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， ...

Core Insights - The report emphasizes a shift in valuation as a key strategy for investment in the food and beverage industry, with a relatively optimistic outlook for 2026 despite ongoing uncertainties [5][31][40] - The report identifies five key areas for stock selection to capture investment opportunities in 2026, focusing on health products, leading snack brands, quality retail chains, beverage leaders, and the recovery of the liquor and dairy sectors [5][40] Industry Trends - Consumer spending has been under pressure for an extended period, with CPI and retail sales growth remaining low, indicating a challenging environment for the food and beverage sector [5][16][23] - The overall revenue growth for the food and beverage sector has declined significantly from +14.5% in 2019 to +0.2% in the first three quarters of 2025, with net profit growth turning negative at -4.6% [23][26] - The report notes that the liquor sector is experiencing a significant downturn, with revenue and profit declines observed for the first time since 2017, highlighting the need for a recovery phase [23][26] Investment Strategy - The report advocates for a focus on certainty in investment, utilizing valuation shifts as a primary strategy, with an emphasis on continuous growth and the reversal of challenging conditions as key drivers for valuation recovery [5][31][32] - The report outlines that the recovery in consumer sentiment and spending is expected to be gradual, with specific attention to the liquor sector's potential for recovery in 2026 [5][22][39] Stock Selection - Five key areas for stock selection are identified: 1. Health products and wellness as a core growth area 2. Leading snack brands benefiting from supply chain improvements 3. Quality retail chains with expansion potential 4. Beverage leaders with long product life cycles 5. Liquor and dairy sectors poised for recovery [5][40] - The report highlights specific companies within these categories, such as Eastroc Beverage and Yili Group, which are expected to perform well in the upcoming period [5][40]

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， ...

Investment Rating - The report assigns a "Buy" rating for Lukfook Holdings (00590.HK) for the first time [1]. Core Insights - Lukfook Holdings is a leading jewelry retailer in Hong Kong and mainland China, with a significant recovery in same-store sales and expansion into overseas markets [8]. - The company has established a comprehensive multi-brand matrix, including Lukfook Jewellery, King Fook, Heirloom Fortune, Goldstyle, Lukfook Joaillerie, and Love LUKFOOK JEWELLERY, catering to various consumer segments [8]. - The report forecasts a steady recovery in performance from FY2026 onwards, with projected net profits of HKD 1.52 billion, HKD 1.73 billion, and HKD 1.93 billion for FY2026, FY2027, and FY2028, respectively, reflecting year-on-year growth rates of +39%, +13%, and +12% [8]. Summary by Sections Company Overview - Lukfook Holdings is a prominent jewelry retailer in Hong Kong and mainland China, listed on the Hong Kong Stock Exchange since 1997. The company has expanded its brand matrix and currently operates over 3,100 retail points globally [13][8]. - For FY2025, the company reported total revenue of HKD 13.34 billion, a year-on-year decline of 13.0%, and a net profit of HKD 1.1 billion, down 37.8% year-on-year [13][8]. Multi-Brand Matrix - The company has developed a multi-brand strategy that covers various segments of the jewelry market, enhancing its market share and competitiveness [44]. - The core brand, Lukfook Jewellery, focuses on the mass market, while King Fook targets the high-end segment. Other brands cater to niche markets, ensuring a broad consumer appeal [44]. Financial Performance - The report highlights a recovery trend in financial performance, with FY2026H1 revenue reaching HKD 6.843 billion, a year-on-year increase of 25.6%, and a net profit of HKD 619 million, up 42.52% [24][23]. - The company’s gross margin improved significantly, reaching 33.1% in FY2025, an increase of 5.9 percentage points year-on-year, primarily due to rising gold prices [25][30]. Market Expansion - As of March 2025, Lukfook Holdings operates in 11 countries and regions, with a total of 3,287 stores, including 3,179 in mainland China [63][64]. - The company plans to enter three new countries and add 50 overseas stores over the next three years, with 20 new stores planned for FY2026 [63][64].

