Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The vaccine industry is experiencing steady growth, with 68 preventive vaccines approved for clinical trials in 2025, an increase of 13 from 2024 [3] - The industry is transitioning from scale expansion to innovation-driven growth, facing short-term challenges due to supply-demand imbalances and homogenized competition, but the long-term outlook remains positive [9][24] - Key drivers for the industry's development include policy support, increasing demand due to aging populations, and technological innovation [9][26] Summary by Sections Industry Dynamics - The approval of new vaccines is on the rise, with significant advancements in innovative vaccines and multi-valent products [3] - The market is characterized by a high proportion of Me-too products, leading to intense competition and price declines [8] Market Performance - The vaccine sector has seen a cumulative decline of 12.35% since the beginning of 2025, with a recent weekly drop of 2.52% [4][14] - Companies such as Olin Bio, Hualan Biological, and CanSino have shown better performance, while companies like Gendik and Wantai Biologics have lagged [5] Valuation Metrics - The vaccine sector's PE (ttm) is 90.01X, down 2.34X from the previous period, while the PB (lf) stands at 1.74X, reflecting a slight decrease [6] Investment Recommendations - The industry is advised to focus on companies with strong R&D capabilities and differentiated product lines, particularly those with high technical barriers [9][26] - Companies like CanSino and Kanghua Biological are recommended due to their innovative strengths and market demand resilience [9][26]

Investment Rating - The industry rating is maintained at "Overweight" [9][39]. Core Insights - The financial stability report indicates that the asset quality of banks continues to consolidate, with significant progress in resolving debt risks associated with financing platforms and managing risks in small and medium-sized financial institutions [8][36]. - As of the end of 2024, approximately 40% of financing platforms have exited the platform sequence through market-oriented transformations, with the scale of operational financial debt for these platforms around 14.8 trillion yuan, a decrease of about 25% from early 2023 [9][36]. - The average interest rate for newly issued bonds by financing platforms dropped to 2.67% in Q4 2024, a reduction of over 2 percentage points compared to Q1 2023, indicating a significant decrease in financing risk premiums [9][36]. - The overall risk status of national banks is stable, with 71% of the asset scale concentrated in 21 national banks, and the majority of ratings falling within levels 1-5 [9][36]. - The report highlights that there are no "red zone" banks in nine provinces, and the number of "red zone" banks in 13 provinces remains in single digits, indicating a significant reduction in existing risks across most regions [10][36]. Summary by Sections Market Performance - Over the past 12 months, the industry has shown a relative return of -10.7% and an absolute return of 7.0% [6]. Investment Recommendations - The banking sector's profitability is stabilizing at the bottom, with ongoing risk management in key areas such as urban investment and real estate, creating conditions for valuation recovery [12][39]. - In a low-interest-rate environment, the high dividend advantage of bank stocks is expected to continue, highlighting their investment value [12][39]. - Recommended banks include Industrial and Commercial Bank of China, Bank of China, CITIC Bank, Jiangsu Bank, Shanghai Rural Commercial Bank, Chongqing Rural Commercial Bank, and Suzhou Bank [12][39].

本周医药生物下跌 2.06%，涨跌幅排名位列申万一级行业第 28 位 证券研究报告 2026 年 01 月 03 日 湘财证券研究所 行业研究 医疗服务行业周报 英矽智能港股挂牌，AI 制药潜力大 --医疗服务行业周报 2025.12.29-2026.1.2 相关研究： 核心要点： 英矽智能港股挂牌，AI 制药潜力大 根据 Wind 资讯，12 月 30 日，AI 制药企业英矽智能在香港交易所正式挂 牌，募资总额 22.77 亿港元，成为 2025 年募集资金最高的港股生物医药上 市项目。这家以人工智能驱动新药研发的企业，正将"AI+Biotech"（人工 智能与生物科技融合）的创新模式，从上海推向全球市场。 从制药的流程看，AI 技术已经在多个环节找到了适合自己的应用场景， 并发挥出巨大潜力。从临床前药物发现阶段到药物研发后期临床试验阶段， AI 技术已经渗透到药物研发诸多环节。例如基准化合物设计、预测疾病 靶点、预测信号通路、预测成药靶点、确认新靶点、硅化合物库设计、预 测药物结构与活性的关系、预测 ADMET 性质、优化药物反应试验、选择 受试人群、药物警戒和转录组数据查询等。现阶段 AI 在药物研发需 ...

证券研究报告 2026 年 01 月 03 日 湘财证券研究所 行业研究 房地产行业周报 需求依旧偏弱，政策仍需加码 相关研究： 1.《周度观点：成交下行压力加大， 关注后续政策落地》 2025.12.14 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 相对收益 -6 -9 -16 -15% -5% 5% 15% 沪深300 房地产(申万) 绝对收益 -4 -9 0 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： ❑ 核心城市：2025 年一线城市二手房成交韧性较强，新房需求仍然较弱 北京：根据 Wind 数据，北京近一周（12.25-12.31）二手房、新房日均成交 套数同比降幅收窄，主要受"12.24"限购放松带动需求短期释放。其中， 二手住宅日均成交 702 套（同比-8%），降幅显著收窄至两位数以内；新房 日均成交 159 套（同比-31%），尽管降幅较前两周收窄，但去年基 ...

