[Table_Title] 证券研究报告/行业动态报告 金价新高时刻的黄金珠宝行业——商贸零售双周报 [Table_Summary] 金价再创新高，税改增加购金成本。COMEX 黄金首次升破 4500 美元/ 盎司，2025 全年金价涨幅达到 63%，国内周大福、老凤祥等品牌金饰克 价一度站上 1400 元人民币。11 月黄金增值税新政将进项抵扣率从 13% 降至 6%，国内黄金珠宝品牌面对成本和需求两端的压力，加速提升一口 价产品占比、优化直营渠道，进行了从"求规模"到"提质增效"的转型。 老铺引领行业定价产品提价节奏。2025 年以来老铺、君佩、周大福均进 入"高频+大幅"提价周期，高端一口价占比较高的品牌年内普遍三次以上 提价，每次调整幅度多在 10%–30%区间。 集中涨价后古法黄金定价产品价格趋近。各大主流品牌的畅销款一口价 古法黄金产品平均克单价多在 1500-2500 元区间，其中潮宏基克单价略 低于平均水平。各公司在 10-11 月提价之后，金价再破新高，预计后续 将持续提价以应对金价迅速上涨。 黄金珠宝公司备货规模及周转差异显著。周大福存货体量最大自成一 档；老铺黄金备货激增，大部分品牌平稳 ...

[Table_Info1] 小鹏汽车─W(09868.HK) 汽车 强势产品周期开启 战略转型"物理 AI"公司 [2T0a2b5lQe_3S交um付m量ary与] 综合毛利均创新高。2025 年第三季度公司实现总营业 收入 203.8 亿元，同比增长 101.8%；净亏损大幅收窄至 3.8 亿元。季度 总交付量达 116,007 辆，同比增长 149.3%，创历史新高。得益于技术服 务收入的强劲表现，公司综合毛利率首次突破 20%，达到 20.1%，盈利 能力显著改善。 "双能策略+多款新车"开启强势产品周期。为解决用户里程焦虑，公 司正式推出"纯电+增程"双动力策略。首款增程车型 X9 EREV 已于 2025 年 11 月正式上市，搭载 63.3kWh 大电池和油电转化率超 3.6kWh/L 的第 三代增程器，实现 452km 的 CLTC 纯电续航，在增程市场建立技术优势。 在 2026Q1，G6、G7、P7i 等主力车型也将推出增程版。同时，在 2026 年公司还将有 4 款全新车型上市，其中包括 MONA 平台两款 SUV 与全 尺寸 6 座 SUV 等车型。我们预计随着增程与全新车型的陆续上市， ...

[Table_Title] 证券研究报告/公司深度报告 扫描全能王在月活用户规模、品牌知名度、用户口碑等方面具备先发优势。（1） 平均月活：扫描全能王 2023 年平均月活为 1.45 亿，远高于其他竞品（4-6624 万）；（2）用户体验：AppStore 上的 iOS 中国区评分为 4.9，iOS 美国区评分也 为 4.9，合计评分个数超 600 万，远远超过竞品 APP（2.6-123.6 万）；（3）品 牌知名度：用户在 APPStore 中更多的是直接搜"扫描全能王"，而非"扫描"等功 能词，说明用户角度扫描全能王就是扫描的代名词。 公司具备持续创新和产品化能力。1)创始人及核心团队均相关领域技术人员出 身，拥有领域内领先的学术资源，公司在 OCR-STR-模式识别赛道未来仍大有可 为；2)研发人员比例高，持续创新寻找新场景下的应用落地(如蜜蜂试卷、大模 型数据清洗等)，产品矩阵有望进一步拓宽。 海外市场空间广阔。23 年国内市场付费用户渗透率 0.53%，但在巴西、印尼、 墨西哥仅为 0.11%、0.08%、0.07%，我们预计随新兴国家数字化水平提升，对移 动办公、文档扫描的需求和付费意愿有望进 ...

