Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - Short-term import relief alleviates supply pressure, while long-term self-replacement is imperative [2] - The demand for semiconductors remains strong, with ongoing domestic substitution efforts [24] - The storage chip industry is entering a new upcycle, driven by strong demand for high-performance memory from AI servers and data centers [29] - The global AI wave is driving sustained high demand for advanced chips and related manufacturing [34] Summary by Sections Weekly Market Review - The Shanghai Composite Index fell by 0.34% to 3889.35 points, while the Shenzhen Component Index rose by 0.84% to 13258.33 points, and the ChiNext Index increased by 2.74% to 3194.36 points during the week of December 8-14 [1][7] - The electronic sector rose by 2.63%, outperforming the Shanghai Composite Index by 2.98 percentage points [7] Industry Data Tracking - The consumer electronics industry is increasingly reliant on technological innovation and stimulus policies, with a significant increase in smartphone shipments in September [18] - In October 2025, global semiconductor sales reached $72.7 billion, a year-on-year increase of 27.2% [24] - The storage chip industry is experiencing a strong upward trend in DRAM prices, reflecting robust demand from AI applications [29] Investment Recommendations - The report suggests focusing on domestic semiconductor companies that achieve technological breakthroughs and are integrated into mainstream chip manufacturing supply chains, as they are crucial for China's self-sufficiency strategy [34] - The current market for storage is experiencing significant price increases due to heightened demand from AI applications and supply constraints [35]

Group 1 - The overall asset performance indicates that various asset classes have entered a period of fluctuation, with the equity market experiencing a high-level consolidation phase, primarily driven by the technology sector, while consumer and cyclical sectors remain weak [1][6]. - The Federal Reserve's recent interest rate cut was weaker than expected, limiting its positive impact on the U.S. and global economies, which in turn affects the capital markets [1][6]. - The Central Economic Work Conference in China reiterated a stable growth approach, with a focus on expanding domestic demand and improving investment, although the implementation of these policies may take time to materialize [2][10]. Group 2 - The A-share market is currently in a high-level consolidation phase, with limited substantial positive news and a preference for stability as the new year approaches [2][10]. - The report suggests a "barbell strategy" for asset allocation, recommending maintaining positions in the technology sector while cautiously considering opportunities in the consumer sector due to recent positive macro data [2][11]. - The technology sector is expected to remain a core driver of market performance, with significant opportunities arising from national competition and domestic innovation [10][11]. Group 3 - The bond market is following the trends of the equity market, showing a clear negative correlation, and is expected to remain under pressure without significant positive catalysts [3][32]. - The bond market's configuration suggests limited upward potential in the short term, but it may serve as a stabilizing option against equity market volatility [32]. Group 4 - The commodity market is experiencing a return to a fluctuating trend, with precious metals like silver supporting the upward movement of the precious metals index, while energy and chemical commodities are underperforming [4][41]. - The report anticipates that gold may continue to rise in the long term, driven by a decoupling from the U.S. dollar, although the overall strength of the commodity market will depend on the performance of metals and agricultural products [41][45].

