请务必阅读正文之后的免责条款部分 股 票 研 究 11 月制造台企营收表现分化，lululemon 北美 仍承压、CEO 将于 26 年 1 月卸任 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 11 月制造台企营收表现分化。25Q3 lululemon 业绩超预期，中国大陆市场领增，北 美市场仍承压。lululemon CEO 将于 26 年 1 月卸任，预计 26 春季新品占比达到 35%。 投资要点： 报 告 [Table_Report] 相关报告 纺织服装业《美国黑五零售增长 4.1%、11 月航 空出行人数微降 0.7%，INDITEX 25Q3 收入增长 加速》2025.12.07 纺织服装业《9 月美国服饰零售同比增长 6.7%， 海外 K ...

可控核聚变行业招标显著加速，联创光电与中国能建签署 战略协议 [Table_Report] 相关报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 黄龙(分析师) | 021-38031028 | huanglong@gtht.com | S0880525070027 | 本报告导读： 股 票 研 究 上周（2025/12/8-2025/12/12）可控核聚变领域动态：上周采购需求主要集中在热疲 劳试验机和冷屏部件等；ITER 组织开源发布 IMAS 基础设施与物理模型；联创光 电与中国能建签署战略协议。 核电设备《国家能源局启动"人工智能"能源试 点，中法持续推进和平利用核能领域合作》 2025.12.06 核电设备《中国发布燃烧等离子体国际科学计 划，2025 年我国 ITER 合同金额已超 1.2 亿欧 投资要点： [Table_Invest] 评级： 增持 ——可控核聚变行业周报 元 ...

Investment Rating - The report maintains an "Overweight" rating for the computer sector [4]. Core Insights - Recent developments in the AI industry show significant progress in both specialization and terminalization, exemplified by OpenAI's breakthrough with the GPT-5.2 model and Zhipu AI's promotion of mobile AI [2][4]. - The U.S. has conditionally approved the export of Nvidia's H200 chips to China, but this comes with stringent restrictions that may impact supply chain stability [4]. - The commercial aerospace sector is witnessing efficient deployment, highlighted by the successful high-frequency launches of the Long March 12 rocket and the establishment of the "Space Computing Joint Laboratory" [4]. Summary by Sections AI Technology Developments - AI technology has made notable advancements in specialization and terminalization, with OpenAI's GPT-5.2 achieving human expert-level performance in key benchmarks and Zhipu AI's Open-AutoGLM enabling mobile AI capabilities [2][4]. U.S.-China Technology Relations - The U.S. has conditionally relaxed export controls on AI chips to China, allowing Nvidia to sell its H200 chips, but with dual constraints including generational technology locks and a 25% sales commission to the U.S. Treasury [4]. Commercial Aerospace Progress - The Long March 12 rocket successfully launched 16 low-orbit satellites within 32 days, demonstrating high-efficiency deployment capabilities, while the "Space Computing Joint Laboratory" aims to enhance domestic autonomous capabilities [4]. Recommended Stocks - The report recommends stocks such as Hand Information, Sunlink Technology, Kingsoft Office, Hehe Information, Hikvision, Newland, Daotong Technology, and Haiguang Information, with a focus on their projected earnings and market performance [5].

Group 1: Core Insights - The report highlights a recovery in trading activity for key themes, particularly in commercial aerospace, energy independence, AI applications, and domestic consumption, driven by improved market risk appetite and supportive macroeconomic policies [2][3][5]. Group 2: Commercial Aerospace - The upcoming launch of the Long March 12 reusable rocket and the completion of ground tests for the Tianlong 3 rocket are significant milestones, with China's StarNet completing a network of 127 low-orbit satellites, accelerating its deployment [3][20][25]. - The National Space Administration's action plan for commercial aerospace emphasizes the development of new technologies and products, predicting a tenfold increase in satellite launch demand by 2030 compared to 2024 [3][20][25]. - Investment recommendations include focusing on rocket manufacturing, satellite communication, and new technologies such as reusable rockets [21][25]. Group 3: Energy Independence - The central government emphasizes accelerating the construction of a new energy system and expanding green electricity applications, with a target of 25% non-fossil energy consumption by 2030 [5][22][35]. - The share of clean energy in total installed capacity has reached 60%, with 84% of new capacity in the first ten months of 2025 coming from clean sources [22][35][39]. - Investment directions include smart grids, new energy storage solutions, and nuclear fusion energy [22][35]. Group 4: AI Applications - The report notes significant growth in AI applications, with Alibaba's Qianwen app experiencing a 149.03% increase in monthly active users, leading globally [23][41]. - The government aims for over 70% penetration of new-generation intelligent terminals and systems by 2027, with a target of over 90% by 2030 [23][41]. - Investment opportunities are identified in internet applications across various sectors, including finance, gaming, and government services, as well as in data center power equipment [23][41]. Group 5: Domestic Consumption - The central government is focused on boosting domestic consumption through various initiatives, including enhancing the supply of quality goods and services [5][47]. - New consumption scenarios, such as sports events and winter tourism, are emerging, with the ice and snow sports market projected to exceed 187.5 billion yuan in the 2024-2025 season, reflecting a 25% year-on-year growth [47][48]. - Investment recommendations include sectors benefiting from consumption promotion measures, such as tourism, hotels, and sports equipment [47][48].

