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) [32] Core Insights - The National Healthcare Security Administration issued the "Guidelines for the Establishment of Pricing Projects for Pathological Medical Services (Trial)," which aims to systematically reshape existing pathological pricing projects, focusing on biopsy sampling, sample processing, slice replication, pathological staining, and diagnosis, establishing 28 pricing projects, 3 additional charges, and 2 expansion items. This refined pricing is expected to promote high-quality development in pathology and create new scenarios for the application of artificial intelligence-assisted technologies [4] - The guidelines will standardize the charging for digital pathological slices, solidifying the data foundation for large-scale applications of new scenarios. It includes "providing digital images of pathological slices" as an essential item for various pathological services, reflecting the costs of related resource consumption in pricing [4] - The guidelines also explore suitable forms to respond to the charging demands of artificial intelligence assistance, promoting the early application of AI in the pathology field by including "AI-assisted diagnosis" as an expansion item in the pricing structure [4] - The establishment of separate pricing projects for pathological diagnosis and sample testing emphasizes the value of technical services and supports precise medication guidance [4] Summary by Sections Investment Strategy - The report suggests focusing on innovative pharmaceutical companies with rich pipeline layouts, such as Heng Rui Medicine, BeiGene, and China National Pharmaceutical Group. It also highlights companies with significant single-product potential and price revaluation prospects, such as 3SBio, Kaineng Technology, and Qianhong Pharmaceutical. Additionally, it recommends companies leading in cutting-edge technology platform layouts, such as Dongcheng Pharmaceutical, Yuanda Pharmaceutical, and Kelun-Biotech [6] - In the CXO sector, it notes that R&D investment in pharmaceuticals is steadily increasing, and the innovation environment is expected to improve, suggesting attention to companies like WuXi AppTec, WuXi Biologics, and Boteng Co. [6] - For upstream companies, it indicates that quality enterprises are entering a harvest period with overseas layouts, recommending attention to Aopumai, Baipusais, and Baiyao [6] - In the medical device sector, it mentions that ongoing procurement will continue to advance, with equipment companies gradually digesting channel inventory, suggesting attention to Mindray Medical, United Imaging, and Kaili Medical [6] Industry News - The report highlights several key developments in the industry, including Takeda's TYK2 drug achieving positive results in Phase III studies, Baiyatai's anti-VEGF monoclonal antibody application for market approval, Sanofi's innovative therapy for hypertrophic cardiomyopathy receiving domestic approval, and Enhertu (Trastuzumab Deruxtecan) gaining FDA approval for a new indication [8][12][15][16]

行 业 报 告 行业点评 存储周期强劲，美光业绩超预期 强于大市( 维持) 行情走势图 杨钟 投资咨询资格编号 S1060525080001 yangzhong035@pingan.com.cn 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan.com.cn 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 事项： 近日，美光科技发布FY26Q1财报，FY26Q1公司Non-GAAP营收达136.4亿美 元 ， 同 比 +57% ， 环 比 +21% ， Non-GAAP 净 利 润 达 54.8 亿 美 元 ， 同 比 +169%，环比+58%。 平安观点： 电子 相关研究报告 【平安证券】行业动态跟踪报告*电子*存储周期跟踪 复盘，AI催生景气向上*强于大市20251124 【平安证券】行业深度报告*电子*AI系列专题报告 （九）存储：主流存储迎来全面涨价，企业级产品需 求持续向好*强于大市20251106 证券分析师 2025年12月19日 行 业 点 评 研 究 报 告 求，122TB和245TB容量的 ...

2025年12月19日 请务必阅读正文后免责条款 摘要 证券研究报告 【平安证券】震荡寻微光 ——2026年公募REITs年度策略报告 证券分析师 刘 璐 投资咨询资格编号：S1060519060001 陈蔚宁 投资咨询资格编号：S1060524070001 25年REITs供需均强，估值提升。截至11月28日（下同），25年REITs指数上涨7%，跑赢债券、跑输权益，与历史年度涨幅相比亦居中位。基本面 变动不大，延续"稳定好于周期"的特点。供需方面，供给攀升，二级市场解禁是重要的供给来源；需求方面，受益于资产荒、上半年牛市，投资 者需求也有所升温。投资者对REITs接受度提升，全市场IRR下行1.47pct至4.01%，IRR-10Y国债利差压缩至217BP。 25年REITs市场的三条策略主线：参与一级发行、消费、基于估值的板块切换。主线一，一级认购策略收益丰厚。25年上市的新项目一二级现金分 派率差平均为1.34pct，明显高于24年水平；新行业分派率较可比资产高约3pct。一级网下打新、参与战配在25年的期望收益率可达到29%、34%； 市政、新型基础设施两个新行业上市以来涨幅超40%。主线二，24Q ...

