新 股 研 究 新股精要—境内半导体探针卡生产商龙头 强一股份 ——IPO 专题 本报告导读： 强一股份（688809.SH）是境内半导体探针卡龙头生产商，打破境外厂商在 MEMS 探针卡市场的垄断，有望受益于探针卡市场规模扩容及国产替代进程加速。2024 年公司实现营收/归母净利润 6.41/2.33 亿元。截至 12 月 12 日，所在行业"C39 计 算机、通信和其他电子设备制造业"近一个月静态市盈率平均值为 57.95 倍，可比 公司均为境外上市企业，申万三级行业半导体材料的公司 PE（TTM）中位数为 61.59 倍，2025 年和 2026 年预测 PE中位数分别为 66.42 倍和 61.34 倍。 [Table_Report] 相关报告 新股精要—国内领先的排水管网维护综合服务商 誉帆科技 2025.12.12 新股精要—超导磁体独立供应商龙头健信超导 2025.12.09 新股精要—国内计量校准领域领军企业天溯计量 2025.12.08 IPO 月度数据一览（2025 年 11 月） 2025.12.03 新股精要—国内光通信电芯片龙头企业优讯股份 2025.12.02 请务必阅读正文之后的 ...

股票研究 /[2025.12.15 Table_Date] [Table_Industry] 机械制造业 [Table_Invest] 评级： 增持 船舶月度跟踪：11 月 二手船价格延续上 行趋势，手持订单高位运行，绿色船舶技 术加快落地 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | --- | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | | 丁嘉一(分析师) | 021-23187266 | dingjiayi@gtht.com | S0880525080009 | [Table_Report] 相关报告 | 本报告导读： 二手船价格持续上行，行业需求结构分化。头部船企集中签署大额新造船订单，旋 筒风帆等节能技术实现实船交付并获船级社认可，绿色船舶新造与改装进展加快。 投资要点： 机械制造业《首个破十亿大项目采购计划发布， 星能玄光完成 Pre-A 轮融资》2025.11.17 机械制造业《特斯拉 Optimus 将建美国产线 ...

资产概览：全球风偏降温，贵金属领涨 [Table_Authors] 方奕(分析师) ——资产配置全球跟踪 2025 年 12 月第 2 期 本报告导读： 12/08-12/12，全球风险偏好明显降温，贵金属和部分新兴市场权益跑赢。A 股与中 债国债间负相关程度重回 0.5。COMEX 铜库存连续 40 周上涨。 投资要点： 策略研究 /[Table_Date] 2025.12.15 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 郭佼佼(分析师) | | | 021-38031042 | | | guojiaojiao2@gtht.com | | 登记编号 | S0880523070002 | [Table_Report] 相关报告 成交活跃度升高，创业板指估值领涨 2025.12.13 资产概览：商品/权益上涨，中债熊陡 2025.12.09 AI 产业延续高景气，服务消费同比偏强 2025.12.09 融资资金延续流入，ETF 平稳回流 2025.12.08 成交活跃度走高，创业板指 ...

证券研究报告 以旧换新推动内需,出口潜力仍在 重卡行业2026年投资策略报告 2025/ 12 / 15 行业评级:增持 姓名：刘一鸣 (分析师) 邮箱:liuyiming@gtht.com 证书编号: S0880525040050 姓名：张予名（研究助理） 邮箱: zhangyuming@gtht.com 证书编号: S0880125042241 01 02 04 03 2 01 | 2019A | 2020A | 2021A | 2022A | 2023A | 2024A | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | --- | --- | | 117.4 | 161.7 | 139.3 | 67.2 | 91.1 | 90.2 | 111.7 | 108.8 | | 109.0 | 155.5 | 129.3 | 49.7 | 63.5 | 61.2 | 80.0 | 72.0 | | 54.4 | 81.5 | 64.0 | 22.4 | 36.8 | 33.4 | 41.1 | 37.0 | | 22.0 | 25.7 | 21.7 ...

Investment Rating - The report rates the coal industry as "Overweight" [4]. Core Insights - The coal sector has confirmed a cyclical bottom in Q2 2025, with supply-demand dynamics showing a reversal point and downward risks fully released [2]. - The report emphasizes the importance of winter demand in determining future coal prices, especially if temperatures drop unexpectedly in December and January, potentially increasing residential electricity demand and coal consumption by power plants [4]. - The report highlights the ongoing challenges in the U.S. power system, particularly the "impossible trinity" of decarbonization goals, grid reliability, and the cost-speed requirements of AI data centers, suggesting that the U.S. may need to abandon its decarbonization targets to meet these demands [4]. Summary by Sections Investment Recommendations - The report continues to recommend core dividend stocks such as China Shenhua, Shaanxi Coal, and China Coal Energy, along with Yanzhou Coal and Jinneng Holding [4]. Coal Price Trends - As of December 12, 2025, the price of Q5500 coal at Huanghua Port is 763 RMB/ton, down 38 RMB/ton (-4.7%) from the previous week [7]. - Domestic coal prices have entered a rational decline phase since November, with a focus on whether winter demand can exceed expectations [4]. Supply and Demand Analysis - Domestic supply remains stable, with imports continuing to decrease; total supply is expected to maintain a stable decline throughout the year [4]. - The report notes that the average price of metallurgical coke at major domestic ports has decreased, with the price of primary metallurgical coke at 1686 RMB/ton, down 55 RMB/ton (-3.2%) [58]. Inventory Levels - As of December 12, 2025, Qinhuangdao's coal inventory has increased by 48,000 tons (7.0%), with total inventory at major northern ports rising by 201,200 tons (5.8%) [22]. - The report indicates that the total inventory of coking coal at three major ports is 3.01 million tons, up 11,000 tons (3.8%) from the previous week [57]. Market Tracking - The report tracks coal price declines across various ports, with significant drops noted at Huanghua, Jiangsu, and Ningbo ports [7][9]. - The report also highlights that the average price of Australian coking coal has increased by 3 USD/ton (1.4%), while domestic coking coal remains cheaper than imported options [46].

