Investment Rating - The report maintains a "Buy" rating for the company [2][6][51] Core Insights - As of the end of November, the company's PE ratio stands at 30.30x, which is at the 18th percentile historically since 2016, indicating a certain level of investment value [2][6][51] - The report anticipates that with the continued enhancement of the mutual market access policies in Hong Kong's capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuations [2][6][51] - Projected revenues and other income for the company from 2025 to 2027 are expected to be 29.7 billion, 32.1 billion, and 34.6 billion HKD, respectively, with net profits attributable to shareholders expected to be 17 billion, 17.8 billion, and 19.5 billion HKD, corresponding to PE valuations of 30.0, 28.7, and 26.2 times [2][6][51] Market Environment - The Hong Kong stock market has shown an upward trend, supported by domestic policy drivers, with the Hang Seng Index and Hang Seng Tech Index increasing by 28.9% and 25.3% respectively compared to the end of 2024 [11][16] - The average daily trading (ADT) for the Hong Kong stock exchange was 230.7 billion HKD in November, reflecting a year-on-year increase of 42.8% despite a month-on-month decrease of 16.1% [16][11] - The IPO scale in Hong Kong saw significant growth in November, with 11 new stocks listed, raising a total of 41.8 billion HKD, marking a 363% year-on-year increase [30][31] Business Segments - In the cash market, the average daily trading volume for Northbound trading was 243.2 billion HKD, while Southbound trading was 97.9 billion HKD, with both showing year-on-year increases despite month-on-month declines [16][11] - The derivatives market experienced a decrease in trading volume, with futures ADV at 637,000 contracts and options ADV at 1,014,000 contracts in November, reflecting a month-on-month decline [20][11] - The LME daily trading volume increased to 807,000 contracts in November, showing a year-on-year growth of 10.6% [26][11] Economic Context - The domestic economic environment is showing signs of recovery, with the manufacturing PMI for November at 49.20%, indicating a slight improvement [44][46] - The Federal Reserve's recent interest rate cuts have enhanced liquidity in overseas markets, with expectations for further rate reductions in 2026 [46][44]

Industry Overview - The service consumption sector in China has significant growth potential, with the current GDP per capita exceeding $13,000, indicating a shift from goods to service consumption as the economy matures [4][7][24] - The proportion of development-oriented and enjoyment-oriented service consumption in China is relatively low, particularly in cultural, leisure, and health sectors, suggesting substantial room for improvement [4][7][24] - Recent government policies at both central and local levels have been introduced to support service consumption, focusing on the needs of the elderly and Generation Z, which are expected to drive growth in health, tourism, and new consumption sectors [4][7][24] Tourism and Travel - The domestic tourism market is projected to grow significantly, with 4.998 billion trips expected in the first three quarters of 2025, reflecting an 18% year-on-year increase [8][46] - The government has implemented various supportive policies to enhance tourism, including the issuance of travel vouchers and promotional activities to stimulate demand [8][58] - The tourism industry is undergoing consolidation, with companies optimizing resources and enhancing operational efficiency to drive high-quality development [8][58] Local Lifestyle - The restaurant industry is expected to see steady growth, although there is significant market differentiation, with high-end dining facing challenges while mass dining remains robust [10][10] - The tea beverage sector is experiencing growth driven by delivery services, with leading brands expanding their store presence despite potential challenges from subsidy reductions [10][10] - Meituan is facing increased competition in the delivery market, with a focus on improving operational efficiency and service quality to enhance long-term value [10][10] Education and Employment - The education sector is gradually recovering, with leading institutions expected to gain market share due to their brand strength and resource capabilities [11][11] - The human resources sector is seeing structural demand recovery, with AI technology providing opportunities for cost reduction and efficiency improvements [11][11] Summary of Investment Opportunities - Investment opportunities are concentrated in sectors that combine valuation safety margins with growth logic, particularly in health, tourism, and new consumption areas driven by demographic changes [4][7][24]

