Group 1: Commercial Aerospace IPO Developments - The Shanghai Stock Exchange issued guidelines on December 26, 2025, detailing the fifth set of listing standards for commercial rocket companies, marking a significant policy breakthrough[3] - Blue Arrow Aerospace completed its IPO counseling on December 23, 2025, becoming the first private rocket company to pass the IPO counseling process, with a valuation of 20 billion yuan[14] - Several commercial aerospace startups, including Star River Power and Micro Nano Starry Sky, are set to complete their IPO counseling in the second half of 2025, indicating a collective push into the capital market[4] Group 2: Traditional Industry Transformation Opportunities - Traditional industry companies are leveraging existing technological synergies and manufacturing capabilities to enter the high-growth commercial aerospace sector[4] - Two main strategies for traditional industries entering commercial aerospace are identified: technology extension and capital strategic layout[15] - Technology extension involves using core technologies from traditional sectors, such as automotive and rail transport, to develop aerospace applications, exemplified by companies like Jinchang Group and Superjet[16] - Capital strategic layout includes investments and acquisitions to quickly enter the commercial aerospace market, as seen with Tongyu Communications and Dongzhu Ecology's acquisition of Kai Rui Star Communication[17] Group 3: Market Performance and Trends - The A-share market saw a general increase, with the Shanghai Composite Index rising by 1.88% and the Shenzhen Component Index increasing by 3.53% during the week of December 20-26, 2025[18] - The lithium battery electrolyte index experienced the highest growth this week, with a rise of 17.80%, led by companies like Tianji Co. and Huasheng Lithium[20] - Small-cap indices outperformed large-cap indices, with the CSI 500 and CSI 1000 indices rising by 4.03% and 3.76%, respectively[19]

Group 1 - The cultural industry in China has shown rapid growth, with cultural enterprises achieving revenue of 11 trillion yuan in the first three quarters of 2025, representing a year-on-year increase of 7.9% [2][18][19] - The cultural service sector leads the industry with a revenue of 60,626 billion yuan and a growth rate of 11.9%, accounting for 55.3% of the total revenue [2][19][21] - The new cultural business formats have seen significant growth, with 16 sub-sectors generating 48,860 billion yuan, a year-on-year increase of 14.1%, outpacing the overall industry growth [2][18][19] Group 2 - The report highlights the performance of specific companies, such as Baixinglong, which is focusing on the C-end market with its original IP "One-Eyed Planet" and aims to cater to the emotional economy of Generation Z [2][38][42] - Taihu Snow, a leading silk product company, has integrated traditional craftsmanship with modern design, achieving a revenue of 4.02 billion yuan in the first three quarters of 2025, with a net profit of 23.16 million yuan [2][35][50] - The report notes that 37 new companies related to the consumer service sector were listed on the New Third Board in 2025, with an average revenue of 931 million yuan and an average net profit of 90.67 million yuan for 2024 [4][74] Group 3 - The report indicates that the eastern region of China accounts for 79.9% of the cultural enterprises' revenue, with significant growth rates observed in both the eastern and western regions [2][24][28] - The content creation and production, creative design services, and news information services have shown remarkable growth rates of 14.0%, 13.2%, and 11.6% respectively [2][23][21] - The cultural industry has benefited from substantial government investment, particularly in cultural tourism, which has accelerated the development of cultural consumption [2][29][31]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The value of layout in the high-end liquor sector is becoming evident, and the optimization of raw milk supply and demand is creating investment opportunities [3][12] - The food and beverage index experienced a decline of 0.6% from December 22 to December 26, ranking 25th among 28 sectors, underperforming the CSI 300 by approximately 2.5 percentage points [12][14] - The high-end liquor industry is