Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector saw a 3.65% increase in the 49th week of 2025, ranking 3rd among major industries, and a 70.43% increase since the beginning of the year, ranking 2nd [2][4]. - AWS launched the Trainium 3 chip, significantly enhancing performance and energy efficiency, while DeepSeek V3.2 made breakthroughs in inference capabilities and cost reduction for long sequences [2][5][6]. - The collaboration between AWS and NVIDIA is expected to accelerate the integration of self-developed chips with the NVIDIA ecosystem, clarifying the ASIC penetration logic [7]. Summary by Sections Market Performance - The communication sector's performance in the 49th week of 2025 was a 3.65% increase, with a year-to-date increase of 70.43% [2][4]. - Top gainers in the sector included Tianfu Communication (+25.8%), Tongyu Communication (+23.9%), and Meige Intelligent (+13.7%), while the largest declines were seen in Online and Offline (-11.8%), Data Port (-10.8%), and Kesi Technology (-8.6%) [4]. Technological Developments - AWS's Trainium 3 chip offers a 4.4x performance increase and a 40% improvement in energy efficiency, reducing training costs for clients by up to 50% [5]. - DeepSeek V3.2, the first open-source model to integrate "deep thinking" and "tool invocation," surpassed GPT-5 in inference benchmarks, significantly lowering costs for long sequence tasks [6]. Investment Recommendations - Recommended companies include China Mobile, China Telecom, and China Unicom in the operator category; Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication in optical modules; and AI applications such as Boshi Jie, Heertai, and Tuobang Co. [7].

报告要点 固定收益丨深度报告 [Table_Title] 信用债流动性评估进阶指南（上） ——走在债市曲线之前系列报告（十一） %% %% %% %% research.95579.com 1 丨证券研究报告丨 [Table_Summary] 作为信用债流动性评估进阶指南的上篇，本报告聚焦现有信用债流动性评分体系，解析"评分 排名制"与"排名赋分制"两大主流体系的构建逻辑与操作方法，阐述前者主成分分析法的三 步评分流程与后者简单线性回归法的排序赋分规则，明确两种方法的优劣及适配场景；基于截 面和时序视角，分析券种类型、主体评级等多因素对流动性评分的影响规律，总结不同体系下 评分特征与波动情况，为理解信用债流动性评分逻辑提供参考。 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 2 / 26 %% %% %% %% research.95579.com 2 [Table_Title 信用债流动性评估进阶指南（上） 2] ——走在债市曲线之前系列报告（ ...

Economic Outlook - The meeting provided a clear and coherent assessment of the international situation, indicating a readiness to respond, while emphasizing qualitative improvement and reasonable quantitative growth for the domestic economy[1] - The meeting introduced the concept of "quality improvement and efficiency enhancement" as a work guideline, reflecting a focus on sustainable and high-quality development[1] - The emphasis on "domestic demand as the main driver" and "optimizing supply" aims to strengthen the endogenous momentum and reliability of the domestic circulation[1] Risk Management - The focus of risk prevention has shifted from "stabilizing the stock and real estate markets" to "doing practical work," moving from "stabilizing expectations" to "stabilizing reality"[1] - The meeting released numerous positive signals within a limited scope, suggesting a promising start for the "14th Five-Year Plan" and broad growth potential for Chinese assets[1] Policy Adjustments - The policy tone has shifted from "promoting stability through progress" to "quality improvement and efficiency enhancement," indicating a greater emphasis on the quality and sustainability of development[1] - The meeting highlighted the need for "cross-cycle" adjustments in macroeconomic governance, reflecting concerns about enhancing the effectiveness of macroeconomic management[1] Domestic Demand and Supply - The meeting's first mention of "domestic demand as the main driver" and "optimizing supply" signifies a strategic shift towards enhancing domestic demand and improving supply quality[1] - The focus on service consumption as a new engine for expanding domestic demand, particularly in sectors like childcare, education, and healthcare, is expected to drive future growth[1] Market Stability - The meeting did not mention stabilizing the stock and real estate markets, instead emphasizing practical measures to address real economic issues, indicating a shift towards tangible outcomes[1] - The emphasis on "stabilizing employment, enterprises, markets, and expectations" reflects a more grounded approach to economic stability compared to previous years[1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company has maintained strategic stability since establishing its "smart, characteristic, international, and comprehensive" strategy in 2014, emphasizing a stable operational approach in 2024 that aligns with long-term capital preferences in the current