Group 1: Equipment Export - The engineering machinery sector is expected to see a full domestic recovery and moderate export recovery in 2025, with a projected revenue growth of 12% year-on-year in the first three quarters of 2025 [52] - Key recommended companies for engineering machinery include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic, which are expected to benefit from both domestic and international demand [3][52] - The oil service equipment sector is poised for significant growth due to historical opportunities in the Middle East and the Belt and Road Initiative, with recommended companies including Jereh and Neway [3] Group 2: Domestic Demand Improvement - The photovoltaic equipment sector is entering a platform integration phase, with significant advancements in perovskite and heterojunction technologies, leading to increased equipment value [3] - The lithium battery equipment sector is expected to benefit from ongoing capacity expansions and solid-state battery technology, with recommended companies including Lead Intelligent and Hanke Technology [4] - The semiconductor equipment sector is experiencing a recovery driven by domestic substitution and AI-related demand, with key recommendations including Northern Huachuang and Zhongwei [4] Group 3: High-Growth Sectors - The PCB equipment sector is entering a new expansion cycle driven by AI, with high demand for advanced HDI and SLP boards, with recommended companies including Dazhu CNC and Ding Tai High-Tech [5] - The liquid cooling equipment market is growing rapidly as it becomes a standard for AI server cooling, with key recommendations including Hongsheng and a focus on Invec [5] - The gas turbine and diesel generator sectors are expected to see significant growth due to increased electricity demand driven by AI, with recommended companies including Jereh and Yingliu [5] Group 4: New Technologies and Directions - The mass production of humanoid robots is anticipated, with domestic component manufacturers expected to benefit from cost reductions, with recommended companies including Hengli Hydraulic and New Coordinates [5] - The integration of new technologies in the photovoltaic sector is leading to industry transformation, with a focus on innovative solutions [5] Group 5: Performance Analysis - The semiconductor equipment and PCB equipment sectors are leading in revenue growth, with semiconductor equipment benefiting from advanced process expansions and PCB equipment driven by AI server demand [33] - The profit growth in the PCB equipment and general automation sectors is notable, with improvements in product structure and scale effects [33] - The overall machinery sector is experiencing a mild upward trend, with significant performance disparities among sub-sectors [11][20]

Macro Strategy - The report highlights a shift in policy focus from "preventing and mitigating risks in key areas and external shocks" to "better coordinating domestic economic work and international economic struggles," indicating a more proactive approach to external economic conditions [1][15] - There is a transition from stabilizing asset prices to stabilizing microeconomic entities, emphasizing the importance of employment, enterprises, markets, and expectations over real estate and stock markets [2][15] - The policy language has evolved from "extraordinary counter-cyclical adjustments" to "increasing counter-cyclical and cross-cyclical adjustment efforts," reflecting a balance between short-term stimulus and long-term economic structure considerations [2][15] Industry Insights - The food and beverage industry strategy for 2026 emphasizes stock selection based on certainty, focusing on growth and turnaround opportunities, particularly in leading snack companies and quality retail chains [9] - The report suggests a keen interest in the health products sector, driven by an aging population and expanding young consumer demographics, with a focus on innovation and iteration in product offerings [9] - In the phosphoric chemical industry, companies with phosphate iron and phosphate rock resources are recommended, highlighting the significant cost contribution of phosphate sources to phosphate iron production [10] - The non-ferrous metals sector is experiencing price increases, with copper prices rising due to supply tightening and demand fluctuations, while aluminum prices are also on the rise amid stable production [11][12]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned in the first tier of Chinese noodle restaurants, with significant growth potential through accelerated store openings and a focus on standardized operations and digital management [9][24]. - The company has achieved a turning point in profitability, with revenue growth driven by an increase in the number of direct-operated stores [24][25]. - The report highlights the company's strategic focus on the high-potential Sichuan-Chongqing flavor segment, which is expected to grow significantly in the coming years [56]. Summary by Sections 1. Company Overview - As of November 2025, the company operates 451 restaurants in 22 cities in mainland China and 14 in Hong Kong, with plans for 115 new openings [9][15]. - The company has seen revenue growth from 418 million to 1.154 billion yuan from 2022 to 2024, with a CAGR of 66% [24]. 2. Market Positioning - The company holds a 0.5% market share in the Chinese noodle restaurant sector, ranking fourth among competitors [53]. - The global Chinese cuisine market is projected to reach 8.1 trillion yuan by 2024, with significant contributions from overseas markets [46]. 3. Store Expansion Strategy - The company plans to increase its store count to approximately 500 by the end of 2025 and aims to surpass 900 by 2027 through both vertical and horizontal expansion strategies [9][71]. - The majority of new stores will be direct-operated, with a focus on high-traffic shopping centers, which accounted for 64% of the store count in 2024 [67][69]. 4. Financial Projections - Revenue forecasts for 2025-2027 are 16.55 billion, 24.42 billion, and 33.81 billion yuan, with year-on-year growth rates of 43%, 48%, and 38% respectively [1]. - The net profit for the same period is projected to be 1.33 billion, 2.43 billion, and 3.88 billion yuan, with growth rates of 119%, 83%, and 60% respectively [1].