currently in a deep adjustment period due to slowing economic growth and insufficient consumer confidence, but there are signs of demand improvement compared to the second and third quarters [12] - The price strategy for premium liquor brands like Moutai is stabilizing, with recent prices in the range of 1500-1600 RMB, and significant price drops are not expected in the near future [12] - The raw milk supply-demand gap has slightly narrowed, with a short-term recovery in demand due to pre-holiday stocking, but long-term supply remains in surplus [4][13] Summary by Sections Weekly Insights - The liquor sector shows layout value, and the raw milk supply-demand optimization is generating investment opportunities [3][12] - The food and beverage index underperformed the market, with specific sub-sectors like health products and other foods showing relative strength [12][14] Market Performance - The food and beverage index fell by 0.6%, ranking 25th out of 28 sectors, with health products (+0.5%) and other foods (+0.0%) performing relatively better [12][14] Upstream Data - Recent data indicates a decline in some upstream raw material prices, with full-fat milk powder auction prices down 18.7% year-on-year [20][21] Liquor Industry News - Prices for premium Moutai products have increased, reflecting strong market demand and limited supply [42] Recommended Portfolio - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, and West Oat Foods, among others, focusing on companies with strong performance stability and risk resilience [5][48]

2025 年 12 月 28 日 北交所策略专题报告 2025 年打新择时复盘：上市首日售出策略仍然为短期最佳策略 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所 2025 年打新择时复盘，一周内新股股价最高日通常为上市首日 从 2025 年北交所节奏上来看，截至 2025 年 12 月 26 日，2025 年 1-12 月北交所 合计过会 49 家企业，合计上市 25 家企业，从 2025 年 4 季度开始，北交所上市 节奏出现提升，其中 2025 年 11-12 月北交所合计过会 22 家企业。从 2024 年至 今 48 家上市企业一周内股价变化趋势来看，多数企业股价最高日为上市首日。 我们按照上市日期为 T 日，上市企业股价最高日在 T 日、T+1、T+2、T+3、T+4、 T+5、T+6、T+7 的占比分别为 72.92%、0.00%、4.17% 、2.08%、4.17%、6.25%、 2.08%、8.33%。其中，一周内股价最高日不是上市首日的企业数量共有 13 家， 整体来主要由于 1）上市首日市场情 ...

Group 1 - The 3D printing industry is rapidly rising, with commercial aerospace expected to become the main demand driver. The technology offers advantages such as quick production, low costs, and high precision, fundamentally changing traditional manufacturing processes [3][11][21] - The 3D printing market in China is projected to reach 45.7 billion yuan by 2025, more than doubling from 20.8 billion yuan in 2020 [23][26] - Aerospace is a core application area for 3D printing, particularly in the manufacturing of rocket engines, where it can significantly reduce costs. SpaceX has already implemented this technology extensively [3][21] Group 2 - The chemical new materials sector on the North Exchange experienced a slight decline of 0.26% this week, with various sub-sectors showing mixed performance [4][39] - Key stocks in the chemical new materials sector that performed well this week include Kolon New Materials (+9.28%), Litong Technology (+7.11%), and Tiangong Co. (+6.42%) [44][46] Group 3 - Andar Technology will conduct maintenance on part of its lithium iron phosphate production lines starting January 1, 2026, which is expected to reduce production by 3,000 to 5,000 tons but will not significantly impact operations [5][79] - Kolon New Materials has made progress in liquid cooling systems, with core components certified by key customers, indicating a strong focus on material technology and collaboration within the low-altitude economy [5][80] Group 4 - Tiangong Co. is a leading player in the titanium and titanium alloy industry, focusing on R&D and production innovation. The company plans to build a new titanium alloy powder production line with an annual capacity of 1,000 tons to serve various sectors including aerospace and medical devices [3][34] - The global market for 3D printing materials is expected to reach 2.99 billion USD by 2025 and 8.1 billion USD by 2030, driven by demand from aerospace, medical devices, and automotive manufacturing [25][31]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights that the semiconductor foundry price increases have alleviated market concerns regarding the demand for mature processes in 2026, primarily due to improved competitive dynamics and rising raw material costs [5][14] - The automotive