Investment Rating - The industry rating is "Strongly Outperform the Market" [5][72]. Core Viewpoints - The supply-demand imbalance in the pig farming sector continues, leading to downward pressure on pig prices. As of November 28, the pig price was 11.20 CNY/kg, a decrease of 0.42 CNY/kg week-on-week. The average weight of pigs sold increased to 129.22 kg, up 0.41 kg week-on-week, indicating a potential recovery in prices in the long term due to capacity reduction policies [2][10][30]. - In the beef sector, calf prices have rebounded, and the long-term trend for beef prices is upward. As of November 28, the price for fattened bulls was 25.55 CNY/kg, down 0.12% week-on-week, while calf prices rose to 32.09 CNY/kg, up 0.28% week-on-week. The market is expected to tighten due to a reduction in breeding cows [3][33]. - The poultry sector is experiencing a decrease in the enthusiasm for restocking broiler chicks, with prices slightly adjusting. As of November 28, the price for white feather broilers was 7.19 CNY/kg, up 0.04% week-on-week, while broiler chick prices were 3.47 CNY each, down 0.01 CNY [4][40]. - The agricultural products sector, particularly soybean meal, is seeing price fluctuations. As of November 28, the spot price for soybean meal was 3100 CNY/ton, up 30 CNY/ton week-on-week. The market is expected to continue its oscillating trend due to high domestic inventory levels [4][55]. Summary by Sections Pig Farming - The supply-demand imbalance persists, leading to a decrease in pig prices. The average price on November 28 was 11.20 CNY/kg, with a week-on-week decrease of 0.42 CNY/kg. The average weight of pigs sold increased to 129.22 kg, indicating a potential recovery in prices in the long term due to capacity reduction policies [2][10][30]. - The average profit for self-bred pigs was -147.99 CNY/head, and for purchased piglets, it was -248.82 CNY/head, reflecting ongoing losses in the sector [10]. Beef Industry - Calf prices have shown signs of recovery, with the price for fattened bulls at 25.55 CNY/kg, down 0.12% week-on-week, and calf prices at 32.09 CNY/kg, up 0.28% week-on-week. The market is expected to tighten due to a reduction in breeding cows, leading to a potential upward trend in beef prices in the coming years [3][33]. Poultry Sector - The enthusiasm for restocking broiler chicks has decreased, with broiler prices at 7.19 CNY/kg, up 0.04% week-on-week, and broiler chick prices at 3.47 CNY each, down 0.01 CNY. The ongoing avian influenza outbreak may lead to a contraction in upstream production capacity [4][40][43]. Agricultural Products - The soybean meal market is experiencing price fluctuations, with a spot price of 3100 CNY/ton, up 30 CNY/ton week-on-week. The market is expected to continue its oscillating trend due to high domestic inventory levels and external factors affecting supply [4][55].

华福证券 海外市场周观察（1124-1130） 降息预期主导市场情绪 投资要点： 本周美股整体走强，现货黄金整体上扬。受弱于预期的零售数据、美联 储官员鸽派表态影响，12月美联储降息预期持续升温，本周美元指数高位震 荡后连跌，美债收益率普遍整体下行，美股整体走强。黄金和白银整体上 扬，黄金周初受降息预期推动大幅拉升，其后虽有震荡，但整体维持在近两 周高位附近，白银涨势更强，周中大幅走高。下周需重点关注11月ISM制造业 PMI及9月核心PCE等数据，以及美联储官员的后续讲话和下一任美联储主席可 能的线索。 本周全球主要大类资产涨跌互现。COMEX银（+12.88%）涨幅最大，NYMEX 铂（+10.52%），纳斯达克综合指数（+4.91%），标普500（+3.73%）涨幅居 前；美元指数（-0.71%）跌幅最大，韩元兑人民币（-0.71%），卢布兑人民 币（-0.69%），美元兑人民币（-0.43%）跌幅居前。 本周全球主要权益市场呈上涨趋势。其中，纳斯达克综合指数 （+4.91%）涨幅最大，标普500（+3.73%），深证成指（+3.56%）涨幅居 前。 分行业来看，美股材料行业（+6.43%）涨幅最大。港 ...

