[Table_Title] 证券研究报告 / 行业动态报告 中国铀业上市在即，关注核电板块投资机遇 [Table_Summary] 事件：据公司公告，截至 2025 年 12 月 1 日，中国铀业发行申购已顺利 完成，发行价格为 17.89 元/股，预计将于 12 月 3 日上市。 点评 全球核能建设或持续推动核电材料需求，供需缺口预计长期存在 根据世界核协会《2025 世界核能业绩报告》，截至 2024 年底，全球运行 中核反应堆共 440 座，较 2023 年底增加 3 座；全球核电总装机容量 398GW，较 2023 年底 392GW 增加 6GW。据国际原子能机构第 69 届大 会，2050 年全球核能发电装机容量预计将达到 561GW-992GW。国内方 面，根据国际能源变革论坛核电产业发展分论坛，截至 2025 年 10 月， 我国在运核电机组达 59 台，总装机容量为 6248 万千瓦；核准在建机组 53 台，装机容量达 6293 万千瓦，总装机规模已突破 1.25 亿千瓦，连续 保持世界第一。根据中国核电发展中心、国网能源研究院发布《我国核 电发展规划研究》，到 2030 年、2035 年和 ...

[Table_Info1] 证券研究报告 [Table_Date] 发布时间：2025-12-02 新雅尔塔体系与中美 G2 格局 ---东北固收专题报告 报告摘要： 正式重回孤立。如今美国的战略收缩体现为"对内谋变、对外谋 退"。1、对内，总统权力的边界在被不断试探，造成内部秩序紊乱， 三权分立彻底失效、两党制发生质变。2、对外，军事政策收缩至本 土、军权联邦化，外交政策也只能聚焦周边、其次是后花园、而对西 半球盟友，美国选择了全面后退。 特朗普说自己要做第二个里根，但这只是拉拢金融资本的说辞，实际 情况是，他并不像里根而更像尼克松。特朗普真正在做的事情是向华 尔街金融资本"夺权"，而为了掩盖这一诉求必须要在外树敌。 特朗普是否会成为美国的戈尔巴乔夫？两者固然有相似之处，特朗普 也大概率会加剧社会动荡并造成极端主义的出现。但和戈尔巴乔夫不 同，如今的美国并未改变经济基础，依然是资本与资本的博弈，本质 上换汤不换药。如果特朗普做了戈尔巴乔夫的事情，反而可能成为美 国的"功臣"。 在两极世界秩序下，五大全球趋势值得关注：1、供应链区域化，带来 一极走不出通胀，另一极走不出通缩。2、全球陷入债务驱动型增长， 财政 ...

[Table_Title] 证券研究报告 / 公司动态报告 汽零主业积极发展，布局固态电池成长可期 [Table_Summary] 汽零优质供应商，丰富产品布局。德尔股份成立于 2004 年，是集汽车部 件研发、制造和销售于一体的汽车零部件系统综合提供商。公司紧跟汽 车智能化、集成化、轻量化的发展趋势，从单一的转向泵产品拓展到目 前的三大产品系列：降噪（NVH）隔热及轻量化类产品；电泵、电机及 机械泵类产品；电控、汽车电子类产品。公司深度绑定了戴姆勒、宝马、 奥迪、大众、Stellantis、福特、日产、上汽、江铃、长城、吉利等国内外 知名主机厂，建立了覆盖欧洲、北美和亚洲的全球化销售网络。 积极拓展新能源领域业务，收购爱卓科技拓展成长新动能。1）公司积极 拓展面向新能源汽车的产品布局，成功开发电池阻燃保护罩、电池组电 磁屏蔽罩、电机包覆和空调压缩机包覆等专用于新能源汽车的材料类产 品。2025H1，公司配套新能源汽车产品实现收入 29,307.23 万元，同比增 长 74.12%，产品拓展成效显著。2）公司公告称，拟向上海德迩发行股 份，购买其持有的爱卓智能科技（上海）有限公司 70%股权，拟以零对 价受让 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 96.11 CNY based on a 65 times PE valuation for 2026E [3][5]. Core Insights - The company, Rongqi Technology, specializes in industrial AI quality inspection equipment and has significant growth potential in the future [1]. - The company has made substantial breakthroughs in the consumer electronics sector, becoming a key supplier for major players like Apple, Amazon, and Meta, with approximately 80% of its revenue coming from this sector [2]. - The company is actively expanding into the solid-state battery field, holding a 20% stake in Sichuan Lieneng, which focuses on hydraulic machinery for various applications, including solid-state batteries [3]. Financial Summary - Revenue projections for 2025-2027 are 414 million CNY, 655 million CNY, and 910 million CNY, respectively, indicating a growth rate of 11.67% in 2025 and 58.21% in 2026 [4]. - The net profit attributable to the parent company is expected to be 46 million CNY in 2025, 79 million CNY in 2026, and 165 million CNY in 2027, with a significant growth rate of 69.84% in 2026 and 109.22% in 2027 [4]. - The earnings per share (EPS) is projected to increase from 0.87 CNY in 2025 to 3.09 CNY in 2027, reflecting strong profitability growth [4]. Market Position - The company has established strong partnerships with leading EMS companies, enhancing its market position in the consumer electronics industry [2]. - The company has a solid technical foundation and continues to expand its application areas, particularly in consumer electronics and new energy sectors [1].