景气回暖，估值修复潜力大 中国东方教育(0667) 中国东方教育跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 许樱之(分析师) | 0755-82900465 | xuyingzhi@gtht.com | S0880525040012 | 本报告导读： 2025 年上半年，公司的收入增长 10.2%，毛利率提升至 57.3%，体现出业务扩张与 成本控制的双重优势。凭借其在烹饪、西点、信息技术和汽车服务等赛道品牌影响 力，公司有望迎来业绩与估值的双重提升。 投资要点： 公司业务覆盖全国，培训人次稳步增长。截至 2025H1，公司以七大 知名学校品牌经营业务，在中国内地几乎所有省份及中国香港共运 营 234 所学校及中心（+1 所），并在期内收购山西冶金技师学院。 2025H1 公司长期课程平均培训人次 13.41 万人，同比增长 4.9%，占 比 87.8%；其中 1-2 年/2-3 ...

高速板块领跌，指数至阶段新低 [Table_Authors] 刘玉(分析师) REIT 策略周报 本报告导读： 过去一周 REIT 市场先下后上，REITs 全收益指数一度下行至 1020 点位后回升。 投资要点： 债券研究 /[Table_Date] 2025.12.14 | | 021-38038263 | | --- | --- | | | liuyu6@gtht.com | | 登记编号 | S0880523050002 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | | 登记编号 | S0880525070031 | [Table_Report] 相关报告 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 2025.12.09 12 月首周大行融出规模显著回升 2025.12.09 降息预期下，美债长端承压会持续多久 2025.12.09 破位还是触底？T、TL 合约分化 20251208 2025.12.08 证 券 研 究 报 告 请务必阅读正文之后的免责条款 ...

股 票 研 究 可孚医疗引入飞利浦家庭健康监测设备 可孚医疗(301087) 公司调研简报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 孟陆(分析师) | 010-56535972 | menglu@gtht.com | S0880525040073 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 我国家用医疗器械领军企业可孚医疗与皇家飞利浦（Royal Philips）正式签署战略合 作协议。双方将围绕多款家庭健康监测设备开展深度合作，让高品质健康科技产品 更广泛地进入我国市场。 投资要点： | | | [Table_Industry] 医药/必需消费 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 53.84 | [Table_Market] 交易数据 | 52 周内股价区间(元) | 30.48-46.02 | | --- | ...

高频选股因子周报（20251208- 20251212） 高频因子走势分化，多粒度因子显著回撤。AI 增强组合均 大幅度回撤。 本报告导读： 上周（特指 20251208-20251212，下同）高频因子走势分化，多粒度因子显著回撤。 AI 增强组合均大幅度回撤。 投资要点： | | | | [Table_Authors] | 郑雅斌(分析师) | | --- | --- | | | 021-23219395 | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 余浩淼(分析师) | | | 021-23185650 | | | yuhaomiao@gtht.com | | 登记编号 | S0880525040013 | [Table_Report] 相关报告 低频选股因子周报（2025.12.05-2025.12.12） 2025.12.13 绝对收益产品及策略周报（251201-251205） 2025.12.10 上周估值因子表现较好，本年中证 2000 指数增强 策略超额收益为 28.22% 2025.12.10 红利风格择时周报（1201 ...

11 月新能源汽车表现强劲，动力电池产销同环比保持增长 [Table_Industry] 动力锂电 动力锂电《碳酸锂迎来上涨，钠电产业加速落 地》2025.11.20 动力锂电《电动重卡市场驶入增长快车道》 2025.10.22 动力锂电《再读固态电池投资机会》2025.09.11 动力锂电《再读固态电池投资机会》2025.08.29 动力锂电《固态电池正负极&集流体发展方向》 2025.08.26 股 票 研 究 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com | S0880521080003 | | 余玫翰(分析师) | 021-23185617 | yumeihan@gtht.com | S0880525040090 | | 李依雯(研究助理) | 021-231 ...

《汽车行业价格行为合规指南》征求意见，反内卷有望进一步推进 [Table_Industry] 汽车 | [Table_Invest] | | --- | | 评级： 增持 | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | 本报告导读： 《汽车行业价格行为合规指南（征求意见稿）》有望推进反内卷进程。 投资要点： [Table_Report] 相关报告 汽车《11 月乘用车市场优惠力度持续减弱》 2025.12.10 汽车《优必选与卓世科技达成战略合作，众擎发 布 T800》2025.12.08 汽车《线控转向相关国标发布，产业迎来重要助 推》2025.12.07 汽车《零跑 Lafa 5 上市，海外布局延伸至南美》 2025.11.30 汽车《10 月重卡天然气持续回暖，新能源再创新 高》2025.11.24 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 究 行 业 跟 踪 ...