market environment [2][12] - The company is expected to continue its stable performance with a focus on capital balance, benefiting from its geographical advantages and the strong growth of investment and financing in Jiangsu province [2][12] - The company's stock price has adjusted significantly since the third quarter, with a projected PB ratio of 0.74x for 2025 and a dividend yield of 5.31%, making it an attractive option among leading city commercial banks [4][6] Summary by Relevant Sections Company Overview - Jiangsu Bank is the largest city commercial bank by market capitalization and is currently undervalued, with a 2025 projected PB ratio of 0.74x and a ROE exceeding 13% [6] - The bank's dividend yield is projected to reach 5.31% in 2025, appealing to long-term capital investors [6] Financial Performance - The bank's loan growth is expected to remain stable, with a significant increase of 17.9% in loans by the end of Q3 2025, and an anticipated total loan increase of approximately 400 billion yuan for the year [12][36] - The bank's net interest margin is projected to stabilize, with a deposit cost of 1.78% in the first half of 2025, allowing for continued high growth in net interest income [12][36] - The asset quality remains stable, with a low proportion of personal operating loans and a projected net generation rate of non-performing loans of 1.10% for the first half of 2025, down 31 basis points from 2024 [12][36] Market Position - The company has seen a significant reduction in active fund holdings, with the proportion of active funds holding Jiangsu Bank shares dropping to 0.12% by the end of Q3, indicating a potential for reallocation of capital towards the bank [6][12] - The bank's capital adequacy ratio is expected to remain above 8.6% by the end of 2025, supporting its asset expansion [12][36]

[Table_scodeMsg1] 公司研究丨深度报告丨海光信息（688041.SH） [Table_Title] 海光信息深度报告：双轮驱动，国产算力新生态 research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 海光信息是我国国产高端 CPU 和 DCU 双领军企业，其高端通用 CPU 业务随着信创深入推进， 凭借生态优势、性能优势和安全优势等综合优势最大受益持续高速增长。DCU 业务在 AI 时代 国产算力总量和份额双升趋势下凭借产品持续迭代和"类 CUDA"环境兼容以及和中科曙光协 同有望迎来爆发。拟吸收合并中科曙光，将其具备从核心 AI 芯片到智算集群单点到全栈的产品 和综合能力，发布业界领先超节点产品，有望通过" AI 计算开放架构"打造国产算力新生态， 成长为我国 AI 时代算力综合平台。 分析师及联系人 [Table_Author] 宗建树 余庚宗 SAC：S0490520030004 SAC：S0490516030002 SFC：BUX668 %% %% %% %% 请阅读最后评级说明和重要声明 2 / 40 %% %% %% %% resear ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [12][14]. Core Insights - The company, Genting Biopharma, focuses on innovative drug and vaccine research, manufacturing, and commercialization, establishing a dual-driven growth model through license-in products and self-developed high-barrier pipelines [3][8]. - Key products include Nefukang (Budesonide) for IgA nephropathy, EVER001 for primary membranous nephropathy, and Aicuo Mod (Etrolizumab) for moderate to severe ulcerative colitis, all showing significant clinical evidence and market potential [9][10][11]. - The company has seen substantial revenue growth, with projected revenues of 1.791 billion, 3.169 billion, and 4.822 billion RMB for 2025-2027, respectively, and a turnaround in profitability expected by 2025 [12][30]. Summary by Sections Company Overview - Genting Biopharma was founded in July 2017 and has developed a diverse product pipeline covering oncology, nephrology, and infectious diseases [18]. - The company has shifted focus towards nephrology and autoimmune diseases, divesting from oncology to enhance resource allocation [18]. Product Pipeline - The product pipeline includes Nefukang, which is the first approved drug for IgA nephropathy globally, and EVER001, a reversible BTK inhibitor targeting primary membranous nephropathy [9][10]. - Aicuo Mod has shown rapid efficacy in inducing clinical remission in ulcerative colitis patients, with a significant mucosal healing rate [11]. Financial Performance - The company achieved a revenue of 707 million RMB in 2024, a 461% increase year-on-year, and expects continued growth with a revenue of 446 million RMB in the first half of 2025 [28][30]. - The net profit is projected to improve from a loss of 376 million RMB in 2025 to a profit of 868 million RMB by 2027, indicating a strong recovery trajectory [12][30]. Market Potential - The chronic kidney disease (CKD) patient population is substantial, with approximately 1.25 billion patients in China, representing a significant market opportunity for the company's nephrology products [32]. - The company’s products are positioned to address unmet medical needs in the nephrology and autoimmune disease sectors, with a focus on innovative treatment approaches [3][8].

