Investment Rating - The report maintains a rating of "Buy" for the petrochemical industry [4]. Core Insights - China Petroleum & Chemical Corporation (Sinopec) is the largest supplier of refined oil and petrochemical products in China, ranking as the world's largest refining company and second-largest chemical company. The company is undergoing a transformation towards green energy while maintaining its core operations in oil and gas [1][8]. - In 2024, Sinopec achieved a total revenue of 3,138.8 billion yuan, a decrease of 3.3% year-on-year, and a net profit attributable to shareholders of 57.8 billion yuan, down 13.0% year-on-year. Despite challenges such as geopolitical risks and fluctuating oil prices, the company has managed to maintain high-quality development across its business segments [1][12]. - Sinopec is focusing on enhancing its integrated business model across the entire petrochemical value chain, emphasizing the development of new materials and renewable energy [2][19]. Summary by Sections Section 1: Company Overview - Sinopec is a state-owned enterprise with a comprehensive business structure that includes oil and gas exploration, refining, chemical production, and financial services. The company has over 100 subsidiaries and is strategically positioned in China's economically vibrant regions [1][9]. Section 2: Business Operations - In the oil and gas sector, Sinopec produced 35.775 million tons of crude oil in 2024, a year-on-year increase of 0.94%, and 39.57 billion cubic meters of natural gas, up 4.65% year-on-year. The company is actively investing in renewable energy projects to create a diversified green energy supply system [2][19]. - The company is also enhancing its traditional refining and sales operations by focusing on high-end new materials and strengthening its supply chain [2][19]. Section 3: Corporate Governance and Reforms - Sinopec is advancing its corporate governance reforms to enhance management efficiency and market-oriented operations. The company is implementing a performance-based management system to boost productivity and organizational vitality [3][27]. - The company has established a clear path for its "dual carbon" goals, aiming for peak carbon emissions by 2030 and carbon neutrality by 2060, while also improving its ESG performance [3][29]. Section 4: Investment Recommendations - The report suggests focusing on several subsidiaries of Sinopec, including Sinopec Corp., Sinopec Engineering, Sinopec Oilfield Service, and others, highlighting their competitive advantages and growth potential in the evolving energy landscape [3].

Investment Rating - The report maintains a rating of "Buy" for the non-ferrous metals sector [5] Core Insights - The report highlights a mixed trend in prices for various materials, with cobalt prices declining while sulfuric cobalt prices have increased. The lithium price has reached approximately 92,000 yuan per ton, indicating a strong market for lithium-related materials [4][23] - The report suggests focusing on companies with cost advantages and expansion potential in the lithium mining sector, such as Salt Lake Co., Zangge Mining, and Tianqi Lithium [4] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price is 406,000 yuan per ton, down 0.5% week-on-week. The price ratio of electrolytic cobalt to cobalt powder is 0.78, down 1.0% [9][10] - Carbon fiber price remains stable at 83.8 yuan per kilogram, with a gross profit of -9.61 yuan per kilogram [21] New Energy Vehicle Materials - Sulfuric cobalt price is 90,200 yuan per ton, up 1.86% week-on-week. The price of lithium iron phosphate and 523-type cathode materials are 39,100 and 158,600 yuan per ton, respectively [23][36] - The production of new energy vehicles reached 1.88 million units in October 2025, with a penetration rate of 52.8%, up 3.39 percentage points [23][25] Photovoltaic New Materials - EVA price is 9,800 yuan per ton, down 1.0%, while the price of photovoltaic-grade polysilicon is stable at 6.50 USD per kilogram [2] Other Materials - Platinum price increased by 3.8% to 440 yuan per gram, while rhodium and iridium prices also saw slight increases [3][4] - The report emphasizes the importance of monitoring price trends in various materials to gauge industry health and investment opportunities [9][10]

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology sector, with a focus on specific companies such as Innovent Biologics, Efang Biologics, and Mindray Medical [4][27]. Core Insights - The report emphasizes the investment opportunities in the "One Old, One Young" sectors, particularly in reproductive assistance, pediatric drugs and vaccines, maternal and infant health monitoring, and aging-related consumer healthcare [2][24]. - It highlights the importance of clinical value in the pharmaceutical sector, suggesting that future investments should focus on innovative drug chains and high-end medical devices [3][25]. - The report notes that the domestic pharmaceutical sector is experiencing a valuation recovery, driven by supportive policies and increasing global competitiveness [26]. Summary by Sections