sector is experiencing continued pressure on retail sales, with the first batch of L3 autonomous vehicles from Deep Blue officially registered and on the road [6][30] - In the tools sector, TTI has terminated its HART business to strengthen mid-term profitability, while SBD's divestiture of its aerospace segment is expected to significantly reduce debt and optimize leverage ratios [31][43] Summary by Sections Electronics - Semiconductor foundries have raised some production capacities, leading to a 5.4% increase in the electronics index, outperforming the Hang Seng Technology Index [5][14] - Notable stock performances include SMIC and Hua Hong Semiconductor, which rose by 9.2% and 5.5% respectively [5][14] Automotive - Retail sales in the passenger car market are under pressure, with a 19% year-on-year decline in retail volume for December 2025 compared to December 2024, although there was a 5% month-on-month increase [25][26] - The first L3 autonomous vehicles from Deep Blue were officially registered on December 26, 2025, marking a significant milestone in autonomous driving technology [30] Tools - TTI's termination of the HART business aims to enhance mid-term profitability, while SBD's sale of its aerospace business for $1.8 billion is expected to reduce debt significantly [41][43] - The divestiture is projected to create approximately $405 million to $415 million in revenue for the fiscal year 2025, with an adjusted EBITDA margin exceeding 10% [43] Investment Recommendations - In the electronics sector, companies like SMIC and Hua Hong Semiconductor are expected to benefit from the price increases in foundry services [55] - In the automotive sector, attention is drawn to companies involved in L3 autonomous driving and Robotaxi, including Xiaoma Zhixing and Horizon Robotics [55] - In the tools sector, the report recommends companies such as Techtronic Industries and泉峰控股, with beneficiaries including Juxing Technology and Greebo [55]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The supply of fat pigs is tight, leading to an upward trend in pig prices before the New Year, supported by both supply and demand factors [4][14] - The export value of pet food has improved month-on-month, benefiting from increased export volumes, although the unit price remains under pressure [5][21] - The pig farming sector is experiencing accelerated losses, while the pet food sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [6][23][25] Summary by Sections Weekly Observation - The average price of live pigs in China as of December 28, 2025, is 12.21 CNY/kg, with a week-on-week increase of 0.78 CNY/kg and a year-on-year decrease of 3.49 CNY/kg [4][14] - The average weight of pigs sold is 129.70 kg, with a slight decrease from the previous week [14] Weekly Market Performance (Dec 22-26) - The agricultural index underperformed the market by 1.63 percentage points, with the Shanghai Composite Index rising by 1.88% and the agricultural index by 0.25% [26][30] Price Tracking (Dec 22-26) - The average price of live pigs is 11.63 CNY/kg, with a week-on-week increase of 0.05 CNY/kg [37] - The average price of broiler chickens is 7.82 CNY/kg, with a week-on-week increase of 6.39% [37] Key Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [6][23] - In the feed sector, recommended stocks include Haida Group and New Hope Liuhe [6][23] - For the pet food sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty [6][25]

Group 1: Profit and Revenue Trends - From January to November 2025, the cumulative profit of national industrial enterprises increased by only 0.1% year-on-year, down from 1.9% in the previous period[3] - Cumulative operating revenue for the same period rose by 1.6%, a slight decrease from the previous 1.8%[3] - In November, the monthly profit decline expanded to -13.1%, a drop of 7.6 percentage points compared to the previous month[4] Group 2: Factors Affecting Profitability - The profit growth rate is influenced by three factors: industrial added value (+4.4 percentage points), PPI (-2.1 percentage points), and profit margin (-11.4 percentage points)[4] - The cost structure in November showed that costs accounted for 84.9 yuan, expenses 8.6 yuan, and investment income -0.8 yuan per 100 yuan of revenue, indicating a significant drag from investment