非银行金融 2025 年 12 月 18 日 相关研究报告 【平安证券】行业年度策略报告*非银*证券行业 2026 年年度策略报告：提质增效，格局优化*强于大 市 20251216 【平安证券】行业年度策略报告*非银行金融*保险行 业 2026 年度策略：攻守兼备，乘势而上*强于大市 20251212 【平安证券】行业点评*非银行金融*下调保险投资股 票风险因子，培育壮大耐心资本*强于大市 20251207 【平安证券】行业点评*非银行金融*中金拟吸收合并 东兴+信达，证券业供给侧改革加速*强于大市 20251120 【平安证券】行业点评*非银行金融*NBV 增速走阔， 投资助国寿 25Q3 利润高增*强于大市 20251031 【平安证券】行业点评*非银行金融*资负共振，新华 25Q3 利润与 NBV 显著增长*强于大市 20251031 【平安证券】行业点评*非银行金融*COR 与 NBV 持 续向好，人保 25Q3 业绩稳增*强于大市 20251031 行业点评 中金吸收合并方案落地，供给侧格局持续优化 强于大市（维持） 行情走势图 证券分析师 | 李冰婷 | 投资咨询资格编号 | | --- | -- ...

宏观经济与政策 2025 年 12 月 17 日 宏观深度报告 中国经济的新特点与新趋势 证券分析师 | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG934@pingan.com.cn | | 张璐 | 投资咨询资格编号 | | | S1060522100001 | | | ZHANGLU150@pingan.com.cn | | 常艺馨 | 投资咨询资格编号 | | | S1060522080003 | | | CHANGYIXIN050@pingan.com.cn | 平安观点： 当前中国经济正步入高质量发展的新阶段，呈现出五大鲜明特征。 | 一、 全球科技角逐方向更加明晰 4 | | --- | | 二、 国际经贸冲突应对有利，提升战略自信 7 | | 三、 经济转型特征凸显：新经济与传统经济分化 9 | | 四、 "反内卷"成为新主线 11 | | 五、 财政成为宏观主导变量，货币配合 14 | | 六、 风险提示 17 | 宏 观 深 度 报 告 证 券 研 究 报 告 宏 观 报 告 一、 一、 全球 ...

证券研究报告 政策优化预期升温，关注中期楼市企稳可能 2025年12月17日 请务必阅读正文后免责条款 月酝知风之地产行业 地产行业月报 行业评级：地产 强于大市（维持） 证券分析师 杨 侃 投资咨询资格编号：S1060514080002 王懂扬 投资咨询资格编号：S1060522070003 核心摘要 本月观点：中央经济工作会议强调着力稳定房地产市场，市场对政策预期有所升温，我们认为降低房贷利率增加购房吸引力仍有必要，关注后续房贷 利率变化（包括贴息/降息/房贷加点变化等）。我们在2026年年度策略《曙光渐近，拥抱价值》中对比本轮国内调整与海外此前调整周期，当前国内 量价调整幅度已与海外接近，仅调整时间（截止2025年10月为4.1年）略低于海外（5.13年），若简单类比海外，2026H2到2027年行业或迎来底部企稳。 2025Q2中国香港Hibor下调导致房贷利率下降或为区域楼市企稳重要因素，若2026年房贷利率超预期下调，或形成类似香港催化，关注2026H2到2027楼 市企稳可能性。投资建议方面，建议关注三条主线：1）历史包袱较轻、库存结构优化、拿地及产品力强的房企有望持续受益"好房子"建设，如华润 ...

2025 年 12 月 17 日 2025 年 11 月经济增长数据点评 服务消费增速加快 证券分析师 | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG93 4@pingan.com.cn | | 张璐 | 投资咨询资格编号 | | | S1060522100001 | | | ZHANGLU150@pingan.com.cn | | 常艺馨 | 投资咨询资格编号 | S1060522080003 CHANGYIXIN050@pingan.com.cn 事项： 国家统计局发布 2025 年 11 月主要增长数据。 平安观点： 宏 观 报 告 宏 观 点 评 报 告 证 券 研 究 报 告 2025 年 11 月中国经济增长平稳，生产表现快于需求。结构上，高技术制造 业、服务消费是其中亮点，高质量发展指引下产业升级态势持续。中央政治 局会议指出，"经济社会发展主要目标将顺利实现"，因此宏观政策将更多着 眼于 2026 年。尽管消费和投资增速放缓，但中央经济工作会议部署"优化 '两新'政策实施"，明确指出"推动投资止 ...

