Investment Rating - The report maintains a "Recommend" rating for the consumer services industry, highlighting optimism about service consumption potential [1]. Core Viewpoints - The Central Economic Work Conference emphasized the importance of domestic demand and plans to implement measures to boost consumption, including a focus on enhancing the supply of quality goods and services [4]. - The report suggests that service consumption is expected to be a key driver for domestic demand in 2026, with potential growth in holiday policy optimization and consumption voucher issuance [4]. - Key investment targets include hotels, human resources services, duty-free sectors, gaming companies, internet platforms, integrated tea dining, innovative tourism sites, and the sports sector [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Relative Index Performance - The consumer services sector experienced a decline of 0.76% this week, while the overall A-share market rose by 0.27% and the CSI 300 index fell by 0.08% [7]. - The sector's performance over the past month shows a relative underperformance compared to the CSI 300 index [2][7]. Weekly Industry Insights - The report notes that the social services sector's stock performance was mixed, with notable gains in companies like China High-Tech and China Oriental Education, while others like Haidilao and Wanda Hotel Development faced declines [4][19]. - The report also highlights significant announcements from various companies, including share buybacks and management changes [34]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the coming month, including Long White Mountain and Chongqing Department Store [35].

证 券 研 究 报 告 信维通信（300136）深度研究报告 强推（上调） 全球一站式泛射频解决方案领导者，多业务 齐头并进公司已进入新一轮上升周期 ❖ 风险提示：智能手机出货量不及预期、AI 终端创新进度不及预期、商业卫星 发展不及预期 [ReportFinancialIndex] 主要财务指标 公司研究 通信终端及配件 2025 年 12 月 14 日 | 目标价：50.05 | 元 | | --- | --- | | 当前价：35.95 | 元 | 华创证券研究所 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：高远 邮箱：gaoyuan@hcyjs.com 执业编号：S0360523080005 公司基本数据 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 8,744 | 9,889 | 12,178 | 16,782 | | 同比增速(%) | 15.8% | 13.1% | 23.1% | 37.8% | | 归母净利润 ...

