Investment Rating - The industry investment rating is "Outperform" [1] Core Insights - The report highlights the emergence of space computing as a critical solution to the computational bottlenecks faced in the AI era, with significant advancements in technology and infrastructure [4][5] - Major global tech giants are actively competing in the space computing arena, with initiatives such as NVIDIA's H100 GPU deployment in space and SpaceX's plans for a space data center [5] - Domestic advancements in space computing are progressing well, with companies like ADASpace launching satellites equipped with AI chips, marking the practical application of space computing [6] Summary by Sections Industry Overview - The closing index is at 5224.25, with a 52-week high of 5841.52 and a low of 3963.29 [1] Relative Index Performance - The report includes a performance chart showing a range of percentage changes in the industry relative to the CSI 300 index over time, indicating fluctuations from -17% to +19% [3] Investment Recommendations - The report suggests focusing on companies such as Xingtum Control, Zhongke Xingtum, Aerospace Hongtu, and others as potential investment opportunities in the space computing sector [7]

近期研究报告 《高频数据显示经济增速有所放缓， 符合预期》 - 2025.11.25 宏观研究 证券研究报告：宏观报告 发布时间：2025-12-01 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 价格传导扭曲制约企业利润修复，非制造业景气度 收缩 核心观点 从 11 月 PMI 指数来看，（1）供需两端温和修复，生产好于需求， 供需失衡问题犹存，制造业景气度环比回升，但仍处于荣枯线以下， 制造业景气度有待改善；（2）价格传导机制有所扭曲，原材料价格坚 挺，且扩张动能有所增强，但产成品出厂价格并未同步上涨，即原材 料涨价不能完全转嫁消费者，价格的市场化传导机制不畅，挤压企业 利润空间。直接表现为，短期 PMI 出厂价格指数与 PPI 增速线性关系 分离，PPI 同比增速保持韧性，或延续修复态势；（3）建筑业景气度 指数有所回升，服务业景气度回落，非制造业景气度跌入荣枯线以下 水平，显示建筑业的上升并未完全对冲服务业景气 ...

证券研究报告：银行|行业周报 证券研究报告：银行|银行资产负债月报 行业投资评级 | 收盘点位 | | 4267.63 | | --- | --- | --- | | 52 | 周最高 | 4670.31 | | 52 | 周最低 | 3652.0 | 行业相对指数表现 研究所 强于大市 |维持 分析师:张银新 SAC 登记编号:S1340525040001 Email:zhangyinxin@cnpsec.com 行业基本情况 近期研究报告 《银行 2025 年三季报综述：息差筑 底，手续费改善，国有行全部营利双 增》 - 2025.11.13 银行资负观察第五期 银行中长期负债压力仍存 l 投资要点 四季度以来，银行间资金面运行波动幅度显著小于 2023 年及 2024 年同期水平。进入 10 月后，货币政策工具呵护叠加政府债券发 行量不大，资金面出现季节性转松。10 月受部分银行负债稳定性下行 影响同业存单净融资大幅上行、发行利率亦小幅抬升，11 月后发行利 率整体回归平稳，总体维持历史低位。伴随定期存款集中到期持续对 银行资负两端造成压力，部分银行或继续提价加大主动负债力度。 l 银行流动性指标监测： ...

