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] 2025 深圳脑博会召开，关注脑机接口产业进展 报告要点 [Table_Summary] 2025 年 12 月 28 日至 30 日，第五届脑科学前沿与产业大会暨 2025 深圳脑机接口博览会在深 圳光明天安云谷召开。当前，我国脑机接口产业成果频出。政策扶持下，脑机接口产业有望迎 来发展机遇期，并加速由产业研究向商业化转化，进而加速脑机接口大规模商业化落地进度。 建议关注三条主线：1、侵入式脑机接口海外先进产业链的国内映射标的；2、非侵入式脑机接 口在消费场景的产品落地相关标的；3、脑机接口下游应用端相关标的。 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_Title2] 2025 深圳脑博会召开，关注脑机接口产业进展 [Table_Summary2] 事件描述 2025 年 ...

丨证券研究报告丨 [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 行业研究丨点评报告丨软件与服务 [Table_Title] 上交所发布专项指引，商业航天 IPO 有望提速 报告要点 [Table_Summary] 12 月 26 日，上海证券交易所正式发布《上海证券交易所发行上市审核规则适用指引第 9 号— —商业火箭企业适用科创板第五套上市标准》，支持正处于大规模商业化关键时期的商业火箭 企业，适用第五套上市标准登陆科创板。此次《指引》的发布或将是我国商业航天产业加速资 本化的重要标志，头部商业航天企业有望迎来密集 IPO，进而通过资本运作助力产业发展。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。 分析师及联系人 事件评论 research.95579.com 风险提示 1、卫星互联网组网不及预期； 1 软件与服务 cjzqdt11111 [Table_Title2] 上交所发布专项指引，商业航天 IPO 有望提速 [Table_Summary2] 事件描述 %% ...

联合研究丨组合推荐 [Table_Title] 大消费行业 2026 年 1 月金股推荐 %% %% %% %% 请阅读最后评级说明和重要声明 2 / 11 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江大消费九大优势行业（农业、零售、社服、汽车、纺服、轻工、食品、家电、医药）2026 年 1 月重点推荐金股。 分析师及联系人 [Table_Author] 陈佳 李锦 赵刚 SAC：S0490513080003 SAC：S0490514080004 SAC：S0490517020001 SFC：BQT624 SFC：BUV258 SFC：BUX176 高伊楠 于旭辉 蔡方羿 SAC：S0490517060001 SAC：S0490518020002 SAC：S0490516060001 SFC：BUW101 SFC：BUU942 SFC：BUV463 董思远 陈亮 彭英骐 SAC：S0490517070016 SAC：S0490517070017 SAC：S0490524030005 SFC：BQK487 SFC：BUW408 ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - The successful launch of the Long March 12甲 rocket marks a significant step in China's exploration of reusable rocket technology, despite the failure to recover the first stage. This event lays a solid foundation for future reusable launches, which are expected to significantly reduce launch costs and accelerate the development of China's commercial space industry [10][11] - The report emphasizes that short-term setbacks are a necessary part of industry development, and as technology advances, the cost of rocket launches is likely to decrease, thereby promoting the growth of the commercial space sector. It is recommended to pay attention to key suppliers across the industry chain, particularly those related to satellite applications [10][11] Summary by Sections Event Description - On December 23, at 10:00 AM, the Long March 12甲 rocket was launched from the Dongfeng Commercial Space Innovation Test Area, successfully placing its second stage into the designated orbit, although the first stage was not successfully recovered. The flight test was deemed a basic success [5][10] Event Commentary - The Long March 12甲 rocket, designed for "first-stage reuse," is approximately 70.4 meters long and weighs about 437 tons. Although the first stage recovery was not achieved, valuable data was collected for future launches. The report highlights that reusable technology will greatly enhance rocket capacity and reduce average launch costs, supporting the acceleration of satellite constellation deployment [10][11] - The report notes that both state-owned and commercial space sectors are progressing together, with various companies working on reusable rockets across different payload capacities and technologies, which will complement China's aerospace industry [10][11]