income and expenses[4] Group 3: Sector Performance - The profit share of midstream industries increased to 40.4%, while upstream and downstream sectors saw slight declines[5] - From January to November, upstream profits fell by 8.8%, with significant declines in non-metallic mineral products and chemical fibers, while black metal industries showed improvement[5] Group 4: Inventory and Demand Indicators - The inventory-to-sales ratio rose significantly in November, indicating weak demand and passive inventory accumulation by industrial enterprises[7] - Nominal inventory increased by 0.9 percentage points to 4.6%, while actual inventory rose by 1.0 percentage points to 6.8% year-on-year[7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the acceleration of commercial aerospace development due to the refined listing standards for commercial rocket companies by the Shanghai Stock Exchange [4][13] - The domestic satellite internet sector is rapidly developing, with various factors contributing to its growth, including supportive policies, technological readiness, and capital investment [5][15] - The report identifies four core investment themes: "Optical, Liquid Cooling, Domestic Computing Power, and Satellite" [7][17] Summary by Sections 1. Investment Outlook - The Shanghai Stock Exchange has detailed the listing standards for commercial rocket companies, focusing on their "hard technology" attributes and requiring clear technical advantages [4][14] - The satellite internet industry is supported by government policies, technological advancements, and private capital, with different segments of the industry expected to benefit variably [5][15][16] 2. Market Review - The communication index fell by 4.07% during the week of December 22-26, 2025, ranking second among TMT sectors [27] 3. Communication Data Tracking - As of November 2025, China has 4.83 million 5G base stations, with a net increase of 579,000 stations from the end of 2024 [28] - The number of 5G mobile phone users reached 1.193 billion, a year-on-year increase of 19.06% [28] - 5G mobile phone shipments in November 2025 totaled 27.614 million units, accounting for 91.6% of total shipments, with a year-on-year growth of 1.08% [28] 4. Operator Performance - The report highlights strong growth in innovative business areas for major operators, with China Mobile's cloud revenue reaching 56.1 billion yuan in the first half of 2025, up 11.3% year-on-year [47] - China Telecom's Tianyi Cloud revenue for the same period was 57.3 billion yuan, reflecting a 3.8% increase [47] - The ARPU values for major operators have remained relatively stable, with slight decreases noted for China Unicom [47][52][56]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a transformation with a focus on emotional consumption and innovative product offerings, particularly in the jewelry and cosmetics sectors [6][33] - Companies like潮宏基 and毛戈平 are leveraging multi-channel strategies to enhance brand visibility and product sales, indicating a strong market presence [26][31] Summary by Sections Retail Market Overview - The retail index closed at 2462.73 points, with a weekly increase of 0.16%, underperforming the Shanghai Composite Index, which rose by 1.88% [5][15] - The retail sector has seen a year-to-date increase of 10.00%, lagging behind the Shanghai Composite Index's 18.26% rise [15][19] Company Highlights - **潮宏基**: Achieved a revenue of 62.37 billion yuan in the first three quarters of 2025, up 28.4% year-on-year, with a net profit of 3.17 billion yuan, reflecting a 0.3% increase [42] - **毛戈平**: Launched the "琉光赋活" skincare series, set to debut on January 1, 2026, focusing on high-end skincare needs [31] - **周大福**: Reported a revenue of 389.86 billion HKD for FY2026H1, a slight decrease of 1.1%, but with a net profit increase of 0.1% [39] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending潮宏基 and老铺黄金 as key players [6][33] - **Offline Retail**: Emphasis on companies adapting to market changes, with recommendations for永辉超市 and爱婴室 [6][33] - **Cosmetics**: Highlighting brands that innovate with emotional value and safe ingredients, recommending毛戈平 and珀莱雅 [6][34] - **Medical Aesthetics**: Targeting differentiated product manufacturers and expanding medical aesthetic chains, with recommendations for爱美客 and科笛-B [6][34]