Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Views - The Ministry of Commerce plans to promote high-quality development and innovation transformation in the retail industry during the 14th Five-Year Plan period, emphasizing the importance of retail as a foundational industry in the national economy [9][10] - The report highlights a positive outlook on the upgrade of quality retail, indicating that 2025 will be a significant year for retail transformation, with traditional retailers expected to enhance product and service quality through reforms [10] - There is a focus on the development of lower-tier markets, where competition is less intense and quality supply is limited, allowing retail companies to thrive by improving quality [10] Weekly Industry Insights - The report notes that from December 8 to December 14, the Shenwan retail index decreased by 0.21%, while the Shanghai Composite Index fell by 0.34% [11] - Year-to-date performance shows the Shenwan retail index has increased by 2.97%, compared to a 16.04% rise in the Shanghai Composite Index [11] Investment Recommendations - The report recommends leading supermarket reform company Yonghui Supermarket and Miniso, which has strong capabilities in lower-tier markets, as key investment targets [10] - Other companies to watch include Huijia Times, Bubugao, and Xinhua Department Store, which are also undergoing store reforms [10] Company Valuation Table - The report includes a valuation table for various companies in the retail sector, providing insights into market capitalization, closing prices, and projected earnings [17]

证券研究报告 汽车周观点： 重申汽车行业价格行为监管，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年12月15日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.12.8-2025.12.14 2 ◼ 本周细分板块涨跌幅排序：SＷ摩托车及其他(+1.7%) >SW商用载客车（+1.4%） >SW汽车(+0.2%) =SW乘用车(+0.2%) > SW商用载货车(-0.3%) 。本周已覆盖标的 春风动力、旭升集团、长城汽车、恒帅股份、德赛西威涨幅前五。 （ ◼ 本周团队研究成果：外发零部件、智能化、商用车2026年策略报告。 ◼ 本周行业核心变化：1） 2025年12月12日国家市场监督管理总局发布《汽车行业价 格行为合规指南（征求意见稿）》 ；2）中央经济工作会议召开，优化"两新"政策 实施；3）隆鑫通用公告与智元机器人合作，双方重点聚焦工业制造、智能出行两大 核心赛道，建设L2级、L3级产品产线，加快研发更适合于摩托车和通机制造场景的 "具身智能装备"和"具身智能产品"；4 ...

Investment Rating - The report maintains a "Buy" rating for Wantong Hydraulic [1] Core Viewpoints - The hydraulic transmission market is vast, with the company focusing on four main industries: automotive, energy extraction equipment, construction machinery, and defense equipment. The company achieved full-line growth for its three core products in the first half of 2025, with revenue growth of 25.95% for dump truck cylinders, 3.96% for machinery cylinders, and 21.40% for gas springs [7][27][28] - The company has established a strategic partnership with Pangu Intelligent, which is expected to open new growth opportunities in the wind power sector. The collaboration will leverage both companies' strengths in R&D, procurement, supply chain integration, market expansion, and capital operations [31] - The company focuses on high-value components in hydraulic systems, particularly hydraulic cylinders, which accounted for 35.6% of the total value of hydraulic products in 2021. This strategic focus has allowed the company to build a differentiated competitive advantage in the dump truck and mining equipment sectors [38][45] Summary by Sections Hydraulic Market Overview - Hydraulic transmission is a fundamental technology in modern machinery, with applications across various industries including construction, oil and gas, and defense. The global hydraulic market size increased from €28.2 billion in 2016 to €31.6 billion in 2023, with a compound annual growth rate (CAGR) of 1.64% [22][23] - The construction machinery sector is the largest downstream application of hydraulic systems in China, accounting for 60.38% of the hydraulic market in 2023 [19] Company Strategy and Competitive Advantage - The company has a unique strategic vision, focusing on the most valuable components of hydraulic systems. It has built a differentiated competitive advantage in the dump truck and mining equipment sectors by developing specialized hydraulic cylinders tailored to various operational environments [38][45] - The company has established strong relationships with leading clients such as Caterpillar and SANY, ensuring a stable demand for its products [38] Growth Drivers and Future Outlook - The gas spring segment is expected to drive significant growth, with applications expanding into passenger vehicles and specialized transport vehicles. The company has developed multiple gas spring products that are already being used in heavy-duty mining vehicles and autonomous driving systems [3][28] - The company forecasts net profits of ¥144 million, ¥185 million, and ¥242 million for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 38, 30, and 23 times [1][7]

