[Table_scodeMsg1] 公司研究丨点评报告丨四川路桥（600039.SH） [Table_Title] 大股东蜀道新董事长到位，关注公司红利价值 报告要点 [Table_Summary] 12 月 17 日下午，蜀道投资集团有限责任公司召开干部大会，任命张胜同志任蜀道投资集团有 限责任公司党委书记、董事长。 分析师及联系人 丨证券研究报告丨 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg2] 四川路桥（600039.SH） cjzqdt11111 research.95579.com 1 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 [Table_Title2] 大股东蜀道新董事长到位，关注公司红利价值 [Table_Summary2] 事件描述 公司拟以支付现金 6.28 亿元的方式收购关联方新筑股份持有的新筑交科 100%股权、新筑股 份其它与桥梁功能部件业务有关的资产和 ...

丨证券研究报告丨 行业研究丨点评报告丨建筑与工程 [Table_Title] 基建投资增速连续下滑，水利投资降幅扩大 报告要点 [Table_Summary] 统计局发布经济数据，11 月，狭义基建投资单月下滑 9.7%，降幅环比扩大 1.1pct，广义基建 投资单月下滑 8.3%，降幅环比扩大 0.2pct。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 建筑与工程 cjzqdt11111 1、项目转化不及预期； 2、实物工作量推进不及预期。 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-12-21 行业研究丨点评报告 [Table_Title2] 基建投资增速连续下滑，水利投资降幅扩大 [Table_Summary2] 事件描述 统计局发布经济数据，11 月，狭义基建投资单月下滑 9.7%，降幅环比 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [8]. Core Insights - The report analyzes how Wuliangye navigated through a pricing crisis from 2013 to 2015, facing challenges such as declining demand, high inventory, severe price inversion, and low willingness of distributors to make payments. Various strategies were employed to stabilize market prices, but in 2014, the pricing issue persisted. A reasonable adjustment of payment prices was identified as the first step to resolving the price inversion, but comprehensive supply-demand adjustments, including inventory control and marketing reforms, were necessary for long-term solutions [2][4][13]. Summary by Sections 2013: Price Increase Amidst Challenges - In 2013, Wuliangye attempted to maintain brand strength by raising the factory price to 729 yuan, but due to weak demand, they provided a rebate of 70 yuan to distributors, effectively lowering the price to 659 yuan. However, the average market price remained around 580 yuan, leading to reduced payment willingness from distributors [5][15]. 2014: Diverse Subsidy Policies but Continued Price Inversion - In 2014, Wuliangye implemented various measures to address the price inversion, including a dynamic price protection mechanism and a focus on core distributors. Despite these efforts, reliance on core distributors limited the ability to fully develop channel resources. The factory price was directly lowered to 609 yuan in May, but further increases in quotas led to additional price declines, indicating that merely increasing subsidies was insufficient to resolve the issue [6][19]. 2015: Clear Inventory Control and System Reform - In 2015, Wuliangye emphasized inventory control as a key strategy, stating that the total supply would not increase compared to 2014. Internal reforms were initiated to localize marketing personnel and marketize sales staff compensation, transforming them into market-oriented roles. A comprehensive market management system was established, leading to successful price stabilization during peak sales periods in 2015 [7][21].

世界经济与海外市场丨点评报告 [Table_Title] 通胀压力下，降息预期上 丨证券研究报告丨 ——美国 11 月 CPI 数据点评 报告要点 [Table_Summary] 2025 年 11 月，美国整体通胀大幅低于预期。具体来看：1）食品与能源价格走势分化；2）服 装、二手车通胀降温，核心商品通胀压力可控；3）住房通胀降温，核心服务通胀压力可控。往 前看，1）就业疲软暂无加速迹象，关税的低预期为美联储决策留下充足空间，我们维持此前对 于美联储 2026 年一季度暂缓降息的判断；2）明年 5 月美联储主席换届，特朗普大概率提名鸽 派候选人就任，后续视经济情况择机再度开启降息可能性较大，年内预计累计降息至少 50BP。 分析师及联系人 [Table_Author] SAC：S0490520090001 SFC：BUX667 于博 敬成宇 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 通胀压力下，降息预期上 2] ——美国 11 月 CPI 数据点评 [Table_Summary2] 事件描述 2025 年 12 月 18 日，美 ...

