证券研究报告 2025 年 12 月 14 日 湘财证券研究所 行业研究 房地产行业周报 相关研究： 核心要点： ❑ 核心城市：核心城市二手房成交在高基数影响下大幅下滑 1.《周度观点：11月一线城市新房 销售降幅较大》 2025.11.23 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 -25% -15% -5% 5% 15% 沪深300 房地产(申万) | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -7 | -8 | -27 | | 绝对收益 | -8 | -6 | -13 | 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 成交下行压力加大，关注后续政策落地 ❑ 投资建议 由于四季度核心城市的新房、二手房成交基数较高，叠加今年政策影响较 为温和，因此 10 月以来新房、二手房成交同比持续下行，有待进一步出台 政策稳定楼市。近期召开的中央经济工作会议明确了明年的房地产 ...

证券研究报告 2025 年 12 月 13 日 湘财证券研究所 金融工程研究 基金研究 ETF 市场跟踪与配置周报 根据 Wind 数据，按照基金上市日，本周共有 4 只 ETF 新上市，均为股票 型 ETF，包括景顺长城中证科创创业人工智能 ETF（159142.OF）和永赢中 证科创创业人工智能 ETF（159141.OF）两只科创创业 AIETF、博时中证银 行 ETF（159253.OF）和东财中证港股通科技 ETF（520530.OF）；按照基 金成立日，本周共有 6 只 ETF 新成立，包括华泰柏瑞中证科创创业人工智 能 ETF（159139.OF）等 2 只人工智能 ETF、广发上证科创板芯片设计主题 ETF（589210.OF）和广发中证全指食品 ETF（563850.OF）等其他 2 只 ETF， 总发行规模为 29.01 亿元。 根据 Wind 数据，本周股票型 ETF 周涨跌幅中位数为 0.10%。通信设备 ETF 与创业板人工智能 ETF 表现相对较好，涨幅较为靠前，其中通信设备 ETF 涨幅最多，上涨 7.30%；而煤炭 ETF 和能源 ETF 表现相对较差，跌幅较为 靠前，其中煤炭 ...

Investment Rating - The report maintains a "Buy" rating for the medical services industry [7] Core Insights - The medical and biological sector experienced a decline of 1.04% this week, ranking 17th among 31 primary industries [15] - The medical services sub-sector reported a closing value of 6239.94 points, with an increase of 1.67% [28] - The report highlights a shift in policy focus from cost control to quality and efficiency in the medical sector, emphasizing the need for innovation and sustainable practices [4][70] Summary by Sections Industry Performance - The medical services sector's PE (ttm) is 31.74X, with a PB (lf) of 3.20X, showing a slight decrease from the previous week [3][36] - The top-performing companies in the medical services sector include Zhaoyan New Drug (+23.4%) and MediWest (+12.5%), while the underperformers include Guangzheng Eye Hospital (-9.4%) and Lanwei Medical (-8.7%) [2][34] Economic Policy Developments - The Central Economic Work Conference emphasized optimizing drug procurement and deepening medical insurance payment reforms, aiming to enhance the quality and efficiency of the medical industry [4][70] - The introduction of a long-term care insurance system is expected to stimulate the rehabilitation care industry and address aging population needs [11][72] Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and the weight-loss drug supply chain, with specific companies like WuXi AppTec and Haoyuan Pharmaceutical highlighted [13][74] - It also points to potential recovery in profitability for third-party medical testing laboratories and consumer healthcare sectors, particularly in ophthalmology and dentistry [13][75]

Core Insights - The report highlights the transformation of Yanjing Beer, a state-owned enterprise, which has revitalized itself through significant personnel changes and reforms, leading to a consistent increase in profits since 2021 and outperforming competitors in stock performance [2][4]. Industry Overview - The beer industry has experienced a period of adjustment from 2013 to 2020, during which Yanjing Beer lagged behind. However, from 2020 to 2024, Yanjing Beer has shown a notable increase in sales growth, surpassing national averages and key competitors [2][3]. Pricing Dynamics - Yanjing Beer has successfully increased its pricing, with the average price per ton rising from 2,570 RMB in 2016 to 3,663 RMB in 2024, reflecting a compound annual growth rate (CAGR) of 4.5%, positioning it among the top tier in the industry for price increases [4]. Product Strategy - The success of the U8 product line is attributed to Yanjing Beer’s unique market characteristics, which facilitate rapid distribution and stable pricing. Additionally, the profit-sharing model for U8 ensures adequate margins for distribution channels while retaining significant profits for the company [5]. Cost Management - The optimization of depreciation and amortization expenses has significantly improved profit margins. The proportion of key depreciation and amortization costs relative to profits has decreased from over five times in 2017 to 63% in 2024, with further improvements expected in 2025 [5]. Operational Efficiency - Yanjing Beer has achieved a substantial increase in operational efficiency, reducing its workforce by 49% and production staff by 59% from 2015 to 2024, while simultaneously increasing revenue by 17% and net profit by 80%. This has resulted in a doubling of per capita compensation, creating a positive feedback loop of improved performance [5]. Profitability Metrics - The net profit margin has consistently improved, rising from 1.91% in 2021 to 7.2% in 2024, and further to 12.89% in the first half of 2025. There remains a gap of approximately 6 percentage points compared to competitors, indicating further potential for profit margin expansion [6]. Investment Outlook - Projections for Yanjing Beer’s revenue from 2025 to 2027 are 15.34 billion, 16.14 billion, and 16.93 billion RMB, representing year-on-year growth rates of 4.6%, 5.2%, and 4.9%, respectively. The expected net profits for the same period are 1.53 billion, 1.79 billion, and 2.07 billion RMB, with significant growth rates of 45.1%, 17%, and 15.3% [7].