行 业 研 究 传媒 2025 年 12 月 01 日 投资要点： 一、模型端竞争激烈：Gemini+OpenAI+Claude 三分天下 行 业 动 态 跟 踪 C 端：ChatGPT C 端领先，Gemini 借助生态优势追赶。截至 2025 年 10 月，ChatGPT 的周活跃用户数已增至 8 亿人，在 C 端保持领先地位。 相比之下，Gemini 虽然整体用户规模不及 ChatGPT，但其增长势头强劲。 据 2025 年 Q3 业绩会，Gemini 目前拥有超过 6.5 亿月活。Gemini 若进一 步深度整合 Google 搜索、Chrome 浏览器、Android 体系等生态入口， 未来在 C 端具有较大成长潜力。 B 端：Claude 引领 B 端，Gemini 基于谷歌云优势紧随其后。根据 Menlo Ventures，Claude 母公司 Anthropic 占企业端领先市场份额，占据 企业 LLM支出的 32%，领先 OpenAI的 25%和谷歌的 Gemini 平台的 20%。 2025 年 10 月 16 日，Google 云推出 Gemini Enterprise，与 Box、Op ...

Group 1: PMI Performance - The national manufacturing PMI for November recorded at 49.2%, a slight increase of 0.2 percentage points from the previous month, but still 0.9 percentage points below the median of the past five years[3] - The new orders index rose to 49.2%, up 0.4 percentage points from last month, indicating a recovery in demand[5] - The production index reached 50.0%, increasing by 0.3 percentage points, returning to the growth threshold[5] Group 2: Export and Demand Improvement - The new export orders index significantly rebounded to 47.6%, up 1.7 percentage points from last month, reflecting resilience in exports[5] - Tariff reductions from recent US-China trade talks are expected to provide a short-term boost to export demand, similar to previous tariff easing events[4] - The manufacturing purchase price index rose to 53.6%, up 1.1 percentage points, indicating upward pressure on PPI[19] Group 3: Construction and Non-Manufacturing Sector - The construction industry business activity index increased to 49.6%, up 0.5 percentage points, although it remains below the growth threshold[6] - The construction new orders index rose to 46.1%, marking the second highest level this year[6] - The non-manufacturing business activity index fell to 49.5%, down 0.6 percentage points, indicating a decline in service sector activity[25] Group 4: Risks and Economic Outlook - Risks include unexpected changes in fiscal and monetary policy, macroeconomic data, and external factors such as tariffs[7] - Infrastructure investment is anticipated to accelerate in the fourth quarter as a key driver for achieving growth targets[4]

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The Quark AI glasses were officially launched on November 27, featuring voice interaction, navigation, payment, travel reminders, and schedule management. The glasses have achieved significant sales, with over 20,000 units sold and revenue exceeding 80 million within the first 48 hours of launch [3] - The smart glasses market is experiencing rapid growth, with projections indicating that global sales of AI-enabled glasses will reach 14.5 million units by 2025, with a compound annual growth rate (CAGR) exceeding 50% from 2025 to 2029, potentially reaching 60 million units by 2029 [4] - The integration of AI into consumer electronics is creating new growth opportunities, with major smartphone manufacturers like Apple, Vivo, OPPO, and Honor launching flagship models that emphasize AI capabilities [5] Summary by Sections Smart Glasses Market - The Quark AI glasses have maintained the top sales position in the smart glasses category on Tmall since their pre-sale began in mid-October [3] - The cost of smart glasses chips is expected to decrease significantly over the next three years, enhancing performance [4] Consumer Electronics and AI Integration - ByteDance and ZTE are collaborating on an AI smartphone expected to launch in early December, highlighting the trend of AI integration in mobile devices [5] - The smartphone is becoming a key device for implementing AI technology in daily life [5] Investment Opportunities - Recommended areas for investment include foldable devices, smart glasses, silicon-based OLED screens, automation assembly and testing equipment, thermal management solutions, and 3D printing applications [6]

