行 业 研 究 / 非 银 金 融 / 证 券 研 究 报 告 非银金融行业周报 中金并购预案落地，行业整合启新程 2025 年 12 月 23 日 强于大市（维持） 【投资要点】 东方财富证券研究所 证券分析师：王舫朝 证书编号：S1160524090005 证券分析师：廖紫苑 证书编号：S1160524120004 联系人：汪筠婷 相对指数表现 -20% -10% 0% 10% 20% 30% 2024/12 2025/6 2025/12 非银金融 沪深300 相关研究 挖掘价值 投资成长 《中金公司吸并东兴、信达预案出炉，一 流投行建设迈入新征程》 2025.12.18 《中央经济工作会议定调积极，深化投融 资综合改革》 2025.12.17 《政策双箭齐发，券商扩表与险资配置迎 契机》 2025.12.08 《差异化下调险企风险因子，引导长期资 金入市》 2025.12.08 《政策松绑助力扩表，看好券商高质量发 展》 2025.12.08 市场观点：美国 11 月核心 CPI 同比+2.6%，虽为 2021 年 3 月以来新 低，但受政府停摆干扰存在扭曲，市场态度较谨慎。日本央行将利率 上调至 30 ...

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 建筑装饰行业周报 11 月固投累计降幅环比扩大，看好宽松 政策带动需求改善 2025 年 12 月 22 日 【投资要点】 【配置建议】 相关研究 《中央经济会议定调"双宽松"，增量政策 及重点工程有望推进》 2025.12.16 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 相对指数表现 -20% -10% 0% 10% 20% 30% 2024/12 2025/6 2025/12 建筑装饰 沪深300 《六部门联合发布促进消费方案，推荐机 器人转型企业》 2025.12.01 《美方就结束俄乌冲突提出 28 点新计划， 继续关注"一带一路"周边地区出海》 2025.11.24 《10 月固投延续下滑，适度宽松的货币政 策持续发力，看好战略工程推进》 2025.11.20 《沉潜与时近，古韵焕新声》 2025.11.16 板块行情回顾：上周建筑装饰（SW）指数下跌 0.1%，全部 A 股指数 上涨 0.03%，板块未 ...

建筑材料行业周报 11 月投资数据仍处筑底过程，关注政策 加码空间及重点工程需求释放 2025 年 12 月 22 日 【投资要点】 【配置建议】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 相对指数表现 -10% -2% 6% 14% 22% 30% 2024/12 2025/6 2025/12 建筑材料 沪深300 相关研究 《中央经济会议定调积极，继续关注地产 链底部反弹机会》 2025.12.15 《万科债务有望逐渐出清，继续看好消费 建材白马价值回归》 2025.12.01 《地产链有望筑底企稳，关注板块弹性及 出海机会》 2025.11.24 《前十月基建投资同比-0.1%，稳增长背景 下看好战略重点工程推进》 2025.11.20 《克而瑞十月百强销售数据环比持稳，继 续看好消费建材白马价值回归》 2025.11.10 行 业 研 究 / 建 筑 材 料 / 证 券 研 究 报 告 市场行情回顾：上周建材板块上涨 0.92%，跑赢沪深 300 指数 1.2pct。 ...

2025 年 12 月 22 日 行 业 研 究 / 食 品 饮 料 / 证 券 研 究 报 告 【投资要点】 代工环节集中度有望提升，品牌商关注新趋势。2024 年中国营养保健 品代工规模约 34 亿美元，预计 2027 年达 40 亿美元，2024-2027 年 CAGR 达 5.0%。从保健品细分产业链来看，代工环节有望持续受益于 保健品稳定的需求增长、同时在新消费趋势驱动下，新兴初创品牌多 为轻资产运营、自建厂房规模不经济，长尾品牌的持续涌入有望支撑 保健品代工需求增长。2024 年仙乐健康、百合股份代工业务市占率约 为 7%、3%，预计在政策逐步规范、品牌商对代工企业生产及服务能 力要求提升下，代工环节有望进一步向头部企业集中。品牌商目前积 极顺应产品渠道趋势，如企业积极布局美容抗衰等产品，营销、渠道 及品牌打造等品牌运营能力或为企业占领消费者心智从而实现突围的 关键。 挖掘价值 投资成长 食品饮料行业专题研究 保健品行业专题报告：新动向，新成长 -10% -2% 6% 14% 22% 30% 2024/12 2025/6 2025/12 食品饮料 沪深300 强于大市（维持） 东方财富证券研究所 ...

