Investment Rating - The report maintains an "Overweight" investment rating for the electronic industry [1] Core Insights - Credo's revenue exceeded expectations, with a significant year-on-year increase of 272% to reach $268 million in FY26Q2, driven by the explosive demand for interconnect solutions in AI clusters [2] - Marvell's acquisition of Celestial AI for at least $3.25 billion marks a pivotal moment for CPO technology, transitioning from proof of concept to large-scale commercialization [4] - The industry is witnessing a shift towards CPO technology as major players like TSMC, NVIDIA, and AMD accelerate their investments and development efforts [8] Summary by Sections Credo's Performance - Credo's FY26Q2 revenue reached $268 million, a 272% increase year-on-year and a 20% increase quarter-on-quarter, significantly surpassing guidance [2] - The AEC segment is the fastest-growing business, with contributions from major cloud providers increasing [2] - The ZeroFlap series AEC is becoming the standard for interconnects within 7 meters, transitioning from 100G to 200G [2][3] Marvell's Acquisition - Marvell's acquisition of Celestial AI is a strategic move to enhance its position in the optical interconnect market, with the potential for 16Tbps bandwidth and improved energy efficiency [4] - This acquisition is expected to play a crucial role in breaking through bandwidth and memory barriers in data centers [4] Industry Trends - The CPO technology is being recognized as the next-generation optical foundation for AI data centers, with significant investments from leading semiconductor companies [8] - The transition from "pluggable" to "co-packaged" optical interconnects is seen as a definitive path to overcoming physical limits of Moore's Law [8]

Macro Strategy - The core viewpoint of the macro strategy report emphasizes that new consumption is expected to gradually take over traditional consumption as the main driver of China's commodity consumption, supported by a policy document issued by six ministries aimed at enhancing the adaptability of supply and demand in consumer goods [13][14] - The report highlights that the new consumption model focuses on emotional value and technological content, with short video platforms and experiential economies reshaping online and offline consumption scenarios [13][14] Fixed Income Strategy - The 2026 convertible bond strategy indicates that the main theme will revolve around the dual drivers of carbon neutrality and AI, with a focus on the entire "source-network-load-storage" chain, suggesting that the market will benefit from the expansion of mid and small-cap stocks [16] - The report anticipates that the supply-demand structure of convertible bonds will improve, with a notable increase in the availability of mainline targets, and emphasizes the importance of adapting traditional convertible bond allocation frameworks for success in 2026 [16] Industry Research - The research on the U.S. electricity and AI energy storage sector indicates that the demand for power supply and AI energy storage is expected to surge, driven by the increasing electricity consumption of AI data centers, with a projected compound annual growth rate over the next 3-5 years [21][22] - The report suggests that the integration of green electricity and storage solutions will be a primary focus, with significant growth potential in the market for energy storage systems, particularly benefiting companies like CATL and Sungrow [21][22] - The liquid cooling industry report states that the demand for liquid cooling solutions is expected to rise sharply due to the increasing power density of chips, with a projected market size of 353 billion yuan for ASIC liquid cooling systems and 697 billion yuan for NVIDIA liquid cooling systems by 2026 [23][24] Company Recommendations - Satellite Chemical (002648) is highlighted for its potential growth driven by high-end new materials, despite short-term impacts from maintenance activities, with adjusted profit forecasts for 2025-2027 indicating net profits of 55.5 billion, 69.7 billion, and 86.2 billion yuan respectively [7][24] - Changbai Mountain (603099) is recognized for its unique position in the tourism sector, with profit forecasts for 2025-2027 at 1.6 billion, 1.9 billion, and 2.3 billion yuan, reflecting its growth potential in the ice and snow tourism market [8][9] - Hangyang Co., Ltd. (002430) is noted for its transition from equipment manufacturing to gas supply, with profit forecasts for 2025-2027 at 11.57 billion, 12.94 billion, and 14.84 billion yuan, supported by its diverse business growth and favorable gas pricing [10][11]