Group 1 - The report indicates that the US is experiencing further short-term credit easing, but long-term resistance is expected to increase [2][3] - The driving force behind China's price recovery is strengthening, with greater momentum for RMB appreciation as US credit easing continues [3][8] - If the US maintains its credit easing, it may lead to increased inflationary pressures overseas, favoring large-cap value stocks in the Chinese market [3][8] Group 2 - The report highlights a significant decline in the Hong Kong stock market, with the Hang Seng Technology Index dropping by 5.23% in November [11] - The industrial profits in China showed a year-on-year decline of 5.5% in October, down 27.1 percentage points from September, indicating a challenging economic environment [8] - The report notes that while most sectors declined, consumer sectors showed resilience, with specific industries like fisheries and steel raw materials outperforming [28][32]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The chemical sector has shown positive performance with the Shanghai Composite Index rising by 1.4%, the ChiNext Index by 4.54%, and the CSI 300 by 1.64% during the week. The CITIC Basic Chemical Index increased by 3.49%, and the Shenwan Chemical Index rose by 2.98% [2][14] - Key sub-industries within the chemical sector have experienced varied performance, with membrane materials leading at 7.48% growth, followed by titanium dioxide at 5.85% and chlor-alkali at 4.57% [2][17] Summary by Sections Industry Dynamics - Wanhua Chemical announced a price increase of $200/ton for MDI products in Southeast Asia and South Asia starting December 1, 2025, due to market conditions and supply stability [3] - South Korea raised anti-dumping duties on PET film imports from China, significantly increasing the tax rate on Tianjin Wanhua's products from 3.84% to 36.98% [3] Investment Themes - **Tire Sector**: Domestic tire companies are becoming increasingly competitive, with a focus on scarce growth targets. Recommended companies include Sailun Tire, Senqcia, General Motors, and Linglong Tire [4] - **Consumer Electronics**: A gradual recovery in consumer electronics is anticipated, benefiting upstream material companies. Key players in the panel supply chain include Dongcai Technology, Stik, Light Optoelectronics, and Ruile New Materials [4] - **Phosphate Chemicals**: Supply constraints due to environmental policies and increasing demand from the new energy sector are tightening the supply-demand balance. Recommended companies include Yuntianhua, Chuanheng Co., Xingfa Group, and Batian Co. [5] - **Fluorochemicals**: The reduction of production quotas for second-generation refrigerants is stabilizing profitability, with a focus on companies like Jinshi Resources and Juhua Co. [5] - **Economic Recovery**: As the economy improves, leading chemical companies are expected to benefit significantly from price and demand recovery. Recommended companies include Wanhua Chemical, Hualu Hengsheng, and Baofeng Energy [9] - **Vitamin Supply Disruptions**: BASF's supply issues with vitamins A and E are expected to create market imbalances, with companies like Zhejiang Medicine and New Hecheng recommended for attention [9] Sub-Industry Reviews - **Polyurethane**: Pure MDI prices in East China rose to 19,700 RMB/ton, a 1.55% increase week-on-week, with operating rates stable at 68% [30] - **Tire Industry**: Full steel tire operating rates increased to 63.91%, while semi-steel tire rates decreased to 72.37% [54] - **Fertilizers**: Urea prices rose to 1,679.1 RMB/ton, with operating rates for urea at 86.4% [67][68] - **Vitamins**: Vitamin A prices remained stable at 63 RMB/kg, while Vitamin E prices fell by 2.88% to 50.5 RMB/kg [86][87] - **Fluorochemicals**: Fluorspar prices decreased to 3,350 RMB/ton, with a decline in operating rates to 34.12% [91]