中证转债指数 [Table_Report] 相关报告 《外部扰动缓和，内部回归均衡化策略》 [Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 12 月十大转债 ---东北固收转债分析 报告摘要： 12 月十大转债如下： --20251201 《【东北固收】增强消费品供需适配性，白银价 格再创新高 — — 政 策 及 基 本 面 周 度 观 察 （20251129）》 --20251201 《【东北固收】新兴产业景气度骤降，地产市场 再 度 走 冷 — — 政 策 及 基 本 面 周 度 观 察 （20251122）》 --20251124 《茂莱转债定价：首日转股溢价率 40%~45%》 --20251121 《瑞可转债定价：首日转股溢价率 32%~37%》 --20251117 首席分析师：刘哲铭 执业证书编号：S0550524040002 18801785199 liuzm1@nesc.cn 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 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook despite current challenges [1]. Core Insights - The report highlights the competitive landscape of Hong Kong commercial real estate, emphasizing that Hong Kong developers dominate the high-end market in mainland China, with significant advantages in sales per square meter compared to domestic developers [2][17]. - It notes that the real estate market is showing signs of stabilization, with policies expected to support demand and mitigate risks, particularly in first-tier cities [3]. - The report suggests that the financial health of Hong Kong developers is generally robust, with a focus on high-end commercial properties, which positions them well to benefit from increased consumer spending in mainland China [6][28]. Summary by Sections 1. Hong Kong Commercial Real Estate Landscape - Hong Kong developers like Hang Lung, Swire, and Sun Hung Kai dominate the high-end commercial sector, capturing a significant market share in major cities such as Shanghai, Beijing, and Guangzhou [2][17]. - The average sales per square meter for Hong Kong high-end projects (8.6 billion/10,000 sqm) significantly outperforms domestic counterparts (5.6 billion/10,000 sqm) [20]. 2. Market Performance - The report indicates that both A-shares and Hong Kong real estate stocks underperformed the broader market, with A-shares down 0.72% and Hong Kong real estate down 0.95% [3]. - The issuance of real estate credit bonds totaled 17.84 billion, with a net financing amount of 11.50 billion, reflecting ongoing challenges in the sector [4]. 3. REITs Market - The REITs index showed a slight decline of 0.11%, with the property-type REITs index at 118.22 points and the franchise-type REITs index at 118.85 points [4]. - The report notes that REITs have outperformed the CSI 300 index over the past month by 2.92 percentage points [4]. 4. Housing Market Trends - New and second-hand housing transaction volumes have seen significant year-on-year declines, with new housing down 34.37% and second-hand housing down 19.46% [6]. - The report anticipates a gradual recovery in the second-hand housing market, while new housing metrics are expected to stabilize [6]. 5. Land Market Dynamics - The report highlights a substantial increase in land supply and transaction volumes across major cities, with a 144.35% increase in supply and a 40.81% increase in transactions [5]. - The premium rate for land transactions has shown a slight increase, indicating a competitive bidding environment [5]. 6. Policy Outlook - The report outlines expectations for future policies aimed at stabilizing the housing market, including potential adjustments to purchase restrictions in first-tier cities and measures to alleviate inventory pressures [3].

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Views - The report highlights the continued trading around December interest rate cuts and the geopolitical issues surrounding Russia and Ukraine. The probability of a December rate cut is currently at 85%, with several Federal Reserve officials supporting the continuation of rate cuts. This has led to a decrease in U.S. Treasury yields and an increase in gold prices. However, the upcoming FOMC meeting will also focus on the dot plot and comments from Powell, which may impact short-term gold prices [2][11]. - The uncertainty surrounding the Russia-Ukraine negotiations remains significant, with recent proposals from the U.S. and Europe facing resistance from Ukraine and Russia. The report suggests that substantive territorial issues are challenging to resolve, indicating a complex negotiation landscape ahead [2][11]. - The potential appointment of Hassett as the Federal Reserve Chair could further strengthen gold prices, as his dovish stance may enhance market expectations for future rate cuts and raise concerns about the Fed's independence [2][11]. Summary by Sections Weekly Research Views - The report discusses the ongoing focus on December interest rate cuts and geopolitical tensions, emphasizing the high probability of a rate cut and its implications for gold prices. It also notes the complexities in the Russia-Ukraine negotiations and the potential impact of a new Fed Chair on market expectations [2][11]. Sector Performance - The report indicates that the Shanghai Composite Index rose by 1.40%, while the non-ferrous metals index increased by 3.42%, outperforming the market by 2.02%. The top-performing sub-sectors included tungsten, lead-zinc, and nickel-cobalt-tin [13][14]. Metal Prices and Inventories - The report notes a general increase in metal prices, with LME copper reaching $11,189 per ton, marking a 3.8% increase. Other metals also saw price increases, with significant movements in lithium and cobalt prices. The report highlights the ongoing bullish sentiment in the copper market, driven by expectations of rate cuts and supply constraints [12][32][46].

