Core Viewpoints - The A-share market saw all three major indices rise on Friday, with the Shanghai Composite Index up by 0.7%, the Shenzhen Component Index up by 1.08%, and the ChiNext Index up by 1.36%. The total trading volume in the Shanghai and Shenzhen markets reached 1,725.659 billion yuan [1][6] - In terms of industry performance, non-bank financials, metals, and machinery equipment led the gains, while banking, public utilities, and transportation sectors lagged behind [1][6] - The Hang Seng Index in Hong Kong rose by 0.58%, and the Hang Seng Technology Index increased by 0.84%. In overseas markets, the three major US indices also saw collective gains, with the Dow Jones up by 0.22%, the S&P 500 up by 0.19%, and the Nasdaq up by 0.31% [1][6] Important News - As of the end of November, China's foreign exchange reserves stood at 33,464 billion USD, an increase of 30 billion USD from the end of October, marking a rise of 0.09%. This figure has remained above 3.3 trillion USD for four consecutive months and is the highest since December 2015. Additionally, the central bank's gold reserves reported at 7,412 million ounces, with an increase of 30,000 ounces month-on-month, marking the 13th consecutive month of gold accumulation since last November [2][7] - A draft of the "Guidelines for Performance Evaluation Management of Fund Management Companies" has been issued, which strengthens performance assessments and links various indicators to profitability. The regulations require that the proportion of investments by executives and fund managers be increased, with at least 30% of their annual performance compensation tied to purchasing their own company's funds. Fund managers' performance compensation will be closely linked to fund performance, with significant reductions in compensation for those whose products underperform benchmarks by over ten percentage points in the past three years [2][7] Industry Insights - In December, TV panel prices are expected to stabilize, with a warming demand anticipated next year. According to data from Lottu Technology, the prices of LCD TV panels from major manufacturers saw an increase in November, with small sizes rising by 0.5-1 USD and medium to large sizes by 2-3 USD. Although the settlement price is expected to decline, the rate of decline is anticipated to narrow [8][9] - The upcoming sports events in 2026, such as the Winter Olympics and the World Cup, are expected to boost demand for panels, leading downstream manufacturers to stock up in advance, which will provide support for LCD TV panel prices. The demand for large-sized displays continues to grow, with a projected 6% year-on-year increase in global display panel area demand in 2026 [9][10] - The operating rates of LCD panel manufacturers remain high, and the depreciation pressure on production lines is expected to ease, improving operational pressures. In October 2025, the global shipment of large-sized LCD TV panels reached 20.6 million units, an 8% year-on-year increase, despite a 4.8% month-on-month decline [10][11]

证券研究报告|电子 [Table_Title] 12 月 TV 面板价格有望企稳，明年需求端转 暖可期 [Table_ReportType] ——电子行业快评报告[Table_ReportDate] ⚫ 明年体育赛事有望推动面板需求回暖，电视大尺寸化持续推进：2026 年 冬奥会、世界杯有望推动需求端回暖，下游终端厂商有望提前开启备货， 预计对 LCD TV 面板价格产生一定支撑。出货面积方面，根据 Omdia 预 测，受贸易摩擦影响，2025 年显示面板市场的面积需求或仅增长 2%， 增速低于 2024 年，但随着电视大尺寸化持续推进，70 英寸及以上需求 有望维持增长，2026 年全球显示面板总面积需求预计同比增长 6%。 ⚫ LCD 面板厂稼动率维持较高水平，产线折旧压力减缓有望改善运营压 力：根据洛图科技数据，2025 年 10 月，全球大尺寸液晶电视面板出货 量为 20.6M 片，同比增长 8.0%，环比 9 月下降 4.8%。2025 年下半年至 今，LCD 面板厂商产能利用率均维持在较高的水平，7-10 月整体市场的 出货量均呈同比增长状态，增幅分布在 5%-10%之间。此外，10.5 代 LC ...

