证券研究报告 | 2025年12月28日 2025年12月29日 可交换私募债跟踪 私募 EB 每周跟踪（20251222-20251226） 固定收益快评 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | 执证编码：S0980525080001 | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | 项目获批进度不及预期，经济增速下滑 请务必阅读正文之后的免责声明及其项下所有内容 1 证券研究报告 表1：私募 EB 每周跟踪(2025-12-26） | 债券名称 | 主承销商 | 规模 | 标的股票 | 项目状态 | 更新日期 | | --- | --- | --- | --- | --- | --- | | 南山集团有限公司 ...

Group 1 - The cleanroom engineering sector has seen significant stock price increases, with key players like Yaxing Integration rising by 74% and Shenghui Integration by 60%, driven by the structural changes in capital expenditure due to AI infrastructure development [8] - The demand for cleanroom construction is expected to surge due to the explosive growth in overseas AI computing power, making cleanroom construction a critical bottleneck for global AI capacity expansion [8] - Companies like Shenghui Integration and Yaxing Integration benefit from their unique position as the only overseas operating platforms for their Taiwanese parent companies, sharing technology and customer resources [8] Group 2 - Huatu Shanding has transformed its focus to examination training, with 2024 revenue projected to surpass that of Zhonggong Education, becoming the industry leader [9][10] - The public examination boom is driving demand in the examination training sector, with the number of candidates for the national examination expected to increase by 9% in 2026, surpassing graduate school entrance exams for the first time [9] - The company has a relatively lighter historical burden compared to competitors, allowing it to seize opportunities in the post-agreement class era, with revenue expected to exceed that of Zhonggong Education in 2024 [10] Group 3 - The "Exam Direct Train" initiative aims to enhance pass rates significantly through immersive teaching methods and unlimited study opportunities, targeting the underserved lower-tier markets [11] - Strategic partnerships, such as the one with Fenbi, are expected to leverage resources and improve the competitive landscape in the examination training industry [11] - The company forecasts net profits of 3.5 billion, 4.3 billion, and 5.6 billion yuan for 2025-2027, reflecting strong growth potential and a favorable market position [12]

《生物安全法案》复盘 --如何看待地缘政治对中国CXO企业的影响？ 行业研究 · 行业专题 医药生物 · 医疗研发外包 投资评级：优于大市（维持评级） 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 证券分析师：凌珑 021-60375401 linglong@guosen.com.cn S0980525070003 请务必阅读正文之后的免责声明及其项下所有内容 1 报告摘要 证券研究报告 | 2025年12月28日 n 靴子落地，美国《2026财年国防授权法案》夹带《生物安全法案》生效。 请务必阅读正文之后的免责声明及其项下所有内容 2 ü 《2026财年国防授权法案》夹带《生物安全法案》（主要指第851节《禁止与特定生物技术公司签订合同》）落地，标志着美国已将生物安全正式纳入国家防务与 安全战略框架统筹考量，同时彰显其在生物技术供应链自主可控的明确政策转向，本质是中美的科技竞争与产业安全博弈在生物领域的延 ...

证券研究报告 | 2025年12月28日 基金周报 中国 ETF 市场总规模突破 6 万亿，基金销售子公司再迎扩容 核心观点 金融工程周报 上周市场回顾。上周 A 股市场主要宽基指数全线上涨，中证 500、创业 板指、中小板指收益靠前，收益分别为 4.03%、3.90%、3.88%，上证 综指、沪深 300、科创 50 收益靠后，收益分别为 1.88%、1.95%、2.85%。 从成交额来看，上周主要宽基指数成交额均有所上升。行业方面，上周 有色金属、国防军工、基础化工收益靠前，收益分别为 6.45%、6.39%、 5.41%，商贸零售、银行、煤炭收益靠后，收益分别为-1.31%、-0.89%、 -0.89%。 截至上周五，央行逆回购净回笼资金 348 亿元，逆回购到期 4575 亿元， 净公开市场投放 4227 亿元。除 10 年期外，不同期限的国债利率均有所 下行，利差扩大 7.43BP。 上周共上报 77 只基金，较上上周申报数量有所增加。申报的产品包括 1 只 REITs，2 只 QDII，8 只 FOF，易方达中证全指红利质量 ETF、前海 开源上证科创板 100ETF、天弘创业板新能源 ETF、鹏 ...

