➢ 事件：12月5日，中国证监会主席吴清在《人民日报》发表题为《提 高资本市场制度的包容性适应性》的署名文章，系统阐述了"十五五"时 期资本市场改革发展的方向、原则与重点任务。 ➢ 从历史脉络看，2023年中央金融工作会议提出"做好科技金融、绿 色金融、普惠金融、养老金融、数字金融五篇大文章"，2024年中央经 济工作会议强调"增强资本市场制度的包容性、适应性"，2025年7月中 央政治局会议要求"增强国内资本市场的吸引力和包容性"，再到新"国 九条"对提升包容性的具体部署，政策演进呈现连续性、系统性和递进 性。吴清主席此次文章是对这一系列顶层设计的集成阐释与具体落实。 ➢ 从总体上看，资本市场的顶层设计有助于制度红利释放，资本市场生 态将长期向好。吴清主席的文章描绘了"十五五"时期资本市场改革的清 晰蓝图，核心是构建一个更具包容性、适应性、吸引力和竞争力的市场。 虽然短期市场可能仍受经济基本面、外部环境等因素影响，但制度层面的 持续优化将夯实市场长期健康发展的基础，提升A股市场的内在价值和投 资吸引力。 华福证券 华福证券 策略点评报告 2025 年 12 月 5 日 策略点评报告：评吴清主席文章《提高资本 ...

Group 1: Capital Market Development - The capital market will support high-quality development and technological innovation through a multi-layered, inclusive, and resilient market structure during the "14th Five-Year Plan" period[3] - A fair and robust regulatory system will help broaden channels for residents' property income, promoting domestic demand and consumption[3] - Enhancing the quality of listed companies is essential for stabilizing the macroeconomic foundation and boosting confidence in economic development[5] Group 2: Economic Impact and Consumer Behavior - The decline in net income growth for residents since 2022 has negatively impacted consumer willingness, influenced by the downturn in the real estate market and capital market volatility[4] - Expanding channels for residents' property income is crucial for effective income growth and stimulating consumption, which is a key direction for the capital market[4] - The "14th Five-Year Plan" emphasizes the need for a more equitable and effective regulatory system to ensure reasonable and stable returns for investors[17] Group 3: Risk Management - The complex external environment and internal pressures from the real estate cycle necessitate effective risk prevention and resolution in the capital market[6] - Emphasis on risk prevention and addressing major risk hazards is critical for maintaining a stable and healthy capital market during the "14th Five-Year Plan" period[22] - Historical financial crises highlight the importance of being prepared for potential risks in a highly market-oriented capital market[22]

Group 1 - The report outlines a comprehensive reform blueprint for the capital market during the "14th Five-Year Plan" period, focusing on enhancing institutional inclusiveness and adaptability, which is essential for supporting new productive forces and broadening wealth management channels for residents [25][21]. - The article emphasizes the importance of transforming the capital market from a scale expansion model to a quality and efficiency model, which will provide capital support for new productive forces and contribute to the construction of a financial power and a high-level open economy [25][21]. - The six core initiatives proposed in the report aim to systematically advance the capital market's development, including the promotion of direct financing tools, enhancing the quality of listed companies, and fostering a long-term investment environment [21][22]. Group 2 - The report identifies three key focus areas for improving the capital market's institutional inclusiveness and adaptability: supporting technological innovation, meeting diverse investor wealth management needs, and enhancing regulatory efficiency and risk prevention [16][20]. - Four fundamental principles are outlined to guide the reform process: ensuring political and public interests, coordinating investment and financing, leveraging market-oriented reforms, and maintaining market stability [19][20]. - The report suggests that the implementation of these reforms will lead to a more resilient and internationally competitive financial ecosystem, ultimately enhancing the capital market's core competitiveness and global influence [11][25].

