证券研究报告 | 2025年12月07日 2025Q3，公司毛利率同比提升，费用率环比下降。2025Q3，公司的毛利 率/净利率分别 18.4%/-242.0%，分别同比+9.1/+42.8pct，分别环比 +2.2/+6.3pct，公司费用率为 292.2%，同比+7.7pct，环比-9.5pct。 小马智行是自动驾驶出行大规模商业化领域的全球领先企业。1） Robotaxi 规模化运营持续推进，公司拥有 961 辆 Robotaxi 运营车辆， 其中包括 667 辆第七代 Robotaxi 车型，公司有望在年底前实现 Robotaxi 超过 1000 辆的目标， 并朝着 2026 年底 Robotaxi 超过 3000 辆的目标 迈进；2）第七代 Robotaxi 已实现以城市为单位的单车盈利转正。2） 自动驾驶"朋友圈"扩容，继 6 月与西湖集团合作之后，11 月 24 日， 小马智行与阳光出行达成战略合作，双方将围绕自动驾驶出行开展全方 位深度合作，共同打造规模化自动驾驶车队。3）公司通过战略合作伙 伴全球范围内将 Robotaxi 业务拓展至八个国家，与卡塔尔最大的交通 服务提供商 Mowasala ...

证券研究报告 | 2025年12月07日 估值周观察(12月第1期) 韩国股市领涨，A股结构分化 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 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 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.12.1-2025.12.5）海外市场涨多跌少，估值随股价小幅变动。韩国显著领跑；美小幅走高；欧元区分化；香港涨幅居中。 估值随股价小幅变动。韩国综合指数PE扩张3.5x，日经225的PE扩张1.59x，其余主要指数PE变动均低于0.5x。从估值分位数看，标普 500和法国CAC40位于历史较高水平，印度SENSEX30和道琼斯工业指数处于较低区间。 • 近一周(2025.12.1-2025.12.5)，A股核心宽基温和上涨，估值微幅扩张。具体来看，规模上，仅中证100（+1.61%）和上证50 （+1.09%）涨幅超过 ...

Investment Rating - The report maintains an "Outperform" rating for EHang Intelligent (EH.O) [5][55] Core Insights - EHang has launched the VT35, a long-range unmanned aerial vehicle, expanding its product range to include intercity air travel [2][26] - The company has received operational licenses and is prepared to commence commercial operations, having completed over 1,700 flights since obtaining the license [2][37] - EHang's global footprint has expanded to 21 countries, with plans for large-scale commercial operations in Thailand by 2026 [2][40][43] Financial Performance - In Q3 2025, EHang reported revenues of 92 million RMB, a year-on-year decrease of 27.8% and a quarter-on-quarter decrease of 37.2% [1][8] - The net profit attributable to shareholders for Q3 2025 was -82.16 million RMB, compared to -48.06 million RMB in the same period last year [1][8] - The gross margin for Q3 2025 was 60.8%, reflecting a year-on-year decline of 0.4 percentage points [1][17] Revenue and Profit Forecast - Revenue projections for EHang from 2025 to 2027 are 500 million RMB, 750 million RMB, and 1.36 billion RMB, respectively [3][55] - Expected net profits for the same period are -300 million RMB, -200 million RMB, and a slight profit of 1 million RMB in 2027 [3][55] Product Development and Partnerships - The VT35 model, designed for a range of 200 kilometers, is set to enhance EHang's offerings in urban and intercity air transport [2][26] - Strategic partnerships have been established with Minth Group for high-safety aircraft systems and with Guoxuan High-Tech for battery solutions [47][48] - EHang has also formed a joint research institute with Tsinghua University to advance low-altitude aviation technology [51] Operational Readiness - EHang's subsidiaries have completed over 80,000 safe flights, indicating readiness for commercial operations [37][40] - The company is developing a ticketing system for future public use and has initiated training programs for ground operation personnel [38][37] Market Expansion - EHang's eVTOL aircraft have successfully conducted test flights in various countries, including Thailand, Qatar, and Japan, showcasing its international operational capabilities [43][44][45]

