Group 1: Industry Overview - The overall economic environment is expected to remain stable in 2026, supported by policies aimed at counter-cyclical and cross-cyclical adjustments, with a projected growth rate of fixed asset investment (FAI) at 3% for the year [1][12][17] - Infrastructure investment is anticipated to grow by approximately 5% in 2026, driven by key projects and policy support, while real estate investment is expected to decline by 10% after a significant drop in 2025 [1][17][25] - Manufacturing investment is projected to recover slightly, with a growth rate of 6% in 2026, benefiting from domestic demand and supportive policies [1][18] Group 2: Overseas Expansion - There is a strong demand for overseas investment, particularly in regions like Southeast Asia, Africa, and the Middle East, which are experiencing rapid economic growth and urbanization [2][4] - Chinese engineering firms have competitive advantages such as shorter construction periods, higher efficiency, and lower costs, positioning them well for overseas projects [2][4] - The share of overseas income for leading companies is expected to increase, driving improvements in profitability and business models [2][4] Group 3: Regional Opportunities - The "Five Five Five" strategy is expected to create abundant investment opportunities in the western regions of China, particularly in Sichuan and Xinjiang, which are set to benefit from national strategic support [2][4][3] - Sichuan is identified as a core area for national strategic development, with significant investments anticipated in transportation infrastructure, manufacturing, and technology [2][4][3] - Xinjiang's development is crucial for national energy security and unity, with expected increases in investment in infrastructure and coal chemical industries [2][4][3] Group 4: Cleanroom Investment - The demand for cleanroom facilities is projected to grow due to the increasing need for computing power driven by AI applications, with global semiconductor cleanroom investment expected to reach approximately 168 billion yuan in 2025 [3][4] - The semiconductor industry is forecasted to see a capital expenditure of around 160 billion USD in 2025, reflecting a 3% year-on-year increase [3][4] - Leading companies in the cleanroom sector are expected to maintain high levels of capital expenditure, driven by the demand for AI and data center infrastructure [3][4] Group 5: Investment Recommendations - The report recommends focusing on companies with strong overseas expansion capabilities, such as China Chemical, Precision Steel Structure, Jianghe Group, China National Materials, and China Steel International [4][8] - In the context of regional development, companies like Sichuan Road and Bridge, Xinjiang Communications Construction, and China Chemical are highlighted as key players [4][8] - For cleanroom investments, leading firms such as Yaxin Integration, Shenghui Integration, and Bocheng Co. are recommended for their growth potential [4][8]

Investment Rating - The report maintains an "Accumulate" rating for the industry [6] Core Insights - In recent years, several Bitcoin mining companies have partnered with AI cloud providers, utilizing part of their electricity for GPU hosting and developing AIDC (AI Data Center) businesses, with contracts totaling $53.6 billion and involving 1.959 GW of power [1][11] - The market perceives that Bitcoin mining companies primarily have an advantage in electricity resources compared to other AIDC competitors, but many have prior experience in self-operated cloud services [4][10] - The report suggests that companies with more AI electricity capacity tend to have higher market valuations, with average valuations of $4.73 million/MW for total electricity, $12.26 million/MW for mining electricity, and $144 million/MW for AI electricity [4][55] Summary by Sections 1. Current Status of Bitcoin Mining Transformation to AIDC - As of November 3, 2025, six Bitcoin mining companies have signed contracts with at least five cloud providers, totaling $53.6 billion and involving 1.959 GW of power [1][11] - Over 50% of the AI cloud providers that signed contracts with Bitcoin mining companies are emerging firms, with Coreweave being the largest [2][13] - The average contract duration for AIDC projects is 14 years, with a minimum of 5 years and a maximum of 25 years [3][24] - The average price for key IT load contracts is $1.73 million/MW/year, indicating a consistent pricing structure across projects [3][27] 2. Reasons and Models for Transformation - The transition to AIDC is driven by the uncertainty in revenue and profitability from Bitcoin mining, which faces challenges such as fluctuating prices and increasing competition [33][35] - AIDC offers higher gross margins compared to Bitcoin mining, with various projects reporting net operating income margins between 80% and 88% [40][39] 3. Self-Operated Cloud Services by Mining Companies - Companies like Iris Energy, Hive Digital, and Bitdeer are actively developing self-operated AI cloud services, with Iris Energy expected to operate 140,000 GPUs by the end of 2026 [43][47] - Bitdeer plans to operate 1,160 GPUs by the end of 2025, while Hive Digital aims to exceed 11,000 GPUs by the end of 2026 [44][51] 4. Future Outlook for AIDC Transformation - The report anticipates an acceleration in the transformation of Bitcoin mining companies to AIDC, as companies with more AI electricity capacity are valued higher in the market [55] - The report highlights the importance of companies having substantial electricity reserves and experience in AI cloud services for future investment opportunities [4][55]

