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] 解码威士忌系列报告二：透过进口数据，拆解中 国威士忌发展趋势 报告要点 [Table_Summary] 纵观近十年，中国进口威士忌实现了量价齐升，苏威、日威逐步培养起国内消费者对威士忌产 品的认知。2025 年，中国威士忌进口量首次超过白兰地进口量，问鼎进口烈酒新王。本文通过 分析烈酒进口数据，探索进口威士忌量、价、结构的变化，梳理威士忌发展脉络。 分析师及联系人 [Table_Author] research.95579.com 1 食品、饮料与烟草 cjzqdt11111 [Table_Title 解码威士忌系列报告二：透过进口数据，拆解中 2] 国威士忌发展趋势 董思远 冯萱 SAC：S0490517070016 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Summary2] 中国进口威士忌十年间实现量价齐升 纵观近十年，中国进口威士忌实现了量价齐升。2024 年中国威士忌进口金额达到 451.43 百万 美元，对比 2015 年增长 2 ...

[Table_scodeMsg1] 公司研究丨深度报告丨振华股份（603067.SH） [Table_Title] 铬盐全球龙头，规模效应逐步提升 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司作为全球铬盐全产业链一体化龙头企业，采取市场份额优先、低成本扩张的发展策略，规 模优势显著，同时清洁化生产技术使其跨越壁垒，一方面不断提高开工率实现铬盐产销增长， 另一方面公司产能即将再次扩张，抬高未来成长上限。铬盐需求增长驱动力从低速增长的革鞣、 电镀、颜料等行业逐渐转向金属铬、高端电镀添加剂等高增长行业，同时铬盐供给扩张受限， 预计供给趋向紧张，行业开启景气周期，公司有望充分受益。 分析师及联系人 [Table_Author] 马太 王呈 SAC：S0490516100002 SAC：S0490525040004 SFC：BUT911 请阅读最后评级说明和重要声明 2 / 34 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 振华股份（603067.SH） cjzqdt11111 ...

丨证券研究报告丨 中国经济丨点评报告 [Table_Title] 挖掘潜能，苦练内功 ——2025 年中央经济工作会议学习心得 报告要点 [Table_Summary] 1、会议提出了五个新"必须"，既是对去年五个"必须统筹好"的承接，也是迭代。2、财政政 策延续了"更加积极"的表述，但在具体内容上，更侧重于改善财政收入、保持债务强度、优 化支出结构。3、货币政策延续了"适度宽松"的表述，但在具体内容上，更侧重于强调政策效 果，重心也转向宽货币和宽信用并重。4、八大重点任务，扩大内需依然排在第一，"制定实施 城乡居民增收计划"、"推动投资止跌回稳"值得期待。5、防范化解重点领域风险，房地产方面， 核心是稳房价、改善供需格局，"深化住房公积金制度改革"或是明年最大看点。 分析师及联系人 [Table_Author] 于博 SAC：S0490520090001 SFC：BUX667 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丨证券研究报告丨 cjzqdt11111 2025-12-13 中国经济丨点评报告 [Table_Title 挖掘潜能，苦练内功 2] — ...

