Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong performance in social entertainment media and internet healthcare, while noting challenges in e-commerce and short video segments [4][11]. E-commerce - The report indicates a decline in the year-on-year growth rate of physical e-commerce sales as per the National Bureau of Statistics, suggesting a weak overall sales outlook for Q4 [4][15]. - Alibaba's AI application, Qianwen, has integrated with Gaode Map, marking a significant step in its ecosystem [12]. Social Entertainment Media - Bilibili and Tencent's advertising performance continues to outperform the market, with Tencent's gaming fundamentals showing upward momentum [4][16]. - Tencent's new game, "Delta Action," is expected to become a major title alongside "Honor of Kings" and "Peacekeeper Elite" [4][16]. Internet Healthcare - JD Health and Alibaba Health are leveraging their leading platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][16]. Short Video - The report notes a recent decline in stock prices for AI application-related companies due to market sentiment, but maintains a positive outlook on Kuaishou's core business stability [4][16]. IP and Trendy Toys - Pop Mart's new flagship store in Shanghai is expected to enhance interactive space and expand its presence, with new IPs like 1001moons and supertutu being launched [4][16]. Long Video - The report suggests monitoring investment opportunities in iQIYI and Mango TV, as regulatory changes are expected to improve the long video sector's commercial model [4][17]. Music Streaming - TME and NetEase Music reported stable performance in Q3, although concerns about competition have led to a valuation adjustment [4][18]. Gaming Sector - The domestic gaming industry remains highly prosperous, with continued recommendations for leading companies like Tencent and NetEase, and a focus on companies with improving product trends [4][19]. Advertising - Focus Media has shown strong growth in non-recurring revenue, with a significant increase in advertising spending from internet advertisers in Q3 [4][19]. Publishing - Some publishing companies are facing challenges due to negative impacts from educational reforms, leading to delays in revenue recognition [4][19]. Film and Television - The report highlights the potential for recovery in the long video industry, with a focus on companies with strong production capabilities and project pipelines [4][20]. AI Applications - The report emphasizes the importance of AI in various sectors, including advertising and healthcare, suggesting a growing trend towards AI integration in business models [4][20].

Core Insights - The coal market is expected to gradually improve as November raw coal production continues to decline year-on-year, while daily consumption has room for growth [5][79] - The report indicates that the coal industry is rated as a "Buy" with expectations of improved profitability in Q4 2025 and 2026 [5][6] Market Dynamics - The price of thermal coal has continued to decline, with the CCI5500 thermal coal index reported at 716 RMB/ton, down 42 RMB/ton week-on-week [11][80] - In the main production areas, thermal coal prices have generally decreased, with Shanxi region prices dropping by 70 RMB/ton [11][80] - The coal mining capacity utilization rate was reported at 88.3%, a decrease of 1.9 percentage points week-on-week [21][38] - Coal inventory at major ports increased by 2.8% week-on-week, reaching 7.261 million tons [21][24] Industry Outlook - The report anticipates a slight increase in coal demand in 2026, while supply is expected to have limited upward potential, leading to an upward adjustment in coal prices [5][79] - The report highlights that the coal industry’s total profit for the first ten months of 2025 was 257 billion RMB, a 49% year-on-year decline [5][6] - The report emphasizes the importance of the 2026 long-term contract policy, which aims to ensure stable supply and pricing in the coal market [82][85] Key Companies - Companies with stable dividends in the thermal coal sector include China Shenhua, Yanzhou Coal, and Shaanxi Coal [5][6] - High elasticity companies benefiting from improved demand expectations and supply contraction include Shanxi Coking Coal and Lu'an Environmental Energy [5][6] - Companies with long-term growth potential highlighted in the report include Baofeng Energy and China Qinfa [5][6]

[Table_Page] 跟踪分析|传媒 证券研究报告 972918116公共联系人2025-12-21 17:14:28 [Table_Summary] [Table_Title] 传媒行业•AI 周度跟踪之四十七 字节大会发布多款模型，谷歌 Gemini 3 Flash 速度提升 | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-12-21 | 核心观点： [Table_PicQuote] 相对市场表现 -20% -11% -2% 6% 15% 24% 12/24 03/25 05/25 07/25 10/25 12/25 传媒 沪深300 | [分析师： Table_Author]旷实 | | | --- | --- | | | SAC 执证号：S0260517030002 | | SFC CE No. BNV294 | | | 010-59136610 | | | | kuangshi@gf.com.cn | | 分析师： | 廖志国 | | | SAC 执证号：S0260525060001 | | 021-3 ...

[Table_Page] 宏观经济|定期报告 2025 年 12 月 21 日 证券研究报告 [Table_Title] 新增长线索弥补金融条件 宏观周度述评系列（2025.12.15-12.21） [报告摘要 Table_Summary：] | [Table_Author] 分析师： | 郭磊 | | --- | --- | | | SAC 执证号：S0260516070002 | | | SFC CE No. BNY419 | | | 021-38003572 | | | guolei@gf.com.cn | | 分析师： | 陈礼清 | | | SAC 执证号：S0260523080003 | | | 021-38003809 | | | chenliqing@gf.com.cn | | 分析师： | 陈嘉荔 | | | SAC 执证号：S0260523120005 | | | 021-38003674 | | | gfchenjiali@gf.com.cn | | 分析师： | 钟林楠 | | | SAC 执证号：S0260520110001 | | | 010-59136677 | | | zhon ...