2025 年 12 月 19 日 2025 年 11 月财政数据点评 财政支出蓄力 额证券分析师 | 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 | 平安观点： 事项： 财政部发布 2025 年 1-11 月财政收支情况。 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 宏 观 报 告 宏 观 点 评 证 券 研 究 报 告 公共财政收支维持增长势头。2025 年前 11 个月，公共财政收入同比增速为 0.8%，持平于上月，继续较快增长；公共财政支出同比增速为 1.4%，较上 月回落 0.6 个百分点。以"使用赤字/预算赤字"衡量，2025 年前 11 个月第 一本帐赤字使用进度为 62.2%，较过去三年同期均值低 9.2 个百分点，留有 余力。 税收收入延续增势。2025 ...

Investment Rating - The industry investment rating is "Outperform the Market" [7] Core Viewpoints - The merger plan of CICC, Dongxing Securities, and China Cinda has been implemented, enhancing the comprehensive financial service capabilities [3] - The merger is expected to result in CICC's operating revenue of approximately 27.4 billion yuan and total assets reaching 1.01 trillion yuan, ranking it fourth among listed securities firms [3] - The ongoing supply-side reform in the financial sector is expected to improve the competitive landscape and service capabilities of the industry [4] Summary by Sections Merger Details - On December 17, CICC, Dongxing Securities, and China Cinda announced their share swap merger plan [2] - The share swap ratios are 0.4373 shares of CICC for each share of Dongxing Securities and 0.5188 shares for each share of China Cinda [3] Financial Projections - Post-merger, CICC's net profit is projected to reach 9.52 billion yuan, making it the sixth largest among listed securities firms [3] - The industry is expected to see significant growth in 2025 due to ongoing capital market reforms and the continuous influx of long-term funds [4] Market Positioning - The merger is part of a broader trend of consolidation in the securities industry, aimed at creating "first-class investment banks and investment institutions" [3][4] - Major shareholders have committed to a 36-month lock-up period for their shares acquired in the merger [3]

Group 1: Global Technology Competition - The global technology competition is increasingly defined by the US-China rivalry, with China narrowing the gap in fields like semiconductors and artificial intelligence[7] - In 2025, AI-related investments contributed approximately 6.8% to the US GDP, with a notable 0.92 percentage point contribution to year-on-year GDP growth in Q2[12] - The capital expenditure of the top seven US tech companies (MAG7) reached nearly $267 billion in 2025, a 67.7% increase year-on-year, accounting for about 27% of total S&P 500 capital expenditure[9] Group 2: International Trade and Economic Confidence - In 2025, China's direct exports to the US decreased to 11.3% of total exports, down from 14.7% in 2024, indicating a shift in trade dynamics[21] - The Chinese government effectively countered US tariffs, showcasing its industrial strength and market size, with the Wind All A index rising by 22.2% in 2025[19] - China's dominance in rare earth processing, with a 58% share of global production capacity, underpins its strategic response to international trade conflicts[20] Group 3: Economic Transition and Structural Changes - The "new new three" categories—robots, artificial intelligence, and innovative drugs—are set to lead China's industrial upgrade, reflecting a shift towards high-end manufacturing[27] - By 2024, the "three new" industries accounted for about 18% of GDP, while the real estate and construction sectors' share fell from 15.3% in 2020 to 12.9%[27] - In the first ten months of 2025, China's industrial robot production increased by 28.8% year-on-year, with exports growing by 61.5%[28] Group 4: Policy and Market Dynamics - The Chinese government is focusing on "anti-involution" policies to promote rational market competition, with significant measures announced in 2025 to eliminate local protectionism[35] - Fiscal policy in 2025 emphasized "stabilizing growth" through increased central leverage, with net fiscal injections contributing 76% to new M2 growth in the first three quarters[3]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The central economic work conference emphasizes stabilizing the real estate market, leading to increased market expectations for policy changes. It is deemed necessary to lower mortgage rates to enhance home buying attractiveness, with a focus on subsequent changes in mortgage rates [2][3] - The current domestic adjustment in volume and price is approaching that of previous overseas cycles, with the adjustment duration slightly shorter than overseas. A simple comparison suggests that the industry may reach a bottom and stabilize between the second half of 2026 and 2027 [2] - The decline in Hong Kong's Hibor in Q2 2025 is expected to lead to a decrease in mortgage rates, which could be a crucial