食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 海日生残夜，江春入旧年 ——食品饮料行业 2026 年投资策略 证券研究报告-行业年度策略 同步大市(维持) 食品饮料相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -8% -3% 1% 5% 10% 14% 18% 23% 2024.11 2025.03 2025.07 2025.11 食品饮料 沪深300 相关报告 《食品饮料行业分析报告：成本红利消退，收 入加速下行》 2025-11-20 《食品饮料行业深度分析：蓝海波涌，托起全 面健康》 2025-11-13 《食品饮料行业月报：个股表现好于板块整 体，关注新消费》 2025-11-07 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共21页 发布日期：2025 年 11 月 28 日 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 自 202 ...

《电力设备及新能源行业年度策略：反内卷 加速市场出清，关注细分领域龙头》 2025- 11-27 《电力设备及新能源行业专题研究：业绩逐 步见底》 2025-10-31 电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深 300 指数表现 资料来源：聚源数据，中原证券研究所 -15% -6% 3% 12% 20% 29% 38% 47% 2024.11 2025.03 2025.07 2025.11 电力设备及新能源 沪深300 相关报告 《电力设备及新能源行业月报：十五五加快 建设新型能源体系，关注细分领域头部企 业》 2025-10-29 治理企业价格无序竞争，临近年底需 求趋于疲软 ——光伏行业月报 发布日期：2025 年 11 月 28 日 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共18页 投资要点： 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路 10 号 ...

传媒相对沪深 300 指数表现 相关报告 《传媒行业年度策略：政策与 AI 应用共振， 行业景气度高》 2025-11-26 《传媒行业分析报告：三季度业绩增长显著， 基金配置比例再次提升》 2025-11-07 《传媒行业月报：国庆档票房回落，AI 视频 模型再迎突破》 2025-10-24 联系人：李智 投资要点： 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 谷歌更新 Gemini3,11 月版号数量新高 ——传媒行业月报 证券研究报告-行业月报 强于大市(维持) ⚫ 行情回顾与估值表现：截至 2025 年 11 月 26 日，11 月传媒指数上 涨 2.46%，同期沪深 300、上证指数、创业板指分别下跌 2.65%、 2.29%、4.48%，传媒指数分别跑赢 5.11pct、4.75pct、6.94pct。 子板块中互联网广告营销板块上涨 14.64%，动漫上涨 5.88%，信 息搜索与聚合上涨 5.38%，互联网影音视频下跌 9.91%。 板块 140 只个股 78 只上涨，62 只下跌。涨幅最高的有蓝色光标、 易点天下、宣亚国际 ...

分析师：陈拓 登记编码：S0730522100003 证券研究报告-行业年度策略 强于大市(维持) 电力及公用事业相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -7% -3% 1% 6% 10% 14% 18% 23% 2024.11 2025.03 2025.07 2025.11 电力及公用事业 沪深300 相关报告 《电力及公用事业行业月报：水电单月发电量 增速由降转增，三峡来水情况持续好转》 2025-10-28 《电力及公用事业行业月报：8 月用电量再度 突破万亿千瓦时，9 月三峡来水情况明显好 转》 2025-09-29 《电力及公用事业行业月报：七月单月用电量 突破万亿千瓦时，红利资产仍具长期价值》 2025-08-27 联系人：李智 电力及公用事业 chentuo@ccnew.com 关注稳定性和股东回报 ——电力及公用事业行业年度策略 发布日期：2025 年 11 月 28 日 在电力市场化改革深化的背景下，电力及公用事业投资逻辑也相应从 追求增长转向关注质量、稳定性和股东回报。电力及公用事业行业中， 部分公司拥有稳定且高比例的分红，在低利率环境下，有利于高股 息低估值的红利资产 ...

