Investment Rating - The report maintains an "Outperform" rating for the media and internet industry [5][4][35]. Core Insights - The media industry has shown a weekly increase of 0.54%, outperforming both the CSI 300 index (0.35%) and the ChiNext index (-1.31%) during the week of December 15-21, 2025 [11][12]. - Key performers in the industry include Guangxi Guangdian, Sanwei Communication, Perfect World, and 37 Interactive Entertainment, while notable decliners include Bona Film Group, ST Fanli, Ciwen Media, and Zhejiang Wenlian [11][12]. - The release of "Avatar 3" has significantly boosted box office revenues, contributing to a total of 706 million yuan in film box office for the week, with "Avatar 3" alone accounting for 381 million yuan (53.9% of the total) [18][20]. Summary by Sections Industry Performance - The media sector ranked 16th in terms of weekly performance among all sectors, with a 0.54% increase [11][12][13]. - The top three films for the week were "Avatar 3" (381 million yuan), "Zootopia 2" (242 million yuan), and "Deqian Jinzhi" (46 million yuan) [18][20]. Key Developments - ByteDance launched the Doubao model 1.8 and Seedance 1.5 Pro, enhancing capabilities for audio-visual content generation [2][15]. - Tencent introduced the Mix Yuan video model 1.5, a real-time interactive experience platform [2][16]. - OpenAI released the GPT Image 1.5 model, improving image generation and editing capabilities [2][17]. - MiniMax and Zhiyu passed the Hong Kong Stock Exchange hearing, with plans to list in January 2026 [2][17]. Investment Recommendations - The report suggests seizing opportunities in the gaming sector, particularly with companies like Giant Network, Kaiying Network, and Jibite, as the gaming sector is expected to rebound [4][35]. - It also highlights the potential in AI applications and the film industry, recommending platforms like Mango TV and Bilibili, as well as content producers like Light Media and Huace Film [4][35].

证券研究报告|2025年12月22日 资配跨年展望 春季躁动，你想知道的一切 资产配置研究·深度报告 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 请务必阅读正文之后的免责声明及其项下所有内容 01 全球资产 02 AH大势 03 风格 04 行业规律 05 技术实操 请务必阅读正文之后的免责声明及其项下所有内容 全球权益资产的"跨年行情"或"春季躁动"是否成立 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 • 全球资产的"跨年红包"与"春季行情"。1）季节效应上看，历年Q4全球主要市场股指涨幅更高，海外央行年末释放鸽派信号、外企 "岁末双薪"入市，圣诞假风偏提升驱动全球权益资产的"跨年红包"行情；2）大宗商品方面，Q1季节性偏强，黄金Q1强于Q4，银、 铜Q4强于Q1，布油四个季度表现逐季递减，受 OPEC 配额调整、冬季取暖和春季出行预期影响，一季度弹性偏大；3）全球资产如何共 振，中国"春季 ...

Group 1 - The report indicates that in the week from December 15 to December 19, 2025, overseas markets experienced more declines than gains, with slight valuation changes. The Asia-Pacific region saw a broad decline, led by South Korea, while the Eurozone and the UK saw increases. Notably, the Nikkei 225 and the Korean Composite Index fell by 2.61% and 3.52%, respectively, but their P/E ratios expanded by 0.92x and 2.57x, indicating downward revisions in earnings expectations [3][8]. - In the same week, A-shares showed narrow fluctuations with slight valuation expansion. The large-cap value stocks outperformed growth stocks, with large-cap value rising by 1.52% while large-cap growth fell by 1.39%. The report highlights that the valuation distribution is asymmetric, with significant P/E contractions in small-cap growth and the National Index 2000 [3][23]. - The report notes that the downstream consumer sector has a favorable valuation attractiveness. The communication sector has the highest valuation percentiles, with rolling 1-year, 3-year, and 5-year averages of 96.80%, 98.93%, and 99.36%, respectively. Other consumer sectors like social services and beauty care also show relatively high valuation attractiveness [3][26]. Group 2 - The report highlights that the new energy sector experienced a broad decline, with photovoltaic stocks leading the drop at -3.91%. However, sectors such as insurance and military industry performed well, indicating a divergence in sector performance. The report also notes that some industries, like artificial intelligence and new energy, saw significant P/E expansions despite falling stock prices, reflecting downward revisions in profit expectations [3][23]. - The report provides a detailed valuation comparison of various indices, indicating that the core broad-based indices (CSI 300, Shanghai Composite, and Wind All A) are all above the 75th percentile level since 2010. In contrast, other indices are positioned between the median and the 75th percentile [3][28]. - The report concludes that large-cap growth stocks have superior valuation attractiveness, with their P/E, P/B, and P/S ratios showing higher percentile rankings compared to small-cap value stocks, which have lower valuation attractiveness across multiple time frames [3][26].

