行业深度报告 hyzqdatemark 2025 年 12 月 19 日 证券分析师 符超然 SAC：S1350525050004 fuchaoran@huayuanstock.com 李咏红 SAC：S1350525090001 liyonghong@huayuanstock.com 证券研究报告 家用电器 周宸宇 zhouchenyu@huayuanstock.com 逆风莫摧残，挖掘定价权 投资评级： 看好（首次） ——家电行业 2026 年投资策略 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 板块表现： 内销方面，寒冬是残酷的试金石，龙头借势提升定价权。在内需低迷的环境下，所 有企业都面临压力，但真正具备产品力、渠道效率、成本控制与品牌溢价能力的龙 头企业，反而迎来份额加速提升的战略窗口。市场份额的再分配，正在从"增量竞 争"转向"存量整合"。政府补贴虽短期扰动市场节奏——一方面造成龙头企业业 绩阶段性波动；另一方面也延长了部分低效小厂的生存周期。但必须清醒认识到， 国补只是扰动，国补终将退出。与其纠结政策退出时点，不如聚焦那些在补贴退潮 前已显著跑出竞争优势的企业——它们有望在政 ...

证券研究报告 非银金融 | 保险Ⅱ 港股|首次覆盖报告 hyzqdatemark 2025 年 12 月 18 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 12 | 月 17 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 3.21 | | | 一年内最高/最低（港 | | | | 7.36/0.87 | | | 元） | | | | | | | 总市值（百万港元） | | | | 13,030.33 | | | 流通市值（百万港元） | | | | 13,030.33 | | | 资产负债率（%） | | | | 84.60 | | | 资料来源：聚源数据 | | | | | | 云锋金融(00376.HK) 投资评级： 买入（首次） ——新业务价值高增，投资管理能力独特 投资要点： 联系人 扎根香港寿险市场，兼具强 ...

证券研究报告 晨会 hyzqdatemark 2025 年 12 月 18 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年12月18日 华源晨会精粹 20251218 新消费 2025 年 11 月社零数据点评——11 月社零增速低于预期，餐饮零售额增速 快于商品：11 月社会消费品零售总额为 43898 亿元，同比增长 1.3%。除汽车外社 会消费品零售总额为 39444 亿元，同比增长 2.5%。分区域来看，11 月城镇/乡村消 费品零售总额分别实现 37684/6214 亿元，分别同比+1.0%/+2.8%。分消费类型看， 餐饮零售额增速快于商品。分品类看：必选消费中粮油食品、饮料类 11 月限额以上 零售额增速较快。可选消费中金银珠宝 11 月限额以上零售额增速放缓。其他消费品 类零售额同比增速下滑。 风险提示：终端消费需求修复不及预期；经营环境修复不及预期；国际政治变动风 险。 房地产 中央经济工作会议明确化解风险，稳定楼市——房地产行业周报：本周房地 产（申万）下跌 2.6%。新房本周 42 个重点城市新房合计成交 189 万平米，环比下 降 2.4%。二手房本周 21 个重点城市 ...

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 12 月 18 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 中央经济工作会议明确化解风险，稳定楼市 投资评级： 看好（维持） ——房地产行业周报（25/12/6-25/12/12） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 0.3%、深证成指上升 0.8%、创业板指上升 2.7%、 沪深 300 下跌 0.1%、房地产（申万）下跌 2.6%。个股方面，涨跌幅前五的分 别为：三湘印象(+12.1%)、南都物业(+7.6%)、京基智农(+5.1%)、苏州高新 (+4.2%)、世联行(+2.9%)，涨跌幅后五的分别为：海泰发展(-18.2%)、ST 中迪 (-15.5%)、*ST 阳光(-11.7%)、中天服务(-11.0%)、*ST 荣控(-11.0%)。 联系人 板块表现： 数据跟踪： ...