通信 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 高端光芯片供不应求，国产替代加速 ——通信行业专题研究 相关报告 2025-11-13 《通信行业月报：三大电信运营商 eSIM 手机 商用试验获批，全球电信设备收入恢复增长》 2025-10-15 联系人：李智 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共29页 证券研究报告-行业专题研究 强于大市(维持) 发布日期：2025 年 11 月 28 日 资料来源：中原证券研究所，聚源 -12% 2% 16% 29% 43% 57% 70% 84% 2024.11 2025.03 2025.07 2025.11 通信 沪深300 通信相对沪深 300 指数表现 《通信行业年度策略：智启新质，算力互联破 浪前行》 2025-11-24 《通信行业月报：北美云厂商继续上调资本开 支，硅光助力 AI 网络规模化扩展》 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上海浦东新区世纪大道1788 号T1 ...

新材料 分析师：石临源 登记编码：S0730525020001 河南省印发有色金属产业提质升级行动计划， Diamond Foundry 投建金刚石晶圆工厂 ——新材料行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2025 年 11 月 28 日 shily@ccnew.com 0371-65585629 新材料相对沪深 300 指数表现 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 2022-11-28 2023-07-05 2024-02-02 2024-09-10 2025-04-22 2025-11-25 新材料指数 沪深300 资料来源：中原证券研究所，聚源 相关报告 《新材料行业月报：《有色金属行业稳增长工 作方案》印发，几内亚铝土矿出口第三季度显 著增长》 2025-10-31 《新材料行业月报：河南省印发加快人工智能 赋能新型工业化行动方案，2025 金刚石产业 大会成功举办》 2025-09-26 《新材料行业月报：8 月基本金属价格多数上 涨，新材料指数走势较强》 2025-08-28 联系人：李智 风险提示：技术进展不及预期；上游 ...

Core Insights - The report highlights a mixed performance in the A-share market, with sectors like electronics and semiconductors leading while others like media and internet lag behind [6][10][11] - The macroeconomic environment shows signs of resilience, with industrial profits showing a slight increase year-to-date despite a decline in October [9][13] - The report emphasizes the importance of upcoming policy meetings that may catalyze market movements and suggests maintaining a balanced investment strategy [12][38] Domestic Market Performance - The Shanghai Composite Index closed at 3,875.26 with a slight increase of 0.29%, while the Shenzhen Component Index fell by 0.25% [4] - The average P/E ratios for the Shanghai Composite and ChiNext are at 15.86 and 47.74 respectively, indicating a favorable long-term investment environment [10][11] International Market Performance - Major international indices like the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, reflecting a broader trend of market volatility [5] Industry Analysis - The report discusses the growth in the semiconductor sector, which is expected to continue driving market performance [6][10] - The livestock farming industry is projected to stabilize in 2026 due to a decrease in breeding sow inventory, which may lead to improved pricing [18] - The renewable energy sector, particularly solar power, is undergoing a transformation with increased marketization and a focus on capacity optimization [19][20] Investment Recommendations - Investors are advised to focus on sectors with strong growth potential such as semiconductors, consumer electronics, and renewable energy [12][20] - The report suggests that the media sector is experiencing a recovery driven by improved policy environments and AI applications, making it a potential area for investment [24][25][26] Economic Data Insights - In October, industrial profits for large-scale enterprises fell by 5.5%, but the cumulative profit for the year showed a 1.9% increase [9][13] - The report notes that the overall economic indicators are showing signs of recovery, supported by government fiscal measures [13][14] Sector-Specific Strategies - The livestock sector is highlighted for its potential recovery in pricing due to supply adjustments, while the animal health and seed industries are also seen as having growth opportunities [18][19] - The report emphasizes the importance of focusing on leading companies within the renewable energy sector, particularly in solar and storage technologies [20][21][22]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 电子半导体领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：通信医药行业领涨 A 股小幅震 荡》 2025-11-26 《市场分析：成长行业领涨 A 股震荡上行》 2025-11-25 《市场分析：传媒互联网领涨 A 股小幅上行》 2025-11-24 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 11 月 27 日 投资要点： ◼ A 股市场综述 周四（11 月 27 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 3895 点附近遭遇阻力，午后股指维持震 荡，盘中半导体、电子元件、电池以及有色金属等行业表现较好； 医药商业、文化传媒、游戏以及互联网服务等行业表现较弱，沪指 全天基本呈现小幅上行的运行特征。创业板市场周四冲高回落，创 业板成分指数全天表现弱于主板市场。 ◼ 后市研判及投资建议 周 ...

