Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4][8]. Core Views - The report highlights the ongoing development of the Guangdong electricity market for 2026, with a total market scale of approximately 680 billion kilowatt-hours and an annual trading cap of 420 billion kilowatt-hours [2][15]. - The report discusses the approval of a significant asset swap by Electric Power Investment Corporation, which involves the acquisition of 100% equity in Electric Power Nuclear and the issuance of shares to raise funds for nuclear power projects [3][21][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and integrated energy management [24]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.28%, while the public utility index increased by 0.12%, and the environmental index fell by 0.15% [1][14]. - Within the electricity sector, thermal power decreased by 0.20%, hydropower increased by 0.66%, and new energy generation rose by 1.09% [1][27]. Important Events - The Guangdong electricity market for 2026 is set to have a trading scale of about 680 billion kilowatt-hours, with specific allocations for nuclear power units [2][15]. - The asset swap by Electric Power Investment Corporation has been approved, with a transaction value of 55.39 billion yuan for the acquisition of Electric Power Nuclear [3][21]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [4][24]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydropower stocks like Yangtze Power [4][24]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [8]. - Electric Power Investment Corporation is also rated "Outperform," with an expected EPS of 0.19 yuan for 2024 and 0.26 yuan for 2025 [8]. Environmental Sector Insights - The report notes that the waste incineration industry is maturing, with improved free cash flow, and suggests focusing on "utility-like investment opportunities" in the environmental sector [25]. - Recommendations include companies like China Science Instruments and Shandong High Energy Resources, which are expected to benefit from upcoming EU policies [25].

Group 1: Export Performance - November exports increased by 5.9% year-on-year, reaching $330.35 billion, a significant recovery from October's -1.1%[2] - Cumulative exports from January to November grew by 5.4%, while imports declined by 0.6%, resulting in a trade surplus of $1,075.85 billion[2] - High-tech and emerging products are driving export growth, with significant increases in automotive (53.0%), ships (46.4%), rare earths (34.9%), and integrated circuits (34.2%) exports[11] Group 2: Import Trends - November imports rose by 1.9% year-on-year to $218.67 billion, slightly below the expected 2.8%[13] - The import structure shows resilience in production demand, with notable increases in aircraft (88.7%), copper ore (35.3%), and integrated circuits (13.9%) imports[14] - Trade surplus reached $111.68 billion in November, marking the second-highest level of the year[14] Group 3: Market Dynamics - The global manufacturing recovery is uneven, with developed economies showing weak demand, while emerging markets like ASEAN and India maintain strong growth[7] - Container shipping rates are stabilizing, with the index rising to 1114.89, indicating a rebound in shipping demand[7] - The outlook for exports remains stable, with a projected year-on-year growth of approximately 5.5% for the year, and a potential decline to around 5% next year due to slowing external demand[16]