[Table_Title] 证券研究报告 / 行业深度报告 信创安全快速发展，国产化势在必行 报告摘要： 政策+市场双轮驱动信创产业快速发展。2023 年我国信创市场规模达 20961.9 亿元，同比+25.6%。国家层面形成了"顶层设计 - 专项支持 - 标准规范"的政策体系。信创产业涉及 IT 基础设施、基础软件、应用软 件以及信息安全等领域，这些领域的产品和服务共同构成了信创产业的 完整产业链和生态体系。我国信创产业目前已逐渐形成 "2+8+N"战略 布局，即党、政与金融、电信、电力、石油、交通、航空航天、医疗、 教育 8 个关于国计民生的重要行业，以及 N 个消费市场。 我国信创产业发展的驱动因素主要由经济、安全与技术构成。1）经济方 面：数字经济快速发展为信创行业提供良好的经济基础，国产化软硬件 的替代潮为信创行业带来发展契机。2）技术方面：软件业务市场收入规 模始终保持高速增长，为信创产业提供良好的发展基础。3）安全：我国 多家企业被列入了美国实体清单，对电子、算力等高科技行业进行打压， 我国要构建完整自主 IT 生态来应对外部变化可能带来的风险。 传统网络安全市场规模稳步增长。2019 年~20 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [8] Core Insights - The report emphasizes the financial attributes of real estate, highlighting its significant impact on the macro economy and the necessity for strong policy support from the central government [16][18] - It suggests that policies should be implemented in a decisive manner to stabilize market expectations, avoiding gradual measures that have proven ineffective [17] - The report anticipates a shift towards a new model of "affordable housing + quality housing + services," with an acceleration in the acquisition of existing properties to alleviate inventory pressure [18] Summary by Sections 1. Market Trends - The real estate market is expected to stabilize with policies that support both demand and supply, particularly in major cities where restrictions may be eased [16][18] - The report notes a significant decline in new and second-hand housing transaction volumes, with year-on-year decreases of 22.39% and 28.04% respectively [72] 2. Stock Market and Credit Bonds - The A-share real estate sector underperformed the market, with a weekly decline of 0.69%, trailing the broader market by 0.10 percentage points [21][22] - The issuance of real estate credit bonds totaled 1.514 billion yuan, with a net financing amount of -2.527 billion yuan [21] 3. REITs Market - The REITs index experienced a decline of 0.36%, with the property REITs index down 0.39% and the operating rights REITs index down 0.33% [41][54] - The total transaction volume for REITs was 0.551 billion yuan, reflecting a significant decrease of 59.30% compared to the previous period [56] 4. Land Market - The report indicates a decrease in land supply across major cities, with a 66.43% drop in supply and a 132.09% increase in transaction area, alongside a rise in premium rates [5] 5. Policy Outlook - The report outlines expectations for more robust housing policies in 2026, including the removal of restrictive measures and a focus on meeting diverse housing needs [18][19]

Quantitative Models and Construction Methods Model Name: mHC-MLP - **Model Construction Idea**: The mHC-MLP model introduces manifold-constrained hyper-connections (mHC) into the traditional MLP framework to address issues such as low signal-to-noise ratio, non-stationarity, and extreme tail behavior in financial data. It achieves this by incorporating multi-stream residual channels, gated fan-in/fan-out mappings, and doubly stochastic manifold projections (via Sinkhorn-Knopp) to enhance numerical stability and extrapolation resistance[1][16][22]. - **Model Construction Process**: 1. **Multi-Stream Residual Channels**: The model expands the single residual channel in traditional ResNet to multiple parallel sub-streams, allowing independent feature representations and dynamic routing between streams[19][20]. 2. **Manifold Constraints**: - Residual mixing matrices are constrained to the Birkhoff polytope (doubly stochastic matrices), ensuring non-negativity, row sums of 1, and column sums of 1. This is achieved using the Sinkhorn-Knopp algorithm during training[22][23][54]. - Fan-in and fan-out mappings are constrained to non-negative values using sigmoid functions, ensuring that output features remain within the convex hull of input features[24]. 3. **Dynamic Routing Mechanism**: The model uses a combination of linear mixing (via residual matrices) and non-linear transformations (via MLP blocks) to balance feature interaction and noise suppression[49][50][51]. 4. **Deep Stacking**: The mHC-MLP extends the network depth to six layers, leveraging the numerical stability provided by manifold constraints to capture higher-order interactions[56][57]. 5. **Initialization and Regularization**: Parameters are initialized with minimal values (e.g., alpha = 0.01) to ensure stable gradient flow during early training stages. Regularization is achieved through manifold constraints rather than traditional dropout or L2 regularization[25][55]. - **Model Evaluation**: The mHC-MLP model demonstrates improved numerical stability, reduced overfitting, and enhanced robustness against noise. However, it may underperform in short-term, high-volatility scenarios due to its conservative nature[2][75][86]. --- Model Backtesting Results mHC-MLP Model - **Cumulative Return**: 49% (compared to 56% for the unconstrained MLP model)[75] - **t-Statistic**: Not explicitly mentioned for mHC-MLP - **IC_IR**: Not explicitly mentioned for mHC-MLP - **Turnover**: Lower than the unconstrained MLP model, indicating better stability[2][75] - **Maximum Drawdown**: Lower than the unconstrained MLP model, reflecting reduced risk exposure[2][75] --- Quantitative Factors and Construction Methods Factor Name: Barra MLP Factor - **Factor Construction Idea**: The Barra MLP factor leverages neural networks to capture non-linear interactions and complex relationships between Barra style factors and residual stock returns, overcoming the limitations of traditional linear factor models[30][31]. - **Factor Construction Process**: 1. **Baseline Risk Model**: A long-term risk model is constructed using the Barra CNE6 framework, incorporating one country factor, 31 industry factors, and 15 style factors (e.g., size, beta, momentum, value)[36][37][38]. 