Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has recently launched 12 significant new products in the AI computing energy sector, completing its strategic layout for server power solutions [4][5] - The company achieved a revenue of 877 million yuan in the first three quarters of 2025, representing a year-on-year growth of 24.05%, with a net profit of 178 million yuan, up 130.25% year-on-year [6] - Future revenue projections are 1.2 billion yuan for 2025, 1.465 billion yuan for 2026, and 1.756 billion yuan for 2027, with net profits expected to be 222 million yuan, 226 million yuan, and 273 million yuan respectively [7][9] Company Overview - The latest closing price of the company's stock is 57.88 yuan, with a total market capitalization of 7.6 billion yuan [3] - The company has a total share capital of 1.31 billion shares and a debt-to-asset ratio of 15.7% [3] - The company is focused on developing a complete range of power solutions for servers, including various types of chips for different power stages [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [12]. Core Insights - The company is deepening its vocational education layout and experiencing steady growth in its training business. It has signed a strategic cooperation agreement with local government and educational institutions to create a comprehensive platform for talent cultivation and social services [5][6]. - The vocational education sector is expected to benefit from increasing government emphasis, with the market size projected to grow from 1.5 trillion yuan in 2025 to 2.1 trillion yuan by 2030. The company has established a robust vocational education business system covering various educational levels and training [6]. - The demand for personalized tutoring in junior and senior high school education remains strong, supported by a growing student population. The company’s focus on this demographic is expected to provide growth opportunities in the short term [7]. Financial Projections - Revenue forecasts for the company are as follows: 34 billion yuan in 2025, 41 billion yuan in 2026, and 47 billion yuan in 2027, with corresponding net profits of 2.53 billion yuan, 3.04 billion yuan, and 3.66 billion yuan respectively. The expected earnings per share (EPS) are projected to be 2.07 yuan, 2.49 yuan, and 3.00 yuan for the same years [8][10]. - The company’s financial metrics indicate a steady growth trajectory, with revenue growth rates of 25.9% in 2024, 21.7% in 2025, and gradually decreasing to 15.95% by 2027 [11]. Market Position - The company has a total market capitalization of 4.8 billion yuan and a price-to-earnings (P/E) ratio of 25.71, indicating a relatively high valuation compared to its earnings [4]. - The company’s debt-to-asset ratio stands at 79%, reflecting a significant level of leverage in its capital structure [4]. Summary of Financial Metrics - Key financial metrics for the upcoming years include: - Revenue: 27.86 billion yuan in 2024, increasing to 47.11 billion yuan by 2027 - Net profit: 1.80 billion yuan in 2024, projected to reach 3.66 billion yuan by 2027 - EPS: Expected to grow from 1.47 yuan in 2024 to 3.00 yuan in 2027 [10][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has abundant funds that will support its long-term diversified development and continues to fulfill its high dividend commitment [5] - The recent announcement regarding the liquidation of a subsidiary is expected to release funds, enhancing the company's capital structure and resource allocation flexibility [6] - The core school-age population is still on the rise, and with the winter vacation peak approaching, the pressure on the company's publishing business is expected to gradually ease [7] - The company has maintained a stable dividend policy since its listing, with cumulative dividends exceeding 4.5 billion yuan from 2009 to the third quarter of 2025 [8] - Revenue projections for 2025, 2026, and 2027 are estimated at 11.1 billion, 11.4 billion, and 11.8 billion yuan, respectively, with corresponding net profits of 832 million, 903 million, and 955 million yuan [9] Company Overview - The latest closing price is 6.71 yuan, with a total market capitalization of 13.1 billion yuan [4] - The company has a total share capital of 1.958 billion shares and a debt-to-asset ratio of 39.7% [4] - The company is the only entity in Anhui province with the qualification to publish textbooks, providing a significant competitive advantage [7]

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Insights - The Central Economic Work Conference emphasized the importance of domestic demand and proposed actions to boost consumption, indicating a potential recovery in the construction materials sector in 2026 due to improved fundamentals and valuations [4] - Cement demand is currently under pressure, with a national decline in demand observed, particularly in the housing market, while infrastructure demand shows regional differentiation. The cement industry is expected to see a reduction in overproduction, leading to improved capacity utilization and profit elasticity [4][8] - The glass industry continues to face demand challenges, with high inventory levels among intermediaries and limited improvement in downstream demand. Price fluctuations are expected to remain low due to ongoing supply-demand pressures [5][13] - The fiberglass sector is experiencing stable demand in certain areas, such as wind power and electronics, with