Market Performance Review - In November, all major stock indices experienced declines, with the adjustment range expanding compared to the previous month. As of November 28, the Shanghai Composite Index fell by 1.67%, the Shenzhen Component Index by 2.95%, and the ChiNext Index by 4.23% [4][13] - The market faced external disturbances, leading to increased downward pressure, particularly after the Federal Reserve hinted at no interest rate cuts in December and concerns over valuation bubbles in the overseas AI industry [4][13] Future Outlook and Investment Views - The report suggests a cautious approach, waiting for triggers for a spring market rally. It notes that the current market phase is characterized by a lack of positive guidance, making it difficult for the market to transition smoothly from the first phase of the bull market to the second [5][31] - The report emphasizes the importance of policy direction in determining market style, recommending a focus on commercial aerospace and low-altitude economy sectors for December, given recent policy developments and upcoming rocket launches [6][32] Sector Performance - Defensive sectors showed resilience, with the top-performing industries in November being comprehensive (4.07%), banking (2.99%), and textile and apparel (2.95%). In contrast, technology and growth sectors like computers and automobiles faced significant declines [17][19] - The report highlights a shift towards defensive strategies, as previously strong sectors like technology continue to adjust while traditional defensive sectors outperform [17][19] High-Frequency Data Tracking - The report indicates a slight recovery in personal investor sentiment, with the sentiment index reaching 2.24% as of November 28, although overall sentiment declined throughout November [25][27] - Financing sentiment has also decreased, with net outflows observed in financing accounts, indicating a retreat of high-risk capital from the market [27][28]

证券研究报告：医药生物|行业周报 发布时间：2025-12-01 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 8430.03 | | --- | --- | --- | | 52 | 周最高 | 9323.49 | | 52 周最低 | | 6764.34 | 行业相对指数表现 2024-12 2025-02 2025-04 2025-07 2025-09 2025-11 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 来年零售药店行业有望加速整合，中小药店加速退出，客流有望 向头部集中。在消费力疲软、医保控费及监管措施加强、门诊统筹落 地滞后等外部因素影响下，行业持续分化，中小药店生存环境愈发恶 劣，行业面临整合，中康数据显示全国关闭的药店数量 2024Q1 6778 家，Q2 8791 家，Q3 9545 家，Q4 14114 家，闭店加速，全年总计闭 店约 3.9 万家，2025 年"闭店潮"持续。自 2024Q4 起总体门店数进入 净减少阶段，行业出清，客流有望向头部集中 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The company, Zhengyu Industrial, has been a leader in the automotive shock absorber sector for nearly 30 years, focusing on expanding production capacity and business collaboration [5][14]. - The shock absorber industry is experiencing rapid growth, with engine sealing components becoming a new growth driver due to their high profit margins [6]. - Global automotive ownership is steadily increasing, with significant growth expected in emerging markets like China and India, which will drive demand for the company's products [7][28]. Company Overview - Zhengyu Industrial specializes in automotive shock absorbers, engine sealing components, and rubber shock absorber products, with a strong focus on high-end technology and supply chain integration with new energy vehicle manufacturers [5][14]. - The company has a total market capitalization of 31 billion yuan and a current share price of 12.74 yuan [4]. Financial Performance - The company’s revenue is projected to grow from 27.1 billion yuan in 2025 to 41.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of 39.7% for net profit [8][9]. - The shock absorber business accounts for over 70% of revenue, with a stable gross margin, while engine sealing components are expected to contribute significantly to future growth [6][25]. Market Dynamics - The global automotive market is expected to grow, with the total number of vehicles reaching 1.475 billion by 2024, driven by demand in emerging markets [28][32]. - Zhengyu Industrial's production capacity is set to increase significantly, with projections of producing 41 million shock absorbers by 2029 [7][50]. Product Segmentation - The company’s main revenue source is automotive shock absorbers, which consistently account for over 70% of total revenue, while engine sealing components and rubber shock absorbers are also gaining traction [25][59]. - The company has a diverse product range with over 20,000 models, catering to a wide array of vehicle types globally [37]. Competitive Landscape - Zhengyu Industrial faces competition from both domestic and international players, including Tenneco and ZF Group, but maintains a strong market position due to its extensive product offerings and established customer relationships [38][44].