Core Insights - The report suggests a shift towards a balanced strategy in response to external disturbances and internal market conditions, emphasizing the importance of equilibrium in investment approaches [2][4][29] - Four industries identified as having "low position + marginal improvement" potential, which are expected to benefit from low valuations and improving economic conditions [2][4] Industry Recommendations - **Low Position Recovery (Dynamic)**: The recommended sectors include Beauty Care, Transportation, Other Power Equipment, Semiconductors, Automotive, Bioproducts, Traditional Chinese Medicine, and Home Appliances [4][6] - **Low Position + Marginal Improvement (Dynamic)**: The sectors highlighted are Beauty Care, Transportation, Other Power Equipment, and Semiconductors [4][6] Market Analysis - The A-share market experienced significant adjustments in November due to three main factors: 1. Federal Reserve liquidity expectations were disrupted by the U.S. government shutdown, leading to market uncertainty regarding the December interest rate meeting [4] 2. The intensifying debate over AI narratives and technical corrections in high-performing stocks, particularly in the AI sector, caused a decline in market sentiment [4] 3. A rebalancing of market styles, with funds shifting from high-volatility growth stocks to low-valuation, high-dividend sectors, resulting in a rise in bank and oil sectors [4] Sector-Specific Insights - **Beauty Care**: The sector is expected to see a revival in new consumption themes towards the end of the year, with a 17.95% year-on-year increase in retail sales for cosmetics [6][10] - **Transportation**: Valuations are low, and improved U.S.-China relations are anticipated to boost export demand, leading to a recovery in shipping [6][10] - **Other Power Equipment**: Increased investments in power grid and supply equipment due to AI-related electricity shortages are expected [4][6] - **Semiconductors**: Continuous demand for AI computing power and a chip shortage in the automotive sector are driving a super cycle in storage [4][6] Economic Indicators - The report provides detailed indicators for the identified sectors, showing positive trends in various metrics such as retail sales, average prices, and investment levels [6][10][22]

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating that the industry index is expected to outperform the market benchmark in the next six months [4][38]. Core Insights - The communication sector has shown strong performance, with the Shenwan Communication Index rising by 8.70% during the week of November 24-30, 2025, outperforming major indices [12][19]. - Key sub-sectors such as communication network equipment and devices saw significant gains, with the highest increase of 12.14% [15]. - Companies like Guangxu Technology and Tongyu Communication have experienced substantial stock price increases, with gains of 39.19% and 39.06% respectively [19]. Summary by Sections Market Review - The Shenwan Communication Index increased by 8.70%, marking the highest gain among 31 primary industries [12]. - Communication network equipment and devices led the sub-sector performance with a 12.14% increase [15]. - Individual stock performances highlighted significant gains for Guangxu Technology (39.19%) and Tongyu Communication (39.06%) [19]. Industry Dynamics - Huawei has entered the AI toy market with the launch of the "Smart Hanhai" toy, which sold out immediately upon release [24][26]. - Guangxu Technology plans to raise up to 3.5 billion yuan to enhance its optical communication capabilities, focusing on AI computing and high-speed transmission [29][30]. - China Mobile has announced a procurement of 700,000 optical modules for its own brand, with a budget of 220 million yuan [31][32]. - Tianfu Communication is experiencing high demand but faces temporary production bottlenecks for certain materials, emphasizing a flexible capacity strategy [33][34].

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The establishment of the Commercial Space Administration by the National Space Administration signifies a dedicated regulatory body for the commercial space industry, which is expected to drive high-quality development and benefit the entire industry chain [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, with significant policy support and new product development, indicating a promising growth trajectory [3][36] - The defense and military sector is projected to experience sustained growth due to the execution of backlog orders from the 14th Five-Year Plan and the introduction of new orders under the 15th Five-Year Plan [3][38] Summary by Sections Market Review - The defense and military index rose by 2.85% last week, ranking 14th among 31 primary industries [1][13] - The current PE (TTM) for the defense and military sector is 77.60 times, with aerospace equipment at 305.61 times and military electronics at 106.55 times [1][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feili Hua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The National Space Administration's action plan for commercial space development aims for a significant expansion of the industry by 2027, enhancing innovation and resource utilization [2][37] - The low-altitude economy is being bolstered by new regulations and infrastructure developments, with a focus on safety and efficiency in low-altitude flight activities [3][34][36]