Investment Rating - The report maintains a "Positive" investment rating for the logistics industry [15] Core Insights - The logistics industry is expected to see two core trends in 2026: "Advantage Going Abroad" and "Ecosystem Restructuring," which will present significant investment opportunities. The restructuring of supply chains is anticipated to deepen, with the acceleration of Chinese industries going abroad, driving sustained demand in emerging markets. Concurrently, the domestic market's competitive order is being restructured, pushing the industry towards high-quality development [5][10][27]. Summary by Sections Cross-Border Logistics: Order Restructuring and New Opportunities - The transition from "goods going abroad" to "capital going abroad" is underway, with foreign investment becoming a core driver of logistics demand. The standardization and replicability of processes in bulk logistics and e-commerce express delivery present explosive demand potential [11][35]. E-commerce Express Delivery Going Abroad - Chinese e-commerce platforms are expanding overseas, particularly in Southeast Asia and Latin America, where the e-commerce penetration rates are significantly lower than in China. The report highlights that the average package volume in Southeast Asia is about 26 items per year, and in Latin America, it is approximately 11 items per year, indicating substantial growth potential [59][64]. Bulk Logistics Going Abroad - The report discusses the "infrastructure for resources" model, where bulk logistics follows Chinese mining companies into Africa. This approach is expected to drive high growth in local freight demand and rapid expansion of road assets [11][35]. Domestic E-commerce Express: Demand-Side Reform - The report notes that the previous low-price competition in the e-commerce ecosystem is being replaced by rational competition, which is expected to improve the industry landscape. Leading companies like Zhongtong Express and YTO Express are anticipated to see valuation recovery as the competitive order stabilizes [12][30]. Bulk Supply Chain: Bottoming Out and Price Recovery - The bulk supply chain industry is at a dual bottom in terms of "commodity prices" and "corporate profits," with signs of a cyclical turnaround. The report suggests that the easing of liquidity and the implementation of "anti-involution" policies will lead to improved profitability in the sector [13][30]. Investment Recommendations - The report prioritizes investment in: 1. Non-US cross-border logistics, benefiting from the expansion of Chinese industries into emerging markets, with key targets being Jitu Express and Jiayou International [10][30]. 2. Domestic e-commerce express delivery, with a focus on leading companies like Zhongtong Express and YTO Express, which are expected to see valuation adjustments [10][30]. 3. Bulk supply chains, with a recommendation to invest in companies like Xiamen Xiangyu and Xiamen Guomao, as the industry is poised for a cyclical recovery [10][30].

Investment Rating - The report maintains a "Positive" investment rating for the aviation industry [13]. Core Insights - The aviation industry is expected to experience a supply-demand mismatch, with demand trends showing a determined upward trajectory while actual supply is projected to decline. This situation is anticipated to lead to a price reversal starting in 2026, with profitability gradually improving until 2030 [3][10]. - The demand structure is diverse, comprising domestic business travel, personal travel, inbound foreign tourists, and outbound Chinese tourists. The industry is projected to maintain a compound annual growth rate (CAGR) of 4.1% from 2026 to 2028, with international demand growth outpacing domestic [8][45]. - Supply constraints are primarily driven by prolonged engine maintenance cycles and geopolitical tensions affecting aircraft manufacturing, leading to a forecasted decline in actual supply growth from 2026 to 2028 [9][25]. Summary by Sections Introduction - The aviation industry operates under a multi-factor model influenced by demand, supply, oil prices, and exchange rates. The supply is predominantly controlled by overseas manufacturers, making it a seller's market with long aircraft introduction cycles [7][25]. Demand - The demand is categorized into four segments: domestic business (42%), domestic personal travel (35%), inbound foreign tourists (17%), and outbound Chinese tourists (6%). The demand is expected to show resilience against economic fluctuations, with a projected CAGR of 4.1% from 2026 to 2028 [8][45]. Supply - The supply side is constrained by extended engine maintenance cycles, which are expected to triple starting in 2025, leading to a decrease in available aircraft. The net introduction of new aircraft is anticipated to remain low, with a compound growth rate of approximately 2.6% over the next three years [9][25]. Investment Opportunities - The report suggests focusing on investment opportunities in major airlines such as China National Aviation (H+A), Spring Airlines, Huaxia Airlines, and Juneyao Airlines, as the industry prepares for a cyclical recovery driven by improving supply-demand dynamics and potential cost reductions in oil and exchange rates [3][10].