宏观专题 稳中有进态势持续——10 月经济数据解读 2025 年 12 月 18 日 【宏观观点】 10 月国民经济保持总体平稳、稳中有进发展态势，尽管供需层面有所降 温，但仍存在结构性亮点。 【风险提示】 证书编号：S1160525020006 证券分析师：杨雅婷 证书编号：S1160525100004 联系人：李沅芷 相关研究 《黄金如何定价？——三轮黄金上涨周期 复盘》 挖掘价值 投资成长 东方财富证券研究所 证券分析师：王笑笑 2025.11.17 《美债的远虑与近忧》 2025.11.16 《"十五五"时期政策主线展望——"十五 五"系列报告二》 2025.10.17 《美联储降息期，资产谁涨谁跌？》 2025.10.13 《新发展阶段宏观环境的变化——"十五 五"系列报告一》 2025.09.22 观 研 究 / 宏 观 专 题 / 证 券 研 究 报 告 宏 "两新"带动效应减弱，服务类消费保持增长。10 月受中秋国庆假期、 "电商节"带动，服务类消费表现亮眼。但是，"两新"产品销量减少， 主要是去年高基数和今年补贴减少双重影响，政策的带动效应有所减 弱。展望后续，消费动能仍需政策呵护。 固定资 ...

行 业 研 究 / 非 银 金 融 / 证 券 研 究 报 告 非银金融行业动态点评 中金公司吸并东兴、信达预案出炉，一 流投行建设迈入新征程 2025 年 12 月 18 日 【事项】 【评论】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 2025.12.08 《政策松绑助力扩表，看好券商高质量发 展》 2025.12.08 证券分析师：王舫朝 证书编号：S1160524090005 联系人：汪筠婷 相对指数表现 -20% -10% 0% 10% 20% 30% 2024/12 2025/6 2025/12 非银金融 沪深300 相关研究 《中央经济工作会议定调积极，深化投融 资综合改革》 2025.12.17 《政策双箭齐发，券商扩表与险资配置迎 契机》 2025.12.08 《差异化下调险企风险因子，引导长期资 金入市》 《中金拟吸收合并东兴信达，行业格局加 速重塑》 2025.11.24 12 月 17 日，中金公司与东兴证券、信达证券同步披露重大资产重组 预案，标志着此次行业整合进入实质性阶段。三家公司股票将于 12 月 18 日起复牌。 ①交易方式：中金公司拟通过向东兴证券和信达证券 ...

移远通信（603236）动态点评 定增引入地方优质资本，助力业务高质 量发展 2025 年 12 月 18 日 【事项】 2025年12月16日，公司发布2025年度向特定对象发行A股股票发行情 况报告书。本次发行价格为85.21元/股，发行股数为2616.58万股，募 集资金总额约为22.30亿元，募集资金将用于车载及5G模组扩产项目、 AI算力模组及AI解决方案产业化项目、总部基地及研发中心升级项目 和补充流动资金。 【评论】 挖掘价值 投资成长 买入（维持） 东方财富证券研究所 证券分析师：马成龙 证书编号：S1160524120005 联系人：隆军德 相对指数表现 -10% 10% 30% 50% 70% 90% 2024/12 2025/6 2025/12 移远通信 沪深300 基本数据 | 总市值（百万元） | 24,805.15 | | --- | --- | | 流通市值（百万元） | 24,805.15 | | 52 周最高/最低（元） | 110.85/60.98 | | 52 周最高/最低（PE） | 49.71/27.35 | | 52 周最高/最低（PB） | 7.19/3.95 | ...

