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]

[Table_Title] 整车管家系列：如何展望 2026 乘用车需求 行业研究丨深度报告丨汽车与汽车零部件 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 展望 2026 年乘用车市场需求，总量或将由于高基数、政策退坡等影响承压下滑。复盘来看销 量承压时期中低端价格带先行受损，高端市场受影响相对最小。 2026-2027 年新能源汽车购置 税减免力度下滑，从 2024-2025 年的免征转为减半征收，新能源渗透率或仍小幅增长。海外市 场供需两旺，中国产品出海仍处于加速拓展期，新能源出海仍具有高增潜力。未来汽车行业的 发展，可以关注新能源出海机会，以及受β影响相对较小的高端及豪华市场、智能驾驶及 Robotaxi。 分析师及联系人 [Table_Author] 高伊楠 麦贻智 SAC：S0490517060001 SFC：BUW101 请阅读最后评级说明和重要声明 2 / 25 %% %% %% %% research.95579.com 2 汽车与汽车零部件 cjzqdt11111 [Table_Title2] 整车管家系列：如 ...

Report Title - "Can Non-ferrous Convertible Bonds Stage Another Trendy Market? - Convertible Bond Weekly Report 20251206" [1][6] Report Industry Investment Rating - Not provided in the content Core Views - The non-ferrous metals sector showed continuous excess returns from October 2020 to November 2021, with the market divided into two stages around June 2021. In the later stage, convertible bonds and equities strengthened synchronously. Currently, the average remaining term of non-ferrous convertible bonds is short, the issuers may have a strong willingness to promote conversion, and the scale has shrunk compared to 2021. The subsequent market of non-ferrous convertible bonds is worth attention [2][6][10] - During the week, the A-share market was generally strong, with the ChiNext Index being relatively prominent. Cyclical manufacturing industries performed well, and the changes in sector congestion were differentiated [2][6][10] - The convertible bond market strengthened overall, with the large-cap index under pressure and the small and medium-cap indices performing relatively steadily. The trading volume continued to decline, and the valuation was stretched overall. The cyclical manufacturing sectors such as machinery and equipment, non-ferrous metals, and petroleum and petrochemicals led the performance, and the trading was mainly concentrated in the power equipment, electronics, and basic chemicals sectors [10] - The primary market continued to advance steadily, with 1 new bond completing subscription and many issuers updating their plans. The proposed issuance scale of projects at and after the exchange acceptance stage remained around 69 billion yuan. Clause-related games continued, which may disrupt the valuation structure and trading rhythm [10] Summary by Directory 1. Non-ferrous Convertible Bonds Market Analysis - The non-ferrous metals sector had obvious continuous excess returns from October 2020 to November 2021. The market can be divided into two stages, and the second stage may reflect the process of capital consensus formation. Currently, the non-ferrous convertible bonds have a short remaining term and a more dispersed structure, with a smaller total scale [15][16] - The improvement in the prosperity of the non-ferrous sector may be the source of the excess returns of convertible bonds in the sub - industries. Aluminum showed significant excess returns in the second stage, and the callback of futures prices in October 2021 may have suppressed the continuous excess returns of equities and convertible bonds [23] 2. Market Theme Weekly Review - During the week (November 30 - December 06, 2025), the equity market was generally strong, and the aerospace and defense themes performed strongly, while the AI - related themes that performed well previously were relatively weak [26] 3. Market Weekly Tracking 3.1 Main Stock Indexes - The main A - share stock indexes strengthened during the week, with the ChiNext Index performing strongly among the three major indexes. The CSI 300 and CSI 500 indexes performed significantly better than other major scale indexes. The net outflow of market main funds expanded slightly, and the average daily trading volume was basically the same as last week [29] - The cyclical manufacturing sectors such as non-ferrous metals, machinery and equipment, and light industry manufacturing showed good performance, while industries such as real estate, beauty care, banking, and media were weak. The trading was mainly concentrated in the electronics and power equipment sectors, and the proportion of the electronics sector increased [32][33] - The congestion of market sectors was differentiated. The congestion of sectors such as electronics, communications, non-ferrous metals, and national defense and military industry increased, while that of sectors such as medicine and biology, banking, and beauty care decreased [35] 3.2 Convertible Bond Market - The convertible bond market strengthened overall, with the large-cap convertible bond index performing weakly and the medium-cap index performing better. The trading volume continued to shrink, with the average daily trading volume less than 5.5 billion yuan [39] - The valuation of the convertible bond market was stretched overall. The implied volatility fluctuated and strengthened, and the median market price increased slightly and remained at a high level. The cyclical manufacturing sectors such as machinery and equipment, non-ferrous metals, and petroleum and petrochemicals led the performance, and the trading was mainly concentrated in the power equipment, electronics, and basic chemicals sectors [44][48][51] - Most individual convertible bonds recovered. Among the top 5 rising convertible bonds during the week, some had greater elasticity than the corresponding underlying stocks [57] 4. Convertible Bond Issuance and Clause Tracking 4.1 Primary Market - One new convertible bond, Puxin Software Convertible Bond (Puxin Bond), completed subscription during the week. A total of 12 listed companies updated their convertible bond issuance plans, and the total scale of projects at and after the exchange acceptance stage was 69.01 billion yuan [60][61][62] 4.2 Clause Events - There were 14 convertible bonds announcing expected trigger of downward revision, 5 announcing non - downward revision, and no proposal for downward revision during the week. There were 3 convertible bonds announcing expected trigger of redemption, 3 announcing non - early redemption, and 3 announcing early redemption [72][79]