Investment Rating - The report initiates coverage with a "Buy" rating for Datang Environment [4]. Core Views - Datang Environment has established itself as a leader in the environmental governance sector, backed by the Datang Group, with a focus on sustainable operations and high dividend capabilities [2][4]. - The company is positioned to benefit from the growing demand for desulfurization and denitrification services, as well as advancements in carbon capture technology [4][41]. Summary by Sections 1. Company Overview - Datang Environment has been deeply involved in environmental governance for over 20 years, with core businesses including environmental facility operation, denitrification catalyst manufacturing, resource recycling, and new energy services. As of mid-2025, the company has a cumulative installed capacity of 47.61 GW for desulfurization and 40.60 GW for denitrification [2][13]. - The company has transitioned to an operational model since 2022, enhancing profitability and cash flow while reducing capital expenditures, which supports a sustainable high dividend capability [2][4]. 2. Industry Dynamics - The thermal power industry is balancing the dual goals of ensuring power supply security and promoting low-carbon transformation. The installed capacity of thermal power is expected to continue growing steadily [3][41]. - The desulfurization and denitrification sectors are experiencing supply and demand growth, driven by stringent environmental policies and the need for upgrades in existing facilities [41][49]. 3. Carbon Capture Utilization and Storage (CCUS) - CCUS technology is essential for achieving carbon neutrality in China, with over 120 CCUS demonstration projects planned or operational by the end of 2024, capable of capturing 6 million tons of CO2 annually [4][41]. - Datang Environment is leading the development of a 20 MWth chemical looping combustion power generation system, which has been recognized as a significant technological advancement in the energy sector [4][41]. 4. Financial Forecast and Investment Recommendations - Revenue projections for Datang Environment are estimated at 5.71 billion CNY, 5.77 billion CNY, and 5.87 billion CNY for 2025, 2026, and 2027, respectively, with corresponding net profits of 569 million CNY, 634 million CNY, and 667 million CNY [4][6]. - The report assigns a target price of 1.48 HKD per share, based on a 7x PE valuation for 2025, leading to a market capitalization estimate of 4.4 billion HKD [4][6].

固收+优选组合今年以来跑赢二级债基指数 华福证券 2025 年 12 月 03 日 金 融 工 程 固收+基金上调成长暴露，债基优选组合持续贡献超额 ——固收+及纯债基金月度跟踪（2025 年 12 月） 投资要点： 各类型固收+产品收益表现均有回落 金 今年以来，股票型和混合型固收+净值波动较大，本月各类固收+ 产品收益均有回落。11 月混合型、股票型和转债型固收+分别下跌 0.5%、0.42%、0.16%。 固收+基金上调成长配置 融 工 程 定 期 报 告 将固收+基金净值对各类资产的风格纯因子收益回归，得到固收+ 基金在各类资产上的风险暴露。对比本月与上月的债券风险因子暴露， 我们发现固收+基金整体在债券久期配置上相对持平，在信用策略上更 加谨慎。在股票资产的风险因子暴露测算显示，固收+基金在成长风格 上的暴露有所增配，略微增加了市值因子的风格暴露，股票仓位基本 持平。 我们通过胜率、赔率等多个维度每季度优选 10 只基金等权配置， 构建固收+基金优选组合。从业绩表现来看，今年以来优选组合相对二 级债基指数有一定超额，今年以来跑赢二级债基指数 0.28%。 不同久期类型纯债基金业绩分化 中长期纯债型基 ...

Group 1 - The report indicates that various quantitative funds outperformed their benchmarks in November 2025, with active quantitative funds tracking the CSI 300 and CSI 500 indices achieving average excess returns of 0.5% and 2.1% respectively [2][26] - Among industry-themed funds, those tracking the digital economy, Hang Seng A-share specialized new enterprises index, and the emerging index ranked highest in excess returns [2][37] - Smart beta funds tracking the CSI Hong Kong-Shenzhen high dividend index achieved the highest excess returns for the month [2][38] Group 2 - The report highlights that broad-based active quantitative funds tracking 27 indices had average excess returns of 0.6% and 0.3% for the CSI 500 and CSI 300 indices respectively in November 2025 [3][42] - Industry-themed funds focusing on the pharmaceutical sector, chip industry, and Chinese semiconductor chip index ranked highest in excess returns among index-enhanced funds [3][54] - The report notes that hedge quantitative funds had an average absolute return of 0.31% in November 2025, with lower net asset value volatility compared to the year-to-date average [4][27] Group 3 - The report categorizes quantitative funds into three types: active quantitative funds, index-enhanced quantitative funds, and hedge quantitative funds, each serving different trading needs [9][12] - Active quantitative funds are further divided into those tracking the CSI 300, CSI 500, other broad indices, industry themes, and smart beta strategies [12][18] - The report provides detailed performance metrics for various funds, including absolute and excess returns, volatility, and maximum drawdown for November 2025 [17][49]