Market Review - The A-share pharmaceutical index fell by 1.04%, underperforming the CSI 300 index by 0.96 percentage points and the ChiNext index by 2.52 percentage points, ranking 17th among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Medical Health Index decreased by 2.26%, lagging behind the Hang Seng Index by 0.97 percentage points [1][15]. R&D Progress - Recent developments include IND applications from Haisimengnuo and clinical trial advancements for various drugs from companies like Hengrui Medicine and Anke Biotechnology [29][30]. Key Companies and Valuation - The report provides a detailed earnings forecast and valuation table for key companies, indicating a positive outlook for companies like WuXi AppTec and Mindray Medical, with projected PE ratios decreasing over the next few years [4][27]. Policy and Industry Resonance - The report discusses the eight key tasks for medical insurance in 2026, focusing on improving coverage for flexible employment and enhancing maternal healthcare services, which are expected to boost the birth rate and the rehabilitation medical device industry [2][20][24]. Investment Strategy - The report suggests a three-stage investment strategy based on clinical value, recommending investments in innovative drugs and high-value medical devices, with a focus on companies that are expanding internationally [3][25][26].

Investment Rating - The report maintains a "Buy" rating for the public utility sector [5] Core Views - The report emphasizes the importance of green electricity consumption and solid waste management in the context of the "dual carbon" goals set for 2026, suggesting a focus on the green electricity sector for potential valuation recovery [4][8] - The report highlights the ongoing decline in electricity prices and the need for adjustments in the installation rhythm of new green electricity projects based on regional supply and demand [4][3] - The report suggests that the electricity market reform is progressing, with a focus on expanding the electricity spot market and auxiliary services, while also noting the transformation of thermal power's functional positioning [4] Summary by Sections Market Review - The SW public utility sector experienced a slight decline of 0.09% this week, ranking 11th among 31 SW sectors, while the Shanghai Composite Index fell by 0.34% [23] - Among sub-sectors, thermal power increased by 0.22%, while hydropower decreased by 0.26% [23] - The top five performing stocks in the public utility sector this week were: Jiaze New Energy (+9.71%), Yinxing Energy (+8.58%), Zhongtai Co. (+7.79%), Xichang Power (+5.38%), and Chenzhou International (+4.14%) [29] Price Updates - The report notes a significant drop in thermal coal prices, with Qinhuangdao port's 5500 kcal thermal coal price decreasing by 39 CNY/ton this week [2][9] - The average settlement price for electricity in Guangdong was reported at 292.88 CNY/MWh, down from 354.64 CNY/MWh the previous week [10] Key Events - Various provinces have begun releasing results for the "136" document's incremental project bidding, with significant volumes of green electricity being auctioned at varying prices [3][7] - The Central Economic Work Conference reiterated the commitment to the "dual carbon" goals, emphasizing the need for a comprehensive green transition and the expansion of green electricity applications [8]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [6]. Core Views - The macroeconomic sentiment has improved, leading to a positive outlook for copper prices. As of December 12, 2025, SHFE copper closed at 94,080 RMB/ton, up 1.40% from December 5, while LME copper closed at 11,553 USD/ton, down 0.96% [1]. - The supply-demand dynamics remain tight, with expectations for continued upward movement in copper prices due to tightening supply and improving demand [4]. Supply and Demand Summary - **Supply**: Domestic copper concentrate production in October 2025 was 130,000 tons, down 8.1% month-on-month and down 12.1% year-on-year. The TC spot price as of December 12, 2025, was -43.33 USD/ton, reflecting a decrease of 0.3 USD/ton from December 5, 2025 [3][60]. - **Demand**: The cable industry, which accounts for approximately 31% of domestic copper demand, saw a slight decrease in operating rates to 66.31%, down 0.81 percentage points week-on-week. Air conditioning production is expected to decline year-on-year by 22% in December 2025, but improve by 14% in January 2026 [3][91]. Inventory Summary - Domestic copper social inventory increased by 2.6% week-on-week, while LME copper inventory rose by 0.8%. As of December 12, 2025, COMEX copper inventory reached a historical high of 451,000 tons, up 3.2% from December 5, 2025 [2][26]. Futures Market Summary - The active SHFE copper contract saw a significant decrease in open interest, down 18% to 189,000 lots as of December 12, 2025, which is at the 52nd percentile since 1995 [4][34]. Investment Recommendations - The report recommends increasing positions in Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, while also monitoring Tongling Nonferrous Metals [4].