Macro and Strategy - The macroeconomic review indicates a moderate slowdown in domestic economic growth, with November GDP growth estimated at 4.1%, down 0.2 percentage points from October, suggesting a low probability of significant rebound in December [9][10] - The service sector is identified as the main drag on economic growth, with a notable decline in the production index, particularly in traditional industries like finance and real estate, while emerging sectors show resilience [10] - The shift in policy focus from growth preservation to structural adjustment is highlighted, indicating a transition towards high-quality development [10] Fixed Income - The fixed income market is experiencing seasonal increases in cross-year funding demand, with expectations of rising market interest rates in December [11] - The report notes a slight fluctuation in interbank and exchange repo rates, with a forecasted increase in excess deposit reserve ratios for November and December [11] - The convertible bond market is showing signs of recovery, with a notable increase in the average price and a decrease in the average premium rate [13][14] Industry and Company Insights - The internet securities industry is transitioning from a traditional service model to a customer-centric ecosystem, which is expected to drive innovation and growth [15][17] - The insurance asset-liability management framework is moving towards a more comprehensive regulatory system, emphasizing long-term value and risk prevention [18][19] - The food and beverage sector is projected to benefit from cost advantages and efficiency improvements, with a focus on innovation and recovery opportunities [26][28] - The electric power equipment and new energy sector is witnessing significant developments, particularly with the first large-scale green methanol project in China, indicating a market potential exceeding 10 billion annually [30][31] - Nike's performance shows regional disparities, with North America recovering faster than the Greater China region, which faces significant pressure due to competitive pricing and brand positioning challenges [32][33] - Wanhua Chemical is experiencing a rebound in MDI product prices, driven by production cuts and increased demand from the US housing market due to interest rate cuts [34][36]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index declined by 3.1% throughout the week. After the departure of irrational premium and speculative funds in the early stage, the year - to - date return of the China Securities REITs Index turned negative (-2.1%). As emotional pricing fades, prices are gradually anchored to the cash flow and distribution ability of underlying assets, significantly enhancing the safety margin. From the comparison of weekly returns of major indices, CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI 300 Index > China Securities REITs Index. As of December 19, 2025, the dividend yield of equity - type REITs is 80BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield is 367BP [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of December 19, 2025, the closing price of the China Securities REITs (closing) Index was 773.15 points, with a weekly decline of 3.1% from December 15 - 19, 2025, performing worse than the CSI Convertible Bond Index (+0.5%), the CSI Aggregate Bond Index (+0.1%), and the CSI 300 Index (-0.3%). Year - to - date, the performance order of major indices is: CSI Convertible Bond Index (+17.1%) > CSI 300 Index (+16.1%) > CSI Aggregate Bond Index (+0.6%) > China Securities REITs Index (-2.1%). In the past year, the return of the China Securities REITs Index was -0.7%, with a volatility of 7.5%. Its return was lower than that of the CSI 300 Index, the CSI Convertible Bond Index, and the CSI Aggregate Bond Index; its volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index [2][6]. - **Market Capitalization and Turnover**: On December 19, the total market capitalization of REITs was 214.1 billion yuan, a decrease of 3.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.39%, an increase of 0.02% from the previous week [2][9]. - **Performance by Type**: From the perspective of different project attributes, the average weekly returns of equity - type REITs and concession - type REITs were -2.1% and -4.0% respectively. All types of REITs closed down, with transportation, water conservancy facilities, and municipal facilities REITs experiencing the largest declines. The two REITs with the largest weekly increases were Hua'an Waigaoqiao REIT (+1.34%) and Boshi Jinkai Industrial Park REIT (+0.08%), while the rest of the REITs declined this week [3][13][15]. - **Trading Activity**: Among different project types, water conservancy facilities REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest trading volume proportion this week, accounting for 25.9% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (7.45 million yuan), Huatai Jiangsu Expressway REIT (6.71 million yuan), and China Merchants Expressway REIT (4.22 million yuan) [3][18][19]. 