factor for regional market stabilization. If mortgage rates in 2026 are lowered more than expected, it may catalyze a similar recovery as seen in Hong Kong [2] - Investment recommendations focus on three main lines: 1) Real estate companies with light historical burdens and strong product capabilities, such as China Resources Land and China Overseas Development, are expected to benefit from the "good housing" initiative; 2) Hong Kong real estate firms benefiting from the stabilization of the Hong Kong market; 3) Companies with stable cash flow and dividends, such as China Resources Vientiane Life and Poly Property [2] Policy Summary - The pilot program for commercial real estate REITs has been initiated, expanding the scope to include urban renewal facilities, hotels, and sports venues, aiding in the transformation of the real estate sector [3][5] - The central economic work conference aims to stabilize the real estate market and reduce inventory, with a focus on boosting residents' willingness to purchase homes. It is expected that mortgage rate reductions and the loosening of housing restrictions will continue [5][6] Financial Summary - In November 2025, the M2 growth rate was 8%, with a slight decline in the growth rate compared to the previous month. The social financing stock growth rate remained stable at 8.5% [12] - The new personal housing loan rate in Q3 2025 was 3.07%, indicating potential room for further mortgage rate reductions [16] Market Performance - In November, the average daily transaction volume of new homes in 50 key cities decreased by 43.1% year-on-year, while the average daily transaction volume of second-hand homes in 20 key cities decreased by 27.8% year-on-year [20] - The average land supply in 100 cities in November was 31 million square meters, a 130% increase month-on-month, while the average transaction area was 12 million square meters, showing a slight decrease [27] Company Performance - In November 2025, the sales amount of the top 100 real estate companies decreased by 36.8% year-on-year, with a cumulative sales amount decline of 18.8% for the first 11 months [35] - The average land acquisition sales ratio for the top 50 real estate companies was 19% for sales amount and 31% for sales area, both showing a decrease compared to the previous month [39] Stock Market Performance - The real estate sector index fell by 2.81% in November, underperforming the CSI 300 index, which fell by 2.46%. As of December 15, 2025, the real estate sector's PE (TTM) was 58.54 times, placing it in the 94.24 percentile of the past five years [40][43]

Economic Growth Overview - In November 2025, China's industrial added value grew by 4.8% year-on-year, slightly down by 0.1 percentage points from the previous month[3] - The service production index increased by 4.2% year-on-year, a decrease of 0.4 percentage points compared to October[3] - Retail sales of consumer goods rose by 1.3% year-on-year, down 1.6 percentage points from the previous month[3] Sector Performance - High-tech manufacturing added value increased by 8.4%, accelerating by 1.2 percentage points from the previous month, outpacing the overall industrial growth rate by 3.6 percentage points[3] - The export delivery value showed a marginal recovery, with a year-on-year decline of 0.1%, improving by 2.0 percentage points from October[3] - The service retail sales grew by 5.4% year-on-year from January to November, with a 0.1 percentage point increase compared to the previous month[3] Investment Trends - Fixed asset investment saw a cumulative year-on-year decline of 2.6% from January to November, a drop of 0.9 percentage points from the previous month[3] - Infrastructure and manufacturing investments maintained expansion, with cumulative year-on-year growth rates of 0.1% and 1.9%, respectively[3] - Equipment purchase investment rose by 12.2% year-on-year, contributing 1.8 percentage points to overall investment growth[3] Risks and Outlook - Risks include potential underperformance of growth stabilization policies, unexpected severity of overseas economic downturns, and escalation of geopolitical conflicts[3]

