创新跨越从跟跑至领跑，出海破局由低端向高端 [Table_Industry] 医药生物行业 2026 年度策略报告 [Table_ReportDate] 2025 年 12 月 15 日 证券研究报告 行业研究 [Table_ReportType] 行业投资策略 | [Table_StockAndRank] 医药生物 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业联席首席分析师 执业编号：S1500524120003 邮 箱：hexin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan@cindasc.com 信达证券股份有限公司 CIN ...

看好高端医疗设备进口替代和出海加速 [Table_Industry] 医药生物行业周报 [Table_ReportTime] 2025 年 12 月 15 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 医药生物 医药生物 投资评级 看好 上次评级 看好 [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：10 ...

投资评级 买入 上次评级 买入 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 刘波： 煤炭钢铁行业分析师 执业编号：S1500525070001 邮箱：liubo1@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 参股科工成套公司：战略协同赋能，锚定中 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 天玛智控(688570) 长期高质量发展 [Table_ReportDate] 2025 年 12 月 15 日 [Table_S 事件：12ummar 月 9y]日晚，天玛智控发布公告，公司拟与直接控股股东天地科技 及其子企业开采研究院、上海煤科、天地奔牛共同投资 35.45 亿元（其中天 玛智控投资 3.5 亿元，参 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 天地科技(600582) 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 刘波： 煤炭钢铁行业分析师 执业编号：S1500525070001 邮箱：liubo1@cindasc.com ➢ 技术研发深化+产业协同强化，构筑煤机产业核心竞争力。科工成套公 司以技术创新为核心驱动力，在补强液压支架制造短板的基础上，进一 步聚焦煤矿重大智能成套装备领域的"卡脖子"技术开展系统性攻关， 重点围绕三大方向突破核心壁垒：一是研发新材料、新工艺、新技术， 包括高耐磨耐腐蚀材料、高强度轻量化材料等；二是建设测试验证平台， 实现新系统入井前的充分验证与优化，确保交付的高端成套系统具备极 致的可靠性；三是研究智能化技术，包括高精度的传感技术，成套装备 的高度协同技术，基于人工智能的成套装备智能化控制算法模型等。科 信达证券股份有限公司 C ...

看好人形机器人、AI 基建及流程工业 【】【】 机械设备[Table_Industry] [Table_ReportDate] 2025 年 12 月 15 日 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 机械设备 投资评级 看好 上次评级 看好 [Table_Author] 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wangrui1@cindasc.com [Table_Author] 韩冰 机械行业分析师 执业编号：S1500523100001 邮 箱：hanbing1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127 号金隅大厦B座 邮编：100031 [Table_Title] 看好人形机器人、AI 基建及流程工业 [Table_ReportDate] 2025 年 12 月 15 日 本期内容提要: 1）日联科技 公司是国内领先的工业 X 射线智能检测设备及核心部件供应商，在 核心部件、AI 软件、检测设备等方面 ...

英伟达 H200 将获批出口中国，博通净利润大幅 增长 [Table_ReportDate] 2025 年 12 月 14 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 王义夫 电子行业分析师 执业编号：S1500525090001 邮 箱：wangyifu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] 英伟达 H200 将获批出口中国，博通净 利润大幅增长 [Table_ReportDate] 2025 年 12 月 14 日 本期内 ...

证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] 行业评级 ——看好 上次评级——看好 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 原油周报：地缘局势 [Table_Title] +美联储降息支撑，油价区间震荡 [Table_ReportDate0] 2025 年 12 月 14 日 本期内容提要： [Table_Author] [Table_Summary] ➢ 【油价回顾】截至 2025 年 12 月 12 日当周，国际油价震荡下行。本 周，伊拉克恢复在卢克石油的油田生产，EIA 和 IEA 月报显示市场供 应过剩压力较大，同时市场也关注俄乌和平谈判进展及美联储降息政 策；但乌克兰在黑海击中俄罗斯油轮， ...

Group 1 - The report indicates a rebound in growth style driven by positive changes in liquidity and industrial catalysts, including the Federal Reserve's interest rate cut and the lifting of restrictions on H200 chip exports to China [2][10] - The AI industry is in a phase of rapid evolution, with infrastructure scaling up and application scenarios being implemented, leading investors to believe that technology growth may remain a key theme in the current bull market [2][10] - The report suggests that the growth sector may still be in a high-level oscillation phase, with various factors such as the uncertainty of the Fed's rate cut schedule and adjustments in overseas tech stocks potentially limiting the rebound space for the tech sector [2][10] Group 2 - The report highlights that during the year-end transition period, growth stocks typically benefit from ample liquidity, and the current macroeconomic expectations are weak, which may create a favorable environment for growth stock rebounds [3][11] - It is assumed that the current phase is still early in the growth stock bull market, with expectations of a second wave of accelerated growth driven by incremental capital in the later stages of the bull market [3][14] - The report emphasizes that high-quality segments within the growth stocks may offer better allocation value, with specific attention to sectors like consumer electronics, gaming, and renewable energy [3][26] Group 3 - The report provides a historical performance analysis of major sectors during year-end transitions, indicating that growth stocks generally outperform other sectors [11][12] - It notes that the internal rotation and expansion of growth stocks are likely to continue, with significant changes in leading sectors and fund holdings compared to previous bull market phases [21][24] - The report suggests that the valuation of growth stocks is generally not low, and high-cost performance segments may present better investment opportunities moving forward [3][26]

反内卷逻辑持续演绎，钢铁板块配置价值凸显 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 12 月 14 日 证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [高Table_Author] 升 煤炭、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 煤炭、钢铁行业分析师 执业编号：S1500525070001 邮 箱：liubo1@cindasc.com 李 睿 煤炭、钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [反内卷逻辑持续演绎，钢铁板块配置价值凸显 Table_Title] [Table_ReportDate] 2025 年 12 月 14 日 本期内容提要： 请阅读最后一页免责 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [10][11] - The supply-side constraints that have been in place since July remain, suggesting limited downside risk for coal prices, which are expected to stabilize [10][11] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5%, indicating strong core asset attributes [10][11] - The coal assets are relatively undervalued, with expectations for overall valuation improvement, supported by high premiums in the primary mining rights market [10][11] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with high barriers to entry and strong cash flow characteristics [10][11] Summary by Sections Coal Price Tracking - As of December 13, the market price for Qinhuangdao port thermal coal (Q5500) is 753 CNY/ton, down 38 CNY/ton week-on-week [27] - The international thermal coal offshore price for Newcastle NEWC5500 is 78.0 USD/ton, down 6.0 USD/ton week-on-week [27] - The price for coking coal at Jing Tang port remains stable at 1650 CNY/ton [29] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 92.5%, an increase of 1.0 percentage point week-on-week [44] - The daily coal consumption in inland provinces has increased by 6.20 thousand tons/day (+1.61%) [45] - The daily coal consumption in coastal provinces has increased by 2.00 thousand tons/day (+1.01%) [45] Inventory Situation - As of December 11, coal inventory in inland provinces has decreased by 11.90 thousand tons week-on-week, while coastal provinces saw a reduction of 71.10 thousand tons [45] - The available days of coal in inland provinces have decreased by 0.50 days week-on-week [45] Key Companies to Watch - Focus on stable operators with solid performance such as China Shenhua, Shaanxi Coal, and China Coal Energy [11] - Pay attention to companies with higher elasticity like Yanzhou Coal, Electric Power Energy, and Guanghui Energy [11] - Consider high-quality metallurgical coal companies such as Huaibei Mining and Lu'an Environmental Energy [11]