Core Insights - The report identifies the main investment themes for the defense and aerospace industry in 2025 as internal equipment, military trade, and military-civilian integration, with a focus on the second growth curve as a key selection criterion for stocks [2][5][36] - For 2026, military-civilian integration and military trade are expected to remain the primary investment lines, supported by stable growth in defense spending and policy guidance [2][5] Industry Overview - The report outlines a deep review of the defense industry, highlighting that the internal equipment market, military trade, and military-civilian integration emerged as the three main investment directions in 2025 [5][21] - The investment framework has evolved from focusing solely on internal equipment to incorporating military trade and military-civilian integration, reflecting a more comprehensive understanding of the market dynamics [5][21] Policy Analysis and Internal Equipment Outlook - The report emphasizes that the integration of mechanization, information technology, and intelligence will drive future growth in internal equipment, with specific focus areas including information support forces, cyber warfare units, military aerospace, and rocket forces [6][41][46] - Recent U.S. defense policy changes, which reduced the number of key technology areas from 14 to 6, align closely with China's focus on new quality and new domain developments [6][41] Investment Strategy for 2026 - The report recommends a bottom-up approach to stock selection, emphasizing the importance of identifying stocks that excel in the second growth curve, particularly in military trade and military-civilian integration [7][36] - Specific companies are highlighted as key investment targets, including 中航沈飞 (AVIC), 广东宏大 (Guangdong Hongda), and 西部超导 (West Superconductor), which are positioned to benefit from trends in military trade and civilian applications [22][33][36] Key Investment Areas - The report identifies several promising sectors within the defense industry, including special chips, quartz electronic fabrics, aerospace electronics, high-performance power supplies, and military aviation engines, each with unique growth drivers [22][33][36] - The military trade sector is expected to see a shift towards high-end equipment exports, with 中航沈飞 (AVIC) and 广东宏大 (Guangdong Hongda) as core players [22][36] Conclusion - The report concludes that the second growth curve represents a critical opportunity for investors, with military trade and military-civilian integration likely to be the main growth drivers in the coming years [36][41]

金融工程丨深度报告 [Table_Title] 多因子选股（二十一）：日历效应下的因子投资 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 受市场交易影响，不同类别的因子在年内表现有所不同，寻找因子的日历效应规律，可以对因 子选股的收益进行增强，并降低尾部风险。 分析师及联系人 [Table_Author] 郑起 覃川桃 SAC：S0490520060001 SAC：S0490513030001 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 29 %% %% %% %% 2 [Table_Title2] 多因子选股（二十一）：日历效应下的因子投资 [Table_Summary2] 因子的日历效应 本文对 12 个大类因子，共统计了季度、年末年初、春节、两会、国庆五种日历效应： 日历效应指数增强 根据因子的日历效应，在大类因子合成权重上进行调整，构建月度调仓频率的增强策略： 短期展望 进入十二月后，年末年初效应规律为以低波、拥挤度、质量、价值为代表的低风险偏好因子更 为有效，考虑到当前高 Beta 的成长风格仍有一定概率 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 下周新增债披露发行 352 亿 ——政府债周报（12/14） 报告要点 [Table_Summary] 12 月 15 日-12 月 21 日地方债披露发行 400.4 亿元。其中新增债 352.2 亿元（新增一般债 59.6 亿元，新增专项债 292.6 亿元），再融资债 48.2 亿元（再融资一般债 39.2 亿元，再融资专项债 9.0 亿元）。 12 月 8 日-12 月 14 日地方债共发行 1069.6 亿元。其中新增债 710.5 亿元（新增一般债 210.0 亿元，新增专项债 500.5 亿元），再融资债 359.0 亿元（再融资一般债 187.4 亿元，再融资专项 债 171.6 亿元）。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 research.95579.com 1 [Table_Title 下周新增债披露发行 2] 352 亿 ——政府债周报（12/14 ...

丨证券研究报告丨 战略数据研究丨专题报告 [Table_Title] 成长指数拥挤度突破今年三季度高点—— W134 市场观察 报告要点 [Table_Summary] 当周科技成长继续领涨，长江创业板成长动量周度涨幅靠前，长江动量指数周度涨幅超 4%， 成长整体拥挤度已经越过今年三季度成长拥挤度高点。当周 A 股市场成交活跃度显著提升，周 度日均成交额达 1.95 万亿，较前周明显放量，12 月 12 日单日成交额达 2.12 万亿元，创近期 新高。各类风格和行业拥挤度比较上看，红利风格拥挤度普遍边际变化不大，港股波动下，港 股通红利成交热度有所回暖。电信业务、纸类及包装等交易活跃度回暖相对较多。当周中盘行 情修复相对靠前。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 成长指数拥挤度 2] 突破今年三季度高点—— W134 市场观察 [Table_Summary2] 度量市场情绪：沪深 300 成交热度持续下滑，成长拥 ...

宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 $${\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}$$ 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] AI 产业跟踪：GPT-5.2 发布，关注大模型迭代进 展 报告要点 [Table_Summary] 当地时间 12 月 11 日，OpenAI 正式发布新一代大模型 GPT-5.2，主打通用智能、编码能力和 长上下文任务处理，作为近期连续版本更新中的又一项核心升级。此次，OpenAI 发布"迄今为 止功能最强大的专业知识工作模型系列"——GPT-5.2，在提升性能的同时，将重心逐步转移 至其模型货币化，或将加速大模型的商业化落地。建议关注：1）国内大模型厂商；2）国内大 型云厂商；3）垂类场景 Agent 厂商；4）国产算力产业链。 分析师及联系人 [Table_Author] %% ...