Group 1 - The report suggests that the Hong Kong stock market is currently in a left-side phase, and a rebound is still awaited, although the current position is attractive for medium to long-term allocation [1] - The market anticipates a rate cut by the Federal Reserve in December, but a hawkish cut may limit the rebound potential of Hong Kong stocks [1] - The upcoming Central Economic Work Conference is expected to influence market sentiment; if the outcomes exceed expectations, a market rebound could occur [1] - The Hang Seng Technology Index is seen as having allocation significance, with AI technology leaders currently valued reasonably, which could lead to a notable rebound if new catalysts emerge [1] - The report warns of potential risks from the Bank of Japan's interest rate hike on December 19, which could trigger carry trade unwinding and indirectly affect Hong Kong stocks [1] Group 2 - In the U.S. stock market, the Nasdaq led gains with a 0.9% increase, while the Dow Jones and S&P 500 rose by 0.5% and 0.3% respectively, amidst a backdrop of mixed macroeconomic fundamentals [2] - The services PMI in the U.S. rose to 52.6 in November, indicating the fastest expansion in nine months, while the manufacturing PMI fell to 48.2, below market expectations [2][3] - The report highlights a consensus for a cautious rate cut by the Federal Reserve, with expectations of a 25 basis point reduction in December, influenced by economic signals [3] - The report notes that the S&P 500 market breadth has improved to 61%, indicating a healthy upward trend driven by economic fundamentals and corporate earnings resilience [5][22] Group 3 - The report indicates that global stock ETFs saw a net inflow of $33.793 billion, with the U.S. stock ETFs receiving the most significant inflow of $24.28 billion [6][34] - The technology sector saw the highest net inflow among industry categories, while the consumer staples sector experienced the most significant outflow [37] - The report emphasizes that the U.S. economy is expected to grow robustly due to macro policy easing, including interest rate cuts and regulatory relaxations, alongside increasing investments in artificial intelligence [5]

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]