非银行金融 2026 年 12 月 16 日 证券行业 2026 年年度策略报告 提质增效，格局优化 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业半年度策略报告*非银行金融*高质 量发展引领价值重估，头部公司更具韧性——非银金 融行业 2025 年中期策略报告*强于大市 20250701 证券分析师 | 李冰婷 | 投资咨询资格编号 | | --- | --- | | | S1060520040002 | | | LIBINGTING419@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S1060525020001 | 平安观点： 行 业 报 告 行 业 年 度 策 略 报 证 券 研 究 报 告 告 XUMIAO533@pingan.com.cn 板块行情复盘：板块 Beta 属性突出，关注资金风格切换。复盘历史多轮 行情，券商获取超额收益阶段通常需要政策、流动性、市场景气度等多因 素共振，25 年至今券商指数跑输沪深 300 指数 12.9pps，预计与科技风格、 证券 IT 和低估值 H 股券商对资金的分流等因素的扰动相关。但券商板块 4-8 月仍取得相对可 ...

证券研究报告 平衡型、进取型组合调减QDII仓位，周期产品获增持 ——2025年11月基金投顾投端跟踪报告 证券分析师 | 郭子睿 | | 投资咨询资格编号：S1060520070003 | | --- | --- | --- | | 任书康 | | 投资咨询资格编号：S1060525050001 | | 陈 | 瑶 | 投资咨询资格编号：S1060524120003 | | 研究助理 | | | | 胡心怡 | | 一般从业资格编号：S1060124030069 | 2025年12月16日 请务必阅读正文后免责条款 高 越 一般从业资格编号：S1060124070014 报告摘要 2 基金投顾组合总体情况：1）截至2025年11月末，上线天天基金APP的基金投顾组合共469只，相比上月末增加4只组合；其中，新增股债中枢型 组合中平衡型2只、进取型1只以及赛道型中消费主题组合1只。2）截至2025年11月末，股债中枢型、赛道型、区域型投顾组合分别为412只、36 只和21只。 投顾组合业绩表现跟踪： 1）股债中枢型：过去一年，进取型、平衡型组合的收益率中位数跑赢同类型FOF产品；稳健型组合的收益率中位数跑 输 ...

Core Insights - The report emphasizes the continuous improvement of the global competitiveness of Chinese innovative pharmaceutical companies, focusing on innovation from both "therapeutic areas" and "technology platforms" [5][6] - The growth of commercial health insurance premiums is expected to provide new payment sources for medical expenses, as the scale of commercial health insurance is projected to reach 977.4 billion yuan by 2024 [29][30] - The report identifies potential therapeutic areas such as metabolic diseases (e.g., weight loss), chronic diseases (e.g., hypertension, hyperlipidemia), and central nervous system diseases (e.g., Alzheimer's, Parkinson's) as key focus areas for innovation [5][38] - Emerging technology platforms like small nucleic acid drugs, radioactive drugs (RDC), and CAR-T therapies are highlighted as significant areas for investment [5][38] Market Review - As of November 15, 2025, the pharmaceutical sector has outperformed the market, with the pharmaceutical index rising by 22.09% compared to a 17.62% increase in the CSI 300 index, resulting in a 4.47 percentage point outperformance [11] - The chemical preparation sector showed the best performance, increasing by 40.52%, followed by medical services (+36.98%) and chemical raw materials (+25.34%) [20] - The overall PE valuation of the pharmaceutical sector is at 30.89 times, which is relatively low compared to historical averages, indicating potential for future growth [22][23] Innovative Drugs - The report notes that the growth of health expenditures in China, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating a robust market for innovative drugs [26][27] - The analysis of multinational corporations (MNCs) reveals that innovation is a core competitive advantage, with companies like Eli Lilly and Novartis showing significant growth driven by innovative products in advanced technology fields such as GLP-1 and ADC [31][32] - The report highlights the strong sales performance of GLP-1 drugs, with Eli Lilly's Mounjaro generating $6.515 billion in revenue in Q3 2025, reflecting a 109% year-on-year increase [44] CXO and Upstream - The report indicates a slight increase in pharmaceutical financing, with a recovery in business development transactions and H-share IPOs, which is expected to stimulate innovation [5] - The demand for external CXO services is growing, particularly in emerging fields such as peptides and small nucleic acids, while internal CXO orders are also showing signs of recovery [5][39] Medical Devices - The domestic medical device market is currently under pressure due to policy impacts, but improvements are anticipated as companies continue to innovate and expand internationally [5] - The report suggests that the industry fundamentals are expected to improve, with a focus on companies like Mindray Medical and Microelectrophysiology [5][39]