Core Insights - The report emphasizes the investment themes for 2026 in the environmental sector, focusing on overseas expansion, carbon reduction, and pollution control as key strategies under the "14th Five-Year Plan" [3][6] - The environmental industry is experiencing a transition as domestic infrastructure peaks, with a projected 4.9% year-on-year growth in sector performance for the first three quarters of 2025 [6][28] Policy Guidance - The "14th Five-Year Plan" has not yet met carbon reduction targets, indicating a need for continued efforts in this area, while other environmental goals have been largely achieved [22][24] - The "15th Five-Year Plan" aims to synergize carbon peak and neutrality goals with pollution reduction and green growth initiatives [6][24] Overseas Expansion - The report identifies significant market opportunities in Southeast Asia and Central Asia for waste incineration, with a potential market size in the hundreds of billions [7] - Indonesia's upcoming waste incineration projects are highlighted, with expectations for rapid development starting in Q1 2026, supported by sovereign fund investments [7] - Key companies positioned for overseas expansion include Weiming Environmental, China Everbright, and others [7] Carbon Reduction - The carbon market is evolving, with ongoing improvements in the carbon emission control system and an expected rise in carbon prices [8] - Non-electric green energy sectors, such as renewable energy heating and biofuels, are anticipated to benefit from policy support and growing domestic demand [8] - Companies like Zhuoyue New Energy are noted for their potential in the biofuel sector, particularly in the context of EU anti-dumping influences subsiding [8] Pollution Control - The water and air sectors are expected to see continued investment in pollution control, with companies like Xingrong Environment and Aofu Technology highlighted for their growth potential [9] - The report notes that the implementation of the National VI emissions standards will create opportunities in the automotive emissions control market [9] Diverse Investment Opportunities - The report outlines various investment opportunities arising from new production capabilities, cyclical trends, and debt management strategies within the environmental sector [10] - Companies involved in smart technologies and battery materials are identified as potential beneficiaries of these trends [10]

Core Insights - The report indicates that the securities industry experienced high growth in 2025, with a shift from self-operated brokerage as the main contributor to a more diversified support structure across various business lines [3][6] - Looking ahead to 2026, the industry is expected to enter a phase of high-quality development, with sustained slow bull market conditions and opportunities for investment in improved segments [3][8] Review of 2025 - In the first three quarters of 2025, the securities firms underperformed the market, with a cumulative increase of 1.2% compared to a 13.8 percentage point underperformance against the CSI 300 index [6][18] - The total operating revenue and net profit attributable to shareholders for listed securities firms reached CNY 4,196.08 billion and CNY 1,684.50 billion, respectively, representing year-on-year increases of 16.9% and 62.8% [6][26] - The average return on equity (ROE) for the industry was 5.6%, up by 2.02 percentage points year-on-year [6][30] Outlook for 2026 - The self-operated and brokerage businesses are likely to continue supporting performance, although brokerage income may be less elastic due to declining commission rates [8][9] - Investment banking and asset management businesses are showing signs of cyclical recovery, with the investment banking sector adapting to regulatory changes and the asset management sector experiencing its first year-on-year growth since 2024 [8][9] - International business contributions are increasing, with leading firms enhancing their overseas operations and capital support [8][9] Investment Recommendations - The report suggests focusing on individual stocks in improved segments, particularly: 1. High-quality leaders in investment banking, such as China International Capital Corporation (CICC) [9] 2. Leaders in asset management, like Orient Securities [9] 3. Industry leaders with strong international business layouts, including CITIC Securities, Huatai Securities, and China Galaxy Securities [9]

[Table_scodeMsg1] 公司研究丨深度报告丨中工国际（002051.SZ） [Table_Title] 国际工程领跑者，科工贸一体化打造第二曲线 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SFC：BUT917 龚子逸 SAC：S0490525080003 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中工国际深耕"一带一路"，聚焦设计咨询与工程承包、关键核心装备研发与制造业务、工程投 资与运营三大业务板块，通过整合设计咨询与高端装备制造双重优势，已构建起覆盖 70 余国 的全球化业务网络，实现从传统工程承包商向科工贸一体化跨国企业的转型升级。 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 中工国际（002051.SZ） cjzqdt11111 [Table_Title2] 国际工程领 ...

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（84）：可灵 AI"全能灵感周"连续 上新，Gemini 3 Deep Think 推理能力再进阶 报告要点 [Table_Summary] 12 月 1 日-5 日，可灵 AI 连续 5 天上新，发布视频 O1 模型、图片 O1 模型、音画同出模型可 灵 2.6、可灵数字人 2.0，以及可灵 O1"主体库"、"对比模版"功能。12 月 5 日，Gemini 3 Deep Think 正式上线。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 %% %% %% %% research.95579.com 1 12 月 1 日-5 日，可灵 AI ...

