Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

2025 年 12 月 14 日 北交所研究团队 北交所打新配置策略：精选高质新股机会，布局低估值高分红资产 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 年北交所新股收益率较好，审核加快关注北交所具备大市值低估值企业 从 2025 年新股情况看北交所表现较好，北交所、上交所、深交所上市企业首日 涨跌幅均值分别为 354.69%、222.90%、206.84%，网上发行中签率均值为 0.0371%、0.0488%、0.0211%，首次发行市盈率均值 12.70X、40.22X、19.77X， 首次发行市净率均值 1.57X、2.39X、2.04X。从北交所发审会节奏上来看，截至 2025 年 12 月 12 日，2025 年 1-12 月北交所合计过会 43 家企业，合计上市 24 家 企业，其中 2025 年 11-12 月北交所合计过会 16 家企业。2025 年 7-12 月北交所 网上发行有效申购户数+冻结资金中枢整体稳定在均值59.95万户和7039.73亿元 左右。从 2025 年北交所新股申购中签率来看，2025 ...

Market Overview - As of November 27, 2025, the number of projects in China's inquiry transfer market reached 163, a 140% increase compared to the entire year of 2024[4] - The transfer scale reached 84.445 billion yuan, which is 380% higher than the total for 2024[4] - The average discount rate for inquiry transfers in 2025 is approximately 84.34%, significantly lower than the 87.2% for private placements[15] Supply and Demand Dynamics - The inquiry transfer mechanism was officially implemented on the ChiNext board in May 2024, leading to a surge in transfer announcements, with 69 recorded in 2025, accounting for 42.33% of the total[4][24] - The inquiry transfer market has seen a compound annual growth rate (CAGR) of 100.74% in project numbers from 2020 to 2025, and a CAGR of 84.68% in transfer scale[20] Investment Characteristics - Inquiry transfers have a shorter registration time of about one week compared to 3 weeks to 1 month for regular private placements, reducing capital occupation time by 2-3 weeks[14] - The inquiry transfer mechanism allows for a more flexible exit strategy for early investors, providing a low-disturbance path for orderly exits, which is crucial in a market with scarce quality assets[18][29] Market Performance - In the week of December 6 to December 12, 2025, the A-share market saw a general increase, with the ChiNext index rising by 2.74%[31] - The CPO index experienced the highest weekly increase of 14.26%, with a year-to-date increase of 183.30%[34] Key Recommendations - Focus on sectors such as smart vehicles (e.g., Hu Guang Co., Rui Hu Mould, Xin Quan Co., and Xin Dong Lian Ke) and high-end manufacturing (e.g., Ao Pu Te, Qing Niao Fire Protection, and Lei Te Optoelectronics) for potential investment opportunities[36]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The upcoming Volcano Engine FORCE conference is expected to showcase significant advancements in AI models and ecosystem, with a focus on the release of new members of the Doubao model family, which aims to enhance performance and reduce costs [5][6] - The conference will also highlight upgrades to Agent development tools and the expansion of the Agent ecosystem, which are crucial for integrating AI into enterprise production scenarios [7] - The report emphasizes investment opportunities in the ByteDance ecosystem and AI applications, recommending various companies that are expected to benefit from these trends [8] Summary by Sections Industry Overview - The computer industry is projected to outperform the overall market [1] - The industry has shown a significant trend with a 24% fluctuation in the past months [2] Upcoming Events - The Volcano Engine FORCE conference is scheduled for December 18-19, 2025, featuring major announcements and advancements in AI technology [5] Model Developments - The new Doubao model members are anticipated to improve capabilities while lowering costs, particularly in video generation [6] Agent Ecosystem - Upgrades to Agent development tools are expected to enhance AI development processes, making them more efficient and comprehensive [7] Investment Recommendations - The report suggests focusing on companies like Hand Information, Zhongke Chuangda, and others that are positioned to benefit from AI applications and computing power [8]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that coal prices are expected to stabilize, with a long-term upward trend anticipated for both thermal coal and coking coal prices. The recent decline in prices is viewed as