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - The liquor sector is experiencing a phase of "supply optimization and weak demand recovery," with inventory destocking expected to continue in Q4. Short-term price recovery is anticipated due to Moutai's controlled supply, with attention on Spring Festival sales and inventory turnover [2][5] - Demand for mass consumer goods is expected to show marginal recovery, with January anticipated to see a strong start due to delayed Spring Festival stocking [2][5] - The latest recommended companies include Ganhe Weiye, Guoquan, Anqi Yeast, Babi Foods, Ligao Foods, Wancheng Group, Anjii Foods, Kuaijishan, Shanxi Fenjiu, Yanghe, and Guizhou Moutai [2][5] Summary by Sections Production Data - In November, the industry production data revealed that meat and soft drinks led the growth, with meat production increasing by 16.3% and soft drinks by 0.4%. Other categories, such as alcoholic beverages, continue to face downward pressure [4][16] - Non-alcoholic categories showed stable production growth, with notable increases in fresh and chilled meat production, driven by declining prices of core items like pork, stimulating demand [20] Market Review - Since the beginning of the year, the Food and Beverage (Yangtze) Index has decreased by 4.22%, underperforming compared to the CSI 300. The market has seen significant differentiation, particularly in Q2 and Q3, due to consumption scene restrictions and a trend towards cost-effective consumption preferences [6][28] - In the past week, the restaurant supply chain sector (including food and condiments) has outperformed, while the liquor sector (including beer and wine) has shown relatively weak performance [6][28] Industry Dynamics - Companies in the soft drink sector are focusing on core categories to enhance competitiveness, such as Yuanqi Forest divesting its dairy business to concentrate on tea and sparkling water. Cross-industry innovations are also being explored, with new products like rice whiskey targeting specific dining scenarios [7][34] - Digital transformation and employee incentives are driving channel changes, with integrated online and offline strategies becoming mainstream. Companies like Luckin Coffee and Three Squirrels are rapidly expanding into high-traffic areas [7][34]

丨证券研究报告丨 行业研究丨专题报告丨食品、饮料与烟草 [Table_Title] 饮酒思源系列（二十五）：如何看待原箱、散瓶 及公斤茅台的价格趋同 报告要点 [Table_Summary] 2025 年 12 月份以来，原箱和散瓶茅台的单瓶价差已基本收窄到 20 元以内。我们认为，散瓶 茅台的价格下行幅度小于原箱，主要原因在于随着茅台价格的下行，茅台的大众需求逐步被激 发，而散瓶作为大众需求的主要载体，其价格具备相对更强的支撑。同时，原箱和散瓶的单瓶 价差收窄，亦表明茅台在不同场景上的消费结构正趋于均衡，消费者结构正变得更加稳定。 请阅读最后评级说明和重要声明 %% %% %% %% 分析师及联系人 research.95579.com [Table_Author] 1 董思远 石智坤 SAC：S0490517070016 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 [Table_Title 饮酒思源系列（二十五）：如何看待原箱、散瓶 2] 及公斤茅台的价格趋同 [Table_Summary2] 如何理解原箱茅台和散瓶茅台的价格趋同 从历史看，散瓶茅台与原箱茅台的批价之 ...

[Table_scodeMsg1] 联合研究丨公司深度丨特变电工（600089.SH） [Table_Title] 特变电工：圭璋"特"达，"变"启新程 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们认为特变电工经过多年的深耕和产业拓展布局，目前已经形成装备和能源的多元化布局， 公司正从输变电龙头企业向能源综合巨头发展。近 2 年受到硅料、煤炭价格下降影响，公司整 体经营有所波动。当前时点，我们认为公司几大核心业务有望迎来全面向上发展，并且公司积 极拓展能源一体化业务，未来有望带来增量贡献。 分析师及联系人 [Table_Author] 邬博华 王鹤涛 曹海花 SAC：S0490514040001 SAC：S0490512070002 SAC：S0490522030001 SFC：BQK482 SFC：BQT626 肖勇 司鸿历 易轰 SAC：S0490516080003 SAC：S0490520080002 SAC：S0490520080012 SFC：BUT918 SFC：BVD284 SFC：BUZ394 袁澎 周相君 ...

