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 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - Precious metals are showing upward momentum, with COMEX gold rising by 4.77% and COMEX silver increasing by 14.95%. The recent liquidity disruptions due to CME's temporary halt have created a short squeeze scenario. Long-term trends indicate that the process of de-dollarization will continue, and investors are advised to hold positions despite volatility [4] - Copper prices are expected to rise due to supply disruptions, with LME copper increasing by 3.69%. The anticipated supply-demand tightness in 2026, driven by production cuts from Freeport and Teck Resources, suggests that price adjustments should be viewed as buying opportunities [5] - Aluminum prices have increased by 2.03% this week, supported by rigid supply despite the end of the peak season. Domestic aluminum ingot inventory is reported at 446,000 tons, showing a slight decrease [5] - Tin prices have risen above 300,000 yuan/ton due to supply disruptions from the conflict in the Democratic Republic of the Congo, indicating potential short squeeze risks [6] - Lithium prices have seen a slight increase, with domestic production rising by 3% month-on-month and 49% year-on-year. The market remains tight, and investors are advised to buy on dips [6] Summary by Sections Industry Overview - The closing index for the industry is at 7396.64, with a weekly high of 7829.42 and a low of 4280.14 [2] Price Movements - Basic metals: LME copper up 3.69%, aluminum up 2.03%, zinc up 1.97%, lead down 0.40%, tin up 6.30% - Precious metals: COMEX gold up 4.77%, silver up 14.95%, NYMEX palladium up 8.27%, platinum down 1.60% - New energy metals: LME nickel up 1.50%, cobalt up 0.50%, lithium carbonate up 1.57% [19] Inventory Levels - Global visible inventory changes: copper increased by 5,705 tons, aluminum decreased by 11,298 tons, zinc decreased by 855 tons, lead decreased by 3,370 tons, tin increased by 432 tons, nickel increased by 334 tons [34][36] Investment Recommendations - Recommended stocks include Xingye Silver Tin, Tin Industry Co., Huaxi Nonferrous, New Jinlu, Dazhong Mining, Guocheng Mining, Zhongkuang Resources, Shengda Resources, Chifeng Gold, Zijin Gold International, Zhaojin Gold, Shenhuo Co., and Zijin Mining [8]

Investment Strategy Overview - The core investment strategy for the pharmaceutical sector in 2026 emphasizes innovation and the recovery of profitability within the industry, as the sector has shown signs of stabilization after a period of volatility [4][30]. Innovative Drug Industry Chain - The domestic innovative drug sector is gaining global recognition, with a significant increase in the attention from multinational corporations (MNCs) towards domestic assets. The demand for new products is strong, driven by the approaching patent cliffs for MNCs and favorable policies for domestic drugs entering international markets [5][44]. - The market for PD-(L)1/VEGF bispecific antibodies is experiencing heightened interest, with complementary mechanisms to antibody-drug conjugates (ADCs) expected to drive synergy and growth [5][51]. - The demand for new therapeutic modalities such as peptides, ADCs, small nucleic acids, and cell and gene therapies (CGT) is projected to maintain high growth rates, supported by a recovering outsourcing demand during the overseas interest rate decline [6][43]. Non-Pharmaceutical Sector - The medical device sector is showing signs of recovery, with some companies reporting improved performance in Q3 2025. The bidding for medical equipment is expected to continue recovering, leading to better performance in 2026 [6][7]. - The traditional Chinese medicine sector is anticipated to benefit from ongoing adjustments to the essential drug list, with opportunities for price increases and improved profit margins for leading companies [6][7]. Retail Pharmacy Sector - The retail pharmacy industry is undergoing accelerated consolidation, with leading pharmacies optimizing their store structures to alleviate profit pressures. This is expected to result in a noticeable improvement in profit margins in 2026 [7]. Market Performance and Valuation - The pharmaceutical sector has shown a rebound since early 2025, with a notable increase in the market index, outperforming the broader market indices. As of November 21, 2025, the CITIC Pharmaceutical Index had risen by 14.68% [15][30]. - The valuation of the pharmaceutical sector is at a historical median since 2010, with a price-to-earnings (PE) ratio of 48.38X, indicating a high premium compared to the broader market [17][30]. - The scale of pharmaceutical funds reached a record high of 226 billion yuan by Q3 2025, although the market capitalization of pharmaceutical stocks remains below historical peaks, suggesting potential for growth [20][24]. Financial Performance - The pharmaceutical sector's revenue for the first three quarters of 2025 was 185.46 billion yuan, reflecting a year-on-year decline of 1.34%. However, Q3 2025 showed a revenue increase of 1.18% compared to the previous quarter, indicating signs of recovery [30][31]. - The net profit attributable to shareholders for the pharmaceutical sector in the first three quarters of 2025 was 14.06 billion yuan, down 1.69% year-on-year, but with a positive growth of 3.61% in Q3 2025 compared to the previous quarter [30][31].