expectations for explosive growth driven by AI-related demand [5] - The consumer building materials sector has reached a profitability bottom, with strong pricing improvement requests from companies, indicating potential for profit recovery in the latter half of the year [5] Summary by Sections Cement - December marks the onset of the off-peak season in the northern regions, with national demand continuing to decline. The housing market remains weak, while infrastructure demand is driven by policy, showing significant regional differences. The civil market exhibits relatively rigid demand [4][8] - In November 2025, cement production was 154 million tons, reflecting a year-on-year decline [8] Glass - The glass industry is under pressure, with traditional peak season orders showing limited improvement and high inventory levels among intermediaries. Supply-side adjustments are expected with the cold repair of five production lines, but overall supply-demand pressures persist [5][13] Fiberglass - Demand in sectors like wind power and electronics remains stable, while traditional demand for coarse sand is slowing. The industry is expected to see growth driven by AI-related demand, with a clear upgrade in product structure [5] Consumer Building Materials - The sector's profitability has reached a low point, with no further downward price pressure expected. Companies are actively seeking price increases, indicating a strong desire for profit improvement [5]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [1] Core Insights - The dairy sector has shown strong stock performance due to favorable policies, expectations of a cyclical turning point, seasonal demand release, and capital inflow. The National Healthcare Security Administration aims for "no out-of-pocket" costs for childbirth by 2026, alongside local childcare subsidies, boosting long-term demand for maternal and infant dairy products. The Ministry of Commerce and other departments have issued policies to enhance consumption [4][14] - After previous capacity clearance, the acceleration of dairy cow inventory reduction has stabilized raw milk prices, with expectations of a supply-demand turning point in 2026, leading to increased milk prices. Dairy companies are transitioning towards "nutrition and health," with growing demand for functional dairy products and the upcoming launch of deep processing capacities, opening new growth opportunities [4][14] - As the Spring Festival approaches, demand for dairy products is expected to surge due to family reunions and gift purchases, with rising health consciousness driving sales of organic and functional dairy products [4][14] Summary by Sections Industry Performance - The food and beverage sector index (801120.SL) increased by 1.05% this week, ranking 13th among 30 sectors, outperforming the CSI 300 index by 1.33 percentage points. The current dynamic PE ratio for the industry is 21.75 [19] - Among the 10 sub-sectors, only beer and liquor saw declines, while the highest gain was in baked goods (+8.0%). A total of 107 stocks in the sector rose, with the top five performers being Huanlejia (+44.42%), Zhuangyuan Pasture (+35.96%), Huangshi Group (+21.16%), Junyao Health (+17.02%), and Sunshine Dairy (+14.72%) [19] Company Announcements - Wuliangye held its 12.18 conference, focusing on systematic construction to address market uncertainties. The company is implementing tailored strategies for different partners and is optimistic about sales during the 2026 Spring Festival due to more scientific strategies [5][15] - Mixue Ice Cream opened its first store in North America in Hollywood, Los Angeles, emphasizing a localized and cost-effective strategy. The store offers a wide range of sweetness levels to cater to local preferences, successfully generating social buzz and brand recognition [6][16] - Yanjinpuzi announced a 2025 stock incentive plan, with performance targets set for net profits from 2026 to 2028, aiming for significant growth. The company plans to refocus on supermarkets and leverage its flagship products for growth [7][17][18]

Investment Rating - The industry investment rating is Neutral, maintained [1] Core Insights - The macro liquidity environment is easing, alleviating funding pressure and providing a stable cost advantage for brokerages' capital-intensive businesses such as proprietary trading and margin financing. The sustained high trading volume in equity funds is expected to support brokerage commission income. The margin financing balance has remained above 2.4 trillion, indicating a transition from "incremental expansion" to "stock optimization" in the use of leverage in the A-share market, suggesting that the previously influxed leveraged funds have not significantly withdrawn but are instead showing a trend of "settling down" [4][6] - The bond market has shown a clear "strong in Shanghai, weak in Shenzhen" pattern, with Shanghai focusing on government bonds and policy financial bonds, which are more attractive for institutional funding due to their pledge financing convenience at year-end. This shift in funding between equity and bond markets may indicate subtle changes in current funding risk preferences [4][7] Industry Fundamentals Tracking - The SHIBOR 3M rate has stabilized at 1.60%, showing a recovery from previous lows and indicating alleviated funding pressure [5][14] - The average daily trading volume of equity funds for the week from December 