Investment Rating - The report maintains a "Positive" investment rating for the new tobacco industry [9]. Core Insights - The National Tobacco Monopoly Administration has issued a notice to implement electronic cigarette industry policies, aiming to regulate industry operations, curb excessive competition, prevent overcapacity risks, and enhance compliance among electronic cigarette manufacturers [2][6]. - The notice emphasizes the need for investment behavior regulation among electronic cigarette manufacturers, including requirements for new projects, technological renovations, relocations, and resuming construction [7]. - Key changes and impacts include: 1. Support for the exit of outdated and excess production capacity, benefiting large-scale electronic cigarette enterprises. As of January 2025, there are approximately 583 licensed electronic cigarette manufacturers in China, and the notice aims to facilitate the exit of inefficient capacity, allowing leading companies to consolidate and enhance their market position [7]. 2. Implementation of capacity quota management and increased compliance requirements for exports. The notice specifies that production capacity must be regulated, and companies focusing on exports must ensure that their products comply with the laws and regulations of the destination countries or regions [7]. 3. Separation of management for heated tobacco products and electronic cigarettes, indicating potential future changes in the new tobacco industry [7]. Summary by Sections - **Investment Opportunities**: The acceleration of globalization in the new tobacco sector presents investment opportunities for companies with core barriers or resource advantages. Key companies to watch include Smoore International (leading in electronic vaporization devices), China Tobacco Hong Kong (supporting China Tobacco's international mission), Hengfeng Paper (an undervalued player in the heated tobacco industry), and others involved in heated tobacco solutions or manufacturing [8]. - **Market Dynamics**: The notice aims to balance supply and demand in the electronic cigarette market, clarifying production scale requirements and adjustments, while also addressing the need to prevent overcapacity risks [12].

Investment Rating - The report suggests a focus on undervalued, high-dividend banks, particularly large city commercial banks and state-owned banks [2][19]. Core Insights - The banking sector experienced a decline of 0.9% this week, with negative excess returns influenced by a rebound in market risk appetite, leading to continued outflows of active funds from the sector [2][9]. - The People's Bank of China released a financial stability report indicating a decrease in the number of high-risk rated financial institutions, with the number of red zone (high-risk) institutions dropping from 357 to 312 [6][40]. - The report highlights that the asset scale of red zone banks accounts for only 2.1% of the total, indicating overall stability in the banking sector [6][40]. - The report emphasizes that major banks maintain stable capital levels under various GDP slowdown scenarios, with capital adequacy ratios remaining above regulatory requirements [7][43]. Summary by Sections Market Performance - The banking index has shown a cumulative decline of 0.9%, underperforming compared to the CSI 300 and ChiNext indices by 2.8% and 4.8% respectively [9][19]. - Active funds have been flowing out of the banking sector, with net outflows of approximately 1 billion yuan over the past week [21]. Financial Stability Report Highlights - The financial stability report indicates a reduction in the number of participating financial institutions due to mergers and restructuring, with a total of 3529 institutions evaluated in 2025, down from 3936 in 2023 [6][40]. - The report notes that the distribution of ratings for village and town banks has decreased to the 3-D level, reflecting some tail risks in the industry [6][40]. Capital Stability Under Stress Tests - Stress tests for 23 major banks indicate that under light, moderate, and severe scenarios, the capital adequacy ratio could decrease by 5.81, 6.43, and 7.33 percentage points respectively, but remains compliant with regulatory standards [7][43][44]. - The report highlights that systemically important banks can maintain a capital adequacy ratio above 12% even under the most severe stress scenarios [50]. Convertible Bond Opportunities - The report identifies potential strong redemption opportunities in convertible bonds of banks, particularly for banks like Changshu Bank, Shanghai Bank, and Chongqing Bank, which are approaching their strong redemption prices [8][31]. Dividend Yield Analysis - As of December 26, the average dividend yield for the six major state-owned banks' A-shares has decreased to 3.96%, while the H-shares yield stands at 5.24%, with a discount rate of 24% compared to A-shares [25][29].

