丨证券研究报告丨 报告要点 [Table_Summary] 11 月 27 日，重庆市人民政府办公厅印发《重庆市推动低空经济高质量发展若干政策措施》（以 下简称《政策措施》），包括 3 个方面共 17 条举措，加速打造具有重庆辨识度的低空经济创新 发展强市。目前，以重庆为代表的我国多个地区相继出台低空经济扶持政策，扶持相关产业发 展。我们认为在政策推动下，各地有望以低空飞行场景为核心，带动低空经济全产业链发展， 其上游为原材料与核心零部件，中游为无人机、航空器及配套设备，下游为航空管理及信息化 以及行业应用。建议关注低空经济全产业链，重点关注航空信息化及空管领域的相关标的。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 行业研究丨点评报告丨软件与服务 [Table_Title] 重庆打造低空经济发展强市，关注低空经济产业 进展 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 1 软件与服务 cjzqdt11111 [Table_Title 重庆打造低空经 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 聚焦全国一体化数据市场建设，关注数据要素产 业投资机遇 报告要点 [Table_Summary] 11 月 25 日，国家数据局党组书记、局长刘烈宏在 2025 年"数据要素×"大赛全国总决赛颁 奖仪式致辞中表示，下一步，国家数据局将聚焦建设开放共享安全的全国一体化数据市场，加 大对数据商在内的各类数据流通服务机构的培育力度，以繁荣数据产业生态，进一步激发市场 活力，释放数据要素价值。随着全国一体化数据市场建设加速，数据要素价值有望充分释放， 从而迎来数据要素价值的重估，惠及全产业链，建议关注具备海量数据资源的企业，以及在数 据处理、管理和分析方面具备深厚积累的企业。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 聚焦全国一体化数据市场 2] 建设，关注数据要素 产 ...

行业研究丨点评报告丨软件与服务 [Table_Title] 北京加速布局太空数据中心，关注太空算力产业 进展 报告要点 [Table_Summary] 11 月 27 日，"智绘星空 胜算在天——太空数据中心建设工作推进会"在北京举行。北京拟在 700-800 公里晨昏轨道建设运营超过千兆瓦(GW)功率的集中式大型数据中心系统，以实现将大 规模 AI 算力搬上太空。当前时点，算力作为 AI 等产业发展的重要基础设施，其重要性日益突 出，而太空算力凭借其能源优势（太阳能）和散热优势，有望成为未来算力的重要组成部分。 同时，航天技术的突破有望大幅降低运力成本，从而加速太空算力产业发展。建议关注：1）卫 星制造商以及发射服务提供商；2）耐空间环境的算力硬件供应商；3）太空算力运营商。 丨证券研究报告丨 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title ...

丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 关注玻璃冷修预期，重视消费建材优质龙头 ——建材周专题 2025W48 报告要点 [Table_Summary] 关注玻璃冷修预期，重视消费建材优质龙头 基本面：水泥价格延续下跌，玻璃库存环比小降 继续推荐非洲链和存量链，关注 AI 特种布回调后机会 分析师及联系人 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 关注玻璃冷修预期，重视消费建材优质龙头 2] ——建材周专题 2025W48 [Table_Summary2] 地产政策预期升温，关注消费建材优质龙头 继续推荐非洲链和存量链，关注 AI 特种布回调后机会 非洲链：推荐华新水泥、科达制造。华新水泥海外经营业绩超预期， ...

丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：谷歌嵌套学习架构革新， Claude Opus 4.5 高性价比 报告要点 [Table_Summary] 2025 年第 48 周，通信板块上涨 8.71%，在长江一级行业中排名第 1 位；2025 年年初以来， 通信板块上涨 64.42%，在长江一级行业中排名第 1 位。谷歌提出嵌套学习理论与 HOPE 架构， 重塑长期记忆与推理效率，突破 Transformer 在极长序列下的记忆瓶颈，可大幅降低训练与推 理成本。Anthropic 发布 Claude Opus 4.5，以 SOTA 性能夺得软件工程榜首，定价策略极具攻 势，应用端深度生态集成。架构升级与高端模型迭代共振，算力链景气度持续上行。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 Anthropic 发布最新旗舰模型 Claude Opus 4.5，支持 ...

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2025 年第 48 周计算机行业周报： 商业航天司成立，关注商业航天投资机遇 分析师及联系人 [Table_Author] 报告要点 [Table_Summary] 上周计算机板块小幅反弹，整体上涨 3.14%，在长江一级行业中排名第 13 位，两市成交额占 比为 8.64%，商业航天相关标的活跃。上周国家数据局党组书记、局长刘烈宏表示国家数据局 将聚焦建设开放共享安全的全国一体化数据市场；北京拟在 700-800 公里晨昏轨道建设运营超 过千兆瓦(GW)功率的集中式大型数据中心系统；重庆市人民政府办公厅印发《重庆市推动低空 经济高质量发展若干政策措施》。本周建议关注产业链各环节的核心供应商，重点关注卫星应用 相关标的。 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 2025 年第 482] 周计算机行业周报 ...

