Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on AI equipment and consumables, as well as commercial aerospace [1]. Core Insights - The report highlights the rapid growth in demand for high-performance servers, GPUs, and advanced PCBs driven by the surge in AI technology and applications. The global PCB industry is projected to grow from $73.6 billion in 2024 to $96.4 billion by 2029, with a CAGR of 5.6% [7][22]. - The report emphasizes the importance of advancements in PCB equipment and consumables, particularly in drilling and exposure equipment, which are expected to see significant market growth due to the increasing complexity of AI applications [22][24]. - The commercial aerospace sector is entering a critical phase with the successful launch of reusable rockets, which could significantly reduce satellite launch costs and accelerate satellite networking processes [7][24]. Summary by Sections Industry and Company Investment Views - The report discusses the impact of AI on PCB demand, noting that the need for high-density and high-layer PCBs is increasing, which will drive the demand for advanced drilling and exposure equipment [22][24]. - Key companies to watch include Dingtai High-Tech and Zhongtung High-New in the consumables sector, and Dazhu CNC and Xinqi Micro-Assembly in the equipment sector [7][24]. - The report suggests that the equipment industry is entering a golden age due to the expansion of AI infrastructure, with significant growth expected in drilling and exposure equipment markets [22][24]. Key Data Tracking - The report provides macroeconomic data, including the manufacturing PMI index and fixed asset investment growth rates, which are crucial for understanding the overall health of the mechanical industry [26][30]. - The mechanical sector has shown a strong performance, with a 4.5% increase in the sector index, outperforming the broader market indices [11][16]. Company Earnings Forecasts and Valuations - The report includes earnings forecasts and valuations for key companies in the mechanical sector, with several companies rated as "Strong Buy," indicating strong expected growth in earnings per share (EPS) and favorable price-to-earnings (PE) ratios [2][8].

Investment Rating - The report maintains a recommendation for the low-altitude economy sector [1] Core Insights - The U.S. Department of Transportation has released the "Advanced Air Mobility National Strategy 2026-2036" and the "Advanced Air Mobility Comprehensive Plan," aiming to position the U.S. as a leader in aviation by establishing a robust AAM system [4][5] - The report emphasizes that both Chinese and U.S. companies are highly competitive in the low-altitude economy, with Chinese firms leading in the eVTOL sector, and anticipates that both countries will dominate the global market [21][22] - The National Development and Reform Commission (NDRC) has established statistical classifications for the low-altitude economy, indicating a significant acceleration in its development [23][27] Industry Overview - The low-altitude economy encompasses four main categories: low-altitude manufacturing, low-altitude operations, low-altitude infrastructure and information services, and low-altitude supporting industries, with a total of 23 subcategories and 65 detailed classifications [23][24] - The "Low Altitude Economy and Its Core Industry Statistical Classification" aims to define the scope and scale of the low-altitude economy, fulfilling the statistical needs of various governmental and societal stakeholders [23][24] Performance Metrics - The Huachuang Transportation Low Altitude 60 Index rose by 4.6% in the week ending December 26, 2025, and increased by 20% over the year, outperforming the CSI 300 Index, which rose by 18.4% [32][33] - The report highlights significant individual stock performances, with notable increases in companies such as Guolian Aviation (32%), Xinjingang (23%), and Zhongfu Shenying (19%) [34] Investment Recommendations - The report suggests focusing on various segments of the low-altitude economy, including: 1. Manufacturing: Key players include Wan Feng Aowei (eVTOL and general aviation), Xirui (general aviation), and Yihang Intelligent (eVTOL) [41] 2. Supply Chain: Companies like Zongshen Power and Yingboer are highlighted for their roles in the aviation engine and electric control markets [41] 3. Low-altitude Digitalization: Companies such as Lais Information and Sichuan Jiuzhou are noted for their contributions to low-altitude digital infrastructure [41] 4. Operations: Companies like CITIC Haizhi and Xiangyuan Cultural Tourism are recognized for exploring commercial applications in low-altitude operations [42]

