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]

证券研究报告·行业跟踪周报·计算机 [Table_Tag] [Table_Summary] 投资要点 2025 年 12 月 14 日 证券分析师 王紫敬 执业证书：S0600521080005 021-60199781 wangzj@dwzq.com.cn 计算机行业跟踪周报 商业航天系列报告二：中国可回收火箭首飞 在即，把握商业航天拐点机会 增持（维持） 行业走势 -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 2024-12-16 2025-4-15 2025-8-13 2025-12-11 计算机 沪深300 相关研究 《构建数据库的"CUDA"，英伟达存 储变革下软件重构》 2025-12-07 《商业航天：奇点时刻，航天强国》 2025-12-03 东吴证券研究所 1 / 14 请务必阅读正文之后的免责声明部分 ◼ 中国可回收商业火箭发射在即，有望见证中国航天的可回收时代：2025 年 12 月 3 日，朱雀三号遥一运载火箭在东风商业航天创新试验区发射 升空，按程序完成了飞行任务，火箭二级进入预定轨道，火箭一子级在 着陆段点火后出现异常，未实现在回收场坪的软着陆。20 ...

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 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 luoyk@dwzq.com.cn 基金销售行业进一步规范；多家券商优化两 融业务布局 增持（维持） [Table_Tag] [Table_Summary] 投资要点 行业走势 -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 2024/12/16 2025/4/15 2025/8/13 2025/12/11 非银金融 沪深300 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 12 月 14 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 相关研究 《吴清提出拓宽券商资本空间；保险 优化股票风险因子》 2025-12-07 《基金绩效管理办法下发，引导基金 员工激励与长期业绩挂钩》 2025-12-07 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 年 12 月 08 日-2025 年 ...

本周（12 月 8 日至 12 月 12 日）港口动力煤现货价环比下跌 40 元/吨， 报收 745 元/吨。 供给端，本周环渤海四港区日均调入量 183.84 万吨，环比上周下降 11 万吨，降幅 5.76%。本周产地供应较为稳定，港口供应量有所减少。 证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 港口库存持续累计，煤价维持下行走势 2025 年 12 月 14 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 需求端，本周环渤海四港区日均调出量 163.27 万吨，环比上周下降 10 万吨，降幅 5.72%；日均锚地船舶共 75 艘，环比上周基本持平；环渤 海四港区库存端 2915.70 万吨，环比上周上涨 154 万吨，增幅 5.59% 。 港口本周整体调出量减少、库存绝对值上涨，需求释放有限，煤价有所 下行。 我们分析认为：目前港口煤价库存处于较高位置，下游供暖需求已提前 释放，叠加新能源水电风电挤压火电份额，预计煤价维持震荡走势。 估值与建议： 仍旧关注保险资金增量；保费收入维持正增长，且向头部保险集中。固 收类资产荒依旧，叠加红利资产已经高位，所以关 ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 看好 AI 设备高景气带来的设备投资机会；看 好出海持续超预期的油服设备 增持（维持） [Table_Tag] [1.Table_Summary] 推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、先导智能、长川科技、 华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科 技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【AI 设备】摩尔线程上市&美国解除 H200 出口限制，看好 AI 算力基础设施 建设 近期摩尔线程成功登陆科创板，截至 2025 年 12 月 12 日市值已达 3830 亿元。 另外 12 月 9 日美国解除 H200 芯片出口限制，但需缴纳 25%销售额上交美国 政府。摩尔线程上市成功，有望推动国产算力 GPU 技术持续迭代，国产建设 有望加速。英伟达 H200 解除出口限制，一方面有望推动国内云厂商采购芯片 建设算力集群，另一方面 H200 进入中国市场竞争，将助推国产 GPU 不断升 级迭代，国产算 ...

证券研究报告·策略报告·策略周评 （2）算力硬件领域，国内厂商聚焦全栈体系突破。算力硬件领域本周以国 内厂商的技术突破为核心，竞争焦点从单一算力供给升级为"芯片-服务器 -平台"的全栈体系构建。国内端，联想 12 月 10 日正式推出"AI 工厂" 解决方案，同步发布万全异构智算平台 4.0 与问天 WA8080aG5 算力服务 器——前者通过异构算力调度技术实现大模型预训练时间缩短 35%，后者 支持单 GPU 超 1000 瓦功耗，为未来更高性能模型训练预留升级空间，成 功破解国内算力异构化整合难题。同日，华为云发布"盘古算力调度系统"， 可实现跨区域算力资源的智能分配，使算力利用率提升至 85%以上。这些 布局不仅直接拉动通信设备、高规格数据中心的需求，更推动算力基础设 施从"资源型"向"生产型"转型。 （3）应用端多场景突破，AI 升级为产业核心引擎。应用端本周呈现多场 景突破态势，AI 技术从工具属性向产业核心引擎升级。内容创作领域，快 手可灵在 12 月 9 日-12 日期间保持日更节奏，先后上线数字人 2.0、图片 O1 与视频 O1 模型，通过标准化 API 接口构建起从脚本生成到视频输出的 ...