a temporary adjustment, with expectations for recovery towards the target price range of 800-860 RMB per ton for thermal coal [3][4][13]. Summary by Sections Industry Overview - The report highlights that as of December 12, the price of Qinhuangdao Q5500 thermal coal was 753 RMB per ton, down 38 RMB from the previous week. The price at Guangzhou Port was 815 RMB per ton, indicating a completion of the previously suggested coal-electricity profit-sharing target of 750 RMB [3][4]. Price Trends - Thermal coal prices have shown a recent decline but are expected to recover due to tightening supply and increasing demand, particularly as the heating season begins and industrial production ramps up towards year-end [4][5]. - Coking coal prices have rebounded significantly, with the price at Jing Tang Port reaching 1630 RMB per ton, up from a low of 1230 RMB in July, marking a 41.5% increase in futures prices [3][4]. Investment Logic - The report outlines a four-step process for the expected price recovery of thermal coal, including the restoration of long-term contracts and achieving a profit-sharing equilibrium between coal and power companies, with a target price of around 750 RMB for 2025 [4][13]. - Coking coal prices are expected to be more influenced by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [4][13]. Investment Recommendations - The report suggests a dual logic for investing in coal stocks: cyclical elasticity and stable dividends. It identifies four main lines for stock selection: 1. Cyclical logic: Jin Kong Coal Industry, Yanzhou Coal Mining 2. Dividend logic: China Shenhua, Zhongmei Energy 3. Diversified aluminum elasticity: Shenhua Co., Electric Power Investment Energy 4. Growth logic: Xinji Energy, Guanghui Energy [5][14]. Key Indicators - The coal index fell by 3.64% this week, underperforming the CSI 300 index by 3.56 percentage points. The average PE ratio for the coal sector is 14.76, and the PB ratio is 1.3 [10][17].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The 2026 refrigerant quota has been issued, maintaining an upward trend in the market; the shutdown of leading PVDF companies is expected to catalyze a market reversal [4][20] - The refrigerant market is characterized by stable long-term demand and a lack of substitutes, which supports a positive outlook for the sector [30] Summary by Sections 1. Fluorochemical Industry Weekly Perspective - The 2026 refrigerant quota has been issued with limited adjustments compared to 2025, indicating a stable market environment [28] - The shutdown of a leading PVDF producer is expected to create upward price pressure, with current market prices reaching up to 56,000 yuan/ton [21][24] 2. Market Performance - The fluorochemical index rose by 0.12% during the week of December 8-12, outperforming the Shanghai Composite Index by 0.47% [6][17] - The overall market sentiment remains strong, with companies like Dongyangguang and Juhua showing significant stock price increases [12][20] 3. Raw Material and Product Pricing - The price of R32 refrigerant is stable at 63,000 yuan/ton, while R134a has seen a price increase to 57,500 yuan/ton [10][11] - PVDF prices have rebounded from 36,000 yuan/ton to 49,000 yuan/ton, indicating a recovery in demand [21][22] 4. Industry Dynamics - The demand for PVDF is expected to continue growing, with the coating-grade PVDF market share projected to reach 25% by 2024 [22] - The overall fluorochemical market is experiencing a stable trend, with the price of raw materials like hydrogen fluoride showing mixed movements [38][39]

REITs REITs 提升全社会资源配置效率，保障房 REITs 单周表现 2025 年 12 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 2024-12 2025-04 2025-08 中证REITs全收益 沪深300 相关研究报告 《稳步发展 REITs 和资产证券化， 发行市场保持活跃—行业周报》 -2025.12.7 《基础设施 REITs 将进一步扩围， 保障房 REITs 单周表现优异—行业 周报》-2025.11.30 《支持消费基础设施和商贸流通体 系建设，发行市场保持活跃—行业周 报》-2025.11.23 | | | 齐东（分析师） 胡耀文（分析师） 杜致远（联系人） huyaowen@kysec.cn 证书编号：S0790524070001 duzhiyuan@kysec.cn 证书编号：S0790124070064 提升全社会资源配置效率，保障房 REITs 单周表现优异 2025 年第 50 周，中证 REITs（收盘）指数为 797.54，同比上涨 2.82%，环比下 跌 0.45%；中证 REITs 全收益指数 1028.5 ...