Group 1: Gold Market Characteristics - The current gold bull market is characterized by simultaneous increases in both risk assets (stocks) and safe-haven assets (gold) [2] - Gold has significantly outperformed U.S. Treasuries and the U.S. dollar during this bull market [5] - The price of gold has increased approximately 200% since 2018, reflecting its strategic reserve property amid global uncertainties [7] Group 2: Historical Context and Economic Cycles - Historical analysis reveals three distinct cycles of gold price increases: 23-fold from 1970-1980, 6-fold from 2001-2012, and approximately 2-fold from 2018 to present [7] - The first cycle (1970-1980) was driven by inflation concerns, with gold prices rising due to high inflation rates, peaking during the oil crises [6] - The second cycle (2001-2012) was influenced by financial attributes, particularly following the 2008 financial crisis, where gold became a key financial asset [6] Group 3: Macro Factors Influencing Gold - Gold serves as a hedge against inflation, opportunity costs, and the collapse of the fiat currency system, reflecting its three properties: commodity, financial, and monetary [8] - The shift in global economic power dynamics has led to a renewed interest in gold as a safe-haven asset, especially as confidence in the U.S. dollar and Treasuries wanes [9] - Central banks have significantly increased gold purchases since 2022, marking a notable change in demand structure [7]

Quantitative Models and Construction Methods - **Model Name**: China Securities Guoxin Hong Kong Stock Connect Central Enterprise Dividend Index **Model Construction Idea**: The index is designed to reflect the overall performance of listed central enterprises with high dividend yields and stable dividend levels within the scope of Hong Kong Stock Connect, focusing on high-dividend assets[9][55] **Model Construction Process**: 1. **Sample Space**: Select securities from the China Securities Hong Kong Stock Connect Composite Index sample[57] 2. **Liquidity Screening**: Exclude securities with a median monthly turnover rate below 0.1% over the past 12 or 3 months unless their average daily trading amount exceeds HKD 50 million in the past year[57] 3. **Selection Criteria**: - Select securities controlled by the State-owned Assets Supervision and Administration Commission (SASAC) or listed in the SASAC central enterprise directory - Include the top-ranked securities in terms of daily average market capitalization in the financial and real estate sectors, and all securities in other industries - Further filter securities that have paid dividends for three consecutive years, with an average dividend payout ratio between 0 and 1 over the past three years - Rank the remaining securities by their average dividend yield over the past three years and select the top 50 as index components[57] **Model Evaluation**: The index emphasizes high-dividend attributes, low valuation, and stable profitability, making it attractive for investors seeking defensive and income-generating strategies[9][55] Model Backtesting Results - **China Securities Guoxin Hong Kong Stock Connect Central Enterprise Dividend Index**: - Annualized Dividend Yield (2021-2025): Above 8% consistently[9][72][73] - Annualized Volatility (2025): 18.00% (Price Index), 17.83% (Total Return Index), lower than most common Hang Seng broad-based indices[86] - Annualized Return (2025): 17.27% (Price Index), 26.83% (Total Return Index), significantly outperforming other indices[40][86] - Cumulative Return (2016-2025): 140.08%, with excess returns of 97.28% and 123.19% over the Hang Seng Stock Connect Index and Hang Seng Index, respectively[80][83] Quantitative Factors and Construction Methods - **Factor Name**: High Dividend Yield Factor **Factor Construction Idea**: Focus on securities with high and stable dividend yields to capture income-generating opportunities and defensive characteristics[9][55] **Factor Construction Process**: 1. Calculate the average dividend yield over the past three years for each security 2. Rank securities by their average dividend yield 3. Select the top 50 securities with the highest average dividend yield as the factor sample[57] **Factor Evaluation**: The factor demonstrates strong income-generating potential and defensive attributes, particularly in volatile market conditions[9][55] Factor Backtesting Results - **High Dividend Yield Factor**: - Annualized Dividend Yield (2021-2025): Above 8% consistently, outperforming other common Hang Seng indices[9][72][73] - Annualized Volatility (2025): 18.00% (Price Index), 17.83% (Total Return Index), indicating better risk control compared to other indices[86] - Annualized Return (2025): 17.27% (Price Index), 26.83% (Total Return Index), showcasing strong return potential[40][86] - Cumulative Return (2016-2025): 140.08%, with significant excess returns over other indices[80][83]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In November 2025, the manufacturing PMI showed a marginal improvement with synchronized recovery in production and demand and accelerated destocking, but the asymmetric recovery of raw material and finished product prices may still restrict corporate profit repair, and the sustainability of external demand contribution remains to be verified. The decline in service - sector sentiment indicates that the resilience of domestic demand also needs to be observed. The bond market has adjusted, and the impact of PMI data is expected to be limited. It is recommended to allocate 10 - year Treasury bonds with a taxable coupon yield above 1.8% when there are adjustments [2]. 3. Summary by Related Catalogs Manufacturing PMI - **Overall situation**: In November 2025, the manufacturing PMI was 49.2%, up 0.2 pct from the previous month, still seasonally weak but with marginal improvement. Production, procurement, and import indices on the supply - side increased, and new order and backlog order indices on the demand - side rose. Inventory destocking accelerated, and some predictive indicators showed improved supply - demand relationships [5][9]. - **External demand contribution**: The new export order index rose 1.7 pct to 47.6%, and the new export order indices of four major manufacturing industries and large, medium, and small enterprises all increased. However, the asymmetric recovery of raw material and finished product prices may pressure corporate profit repair [9]. - **Enterprise size and industry differences**: Small and medium - sized enterprises' sentiment improved, especially small enterprises which rose 2 pct to a nearly 6 - month high of 49.1%, while large enterprises' sentiment declined 0.6 pct to 49.3%. High - tech manufacturing with a high proportion of small and medium - sized enterprises remained in expansion, while the sentiment of equipment and consumer goods manufacturing declined, and their production sides may be stronger than the demand sides [9]. Non - manufacturing PMI - **Overall situation**: The non - manufacturing business activity index was 49.5% in November 2025, down 0.6 pct from the previous month, the first time below the boom - bust line since 2023. The service - sector sentiment was dragged down by factors such as the fading holiday effect, while the construction industry's sentiment improved [5][9]. - **Sub - item structure**: The inventory and new order indices of non - manufacturing declined, while the new export order index rose. The sales price and input price indices increased for two consecutive months. In the service sector, the financial industry and some new - energy industries showed good performance. The construction industry's business activity index increased, possibly boosted by financial activities and policy support [9]. Investment Suggestion The bond market has adjusted, and the impact of PMI data is expected to be limited. It is recommended to allocate 10 - year Treasury bonds with a taxable coupon yield above 1.8% when there are adjustments [2][9].