Market Review - The equity market showed mixed performance last week, with the North Certificate 50 index rising the most by 2.79%, while the Shanghai Composite Index fell by 0.34% [5][6] - The bond market saw a collective decline in both short and long-term interest rates, with the 10-year government bond yield decreasing by 0.84 basis points to 1.840% [10][13] - The fund market reflected the equity market's influence, with the equity fund index increasing by 0.71% and the secondary bond fund index rising by 0.06% [16] Equity Product Allocation Strategy Event-Driven Strategy - The joint announcement by three departments to boost consumption suggests a focus on consumer-related funds such as Jiashi New Consumption A and Industrial Bank New Generation Consumption [18] - The release of the "Action Plan for Enhancing Elderly Care Service Capacity" indicates potential investment in the healthcare sector, with funds like Jiashi Mutual Selection A and Penghua Medical Innovation A being highlighted [19] - The opening of the "Robot World" emphasizes investment opportunities in AI and robotics, with funds like Huaxia Intelligent Manufacturing Upgrade A and Jiashi Frontier Innovation being recommended [20] Asset Allocation Strategy - The overall strategy suggests a balanced core plus a barbell approach, focusing on dividend and technology sectors, with recommended funds including Anxin Dividend Selection A and Jiashi Hong Kong Internet Core Assets [21][26] - The dividend assets are highlighted for their value in a low-interest-rate environment, supported by national policies encouraging regular dividends from companies [21] - The technology growth direction is emphasized due to government support and the global trend towards AI development, making tech companies increasingly attractive [22][23] Stable Product Allocation Strategy - The analysis indicates a continued net injection by the central bank, maintaining a loose monetary environment, which is favorable for the bond market [27] - Recent CPI and PPI data show a slight increase in consumer prices, while the Federal Reserve's recent rate cut aligns with expectations for a supportive monetary policy [28] - Recommended products include short-term bond funds like Nord Short Bond A and Guotai Lianan Medium and Short Bond A, with a focus on maintaining a conservative risk profile [33]

证券研究报告｜事件点评 2025 年 12 月 12 日 宏观政策基调延续 稳中求进中做好提质增效 ——2025 年中央经济工作会议解读 事件简述： 2025 年 12 月 11 日，中央经济工作会议在召开，会议总结了 2025 年的 经济工作，分析了当前经济形势，部署了 2026 年经济工作。继 12 月 8 日中央政治局会议分析研究 2026 年经济工作，提出明年八大重点任务 后，中央经济工作会议在此基础上进一步细化重点任务的政策安排和目 标，并在财政货币政策、政策关键着力点等方面提出具体部署。 核心观点： 具体内容 请仔细阅读报告最后的重要法律申明 第 1 页 共 6 页 大同证券研究中心 执业证书编号： S0770523090001 邮箱： jingjw@dtsbc.com.cn 地址：山西太原长治路 111 号山西世贸中心 A 座 F12、F13 网址： http://www.dtsbc.co m.cn 分析师：景剑文 证券研究报告｜事件点评 2025 年 12 月 12 日 域的规范化指导或增加，助力人工智能领域发展。 "稳中求进"总基调不变，挖掘经济潜能做好经济提质增效。本次 会议主要根据中央政 ...

核心观点： 证券研究报告｜事件点评 2025 年 12 月 12 日 宏观政策基调延续 稳中求进中做好提质增效 ——2025 年中央经济工作会议解读 事件简述： 2025 年 12 月 11 日，中央经济工作会议在召开，会议总结了 2025 年的 经济工作，分析了当前经济形势，部署了 2026 年经济工作。继 12 月 8 日中央政治局会议分析研究 2026 年经济工作，提出明年八大重点任务 后，中央经济工作会议在此基础上进一步细化重点任务的政策安排和目 标，并在财政货币政策、政策关键着力点等方面提出具体部署。 具体内容 请仔细阅读报告最后的重要法律申明 第 1 页 共 6 页 大同证券研究中心 分析师：景剑文 执业证书编号： S0770523090001 邮箱： jingjw@dtsbc.com.cn 地址：山西太原长治路 请仔细阅读报告最后的重要法律申明 第 2 页 共 6 页 111 号山西世贸中心 A 座 F12、F13 网址： http://www.dtsbc.co m.cn "稳中求进"总基调不变，挖掘经济潜能做好经济提质增效。本次 会议主要根据中央政治局会议研究内容进行细化，相关任务目标具 有连 ...