[Table_Page] 公告点评|煤炭开采 证券研究报告 [Table_Title] 中国神华(601088.SH/01088.HK) 收购资产方案落地，资源大幅增长，优势进一步凸显 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | | 343,074 | 338,375 | 310,460 | 327,292 | 338,435 | | 增长率（ ） | % | -0.4% | -1.4% | -8.2% | 5.4% | 3.4% | | EBITDA | | 116,805 | 108,630 | 97,963 | 102,898 | 107,101 | | 归母净利润 | | 59,694 | 58,671 | 52,293 | 54,759 | 57,498 | | 增长率（ ） | % | -14.3% | -1.7% | -10.9% | ...

[Table_Page] 投资策略周报|有色金属 证券研究报告 | [Table_Title] 金属及金属新材料行业周报 | | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | --- | --- | | | | 前次评级 | 买入 | | 黄金开始交易 | 年降息节奏 26 | 报告日期 | 2025-12-21 | [Table_Summary] 核心观点： [相对市场表现 Table_PicQuote] -10% 8% 26% 44% 62% 80% 12/24 03/25 05/25 07/25 10/25 12/25 有色金属 沪深300 | [分析师： Table_Author]宫帅 | | --- | | SAC 执证号：S0260518070003 | | SFC CE No. BOB672 | | 010-59136660 | | gongshuai@gf.com.cn | | 分析师： 王乐 | | SAC 执证号：S0260523050004 | | 021-38003617 | | wangle@gf.com.cn | | 分析师： 陈琪玮 | | S ...

[Table_Page] 金融工程|定期报告 2025 年 12 月 21 日 证券研究报告 [Table_Title] 金融工程：AI 识图关注非银、卫 A 股量化择时研究报告 [Table_Summary 市场回顾（本期是指 ] 2025 年 12 月 15 日—2025 年 12 月 19 日） 结构表现 (涨幅) 中证 100 沪深 300 中证 500 中证 800 中证 1000 国证 2000 -0.82% -0.28% 0.00% -0.21% -0.56% -0.37% 行业表现 强度前五：商贸零售、非银金融、美容护理、社会服务、基础 化工。 强度后五：电子、电力设备、机械设备、综合、通信。 市场估值 指数估值 ↓：深证指数 行业估值 相对 PE 较低：食品饮料、建筑装饰、电力设备、美容护理、 煤炭。 相对 PE 较高：计算机、电子、农林牧渔、传媒、商贸零售。 市场情绪 新高比例 ↓:创近 60 日新高个股数占比从前一期的 8.5%降至 7.7%。 新低比例 ↓:创近 60 日新低个股数占比从前一期的 20%降至 6.4%。 均线结构 ↓:多头排列减空头排列个股占比从前一期的-15%降至-2 ...

[Table_Page] 跟踪分析|公用事业 证券研究报告 [Table_Title] 公用事业行业深度跟踪 风光贡献全部发电增量，关注板块低配高股息 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-12-21 [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 12/24 03/25 05/25 07/25 10/25 12/25 公用事业 沪深300 | [分析师： Table_Author]郭鹏 | | --- | | SAC 执证号：S0260514030003 | | SFC CE No. BNX688 | | 021-38003655 | | guopeng@gf.com.cn | | 分析师： 许子怡 | | SAC 执证号：S0260524010002 | | 021-38003618 | | xuziyi@gf.com.cn | | 分析师： 郝兆升 | | SAC 执证号：S0260524070001 | | 0755-82557403 | | haozhaosheng@ ...

[Table_Page] 投资策略|专题报告 2025 年 12 月 21 日 证券研究报告 [Table_Title] 中高净值的存款搬家很可能已形成趋势 ——2026 年 A 股增量资金展望 [Table_Summary] 报告摘要： | [分析师： Table_Author]刘晨明 | | | --- | --- | | | SAC 执证号：S0260524020001 | | SFC CE No. BVH021 | | | 010-59136616 | | | | liuchenming@gf.com.cn | | 分析师： 郑恺 | | | | SAC 执证号：S0260515090004 | | SFC CE No. BUU989 | | | 021-38003559 | | | zhengkai@gf.com.cn | | | 分析师： | 杨清源 | | | SAC 执证号：S0260525080001 | | | yangqingyuan@gf.com.cn | 请注意，杨清源并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 识别风险，发现价值 请务必阅读末页的免责 ...

[Table_Page] 深度分析|计算机 证券研究报告 [Table_Title] 计算机行业 GenAI 系列（二十三） 火山多模态和千问高德：硬核能力成生态格局新基石 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-12-19 [Table_PicQuote] 相对市场表现 -20% -11% -2% 6% 15% 24% 12/24 03/25 05/25 07/25 10/25 12/25 计算机 沪深300 | [分析师： Table_Author]刘雪峰 | | | --- | --- | | SAC 执证号：S0260514030002 | | | SFC CE No. BNX004 | | | 021-38003675 | | | gfliuxuefeng@gf.com.cn | | | 分析师： | 周源 | | SAC 执证号：S0260523040001 | | | 0755-23948351 | | | shzhouyuan@gf.com.cn | | | 请注意，周源并非香港证券及期货事务监察委员会的注册 ...