宏 观 研 究 出口带动低位改善 ——11 月 PMI 数据解读 投资要点： 宏 观 点 PMI 表现如何？11 月全国制造业 PMI 线下小幅回升，低于过去五年 同期中位数 0.9 个百分点，构成制造业 PMI 指数的五大分指数中，新订单、 生产、从业人员均有所上行，原材料库存持平，作为逆指数的供应商配送 时间有所上升。趋势变动情况看，供需同步改善，外需相对内需走强，需 求端库存积压有所缓解，利润整体向上游倾斜。企业类型看，大型企业景 气继续下滑，中小企业景气有所改善。 评 此外，有三点值得关注：一是关税缓和出口带动需求改善。10 月下旬 中美吉隆坡经贸磋商达成一年期的"对等关税"缓和和前期税率下调或对 出口有较好的短期提振，11 月新出口订单指数大幅回升，这一表现与 5 月 中美日内瓦经贸磋商、8 月中美斯德哥尔摩经贸磋商两次达成关税缓和后 新出口订单指数回升较为类似。二是两个价格指数均有上升或指向 PPI 环 比向上。特别是购进价格指数连续 5 个月位于荣枯线上，11 月进一步大幅 上升至年内新高，或指向 11 月 PPI 环比向上。三是基建活动有望加速。11 月建筑业新订单指数和业务活动预期指数均较上 ...

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、 ...

Investment Rating - The report maintains a "stronger than market" rating for the industry [7] Core Views - The report highlights that the market is experiencing a tug-of-war between macroeconomic benefits and risk appetite recovery, particularly in the gold market, influenced by expectations of a Federal Reserve rate cut and geopolitical tensions [3][14] - The silver price has surged by 15% to $57.1 per ounce, driven by rising risk aversion and a weakening dollar [3] - The copper market is expected to see price increases due to tightening supply and anticipated Federal Reserve rate cuts, which will boost investment and consumption [4][19] - Lithium demand is shifting from electric vehicles to energy storage, supporting lithium prices in the short term, with long-term growth expected from solid-state technologies [21] Summary by Sections Precious Metals - The report notes that gold prices are stable amidst mixed market signals, with the Federal Reserve's potential shift to a looser monetary policy reshaping asset pricing logic [3][14] - Key stocks to watch include WanGuo LingBao, ZhongJin, ZiJin, ZhaoJin, ChiFeng, and XiJin in the A-share market, and TongGuan, ShanJin, ZhaoKuang, and JiHai in the H-share market [15] Industrial Metals - Copper prices are expected to rise due to a tight supply situation and the anticipated impact of Federal Reserve rate cuts on investment and consumption [4][19] - Aluminum prices are supported by reduced overseas supply and a potential decrease in social inventory [20] - Key stocks to monitor include LuoMo, CangGe, TongLing, JinChengXin, BeiTong in the copper sector, and TianShan, YunAluminum, ShenHuo, HongChuang, HuaTong, HongQiao, and ZhongFu in the aluminum sector [20] New Energy Metals - Lithium prices are supported by strong energy storage demand, with expectations of significant growth in the sector by 2026 [21] - Key stocks to focus on include DaZhong, ShengXin, GuoCheng, and YaHua for lithium, and LiQin, HuaYou, TengYuan, HanRui, and GreenMei for cobalt [22] Other Minor Metals - Tungsten prices are expected to rise due to strong demand in the hard alloy sector and a tight supply situation [26] - Key stocks to watch include ZhongTung GaoXin, JiaXin International, Xiamen Tungsten, and ZhangYuan Tungsten for tungsten, and HuaXi and HuaYu for antimony [27] Market Review - The non-ferrous index increased by 3.37%, with tungsten showing the largest gains among sub-sectors [30][31] - Notable stock performances include JinYinHe with a 22.15% increase and RongJie with an 8.80% decrease [36]

行 业 研 究 华福证券 机械设备 2025 年 11 月 30 日 首例"医保价"脑机接口手术完成，前沿疗法惠及患者 "十五五"重点赛道，脑机接口市场规模有望快速增长 根据 precedence research，2024 年全球脑机接口市场规模约为 26.2 亿美元，预计 2025 年将达到 29.4 亿美元，到 2034 年有望增长至 124 亿美元，十年间复合年增长率为 17.35%；据工信微报，2024 年中国脑 机接口市场规模为 32.0 亿元，预计到 2028 年将达 61.4 亿元。《中共 中央关于制定国民经济和社会发展第十五个五年规划的建议》提出前 瞻布局未来产业，推动脑机接口等成为新的经济增长点。这些产业蓄 势发力，未来 10 年将再造一个中国高技术产业。 建议关注 华福证券 风险提示 政策破冰推动技术规范化普及 今年 3 月 31 日，湖北省医保局在国家医保局指导下发布全国首个 脑机接口医疗服务价格，破解了该技术因缺乏收费标准难以进入常规 医疗服务体系的难题。此次同济医院的临床实践，标志着植入式脑机 接口技术正式纳入规范化医疗服务体系，为其大规模临床应用奠定制 度基础，助力技术普惠化与产 ...

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 - The first batch of Sci-tech Innovation and Entrepreneurship Robot ETFs is expected to be launched, with seven fund companies focusing on new productivity [4][3]. - UBTECH has secured a significant order of 143 million yuan for its humanoid robot Walker S2, contributing to a total order amount of 1.3 billion yuan for the year 2025 [5]. - The humanoid robot market in China is projected to reach nearly 38 billion yuan by 2030, with a compound annual growth rate (CAGR) exceeding 61% from 2024 to 2030 [6]. Summary by Sections ETF Market Development - The ETF market is experiencing a surge with multiple new products focusing on new productivity sectors, as reported by seven fund companies since November 24 [4]. Company Performance - UBTECH's Walker series humanoid robots have achieved a total order value of 1.3 billion yuan for 2025, with recent orders including 159 million yuan and 264 million yuan, the latter setting a record for the largest single order in the humanoid robot sector [5]. Market Forecast - The humanoid robot market is anticipated to grow significantly, with sales expected to increase from approximately 4,000 units to 271,200 units by 2030, reflecting a strong demand for intelligent humanoid robots [6].