1. Report's Core Investment Rating The document does not mention the industry investment rating. 2. Core Views of the Report - In the second half of 2025, policy support for public REITs remained intensive. Central and local governments issued instructions on normalizing REITs declarations, expanding project reserves, and piloting commercial real - estate investment trust funds. The primary issuance accelerated, and new - type infrastructure REITs were listed for the first time. The secondary - market prices declined compared to the previous quarter, as funds flowed into the equity market and the fundamentals of underlying assets were differentiated, leading to a return of valuations to rational levels [4][9]. - The operating performance of various types of REITs was differentiated. Concession - based REITs performed relatively well, while the operating indicators of property - based REITs generally declined year - on - year. Specifically, municipal environmental protection and affordable rental housing REITs had the best performance, while consumption, transportation, and energy REITs remained stable overall, and industrial park and warehousing logistics REITs faced pressure [4]. - In terms of investment strategies, strategic placement in sectors with relatively stable fundamentals has a higher overall success rate. For offline and public subscriptions, it is necessary to select high - quality assets. In the secondary - market allocation, it is recommended to enter the market on the right side based on asset valuations and wait for the rebound from the first - quarter report or dividends [6]. 3. Summary by Directory 3.1 Policy Support - Central government: In September 2025, the National Development and Reform Commission promoted the normalizing of REITs declarations and recommendations. In November, the China Securities Regulatory Commission launched a pilot program for commercial real - estate REITs. In December, the scope of REITs project industries was expanded. Other departments also supported relevant projects to raise funds through REITs [10][12]. - Local governments: Many local governments, such as those in Chongqing and Zhejiang, supported the issuance of relevant REITs in areas like urban renewal, cultural and tourism consumption, and artificial intelligence [11]. 3.2 Operating Performance - Overall, the operating performance of various types of public REITs was differentiated. Concession - based REITs performed better, and property - based REITs' operating indicators generally declined year - on - year [14]. - Specifically, municipal environmental protection and affordable rental housing REITs had the best performance; consumption, transportation, and energy REITs remained stable; industrial park and warehousing logistics REITs faced pressure [17]. - In terms of distributable cash, industrial park infrastructure and warehousing logistics REITs had significant adjustments, while transportation infrastructure and energy infrastructure REITs showed differentiated trends [19]. 3.3 Underlying Asset Operation - **New - type infrastructure (data centers)**: Two data - center REITs listed in August 2025 had stable operations, with high utilization rates, long remaining contract periods, and high customer concentration. There was little competitive pressure for now [24][25]. - **Industrial park infrastructure**: The de - stocking rate was under pressure, with regional differentiation. Non - leading projects in second - tier cities were generally under pressure. Rents continued to decline, and price - for - volume and lease - term extension strategies were commonly used [29][31][32]. - **Warehousing logistics**: The downward pressure on the occupancy rate eased, and related leasing parties provided stability. Price - for - volume remained the main strategy, and the rent - pressure trend continued. Some REITs provided performance commitments [38][39][41]. - **Affordable rental housing**: The operation remained stable, with high occupancy rates and rents. They may maintain good anti - cyclical performance, but regional competition and subsequent expansion should be noted [43][44][45]. - **Consumption infrastructure**: The occupancy rate generally remained high, and the rent levels were differentiated. The overall operation was good, and transformation and upgrading were actively promoted. Regional market competition pressure should be noted [48][49]. - **Transportation infrastructure**: The overall toll revenue decreased year - on - year due to regional economic pressure and road - network changes. The sustainability of positive factors was limited, and the impact of subsequent road - network changes should be noted [51][52]. - **Ecological environment protection, municipal, and water conservancy**: The operating performance generally rose steadily. Except for the non - heating season of Jinan Energy REIT, the operations of other REITs were stable and improving [54]. - **Energy infrastructure**: The operation was under pressure, significantly affected by natural resource endowments, seasonal fluctuations, regional absorption capacity, and policy changes. Attention should be paid to resource fluctuations, regional absorption capacity, and policy changes [56][57]. 3.4 Market Characteristics - **Primary market**: In the second half of 2025, 10 public REITs were issued, with the largest number in the consumption infrastructure category. New - type infrastructure REITs with data centers as underlying assets were launched for the first time. The primary market recovered, with a significant increase in issuance scale, but the subscription multiples and first - day gains declined compared to the first half of the year [61][62]. - **Secondary market**: In the second half of 2025, the secondary - market prices of public REITs were under pressure. The CSI REITs Total Return Index had a cumulative decline of 11.48% by December 24, 2025, and the annual return dropped to - 1.51%. The trading activity declined in the second half of the year, and there would be large - scale lock - up expirations at the end of the year, which might increase liquidity but also test prices in the short term [69][70].

