Investment Rating - The report maintains an "Outperform" rating for the mechanical industry [1] Core Insights - The humanoid robot sector is expected to become a key focus of the U.S. technology strategy, with recommendations to closely monitor humanoid robots and AIDC supporting equipment [1][4] - In December, the CITIC mechanical sector rose by 6.32%, outperforming the CSI 300 index by 3.44 percentage points, ranking 5th among 30 CITIC primary industries [3][10] - The report highlights strong performance in sub-sectors such as 3C equipment, oil and gas equipment, and photovoltaic equipment, which saw increases of 20%, 15.99%, and 14.71% respectively [3][10] Summary by Sections 1. Mechanical Sector Performance - As of December 26, 2025, the CITIC mechanical sector increased by 6.32%, outperforming the CSI 300 index [3][10] - The sub-sectors with the highest growth included 3C equipment, oil and gas equipment, and photovoltaic equipment [3][10] 2. Engineering Machinery - November saw a significant increase in sales of major engineering machinery products, with excavator sales reaching 20,027 units, a year-on-year increase of 13.9% [20][29] - Loader sales in November were 11,419 units, up 32.1% year-on-year [30][21] - The report suggests that the engineering machinery sector is experiencing a recovery, with leading companies like SANY Heavy Industry and XCMG expected to see improved performance [39] 3. Robotics - In November, industrial robot production reached 70,188 units, reflecting a year-on-year growth of 20.6% [40][43] - The humanoid robot sector is entering a phase of mass production, with significant orders being placed, indicating strong investment potential [48] - The report recommends focusing on leading companies in the robotics sector, such as Estun and key component suppliers [48]

Investment Rating - The report maintains an "Outperform" investment rating for the power and utilities sector [3][5]. Core Insights - The power and utilities index underperformed the market in December 2025, with a slight increase of 0.05%, lagging behind the CSI 300 index by 2.83 percentage points [3][12]. - The report highlights significant growth in electricity consumption, particularly in the charging and swapping service industry, which saw a year-on-year increase of 48.3% [4][19]. - The supply side indicates a shift in generation trends, with hydropower showing rapid growth and thermal power experiencing a decline [4][27]. Summary by Sections Market Review - As of December 26, 2025, the power and utilities index had a monthly increase of 0.05%, while the CSI 300 index increased by 2.88% [3][12]. - Subsector performance ranked as follows: grid (2.85%), other generation (1.22%), thermal (0.76%), heating or others (0.63%), environmental and water services (0.30%), hydropower (-1.19%), and gas (-2.54%) [3][12]. National Power Supply and Demand - In the first 11 months of 2025, total electricity consumption reached 9.46 trillion kWh, with notable growth in specific sectors [4][19]. - By November 2025, the generation mix showed thermal power's share at 64.5%, hydropower at 13.9%, nuclear at 4.9%, wind at 10.7%, and solar at 6.0% [4][28]. Industry Chain Volume and Price - The report notes a decrease in coal production and an increase in coal imports, with November 2025 coal imports down by 19.9% year-on-year [43][49]. - Natural gas production growth slowed, while imports increased by 10.7% in November 2025 [52][53]. Regional Power Supply and Demand (Henan Province) - In November 2025, Henan's total electricity consumption was 33.12 billion kWh, a year-on-year increase of 4.88% [5][59]. - The province's generation mix included a significant increase in hydropower generation by 126.18% year-on-year [62]. Industry and Company News - The report outlines key industry developments, including the launch of new nuclear power projects and significant growth in renewable energy transactions [70].

Market Performance - The A-share market showed slight fluctuations with the Shanghai Composite Index closing at 3,963.68, up by 0.10%, while the Shenzhen Component Index closed at 13,603.89, up by 0.54% [3] - The average P/E ratios for the Shanghai Composite and ChiNext indices are 16.27 and 50.30 respectively, indicating a suitable environment for medium to long-term investments [8][10] Economic Policies - The National Financial Work Conference emphasized boosting consumption in 2026, with plans to implement special actions to support consumer goods and optimize subsidy standards [4][7] - The introduction of guidelines for commercial rocket enterprises on the Sci-Tech Innovation Board aims to facilitate IPO processes for at least 10 companies in the aerospace sector [5][7] Industry Insights - The photovoltaic industry is experiencing a significant increase in prices for silicon wafers and batteries, with N-type silicon wafers seeing price hikes due to cost pressures and industry self-discipline [15][16] - The domestic photovoltaic installation capacity reached 22.02 GW in November, marking a 74.76% increase month-on-month, with expectations of around 300 GW for the year [14] Animation Film Industry - Animation films accounted for nearly 50% of the total box office in 2025, with significant contributions from titles like "Nezha 2" and "Zootopia 2" [22][23] - The domestic animation film sector has seen a rise in quality and influence, with a notable increase in box office share from 32.28% (2013-2019) to 67.59% (2019-2025) [23][24] Automotive Industry - The automotive sector reported a production and sales increase in November, with total vehicle production reaching 3.53 million units, marking a new high [25][26] - The penetration rate of new energy vehicles reached 53.16%, reflecting a strong growth trend supported by favorable policies [26][27] Communication Industry - The communication sector's index rose by 1.44% in November, outperforming major indices, with a significant increase in telecom business volume [31] - The retail sales of communication equipment saw a year-on-year increase of 23.2%, indicating a recovery in the market [32] Food and Beverage Sector - The food and beverage sector experienced a rebound in November, particularly in pre-prepared foods and alcoholic beverages, with increased trading volumes [35]

