Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [5] Core Views - The report emphasizes the importance of AI in reshaping the energy sector, particularly in the coal market, indicating a potential bottom reversal and investment opportunities [1][3] - The coal price is expected to stabilize as winter demand improves, despite recent declines [16][33] - The report highlights the long-term supply constraints in the U.S. coal market, with limited new capacity and declining inventories, suggesting a historical reversal opportunity for coal prices [7][11] Summary by Sections Market Review - The CITIC Coal Index decreased by 3.80% during the week, underperforming the CSI 300 Index by 3.72 percentage points [1] - The report notes that the current coal price dynamics are driven by "real demand," with a recent cold wave not significantly impacting consumption [4][8] Coal Prices - As of December 12, 2025, the price of thermal coal at North Port was 761 RMB/ton, down 39 RMB/ton week-on-week [2][33] - The report indicates that coal prices are under pressure due to high port inventories and cautious purchasing behavior from traders [16][35] Supply and Demand Dynamics - The report states that coal production is normal, but some mines are temporarily reducing output due to maintenance, leading to a slight decrease in overall capacity utilization [3][16] - The report highlights that U.S. coal demand is expected to increase significantly in 2025, driven by power generation needs, with a projected 15% year-on-year growth in coal-fired electricity generation in the first half of 2025 [7][11] Investment Strategy - The report recommends several companies, including China Shenhua, Shaanxi Coal, and Yancoal, as key investment targets due to their strong performance and market positioning [12][9] - It also suggests focusing on companies involved in smart mining technologies and those showing signs of recovery from difficulties [12][9] Key Indicators - The report provides various statistics, including that the coal inventory at the Bohai Rim ports reached 29.16 million tons, an increase of 1.54 million tons week-on-week [16][19] - The average profit per ton of coke for sample enterprises increased to 44 RMB, reflecting a recovery in profitability despite ongoing price pressures [70][72]

Investment Rating - The report recommends "Buy" for Shenzhou International and Huali Group, with respective 2026 PE ratios of 12x and 18x [2][30]. Core Views - The textile and apparel industry is experiencing fluctuations in revenue, with notable declines in some manufacturers' performance due to changing international trade environments and tariff policies [1][13]. - The report anticipates a recovery in orders and shipments for apparel manufacturers in 2026, driven by improved demand and healthy inventory levels [23][28]. - Key brands like Nike are expected to show gradual improvement in their operational performance, which may positively impact their suppliers [23][24]. Summary by Sections Recent Revenue Performance - In November 2025, revenue for Feng Tai Enterprises, Ruo Hong, and Yu Yuan Group decreased by 11.8%, increased by 1.5%, and decreased by 2.4% year-on-year, respectively [1][13]. - Cumulatively from January to November 2025, Feng Tai's revenue declined by 4.9%, while Ruo Hong and Yu Yuan reported increases of 3.8% and 0.9% [1][13]. Industry Outlook - The report indicates that the apparel manufacturing sector is expected to see a recovery in orders in 2026, with a focus on companies with integrated and international supply chains [28][29]. - The report highlights that the competitive landscape is improving, with leading manufacturers likely to gain market share [2][27]. Key Investment Opportunities - Recommended stocks include Shenzhou International and Huali Group, with a focus on companies that are expected to benefit from improved customer trends and operational efficiencies [2][28]. - Other companies to watch include Weixing Co., Kairun Co., and Jingyuan International, which are also positioned well for future growth [2][28]. Brand Performance - The report emphasizes the importance of brand performance, particularly for Nike in the Greater China region, which is expected to show a turnaround [28]. - Other recommended brands include Anta Sports and Li Ning, with respective 2026 PE ratios of 14x and 16x [28].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][5]. Core Insights - The Central Economic Work Conference emphasizes the need to "stabilize real estate," indicating ongoing policy support and the necessity for further actions in 2026 [1][10]. - The report highlights the importance of internal demand, suggesting potential relaxation of housing purchase restrictions in core cities and reforms in the housing provident fund system [2][11]. - The real estate sector is viewed as an early-cycle indicator, with a focus on quality housing and the improvement of the competitive landscape favoring leading state-owned enterprises and select private firms [4][10]. Summary by Sections Central Economic Work Conference Review - The conference reiterates the commitment to stabilize the real estate market, emphasizing inventory reduction and the construction of quality housing [1][10]. - Policies will be tailored to individual cities, focusing on controlling new supply and encouraging the acquisition of existing properties for affordable housing [1][10]. Market Review - The weekly performance of the Shenwan Real Estate Index showed a decline of 2.6%, underperforming the CSI 300 Index by 2.54 percentage points, ranking 28th among 31 Shenwan primary industries [2][15]. - The report notes a significant drop in new home sales, with a 45.3% year-on-year decrease in 30 cities, and a 30% decline in second-hand home sales [3][33]. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 172.2 million square meters, down 2.5% month-on-month and 45.3% year-on-year [3][28]. - Second-hand home sales in 14 cities reached 195.9 million square meters, reflecting a 2.7% month-on-month increase but a 30% year-on-year decline [33]. Investment Recommendations - The report suggests focusing on real estate-related stocks, particularly in first-tier and select second-tier cities, as these areas are expected to benefit from policy changes and market recovery [4][10]. - Specific companies recommended for investment include Green Town China, China Overseas Development, and Poly Development among others [4].