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Viewpoints of the Report - Last week (from December 22, 2025, to December 26, 2025), the median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500ETF had the highest return with a median increase of 4.04%. By sector, the cyclical ETF had the highest return with a median of 5.37%. By theme, the new energy vehicle ETF had the highest return with a median of 7.17% [1][13]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan, and the overall scale increased by 132.202 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan; by sector, the consumer ETF had the least net redemption of 580 million yuan; by hot theme, the pharmaceutical ETF had the largest net subscription of 408 million yuan [2][30][36]. 3. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500, STAR Market, ChiNext, CSI 1000, A500, SSE 50, and SSE 300 ETFs had median returns of 4.04%, 4.00%, 3.92%, 3.78%, 2.75%, 1.96%, and 1.41% respectively. The median returns of commodity, cross - border, bond, and money - market ETFs were 3.59%, 0.16%, 0.13%, and 0.02% respectively [13]. - By sector, the median returns of cyclical, technology, large - financial, and consumer - sector ETFs were 5.37%, 3.93%, 1.50%, and - 0.16% respectively. By theme, the new energy vehicle, military, and photovoltaic ETFs had relatively strong performance with median returns of 7.17%, 5.84%, and 5.38% respectively, while the bank, liquor, and pharmaceutical ETFs had relatively weak performance with median returns of - 0.89%, - 0.79%, and - 0.16% respectively [19]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.8155 trillion yuan, 970.1 billion yuan, and 804.6 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 257 billion yuan and 177.9 billion yuan respectively. Among broad - based ETFs, the SSE 300 and A500ETFs had larger scales of 1.1944 trillion yuan and 299.7 billion yuan respectively [21]. - By sector, the technology - sector ETF had a scale of 430.5 billion yuan, followed by the cyclical - sector ETF with a scale of 215.9 billion yuan. The large - financial and consumer ETFs had relatively smaller scales of 197.6 billion yuan and 185.5 billion yuan respectively. By hot theme, the chip, securities, and pharmaceutical ETFs had the highest scales of 148 billion yuan, 141 billion yuan, and 101.9 billion yuan respectively [24][25]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan and the overall scale increased by 132.202 billion yuan; money - market ETFs had a net redemption of 8.324 billion yuan and the overall scale decreased by 8.307 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan, and its scale increased by 56.639 billion yuan; the SSE 300ETF had the largest net redemption of 5.897 billion yuan [30]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext, and A500ETFs were at the 83.92%, 86.40%, 97.69%, 95.55%, 63.15%, and 97.86% quantiles respectively, and the price - to - book ratios were at the 64.26%, 72.88%, 99.59%, 65.46%, 63.64%, and 97.86% quantiles respectively. Compared with the previous week, the valuation quantiles of the A500ETF increased significantly [37]. - Among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantiles; by sector, the consumer and large - financial ETFs had relatively moderate valuation quantiles; by sub - theme, the liquor and new energy vehicle ETFs had relatively low valuation quantiles [44]. ETF Margin Trading and Short Selling - As of last Thursday, the margin balance of equity ETFs increased from 47.637 billion yuan in the previous week to 47.882 billion yuan, and the short - selling volume decreased from 2.44 billion shares in the previous week to 2.433 billion shares. Among the top 10 ETFs in terms of average daily margin purchases and short - selling volumes, the STAR Market ETF and the securities ETF had relatively high average daily margin purchases, and the CSI 1000ETF and the SSE 300ETF had relatively high average daily short - selling volumes [4][45][52]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked in the top three in terms of the total scale of listed non - money ETFs. This week, two ETFs, GF SSE STAR Market Chip ETF and Huabao SSE STAR Market Chip ETF, will be issued [5][56].