资产比价方面，本周金银比数值为 73.03，较上周下降 4.72；铜油比数 值为 193.83，较上周上升 5.89；铜螺比数值为 29.47，较上周上升 1.35； 金铜比数值为 0.37，较上周下降 0.02；股债性价比数值为 4.1，较上周 下降 0.1；AH 股溢价数值为 119.79，较上周下降 1.11。 库存方面，最新一周原油库存为 44355 万吨，较上周上升 278 万吨；螺 纹钢库存为 467 万吨，较上周上升 4 万吨；阴极铜库存为 109690 吨， 较上周上升 14656 吨；电解铝库存为 62 万吨，较上周上升 2 万吨。 证券研究报告 | 2025年12月07日 多资产周报 反内卷政策演进与实践 反内卷政策演进与实践。（1）反内卷政策已完成多轮迭代。2023 年底中 央经济工作会议首次明确"部分行业产能过剩"，将该问题上升至国家 政策层面。2024 年作为行业自律关键期，核心通过协会牵头、企业承诺 平衡供需，但多数行业以失败告终。2025 年 7 月后，治理方式转向"行 政指导+法律划线+行业自律"三维协同，政策进入新阶段。（2）当前 反内卷仍以去产能为核心，价格管控为辅助手段。 ...

公募 REITs 周报（第 45 期） 整体下跌，成交回落 证券研究报告 | 2025年12月07日 核心观点 固定收益周报 主要结论：本周 REITs 指数全周下跌 1.0%，产权类 REITs 和特许经营权类 REITs 平均周涨跌幅为-0.8%、-1.1%。从主要指数周涨跌幅对比来看，沪深 300>中证转债>中证全债>中证 REITs。截至 2025 年 12 月 5 日，产权类 REITs 股息率比中证红利股股息率均值低 14BP,经营权类 REITs 内部收益率均值与 十年期国债收益率利差为 274BP。在经过近五个月持续的震荡回调后，当前 REITs 的配置价值已得到明显提升。 中证 REITs 指数周涨跌幅为-1.0%，年初至今涨跌幅为 1.5%。截至 2025 年 12 月 5 日 ， 中 证 REITs （ 收 盘 ） 指 数 收 盘 价 为 801.18 点 ， 整 周 （2025/12/1-2025/12/5）涨跌幅为-1.0%，表现弱于沪深 300 指数（+1.3%）、 中证转债指数（+0.1%）和中证全债指数（-0.3%）。年初至今，各类主要指 数涨跌幅排序为：沪深30（0 +16. ...

Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating expected performance above the market benchmark by over 10% [43]. Core Insights - The banking wealth management sector reached a historical high in scale, with approximately 34 trillion yuan in November, and is expected to stabilize around 33 trillion yuan by year-end [1]. - The industry consensus is shifting towards "multi-asset" products as traditional bond returns narrow, with leading institutions actively exploring diverse strategies beyond simple equity allocations [1][2]. - The successful implementation of multi-asset strategies relies on matching the risk-return characteristics of funds, emphasizing the need for long-term capital and investor education [2]. - Collaboration with public funds is essential for building investment capabilities, as banks cannot economically develop comprehensive research teams independently [3][6]. - Regulatory improvements are crucial for unlocking the potential of wealth management funds in the market, encouraging the development of innovative products that align with investor risk tolerance [6][7]. Summary by Sections Industry Scale and Performance - The wealth management sector's scale reached 31.7 trillion yuan in November, with a slight month-on-month increase [12][13]. - The average annualized yield for banking wealth management products in November was 1.23%, reflecting a decrease of 165 basis points from the previous month [12]. Product Development and Strategy - New product issuance in November totaled 271.7 billion yuan, primarily in fixed-income products, with the average performance benchmark for new products declining to 2.34% [20]. - The majority of maturing products met their performance benchmarks, indicating stability in product performance [31]. Market Trends and Future Outlook - By 2026, it is anticipated that wealth management funds will increasingly allocate to equity markets, with expected annual inflows ranging from 150 billion to 250 billion yuan [7]. - The unique requirements of wealth management funds for yield certainty and volatility control will drive public funds to innovate and develop matching products [7].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Last week, the central bank announced a 50 billion yuan investment in November through treasury bond trading, and the November PMI rose by 0.2 to 49.2. The bond market experienced a certain degree of sell - off, and ultra - long bonds tumbled. The trading activity of ultra - long bonds increased significantly, with the term spread widening and the variety spread showing mixed changes [1][11]. - For the 30 - year treasury bond, as of December 5, the spread between the 30 - year and 10 - year treasury bonds was 41BP, at a historically low level. Considering factors such as economic pressure and low interest rates, the bond market is more likely to fluctuate, and the 30 - 10 spread is expected to face short - term pressure [2][12]. - For the 20 - year CDB bond, as of December 5, the spread between the 20 - year CDB bond and the 20 - year treasury bond was 14BP, at a historically extremely low position. Given the economic situation and market sentiment, the bond market is likely to fluctuate, and the variety spread of the 20 - year CDB bond is expected to have narrow - range fluctuations [3][13]. 3. Summary by Relevant Catalogs 3.1 Weekly Review 3.1.1 Ultra - long Bond Review - The central bank's November treasury bond trading investment and the rise in PMI led to a sell - off in the bond market and a tumble in ultra - long bonds. Trading activity increased significantly, with the term spread widening and the variety spread showing mixed changes [1][11]. 3.1.2 Ultra - long Bond Investment Outlook - **30 - year Treasury Bond**: The 30 - 10 spread is at a low level. The economy is under pressure, and the spread is expected to face short - term pressure [2][12]. - **20 - year CDB Bond**: The spread between the 20 - year CDB bond and the 20 - year treasury bond is extremely low. The bond market is likely to fluctuate, and the variety spread of the 20 - year CDB bond is expected to have narrow - range fluctuations [3][13]. 3.1.3 Ultra - long Bond Basic Overview - The balance of outstanding ultra - long bonds is 24.3 trillion yuan. Local government bonds and treasury bonds are the main varieties. The 30 - year variety has the highest proportion [14]. 3.2 Primary Market 3.2.1 Weekly Issuance - Last week, the issuance volume of ultra - long bonds dropped sharply, totaling 5.73 billion yuan. By variety, treasury bonds were 2.7 billion yuan, local government bonds were 2.88 billion yuan, and corporate bonds were 0.15 billion yuan. By term, 15 - year bonds were 1.1 billion yuan, 20 - year bonds were 0.93 billion yuan, and 30 - year bonds were 3.69 billion yuan [20]. 3.2.2 This Week's Planned Issuance - The announced issuance plan for this week is 3.47 billion yuan, all of which are ultra - long local government bonds [26]. 3.3 Secondary Market 3.3.1 Trading Volume - Last week, ultra - long bonds were very actively traded, with a turnover of 1.1346 trillion yuan, accounting for 14.6% of the total bond turnover. Compared with the previous two weeks, the turnover increased by 221 billion yuan, and the proportion increased by 3.3% [29]. 3.3.2 Yield - Due to the central bank's investment and PMI changes, ultra - long bonds tumbled. The yields of treasury bonds, CDB bonds, local bonds, and railway bonds at different terms all changed, with the 30 - year treasury bond yield rising by 7BP to 2.26% [39]. 3.3.3 Spread Analysis - **Term Spread**: The term spread of ultra - long bonds widened last week, with an absolute low level. The 30 - year - 10 - year treasury bond spread was 41BP, up 7BP from the previous two weeks, at the 24% quantile since 2010 [51]. - **Variety Spread**: The variety spread of ultra - long bonds showed mixed changes last week, with an absolute low level. The spreads of the 20 - year CDB bond and railway bond against the treasury bond were 14BP and 16BP respectively, with changes of 2BP and - 2BP from the previous two weeks, at the 11% quantile since 2010 [53]. 3.4 30 - year Treasury Bond Futures - Last week, the main contract of the 30 - year treasury bond futures, TL2603, closed at 112.51 yuan, down 1.7%. The total trading volume was 706,800 lots, and the open interest was 145,600 lots, with a significant increase in trading volume and a slight decrease in open interest [58].

