Investment Rating - The industry rating is "Outperform the Market" [7][15]. Core Insights - Cloud Deep Technology, one of the "Six Little Dragons of Hangzhou," recently completed over 500 million C-round financing, led by China Merchants International and Huaxia Fund, with participation from China Telecom and China Unicom's funds. This funding will support technology research and development, capacity expansion, and market development, while building a "technology-industry-scenario" ecosystem to promote the commercialization of embodied intelligent robots [3][4]. - The company has developed a full-link technology system for "perception-decision-execution." It launched the M20 wheeled robot in April, capable of operating in extreme environments, and the DR02 humanoid robot in October, which breaks the limitations of controlled environments. The DeepVLA 1.0 navigation system was also introduced, enabling precise navigation across floors for civilian applications [4][5]. - The humanoid robot market in China is projected to reach nearly 38 billion by 2030, with a compound annual growth rate exceeding 61% from 2024 to 2030. Sales of humanoid robots are expected to grow from approximately 4,000 units to 271,200 units [5]. Summary by Sections Financing and Development - Cloud Deep Technology secured over 500 million in C-round financing, which will facilitate multi-dimensional development and capital-driven technology transformation [2][3]. Product Innovations - The company has released the M20 wheeled robot and the DR02 humanoid robot, both designed to operate in extreme conditions, along with the DeepVLA 1.0 navigation system for enhanced civilian applications [4]. Market Potential - The humanoid robot market in China is anticipated to grow significantly, with projections indicating a market size of nearly 38 billion by 2030 and a substantial increase in unit sales [5].

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 [13]. Core Insights - The development of AI large models has led to an explosive growth in global data center energy demand, making traditional fossil energy insufficient. Small Modular Reactors (SMRs) are seen as a key solution due to their power adaptability and near-zero emissions [4][5]. - Major technology companies like Google and Amazon are investing in SMRs, while China is forming alliances with over 60 entities, including China National Nuclear Corporation and China Huaneng, to create a complete industrial chain from R&D to commercialization [4][5]. - China has a technological lead in the SMR sector, with successful trials of the "Linglong One" and commercial operations of the Shandong Shidao Bay High-Temperature Gas-Cooled Reactor. The establishment of the high-temperature gas-cooled reactor alliance aims to enhance technological advantages and reduce construction costs [5][6]. Company Summaries - **Jingye Intelligent**: Collaborating with Zhejiang University to establish a micro-reactor/SMR technology R&D center, showcasing significant development potential in the context of rising AI energy demands [6]. - **Jia Electric**: The main helium fan is the only power device in the primary loop of fourth-generation high-temperature gas-cooled reactors, with its subsidiary Ha Electric's nuclear main pump leading in the nuclear power sector [6]. - **Guoguang Electric**: The company's filters and cladding systems are key components of the ITER project [6]. - **Lanshi Heavy Industry**: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [6]. - **Kexin Electromechanical**: Producing high-temperature gas-cooled reactor nuclear power products and replacing imports with new fuel transport containers [6]. - **Hailu Heavy Industry**: Services various reactor types, including third and fourth-generation reactors and thermonuclear fusion reactors (ITER) [6]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for new nuclear power projects in China [6].

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 [15]. Core Insights - From January to November 2025, the total fixed asset investment in railways reached 753.8 billion yuan, representing a year-on-year growth of 5.9%, effectively driving overall social investment [4][5]. - The China National Railway Group is focused on implementing national strategies and regional development to accelerate railway planning and construction, achieving significant breakthroughs in key projects [4][5]. - The operational mileage of railways is set to increase significantly, with a target of 200,000 kilometers by 2035, creating vast market opportunities for the rail transit equipment industry [6]. Summary by Sections Investment Highlights - The railway construction results from January to November are notable, with key projects advancing rapidly [3]. - The China National Railway Group aims to ensure the completion of the "14th Five-Year Plan" for railway construction through optimized resource allocation and construction organization [5]. Market Opportunities - The "14th Five-Year Plan" outlines that by 2025, the railway operating mileage will reach 165,000 kilometers, with high-speed rail accounting for 50,000 kilometers [6]. - To meet the 2035 target, approximately 35,000 kilometers of railway, including 20,000 kilometers of high-speed rail, need to be constructed from 2026 to 2035, averaging 3,500 kilometers of new railway lines annually [6]. Recommended Companies - China CNR: A global leader in rail transit equipment, maintaining a strong industry position [6]. - China Railway Signal & Communication Corp: A leading provider of rail transit control systems [6]. - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [6]. - Sifang Control: A core supplier in the field of high-speed rail comprehensive monitoring [6]. - Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [6]. - Huahui Technology: Provides integrated solutions for rail transit operation and maintenance, with rich experience in technology development and project implementation [6].

