Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2] Core Viewpoints - The pharmaceutical and biotechnology sector experienced a weekly return of -2.06%, ranking 28th among 31 primary sub-industry indices, with the medical services sub-sector performing the best at -1.40% [3][9] - Emerging industries such as brain-computer interfaces, robotics, and AI applications are highlighted as key areas of focus for investment in 2026, alongside state-owned enterprise reforms as part of the "14th Five-Year Plan" [3][9] - Long-term investment themes include innovation and international expansion, with recommendations to focus on high-end medical devices and innovative drug supply chains [3][9] Summary by Sections 1. Industry Weekly Viewpoints - The medical services sub-sector had the highest weekly return, while the pharmaceutical commercial sub-sector ranked sixth with a return of -2.68% [9] - The report emphasizes the importance of new industries and state-owned enterprise reforms for investment opportunities in 2026 [3][9] 2. Pharmaceutical Sector Performance and Valuation - The pharmaceutical and biotechnology industry index had a recent one-month return of -2.97%, ranking 29th among primary sub-indices [11] - The current PE (TTM) for the pharmaceutical and biotechnology industry is 28.59 times, slightly below the five-year historical average of 28.62 times [15][18] 3. Market Tracking - The medical services sub-sector showed the smallest weekly decline, while it also had the highest monthly return of 1.91% [28] - The report provides detailed performance metrics for various sub-sectors, indicating a mixed performance across the board [25][28] 4. Industry and Company Dynamics - Recent policy developments include the implementation of a unified basic medical insurance management procedure in Guangdong Province, effective February 1, 2026 [35] - Significant news includes the approval of new drugs and clinical trials by various companies, indicating ongoing innovation in the sector [36][37]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - In 2026, China will expand the scope of subsidies for scrapping and updating vehicles, which is expected to drive continuous growth in industry sales [3][23] - The Robotaxi fleet of Xiaoma Zhixing has reached 1,159 vehicles, exceeding the original target of 1,000 vehicles for the year [3][23] - The new subsidy policy is projected to benefit over 12 million passenger vehicles in 2026, significantly increasing consumer spending and potentially driving new car sales by nearly 1.5 million units [23][24] Summary by Sections Market Performance - The A-share automotive sector outperformed the market, with a weekly increase of 1.44%, ranking fourth among A-share Shenwan first-level industries [3][9] - The SW passenger vehicle index decreased by 1.64%, while the SW commercial vehicle index increased by 0.39% [3][6] Key Industry News - The 2026 subsidy policy for scrapping old vehicles will include more vehicle types and higher subsidy amounts, with a maximum of 20,000 yuan for scrapping and 15,000 yuan for replacement [23] - Xiaoma Zhixing's Robotaxi fleet has expanded rapidly, with 961 vehicles by September 30, 2025, and 667 of them being the seventh-generation model [23] - Firefly has officially launched in Austria, marking a significant step in its European market expansion [23] - Waymo has begun road testing autonomous taxis in London, aiming to expand its robotaxi services internationally [23] - Xiaomi aims to deliver 550,000 vehicles in 2026, focusing more resources on automotive production [24] Upstream Data Tracking - Key material prices such as steel, aluminum, and lithium carbonate are being monitored, with fluctuations potentially impacting production costs in the automotive sector [25][26][27]

