Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [47]. Core Insights - The lithium battery market is experiencing high demand due to the year-end surge in sales and favorable tax policies, with November sales reaching new highs. The overall demand for lithium batteries remains strong, supported by robust energy storage needs. The industry is expected to see a slight increase in production in December, maintaining a positive outlook for the sector [42][40]. - The report highlights the ongoing development of solid-state batteries, which is anticipated to drive demand for materials and equipment upgrades within the industry. Key areas of focus include advancements in solid-state electrolytes and new materials for anode and cathode components [43][42]. Summary by Sections Market Review - As of December 18, 2025, the lithium battery index has decreased by 2.86% over the past two weeks, underperforming the CSI 300 index by 3.00 percentage points. Year-to-date, the lithium battery index has increased by 46.16%, outperforming the CSI 300 index by 30.46 percentage points [12][4]. Price Changes in the Lithium Battery Supply Chain - As of December 18, 2025, the average price of battery-grade lithium carbonate is 98,800 CNY/ton, reflecting a 4.99% increase over the past two weeks. The price of lithium hydroxide remains stable at 72,200 CNY/ton. Other materials such as lithium iron phosphate and various NCM materials have also seen price increases ranging from 0.60% to 1.37% [25][28][23]. Industry News - The report notes that the domestic electric vehicle market is entering a phase of high sales but low growth, with expectations for 2026 to see a slight increase in new car sales. The demand for new energy vehicles is projected to continue growing rapidly, with sales potentially reaching 20 million units [40]. - In November, the domestic power battery installation volume reached 93.5 GWh, marking a 39.2% year-on-year increase. The report emphasizes the strong performance of lithium iron phosphate batteries, which accounted for 80.5% of total installations [40]. Company Announcements - The report includes several significant company announcements, such as the acquisition plans by Enjie Co. and Rongbai Technology, which aim to enhance their production capabilities in the lithium battery supply chain [41]. Recommendations - The report suggests focusing on companies that are likely to benefit from the ongoing improvements in the supply-demand dynamics of the lithium battery industry, particularly those involved in solid-state battery technology and innovative material development [44].

2025 年 12 月 19 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 超配（维持） 半导体行业双周报（2025/12/05-2025/12/18） 机构预计 2026 年存储价格有望持续上涨 行 业 周 报 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 半导体行业 半导体行业指数近两周涨跌幅：截至2025年12月18日，申万半导体行业指 数近两周（2025/12/05-2025/12/18）累计下跌0.33%，跑输沪深300指数0.47 个百分点；2025年以来申万半导体行业指数累计上涨40.55%，跑赢沪深300 指数24.85个百分点。 SAC 执业证书编号： 半导体行业（申万）指数走势 行业新闻与公司动态：（1）智谱开源"会操作手机的AI"AutoG ...

2025 年 12 月 19 日 资料来源：iFind，东莞证券研究所 超配（维持） 电子行业双周报（2025/12/05-2025/12/18） 行 业 截至 12 月豆包日均调用量超过 50 万亿 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电子行业 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（12/05-12/18）累计下跌0.02%， 跑输沪深300指数0.16个百分点，在申万行业中排名第12名；板块12月 累计上涨0.64%，跑赢沪深300指数0.06个百分点，在申万行业中排名第 8名；板块今年累计上涨41.53%，跑赢沪深300指数25.82个百分点，在 申万行业中排名第3名。估值方面，截至12月18日，SW电子板块 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [2][45]. Core Insights - The Ministry of Industry and Information Technology has officially granted L3 autonomous driving permits for two vehicle models, marking a significant transition from testing to commercial operation in China's autonomous driving sector. This shift also indicates a legal transition of responsibility from drivers to systems, enhancing regulatory frameworks around product safety and accountability [3][5][41]. - The automotive sector has shown mixed performance, with the automotive index declining by 0.17% over the past two weeks, underperforming the CSI 300 index by 0.31 percentage points. However, the sector has increased by 17.49% year-to-date, outperforming the CSI 300 index by 1.78 percentage points [10][15]. - In November, China's automotive production reached 3.532 million units, a year-on-year increase of 2.8%, while sales were 3.429 million units, up 3.4% year-on-year. Exports surged by 48.6% year-on-year to 728,000 units [19][20]. Summary by Sections Automotive Industry Trends and Valuation Review - As of December 18, 2025, the automotive sector has experienced a year-to-date increase of 17.49%, ranking 12th among 31 industries. The sector's performance has been relatively stable despite recent declines [10][15]. Industry Data Tracking - In November, automotive production and sales showed positive growth, with production increasing by 2.8% year-on-year and sales by 3.4%. Exports saw a significant rise of 48.6% year-on-year [19][20]. Industry News - The Ministry of Commerce announced ongoing negotiations between China and Europe regarding electric vehicles, aiming to resolve differences and create a stable market environment [27]. - Guangzhou has initiated a second round of automotive consumption promotion with a supplementary fund of 300 million yuan to stimulate car purchases [29]. - Chongqing is advancing "AI+" smart connected vehicles, focusing on enhancing research and manufacturing in intelligent driving and vehicle-grade chips [30]. Corporate News - Yutong Bus is actively following up on L3 autonomous driving developments, while CATL and Lantu have signed a ten-year cooperation agreement focusing on battery technology and integrated chassis [35][36]. - Xpeng Motors has received an L3 autonomous driving road testing license in Guangzhou, marking a step forward in practical applications of autonomous technology [39]. Investment Recommendations - The report suggests focusing on companies that are expanding their overseas markets and enhancing their technological capabilities, such as BYD, Seres, and Yutong Bus. These companies are expected to benefit from the increasing penetration of intelligent driving configurations and the transition to L3 autonomous driving [41][42].

