Investment Rating - The industry investment rating is "Outperform the Market" [10] Core Insights - The report highlights the capitalization of domestic large model unicorns, with MiniMax and Zhipu recently passing the Hong Kong Stock Exchange hearing, indicating a trend towards commercialization in the large model sector [4][3] - MiniMax is noted for its leading multimodal capabilities and global expansion, with significant revenue growth and a focus on consumer and enterprise services [6][7] - Zhipu is positioned as an independent general-purpose large model provider, emphasizing localized deployment and cloud services, with substantial revenue growth driven by tailored AI solutions [8] Summary by Sections MiniMax - MiniMax has a total parameter count of 230 billion for its large language model M2, optimizing inference costs by activating only 10 billion parameters per inference [6] - The company has achieved a user base of 42.35 million for its AI image and video generation platform, "Hailuo," as of Q3 2025 [6] - MiniMax's revenue for the first three quarters of 2025 reached $53.44 million, a year-on-year increase of 175%, with a gross margin of 23.3% [7] Zhipu - Zhipu launched China's first pre-trained large model GLM framework in 2021 and has developed a MaaS product platform serving over 8,000 institutional clients and 80 million terminal devices [8] - The company's revenue for the first half of 2025 was $19 million, a year-on-year increase of 325%, with a gross margin of 50% [8] - Localized deployment accounted for 84.8% of Zhipu's revenue, focusing on customized AI models for specialized applications [8]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [17]. Core Insights - The report highlights significant advancements in AI gaming, particularly with the introduction of playable AI NPCs by Ubisoft, which allows players to interact with AI teammates in a dynamic gaming environment [3]. - The emergence of commercial products based on AI world models, such as Marble by World Labs and Tencent's mixed reality model, showcases the potential for creating immersive 3D worlds using generative AI [4]. - The development of AI game creation tools, like YouTube's Playables Builder, is democratizing game development by enabling users to create games without programming knowledge [4][5]. Summary by Sections AI NPC Development - Ubisoft launched a playable demo of AI NPCs named "Teammates," where players can command AI teammates using natural language, powered by Google's Gemini and Ubisoft's middleware [3]. AI World Models - Companies like Google DeepMind and Tencent are advancing in AI world models, with Tencent's mixed reality model allowing users to create interactive worlds from text or images [4]. AI Game Creation Tools - YouTube is testing an AI game creation tool, Playables Builder, which allows users to create games using simple text and media inputs, currently in testing phases in select markets [4]. - The AI game creation platform SOON by Kaiying Network integrates generative AI to streamline complex game development processes, significantly lowering technical barriers and costs [5]. Investment Recommendations - The report suggests focusing on companies related to gaming, including Tencent, NetEase, Bilibili, Giant Network, and others, as potential investment opportunities [6].

Group 1: Core Insights - The report maintains a strong market rating for the pharmaceutical industry, indicating a clear upward trend driven by recovering demand and improved performance in the CXO sector [1][2] - The CXO sector has shown significant stock price increases, with some companies experiencing nearly 100% growth since the beginning of 2025, driven by the innovative drug market and a recovery in orders [3][6] Group 2: CXO Sector Analysis - The CXO sector's overall revenue increased by 11.8% year-on-year in the first three quarters of 2025, with a notable profit increase of 58.1% [13] - External demand for CXO services has rebounded, with significant order growth from leading CDMO companies, indicating a clear recovery trend [22][31] - Internal demand for CXO services has lagged behind external demand, but there are signs of strong growth in domestic innovative drug projects and increased investment in the domestic market [3][22] Group 3: Life Sciences Upstream - The life sciences upstream sector has seen a 37.7% increase in stock prices year-to-date, outperforming the pharmaceutical and biotechnology index by 18% [3] - Revenue for the upstream sector increased by 8.8% year-on-year in the first three quarters of 2025, with net profit rising by 27.7% [3] Group 4: Investment Recommendations - The report suggests a strategic investment focus on companies such as WuXi AppTec, WuXi Biologics, and Tigermed, while also highlighting more flexible investment options like Zhaoyan New Drug and Nossan [3]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - In 2025, the number of game licenses issued reached a record high of 1,771, representing a 25.07% increase from 1,416 in 2024, marking the highest number in the past five years. Among these, 1,676 were domestic games and 95 were imported games [2]. - The import game license issuance has stabilized to a monthly rhythm since October 2024, averaging about 9 licenses per month, with an annual cap of around 100 licenses [3]. - For 2026, at least 25 new games are planned for release, with Tencent expected to launch 8 titles and NetEase and Bilibili each planning 2 titles. More than half of these products are anticipated to launch in Q1 2026, indicating a concentrated release schedule [4]. - The new regulations for WeChat mini-games, effective January 1, 2026, will provide significant incentives for small and medium-sized teams, potentially leading to an increase in game products. The new policy includes a dual incentive structure for newly launched games, with a maximum incentive of 4 million yuan for each title [5]. Company Focus - The report suggests paying attention to the following gaming-related companies: Tencent, NetEase, Bilibili, Giant Network, Gibit, Kying Network, 37 Interactive Entertainment, Shenzhou Taiyue, Baotong Technology, Century Huatong, Shunwang Technology, Sheng Tian Network, Yaoji Technology, and Zhangqu Technology [6].