3.2 Primary Market Issuance - From the beginning of the year to December 19, 2025, there were 2 REITs products in the accepted stage, 3 in the declared stage, 2 in the inquired stage, 5 in the feedback stage, 6 products that had passed and were waiting for listing, and 15 newly - listed first - issue products on the exchange [22]. 3.3 Valuation Tracking - **Valuation Indicators**: REITs have both bond and equity characteristics. As of December 19, the average annualized cash distribution rate of public - offering REITs was 6.20%. From the equity perspective, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. Different project types have different valuation levels. For example, the relative net value premium rate of affordable rental housing REITs is 40.7%, and the P/FFO is 36.3 [24][26]. - **Comparison with Benchmarks**: As of December 19, 2025, the dividend yield of equity REITs was 20BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 367BP [28]. 3.4 Industry News - On December 19, China Three Gorges New Energy (Group) Co., Ltd. officially applied for the "Huatai Three Gorges Clean Energy REIT", with the underlying asset being the Dalian Zhuanghe Offshore Wind Power Project. The project has been fully connected to the grid in 2020, and the relevant issuance proposal has been reviewed and approved by the board of directors. The company and its affiliated parties plan to subscribe for 44% of the fund shares in total. - On December 19, the "Huaxia Anbo Warehouse REIT" initiated by foreign - funded enterprise Ambo was successfully listed on the Shenzhen Stock Exchange. The underlying assets of this product are three high - quality logistics and warehousing projects in the core area of the Guangdong - Hong Kong - Macao Greater Bay Area. During the issuance stage, the offline inquiry multiple of this fund reached 235.8 times, and various investors highly recognized the investment value of the project [4][34].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Last week (from December 15 to December 19, 2025), the median weekly return of equity ETFs was -0.26%. Among broad-based ETFs, the median return of SSE 50 ETF was 0.67%, the highest. By sector, the median return of large financial ETFs was 1.22%, the highest. By theme, the median return of military ETFs was 2.56%, the highest [1][13][18]. - Last week, equity ETFs had a net subscription of 55.447 billion yuan, and the overall scale increased by 38.992 billion yuan. Among broad-based ETFs, A500 ETF had the largest net subscription, reaching 32.639 billion yuan. By sector, technology ETFs had the largest net subscription, amounting to 6.382 billion yuan. By hot theme, chip ETFs had the largest net subscription, reaching 3.050 billion yuan [2][27][33]. - As of last Friday, the valuation quantiles of ChiNext - related ETFs among broad - based ETFs were relatively low. By sector, the valuation quantiles of consumer and large financial ETFs were relatively moderate. By sub - theme, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low. Compared with the previous week, the valuation quantiles of A500 and consumer ETFs increased significantly [3][34][44]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 46.443 billion yuan in the previous week to 47.714 billion yuan, and the short - selling volume decreased from 2.582 billion shares in the previous week to 2.481 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes, securities ETFs and STAR Market ETFs had relatively high average daily margin purchases, while CSI 1000 ETF and SSE 50 ETF had relatively high average daily short - selling volumes [4][45][53]. - As of last Friday, Huaxia, E Fund, and HuaTai - Berry ranked top three in the total scale of listed non - monetary ETFs. This week, 5 ETFs, including Huaxia CSI All - Share Food ETF, Huabao CSI All - Share Electric Power Utility ETF, ICBC ChiNext New Energy ETF, E Fund SSE STAR Market Chip Design Theme ETF, and E Fund CSI All - Share Food ETF, will be issued [5][57][60]. 