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 ...

Investment Rating - The report maintains a "Recommendation" rating for the animal health industry, indicating an expectation of the industry index outperforming the benchmark index by more than 5% in the next 3-6 months [3][80]. Core Insights - In November, the majority of vaccine products saw a year-on-year decline in batch approvals, with only the diarrhea vaccine showing a positive growth of +25.8%. Other vaccines, such as foot-and-mouth disease and pseudorabies vaccines, experienced declines ranging from -4.3% to -66.7% [8][9]. - The Veterinary Product Index (VPI) for raw materials has shown a continuous decline for two consecutive months, with a current index of 67.23, down 1.1% from the end of November. However, it is still up 2.1% year-on-year [51][55]. - The report highlights a significant differentiation in company performance within the industry, with successful companies demonstrating innovation in products, marketing, and capital operations [69][71]. Summary by Sections Vaccine Batch Approvals - In November, most vaccine products saw a decline in batch approvals compared to the previous year, with notable decreases in various pig vaccines. The only exception was the diarrhea vaccine, which increased by +25.8% [8][9]. - Cumulatively from January to November, several vaccine types, including the circular virus vaccine and the diarrhea vaccine, showed positive growth, with the circular virus vaccine increasing by +14.8% [9][10]. Veterinary Raw Material Prices - The VPI index has decreased for two consecutive months, with a current value of 67.23, reflecting a 1.1% drop from November's end. The prices of various raw materials, such as tylosin and florfenicol, have also seen declines [51][55]. - The report notes that the market sentiment for veterinary raw materials is cooling due to low demand and a lack of strong market support, leading to a weak operational state expected in the short term [55][69]. Investment Recommendations - The report suggests focusing on undervalued companies with improvement logic, highlighting that companies with innovative capabilities are likely to perform better in the current market environment [69][71]. - Specific companies recommended for attention include Zhongmu Co., Ltd., Reap Bio, Kexin Bio, and others, which are expected to benefit from the ongoing market dynamics [71].

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].

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, anticipating that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [42]. Core Insights - The official launch of the Hainan Free Trade Port's full island closure policy is expected to significantly boost the tourism and hotel sectors, leading to a surge in market expectations for Hainan tourism. There has been a substantial year-on-year increase in flight and hotel bookings for the New Year and Spring Festival holidays, particularly in Sanya, where the demand for cross-year travel is notably high. The hotel and tourism sectors have shown strong performance, leading the consumer services industry, reflecting positive market expectations for the long-term benefits of the closure policy [4][34]. - The report identifies several key investment opportunities, including hotels with balanced supply and demand, human resource services with clear industry trends, the duty-free sector benefiting from new policies, and internet platforms integrating online and offline operations [4]. Industry Basic Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services industry experienced a weekly increase of 2.66%, outperforming the overall A-share market, which saw a decline of 0.15%. The CSI 300 index also fell by 0.28%, while the consumer services index rose by 3.76% [7][24]. - The report highlights that the hotel sector saw a weekly increase of 2.70%, while the tourism and scenic areas sector increased by 3.42% [18]. Notable Announcements - Key announcements include a report from Beijing Human Resources showing a shareholding reduction by a major shareholder and a significant increase in revenue and net profit for China Education Holdings [30][32].

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, indicating an expectation that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [28]. Core Insights - The new asset-liability management regulations aim to deepen the alignment between asset and liability management, enhancing the industry's long-term stability and operational capabilities [16]. - The report highlights that the recent decline in long-term interest rates has put pressure on net investment returns, posing potential "spread loss" challenges for the industry [8]. - The report notes that the head-listed insurance companies are expected to manage their liability costs better than smaller firms, which may face greater pressure due to cost management issues [16]. Summary by Sections Regulatory Changes - The new regulations clarify asset-liability management goals, principles, governance structures, policies, procedures, and establish regulatory and monitoring indicators [3]. - Key changes include institutional integration, improved organizational structures, and optimized calculation standards for regulatory indicators [3]. Monitoring Indicators - Regulatory indicators for property insurance companies focus on cost-benefit matching, duration matching, and liquidity matching, with specific minimum standards set for various metrics [4][5][6]. - Life insurance companies have indicators such as effective duration gap and comprehensive investment income coverage ratio, with strict monitoring requirements [4]. Investment Performance - As of H1 2025, the average net investment return for listed insurance companies is approximately 3.5%, with significant variations among companies [8]. - The report indicates a notable decline in new business costs for life insurance companies, driven by adjustments in preset interest rates and unified pricing strategies [12][15]. Strategic Implications - The report suggests that the new regulations may lead to a trend of controlling the scale of whole life insurance business sales and increasing allocations to long-duration bonds [16]. - It is anticipated that the pricing of new insurance products will become more cautious as companies focus on cost-benefit matching [16].

公司研究 证 券 研 究 报 告 五粮液（000858）1218 共商共建共享大会点评 强推（维持） 补贴渠道，份额优先 目标价：215 元 事项： 公司召开 1218 共商共建共享大会，会上公司交流理性坦诚，客观总结 2025 年 成果与不足，对 26 年进行规划和部署，同时发布马年生肖酒新品。我们前往 参会并点评如下： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 89,175 | 72,234 | 72,533 | 77,794 | | 同比增速(%) | 7.1% | -19.0% | 0.4% | 7.3% | | 归母净利润(百万) | 31,853 | 23,507 | 23,882 | 26,317 | | 同比增速(%) | 5.4% | -26.2% | 1.6% | 10.2% | | 每股盈利(元) | 8.21 | 6.06 | 6.15 | 6.78 | | 市盈率(倍) | 13 | 18 | 1 ...