证券研究报告 | 公司点评 gszqdatemark 2025 12 12 年 月 日 上海银行（601229.SH） 业绩稳健有亮点，社会责任担当显初心 上海银行2025年前三季度累计实现营业收入411.4亿元，同比增长4.0%； 归母净利润 180.8 亿元，同比增长 2.8%。2025 年三季度末不良贷款率为 1.18%，拨备覆盖率为 254.92%，较上一季度末分别持平、提升 11.3pc， 资产质量整体平稳。 财富管理业务呈现积极态势，其他非息收入表现可圈可点。 25Q1-3 营业收入、归母净利润同比增速分别为 4.0%、2.8%，分别较 25H1 略微下降 0.1pc，提升 0.8pc，整体稳健，其他非息收入表现较好。具体来 看： 利息净收入增长有所放缓：25 年 1-9 月公司实现利息净收入 251.2 亿元， 同比增速 0.5%，较增速环比下降 25H1 1.2pc。 中收业务结构改善： -9 月手续费及佣金收入同比负增 1 6.9%，较 25H1 增 速下降 1pc，但财富管理业务呈现积极态势，第三季度财富管理中收环比 增长 7.78%，保险、基金代销规模环比分别增长 18.38%、34.6 ...

中央经济工作会议是确定未来一年工作重点和方向的会议，对经济走势和资本市 场走势具有关键影响，因而受到广泛关注。而 2025 年 12 月 11 日公布的今年中 央经济工作会议全文，是判断明年经济工作重点的重要窗口。 坚持稳中求进，做好统筹工作。相对于去年，今年会议对经济的判断更为乐观，相 对于去年强调国内需求不足、部分企业生产经营困难等，今年会议表述为经济发 展中老问题、新挑战依然不少……国内供强需弱矛盾突出。对明年政策的总基调 继续确定为稳中求进，同时要求统筹国内经济工作和国际经贸斗争、统筹发展和 安全等。作为"十五五"开局之年，明年需要实现良好开局。 货币政策需更注重经济稳定与物价，灵活高效运用降准降息等多种政策工具。货 币政策方面，会议定调依然是适度宽松，这与去年中央经济工作会议一致。但将经 济增长和稳定物价放在更为重要位置。会议要求把促进经济稳定增长、物价合理 回升作为货币政策的重要考量。这意味着在当前物价相对偏低压力之下，货币政 策可能加大宽松，以推动物价的回升。在具体政策方面强调灵活高效运用降准降 息等多种政策工具。虽然去年中央经济工作会议也有适时降准降息的表述，今年 表述并未更积极，但考虑到当前 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 12 12 年 月 日 朝闻国盛 怎么看 2026 年美联储降息节奏？ 今日概览 ◼ 重磅研报 【宏观】增量信息不少—中央经济工作会议 6 大看点——20251211 【宏观】怎么看 2026 年美联储降息节奏？——兼评 12 月议息会议—— 20251211 【金融工程】低偏离度下的纯粹 Alpha 创造——兴银基金中小盘指增策 略探析——20251211 【非银金融】保险行业 2025 行情回顾——阶段性超额收益显著，全年跑 输大盘——20251211 ◼ 研究视点 【电子】蓝思科技（300433.SZ）-收购服务器业务公司，加码 AI 算力核 心布局——20251211 作者 | 分析师 | 杨润思 | | | | --- | --- | --- | --- | | 执业证书编号：S0680520030005 | | | | | 邮箱：yangrunsi@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 12.9% | 7.6% | 81.1% | | 国防 ...