Core Viewpoints - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.06% at 3,875.79 points, while the Shenzhen Component Index rose by 0.40% to 13,006.72 points, and the ChiNext Index increased by 1.01% to 3,067.48 points [2][8] - The total trading volume in the A-share market reached 1.55 trillion RMB, with net purchases from southbound funds amounting to 1.48 billion HKD [2][8] - Over 3,600 stocks in the A-share market declined, with the machinery, electronics, and defense industries leading the gains, while the comprehensive and beauty care sectors lagged [2][8] - The Hang Seng Index rose by 0.68%, and the Hang Seng Technology Index increased by 1.45%, while U.S. indices showed mixed results with the Dow Jones down by 0.07% at 47,850.94 points, the S&P 500 up by 0.11% at 6,857.12 points, and the Nasdaq up by 0.22% at 23,505.14 points [2][8] Domestic Market Performance - The closing figures for major domestic indices include: - Shanghai Composite Index: 3,875.79 (-0.06%) - Shenzhen Component Index: 13,006.72 (+0.40%) - CSI 300: 4,546.57 (+0.34%) - STAR 50: 1,326.16 (+1.36%) - ChiNext Index: 3,067.48 (+1.01%) - SSE 50: 2,974.34 (+0.38%) - SSE 180: 9,862.77 (+0.30%) - SSE Fund: 7,111.30 (+0.05%) - Government Bond Index: 224.64 (-0.19%) [4] International Market Performance - The closing figures for major international indices include: - Dow Jones: 47,850.94 (-0.07%) - S&P 500: 6,857.12 (+0.11%) - Nasdaq: 23,505.14 (+0.22%) - Nikkei 225: 51,028.42 (+2.33%) - Hang Seng Index: 25,935.90 (+0.68%) - U.S. Dollar Index: 99.06 (+0.20%) [4]

Core Insights - The A-share market experienced a decline across all major indices, with the Shanghai Composite Index falling by 0.51% to 3,878.00 points, and the Shenzhen Component Index down by 0.78% to 12,955.25 points. The total trading volume in the A-share market reached 1.67 trillion RMB, with net inflows from southbound funds amounting to 2.279 billion HKD [2][8] - The transportation, non-ferrous metals, and coal industries showed the highest gains, while the media and computer sectors faced the largest declines. Notably, the cultivated diamond and hyperbaric oxygen chamber concept indices saw significant increases, whereas the Kuaishou concept and MLOps concept indices experienced notable declines [2][8] Industry Overview - The report highlights the successful maiden flight of China's reusable carrier rocket, Zhuque-3, marking a significant milestone in the commercial space sector. The Chinese commercial space industry is projected to reach a scale of 7-10 trillion RMB by 2030, with capabilities for in-orbit maintenance and construction of spacecraft becoming a reality [3][9] - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to discuss the "14th Five-Year Plan" for central enterprises, emphasizing the importance of strategic planning and industry layout for major state-owned enterprises [3][9] Investment Highlights - The trading card game (TCG) market is evolving into a comprehensive cultural consumption product, driven by IP ecosystems. The core logic revolves around "collecting-exchanging-value accumulation," with emotional connections between IP and consumers being crucial for long-term engagement [10][11] - The TCG industry has established a complete industrial chain covering IP authorization, content creation, product manufacturing, channel distribution, and community operation. The upstream sector relies heavily on IP as the fundamental driver of user engagement and retention [11][12] - The design aspect is critical for product differentiation and targeting specific consumer segments, enhancing brand value and maximizing user lifecycle value [12][13] - The distribution channels are characterized by a dual approach of "offline foundation and online expansion," with offline channels focusing on high accessibility and experience, while online channels provide flexibility and broad coverage [13][14] Industry Development - The integration of TCG with diverse business models is highlighted, with examples such as Pokémon's multi-ecosystem approach that combines online digital empowerment with offline experiences and global competitions [14] - Companies like Huali Technology are exploring new avenues by merging gaming equipment with TCG, aiming to enhance consumer experiences through innovative integrations [14] Investment Recommendations - The report suggests focusing on companies with rich upstream IP resources and original IP development capabilities, leading companies in TCG design and manufacturing, and those with significant advantages in sales channels [15]