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 -14% -5% 4% 13% 22% 30% 39% 48% 2024.12 2025.04 2025.08 2025.12 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：治理企业价 格无 序 竞争 ， 临近 年 底 需求 趋 于疲 软》 2025-11-28 《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 投资要点： 发布日期：2025 年 12 月 26 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17页 硅片、电池报价大幅提高，关注细分 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： ...

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 有色新能源领涨 A 股小幅上行 ——市场分析 分析师：张刚 相关报告 《市场分析：航天机器人领涨 A 股震荡上行》 2025-12-25 《市场分析：成长行业领涨 A 股震荡上行》 2025-12-24 《市场分析：电池贵金属领涨 A 股小幅上行》 2025-12-23 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 12 月 26 日 投资要点： ◼ A 股市场综述 周五（12 月 26 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低 后震荡上行，盘中沪指在 3977 点附近遭遇阻力，午后股指维持震 荡，盘中航天航空、光伏设备、电池以及有色金属等行业表现较 好；酿酒、医疗器械、电源设备以及半导体等行业表现较弱，沪指 全天基本呈现小幅震荡上行的运行特征。创业板市场周五震荡上 扬，创业板成分指数全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The livestock prices have stabilized after a decline, and the export volume of pet food has shown year-on-year growth [1]. - The industry is currently trading at a price-to-earnings (P/E) ratio and price-to-book (P/B) ratio below historical averages, indicating potential for valuation recovery [7]. Summary by Sections Market Review - In November 2025, the agriculture, forestry, animal husbandry, and fishery index increased by 1.15%, outperforming the CSI 300 index, which fell by 2.46%, resulting in a relative outperformance of 3.61 percentage points [7][10]. - The sub-industry performance showed that the forestry processing sector had the highest gains, while the pet food sector experienced declines [10]. Livestock Industry Data Tracking - **Swine Farming**: In November 2025, the average price of external three-yuan pigs was 11.59 yuan/kg, a month-on-month increase of 0.61%, but a year-on-year decrease of 30.13% [19]. - **Broiler Chickens**: The average price of white feather broiler chickens was 3.48 yuan/jin, with a month-on-month increase of 2.65% and a year-on-year decrease of 7.69% [26]. Pet Food - In November 2025, China's pet food export volume reached 33,400 tons, a year-on-year increase of 11.23%, while the export value was 11.8 million USD, a year-on-year decrease of 3.59% [34]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods (牧原股份), Pulaike (普莱柯), and Guobao Pet (乖宝宠物), all rated as "Buy" [1].

分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 券商板块 2025 年 11 月回顾及 12 月前瞻 ——券商板块月报 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -19% -13% -8% -3% 3% 8% 14% 19% 2024.12 2025.04 2025.08 2025.12 证券Ⅱ 沪深300 相关报告 联系人：李智 风险提示：1.权益及固收市场环境转弱导致上市券商业绩出现下滑；2. 股价短期波动风险；3.资本市场改革的政策效果不及预期 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12页 证券Ⅱ 发布日期：2025 年 12 月 26 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 ⚫ 券商板块 2025 年 11 月行情回顾：11 月券商指数破位下跌，全月 跌幅明显扩大。中信二级行业指数证券Ⅱ全月下跌 ...

Core Insights - The report highlights the strong performance of the A-share market, with a focus on sectors such as aerospace, robotics, and general equipment, indicating potential investment opportunities in these areas [5][7][8][9][10]. - The animation film industry is experiencing significant growth, with domestic animated films accounting for nearly 50% of total box office revenue in 2025, showcasing a shift from a niche category to a major player in the film market [13][14][15]. - The automotive industry is maintaining good growth, particularly in the electric vehicle sector, with a notable increase in production and sales, indicating a robust market outlook [17][18][21]. - The semiconductor industry continues to show strong demand, driven by AI and cloud computing, with significant growth in global semiconductor sales and a positive outlook for the sector [32][33]. Domestic Market Performance - The Shanghai Composite Index closed at 3,959.62, with a slight increase of 0.47%, while the Shenzhen Component Index rose by 0.33% to 13,531.41 [3]. - The average price-to-earnings ratio for the Shanghai Composite and ChiNext indices is at 16.19 and 49.94, respectively, indicating a favorable long-term investment environment [7][8][9]. Industry Analysis Animation Film Industry - In 2025, animated films accounted for over 250 billion yuan in box office revenue, representing nearly 50% of the total market share, with top films like "Nezha 2" and "Zootopia 2" leading the charge [13][14]. - The influence of domestic animated films is on the rise, with a significant increase in box office share from 32.28% (2013-2019) to 67.59% (2019-2025) [15]. Automotive Industry - In November, the automotive sector saw production and sales reach 3.53 million and 3.43 million vehicles, respectively, marking a month-on-month increase of 5.15% and 3.22% [17]. - The penetration rate of new energy vehicles reached 53.16%, with production and sales of 1.88 million and 1.82 million units, reflecting a year-on-year growth of 20.03% and 20.59% [18][21]. Semiconductor Industry - The semiconductor industry is experiencing a robust growth cycle, with global sales increasing by 27.2% year-on-year in October 2025, driven by strong demand for AI computing hardware [32][33]. - The introduction of new models like Google's Gemini 3 is expected to reshape the competitive landscape in the AI sector, highlighting the importance of semiconductor technology in future developments [33]. Investment Recommendations - The report suggests focusing on sectors such as aerospace, robotics, and electric vehicles for short-term investment opportunities, while also highlighting the animation film industry as a growing area of interest [5][7][18]. - In the semiconductor sector, companies involved in AI and cloud computing technologies are recommended for investment due to their strong growth potential [32][33].