Investment Rating - The report maintains a "Strong Buy" rating for Ding Tai Gao Ke and Zhong Tu Gao Xin, and a "Buy" rating for Da Zu Suo Kong and Ying Nuo Ji Guo [4] Core Insights - The report highlights the strong demand for AI infrastructure driving a new expansion cycle in the PCB industry, with significant investments from global tech giants [15] - The PCB equipment sector is experiencing accelerated upgrades, presenting opportunities for domestic manufacturers due to rising precision and complexity requirements [10][11] - The report emphasizes the importance of core consumables like drilling needles, which are expected to see significant growth in both volume and price due to AI-driven demand [9] Industry Overview - The PCB industry is projected to grow from $73.57 billion in 2024 to $96.4 billion by 2029, with a CAGR of 5.6% [15][22] - The global PCB market is expected to see a revenue increase of 7.6% and a production increase of 7.8% in 2025, driven by AI infrastructure investments [15] - The demand for high-layer and HDI boards is expected to grow significantly, with 18-layer and above boards projected to see a 40.2% increase in market value in 2024 [18][22] Key Companies and Their Forecasts - Ding Tai Gao Ke is expected to achieve an EPS of 0.99 yuan in 2025, with a PE ratio of 141.99, maintaining a "Strong Buy" rating [4] - Zhong Tu Gao Xin is forecasted to have an EPS of 0.51 yuan in 2025, with a PE ratio of 57.05, also rated as "Strong Buy" [4] - Da Zu Suo Kong is projected to have an EPS of 1.77 yuan in 2025, with a PE ratio of 68.67, rated as "Buy" [4] - Ying Nuo Ji Guo is expected to achieve an EPS of 0.30 yuan in 2025, with a PE ratio of 152.09, rated as "Buy" [4] Market Trends - The report identifies a shift towards high-end PCB products driven by AI applications, with increasing requirements for precision and complexity in manufacturing processes [10][11] - The demand for PCB drilling equipment is expected to grow from $1.47 billion in 2024 to $2.40 billion by 2029, with a CAGR of 10.3% [35] - The exposure equipment market is projected to grow from $1.20 billion in 2024 to $1.94 billion by 2029, with a CAGR of 10% [43] Competitive Landscape - Domestic manufacturers are gaining market share in high-end PCB equipment, with companies like Da Zu Suo Kong and Xin Qi Wei Zhuang making significant strides against foreign competitors [11][42] - The report notes that the competitive landscape for drilling needles is favorable for domestic firms, with Ding Tai Gao Ke leading the global market share [9][18]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The convertible bond market generally rose today, with increased valuations, trading sentiment, and a shift towards small - cap value stocks [1]. - The central price of convertible bonds increased, and the proportion of high - price bonds rose [2]. - Most underlying stock industries rose, with different performance in different industries in the convertible bond market [3]. Summaries According to Relevant Catalogs Market Overview - Index performance: The CSI Convertible Bond Index rose 0.38% month - on - month, the Shanghai Composite Index rose 0.36%, the Shenzhen Component Index rose 0.66%, the ChiNext Index rose 0.49%, the SSE 50 Index rose 0.19%, and the CSI 1000 Index rose 0.79% [1]. - Market style: Small - cap value stocks were relatively dominant. Large - cap growth rose 0.40%, large - cap value fell 0.17%, mid - cap growth rose 1.05%, mid - cap value rose 0.91%, small - cap growth rose 0.97%, and small - cap value rose 1.07% [1]. - Fund performance: Trading sentiment in the convertible bond market increased. The trading volume of the convertible bond market was 71.204 billion yuan, a 11.42% month - on - month increase; the total trading volume of the Wind All - A was 1.748742 trillion yuan, a 4.29% month - on - month increase; the net out - flow of main funds in the Shanghai and Shenzhen stock markets was 4.444 billion yuan, and the yield of the 10 - year treasury bond decreased by 0.48bp to 1.83% [1]. Convertible Bond Price - The central price of convertible bonds increased. The weighted average closing price of all convertible bonds was 135.01 yuan, a 0.61% increase from yesterday. Among them, the closing price of equity - biased convertible bonds was 201.30 yuan, a 0.71% increase; the closing price of bond - biased convertible bonds was 119.74 yuan, a 0.37% increase; the closing price of balanced convertible bonds was 130.05 yuan, a 0.17% increase [2]. - The proportion of high - price bonds (above 130 yuan) increased to 60.89%, a 1.84pct increase from yesterday. The largest change in proportion was in the 110 - 120 (including 120) range, with a proportion of 7.61%, a 1.05pct decrease from yesterday. There were 0 bonds with a closing price below 100 yuan. The median price was 133.64 yuan, a 0.48% increase from yesterday [2]. Convertible Bond Valuation - Valuations increased. The fitted conversion premium rate for 100 - yuan par value was 32.51%, a 0.14pct increase from yesterday. The overall weighted par value was 99.53 yuan, a 0.86% increase from yesterday. The premium rate of equity - biased convertible bonds was 15.45%, a 0.27pct decrease; the premium rate of bond - biased convertible bonds was 84.79%, a 0.38pct decrease; the premium rate of balanced convertible bonds was 26.39%, a 0.10pct decrease [2]. Industry Performance - Underlying stock industries: 27 industries rose. 