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core View of the Report - The issuance scale of government bonds using the remaining quota for debt resolution has exceeded 280 billion yuan. The report provides a weekly update on local government bond issuance and special bond issuance progress [1][6] 3. Summary by Relevant Catalog 3.1 Local Bond Actual Issuance and Forecast Issuance - **Actual Issuance vs. Pre - issuance Disclosure**: From December 1st - 7th, local bonds were issued at 108.72 billion yuan, including 50.44 billion yuan of new bonds (21 billion yuan of new general bonds and 39.05 billion yuan of new special bonds) and 58.28 billion yuan of refinancing bonds (41.31 billion yuan of refinancing general bonds and 16.97 billion yuan of refinancing special bonds). From December 8th - 14th, local bonds are expected to be issued at 106.96 billion yuan, including 71.05 billion yuan of new bonds (21 billion yuan of new general bonds and 50.05 billion yuan of new special bonds) and 35.9 billion yuan of refinancing bonds (18.74 billion yuan of refinancing general bonds and 17.16 billion yuan of refinancing special bonds) [2][6] - **Comparison of Planned and Actual Issuance**: The report shows the planned and actual issuance of local bonds in November and December, as well as the monthly issuance plan, actual issuance, and net financing situation of local bonds from May to December 2025 [20][21] 3.2 Local Bond Net Supply - From December 1st - 7th, the net supply of local bonds was 6.05 billion yuan; from December 8th - 14th, the forecast net supply of local bonds is 6.23 billion yuan [16] 3.3 New Bond Issuance Progress - As of December 7th, the issuance progress of new general bonds was 92.44%, and the issuance progress of new special bonds was 98.23%. The calculation denominator of the issuance progress includes the 200 - billion - yuan part of the used remaining quota, so it differs from the previous calculation method [25] 3.4 Refinancing Bond Net Supply - The report shows the cumulative scale of the difference between refinancing bonds and local bond maturities from January to December from 2020 to 2025, with the statistical scope including both issued and unissued but disclosed bonds [27][28] 3.5 Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of December 7th, the fifth - round second - batch special refinancing bonds totaled 200 billion yuan, the sixth - round special refinancing bonds totaled 28.81 billion yuan, and an additional 1.6821 billion yuan was newly disclosed for the next week. The top three provinces or municipalities with separately - planned budgets in the fifth - round second - batch disclosure were Jiangsu (25.11 billion yuan), Hunan (12.88 billion yuan), and Henan (12.27 billion yuan) [6] - **Special New Special Bond Issuance Statistics**: As of December 7th, the total disclosed amount of special new special bonds in 2025 was 135.0841 billion yuan, and since 2023, the total disclosed amount was 253.8705 billion yuan. The top three in terms of disclosed scale were Jiangsu (24.4035 billion yuan), Hubei (13.7769 billion yuan), and Xinjiang (13.117 billion yuan). The top three provinces or municipalities with separately - planned budgets in 2025 were Jiangsu (12.89 billion yuan), Guangdong (11.9268 billion yuan), and Yunnan (7.2997 billion yuan) [7] 3.6 Local Bond Investment and Trading - **Primary - Secondary Spread**: The report shows the primary and secondary spreads of local bonds on December 7th and November 30th, 2025, including spreads for different maturities (1Y, 2Y, 3Y, 5Y, 7Y, 10Y, 15Y, 20Y, 30Y) and the overall spread [38] - **Regional Secondary Spread**: The report presents the regional secondary spreads of local bonds, but specific data is not detailed in the text [39] 3.7 New Special Bond Investment Directions - The report shows the investment directions of new special bonds, with the statistics for the latest month only considering the investment directions of issued new bonds and not pre - issuance disclosures [40]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The nylon new materials project by Tianchen Qixiang has achieved full production and has entered a phase of efficient and stable operation after a 72-hour full-load performance assessment, with key technical and economic indicators meeting or exceeding design values [5][11]. - The project, which began construction in 2019, aims to break foreign monopolies and address critical supply chain issues, with a total investment of approximately 20 billion yuan and an annual production capacity of 1 million tons of nylon new materials [11]. - The