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Insights - The energy storage lithium battery sector is experiencing strong demand even in the off-season, with significant growth expected in 2025. The report highlights advancements in humanoid robotics and artificial intelligence-driven automation (AIDC) as key growth areas [1][3] Industry Trends - The electric equipment sector saw a slight increase of 0.22%, underperforming compared to the broader market. Wind power rose by 3.48%, while solar energy saw a decline of 1.61% [3] - The humanoid robot sector is gaining momentum, with significant developments such as the establishment of a national training base for humanoid robots in Beijing and the launch of emotional companion robots by companies like UBTECH [3] - In energy storage, there is a push for virtual power plant models in photovoltaic projects, and integrated "source-grid-load-storage" systems are being promoted in pilot areas [3] Market Data - In November, the wholesale sales of new energy vehicles in China reached 1.72 million units, a year-on-year increase of 20% [3] - The average price of cobalt increased by 2.6% to 413,500 CNY per ton, while lithium carbonate prices saw a slight decrease of 0.5% [3] - The report notes that the total investment in the power grid is projected to be 23.1 billion CNY, with the approval of a high-voltage AC project expected to commence next year [3] Investment Strategy - The report emphasizes the expected 60%+ growth in large-scale energy storage demand in China, driven by new pricing policies and robust market conditions. It forecasts a global energy storage installation growth of 50-60% in the coming year [3] - The report recommends several companies for investment, including CATL, Sungrow Power, and BYD, highlighting their strong market positions and growth potential [6]

Economic Indicators - As of December 7, 2025, the ECI supply index is at 49.93%, down 0.02 percentage points from last week, while the demand index is at 49.87%, up 0.01 percentage points[6] - The ECI investment index remains stable at 49.87%, and the consumption index is at 49.66%, up 0.01 percentage points[9] - The ECI export index is at 50.24%, unchanged from last week, indicating stable export performance[9] Financing and Monetary Policy - The ELI index is at -0.51%, up 0.10 percentage points from last week, indicating a slight improvement in liquidity[12] - New RMB loans in November are expected to be between 450 billion to 500 billion, a year-on-year decrease of 80 billion to 130 billion[15] - The total social financing scale in November is projected to be around 2.2 trillion, down from 2.33 trillion year-on-year, with a social financing growth rate expected to drop to 8.4%[15] Industrial Production and Consumption - The operating rate for full steel tires is 63.50%, up 0.17 percentage points, while the half steel tire rate is 70.92%, up 1.73 percentage points[17] - The average daily sales of passenger cars in the last week of November were 125,617 units, down 8,925 units year-on-year, with total retail sales for November at 2.263 million units, a 7% decline year-on-year[24] Export Performance - The total cargo throughput at monitored ports reached 28.6271 million tons in the last week of November, an increase of 8.43% week-on-week, indicating a recovery in export activity[35] - The South Korean export growth rate for November is recorded at 8.40%, up 4.80 percentage points from October[40]

