极氪私有化完成，三大电车品牌 26 年齐发力 证 券 研 究 报 告 吉利汽车（00175.HK）重大事项点评 强推（维持） 事项： ❖ 12 月 22 日，吉利汽车发布公告，宣布正式完成对极氪的私有化及合并事项的 交易，极氪成为吉利汽车的全资附属公司，并于纽交所退市。此前 12 月 9 日 已公告交易对价选择结果，70.8%的极氪股东选择股份，吉利汽车共为其配发 7.7723 亿股股份；29.2%的股东选择现金，吉利汽车共支付 7.01 亿美元现金。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 241,099 | 349,740 | 448,010 | 496,572 | | 同比增速(%) | 33.5% | 45.1% | 28.1% | 10.8% | | 归母净利润(百万元) | 16,632 | 18,645 | 26,296 | 31,749 | | 同比增速(%) | 213.3% | 12.1 ...

金融工程 证 券 研 究 报 告 市场情绪监控周报（20251215-20251219） 本周热度变化最大行业为商贸零售、交通运输 ❖ 本周市场热度跟踪 本周宽基热度变化方面：热度变化率最大的为中证 500，相比上周提高 10.04%， 最小的为"其他"，相比上周降低 4.91%。 本周申万行业热度变化方面，一级行业中热度变化率正向变化前 5 的一级行 业分别为商贸零售、交通运输、建筑材料、电力设备、食品饮料，负向变化前 5 的一级行业分别为房地产、传媒、石油石化、综合、煤炭；申万二级行业中， 热度正向变化率最大的 5 个行业是玻璃玻纤、一般零售、特钢Ⅱ、环保设备 Ⅱ、饮料乳品。 本周概念热度变化最大的 5 个概念为乳业、芬太尼、PM2.5、信托概念、家庭 医生。 ❖ 本周市场估值跟踪 本周宽基和行业估值： 沪深 300、中证 500、中证 1000 的滚动 5 年历史分位数分别为 84%、95%、 91%。 申万一级行业中，从 2015 年开始回溯，当前估值处于历史分位数 80%以上的 一级行业有：电力设备、轻工制造、电子、商贸零售、银行、钢铁、国防军工、 计算机、煤炭、环保、建筑材料、医药生物；位于估值历 ...

证 券 研 究 报 告 【宏观快评】 宏观研究 外资如何看待 2026 中国经济？ ❖ 前言：本文关注外资对 2026 年中国经济的观点，整体而言，外资认为中国仍 处于新旧动能转换、供需再平衡的过程中，在此背景下，预计 2026 年经济增 速中枢在 4.5%附近（回溯来看外资预测普遍偏低估），通胀温和回升，CPI 转 正，PPI 降幅收窄。 ❖ （一）经济增长：中枢 4.5%左右 一致预期：多数机构认为，2026 年中国实际 GDP 增速 4.5%左右（小摩、德 银、瑞银、OECD、IMF），详见正文。 观点分歧：大摩的预期相对乐观（4.8%），一方面对出口的判断更为积极，预 计 2026 年净出口对 GDP 的贡献在 1.3 个百分点（瑞银为 0.7 个百分点），另一 方面，预计政府消费将有所提速。美银的预期同样乐观（4.7%），主要支撑在 投资，预计增速回升至 3.5%，结构上，基建在 5000 亿新型政策性金融工具+ 政府债扩容背景下维持高增，制造业低个位数增长，地产投资降幅收窄。巴克 莱的预测相对谨慎（4%），认为地产下行与低价风险仍将拖累经济表现。 ❖ （二）通胀：CPI 转正，PPI 降幅收窄 一 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report On December 22, the convertible bond market followed the underlying stocks to rise, with increased valuation. The small - cap value style was relatively dominant, and the trading sentiment in the convertible bond market heated up. The prices and valuations of convertible bonds generally increased, and most industries in the underlying stocks and convertible bonds rose [1]. 3. Summary by Relevant Catalogs 3.1 Market Main Index Performance - The CSI Convertible Bond Index closed at 487.96, up 0.55% daily, 1.03% weekly, -0.02% monthly, and 17.71% since the beginning of 2025. Other convertible bond - related indices and major A - share indices also showed different degrees of increase or decrease [7]. - In terms of style indices, the small - cap index (Shenwan) closed at 5459.73, up 1.12% daily. The small - cap growth index closed at 6109.78, up 1.46% daily. Different style indices had their own performance trends [8]. 3.2 Market Fund Performance - The trading volume of the convertible bond market was 696.34 billion yuan, and the trading volume of the A - share market was 18821.94 billion yuan. The net inflow of the main funds in the Shanghai and Shenzhen stock markets was 17.43 billion yuan. The 10 - year Treasury bond yield increased by 1.07BP, and the convertible bond spread increased by 0.27PCT [9][13]. 3.3 Convertible Bond Valuation - After excluding convertible bonds with a closing price > 150 yuan and a conversion premium rate > 50%, the 100 - yuan par - fitted conversion premium rate was 33.42%, up 0.91pct, at the 99.80% quantile since 2019. The overall weighted average par was 99.91, up 0.38% [18][19][22]. - The price median was 132.41, up 0.67%, at the 98.50% quantile since 2019. The conversion premium rate was divided by stock - bond nature: the partial - debt type decreased by 0.59pct, and the balanced type increased by 0.36pct [22][29]. 3.4 Industry Rotation - In the underlying stock market, the top three rising industries were commerce and retail (+3.66%), light industry manufacturing (+2.17%), and environmental protection (+2.06%); the top three falling industries were banking (-0.44%), electronics (-0.29%), and coal (-0.29%). - In the convertible bond market, the top three rising industries were environmental protection (+4.16%), building materials (+2.40%), and building decoration (+1.65%); the top three falling industries were non - bank finance (-1.26%), national defense and military industry (-0.16%), and pharmaceutical biology (-0.15%) [3].

