Investment Rating - The industry rating is maintained at "Overweight" [3][10] Core Insights - The rare earth magnetic materials industry has underperformed the market, with a decline of 1.81% this week, lagging behind the benchmark (CSI 300) by 1.53 percentage points [5][12] - The industry valuation (TTM P/E) has decreased by 1.42x to 72.08x, currently at the 85.5% historical percentile [5][12] - Supply of rare earths remains tight, with separation companies continuing to reduce production, and no new output expected [40] - Demand from downstream sectors is stable but weak, with a decrease in procurement intentions due to high upstream prices [40] Summary by Sections Industry Performance - Over the past month, the industry has shown a relative return of -1%, -6% over three months, and a significant 53% over twelve months [4] - Absolute returns are -2% for one month, -4% for three months, and 69% for twelve months [4] Price Trends - Prices for imported light and medium-heavy rare earth ores continue to decline, with specific decreases noted in praseodymium-neodymium and dysprosium prices [6][9][20] - The average price of praseodymium-neodymium oxide has decreased by 0.86% to 574,000 CNY/ton, while the metal price has dropped by 1.06% to 697,500 CNY/ton [14][16] - Dysprosium and terbium prices have also continued to fall, with dysprosium oxide down 1.46% and terbium oxide down 2.23% [20] Investment Recommendations - The report suggests maintaining an "Overweight" rating, highlighting that while there is pressure on high valuations due to low risk appetite, the market may stabilize with improved downstream operations and export demand [10][41] - It is recommended to focus on upstream rare earth resource companies due to expected supply tightening and strategic value positioning, as well as on downstream magnetic material companies with strong customer structures and growth potential [10][43]

证券研究报告 2025 年 11 月 21 日 湘财证券研究所 金融工程研究 策略双周报 期权波动率套利策略跟踪 ——波动率偏斜策略 相关研究： 核心要点： ❑ 波动率偏斜策略跟踪情况 波动率偏斜策略是通过价内合约与价外合约的隐含波动率差异进行套利交 易。正常情况下，VSI 指标会在一定范围内波动，但当不同期权合约的波 动率比值出现实质差异时，就存在相应的反向套利空间。 本年以来，认购子策略收益率为 8.49%，最大回撤为 2.93%；认沽子策略 收益率为-1.31%，最大回撤为 10.49%；组合策略收益率为 3.68%，最大回 撤为 5.57%。 近两周以来（2025 年 12 月 8 日至 2025 年 12 月 19 日），认购子策略的收 益率为 0.91%，最大回撤为 0.09%；认沽子策略收益率为 0.46%，最大回撤 为 0.29%；组合策略收益率为 0.68%，最大回撤为 0.13%。 ❑ 投资建议 近两周以来，标的资产以震荡走势为主，从 VSI 指标偏离情况来看，认购 合约和认沽合约都出现了轻微偏离但很快回归的现象，套利策略非常适用 于这类市场走势，从策略收益来看，认购和认沽子策略均获得了正 ...

证券研究报告 2025 年 12 月 21 日 湘财证券研究所 行业研究 证券行业周报 板块安全边际较高，关注左侧布局机会 1.《行业周报：市场交投保持活跃， 关 注 券 商 估 值 修 复 机 会 》 2025.12.21 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1 -3 -16 绝对收益 -1 -1 0 -30% -20% -10% 0% 10% 20% 30% 2024/12/19 2025/2/19 2025/4/19 2025/6/19 2025/8/19 2025/10/19 2025/12/19 沪深300 证券Ⅱ(申万) 相关研究： 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 市场回顾：本周非银和券商指数领涨，估值仍处于低位 根据 Wind 数据，本周（12.15-12.19）上证指数上涨 0.03%，沪深 300 指数 下跌 0.3%，创 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][9] Core Insights - The vaccine industry is experiencing a transition from scale expansion to innovation-driven growth, facing short-term pain due to supply-demand imbalance and homogenized competition, but the long-term outlook remains positive driven by policy, demand, and technology [9][28] - Recent clinical trial approvals for innovative vaccines by companies like Zhifei Biological, Kangtai Biological, Wantai Biological, and CanSino indicate significant advancements in the field, particularly in addressing emerging infectious diseases and specific patient populations [4][8] Summary by Sections Industry Performance - The vaccine sector has seen a relative decline, with a 12-month absolute return of -14% and a relative return of -28% compared to the CSI 300 index [4][5] - The vaccine index closed at 11,363.86, down 0.87% last week, while the overall pharmaceutical sector saw a slight decline of 0.14% [5][11] Market Review - The vaccine sector's performance has been lagging, with a cumulative decline of 10.1% since the beginning of 2025, indicating a challenging market environment [5][11] - Notable companies in the vaccine sector include Liaoning Chengda, Hualan Biological, and Kangtai Biological, which have shown better performance compared to others like Kanghua Biological and CanSino [6][11] Valuation - The vaccine sector's price-to-earnings (PE) ratio is 92.32X, reflecting a decrease of 0.74X week-on-week, while the price-to-book (PB) ratio stands at 1.79X, also showing a slight decline [7][11] - The PE ratio is at the 56.20% percentile since 2013, while the PB ratio is at the 1.36% percentile, indicating a relatively high valuation compared to historical data [7][11] Investment Recommendations - The vaccine industry is under pressure, with companies focusing on pipeline adjustments and innovation to enhance competitiveness. Long-term prospects hinge on innovation and international expansion [8][9] - Companies with strong research and development capabilities and differentiated product offerings, such as CanSino and Kanghua Biological, are recommended for investment [9][28]