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - In December, the bond market adjusted. The 10 - year Treasury active bond yield decreased by 0.05bp to 1.8285% from last Friday. The stock and bond markets have been weak, not showing a complete "stock - bond seesaw" effect, especially for ultra - long bonds with a significant interest rate increase. Due to factors like the "anti - involution" policy and the fund fee rate new regulation draft, institutions may sell in advance to avoid fluctuations. In the context of the "asset shortage," it is recommended to gradually increase bond allocation when the 10 - year Treasury active bond yield reaches 1.85%, but shorten the duration [1][14]. - Overseas, the market is pricing in the Fed's interest rate cut. The Bank of Japan's possible interest rate hike on December 19 is a focus. The US EIA Cushing crude oil inventory decreased, the manufacturing PMI continued to contract, and the Fed is focused on interest rate cut expectations and the change of the chairman. The probability of a 25bp interest rate cut in December 2025 is 86.20%, and the probability of another cut in January 2026 has decreased [15][24]. 3. Summary by Relevant Catalogs 3.1 One - Week View - **Domestic Bond Market**: The 10 - year Treasury active bond yield decreased by 0.05bp to 1.8285% from last Friday. The yield fluctuated throughout the week due to various factors such as market expectations of the central bank's bond - buying volume, policy expectations, and news from the Financial Times [1][10]. - **Overseas Market**: The market is pricing in the Fed's interest rate cut. The Bank of Japan's possible interest rate hike on December 19 is a focus. The US EIA Cushing crude oil inventory decreased by 457,000 barrels from the week of November 21 to November 28. The manufacturing PMI continued to contract, and the Fed is focused on interest rate cut expectations and the change of the chairman. The probability of a 25bp interest rate cut in December 2025 is 86.20%, and the probability of another cut in January 2026 has decreased [15][24]. 3.2 Domestic and Overseas Data Summary - **Liquidity Tracking**: In the open - market operations from December 1 to December 5, 2025, the net investment was - 84.8 billion yuan. The money market interest rates showed some changes, with some rates decreasing and others increasing slightly [30][31]. - **Domestic and Overseas Macroeconomic Data Tracking**: Steel prices showed mixed changes, and LME non - ferrous metal futures official prices also fluctuated. The prices of commodities such as coal, oil, and vegetables also changed to varying degrees [49]. 3.3 Local Bond One - Week Review - **Primary Market Issuance Overview**: In the primary market, 56 local bonds were issued with a total amount of 108.717 billion yuan, including 58.277 billion yuan of refinancing bonds, 39.049 billion yuan of new special bonds, and 11.392 billion yuan of new general bonds. The net financing amount was 60.493 billion yuan, mainly invested in comprehensive, strategic development, and shantytown renovation projects [75]. - **Secondary Market Overview**: The stock of local bonds was 54.01 trillion yuan, with a trading volume of 31.0134 billion yuan and a turnover rate of 0.57%. The top three provinces with the most active trading were Hubei, Guangdong, and Shandong. The top three active trading maturities were 30Y, 20Y, and 10Y. The local bond yields generally increased [91][93]. 3.4 Credit Bond Market One - Week Review - **Primary Market Issuance Overview**: A total of 291 credit bonds were issued in the primary market, with a total issuance of 232.914 billion yuan, a total repayment of 174.89 billion yuan, and a net financing of 58.024 billion yuan, a decrease of 31.825 billion yuan from last week. Among them, the net financing of urban investment bonds was - 14.491 billion yuan, and that of industrial bonds was 72.515 billion yuan [98][99]. - **Issuance Interest Rate**: The actual issuance interest rates of various bond types showed different changes, with some increasing and some decreasing [109]. - **Secondary Market Transaction Overview**: The total turnover of credit bonds was 531.676 billion yuan. The trading volume of each bond type varied, with medium - term notes having the largest trading volume [110]. - **Yield to Maturity**: The yields to maturity of various bonds, including national development bonds, short - term financing bills, medium - term notes, corporate bonds, and urban investment bonds, generally increased [110][111][112]. - **Credit Spread**: The credit spreads of short - term financing bills and medium - term notes showed a divergent trend, while the credit spreads of corporate bonds also showed a general divergent trend, and the credit spreads of urban investment bonds generally narrowed [114][119][122]. - **Rating Spread**: The rating spreads of short - term financing bills and medium - term notes showed a divergent trend, and the rating spreads of corporate bonds and urban investment bonds generally narrowed [125][127][129]. - **Trading Activity**: The top five most actively traded bonds of each type were listed, and the industrial sector had the largest weekly trading volume of bonds [133][134]. - **Subject Rating Change**: There were no bonds with rating or outlook upgrades or downgrades this week [135][136]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The expansion of service consumption policies is aimed at increasing the supply of quality services, with a notable rise in per capita service consumption expenditure from 46.1% in 2015 to 46.8% in the first three quarters of 2025 [4][9] - Capital operations in the cultural tourism sector are increasing, with significant asset securitization activities optimizing service supply [4][10] - The report highlights several companies in the cultural tourism sector that are expected to benefit from capacity expansion and structural changes, including Changbai Mountain, Emei Mountain A, Lijiang Co., West Region Tourism, Tianfu Culture Tourism, Jiuhua Tourism, and Huangshan Tourism [4][11] Summary by Sections Industry Trends - The report discusses the recent trends in the retail and service sectors, noting a decline in the Shenyuan retail index by 0.83% and a rise in the Shanghai Composite Index by 0.37% during the week of December 1 to December 5 [14][18] - Year-to-date performance shows the Shenyuan retail index up by 3.18%, while the Shanghai Composite Index has increased by 16.44% [14][18] Company Valuation Table - The report includes a valuation table for various companies, indicating their market capitalization and projected earnings for 2024, 2025, and 2026, with several companies rated as "Accumulate" [12][15][21] - Notable companies include Songcheng Performance, with a market cap of 209 billion and a projected net profit of 11.37 billion for 2024, and Changbai Mountain, with a market cap of 133 billion and a projected net profit of 1.58 billion for 2025 [12][21]