company has signed new contracts totaling 312.67 billion yuan from January to October 2025, reflecting a year-on-year increase of 0.45%, with significant contributions from industrial and new materials sales [11]. Summary by Sections Project Development - Tianchen Qixiang's nylon new materials project has fully achieved production capacity, marking a transition to a stable operational phase [11]. - The project is expected to produce 200,000 tons of nylon 66 products annually, along with other chemical products, thereby establishing a complete nylon 66 chip industry chain [11]. Financial Performance - The company reported a total revenue of 186.61 billion yuan for 2024, with projections of 207.62 billion yuan for 2025, indicating a steady growth trajectory [17]. - The net profit attributable to shareholders is projected to reach 6.35 billion yuan in 2025, reflecting a compound annual growth rate of no less than 15% from 2021 [11][17]. Market Position - The company is positioned to benefit from the ongoing development of coal chemical projects in Xinjiang, with potential orders amounting to 700-800 billion yuan, which could enhance performance [11]. - The company has maintained a high dividend payout ratio of 19.69%, distributing 611 million yuan in cash dividends, demonstrating a commitment to shareholder returns [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Viewpoints - China Shipbuilding Group has signed a new shipbuilding project with China Ocean Shipping Group in Shanghai, involving 87 vessels with a total value of approximately 50 billion RMB, marking the highest single cooperation contract amount for domestic shipbuilding companies in China [2][4]. - The company has enhanced its comprehensive shipbuilding capabilities following the merger with China Shipbuilding Industry Corporation, leading to a robust order backlog and the expectation of continued growth in new orders throughout the year [2][10]. - The lifting of the U.S. 301 investigation measures has alleviated significant pressure on the sector, resulting in a substantial increase in global new orders in November, with a year-on-year growth of 32% and a month-on-month growth of 62% [10]. - The demand for shipping is improving, particularly for oil tankers, which are expected to follow container ship orders, driven by the need for fleet renewal and environmental considerations [10]. Summary by Relevant Sections Company Overview - The new shipbuilding project includes a wide range of vessel types, such as ultra-large container ships, bulk carriers, and oil tankers, with construction primarily handled by subsidiaries of China Shipbuilding [10]. - The company’s order backlog is robust, with orders scheduled until the end of 2028, and some extending to 2029, indicating strong future revenue support [10]. Financial Projections - For the years 2025 and 2026, the company is projected to achieve net profits of 10.315 billion RMB and 18.171 billion RMB, respectively, with corresponding price-to-earnings ratios of 25 times and 14 times [10]. - The total revenue is expected to grow significantly, with projected revenues of 78.584 billion RMB in 2024, increasing to 254.252 billion RMB by 2027 [14]. Market Dynamics - The global shipping industry is experiencing a recovery, with increasing demand for new vessels and rising second-hand ship prices, indicating a potential turning point for new ship prices [10]. - The company is well-positioned to attract global shipbuilding orders due to its technological, capacity, and cost advantages, reinforcing its status as a leading player in the shipbuilding sector [10].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The Wenchang Satellite Super Factory, which can produce 1,000 satellites annually, is set to commence operations, enabling seamless integration of satellite production and launch. This development is expected to significantly shorten the production cycle for individual satellites and facilitate mass production of low Earth orbit (LEO) satellites, thereby accelerating the growth of China's commercial space industry [2][4][9] - The factory's establishment is anticipated to enhance the efficiency of LEO satellite constellation deployment, meeting the growing demand for satellite networks in China. The factory will support the production of 500 kg satellites in bulk, transforming the traditional custom and small-batch satellite manufacturing model [4][9] - The competitive landscape for orbital resources is intensifying, with projections indicating that approximately 57,000 LEO satellites will be deployed by 2029. The factory's operations will contribute to the rapid deployment of satellite constellations, addressing the saturation of communication frequency resources [4][9] Summary by Sections Event Description - The Wenchang Satellite Super Factory is located in Hainan and is designed to produce 1,000 satellites per year. It is the only facility in the country capable of integrating satellite assembly with launch operations, marking it as Asia's largest satellite manufacturing base [4][9] Recent Developments - China's commercial space sector is entering a phase of regular launches, with multiple successful missions completed in December. This trend indicates a shift towards normalized launch operations, driven by technological advancements and increased launch capacity [4][9]