3. Summary by Relevant Catalogs ETF Performance - **Equity ETFs**: The median weekly return was -0.26%. The median returns of SSE 50, CSI 500, CSI 300, A500, CSI 1000, ChiNext - related, and STAR Market ETFs were 0.67%, 0.03%, -0.13%, -0.14%, -0.53%, -2.25%, and -2.43% respectively. The median returns of commodity, bond, money - market, and cross - border ETFs were 0.98%, 0.05%, 0.02%, and -1.76% respectively [13]. - **By Sector**: The median returns of large financial, consumer, cyclical, and technology sector ETFs were 1.22%, 0.38%, -0.52%, and -2.31% respectively [18]. - **By Theme**: The median returns of military, bank, and securities ETFs were 2.56%, 1.23%, and 1.07% respectively, showing relatively strong performance. The median returns of chip, photovoltaic, and AI ETFs were -3.24%, -2.91%, and -2.45% respectively, showing relatively weak performance [18]. ETF Scale Changes and Net Subscriptions/Redeemptions - **Overall Scale**: As of last Friday, the scales of equity, cross - border, and bond ETFs were 3,683.2 billion yuan, 965.0 billion yuan, and 743.0 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 246.8 billion yuan and 186.2 billion yuan respectively [20]. - **Broad - based ETFs**: The scales of CSI 300 and A500 ETFs were relatively large, at 1,176.9 billion yuan and 243.0 billion yuan respectively. The scales of STAR Market, SSE 50, CSI 500, ChiNext - related, and CSI 1000 ETFs were relatively small, at 207.8 billion yuan, 184.6 billion yuan, 180.8 billion yuan, 174.3 billion yuan, and 170.3 billion yuan respectively [20]. - **By Sector**: As of last Friday, the scale of technology sector ETFs was 418.5 billion yuan, followed by cyclical sector ETFs at 210.3 billion yuan. The scales of large financial and consumer ETFs were relatively small, at 197.1 billion yuan and 186.7 billion yuan respectively [25]. - **By Theme**: As of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 147.5 billion yuan, 139.2 billion yuan, and 101.7 billion yuan respectively [25]. - **Net Subscriptions/Redeemptions**: Last week, equity ETFs had a net subscription of 55.447 billion yuan, and the overall scale increased by 38.992 billion yuan. Money - market ETFs had a net redemption of 1.662 billion yuan, and the overall scale decreased by 1.645 billion yuan. Among broad - based ETFs, A500 ETF had the largest net subscription of 32.639 billion yuan, and its scale increased by 32.528 billion yuan. SSE 50 ETF had the largest net redemption of 461 million yuan, and its scale increased by 560 million yuan [27]. By sector, technology ETFs had the largest net subscription of 6.382 billion yuan, and their scale decreased by 3.386 billion yuan. Cyclical ETFs had the largest net redemption of 3.207 billion yuan, and their scale decreased by 1.987 billion yuan. By hot theme, chip ETFs had the largest net subscription of 3.050 billion yuan, and their scale decreased by 2.222 billion yuan. Military ETFs had the largest net redemption of 4.229 billion yuan, and their scale decreased by 3.058 billion yuan [31][33]. ETF Benchmark Index Valuation - **Broad - based ETFs**: As of last Friday, the price - to - earnings ratios of SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 82.44%, 82.44%, 95.22%, 93.82%, 59.52%, and 90.79% quantiles respectively, and the price - to - book ratios were at the 60.72%, 68.43%, 96.70%, 48.23%, 59.03%, and 89.70% quantiles respectively. Since December 31, 2019, the current price - to - earnings and price - to - book ratios of STAR Market - related ETFs were at the 81.37% and 70.82% quantiles respectively. Compared with the previous week, the valuation quantiles of A500 ETF increased significantly [34][36]. - **By Sector**: As of last Friday, the price - to - earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the 73.54%, 32.15%, 25.89%, and 92.75% quantiles respectively, and the price - to - book ratios were at the 69.08%, 56.31%, 36.19%, and 79.39% quantiles respectively. Compared with the previous week, the valuation quantiles of consumer ETFs increased significantly [38]. - **By Theme**: As of last Friday, the price - to - earnings quantiles of photovoltaic, military, and dividend ETFs were relatively high, at 99.59%, 99.01%, and 96.04% respectively. The price - to - book quantiles of AI, dividend, and robot ETFs were relatively high, at 99.75%, 96.13%, and 92.50% respectively. Overall, among broad - based ETFs, the valuation quantiles of ChiNext - related ETFs were relatively low. By sector, the valuation quantiles of consumer and large financial ETFs were relatively moderate. By sub - theme, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low [40][41][44]. ETF Margin Trading and Short - Selling - Overall, the short - selling volume of equity ETFs has generally maintained an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs increased from 46.443 billion yuan in