东吴证券晨会纪要 东吴证券晨会纪要 2025-12-15 宏观策略 [Table_MacroStrategy] 宏观点评 20251211：苦练内功，挖掘经济潜能——学习中央经济工作精 神 中央经济工作会议 12 月 10 日至 11 日在北京举行。 1、形势判断：外 部挑战常态化，内部更注重"供强需弱"矛盾。对比去年提到的困难和问 题，今年会议提出了外部挑战、供强需弱、风险隐患等三个问题。相比之 下，对外部压力的判断与去年保持一致，均强调"加深"，说明外部环境 的恶化（如经贸摩擦）已成常态化挑战。在国内经济方面，去年更强调"需 求不足"的一面，今年则提出"供强需弱矛盾突出"，更注重供需平衡关 系。尽管存在上述问题，但我们发展的信心没有变，"这些大多是发展中、 转型中的问题，经过努力是可以解决的，我国经济长期向好的支撑条件和 基本趋势没有改变"。 风险提示：政策落地节奏不及预期；关税事件反复 和出口下行风险；经济基本面发生变化。 宏观点评 20251211： 12 月 FOMC：轻量扩表启动，发布会信号偏鸽— —2025 年 12 月 FOMC 会议点评 证券研究报告 核心观点：12 月 FOMC 如期降息 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The GLP-1 class of drugs has become a revolutionary therapy in the weight loss field, transitioning from an "adjunctive" role to a "core medication" status, significantly improving metabolic indicators while effectively reducing weight [19][20] - Multiple companies have disclosed promising weight loss data, with a focus on domestic companies such as Federated Pharmaceutical, Lepu Medical, and Greeley Pharmaceuticals [2][19] - The report highlights the potential of oral small molecule GLP-1 drugs, with significant clinical data from companies like Greeley Pharmaceuticals and Structure Therapeutics [21][22] Summary by Sections Investment Highlights - The report emphasizes the growth potential in the weight loss drug market, driven by drugs like Semaglutide and Tirzepatide, with notable clinical results from various companies [2][19] - The report suggests monitoring the development of domestic small nucleic acid drugs, which have shown promising results in reducing visceral fat and increasing lean body mass [2] Sub-industry Rankings - The report ranks sub-industries in the following order: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [3][12] - Specific stock recommendations include Federated Pharmaceutical, Lepu Medical, and Greeley Pharmaceuticals from the GLP perspective, and companies like 3SBio, Kintor Pharmaceutical, and Innovent Biologics from the PD1/VEGF dual antibody perspective [3][15] Market Performance - The A-share pharmaceutical index has shown a year-to-date increase of 14.65%, while the Hang Seng Biotechnology Index has increased by 77.09% [11] - The report notes that the medical services sector has seen a price increase of 1.67%, while other sectors like chemical pharmaceuticals and medical devices have experienced declines [11] Clinical Development Updates - Greeley Pharmaceuticals' ASC30 achieved a 7.7% weight reduction in a 13-week study, while Structure Therapeutics' Aleniglipron showed a 15.3% reduction in a 36-week study [21][22] - The report highlights the competitive landscape of oral GLP-1 drugs, with Greeley's ASC30 demonstrating superior weight loss effects compared to Eli Lilly's Orforglipron [23]

Group 1: Industry Changes - The computer industry in 2026 will witness a convergence of "industrial cycles" and "policy cycles," marking a decisive year for both existing tasks and new growth opportunities [2][3] - AI applications are expected to reach a critical point of explosion, transitioning from a phase of high expenditure to profitability, with significant scale deployment in vertical scenarios [11] - Domestic computing power has evolved from being a backup to becoming fully usable in training and inference for domestic large models, with 2026 anticipated to be a year of comprehensive replacement [12] - The completion of the "信创" (Xinchuang) initiative is set for 2027, making 2026 a peak year for bidding and delivery, with strong performance certainty for related companies [13] Group 2: Policy Changes - The "十四五" (14th Five-Year Plan) elevates commercial aerospace to a national strategic level, with 2026 expected to be a year of industry explosion driven by satellite networking and reusable rockets [6] - The low-altitude economy is transitioning from policy enthusiasm to industrial heat, with substantial construction expected in 2026 due to infrastructure standards and special bonds [6] - The integration of AI with various industries is emphasized in the "十四五" plan, aiming for deep integration in manufacturing, healthcare, transportation, and finance, which will enhance productivity and create greater economic value [20][36] Group 3: Investment Recommendations - Companies in the AI application sector should be selected based on their alignment with national policies and the "AI+" initiative, focusing on sectors like agriculture, industrial software, and healthcare [36] - Companies with strong foundational platforms and aggregation entry points for large models are recommended for long-term investment, such as Alibaba and iFlytek [37] - Data barrier companies that possess proprietary data to train models are crucial, with a focus on firms like 海天瑞声 (Haitian Ruisheng) and 同花顺 (Tonghuashun) [38] - Companies that dominate high-frequency usage scenarios, such as 金山办公 (Kingsoft Office) and 东方财富 (Eastmoney), are positioned to benefit significantly from AI integration [40]

