Investment Rating - The report indicates a positive investment outlook for the communication industry, suggesting an "overweight" rating, expecting the industry index to outperform the market index by more than 10% in the next six months [42]. Core Insights - The communication industry has shown stable performance in the first ten months of the year, with telecom business volume and revenue continuing to grow. New infrastructure construction is progressing steadily, and user scales for 5G, gigabit, and IoT are expanding. The report anticipates that the industry will experience a period of technological iteration and policy dividends, with new growth drivers emerging from AI, quantum communication, and low-altitude economy [3][37]. - The report highlights the significant increase in mobile internet access traffic and the recovery of cellular IoT module inventories, suggesting ongoing demand for communication facilities such as base stations, optical cables, and data centers [3][37]. Summary by Sections 1. Communication Industry Market Review - The communication sector has seen a cumulative increase of 6.31% over the past two weeks, outperforming the CSI 300 index by 6.72 percentage points, ranking first among 31 primary industries. Year-to-date, the sector has risen by 68.87%, surpassing the CSI 300 index by 53.32 percentage points [10][12]. 2. Industry News - TikTok plans to invest $38 billion in building a data center in Brazil, marking its first project in Latin America [16]. - In the first ten months, China's telecom business revenue reached 1.467 trillion yuan, a year-on-year increase of 0.9% [17][18]. - The global shipment of foldable smartphones reached a record high, with a 14% year-on-year increase in Q3 2025 [19]. 3. Company Announcements - China Mobile announced the approval of a state-owned share transfer, involving the transfer of 41.98 million A-shares to China National Petroleum Corporation [23]. - Meixin Technology reported the redemption of idle raised funds, yielding an investment return of 180,830 yuan [22]. 4. Industry Data Updates - As of October 2025, the number of mobile phone users in China reached approximately 1.83 billion, a year-on-year increase of 2.47% [25]. - The total number of 5G base stations reached 4.758 million, with a net increase of 507,000 from the previous year [34]. 5. Weekly Perspective on the Communication Sector - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and performance certainty," recommending stocks such as China Mobile, China Telecom, and FiberHome [37][39].

半导体行业 2025 年 12 月 5 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 报 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（2025/11/21-2025/12/04） 机构预计 2026 年全球半导体市场规模有望接近万亿美元 行 业 周 投资要点： 资料来源：东莞证券研究所，iFind 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。 半导体行业指数近两周涨跌幅：截至2025年12月4日，申万半导体行业指数 近两周（2025/11/21-2025/12/04）累计上涨1.82，跑赢沪深300指数2.22 个百分点；2025年以来申万半导体行业指数累计上涨41.03%，跑赢沪深300 指数25.48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 ...

医药生物行业 0% 5% 10% 医药生物 沪深300 超配（维持） 医药生物行业双周报（2025/11/21-2025/12/4） 超大耗材联盟集采结果公布 投资要点： 研 究 证 券 研 究 报 -20% -15% -10% -5% 0% -30% -25% -20% -25% -20% -15% 2025 年 12 月 5 日 -35% -30% -35% -35% -30% -40% -20% 0% 20% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 医药生物 沪深300 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 医药生物（申万）指数走势 资料来源：iFind，东莞证券研究所 相关报告 -25% 5% 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 ...

Market Overview - The A-share market is showing signs of recovery after hitting a low, with the ChiNext index rising over 1% [4] - The market experienced fluctuations, with the Shanghai Composite Index closing down 0.06% and the Shenzhen Component Index and ChiNext Index rising by 0.4% and 1.01% respectively [2][4] - The overall market saw more declines than gains, with over 3,800 stocks falling [4] Sector Performance - The top-performing sectors include machinery equipment (0.90%), electronics (0.78%), defense and military (0.55%), communication (0.50%), and non-ferrous metals (0.33%) [3] - Conversely, the worst-performing sectors are comprehensive services (-2.11%), beauty and personal care (-1.89%), social services (-1.62%), retail (-1.55%), and textiles and apparel (-1.43%) [3] Concept Index Performance - The leading concept indices include reducers (1.17%), national fund holdings (0.99%), aviation engines (0.90%), Chengfei concept (0.86%), and industrial mother machines (0.79%) [3] - The lagging concept indices are Hainan Free Trade Zone (-3.35%), dairy industry (-3.13%), China Shipbuilding Industry (-2.42%), prepared dishes (-2.36%), and cultivated diamonds (-2.18%) [3] Future Outlook - The market is currently in a consolidation phase after a significant rise since April, with limited upward momentum expected in the short term [6] - Key upcoming events include the Federal Reserve's interest rate meeting on December 10 and the Central Economic Work Conference, which will set the policy direction for the following year [6] - There is potential for structural recovery in the market after thorough consolidation, with many sectors showing increasing valuation attractiveness [6] - Recommended sectors for balanced allocation include non-ferrous metals, technology growth, new energy, and dividend stocks [6] Consumer Market Insights - In the first 11 months, China's consumption of old-for-new products generated over 2.5 trillion yuan in sales, benefiting over 360 million people [5] - Notable figures include over 11.2 million vehicles, 12.844 million home appliances, and 9.015 million digital products exchanged under the old-for-new program [5] - Service trade in China showed steady growth, with total imports and exports reaching 65,844.3 billion yuan, a year-on-year increase of 7.5% [5]