Investment Rating - The industry investment rating is "Positive" [3] Core Views - The food and beverage industry experienced a downturn this week, underperforming the CSI 300 index by 3.18 percentage points, with significant differentiation among sub-sectors. Pre-processed foods and beer led the gains, while the liquor sector faced pressure. Structural fluctuations in raw material prices, along with policy support and technological innovation, are expected to enhance industry upgrades. The approach suggests focusing on leading companies in high-growth sectors and those benefiting from policy changes [3][5][60]. Summary by Sections Industry Performance - During the week of December 1-7, 2025, the food and beverage index fell by 1.90%, ranking 29th among primary industries and underperforming the CSI 300 index. Pre-processed foods (+1.51%), beer (+1.20%), and soft drinks (+0.43%) showed relative strength, while liquor and other alcoholic beverages saw significant declines [5][12]. Raw Material Data Tracking - Grain prices showed slight increases, with corn averaging 2357.45 CNY/ton (+1.19%) and wheat at 2515.22 CNY/ton (+0.32%). Vegetable and fruit prices also rose slightly, with vegetables averaging 5.93 CNY/kg (+2.42%) and fruits at 7.41 CNY/kg (+2.63%) [20][23]. Key Industry Data Tracking - In the liquor sector, prices for some products have declined, with Moutai's wholesale price dropping by 1.90% to 1550 CNY/bottle. The overall liquor sector is experiencing a downturn, indicating a phase of adjustment in industry dynamics [33][41]. Investment Recommendations - Investment strategies should focus on high-growth sectors, policy and technology benefits, and valuation attractiveness. Key areas include pre-processed foods and beer, which are expected to benefit from expanding consumption scenarios and the upcoming peak season. The liquor sector, while currently under pressure, remains a long-term investment due to its stable demand. Additionally, attention should be given to companies with strong cost control and integrated operations in the meat and vegetable processing sectors [60].

证券研究报告——煤炭行业周报 【2025.12.1-2025.12.7】 行业评级：看好 核心观点 发布日期：2025.12.9 煤炭行情走势图 数据来源：Wind 大同证券 分析师：刘永芳 执业证书编号：S0770524100001 煤炭供需弱平衡，政策或利于红利布局 liuyongfang@dtsbc.com.cn 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 风险提示 终端需求大幅回落，板块轮动加快，板块突发利空。 请务必阅读最后一页免责声明 1 动力煤供给基本稳定，期待需求释放。本周，煤炭主产区供应 量基本稳定，由于终端需求不及预期，煤价继续回调，市场观 望情绪浓烈，随着供暖需求释放，煤价有望企稳回升。 焦煤需求压缩，预计煤价震荡运行。本周，焦炭首轮提降落地， 需求进一步压缩，导致煤价继续承压运行，随着下游冬储补库 需求释放、国内煤矿供应低位，预计煤价震荡运行。 权益市场涨跌互现，煤炭跑赢指数。美股科技继续反弹，外部 流动性宽松预期支撑风险资产；我国金融监管总局调整险资投 资股票的风险因子，预计将为 A 股带来超千亿元增量资金；证 监会放宽券商杠杆限制、起草 ...

【2025.12.01-2025.12.07】 行业评级：看好 核心观点 证券研究报告——造纸行业周报 政策持续赋能，行业加快转型 风险提示 需求不及预期风险，原材料价格波动风险，政策落地偏差风险。 大同证券研究中心 执业证书编号：S0770524020002 邮箱：yangst@dtsbc.com.cn 研究助理：温慧 执业证书编号：S0770125070012 邮箱：wenh@dtsbc.com.cn 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 请务必阅读最后一页免责声明 1 发布日期：2025.12.08 造纸行情走势图 包装纸提价持续兑现，多纸种价格稳步上行：本周包装纸涨价 潮持续深化，龙头纸企密集发布调价通知，瓦楞纸、箱板纸同 比分别上涨 17.65%、6.86%。终端价格同步走强，箱板纸、瓦 楞纸均价周环比均上涨 50 元/吨，白卡纸单周涨幅达 100 元/ 吨，白板纸因供给收紧（产能优化）、龙头提价计划带动，价 格稳步上行至3467元/吨。废纸成本支撑与下游刚性需求共振， 价格传导机制完全通畅，盈利修复逻辑持续强化。 数据来源：Wind 大同证券 纸 ...