证券研究报告·证券年度投资策略报告·电力设备与新能源行业 供给侧拐点已至，供需逐步修复 ——2026年光伏策略报告 证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 联系电话：021-60199798 2025年12月14日 | PART1需求：国内需求高位回落，海外持续增长 | | --- | | PART2.产业链：反内卷陆续起效，价格逐步回升 | | 一、主链：产能出清加速，价格空间修复 | | 二、辅材：龙头优势显著，逆变器α强化 | | PART3.新技术：晶硅有所放缓，钙钛矿GW线落地 | | PART4.投资建议与风险提示 | 3 目录 摘要 注：若无说明，正文中"预计"均来自东吴电新组 2 ◆ 需求：全球装机持续增长，中国装机高位回落。2025年国内受136号文影响1-10月装机252.87GW，同比+39%，整 体装机处于高位，预计全年装机290GW，26年装机215GW，同降26%。海外市场，预计25年美国/欧洲新增装机 50/70GW，同比持平，后续保持15-21%稳定增长态势。新兴市场贡献较多增量，尤其是中东及印度国家项目 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the new energy transformer sector and is accelerating its overseas expansion while developing AIDC to create a second growth curve [1] - The company has achieved significant revenue and net profit growth, with a projected CAGR of 35% and 54% from 2020 to 2024, respectively [1] - The company is expected to return to a rapid growth trajectory by 2026, driven by overseas sales and data center business expansion [1] Summary by Sections 1. Focus on Energy and Information Industry, Actively Expanding Global Market - The company has successfully expanded its overseas customer base and is positioning itself in the data center product market [12] - The strategic focus is on energy and information sectors, with new energy products contributing significantly to revenue [15] - The company has a relatively dispersed shareholding structure, with a strong management team [18] 2. New Energy and Distribution Market Opportunities - The overseas market for new energy and distribution transformers is vast, with significant growth potential [37] - The company has made important breakthroughs in overseas markets, particularly in the U.S. distribution market [58] - The company is well-positioned to benefit from the high demand for transformers driven by AIDC and grid upgrades [51] 3. Diversified AIDC Product Layout, Creating a Second Growth Engine - The global AIDC installed capacity is rapidly increasing, driving high demand for medium-voltage transformers [3] - The company has diversified its product offerings in the AIDC sector, achieving significant progress in both domestic and international markets [3] 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 2.8 billion, 4.9 billion, and 7.4 billion yuan from 2025 to 2027, with corresponding P/E ratios of 49, 29, and 19 times [1] - The target price for 2026 is set at 45.8 yuan, based on a 40 times P/E ratio [1]

Investment Rating - The report maintains an "Overweight" investment rating for the commercial aerospace industry, indicating a positive outlook for the sector's growth potential [1]. Core Insights - The upcoming launch of China's reusable rockets marks a pivotal moment for the commercial aerospace industry, with expectations of significant growth in satellite launches and related services starting from 2026 [4][10]. - The transition to reusable rockets is expected to drastically reduce launch costs, thereby accelerating the commercialization of space and enabling new business models such as satellite internet and space tourism [9][21]. - The report highlights the importance of technological advancements in achieving low-cost, high-reusability in rocket launches, which is crucial for maintaining competitive advantage in the global aerospace market [21]. Summary by Sections Rocket Launches - The imminent launch of reusable commercial rockets is anticipated to lead to rapid industry growth, with several new models expected to debut by the end of 2025 [10]. - The report estimates that from 2026 to 2029, an average of 499 satellites will be launched annually, increasing to 1,932 satellites per year starting in 2030, and further to 5,248 satellites per year from 2033 [27]. Cost Reduction and Strategic Importance - The report discusses the significant cost breakdown of rockets, noting that the first stage of the Falcon 9 rocket accounts for 60% of total costs, emphasizing the financial benefits of reusability [13]. - Achieving reusable rocket technology is seen as a strategic leap for China, enhancing national security and positioning the country as a leader in high-end manufacturing and global competition [21]. Macro Drivers and New Demand - The report identifies the growing demand for space computing power as a new driver for rocket launches, highlighting the limitations of terrestrial data centers and the advantages of orbital data centers [28][30]. - The International Telecommunication Union (ITU) regulations create urgency for satellite deployment, with strict timelines for satellite launches that could impact market dynamics [22][24]. Investment Strategies and Related Companies - The report outlines investment strategies focusing on companies involved in the development of reusable rockets and satellite technologies, including specific firms like Superjet, Srey New Materials, and others [31][37]. - It emphasizes the potential for significant returns in the commercial aerospace sector, particularly for companies that can capitalize on the transition to reusable launch systems [31].

证券研究报告·公司点评报告·白酒Ⅱ 贵州茅台（600519） 量价调控思路清晰，长期韧性值得信赖 2025 年 12 月 14 日 买入（维持） 股价走势 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 150,560 | 174,144 | 182,883 | 186,529 | 191,818 | | 同比（%） | 18.04 | 15.66 | 5.02 | 1.99 | 2.84 | | 归母净利润（百万元） | 74,734 | 86,228 | 90,154 | 91,036 | 92,882 | | 同比（%） | 19.16 | 15.38 | 4.55 | 0.98 | 2.03 | | EPS-最新摊薄（元/股） | 59.68 | 68.86 | 71.99 | 72.70 | 74.17 | | P/E（现价&最新摊薄） | 23.80 | 20.63 | 19.73 | 19.54 | 19.15 ...