宏 华福证券 观 研 究 PMI 为何重回扩张？ ——12 月 PMI 数据解读 投资要点： 宏 观 点 PMI 表现如何？12 月全国制造业 PMI 显著回升，4 月以来首度升至扩 张区间，持平于过去五年同期中位数水平，构成制造业 PMI 指数的五大分 指数中，新订单、生产、原材料库存指数上升，从业人员指数下降，作为 逆指数的供应商配送时间指数上升。趋势变动情况看，供需同步改善，内 需相对外需走强，需求端库存有所积累，下游利润有所恢复。企业类型看， 大、中型企业景气明显改善，小型企业景气回落。 评 此外，有三点值得关注：一是产需同步修复。一方面是中美吉隆坡经 贸磋商后 11-12 月新出口订单指数连续大幅回升，虽然新出口订单指数尚 在荣枯线下，但新订单指数升至扩张区间；另一方面是生产指数环比改善 幅度超近十年同期，产需同步修复带动制造业 PMI 显著改善。二是出厂价 格相对购进价格改善。11-12 月出厂价格指数连续上升，或指向下游利润分 配出现改善迹象。三是生产经营活动预期指数大幅上升。制造业生产经营 活动预期指数环比升幅在近十年同期中仅低于 2022 年，创下年内新高，在 外部扰动暂时缓和、内部政策定调 ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [14]. Core Insights - The competition among AI models, particularly between Gemini, OpenAI, and Claude, is expected to enhance user experience and drive advancements in model capabilities [3][7]. - The competition in computing power between Nvidia and Google TPU is intensifying, with Google leveraging its TPU architecture to improve total cost of ownership (TCO) [5][7]. - The semiconductor manufacturing landscape is evolving, with TSMC and Samsung competing in AI chip production, which may accelerate capacity expansion in the AI chip foundry sector [6][7]. Summary by Sections Model Section - Recent releases from Google, including Gemini 3 Pro and others, have heightened market interest and impacted competitors like OpenAI and Claude, leading to a competitive environment that fosters model capability improvements [3]. Computing Power Section - Google is advancing its TPU technology, particularly with the TorchTPU initiative aimed at optimizing the performance of the PyTorch framework on its TPU chips, which could enhance its competitive stance against Nvidia [5]. Capacity Section - AI chip startup Groq has entered a non-exclusive licensing agreement with Nvidia for inference technology, utilizing Samsung's manufacturing capabilities, which may intensify competition in the AI chip foundry market and prompt TSMC to accelerate its production efforts [6].

证券研究报告|行业深度报告 有色金属 行业评级 强于大市（维持评级） 2025年12月31日 储能成为锂第二成长曲线加速修复供需平衡表，锂 价底部已至反弹可期 ——锂行业深度报告 证券分析师： 王保庆 执业证书编号：S0210522090001 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 Ø 风险提示：下游需求不及预期、供给端释放超预期、地缘政治冲突加剧等。 2 华福证券 华福证券 Ø 供需角度：2024年：供给136.2万吨，需求122.1万吨，过剩14.1万吨；2025年预计供给165.8万吨，需求161.8万吨，过 剩3.9万吨；2026年储能中性：预计供给200.4万吨，需求197.2万吨，过剩约3.2万吨，呈紧平衡态势；储能乐观：预计供 给200.4万吨，需求208.6万吨，短缺8.2万吨。 Ø 淡季不淡，碳酸锂持续去库。10/11月需求表现强势，我国动力和其他电池合计产量分别为170.6GWh/176.3GWh，环比 分别增长12.9%/3.3%，同比分别增长50.5%/49.2%。虽然碳酸锂供应端在利润修复带动下产量回升，但需求端表现更为 强劲，因此碳酸锂延续去库态势。据SMM数 ...