工业金属：基本面偏紧叠加降息预期，铜价刷新年度高点。铜，美联 储降息预期仍在，基本面偏紧格局延续支撑铜价；中长期，随美联储降息 加深提振投资和消费，叠加特朗普政府后续可能宽财政带来的通胀反弹将 支撑铜价中枢上移，新能源需求强劲将带动供需缺口拉大，继续看好铜价。 铝，短期处于季节性淡季或导致铝价震荡运行；中长期看，国内天花板+ 能源不足持续扰动，同时新能源需求仍保持旺盛，紧平衡致铝价易涨难跌。 个股：铜，关注江铜、洛钼、盛屯、藏格、金诚信及北铜，H股关注中色 矿及五矿等。铝，关注天山、宏创、云铝、神火、华通、宏桥及中孚等标 的。 华福证券 行 业 研 究 有色金属 20251213 周报：美联储降息靴子落地，周内金银 铜等金属表现强势 投资要点： 行 业 定 期 报 告 贵金属：美联储降息靴子落地，黄金震荡偏强运行。美国劳工部12月4 日公布的数据成为市场焦点，上周初请失业金人数意外降至19.1万人，创 下逾三年来的最低水平，远低于经济学家预期的22万人。这一降幅达2.7 万人，缓解了此前对劳动力市场急剧恶化的担忧。在俄乌冲突方面，美国 施压乌克兰和谈的同时，法、德、英领导人在伦敦会晤泽连斯基并明确表 达支持， ...

Market Performance Review 2025 - The economic environment gradually stabilized under policy support, with PMI remaining below the growth line, indicating a "weak stabilization" trend [3][8] - PPI's year-on-year decline narrowed, while CPI showed an overall upward recovery, leading to a structural recovery in the economy, particularly in small-cap tech stocks driving a "fast bull" market [3][8] - The transition from "short on stocks, long on bonds" to "long on stocks, short on bonds" reflects a shift in trading logic, with the performance of equity assets improving significantly compared to bonds [9][31] Balance Between New and Traditional Economies - The contribution of the new economy to GDP remains limited, although it is steadily increasing, making it difficult to drive overall growth [3][20] - A style switch occurred post-August, with growth styles accelerating while value styles declined, indicating a divergence in returns between high and low valuation styles [3][20] - The valuation of the tech sector reached 3.95 times, higher than other sectors, suggesting that high valuation tech stocks may struggle to sustain market momentum [3][20] Market Outlook and Strategy for 2026 - The market is expected to be driven by value and quality styles in 2026, similar to the value bull market of 2016-2017, without necessarily requiring high trading volumes [3][19] - The investment logic for 2026 is characterized by "long on beta, short on volatility," with a focus on low-valuation value stocks to capture beta returns [3][19] - The market is entering a stable phase, with a gradual realization of low-valuation assets rather than a short-term surge in high-volatility assets [3][19] Fund Market Dynamics - The public fund market is characterized by a lack of incremental growth, maintaining a stock game due to the absence of new capital inflows [24][27] - Active equity funds show a significant bias towards sectors such as electronics, power equipment and new energy, pharmaceuticals, and communications [27][28] - The trend of excess savings has peaked and is now flowing into the equity market, indicating a shift in investor behavior [28][30]

2025 年 12 月 12 日 金 融 工 程 "焕新"与"优选"：自由现金流指数调样在即， 关注 ETF 长期配置与事件机遇 投资要点： 自由现金流的市场表现与优势 究 报 告 紧密跟踪下获取了可观的超额收益，整体流动性良好：自 2025 年 6 月 6 日上市以来累计收益率达 19.11%，相较于中证现金流基 准指数的 16.05%，127 个交易日实现 3.06%的区间累计超额收益， 年化超额达到 7.06%，相对指数创造了较为可观且稳健的超额收 益。在跟踪精度方面，基金日均绝对跟踪误差仅 0.02%，12 月以 来产品日均成交额接近 1 亿元，流动性良好。基金经理赵建忠先 生目前在管产品 13 只，在管规模 63.88 亿元，管理经验丰富。 风险提示 本报告所有分析均基于公开信息，不构成任何投资建议；若市场环境或政 策因素发生不利变化将可能造成行业发展表现不及预期；报告采用的样本 数据有限，存在样本不足以代表整体市场的风险，且数据处理统计方式可 能存在误差；过往业绩不代表未来表现；历史规律总结仅供参考，或不会 完全重演。 分析师： 李杨(S0210524100005) ly30676@hfzq.co ...