产业观察 [table_Header]2025.12.15 [Table_Report] 往期回顾 【AI 产业跟踪-海外】HPE 携手博通推出 AMD "Helios" AI 机架，搭载业界首创纵向扩展以太网 2025.12.10 【数字经济周报】OpenAI 正式发布 GPT-5.2 摘要：数字经济动态事件速览 第 43 期（2025.12.6-2025.12.12） [Table_Summary] 半导体板块动态： 汽车电子板块动态： AI 板块动态： 元宇宙板块动态： 风险提示： 产业研究中心 | [Table_Authors] | | | --- | --- | | | 朱峰(分析师) | | | 021-38676284 | | | zhufeng@gtht.com | | 登记编号 | S0880522030002 | | | 汪玥(分析师) | | | 021-38031030 | | | wangyue8@gtht.com | | 登记编号 | S0880525080001 | | | 鲍雁辛(分析师) | | | 0755-23976830 | | | baoyanxin@gtht.com ...

股票研究 /[Table_Date] 2025.12.15 减产去库 盈利筑底 [Table_Industry] 钢铁 ——钢铁行业周度更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 刘彦奇(分析师) | 021-23219391 | liuyanqi@gtht.com | S0880525040007 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | 本报告导读： 需求有望逐步触底；供给端即便不考虑供给政策，目前行业亏损时间已经较长，供 给的市场化出清已开始出现，我们预期钢铁行业基本面有望逐步修复。而若供给政 策落地，行业供给的收缩速度更快，行业上行的进展将更快展开。 ...

Investment Rating - The report rates the construction engineering industry as "Overweight" [1] Core Insights - The central economic work conference emphasizes the need to stabilize investment and implement major projects to support economic growth [3][4] - The State-owned Assets Supervision and Administration Commission (SASAC) urges central enterprises to actively promote the implementation of significant projects to ensure stable supply and prices of essential products [5][6] - The Ministry of Finance highlights the importance of government investment in driving economic recovery and encourages the issuance of long-term special bonds to support major construction projects [6] Summary by Sections Recent Key Reports - The report discusses the need for high-demand, high-barrier, and high-profit leading companies in the construction sector, recommending sectors such as AI, controlled nuclear fusion, and low-altitude economy [11][13] - It notes that the construction industry has seen a decline in net profit, with a 10% year-on-year decrease in the first three quarters [15][16] Key Company Recommendations - Recommended companies include China State Construction (dividend yield 5.25%), China Railway (dividend yield 4.80%), and China Communications Construction (dividend yield 1.92%) [9][29] - The report suggests focusing on companies with strong dividend yields and stable growth, particularly in the context of debt reduction and anti-competitive policies [12][29] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by government bonds and domestic loans [32][34] - It highlights the importance of private capital participation in infrastructure projects to enhance funding and project execution [28]

防风险基调延续下的息差策略 [Table_Authors] 王宇辰(分析师) 信用债市场周度回顾 251214 本报告导读： 中央经济工作会议指出，"坚持守牢底线，积极稳妥化解重点领域风险"。防风险基 调下，继续关注信用债短久期票息策略。 投资要点： 债券研究 /[Table_Date] 2025.12.14 | | 010-83939801 | | --- | --- | | | wangyuchen4@gtht.com | | 登记编号 | S0880523020004 | | | 张紫睿(分析师) | | | 021-23185652 | | | zhangzirui@gtht.com | | 登记编号 | S0880525040068 | [Table_Report] 相关报告 高速板块领跌，指数至阶段新低 2025.12.14 理解重要会议后的债市波动：三个层次的分析 2025.12.14 银行二永债周度数据库更新（2025.12.8-12.12） 2025.12.14 转债估值及常规因子表现数据库（251208- 251212） 2025.12.13 超长债上行期：保险买入未放量 2025.12. ...

Financing Overview - A total of 99 financing events occurred in the tech industry from December 6 to December 12, 2025, with 81 events in China and 18 abroad[9] - The leading sectors in domestic financing were advanced manufacturing (44 events), artificial intelligence (23 events), and automotive transportation (5 events)[9] IPO and Prospectus Submissions - Wisdom Tree was listed on the Hong Kong Stock Exchange on December 8, 2025[12] - Fast Innovation submitted a prospectus for a proposed listing on the Hong Kong main board[14] - National Instrument Quantum and Precision Laser submitted prospectuses for listings on the Shanghai STAR Market[16][19] Market Performance - The Shanghai Composite Index fell by 0.34% to 3889 points, while the Shenzhen Component Index rose by 0.84% to 13258 points, and the ChiNext Index increased by 2.74% to 3194 points[21] - The semiconductor index rose by 2.84%, automotive electronics by 1.82%, artificial intelligence by 0.45%, and the metaverse index by 1.58%[21] Valuation Metrics - The PE ratios for the semiconductor, automotive electronics, artificial intelligence, and metaverse indices were 130.50, 37.94, 72.67, and 51.63, respectively, reflecting week-on-week increases of 2.5%, 1.5%, 0.8%, and 1.7%[25] - The PB ratios for the same indices were 6.34, 3.87, 7.51, and 5.56, with week-on-week increases of 2.5%, 1.4%, 0.9%, and 1.7%[27] Risk Factors - Market competition risk exists due to rapid growth in key sectors like semiconductors and AI, potentially intensifying competition[28] - Risks related to technological advancements not meeting expectations could hinder sector growth[29] - Market demand growth may fall short of expectations, impacting overall sector development[30]