证券研究报告 | 公司点评 gszqdatemark 2025 12 11 年 月 日 蓝思科技（300433.SZ） 收购服务器业务公司，加码 AI 算力核心布局 筹划重要收购，完成 AI 硬件赛道全面布局。2025 年 12 月 10 日，公司 与吕松寿 LEU，SONG-SHOW 签订股权收购意向协议，拟以现金及其他合 法方式购买其拥有的 PMG International Co.,LTD.（裴美高国际有限公司） 100%股权，进而获得元拾科技 95.12%股权。通过此次收购，公司将快速 获得国内外特定客户服务器机柜业务（涵盖机架、滑轨、托盘、Busbar 等 组件）的成熟技术及客户认证，以及先进液冷散热系统集成能力。这将与 公司自身强大的精密结构件与"材料-模组-整机"垂直整合能力形成深度 互补协同，使得公司能够提供从核心部件到散热系统的更完整 AI 硬件解 决方案，大幅增强核心竞争力，为公司开拓 AI 算力基础设施新赛道、加 速向全球 AI 硬件创新平台转型注入强劲动能。 从核心部件到散热系统，在服务器份额有望快速提升。AI 的快速演进正驱 动全球计算需求呈爆发式增长，根据贝恩公司预测，截至 203 ...

证券研究报告 | 金融工程 gszqdatemark 2025 12 11 年 月 日 2）中证 500 和中证 1000 指数成分股在行业分布上均衡配置，涉及的行 业众多，主动选股的难度较大，而量化选股的空间相对较大。中证 500 和 中证 1000 指数的成分股的分散度较高，量化模型则可利用这一广度优势， 通过多因子框架系统性挖掘 500-1000 只成分股的定价偏差。 3）从市场中的 300、500、1000 指增产品来看，量化策略在中小盘指 数成分股内具备更高的获取超额的能力，即长期而言中小盘具备更高的 alpha 价值。相比大盘而言中小盘是更适合量化策略的土壤，指增产品可 以获取更加丰厚的 alpha 潜在回报。 基金 alpha 分析：竞争力与超额收益能力 。 1）历史业绩：大幅跑赢基准。兴银中证 500 指数增强 A 近 1 年展现出优 秀的增强实效：收益端实现 6.6%的稳健超额，风险端回撤控制严于基准， 风险调整后收益性价比尤为突出。兴银中证 1000 指数增强 A 近 1 年展现 出优秀的增强策略执行力：收益端实现 9.7%的显著超额，产品自成立以 来跑赢比较基准，显示出基金经理的量化选股 ...

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证券研究报告 | 行业专题研究 gszqdatemark 2025 12 11 年 月 日 非银金融 保险行业 2025 行情回顾——阶段性超额收益显著，全年跑输大盘 保险行业阶段性超额收益显著，但市场风格切换全年跑输大市。A 股 市场显著回暖，2025 年初至今（2025/12/8，下同）全 A 指数+25.76%， 沪深 300 +17.46%。监管鼓励长期资金入市，险资加大权益资产配置 力度，投资收益带动业绩增速表现优异。保险行业指数+18.17%，跑 赢沪深 300 0.71ppt，但跑输全 A 指数 7.59 ppt。上半年保险指数跑赢 沪深 300 5.64ppt，下半年开始市场风格转换，半导体、AI、新能源等 科技成长板块领涨，下半年至今保险行业跑输沪深 300 5.6ppt。 个股表现差异较大，新华保险领跑。上市险企 2025 年以来个股涨幅排 名：新华 40.73%、平安 25.93%、人保 18.06%、太保 15.51%、国寿 10.41%。保险行业个股涨幅差异较大，主要是三方面原因： 1）投资及业绩表现：上市险企总投资收益率普遍较大幅提升，其中新 华最为显著。股债投资环境倒逼险资增配权 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 12 11 年 月 日 朝闻国盛 11 月 CPI 涨幅扩大，PPI 降幅小幅走阔 今日概览 ◼ 重磅研报 【宏观】可选消费亮点不少—CPI 三连升的背后——20251210 【固定收益】菜价推升 CPI——20251210 ◼ 研究视点 【电力】新能源新格局：解码 19 省机制电价竞价结果——20251210 【宏观】可选消费亮点不少—CPI 三连升的背后 作者 | 分析师 | 张一鸣 | | | | --- | --- | --- | --- | | 执业证书编号：S0680522070009 | | | | | 邮箱：zhangyiming@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 14.0% | 19.3% | 91.1% | | 综合 | 6.4% | 5.9% | 46.2% | | 国防军工 | 3.9% | 4.9% | 15.1% | | 轻工制造 | 2.1% | 3.3% | 10.6% | | 机械设备 | 1.6% | 4.3% ...