证 券 研 究 报 告 股票型ETF净流入创今年4月以来新高 ——流动性&交易拥挤度&投资者温度计周报 2025年12月22日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 • 资金流动性： 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 1）资金供给端扩张：偏股型公募新发持续收缩、杠杆资金净流入规模下降、股票型ETF净申购大幅放量创今年4月 以来新高、回购金额仍处于历史低位； 2）资金需求端收缩：股权融资&产业资本净减持&南向资金均出现扩张，其中产业资本净减持规模上升至历史高位。 • 交易拥挤度：以过去四周成交额占比/市值占比（较全A）作为衡量主题行业交易热度的表征指标来看，本周热度 分位（下同）上行行业主要为：保险+21pct至39%、轻工 ...

证 券 研 究 报 告 动保行业 11 月跟踪报告 行业研究 动物疫苗及兽药 2025 年 12 月 22 日 华创证券研究所 11 月多数疫苗产品批签发同比继续下滑，兽 推荐（维持） 药原料药价格指数持续弱势 疫苗批签发：11 月多数疫苗产品批签发同比继续下滑 兽药原料药：12 月 VPI 指数连续第 2 个月环比下降 证券分析师：陈鹏 电话：021-20572579 邮箱：chenpeng1@hcyjs.com 执业编号：S0360521080002 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 7 | 0.00 | | 总市值(亿元) | 537.54 | 0.05 | | 流通市值(亿元) | 512.10 | 0.05 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 6.9% | 37.2% | 41.7% | | 相对表现 | 7.4% | 18.3% | 25.9% | -10% 11% 32% 54% 24/12 25/03 25/05 25/07 25/ ...

宏观研究 证 券 研 究 报 告 【每周经济观察】第 51 期 乘用车零售降幅收窄 每周经济观察： （一）景气向上 1、华创宏观 WEI 指数震荡。截至 12 月 14 日，该指数为 5.17%，环比 12 月 7 日上行 1.05%。 2、耐用品消费：乘用车零售周度降幅有所收窄。12 月第二周，乘用车零售同 比增速-17%，前值-32%。12 月前两周累计同比-24%。11 月全月同比为-8.1%。 3、价格：三大新能源品种涨幅较大，铜价和金价续涨。工业硅连续合约收盘 价上涨 3.1%，多晶硅连续合约收盘价上涨 6.4%，碳酸锂连续合约收盘价上涨 16.4%。COMEX 黄金收于 4354 美金/盎司，上涨 1.2%；LME 三个月铜价收于 11837 美元/吨，上涨 0.4%。 4、外贸：港口集装箱吞吐量同比抬升。截至 12 月 14 日，我国港口集装箱吞 吐量环比-0.9%，上周环比为-1.8%，四周同比 10.6%，上周为 9.5%。 （二）景气向下 1、生产：多数行业开工率继续回落。环比来看，除唐山高炉外，多数行业持 平或有所回落。同比来看，除唐山高炉、全钢胎外，多数行业弱于去年同期。 2、房价：1 ...

