Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - Short-term price fluctuations do not alter long-term value; new products from Ximai are building a second growth curve [5] - The food and beverage index declined by 1.9%, ranking 26th among 28 sectors, underperforming the CSI 300 by approximately 3.2 percentage points [13][15] - Moutai's recent price decline is attributed to increased shipments in Q4 and promotional activities on e-commerce platforms, indicating a temporary supply-demand adjustment rather than a fundamental change in brand strength [5][13] - The white liquor sector is currently at a dual bottom in valuation and expectations, with opportunities for strategic positioning as industry reforms deepen [5][13] Market Performance - The food and beverage sector underperformed the market, with a 1.9% decline, while sub-sectors like processed foods (+1.5%), beer (+1.2%), and soft drinks (+0.4%) showed relative strength [15][17] - Notable individual stock performances included Anji Food, Hai Xin Food, and Xi Wang Food showing gains, while Yantang Dairy, Ximai Food, and Richen Co. experienced declines [15][17] Upstream Data - Recent data indicates a decline in some upstream raw material prices, with whole milk powder auction prices down 15.6% year-on-year, and fresh milk prices down 3.2% year-on-year [18][19] - Pork prices have also seen significant declines, with a year-on-year drop of 24.1% [22][23] Company Focus - Ximai Food's new health-oriented powder products have performed well in initial sales, with plans for nationwide expansion starting in 2026 [6][14] - The company is also launching weight control products aimed at improving gut health and stabilizing blood sugar levels, indicating a strong growth trajectory in the health sector [6][14] Recommended Stocks - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Weilong Delicious, and Bai Run Co. [7] - Guizhou Moutai is expected to deepen its reform process and focus on sustainable development despite short-term demand pressures [7] - Shanxi Fenjiu is positioned for medium-term growth with a focus on product structure upgrades and national expansion [7]

Investment Rating - Investment rating: Positive (maintained) [1] Core Views - Focus on the BOPET industry's anti-involution trend, with companies reducing their willingness to offer discounts and increasing prices. As of December 4, the mainstream price for BOPET in East China was 7100-7300 RMB/ton, with an average weekly price increase of 58.75 RMB/ton, a rise of 0.82% [5][21] - Global MDI prices are rising due to multiple domestic and international facilities undergoing maintenance or planned repairs. Notable price increases include 300 Euros/ton by Hungary's BorsodChem and 350 Euros/ton by Huntsman in Europe, Africa, and the Middle East [6][27][31] Summary by Sections Industry Trends - The chemical industry index underperformed the CSI 300 index by 1.15% this week, with 206 out of 545 stocks in the sector rising [17] - The CCPI (China Chemical Product Price Index) rose to 3882 points, an increase of 0.44% from the previous week [19] BOPET Industry Insights - BOPET companies are less willing to lower prices, leading to a tentative upward price trend. The average gross profit for BOPET films is estimated at -476.73 RMB/ton, indicating significant pressure on profit margins [22][21] - BOPET's operating rate was reported at 65.18%, with inventory levels at historical highs [23][28] MDI Market Developments - Multiple facilities are undergoing maintenance, contributing to a global price increase for MDI products. Companies like Wanhua Chemical have announced price hikes for their MDI products in Southeast Asia and South Asia [31][33] Recommended and Beneficiary Stocks - Recommended stocks include Wanhua Chemical, Hengli Petrochemical, and others in the chemical sector. Beneficiary stocks include companies like Dongyue Group and Xinjiang Tianye [8][47]

非银金融 2025 年 12 月 07 日 投资评级：看好（维持） 行业走势图 -29% -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 非银金融 沪深300 数据来源：聚源 相关研究报告 《监管态度转向积极，看好券商板块 行情—吴清主席在中证协大会的致辞 学习》-2025.12.7 《大国崛起需建设金融强国，券商海 外业务迎发展良机—券商海外业务深 度研究》-2025.11.30 《公募 REITs 试点纳入商业不动产， 险企开门红向好 — 行 业 周 报 》 -2025.11.30 券商杠杆上限有望松绑，险企调降风险因子释放资金 ——行业周报 lukun@kysec.cn 证书编号：S0790524040002 周观点：券商杠杆上限有望松绑，险企调降风险因子释放资金 证监会主席吴清表态积极且超预期，保险投资端松绑政策符合预期。券商和保险 行业业务端景气延续，叠加政策端向好和全年相对滞涨，看好非银板块布局机会。 券商：监管表态积极，行业有望进入"政策宽松期"，杠杆上限提升助力 ROE 12 月 6 日证监会主席吴清在中证协第八次会员大会上致辞，表态积极，核心 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The automotive sector is experiencing significant growth, with a focus on high-end luxury vehicles and electric vehicles, indicating strong future performance potential [7] - The report highlights the rapid delivery milestones achieved by new energy vehicle brands, particularly Hongmeng Zhixing, which reached over one million deliveries in just 43 months [5][13] - The report emphasizes the increasing competition in the automotive market, particularly in the electric vehicle segment, and the need for companies to innovate and adapt to changing consumer demands [7][25] Industry News - Hongmeng Zhixing's "Five Realms and Ten Cars" has achieved over one million deliveries, setting a record for the fastest delivery by a new energy vehicle brand in China [5][13] - Zeekr has announced its entry into the South Korean market, signing agreements with four local dealers to establish a sales and service network [14] - The new Wuling Blue Mountain smart version has begun pre-orders, featuring advanced driving assistance technology [15] - Cao Cao Mobility has upgraded its Robotaxi strategy, planning to cover 100 cities over the next decade [16] - A new national standard for automotive steering systems has been released, supporting steer-by-wire technology and removing mandatory mechanical connections [17][18] Market Performance - The