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 建筑材料 作者 分析师 沈猛 执业证书编号：S0680522050001 邮箱：shenmeng@gszq.com 分析师 陈冠宇 2025 年 12 月 8 日至 12 月 12 日建筑材料板块（SW）下跌 1.90%，其中 水泥（SW）下跌 1.21%，玻璃制造（SW）下跌 1.99%，玻纤制造（SW） 下跌 2.32%，装修建材（SW）下跌 2.27%，本周建材板块相对沪深 300 超额收益-1.01%。本期建筑材料板块（SW）资金净流入额为-8.10 亿元。 【周数据总结和观点】 本周中央经济工作会议强调，要着力稳定房地产市场，因城施策控增量、 去库存、优供给，鼓励收购存量商品房重点用于保障性住房等。深化住房 公积金制度改革，有序推动"好房子"建设。加快构建房地产发展新模式。 积极有序化解地方政府债务风险，督促各地主动化债，不得违规新增隐性 债务。优化债务重组和置换办法，多措并举化解地方政府融资平台经营性 债务风险。根据 wind 统计，2025 年 11 月地方政府债总发行量 9126.91 亿元，发行金额环比 ...

证券研究报告 | 固定收益定期 gszqdatemark 2025 12 14 年 月 日 固定收益定期 哪些力量能够帮助债市企稳？ 本周债市总体小幅走强，但过程中震荡明显。 本周债市在前半周逐步修复，周 四中央经济工作会议再度提及降准降息之后，利率下行明显，但周五却再度明 显调整并基本回吐此前涨幅。全周来看，10 年国债和 30 年国债均累计下行 0.8bps，分别至 1.84%和 2.25%。而 3 年和 5 年 AAA-二永债分别下行 3.9bps 和 0.4bps 至 2.02%和 2.24%。1 年 AAA 存单累计小幅上行 0.5bps 至 1.66%。 虽然债市情绪依然偏弱，但随着债市调整，我们也需要看到一些变化，可能成 为债市的企稳的支撑力量。从供给端来看，未来一段时期供给压力或将缓和。 从今年状况来看，政府债券供给任务基本已经完成，截止 12 月 12 日，普通 国债净融资 5.04 万亿元，特别国债净融资 1.8 万亿元，新增专项债发行 4.6 万亿元，新增一般债发行 7700 亿元，即使考虑到后续增加的 5000 亿地方债 结存限额使用，全年政府债券发行任务也基本完成。下周政府债券将净偿 ...

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 基础化工 左手商业航天右手消费，聚焦 3D 打印材料 3D 打印全球 219 亿美元市场，材料种类多样。3D 打印即增材制造（AM）， 被誉为引领第三次工业革命的核心技术。不同于传统制造将原料"削减" 加工成所需形状，3D 打印可一体化成型复杂结构产品，具有快捷、低成 本、高精度等优势。根据 WOHLERS，2024 年全球 3D 打印市场规模高 达 219 亿美元。材料方面，金属材料占比 22%，其中铁基材料由于成本 较低最为主流；高分子材料领域，PLA 线材以其优异的打印性能及低廉的 价格深度绑定 FDM 成为应用最广泛的材料；SLA 光固化主要采用光敏树 脂；SLS 主要搭配高分子粉材，PA12 为主流品种。 消费级 3D 打印机：中国"四小龙"腾飞，行业加速崛起。过去消费打印 机普遍存在"速度慢、易故障、难上手"的问题，目前技术升级带来打印 效率、精度提升；同时主流品牌入门级型号降价至 1000 元内，大大降低 了购买门槛，而例如 Gemini Nano Banana 等多模态 AI 大模型的出现可通 过 2D 图 ...