宏观研究 证 券 研 究 报 告 【宏观快评】 国务院部署落实经济工作会议精神 ——政策周观察第 60 期 近一周，政策出台不多，主要关注以下政策： 1、中央经济工作会议精神落实解读 1）12 月 19 日，总理主持召开国常会，对贯彻落实中央经济工作会议决策部 署作出安排，提出"要靠前发力抓落实，以扎实有效的工作不断巩固拓展经济 稳中向好势头，确保'十五五'开好局、起好步"，去年 12 月 16 日国常会表 述为"要靠前抓好落实，能早则早、宁早勿晚，齐心协力、积极作为，以扎实 有效的工作为全局多作贡献"。 2）12 月 15 日，中国证监会党委传达学习贯彻中央经济工作会议精神。"持续 增强市场内在稳定性……引导优质公司持续加大分红回购力度。全面推动落实 中长期资金长周期考核机制，大力发展权益类公募基金，推动指数化投资高质 量发展"。 3）12 月 16 日，中央财办有关负责同志详解 2025 年中央经济工作会议精神， 提出"文旅、养老、托育等服务消费需求旺盛"，"在科技创新、产业升级、基 础设施、改善民生等方面还有不少短板弱项……加快建设停车场、充电桩、旅 游公路等消费基础设施，提高养老、托育、医疗等民生类投 ...

证 券 研 究 报 告 禾赛-W（02525.HK）深度研究报告 强推（首次） 激光为炬，照见智驾与端侧 AI 的感知基石 [主要财务指标 Indicator_FinchinaSimpleHKNon] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,077 | 3,030 | 4,177 | 5,823 | | 同比增速(%) | 10.7% | 45.9% | 37.9% | 39.4% | | 归母净利润(百万元) | -102 | 358 | 488 | 887 | | 同比增速(%) | 78.5% | 449.6% | 36.4% | 81.7% | | Non-GAAP 净利润(百万元) | 14 | 478 | 602 | 995 | | 同比增速(%) | | 3,391.5% | 26.0% | 65.3% | | 每股盈利(元) | -0.66 | 2.29 | 3.13 | 5.68 | | 市盈率(倍) | -203 | 69 | 51 | 28 | | 市盈率(N ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing high dividends and capital operations as dual engines for growth [1]. Core Insights - The transportation sector has shown mixed performance, with the overall industry ranking 8th among 31 sectors in terms of growth, having increased by 1.68% from December 1 to December 19, 2025, outperforming the CSI 300 index by 0.76 percentage points [12][13]. - The report highlights that the dividend yield for major segments within the transportation sector, including highways, railways, and ports, remains in the 3%-4% range, with coal and banking sectors leading in yield [27][21]. - The report identifies several high-dividend stocks in the A and H-share markets, recommending companies such as Sichuan Chengyu Expressway (6.0% yield) and China Merchants Port (5.8% yield) as attractive investment opportunities [21][22]. Monthly Market Performance - The report notes that the performance of dividend assets in December 2025 was generally underwhelming, with highway, railway, and port segments showing cumulative changes of -1.45%, +1.12%, and +1.21%, respectively [13][11]. - The average daily transaction volume for ports increased by 26.7% year-on-year, while highway and railway transaction volumes decreased by 5.5% and 34.8%, respectively [26][23]. - The report indicates that the low interest rate environment continues to support the market, with the 10-year government bond yield remaining stable around 1.83% [25][23]. Capital Operations - Sichuan Chengyu plans to acquire 85% of Hubei Jingyi Expressway for 2.409 billion yuan in cash, shifting from a stock issuance to a cash purchase to avoid equity dilution [32]. - Ninghu Expressway is increasing its investment in the Jiangsu Longtan Bridge project by 3.26964 billion yuan, enhancing its stake in the project [34]. - Qingdao Port has terminated its cash acquisition of the Rizhao Port oil terminal due to potential business impacts from legal issues, prioritizing shareholder interests [35]. Highway Sector Tracking - In October 2025, highway passenger traffic was reported at 975 million, a decrease of 3.7% year-on-year, while freight traffic showed a slight increase of 0.1% [36]. - The report highlights the revenue performance of key companies, such as Gansu Expressway, which reported a slight decline in toll revenue for November 2025 [44]. Railway Sector Tracking - Railway passenger volume reached 410 million in October 2025, marking a 10.1% increase year-on-year, while freight volume showed a modest increase of 0.6% [52]. - The report notes that the Daqin Railway achieved a freight volume of 37.22 million tons in November 2025, reflecting a year-on-year growth of 1.75% [59]. Port Sector Tracking - The report indicates that monitored port cargo throughput reached 1.078 billion tons over four weeks, with a year-on-year growth of 2.6% [63]. - Container throughput for the year-to-date reached 31.0469 million TEUs, reflecting a 7.7% increase compared to the previous year [63].