债券研究 证 券 研 究 报 告 【债券深度报告】 稳握票息，静待波澜 ——2026 年利率债年度投资策略 ❖ 债市策略：票息为矛、交易为盾 1、再议定价锚：从政策利率到市场利率。（1）10y 定价锚：基本面和政策条 件稳态环境下，参考 25 年关税冲击后 10y 国债运行区间、央行给出的合意区 间、配置与交易行为的变化，我们认为 10y 国债的核心波动区间大致在 OMO+30~50BP，行情极致时可能出现上下 5bp 的超额波动。（2）10y 国债运 行区间：OMO 降息 1 次 10BP（55%概率），全年波动区间预计在 1.6-1.9%； 不降息环境中（40%概率），全年波动区间 1.7-2.0%。（3）30y 定价锚：供需结 构并不占优，30-10y 利差大致可按 30-50BP 观察。（4）1y 定价锚：1y 国股行 存单利率下限或在 DR007+10BP 左右，接近+20BP 具备配置性价比。 2、震荡市赚什么钱？如何操作？ （1）票息为盾：重视震荡市场票息对组合的贡献提升，一是要充分把握票息 的时间价值，早配置早收益，二是要抓住调整窗口积极进行票息布局，在调整 中可以使用"华创三维度比价模型"寻 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - In November 2025, new RMB loans were 390 billion yuan, a year - on - year decrease of 190 billion yuan, and the credit balance growth rate dropped to 6.4%. New social financing scale was 2.4885 trillion yuan, a year - on - year increase of 159.7 billion yuan, and the stock growth rate of social financing remained at 8.5%. The year - on - year growth rate of M2 decreased from 8.2% to 8.0% due to the base effect, and the growth rate of M1 under the new caliber dropped from 6.2% to 4.9%. Overall, credit performance in November was weak, off - balance - sheet bills slightly supplemented, with the household sector being the main drag. The "shopping festival" effect had limited impact, and the marginal effect of the real estate sprint weakened. Social financing growth was maintained due to corporate bond issuance, and the M2 growth rate declined slightly, with non - bank deposits and household deposits all decreasing year - on - year [1][8]. 3. Summary by Directory 3.1 Credit: The household sector performed averagely, and the corporate sector was relatively better - **Household sector**: In November, household short - term loans decreased by 215.8 billion yuan, a year - on - year decrease of 178.8 billion yuan, remaining significantly below the seasonal level. The "shopping festival" effect on household consumption was limited. Household medium - and long - term loans increased by 10 billion yuan, slightly recovering from the previous month but still 290 billion yuan less than the same period last year. The real estate sales sprint had limited results, and the second - hand housing market continued to decline [2][10]. - **Corporate sector**: In November, corporate medium - and long - term loans increased by 170 billion yuan, a year - on - year decrease of 40 billion yuan. The pull of policy - based financial instruments was limited, and it was the economic "off - season" at the end of the year, so it was difficult for corporate medium - and long - term loans to have significant increments. Corporate short - term loans were close to the seasonal level, and on - balance - sheet bills slightly supplemented. Bill financing increased by 334.2 billion yuan, a year - on - year increase of 211.9 billion yuan. The demand for low - price "ticket grabbing" was limited [2][11][18]. 3.2 Social Financing: Government bonds had a high base at the end of the year, and corporate bonds increased - **Government bonds**: In November, the issuance scale of government bonds increased, with new government bonds reaching 1.2 trillion yuan, a year - on - year decrease of 104.8 billion yuan. In December, affected by the base effect, the net financing of government bonds was expected to be 0.4 trillion yuan, a year - on - year decrease of 0.8 trillion yuan, and the social financing growth rate might fall to around 8.2% by the end of the year [3][22]. - **Corporate bonds and entrusted loans**: After the policy - based financial instruments were fully disbursed, entrusted loans turned negative, with a decrease of 18.8 billion yuan in November. November was the "peak season" for corporate bond issuance, with new corporate bonds reaching 416.9 billion yuan, a year - on - year increase of 178.8 billion yuan. Some enterprises replaced loans with bonds after the bond yields dropped significantly in October [3][25][28]. 3.3 Deposits: M1 growth rate declined, and non - bank deposits weakened - **M1**: The new - caliber M1 increased less month - on - month compared with the same period last year, and the M2 - M1 gap widened slightly. In November, the new - caliber M1 increased by 893.7 billion yuan, a year - on - year decrease of 1.3 trillion yuan, and the year - on - year growth rate dropped from 6.2% to 4.9% [4][27]. - **M2 components**: Non - bank deposits grew more slowly, and household deposits were slightly lower than the historical average. In November, non - bank deposits increased by 80 billion yuan, a year - on - year decrease of 100 billion yuan; household deposits increased by 670 billion yuan, a year - on - year decrease of 120 billion yuan. The process of household deposits moving to non - bank deposits slowed down during the volatile adjustment of the equity market since November [4][34].

债券研究 证券研究报 告 【债券周报】 预期平稳，等待地产年末行情 ——每周高频跟踪 20251213 ❖ 工业高频：生产开工略有改善 （1）动力煤：煤价跌幅扩大。内陆省份电厂日耗同比仍显疲弱，终端企业 采购以长协煤兑现为主，对高价市场煤接受偏低，沿海电厂日耗小幅下降。 （2）螺纹钢：螺纹钢价格涨幅扩大。主要钢材品种去库节奏继续加快，但 建材、螺纹表观需求走弱也加速，说明供给收缩力度相对更大。 （3）沥青：开工率继续处于同期低位。沥青装置开工率环比+0.1pct 至 27.9%，同比-1.0%。赶工需求逐步减少，出货量也处于往年同期低位。 2、地产：（1）新房成交放缓。11 月 28 日-12 月 4 日，30 城新房成交面积 211.8 万平方米，环比-0.6%，同比-36%，降幅继续扩大，月初新房销售动能 有所回落。（2）二手房成交继续走弱。二手房成交面积环比-2.7%，同比- 39.6%，环比跌幅扩大，主因高基数影响。 ❖ 消费相关：11 月乘用车零售同比-7% 1、汽车：11 月 1-30 日，全国乘用车市场零售 226.3 万辆，同比去年同期下 降 7%，较上月增长 1%。 2、原油：价格继续上涨。 ...

