Overview - The report highlights that the energy storage lithium battery industry is entering a new profit cycle, driven by strong demand and improved supply dynamics [1][17]. Energy Storage - The energy storage sector is experiencing a global high prosperity, with significant policy and market support leading to rapid development [5][19]. - As of September 2025, China's wind and solar power accounted for 46% of installed power capacity, while new energy storage only represented 3% and 6% of total installed capacity and new energy capacity, respectively, indicating substantial growth potential [5][28]. - The exit of mandatory storage policies has allowed independent storage to emerge as a profitable asset, with improved pricing mechanisms and market conditions [5][36]. - Domestic energy storage projects have seen a significant increase, with new installations reaching 43.7 GW in 2024, a year-on-year growth of 103% [20][24]. Lithium Batteries - The lithium battery sector is benefiting from the growth in energy storage demand, with the industry moving out of a price decline cycle and entering a phase of volume and profit recovery [15][17]. - The demand for energy storage batteries is rising, and the sales of power batteries remain robust, contributing to a healthy growth outlook [15][17]. - The supply side is improving, with many companies still operating at a loss or minimal profit, leading to a strong desire to increase prices amid high demand [5][15]. Solid-State Batteries - Solid-state batteries are seen as a key technology to overcome the performance limitations of lithium batteries, with ongoing industrialization efforts supported by policy and market participants [5][17]. - The demand for solid-state batteries is expected to grow in applications requiring high energy density and safety, such as low-altitude flying vehicles and humanoid robots [5][17]. - Key materials and equipment for solid-state battery production are making progress, with significant technological barriers that favor advanced participants in the industry [5][17]. Investment Recommendations - The report maintains a "stronger than market" rating for the energy storage and lithium battery sectors, recommending investments in leading companies such as Sungrow Power Supply, Haimo Technologies, and CATL [8][12]. - The solid-state battery sector is also highlighted for its growth potential, with recommendations to focus on companies involved in key materials and equipment [8][12].

Group 1: Economic Confidence and International Trade - The central government shows increased confidence in international trade, with China's trade surplus exceeding $1 trillion for the first time in 2025[6] - China's export share reached 15.1% in the 12 months leading up to July 2025, up from 14.9% in 2024, indicating a recovery in global competitiveness[6] Group 2: Domestic Demand and Consumption - The focus remains on expanding domestic demand, with a shift towards service consumption and innovative products in subsidy policies for 2026[8] - The meeting emphasized the need to optimize the implementation of "two new" policies, indicating a potential shift in consumption subsidies towards sectors like elderly products and smart vehicles[9] Group 3: Investment and Infrastructure - The meeting highlighted the need to stabilize investment, with measures including increasing central budget investments and optimizing local government bond usage[9] - New policy financial tools are expected to be introduced to stimulate private investment, with a focus on digital economy and urban renewal projects[10] Group 4: Macro Policy Adjustments - The macro policy direction has shifted to "quality improvement and efficiency enhancement," indicating a more cautious approach compared to last year's focus on stability[12] - The fiscal deficit rate is projected to remain at 4% for 2026, with an increase in special bonds to support key projects[12] Group 5: Real Estate Market Stability - The government aims to stabilize the real estate market by controlling supply and encouraging the purchase of existing homes for affordable housing[16] - Reforms to the housing provident fund are proposed to broaden its usage and improve access for first-time buyers[17] Group 6: Supply-Side Optimization - The meeting acknowledged the prominent contradiction of strong supply versus weak demand, emphasizing the need for supply-side reforms[19] - The focus on "anti-involution" aims to stabilize market expectations and prevent rapid price declines in key industries[20]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [7]. Core Insights - The report emphasizes the need to stabilize the real estate market, focusing on inventory reduction and quality supply. The central economic work conference highlighted the importance of controlling new supply, reducing existing inventory, and encouraging the acquisition of existing residential properties for affordable housing [3][6]. - The construction of "good houses" is a continuing trend, with a push for high-quality development in the real estate sector. The report anticipates that companies with strong land acquisition capabilities and product quality will benefit from this trend [6]. - The reform of the housing provident fund system is a new focus, aiming to enhance the efficiency and flexibility of fund usage, which includes optimizing loan application conditions and supporting the purchase of affordable housing [6]. Summary by Sections Market Stability - The report notes that despite a decline in the inventory of unsold properties since March 2025, the absolute scale remains high at 760 million square meters as of October. This high inventory level and weak consumer sentiment are significant barriers to market recovery [6]. - The acquisition of existing properties is seen as an effective measure for inventory reduction, with expectations for continued progress in this area [6]. "Good House" Construction - The report outlines a commitment to promoting the construction of "good houses," which aligns with the 14th Five-Year Plan's goals for high-quality real estate development. This initiative is expected to be a medium-term trend benefiting companies with strong inventory structures and product capabilities [6]. Housing Provident Fund Reform - The report discusses the deepening of housing provident fund reforms, which aim to improve the conditions for converting commercial loans to public loans and enhance the withdrawal policies for housing provident funds. These reforms are expected to increase the efficiency of fund usage [6].