Report Information - Report Title: Carbonate Lithium Weekly Report [2] - Report Date: December 29, 2025 [3] - Researcher: Wang Guodong [1] Industry Investment Rating - Not provided in the report. Core Viewpoints - Supply side: Last week, carbonate lithium production increased by 40 tons to 24,105 tons, and November production increased by 3% to 103,740 tons. The Ningde Jianxiawo mine has not resumed production, and production enterprises in Yichun and Qinghai have received notices for the re - review of mining rights transfers, affecting supply. In November 2025, China imported 729,000 tons of lithium concentrate, a 11.9% month - on - month increase. The top three importing countries were Australia, Zimbabwe, and Nigeria. In November, carbonate lithium imports were 22,055 tons, a 7.6% month - on - month decrease. The CIF price of imported lithium spodumene concentrate increased week - on - week, and some manufacturers using外购 lithium ore to produce carbonate lithium faced cost inversion [5]. - Demand side: Overall production scheduling in December decreased month - on - month, while large battery cell manufacturers' production scheduling in November increased by 2% month - on - month. In November, the total production of power and other batteries in China was 176.3 GWh, a 3.3% month - on - month and 49.2% year - on - year increase. The total export of power and other batteries was 32.2 GWh, a 14.1% month - on - month and 46.5% year - on - year increase. The sales volume of power and other batteries was 179.4 GWh, an 8.1% month - on - month and 52.2% year - on - year increase. The trade - in policy and the extension of the new energy vehicle purchase tax are expected to support the rapid growth of China's new energy vehicle market sales [6]. - Inventory: This week, carbonate lithium inventory showed a destocking state. Factory inventory decreased by 775 tons, market inventory decreased by 2,614 tons, and futures inventory increased by 2,350 tons [6]. - Strategy: From the supply side, the Ningde Jianxiawo mine remains shut down, and Yichun plans to cancel 27 mining licenses (all expired, with no impact on actual supply). In November, domestic carbonate lithium production increased by 3% month - on - month, and lithium concentrate imports were 729,000 tons, a 11.9% month - on - month increase. The total import of carbonate lithium in November was about 22,000 tons, a 7.6% month - on - month decrease but a 15% year - on - year increase. Downstream demand is strong, and the destocking trend continues. It is expected that subsequent South American lithium salt imports will supplement the supply. From the demand side, the terminal demand for energy storage remains good, but production scheduling in January is expected to decline slightly. In November, cathode production scheduling increased by 2% month - on - month. The risk of Yichun's mining licenses persists. With profit recovery, lithium extraction from ore continues to increase production, and the cost center shifts upward. The expectation of the Ningde Jianxiawo mine's resumption within the year has failed. After cathode material manufacturers jointly cut production, downstream production scheduling is expected to decline. Attention should be paid to the disturbances at the Yichun mining end. As downstream purchases of carbonate lithium slow down the destocking rate and traders' inventory accumulates, prices are expected to continue to fluctuate [7]. Key Data Tracking Production - related Data - Carbonate lithium weekly production: Last week, production increased by 40 tons to 24,105 tons, and November production increased by 3% to 103,740 tons [5] - Carbonate lithium production by raw material in November 2024: Salt lake accounted for 19.56%, lithium mica 23.05%, and lithium spodumene 45.37% [25][26] Import - related Data - In November 2025, China imported 729,000 tons of lithium concentrate, a 11.9% month - on - month increase. Imports from Australia increased by 44% month - on - month, from Zimbabwe were 110,000 tons (a 28% month - on - month decrease), and from Nigeria were 92,000 tons (a 16% month - on - month decrease). In November, carbonate lithium imports were 22,055 tons, a 7.6% month - on - month decrease, with 10,800 tons from Chile, accounting for 49% [5] Battery - related Data - In November, the total production of power and other batteries in China was 176.3 GWh, a 3.3% month - on - month and 49.2% year - on - year increase. The total export was 32.2 GWh, a 14.1% month - on - month and 46.5% year - on - year increase. The sales volume was 179.4 GWh, an 8.1% month - on - month and 52.2% year - on - year increase [6] Inventory - related Data - This week, carbonate lithium factory inventory decreased by 775 tons, market inventory decreased by 2,614 tons, and futures inventory increased by 2,350 tons [6]