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]

Investment Rating - The report maintains a strong buy rating for the new consumption industry [3] Core Insights - New consumption is characterized by new demand from emerging consumer groups like Generation Z and a shift from leverage-driven consumption to income-driven consumption among older demographics [5][17] - The supply side benefits from China's robust manufacturing capabilities and the internet's ability to reshape business models and efficiency [5][17] - The report highlights two main investment opportunities: aggressive new consumption sectors such as trendy toys and gold jewelry, and defensive cyclical sectors like liquor and travel [5][4] Summary by Sections New Consumption: What is New Consumption? - New consumption has gained traction in recent years, initially a term from the primary market, now widely recognized [17] - It encompasses both new demand from younger consumers and a shift in older consumers' preferences towards more rational spending [17][21] New Demand: Stars Gather to Form Light - Emotional consumption and the rise of national trends are significant drivers, with luxury attributes associated with products [46] - The report identifies key sectors: IP toys, gold jewelry, and new tea drinks, which align with current consumer trends [5][4] New Supply: Old Trees Sprout New Buds - The report emphasizes that industries with easier pathways develop first, while more challenging sectors follow as technology and information improve [33] - It discusses the efficiency gains in retail and service sectors through standardization and technological advancements [33] Investment Recommendations - The report suggests focusing on two types of opportunities: aggressive new consumption sectors (e.g., trendy toys, gold jewelry) and defensive cyclical sectors (e.g., liquor, travel) [5][4] - Specific companies to watch include Pop Mart, Mijia, and various tea brands [5][4] Emotional Consumption and National Trends - Generation Z's emotional consumption is highlighted, with a significant portion willing to pay for emotional value [21][23] - The report notes the increasing acceptance of Chinese brands among younger consumers, contrasting with older generations' preferences [21][22] Gold Jewelry Market - The gold jewelry market is projected to grow significantly, with ancient gold jewelry gaining popularity due to its cultural significance [86][87] - The market size for ancient gold jewelry is expected to reach 4,214 billion by 2028, with a compound annual growth rate of 21.8% [86][87] IP Toy Market - The report outlines the rapid growth of the IP toy market, with a projected market size of 1,741 billion by 2024, reflecting a compound annual growth rate of 13.6% [69][70] - The emotional value associated with IP toys is a key driver of consumer interest and market expansion [78][79]

证券研究报告 沃土生新，2026房地产的"质"与"智" ——房地产行业2026年投资策略 房地产行业 投资评级：强于大市 | 维持 高丁卉 中邮证券研究所 房地产团队 中邮证券 1 1 发布时间：2025-11-28 投资要点 请参阅附注免责声明 2 ➢ 商品房销售：未来3-5年阶段性均衡区间或在6.8-7亿平方米。 ➢ 房价：2026年底-2027年中后房价将趋平。 ➢ 线索一：销售量触底后房价下滑幅度较小。预计2026年底-2027年中销售基本接近底部。结合美国及日本销售量触底后 房价的表现，销售量触底后的房价下滑幅度或较小，美国、日本分别为-3.97%、-1.01%； ➢ 线索二：中国房贷占收入百分比已低于大部分时期。 ➢ 线索三：租金回报率的反弹幅度或为+1.5pp，对应的房价超跌的水平线可能为-48%至-51%。我们预测至2025年年底， 全国房价自峰值将下降-40%左右，则剩余跌幅的空间约为8-11个百分点，以目前的基数来看约为15-22个百分点，按照 目前的跌速，按月环比下降-1%至-1.5%，需要的时间为1-1.5年左右。整合线索一及线索二，我们认为2026年底-2027 年中后房价将趋平。 ...