Investment Rating - The report maintains a rating of "Outperform" for the industry, indicating an expected performance that exceeds the market average [2]. Core Insights - The report emphasizes that AI inference will lead innovation, focusing on demand-driven Opex-related areas, specifically storage, power, ASIC, and supernodes [2][28]. - It predicts that 2025 will be a significant year for the expansion of storage capacity, driven by the increasing demand for SSDs and HBM products [2][28]. - The report highlights the importance of domestic supply chains in the storage industry, particularly in NAND and DRAM sectors, and suggests monitoring key players in these areas [2][28]. - The introduction of the GPT-5.2 model by OpenAI is noted as a significant development in the AI sector, showcasing advancements in professional knowledge work [25][26]. Summary by Sections Market Review - The Shanghai Composite Index decreased by 0.34%, while the Shenzhen Component Index increased by 0.84%, and the ChiNext Index rose by 2.74% [11]. - The Shenwan Electronics Index increased by 2.63%, ranking third among 31 Shenwan industries, with a year-to-date increase of 45.9% [11]. Weekly Insights - The report identifies key areas of investment: storage, power, ASIC, and supernodes, with specific companies highlighted for each category [2][28]. - It notes the expected growth in the power industry, particularly in new technologies for both generation and consumption [28]. Related Research - The report references several previous studies focusing on AI inference and domestic semiconductor trends, indicating a consistent theme of growth and innovation in these sectors [4][5][28]. Company Performance - The report details the performance of specific companies within the electronics sector, noting significant gains for firms like Fuxin Technology and Dongtian Micro, while others like ST Huilun faced declines [19][22].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6] Core Insights - The company has established a diversified business model that is showing strong operational performance compared to industry averages, with a focus on overseas financial services driving growth [14][21] - The overseas business has become the primary revenue source, contributing approximately 55% of total revenue in the first half of 2025, with a significant increase in margin from 2% in 2021 to 90% in 2024 [4][44] - The company has a robust overseas licensing system, having obtained 16 memberships from major global exchanges, which provides a competitive edge in the market [36][38] Summary by Relevant Sections Business Overview - The company has developed a comprehensive derivatives service platform, leveraging its historical background and expanding into overseas markets since 2006 [14][17] - The company has achieved a compound annual growth rate (CAGR) of over 40% in net profit over the past five years, with a notable increase in profitability [4][21] Revenue Structure - In 2024, the company generated revenues of 1.32 billion yuan, with net profits of 458 million yuan, indicating a strong performance despite industry challenges [4][21] - The overseas financial services segment is the largest contributor to gross profit, accounting for approximately 90% in 2024, while domestic brokerage and risk management also play significant roles [22][44] Growth Drivers - The overseas business is expected to continue its rapid growth, driven by increasing demand for risk management and the expansion of customer deposits, which rose from 3.67 billion yuan in 2021 to 10.20 billion yuan in 2024 [4][44] - The company has successfully diversified its product offerings, including the development of innovative financial products and expanding its wealth management services, which saw significant growth in assets under management [5][42] Financial Projections - The company forecasts revenues of 1.47 billion yuan for 2025, with net profits expected to reach 493 million yuan, reflecting a growth trajectory despite a projected decline in revenue due to accounting changes [6][7] - The price-to-earnings (P/E) ratio is projected to decrease from 23.69 in 2025 to 17.38 by 2027, indicating potential for value appreciation [6][7]

Investment Rating - The report maintains a "stronger than the market" investment rating for the non-bank financial sector [2] Core Insights - The Central Economic Work Conference has set a positive tone for macroeconomic policies and capital market reforms, emphasizing the importance of internal demand and the release of supportive policy signals for 2026 [6][13] - The report highlights the acceleration of mergers and acquisitions in the securities industry, which is expected to reshape the industry landscape towards a model of "leading firms excelling" and "small firms developing unique characteristics" [6][14] - The introduction of the first commercial health insurance innovation drug directory is anticipated to enhance the attractiveness of health insurance products and promote a shift from homogeneous compensation to precise protection [34][35] Summary by Sections Securities Business Overview - The report notes that the major indices have shown mixed performance, with the Shanghai Composite Index at 3,889.35 points, down 0.34% from the previous week, while the ChiNext Index rose by 2.74% [15] - The average daily trading volume in A-shares increased by 13.97% week-on-week, reaching 1.90 trillion yuan [15][21] - The report indicates that the total IPO underwriting scale for the year reached 113.97 billion yuan, with refinancing underwriting at 1,038.5 billion yuan [16] Insurance Business Overview - The report discusses the urgent need for capital replenishment among insurance companies due to the end of the transitional period for the second phase of the solvency regulatory framework, with the overall solvency adequacy ratio at 186.3%, down 11.1 percentage points year-on-year [35] - The newly implemented commercial health insurance innovation drug directory is expected to include 19 key innovative drugs, enhancing the health insurance ecosystem [34] - The report highlights that insurance companies have been actively seeking capital through various channels, with significant approvals for capital increases and bond issuances [35] Market Liquidity Tracking - The report notes that the central bank conducted a net injection of 4.7 billion yuan in the open market, with reverse repos totaling 668.5 billion yuan [38][40] - The issuance of local government bonds amounted to 106.9 billion yuan, with a net injection of 62.2 billion yuan [38][40] Industry News - The report mentions that the Shanghai Stock Exchange has revised its bond trading guidelines to enhance market efficiency and transparency [50] - The Central Economic Work Conference has reiterated the commitment to deepening capital market reforms and addressing "involution" competition [50]