金融工程研究 量化研究 证券研究报告 2026 年 1 月 3 日 湘财证券研究所 基金市场跟踪与 ETF 策略配置月报 1. 《北向资金视角下的ETF轮动》 2022.03.30 行业ETF轮动》 2022.06.28 策略——ETF系列研究》 2024.03.27 研究——ETF系列研究》 2024.12.01 证书编号：S0500522090001 Tel：(8621) 50295307 Email：lizw@xcsc.com 中国人寿金融中心10楼 相关研究： 核心要点： 基金市场跟踪 2. 《基于北向资金与主力资金的 3. 《PB-ROE框架下的ETF轮动 根据 Wind 数据，截至 2025 年 12 月 31 日，全市场共存续基金 13617 只， 相较于上月底，数量上升 142 只；基金总资产净值为 36.32 万亿元，上升 3151.15 亿元，基金市场规模持续上升。2025 年 12 月，价值基金指数、平 衡基金指数及成长基金指数收益率分别为 1.14%、2.71%和 3.69%，成长型 基金表现超价值型基金。 ETF 市场跟踪 4. 《资金流在ETF轮动中的应用 根据 Wind 数据，截 ...

Core Insights - The report highlights the ongoing iteration of large model technology, leading to a wave of innovation in AI-enabled consumer electronics, particularly in edge AI deployment, which offers low cost, high performance, and enhanced privacy security [4][20][26]. Group 1: Industry Performance - The electronic industry has shown a relative return of 30.2% over the past 12 months, outperforming the CSI 300 index, with an absolute return of 47.9% [3]. - Traditional consumer electronics have entered a phase of low growth, with smartphone and PC sales stabilizing, while TWS (True Wireless Stereo) devices are also experiencing slow growth [15]. Group 2: Edge AI Development - The development of model compression technology has laid the groundwork for deploying large models on edge devices, enhancing the capabilities of edge AI [21][26]. - Companies like Huawei and ByteDance are showcasing significant applications of edge AI in smartphones, with products like the Doubao mobile assistant demonstrating the potential for complex operations and cross-application functionality [30][32]. Group 3: ASIC Demand - The demand for ASIC (Application-Specific Integrated Circuit) is surging due to its cost-effectiveness and customization advantages over GPUs, with the market expected to grow from $6.6 billion in 2023 to $55 billion by 2028, reflecting a compound annual growth rate (CAGR) of 53% [5][71]. - Major tech companies are increasingly developing their own ASICs, with Google and Amazon leading the way in supplying these chips, further validating their performance and commercial value [9][71]. Group 4: PCB Market Growth - The demand for PCBs (Printed Circuit Boards) is expected to rise as AI companies and global internet giants invest heavily in data center expansions, with a projected CAGR of 21% in global data center capital expenditures by 2029 [6]. - The increasing complexity of AI servers and high-speed switches is driving up the value of individual PCBs, leading to a simultaneous increase in both volume and price [6][68]. Group 5: Investment Recommendations - The report suggests focusing on companies within the edge AI, ASIC, and PCB supply chains, maintaining a bullish outlook on the electronic industry [8][9]. - Specific companies to watch include Rockchip, Hengxuan Technology, and Horizon Robotics in the edge AI sector, and Chipone and Cambrian in the ASIC sector [9].