制造成长周报（第 37 期） 优于大市 特朗普政府聚焦机器人行业，Tiktok 拟投资 380 亿美元建数 据中心 重点事件点评&重点关注：人形机器人、AI 基建 事件 1-特朗普政府聚焦机器人行业：2025 年 12 月 3 日，据 Politico 消息， 特朗普政府开始聚焦机器人行业发展：商务部长卢特尼克一直在与机器人行 业的 CEO 会面，政府正在考虑明年发布一项关于机器人技术的行政令。 事件 2-TikTok 计划投资 380 亿美元在巴西建设数据中心：2025 年 12 月 3 日，字节跳动宣布旗下的 TikTok 计划投入 2000 亿雷亚尔（约合 380 亿美元）， 在巴西东北部塞阿拉州的 Pecém 参与建设一个大型数据中心综合体。 证券研究报告 | 2025年12月08日 2025年12月09日 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 行业研究·行业周报 机械设备 优于大市·维持 证券分析师：吴双 证券分析师：杜松阳 AI 基建：我们认为 AI 算力仍然是需求确定性高增长的投资主线，持续看好 AI 基建相关产业链。燃气轮机作为海外数据中心主用电源将深度受益 AI 数据中心供 ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5][12]. Core Views - The focus on humanoid robots and AI infrastructure is expected to drive significant growth in the industry, with the U.S. government under Trump prioritizing the development of the robotics sector [2][19]. - TikTok plans to invest $38 billion in building a data center in Brazil, indicating a strong commitment to AI infrastructure [20]. - Jerry Holdings has secured contracts exceeding $100 million for generator sets, highlighting its competitive advantage in the data center power supply sector [21]. Humanoid Robots - Humanoid robots are seen as a crucial carrier for AI, with ongoing advancements expected to continue. The report suggests focusing on companies with strong positions in the supply chain, particularly those linked to Tesla [2][9]. - Key companies to watch include: - Core suppliers: Feirongda, Longxi Co., Weiman Sealing, Hengli Hydraulic, Huichuan Technology, Green Harmony, Lens Technology, and Wuzhou New Spring [2]. - Incremental opportunities: Weiman Sealing, Longxi Co., Feirongda, Weike Technology, and Hanwei Technology [2][9]. AI Infrastructure - AI computing power is identified as a high-growth investment theme, with a focus on the energy supply chain for AI data centers. Gas turbines are expected to benefit significantly from the demand for data center power [3][9]. - Key companies in the gas turbine supply chain include: - Gas turbine hot-end blades: Yingliu Co., Wanze Co. - Gas turbine generator sets: Jerry Holdings. - Other components: Haomai Technology, Liande Co., and supporting heat recovery steam generators [3][9]. Key Company Earnings Forecast and Investment Ratings - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform": - Green Harmony: 2024 EPS of 0.33, PE of 474 [12][29]. - Mingzhi Electric: 2024 EPS of 0.19, PE of 370 [12][29]. - Huichuan Technology: 2024 EPS of 1.60, PE of 46 [12][29]. - Hengli Hydraulic: 2024 EPS of 1.87, PE of 60 [12][29]. - Longxi Co.: 2024 EPS of 0.31, PE of 91 [12][29]. - Yingliu Co.: 2024 EPS of 0.42, PE of 97 [12][29].

证券研究报告 | 2025年12月09日 | 晨会纪要 | | --- | | 数据日期:2025-12-08 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3924.07 | 13329.99 | 4621.75 | 14193.95 | 3889.74 | 1350.79 | | 涨跌幅度（%） | 0.54 | 1.38 | 0.81 | 0.93 | 2.12 | 1.86 | | 成交金额（亿元） | 8394.39 | 11972.07 | 4967.16 | 3786.42 | 5818.21 | 639.51 | $\frac{\pi\times6}{\pi\times6}$. (1998) (200) 宏观与策略 宏观专题:宏观经济专题研究-政治钟摆下的美联储：FOMC 票委换届前瞻 宏观快评:12 月政治局会议解读-提质增效，内需主导 固 定 收 益 快 评 : 可 交 换 私 募 债 跟 踪 - 私 募 EB 每 周 跟 ...

证券研究报告 | 2025年12月08日 家电行业周报（25 年第 49 周） 优于大市 石头科技黑五大促实现强劲增长，传统扫地机巨头 iRobot 面 临危机 本周研究跟踪与投资思考：海外"黑五网一"大促延续良好增长趋势，美国 网络周在线消费额同比增长 8%。石头科技黑五在海外多区域实现强劲增长， 在传统扫地机巨头 iRobot 失序的背景下，我国扫地机企业有望更上层楼。 海外"黑五网一"大促收官，石头科技表现强劲。海外"黑五网一"大促销 售规模持续增长，我国企业抓住线上出海良机，石头科技在海外多渠道实现 快速增长。根据 Adobe Analytics 数据，美国消费者"黑五"线上消费达到 118 亿美元，同比增长 9.1%；"网络星期一"线上消费达到 142.5 亿美元， 同比增长 7.1%；从感恩节到"网络星期一"的五天"网络周"在线销售总额 达到 442 亿美元，同比增长 7.7%。国内家电企业凭借领先的产品力和线上运 营，实现较快的增长。石头科技战报显示，公司黑五期间欧洲扫地机销量 39 万台/+41%，洗地机销量增长 361%；北美扫地机销量 21 万台/+58%，洗地机 销量增长 257%；亚太 ...