Core Insights - The report indicates that the A-share indices experienced a downward trend during the week of December 15-19, 2025, with most indices showing fluctuations [2][11][14] - The decline in A-share indices is attributed to weak macroeconomic data related to investment and consumption, as well as external factors such as the Federal Reserve's interest rate decisions [4][14] - The report anticipates that 2026 will be a pivotal year for China's economic development, with supportive policies expected to foster a favorable environment for industrial upgrades and a "slow bull" market [4][9] Economic Data Summary - Fixed asset investment in China showed a cumulative year-on-year decline of 2.60% for the first eleven months of 2025, marking three consecutive months of negative growth [7][27] - Infrastructure investment has decreased significantly from a high of 11.50% in March 2025 to just 0.13% by November 2025, while manufacturing investment also fell from 9.10% to 1.90% in the same period [7][27] - Real estate development investment has consistently been negative, with a cumulative decline of 15.90% for the first eleven months of 2025 [7][27] Industry Performance Summary - Among the 31 first-level industries, the retail and non-bank financial sectors showed the highest weekly gains of 6.66% and 2.90%, respectively, while the electronics and power equipment sectors faced declines of -3.28% and -3.12% [5][21] - In the second-level industry categories, aerospace equipment II and general retail led with weekly increases of 14.33% and 9.67%, while the film and television sector and other electronics II saw declines of -5.68% and -4.63% [5][24] - The third-level industries saw aerospace equipment III and supermarkets with the highest weekly gains of 14.33% and 14.18%, while the film and animation production sector and photovoltaic processing equipment faced the largest declines of -6.84% and -6.37% [6][26] Investment Recommendations - The report suggests a long-term positive outlook for 2026, emphasizing the importance of supportive policies for industrial upgrades and the entry of long-term capital into the market [9][32] - In the short term, it is recommended to focus on sectors benefiting from long-term capital inflows, traditional sectors related to "anti-involution," and consumer areas supported by policy [9][32]

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The demand for AI computing power is driving both the quantity and price of PCBs upward, with significant growth expected in the AI PCB market [8] - The introduction of the Rubin architecture is anticipated to enhance the value of PCBs in servers, with the value of a single server's PCB expected to more than double compared to previous generations [4] - The upgrade of data center switches is also contributing to the increase in PCB value, as the number of PCB layers and material quality are improving [5] - AI server and high-speed switch demand is projected to grow rapidly, driven by substantial capital expenditures from major AI and internet companies [6][8] Summary by Sections Industry Performance - Over the past 12 months, the electronic industry has shown a relative return of 21.9% compared to the CSI 300 index, with an absolute return of 37.7% [3] Investment Recommendations - The report highlights a sustained recovery in consumer electronics, with new foldable smartphones being released and advancements in AI technology driving high demand for AI infrastructure [7][15] - The report emphasizes that the capital expenditure growth in data centers will lead to a compound annual growth rate of 21% by 2029, further supporting the expansion of computing power clusters [6][8]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The report highlights that President Trump signed an executive order reaffirming the goal of returning to the Moon by 2028, establishing a framework for U.S. leadership in space exploration, security, and commercial activities [3][4] - The new U.S. space strategy includes specific timelines and goals, such as returning to the Moon by 2028 and establishing a permanent outpost by 2030, along with deploying nuclear reactors to support long-term activities [3][4] - The policy aims to boost the U.S. space economy, particularly in commercial aerospace, lunar exploration, nuclear systems, and related security technologies, suggesting investment opportunities in companies with technological reserves or collaboration potential in these areas [4][5] Market Performance - From December 15 to December 19, the defense and military industry index rose by 1.5%, outperforming the CSI 300 index by 1.8 percentage points [7] - Since the beginning of 2025, the defense and military industry index has increased by 22.9%, surpassing the CSI 300 index by 6.9 percentage points [7] - As of December 19, the defense and military industry PE (TTM) was 83.49 times, and the PB (LF) was approximately 3.52 times, indicating a high valuation relative to historical levels [7] Investment Suggestions - SpaceX has solidified its global leadership in commercial aerospace through reusable rocket technology and rapid deployment of low Earth orbit constellations, prompting domestic acceleration in technological breakthroughs and resource allocation [5][17] - Domestic developments include advancements in reusable rocket models and the initiation of large-scale satellite constellation launches, indicating a shift towards commercial operations in the aerospace sector [5][17] - The report recommends focusing on companies in the aerospace electronics sector, as domestic policies, capital, and technology converge to drive the commercial aerospace industry from validation to scale [5][17]