Investment Rating - The investment rating for the industry is "Positive" and is maintained [7] Core Insights - On December 19, OpenAI released GPT-5.2-Codex, which is built on the general model GPT-5.2 and optimized for "Agentic Coding" scenarios, primarily targeting complex software engineering tasks. The new model has systematic improvements in long-range task execution, large-scale code changes, Windows native environment support, and network security capabilities compared to previous versions. The commercialization of large models is expected to accelerate, with current costs being a core factor limiting token consumption. Attention should be paid to the cost reduction effects of large models [2][5][9] Summary by Sections Event Description - OpenAI's GPT-5.2-Codex is specifically optimized for complex software engineering tasks, showing systematic improvements in long-range task execution, large-scale code changes, and Windows native environment support [5][6] Performance Insights - GPT-5.2-Codex introduces a native context compression mechanism, enhancing understanding and utilization efficiency for long contexts, making it more stable for long-term coding tasks. The model shows improved performance in code refactoring and migration scenarios, with enhanced reliability and consistency [9] - In terms of network security, GPT-5.2-Codex is the strongest Codex model from OpenAI, demonstrating excellent performance in various security tests, although it has not yet reached the highest risk threshold. The model's capabilities can meet legitimate protection needs while avoiding excessive risks [9] - The model's performance metrics include an accuracy of 56.4% in SWE-BenchPro and 64.0% in Terminal-Bench2.0, indicating a significant improvement in reasoning token efficiency, making it suitable for long-term coding tasks with broad commercialization prospects [9] Future Outlook - The report emphasizes the importance of monitoring future model releases and the need to focus on cost reduction effects for commercialization. The domestic AI industry chain is viewed positively, with continued recommendations for shovel stocks and major players with significant positioning advantages [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The 2025 AI Innovation Conference showcased over 50 AI innovation achievements, highlighting the growth of the domestic AI computing industry in various sectors [2][5] - The company is positioned to become a comprehensive platform for AI computing in China, leveraging its strengths in high-end CPU and DCU businesses [12][12] - The conference aimed to address industry fragmentation by promoting open ecosystems and collaborative innovation among various enterprises [12] Summary by Relevant Sections Event Description - The 2025 AI Innovation Conference took place from December 17 to 19, 2025, featuring significant AI innovations across core components, intelligent terminals, and industry applications [2][5] Event Commentary - The conference emphasized the need for open ecosystems to overcome barriers in the AI industry, such as high-end computing supply shortages and software-hardware compatibility issues [12] - The launch of the scaleX supercluster represents a key breakthrough in building large-scale intelligent computing infrastructure [12] Financial Projections - Projected total revenue for 2025 is 14,372 million, with a net profit of 4,181 million [17] - The company anticipates a steady increase in revenue and profit margins over the next few years, with a net profit margin of approximately 29% by 2027 [17]

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨吉利汽车（00175.HK） [Table_Title] 吉利汽车：吉利与极氪整合正式完成，回归"一 个吉利" 报告要点 [Table_Summary] 2025 年 12 月 22 日，吉利汽车宣布正式完成极氪私有化及合并相关事项交易，极氪已成为吉 利汽车全资附属公司，并于纽交所退市。此前公司公布选择股份对价的极氪持有人占合资格极 氪持有人约 70.8%，吉利汽车将为其配发及发行共计 777,228,611 股对价股份。选择或被视为 选择现金对价的极氪持有人，占合资格极氪持有人约 29.2%，吉利汽车将支付合计约 7.01 亿 美元现金。 分析师及联系人 1 [Table_scodeMsg2] 吉利汽车（00175.HK） cjzqdt11111 [Table_Title 吉利汽车：吉利与极氪整合正式完成，回归"一 2] 个吉利" [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% resea ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨美埃科技（688376.SH） [Table_Title] 美埃科技跟踪：洁净室设备景气提升，国际龙头 客户认证获突破 报告要点 [Table_Summary] 美埃科技主营泛半导体领域的洁净室设备和耗材等。当前，全球晶圆制造资本开支向上，带动 洁净室设备需求旺盛；公司已经通过了半导体领域多个国际著名厂商的合格供应商认证，进入 其核心国际客户供应链，海外营收占比有望提升；同时为龙头锂电企业海外扩张提供配套解决 方案。继续看好公司未来的成长机会。 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 徐科 贾少波 李博文 盛意 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公司已取得核心国际客户的认证突破。海外产品认证需半年以上的认证周期，公司在前期市场 开拓阶段着手获取海外认证体系，目前已获得 FM、UL、CE、AHAM 等 ...