Investment Rating - The industry rating is "Strongly Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - The report highlights that the commercialization potential of Keling AI has further improved due to multiple product iterations during the "All-in-One Inspiration Week" [2][4]. - Keling AI launched several models, including the "Video O1 Model" and "Image O1 Model," which enhance the stability and quality of video and image generation, catering to professional creative needs [3]. - The pricing strategy for Keling 2.6 model has been adjusted, with a charge of 50 inspiration points for high-quality video generation, indicating an increase in commercial viability [4]. Summary by Sections Industry Dynamics - Keling AI's "All-in-One Inspiration Week" introduced various models that enhance user experience and creative capabilities, including the ability to generate complete audio-visual content in a single session [3]. - The iterative improvements in Keling AI's offerings are expected to drive further commercialization opportunities [4]. Investment Recommendations - The report suggests focusing on Kuaishou and other "text-to-video" applications as potential investment opportunities within the industry [5].

Group 1 - The bond market in December remained in a volatile state, influenced by institutional behavior and concerns over potential risks in Q1, including government bond issuance and credit expansion impacts on bank credit [2][17] - The supply-demand imbalance for ultra-long bonds is a significant concern, with the issuance of super-long government bonds increasing substantially in recent years, particularly in 2025 [3][21] - The central economic work conference indicated that the fiscal deficit rate may remain at 4% in 2026, with only a slight expansion in government bond supply compared to 2025, despite concerns about the capacity of institutions to absorb large-scale local bond issuances [4][22] Group 2 - A total of 20 regions have announced their Q1 issuance plans, amounting to 1.688 trillion yuan, which is higher than the actual issuance in Q1 2025, indicating a more optimistic outlook for 2026 [4][23] - The anticipated net financing for government bonds in January, February, and March 2026 is estimated at 1.29 trillion, 0.86 trillion, and 1.25 trillion yuan respectively, totaling approximately 3.4 trillion yuan for the quarter, which is lower than the 4.1 trillion yuan in the same period of 2025 [35][32] - The central bank's monetary policy has shifted towards maintaining liquidity support, with a significant probability of a reserve requirement ratio cut in January, which could alleviate uncertainties regarding bank liabilities [6][60] Group 3 - The market is currently facing uncertainty regarding the impact of new public fund regulations, which aim to reshape the industry ecosystem without causing significant short-term disruptions [9][10] - Despite the ongoing concerns about credit expansion and its effects on bank liabilities, the central bank's recent statements suggest a more cautious approach to credit growth, potentially leading to a more stable liquidity environment [43][57] - The bond market may see opportunities for long-term bonds if extreme market fears do not materialize, with a focus on 3-5 year government bonds and perpetual bonds [10][8]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [14]. Core Insights - The report highlights a shift in focus from training AI models to optimizing the reasoning process, emphasizing the importance of real-time inference capabilities [5][6]. - Google's recent advancements in AI, particularly with the Gemini 3 Deep Think mode, showcase a new paradigm where reasoning and memory play crucial roles in problem-solving [3][4]. - The introduction of new algorithms, such as the "Titans" neural memory module, enhances the model's ability to learn and remember historical context, improving its reasoning capabilities [4][5]. Summary by Sections Industry Dynamics - On December 4, 2025, Google introduced the Gemini 3 Deep Think mode to Google AI Ultra subscribers, leveraging parallel thinking techniques to enhance cognitive abilities [3]. - The previous model, Gemini 2.5 Deep Think, encouraged the exploration of extended reasoning paths, allowing AI to generate creative solutions to complex problems over time [3]. Algorithmic Advances - A new architecture supporting learning and memory during inference has been proposed, which combines short-term and long-term memory capabilities [4]. - The "Nested Learning" paradigm mimics human cognitive processes, allowing for continuous learning without forgetting previous knowledge, thus significantly improving computational efficiency [5]. Investment Recommendations - The report suggests focusing on algorithm optimization for AI reasoning processes and providing sufficient computational power for inference, anticipating a surge in demand for reasoning capabilities [6].