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 ...

Market Activity - The technology growth sector continues to lead, with the Jiangsu Growth Momentum Index showing a weekly increase of over 4%[1] - The average daily trading volume in the A-share market reached 1.95 trillion yuan, significantly higher than the previous week, with a peak of 2.12 trillion yuan on December 12, marking a recent high[1] - The overall crowding index for growth has surpassed the peak observed in Q3 of this year[1] Sector Performance - The telecommunications, paper, and packaging sectors have shown notable recovery in trading activity[1] - The communication services and information technology sectors led the weekly gains, with the communication sector outperforming by 3.74%[29] Institutional Insights - Institutional investors experienced a positive week, with all major fund holdings rebounding, as indicated by a weekly return of 1.62% for the Fund Heavy Index[23] - The Northbound trading series also saw a modest increase, with the Northbound Heavy Index returning 0.36%[23] Style and Theme Tracking - The momentum index performed exceptionally well, with the Jiangsu Growth Momentum Index showing a weekly increase of 3.19%[34] - The Jiangsu Specialized and New Series Index also performed well, with a weekly return of 2.74%[37] Risk Considerations - The report emphasizes that all statistics are based on historical data and do not guarantee future performance, highlighting the potential impact of macroeconomic changes and market cycles on investment strategies[41]

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].

Investment Rating - The report maintains a "Positive" investment rating for the healthcare sector [14] Core Insights - The non-pharmaceutical sector is facing performance pressure in 2025 due to price reductions from centralized procurement, medical insurance cost control, and the closure of retail pharmacies. However, companies are leveraging overseas expansion and innovation to achieve growth [4][9] - For 2026, the domestic fundamentals are expected to improve, with companies seeking new growth points primarily through overseas expansion and innovation, particularly in insulin and medical devices [9] - The report highlights that the insulin market is stabilizing post-centralized procurement, with significant overseas opportunities for leading companies like Mindray Medical and Ganli Pharmaceutical [10][24] - The focus on innovation in traditional Chinese medicine and medical devices is expected to create alpha opportunities for individual stocks [9][11] Summary by Sections Non-Pharmaceutical Sector - The non-pharmaceutical sector is under pressure but has opportunities through overseas expansion and innovation. Insulin and medical devices are key areas for long-term growth [4][9] - Companies like Mindray Medical and Ganli Pharmaceutical are beginning to realize overseas revenue, indicating a significant long-term market potential [9] Biopharmaceuticals - The report prioritizes insulin, with ongoing attention to blood products and vaccines. The insulin market is stabilizing, and companies are focusing on innovation and business development [10][24] - The report notes that the insulin market in developed countries is valued at $13.2 billion, with significant growth potential in emerging markets [24] Traditional Chinese Medicine - The focus is on innovation and the basic drug catalog, which is crucial for accelerating drug sales and enhancing market presence [11][12] - The report anticipates a recovery in performance due to early flu outbreaks and emphasizes the importance of retail pharmacy sales [11] Medical Devices - The report indicates that the medical device sector is at a turning point, with overseas revenue for leading companies expected to exceed 50% in 2025 [12] - The report suggests focusing on low-value consumables and in vitro diagnostics as key growth areas [12] Vaccines - The vaccine sector is currently facing challenges, with price reductions and low demand impacting sales. However, there are ongoing developments in innovative vaccines that warrant attention [39][40] - The report highlights the importance of tracking clinical progress and market performance of major vaccine candidates [40]

