Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Viewpoints - The swine industry is entering an accelerated phase of capacity reduction, presenting opportunities for investment at the bottom of the market [3][4] - The poultry sector's fundamentals are expected to improve, with a focus on marginal changes in the cycle [4][5] - The animal health sector is closely monitoring the progress of African swine fever vaccine clinical trials, which could enhance the industry's competitive landscape [6][7] - The pet economy is thriving, with domestic brands rapidly emerging and improving profitability [9][10] Summary by Sections Swine Industry - The average price of live pigs in November was 11.69 yuan/kg, with a month-on-month change of 0 yuan/kg [15] - The number of breeding sows as of the end of October was 39.9 million, a decrease of 1.1% month-on-month and 2.1% year-on-year [15][16] - Investment suggestions include leading companies such as Muyuan Foods and Wens Foodstuffs, with a focus on low-cost performance and dividend increases [16] Poultry Industry - The price of white feather broiler parent stock chicks was 41 yuan/set, down 6 yuan from the previous week [31] - The poultry sector is seeing a gradual recovery, with a recommendation for companies like Shennong Development and Lihua Stock [32] Animal Health - The profitability of self-breeding pigs has been negative for over two months, impacting the animal health sector [40] - Companies like Bio-Pharmaceuticals and Keqian Bio are recommended due to their strong business layouts and customer resources [6][40] Planting Industry - The price of corn was 2229 yuan/ton, with a month-on-month increase of 0.5% and a year-on-year increase of 8% [45] - Companies with early reserves in genetically modified seeds are recommended, including Suqian Agricultural Development and Longping High-Tech [50] Feed Industry - The price of feed for fattening pigs was 3.32 yuan/kg, with a month-on-month decrease of 20 yuan/ton [51] - The feed industry is expected to see increased concentration, with recommendations for Haida Group and He Feng Stock [52] Pet Industry - The pet consumption market in urban China is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [58] - Recommended companies in the pet food sector include Guibao Pet and Zhongchong Stock, with a focus on the pet medical sector as well [59]

Group 1: Market Trends and Strategies - The report discusses the potential for an early spring market rally, suggesting that historical patterns indicate such rallies often occur ahead of schedule during bull markets [3][4] - Analysts believe that the current market environment, including expectations of interest rate cuts by the Federal Reserve, may catalyze an earlier-than-usual spring rally [4][5] - Growth sectors, particularly in AI applications, robotics, and innovative pharmaceuticals, are highlighted as key areas for investment as the market anticipates a shift towards growth styles [5] Group 2: Renewable Energy Sector - The report indicates a continuous improvement in the supply-demand dynamics of the lithium battery industry, with production levels expected to stabilize around historical highs [10][11] - The solar energy sector is experiencing a decline in prices for silicon wafers, batteries, and modules, but supply-side reforms are expected to enhance market stability [6][7] - Wind energy projects are gaining momentum, with significant increases in domestic and international offshore wind turbine tenders, suggesting a robust growth outlook for the sector [7][8] Group 3: Aluminum Industry Insights - The aluminum market is experiencing upward price pressure due to favorable macroeconomic conditions, including anticipated interest rate cuts and improved manufacturing PMI [16][17] - Domestic production of electrolytic aluminum is slightly increasing, but demand remains mixed, with some sectors showing signs of weakness as the market enters a seasonal slowdown [17][18] - The report emphasizes the importance of monitoring inventory levels and production rates in the aluminum sector, as these factors will influence future pricing trends [18][19] Group 4: Coal Market Dynamics - The coal market is expected to see price increases in December, driven by seasonal demand and production adjustments, despite recent price declines [26][29] - The report highlights the ongoing challenges in the coal supply chain, including transportation issues and fluctuating demand from both power generation and industrial sectors [26][27] - Long-term trends suggest that coal prices may continue to rise due to structural factors such as rising operational costs and regulatory pressures [29][30] Group 5: Robotics Industry Developments - The report notes significant advancements in the robotics sector, with the U.S. government accelerating initiatives to promote industry growth [31][32] - Tesla's developments in humanoid robots are highlighted, indicating a focus on cost-effective production and potential market applications [32][33] - Various robotics companies are securing substantial funding to enhance their technological capabilities and market reach, indicating a vibrant investment landscape [34][35][37]

2025 年 12 月 07 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 曹操出行发布 [Table_Title] Robotaxi 战略目标，2025 年前 11 个月汽车以旧换新超 1120 万辆 ——汽车行业周报 最近一年走势 | 行业相对表现 | | 2025/12/05 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 汽车 | -2.0% | -1.2% | 17.4% | | 沪深 300 | -0.9% | 2.8% | 16.9% | 相关报告 《汽车行业周报：阿维塔递交港股 IPO 申请，"蔚 小理"相继披露三季度财报（推荐）*汽车*戴畅》 ——2025-12-01 《汽车行业周报：广州车展开幕，小鹏 X9 增程版/ 享界 S9 新款上市，华为举办乾崑大会（推荐）* 汽车*戴畅》——2025-11-24 《汽车行业周报：10 月乘用车批发同比增 7.5%， 上汽智己 LS9 上市（推荐）*汽车*戴畅》—— 2025-11-18 年底多家车企发布购车 ...