Industry Overview - The medical and health industry is experiencing stable development, but the willingness to pay needs to be considered under aging demographics [5] - Last week, the pharmaceutical and biological sector declined by 0.74%, ranking 21st among 31 primary industries [2] - The medical service sector's PE (ttm) is 31.14X, with a PB (lf) of 3.14X, showing a slight decrease from the previous week [3][4] Key Data Points - The medical service sector's PE decreased by 0.48X and PB decreased by 0.04X compared to the previous week [4] - According to the National Health Commission, the average life expectancy in China reached 79 years, with maternal mortality at 14.3 per 100,000 and infant mortality at 4.0 per thousand [5] - Medical expenses as a percentage of GDP decreased by 0.3 percentage points, with government spending on healthcare dropping by 6.4% [5] Market Insights - The aging population is increasing medical demand, but there is a need to consider the willingness to pay [6] - The medical service sector is expected to see opportunities for leading companies like Aier Eye Hospital due to the rising barriers for new entrants [6] - The innovative pharmaceutical chain is likely to benefit companies focusing on breakthrough drugs, such as WuXi AppTec and Haoyuan Pharmaceutical [6] Investment Recommendations - Despite recent market volatility, the medical industry is expected to stabilize due to the establishment of a multi-tiered payment system [7] - Investment focus should be on high-growth areas such as ADC CDMO and weight-loss drug supply chains, with companies like WuXi AppTec and Haoyuan Pharmaceutical recommended [7] - Companies in the third-party testing laboratory sector and consumer healthcare, particularly in ophthalmology and dentistry, are also suggested for investment [8]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The report highlights the potential investment opportunities in edge AI, particularly with the release of the "Doubao Mobile Assistant" by ByteDance, which showcases the capabilities of AI in mobile applications [5][6] - The electronic industry has shown a recovery trend in consumer electronics, with continuous releases of foldable smartphones and sustained high demand for AI infrastructure [19] Market Performance - The electronic industry index rose by 1.09% during the week of December 1 to December 5, 2025, closing at 6300.64 points [3][10] - The semiconductor sector reported a slight increase of 0.88%, while consumer electronics saw a rise of 1.61% [3] - Year-to-date, the electronic industry index has increased by 42.15%, outperforming the CSI 300 by 25.65 percentage points [10] Valuation Metrics - The electronic sector's Price-to-Earnings (PE) ratio (TTM, excluding negative values) is 57.70X, which is at the 39.97th percentile of the past 10 years [4][11] - The Price-to-Book (PB) ratio is 4.81X, positioned at the 57.57th percentile historically [4][11] Industry Dynamics - The report emphasizes the collaboration between Doubao and smartphone manufacturers to integrate AI capabilities into mobile operating systems, enhancing user experience through complex task automation [5][6] - The ongoing advancements in AI technology are expected to drive demand for edge hardware upgrades, particularly in sectors like SOC and thermal materials [19] Investment Recommendations - The report suggests focusing on investment opportunities in AI infrastructure, edge SOC, the supply chain for foldable smartphones, and the storage industry [19] - Specific companies to watch in the AI infrastructure sector include Cambricon, Chipone, and Aowei Technology, while in the edge SOC sector, companies like Rockchip, Hengxuan Technology, and Espressif Systems are recommended [19]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][8] Core Insights - The medical consumables sector experienced a decline of 0.89% last week, with the sector's performance lagging behind the CSI 300 index by 2.02 percentage points [5][10] - The current PE ratio for the medical consumables sector is 35.43X, showing a week-on-week decrease of 0.36 percentage points, while the PB ratio stands at 2.54X [6][19] - Recent approvals for innovative products in the high-value consumables segment are expected to provide new growth points for companies, alongside ongoing performance recovery from previous procurement pressures [7][24] Summary by Sections Industry Performance - The medical consumables sector reported a relative return of -2% over the past month, -11% over three months, and -12% over the past year, with an absolute return of -1% over the past month, -6% over three months, and +4% over the past year [4][10] Valuation Metrics - The PE ratio for the medical consumables sector is currently at 35.43X, with a maximum of 40.1X and a minimum of 28.88X over the past year. The PB ratio is at 2.54X, with a maximum of 2.92X and a minimum of 2.13X during the same period [6][19] Industry Dynamics and Company Announcements - Recent product approvals include a disposable pressure monitoring catheter for cardiac pulsed field ablation by Shanghai Micro-Invasive Electrophysiology Medical Technology Co., Ltd., enhancing treatment options for arrhythmias [7][20] - Beijing Bairen Medical Technology Co., Ltd. received approval for its ePTFE membrane product, which addresses a significant domestic market need for cardiac surgeries, previously reliant on imports [7][21] Investment Recommendations - The report suggests focusing on leading companies with rich product lines and high innovation levels in high-value consumables, such as Micro-Invasive Electrophysiology and Maipu Medical, as well as orthopedic consumables companies showing marginal performance improvement, like Weigao Orthopedics [8][24]