Group 1: Core Insights - The pharmaceutical industry is entering a clear upward cycle with significant growth opportunities in innovative drugs and the innovation chain, driven by supportive policies and a global expansion trend [3][10] - The Chinese innovative drug sector is increasingly favored by international capital, with a record high of 149 transactions in 2025, accounting for 11% of global transaction numbers and 29% of total transaction value [10][37] - The introduction of commercial health insurance into the medical insurance negotiation process in 2025 is expected to diversify the payment system for innovative drugs, enhancing their market accessibility [10][37] Group 2: Innovative Drugs - The upward policy cycle supports innovation, with the latest round of drug procurement entering a new phase of quality-price balance, as seen in the 11th batch of centralized procurement [10][30] - The global patent cliff from 2025 to 2037 is projected to create a gap exceeding $300 billion, prompting multinational corporations (MNCs) to pursue business development (BD) and acquisitions to fill this gap [10][45] - Chinese innovative drugs are positioned to capitalize on this trend, particularly in areas such as second-generation immune-oncology (IO) and next-generation antibody-drug conjugates (ADCs) [10][50] Group 3: Innovation Chain - The innovation chain, including Contract Development and Manufacturing Organizations (CDMO) and Contract Research Organizations (CRO), is benefiting from both domestic and international demand, with CDMO orders showing a positive growth trend [12][12] - The overseas biopharmaceutical investment environment is improving, with a notable increase in funding as interest rates decline, which is expected to enhance the overall industry cycle [12][12] - The life sciences service sector is witnessing a recovery, driven by increasing domestic research demand and improved conditions for innovative drug development [12][13] Group 4: Market Opportunities - The domestic market for innovative drugs is projected to grow significantly, with over 400 innovative drugs approved since 2020, indicating strong internal growth potential [62][66] - As innovative drug companies transition to profitability, there is a potential shift in valuation methods from P/Peak Sales to PE, attracting broader investment interest [66] - Key companies to watch include AiLisi, Yunding Xinyao, and Kangnuo Ya, which are expected to benefit from the commercialization of innovative products [66]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [9]. Core Insights - The company has experienced short-term operational fluctuations due to the order rhythm in the special and communication industries. However, it is expected to return to mid-to-high-speed growth due to previous high R&D investments, new capacity releases, and a new round of equity incentives [2][5]. - The high-reliability special power supply market has significant growth potential, driven by trends in equipment electrification and emerging sectors like domestic large aircraft and commercial aerospace. As a leading domestic manufacturer, the company is poised to benefit [6][60]. - In the AIDC and communication sectors, the company is leveraging its deep expertise in high-performance power supplies to tap into the burgeoning AIDC power market, which is expected to yield substantial revenue growth [7]. Summary by Sections Company Overview - Established in 1997, the company focuses on high-efficiency, high-reliability, and high-power-density power products, particularly in aerospace, aerospace, and special high-grade power supply fields. It has developed a rich product portfolio and offers comprehensive solutions across multiple industries [5][18]. Market Trends - The high-reliability special power supply market is recovering steadily, with long-term positive trends. The demand for power supplies in domestic large aircraft and commercial aerospace is expected to expand significantly, with projected annual demand reaching 16.9 billion in the next 20 years [6][54]. - The AIDC and communication sectors are experiencing a boom driven by AI computing power, leading to increased demand for server power supplies. The global AI server power module market is projected to grow from $6.5 billion to $60.8 billion between 2025 and 2031 [7][28]. Financial Performance - The company has faced short-term revenue and profit fluctuations due to order volatility in the special and communication sectors. However, it has shown signs of improvement in the first three quarters of 2025, with revenue reaching 929 million, a year-on-year increase of 36% [27][29]. - The company's gross margin has fluctuated, with a projected gross margin of 40% for 2024 and 2025, reflecting the impact of product structure adjustments and increased R&D expenses [29][30]. R&D and Capacity Expansion - The company maintains a strong commitment to R&D, with a focus on developing core technologies and expanding its product offerings. It has accumulated 399 intellectual property rights, including 67 invention patents [35][36]. - New capacity projects across multiple locations are nearing completion, with significant contributions expected to revenue and production capacity by 2025 and 2026 [42][44]. Equity Incentives - The company has implemented multiple rounds of equity incentives to bind core employees, with the latest plan aiming for substantial revenue growth targets over the next three years [46][48].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 13.059 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 29.8%. The net profit attributable to shareholders was 552 million yuan, up 41.54% year-on-year, while the net profit excluding non-recurring items reached 506 million yuan, growing by 48.2% [2][4]. - In Q3 2025 alone, the company achieved a revenue of 5.48 billion yuan, marking a 50.45% increase year-on-year, with a net profit of 217 million yuan, which is a 61.82% year-on-year growth [2][4]. - The company has seen a steady increase in sales volume of lithium battery cathode materials, reaching 99,900 tons in the first three quarters, a 40.41% increase year-on-year. The sales of lithium cobalt oxide reached 46,900 tons, up 45.38% year-on-year [11]. Summary by Sections Financial Performance - The company’s total revenue for 2025 is projected to be 17.166 billion yuan, with a net profit forecast of 1.049 billion yuan for 2026 [15]. - The gross profit margin is expected to improve, with a forecast of 10% for 2026 [15]. Business Outlook - The company is focusing on the stable growth of its main business, with expectations of benefiting from the technological iteration in AI smartphones, which may enhance its market share [11]. - The solid-state battery segment is being actively developed, with positive progress in the validation of new cathode materials and electrolytes [11]. Market Position - The company is positioned to benefit from the rising cobalt prices, which are expected to further enhance profitability [11]. - The competitive landscape in the industry is intensifying, but the company’s strategic initiatives in high-nickel cathode materials and low-cost production methods are anticipated to sustain its competitive edge [11].