Report Industry Investment Rating - The investment rating for the US dollar bond market is "Underperform the Market" [1][4] Core Viewpoints - The US employment data continues to cool down, with weak employment growth and an increasing unemployment rate. The inflation data unexpectedly cools down, providing room for the expectation of interest rate cuts next year. The US GDP in the third quarter of 2025 grew at an annualized quarterly rate of 4.3%, the fastest in two years [1][2] - The current US Treasury market presents complex characteristics of both inflation stickiness and fiscal expansion pressure. It is recommended to prioritize defense, core - allocate medium - and short - duration investment - grade bonds, and moderately allocate TIPS while keeping a low allocation for long - duration varieties over 10 years [3] Summary by Relevant Catalogs US Macro - economy and Liquidity - The US employment market is weak. In November, non - farm employment increased by about 64,000, and the unemployment rate rose to 4.6%, the highest since September 2021. In October, non - farm employment decreased by 105,000, mainly due to the significant shrinkage of federal government employment. The private sector's employment elasticity is insufficient [1] - The inflation in the US cools down. In November, the CPI increased by 2.7% year - on - year, and the core CPI increased by 2.6% year - on - year, the lowest since 2021, which provides more room for future monetary policy adjustments and the expectation of interest rate cuts next year [2] - The US GDP in the third quarter of 2025 grew at an annualized quarterly rate of 4.3%, the fastest in two years, mainly driven by the resilience of consumer and corporate spending and more stable trade policies. Personal consumption expenditure increased by 3.5%, and corporate investment remained strong [2] Exchange Rate - No specific text - based content is provided, only information about related charts such as the one - year trend of non - US currencies, recent changes in non - US currencies, etc. [50][55] Chinese - funded US Dollar Bonds - Information about the return trends of Chinese - funded US dollar bonds since 2023 (by level and industry), and the yield and spread trends of investment - grade and high - yield Chinese - funded US dollar bonds are presented in the form of charts [63][65] Rating Actions - In the past two weeks, the three major international rating agencies took 16 rating actions on Chinese - funded US dollar bond issuers, including 2 rating revocations, 6 rating upgrades, 5 rating downgrades, and 3 initial ratings [71]

Group 1 - The core viewpoint of the report emphasizes that the restaurant industry is experiencing a weak recovery, with leading brands pursuing diversified growth strategies, particularly in the tea beverage sector, which shows promising investment opportunities [3][5][9] - The report highlights that from January to November 2025, the national restaurant revenue increased by 3.3%, lagging behind the 4.1% growth in retail sales, indicating a continued weak recovery in demand [3][13] - The online channel is identified as a structural growth driver, with significant benefits observed in the coffee and tea sectors due to the ongoing competition in instant retail [3][14] Group 2 - The analysis of the market performance indicates that leading tea beverage brands have significantly benefited from the delivery competition, with companies like Luckin Coffee and Mixue Group showing substantial stock price increases of 39.2% and 45.4% respectively [3][33] - The report notes that the performance of restaurant leaders is varied, with some brands like Guoquan and Xiaocaiyuan showing strong same-store sales growth, while others face pressure [3][33] - The investment framework for 2025 suggests that the valuation of leading tea beverage brands is shifting due to changes in performance expectations, with same-store revenue growth serving as a key valuation anchor [3][8][9] Group 3 - The sub-industry analysis reveals that the ready-to-drink tea segment is experiencing a surge in revenue and adjusted net profit, with a year-on-year increase of 32.5% and 58.0% respectively in the first half of 2025 [3][44] - The report indicates that the fast-food sector shows resilience, with brands like KFC and Xiaocaiyuan maintaining stable same-store sales growth despite broader market pressures [3][53] - The report also highlights that the overall restaurant sector is under pressure, particularly in the casual dining segment, which is affected by various factors including the rise of pre-packaged meals [3][53] Group 4 - The investment recommendations maintain an "outperform" rating for the restaurant sector, emphasizing the strong operational capabilities of leading brands and their potential to navigate through market cycles [3][9] - The report suggests that while the tea beverage sector faces growth challenges, leading companies with strong operational and innovative capabilities are expected to gain market share [3][9] - The report identifies specific companies such as Haidilao, Yum China, Guoquan, and Mixue Group as key investment targets for 2026, based on their strong same-store recovery potential and favorable franchisee returns [3][9][66]