证券研究报告 | 2025年12月07日 小马智行（PONY.O/2026.HK） 优于大市 单三季度收入同比增长 72%，Robotaxi 商业化运营持续推进 2025Q3 公司实现营收 2544 万美元，同比增长 72%。2025Q3，公司实现 收入为 2544 万美元，同比增长 72.0%，环比增长 18.6%，净利润为-6132 万美元（2024Q3 为-4189 万美元，2025Q2 为-5310 万美元），调整后净 利润（即加回股权激励费用后的净利润）为-5472 万美元（2024Q3 为-4121 万美元，2025Q2 为-4589 万美元）。分业务来看，1）2025Q3，公司 Robotaxi 服务收入为 670 万美元，同比增长 89.5%，其中乘客车费收入同比增长 超 200%。2）2025Q3，公司 Robotruck 服务收入为 1020 万美元，同比增 长 8.7%，随着公司第四代 Robotruck 的推出，其自动驾驶套件 BOM 成本 相比上一代降低了 70%。3）2025Q3，公司授权和应用收入为 860 万美元， 同比大幅增长 354.6%，这一增长 主要得益于 自动驾驶域控 ...

Investment Rating - The report maintains a "weaker than the market" investment rating for the U.S. stock market [4] Core Views - The market is showing a slowdown in price increases with a deepening industry divergence, as evidenced by the S&P 500's 0.3% increase and the Nasdaq's 1.0% increase this week [1] - The focus of capital flows is shifting towards technology, with significant inflows into software and services, automotive, and semiconductor sectors [2] - Earnings expectations for most industries are being revised upwards, indicating a generally stable outlook despite some sectors facing downward adjustments [3] Summary by Sections 1. Market Performance - The S&P 500 rose by 0.3%, while the Nasdaq increased by 1.0% this week, reflecting a mixed performance across sectors [1] - Small-cap growth stocks outperformed small-cap value stocks, and large-cap growth stocks outperformed large-cap value stocks [1] 2. Capital Flows - Estimated capital inflow for S&P 500 constituents was +$71.8 billion this week, down from +$214.0 billion the previous week [2] - Major inflows were seen in software and services (+$20.7 billion), automotive (+$20.6 billion), and semiconductor products (+$20.2 billion) [2] - Significant outflows occurred in utilities (-$4.6 billion) and pharmaceuticals (-$4.2 billion) [2] 3. Earnings Forecast - The dynamic future 12-month EPS expectation for S&P 500 constituents was adjusted upwards by 0.3% this week, consistent with the previous week's adjustment [3] - 22 industries saw upward revisions in earnings expectations, with notable increases in semiconductor products (+0.9%) and automotive (+0.5%) [3] - The energy sector experienced a slight downward adjustment of -0.1% [3]

证券研究报告 | 2025年12月07日 港股市场速览 优于大市 盈利预期受局部权重股压制 股价表现：市场整体上涨，结构略有分化 本周，恒生指数+0.9%，恒生综指+0.8%。风格方面，中盘（恒生中型股+1.6%） ＞大盘（恒生大型股+0.8%）＞小盘（恒生小型股基本持平）。 主要概念指数有所分化。上涨幅度较大的有恒生科技（+1.1%）；下跌幅度 较大的有恒生生物科技（-0.7%）。 国信海外选股策略均有所上涨。上涨幅度较大的是自由现金流 30（+2.4%）。 主要概念指数 EPS 预期多数下降。上修的主要有恒生消费（+0.9%）；下修 的主要有恒生互联网（-2.0%）。 国信海外选股策略 EPS 预期分化。上修的主要有红利贵族 50（+0.5%）；下 修的主要有 ROE 策略全天候型/防御型（-0.2%）。 21 个行业上涨，8 个行业下跌，1 个基本持平。上涨的主要有：有色金属 （+9.7%）、国防军工（+5.9%）、机械（+3.9%）、电子（+3.8%）、石油石 化（+3.6%）；下跌的主要有：纺织服装（-2.6%）、综合（-0.9%）、食品 饮料（-0.6%）、银行（-0.5%）、医药（-0.4%）。 ...