Core Viewpoints - The report emphasizes the importance of improving efficiency and optimizing the industry structure in the securities sector, projecting a strong performance relative to the market for 2026 [1] Market Review - The securities sector has demonstrated a prominent Beta attribute, with significant attention on the shift in funding styles. Historical analysis indicates that periods of excess returns for brokerages typically require a confluence of policy, liquidity, and market conditions [4][9] - From January to November 2025, the securities index underperformed the CSI 300 index by 12.9 percentage points, attributed to factors such as technology style preferences and the diversion of funds towards low-valuation H-shares [4][43] - Despite this, the brokerage sector achieved a notable excess return from April to August 2025, particularly H-share brokerages, which saw a cumulative increase of 43.9% for the year, outperforming the CSI 300 index by 25.4 percentage points [4][43] Fundamental Outlook - The equity market is experiencing high prosperity, with a strong certainty of profit growth. In the first three quarters of 2025, listed brokerages reported a year-on-year net profit growth of 63.4% and a revenue increase of 13.0% [4][20] - The revenue structure for the first three quarters of 2025 shows significant growth in brokerage, investment banking, and proprietary trading, with net income growth rates of 68%, 16%, and 42% respectively [4][20] - The wealth management sector is positioned to capitalize on internationalization trends, with Hong Kong emerging as a preferred fundraising destination for Chinese enterprises, leading to a 146% increase in IPO fundraising compared to the entire year of 2024 [4][20] Investment Recommendations - The report suggests that as capital market reforms deepen, the securities industry is expected to maintain steady growth in 2026, benefiting particularly head brokerages through mergers and acquisitions [4][20] - Recommended stocks include CITIC Securities and CICC, which are expected to benefit from their strong comprehensive service capabilities and balanced business structures [4][20] - Other notable mentions include Guosen Securities, Industrial Securities, and Dongfang Securities, which are anticipated to perform well due to their advantages in financial products and services [4][20] Valuation Insights - The current price-to-book (P/B) ratio for the securities industry stands at 1.35x, which is below the historical average of 1.71x, indicating potential for valuation recovery [4][50] - The report highlights that the industry P/B valuation is at the 27.7% historical percentile, suggesting that there is room for improvement in valuations relative to historical performance [4][50]

Report Industry Investment Rating No relevant information provided. Report Core View - As of the end of November 2025, there were 469 fund investment advisor portfolios on the Tiantian Fund APP, an increase of 4 from the end of the previous month. Among them, there were 2 new balanced, 1 new aggressive, and 1 new consumer-themed portfolio [2][8]. - In terms of performance, over the past year, the median returns of aggressive and balanced portfolios outperformed similar FOF products, while the median return of the stable portfolio underperformed. In November, the median returns of aggressive, balanced, and stable portfolios outperformed both similar FOF products and their benchmarks. Among the track-type portfolios, only the gold track had a positive median return in November. For the regional portfolios, both the Hong Kong stock strategy and overseas strategy portfolios had median returns that underperformed their benchmarks in November [2][17][24]. - Regarding position changes, stable portfolios reduced bond funds and increased QDII funds; balanced portfolios reduced bond funds and increased money market funds; aggressive portfolios reduced hybrid funds and increased QDII funds. In terms of individual fund positions, consumer-themed, small-cap strategy, and real estate-themed funds were significantly increased [2][33][42]. - In November 2025, there were 91 portfolio adjustments, an increase of 1 from the previous month. Stable portfolios increased commodity funds and reduced active bond funds; balanced portfolios increased fixed-income + funds and reduced QDII funds; aggressive portfolios increased passive equity funds and reduced QDII funds [2][65]. Summary by Directory Fund Investment Advisor Portfolio Overall Situation - **Portfolio Structure**: As of the end of November 2025, there were 412 stock-bond central, 36 track-type, and 21 regional investment advisor portfolios. The number of stock-bond central portfolios dominated, with the aggressive type being the most numerous among them. Track-type portfolios were concentrated in growth industries, and regional portfolios mainly targeted global overseas markets including Hong Kong and US stocks [8]. - **Investment Advisor Institution Distribution**: Institutions such as Huabao Securities, Guolian Securities, Southern Fund, and Zhongou Fortune had a relatively large number of portfolios on the platform. The top ten institutions accounted for 66% of the total. Most