market Performance - The U.S. pharmaceutical sector outperformed the broader market in November 2025, with the S&P Healthcare Select Sector rising by 9.1% compared to a 0.1% increase in the S&P 500 [23]

Investment Rating - The report maintains an "Outperform" rating and raises the target price to RMB 171.49, reflecting a projected increase of 114% from the current price [4][9]. Core Insights - The company is positioned to benefit from the AI industry trend, with a strong focus on computing power, cloud services, and smart terminals, leading to high revenue growth [1][4]. - Revenue for the first three quarters of 2025 reached RMB 8.33 billion, a 54% year-over-year increase, while net profit attributable to shareholders was RMB 698 million, up 25% year-over-year [10]. - The company is enhancing its computing power service capabilities by procuring servers worth up to RMB 4.00 billion and increasing R&D investments to upgrade its service platform [11][12]. Financial Summary - Total revenue projections for 2023 to 2027 are as follows: RMB 4,658 million in 2023, RMB 7,410 million in 2024, RMB 11,766 million in 2025, RMB 17,216 million in 2026, and RMB 22,678 million in 2027, with growth rates of 47.9%, 59.1%, 58.8%, 46.3%, and 31.7% respectively [3]. - Net profit attributable to shareholders is projected to grow from RMB 287 million in 2023 to RMB 2,639 million in 2027, with growth rates of 119.5%, 140.8%, 66.4%, 61.1%, and 42.3% respectively [3]. - The projected EPS for 2025, 2026, and 2027 is RMB 3.33, RMB 5.36, and RMB 7.62 respectively [4][9]. Business Development - The company is expanding its business from data storage devices to IoT smart terminals and cloud platforms, focusing on computing power services [10]. - The platform has penetrated various sectors including cloud gaming, AI applications, and finance, and is continuously expanding its high-value customer base [11].

Investment Rating - The report maintains an 'Overweight' rating for the real estate industry [23]. Core Insights - Recent weeks have seen a rebound in transactions in major cities, with a stable market outlook expected to continue until year-end. Existing home sales are identified as a crucial direction for developing new real estate models, which supports the health of the industry [23][24]. Summary by Sections New Home Sales - In Week 48 of 2025, new home sales in 30 major cities reached 2.13 million square meters, reflecting a week-on-week increase of 9.50% but a year-on-year decrease of 32.55%. First-tier cities sold 520,000 square meters (up 22.2% week-on-week, down 39% year-on-year), second-tier cities sold 1.26 million square meters (up 7.45%, down 30%), and third-tier cities sold 340,000 square meters (up 0.84%, down 31.4%) [24]. Cumulative Sales Data - From November 1-27, 2025, cumulative sales in 30 cities totaled 6.75 million square meters, up 13.7% from October 2025 but down 31% year-on-year. First-tier cities accounted for 1.70 million square meters (up 4%, down 43%), second-tier cities for 3.80 million square meters (up 34%, down 24.15%), and third-tier cities for 1.26 million square meters (down 14.8%, down 27.6%) [24]. Second-Hand Home Sales - In Week 48, second-hand home sales in 24 cities reached 2.15 million square meters, up 1.99% week-on-week but down 15.9% year-on-year. First-tier cities sold 860,000 square meters (up 3.0%, down 24.8%), second-tier cities sold 835,000 square meters (down 0.66%, down 20.3%), and third-tier cities sold 457,000 square meters (up 5.1%, up 24.1%) [25]. Land Transactions - In Week 48, land transaction growth in 100 cities showed an increase, with land supply at 53.55 million square meters and transactions at 25.33 million square meters, resulting in a supply-to-sales ratio of 2.11. The total land transfer revenue was RMB 65.1 billion. For the year, cumulative land supply was 815.15 million square meters (down 12% year-on-year), with transactions at 649.34 million square meters (down 6.7% year-on-year) [26]. Inventory and Clearance Cycle - In October 2025, the inventory clearance cycle in 35 cities continued to rise, with a saleable area of 315.11 million square meters (down 0.82% month-on-month, down 3.44% year-on-year). The clearance cycle averaged 23.13 months, up 2.50% from the previous month and up 0.90% year-on-year [27].

26 年长协电比例预计将降低 [Table_Industry] 公用事业 股票研究 / [Table_Date] 2025.12.01 2025-12-01 本报告导读： 在市值考核的背景下，国央企股价偏弱的或都有回购的诉求，火电也有提分红或者 回购增持的可能。 究 [table_Authors] 投资要点： 行 业 周 报 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 [Table_Summary] 江苏 12 月集中竞价交易价格回落至 0.340 元/度（11 月 0.356 元/ 度），安徽机制电价 0.38 元/度。我们认为担忧南方符合基本面，北 方会好一些，预计电价跌幅有限，北方部分省市甚至能上涨，预计 长协签订后行业估值会好转，近期风光公司开始增持：三峡集团 10 月 9 日-11 月 21 日增持总股本的 0.03%，累计增持达总股本 0.65%； 宁德时代参股大渡河丹巴水电站，持股 10%。在市值考核的背景下， 国央企股价偏弱的或都有回购的诉求，火电也有提分红或者回购增 持的可能。 截止 10 月底，全国累计发电装机容量 37.5 亿千瓦，YOY+17.3%，光 伏 / ...

