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 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][8]. Core Insights - The home appliance sector shows resilience despite challenges, with leading companies demonstrating strong performance. The report highlights the growth potential for domestic brands, particularly in the context of iRobot's financial struggles [4][14][19]. - The "Black Friday" and "Cyber Monday" sales events in the U.S. saw significant online spending growth, benefiting companies like Stone Technology, which reported strong sales figures across various regions [3][20]. - iRobot is facing severe financial difficulties, with a significant portion of its debt being acquired by a domestic company, which may create opportunities for Chinese brands in the overseas market [4][24]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, Hisense Home Appliances for white goods; Hisense Visual for black goods; and Stone Technology, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - The home appliance sector achieved a relative return of +0.56% this week, outperforming the broader market [31]. - October saw a general decline in the shipment of major appliances, with air conditioners and televisions facing significant pressure, while washing machines showed resilience in exports [5][29]. 3. Key Data Tracking - Online sales during the "Black Friday" period reached $11.8 billion, a 9.1% year-on-year increase, while "Cyber Monday" sales hit $14.25 billion, up 7.1% [3][20]. - The report notes that the prices of raw materials such as copper and aluminum have increased, which may impact production costs [34][36]. 4. Company Announcements and Industry Dynamics - Midea Group and Haier Smart Home have made significant progress in their stock repurchase plans, indicating confidence in their market positions [49][52]. - The report discusses the challenges faced by the air conditioning export market, with a notable decline in volume and value, reflecting ongoing industry recovery issues [53].

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 ...

证券研究报告 | 2025年12月08日 数据背后的地产行业图景 优于大市 关注非热门城市的新房供需新格局 楼市持续筑底，高基数下同比承压。今年下半年以来，销售量价明显回落， 叠加上年高基数影响，四季度地产销售同比压力明显增大。2025 年 1-10 月， 全国商品房销售额同比-9.6%，销售面积同比-6.8%。10 月单月，商品房销售 额同比-24%，降幅较 9 月扩大了 13pct；商品房销售面积同比-19%，降幅较 9 月扩大了 8pct。从样本城市高频数据看，11 月单月，30 城新建商品房成 交面积同比-33%，降幅较 10 月扩大了 9pct；18 城二手住宅成交套数同比 -26%，降幅较 10 月扩大了 2pct。库存压力居高难下，开发投资加速下跌， 土拍热度冲高回落。百强销售较弱但拿地修复，头部国央企继续发力。 非热门城市人口流出，但本地居民改善置业需求仍在。2024 年末，全国一线、 二线、三四线城市的常住人口占比分别为 6%、21%、73%，较 2010 年末分别 变动+1、+4、-5pct。一二线楼市仍有新流入人口补充刚需购买力，三四线 楼市则以本地居民的改善置业需求为主，刚需客群流失对 ...

传媒互联网周报 优于大市 豆包手机预览版发布，《疯狂动物城 2》拉动票房市场表现 证券研究报告 | 2025年12月08日 行业下跌 3.35%，跑输沪深 300，跑输创业板指。本周（12.1-12.7）传媒行 业下跌 3.35%，跑输沪深 300（1.53%），跑输创业板指（2.57%）。其中涨 幅靠前的分别为博纳影业、联建光电、中国电影、迅游科技等，跌幅靠前的 分别为易点天下、新华都、欢瑞世纪、掌阅科技、福石控股等。横向比较来 看，本周传媒板块在所有板块中涨跌幅排名第 29 位。 OpenAI 推出 GPT-5.1-Codex-Max，豆包手机助手技术预览版发布。1）OpenAI 推出 GPT-5.1-Codex-Max，能够处理超过 100 万 token 的超长上下文，执行 任务 24 小时不掉线；2）字节跳动发布视频编辑模型 Vidi2，Vidi2 的关键 在于其视频理解能力，新模型新增了精细的时空定位（STG）功能，能够同 时识别视频中的时间戳和目标对象的边界框；3）12 月 1 日，豆包手机助手 技术预览版正式发布，配套的努比亚 M153 工程样机同步开售，可以跨应用 执行任务，重构了使用体验。 ...

证券研究报告 | 2025年12月08日 宏观经济专题研究 政治钟摆下的美联储：FOMC 票委换届前瞻 联邦公开市场委员会（后文简称 FOMC）面临换届，人事变动决定未来政策 的方向与独立性边界。FOMC 票委由 7 位理事与 5 位地区联储行长组成， 其主导货币政策框架与方向，能够决定利率、汇率与全球资本价格的基 调。随着 2026 年理事与行长换届临近，人事变动窗口将成为政策取向 与制度独立性的关键拐点，全球资金流动的节奏与风险偏好将被重塑。 特朗普给美联储独立性制度防线带来持续冲击。美联储的制度框架以独立 性为设计核心，旨在隔绝短期政治压力，保障货币政策的长期稳定，具 体体现在：（1）决策层面，货币政策完全由 FOMC 主导，行政部门无权 直接干预。（2）财务层面，联储自负盈亏、预算独立，不受财政拨款 约束。（3）法律层面，《联邦储备法》确立了美联储"独立而可问责" 的法律地位。而特朗普的再度上台令美联储独立性饱受冲击：（1）频 繁点名施压鲍威尔。（2）试图以"正当理由"解职库克。（3）通过人 事布局强化政策影响力，行政干预的边界正在被持续试探。 7 位理事结构的变化将决定其独立性能否延续。当前 7 名 ...