Group 1 - The core conclusion indicates that the Shanghai Composite Index ended December 2025 with an "11 consecutive days of gains," primarily benefiting from a recovery in risk appetite and increased trading volume in ETFs focused on the CSI A500 [2][10] - The report suggests that the liquidity environment before the Spring Festival is likely to remain favorable, with the market expected to continue performing strongly, although some volatility may occur in January [10][17] - Historical data shows that the probability of market gains is highest in February, with seasonal patterns indicating that February, July, and November are the months with the highest likelihood of market increases [11][12] Group 2 - The report highlights that in years when the Spring Festival is later, the market may perform better before the festival compared to after, contrasting with earlier years where the opposite trend was observed [12][15] - It notes that significant fluctuations in the market during the first quarter are often influenced by major economic turning points or substantial changes in household funding [13][14] - The report emphasizes that the current market position is not low, with the Shanghai Composite Index currently at approximately the 35th percentile of the past decade, indicating a potential for gradual increases in the spring market [17][20] Group 3 - The report recommends increasing allocations to flexible assets in anticipation of the spring market, particularly in technology and cyclical sectors, which typically show significant excess returns during this period [22][24] - It suggests that the financial sector, particularly non-bank financials, may see increased earnings elasticity as resident funds flow into the market [26][24] - The report also indicates that the consumer sector may present investment opportunities, especially in new consumption models and sectors benefiting from policy catalysts [26][24]

证券研究报告 宏观研究 [Table_ReportType] 专题报告 [Table_Author] 解运亮 宏观首席分析师 执业编号：S1500521040002 联系电话：010-83326858 邮 箱：xieyunliang@cindasc.com 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱：mailinyue@cindasc.com [Table_Title] PMI 超预期背后的信号 [Table_ReportDate] 2025 年 12 月 31 日 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 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 [➢Table_Summary] 12 月制造业 PMI 重返扩张区间，且回升幅度超出市场普遍预期，从年末 制造业景气度的表现来看，我们认为可能释放了以下几点信号： ➢ 第一，12 月出口对经济的拉动作用或仍较强。新订单指数的快速增长是 此次超预期的关键支撑，12 月新订单指数为下半年以来首次进入扩张区 ...

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company, HLA, is deepening its collaboration with Adidas to build a "Sports+" ecosystem, moving beyond traditional commercial partnerships to enhance brand empowerment and channel synergy [2]. - HLA's main brand is showing steady growth, with a total of 5,723 stores as of mid-2025, and a positive revenue growth trend observed in the first three quarters of 2025 [3]. - The company is expanding its overseas presence, with 111 international stores, and is actively exploring new markets in Central Asia, the Middle East, and Africa [3]. - HLA's partnership with Adidas is expected to strengthen its brand influence and channel competitiveness, creating a dual-driven growth model of a stable core business and emerging growth points [3]. Financial Summary - Total revenue for 2024 is projected at 20,957 million yuan, with a year-on-year growth rate of -2.7%. Revenue is expected to increase to 22,425 million yuan in 2025, reflecting a growth rate of 7.0% [4]. - The net profit attributable to the parent company is forecasted to be 2,334 million yuan in 2025, with a year-on-year growth of 8.1% [4]. - Earnings per share (EPS) is expected to rise from 0.45 yuan in 2024 to 0.49 yuan in 2025 [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 13.73 in 2024 to 12.70 in 2025 [4].

Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The report maintains a positive outlook on humanoid robots, AI infrastructure, and engineering machinery [2] - The demand for AI-related infrastructure remains strong, with significant investments expected in the sector [13] - The engineering machinery sector is showing signs of recovery, with increasing sales across various equipment types [12][63] Company Summaries 1) Rili Technology - Rili Technology is a leading supplier of industrial X-ray intelligent detection equipment and core components, establishing significant technological barriers [3] - The company saw a nearly 100% year-on-year increase in new orders in the first half of the year, with a 44.01% increase in revenue and an 18.83% increase in net profit for the first three quarters [3][14] - The profit growth is expected to improve as the impact of new production base construction and other costs diminishes [3] 2) Konstar - Konstar focuses on the research and sales of digital testing instruments, facing challenges due to tariffs [4] - The company reported a significant recovery in Q3, with revenue, net profit, and net profit excluding non-recurring items increasing by 22.24%, 30.66%, and 36.2% respectively [4][15] - The resilience of international business under tariff pressures and strong domestic performance are noted as positive indicators for future growth [4] 3) Newray Co., Ltd. - Newray's main products include hard alloys and tools, with Q3 revenue, net profit, and net profit excluding non-recurring items growing by 38.02%, 75.40%, and 94.83% respectively [5][16] - The company has successfully passed on rising raw material costs to downstream customers, enhancing profitability [5] Industry Trends - In November, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales up 9.1% and exports up 18.8% [12][63] - The demand for engineering machinery is expanding beyond excavators, with significant growth in loader and crane sales [12][70] - The AI infrastructure sector is expected to benefit from substantial investments, with companies like NVIDIA planning to deliver AI chips to Chinese clients [13][58] Recommendations - The report suggests focusing on the rapidly developing humanoid robot sector, the ongoing AI infrastructure boom, and the improving performance of engineering machinery and tool sectors [14][58]

Investment Rating - The report maintains an investment rating of "Positive" for the pharmaceutical and biotechnology industry [2]. Core Insights - The report highlights that the spring market is expected to start, with a focus on brain-computer interfaces, surgical robots, and AI applications [2][3]. - The overall performance of the biopharmaceutical sector was weak last week, with a return of -0.18%, ranking 25th among 31 primary sub-industry indices [3][12]. - The report suggests that emerging industries such as brain-computer interfaces, surgical robots, and AI applications should be closely monitored as potential investment opportunities [3][12]. Market Performance - The biopharmaceutical sector's return over the past month was -1.95%, ranking 25th among 31 primary sub-industry indices [12][14]. - The medical device sector had the highest weekly return of 0.08%, while the pharmaceutical commercial sector had a return of -1.66% [12][32]. - The report notes that the brain-computer interface index and the robotics index saw five-day gains of 3.14% and 5.27%, respectively [3][12]. Policy Dynamics - The National Medical Products Administration issued regulations for the management of internet pharmaceutical and medical device information services, aiming to standardize the registration process [12][44]. - A national centralized procurement process for high-value medical consumables has been initiated, inviting eligible companies to participate [12][44]. Industry Trends - The report emphasizes the recovery of thematic investments in areas like brain-computer interfaces and surgical robots, with significant advancements in these fields [3][12]. - The report identifies key companies in the brain-computer interface sector, including companies like Mindray Medical and others [3][12]. - In the high-end medical device sector, companies such as Tianzhihang and Weigao Medical are highlighted for their growth potential [3][12]. Valuation Metrics - The current price-to-earnings (P/E) ratio for the biopharmaceutical industry is 29.13, slightly above the five-year average of 28.68 [14][19]. - The report indicates that the biopharmaceutical sector's P/E ratio has a premium of 117.10% compared to the Shanghai Composite Index [20]. Stock Performance - Notable stock performances include Hongyuan Pharmaceutical, which saw a significant increase of 59.43% last week, driven by strong market conditions [42]. - The report lists several companies with notable weekly and monthly performance metrics, providing insights into potential investment opportunities [43].