Investment Rating - The report maintains a "stronger than the market" rating for the trading card game (TCG) industry, indicating a positive outlook for growth and investment opportunities [3]. Core Insights - The trading card game market is evolving into a comprehensive industry chain that encompasses IP licensing, content creation, product manufacturing, channel distribution, and community operation, with IP as the core engine driving user engagement and long-term retention [3][4]. - The industry is characterized by a dual-channel strategy of "offline foundation and online expansion," which enhances consumer experience and broadens market reach [4][50]. - The integration of trading cards with various business models, such as digital platforms and gaming devices, is driving innovation and expanding the market [8][66]. Summary by Sections 1. Trading Card Game Overview - Trading card games (TCGs) combine themes, collection, exchange, and competitive play, often based on popular IPs from films, anime, or original designs, providing rich cultural experiences [2][12]. - TCGs can be categorized into competitive and collectible types, each with distinct value propositions and target audiences [13][14]. 2. Industry Chain - The TCG industry has established a complete industry chain driven by content, with upstream IP providers, midstream design and production companies, and downstream sales channels [35]. - Upstream, IP is the fundamental driver of user recognition and purchase conversion, with emotional resonance being a key factor in consumer decisions [38][39]. - Midstream, design differentiates products and targets specific consumer segments, enhancing brand value and user engagement [44]. - Downstream, the dual-channel strategy combines offline experiences with online sales, creating a comprehensive consumer engagement ecosystem [50][51]. 3. Market Development - The TCG market in China is projected to grow significantly, reaching a market size of 263 billion RMB by 2024, with a compound annual growth rate (CAGR) of 56.6% from 2019 to 2024 [20][21]. - The competitive landscape is concentrated, with the top five companies holding 82.4% of the market share, highlighting the dominance of key players like 卡游 (Kawoo) [26][27]. 4. Investment Recommendations - The report suggests focusing on companies with rich IP resources, strong design and manufacturing capabilities, and significant sales channel advantages [8].

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 12 月 03 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 周二 A 股三大股指全线收跌，上证指数下跌 0.42%，报 3897.71 点； 深证成指下跌 0.68%，报 13,056.70 点；创业板指下跌 0.69%，报 3071.15 点。A 股两市全天成交额 1.59 万亿元人民币，南向资金净买 入 41.01 亿港元。A 股两市个股超 3400 只个股下跌。申万行业方面， 石油石化、轻工制造及家用电器行业涨幅居前，传媒及有色金属行业 领跌；概念板块方面，福建自贸区及太赫兹概念指数涨幅居前，BC 电 池及 CRO 概念指数跌幅居前。恒生指数上涨 0.24%，恒生科技指数下 跌 0.37%；美国三大股指集体收涨，道指上涨 0.39%，报 47,474.46 点，标普 500 指数上涨 0.25%，报 6829.37 点，纳指上涨 0.59%，报 23,413.67 点。欧洲股市及亚太股市主要股指普遍上涨。 【重要新闻】 【国家发展改革委主任郑栅洁在《党建》杂志发 ...

周一 A 股三大股指集体上涨，上证指数上涨 0.65%，报 3914.01 点； 深证成指上涨 1.25%，报 13,146.72 点；创业板指上涨 1.31%，报 3092.50 点。A 股两市全天成交额 1.87 万亿元人民币，南向资金净买 入 21.48 亿港元。A 股两市个股普遍上涨，超 3100 只个股上涨。申 万行业方面，有色金属、通信及电子行业涨幅居前，农林牧渔及环保 行业领跌；概念板块方面，智能音箱及 AI 手机概念指数涨幅居前， 赛马概念及 DRG/DIP 概念指数跌幅居前。恒生指数上涨 0.67%，恒生 科技指数收涨 0.82%；美国三大股指集体收跌，道指下跌 0.9%，报 47,289.33 点，标普 500 指数下跌 0.53%，报 6812.63 点，纳指下跌 0.38%，报 23,275.92 点。欧洲股市及亚太股市主要股指普遍下跌。 市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 12 月 02 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 【重要新闻】 【美国 11 月份 ISM 制造 ...