the previous week to 47.714 billion yuan, and the short - selling volume decreased from 2.582 billion shares in the previous week to 2.481 billion shares [45]. - Among the top 10 ETFs with the highest average daily margin purchases from Monday to Thursday last week, securities ETFs and STAR Market ETFs had relatively high average daily margin purchases. Among the top 10 ETFs with the highest average daily short - selling volumes, CSI 1000 ETF and SSE 50 ETF had relatively high average daily short - selling volumes [48][50][53]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, and had a relatively high management scale in multiple sub - fields such as scale - based index ETFs, theme - based, style - based, and strategy - based index ETFs, and cross - border ETFs. E Fund ranked second, with a relatively high management scale in scale - based index ETFs and cross - border ETFs. HuaTai - Berry ranked third, with a relatively high management scale in scale - based index ETFs and theme - based, style - based, and strategy - based index ETFs [54]. - Last week, 7 new ETFs were established. This week, 5 ETFs, including Huaxia CSI All - Share Food ETF, Huabao CSI All - Share Electric Power Utility ETF, ICBC ChiNext New Energy ETF, E Fund SSE STAR Market Chip Design Theme ETF, and E Fund CSI All - Share Food ETF, will be issued [57].

证券研究报告 | 2025年12月21日 农产品研究跟踪系列报告（187） 优于大市 牧业产能维持去化，看好肉奶周期共振反转 鸡蛋：在产父母代存栏维持增长，中期供给压力较大。12 月 19 日，鸡蛋主 产区价格 3.07 元/斤，周环比-0.65%，同比-5.98%。 周度农产品跟踪：牛价有望持续上涨，反内卷支撑中长期生猪价格。 生猪：行业反内卷有望支撑猪价中长期表现。12 月 19 日生猪价格 11.57 元/ 公斤，周环比+2.03%；7kg 仔猪价格约 218.57 元/头，周环比-0.43%。 白鸡：供给小幅增加，关注旺季消费修复。12 月 19 日，鸡苗价格 3.37 元/ 羽，周环比-0.30%；毛鸡价格 7.28 元/公斤，周环比+0.55%。 黄鸡：供给维持底部，有望率先受益内需改善。12 月 18 日浙江快大三黄鸡/ 青 脚 麻 鸡 / 雪 山 草 鸡 斤 价 分 别 为 5.0/5.9/7.5 元 ， 周 环 比 分 别 +8.70%/+5.36%/-8.54%。 肉牛：新一轮牛价上涨开启，看好牛周期反转上行。12 月 12 日，国内育肥 公牛出栏价为 25.40 元/kg，环比+0.79 ...

- The report does not contain any specific quantitative models or factors for analysis[1][2][3][4]

Investment Rating - The investment rating for the insurance industry is "Outperform the Market" (maintained) [1] Core Insights - The release of the "Insurance Company Asset-Liability Management Measures (Draft for Comments)" marks a transition from a "temporary measure" to a "comprehensive regulation" phase in China's insurance industry, aiming to integrate previously fragmented regulatory requirements into a more rigid and long-term value-oriented framework [2][10] - The new measures are expected to drive the insurance industry from scale-driven growth to high-quality development, focusing on risk prevention and sustainable growth, which will significantly impact industry competition, business models, and valuation logic [2][10] - The core of asset-liability management is to establish a robust long-term system that can withstand economic and interest rate cycles, with leading companies aiming to exceed compliance requirements to support strategic implementation and achieve high-quality development [8] Summary by Sections Regulatory Framework - The new measures establish a clear and comprehensive management system with defined responsibilities and indicators, requiring insurance companies to create an organizational structure that emphasizes accountability and independent asset-liability management departments [3] - The measures embed management requirements into the entire business cycle, enhancing asset-liability linkage in product development, pricing, and asset allocation, and shifting risk management from reactive to proactive [3] Regulatory Indicators and Thresholds - Compared to previous temporary measures, the new regulations introduce specific regulatory indicators and thresholds, including effective duration gap, comprehensive investment income coverage ratio, net investment income coverage ratio, and liquidity coverage ratio under stress scenarios [4] - These indicators will provide a standardized benchmark for regulatory evaluation, quantifying insurance companies' capabilities in duration matching, income realization, and liquidity reserves [4] Industry Impact - The implementation of the new measures is expected to accelerate industry differentiation, posing varied challenges to different types of entities. Leading insurance companies with established asset-liability management systems will face lower implementation costs, while smaller companies may need to undergo significant changes in product structure and investment strategies [6] - The new regulations coincide with the upcoming full implementation of new accounting standards in 2026, which will enhance the sensitivity of financial statements to interest rate