- The report introduces multiple quantitative models for market timing, including short-term, medium-term, and long-term models, such as the "Volume Model," "Feature Institutional Model," "Feature Volume Model," "Intelligent Algorithm Model," "Limit-Up/Down Model," "Up/Down Return Difference Model," "Calendar Effect Model," and "Long-Term Momentum Model" [1][8][11] - The "Volume Model" is neutral for all broad-based indices in the short term, while the "Feature Institutional Model" is bullish, and the "Feature Volume Model" is bearish. The "Intelligent Algorithm Model" is neutral for both CSI 300 and CSI 500 indices [11][63] - The "Limit-Up/Down Model" and "Up/Down Return Difference Model" are bullish for all broad-based indices in the medium term, while the "Calendar Effect Model" remains neutral [12][64] - The "Long-Term Momentum Model" is bullish for the long term [13][65] - The "Comprehensive Weapon V3 Model" is bullish for A-shares, while the "Comprehensive Guozheng 2000 Model" is neutral [14][66] - For Hong Kong stocks, the "Turnover to Volatility Model" is bullish, while the "Up/Down Return Difference Model" is neutral in the medium term [15][67] - The report emphasizes that market timing requires a multi-cycle, multi-strategy model system, combining defensive and aggressive strategies to achieve a balanced approach [8] - Backtesting results for the models indicate that the "Double Bottom Pattern" portfolio outperformed the Shanghai Composite Index by 1.99% this week, with a cumulative return of 16.12% since December 31, 2020, compared to the index's 14.13% [38] - The "Cup and Handle Pattern" portfolio outperformed the Shanghai Composite Index by 1.32% this week but has underperformed the index by -1.36% cumulatively since December 31, 2020 [38]

- The report introduces a "Total Heat Indicator" for monitoring market sentiment, which aggregates the total heat indicators of individual stocks within broad-based indices, industries, and concepts[7] - The total heat indicator for individual stocks is defined as the sum of browsing, self-selection, and click counts, normalized by the market share on the same day, and then multiplied by 10,000, with a value range of [0,10000][7] - The report constructs a rotation strategy based on the weekly heat change rate (MA2) of broad-based indices, buying the index with the highest heat change rate at the end of each week, and staying out of the market if the "others" group has the highest change rate[13][16] - The rotation strategy based on the heat change rate (MA2) of broad-based indices has an annualized return of 8.74% since 2017, with a maximum drawdown of 23.5%, and a return of 36.71% in 2025[16] - The report also constructs two simple portfolios based on concept heat: a "TOP" portfolio consisting of the top 10 stocks with the highest total heat in the hottest concepts, and a "BOTTOM" portfolio consisting of the bottom 10 stocks with the lowest total heat in the hottest concepts[32][33] - The "BOTTOM" portfolio historically achieved an annualized return of 15.71% with a maximum drawdown of 28.89%, and a return of 42.4% in 2025[34] - The heat change rate (MA2) for broad-based indices this week shows that the CSI 500 index has the highest increase of 7.1%, while the CSI 300 index has the largest decrease of 5.08%[2][16] - The heat change rate (MA2) for Shenwan primary industries this week shows that the top five industries with the highest positive change rates are retail, building materials, automotive, basic chemicals, and petroleum and petrochemicals, while the top five industries with the highest negative change rates are banking, coal, media, computer, and electronics[2][27] - The heat change rate (MA2) for Shenwan secondary industries this week shows that the top five industries with the highest positive change rates are environmental equipment II, special steel II, glass fiber, beverage and dairy, and aerospace equipment II[2][27] - The top five concepts with the highest heat change rates this week are sugar substitute, automotive dismantling, civil explosives, Hainan Free Trade Zone, and PVDF concept[2][28]