automotive sector's performance this week saw the CSI 300 index increase by 1.28%, with the automotive sector rising by 1.27%, ranking 10th among A-share industries [6][26] - The passenger vehicle index increased by 0.20%, with Xiaomi Group and SAIC Motor leading the gains [6][31] - The commercial vehicle index rose by 2.24%, with Yutong Bus and China National Heavy Duty Truck leading the sector [6][32] - The automotive parts index increased by 1.56%, with Fosa Technology and Aerospace Science and Industry leading the gains [6][33] Investment Recommendations - For passenger vehicles, the report recommends investing in Jianghuai Automobile, Seres, and Xpeng Motors, with Geely Automobile identified as a beneficiary [7] - In the automotive parts sector, companies like Desay SV, Zhejiang Xiantong, and Meili Technology are recommended, with additional beneficiaries including Weichai Power and Baojun Technology [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The defense and military industry is experiencing a significant increase in military trade orders both domestically and internationally, which is expected to drive growth [3] - The military index has outperformed the CSI 300 index, with a 5.76% increase over the past two weeks compared to a 2.94% increase in the CSI 300, resulting in an excess return of 2.82 percentage points [5][14] - The current PE-TTM for the military industry is 69.33 times, which is at the 68.46% percentile since early 2015, indicating a relatively high valuation [24] Summary by Sections Market Review - The military index has risen by 5.76% from November 24 to December 5, ranking 6th among 31 industries [14] - The aerospace equipment sector has shown strong performance, increasing by 19.37% in the same period, while the naval equipment sector has declined by 1.67% [16] Industry News - Recent geopolitical tensions, such as the escalation in Venezuela and increased military spending in Turkey and India, are influencing the defense industry [6] - The successful launch of the Shenzhou-22 spacecraft and the establishment of a national commercial aerospace development fund indicate a potential turning point for the commercial aerospace sector [7] Valuation - The military industry's current PE-TTM is 69.33, which has increased from 67.34 two weeks prior, suggesting a positive outlook as the "14th Five-Year Plan" becomes clearer [24]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the continuous growth in AI demand, which is expected to enhance the demand for computing power [5][30] - The storage market is anticipated to experience price increases for at least 2-3 more quarters due to supply constraints [40][42] - Huawei's new product launches are expected to impact the supply chain positively, with significant market shares in the domestic smartphone market [43][44] Summary by Sections Internet - The rapid growth of the Qianwen app user base, with a monthly active user count reaching 18.34 million and a growth rate of 149.03% in November 2025 [18][19] - AI applications are primarily focused on programming and entertainment, with programming-related token consumption accounting for 50% [21][23] - The launch of the Doubao AI mobile assistant is expected to drive token usage further [29] Computing - The release of Google's Gemini 3 series is expected to extend the life of scaling laws and create a favorable ecological gain [30] - Data is identified as the core asset and barrier, with significant increases in training data for Gemini 3 compared to its predecessor [30] - Google's infrastructure allows researchers to focus on algorithms rather than technical issues, enhancing productivity [31][32] Storage - The supply of DRAM and NAND Flash is expected to be tight, with predictions of shortages in the first half of 2026 [40][41] - The price of storage contracts is projected to continue rising for at least 2-3 quarters, driven by limited new capacity [42] Electronics - Huawei's market share in the domestic smartphone market was 18.1% in Q2 2025 and 15.2% in Q3 2025, indicating strong performance [43][44] - The launch of new products, including the Mate 80 series and Mate X7, is expected to influence the supply chain positively [43] Tools - The report notes significant fluctuations in interest rate expectations, with a clear mid-term trend towards rate cuts [50][59] - The upcoming IPO of Zhongjian Technology is highlighted as a significant event in the capital market [60]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [2] Core Insights - The industry is experiencing a downward trend, with a 0.74% decline in the pharmaceutical and biotechnology sector, underperforming the CSI 300 index by 2.02 percentage points [7][21] - The report highlights the rapid clinical progress in the PD-1/VEGF dual antibody track, with four products entering registration clinical trials [4] - The report emphasizes the differentiated layout of the company Bibet in multiple therapeutic areas, focusing on innovative drug development for major diseases such as cancer, autoimmune diseases, and metabolic diseases [5][14] Summary by Sections Industry Performance - The pharmaceutical and biotechnology sector has seen a 0.74% decline in the first week of December 2025, ranking 21st among 31 sub-industries [21] - The medical circulation sector showed the largest increase, rising by 6.48%, while the raw material drug sector experienced the largest decline, falling by 2.54% [25] Company Focus - Bibet is a biopharmaceutical company focused on innovative drug development, with a pipeline that includes one approved innovative drug (BEBT-908) and several others in various clinical trial phases [5][14] - The company is developing a new GalNAc dual oligonucleotide conjugate platform (GDOC) for liver delivery and a peptide-oligonucleotide conjugate platform (POC) for