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Views - The report highlights that the European offshore wind catalysis continues to strengthen, and the supply-demand pattern of lithium batteries is improving [1] - The overall performance of the power equipment sector shows positive changes and potential catalysts, maintaining an overall "Recommended" rating for the sector [7] Summary by Sections Recent Trends - The power equipment sector has shown a performance of -5.4% over the last month, 10.2% over the last three months, and 33.1% over the last year, compared to the CSI 300 index [3] Key Events and Insights - In the photovoltaic sector, there is a continued decline in prices for silicon wafers, batteries, and modules, with a significant reduction in domestic polysilicon production by 15.9% month-on-month in November [4] - In the wind power sector, domestic offshore wind turbine bidding has reached 10.3GW, a 9% increase from the previous year, with significant developments in emerging markets [5] - The energy storage sector is seeing growth, with Trina Solar's energy storage shipments expected to exceed 5GWh in Q4, and a focus on overseas markets [5] - The lithium battery industry is experiencing high prosperity, with production expected to remain at a historical high of around 220GWh in December [5] Recommendations - The report suggests focusing on companies in the silicon material sector such as GCL-Poly and Tongwei, as well as battery technology firms like LONGi Green Energy and Aiko Solar [4] - For wind power, companies like Dongfang Cable and Goldwind Technology are recommended due to their involvement in significant projects [5] - In the energy storage space, leading integrators and cell manufacturers such as Sungrow Power and CATL are highlighted as key players [5] - The lithium battery sector is advised to focus on leading companies like CATL and Yiwei Lithium Energy, as the industry is moving towards a more rational growth phase [5]

Group 1: Report Overview - The report analyzes the holder structure of bond funds and estimates the potential scale of customized bond funds [2][8] Group 2: Investment Rating - No industry investment rating is provided in the report Group 3: Core View - Bond funds are dominated by institutional investors, and institutions generally hold a dominant position in various sub - categories, except for short - term bond funds where institutional and individual forces are relatively balanced. The specific definition and recognition criteria of customized funds need further regulatory clarification [15] Group 4: Overall Holder Structure - As of the end of June 2025, the institutional holding ratio of bond funds reached 82.8%. Assuming the ratio remained unchanged, as of the end of September, institutional investors held bond funds worth 8.9 trillion yuan, and individual investors held 1.9 trillion yuan [4][8] - Regarding the types of holding institutions, the estimated scale of bond funds held by bank self - operation is between 4.6 - 6.5 trillion yuan, by wealth management is between 1.0 - 1.3 trillion yuan, and by insurance funds is between 0.7 - 1.7 trillion yuan. However, the estimation method has limitations [9][10][11] - In terms of different sub - fund varieties, as of the end of June 2025, the institutional holding ratios of medium - long - term bond funds and passive index bond funds were 92% and 86% respectively; the institutional holding ratios of convertible bond funds, first - class bond funds, and second - class bond funds were 82%, 61%, and 68% respectively; the institutional holding ratio of short - term bond funds was 55%. The actual institutional holding ratio may be higher in non - quarter - end periods [12][13] Group 5: Potential Scale of Customized Bond Funds - As of the end of September 2025, from the perspective of a single investor, bond funds worth 2.5 trillion yuan had a single - institutional holding ratio exceeding 50%, and if only initiator funds were considered, the scale was 1.3 trillion yuan. Considering only institutional nature, bond funds worth 8.7 trillion yuan had the total institutional investor holding ratio exceeding 50% [14]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The