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report indicates that the supply-side "anti-involution" policies are continuously promoting the optimization of the industry structure, and with China's submission of NDC3.0, it is expected that relevant supporting measures will be released intensively, accelerating the consumption of large bases. Therefore, it is believed that overall demand in 2026 will have support, increasing the expected difference [5][7] - In the first ten months of 2025, the cumulative newly installed capacity reached 252 GW, a year-on-year increase of 39.3%, with a consumption rate of 95% from January to September. The report forecasts that the total photovoltaic installation for 2025 is expected to reach 300 GW, with the proportion of wind and solar power generation expected to exceed 20% for the year [6][30] Summary by Sections Industry Overview - The closing index for the industry is 9962.15, with a 52-week high of 10950.05 and a low of 6107.84 [2] Performance of Relative Indices - The report shows a performance trend of the electric equipment sector relative to the CSI 300 index, indicating a gradual recovery from a -19% decline to a +41% increase over the specified periods [4] Investment Recommendations - The report suggests focusing on integrated components, particularly companies like Longi Green Energy and JinkoSolar, as the photovoltaic industry is expected to experience a supply-demand expectation gap, with ongoing "anti-involution" actions on the supply side [7][30] Key Company Earnings Forecasts - The report includes earnings forecasts for key companies in the photovoltaic sector, although specific ratings for these companies are not provided [9]

证券研究报告：固定收益报告 发布时间：2025-12-01 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 近期研究报告 《涨不动后，信用如何参与？——信 用周报 20251125》 - 2025.11.26 固收周报 年末机构行为百态 ——流动性周报 20251130 l 年末机构"做收益"的意愿普遍偏弱 年末机构"做收益"的意愿普遍偏弱。并非所有机构都面临负债 压力，或者对债券后市的观点极度悲观，但有一个共通点，就是不指 望也不诉求在年末做收益，即使是配置型机构也没有往年末的"抢筹" 意愿。 公募类账户：更多希望规避波动，应对负债压力。从公募类账户 管理人的心态来看，年末做收益并不是第一位的，即便有债券行情的 出现，也会选择较为谨慎的操作，以保证一定的流动性头寸。 理财类账户：年内诉求不强，但对明年一季度有诉求。部分机构 所采取的策略是，在年底不诉求规模的增长，以避免抬高基数；依然 准备在明年一季度诉求规模增长，也会在明年一季度集中配置票息类 资产，这从对规模的管理上和对投资机会的把握上，都是合理的。 银行自营类账户：注重 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - High - frequency economic data focuses on four aspects: production - side heat marginally improves, with increased operating rates of coke ovens, asphalt, PTA, and all - steel tires, while rebar production, semi - steel tire, and blast furnace operating rates decline; commercial housing transaction area improves for two consecutive weeks, and the land supply area of 100 large - and medium - sized cities reaches a seasonal peak; overall prices rise, with increases in crude oil, metal, and agricultural product prices, but continuous decline in coking coal and pork prices; the Baltic Dry Index (BDI) continuously rises significantly, reaching a new high since December 7, 2023. Short - term focus is on the implementation of incremental policies in consumption and investment and the recovery of the real estate market [2][30]. Summary by Directory 1. Production: Heat Marginally Improves, Operating Rates of Coke Ovens, Asphalt, PTA, and All - Steel Tires Rise - **Steel**: In the week of November 28, the coke oven capacity utilization rate increased by 0.92 pct, the blast furnace operating rate decreased by 0.62 pct, and rebar production decreased by 1.88 tons. The coke oven capacity utilization rate of domestic independent coking plants (230 samples) was 72.02%, the blast furnace operating rate of steel mills (247 samples) was 81.09%, and the national building material steel mill rebar production was 206.08 tons, with inventory decreasing by 6.59 tons [2][8]. - **Petroleum Asphalt**: In the week of November 26, the operating rate of domestic petroleum asphalt plants stabilized and rebounded by 3.0 pct, reaching 27.8% [8]. - **Chemical Industry**: On November 27, the PX operating rate remained flat at 90.13%, and the PTA operating rate increased by 2.64 pct to 73.81% [8]. - **Automobile Tires**: In the week of November 27, the all - steel tire operating rate increased by 2.02 pct to 63.33%, and the semi - steel tire operating rate decreased by 1.88 pct to 69.19% [9]. 