房地产 2025 年 12 月 14 日 《新房二手房成交面积同环比下降， 扎实推进好房子建设—行业周报》 -2025.12.7 《新房成交面积环比增长，支持城市 存 量 设 施 更 新 改 造 — 行 业 周 报 》 -2025.11.30 《新房成交面积环比增长，以高水平 安全保障城市高质量发展—行业周 报》-2025.11.23 新房二手房成交面积同比下降，着力稳定房地产市场 ——行业周报 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 核心观点：新房二手房成交面积同比下降，扎实推进好房子建设 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-12 2025-04 2025-08 房地产 沪深300 相关研究报告 本周我们跟踪的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to invest approximately $280 million to build a 360,000 tons/year functional fiber project in Egypt, which is expected to enhance its international influence and market competitiveness [6] - The report maintains profit forecasts for 2025-2027, estimating net profits of 1.113 billion, 2.049 billion, and 2.552 billion yuan, with corresponding EPS of 0.73, 1.34, and 1.67 yuan [6] - The current stock price corresponds to a PE ratio of 21.5, 11.7, and 9.4 times for the years 2025-2027 [6] Financial Summary and Valuation Indicators - Revenue for 2023 is projected at 61.469 billion yuan, with a year-on-year growth of 21.0%, and is expected to reach 67.280 billion yuan in 2025 [8] - The net profit for 2023 is estimated at 1.086 billion yuan, with a significant year-on-year increase of 628.4%, and is projected to grow to 2.552 billion yuan by 2027 [8] - The gross margin is expected to improve from 5.8% in 2023 to 8.0% in 2027, while the net margin is projected to increase from 1.8% to 3.4% over the same period [8] - The company's ROE is forecasted to rise from 6.5% in 2023 to 11.5% in 2027 [8] Industry Outlook - The domestic polyester filament industry is expected to see a slowdown in new capacity growth, with steady demand leading to an increase in profitability [7] - The PTA industry is anticipated to experience a reversal in profitability, with a significant portion of the industry currently facing losses, creating a collaborative demand for recovery [7] - The report highlights that the domestic PTA industry's capacity concentration is high, providing leading companies with pricing power and fostering industry self-discipline [7]

Group 1 - The report highlights the release of GPT-5.2 by OpenAI on December 11, 2025, which has shown significant improvements in various professional tasks, including financial modeling and data analysis, achieving 70.9% performance at or above expert levels in GDPval testing [12][19] - The report identifies 26 AI-related companies listed on the Beijing Stock Exchange, with a total market capitalization of 94.933 billion yuan as of December 12, 2025, including notable companies such as Parallel Technology and Kaite Co., Ltd [19][20] - Parallel Technology (920493.BJ) is recognized as a leading provider of supercomputing cloud services, reporting a revenue increase of 69.25% and a net profit increase of 178.80% for Q1-Q3 2025 [21][24] Group 2 - The report indicates that five major industries on the Beijing Stock Exchange experienced average gains, with the high-end equipment sector seeing a median P/E ratio rise to 36.4X and the chemical new materials sector experiencing a median P/E ratio drop to 38.8X [3][29] - The technology new industry sector, comprising 154 companies, saw a median P/E ratio increase from 40.5X to 42.0X, with a total market capitalization growth from 454.282 billion to 469.819 billion yuan [4][48] - The report notes that the electronic industry sector's median P/E ratio rose to 48.6X, with significant stock price increases for companies such as Chicheng Co., Ltd and Caneng Electric [57][62] Group 3 - The report mentions that Kaite Co., Ltd (920978.BJ) has signed a strategic agreement with Guangzhou Haote to develop products related to the data center industry, achieving a revenue of 796 million yuan and a net profit of 130 million yuan for Q1-Q3 2025 [25][27] - The report outlines the average weekly performance of various sectors, with the chemical new materials sector showing a weekly increase of 4.29% and the medical and biological sector's median P/E ratio rising to 34.5X [3][40] - The report highlights the announcement of Audiwei's plan to invest approximately 54.8 million USD in a new factory in Malaysia, focusing on smart sensors and actuators [65]