of the portfolios were established between February and May 2022, with 2 new portfolios launched in November 2025 [12]. Investment Advisor Portfolio Performance Tracking - **Stock-Bond Central Investment Advisor Portfolio Performance**: Over the past year, the median returns of aggressive and balanced portfolios outperformed similar FOF products, while the stable portfolio underperformed. In November, all three types outperformed similar FOF products. Compared with the benchmark, the median returns of aggressive portfolios underperformed the benchmark over the past year, while the other three types outperformed. In November, all three types outperformed the benchmark. The Anxin Aggressive 90 of Guolian Securities, Taoli Buyan of Guolian Securities, and Shendu Stable of Shenwan Hongyuan Fund had the highest returns this year. The Huaxia All-Weather Multi-Aggressive Allocation of Huaxia Fortune, Zhongou Multi-All-Weather of Zhongou Fortune, and China Merchants Spare Money Best of China Merchants Fund had the highest Sharpe ratios this year [16][17][21]. - **Track-Type and Regional Investment Advisor Portfolio Performance**: Over the past year, all track-type portfolios had positive median returns, with most outperforming the benchmark except for the intelligent manufacturing and gold tracks. In November, only the gold track had a positive median return, and several tracks outperformed the benchmark. For regional portfolios, the Hong Kong stock strategy portfolio outperformed the benchmark over the past year, while both the Hong Kong stock strategy and overseas strategy portfolios underperformed in November. The top-performing track-type portfolios this year were mainly in the medical and technology sectors, and the top-performing regional portfolios were mainly in the Hong Kong stock strategy, with some overseas strategy portfolios also performing well [23][24][28]. Investment Advisor Portfolio Position Adjustment Tracking - **Holding Fund Position Change Tracking**: When analyzing the position changes of 449 portfolios, stable portfolios decreased bond funds and increased QDII funds; balanced portfolios decreased bond funds and increased money market funds; aggressive portfolios decreased hybrid funds and increased QDII funds. Among the 77 portfolios that disclosed individual fund positions, stable portfolios decreased active bond funds and increased fixed-income + funds; balanced portfolios decreased active bond funds and increased money market funds; aggressive portfolios decreased quantitative funds and increased passive equity funds [33][36]. - **Investment Advisor Portfolio Individual Fund Holding Tracking**: - **Active Equity Funds**: Value-style, quantitative strategy, dividend strategy, and technology-themed fund managers were favored. Consumer-themed, small-cap strategy, and real estate-themed funds were significantly increased [38][42]. - **QDII Funds**: Products such as Southern Asia US Dollar Bond A RMB, Huaxia Hang Seng Technology ETF Link A, and Tianhong S&P 500 A were favored. Global allocation products like Huatai-PineBridge Global Medical RMB and China Merchants Pusu Global Allocation A, as well as products tracking the Hang Seng Technology Index in the Hong Kong market, were significantly increased [43][47]. - **Passive Index Funds**: Dividend low-volatility strategy index funds and industry index funds such as Hong Kong Stock Connect Internet, gold stocks, liquor, and chemicals were favored. Industry-themed index products such as banks, coal, and gold stocks were significantly increased [49][52]. - **Fixed-Income + Funds**: Products such as Invesco Great Wall Jingyi Double Dividend, Zhongou Jintong, and Yongying Stable Enhancement were favored. Products such as China Merchants Anben Zengli and Huatai-PineBridge Zunli were significantly increased [54][57]. - **Active Bond Funds**: Products managed by fund managers such as Wang Xiaochen, Wang Shuai, Fang Chang, Song Qianqian, and Ji Lingyun were favored. Products such as Zhongou Pure Bond and Fullgoal Short Bond were significantly increased [59][62]. - **Fund Investment Advisor Position Adjustment Situation Tracking**: In November 2025, there were 91 portfolio adjustments, mainly in aggressive and stable portfolios. Stable portfolios increased commodity funds and reduced active bond funds; balanced portfolios increased fixed-income + funds and reduced QDII funds; aggressive portfolios increased passive equity funds and reduced QDII funds. A total of 13 funds had a net increase of 5 or more investment advisor portfolios, including 3 active equity funds, 4 passive equity funds, 2 active bond funds, 3 QDII funds, and 1 commodity fund [65][70].