证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 食品饮料 2026 投资策略：估值切换为抓手， 三维布局 2026 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 12 月 09 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 郭晓东 执业证书：S0600525040001 guoxd@dwzq.com.cn 证券分析师 邓洁 执业证书：S0600525030001 dengj@dwzq.com.cn 证券分析师 李茵琦 执业证书：S0600524110002 liyinqi@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@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 食品饮料 沪深300 相关研究 《宠物保健食品行业：旭日初升，竿 头日上》 2025-11-10 《白酒 2025 年三季报总结：加速纾 压，底部 ...

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， ...

证券研究报告·海外公司深度·专业零售(HS) 六福集团（00590.HK） 中高端港资黄金珠宝品牌，同店显著回暖+出 海拓展新空间 买入（首次） [Table_Tag] [Table_Summary] 投资要点 2025 年 12 月 09 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 股价走势 | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港币） | 15,326 | 13,341 | 15,101 | 16,915 | 18,916 | | 同比(%) | 27.95 | (12.95) | 13.19 | 12.02 | 11.83 | | 归母净利润（百万港币） | 1,767 | 1,100 | 1,524 | 1,727 | 1,929 | | 同比(%) | 3 ...

证券研究报告·策略报告·策略点评 策略点评 20251209 若美联储鹰派降息会如何？——港股&海外 周观察 我们认为港股短期还处在左侧阶段，反弹还需等待。从中长期配置来看， 当前位置有吸引力。 其一，市场预计 12 月美联储会降息，但如果采取鹰派降息，港股反弹 力度可能不及预期。 其二，市场已对中央经济工作会议进行前瞻，当前投资者态度相对中性。 若会议内容超预期，市场会反弹。 其三，从中长期看恒生科技当前具有配置意义，AI 科技龙头估值处在合 理区间，一旦有新催化，资金启动，恒生科技会有明显反弹。 其四，我们仍然提示 12 月 19 日，若日本央行加息，或导致产生潜在的 日元 carry trade 平仓风险，间接影响港股。日本央行行长已发出明确信 号 12 月加息。我们已经观察到日元走强，日本债券收益率明显快速上 升迹象，叠加 12 月美联储降息，美日利差收窄，很有可能会引发 carry trade 平仓。 ◼ 美股：本周纳指领涨 0.9%，道指上涨 0.5%，标普 500 上涨 0.3%。行业 上，信息技术、能源领涨，房地产、公用事业领跌。宏观经济基本面分化 的背景下，美联储进入静默期，美股市场进入预备 ...

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]

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 上实优质资产低估，高能 H 股上市推进，龙 净受益 26 年环保专项资金预算提前下达 增持（维持） 2025 年 12 月 08 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 行业走势 -15% -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024/12/9 2025/4/8 2025/8/6 2025/12/4 环保 沪深300 《钢铁水泥电解铝配额方案落地，高 能布局金矿强化资源化协同，龙净国 资增持价值》 2025-11-24 东吴证券研究所 1/26 相关研究 《企业碳配额与产出挂钩不设总量上 限，紫金赋能龙净逻辑不变且持续深 化》 2025-12-01 [投资要点 Table_Summary] ◼ 重点推荐：瀚蓝环境，高能环境，绿色动力环保，绿色动力，海螺创业，永兴股份，光 大环境，军信股份，粤海投资，美埃科技，九丰能源，宇通重工，景津装 ...

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].

证券研究报告·宏观报告·宏观点评 宏观点评 20251208 从两次会议比较看明年政策重点——学习12 月政治局会议精神 2025 年 12 月 08 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 占烁 执业证书：S0600524120005 zhansh@dwzq.com.cn 相关研究 《预计 11 月社融增速延续回落，出口 增速由负转正》 2025-12-07 《12 月降息"已定"，如何看待明年美 联储货币政策节奏？》 2025-12-07 东吴证券研究所 1 / 5 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 中共中央政治局 12 月 8 日召开会议，分析研究 2026 年经济工作。 ◼ 我们对去年和今年 12 月政治局会议进行比较，看年度部署有何变化， 据此来对明年宏观经济政策做一个展望。 ◼ 1、从"防范化解重点领域风险和外部冲击"到"更好统筹国内经济工 作和国际经贸斗争"，对形势有了更主动的把握和应对。去年用词是"防 范化解外部冲击"，带有一定的防御色彩，更多关注的是外部环境变差 ...

证券研究报告 并购重组跟踪（三十八） 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年12月8日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1、本期并购动态回顾 2、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本期并购动态回顾 注：本期为11.3-12.7，（如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：政策更新 目录 ✓ 12月5日，证监会发布《上市公司监督管理条例（公开征求意见稿》，指出应规范并购重组行为，细化完 善上市公司收购，重大资产重组等规 ...