Investment Rating - The industry investment rating is "Positive" [2][63]. Core Insights - The food and beverage industry has shown slight growth but underperformed compared to the CSI 300 index, with significant differentiation in sub-sectors. Pre-processed foods and emerging categories are leading the growth, while the liquor sector is under pressure. The stability in raw material prices, along with technological breakthroughs and policy support, is driving industry upgrades. The upcoming consumption peak and supply optimization enhance growth certainty. It is recommended to focus on leading companies in niche segments and those benefiting from technological innovations [2][4][60]. Summary by Sections Industry Performance - During the week of November 24-30, 2025, the A-share major indices showed a slight upward trend, with the SW Food and Beverage Index rising by 0.07%, ranking 28th among the first-level industries and underperforming the CSI 300 by 1.57 percentage points. Pre-processed foods (+5.64%) and snacks (+2.88%) led the sub-sector performance, while liquor and beer experienced slight adjustments [4][11]. Raw Material Data Tracking - As of November 28, 2025, the average prices for various raw materials showed mixed trends. For grains, corn prices increased by 2.17% to 2329.8 CNY/ton, while wheat prices rose by 0.10% to 2507.28 CNY/ton. Vegetable and fruit prices also saw slight increases, with average wholesale prices for vegetables at 5.79 CNY/kg (+1.94%) and fruits at 7.22 CNY/kg (+1.83%) [22][25]. Key Industry Data Tracking - In the liquor sector, high-end product prices are showing a mixed trend, with some premium products experiencing price corrections. For instance, the reference wholesale price for Feitian Moutai decreased by 4.24% to 1580 CNY/bottle. In the meat sector, the average price for pork was 22.86 CNY/kg, down by 0.70% [35][37][38]. Industry and Company News - Significant advancements in the domestic production of lactoferrin, a key ingredient in infant formula, have been achieved, reducing reliance on imports. This breakthrough is expected to enhance the domestic high-end dairy product supply chain [44][45]. Additionally, the release of the first intelligent brewing standard for liquor in Yibin marks a shift towards scientific brewing practices in the industry [54]. Investment Recommendations - The report suggests focusing on high-growth sub-sectors, technological and policy benefits, and valuation attractiveness. Pre-processed foods and snacks are expected to benefit from rising consumer demand and the upcoming peak season. The dairy sector is also poised for growth due to domestic innovations, while the liquor sector, despite short-term pressures, remains a long-term investment opportunity [60].

证券研究报告｜TMT 行业周报 2025 年 12 月 2 日 AI 算力多元竞争开启，产业链迎新机遇 【20251124-20251130】 周度市场回顾：本周（11/24-11/30）沪指周涨幅 1.4%， 收 3888.6 点，深证成指周涨幅 3.56%，收 12984.08 点，创业 板指周涨幅 4.54%，收 3052.59 点。本周 A 股市场在经历了 周初的连续调整后，于下半周展现出韧性，主要指数触底反 弹，整体呈现先抑后扬的格局。 周度行业要闻：（1）闻泰科技敦促安世荷兰正视问题。 11 月 28 日，闻泰科技(600745.SH)发布关于安世半导体控制 权争议及全球芯片产业链稳定的官方声明。（2）谷歌 TPU 市 值逼近 4 万亿美元。近日，谷歌母公司 Alphabet 股价连续多 日强势上涨，市值逼近 4 万亿美元，创下历史新高。截至 24 日收盘，Alphabet 市值约为 3.84 万亿美元，位列全球第三， 仅次于英伟达和苹果。AI 算力市场正加速摆脱对英伟达 GPU 的单一依赖，寻求基础设施多元化，拥抱以 TPU 为代表的 AI 专用芯片的新架构方向。（3）北京"十五五"规划聚焦未来 ...