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 [15]. Core Insights - The U.S. Army has launched the Janus program, aimed at providing resilient and reliable energy to support defense facilities and critical missions through advanced nuclear energy solutions, with a target to operate advanced reactors by 2028 [4][6]. - The nuclear technology application industry is a significant part of new productive forces, with a projected direct economic output of 400 billion yuan by 2026, driven by advancements in various sectors such as medical treatment, agriculture, and food processing [5]. - Small Modular Reactors (SMRs) are seen as a key solution to meet the growing energy demands of artificial intelligence, with major tech companies focusing on tailored energy solutions for data centers [6]. Company Summaries - **Jingye Intelligent**: Collaborating with Zhejiang University to establish a micro-reactor/SMR technology R&D center, showcasing significant growth potential in the context of rising AI energy demands and energy transition [7]. - **Jia Electric**: The main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor, with its subsidiary leading in nuclear pump products [7]. - **Guoguang Electric**: The company's filters and cladding systems are critical components for the ITER project [7]. - **Lanshi Heavy Industry**: Covers the entire nuclear energy supply chain from upstream nuclear fuel systems to downstream spent fuel processing [7]. - **Kexin Electromechanical**: Developed high-temperature gas-cooled reactor products and achieved import substitution for new fuel transport containers [7]. - **Hailu Heavy Industry**: Provides services for various reactor types, including third and fourth-generation reactors and fusion reactors (ITER) [7]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for new nuclear power projects in China [7].

Group 1 - The orthopedic surgical robot industry is characterized by multidisciplinary integration and resonance with clinical needs, driven by technological innovation that accelerates research and industrialization [2][7][10] - Orthopedic surgical robots can create personalized surgical plans preoperatively and guide surgeons during operations, addressing the complexities and high risks associated with traditional orthopedic procedures [2][7] - The demand for orthopedic surgical robots is increasing due to the limitations of traditional methods, such as restricted visibility, significant trauma, high radiation exposure, and increased risk of complications [2][7] Group 2 - Research activity in the field of orthopedic surgical robots has seen a significant increase globally, particularly in the last decade, with China emerging as a major contributor despite starting later [8][9] - From 1993 to 2022, China published the most papers (128) on orthopedic surgical robots, followed by the United States (114), the United Kingdom (68), and Germany (44) [8] - The global surgical robot industry has experienced a notable increase in financing activities, with total funding reaching approximately $8.162 billion over seven years, peaking at $2.798 billion in 2021, a 336% year-on-year increase [9] Group 3 - The domestic surgical robot industry also saw a peak in financing in 2021, with total funding amounting to $1.254 billion, reflecting a 349% year-on-year growth [9] - Recent national policies have emphasized the importance of the surgical robot industry, encouraging domestic medical device companies to innovate and reduce reliance on imported high-end medical equipment [10][13] - The application of joint surgical robots is at a favorable stage due to continuous technological advancements and accumulated clinical experience [10][13]

行 业 研 究 华福证券 医药生物 2025 年 11 月 30 日 解析国内小核酸研发格局（靶点、技术路线和适 应症） 投资要点： 风险提示：行业需求不及预期；公司业绩不及预期；市场竞争加剧风险。 医药生物 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 分析师： 陈铁林(S0210524080007) ctl30598@hfzq.com.cn 行 业 定 期 报 告 行情回顾：本周（2025 年 11 月 24 日- 2025 年 11 月 28 日）中信医药 指数上涨 2.7%，跑赢沪深 300 指数 1.0pct，在中信一级行业分类中排名第 16 位；2025 年初至今中信医药生物板块指数上涨 17.7%，跑赢沪深 300 指 数 2.7pct，在中信行业分类中排名第 15 位。本周涨幅前五的个股为：海王 生物（+38.2%）、粤万年青（+36.2%）、广济药业（+31.7%）、金迪克（+31.3%）、 前沿生物（+23.1%）。 小核酸行业更新：国内小核酸研发格局分析——寻找有竞争力的靶点、 技术路线和适应症。本周梳理了国内小核酸药物的研发格局，（1）在成熟 靶点布局方面，重点聚焦在心血管、 ...