Economic Outlook - The significantly lower-than-expected ADP employment data (-32,000 jobs) and inflation data (PCE index at +2.8%) have led the market to fully price in a Fed rate cut in December[1] - The market anticipates that the Fed will not be able to cut rates from January to April 2026 due to a potential economic "strong start" driven by fiscal and monetary policies[1] Interest Rate Projections - The Fed is expected to cut rates by 25 basis points in December, with the next significant monetary easing likely occurring after June 2026[1] - The market currently prices in only 2.3 rate cuts for 2026, indicating skepticism about immediate easing after the new Fed chair takes office[2] Market Reactions - The S&P 500 and Nasdaq indices rose by 0.31% and 0.91% respectively, while the 10-year U.S. Treasury yield increased by 12.18 basis points to 4.135%[1] - The dollar index fell by 0.47% to 98.99, reflecting market adjustments to the anticipated rate cuts[1] Global Economic Indicators - The ISM manufacturing PMI for November was reported at 48.2, below expectations of 49, while the services PMI was at 52.6, slightly above expectations[1] - The Michigan consumer sentiment index for December showed an initial value of 53.3, exceeding the expected 52[1] Risks and Considerations - Potential risks include unexpected policy shifts from the Trump administration, excessive rate cuts leading to inflation rebound, and prolonged high rates causing liquidity crises in the financial system[3]

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 看好创新药出海，重点推荐恒瑞医药、百济 神州等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 《海外小核酸进入收获期，关注国内 悦康、前沿、福元等》 2025-11-30 《药店现金流稳健、估值低，重点推 荐益丰药房、大参林等》 2025-11-23 2025 年 12 月 07 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/12/9 2025/4/8 2025/8/6 2025/12/4 医药生物 沪深300 相关研究 东吴证券研究所 1 / 32 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-0.74%、15.86%，相对沪深 300 的超额收益分别为-2.02%、-0.65%；本周、年初至今恒生生物科技 指数涨跌幅分别为-0.71%、80.40%，相对于恒生科技指数跑赢-1.87%、 52.43%；本周医药商业（+5.1 ...

证券研究报告 汽车周观点： 曹操出行Robotaxi战略升级，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7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2025.12.1-2025.12.7 2 ◼ 本周细分板块涨跌幅排序：SW商用载客车(4.5%) >SW汽车零部件(1.8%) >SW汽车 （1.4%） >SＷ商用载货车(0.5%) >SW乘用车（0.2%) 。本周已覆盖标的中国重汽 H、新泉股份、拓普集团、星宇股份、沪光股份涨幅前五。 （ ◼ 本周团队研究成果：外发小鹏汽车深度报告，外发宇通客车11月销量点评。 ◼ 本周行业核心变化：1）曹操出行举行Robotaxi战略升级发布会，提出"十年百城千 亿"战略目标，并发布首个未来城市交通枢纽"绿色智能通行岛"；2）拓普集团正 推进H股上市；3）德赛西威拟成立惠州市川行致远科技有限公司开展Robovan业务； 4）文远知行一段式端到端ADAS方案问鼎中国智驾大赛。 板块最新观点 3 ◼ Q4重视AI智能车投资机会 ◼ 本 ...

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 吴清提出拓宽券商资本空间；保险优化股票 风险因子 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 行业排序及重点公司推荐：非银金融目前平均估值仍然较低，具有安全 2025 年 12 月 07 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 -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024/12/9 2025/4/8 2025/8/6 2025/12/4 非银金融 沪深300 相关研究 《适度提升优质券商的资本空间，聚 焦券商高质量发展》 2025-12-06 《优化长期股票持仓风险因子要求， 引导险资发挥耐心资本优势》 2025-12-06 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 luoyk@dwzq.com.cn 行业走势 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 年 12 月 01 日-2025 年 12 月 05 日）非 ...