Investment Rating - The report maintains a "Buy" rating for the recommended stocks in the consumer sector [10][11][12][13][15][16][19][20]. Core Insights - The report highlights nine advantageous sectors in the consumer industry, including agriculture, retail, social services, automotive, textile and apparel, light industry, food, home appliances, and pharmaceuticals, with key stock recommendations for December 2025 [4][7]. - The report emphasizes the potential for growth and profitability in these sectors, driven by market trends and company-specific strategies [10][11][12][13][15][16][19][20]. Summary by Sector Agriculture - Recommended Stock: Muyuan Foods (牧原股份) - The company has become the world's largest pig farming group, with a focus on efficiency and cost reduction, leading to improved free cash flow and shareholder returns. Projected net profits for 2025-2027 are 154.9 billion, 175.7 billion, and 225.5 billion respectively, with corresponding PE ratios of 18, 16, and 12 [10]. Retail - Recommended Stock: Yiwu Small Commodity City (小商品城) - The company benefits from strong growth in exports and sustainable rental income. Projected EPS for 2025-2027 is 0.82, 1.08, and 1.30, with PE ratios of 20, 15, and 13 [11]. Social Services - Recommended Stock: Gu Ming (古茗) - The company has significant room for expansion and is expected to achieve steady revenue growth. Projected adjusted net profits for 2025-2027 are 22 billion, 25 billion, and 29 billion, with PE ratios of 13, 11, and 10 [12]. Automotive - Recommended Stock: Top Group (拓普集团) - The company is expected to benefit from increased production by major automotive clients. Projected net profits for 2025-2027 are 28.0 billion, 33.3 billion, and 41.3 billion, with PE ratios of 39, 33, and 27 [13]. Textile and Apparel - Recommended Stock: Crystal International (晶苑国际) - The company is positioned to benefit from industry demand and is expected to see profit margin improvements. Projected net profits for 2025-2027 are 2.2 billion, 2.6 billion, and 3.0 billion, with PE ratios of 12.2, 10.5, and 9.3 [15]. Light Industry - Recommended Stock: Pop Mart (泡泡玛特) - The company is expanding its global presence and is expected to see significant revenue growth. Projected net profits for 2025-2027 are 127 billion, 176 billion, and 221 billion, with PE ratios of 22, 16, and 12 [15]. Food - Recommended Stock: Angel Yeast (安琪酵母) - The company is expanding overseas and is expected to benefit from cost reductions. Projected net profits for 2025-2027 are 15.6 billion, 18.8 billion, and 22.1 billion, with PE ratios of 23, 19, and 16 [16]. Home Appliances - Recommended Stock: Anker Innovations (安克创新) - The company has a strong brand and is expected to see continued growth across various product categories. Projected net profits for 2025-2027 are 26.57 billion, 31.98 billion, and 38.95 billion, with PE ratios of 22.3, 18.5, and 15.2 [19]. Pharmaceuticals - Recommended Stock: Junshi Biosciences (君实生物) - The company is experiencing sales growth and has several key products in development. Projected net profits for 2025-2027 are -1.30 billion, -0.87 billion, and -0.30 billion, with a PE ratio of 51.3 [20].