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：光纤价格企稳回暖，甲骨文获 TikTok 独家云合作 报告要点 [Table_Summary] 2025 年第 51 周，通信板块下跌 0.53%，在长江一级行业中排名第 27 位；2025 年年初以来， 通信板块上涨 79.59%，在长江一级行业中排名第 1 位。光纤光缆市场，国内散纤价格企稳回 暖，同时数据中心建设拉动多模光纤需求，有望为光纤光缆行业带来结构性利润增量。海外算 力侧，甲骨文与 TikTok 美国业务达成云与安全独家合作，锁定长期稳定的云与 AI 算力需求预 期。国产算力侧，豆包大模型日均调用量突破 50 万亿；中科曙光万卡级高密度超集群落地，国 产 AI 计算开放生态正加速形成。 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 %% %% %% %% 我国散纤市场价格呈现企稳回暖态势。根据光电通信数据，25Q3 国内 G.652.D 光纤含税价格 平均价约为 24 元/芯公里，环比 25Q2 上涨 20 ...

报告要点 丨证券研究报告丨 金融工程丨专题报告 [Table_Title] 杠铃策略占优，电子板块优选组合超额显著 [Table_Summary] 本周 A 股市场震荡，微盘股领涨，中证红利表现较强，双创回调明显；聚焦红利内细分板块来 看，红利价值类别相对占优。从市场表现来看，本周 A 股必选消费和金融板块反弹明显，而信 息技术与硬件和工业板块相对较弱；聚焦电子板块内部来看，显示面板相对占优，领先于其他 子赛道。策略表现上，电子板块优选增强组合跑赢电子全收益指数，周度超额约 1.57%，优势 明显。 分析师及联系人 SFC：BUT353 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 主动量化产品周报（二十） cjzqdt11111 [Table_Title2] 杠铃策略占优，电子板块优选组合超额显著 [Table_Summary2] 自 2023 年 7 月以来，长江金工团队先后推出红利精选策略、行业高胜率策略等多款主动量化 产品，为投资者跟踪市场热点、精选行业个股提供另类视角和投资选择。为了更好地洞悉策略 表现和市场动态，特推出主动量化产品周报，跟踪内容包括 ...

Report Highlights - 2025 Dec 15 - 19, the central bank's short - term reverse repurchase had a small net withdrawal of funds. From Dec 15 - 21, the net payment scale of government bonds increased compared with the previous week, most of the maturity yields of inter - bank certificates of deposit (CDs) declined, and the average leverage ratio of the inter - bank bond market increased. From Dec 22 - 28, the expected net payment of government bonds is 30.66 billion yuan, and the maturity scale of inter - bank CDs is about 88.22 billion yuan. On Dec 19, the median durations of medium - long - term and short - term interest - style pure bond funds decreased by 0.20 years and increased by 0.04 years week - on - week respectively [2]. Core Viewpoints - The central bank carried out a small - scale net withdrawal of reverse repurchase funds and restarted the 14 - day reverse repurchase to deal with the cross - year funds. The decline in DR001 weighted average interest rate was supported by year - end fiscal expenditures, and the decline in bond yields was related to the pricing of loose funds. The net financing scale of government bonds increased slightly, and the net payment of government bonds will have a greater impact on the capital side in the future. Most of the maturity yields of inter - bank CDs declined, and the net financing amount remained negative. The average leverage ratio of the inter - bank bond market increased, and the durations of medium - long - term and short - term pure bond funds changed in different directions [6][7][8]. Summary by Section Funds - **Central Bank Operations**: From Dec 15 - 19, the central bank's 7 - day and 14 - day reverse repurchases had a net withdrawal of 1.1 billion yuan. From Dec 22 - 26, 7 - day reverse repurchases worth 45.75 billion yuan, medium - term lending facilities (MLF) worth 30 billion yuan, and treasury cash fixed deposits worth 12 billion yuan will mature [6]. - **Fund Interest Rates**: From Dec 15 - 19, the average values of DR001 and R001 were 1.27% and 1.35% respectively, down 1.5 and 1.0 basis points compared with Dec 8 - 12; the average values of DR007 and R007 were 1.44% and 1.51% respectively, down 1.1 and up 1.4 basis points compared with Dec 8 - 12. The continuous decline of DR001 was supported by fiscal expenditures, and the decline of bond yields on Dec 18 and 19 might be due to the lagged pricing of loose funds [7]. - **Government Bond Financing**: From Dec 15 - 21, the net payment scale of government bonds was about 1.606 billion yuan, an increase of about 130 million yuan compared with Dec 8 - 14. From Dec 22 - 28, the expected net payment scale of government bonds is 30.66 billion yuan, and the impact on the capital side will increase [7]. Inter - bank Certificates of Deposit - **Maturity Yields**: As of Dec 19, the maturity yields of 1M and 3M inter - bank CDs were 1.6125% and 1.5950% respectively, down 0.2 and 2.0 basis points compared with Dec 12; the 1Y maturity yield was 1.6350%, down 2.5 basis points compared with Dec 12. The decline was due to previous adjustments, expectations of interest rate cuts in early 2026, and the pricing of continuous loose funds [8]. - **Net Financing Amount**: From Dec 15 - 21, the net financing amount of inter - bank CDs was about - 6.71 billion yuan. From Dec 22 - 28, the expected maturity repayment amount is 88.22 billion yuan, and the scale of rolling over at maturity decreased marginally but remained at a high level [8]. Institutional Behavior - **Leverage Ratio**: From Dec 15 - 19, the average leverage ratio of the inter - bank bond market was 107.92%, higher than 107.54% in Dec 8 - 12 [9]. - **Duration of Bond Funds**: On Dec 19, the median duration of medium - long - term interest - style pure bond funds decreased by 0.20 years week - on - week to 4.71 years, at the 87.3% quantile since early 2022; the median duration of short - term interest - style pure bond funds increased by 0.04 years week - on - week to 1.54 years, at the 22.1% quantile since early 2022 [9].