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%) [3]. - Convertible bond market: 23 industries rose. 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]. - Different indicators for different sectors: - Closing price: The large - cycle sector rose 1.53%, the manufacturing sector rose 0.49%, the technology sector rose 0.21%, the large - consumption sector rose 0.46%, and the large - finance sector fell 0.68% [3]. - Conversion premium rate: The large - cycle sector decreased 1.5pct, the manufacturing sector decreased 0.33pct, the technology sector decreased 0.96pct, the large - consumption sector decreased 1.8pct, and the large - finance sector decreased 0.86pct [3]. - Conversion value: The large - cycle sector rose 2.65%, the manufacturing sector rose 0.69%, the technology sector rose 0.99%, the large - consumption sector rose 1.19%, and the large - finance sector fell 0.47% [3]. - Pure bond premium rate: The large - cycle sector rose 2.1pct, the manufacturing sector rose 0.75pct, the technology sector rose 0.27pct, the large - consumption sector rose 0.56pct, and the large - finance sector fell 0.79pct [4]. Other Data - Main index performance: Different indices showed different price levels and growth rates, such as the CSI Convertible Bond Index closing at 493.46, with a daily increase of 0.63%, a one - week increase of 2.13%, a one - month increase of 1.96%, and a year - to - date increase of 19.03% [6]. - Style index performance: Small - cap indices generally had better performance than large - cap indices [9]. - Convertible bond valuation: The fitted premium rate for 100 - yuan par value was 33.71%, a 0.08pct increase; the valuation repair index was 3.29%, a 0.13pct decrease; the overall weighted average par value was 101.53, a 0.84% increase; the median price was 133.64, a 0.48% increase [16][17]. - Industry rotation: Industries such as national defense and military industry, light industry manufacturing, and mechanical equipment led the rise, with detailed data on stock price changes, valuation quantiles, etc. [54].

Investment Rating - The report gives a "Buy" rating for Nanjing Securities with a target price of 9.45 RMB [1][6]. Core Views - Nanjing Securities, as a state-owned broker in Nanjing, leverages its local government background to enhance resource collaboration and has a stable shareholding structure [6][7]. - The company's return on equity (ROE) is currently below the industry average but shows potential for improvement due to increasing leverage and a favorable debt structure [8][29]. - The business layout is dominated by capital-intensive operations, with a significant portion of revenue coming from proprietary trading, which aligns well with industry trends [6][10]. Financial Summary - Total revenue is projected to grow from 3,147 million RMB in 2024 to 3,894 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 7% [2]. - Net profit attributable to shareholders is expected to increase from 1,002 million RMB in 2024 to 1,462 million RMB in 2027, reflecting a CAGR of about 7% [2]. - Earnings per share (EPS) is forecasted to rise from 0.27 RMB in 2024 to 0.40 RMB in 2027 [2]. Business Performance - The company has a high reliance on capital-intensive business, with an average revenue contribution of 69.1% from such operations from 2022 to 2024, significantly above the industry average of 49% [6][21]. - The brokerage business is transitioning towards wealth management, with expected net income from this segment to reach 7.78 million RMB in 2025 [9]. - Investment banking revenue is projected to decline slightly, with net income expected to be 1.67 million RMB in 2025 [9]. Leverage and Profitability - The financial leverage of Nanjing Securities has increased from 2.51X in 2022 to 3.76X in 2025, narrowing the gap with industry averages [8][38]. - The company's annualized ROE for the first three quarters of 2025 is reported at 6.8%, which is 1.8 percentage points lower than the industry average, indicating room for improvement [29][38]. Valuation and Investment Recommendation - The report suggests a price-to-book (PB) ratio of 1.8 for the year 2026, leading to a target price of 9.45 RMB based on the expected performance and capital strength post-equity financing [10][8]. - The anticipated capital increase of 5 billion RMB is expected to significantly enhance the company's capital strength and support business development [8][10].