证券研究报告·行业研究 动储需求旺盛，看好磷化工产业链发展前景 电新首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 大化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 电新证券分析师：岳斯瑶 执业证书编号：S0600522090009 石化化工证券分析师：周少玟 执业证书编号：S0600525070005 2025年12月9日 1 核心观点 2 目录 1. 磷化工产业链情况 2. 需求端：动力、储能拉动磷矿石&磷酸铁需求快速增长，磷肥需求走弱 3. 供给端：磷矿石计划新增产能较多，磷酸铁计划新增产能较少 4. 价格展望和供需平衡表测算 5. 投资建议 6. 风险提示 3 • 2.1 新兴需求：动储需求旺盛，其中储能对磷矿石需求量的拉动更强 • 2.2 传统需求：磷肥需求走弱，磷酸盐稳健运行 ◆ 需求端：1）磷矿石：2024年我国磷矿石需求量11320万吨，我们预计2025、2026年磷矿石需求量11802、12414万吨，实 际新增需求量482、612万吨，其中新兴领域的需求增长，而传统领域的需求下降。①新兴需求：动力及储能电池驱动磷化工 产业链景气度向上， ...

证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 食品饮料 2026 投资策略：估值切换为抓手， 三维布局 2026 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 12 月 09 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 郭晓东 执业证书：S0600525040001 guoxd@dwzq.com.cn 证券分析师 邓洁 执业证书：S0600525030001 dengj@dwzq.com.cn 证券分析师 李茵琦 执业证书：S0600524110002 liyinqi@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/12/9 2025/4/9 2025/8/8 2025/12/7 食品饮料 沪深300 相关研究 《宠物保健食品行业：旭日初升，竿 头日上》 2025-11-10 《白酒 2025 年三季报总结：加速纾 压，底部 ...

证券研究报告·行业跟踪周报·有色金属 有色金属行业跟踪周报 降息预期进一步强化叠加多个金属仓单告 急，有色录得环比上涨 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 回顾本周行情（12 月 1 日-12 月 5 日），有色板块本周上涨 5.35%，在全部一级行 业中排名靠前。二级行业方面，周内申万有色金属类二级行业中贵金属板块上涨 0.39%，金属新材料板块上涨 3.08%，小金属板块上涨 2.47%，工业金属板块上涨 9.14%，能源金属板块下跌 0.53%。工业金属方面，随着美国 11 月 ADP 及 9 月 PCE 数据出炉，美国年内降息概率进一步上行利好工业金属风偏上移，此外以铜为 首的金属仓单告急引发逼仓担忧，工业金属环比上涨。贵金属方面，利率下行预期 叠加白银现货逼仓，贵金属整体走强，然而白银 Back 结构走平，叠加当下市场对 降息预期计价较为充分，投资者应关注波动率放大风险。 ◼ 周观点： 铜：LME 天量可交割库存被注销，全球铜价创历史新高。截至 12 月 5 日，伦铜报收 11,665 美元/吨，周环比上涨 4.38%；沪铜报收 92,780 元/吨， ...

证券研究报告·海外公司深度·专业零售(HS) 六福集团（00590.HK） 中高端港资黄金珠宝品牌，同店显著回暖+出 海拓展新空间 买入（首次） [Table_Tag] [Table_Summary] 投资要点 2025 年 12 月 09 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 股价走势 | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港币） | 15,326 | 13,341 | 15,101 | 16,915 | 18,916 | | 同比(%) | 27.95 | (12.95) | 13.19 | 12.02 | 11.83 | | 归母净利润（百万港币） | 1,767 | 1,100 | 1,524 | 1,727 | 1,929 | | 同比(%) | 3 ...

