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 ...

证券研究报告 | 2025年12月04日 2025年12月06日 2025年12月08日 金蝶国际（00268.HK） 优于大市 企业 SaaS 服务领军者，AI 赋能重构管理软件 企业管理解决方案完善，积极推进 AI 落地。公司是全球领先的企业管理云 SaaS 服务商，构建了覆盖企业全生命周期的数字化解决方案，主要产品包括 企业级 AI 平台金蝶云苍穹，SaaS 管理云星瀚、星空、星辰。公司自 2011 年 开启云转型，2025H1 公司云服务收入占公司收入比重达 83.74%。随着订阅 模式的成熟，公司收入持续提升，2020-2024 年间 CAGR 达 16.84%，近年来 销售毛利率、净利率均有所回升。 云原生 EBC 重构管理软件，为 AI 落地的必要方案。公司与 Gartner 共同提 出企业数字化管理进入后 ERP 时代，开始向云原生 EBC 转型。EBC 把原本封 闭的功能模块重新拆分成可被 AI 调用的能力服务，成为企业 AI 落地必要的 接口层。公司为云原生 EBC 转型的先驱，客户粘性持续提升。 信创、更新需求推动软件换代，国产替代仍有较大空间。在 ERP 换代需求推 动下，央国企引领 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of uncertain Fed rate - cut amplitude next year, significant global economic and geopolitical variables, it's difficult for liquidity to drive a major upward trend. The AI infrastructure faces over - investment doubts, and the AI, lithium - battery, and anti - involution sectors are waiting for certain developments. From a seasonal perspective, high - dividend sectors are expected to have a good performance at the end of the year. Overall, the equity market may enter a wide - range oscillation state, waiting for the spring rally. [2][17] - In the convertible bond market, the capital flow in November had a great impact on the market. The share of convertible bond ETFs showed a "down - up - down" trend, which was consistent with the overall market valuation trend. Due to unclear equity expectations and poor overall cost - effectiveness of convertible bond assets, the premium rate is vulnerable, and the operation of convertible bonds is difficult. [2][17] - For relative - return investors, it is recommended to allocate a small and balanced position in non - callable, high - quality equity - linked convertible bonds with suitable premium rates. For absolute - return investors, it is recommended to focus on convertible bonds below 130 yuan with high odds. [2][17] 3. Summary by Relevant Catalogs 3.1 Market Trends (2025/12/1 - 2025/12/5) Stock Market - The A - share market was generally oscillating last week. With the rising expectation of Fed rate cuts and positive signals from the China - US economic and trade delegation meeting, the market risk appetite remained high. The non - ferrous and commercial aerospace sectors performed strongly. [7] - By industry, most Shenwan primary industries rose. Non - ferrous metals (5.35%), communication (3.69%), national defense and military industry (2.82%), machinery (2.77%), and non - bank finance (2.27%) led the gains, while media (- 3.86%), real estate (- 2.15%), beauty care (- 2.00%), and food and beverage (- 1.90%) lagged. [8] Bond Market - The bond market continued to weaken last week, with sentiment stabilizing and yields slightly declining on Friday. The 10 - year Treasury bond rate closed at 1.85% on Friday, up 0.68bp from the previous week. [8] Convertible Bond Market - Most convertible bond issues rose last week. The CSI Convertible Bond Index increased by 0.08% for the whole week, the median price increased by 0.19%, the arithmetic average parity decreased by 0.17%, and the overall market conversion premium rate increased by 0.79% compared with the previous week. [1][8] - By industry, half of the convertible bond sectors in the market rose. National defense and military industry (+3.64%), non - bank finance (+2.21%), non - ferrous metals (+1.53%), and petroleum and petrochemical (+1.40%) led the gains, while steel (- 2.53%), computer (- 0.96%), household appliances (- 0.91%), and agriculture, forestry, animal husbandry and fishery (- 0.71%) lagged. [11] - At the individual bond level, Yake, Weidao, Yong 02, Furong, and Ruichuang convertible bonds led the gains, while Dazhong, Guocheng, Limin, Yingbo, and Yitian convertible bonds led the losses. [1][12] - The total trading volume of the convertible bond market last week was 254.549 billion yuan, with an average daily trading volume of 50.91 billion yuan, a decrease from the previous week. [15] 3.2 Valuation Overview (as of 2025/12/05) - For equity - linked convertible bonds, the average conversion premium rates for par values in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 46.32%, 32.88%, 29.62%, 19.91%, 12.21%, and 11.93% respectively, at the 96%/94%, 90%/86%, 96%/99%, 90%/89%, 78%/67%, 95%/94% percentile since 2010/2021. [18] - For bond - linked convertible bonds, the average YTM for par values below 70 yuan was - 4.11%, at the 1%/4% percentile since 2010/2021. [18] - The average implied volatility of all convertible bonds was 42.97%, at the 87% percentile since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 1.69%, at the 82%/83% percentile since 2010/2021. [18] 3.3 Primary Market Tracking - From 2025/12/1 to 2025/12/5, the Pulan Convertible Bond was announced for issuance, and no convertible bonds were listed. Pulan Software, the underlying stock of Pulan Convertible Bond, belongs to the computer industry. The company's 2024 revenue was 836 million yuan, with a year - on - year increase of 11.6%, and the net profit attributable to the parent company was 121 million yuan, with a year - on - year increase of 95.06%. In 2025Q1 - 3, the revenue was 300 million yuan, with a year - on - year increase of 2.17%, and the net profit attributable to the parent company was 100,000 yuan, with a year - on - year decrease of 90.07%. The scale of the issued convertible bond is 243 million yuan. [26] - As of the announcement on December 5, there were no announcements of convertible bond issuance and listing in the coming week (2025/12/8 - 2025/12/12). Last week, 2 companies' applications passed the listing committee review, 1 company's application was accepted by the exchange, 3 companies' applications passed the shareholders' meeting, and 2 companies' applications were at the board of directors' proposal stage. Currently, there are 96 convertible bonds waiting to be issued, with a total scale of 149.23 billion yuan, including 6 approved for registration with a total scale of 4.47 billion yuan and 8 passing the listing committee review with a total scale of 9.81 billion yuan. [27]