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints The report mainly focuses on the issuance of local government bonds, including actual and forecasted issuance amounts, progress of new - bond and refinancing - bond issuance, and the issuance details of special bonds. It provides a comprehensive overview of the local government bond market situation from December 15 to December 28, 2025, and the long - term issuance status of special bonds [1][5]. 3. Summary by Directory 3.1 Local Bond Actual and Forecasted Issuance - 12/22 - 12/28 local bond forecasted issuance is 204 million yuan, including 204 million yuan of new bonds (0 yuan of new general bonds and 204 million yuan of new special bonds) and 0 yuan of refinancing bonds [1][5]. - 12/15 - 12/21 local bond actual issuance is 4.004 billion yuan, including 3.522 billion yuan of new bonds (596 million yuan of new general bonds and 2.926 billion yuan of new special bonds) and 482 million yuan of refinancing bonds [1][5]. 3.2 Special Bond Issuance Progress - As of 12/21, the fifth - round second - batch special refinancing bonds total 200 billion yuan, and the sixth - round special refinancing bonds total 28.81 billion yuan, with 0 yuan newly disclosed next week. The top three regions in the fifth - round second - batch disclosure scale are Jiangsu (251.1 billion yuan), Hunan (128.8 billion yuan), and Henan (122.7 billion yuan) [5]. - As of 12/21, 2025 special new special bonds total 136.6808 billion yuan, and since 2023, a total of 255.4672 billion yuan has been disclosed. The top three regions in the disclosure scale are Jiangsu (24.4035 billion yuan), Hubei (13.7769 billion yuan), and Henan (13.2534 billion yuan). In 2025, the top three regions are Jiangsu (128.9 billion yuan), Guangdong (123.928 billion yuan), and Henan (75.96 billion yuan) [6]. 3.3 Local Bond Net Supply - 12/15 - 12/21 local bond net supply is 2.81 billion yuan, and 12/22 - 12/28 local bond forecasted net supply is - 320 million yuan [13]. 3.4 New Bond Issuance Progress - As of 12/21, the issuance progress of new general bonds is 95.81%, and that of new special bonds is 99.96% [24]. 3.5 Refinancing Bond Net Supply The report provides a chart showing the cumulative scale of refinancing bonds minus local bond maturities from 2020 to 2025 as of 12/21 [26]. 3.6 Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: The report details the issuance amounts of special refinancing bonds in different rounds for various regions from 2019 to 2025, including first - round to sixth - round issuances [30]. - Special New Special Bond Issuance Statistics: It shows the issuance amounts of special new special bonds in different years for various regions as of 12/21 [33]. 3.7 Local Bond Investment and Trading - One - and Two - Level Spreads: The report presents the one - level and two - level spreads of local bonds on 12/14 and 12/21 [37]. - Regional Two - Level Spreads: It provides the two - level spreads of different regions from 9/12/2025 to 12/19/2025 [38]. 3.8 New Special Bond Investment Direction The report mentions the investment direction of new special bonds, but specific details are not elaborated, only indicating that the latest month's statistics only consider issued new bonds [40].