证券研究报告 2025 年 12 月 31 日 湘财证券研究所 行业研究 银行业年度策略 高股息为盾，静待价值修复 相关研究： 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 | -4.85 | 4.99 | -10.62 | | --- | --- | --- | --- | | 绝对收益 | -2.10 | 5.22 | 5.69 | 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 中国人寿金融中心10楼 核心要点： 市场回顾 今年银行板块行情节奏呈现"前强、中弱、后稳"的走势，主要反映从避 险主导到寻求增长的市场风格转换过程，以及资产风险预期的变化。 政策导向：宽松政策过渡期，金融支持实体经济 | 1. | 《2025年中期策略-价值重估仍 | | --- | --- | | 在进行时》 | 2025.07.02 | | 2. | 《业绩底部修复，配置价值提 | | 升》 | 2025.09.05 | 2026 年，政策环境正从此前的超常规逆周期调节模式，向更具稳定性和 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3][9]. Core Insights - The company is positioned as a tungsten industry operation management platform under China Minmetals, with a comprehensive business layout covering the entire tungsten industry chain [4][20]. - Revenue has been steadily increasing, driven by the injection of high-quality mining assets, which has enhanced the company's profitability [5][29]. - The supply of tungsten concentrate is expected to tighten in the long term, while emerging sectors are likely to drive demand for hard alloys upward [6][44]. - The company is gradually injecting high-quality tungsten mining assets, benefiting from the rapid development of AI-related PCB micro-drill business [7][29]. - The investment suggestion indicates that tungsten prices are expected to remain strong due to long-term supply constraints and growing demand, with projected revenues and net profits showing significant growth from 2025 to 2027 [8][9]. Summary by Sections Company Overview - The company was established in 1991 and became a controlled entity of China Minmetals in 2010, evolving into a comprehensive tungsten industry platform [4][20]. - Its main business segments include cutting tools, hard alloys, refractory metals, concentrate and powder products, and trade and equipment [24][25]. Revenue and Profitability - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 17.39% from 2019 to 2022, and net profit CAGR of 63.24% during the same period [29]. - In 2024, revenue is expected to grow by 7.8% year-on-year, with net profit increasing by 17.47% [29][31]. Supply and Demand Dynamics - Tungsten is a strategic rare metal with limited global supply, and China holds a dominant position in tungsten reserves [6][49]. - The demand for hard alloys is expected to rise due to emerging applications in various high-tech sectors, including AI and renewable energy [6][44]. Asset Injection and Business Expansion - The company is in the process of acquiring high-quality tungsten mining assets, which is anticipated to significantly enhance its performance [7][21]. - The PCB micro-drill business is expected to benefit from the rapid growth in AI applications, with plans for increased investment in this area [7][8]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are expected to be 175.97 billion, 196.59 billion, and 210.98 billion respectively, with corresponding net profits of 12.47 billion, 17.84 billion, and 21.56 billion [9][11].

Group 1: Core Insights - The report highlights that Miaokelando has solidified its leading position in the cheese market through strategic partnerships, particularly with Mengniu, and has maintained a market share exceeding 35% in cheese sales in China as of 2023 [2][6] - The company has focused on a "cheese-centric" strategy, expanding its product matrix to include ready-to-eat nutrition, family dining, and food service industries, with nearly 100 SKUs [3][5] - The report indicates that the cheese market in China is in a growth phase, with a low penetration rate of less than 3% compared to the overall dairy market, suggesting significant room for growth [6] Group 2: Financial Performance - Miaokelando's revenue for 2024 is projected to be 1.313 billion yuan, reflecting a year-on-year growth of 14.07%, with cheese sales volume reaching 80,300 tons, a 39.39% increase [5][7] - The company is expected to achieve revenues of 5.435 billion, 6.193 billion, and 7.100 billion yuan for the years 2025 to 2027, with corresponding year-on-year growth rates of 12.22%, 13.94%, and 14.64% [7] - The net profit attributable to the parent company is forecasted to be 241 million, 357 million, and 471 million yuan for the same period, with significant growth rates of 112.10%, 48.20%, and 31.86% respectively [7]

Investment Rating - The report gives the company a "Buy" rating for the first coverage [7]. Core Insights - The company has solidified its leading position in the Chinese frozen food industry with a market share of 6.6% as of 2024, ranking first overall and significantly leading in specific segments such as frozen prepared foods and frozen dishes [2][17]. - The company is shifting from a "channel-driven" approach to a "new product-driven" strategy, expanding into the frozen baking sector through acquisitions, which is expected to create a second growth curve [5][16]. - The domestic frozen food market is characterized by low concentration and high growth potential, with a projected compound annual growth rate (CAGR) of 9.4% from 2024 to 2029, driven by increasing consumer demand and low per capita consumption compared to mature markets [4][46]. Summary by Sections Company Overview - The company was founded in 2001 and has established a nationwide marketing network, with significant strategic initiatives since its IPO in 2017, including entering the frozen dish market and expanding its product offerings through acquisitions [15][18]. - The company has developed a diverse product matrix with over 500 products, focusing on frozen prepared foods, frozen dishes, and frozen noodle products, maintaining a strong market position in each category [21][24]. Industry Analysis - The global frozen food market is expanding, with a projected size of $417.7 billion in 2024 and a CAGR of approximately 6.0% from 2024 to 2029, with Asia leading the growth at 7.8% [3][39]. - China's frozen food market is the second largest globally, with a market size of approximately $31.4 billion in 2024 and a low concentration ratio (CR5) of 15%, indicating significant consolidation opportunities [4][41]. - Emerging markets like Southeast Asia are expected to grow rapidly, with a projected CAGR of 14.0% from 2024 to 2029, driven by demographic trends and changing consumer habits [4][46]. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 158.36 billion, 169.68 billion, and 184.38 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 4.69%, 7.15%, and 8.66% respectively [5][69]. - The net profit attributable to the parent company is forecasted to be 14.15 billion, 15.66 billion, and 17.50 billion yuan for the same period, with growth rates of -4.73%, 10.73%, and 11.74% respectively [5][69].