Market Performance - The A-share market experienced a downward trend with the Shanghai Composite Index closing at 3878.00, down 0.51% or 19.71 points [2] - The Shenzhen Component Index closed at 12955.25, down 0.78% or 101.45 points, while the ChiNext Index fell by 1.12% to 3036.79 [2] - The trading volume in the Shanghai and Shenzhen markets reached 1.67 trillion yuan, an increase of 765 billion yuan compared to the previous trading day [6] Sector Performance - The top-performing sectors included Transportation (up 0.69%), Non-ferrous Metals (up 0.63%), and Coal (up 0.57%) [3] - Conversely, the worst-performing sectors were Media (down 2.86%), Computer (down 2.26%), and Real Estate (down 1.53%) [3] - Concept indices showed that Cultivated Diamonds and Hyperbaric Oxygen Chambers were among the top gainers, while the Kuaishou concept and MLOps concept faced significant declines [4] Future Outlook - The report indicates that the A-share market is currently in a consolidation phase, with limited upward momentum expected in the short term due to profit-taking and a lack of market catalysts [6] - Long-term prospects remain positive, supported by favorable policies such as the "14th Five-Year Plan," overseas liquidity easing, and domestic policy support [6] - It is recommended to maintain a balanced allocation across sectors, particularly focusing on Non-ferrous Metals, New Energy, Technology Growth, and Dividend sectors [6] Policy Developments - The Ministry of Culture and Tourism, along with the Civil Aviation Administration, issued an action plan for the integration of culture, tourism, and civil aviation, promoting the development of low-altitude tourism [5]

Market Overview - The A-share market experienced a day of adjustment with all major indices declining, including the Shanghai Composite Index down by 0.42% to 3897.71 points, the Shenzhen Component Index down by 0.68% to 13056.70 points, and the ChiNext Index down by 0.69% to 3071.15 points [2][4]. Sector Performance - The top-performing sectors included Oil & Petrochemicals with a gain of 0.71%, Light Industry Manufacturing at 0.55%, and Household Appliances at 0.43%. Conversely, the worst-performing sectors were Media down by 1.75%, Nonferrous Metals down by 1.36%, and Computers down by 1.34% [3][4]. - Concept indices showed strong performance in the Fujian Free Trade Zone, which rose by 1.87%, and the Terahertz sector, which increased by 1.79%. In contrast, the BC Battery sector fell by 1.87% [3][4]. Future Outlook - The report indicates that the A-share market is currently in a high-level adjustment phase, with a total trading volume of 1.59 trillion yuan, a decrease of 280.5 billion yuan from the previous trading day. The market is expected to maintain a slow bull trend, supported by domestic policy measures and economic recovery [4][7]. - It is suggested to maintain a balanced allocation across sectors, with a focus on Nonferrous Metals, New Energy, Technology Growth, and Dividend sectors [7]. Notable Developments - The Fujian sector showed resilience due to the release of measures aimed at optimizing computing power infrastructure and enhancing transportation logistics, which are expected to support economic growth in the region [6].

Group 1: Market Overview - As of November 30, 2025, the Shanghai Composite Index fell by 1.67%, while the Shenzhen Component Index and the ChiNext Index dropped by 2.95% and 4.23%, respectively[5] - The average decline of the stock portfolio in November was 4.83%, underperforming the CSI 300 Index, which fell by 2.46%[5] - The market is expected to experience consolidation, with external economic conditions remaining stable and the potential for further monetary easing by the Federal Reserve[5] Group 2: Stock Recommendations - Huaxin Cement (600801) is positioned for overseas expansion, with a closing price of 22.42 CNY and a projected EPS of 1.42 CNY for 2025[8][12] - Sanmei Co. (603379) focuses on refrigerants, with a closing price of 52.17 CNY and an expected EPS of 3.50 CNY for 2025[13][15] - China Duty Free Group (601888) benefits from policy dividends, closing at 79.03 CNY with a projected EPS of 1.94 CNY for 2025[16][19] - Contemporary Amperex Technology Co. (300750) is undergoing valuation recovery, with a closing price of 373.20 CNY and an expected EPS of 15.00 CNY for 2025[20][23] - Sungrow Power Supply (300274) is seeing favorable conditions in new energy storage, closing at 182.90 CNY with a projected EPS of 7.07 CNY for 2025[24][26] - SANY Heavy Industry (600031) is focused on engineering machinery, with a closing price of 20.32 CNY and an expected EPS of 1.00 CNY for 2025[27][29] - Yutong Bus (600066) is expanding its overseas market, closing at 31.11 CNY with a projected EPS of 2.14 CNY for 2025[33][37] - North Huachuang (002371) specializes in semiconductor equipment, with a closing price of 427.90 CNY and an expected EPS of 10.03 CNY for 2025[38][41] - Kingsoft Office (688111) is leveraging AI in office solutions, closing at 311.31 CNY with a projected EPS of 4.07 CNY for 2025[42][44]