证 券 研 究 报 告 【债券日报】 平稳开局，重在增效 ——债券视角看中央经济工作会议 1、总体基调："稳中求进、提质增效"，力度或持稳、对扩大增量诉求下降， 对经济"质"要求高于"量"。"跨周期"也体现目光更长远、而非短期刺激。 2、财政政策：延续"更加积极"定调，强调"必要的财政赤字、债务总规模 和支出总量"，相较去年略偏保守，预计明年财政扩张力度基本维持、资金投 向进一步优化，准财政工具延续使用，配合实现投资"止跌回稳"目标。 债券研究 ❖ 二、货币政策：兼顾跨周期，如何操作？ 目标侧重关注增长和物价，淡化金融总量诉求。落点更突出"稳增长"与"物 价合理回升"。一是通过维持流动性合理充裕、降实体成本，配合财政加杠杆， 推动物价回升。二是更关注利率传导机制畅通，突出利率调控、合理的利率比 价关系的保持。 "灵活高效"运用降准降息。相较于"适时"降准降息或更加关注政策效果， 与兼顾"跨周期"调控的思路一致。明年降息窗口并未关闭，宽松基调延续或 对债市仍形成保护。中性情形政策利率或降息 1 次、幅度 10bp。基数影响下 为支持经济增速达标或需靠前发力，一季度末至二季度初落地概率或更高。 ❖ 三、重点任务： ...

www.hczq.com 证券研究报告 | 医药生物 | 2025年12月13日 华创医药投资观点&研究专题周周谈 · 第154期 2025Q3实体药店市场分析 本周专题联系人：高初蕾 华创医药团队： | 首席分析师 | 郑辰 | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | --- | --- | --- | | 联席首席分析师 | | 刘浩 | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 | | 李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 | | 高初蕾 | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 分析师 | 王宏雨 | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 分析师 | 朱珂琛 | | 执业编号：S0360524070007 | 邮箱：zhukechen@h ...

Investment Rating - The report gives a "Buy" rating for the company, Cambricon Technologies Co., Ltd. (寒武纪-U) [1] Core Insights - Cambricon is a leading player in the domestic AI chip sector, focusing on the development and innovation of AI chips, with a comprehensive product matrix covering cloud, edge, and terminal solutions [6][22] - The company has experienced explosive revenue growth, with a projected revenue increase from 1.17 billion yuan in 2024 to 20.69 billion yuan in 2027, reflecting a compound annual growth rate of 56.4% [2][9] - The AI chip market in China is expected to grow significantly, with projections indicating a market size increase from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, driven by the demand for AI computing power [6][8] Summary by Sections 1. Strong Research and Technical Background - Cambricon, established in 2016, is recognized as a leading enterprise in the AI chip field, focusing on AI chip research and technology innovation [13] - The company has developed a complete technical system from instruction set architecture to chip design and basic system software, making it one of the few domestic AI computing solution providers with full-stack self-research capabilities [6][20] 2. Explosive Demand in the GPU Market - The global GPU market is undergoing structural changes, with AI, big data, and cloud computing driving a continuous increase in computing power demand [6][44] - The domestic AI chip market is expected to see a compound annual growth rate of 53.7% from 2025 to 2029, with the GPU market share projected to rise from 69.9% in 2024 to 77.3% in 2029 [6][8] 3. Hardware and Software Synergy - Cambricon has iterated its MLUarch microarchitecture to the fifth generation, supporting high-performance computing needs and establishing a strong technical barrier [8][20] - The NeuWare platform enhances software development efficiency, reducing barriers for developers and increasing ecosystem stickiness [8][20] 4. Profitability Forecast - The company is expected to achieve significant revenue growth, with projected revenues of 72.62 billion yuan in 2025, 132.28 billion yuan in 2026, and 206.85 billion yuan in 2027, alongside corresponding net profits of 25.20 billion yuan, 48.97 billion yuan, and 77.99 billion yuan [2][9][22] 5. Investment Logic - The investment logic is based on three dimensions: solidifying technical barriers, explosive demand from AI models driving GPU needs, and strategic positioning to capture domestic replacement opportunities [8][9]