2. **Residual Return Extraction**: Stock returns are decomposed into common factor contributions and residual returns via cross-sectional regression. The residual returns serve as the prediction target for the MLP model[40]. 3. **Rolling Training**: The MLP model is trained using rolling windows of 24, 36, and 72 months to balance bias and variance. Features include the 15 style factors, and the target is the next-period residual return[41]. 4. **Multi-Period Signal Synthesis**: Predictions from the three training windows are standardized (Z-score) and combined using equal weighting or IC-based weighting to generate a composite factor[42][43]. 5. **Orthogonalization**: The composite factor is regressed against the 15 style factors to remove linear correlations, ensuring it provides incremental information[44]. 6. **Pure Factor Return Calculation**: The orthogonalized factor is incorporated into an enhanced Barra risk model, and its pure factor return is estimated via cross-sectional regression[45]. - **Factor Evaluation**: The Barra MLP factor effectively captures non-linear alpha signals and demonstrates significant cumulative returns and IC_IR values, validating its utility in quantitative strategies[46]. --- Factor Backtesting Results Barra MLP Factor - **Cumulative Return**: Over 15%[46] - **t-Statistic**: 2.8[46] - **IC_IR**: 0.45[46] - **Turnover**: Not explicitly mentioned - **Maximum Drawdown**: Not explicitly mentioned --- Composite Model: mHC-Enhanced Barra MLP Factor - **Model Construction Idea**: The mHC-enhanced Barra MLP factor integrates the mHC architecture into the Barra MLP framework to improve robustness and stability while retaining the ability to capture non-linear interactions[48]. - **Model Construction Process**: The MLP core in the Barra MLP factor is replaced with the mHC-MLP architecture, maintaining the same input features, target variables, and training framework. This modification introduces manifold constraints and dynamic routing to enhance numerical stability and reduce overfitting[48][49][50]. - **Model Evaluation**: While the mHC-enhanced factor demonstrates superior stability and robustness, it may lag in short-term, high-volatility markets due to its conservative design[75][86]. --- Composite Model Backtesting Results mHC-Enhanced Barra MLP Factor - **Cumulative Return**: Not explicitly mentioned - **t-Statistic**: Not explicitly mentioned - **IC_IR**: Not explicitly mentioned - **Turnover**: Lower than the original Barra MLP factor[2][75] - **Maximum Drawdown**: Lower than the original Barra MLP factor[2][75]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Shuangle Convertible Bond on its first trading day is expected to be between 133 and 138 yuan, and investors are advised to actively subscribe. The conversion premium rate on the first listing day is estimated to be in the range of 42% - 47% [3][18]. - The estimated first - day new - bond subscription winning rate is around 0.0038% - 0.0054% [4][19]. 3. Summary According to the Directory 3.1 Shuangle Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Shuangle Convertible Bond are priority placement and online issuance. The bond and issuer ratings are both AA-. The issuance scale is 800 million yuan, the initial conversion price is 36.7 yuan. As of December 31, 2025, the convertible bond parity is 93.73 yuan, the pure bond value is 91.12 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is acceptable, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is the R & D, production, and sales of phthalocyanine series and chromium - based pigments. The funds raised will be used for high - performance blue - green pigment projects, high - performance yellow - red pigment projects, high - performance functional pigment product R & D centers, and working capital replenishment, aiming to expand the production capacity of advantageous products and improve profitability [3][17]. - Based on the current market environment and parity level, referring to similar convertible bonds, the conversion premium rate of Shuangle Convertible Bond on the first listing day is expected to be in the range of 42% - 47%, corresponding to a first - day listing target price around 133 - 138 yuan [3][18]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - As of the end of September 2025, the top two shareholders held a combined 39.42% of the shares, and the top ten shareholders held a combined 57.2%. Assuming the old - shareholder placement ratio is 39% - 57%, the scale available for the market is 342 million - 485 million yuan. Assuming the online effective subscription