Group 1 - The core investment theme for 2026 is transitioning from extreme growth to balanced allocation, focusing on sectors with strong performance potential [3][11] - In the technology sector, the report highlights that industries related to artificial intelligence and embodied intelligence are expected to experience a slowdown in profit growth after rapid valuation increases, suggesting a focus on segments with relatively low historical valuations and strong earnings support [3][11] - For traditional industries, the report recommends focusing on upstream sectors benefiting from "AI+" enhancements and profit recovery opportunities following capacity clearance driven by anti-involution policies [3][11] Group 2 - The report identifies a potential recovery in downstream consumer sectors during the 2026-2027 inventory cycle, alongside a gradual return of long-term capital to the market, suggesting a sustained allocation window for industries such as food and beverage, pharmaceuticals, and duty-free concepts [3][11] - The recommended top ten stocks for 2026 include: 300568.SZ Xingyuan Material, 601233.SH Tongkun Co., 603755.SH Richen Co., 300442.SZ Runze Technology, 688303.SH Daqian Energy, 002920.SZ Desay SV, 688041.SH Haiguang Information, 603993.SH Luoyang Molybdenum, 603583.SH Jiechang Drive, and 002027.SZ Focus Media [4][13] - The report provides a detailed earnings forecast and valuation for the recommended stocks, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026 [16]

分析师：徐至 登记编码：S0730525040001 科技成长的弹性与消费价值的回归 ——2026 年 A 股年度策略 相关报告 《月度策略：增配价值资产，等待成长资产性 价比回归——月度策略》 2025-11-05 《月度策略：均衡配置成长与价值风格，防范 风格切换——月度策略》 2025-10-09 《月度策略：市场波动加大，均衡配置成长与 价值——月度策略》 2025-09-05 《月度策略：建议关注成长与价值轮动带来的 机会——月度策略》 2025-08-07 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 证券研究报告-年度策略 发布日期：2025 年 11 月 21 日 第1页 / 共23页 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 ⚫ 外部环境：美联储政策从降通胀到寻求平衡。如何理解美国激进加 息美国股市却经历了显著上涨？一是利率传导机制不畅。二是市场 预期与资金流向。三是科技革命与盈利韧性。2026 年美国货币与 财政政策的关键，仍 ...

分析师：刘智 登记编码：S0730520110001 证券研究报告-行业年度策略 强于大市(维持) 盈利预测和投资评级 | 公司简称 | | 24EPS 25EPS | 25PE | 评级 | | --- | --- | --- | --- | --- | | 三一重工 | 0.71 | 0.97 | 19.84 | 买入 | | 徐工机械 | 0.51 | 0.69 | 14.34 | 买入 | | 英维克 | 0.61 | 0.62 | 120.98 | 增持 | | 中国船舶 | 0.81 | 1.08 | 33.55 | 买入 | | 先导智能 | 0.18 | 1.02 | 52.60 | 增持 | | 应流股份 | 0.42 | 0.64 | 29.95 | 增持 | | 国机精工 | 0.53 | 0.68 | 20.84 | 买入 | | 捷昌驱动 | 0.74 | 1.15 | 32.41 | 增持 | | 兆威机电 | 0.94 | 1.14 | 114.71 | 增持 | | 步科股份 | 0.58 | 1.11 | 85.43 | 增持 | 机械相对沪深 300 指数表现 资料来源：中 ...

Group 1 - The report highlights the ongoing transformation in the artificial intelligence (AI) industry, with significant advancements in AI models and increasing capital expenditures from cloud service providers, driving demand for AI computing hardware infrastructure [8][20][39] - The semiconductor industry is expected to continue its upward trend, with AI driving a potential super cycle in the memory sector, as domestic manufacturers enhance their competitive advantages in technology and supply chains [11][18][19] - The electronic industry has significantly outperformed the CSI 300 index, with a year-to-date increase of 38.35% compared to the CSI 300's 16.85% [18][19] Group 2 - Major cloud companies are increasing their capital expenditures, with North American cloud providers collectively spending $96.4 billion in Q3 2025, a 67% year-on-year increase, to support AI infrastructure [39][40] - The report emphasizes the rapid growth of AI server demand, with the global AI server market projected to reach $158.7 billion in 2025, reflecting a compound annual growth rate of 15.5% from 2024 to 2028 [51][53] - The report identifies key investment opportunities in sectors such as AI computing chips, AI PCBs, and memory modules, recommending specific companies for investment based on their market positions and growth potential [11][12][52]