2. Demand: Land Supply Reaches Seasonal Peak, BDI Reaches New High in Nearly Two Years - **Real Estate**: In the week of November 23, the commercial housing transaction area continued to rise, the inventory - to - sales ratio increased, the land supply area reached an annual peak, and the residential land transaction premium rate decreased. The commercial housing transaction area of 30 large - and medium - sized cities was 204.59 million square meters, the inventory - to - sales ratio of 10 large cities was 112.65, the land supply area of 100 large - and medium - sized cities was 5354.75 million square meters, and the residential land transaction premium rate was 0.73% [13]. - **Movie Box Office**: In the week of November 23, the national movie box office revenue decreased by 193 million yuan compared with the previous week, amounting to 463 million yuan [13]. - **Automobile**: In the week of November 23, the daily average retail sales of automobile manufacturers increased by 0.38 million vehicles to 71,131 vehicles, and the daily average wholesale sales increased by 1.67 million vehicles to 95,654 vehicles [15]. - **Shipping Freight Rates**: In the week of November 28, the Shanghai Containerized Freight Index (SCFI) rose slightly by 0.69% to 1403.13 points, the China Containerized Freight Index (CCFI) slightly declined by 0.09% to 1121.8 points, and the Baltic Dry Index (BDI) rose significantly by 12.53% to 2560 points, reaching a new high since December 7, 2023 [18]. 3. Prices: Crude Oil, Metal, and Agricultural Product Prices All Rebound, Coking Coal Continues to Decline - **Energy**: On November 28, the Brent crude oil futures settlement price rose by 0.64% to $63.2 per barrel, and the coking coal futures settlement price decreased by 4.4% to 1064 yuan per ton [20]. - **Metal**: On November 28, the LME copper, aluminum, and zinc futures prices increased by 3.69%, 2.03%, and 1.97% respectively, and the domestic rebar futures price rose by 1.24% [21]. - **Agricultural Products**: On November 28, the agricultural product wholesale price 200 index rose by 0.89% to 126.49. Among major agricultural products, the average wholesale price of pork decreased by 0.45% to 17.83 yuan per kilogram, the average wholesale price of eggs increased by 1.24% to 7.35 yuan per kilogram, the average wholesale price of 28 key - monitored vegetables increased by 1.94% to 5.79 yuan per kilogram, and the average wholesale price of 7 key - monitored fruits increased by 1.83% to 7.22 yuan per kilogram [23][24]. 4. Logistics: Domestic Flight Volume Decreases, Urban Congestion Index Continues to Rise - **Subway Passenger Volume**: On November 27, the seven - day moving average of Beijing subway passenger volume decreased by 25.24 million person - times to 980.86 million person - times, and that of Shanghai decreased by 9.29 million person - times to 1068.43 million person - times [26]. - **Flight Execution Volume**: On November 28, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight execution volume decreased by 49 flights to 12,484.29 flights, that of domestic (Hong Kong, Macao, and Taiwan) decreased by 1.43 flights to 363.71 flights, and that of international flights increased by 13 flights to 1839 flights [27]. - **Urban Traffic**: On November 28, the seven - day moving average of the peak congestion index of first - tier cities continued to rise by 0.05 to 1.73 [27]. 5. Summary: Production Marginally Improves, Overall Prices Rise - High - frequency economic data focuses on four aspects: production - side heat marginally improves, with increased operating rates of coke ovens, asphalt, PTA, and all - steel tires, while rebar production, semi - steel tire, and blast furnace operating rates decline; commercial housing transaction area improves for two consecutive weeks, and the land supply area of 100 large - and medium - sized cities reaches a seasonal peak; overall prices rise, with increases in crude oil, metal, and agricultural product prices, but continuous decline in coking coal and pork prices; the Baltic Dry Index (BDI) continuously rises significantly, reaching a new high since December 7, 2023. Short - term focus is on the implementation of incremental policies in consumption and investment and the recovery of the real estate market [30].

证券研究报告：金融工程报告 发布时间：2025-12-01 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 研究助理:冯昱文 SAC 登记编号:S1340124100011 Email:fengyuwen@cnpsec.com 近期研究报告 《指数回撤下融资资金净流出，ETF 资 金大幅净流入，GRU 调入传媒——行业 轮动周报 20251124》 - 2025.11.25 《微盘股继续领涨市场，扩散指数已达 较高区间 — — 微盘股指数周报 20251114》 - 2025.11.18 《连板情绪持续发酵，GRU 行业轮动调 入基础化工 — — 行业轮动周报 20251109》 - 2025.11.11 《微盘股高位盘整，增长逻辑未改变— — 微 盘 股 指 数 周 报 20251031 》 - 2025.11.03 《上证周中突破 4000 点，扩散指数行业 轮动调入电力设备及新能源——行业 轮动周报 20251102》 - 2025.11.02 《微盘股触发看多信号，看好微盘 10 月 后续表现 — — 微盘股指数周报 20 ...