Group 1 - The report emphasizes a multi-strategy stock selection approach, highlighting the importance of value and quality styles in the current market environment [1][2] - In December 2025, the weight allocation for the quality stock selection strategy is the highest at approximately 38.84%, while the growth stock selection strategy has the lowest allocation at about 7.64% [2][19] - The multi-strategy stock selection strategy recorded an absolute return of -3.72% in November, with a relative excess return of -1.48% compared to the CSI All Share Index [2][27] Group 2 - The "High BETA" stock selection strategy has the highest weight allocation in large-cap value stocks at 50%, while the allocation for small-cap value stocks is the lowest at 14.17% [4][46] - In November, the "High BETA" strategy achieved an absolute return of -0.76% and a relative excess return of -1.56% compared to the CSI All Share Index [4][16] - The report indicates that the "High BETA" strategy's performance is closely monitored, with adjustments made based on market conditions [3][46] Group 3 - The "Dividend+" preferred stock strategy achieved an absolute return of 1.99% in November, with a relative excess return of 4.38% compared to the CSI All Share Index [5][18] - This strategy includes a total of 30 selected stocks, with an average market capitalization of 658.36 billion, primarily concentrated in the banking and light manufacturing sectors [5][18] - The report highlights the strong performance of the "Dividend+" strategy relative to its benchmarks, indicating its effectiveness in the current market [5][18] Group 4 - The moving average trend strategy recorded an absolute return of 1.81% in November, with a relative excess return of 4.19% compared to the CSI All Share Index [6][18] - Year-to-date, this strategy has achieved an absolute return of 22.14% and a relative excess return of 1.22% [6][18] - The strategy's holdings are primarily in the oil, petrochemical, and telecommunications sectors, indicating a focus on specific industries [6][18] Group 5 - The sentiment price-volume strategy's top 50 portfolio had an absolute return of -2.52% in November, with a relative excess return of -0.25% compared to the CSI All Share Index [6][16] - The top 100 portfolio recorded an absolute return of -4.41%, with a relative excess return of -2.18% [6][16] - This strategy's holdings are mainly in the electronics, machinery, and automotive sectors, reflecting its targeted investment approach [6][16] Group 6 - The Sci-Tech Innovation Board strategy achieved an absolute return of -0.75% in November, with a relative excess return of 5.86% compared to the CSI All Share Index [7][16] - Year-to-date, this strategy has recorded an impressive absolute return of 75.29% and a relative excess return of 30.62% [7][16] - The strategy's holdings are primarily concentrated in the electronics industry, showcasing its focus on high-growth sectors [7][16]

Market Performance - In November 2025, the average return of actively managed equity funds was -2.5%, with over 75% of funds reporting negative returns, and the interquartile range of returns narrowed to 3.1% [9][30] - Value funds performed the best among non-industry equity funds, with a median return of 0.0%. Growth theme funds showed significant divergence, with the best performing fund returning 8.2% and the worst returning -9.4% [25][30] - Industry theme funds had average performance across various sectors, with notable returns from the chemical sector ETF at 2.7% and the technology fund "Yongying Technology Smart Selection A" at 191.7% [28][30] Equity Fund Multi-Strategy Overview - A total of 3733 actively managed equity funds were identified, meeting specific criteria for classification [33] - The average goodness of fit for public funds relative to a single index was 0.7397 in November, indicating a slight increase from the previous month [34] - The distribution of equity fund strategies showed a slowdown in fund reallocation, with the largest inflows into the CSI 500, ChiNext Index, and cyclical sectors [38] High-Performance Fund Monthly Tracking - High-rated funds demonstrated excellent overall performance and robust investment management capabilities, showing good alpha persistence in both short-term and long-term performance [52] - New funds, defined as those with high scores and managers with less than three years of experience, totaled 15 this month, primarily targeting the digital economy [59] - Ten funds experienced rating upgrades this month, reflecting significant performance improvements and management optimization [61]