volume is 8.93 million households, the winning rate is estimated to be around 0.0038% - 0.0054% [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and the Upstream and Downstream of the Industry - The company is mainly engaged in the R & D, production, and sales of phthalocyanine series and chromium - based pigments. It is a leading enterprise in the domestic phthalocyanine pigment segment, with the first domestic market share and high market reputation. The company focuses on technological innovation and process optimization, and its products are becoming more diversified and specialized [20]. - The upstream of the pigment industry mainly includes the petrochemical and non - ferrous metal industries. The prices of raw materials such as phthalic anhydride and electrolytic copper fluctuate. Currently, the low price of phthalic anhydride helps reduce costs, while the high price of electrolytic copper increases costs. The downstream consumption of pigments is mainly in the ink, coating, and plastic fields, and new application demands in emerging industries are growing, which promotes the development of the pigment industry and raises higher requirements for product quality and performance [21][22]. 3.2.2 Company's Operating Conditions - The company's annual revenue has shown slight fluctuations in recent years. From 2022 to the first three quarters of 2025, the revenues were 1.271 billion yuan, 1.433 billion yuan, 1.575 billion yuan, and 1.11 billion yuan respectively, with year - on - year growth rates of - 4.89%, 12.8%, 9.9%, and - 4.94%. The revenue in 2023 and 2024 increased due to the large increase in sales volume, while in the first nine months of 2025, the revenue decreased due to the decline in raw material prices, intensified competition, and the decrease in both price and sales volume of phthalocyanine pigments. The sales volume and price of chromium - based pigments changed little during the reporting period [25]. - The company's comprehensive gross profit margin first increased and then decreased. From 2022 to the first three quarters of 2025, it was 10.2%, 13.09%, 16.95%, and 14.11% respectively. The net profit margin was 2.2%, 3.3%, 7.66%, and 4.46% respectively. The gross profit margin of phthalocyanine pigments was affected by cost changes, while that of chromium - based pigments decreased slightly due to high environmental protection costs [28]. - The company's recent period expenses and R & D expenses have shown little fluctuation. The accounts receivable turnover rate has slightly decreased, but the company has good control over accounts receivable. The net profit attributable to the parent company has fluctuated greatly, and the profitability has also been volatile [30][35][39]. 3.2.3 Company's Equity Structure and Major Controlling Subsidiaries - As of September 30, 2025, the equity structure was relatively concentrated. Yang Hanzhou was the largest shareholder, and the top two shareholders held a combined 39.42% of the shares, and the top ten shareholders held a combined 57.2%. As of December 23, 2025, Yang Hanzhou was the controlling shareholder and actual controller, directly and indirectly controlling the company [44]. 3.2.4 Company's Business Characteristics and Advantages - The company has brand, technology, environmental protection, industrial chain, standard - setting, and marketing and service network advantages. It has well - recognized brands, a complete core technology and process system, a good environmental management system, stable upstream production, participation in standard - setting, and a professional marketing and service network [46][48][51]. 3.2.5 Allocation of the Current Fund Raising - The company plans to issue convertible bonds to raise no more than 800 million yuan. After deducting issuance fees, 166 million yuan will be used for high - performance blue - green pigment projects, 416 million yuan for high - performance yellow - red pigment projects, 38 million yuan for high - performance functional pigment product R & D centers, and 180 million yuan for working capital replenishment [12][53]. - The high - performance blue - green pigment project aims to upgrade and expand the production capacity of phthalocyanine pigments, with expected annual production increases of 1,000 tons of phthalocyanine blue series and 2,000 tons of phthalocyanine green series. The high - performance yellow - red pigment project will add yellow - red organic pigment products, with an expected annual production increase of 4,000 tons. The R & D center project will improve the company's R & D and technology level [53][54][55].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The issuance of Jin 05 Convertible Bonds is recommended for active subscription. The target price on the first day of listing is expected to be between 131 - 136 yuan, with an estimated conversion premium rate on the first day of listing in the range of [29%, 34%]. The estimated first - day new - bond lottery winning rate is around 0.0085% - 0.0109% [3][17][18]. 