宏观研究 证 券 研 究 报 告 【宏观快评】 货币政策重点在于调结构 ——2025 年四季度货币政策委员会例会学习心得 事 项 2025 年 12 月 24 日，中国人民银行发布四季度货币政策委员会例会，我们学习 心得如下。 4、央行删掉了"防范资金空转"的表述，这意味着一旦国内经济有较大下行 压力，央行货币政策的掣肘相对较小，可随时灵活加码。 5、总而言之，四季度例会没有更改我们对于后续贷款增速和 M2 增速回落的 判断，宏观流动性最宽松的时间段可能已经过去，这意味着估值进一步抬升存 在难度，资本市场要更关注基本面。 6、对于权益资产而言，当下供需均衡仍在改善的路径上，且股债比较指标（股 债夏普比率差值）也显示股票更具配置优势。我们战略看多股票的观点不变。 但我们提示股票拔估值的摩擦力会越来越大，要更关注基本面和安全边际。 7、对于债市而言，十年期国债收益率突破前低需要货币政策的超预期的非常 规宽松，四季度货政例会看不到这一信号。后续只要经济循环和资本市场风险 偏好在持续改善，那么 2%以下的十年期国债其上行压力仍存。 风险提示： 货币政策超预期 宏观快评 2025 年 12 月 25 日 核心观点 1、 ...

Investment Rating - The report upgrades the investment rating of Haiguang Information (688041) to "Strong Buy" with a target price of 336 CNY [2]. Core Insights - Haiguang Information has launched an open platform strategy to build a unified ecosystem for domestic computing power, focusing on AI computing architecture [2]. - The company aims to transition from a chip manufacturer to a platform-based core hub for domestic computing power, leveraging its "DCU + CPU" dual-core strategy and open software stack [9]. - The newly released HSL 1.0 interconnection specification is a significant step towards standardizing and scaling domestic computing power, facilitating integration with various AI chips [9]. - The company is developing a "Chinese version of CUDA" to lower application migration costs, enhancing ecosystem stickiness and accelerating the deployment of domestic AI applications [9]. Financial Summary - Total revenue projections for Haiguang Information are 9,162 million CNY in 2024, increasing to 26,327 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 52.4% to 35.0% [5]. - Net profit attributable to shareholders is expected to grow from 1,931 million CNY in 2024 to 6,583 million CNY in 2027, with growth rates of 52.9% to 35.9% [5]. - Earnings per share (EPS) are projected to rise from 0.83 CNY in 2024 to 2.83 CNY in 2027, indicating strong profitability growth [5]. - The price-to-earnings (P/E) ratio is expected to decrease from 264 in 2024 to 78 in 2027, suggesting improving valuation metrics as the company grows [5].

Investment Rating - The report maintains a "Recommended" investment rating for the computing chip industry, particularly focusing on domestic GPU manufacturers [2]. Core Insights - The report emphasizes that the development of large models follows the "Scaling Law," indicating a rigid expansion of computing power demand. This is supported by quantifiable data on AI application deployment and computing consumption, establishing a commercial link where "computing power is production material" [6]. - The GPU industry is characterized by a concentrated market structure, with major players like NVIDIA dominating the landscape. The report highlights the ongoing strategic partnerships between cloud giants and NVIDIA, reinforcing the latter's core position in AI infrastructure [6][7]. - The report analyzes the domestic GPU manufacturers' response to U.S. export restrictions, detailing their technological advancements and market strategies. Companies like Cambricon, Haiguang Information, Moore Threads, and Muxi are highlighted for their efforts to catch up with international standards [6][7]. Summary by Sections 1. GPU's Role in AI - GPUs excel in parallel computing, making them suitable for AI acceleration. The architecture of GPUs allows for simultaneous processing of vast amounts of data, significantly reducing training times for AI models [11][12]. - The GPU industry value chain is primarily concentrated in the midstream, where AI chip demand drives market growth. The report notes that the global GPU market is expected to reach 1,051.54 billion yuan by 2024, with a significant portion attributed to AI computing GPUs [24][29]. 2. Global AI Investment Trends - Major global tech companies are increasing their investments in AI, with NVIDIA maintaining a dominant position. The report cites that NVIDIA holds a 98% market share in the data center GPU segment, underscoring its competitive edge [21][35]. - The report indicates that the AI investment cycle is achieving a closed loop, with companies like Google and Microsoft ramping up their capital expenditures significantly to support AI infrastructure [46][50]. 3. Domestic GPU Development - The report discusses the urgency for domestic GPU manufacturers to achieve self-sufficiency in light of U.S. export controls. Companies are making strides in product development and market entry, with varying degrees of commercial success [6][7]. - The report highlights the financial trajectories of domestic firms, noting that Haiguang Information achieved profitability in 2021, while Cambricon is expected to reach profitability by Q4 2024 [6][7]. 4. Market Projections - The report forecasts that the global GPU market will grow to 3,611.97 billion yuan by 2029, with China's share increasing from 15.6% in 2024 to 37.8% by 2029. AI computing GPUs are projected to be the core growth driver [24][29]. - The report anticipates that the demand for data center GPUs will continue to surge, with a projected market size of 663.92 billion yuan by 2029, reflecting a compound annual growth rate of 70.1% [29][31].