基础化工 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 ——基础化工行业三季报总结 证券研究报告-行业深度分析 同步大市(维持) 基础化工相对沪深 300 指数表现 《基础化工行业月报：行业反内卷整治继续深 入，关注相关受益行业》 2025-11-17 《基础化工行业月报：石化化工行业稳增长工 作方案出台，推动行业进一步提质升级》 2025-10-15 《基础化工行业深度分析：上半年业绩小幅增 长，二季度环比进一步改善》 2025-09-30 联系人：李智 投资要点： ⚫ 2025 前三季度基础化工行业收入利润进一步提升，行业景气延续 底部复苏态势。2025 年前三季度，中信基础化工行业实现总收入 19924.77 亿元，同比增长 5.69%，实现净利润 1170.62 亿元，同 比增长 7.58%。前三季度基础化工行业收入，利润均均保持回升态 势。与中报业绩相比，三季报增长幅度明显提升。2025 年三季度， 基础化工行业的收入、利润同比快速增长，环比继续改善。 2025 年前三季度，基础化工 18 个子行业的营业收入同比实现 增长，18 ...

Core Insights - The report highlights a significant shift in the food and beverage industry, with revenue growth slowing down and cost pressures increasing, leading to a decline in profit margins [15][16][17] - The lithium battery sector is experiencing robust growth, with revenue and net profit showing double-digit increases in 2025, driven by strong demand for energy storage and electric vehicles [20][21][36] - The semiconductor industry is witnessing a strong performance, particularly in the storage segment, with major players reporting significant profit increases due to rising prices and demand from data centers [38][41] Domestic Market Performance - The A-share market is currently in a phase of consolidation, with the Shanghai Composite Index and the ChiNext Index showing average P/E ratios above their three-year median, indicating potential for long-term investment [10][11][12] - Various sectors such as banking, real estate, and energy metals are leading the market, while sectors like battery and beauty care are underperforming [6][10] Industry Analysis - The food and beverage sector is facing a decline in revenue growth, with certain segments like snacks and soft drinks performing better than others like white spirits and health products [15][16] - The lithium battery industry is projected to maintain strong growth, with significant increases in production and sales of electric vehicles, indicating a positive outlook for 2026 [20][21] - The semiconductor industry is experiencing a recovery, with domestic storage manufacturers showing impressive profit growth due to rising prices and increased demand from cloud service providers [38][41] Investment Recommendations - The report suggests maintaining a "market perform" rating for the food and beverage sector, with a focus on segments like soft drinks and snacks for potential investment opportunities [19] - For the lithium battery sector, a "stronger than market" rating is maintained, with recommendations to focus on key investment lines due to favorable market conditions [21][36] - In the semiconductor industry, the report advises investors to look for opportunities in the storage segment, as prices are expected to rise further, benefiting domestic manufacturers [41]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 银行地产行业领涨 A 股震荡整固 ——市场分析 相关报告 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 20 日 《市场分析：船舶贵金属领涨 A 股小幅上行》 2025-11-19 《市场分析：传媒互联网领涨 A 股震荡整固》 2025-11-18 《市场分析：软件锂电行业领涨 A 股震荡整 理》 2025-11-17 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 投资要点： ◼ A 股市场综述 周四（11 月 20 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高 开后震荡上行，盘中沪指在 3967 点附近遭遇阻力，午后股指震荡回 落，盘中银行、房地产、能源金属以及水泥建材等行业表现较好； 电池、美容护理、光伏设备以及采掘等行业表现较弱，沪指全天基 本呈现小幅震荡整理的运行特征。创业板市场周四震荡回落，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 ...