Domestic Macro - The National Cooperative Federation of China held its eighth congress on November 24, emphasizing the need for comprehensive reform and development in cooperative services [1][4] - The People's Bank of China announced a 10,000 billion yuan MLF operation on November 25, with a net injection of 1,000 billion yuan to maintain liquidity in the banking system [1][4] - The State Council launched the 14th National Policy Promotion Week to reduce the burden on enterprises on November 25 [1][4] - The National Data Bureau initiated pilot projects for data resource development in 12 state-owned enterprises, focusing on traditional and emerging sectors [1][4] - The Ministry of Commerce and five other departments issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming for significant improvements by 2027 [1][4] Industry Policies - The Ministry of Housing and Urban-Rural Development announced a focus on urban renewal actions in four key areas on November 21 [2][5] - The Ministry of Industry and Information Technology launched commercial trials for satellite IoT services on November 22, supporting the development of new industries [2][5] - The Ministry of Industry and Information Technology initiated the creation of national emerging industry development demonstration bases, aiming to establish around 100 parks and 1,000 enterprises by 2035 [2][5] - The National Space Administration released an action plan to promote high-quality development in commercial aerospace on November 25 [2][5] Local Policies - The Shanghai Municipal Government issued measures to deepen the reform of drug and medical device regulation to promote high-quality development in the pharmaceutical industry on November 24 [6][18] - The Guizhou Provincial Development and Reform Commission held a meeting to address price competition issues on November 25 [6][18] - Guangdong Province introduced a financial support plan for enterprises to conduct industry chain integration and mergers on November 26 [6][18] Overseas Dynamics - The Chinese Foreign Ministry urged Japan to fulfill its commitments to China in practical actions on November 21 [7][20] - The G20 leaders' summit concluded on November 23, emphasizing multilateral cooperation and common development [7][20] - The European Parliament approved the "European Defense Industrial Plan" on November 25, aimed at strengthening the EU's defense capabilities [7][20] - The New Zealand Reserve Bank lowered its benchmark interest rate by 25 basis points to 2.25% on November 26, indicating potential further easing [7][20]

策略研究 /[Table_Date] 2025.11.28 2025-12-01 南向资金流入电商零售规模创 10 月以来 新高 ——11 月第 4 周全球外资周观察 本报告导读： ① 北向资金：最近一周可能小幅净流入，其中灵活型外资可能大幅净流入。②港 股：最近一周稳定型外资流出 122 亿港元，灵活型外资流出 75 亿港元，港股通 流入 415 亿港元。③亚太市场：外资本周流出日本，10 月流入印度。④美欧 市场：9 月资金流入欧洲，流入美国。 投资要点： 略 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 策 海 外 策 略 研 究 [Table_Summary] 北 向资金 ：最近 一周北向 资金可 能 小幅 净流入。 最近一周 （2025/11/24-2025/11/28，下同）交易日期间北向资金估算净流入 37 亿元，前一周（2025/11/17-2025/11/21，下同）估算净流出 183 亿元。最近一周交易日期间灵活型外资估算净流入 66 亿元，前一周 估算净流出 77 亿元。此外，我们汇总最近一周陆股通每日前十大活 跃个股，其中中际旭创（本周陆股通双向成交总金额为 205 ...

Investment Rating - The report suggests prioritizing investments in foreign trade, followed by domestic demand, with a focus on the export manufacturing sector for clearer performance recovery by 2026 [38]. Core Insights - In September 2025, US apparel and accessories retail sales grew by 6.7% year-on-year, although the inventory-sales ratio declined both year-on-year and month-on-month [38]. - The current overseas K-shaped consumption trend shows strong performance in both high-end and mass value-for-money segments [38]. - Key targets for investment include Huali Industrial Group, Stella International Holdings, Shenzhou International, and Best Pacific International, with specific focus areas in home textiles, affordable luxury, and low valuation high dividend companies [38]. Summary by Sections Industry Data Tracking - In October 2025, China's apparel retail sales increased by 6.8%, while textile and apparel exports decreased by 12.6% [16]. - The cumulative textile and apparel exports from January to October 2025 amounted to approximately $243.94 billion, reflecting a year-on-year decline of 1.79% [18]. Market Performance - The A-share textile and apparel sector rose by 2.75% in the last week, outperforming the broader market [6]. - The current PE valuation for the textile and apparel sector stands at 20.65 times, below the historical average of 24.70 times [10]. Key Announcements and News - Huitai Textile reported a 6.7% decline in revenue for the six months ending September 30, 2025, primarily due to tariff disruptions and low capacity utilization [33]. - Kappa's parent company reported a 49% increase in profit for the first half of the fiscal year, indicating strong brand and operational performance [34].