Market Overview - The A-share market saw collective gains last Friday, with the Shanghai Composite Index rising by 0.34% to close at 3,888.60 points, the Shenzhen Component Index increasing by 0.85% to 12,984.08 points, and the ChiNext Index up by 0.7% to 3,052.59 points. The total trading volume in the A-share market reached 1.59 trillion RMB, with net purchases from southbound funds amounting to 2.727 billion HKD. Over 3,900 stocks in the A-share market experienced gains [1][6]. - In terms of sector performance, the steel, agriculture, forestry, animal husbandry, and retail sectors led the gains, while the banking and coal sectors saw declines. Concept indices such as titanium dioxide and Hainan Free Trade Zone performed well, whereas indices related to avian influenza and flu saw declines [1][6]. Important News - The China Securities Regulatory Commission (CSRC) has drafted an announcement regarding the pilot launch of commercial real estate investment trusts (REITs). The announcement outlines eight key points, including the definition of commercial real estate REITs, registration and operational management requirements, and the responsibilities of fund managers and custodians. It emphasizes the need for strict adherence to regulatory standards and the roles of regulatory bodies in monitoring and managing risks associated with commercial real estate REITs [2][6]. Industry Insights - In November, a record 184 game licenses were approved, with notable titles such as Xishanju's "Star Sand Island" entering the life simulation genre. The total number of approved domestic games this year has reached 1,532, with 178 approved in November alone. The report highlights the competitive landscape for life simulation games, with major developers like miHoYo and Tencent also entering the market [7][8][9]. - The approval of game licenses is expected to continue to support the industry's recovery, with a focus on companies that possess product reserves, research capabilities, and diverse thematic layouts [9].

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [4][7]. Core Insights - The number of game approvals in November reached a record high, with 178 domestic games and 6 imported games approved, contributing to a total of 1,532 domestic games approved year-to-date [2][3]. - The game "Star Sand Island," developed by SEED LAB, is positioned in the life simulation genre and has garnered significant market attention, with over 400,000 wish list entries on Steam as of November 13 [2]. - The competitive landscape for life simulation games is expected to intensify in 2026, with major developers like miHoYo and Tencent entering the market, making differentiation crucial for success [2]. Summary by Sections Game Approval Statistics - In November, 178 domestic games and 6 imported games received approval, marking a significant increase in the approval rate [2]. - Year-to-date, 1,532 domestic games and 93 imported games have been approved [2]. Market Trends - The approval of diverse game types indicates a stable trend in the normalization of game approvals, contributing to the ongoing recovery of the industry [3]. - The report highlights the importance of product reserves, R&D capabilities, and diverse thematic layouts for leading companies in the industry [3]. Competitive Landscape - "Star Sand Island" is highlighted as a key title in the life simulation genre, with its success dependent on differentiation and leveraging multi-platform advantages [2]. - The report anticipates a competitive environment with several major players entering the life simulation market, emphasizing the need for unique offerings [2].

Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.29% while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.44% respectively. The total market turnover was 1.72 trillion yuan, a decrease of 740 billion yuan from the previous day, with over 2400 stocks declining. Active sectors included consumer electronics, organic silicon, and influenza, while Hainan and film industry sectors adjusted [3][7]. Market Performance - As of November 25, the Shanghai Composite Index closed at 3,870.02 points, down 2.14% from the end of October. The major indices showed a downward trend, particularly the Sci-Tech 50, ChiNext Index, and CSI 500 Index [9]. - Market liquidity weakened in November, with a decrease in average daily turnover and a decline in the scale of locked shares released. However, the China Securities Regulatory Commission (CSRC) is expected to continue promoting the entry of incremental funds into the market, which may improve liquidity in the medium to long term [9][10]. Important News - The Ministry of Commerce announced plans to promote reforms in the automotive circulation sector, aiming to expand consumption across the entire chain, including second-hand car circulation and the automotive aftermarket [4][8]. - The National Development and Reform Commission (NDRC) held a press conference discussing various policies aimed at enhancing economic stability and growth, including infrastructure REITs expansion and the development of the artificial intelligence sector [4][8]. Industry Insights - The report highlights a new implementation plan aimed at enhancing the adaptability of supply and demand for consumer goods, with a goal to optimize the supply structure by 2027, creating three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [12][13]. - The plan focuses on developing new consumption types, enriching product offerings, and accurately matching consumer demands, particularly for specific demographics such as children, students, and the elderly [14][15]. Investment Recommendations - The report suggests focusing on sectors such as sports goods, trendy toys, cosmetics, gold and jewelry, and health products, which are expected to benefit from rising consumer awareness and government support [15].