Group 1: Pharmaceutical and Healthcare Sector - The pharmaceutical sector underperformed the overall market, with a total A-share decline of 0.07%, while the biopharmaceutical sector saw a slight decrease of 0.14% [7] - Recent policies have been introduced to support service consumption, particularly in healthcare, which is expected to enhance the demand for medical services [8] - The medical service market is projected to reach approximately 8.74 trillion yuan by 2025, with a growth rate exceeding 10% [8] - Companies with innovative capabilities in the medical service sector, such as Aier Eye Hospital and Gushengtang, are recommended for investment [8] Group 2: Machinery and AI Infrastructure - The competition in humanoid robots is intensifying, with significant opportunities for specialized robots in various fields [9] - AI infrastructure is expected to see substantial growth, particularly in gas turbine technology, which is crucial for data centers [10] - Companies like Anyflow and Wanzhe are positioned to benefit from the increasing demand for AI-related energy solutions [10] - Liquid cooling technology is becoming a trend in data centers, with significant revenue growth reported by leading suppliers [11] Group 3: Public Utilities and Environmental Protection - The industrial power generation volume for the first eleven months of 2025 was 88.567 billion kWh, reflecting a year-on-year increase of 2.4% [15] - The public utility sector has shown mixed performance, with the public utility index declining by 0.59% [14] - Recommendations include major thermal power companies and renewable energy leaders, as the government continues to support the development of renewable energy [18] Group 4: Chemical Industry - The price of phosphoric acid has increased, with the market average reaching 10,830 yuan per ton, a year-on-year rise of 3.14% [19] - The company is expected to benefit from the rising demand for phosphoric acid and the cost advantages of sulfur iron ore in acid production [20] - The company has a complete industrial chain from upstream phosphate resources to downstream nitrogen fertilizers, with a forecasted net profit growth from 9.19 billion yuan in 2025 to 13.60 billion yuan in 2027 [20][23] Group 5: Energy and Green Technology - Huadian Technology has signed a significant contract worth 815 million yuan for a green methanol project, marking a new growth opportunity [21] - The green methanol production capacity in China is expected to reach 10 million tons by 2030, with substantial investment opportunities in related equipment [21] - The company is actively developing hydrogen energy projects and has established a comprehensive supply chain for green hydrogen and methanol production [22]

证券研究报告 | 2025年12月23日 滔搏（06110.HK） 三季度流水下滑高单位数，折扣同比加深幅度收窄 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：2026 财年第三季度，集团零售及批发业务之总销售金额按年同比录得高单位数下降。截至 2025 年 11 月 30 日，直营门店毛销售面积较上一季末减少 1.3%，较去年同期减少 13.4%。 国信纺服观点：1)流水增长：2026 财年第三季度销售额同比下滑高单位数，线上渠道增速仍好于线下渠道， 但受基数影响，分化较上半年收窄；2）库存折扣：三季度末库存总额同比下降，与销售表现方向一致， 保持良 ...

证券研究报告 | 2025年12月23日 $\mathbf{M}_{\mathbf{i}}$ is defined as $$\mathbf{M}_{\mathbf{i}}=\mathbf{M}_{\mathbf{i}}\mathbf{M}_{\mathbf{i}}\mathbf{M}_{\mathbf{i}}\tag{1}$$ where $\mathbf{M}_{\mathbf{i}}$ is the $\mathbf{M}_{\mathbf{i}}$-norm of the $\mathbf{i}$-th order. 核心观点 金融工程日报 市场表现：20251223 规模指数中上证 50 指数表现较好，板块指数中科创 100 指数表现较好，风格指数中中证 500 成长指数表现较好。建材、基础化工、 电新、有色金属、电子行业表现较好，消费者服务、综合金融、国防军工、 商贸零售、综合行业表现较差。锂电电解液、六氟磷酸锂、钨矿、玻璃纤维、 锂电隔膜等概念表现较好，卫星互联网、卫星导航、商业航天、智能 IC 卡 等概念表现较差。 市场情绪：20251223 收盘时有 68 只股票涨停，有 16 只股票跌停。 ...