Investment Rating - The report maintains a "Buy" rating for the industry, particularly highlighting the potential of companies like Shanghai Industrial Holdings and Longjing Environmental [10][16]. Core Insights - The environmental industry is expected to benefit from an increase in government funding, with a total budget of 528 billion yuan for 2026, which includes significant allocations for air and water pollution control [12][14]. - Companies such as Longjing Environmental are positioned to gain from this funding, as they are leaders in air pollution control equipment [15]. - The report emphasizes the importance of cash flow improvements and dividend potential in the solid waste sector, with companies like Junxin and Green Power showing significant increases in cash dividends [21][22]. Summary by Sections Industry Overview - The environmental sector is experiencing a positive trend with government support and increasing market demand for pollution control solutions [12][14]. - The solid waste management segment is seeing enhanced cash flows and improved return on equity (ROE) due to reduced capital expenditures [21][22]. Company Analysis - **Shanghai Industrial Holdings**: The company has significantly undervalued assets in high-quality water and solid waste management, with a projected net profit of 28.08 billion HKD for 2024 [8][10]. - **High Energy Environment**: The company is advancing its H-share listing and has shown confidence from management through stock purchases, indicating a strong outlook for its mining and overseas expansion strategies [17][19]. - **Longjing Environmental**: The company is expected to benefit from increased orders in air pollution control, with a projected net profit of 12.3 billion yuan for 2025 [16]. Market Trends - The report notes a substantial increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 61.32% and a penetration rate of 18.02% [28][32]. - The water management sector is anticipated to undergo significant cash flow improvements, with companies like Yuehai Investment and Hongcheng Environment expected to maintain high dividend payouts [25][27]. Financial Projections - The report forecasts net profits for Shanghai Industrial Holdings to reach 25.70 billion yuan in 2025, with a corresponding PE ratio of 6.79 [10][11]. - Longjing Environmental's net profit is projected to grow to 12.3 billion yuan by 2025, with a PE ratio of 16.3 [16]. Investment Recommendations - Key recommended stocks include Shanghai Industrial Holdings, High Energy Environment, and Longjing Environmental, with a focus on their strong cash flow and dividend potential [10][15][21].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The total issuance scale of PULIAN Convertible Bonds is RMB 243 million, and the net proceeds after deducting issuance fees will be used for domestic ERP function expansion construction projects, digital intelligent financial risk control series product construction projects, and Yunhu platform R & D upgrade projects [4]. - The current bond - floor valuation is RMB 83.52, and the YTM is 2.97%. The conversion parity is RMB 103.8, and the parity premium rate is - 3.74%. The bond - floor protection is average, and the dilution pressure on equity is small [4]. - It is expected that the listing price of PULIAN Convertible Bonds on the first day will be between RMB 122.94 and RMB 136.97, and the subscription rate is expected to be 0.0011%. It is recommended to actively subscribe [4]. - PULIAN Software is a comprehensive service provider focusing on energy industry management software development. Since 2020, its revenue has fluctuated and increased, with a compound growth rate of 18.64% from 2020 - 2024. The net profit attributable to the parent has also fluctuated, with a compound growth rate of 9.81% from 2020 - 2024 [4]. - The company's sales net profit margin and gross profit margin have fluctuated and declined, the sales expense ratio has fluctuated and increased, the financial expense ratio has decreased steadily, and the management expense ratio has shown an "inverted U - shaped" fluctuation [5]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - The issuance schedule of PULIAN Convertible Bonds is from December 3, 2025 (T - 2) to December 11, 2025 (T + 4), including steps such as publishing prospectuses, online roadshows, and determining subscription results [11]. - The convertible bond has a code of 123261.SZ, a face value of RMB 100, a term of 6 years, a rating of A +/A +, and an initial conversion price of RMB 18.26 per share. The conversion period is from June 11, 2026, to December 4, 2031 [12]. - The funds raised will be used for three projects, with a total investment of RMB 242.9326 million, all funded by the raised funds [13]. - The bond - floor value is RMB 83.52, the pure - bond premium rate is 19.73%, the conversion parity is RMB 103.89, and the parity premium rate is - 3.74%. The pure - bond YTM is 2.97% [13]. 3.2. Investment Subscription Suggestion - By referring to comparable convertible bonds and an empirical model, it is expected that the conversion premium rate of PULIAN Convertible Bonds on the first - day of listing will be around 25%, and the listing price will be between RMB 122.94 and RMB 136.97 [16][17]. - It is expected that the priority subscription ratio of original shareholders will be 59.95%, and the online subscription rate will be 0.0011% [18]. 3.3. Fundamental Analysis of the Underlying Stock 3.3.1. Financial Data Analysis - PULIAN Software is mainly engaged in providing informatization solutions and IT comprehensive services for large - scale group enterprises, with its business covering multiple aspects. It is expanding into the financial and other industries while deepening its traditional advantageous fields [19]. - From 2020 to 2024, the company's revenue had a compound growth rate of 18.64%, and the net profit attributable to the parent had a compound growth rate of 9.81%. In 2025 Q3, the revenue was RMB 300 million, and the net profit attributable to the parent was RMB 1 million [20]. - The company's revenue mainly comes from industries such as petroleum and petrochemical, construction and real estate, coal and power, etc., and the product structure changes annually. The sales net profit margin and gross profit margin have declined, while the sales expense ratio has increased, and the financial expense ratio has decreased [22][24]. 3.3.2. Company Highlights - The company has long - term cooperation with large central enterprises, has strong innovation and delivery capabilities, and has a high brand reputation and industry status in the field of large - scale group enterprise informatization [31]. - It is an early software manufacturer in China to master the XBRL standard system and key technologies. Its XBRL - related systems and products have been widely applied in many customers [31].