证券研究报告 | 2025年12月28日 ETF 周报 上周 A500ETF 净申购近 500 亿元，本周将新发行 2 只科创板 芯片 ETF 核心观点 金融工程周报 ETF 业绩表现 上周（2025 年 12 月 22 日至 2025 年 12 月 26 日，下同）股票型 ETF 周度收益率中位数为 2.75%。宽基 ETF 中，中证 500ETF 涨跌幅中位 数为 4.04%，收益最高。按板块划分，周期 ETF 涨跌幅中位数为 5.37%， 收益最高。按主题进行分类，新能车 ETF 涨跌幅中位数为 7.17%，收益 最高。 ETF 规模变动及净申赎 上周股票型 ETF 净申购 356.34 亿元，总体规模增加 1322.02 亿元。在 宽基 ETF 中，上周 A500ETF 净申购最多，为 493.22 亿元；按板块来 看，消费 ETF 净赎回最少，为 5.80 亿元；按热点主题来看，医药 ETF 净申购最多，为 4.08 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类 ETF 的估值分位数相对较低；按板块来看， 消费、大金融 ETF 的估值分位数相对温和；按照细分主题来看，酒、新 能车 ...

Group 1 - The core viewpoint of the report emphasizes that the restaurant industry is experiencing a weak recovery, with leading brands pursuing diversified growth strategies amidst supply-side adjustments [3][5] - The report highlights that from January to November 2025, national restaurant revenue increased by 3.3%, lagging behind the 4.1% growth in retail sales, indicating a continued weak recovery in demand [3][13] - The online channel is identified as a structural growth engine, with significant benefits observed in the coffee and tea sectors due to the ongoing competition in instant retail [3][14] Group 2 - The report reviews the market performance, noting that leading tea brands like Gu Ming and Mi Xue Group have seen substantial stock price increases of 185.8% and 45.4% respectively, driven by the rise in consumer frequency due to the delivery platform competition [3][6] - It discusses the differentiated performance of restaurant leaders, with brands like Guo Quan and Xiao Cai Yuan showing strong same-store sales growth and rapid expansion, while others faced stock price pressures [3][33] - The analysis of sub-industries indicates that the ready-to-drink tea segment benefited significantly from the delivery subsidy war, with leading tea brands reporting revenue and adjusted net profit growth of 32.5% and 58.0% respectively in the first half of 2025 [3][53] Group 3 - The investment framework for 2025 suggests that the valuation of leading tea and coffee brands is shifting due to changes in performance expectations, with same-store revenue growth serving as a key valuation anchor [3][8] - The report recommends maintaining an "outperform" rating for the sector, highlighting strong operational capabilities of leading restaurant brands and the potential for tea brands to gain market share despite growth pressures [3][9] - It emphasizes the importance of brand building and membership value, noting a shift from single product hits to efficiency from the supply chain, with a focus on creating private traffic through membership systems [3][23]

证券研究报告 | 2025年12月28日 锂电产业链双周评（12月第2期） 多家磷酸铁锂企业进行产线检修，碳酸锂价格持续走高 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 联系人：王喆萱 wangzhexuan@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【新能源车产业链数据】 【锂电材料及锂电池价格】 • 锂盐价格走高，电芯报价上行。本周末碳酸锂价格为11.19万元/吨，较两周前上涨1.74万元/吨。相较两周前，三元正极、磷酸铁锂正极、湿法隔膜报价均上涨，负极报价稳定。本周方形 三元动力电芯/铁锂动力电芯/储能用100Ah电芯/储能用314Ah电芯报价为0.50 ...