证券研究报告 | 2025年12月23日 电子行业周报 优于大市 电子上游通胀趋势延续，业绩预告期继续推荐存力+算力 预计明年中国本土 AI 芯片占比近半，而 CSP/OEM 亦有望积极采购 H200。据 TrendForce 数据，中国整体高端 AI 芯片市场总量预计在 2026 年有望增长超 过 60%。一方面，本土 AI 芯片仍朝自主化发展，较高潜力的芯片设计商有机 会扩大市场占比至 50%左右；另一方面，由于英伟达 H200 效能较 H20 大幅提 升，对终端客户具有吸引力，如果能顺利销售，预计中国 CSP/OEM 等有望积 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 电子 优于大市·维持 证券分析师：胡剑 证券分析师：胡慧 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn 电子上游通胀趋势延续，业绩预告期继续推荐存力+算力。过去一周上证上 涨 0.03%，电子下跌 3.28%，子行业中光学光电子下跌 1.35%，其他电子下跌 4.63%。同期恒生科技、费城半导体、台湾资讯科技下跌 ...

重点事件点评&重点关注：人形机器人、AI 基建 事件 1-何小鹏：人形机器人将是巨头的竞争：2025 年 12 月 17 日，小鹏汽 车 CEO 何小鹏在微博发文称，人形机器人将来会是巨头的竞争，而不同的专 用机器人则会有大量不同领域的选手，且会有非常多的成功机会。 证券研究报告 | 2025年12月22日 2025年12月23日 制造成长周报（第 39 期） 优于大市 何小鹏称人形机器人是巨头竞争，持续关注 AI 基建燃机及液 冷投资机会 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 AI 基建-燃机点评：以万泽股份、应流股份为代表的企业卡位核心，在燃气 轮机客户的认可度持续提升，未来有望显著受益于数据中心缺电带来的发展 机遇。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，电力将逐渐成为 AI 发展瓶颈环节，需重点把握 AI 缺电相 关投资机遇。燃气轮机作为海外数据中心主用电源与备用电源将深度受 益 AI 数据中心供电需求，GEV 超预期上修燃机订单与扩产也表明行业是 超长景气大周期。建议重点关注 AI 数据中心能源供应核心卡位 ...

证券研究报告 | 2025年12月23日 中创新航（03931.HK） 动储电池出货量快速提升，市场份额稳中向好 优于大市 |  | 公司研究·海外公司快评 | |  | 电力设备·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 | 执证编码：S0980520080003 | | 证券分析师： | 李全 | 021-60375434 | | liquan2@guosen.com.cn | 执证编码：S0980524070002 | | 联系人： | 王喆萱 | | | wangzhexuan@guosen.com.cn | | 事项： 根据 SNE Research 数据，2025 年 1-10 月公司在全球动力电池市场份额为 4.7%、同比持续提升；其中 10 月单月装机量超越 LG 新能源、首度跻身全球前三。 国信电新观点：1）公司动力电池出货量快速提升，业务朝向全球化多元化方向发展。公司国内外客户持 续开拓，出 ...

证券研究报告 | 2025年12月22日 2025年12月23日 制造成长周报（第 39 期） 优于大市 何小鹏称人形机器人是巨头竞争，持续关注 AI 基建燃机及液 冷投资机会 重点事件点评&重点关注：人形机器人、AI 基建 事件 1-何小鹏：人形机器人将是巨头的竞争：2025 年 12 月 17 日，小鹏汽 车 CEO 何小鹏在微博发文称，人形机器人将来会是巨头的竞争，而不同的专 用机器人则会有大量不同领域的选手，且会有非常多的成功机会。 事件 2-万泽航空荣获广瀚燃机"金牌供应商"称号：2025 年 12 月 19 日， 万泽航空在广瀚燃机年度供应商评价中荣获"金牌供应商"称号。 人形机器人点评：人形机器人通用化难度大，我们认为未来一段时间机器人 可能会以专用机器人为主，各细分领域均有望出现龙头；同时各产业链也将 出现各自的领先企业。未来在大模型等技术逐步成熟后通用机器人有望在消 费领域和部分工业领域取代专用机器人。我们持续看好人形机器人的长期投 资机会，建议从价值量和卡位上把握空间&确定性，从股票弹性上寻找增量 环节。1）确定性：特斯拉产业链核心供应商或者实力强、卡位好的公司， 重点关注【飞荣达】【龙溪 ...