Group 1 - The A-share market is expected to experience a cross-year rally supported by new policy deployments, with a focus on maintaining economic growth within a reasonable range and enhancing market confidence through policy incentives [4][22][26] - Major A-share indices mostly rose this week, with the ChiNext Index, Sci-Tech 50, and CSI 500 leading in gains, while the Shanghai Composite Index, SSE 50, and CSI 300 saw declines [1][13][15] - The current valuation levels of indices such as Sci-Tech 50 and Wind All A are relatively high, with their PE (TTM) percentile ranks exceeding 80% as of December 12, 2025 [1][14][27] Group 2 - The central economic work conference emphasized a stable yet progressive approach, continuing with a more proactive fiscal policy and moderately loose monetary policy, which is expected to support domestic economic growth [2][42][26] - Economic data shows that the social financing scale increased by 8.5% year-on-year as of the end of November, indicating reasonable growth in financial totals, while the CPI rose by 0.7% year-on-year [43][44] - The TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors are highlighted as key areas for investment, with TMT likely to lead in a liquidity-driven market, while advanced manufacturing may take precedence in a fundamentals-driven market [32][38][4] Group 3 - The report indicates a significant divergence in industry performance, with sectors such as telecommunications, defense, and electronics showing strong gains, while coal, oil and petrochemicals, and real estate faced declines [15][54] - The market is currently experiencing notable volatility due to a combination of domestic and international events, including the Federal Reserve's interest rate decisions and the release of key economic data [3][18][45] - Historical patterns suggest that the A-share market tends to perform well in the opening years of the 13th and 14th Five-Year Plans, indicating a potential for positive performance in 2026 as well [26][28]

2025 年 12 月 14 日 行业研究 从银行视角看经济工作会议 ——2025 年中央经济工作会议精神解读 银行业 买入（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 一是数量工具层面，央行或继续通过逆回购、买断式、MLF、国债买卖、降准等 多重渠道"花样放水"。现阶段央行流动性投放渠道丰富，逆回购、买断式、MLF、 国债买卖等工具涵盖多种期限与操作频次，对银行体系流动性"补水"并不局限 于降准一种方式。截至 12 月 12 日，包含逆回购、买断式、MLF、国债买卖等工 具在内的广义公开市场操作存量约 14 万亿。鉴于央行保持其"贷方地位"以维系 结构性流动性短缺框架有效性，综合考虑流动性投放的滚动频度、融资成本、基 础货币吞吐强度等因素，预计 2026 年需要央行通过二 ...

2025 年 12 月 14 日 行业研究 政策蓝图绘就，化工结构性机会浮现 ——基础化工行业周报（20251208-20251214） 要点 政策协同发力稳中求进，内需创新引领经济高质量发展。2025 年中央经济工 作会议于 12 月 10 日至 11 日在北京举行，习近平总书记发表重要讲话，会 议肯定了党中央团结带领全国各族人民迎难而上，推动高质量发展取得新成 效，经济社会发展主要目标顺利完成。会议明确 2025 年八大重点任务：坚 持内需主导，建设强大国内市场；坚持创新驱动，加紧培育壮大新动能；坚 持改革攻坚，增强高质量发展动力活力；坚持对外开放，推动多领域合作共 赢；坚持协调发展，促进城乡融合和区域联动；坚持"双碳"引领，推动绿 色转型等等。2025 年经济工作以稳中求进为主线，聚焦内需、创新、改革、 开放、民生、风险六大领域，政策协同发力。 深化国有企业改革，持续看好"三桶油"。2025 年中央经济工作会议强调要 制定和实施进一步深化国资国企改革方案，完善民营经济促进法配套法规政 策。此前政府工作报告也指出，24 年我国坚定不移全面深化改革扩大开放， 增强发展内生动力，深化国有企业改革，持续优化国有 ...