3. Summary According to the Directory 3.1 Jin 05 Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Jin 05 Convertible Bonds are priority allotment and online issuance, with a bond and issuer rating of AA+. The issuance scale is 1.672 billion yuan, the initial conversion price is 89.28 yuan, the convertible bond parity on December 31, 2025, is 101.19 yuan, the pure bond value is 97.45 yuan, and the game terms are normal. The bond has high issuance scale, good liquidity, good rating, and good bond - floor protection. It is easy for institutions to include it in their portfolios, and there is no objection to primary participation [13]. 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is the R & D, production, and sales of transformer series, complete set series, and energy storage series products. The raised funds after deducting issuance fees will be used for projects such as data center power module and high - efficiency energy - saving power equipment intelligent manufacturing, high - efficiency energy - saving liquid - immersed transformer and amorphous alloy core intelligent manufacturing, R & D office building construction, and supplementary working capital. The implementation of these projects will expand the company's production capacity and enhance its profitability. The target price on the first day of listing is estimated to be between 131 - 136 yuan [16][17]. 3.1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - The estimated first - day new - bond lottery winning rate is around 0.0085% - 0.0109%. Assuming the old shareholders' allotment ratio is 45% - 57%, the scale left for the market is 714 million - 917 million yuan. Assuming the online effective subscription quantity is 8.41 million households, the lottery winning rate when subscribing to the maximum is around 0.0085% - 0.0109% [18]. 3.2 Analysis of the Underlying Stock's Fundamental Aspects 3.2.1 Company's Main Business and the Upstream and Downstream Situations of the Industry - The company is a global power equipment supplier, mainly engaged in the R & D, production, and sales of transformer series, complete set series, and energy storage series products. It provides power supply solutions and electrical equipment for various scenarios. The upstream industries include non - ferrous metals, steel, etc., with sufficient market supply. The downstream industries include power systems, new energy, etc., and their demand growth drives the development of the industry [19][20]. 3.2.2 Company's Operating Conditions - The company's operating income has been rising in recent years, with domestic sales being the main source. In 2024, the domestic sales revenue of transformer series products in the "new energy - photovoltaic" field decreased significantly, while that in the "new infrastructure - data center" field increased. The company's comprehensive gross profit margin and net profit margin have been rising, mainly due to the growth of the gross profit margins of transformer and complete set series products. The company's R & D expenses have fluctuated slightly, and the accounts receivable turnover rate has slightly decreased. The net profit attributable to the parent company has fluctuated greatly, and the weighted ROE has also fluctuated [24][27][40]. 3.2.3 Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity structure is relatively concentrated. The largest shareholder is Yuanyu Investment, and the second - largest is Jingtian Investment. The actual controllers are Li Zhiyuan and YUQING JING [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has international competitive advantages in the transformer industry, with advantages in technology R & D, production manufacturing, market and brand, management team, and marketing and service system [46][47][48]. 3.2.5 Allocation of the Raised Funds - The company plans to issue convertible bonds to raise no more than 1.672 billion yuan. After deducting issuance fees, the funds will be used for four major projects: data center power module and high - efficiency energy - saving power equipment intelligent manufacturing, high - efficiency energy - saving liquid - immersed transformer and amorphous alloy core intelligent manufacturing, R & D office building construction, and supplementary working capital [11][50].

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2026 年 1 月十大转债 ---东北固收转债分析 报告摘要： [Table_Summary] 1 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《股债恒定指数 ETF-被动型固收+利器》 --20251229 《鼎捷转债定价：首日转股溢价率 42%~47%》 --20251221 《天准转债定价：首日转股溢价率 38%~43%》 --20251217 《神宇转债定价：首日转股溢价率 52%~57%》 --20251216 《澳弘转债定价：首日转股溢价率 45%~50%》 --20251215 证券分析师：薛进 执业证书编号：S0550522120002 13916677156 xuejin @nesc.cn 风险提示：转债回调风险。 请务必阅读正文后的声明及说明 [Table_Date] 发布时间：2026-1-5 [Table_Invest] [Table_Author] ① 中特转债（AAA，12 月末收盘价 121.25 元，转股溢价率 64.65%， 正股 PE-TTM1 ...

[Table_Title] 证券研究报告 / 行业动态报告 SemiAnalysis 详解 CPO，世嘉科技进军光模块 ---通信行业周报 2025.12.29-2026.01.04 报告摘要： [Table_Summary] 本周行情回顾：本周（2025.12.29-2026.01.04）申万通信指数下跌 1.41%， 上证指数上涨 0.13%，深证成指下跌 0.58%，创业板指数下跌 1.25%，沪 深 300 指数下跌 0.59%，通信板块在 31 个申万一级行业中排名第二十 三。本周通信三级子行业中，通信应用增值服务涨幅最高 (1.41%)，通信 终端及配件(0.68%)、通信工程及服务（0.50%）小幅上涨，其他通信设备 （-0.10%）小幅下跌，通信网络设备及器件（-2.12%）、通信线缆及配套 （-2.43%）回调明显。本周挖金客（19.36%）、*ST 天喻（14.01%）、意 华股份（9.92%）涨幅分列前三，线上线下（-13.49%）、鼎信通讯（-10.61%）、 实达集团（-9.45%）跌幅分列前三。 SemiAnalysis 万字报告详解 CPO，看好 CPO 在 scale up 的 ...