Investment Rating - The investment rating for the company is maintained at "Neutral" [2][15]. Core Insights - The company signed a significant contract worth 815 million yuan with its controlling shareholder, Huadian Group, to supply core equipment for a green methanol project in Liaoning, marking a new growth opportunity [3][7]. - The green methanol production capacity in China is expected to reach 10 million tons by 2030, with an average annual increase of 2 million tons [4][11]. - The market for green methanol equipment is projected to exceed 13 billion yuan annually, with the company positioned to benefit from this growth [4][9]. Summary by Sections Contract Details - The contract includes the supply of electrolyzers, CO2 compression and purification, methanol synthesis and processing, and storage tanks for the integrated demonstration project [3][7]. - The contract structure consists of three main components: hydrogen system equipment (649 million yuan), CO2 treatment and methanol system equipment (124 million yuan), and storage tank equipment (42 million yuan) [8]. Market Potential - The annual investment in green methanol equipment is estimated at 13 billion yuan, with specific allocations for CO2 treatment and methanol synthesis equipment (2.1 billion yuan), hydrogen and CO2 storage tanks (800 million yuan), and hydrogen system investments (10.1 billion yuan) [4][10]. - The company’s full-chain equipment for electro-methanol production is applicable to all green methanol projects, enhancing its market position [9]. Company Performance - In the first three quarters of 2025, the company reported a revenue of 6.534 billion yuan, a year-on-year increase of 32.6%, and a net profit of 120 million yuan, up 11.6% [6][14]. - The gross margin for the same period was 11.0%, reflecting a year-on-year increase of 1.8 percentage points [14]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted downward, with expected net profits of 205 million yuan, 296 million yuan, and 326 million yuan respectively, reflecting growth rates of 78%, 44%, and 10% [15].

Investment Rating - The investment rating for the company is maintained at "Neutral" [2][6][15] Core Insights - The company signed a significant contract worth 815 million yuan with its controlling shareholder, providing core equipment for a green methanol project, which is the first large-scale "CO2 + green hydrogen" methanol production project in China [3][11] - By 2030, China's green methanol production capacity is expected to reach approximately 10 million tons, with an annual increase of 2 million tons [4][10] - The green methanol equipment market is projected to exceed 13 billion yuan annually, with the company positioned to benefit from the large-scale construction of green methanol capacity [4][9] Summary by Sections Contract Details - The contract includes the supply of electrolysis systems, CO2 compression and purification, methanol synthesis, and storage tanks for the Liaoning project [3][7] - The contract structure consists of three main parts: hydrogen system equipment (649 million yuan), CO2 treatment and methanol system equipment (124 million yuan), and storage tank equipment (42 million yuan) [8] Market Potential - The annual investment in green methanol equipment is estimated to reach 13 billion yuan, with specific allocations for CO2 treatment and methanol synthesis equipment (2.1 billion yuan) and hydrogen, CO2, and methanol storage equipment (800 million yuan) [4][10] - The demand for electrolyzers in the green methanol industry is projected to be 2 GW annually, corresponding to an investment of 10.1 billion yuan for hydrogen systems and supporting facilities [4][10] Company Development - The company is actively developing strategic emerging industries represented by green hydrogen, with various equipment for green hydrogen and methanol production [5][12] - The company has launched the "Huazhen" and "Huahan" series of electrolyzer products, achieving domestic substitution of core materials and establishing large-scale production capabilities [5][13] - In the first three quarters of 2025, the company reported a revenue of 6.534 billion yuan, a year-on-year increase of 32.6%, and a net profit of 120 million yuan, up 11.6% year-on-year [6][14] Profit Forecast - The profit forecast for 2025-2027 has been adjusted downward, with expected net profits of 205 million yuan, 296 million yuan, and 326 million yuan, respectively, reflecting growth rates of 78%, 44%, and 10% [6][15]

证券研究报告 | 2025年12月23日 云图控股（002539.SZ） 磷酸铁景气度有望回升，硫铁矿制酸优势突出 |  | 公司研究·公司快评 | |  | 基础化工·农化制品 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 杨林 | 010-88005379 | | yanglin6@guosen.com.cn | 执证编码：S0980520120002 | | 证券分析师： | 董丙旭 | 0755-81982570 | | dongbingxu@guosen.com.cn | 执证编码：S0980524090002 | 事项： 近期磷酸铁厂家纷纷提价，截止 2025 年 12 月 19 日，据百川盈孚，磷酸铁市场均价为 10830 元/吨，同比 上涨 3.14%；2025 年 12 月 19 日，国内固态硫磺现货价为 3950 元/吨，同比去年上涨 157.32%，硫铁矿市 场均价为 1024 元/吨，同比去年上涨 55.86%，硫铁矿制酸工艺优势明显。 国信化工观点：1）在锂电行业需求高增背景下，磷酸铁景气 ...