非银行金融 2025 年 12 月 12 日 【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 证券分析师 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 【平安证券】行业点评-非银行金融-人身险预定利率 再下调，分红险具备比较优势-强于大市 20250727 【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 保险业 2026 年度策略报告 攻守兼备，乘势而上 强于大市（维持） 行情走势图 | 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 | | | XUMIAO533@pingan.com.cn | 平安观点： 行 业 报 告 行 业 年 度 策 略 报 证 券 研 ...

Overview - The renewable energy sector saw a 42% increase in 2025, outperforming the CSI 300 index by 24.78 percentage points, driven by strong demand for energy storage and the gradual implementation of anti-involution policies [11][14]. Solar Energy - The domestic solar market is expected to face pressure in 2026, with new installations projected to decline to 200-250 GW, down from an estimated 300 GW in 2025, which represents an 8% year-on-year growth [5][28]. - In 2025, China added 252.9 GW of new solar capacity from January to October, a year-on-year increase of 71.8 GW, with a significant portion of installations occurring in the first half of the year due to policy influences [5][18]. - Global solar installations are expected to reach 655 GW in 2025, a 10% increase year-on-year, but demand is anticipated to stabilize or slightly decline in 2026 due to various market challenges [36][37]. - The supply side is undergoing restructuring due to anti-involution policies, with significant reductions in production and inventory pressures observed in the polysilicon market [40][45]. - The BC battery technology is gaining traction, with expected rapid increases in penetration rates, potentially becoming the mainstream technology by 2030 [48][53]. Wind Energy - The domestic wind power market is projected to maintain stable growth, with onshore wind installations expected to remain flat in 2026, while offshore wind installations are forecasted to increase by over 40% to approximately 11.2 GW [5][16]. - The wind turbine market is experiencing a recovery in profitability, supported by stable pricing and expansion into overseas markets, creating new growth opportunities [16][18]. - The development of hydrogen and ammonia markets is expected to provide additional growth avenues for wind turbine manufacturers [5][16]. Investment Recommendations - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting key companies to watch in wind energy, such as Goldwind Technology, Mingyang Smart Energy, and Yunda Co., and in solar energy, including LONGi Green Energy and Aiko Solar [5][7].

债券 2025 年 12 月 11 日 美联储那些事儿 美联储议息会议：政策利率处于"有利位置" 证券分析师 图表1 鲍威尔发布会表态要点 资料来源： FED ，平安证券研究所 9月以来的降息使当前利率整体处于中性的区间(within a broad range o f estimates o f neutral)和有利的位置 （well positioned t o wait too see how the economy evolved），可以等待观察经济的演变，美联储将谨慎评 估即将到来的数据。 在评估家庭调查数据时必须谨慎，因为劳动力市场数据收集方式可能存在一些问题，导致数据出现偏差， 不仅波动性更大，还会出现扭曲的情况；同时1 0月和1 1月部分数据可能未能收集齐全，美联储需要以谨慎 和怀疑的态度来审视这些数据。 不认为当前存在加息的预期。 就储备管理购买（reserve management purchase），因为4月15日是纳税日，居民和企业缴税可能导致准备金季节 性回落，所以未来几个月将保持较高的购债规模；此外，准备金规模需要跟随银行体系和经济规模增长，这可能 导致准备金需要每月增加200- ...