Market Overview - The A-share market experienced a rally, with the Shanghai Composite Index returning above 3900 points, closing at 3914.01, up 0.65% [1] - The Shenzhen Component Index and the ChiNext Index also saw significant gains, closing at 13146.72 (up 1.25%) and 3092.50 (up 1.31%) respectively [1] Sector Performance - The top-performing sectors included non-ferrous metals (up 2.85%), communication (up 2.81%), and electronics (up 1.58%) [2] - Conversely, the weakest sectors were agriculture, forestry, animal husbandry, and fishery (down 0.43%) and environmental protection (down 0.23%) [2] Concept Indexes - Notable concept indexes that performed well included smart speakers (up 3.71%) and AI mobile phones (up 3.39%) [2] - Underperforming concepts included horse racing (down 0.92%) and digital watermarking (down 0.75%) [2] Economic Indicators - The manufacturing PMI for November was reported at 49.2%, a slight increase of 0.2 percentage points from the previous month, indicating a modest improvement but still below the expansion threshold [4] - The non-manufacturing business activity index fell to 49.5%, marking the first contraction in three years, primarily due to seasonal effects and diminishing impacts from policy measures [4] Market Outlook - The report suggests that the domestic economic fundamentals are expected to gradually improve under a backdrop of policy support, aiming for a growth target of around 5% for the year [5] - Key upcoming events include the political bureau meeting and the central economic work conference in December, which will set the policy direction for 2026 [5] - A balanced allocation strategy is recommended, focusing on sectors such as non-ferrous metals, new energy, technology growth, and dividend stocks [5]

Market Overview - In November 2025, major indices experienced a decline after reaching a ten-year high earlier in the month, with the Shanghai Composite Index falling by 1.67% and the ChiNext Index dropping by 4.23% [5][10] - The overall market sentiment remains optimistic despite short-term fluctuations, supported by improving fundamentals and policy measures aimed at boosting domestic demand [5][37] Economic Environment Analysis - The global economy is expected to remain stable, with the IMF projecting a slight decline in global growth rates from 3.3% in 2024 to 3.2% in 2025 [17] - The U.S. Federal Reserve is anticipated to continue its interest rate cuts in December, which could positively influence market conditions [18][34] - Domestic economic indicators show a mixed picture, with manufacturing PMI at 49.2, indicating a slight recovery but still below the expansion threshold [21] Policy Measures - Recent policies are focused on enhancing consumer spending and ensuring a strong start to the 14th Five-Year Plan, with specific measures to stimulate demand across various sectors [25][27] - The central bank is expected to maintain a moderately loose monetary policy, with potential for further interest rate cuts and adjustments to enhance market adaptability [28][33] Sector Recommendations - The report suggests an overweight allocation in sectors such as basic chemicals, TMT (Technology, Media, Telecommunications), electric power equipment, and machinery [38][39] - In the basic chemicals sector, there is a focus on new materials and fine chemicals, driven by national policies aimed at upgrading key industries [39] - The TMT sector is expected to benefit from rapid growth in AI infrastructure and innovations in consumer electronics, particularly with companies like Apple leading the charge [41][42] Industry Insights - The electric power equipment sector is undergoing a transformation, with a shift from price competition to value-driven strategies, particularly in the solar energy segment [47] - The machinery sector is seeing robust demand driven by major infrastructure projects and technological advancements, with a notable increase in exports [49] - The semiconductor industry is poised for growth, particularly in AI-related applications, as domestic companies ramp up production capabilities in response to global demand [46]

Market Overview - The Shanghai Composite Index ended a six-month streak of gains, closing at 3888.60 with a slight increase of 0.34% [1][4] - The Shenzhen Component Index and the ChiNext Index also saw gains of 0.85% and 0.70%, respectively, indicating a generally positive market sentiment [2][4] Sector Performance - The top-performing sectors included Steel and Agriculture, Forestry, Animal Husbandry, and Fishery, both rising by 1.59% [3][4] - Conversely, the Banking sector experienced a decline of 0.83%, while the Coal sector fell by 0.14% [3][4] - Notable concept indices that performed well included Titanium Dioxide and Hainan Free Trade Zone, with increases of 4.31% and 3.54%, respectively [3][4] Future Outlook - The market is expected to gradually recover and trend upwards after a phase of consolidation, with a focus on sectors with strong earnings growth and high visibility of future orders [4] - The report emphasizes the importance of domestic demand expansion as a strategic focus, which is expected to enhance the domestic economic cycle [5] - Investors are advised to consider sectors such as dividends, TMT (Technology, Media, and Telecommunications), and New Energy for potential investment opportunities [5]