10% 医药生物 沪深300 医药生物行业 -5% 0% 5% 10% 医药生物 沪深300 超配（维持） 医药生物行业双周报（2025/12/5-2025/12/18） 29 省耗材联盟集采启动 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 医药生物（申万）指数走势 -35% 资料来源：iFind，东莞证券研究所 -40% -20% 0% 20% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 相关报告 -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 -35% -30% -25% -20% -15% -10% 5% -35% -30% -25% -20% -15% -10% -5% 0% 医药生物 沪深300 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 2025 年 12 月 19 日 分析师：谢雄雄 SAC 执业证书编号： S0 ...

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by over 10% in the next six months [29]. Core Insights - The macroeconomic environment is experiencing fluctuations, and increasing domestic demand to boost consumption has become a crucial driver for economic growth. Recent policies have significantly enhanced support for service consumption, including a notice from the Ministry of Commerce to strengthen financial collaboration and support for service consumption [29][19]. - The consumer services industry index experienced a slight decline of 0.52% from December 5 to December 18, 2025, underperforming the CSI 300 index by approximately 0.66 percentage points [7]. - The report highlights a divergence in the performance of sub-sectors within the consumer services industry, with the education sector showing strength while the tourism and leisure sector faced challenges due to risks associated with major stakeholders [8][11]. - The overall price-to-earnings (PE) ratio for the consumer services industry is approximately 37.57 times, remaining stable compared to the previous period but below the average valuation of 43.42 times since 2016 [14]. Summary by Sections Market Review - The consumer services industry index showed a slight decline, ranking sixteenth among all CITIC first-level industry indices [7]. - Sub-sector performance varied, with comprehensive services and tourism leisure declining by 3.42% and 2.86%, respectively, while the education sector increased by 4.22% [8]. - A total of 31 listed companies in the industry achieved positive returns, with the top five performers being China High-Tech, Zhonggong Education, Tianmu Lake, Qujiang Cultural Tourism, and Doushen Education, with increases ranging from 10.11% to 17.76% [11]. - The industry’s overall PE ratio is approximately 37.57 times, which is lower than the historical average [14]. Industry News - The Ministry of Commerce issued a notice to enhance support for service consumption, focusing on various sectors including hospitality, education, and tourism [19]. - Hunan Province is promoting strategic mergers and acquisitions in the cultural tourism sector to support quality enterprises [18]. Company Announcements - China Duty Free Group won bids for two duty-free segments at Shanghai Airport, marking a significant expansion in its operations [23]. - Xiangyuan Cultural Tourism's major shareholder faces judicial freezes on shares, which may impact the company's stability [24]. Weekly Outlook - The report suggests focusing on themes such as ice and snow tourism and duty-free shopping as potential catalysts for growth in the consumer services sector. Recommended stocks include Jinjiang Hotels, Changbai Mountain, Emei Mountain A, and China Duty Free [29][30][32].