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The report highlights a K-shaped consumption trend, emphasizing the importance of high-end and cost-effective products in the beauty sector. Online sales in the beauty industry for the first ten months of 2025 reached approximately 217.08 billion yuan, with a year-on-year growth rate of 6.1% [2][27] - The retail and trendy toy sectors are expected to see a recovery in high-end department store traffic due to the K-shaped consumption trend and the upcoming consumption peak season [3] - The tourism sector is focusing on Hainan's duty-free and tourism company mergers and acquisitions, with domestic travel increasing by 18.0% year-on-year in the first three quarters of 2025 [5][42] - The gold and jewelry sector is showing resilience in consumer demand despite tax policy changes, with major brands maintaining strong sales growth [6][49] - The restaurant industry is witnessing a divide, with growth potential in specific segments, particularly for leading brands like Yum China and Xiaocaiyuan [6][51] Summary by Sections Trendy Toys - Online sales in the trendy toy sector for the first ten months of 2025 reached approximately 664.43 million yuan, with a year-on-year growth rate of 65% [4][13] Beauty - Online sales in the beauty sector for the first ten months of 2025 reached approximately 217.08 billion yuan, with a year-on-year growth rate of 6.1% [2][27] Duty-Free and Tourism - The new duty-free shopping policy in Hainan is expected to stimulate consumer spending, with a significant increase in shopping amounts and visitor numbers [34][39] - Domestic travel numbers reached 4.998 billion in the first three quarters of 2025, a year-on-year increase of 18.0% [42] Gold and Jewelry - Following the new tax policy, the price of gold jewelry has increased, but consumer demand remains strong, with major brands reporting significant sales growth [6][49] Restaurant - The restaurant sector is seeing a split, with growth in specific segments. Yum China's same-store sales improved by 1% year-on-year in Q3 2025, and Xiaocaiyuan is expanding rapidly [6][51][62]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [14]. Core Views - The company is projected to experience fluctuations in revenue and net profit over the next few years, with a forecasted revenue of 10.49 billion yuan in 2024, decreasing to 9.84 billion yuan in 2025, and then recovering to 11.09 billion yuan by 2027 [2][5]. - The net profit is expected to decline to 1.06 billion yuan in 2025, followed by a recovery to 1.25 billion yuan in 2027, reflecting a growth rate of -22% in 2025 and 7% in 2027 [2][5]. - The company is recognized as a leading player in the customized home furnishings industry, with a multi-brand, full-category, and full-channel strategy that emphasizes shareholder returns, projecting a dividend yield of approximately 6% based on current profit forecasts [5]. Financial Data and Valuation - Revenue projections for the company are as follows: 11.67 billion yuan in 2023, 10.49 billion yuan in 2024, 9.84 billion yuan in 2025, 10.43 billion yuan in 2026, and 11.09 billion yuan in 2027, with growth rates of 4%, -10%, -6%, 6%, and 6% respectively [2]. - Net profit estimates are 1.26 billion yuan for 2023, 1.37 billion yuan for 2024, 1.06 billion yuan for 2025, 1.17 billion yuan for 2026, and 1.25 billion yuan for 2027, with growth rates of 19%, 9%, -22%, 10%, and 7% respectively [2]. - The earnings per share (EPS) are projected to be 1.31 yuan in 2023, 1.42 yuan in 2024, 1.10 yuan in 2025, 1.22 yuan in 2026, and 1.30 yuan in 2027 [2]. - The price-to-earnings (P/E) ratio is expected to be 10.7 in 2023, 9.8 in 2024, 12.6 in 2025, 11.5 in 2026, and 10.7 in 2027 [2]. Shareholder Dynamics - The report highlights a significant equity transfer involving the company's controlling shareholders, with a total of 103,711,180 shares being transferred at a price of 18.00 yuan per share, totaling approximately 1.87 billion yuan [5]. - Following this transfer, the new shareholder, Ningbo Yingfeng Ruihe Investment Management Co., Ltd., will hold 12.7% of the company's total shares, indicating confidence in the company's long-term investment value [5].