- The report highlights the performance of the A-share market, with the CSI A50 leading the gains and the ChiNext Index showing strong performance[1][6] - The Dividend Enhanced Portfolio outperformed the CSI Dividend Total Return Index, with the Central SOE High Dividend 30 Portfolio and the Balanced Dividend 50 Portfolio achieving weekly excess returns of approximately 0.41% and 0.75%, respectively[6][21] - The Electronic Enhanced Portfolio also outperformed the Electronic Total Return Index, with the Electronic Balanced Allocation Enhanced Portfolio and the Electronic Sector Preferred Enhanced Portfolio achieving weekly excess returns of approximately 1.78% and 1.53%, respectively[6][29]

Export Performance - November exports increased by 5.9% year-on-year, exceeding the expected 3.8%[6] - Monthly export value reached $330.35 billion, with imports at $218.67 billion, resulting in a trade surplus of $111.68 billion[6] - Exports to the EU, Africa, and Latin America showed strong growth, with EU exports rising 14.8% year-on-year[6] Trade Dynamics - Exports to the US decreased slightly, with November exports valued at $33.79 billion, a year-on-year decline of 28.6%[6] - Exports to Africa surged by 27.6% year-on-year, with a monthly export value of $20.9 billion[6] - Exports to Latin America also strengthened, with a year-on-year increase of 14.9% and a monthly export value of $26.23 billion[6] Product Categories - High-tech products, electromechanical products, and labor-intensive products saw year-on-year growth rates of 7.7%, 9.7%, and -8.3%, respectively[6] - Integrated circuits and general machinery exports performed strongly, contributing significantly to overall export growth[6] Import Trends - November imports increased by 1.9% year-on-year, below the expected 3%[6] - Major imports included computers and integrated circuits, which showed significant growth in import value[6] Future Outlook - Short-term export pressures are anticipated due to declining container booking volumes since November 9, indicating potential challenges in December[6] - Long-term resilience is expected to be supported by global manufacturing recovery and price advantages of Chinese export goods[6] Risk Factors - Uncertainties surrounding US tariff policies may impact China's export performance, with potential legal challenges affecting future tariff implementations[8]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current "shortening receipt and lengthening issuance" by the central bank does not necessarily mean an increase in liability costs. The central bank's "shortening receipt and lengthening issuance" in terms of quantity is more significant, and the large - scale long - end issuance is more effective in alleviating the liability pressure of financial institutions, especially banks [7]. Summary by Directory 1. Funds - In December 2025, the central bank conducted a 3 - month buy - out reverse repurchase operation of 100 billion yuan at the same volume. From December 1st - 5th, the central bank's 7 - day reverse repurchase had a net withdrawal of 84.8 billion yuan, and from December 8th - 12th, 66.38 billion yuan of 7 - day reverse repurchases will mature. In November, the central bank's net purchase of treasury bonds was 5 billion yuan [6]. - From December 1st - 5th, the average values of DR001 and R001 were 1.30% and 1.36% respectively, down 1.2 basis points and 2.3 basis points compared with November 24th - 28th. The average values of DR007 and R007 were 1.44% and 1.49% respectively, down 1.9 basis points and 3.9 basis points compared with November 24th - 28th [6]. - From December 1st - 7th, the net government bond payment was about 18.66 billion yuan, about 14.23 billion yuan less than November 24th - 30th. From December 8th - 14th, the net government bond payment is expected to be - 79.52 billion yuan [7]. 