当前价：31.36 港元 证 券 研 究 报 告 中国宏桥（01378.HK）跟踪分析报告 推荐（维持） 优质电解铝高股息标的，行业龙头兼具成长 目标价：34.3 港元 港股公司 铝 2025 年 12 月 12 日 华创证券研究所 证券分析师：刘岗 邮箱：liugang@hcyjs.com 执业编号：S0360522120002 证券分析师：李梦娇 邮箱：limengjiao@hcyjs.com 执业编号：S0360525040002 公司基本数据 | 总股本(万股) | 992,438.02 | | --- | --- | | 已上市流通股(万股) | 992,438.02 | | 总市值(亿港元) | 3,112.29 | | 流通市值(亿港元) | 3,112.29 | | 资产负债率(%) | 49.08 | | 每股净资产(元) | 11.92 | | 12 个月内最高/最低价(港元) | 34.90/10.96 | 市场表现对比图(近 12 个月) -9% 64% 138% 211% 24/12 25/02 25/05 25/07 25/09 25/12 2024-12-12~2025-12-1 ...

Group 1: Precious Metals - The report emphasizes the long-term allocation value of precious metals, particularly gold, supported by central bank purchases and a weakening dollar credit system [10][11][44] - Gold demand is expected to remain strong due to central bank purchases, with a total of 219.85 tons purchased in Q3 2025, marking a historical high [18][20] - Silver is projected to experience strong price momentum due to persistent supply-demand gaps and low domestic inventory levels [28][39] Group 2: Copper - The copper mining sector is expected to maintain low growth rates, with a projected supply shortage in 2026 due to ongoing mining and smelting conflicts [12][45] - Global copper production is anticipated to increase by approximately 10,000 tons, 70,000 tons, and 84,000 tons from 2025 to 2027, while smelting capacity is expected to rise by 217,000 tons, 100,000 tons, and 20,000 tons respectively [12][47] - The report suggests focusing on leading companies in the copper sector, such as Zijin Mining and Jiangxi Copper, as supply tightens [2][12] Group 3: Aluminum - The aluminum market is expected to maintain a tight balance, with domestic production growth rates projected at 2.2%, 1.4%, and 0.4% from 2025 to 2027 [3][13] - Demand for aluminum remains resilient, driven by investments in new energy and power grids, with a projected domestic demand growth of 2.6%, 1.0%, and 3.6% over the same period [3][13] - The report highlights the importance of high dividend stocks in the aluminum sector, recommending companies like China Hongqiao and Tianshan Aluminum [3][13] Group 4: Cobalt - The cobalt supply chain is being reshaped by policies in the Democratic Republic of Congo, leading to a significant reduction in global supply, with projections of only 96,600 tons contributed annually from 2026 to 2027 [4][14] - Demand for cobalt is expected to grow, particularly in high-end electric vehicles and solid-state batteries, with a projected global shortage of 32,000 tons and 31,000 tons in 2026 and 2027 respectively [4][14] - Companies benefiting from cobalt price elasticity, such as Huayou Cobalt and Luoyang Molybdenum, are recommended for investment [4][14]