Market Overview - On December 25, the A-share market opened lower but rose slightly, with the Shanghai Composite Index encountering resistance around 3955 points before closing at 3959.62 points, up 0.47%[2][7] - The Shenzhen Component Index closed at 13531.41 points, up 0.33%, while the ChiNext Index rose by 0.30%[7][8] - Total trading volume for both markets reached 19,441 billion yuan, above the median of the past three years[3][16] Sector Performance - Key sectors showing strong performance included aerospace, robotics, general equipment, and wind power equipment, while precious metals, energy metals, retail, and automotive sectors lagged[3][7] - Over 70% of stocks in the two markets rose, with significant inflows into aerospace, automotive parts, and general equipment sectors[7][9] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.19 times and 49.94 times, respectively, above the median levels of the past three years, indicating a favorable environment for medium to long-term investments[3][16] - The current market conditions suggest a consolidation phase around the 4000-point mark for the Shanghai Composite Index, influenced by macroeconomic data and policy expectations[3][16] Investment Recommendations - Investors are advised to focus on sectors such as aerospace, robotics, general equipment, and wind power for short-term opportunities[3][16] - The recent Central Economic Work Conference emphasized a shift towards quality and sustainability in economic policies, highlighting future industries like AI, commercial aerospace, quantum technology, and 6G as key investment areas[3][16] Risk Factors - Potential risks include unexpected overseas economic downturns, slower-than-expected domestic policy and economic recovery, and fluctuations in macroeconomic conditions[4]

Investment Rating - The report maintains an "Outperform" rating for the media industry, relative to the Shanghai and Shenzhen 300 Index [1] Core Insights - The animation film industry is transitioning from a niche category to a significant player in the market, with domestic animated films accounting for nearly 50% of total box office revenue in 2025 [3][10] - The influence of domestic animated films is increasing, with their box office share rising from 32.28% (2013-2019) to 67.59% (2019-2025), and over 77% in 2025 [3][16] - The report suggests that the domestic animation film industry has substantial growth potential, particularly in comparison to the North American market, where animation films have a higher box office share [3][15] Summary by Sections 1. Performance of Animation Films - As of December 24, 2025, domestic animated films have generated over 250 billion CNY in box office revenue, representing nearly 50% of the total annual box office [3][10] - Animated films accounted for 64.97% and 62.77% of the top 10 and top 15 films by box office revenue in 2025, respectively [10] - Notable films such as "Nezha 2" and "Zootopia 2" have significantly contributed to this growth, with "Nezha 2" grossing 154.46 billion CNY [10][11] 2. Improvement in Domestic Animated Film Quality - The quality of domestic animated films has improved, with high ratings on platforms like Douban, where films like "Nezha: The Devil's Child" received scores of 8.4 [21] - The report highlights a shift in content style and audience demographics, leading to a higher influence of domestic animated films [16][18] 3. Potential of All-Age Animation Films - All-age animation films are becoming the main box office drivers, appealing to a broader audience across different age groups [27] - The report emphasizes the importance of diverse content that caters to various viewer preferences, enhancing the overall viewing experience [27][28] 4. Advantages of IP Animation Films - IP adaptation has proven to be a significant revenue driver, with 49% of animated films contributing to 92% of box office revenue [36] - The report notes that adaptations of Chinese mythology and literature have particularly strong box office performance [36] 5. Opportunities for Overseas Expansion - Despite the success of domestic animated films, their overseas revenue generation remains low, with only about 3% of "Nezha 2" revenue coming from international markets [42] - The report identifies a gap in overseas market penetration compared to American and Japanese animated films, which have a more substantial international presence [42][45] 6. Technological and Policy Support - Government policies are increasingly supportive of the animation industry, promoting quality development and the integration of AI technologies [48][49] - AI is expected to enhance production efficiency and creativity in animation filmmaking, further driving industry growth [50][51] 7. Key Players in the Domestic Animation Film Industry - Major companies in the domestic animation film sector include Light Chaser Animation, Huayi Brothers, and others, with significant projects in development [53][54][56] - Light Chaser Animation is highlighted for its strong brand presence and project pipeline, including sequels and new adaptations [54][59]