Market Review - The agricultural, forestry, animal husbandry, and fishery sector has outperformed the benchmark index since the beginning of 2025, with an absolute return of +24.66%, surpassing the CSI 300 index by 10.47 percentage points [10][17][18] - The sector's index has increased by 18.4% over the past year, outperforming the CSI 300 index by 0.96 percentage points [14] Swine Breeding - The breeding capacity of sows is gradually declining, with a total of 39.9 million sows recorded by the end of October 2025, a year-on-year decrease of 2.04% [27][24] - The average price of live pigs in October 2025 was 11.52 yuan/kg, reflecting a month-on-month decline of 11.46% and a year-on-year drop of 34.77% [29] - The swine breeding industry is currently facing losses, with theoretical profits for self-bred pigs averaging -209.67 yuan/head in October 2025, marking a significant decline from previous months [36][41] - The market share of the top eight listed pig companies has increased from 4.6% in 2017 to 21.2% by the third quarter of 2025, indicating a trend towards industry consolidation [37][41] Animal Health - The animal health market in China has shown steady growth, with sales increasing from 47.23 billion yuan in 2016 to 69.65 billion yuan in 2023, reflecting a compound annual growth rate of 5.71% [45][46] - The introduction of new products and the expansion of demand are driving the growth of the animal health industry, particularly with the anticipated market expansion following the launch of African swine fever vaccines [51][52] - The market for companion animal health products is also growing, with the pet medical market expected to reach approximately 84 billion yuan in 2024, driven by increased spending on veterinary services [56] Seed Industry - The seed industry is experiencing a transformation due to new regulations and policies, with significant investment opportunities arising from the commercialization of biotechnology [4][19] - The market for genetically modified corn is projected to expand, with companies in the sector expected to benefit from increased industry concentration and profitability [18][19] Pet Food - China's pet food market is projected to continue growing, benefiting from demographic changes and rising living standards, with significant potential for domestic brands to capture market share [5][59] - The market for pet food exports is expected to maintain year-on-year growth in 2025, reflecting the increasing demand for high-quality pet products [5][59] - The pet food industry remains fragmented, with ongoing trends towards domestic substitution and increased online sales [5][59]

Core Insights - The report emphasizes that the photovoltaic industry is entering a continuous capacity clearance cycle, driven by anti-involution policies and market dynamics, which will gradually improve the performance of existing photovoltaic companies [4][22][50] - The investment recommendation maintains a "stronger than market" rating, suggesting a focus on leading companies in niche sectors such as energy storage inverters, polysilicon materials, photovoltaic glass, and integrated component manufacturers [4][36][50] Group 1: 2025 Review and 2026 Outlook - In 2025, the photovoltaic sector saw a significant increase in installed capacity, with a total of 240.27 GW added, representing a year-on-year growth of 64.73% [4][36] - The report notes a bifurcation in stock performance, with the photovoltaic industry index yielding a return of 21.53% from January to November 2025, outperforming the Shanghai and Shenzhen 300 index, which returned 13.18% [14][20] - The outlook for 2026 indicates a slowdown in new installations, with expectations of stable demand and a focus on improving the quality of the industry through capacity reduction and consolidation [4][36][50] Group 2: Investment Recommendations - The report suggests that the energy storage inverter sector will benefit from a global upturn in energy storage demand, with significant growth expected in the market [4][36] - For polysilicon, the report highlights that anti-involution measures are likely to reverse the industry's challenges, recommending a focus on leading companies with performance elasticity [5][9] - The photovoltaic glass market is entering a phase of capacity optimization, with a recommendation to focus on leading companies that possess cost advantages [9][10] Group 3: Market Dynamics - The report indicates that the traditional markets in Europe and the U.S. are experiencing sluggish growth, while demand in Asia-Pacific and Africa remains robust, with imports of components continuing to grow rapidly [4][41][42] - The report outlines that the U.S. market is facing challenges due to the expiration of investment tax credits, which is expected to impact new installations negatively [45][46] - In contrast, the Middle East and Africa are emerging as hotspots for photovoltaic demand due to their energy transition needs and favorable market conditions [41][47]