Investment Rating - The industry investment rating is "Outperform" compared to the market, indicating an expected performance greater than the CSI 300 index by more than 5% over the next six months [49]. Core Insights - Alnylam has shown strong revenue growth, with total revenue reaching $1.249 billion in Q3 2025, a year-over-year increase of 149%. Net product revenue was $851 million, up 103%, and revenue from collaborations and royalties surged by 393% to $398 million [2][7]. - The TTR product line is experiencing rapid growth, with Q3 2025 revenue of $724 million, a 135% increase year-over-year. The company has raised its full-year revenue guidance for TTR products to between $2.475 billion and $2.525 billion [16][29]. - Alnylam's research pipeline is robust, with seven drugs in Phase 3 clinical trials, including Nucresiran, which is expected to offer a better dosing regimen. The company is also exploring siRNA therapies in chronic disease areas [38][40]. Summary by Sections 1. Q3 2025 Performance Overview - In Q3 2025, Alnylam's total revenue was $1.249 billion, reflecting a 149% increase from the previous year. The net product revenue was $851 million, up 103%, while collaboration and royalty revenues reached $398 million, a 393% increase [2][7]. 2. Rapid Growth of TTR Products - The TTR product revenue for Q3 2025 was $724 million, marking a 135% year-over-year increase. The company has adjusted its full-year revenue guidance for TTR products to $2.475 billion to $2.525 billion, up from the previous estimate of $2.175 billion to $2.275 billion [16][29]. 3. Rich R&D Pipeline - Alnylam has a diverse R&D pipeline with seven drugs in Phase 3 trials. Nucresiran, a new generation TTR product, is expected to provide a more effective dosing schedule. The company is also advancing siRNA therapies in chronic disease management [38][40].

石油石化 2025 年 12 月 10 日 传统能源行业 2026 年年度策略报告 周期新启，攻守兼备 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 25-01 25-02 25-03 25-04 25-05 25-06 25-07 25-08 25-09 25-10 25-11 25-12 沪深300 石油石化 煤炭 证券分析师 | 陈潇榕 | 投资咨询资格编号 | | --- | --- | | | S1060523110001 | | | chenxiaorong186@pingan.com.cn | 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 平安观点： 行 业 报 告 行 业 年 度 策 略 报 告 证 券 研 究 报 告 图表1 主要大宗商品和金融资产价格涨跌幅 图表2 原油、天然气、煤炭价格走势(美元/百万英热) 资料来源： wind ，钢联数据，平安证券研究所，注：数据截至 2025.11.20 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 10 11 12 13 ...