Group 1: Factor Performance Tracking - The large-cap style dominates the market, with significant positive returns from size, beta, and non-linear market capitalization factors, yielding 1.18%, 0.91%, and 0.82% respectively, while BP and liquidity factors posted negative returns of -0.55% and -0.38% [20][21] - In the CSI 300 stock pool, the best-performing factors include total asset growth rate (2.05%), quarterly ROA (1.71%), and turnover rate relative volatility (1.59%), while the worst-performing factors are logarithmic market cap (-1.00%), downside volatility ratio (-1.10%), and large order net inflow (-1.14%) [12][13] - In the CSI 500 stock pool, the top factors are quarterly EPS (1.61%), total asset growth rate (1.39%), and momentum spring factor (1.22%), with the poorest performers being the inverse of price-to-sales ratio (-2.49%), downside volatility ratio (-2.55%), and price-to-book ratio (-3.06%) [14][15] Group 2: Industry Factor Performance - The net asset growth rate factor performed well in the telecommunications, comprehensive, and coal industries, while the net profit growth rate factor excelled in the telecommunications sector [22] - The price-to-earnings (EP) factor showed strong performance in the telecommunications industry, while the BP factor underperformed across most sectors [22] - The logarithmic market cap factor performed well in the comprehensive, telecommunications, agriculture, forestry, animal husbandry, and electronics sectors, while the residual volatility factor excelled in telecommunications and commercial trade [22] Group 3: Combination Tracking - The PB-ROE-50 combination achieved significant excess returns across various stock pools, with excess returns of 0.30% in the CSI 500 stock pool, 1.60% in the CSI 800 stock pool, and 1.59% in the overall market stock pool [24] - The public fund research stock selection strategy and private equity research tracking strategy both generated positive excess returns, with the public fund strategy yielding 1.79% and the private equity strategy yielding 2.77% relative to the CSI 800 [3] - The block trading combination experienced a relative excess return drawdown of -0.95% compared to the CSI All Share Index, while the targeted issuance combination also faced a drawdown of -1.50% [3]

1. Report Industry Investment Rating - No industry investment rating is provided in the content 2. Core View of the Report - From December 8 to December 12, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The weighted REITs index closed at 180.06, with a weekly return of - 0.23%. Compared with other mainstream asset classes, REITs ranked fourth in terms of return [1][11]. - The price trends of equity - based and concession - based REITs diverged this week, with equity - based REITs rising and concession - based REITs falling. Among different underlying asset types, municipal facilities REITs had the largest increase [1][16]. - The total trading volume of public REITs this week was 2.15 billion yuan, and the new infrastructure - type REITs led in terms of average daily turnover rate during the period. The overall market trading enthusiasm decreased compared with last week [2][24]. - There were no new REIT products listed on the primary market this week, but the project status of 2 REIT products was updated [4] 3. Summary According to the Directory Secondary Market Price Trends - **At the major asset level**: The secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The China Securities REITs (closing) and China Securities REITs total return index closed at 797.54 and 1028.5 respectively, with weekly returns of - 0.45% and - 0.29%. The weighted REITs index closed at 180.06, with a weekly return of - 0.23%. The return ranking from high to low was: gold > A - shares > pure bonds > REITs > convertible bonds > US stocks > crude oil [11]. - **At the underlying asset level**: The price trends of equity - based and concession - based REITs diverged. Equity - based REITs rose with a weighted index of 153.42 and a return of 0.03%, while concession - based REITs fell with a weighted index of 127.01 and a return of - 0.76%. Among different underlying asset types, municipal facilities REITs had the largest increase, followed by water conservancy facilities and new infrastructure - type REITs, with returns of 2.09%, 1.09% and 0.94% respectively [16][17]. - **At the single - REIT level**: Among the 77 REITs, 34 rose, 2 were