extrahepatic delivery, aiming to address complex metabolic diseases [6][18] Recommended Stocks - The report suggests a continued positive outlook on innovative drugs and their supply chain, with specific stock recommendations including Sangfor Pharmaceutical, Innovent Biologics, and others [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The humanoid robot sector continues to rebound, entering an upward channel, with the core company index rising by 5.54%, outperforming the broader market [12][11] - Multiple factors contributed to the unexpected strength of the rebound, including prior adjustments in the sector, advancements in Tesla's Optimus robot, and anticipated supportive policies from the U.S. government [4][12] - The year 2026 is projected to be a milestone for humanoid robot mass production, with significant catalysts expected [4][40] Summary by Sections Humanoid Robot Sector Performance - The humanoid robot sector index and leading stocks have shown a continued rebound, with the core company index increasing by 5.54% during the week of December 1 to December 5, 2025 [12][11] - The top five performers included Hengli Hydraulic (+11.53%), Siling Co. (+10.07%), and Wuzhou Xinchun (+9.24%) [12][14] Optimus Robot Development - Tesla's Optimus robot is progressing towards mass production, with recent demonstrations showcasing its running capabilities, achieving speeds of 2.5-3 m/s [5][16] - The U.S. government is expected to introduce supportive policies for the robot industry, which may accelerate development and enhance market confidence [31][33] - The domestic industrialization process is also speeding up, with leading companies preparing for capital market entry [34][38] Investment Opportunities - Key investment opportunities are identified in the supply chain, including components such as head assemblies, bearings, and structural parts [27][30] - Specific companies recommended for investment include Lens Technology, Minth Group, and Wuzhou Xinchun, among others [6][30] - The report emphasizes the importance of technological upgrades and supply chain integration to support mass production [27][30]

Group 1: Commonality of Spring Rally - The spring rally signifies the market's early response to economic expectations and policy directions for the coming year, allowing investors to position themselves for the main themes of the year [12][13] - The three core drivers of the spring rally include concentrated policy expectations, seasonal liquidity changes, and the performance vacuum during the earnings reporting period [16][20] - Strong spring rallies typically occur when macroeconomic data significantly exceeds expectations, overall corporate earnings enter an upward trajectory, and monetary policy is notably accommodative [21][20] Group 2: Changes in Funding Ecology Behind the Index Bull Market - The weakening of real estate investment attributes has led to the equity market becoming the new main stage for residents' assets, with a structural migration of funds from real estate to stocks and funds [23][24] - Residents' funds are indirectly entering the market, bringing stable incremental capital, with a shift from high-yield financial products to new categories such as fixed income+, secondary bond funds, and higher-risk bank wealth management products [25][26] Group 3: Investment Strategy - Technology and Cyclical Sectors - The market correction is seen as a temporary pause, with an emphasis on early positioning for the spring rally, focusing on both technology and cyclical sectors as dual drivers [29][30] - Specific sectors showing potential include military industry, media (gaming), AI applications, Hong Kong internet, and power equipment, with core technology blue chips expected to recover [29][30]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The industry is experiencing dual support for pig prices due to supply and demand factors, with expectations for continued pressure on large pig sales from individual farmers [4][13] - The overall trend indicates a reduction in breeding stock, with significant implications for the industry as losses in pig farming accelerate [26] Summary by Sections Weekly Observation - There is significant short-term pressure on large pig sales from individual farmers, while large farming groups face less pressure to meet annual sales targets [4][13] - As of December 5, 2025, the average price of pigs nationwide is 11.19 yuan/kg, showing a week-on-week decrease of 0.08 yuan/kg and a year-on-year decrease of 4.40 yuan/kg [4][13] Weekly Perspective - The pig farming sector is facing losses, leading to an accelerated reduction in breeding stock. The price of pigs continues to decline, creating deeper losses for farmers [26] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others [26] Market Performance (December 1-5) - The agricultural sector underperformed the market by 1.86 percentage points, with the Shanghai Composite Index rising by 0.37% while the agricultural index fell by 1.49% [28][32] - Notable stock performances include Haodangjia (+16.15%), Xiwang Food (+10.26%), and Biological Shares (+9.66%) [28][35] Price Tracking (December 1-5) - The average price of pigs on December 5 is 11.20 yuan/kg, with a slight increase from the previous week [38] - The average price of piglets is 19.26 yuan/kg, also showing a week-on-week increase [38] - Other agricultural products such as white feather chicken and beef have seen price increases, with corn futures rising by 2.50% [38][49] Major Meat Import Volumes - In October 2025, pork imports totaled 70,000 tons, a year-on-year decrease of 21.1%, while chicken imports were 7,100 tons, down 72.1% [55][57] Feed Production - In October 2025, the total industrial feed production in China was 29.07 million tons, reflecting a month-on-month decrease of 4.2% [57]