Investment Rating - The industry investment rating is "Outperform the Market" [8] Core Viewpoints - The approval of the first batch of L3 conditional autonomous driving vehicle licenses by the Ministry of Industry and Information Technology marks a significant step towards the commercialization of L3 autonomous driving in China [2][3] - The current L3 vehicles have operational limitations, with one model capable of operating at a maximum speed of 50 km/h in congested traffic and another at 80 km/h on highways, but both are restricted to specific areas [3] - The commercialization of intelligent driving is expected to accelerate by 2026, with various companies planning to launch autonomous driving models and services during that year [3] Summary by Sections Industry Overview - The report highlights the transition of L3 autonomous driving technology from testing to commercial application, as indicated by the recent approvals [2][3] Regulatory Developments - The Ministry of Industry and Information Technology's approval signifies a policy advancement that supports the production of L3 vehicles, laying the groundwork for future commercialization [3] Market Opportunities - The report anticipates a key opportunity period for intelligent driving in 2026, with advancements in algorithms and the rollout of Robotaxi services [3] Investment Recommendations - Recommended companies include Horizon Robotics, Seres (Huawei ADS-enabled vehicles), Li Auto, Great Wall Motors, and Xpeng Motors, as they are positioned to benefit from the upcoming developments in the autonomous driving sector [3]

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [34] Core Insights - The report emphasizes the achievements of the medical insurance system during the "14th Five-Year Plan" period and outlines the key focus areas for 2026, including enhancing the basic medical insurance system, supporting the development of commercial health insurance, and optimizing medical insurance payment mechanisms [4][18] - The report suggests that the rise of innovative drugs is sustainable, recommending attention to companies with rich pipeline layouts, high-potential innovative drugs, and leading enterprises in cutting-edge technology platforms [6] Summary by Sections Industry Overview - The national medical insurance work conference was held in Beijing, focusing on the implementation of policies and strategies to improve the medical insurance system and support the development of the pharmaceutical industry [4][18] Investment Strategy - Investment recommendations include focusing on innovative drug companies with diverse pipelines, companies with high potential single products, and firms leading in advanced technology platforms [6] - The report also highlights the stability of R&D investments in the pharmaceutical sector and the potential for growth in emerging fields [6] Market Performance - The pharmaceutical sector experienced a decline of 1.04% last week, ranking 17th among 28 industries, while the Shanghai and Shenzhen 300 Index fell by 0.08% [9][20] - The valuation of the pharmaceutical sector is reported at 29.16 times (TTM), with a premium of 16.73% compared to the overall A-shares [25] Notable Industry News - Fosun Pharma licensed oral GLP-1 to Pfizer, with potential milestone payments totaling up to $15.85 billion based on sales performance [14] - Baiaosaitu successfully listed on the STAR Market, raising 1.267 billion yuan with a significant opening price increase [15] - Zhenjiang Tianqing's semaglutide injection application has been accepted for listing, indicating strong market interest in GLP-1 products [17]

电子行业 强于大市（维持） 平安证券研究所 电子团队 证券研究报告 商业航天发展加速，太空算力前景广阔 分析师：杨钟 S1060525080001（证券投资咨询） 郭冠君 S1060524050003（证券投资咨询） 邮箱： YANGZHONG035@pingan.com.cn GUOGUANJUN625@pingan.com.cn 2025年12月15日 请务必阅读正文后免责条款 核心摘要 商业航天发展加速，太空算力前景广阔。得益于火箭技术持续进步和产业链逐步成熟，以及民营火箭企业数量的逐步增 加导致市场竞争加剧，近几年中国火箭发射成本持续下降，中国航天发射任务数量持续增加，2024年中国全年累计成功 发射火箭次数达68次，2025年1-11月累计成功发射次数已达74次。此外，随着商业航天行业持续发展，以及卫星对自主 计算需求的提升和AI航天应用逐步推广，全球积极布局太空算力，早在2024年，NASA便与HPE合作在国际空间站部署 搭载英伟达GPU的星载计算机，国内方面，2025年5月中国科学院公布了其研制出的极光天基大模型的阶段性应用成果， 2025年11月在太空数据中心建设工作推进会上，北京提出拟在70 ...