Investment Rating - The industry rating is maintained at "Overweight" [7][11][26] Core Insights - The vaccine industry is currently under pressure, with performance still in a bottoming phase due to high competition and supply-demand imbalance. Companies are focusing on pipeline adjustments and innovation to enhance product competitiveness [10][11][26] - The industry is transitioning from scale expansion to innovation-driven growth, with policies, demand, and technology being the three main driving forces for development [11][29] Summary by Sections Domestic and International Vaccine Dynamics - Regeneron Biologics has initiated Phase II clinical trials for its freeze-dried shingles mRNA vaccine RH110, targeting immunogenicity and safety in subjects aged 40 and above [2] - The National Influenza Center reported a 24.88% increase in flu-like illness cases in China from the previous week, with a notable rise in both southern and northern provinces [2] Market Performance - The vaccine sector saw a decline of 1.62% last week, with a cumulative drop of 6.66% since the beginning of 2025 [3][4][13] - The vaccine industry PE (ttm) was 95.66X, up 0.25X week-on-week, while the PB (lf) was 1.85X, down 0.02X [5] Company Performance - Top-performing companies in the vaccine sector included Olin Biologics and Kanghua Biologics, while companies like Watson Biologics and CanSino showed weaker performance [4][20] Investment Recommendations - The report suggests focusing on companies with strong R&D capabilities and differentiated product lines, recommending Kanghua Biologics and highlighting the importance of flu vaccine-related companies in the short term [11][29]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][10][42] Core Insights - The rare earth magnetic materials industry has shown a price increase of 3.47% this week, outperforming the benchmark (CSI 300) by 2.19 percentage points. The industry valuation (TTM P/E) has risen by 2.37 times to 74.16, currently at 87.3% of its historical percentile [5][12] - Supply tightening in the rare earth sector is supporting price increases, while heavy rare earth prices continue to decline. The market is experiencing a mixed demand scenario, with stable demand from downstream neodymium-iron-boron enterprises and expectations of increased exports [9][41] - The report indicates that the short-term outlook for rare earth prices is expected to remain strong due to supply constraints, low market inventory, and stable downstream demand, alongside long-term policy expectations [10][41] Summary by Sections Market Performance - The rare earth magnetic materials industry has outperformed the CSI 300 index over the past 12 months with a relative return of 47% and an absolute return of 64% [4] - The industry valuation has increased to 74.16, reflecting a recovery in market sentiment [5][12] Price Trends - Rare earth concentrate prices have continued to rise, with mixed carbonate rare earth prices increasing by 2.7% to 3.8 million CNY/ton, and heavy rare earth prices showing a mixed trend [9][12] - Neodymium prices have seen a slight increase followed by a correction, with average prices for neodymium oxide rising by 2.82% to 58.3 million CNY/ton [16] - Dysprosium and terbium prices have continued to decline, with dysprosium oxide prices dropping by 4.41% to 1410 CNY/kg [19] Investment Recommendations - The report suggests maintaining an "Overweight" rating, focusing on upstream rare earth resource companies due to supply tightening and strategic value positioning. Downstream magnetic material companies are also expected to benefit from price recovery [10][43]

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The food and beverage industry has shown a decline of 1.90% from December 1 to December 5, 2025, underperforming the CSI 300 index by 3.18 percentage points [4][9] - The overall valuation of the food and beverage industry is at a relatively low level, with a PE ratio of 22X, ranking 23rd among Shenwan's primary industries [5][16] - The report emphasizes the importance of focusing on consumer-driven strategies and innovation, as highlighted by the recent global dealer conference of Fenjiu [6] Summary by Sections Industry Performance - From December 1 to December 5, 2025, the food and beverage industry declined by 1.90%, ranking 28th out of 31 sectors, with sub-sectors showing mixed performance [4][9] Valuation Analysis - As of December 5, 2025, the food and beverage industry's PE ratio is 22X, with other liquor at 55X, health products at 36X, and snacks at 35X being the highest valued sub-sectors [5][16] Investment Recommendations - The report suggests focusing on companies with stable demand and strong risk resistance, as well as those actively innovating in new products and channels. Key companies to watch include Miaokelando, Andeli, Shanxi Fenjiu, Guizhou Moutai, and Yanjinpuzi [7][44]