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 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly highlighting the potential of the Robotaxi strategy by Cao Cao Mobility [1][2]. Core Insights - The automotive industry is entering a new phase where electric vehicle benefits are tapering off, while the focus shifts towards vehicle intelligence and robotics innovation [3]. - The report emphasizes the importance of AI smart vehicle investment opportunities, particularly in Robotaxi and Robovan segments [3]. - Key developments include Cao Cao Mobility's strategic upgrade for Robotaxi, aiming for a "ten years, hundred cities, trillion" goal, and the introduction of a green intelligent traffic hub [2][3]. Summary by Sections Market Performance - This week, the automotive sector outperformed the market, with commercial passenger vehicles showing the best performance at 4.5% increase [2][15]. - The report notes that the automotive sector ranked 10th in A-shares and 14th in Hong Kong stocks this week [7][9]. Investment Opportunities - The report identifies three main investment themes: AI smart vehicles, robotics, and traditional vehicle segments [3]. - Key companies to watch include Tesla, Xiaopeng Motors, and Cao Cao Mobility for their roles in the Robotaxi and Robovan markets [3]. Sales Forecasts - Domestic retail sales of passenger vehicles are projected to reach 23.62 million units in 2025, reflecting a year-on-year growth of 3.8% [49]. - The report anticipates a significant increase in the penetration rate of new energy vehicles, expected to reach 55.4% by 2025 [50]. Company Developments - Notable company movements include Top Group's push for H-share listing and Desay SV's establishment of a new technology company for Robovan business [2][3]. - The report highlights the performance of covered stocks, with China National Heavy Duty Truck and New Spring Co. showing significant gains this week [23].

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 ...

Investment Rating - The report maintains an "Overweight" rating for the computer industry [1] Core Insights - The emergence of AI inference necessitates a new storage architecture centered around GPU directly connected to SSD, which will replace the CPU-dominated era [9][14] - The shift from CPU-centric to GPU-centric architecture will drive significant changes in database software design, optimizing for GPU's data processing capabilities [18][19] - The industry is witnessing accelerated advancements in both hardware and software, with notable collaborations and innovations aimed at enhancing performance for AI workloads [22][24] Summary by Sections AI Inference Era and New Storage Architecture - AI inference requires different I/O demands compared to training, with a focus on small data blocks and high concurrency, leading to the need for a new storage architecture [9][10] - The traditional CPU-centric data loading architecture is becoming a bottleneck for AI workloads, necessitating a shift to GPU as the primary controller for data access [11][14] Changes in Database Architecture - The transition to GPU-centric architecture will require a complete redesign of database software, with GPU taking on the role of the main computing unit [18][19] - Key components such as storage engines and query execution engines will need to be restructured to optimize for GPU capabilities and direct SSD connections [19][21] Industry Progress - Hardware advancements include the development of High Bandwidth Flash (HBF) technology, which is expected to play a crucial role in the future of AI storage solutions [22] - Collaborations between companies like SanDisk and SK Hynix aim to standardize HBF technology, with initial products expected by 2027 [22] - Software improvements are being made to enhance data orchestration and performance, such as Hammerspace's advancements in metadata reading and Cloudian HyperStore's object storage capabilities [24] Investment Recommendations - The report suggests that as AI inference grows, the importance of GPU will increase, leading to new opportunities in the database industry as software architectures adapt to these changes [25][26]

证券研究报告·行业点评报告·非银金融 非银金融行业点评报告 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 增持（维持） heting@dwzq.com.cn 行业走势 -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 [Table_Tag] [Table_Summary] 投资要点 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 何婷 执业证书：S0600524120009 《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》 相关研究 2025-12-06 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 事件：《基金管理公司绩效考核管理指引（征求意见稿）》下发，旨在进 一步规范基金公司绩效考核与薪酬管理行为，健全长效激励约束机制， 推动基金行业实现稳健经营和可持续发展。 ◼ 主要内 ...

Investment Rating - The report maintains a "Buy" rating for Longking Environmental [1] Core Views - The Ministry of Finance has accelerated the allocation of environmental special funds for 2026, with a significant increase in the proportion of funds for air pollution control, benefiting leading companies in the air pollution sector [8] - Longking Environmental is expected to benefit from the robust demand in the air pollution control market, driven by both fiscal support and ongoing needs for new and upgraded projects in the power and non-power sectors [8] - The report forecasts a substantial increase in net profit for Longking Environmental, with projected net profits of 1.23 billion, 1.53 billion, and 1.75 billion yuan for 2025, 2026, and 2027 respectively [8] Financial Projections - Total revenue is projected to reach 12.1 billion yuan in 2025, 13.3 billion yuan in 2026, and 14.3 billion yuan in 2027, reflecting growth rates of 20.74%, 9.82%, and 7.64% respectively [1] - The report anticipates a significant recovery in net profit margins, with a forecasted net profit growth of 63.15% in 2024, followed by 48.33% in 2025, and continuing growth in subsequent years [1] - Earnings per share (EPS) are expected to increase from 0.65 yuan in 2024 to 1.37 yuan in 2027, indicating a strong upward trend in profitability [1]