macroeconomic environment is favorable, with expectations of interest rate cuts by the Federal Reserve, which has led to an increase in aluminum prices [6][11] - Domestic aluminum supply is slightly increasing due to new projects, while demand is expected to weaken as the year-end approaches [7][11] - The long-term outlook for the aluminum industry remains positive due to limited supply growth and potential demand increases [11] Summary by Sections 1. Prices - As of December 5, 2025, the LME three-month aluminum closing price was $2900.5 per ton, up $35.5 from the previous week, and up $262.0 year-on-year [24] - The Shanghai aluminum active contract closing price was ¥22,345.0 per ton, an increase of ¥735.0 week-on-week and ¥1,765.0 year-on-year [24] - The average price of A00 aluminum in Changjiang was ¥22,150.0 per ton, up ¥720.0 week-on-week and ¥1,740.0 year-on-year [24] 2. Production - In November 2025, the production of electrolytic aluminum was 3.637 million tons, a decrease of 106,000 tons month-on-month and 66,000 tons year-on-year [56] - The production of alumina in November 2025 was 7.439 million tons, down 346,000 tons month-on-month but up 152,000 tons year-on-year [56] 3. Inventory - As of December 4, 2025, the inventory of electrolytic aluminum ingots in major consumption areas was 596,000 tons, unchanged week-on-week [7] - The inventory of alumina at electrolytic aluminum plants reached 3.365 million tons, with a weekly increase of 19,000 tons [34] 4. Key Companies and Earnings Forecast - China Hongqiao (1378.HK): Price ¥30.67, EPS forecast for 2025E is ¥2.54, with a "Buy" rating [5] - Tianshan Aluminum (002532.SZ): Price ¥14.07, EPS forecast for 2025E is ¥1.00, with a "Buy" rating [5] - Shenhuo Co. (000933.SZ): Price ¥27.20, EPS forecast for 2025E is ¥2.13, with a "Buy" rating [5] - China Aluminum (601600.SH): Price ¥11.40, EPS forecast for 2025E is ¥0.84, with a "Buy" rating [5] - Yun Aluminum (000807.SZ): Price ¥28.31, EPS forecast for 2025E is ¥1.88, with a "Buy" rating [5]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price has upward momentum in December, driven by seasonal demand increases and supply constraints [4][7] - The coal mining industry is characterized by high asset quality and strong cash flow among leading companies, indicating a favorable long-term outlook for coal prices [7] Summary by Sections 1. Thermal Coal - As of December 5, the price of thermal coal at northern ports is 785 RMB/ton, a decrease of 31 RMB/ton week-on-week [14] - Production in the Sanxi region has seen a slight decrease in capacity utilization, down 0.61 percentage points [14][21] - Coastal and inland power plants have increased daily coal consumption by 7.3 and 35.3 thousand tons respectively [14][23] - The inventory of power plants in 25 provinces is 136.12 million tons, down 115 thousand tons year-on-year [14][34] 2. Coking Coal - The capacity utilization rate for coking coal mines has decreased by 0.17 percentage points to 84.5% [5][40] - The average crossing volume at Ganqimaodu port has increased, indicating stable import levels [5][44] - The price of main coking coal at ports is 1,630 RMB/ton, down 40 RMB/ton week-on-week [5][41] 3. Coke - The production rate of independent coking plants has increased slightly to 72.66% [53][59] - The average profit per ton of coke has decreased to approximately 30 RMB/ton, down 16 RMB/ton week-on-week [57] - The price of coke at Rizhao port is 1,630 RMB/ton, a decrease of 50 RMB/ton week-on-week [54] 4. Anthracite - The price of anthracite remains stable, with the small block price at 930 RMB/ton [69] 5. Key Companies and Profit Forecasts - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [9]

2025 年 12 月 06 日 策略周报 研究所： 证券分析师： 赵阳 S0350525100003 zhaoy05@ghzq.com.cn [Table_Title] 如果春季躁动提前，哪些方向值得关注？ 最近一年走势 相关报告 《流动性周报 12 月第 1 期：ETF 资金净流出，宏 观流动性边际收敛*赵阳》——2025-12-01 《策略周报：近期海外市场关注的三个焦点问题* 赵阳，袁野》——2025-11-29 《流动性周报 11 月第 1 期：基金发行端回暖，杠 杆资金有所放缓*赵阳》——2025-11-24 阳》——2025-11-23 《美股 AI 泡沫度量与互联网周期定位*袁野，赵阳》 ——2025-11-16 本篇报告主要讨论：1、每年 2 月是常规春季躁动区间，牛市年份是否会 提前？2、从市场环境上看，本轮的跨年春季行情有没有可能提前？3、 如果春季躁动提前，如何布局？ 核心要点: 国海证券研究所 请务必阅读正文后免责条款部分 1、从历史的跨年行情上看，整体胜率最高的是 2 月份，即"春季躁 动"行情的常规时间区间。但如果去看过去几轮牛市中继的年份， 我们发现"春季躁动"行情往往会提前。 ...