fluctuations, reinforcing the need for effective interest rate risk management [7] Practical Implementation - Leading insurance companies are adopting a systematic framework for asset-liability management that adheres to principles of safety, profitability, and liquidity, ensuring effective communication between asset and liability sides from the product development stage [8][9] - A "dumbbell" investment strategy is being employed, balancing long-duration fixed income assets with equity and alternative investments, supported by a long-term assessment mechanism and proactive ecological layout [9]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Last week, A-shares were volatile and stabilized, with reduced market volume. Policies on stimulating domestic demand and the upcoming full - scale customs closure of Hainan Free Trade Port boosted the large - consumption sector. The medical and commercial sectors performed well, while the previously rising TMT and new energy sectors lagged. The bond market first declined and then rose. The 10 - year Treasury bond yield closed at 1.83% on Friday, down 0.88bp from the previous week. Most convertible bond issues rose, with the CSI Convertible Bond Index up 0.48% for the week, the median price up 0.81%, and the calculated arithmetic average parity up 0.73% for the week, and the market conversion premium rate down 0.36% compared with the previous week [1][2][9] - In the coming week, the small - and micro - cap stocks performed well last week, and convertible bonds rose slightly following the underlying stocks. The median price rose to 132 yuan, and the premium rates of convertible bonds in most parity ranges increased. However, convertible bond ETFs have faced outflow pressure for 4 consecutive weeks, showing a "passive to active" structural feature. Recently, the willingness of several convertible bond issuers to promote conversion has significantly increased. Under the expectation of the spring rally, the parity of convertible bonds is expected to further rise. The number of issues actually facing maturity repayment is relatively limited, and some issues with longer remaining terms still have high conversion opportunities. Currently, the valuation of the convertible bond market is still at a historical high, and it is difficult to find overall opportunities. Relative - return investors are recommended to allocate small - position, well - balanced non - callable and suitable - premium equity - biased convertible bonds, and absolute - return investors are advised to focus on high - volatility underlying stocks below 130 yuan or industry leaders with historically low valuations [3][18] Summary of Relevant Catalogs Market Focus Last Week (December 15 - December 19, 2025) Stock Market - A - shares were volatile and stabilized with reduced volume. Policies and the Hainan event boosted the consumption sector, and the medical and commercial sectors performed well due to the flu and AI. The TMT and new energy sectors lagged. The market showed daily fluctuations in indices and sector performances. Most of the Shenwan primary industries rose, with the top - gainers being commerce and retail (6.66%), non - bank finance (2.90%), beauty and care (2.87%), social services (2.66%), and basic chemicals (2.58%), while electronics (-3.28%), power equipment (-3.12%), machinery (-1.56%), and comprehensive (-1.53%) underperformed [8][9] Bond Market - The bond market first declined and then rose. Despite weak economic data and equity market adjustments at the beginning of the week, bond market sentiment was poor. The central bank's 1000 - billion - yuan 14 - day reverse repurchase operation on Thursday stabilized capital expectations, and bond market sentiment recovered in the second half of the week. The 10 - year Treasury bond yield closed at 1.83% on Friday, down 0.88bp from the previous week [1][9] Convertible Bond Market - Most convertible bond issues rose. The CSI Convertible Bond Index was up 0.48% for the week, the median price was up 0.81%, the calculated arithmetic average parity was up 0.73% for the week, and the market conversion premium rate was down 0.36% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds in the parity ranges of [90,100), [100,110), and [110,120) increased by 4.71%, 0.84%, and 0.85% respectively, reaching the 100%, 98%, and 94% percentile values since 2023. Most industries in the convertible bond market rose, with commerce and retail (+5.34%), light industry manufacturing (+4.73%), steel (+2.13%), and beauty and care (+1.95%) leading, while non - bank finance (-4.26%), communication (-0.50%), coal (-0.39%), and household