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights the successful launch of China's first batch of L3 autonomous vehicles in Chongqing, with 46 vehicles now operational [22] - Geely Automobile has completed the privatization of its subsidiary, Zeekr, which is now a wholly-owned subsidiary [22] - The report emphasizes the gradual relaxation of intelligent driving policies, which is expected to drive growth for related companies [3] Summary by Sections Market Performance - The A-share automotive sector outperformed the market, with a weekly increase of 2.74%, compared to a 1.95% rise in the CSI 300 index [3][9] - The passenger vehicle sector saw a 3.26% increase, led by BYD and Haima Automobile [3][17] - The commercial vehicle sector experienced a slight decline of 0.02%, while the automotive parts sector rose by 3.32% [3][20][21] Key Industry News - The first L3 autonomous vehicles have been deployed in Chongqing, focusing on complex traffic conditions [22] - Geely's Zeekr has been privatized and delisted from the NYSE [22] - Beijing has issued the first special license plates for L3 autonomous vehicles [22] - Shenzhou Car Rental has initiated autonomous driving tourism tests in Hainan [22] - The VLA model by Yuanrong Qixing has entered mass production, marking a significant technological advancement [22] - Baidu and Uber are collaborating to test autonomous ride-hailing services in the UK, expected to launch by the end of next year [22] Upstream Data Tracking - The report includes tracking of key material prices such as steel, aluminum, natural rubber, and lithium carbonate, which are crucial for the automotive industry [24][26]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The electronic sub-industry has seen a significant rebound, with the Shenwan Electronics Secondary Index showing year-to-date changes of: Semiconductors (+46.46%), Other Electronics II (+53.70%), Components (+106.98%), Optical Optoelectronics (+9.42%), Consumer Electronics (+47.50%), and Electronic Chemicals II (+53.90%) [9][10] - NVIDIA announced a $20 billion acquisition of Groq's core assets, focusing on the LPU architecture, which offers advantages in inference tasks. This acquisition is NVIDIA's largest investment to date and includes the absorption of Groq's key personnel to enhance the technology's scalability [2][3] - The NVIDIA H200 chip is expected to ship in February 2026, with an initial shipment of 50,000 to 80,000 units. The H200 is projected to have performance up to six times that of the H100, featuring 141GB of HBM3e memory and a memory bandwidth of 4.8TB/s [3][31] Summary by Sections Electronic Industry Performance - The electronic sub-industry has rebounded significantly, with weekly changes in the semiconductor sector (+4.84%), other electronics II (+7.46%), components (+7.40%), optical optoelectronics (+0.86%), consumer electronics (+5.14%), and electronic chemicals II (+6.19%) [9][10] Key Company Movements - Major North American stocks showed mixed performance, with notable changes including NVIDIA (+5.27%), TSMC (+4.81%), and Micron Technology (+7.10%) [10] NVIDIA's Acquisition and Technology - NVIDIA's acquisition of Groq includes all assets and technology licenses, excluding GroqCloud, which will operate independently. The LPU architecture is designed to eliminate memory bandwidth bottlenecks, achieving high performance in processing large language models [2][3][4] Future Product Launches - The H200 chip is anticipated to have a significant performance advantage, with a memory bandwidth of 4.8TB/s, and is expected to capture approximately 30% of the high-end AI chip market in China if not restricted [3][32] Investment Recommendations - Suggested companies to watch include: For overseas AI - Industrial Fulian, Huadian Co., Pengding Holdings, Shenghong Technology, and Shengyi Technology; For domestic AI - Cambricon, Chipone, Haiguang Information, SMIC, and Shenzhen South Circuit; For storage - Demingli, Jiangbolong, Zhaoyi Innovation, Jucheng Co., and Purun Co. [3]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company's retail and wholesale business experienced a high single-digit decline in total sales year-on-year, aligning with previous performance guidance [1] - Retail performance continues to outperform wholesale, with manageable discount and inventory situations reflecting strong retail management capabilities [2] - The company is expected to collaborate closely with its core brand, Nike, to navigate current market challenges, including foot traffic pressure and inventory issues [3] - The company is actively expanding into new business areas, with a focus on niche segments such as running and outdoor categories, which are anticipated to contribute to future growth [3] - The financial guidance for the year is conservative, with a cautious short-term outlook but a long-term optimistic perspective [3] Financial Summary - For FY2025, total revenue is projected at 27,013 million HKD, with a year-on-year decline of 7%. The net profit attributable to the parent company is expected to be 1,286 million HKD, reflecting a 42% decrease year-on-year [6] - The earnings per share (EPS) for FY2025 is estimated at 0.21 HKD, with a price-to-earnings (P/E) ratio of 16.25 [6] - The company forecasts a gradual recovery in net profit, with projections of 1,285 million HKD for FY2026, 1,397 million HKD for FY2027, and 1,528 million HKD for FY2028, corresponding to P/E ratios of 14.52, 13.36, and 12.21 respectively [4][6]