Group 1: Overall Industrial Profit Trends - In November, the profit growth rate of industrial enterprises decreased to -13.1%, down from -5.5% in the previous month[2] - As of November, inventory increased by 4.6% year-on-year, compared to 3.7% in the previous month[2] - State-owned industrial enterprises saw a profit growth rate of -17.0%, while private enterprises had -12.6%, and foreign and Hong Kong, Macao, and Taiwan enterprises reported -7.3%[2] Group 2: Midstream Sector Performance - The midstream sector showed a profit growth rate of 6.77% in November, the only sector with positive growth, compared to -3.85% previously[5] - Midstream revenue growth was 4.66% in November, outperforming other sectors[5] - The midstream PPI turned positive for the first time since June 2024, with a month-on-month increase of 0.04%[19] Group 3: Industry-Specific Insights - The electronic equipment manufacturing industry saw a profit increase of 57.4%, driven by rapid development in aerospace and intelligent products[5] - The mining sector's profit growth was -21.16%, while manufacturing and electric heat, gas, and water sectors reported -13.54% and -1.59%, respectively[31] - The midstream sector's profit margin in November was 5.7%, higher than the previous year's 5.5%[19]

证 券 研 究 报 告 电力及公用事业行业深度研究报告 "超导-磁体"：可控核聚变价值量最高环节 推荐（维持） ——可控核聚变系列研究（五） 行业研究 电力及公用事业 2025 年 12 月 27 日 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 228 ...

Investment Rating - The report indicates a positive outlook for the SMO industry, suggesting it is entering a new growth cycle [15]. Core Insights - The SMO industry is experiencing steady growth driven by an increase in clinical trial registrations, particularly for innovative drugs, with a projected market size of 35 billion yuan by 2030 [23]. - The report highlights the recovery of the innovative drug sector, with an emphasis on the importance of quality over quantity in drug development [9]. - The medical device sector is benefiting from a rebound in bidding activities and government subsidies for home medical devices, indicating a favorable investment environment [56]. Summary by Sections Market Review - The report notes a slight decline in the CITIC pharmaceutical index, underperforming the CSI 300 index by 2.14 percentage points, ranking 26th among 30 primary industries [6]. Industry and Stock Events - The report identifies key stocks that have performed well, including Hongyuan Pharmaceutical and Luyan Pharmaceutical, while also noting significant declines in stocks like ST Bailing and Huaren Health [6]. Overall Viewpoint and Investment Themes - The report emphasizes the transition in the innovative drug sector from quantity to quality, recommending companies such as BeiGene and Innovent Biologics for their potential to deliver profits [9]. - In the medical device sector, the report highlights the recovery in imaging equipment procurement and the growth of home medical devices, recommending companies like Mindray and Yuyue Medical [9]. - The report discusses the potential for the CXO and life sciences services sector to recover, with a focus on companies that can leverage their market position for high-profit returns [9]. - The report suggests that the pharmaceutical industry is entering a new growth cycle, particularly in the specialty raw materials sector, with companies like Tonghua Dongbao and Huahai Pharmaceutical recommended for investment [9]. SMO Industry Insights - The SMO industry is characterized by a stable growth trajectory, with a significant increase in clinical trial registrations, particularly in complex therapeutic areas [23]. - The report notes that the demand for SMO services is expected to rise as the number of innovative drug trials increases, with a forecasted annual registration of 4,900 clinical trials in 2024, representing a 13.9% year-on-year growth [23]. - The report highlights the potential for AI applications to enhance efficiency and reduce costs in the SMO sector, which traditionally relies heavily on manual processes [33]. Medical Services and Pharmacy - The report expresses optimism about the pharmacy sector, driven by the acceleration of prescription outflow and the optimization of competitive dynamics, recommending companies like YaoXing and YiFeng Pharmacy [61]. - In the medical services sector, the report highlights the potential for private healthcare providers to enhance their competitive edge through reforms and the expansion of commercial insurance [63].