12 to December 19 was approximately 220.29 billion, reflecting a slight decline from the previous week's average of 238.02 billion, but still indicating that a trillion-level transaction has become the new normal for the A-share market [5][15] - As of December 18, the margin financing balance in the Shanghai, Shenzhen, and Beijing markets was 2,499.366 billion, indicating a consolidation phase at high levels since September 2025, marking a transition in leverage use [6][18] - The China Bond New Comprehensive Index closed at 248.8624 points, currently stabilizing after a decline from November's peak, supported by a stable liquidity environment [6][19] - The brokerage sector's valuation has diverged significantly from the overall market, with the Shenwan brokerage index PE rising 5.63% year-to-date, compared to a 20.25% increase in the Shenwan A index, widening the gap to 14.62 percentage points [6][22] Market Review - Last week, the A-share Shenwan Securities II industry index increased by 1.01%, outperforming the CSI 300 index, which declined by 0.28%, with a relative outperformance of 1.29 percentage points [6][26] - For the year, the CSI 300 index has increased by 15.78%, while the brokerage sector has decreased by 0.11%, underperforming by 15.89 percentage points [6][26] - The A-share securities II sector ranked 14th among 31 Shenwan first-level industries last week, underperforming the non-bank financial sector [6][27]

Investment Rating - The industry investment rating is "Strongly Outperforming the Market" and is maintained [1] Core Views - The report highlights that the PX profit has significantly strengthened due to the polyester restocking logic and the marginal improvement expectations for PX and PTA supply and demand next year. The price spread between PX (China main port) and naphtha (Japan) has recovered from $282.92/ton on December 12 to $305.12/ton on December 18 [2] - The oil and petrochemical index performed well this week, increasing by 1.60% compared to last week, with other petrochemical sectors showing the best performance within the oil and petrochemical sector, rising by 5.14% [5] - The report indicates a decline in crude oil prices, with U.S. crude oil inventories rising while gasoline inventories decreased [6][9] Summary by Sections Crude Oil - Crude oil prices have decreased, with Brent crude futures closing at $60.07/barrel, reflecting a -1.8% change from last week [7] - U.S. crude oil and petroleum product inventories (excluding strategic reserves) increased by 2,139 thousand barrels, while gasoline inventories saw a decrease of 1,921 thousand barrels [11] Polyester - The price spread for polyester filament yarn has decreased, with inventory days for Jiangsu and Zhejiang weaving machines increasing, and weaving machine operating rates declining [12][17] - The latest data shows that the prices for polyester filament yarn POY, DTY, and FDY are stable at 6,350, 7,650, and 6,570 CNY/ton respectively, with price spreads decreasing by 28, 78, and 88 CNY/ton compared to last week [14] Olefins - The report notes a decline in sample PE spot prices, with the current price at 7,160 CNY/ton, down by 2.72% from last week [24] - The petrochemical inventory for polyolefins stands at 660,000 tons, a decrease of 20,000 tons from the previous week [24]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company, Xingyuan Zhuomei, is a leader in the magnesium alloy lightweighting sector, with nearly 20 years of experience in alloy die-casting, establishing a strong technological barrier through a comprehensive production capability [5][6]. - The demand for die-cast components is expected to grow due to the development of the electric vehicle industry, with the company focusing on lightweighting solutions that include magnesium and aluminum alloy die-cast parts for critical automotive components [5][6]. - The company has secured over 4 billion yuan in orders, with a dual capacity layout in both domestic and overseas markets, indicating strong market recognition and binding in the core components of electric vehicles [6][43]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 434 million, 704 million, and 941 million yuan respectively, with net profits expected to be 71 million, 108 million, and 137 million yuan, reflecting a compound annual growth rate (CAGR) of 19.42% for net profit [7][10]. - The estimated price-to-earnings (P/E) ratios for 2025-2027 are 75, 49, and 39, respectively, suggesting a favorable growth outlook compared to peer valuations [7]. Company Overview - The latest closing price of the company's stock is 47.22 yuan, with a total market capitalization of 5.3 billion yuan [4]. - The company has a stable shareholding structure, with the largest shareholder being Ningbo Yuanxingxiong Holdings, which holds 60.41% of the shares [15][20]. Market Position and Strategy - The company has established a comprehensive technical system for magnesium alloy manufacturing, covering mold design, casting, post-processing, and machining, which enhances its competitive edge [34]. - The electric vehicle market is experiencing significant growth, with the penetration rate of new energy vehicles in China rising from 5.2% in 2020 to 47.4% in 2025, driving demand for lightweight components [37][39]. - The company is actively expanding into the humanoid robot sector, leveraging its expertise in lightweight materials to develop components for this emerging market [46][49].