Core Insights - The media industry is driven by content, leading to a market evolution from "policy recovery" to "expected fundamental improvement" and then to "performance realization and valuation enhancement" [3][6] - The report is optimistic about two segments: gaming and film, highlighting the potential for long-term operations and competition against major players to reshape gaming valuations, and the recovery of the film sector post-policy changes [3][6] Gaming Sector - The gaming sector is expected to see sustained performance growth driven by new game releases in 2025, with a focus on long-term operations and a shift from "chasing hits" to "nurturing evergreen" titles [7][18] - The gaming industry's valuation is recovering, with the current price-to-earnings (P/E) ratio around 27x, indicating a return to a reasonable range after a period of low valuations [18][22] - The introduction of AI in gaming is anticipated to enhance user engagement and extend gameplay duration, contributing to long-term growth [7][28] Film Sector - The film industry is poised for recovery following the implementation of the "21 Regulations" by the broadcasting authority, which is expected to revitalize content production and performance realization starting in the second half of 2026 [8][18] - Current film sector performance is compared to the gaming sector in 2022, suggesting a similar trajectory of recovery and growth potential [8][18] AI Applications - The commercialization of AI applications is accelerating, with expectations for a significant turning point in 2026, particularly in AI comic and advertising sectors [9][18] - AI comic production is seen as advantageous due to rapid content iteration and cost control, with companies like Kuaishou positioned to benefit [9][18] - The AI+ advertising model has been successfully implemented globally, with major players like Tencent and Bilibili expected to replicate this success domestically [9][18]

Core Insights - The A-share market experienced a significant recovery with all major indices rising, particularly the ChiNext Index which increased by over 3% [2][4] - The telecommunications, non-ferrous metals, and insurance sectors led the gains, with the telecommunications sector rising by 5% [7][4] - The total market turnover reached 1.83 trillion yuan, with 3,623 stocks rising across the market [2][7] Market Performance - The Shanghai Composite Index rose by 1.19%, the Shenzhen Component Index by 2.40%, and the ChiNext Index by 3.39% [2][7] - Other indices such as the CSI 300 and the STAR 50 also saw increases of 1.83% and 2.47% respectively [2][7] - The market's strong performance was driven by a recovery in market sentiment and a surge in financial stocks [7] Sector Analysis - Key sectors that performed well included telecommunications (+5.0%), metal materials and mining (+2.7%), electronics (+2.7%), and insurance (+2.2%) [7][4] - Concepts such as CPO (+6.59%), lithium mining (+6.39%), and optical communication (+5.03%) also showed strong gains [7] - Conversely, sectors like defense and military, agricultural products, and coal experienced declines [7] Market Drivers - The market's upward movement was attributed to expectations of continued overseas liquidity easing and a reduction in Japan's interest rate hike expectations [7] - The launch of a second domestic GPU stock on the STAR Market also contributed positively to market sentiment [7] - The insurance sector's performance was bolstered by the "opening red" strategy, leading to increased premium income for leading insurance companies [7] Future Outlook - A slow bull market is anticipated, with Chinese assets likely to undergo further revaluation [7] - The transition from traditional real estate-driven economic demand to new productive forces is expected to gradually uplift economic impacts [7] - Investment strategies should focus on sectors creating new demand through technological advancements, such as AI and robotics, and on scarce resources benefiting from geopolitical dynamics [7]