证券研究报告·策略报告·策略点评 策略点评 20251209 若美联储鹰派降息会如何？——港股&海外 周观察 我们认为港股短期还处在左侧阶段，反弹还需等待。从中长期配置来看， 当前位置有吸引力。 其一，市场预计 12 月美联储会降息，但如果采取鹰派降息，港股反弹 力度可能不及预期。 其二，市场已对中央经济工作会议进行前瞻，当前投资者态度相对中性。 若会议内容超预期，市场会反弹。 其三，从中长期看恒生科技当前具有配置意义，AI 科技龙头估值处在合 理区间，一旦有新催化，资金启动，恒生科技会有明显反弹。 其四，我们仍然提示 12 月 19 日，若日本央行加息，或导致产生潜在的 日元 carry trade 平仓风险，间接影响港股。日本央行行长已发出明确信 号 12 月加息。我们已经观察到日元走强，日本债券收益率明显快速上 升迹象，叠加 12 月美联储降息，美日利差收窄，很有可能会引发 carry trade 平仓。 ◼ 美股：本周纳指领涨 0.9%，道指上涨 0.5%，标普 500 上涨 0.3%。行业 上，信息技术、能源领涨，房地产、公用事业领跌。宏观经济基本面分化 的背景下，美联储进入静默期，美股市场进入预备 ...

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 江苏广东发布 2026 年电力市场交易通知，攀 西特高压交流工程核准 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：需求不及预期、电价煤价波动风险、流域来水不及预期等 2025 年 12 月 09 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/12/9 2025/4/9 2025/8/8 2025/12/7 公用事业 沪深300 相关研究 《降温持续美国气价上涨、库存提取 欧洲气价下行》 2025-12-08 《输配电成本监审和定价办法修订， 采暖季最高用电负荷预计创供暖季历 史新高》 2025-12-02 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：1）江苏广东发布 2026 年电力市场交易通知。近 ...

Macro Strategy - The report indicates a shift in policy focus from "preventing and mitigating risks in key areas and external shocks" to "better coordinating domestic economic work and international economic struggles," reflecting a more proactive approach to external economic conditions [1][2] - The emphasis has moved from stabilizing asset prices to stabilizing microeconomic entities, highlighting the importance of employment, enterprises, markets, and expectations [2] - The terminology has evolved from "extraordinary counter-cyclical adjustment" to "increasing counter-cyclical and cross-cyclical adjustment efforts," indicating a balance between short-term stimulus and long-term economic structure considerations [2] Financial Products - The A-share market is expected to continue a bottoming process, with a macro timing model scoring -2 points, suggesting a potential adjustment but limited space for decline [7] - The report notes that the overall market sentiment may remain subdued without significant catalysts or inflows of new capital, leading to a narrow fluctuation pattern [7] Fixed Income - The report highlights a decrease in the issuance of green bonds, with 24 new issues totaling approximately 20.737 billion yuan, a reduction of 12.902 billion yuan from the previous week [8] - The secondary market for green bonds saw a total transaction volume of 66.1 billion yuan, an increase of 2.6 billion yuan from the previous week [8] Industry Insights - The environmental protection industry is highlighted as having undervalued assets, with specific recommendations for companies like Huanlan Environment and Longjing Environmental Protection, which are expected to benefit from early budget allocations for environmental special funds [11][32] - The engineering machinery sector is projected to experience a profit growth rate of over 20% in the next 2-3 years, with a focus on overseas industry recovery [12] Gas Industry - The gas industry report emphasizes cost optimization for gas companies and the importance of price mechanism adjustments, with recommendations for companies like Xin'ao Energy and China Gas [14] Electric Power Equipment - The report anticipates a significant growth in energy storage demand, projecting a 60%+ increase next year, driven by various market factors [16] Automotive Industry - The automotive sector is undergoing a transition with a focus on AI and smart vehicles, with significant developments in Robotaxi strategies and partnerships [21][22] - The report suggests that the automotive industry is at a crossroads, with opportunities in AI smart vehicles and the need for innovation in supply chains [22] Non-Bank Financials - The non-bank financial sector is characterized by low average valuations, with a focus on insurance and securities industries benefiting from economic recovery and favorable policy environments [23][29] Computer Industry - The computer industry is experiencing a shift towards GPU-centric architectures, with significant implications for database technologies and related companies [24] Coal Mining - The coal mining sector is facing weak supply and demand dynamics, with a recommendation to focus on undervalued stocks like Haohua Energy and Guanghui Energy [27] Aluminum Industry - The aluminum industry is expected to see a shift from cyclical stocks to dividend assets, with a projected increase in aluminum prices due to structural changes in supply and demand [28]