Investment Rating - The report maintains a positive investment outlook for the industry, emphasizing the continued value of IP group and global strategies, with expectations for revenue growth driven by IP incubation and operations [9]. Core Insights - Recently, the company celebrated its 15th anniversary with various activities, including a themed exhibition at the Import Expo and the launch of a special blind box series [3][6]. - The company is advancing its global expansion, opening its first store in Qatar in October and in Canada and Denmark in November, while also making its debut at the Macy's Thanksgiving Parade in the U.S. [3][6]. - The company has signed new IPs "1001MOONS" and "SUPERTUTU," and is launching several new products themed around Christmas and winter [3][6]. - The report highlights the company's strong IP incubation and operational capabilities, which are expected to drive revenue growth and improve profit structure due to higher overseas margins [9]. Summary by Sections Event Description - The company has launched a series of activities to celebrate its 15th anniversary, including a themed exhibition and a special blind box series [3][6]. - It is accelerating its global store openings, with significant events such as the participation in the Macy's Thanksgiving Parade [3][6]. IP Incubation and Operations - The company has signed new IPs and launched products that incorporate interactive elements, enhancing customer engagement [9]. - Collaborations with various partners for themed events and exhibitions are ongoing, with a focus on both domestic and international markets [9]. Global Expansion - As of early December, the company has approximately 165 overseas stores, with significant growth in the Americas and Europe [9]. - New store openings in Qatar, Canada, and Denmark mark the company's continued commitment to global expansion [9]. Group Strategy - The company is diversifying its business into film adaptations and other multimedia projects, aiming to establish itself as a comprehensive global IP operator [9]. - The report emphasizes the ongoing value of the company's group and global strategies, with a focus on replicable IP incubation and operations [9].

丨证券研究报告丨 世界经济与海外市场丨点评报告 ——2025 年 12 月美联储议息会议点评 报告要点 [Table_Summary] 12 月议息会议如期降息 25BP，同时宣布未来 30 天买入 400 亿美元短期国债，即重启准备金 管理型扩表，会议声明整体则变化不大。经济预测方面，本次美联储继续上调经济增长预期， 稳健增长仍是基准情形。降息路径方面，点阵图指向分歧加大，但政策路径预期变化不大。向 前看，1）就业疲软暂无加速迹象，关税对通胀影响或在明年一季度逐步反应，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 1 SAC：S0490520090001 SFC：BUX667 于博 敬成宇 请阅读最后评级说明和重要声明 [Table_Title] 重启准备金管理型扩表 %% %% %% %% research.95579.com [Table_Author] [Table_Title 重启准备金管理型扩表 2] ——2025 年 12 月 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [13] Core Views - The company's main business profitability continues to improve, with significant potential for market share increase due to rising 6F prices. The iron phosphate business is expected to reach a supply-demand inflection point by 2026, contributing to profitability recovery and enhancement. Additionally, the solid-state battery business is progressing positively, and new materials like insulating adhesives are expected to add substantial value, indicating a favorable outlook for future profit elasticity [3][12] Summary by Relevant Sections Solid-State Battery Materials - Sulfide electrolytes are becoming the mainstream technology due to their high ionic conductivity and low density. The company focuses on the core electrolyte segment of solid-state batteries, launching the LPSX series to address cost issues and support large-scale production while precisely controlling particle size distribution [6][34] - Lithium sulfide is a key cost-reduction point in the solid-state battery industry, with the company achieving breakthroughs in high-purity lithium sulfide production, which is essential for high-performance sulfide solid-state electrolytes [7][50] New Material Developments - The company is actively developing high-temperature, high-performance thermoplastic engineering plastics to meet market demands for lightweight materials, currently in the product trial verification stage with small batch orders already supplied [11] - The company has also applied for patents related to metal-organic framework (MOFs) materials, achieving kilogram-level production and customer testing, showcasing significant performance improvement potential for lithium battery technology [10] Financial Projections - The company is expected to achieve net profits of 1.2 billion yuan and 5.1 billion yuan in 2025 and 2026, respectively, highlighting the cost-effectiveness of the company under the anticipated price increase of 6F [12][30]