行业研究丨点评报告丨软件与服务 [Table_Title] L3 级自动驾驶获批上路，我国智能网联汽车迈 向"量产应用"新阶段 报告要点 [Table_Summary] 12 月 15 日，根据有关规定，工业和信息化部于第 401 批公告附条件许可了两款 L3 级自动驾 驶（有条件自动驾驶）车型产品。此次首批 L3 级车型获得准入许可，意味着我国智能网联汽车 迈入量产应用新阶段。随着试点工作的逐步推进，智能网联汽车产品准入管理和法规标准体系 有望持续完善，进而加速自动驾驶技术的规模化、商业化应用，进而惠及全产业链。建议关注： 1）智能驾驶算法提供商；2）智能驾驶相关硬件提供商；3）Robotaxi 运营平台。 分析师及联系人 [Table_Author] 丨证券研究报告丨 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 L3 级自动驾驶获批上路，我国智能网联汽车迈 2] 向"量产应用"新阶 ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - In November, the issuance of game licenses reached a new high, with 184 licenses granted, including 178 domestic and 6 imported games, surpassing the previous record since the resumption of license issuance in 2022 [10][11] - Major self-developed games from leading companies continue to perform well overseas, with Point Point Interactive's "Whiteout Survival" and "Kingshot" ranking first and second in the November overseas mobile game revenue chart [10][11] - A new product cycle is approaching as key new games from listed companies are set to launch, with significant titles scheduled for testing and release in December [6][10] Summary by Sections Game License Issuance - In November, a total of 184 game licenses were issued, setting a new monthly record for domestic licenses, with notable approvals for games from Perfect World, Kaixin, and Bilibili [10][11] - Year-to-date, 1,532 domestic game licenses have been issued, exceeding the total of 1,306 for the entire year of 2024 [10] Overseas Performance - The overseas performance of top self-developed games remains strong, with "Whiteout Survival" achieving over $3.8 billion in cumulative revenue and "Kingshot" exceeding $640 million [10][11] - The casual merge game "Tasty Travels: Merge Game" saw a 10% revenue increase in November, ranking fourth in the global merge game revenue chart [10] Upcoming Game Releases - Key new games from listed companies are set to launch, including Giant Network's "Famous General Kill" on December 19 and G-bits' "Nine Muxi" on December 18 [6][10] - Other notable upcoming titles include Tencent's "Counter-Strike: Future" scheduled for January 13, 2026, with over 25 million pre-registrations [6][10]

丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] AI 系列跟踪（85）：OpenAI 正式发布 GPT-5.2， 通义万相 2.6 全面上线 报告要点 [Table_Summary] 12 月 12 日，GPT-5.2 全面上线，包括 GPT-5.2 Instant、GPT-5.2 Thinking 和 GPT-5.2 Pro 三个版本。12 月 16 日，通义万相正式发布 Wan 2.6 系列模型，上线国内首个角色扮演功能。 在 AI 细分赛道中，我们看好：1）优质 IP 或受益于 AI 技术演进带来的创作效率和变现价值提 升，看好受益于多模态加速的 AI 漫剧赛道；2）具备流量&模型&数据优势的互联网大厂；3） 海外已跑通商业模式，国内有望复制（广告、电商、教育等）的垂直赛道；4）AI+游戏厂商。 分析师及联系人 [Table_Author] SAC：S0490516080001 SFC：BUX177 高超 朱子愉 请阅读最后评级说明和重要声明 %% %% 1 [Table_Title AI 系列跟踪（2]85）：OpenAI 正式发布 GPT-5.2， 通义万相 2.6 全面上 ...

金融工程丨点评报告 [Table_Title] A 股行业投资者结构变迁 报告要点 [Table_Summary] 《上海证券交易所统计年鉴（2025 卷）》已于近日发布，截至 2024 年，一般法人、自然人投 资者和专业机构（包含沪股通）市值占比分别为 57.22%、22.40%和 20.38%。大类行业中，金 融和周期的机构占比相对较高，二者的机构占比均在震荡提升。一级行业中，银行和非银的机 构占比较为显著，均在 70%以上。 分析师及联系人 [Table_Author] 刘胜利 SAC：S0490517070006 SFC：BWH883 请阅读最后评级说明和重要声明 丨证券研究报告丨 %% %% %% %% research.95579.com 1 [Table_Title2] A 股行业投资者结构变迁 [Table_Summary2] 事件描述 《上海证券交易所统计年鉴（2025 卷）》于 2025 年 12 月发布，由此可分析不同行业的投资者 结构变化。 事件评论 2、投资者机构持仓数据为节点信息，不代表全部调仓行为。 更多研报请访问 长江研究小程序 丨证券研究报告丨 cjzqdt11111 202 ...