2025 年 12 月 12 日 金 融 工 程 "焕新"与"优选"：自由现金流指数调样在即， 关注 ETF 长期配置与事件机遇 究 报 告 紧密跟踪下获取了可观的超额收益，整体流动性良好：自 2025 年 6 月 6 日上市以来累计收益率达 19.11%，相较于中证现金流基 准指数的 16.05%，127 个交易日实现 3.06%的区间累计超额收益， 年化超额达到 7.06%，相对指数创造了较为可观且稳健的超额收 益。在跟踪精度方面，基金日均绝对跟踪误差仅 0.02%，12 月以 来产品日均成交额接近 1 亿元，流动性良好。基金经理赵建忠先 生目前在管产品 13 只，在管规模 63.88 亿元，管理经验丰富。 风险提示 本报告所有分析均基于公开信息，不构成任何投资建议；若市场环境或政 策因素发生不利变化将可能造成行业发展表现不及预期；报告采用的样本 数据有限，存在样本不足以代表整体市场的风险，且数据处理统计方式可 能存在误差；过往业绩不代表未来表现；历史规律总结仅供参考，或不会 完全重演。 团队成员 分析师： 李杨(S0210524100005) ly30676@hfzq.com.cn 投资要点： 自由现金 ...

行 华福证券 轻工制造 2025 年 12 月 12 日 业 研 究 轻工制造 12 月外盘浆价再涨，浆纸共振期待板块回暖 投资要点： 事件：12 月外盘浆价报涨，海外浆厂供应端持续扰动 行 业 动 态 跟 踪 根据卓创资讯，智利 Arauco 公司 12 月木浆外盘报价公布，其中针叶浆银 星涨 20 美元/吨至 700 美元/吨；阔叶浆明星涨 20 美元/吨至 570 美元/吨。 近期海外针叶浆厂供应端持续扰动，12 月 2 日，Domtar 宣布将于 12 月中 旬永久关停其位于加拿大 BC 省的 Crofton 针叶浆厂（年产能 38 万吨）。芬 兰 Metsä Fibre 也宣布 Rauma 浆厂停机计划（年产能 65 万吨，计划停机时 间在 12 月 15 日至 2026 年 1 月 7 日），并宣布 2026 年大幅削减 Joutseno 针 叶浆厂产量（年产能 69 万吨）。阔叶浆自 9 月以来震荡上行，针阔价差收 窄，侧面支撑进口针叶浆价格。 券 研 究 报 告 若 26 年浆价处于上行通道，在催化纸价修复的过程中也将逐步抬升纸企的 生产成本，我们建议优选有林地/自给浆的一体化龙头，自制浆线具 ...

Group 1: Economic Policy Insights - The Central Economic Work Conference recognized challenges in economic operations and emphasized optimizing supply and tapping into existing potential for growth in 2024[2] - The focus will be on fiscal and monetary expansion to enhance policy effectiveness, promote growth, and stabilize prices[2] - Policies will aim to increase household income and expand consumption, with a central fiscal expansion to stabilize investment[2] Group 2: Supply and Demand Dynamics - The new round of "supply-side reform" will focus on utilizing existing infrastructure and capacity to improve production efficiency and release potential growth space[4] - The meeting highlighted the need to match supply with demand and emphasized the importance of optimizing existing resources[17] Group 3: Fiscal and Monetary Policies - Fiscal policy intensity is expected to increase, with a focus on better utilizing limited fiscal resources and maintaining necessary fiscal deficits[18] - Monetary policy will adopt a dual easing approach to support economic growth and price recovery, with potential reductions in reserve requirements and interest rates expected by year-end[22] Group 4: Risk Management and Coordination - There will be a focus on ensuring policy coordination and evaluating both existing and new policies to avoid conflicts and enhance effectiveness[23] - Clear guidelines for risk management have been established, particularly concerning real estate and local government debt[29]

Group 1 - The core conclusion of the report emphasizes a stable and progressive approach to economic development, marking the beginning of a new chapter in high-quality growth [7] - The macro policy interpretation highlights a focus on enhancing the effectiveness of economic governance and ensuring consistency in policy direction, aiming to boost social confidence and market expectations [8] - The report outlines eight key tasks for 2026, with a focus on domestic demand and innovation as primary drivers for short-term stability and long-term growth [13][14] Group 2 - The investment strategy suggests that investors should focus on two main lines: "policy support certainty" and "new quality growth space," particularly in areas such as domestic demand recovery, technological innovation, and green transformation [7][17] - Specific investment recommendations include targeting sectors that benefit from income recovery and consumption scene restoration, as well as those involved in infrastructure and public utilities with stable dividends [17][18] - The report identifies opportunities in the real estate sector, particularly in revitalizing quality assets in key cities and in financial institutions that are expected to benefit from risk mitigation efforts [16][18]