行业研究 房地产 2025 年 12 月 26 日 | 华创证券研究所 | | | | --- | --- | --- | | 证券分析师：单戈 | 证券分析师：许常捷 | 证券分析师：杨航 | | 邮箱：shange@hcyjs.com | 邮箱：xuchangjie@hcyjs.com | 邮箱：yanghang@hcyjs.com | | 执业编号：S0360522110001 | 执业编号：S0360525030002 | 执业编号：S0360525090001 | 证 券 研 究 报 告 事项： 房地产行业重大事项点评 推荐（维持） 北京楼市再宽松 2025 年 12 月 24 日，北京市住房城乡建设委、市发展改革委、人民银行北京市分行、 北京住房公积金管理中心等 4 部门联合印发《关于进一步优化调整本市房地产相关政策 的通知》。 评论： 本次北京房地产相关政策优化内容主要包括： 限购方面：1）非京籍居民家庭购买五环内商品住房的，缴纳社保或个税的年限，调整为 购房之日前连续缴纳满 2 年及以上；购买五环外商品住房的，缴纳社保或个税的年限， 调整为购房之日前连续缴纳满 1 年及以上。2）二孩及以上的多 ...

证 券 研 究 报 告 【宏观快评】 美国经济的冷与热：总量向上，民生向下 ——美国三季度 GDP 点评 事 项 三季度美国 GDP 好于预期，GDP 环比折年率+4.3%，前值+3.8%，预期+3%， 显著强于季节性；GDP 同比+2.3%，前值+2.1%，预期+2%。 主要观点 核心结论：Q3 经济超预期的主要来源为：①库存投资负向拖累大幅改善（库 存投资对 GDP 环比增速的拉动率为-0.2%，较前值提升 3.2 个百分点），主要 为抢进口修复后回归常态；②个人消费支出继续强劲增长（私人消费对 GDP 环比增速的拉动率为 2.4%，较前值提升 0.7 个百分点），但结构仍是服务消费 强、耐用品消费弱。 Q3 数据进一步佐证了美国经济冷热不均的分化，且短期难以改善这一分化。 总量向上：AI 投资继续拉动经济+富人财富效应下支撑消费偏强。但民生向下： 传统制造业与商品消费弱，导致"蓝领"就业难；普通人享受不到 AI 的财富 增值，反而财务状况不断恶化，67%的人口处于"月光族"。 经济冷热不均的分化能暂时避免经济衰退的到来，但无法解决政治风险。考虑 到 2026 年为中期选举年，不排除特朗普在经济矛盾无法解 ...

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [18]. Core Insights - The commercial aerospace sector is experiencing rapid development, with significant government support and a projected market size exceeding 2.8 trillion yuan by 2025. This growth is driven by advancements in satellite internet, computing satellites, and the establishment of space data centers [5][6]. - The establishment of the Commercial Aerospace Administration marks a new era for the industry, providing dedicated regulatory oversight and fostering high-quality development [5]. - The report highlights the acceleration of satellite launches, with notable achievements in satellite internet and computing satellite constellations, positioning China as a leader in global space technology [5][6]. Industry Overview - The computer industry comprises 338 listed companies with a total market capitalization of approximately 57.78 billion yuan and a circulating market value of about 52.46 billion yuan [2]. - The absolute performance of the industry over the past 12 months has increased by 18.5%, while its relative performance against the benchmark index has improved by 2.2% [3]. Key Companies and Financial Projections - Notable companies in the sector include China Satellite, Aerospace Electronics, and Unisoc, with varying market capitalizations and earnings projections for 2024 and 2025. For instance, China Satellite has a market cap of 108.74 billion yuan with an estimated EPS of 0.1 for 2024 [6][7]. - The report provides detailed earnings per share (EPS) and price-to-earnings (PE) ratios for several key players, indicating a diverse range of valuations and growth expectations across the industry [6][7].