2. Negotiable Certificates of Deposit (NCDs) - As of December 5th, 2025, the maturity yields of 1 - month and 3 - month NCDs were 1.5793% and 1.6150% respectively, up 13.4 basis points and 4.0 basis points compared with November 28th. The 1 - year NCD maturity yield was 1.6550%, up 1.5 basis points compared with November 28th [8]. - From December 1st - 7th, the net financing of NCDs was about 4.71 billion yuan. From December 8th - 14th, the expected maturity repayment amount of NCDs is 106.24 billion yuan, with a significant increase in the pressure of maturity renewal [8]. 3. Institutional Behavior - From December 1st - 5th, the average leverage ratio of the inter - bank bond market was 107.56%, up from 107.32% in November 24th - 28th [9]. - On December 5th, 2025, the median duration of medium - long - term interest - rate style pure bond funds (MA5) was 4.47 years, a weekly increase of 0.79 years, at the 84.1% quantile since early 2022. The median duration of short - term interest - rate style pure bond funds (MA5) was 1.80 years, a weekly increase of 0.24 years, at the 51.2% quantile since early 2022 [9].

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The report highlights the cyclical nature of the lithium battery industry, emphasizing the price and stock performance trends during the last lithium cycle [8]. - It notes that the price of lithium carbonate and other materials has shown significant fluctuations, impacting the profitability of companies within the supply chain [12][19][23]. - The report indicates that the stock prices of major lithium battery companies peaked in late 2021, with a notable lag behind the price peaks of raw materials [39]. Summary by Sections Section 1: Market Review - The previous lithium cycle saw a dramatic increase in prices, with 6F prices rising from 70,000 CNY/ton in mid-2020 to 425,000 CNY/ton by August 2021, while lithium carbonate prices surged to 500,000 CNY/ton by early 2022 [12]. - The report discusses the impact of long-term contracts on pricing stability, noting that leading companies maintained higher prices even as market prices began to decline [12]. Section 2: Price Trends of Key Materials - Iron lithium processing fees increased significantly from Q1 2021 to Q1 2022, with a total rise of approximately 20,000 CNY/ton, before stabilizing and then declining in 2023 [19]. - The report details the price trends of negative electrode materials, indicating a price increase of 10,000 CNY/ton from H2 2021 to Q1 2022 due to supply constraints [23]. - Wet-process separator prices saw a modest increase of 0.2-0.3 CNY/sq.m from H2 2021 to H1 2022, with a subsequent decline starting in Q1 2023 [26]. Section 3: Battery Cost and Profitability - The report estimates that the costs for iron lithium and ternary batteries were 0.77 and 0.91 CNY/Wh respectively in Q2 2022, reflecting an increase from Q1 2021 [31]. - It notes that battery companies were able to pass on cost increases to automakers starting in Q2 2022, leading to stable unit profitability despite earlier cost pressures [31]. Section 4: Stock Performance Review - The report provides a detailed review of stock performance across key companies in the lithium battery sector from 2019 to 2022, highlighting significant gains during the electric vehicle boom [37]. - It notes that the stock prices of most companies peaked in November 2021, with a subsequent decline observed in the following year [39]. - The report emphasizes that the price peaks of raw materials often lagged behind stock price peaks, indicating a complex relationship between market dynamics and stock performance [39].