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] 万级规模量子芯片问世，量子计算产业持续突破 报告要点 [Table_Summary] 2025 年 12 月 9 日，量子计算领域的创新企业 QuantWare 宣布推出新一代量子处理器单元 （QPU）架构，其 VIO - 40K 量子处理器能够支持创建包含 10000 个量子比特的芯片。此次万 级规模量子芯片的问世，突破了现有量子芯片的规模瓶颈，并证明了量子计算可以通过工程创 新突破物理极限。这或将加速量子计算的实用化进程，从而带动包括基础光电元器件、量子通 信核心元器件、量子通信传输干线、量子系统平台、以及应用层的量子科技全产业链发展。建 议关注量子科技全产业链，重点关注量子计算及量子通信龙头企业。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 万级规模量子芯片问世，量子计算产业持续突 2] 破 [Table_Su ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector has shown significant growth, with a 5.94% increase in the 50th week of 2025, leading the Yangtze primary industry rankings. Year-to-date, the sector has risen by 80.55% [2][4]. - Demand for optical chips, crucial for AI optical interconnects, remains strong, with overseas capacity expansion focusing on high-margin EML products. The commercialization pace of OCS and CPO is accelerating, driven by the scaling of AI clusters, which will further boost optical module demand [2][7]. - The commercial aerospace sector is entering a period of intensified activity, with core components like antennas and power supplies expected to see increased usage, enhancing their anti-deflationary characteristics [6][7]. Summary by Sections Market Performance - In the 50th week of 2025, the communication sector outperformed with a 5.94% increase, ranking first among primary industries. Since the beginning of the year, it has surged by 80.55% [2][4]. - Notable stock performances include Dekeli (+43.7%), Zhongci Electronics (+40.7%), and Huamao Technology (+28.5%) for gains, while Heertai (-12.6%), ZTE (-10.0%), and Nanjing Panda (-8.0%) faced declines [4]. Optical Chip Demand - Optical chips are in high demand, with Lumentum reporting that its EML production accounts for 50%-60% of the global market. The company has sold out its products until 2026 and has significant bookings for 2027, maintaining high prices [5]. - The company plans to increase EML capacity by approximately 40% over the next three quarters, although a 20% supply-demand gap currently exists, expected to widen to 30% by mid-2026 [5]. Commercial Aerospace Sector - The commercial aerospace sector is experiencing a higher catalytic density, with potential applications in space data centers and a focus on rocket reusability tests expected to accelerate industry activity [6]. - The report emphasizes the importance of selecting stocks with high elasticity and anti-deflation characteristics, particularly in core components like antennas and power supplies [6]. Investment Recommendations - Recommended operators include China Mobile, China Telecom, and China Unicom. For optical modules, suggested companies are Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Shijia Photon, with attention to Tai Chen Guang and Yuanjie Technology [7]. - Other recommendations include Invech for liquid cooling, and Fenghuo Communication, Hengtong Optic-Electric, and Zhongtian Technology for hollow-core fibers [7].

Investment Rating - The investment rating for the beer industry is "Positive" and is maintained [6]. Core Insights - As of December 12, 2025, Meituan's liquor instant retail platform "Yaimasongjiu" has surpassed 2,000 stores, serving nearly 30 million users, with a transaction volume exceeding 6 billion yuan, entering the top three liquor brands, indicating strong growth momentum [2][4]. - The instant retail platform leverages digitalization to better understand consumer preferences and trends, allowing beer companies that can quickly respond to market demands and create popular products to gain larger market shares in new channels [2][4]. Summary by Sections Industry Overview - The rapid expansion of the instant retail platform has prompted beer companies to increasingly engage in this sector. By early 2025, several beer brands have indicated their plans to enter the instant retail market [4]. - Qingdao Beer, for instance, has been strengthening its layout in instant retail and flash warehouse models, while China Resources Beer has collaborated with "Yaimasongjiu" to launch self-operated products [4]. Market Dynamics - The traditional beer sales channels are primarily focused on dining and distribution, where suppliers have more control. The open nature of instant retail platforms challenges these traditional barriers, presenting opportunities for the beer industry [4]. - Companies that can quickly adapt to market needs and create hit products are expected to thrive in this competitive landscape [4]. Recommended Companies - The report specifically recommends investing in Qingdao Beer, Yanjing Beer, China Resources Beer, and Chongqing Beer due to their strong positioning in the evolving market [2][4].