-19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 商贸零售 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 证券研究报告：商贸零售|点评报告 行业投资评级 强于大市|维持 | 行业基本情况 | | --- | | 收盘点位 | | 2458.79 | | --- | --- | --- | | 52 | 周最高 | 2458.79 | | 52 | 周最低 | 1877.67 | 行业相对指数表现（相对值） 近期研究报告 《新消费行业框架：星星之火，灿若 星辰》 - 2025.11.28 11 月社零数据如何？ ⚫ 事件 国家统计局发布最新社零数据，11 月份，社会消费品零售总额 43898 亿元，同比增长 1.3%。其中，除汽车以外的消费品零售额 39444 亿元，增长 2.5%。1—11 月份，社会消费品零售总额 456067 亿元， 增长 4.0%。其中，除汽车 ...

Report Information - Report Type: Fixed Income Report - Release Date: December 22, 2025 - Analysts: Liang Weichao (SAC Registration No.: S1340523070001), Cui Chao (SAC Registration No.: S1340523120001) [1][2] Core Views - Production-side heat continues to decline, with continuous drops in coke oven, blast furnace, and asphalt开工率, stable PX and PTA开工率, and a slight decrease in semi-steel tire开工率 - Commodity housing transactions show marginal improvement, while land supply area seasonally and rapidly declines - Prices show marginal recovery, with increases in coking coal, copper, aluminum, and rebar prices, a continuous decline in crude oil prices, and agricultural products rising to recent highs - Residents' travel heat rebounds, with increases in the number of executed flights and the peak congestion index in first-tier cities. Short-term focus is on the implementation of aggregate incremental policies and the recovery of the real estate market [2][28] Content Summary by Section Production - Steel: Coke oven capacity utilization decreased by 1.42 pct, blast furnace开工率 decreased by 0.16 pct, and rebar production increased by 2.9 tons - Petroleum Asphalt:开工率 continued to decline by 0.2 pct at a low level - Chemicals: PX and PTA开工率 remained flat - Automobile Tires: All-steel tire开工率 increased by 0.07 pct, while semi-steel tire开工率 decreased by 0.18 pct [2][8] Demand - Real Estate: Commodity housing transaction area increased, and the inventory-to-sales ratio rose; land supply area declined from a high level to a low level, and the residential land transaction premium rate decreased - Movie Box Office: It decreased by 1.394 billion yuan compared to the previous week - Automobile: The average daily retail sales of automobile manufacturers decreased by 24,000 units, and the average daily wholesale sales decreased by 20,000 units - Shipping Freight Rates: The SCFI index increased by 3.08%, the CCFI index increased by 0.60%, and the BDI index continued to decline significantly by 8.25% [3][11][13] Prices - Energy: Brent crude oil prices decreased by 1.06% to $60.47 per barrel - Coking Coal: Futures prices increased by 7.92% to 1,110 yuan per ton - Metals: LME copper, aluminum, and zinc futures prices changed by +2.85%, +2.43%, and -2.12% respectively, and domestic rebar futures prices increased by 1.43% - Agricultural Products: Overall prices continued to rise, with the Agricultural Product Wholesale Price 200 Index increasing by 0.52%, and pork, eggs, vegetables, and fruits prices changing by +0.17%, -0.53%, -1.34%, and +1.59% respectively compared to the previous week [3][18][21] Logistics - Subway Passenger Volume: It increased in Beijing and decreased in Shanghai - Executed Flights: Both domestic and international flight volumes increased - Urban Traffic: The peak congestion index in first-tier cities increased [24][26]