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 食品饮料 周观点：白酒龙头信号积极，量贩龙头景气扩张 投资建议：1、白酒：坚持内需主导下顺周期白酒估值、基本面有望先后 修复，茅台、五粮液出牌优化渠道与价格，板块底部价值持续凸显，建议 配置：1）供给出清或边际改善：泸州老窖、古井贡酒、迎驾贡酒、洋河 股份、港股珍酒李渡、舍得酒业、酒鬼酒等；2）中长期龙头：贵州茅台、 五粮液、山西汾酒等。2、大众品：中央经济工作会议重点定调内需主导， 11 月 CPI 同比上涨 0.7%，由食品价格转正带动，鸣鸣很忙上市获批，卫 龙盐津重点打造魔芋，优先关注成长股、后续切换复苏： 1）高景气或高 成长逻辑：东鹏饮料、燕京啤酒、珠江啤酒、万辰集团、盐津铺子、有友 食品、新乳业、百龙创园等，港股卫龙美味等。2）政策受益或复苏改善： 百润股份、青岛啤酒、海天味业、伊利股份、重庆啤酒、安琪酵母、洽洽 食品、仙乐健康、安井食品、立高食品、好想你等，港股农夫山泉、华润 饮料、H&H 国际控股等。 白酒：茅台、普五纷纷出牌，龙头积极、静待改善。临近年底旺季将至， 在白酒需求疲软、供给持续出清、批价仍在承 ...

有色金属 证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 美联储如期降息，看好金属价格上涨弹性 工业金属：（1）铜：美国铜库存持续流入，非美地区低库存引发逼仓风险。①宏观方面： 周内美联储降息+扩表利好铜价金融属性；②库存端：周内全球铜库存环比增加 1.7 万吨， 其中中国库存增加 0.2 万吨，LME 铜库存增加 0.3 万吨，COMEX 铜库存增加 1.1 万吨；全球 铜库存继续向美国聚集，引发市场对非美地区铜供应紧张的担忧；③供给端：据 Ivanhoe Mines 公告：Kamoa-Kakula 2026 年铜产量目标为 38 万至 42 万吨，中值较 2025 年指引小 幅上调 0.5 万吨，2027 年铜产量目标为 50 万至 54 万吨，中期铜产量目标维持于 55 万吨。 此前公司计划 2025 年产量目标为 52-58 万吨；④需求端：目前虽然终端消费受到一定高铜 价抑制，但低库存状态下，向下空间有限。（（2）铝：经济数据及政策双重托底，短期铝价偏 强震荡。①供给：本周山西地区电解铝企业全部复产产能释放完毕，新疆地区电解铝企业继 续投产，综合来看，本周电解 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the optical communication sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [5][10]. Core Insights - The optical isolator is a critical passive device in optical communication systems, relying on the combination of polarizers and Faraday plates. There is a significant technological dependency and supply gap in the upstream manufacturing of these core components, particularly in high-end Faraday magnetic optical materials, which has become a bottleneck for industry development [1][19]. - The report highlights the low domestic production rate of core materials for polarizers, which are monopolized by Japanese and Korean suppliers, indicating a need for increased localization [3][21]. - The global shortage of Faraday plates is a critical issue, as their complex material growth and precision processing are dominated by a few companies in the US and Japan, leading to supply constraints that hinder the expansion of isolators and high-speed optical modules [4][22][23]. Summary by Sections Investment Strategy - The report suggests focusing on the upstream gaps in isolators, particularly polarizers and Faraday plates, and recommends companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication for investment [8][24]. Market Review - The communication sector has seen an increase, with optical communication performing particularly well, as indicated by various indices showing significant growth [15][18]. Supply Chain Dynamics - In 2024, China's production capacity for polarizers is expected to account for approximately 73% of the global market, yet the localization rate of core materials remains below 10%, posing challenges to supply chain stability [6][7][24]. Key Companies to Watch - The report identifies several key companies to monitor within the optical communication and related sectors, including Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others involved in the supply chain [8][9][24].

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Insights - The report indicates that high natural gas prices in the U.S. are driving a resurgence in coal consumption, with utilities opting to increase coal-fired power generation to control costs [2][3] - The performance of coal-fired power generation in the U.S. has seen a year-on-year increase of 21% in Q1 2025, while gas-fired generation has decreased by approximately 3% [3] Summary by Sections Coal Mining - As of December 12, 2025, coal prices have seen slight adjustments, with Newcastle coal priced at $107.75 per ton, down by $1.75 from the previous week, and ARA coal at $95.55 per ton, down by $1.20 [3][33] - The report highlights a significant increase in coal consumption in the U.S. due to the cost control measures by utilities, leading to a shift back to coal from gas [2][3] Key Recommendations - The report recommends several companies for investment, including China Coal Energy (H+A), Yanzhou Coal Mining (H+A), China Shenhua Energy (H+A), and Shaanxi Coal and Chemical Industry [3][6] - It also highlights companies with potential growth such as Huayang Co., Gansu Energy Chemical, and Jiangxi Tungsten Industry, which have recently undergone significant changes [3][6] Market Trends - The report notes that coal-fired power generation's carbon emissions are approximately 75% higher than those from gas-fired generation, indicating a potential increase in overall carbon emissions as coal's share in power generation rises [3] - The report anticipates further increases in natural gas prices, which could continue to influence coal consumption patterns [3][5]