Financial Engineering - The report emphasizes a risk-based asset allocation strategy, contrasting it with traditional methods that focus on expected returns. This approach quantifies the investor's risk tolerance and sets a clear risk budget, aiming for a diversified risk contribution from various assets to achieve better risk-adjusted returns over the long term [2][3]. Risk Parity Model - The risk parity model is highlighted as a key strategy, optimizing asset contributions to total portfolio risk equally, thus avoiding the dominance of equities in traditional stock-bond portfolios. Backtesting results show an annualized return of 6.1% with a maximum drawdown of 3.4% and a Sharpe ratio of 3.62, indicating strong robustness [3][4]. Asset Allocation Insights - The report notes a persistent higher allocation to corporate bonds over government bonds since 2017, attributed to increased interest rate volatility in government bonds post "financial deleveraging" in China. This reflects the model's disciplined dynamic adjustment to real market risk structures [3][4]. Enhanced Strategy for Returns - A target volatility strategy is proposed, which dynamically adjusts portfolio leverage to maintain a preset volatility level. This strategy shows high sensitivity to financing costs of leveraged funds and is practical for investors with flexible capital. It aims for a higher Sharpe ratio by setting a target slightly above the full allocation portfolio volatility [5]. - Additionally, a risk budgeting strategy based on Sharpe squared is introduced, focusing on efficient risk allocation to assets with historically higher Sharpe ratios. While it achieves similar absolute returns to risk parity, it offers lower volatility and the highest Sharpe ratio among strategies, though it is dependent on the continuation of historical patterns [5].

Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli [5] Core Views - The overseas market is expected to recover, particularly in North America, with stable growth in Europe and emerging markets, leading to sustained performance growth for the company [1][2][10] - The domestic market is projected to see a gradual narrowing of the decline in aerial platform sales in the short term, with long-term growth potential remaining [3][4][10] - The company focuses on the aerial platform sector, enhancing its core competitiveness through tax advantages and a strategic shift towards "smart platforms + robots" [8][9][10] Summary by Sections Overseas Market - North America is experiencing a recovery in demand driven by interest rate cuts and AI infrastructure investments, with a significant increase in construction spending expected [1][22] - The European market is stable, with potential demand growth if the Russia-Ukraine conflict resolves, leading to increased economic confidence and reconstruction efforts [2][42] - Emerging markets, particularly in Southeast Asia, Latin America, the Middle East, and Africa, are expected to see rapid growth in aerial platform market size due to ongoing economic development and urbanization [2][51] Domestic Market - The short-term decline in aerial platform sales is expected to gradually narrow, with rental rates and prices stabilizing, indicating a potential bottoming out of the industry [3][61] - Compared to mature markets, China's aerial platform market still has significant growth potential, with low per capita ownership and building industry value coverage [4][66] - The rental market concentration is increasing, and the global market size is projected to exceed 200 billion by 2030 [4] Company Competitiveness - The company has a notable tax rate advantage in overseas markets, particularly in the U.S., which enhances its profitability and market share potential [8] - During the domestic market downturn, the company has performed well, with a significant revenue increase in its aerial platform business compared to competitors [9] - The company is transitioning to a "smart platform + robot" strategy, launching differentiated products that open new growth avenues [9][10]

Group 1: ETF Market Overview - As of December 12, 2025, there are 1,379 ETFs in the Shanghai and Shenzhen markets, with a total asset management scale of 57,806.33 billion yuan [2] - The breakdown of ETFs includes 1,073 equity ETFs (36,774.09 billion yuan), 53 bond ETFs (7,222.06 billion yuan), 27 money market ETFs (1,895.76 billion yuan), 17 commodity ETFs (2,436.83 billion yuan), 200 cross-border ETFs (9,430.76 billion yuan), and 9 unlisted ETFs (46.83 billion yuan) [2] Group 2: Recent ETF Listings and Performance - Four new equity ETFs were listed from December 8 to December 12, 2025, including two AI-focused ETFs and two others related to banking and technology [3] - The total issuance scale of newly established ETFs during the same period was 2.901 billion yuan [3] - The median weekly return for equity ETFs was 0.10%, with the communication equipment ETF showing the highest increase of 7.30%, while the coal and energy ETFs experienced declines of 3.98% [4] Group 3: PB-ROE Framework and Strategy - The PB-ROE framework categorizes industries into six quadrants, focusing on high PB and high ROE industries in the third quadrant and low PB and medium ROE industries in the fifth quadrant as key areas of interest [5] - Backtesting results from 2017 to February 2024 indicate that only the third and fifth quadrants achieved excess returns, with annualized excess returns of 4.27% and 1.55%, respectively [5] - A combined ETF rotation strategy based on the PB-ROE framework yielded an annualized return of 11.93% and an annualized excess return of 13.22% [6] Group 4: Investment Recommendations - The report recommends focusing on the automotive, beauty care, and agriculture sectors, with corresponding ETFs for each industry [7][8]