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index closing at 3876.37, up by 0.16%, while the Shenzhen Component Index fell by 1.29% to 13053.97, and the ChiNext Index dropped by 2.17% to 3107.06 [2][4]. Sector Performance - The top-performing sectors included Banking (up 1.97%), Coal (up 1.89%), and Oil & Petrochemicals (up 1.25%), while the worst-performing sectors were Electric Power Equipment (down 2.22%), Communication (down 1.58%), and Electronics (down 1.51%) [3][4]. Investment Outlook - The report highlights a focus on expanding effective investment, emphasizing the need to optimize investment structure and maintain stable growth in traditional sectors while fostering new growth drivers [5]. - The market is expected to experience a spring rally, supported by institutional reallocation and improved liquidity as year-end approaches. The focus will be on the selection of sectors such as dividends, TMT (Technology, Media, and Telecommunications), and New Energy [5].

Market Performance - The three major indices experienced gains of over 1%, with the Shanghai Composite Index closing at 3870.28, up 1.19% [2] - The Shenzhen Component Index rose by 2.40% to 13224.51, while the CSI 300 increased by 1.83% to 4579.88 [2] - The ChiNext Index saw the highest increase of 3.39%, closing at 3175.91 [2] Sector Rankings - The top-performing sectors included Communication (5.07%), Nonferrous Metals (3.03%), and Electronics (2.48%) [3] - The sectors with the lowest performance were Agriculture, Forestry, Animal Husbandry, and Fishery (-0.54%) and Defense and Military Industry (-0.20%) [3] - Concept sectors showing strong performance included Co-packaged Optics (CPO) (3.76%) and Copper Cable High-Speed Connection (3.55%) [3] Market Outlook - The market showed a strong rebound with indices rising over 1%, indicating a positive market sentiment [4] - The Ministry of Finance reported a 27% year-on-year increase in stamp duty revenue for the first 11 months, with securities transaction stamp duty up 70.7% [4] - The focus for the upcoming year includes expanding domestic demand and stabilizing the real estate market through targeted measures [5] - The current macroeconomic policies are expected to support economic growth within a reasonable range, reinforcing a positive foundation for the capital market [5] - Recommended sectors for investment include Nonferrous Metals, Banking, Public Utilities, Transportation, and TMT [5]

Market Performance - The three major indices in the A-share market fell by over 1%, with the Shanghai Composite Index closing at 3824.81, down 1.11% [2] - The Shenzhen Component Index decreased by 1.51% to 12914.67, while the ChiNext Index dropped by 2.10% to 3071.76 [2] Sector Rankings - The top-performing sectors included retail trade (up 1.32%), beauty care (up 0.66%), and social services (up 0.13%) [3] - The worst-performing sectors were telecommunications (down 2.95%), comprehensive (down 2.81%), and non-ferrous metals (down 2.81%) [3] Future Outlook - The report indicates a cautious market sentiment as the year-end approaches, with all three major indices experiencing declines [4][5] - The report highlights that recent meetings, including the December Federal Reserve meeting, align with market expectations, which may help stabilize risk appetite in the equity market [5] - Economic policies are expected to continue supporting growth, with a projected 14% year-on-year increase in total installed power generation capacity by 2025, and total electricity consumption expected to exceed 10 trillion kilowatt-hours for the first time [5] - Sectors to watch include non-ferrous metals, banking, public utilities, transportation, and TMT (Technology, Media, and Telecommunications) [5]

Group 1 - The report highlights a significant trend in fund allocation towards dividend strategies, indicating a preference for stability in uncertain market conditions [2][4][10] - The total net inflow into ETF funds reached 12.496 billion yuan this week, with all types of ETF funds, except for stock ETFs, experiencing varying degrees of net inflow [10][19] - The report notes that the semiconductor and AI upstream hardware sectors performed well, driven by news regarding Nvidia's chip sales to China, although the overall market remains cautious [15][17] Group 2 - In the bond ETF sector, the average weekly increase for convertible bond ETFs was 0.21%, with a notable preference for credit bonds and company bonds, particularly in the context of a rebound in long-term interest rate bonds [18][20] - The report indicates that the net inflow for bond ETFs was 4.33 billion yuan this week, with significant capital flowing into the AAA-rated technology innovation bonds [21][24] - The analysis of financing and margin trading shows a clear trend towards deleveraging across ETF funds, particularly in the AI and gold asset sectors, with a notable negative net buy for gold assets this week [22][23]