appliances (-0.31%) lagged. The top - gainers among individual issues were Jiamei, Huati, Zai 22, Huicheng, and Huayi convertible bonds, and the top - losers were Nenghui, Borui, Furong, Jingda, and Weidao convertible bonds. The total trading volume of the convertible bond market last week was 3073.22 billion yuan, with an average daily trading volume of 614.64 billion yuan, an increase from the previous week [2][9][12] Views and Strategies (December 22 - December 26, 2025) - Small - and micro - cap stocks performed well last week, and convertible bonds rose slightly following the underlying stocks. The median price rose to 132 yuan, and the premium rates of convertible bonds in most parity ranges increased. However, convertible bond ETFs have faced outflow pressure for 4 consecutive weeks, showing a "passive to active" structural feature. Some low - price convertible bonds and large - cap, high - rating, near - maturity convertible bonds such as Huaan, Guotou, and Nenghua adjusted significantly, reflecting market concerns about the credit of low - quality issues and the conversion ability of near - maturity issues [3][18] - Recently, the willingness of several convertible bond issuers to promote conversion has significantly increased. Under the expectation of the spring rally, the parity of convertible bonds is expected to further rise. The number of issues actually facing maturity repayment is relatively limited, and some issues with longer remaining terms still have high conversion opportunities. If there are significant adjustments, investors can buy at low prices [3][18] - Currently, the valuation of the convertible bond market is still at a historical high, and it is difficult to find overall opportunities. Relative - return investors are recommended to allocate small - position, well - balanced non - callable and suitable - premium equity - biased convertible bonds in sectors such as power, storage, domestic substitution of semiconductor equipment and materials, commercial aerospace, and humanoid robots. Absolute - return investors are advised to focus on high - volatility underlying stocks below 130 yuan or industry leaders in sectors such as two - wheeled vehicles, cosmetics, and breeding with historically low valuations [3][18] Valuation Overview - As of December 19, 2025, for equity - biased convertible bonds, the average conversion premium rates in the parity ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 43.38%, 39.68%, 28.72%, 20.96%, 12.59%, and 13.84% respectively, at the 90%/82%, 98%/100%, 95%/97%, 93%/94%, 80%/70%, and 98%/98% percentile values since 2010/2021. For debt - biased convertible bonds, the average YTM of issues with a parity below 70 yuan was -3.99%, at the 2%/5% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 44.18%, at the 90%/96% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 3.03%, at the 86%/87% percentile values since 2010/2021 [19] Primary - Market Tracking - Last week (December 15 - December 19, 2025), there were no announcements of convertible bond issuances or listings. As of December 19, there were no announcements of convertible bond issuances in the coming week (December 22 - December 26, 2025), but Puxian Convertible Bond will be listed. Puxian Convertible Bond has an issue size of 243 million yuan, a credit rating of A+, and is scheduled to be listed on December 22. The underlying stock is Puxian Software, with a market value of 4.663 billion yuan as of December 19. The company focuses on management software development in the energy industry. In 2024, its revenue was 836 million yuan (+11.6% year - on - year), and the net profit was 121 million yuan (+95.06% year - on - year). From Q1 - Q3 2025, the revenue was 300 million yuan (+2.17% year - on - year), and the net profit was 100,000 yuan (-90.07% year - on - year) [27] - Last week, the exchanges approved the registration of 2 companies (Shangtai Technology and Jinpan Technology), the listing committees passed the applications of 3 companies (Zhanggao Electric, Doctor Glasses, and Haitian Co., Ltd.), the exchanges accepted the applications of 2 companies (Ruihu Mould and Nanxin Technology), the general meetings of shareholders passed the proposal of 1 company (Zuoli Pharmaceutical), and the board of directors proposed the issuance of 1 company (Tianshan Electronics). As of now, there are 93 convertible bonds to be issued, with a total scale of 146.9 billion yuan, including 5 issues with a total scale of 5.9 billion yuan that have been approved for registration and 10 issues with a total scale of 8.52 billion yuan that have passed the listing committee [28]