Group 1 - The banking industry in 2026 will face a mixed external environment with strong macroeconomic resilience but insufficient effective demand, leading to continued moderate monetary policy and challenges in asset allocation due to a low interest rate environment [4][10] - The "14th Five-Year Plan" emphasizes the construction of a financial powerhouse, urging banks to leverage their resource endowments and deepen their strategic initiatives over the next five years [4][10][22] - The overall financial performance of listed banks is expected to improve in 2026, driven by the recovery of net interest income and non-interest income, with a projected net profit growth of 2.4% year-on-year [4][27] Group 2 - The net interest margin is expected to narrow by 6 basis points in 2026, with net interest income growth projected to rise to 4% compared to 0.3% in 2025 [4][27] - Non-interest income is anticipated to continue improving due to the recovery of wealth management opportunities and the fading impact of fee reductions from previous years [4][27] - The overall asset quality of the banking sector is expected to remain stable, with a focus on monitoring risks in the retail sector [4][27] Group 3 - The investment strategy emphasizes high dividend yields as a protective measure, with the banking sector's average dividend yield at 3.94%, providing a significant premium over ten-year government bonds [4][27] - Specific banks such as Chengdu Bank, Jiangsu Bank, and Shanghai Bank are highlighted for their strong regional advantages and potential for continued dividend growth [4][27][34] - The report suggests that the active capital market will provide a potential boost to quality retail banks, enhancing their recovery prospects [4][27]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In 2025, the CSI Cash Flow Index performed excellently, with an excess return of 11.2% compared to the CSI Dividend Index as of the end of November, mainly coming from the second half of the year. The index can stably outperform the CSI Dividend Index in the long - term, and its relative excess return does not depend on the dominance of growth or value styles [5][8]. - The adjustment of constituent stocks contributed good returns to the index. The high - frequency and high - proportion adjustment of constituent stocks in the past year has brought good performance, especially the 49 stocks included on June 16, with an average return of 27.1% in 90 days after inclusion, much higher than the 11.9% of the excluded stocks. The index also showed significant industry timing ability [5][15]. - The industry rotation strategy based on the industry distribution of the CSI Cash Flow Index had an annualized return of 12.8% and an annualized excess return of 1.9% since 2014. The index's industry allocation ability can bring significant excess returns in the value - dominant style, but the excess return is prone to large drawdowns in the growth - dominant style [5][20]. Summary by Directory 2025 CSI Cash Flow Index Performed Excellently - At the beginning of 2025, free - cash - flow index funds became a hot topic in the market. As of November 30, 59 new cash - flow index funds were issued, tracking multiple cash - flow - related indexes. The cash - flow index was questioned due to high - frequency constituent stock updates, over - fitting risks, and opaque historical data. From January to February, it significantly underperformed the dividend index, causing doubts about its excess - return stability [8]. - As of the end of November 2025, the excess return of the CSI Cash Flow Index compared to the CSI Dividend Index reached 11.2%, mainly from the second half of the year. In the first half, it underperformed by 2.5 percentage points, but from mid - July, it significantly outperformed, with a cumulative excess return of 14.1% in the second half [5][8]. - At the beginning of the value - to - growth style switch, the cash - flow index is prone to underperform the dividend index, which is in line with historical rules. During the value - to - growth style switch starting from September 2024, the CSI Cash Flow Index underperformed the CSI Dividend Index by 7.2 percentage points from November 13, 2024, to April 8, 2025 [11]. - The cash - flow index performed well both when the market rose significantly and the growth style dominated from July to September, and when the market adjusted and the value style dominated from October to November. Since July, it has achieved significant excess returns compared to the dividend index [12]. Component Stock Adjustment Contributed Good Returns to the Index - The CSI Cash Flow Index has a high - frequency and often high - proportion adjustment of constituent stocks. In the past year, the adjustment of constituent stocks contributed good returns. The index conducts quarterly adjustments in March, June, September, and December. In 2025Q3, 2025Q2, 2025Q1, and 2024Q4, the number of changed constituent stocks was 39, 49, 8, and 44 respectively. Except for the 8 stocks included on March 17, the average return of included stocks was higher than that of excluded stocks in other adjustments [15]. - In June, the index significantly increased its holdings in non - ferrous metals, power equipment and new energy, and machinery industries, showing significant industry timing ability. The non - ferrous metals (increased by 5.6%), agriculture, forestry, animal husbandry and fishery (increased by 5.3%), machinery (increased by 3.1%), and power equipment and new energy (increased by 2.7%) industries that were significantly increased in June had gains of 44%, 12%, 27%, and 43% respectively in the third quarter [16][17]. Industry Rotation Strategy Based on the Industry Distribution of the CSI Cash Flow Index - Since the free - cash - flow index has significant alpha returns, and industry allocation and timing ability are important sources of its excess returns, an industry rotation strategy is constructed based on the industry distribution of the CSI Cash Flow Index to verify its industry allocation ability. Due to the limited public data of the index's constituent stocks, the self - calculated constituent stocks since December 2013 are used [19]. - The industry rotation strategy based on the industry distribution of the CSI Cash Flow Index has an annualized return of 12.8% and an annualized excess return of 1.9% since 2014. The accumulation of excess returns has significant periodic characteristics. The index's industry allocation ability can bring more significant excess returns in the value - dominant style, while the excess return is prone to large drawdowns in the growth - dominant style [20].