证券研究报告 | 2025年12月08日 金融工程日报 A 股放量大涨，CPO 板块爆发 市场表现：20251208 大部分指数处于上涨状态，规模指数中中证 2000 指数 表现较好，板块指数中创业板指表现较好，风格指数中沪深 300 成长指数表 现较好。通信、电子、计算机、非银、国防军工行业表现较好，煤炭、石油 石化、食品饮料、钢铁、电力公用事业行业表现较差。光模块(CPO)、光芯 片、光通信、通讯设备精选、基站等概念表现较好，央企煤炭、贵州省国资、 黄金精选、磷化工、PTA 等概念表现较差。 市场情绪：20251208 收盘时有 78 只股票涨停，有 8 只股票跌停。昨日涨停 股票今日高开高走，收盘收益为 5.10%，昨日跌停股票今日收盘收益为 -1.87%。今日封板率 69%，较前日下降 7%，连板率 34%，较前日提升 6%。 市场资金流向：截至 20251205 两融余额为 24817 亿元，其中融资余额 24641 亿元，融券余额 176 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 10.3%。 折溢价：20251205 当日 ETF 溢价较多的是卫星 ETF，ETF ...

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet industry [4][40]. Core Views - The media industry experienced a decline of 3.35% during the week, underperforming compared to the CSI 300 index (1.53%) and the ChiNext index (2.57%) [12][13]. - The release of "Zootopia 2" significantly boosted box office performance, contributing to a total box office of 1.292 billion yuan for the week [2][18]. - The report emphasizes the potential in the gaming sector, particularly in the context of new product cycles and the recovery of the film industry, alongside opportunities in AI applications [3][36]. Summary by Sections Industry Performance - The media sector ranked 29th in terms of weekly performance among all sectors, with notable gainers including Bona Film Group and China Film, while major losers included Easy Point and Xinhua Du [12][14]. Key Data Tracking - The top three films for the week were "Zootopia 2" (1.04 billion yuan, 80.6% market share), "The Leisurely Production" (166 million yuan, 12.1%), and "Demon Slayer: Infinity Castle" (35 million yuan, 2.7%) [2][18]. - In the gaming sector, the top revenue-generating mobile games in October 2025 were "Whiteout Survival" and "Kingshot" from Dots Interactive [25][29]. Investment Recommendations - The report suggests focusing on the gaming sector due to recent adjustments providing good buying opportunities, recommending companies like Giant Network and Kying Network [3][36]. - It also highlights the importance of AI applications and the potential recovery in the film industry, recommending platforms like Mango TV and Bilibili, as well as content producers like Light Media and Huace Film [3][36]. Company Earnings Forecasts - Key companies such as Kying Network, Mango TV, and Fen Zhong Media are rated as "Outperform the Market," with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating growth potential [4][38].

证券研究报告 | 2025年12月08日 12 月政治局会议解读 提质增效，内需主导 经济研究·宏观快评 | 证券分析师： | 李智能 | 0755-22940456 | lizn@guosen.com.cn | 执证编码：S0980516060001 | | --- | --- | --- | --- | --- | | 证券分析师： | 邵兴宇 | 010-88005483 | shaoxingyu@guosen.com.cn | 执证编码：S0980523070001 | | 证券分析师： | 王奕群 | | wangyiqun1@guosen.com.cn | 执证编码：S0980525110002 | | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | 会议： 中共中央政治局 12 月 8 日召开会议，分析研究 2026 年经济工作，审议《中国共 ...

证券研究报告 | 2025年12月08日 人工智能周报（25 年第 49 周） 优于大市 DeepSeek-V3.2 正式版发布，腾讯自研 AI 大模型混元 2.0 上线 2）底层技术：DeepSeek-V3.2 以及 Speciale 版本正式发布；腾讯自研 AI大模型混元 2.0正式发布；亚马逊云科技发布自研 AI芯片 Trainium3； 亚马逊云科技发布 Nova 2 系列 AI 模型，并同步推出 Nova Forge 定制 服务。 3）行业政策：浙江：到 2027 年基本形成"人工智能+住建"的应用生 态、政策标准、技术协同和机制创新体系。北京：推动"人工智能+视 听"深入融合，加快发展文化新质生产力。工信部等 6 部门：推动人工 智能在消费品全行业应用。 投资建议：港股互联网巨头已发布三季报，整体来看，AI 对于互联网巨 头广告业务增长赋能较明显，腾讯广告三季度环比继续加速；此外 AI 继续驱动互联网巨头云业务加速增长，阿里云本季度增长加速至 34%YOY （上季度 26% YOY）。国内互联网巨头在 AI Capex 方面的投入落后海外 约一年，伴随后续大模型能力逐步提升和建设供给的释放，AI ...