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [24]. Core Insights - The Ministry of Commerce has announced a countervailing policy against EU dairy imports, which is expected to accelerate domestic product substitution and stabilize raw milk prices. The policy will impose temporary countervailing measures on EU dairy products starting December 23, 2025, with subsidy rates ranging from 21.9% to 42.7% [2][8]. - The policy targets high-fat dairy products, particularly cheese and cream, which have a high dependency on imports. This is expected to significantly increase the cost of EU products, thereby enhancing the price advantage for domestic manufacturers [8]. - The domestic dairy processing industry has historically relied on imports due to high raw milk costs and immature technology. The report estimates that the domestic production of similar products accounted for only 14%-18% in 2023, indicating a substantial market opportunity for local producers [8]. Summary by Sections Industry Overview - The food and beverage industry comprises 126 listed companies with a total market capitalization of 46,266.30 billion and a circulating market value of 45,144.74 billion [5]. Market Performance - The absolute performance of the industry over the past month is -2.1%, with a 6-month performance of 2.7% and a 12-month performance of -4.9%. Relative performance shows a decline of -5.9% over one month, -17.1% over six months, and -22.4% over twelve months [6]. Policy Impact - The countervailing measures are expected to create a market space of approximately 20 billion for cream and 14 billion for cheese, accelerating domestic substitution. The report highlights that the production capacity of deep processing projects is expected to consume over 400 million tons of raw milk, potentially leading to a reversal in the raw milk cycle by the second half of 2026 [8]. Investment Opportunities - The report identifies three main investment opportunities: - Domestic substitutes that will directly benefit from the policy, with a focus on companies like Lihigh and Miaoke, which are positioned to capture high-end market segments [8]. - Dairy farms such as Youran and Modern Dairy, which are expected to benefit from a reversal in raw milk prices [8]. - Leading dairy companies like Yili and Mengniu, which are anticipated to strengthen their competitive edge through accelerated deep processing business and improved operational stability [8].

Investment Rating - The report maintains a "Recommendation" rating for the computer industry [4] Core Insights - The report highlights the strategic importance of China Electronics as a core technological force in the national cybersecurity and information industry, emphasizing its comprehensive product spectrum and technology system [7][13] - It discusses the establishment of the PKS ecosystem, which is the first domestic standard for computer hardware and software, aimed at addressing key technological challenges and enhancing the value of data elements [33][49] - The report suggests that the market transformation of China Electronics, driven by external mergers and internal incentives, is expected to accelerate, with a focus on improving the quality of listed companies and optimizing asset layouts [53][54] Summary by Sections 1. Addressing Key Challenges - China Electronics aims to tackle the "bottleneck" issues in the semiconductor and software sectors, having developed a complete product spectrum from chips to application systems [7][13] - The company has undergone significant restructuring and mergers since 2005, optimizing its industrial structure and enhancing its competitive advantages across various electronic information sectors [13][14] 2. PKS Ecosystem and Data Elements - The PKS ecosystem integrates various components, including the Feiteng CPU and Kylin OS, to create a robust domestic computing infrastructure [33][34] - The report notes that data has become the fifth production factor, with China Electronics actively participating in the marketization of data elements, addressing challenges related to rights, pricing, and security [39][49] 3. Market Transformation through Mergers and Incentives - The report outlines the ongoing market transformation of China Electronics, highlighting its efforts to list assets and implement employee stock ownership plans to boost internal vitality [8][53] - It emphasizes the importance of mergers and acquisitions in enhancing the operational efficiency of state-owned enterprises, aligning with national reform initiatives [54] 4. Investment Recommendations - The report identifies potential investment opportunities in companies under China Electronics, including Huada Jiutian, Dameng Data, China Software, and others, suggesting that these platforms may experience a revaluation of their worth [8][10]

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 ...