Investment Rating - The industry maintains a "Market Perform" investment rating, indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [60]. Core Insights - Since 2021, the revenue growth rate of the food and beverage industry has shown a stepwise decline, with a further slowdown in growth recorded in the first three quarters of 2025. The industry recorded a revenue growth of 0.18% in the first three quarters of 2025, a decline of 2.29 percentage points compared to the first half of the year [9][10]. - The industry has experienced a continuous increase in gross profit margins in recent years, peaking in 2024. However, since 2025, the gross profit margin has started to decline due to the fading cost advantages. The operating cost growth has outpaced revenue growth, leading to increased cost pressures [8][26]. - The report highlights a significant change in the expense structure of listed companies, with a reduction in sales expenses and a focus on internal control management. The research indicates that while sales expenses have decreased, R&D investments have remained stable [42][50]. - Profitability indicators for the food and beverage sector have been on the rise since 2021 but have started to decline in 2025 due to slowing revenue growth and the diminishing cost advantages. The net profit margin and return on equity have both decreased in the first three quarters of 2025 compared to the previous year [51][54]. Summary by Sections Revenue Growth - The food and beverage industry has seen a stepwise decline in revenue growth since 2021, with a recorded growth of 0.18% in the first three quarters of 2025, down 2.29 percentage points from the first half of the year [9][10]. - Sub-sectors such as snacks and soft drinks have shown strong growth, while others like prepared foods and white spirits have experienced revenue declines [10][19]. Cost and Profitability - The gross profit margin of the food and beverage sector peaked in 2024 but has started to decline in 2025 due to rising costs outpacing revenue growth. The gross profit margin was recorded at 49.53% in the first three quarters of 2025, down 1.39 percentage points year-on-year [26][54]. - The report indicates that the cost growth has exceeded revenue growth by 2.83 percentage points in the first three quarters of 2025, leading to increased cost pressures [27][31]. Expense Management - There has been a notable shift in the expense management of listed companies, with a reduction in sales expenses and a focus on internal control, resulting in a significant decrease in management expense ratios [42][46]. - The sales expense ratio has decreased from 12.35% in 2021 to 11.07% in the first three quarters of 2025, reflecting a more cautious approach to market investments [42][44]. Investment Opportunities - The report recommends focusing on investment opportunities in sub-sectors such as soft drinks, health products, baking, yeast, compound seasonings, and snacks, which are expected to perform well despite the overall industry slowdown [57].

Core Insights - The report highlights a significant growth in the lithium battery sector, with revenue and net profit expected to increase by 12.81% and 28.38% respectively in the first three quarters of 2025, indicating a recovery in performance after a decline in 2024 [15][35][36] - The communication industry is experiencing a positive trend, with a 0.24% increase in the industry index in October 2025, driven by strong demand for AI and cloud services [21][25] - The media sector shows robust growth, with a 4.98% increase in total revenue for the first three quarters of 2025, and a significant 40.23% rise in net profit, indicating a recovery in profitability [41][42] Domestic Market Performance - The Shanghai Composite Index closed at 3,946.74 with a slight increase of 0.18%, while the Shenzhen Component Index remained stable at 13,080.09 [4] - The A-share market is currently in a phase of consolidation around the 4,000-point mark, with a focus on balancing between cyclical and technology sectors [10][11][14] Industry Analysis - The lithium battery sector is projected to maintain double-digit growth in 2026, with demand for energy storage batteries exceeding expectations [15][16] - The media sector has seen a substantial increase in public fund investments, particularly in gaming companies, indicating strong market confidence [41][42] - The agricultural sector, particularly in pig farming, is facing a decline in prices, with a 34.77% year-on-year drop in pig prices as of October 2025 [17][18] Investment Recommendations - The report suggests focusing on four main investment lines within the lithium battery sector, considering the favorable industry policies and growth prospects [16][35] - In the communication sector, it is recommended to pay attention to light communication, AI smartphones, and telecom operators due to their strong dividend potential and growth opportunities [25][40] - The media sector is advised for investment due to its recovery in profitability and increased fund allocations, particularly in gaming [41][42]

锂电池 mough@ccnew.com 021-50586980 政策高景气，储能超预期 锂电池相对沪深 300 指数表现 资料来源：中原证券研究所，Wind 相关报告 《锂电池行业月报：量价齐升，板块积极关注》 2025-11-12 《锂电池行业专题研究：业绩持续增长，积极 关注四条主线》 2025-11-10 《锂电池行业专题研究：行业景气持续向上， 维持"强于大市"评级》 2025-11-03 联系人：李智 投资要点： ——锂电池行业年度投资策略 证券研究报告-行业年度策略 强于大市(维持) 发布日期：2025 年 11 月 19 日 风险提示：国内外宏观经济下滑超预期；新能源汽车销售不及预期； 行业政策执行力度不及预期；行业竞争加剧；细分领域价格大幅波动； 全球产业链供应链不确定。 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38页 分析师：牟国洪 登记编码：S0730513030002 电话： 0371-65585753 地址： 郑州郑东新区商务外环路10号18楼 邮编： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 板块业绩恢复增长 ...