Group 1: Market Overview - The primary market has seen steady progress with 19 public REITs issued in 2025, a decrease of 5 compared to the same period last year [3] - The secondary market REITs index fell by 0.52% in November, with the total market capitalization of public REITs at 219.885 billion, down by 0.692 billion from the previous month [4] - The industrial park sector experienced the largest decline, with a monthly drop of 2.43%, while the traffic infrastructure sector led with a 0.56% increase [4] Group 2: REITs Performance - The average cash distribution rate for property REITs is 4.65%, while for operating rights REITs, it is 8.21%, indicating a higher yield for the latter [5] - The trading volume for park infrastructure REITs reached 836 million units, leading the monthly transaction scale [5] - The valuation yield for property REITs stands at 4.04%, lower than the 4.28% for operating rights REITs [5] Group 3: Company Performance - Bosideng - Bosideng's revenue for FY2026H1 increased by 1.4% to 8.928 billion, with a net profit growth of 5.3% to 1.189 billion [6] - The main brand's down jacket business saw an 8.3% revenue increase to 6.57 billion, accounting for 73.6% of total revenue [6] - The OEM business faced an 11.7% revenue decline to 2.04 billion due to tariffs and geopolitical factors [6] Group 4: Operational Efficiency - Bosideng optimized its channel structure, reducing the number of stores to 3,140, with a focus on enhancing store profitability and operational efficiency [7] - Online sales for the brand's down jackets grew by 2.4% to 1.38 billion, with strong performance during the "Double Eleven" shopping festival [7] - The company maintained a healthy inventory turnover, with a reduction in inventory turnover days to 178, down by 11 days from the previous year [8] Group 5: Future Outlook - The company is expected to achieve revenues of 28.43 billion, 31.36 billion, and 34.43 billion for FY2026 to FY2028, with net profits projected at 3.92 billion, 4.39 billion, and 4.89 billion respectively [9] - The closing price on December 4, 2025, was 5.06 HKD, corresponding to a PE ratio of 14, 12, and 11 for FY2026 to FY2028 [9] - The company aims to enhance product innovation and channel quality to improve profitability [9]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report The report analyzes the primary and secondary markets of public REITs in November 2025. In the primary market, the number of newly issued products decreased compared to the previous year, and there were multiple projects in different stages of the review process. In the secondary market, the REITs index declined, but market activity increased. There was significant differentiation in the performance of different sectors, with the industrial park sector experiencing the largest decline [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of November 30, 2025, 19 public REITs products were successfully issued this year, 5 fewer than the same period last year. One new product was established in November. There were 2 products in the declared state, 2 in the accepted state, 5 with exchange feedback, and 4 that passed the review in the past three months. Six REITs projects had their review status updated in November [3][10]. - Multiple projects, such as the AVIC China National Nuclear Corporation Energy REIT and the Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway REIT, entered different stages of the review process in November [11][13][14]. 3.2 Secondary Market Review and Analysis 3.2.1 Market Size - As of November 30, 2025, the total market value of public REITs in the entire market was 219.885 billion yuan, a decrease of 692 million yuan from the previous month. The total circulating market value increased to 117.45 billion yuan, an increase of 7.068 billion yuan. The trading volume this month was 2.647 billion shares, an increase of 616 million shares from the previous month, indicating increased market trading activity [20]. 3.2.2 Price Changes and Volatility - In November 2025, the CSI REITs Total Return Index closed down 0.52%, and the CSI REITs (Closing) Index closed down 0.71%. It performed worse than the ChinaBond New Composite Wealth Index, the Dividend Index, and the CSI Convertible Bond Index but better than the CSI 300 Index [21]. - By project attribute, the weighted average monthly price change of franchise - type REITs was - 0.22%, outperforming the - 0.93% of property - type REITs. By underlying asset type, the transportation infrastructure sector led with a 0.56% increase, while the industrial park sector led the decline with a 2.43% monthly decrease [27]. - At the individual bond level, 20 REITs had a monthly increase of over 1%, with the Huaxia Capital First - Initiative Outlets REIT leading with a 4.75% increase. Three REITs had a decline of over 10%, including the Huatai Zijin Nanjing Jianye Industrial Park REIT with a 16.07% decline [28]. 3.2.3 Secondary Market News - In November 2025, the most significant phenomenon in the REITs secondary market was the deep adjustment of the industrial park infrastructure sector. Many projects had a monthly decline of over 10%. The decline of the Huatai Zijin Nanjing Jianye Industrial Park REIT was mainly due to the large - scale release of restricted shares and the low occupancy rate [32]. 3.2.4 Turnover and Valuation - In terms of monthly trading volume in November, industrial park infrastructure REITs ranked first with 836 million shares. In terms of average daily turnover rate, the new infrastructure sector led with 0.93% [34]. - As of November 30, 2025, the average cash distribution rate of property - type REITs was 4.65% (the energy infrastructure category was the highest at 9.50%), and that of franchise - type REITs was 8.21% (the transportation infrastructure category was the highest at 9.03%). The ChinaBond REITs valuation yield (IRR) of property - type REITs was 4.04%, lower than the 4.28% of franchise - type REITs. The PV multiplier of property - type REITs (1.25) was higher than that of franchise - type REITs (1.21) [3][35]. 3.3 Monthly Report Appendix The appendix provides a summary of the issuance dynamics of REITs in the primary market in the past three months, including the names, asset types, application types, project statuses, update dates, acceptance dates, and listing exchanges of multiple projects [41].