flat, and 41 fell. The top three in terms of increase were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and GF Chengdu Gaotou Industrial Park REIT, with increases of 7.33%, 5.07% and 5.06% respectively. The top three in terms of decline were Huaxia Nanjing Traffic Expressway REIT, Zheshang HuHangYong REIT, and CICC Liandong Kechuang REIT, with declines of 5.44%, 4.71% and 2.08% respectively [1][23]. Transaction Volume and Turnover Rate - **At the underlying asset level**: The total trading volume of public REITs this week was 2.15 billion yuan, and the new infrastructure - type REITs led in terms of average daily turnover rate during the period. The average daily turnover rate of all listed REITs during the week was 0.45%. In terms of trading volume, the top three underlying asset types were transportation infrastructure, park infrastructure, and consumer infrastructure, with trading volumes of 555 million, 368 million, and 350 million yuan respectively. In terms of turnover rate, the top three were new infrastructure, ecological and environmental protection, and municipal facilities, with turnover rates of 0.87%, 0.52% and 0.49% respectively [24]. - **At the single - REIT level**: The performance of single - REIT trading volume and turnover rate continued to diverge. In terms of trading volume, the top three were Huaxia China Expressway REIT, CICC Puluosi REIT, and Harvest JD Warehouse Infrastructure REIT, with trading volumes of 19 million, 19 million, and 16 million shares respectively. In terms of transaction amount, the top three were Huaxia China Resources Commercial REIT, Huaxia China Expressway REIT, and Zheshang HuHangYong REIT, with transaction amounts of 123 million, 104 million, and 92 million yuan respectively. In terms of turnover rate, the top three were CICC Chongqing Liangjiang REIT, CITIC Construction Shenyang International Software Park REIT, and China Merchants Science and Technology REIT, with turnover rates of 7.76%, 7.36% and 4.88% respectively [27]. Main Force Net Inflow and Block Trade Situation - **Main force net inflow situation**: The total net inflow of the main force this week was 3.06 million yuan, and the market trading enthusiasm decreased compared with last week. Among different underlying asset REITs, the top three in terms of net inflow during the week were new infrastructure, transportation infrastructure, and warehousing and logistics, with net inflows of 6.09 million, 3.95 million, and 3.09 million yuan respectively. Among single - REITs, the top three in terms of net inflow were Southern Runze Technology Data Center REIT, China Merchants Fund Shekou Rental Housing REIT, and Huaxia China Expressway REIT, with net inflows of 8.32 million, 5.7 million, and 3.91 million yuan respectively [30]. - **Block trade situation**: The total block - trade amount this week reached 23.5 million yuan, a decrease compared with last week. There were block - trade transactions on 3 trading days, with a total block - trade amount of 23.5 million yuan. The block - trade transaction amount on Monday (December 8, 2025) was the highest during the period, at 9.99 million yuan. Among single - REITs, the top three in terms of block - trade transaction amount were GF Chengdu Gaotou Industrial Park REIT, Huaxia China Resources Commercial REIT, and Southern SF Logistics REIT, with transaction amounts of 9.99 million, 7.15 million, and 6.36 million yuan respectively, and corresponding average discount - premium rates of - 1.04%, - 0.71% and - 0.33% respectively [32]. Primary Market Listed Projects - As of December 12, 2025, the number of China's public REIT products reached 77, with a total issuance scale of 199.301 billion yuan. Among them, the transportation infrastructure - type REITs had the largest issuance scale, at 68.771 billion yuan, followed by park infrastructure - type REITs, with an issuance scale of 32.933 billion yuan [36]. - No new REIT products were listed this week [38]. Projects to be Listed - According to the project dynamic disclosures of the Shanghai and Shenzhen Stock Exchanges, there were 21 REITs in the to - be - listed state, including 14 initial - offering REITs and 7 to - be - expanded REITs. This week, the project status of Boshi Shandong TieTou Road and Bridge Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared", and the project status of Huaxia Zhonghe Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "approved" [41].