Group 1: Fixed Income Market Insights - The economic indicators continue to show weakness, with consumption and investment under significant pressure, leading to a potential slowdown in GDP growth in Q4 compared to Q3 [2][7] - The core contradiction in the current economic operation is the coexistence of "old momentum adjustment drag and new momentum growth," with real estate sluggishness and cautious consumer spending posing short-term constraints [2][7] - The central economic work conference emphasizes the role of domestic demand and the importance of enterprise innovation, with new macro policies focusing on increasing counter-cyclical and cross-cyclical adjustment efforts [2][7] Group 2: Construction and Building Materials Sector - The construction sector is expected to experience a "spring rally" as the 14th Five-Year Plan concludes and the 15th Five-Year Plan begins, with infrastructure investment showing signs of recovery in Q1 2026 [16][17] - Historical data indicates a "front high, back stable" investment rhythm in five-year plans, suggesting that the upcoming period may see a concentration of project disclosures and investment signals [16][17] - The first quarter of 2026 is anticipated to have elastic infrastructure investment growth due to low base effects from the previous year, with significant project announcements expected from various provinces [16][18][19] Group 3: Company-Specific Developments - The company, Chuangyuan Xinke, plans to acquire 100% of Weiyu Tiandao for 886 million yuan, aiming to provide comprehensive testing solutions across ground, low-altitude, and satellite domains [3][24] - The strategic partnership with the China Academy of Information and Communications Technology focuses on advancing "6G+AI" and "6G+Satellite" technologies, enhancing the company's competitive edge in high-end wireless communication testing [3][25] - The company reported revenues of 156 million yuan and a net profit of 4.01 million yuan for the first three quarters of 2025, with future profit projections indicating growth [3][26]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company plans to acquire Weiyu Tiandao to transform into a comprehensive testing service platform and deepen collaboration with the China Academy of Information and Communications Technology in the "6G + Satellite" direction [5][7] - The company is positioned as a leading domestic high-end wireless communication testing instrument provider, focusing on 5G/6G communication, Beidou navigation, and semiconductor RF sectors, while expanding into automotive networking and satellite internet applications [8] Financial Summary - The projected net profit for the company from 2025 to 2027 is estimated to be CNY 0.19 billion, CNY 0.34 billion, and CNY 0.49 billion, corresponding to a price-to-earnings ratio of 226.5, 130.4, and 89.3 times respectively [6] - Revenue for 2025 is expected to be CNY 269 million, with a year-on-year growth rate of 15.51% [9] - The company anticipates a net profit of CNY 19 million in 2025, reflecting a year-on-year increase of 54.91% [9] Strategic Initiatives - The company aims to integrate communication testing systems with navigation testing systems through the acquisition of Weiyu Tiandao, which specializes in satellite navigation testing technology [7][8] - Recent strategic agreements include collaboration with the East China branch of the China Academy of Information and Communications Technology to establish a testing and verification center for next-generation 6G communication and satellite internet [8]

Report Overview - Report Date: December 17, 2025 - Report Title: Economic Data Review for November 2025 1. Industry Investment Rating - The document does not provide an industry investment rating. 2. Core Viewpoints - Most economic indicators continued to weaken in November. Consumption and investment faced significant pressure, and the GDP growth rate in Q4 might slow down compared to Q3. The core contradiction in the current economic operation is the co - existence of the drag from the adjustment of old driving forces and the growth of new driving forces. Real - estate downturn and cautious consumer behavior are short - term constraints, while policy support and industrial upgrading are key supports [2]. - In December, social retail sales still face a high - base pressure from the +3.7% year - on - year growth in December 2024, and the effect of the withdrawal of national subsidies may continue to show. In terms of fixed - asset investment, the decline in real - estate investment has widened, infrastructure investment may be under great fiscal constraint pressure, and only manufacturing upgrading provides support [2]. - The 2025 Central Economic Work Conference emphasized the role of domestic demand, strengthened the main position of enterprise innovation, and added the statement of "increasing counter - cyclical and cross - cyclical adjustment" in macro - policies. Attention should be paid to the implementation effect of growth - stabilization policies and the supporting role of high - quality development and new productive forces on the economy [2]. - In 2026, the bond market may perform better than expected. Since the second half of the year, the bond market has often deviated from the fundamentals and is dominated by institutional behavior. It is expected that the policy interest rate will be cut by about 20BP in 2026, with a 10BP cut likely in Q1. In the long - term, the 30 - year treasury bond yield is expected to fall below 2% [3]. 3. Summary by Category Consumption - In November, the growth rate of social retail sales continued to decline. The total retail sales of consumer goods in November was 4.4 trillion yuan, a year - on - year increase of 1.3%, 1.6 percentage points lower than the previous month. The year - on - year growth rate has declined for six consecutive months, reaching the lowest single - month level since 2023. From January to November, the total retail sales of consumer goods increased by 4.0% year - on - year, 0.3 percentage points lower than from January to October [2]. - The policy to expand service consumption continued to be implemented, and service retail sales continued to grow rapidly. From January to November, the retail sales of cultural, sports, and leisure services continued to grow at a double - digit rate. The national box office revenue increased by 19.5% year - on - year, and the number of moviegoers increased by 20.3% year - on - year [2]. - The year - on - year growth rate of most retail sales of national - subsidy - related categories continued to slow down. In November, the year - on - year growth rate of retail sales of above - quota household appliances and audio - visual equipment dropped significantly to - 19.4%, 4.8 percentage points lower than in October. The year - on - year retail sales of above - quota furniture decreased by 3.8%, 13.4 percentage points lower than in October [2]. Fixed - Asset Investment - The pressure on fixed - asset investment continued to increase. The cumulative year - on - year growth rate of fixed - asset investment has been weakening for eight consecutive months, with negative growth for three consecutive months and an accelerating decline. The decline in real - estate development investment has widened for nine consecutive months. From January to November, fixed - asset investment decreased by 2.6% year - on - year [2]. - From January to November, infrastructure investment, manufacturing investment, and real - estate development investment decreased by 1.1%, increased by 1.9%, and decreased by 15.9% year - on - year respectively, 1.0, 0.8, and 1.2 percentage points lower than the previous period. Infrastructure investment has had negative cumulative year - on - year growth for two consecutive months [2]. - Private investment has had negative cumulative year - on - year growth for six consecutive months. From January to November, the year - on - year decline widened to - 5.3%, 0.8 percentage points lower than from January to October [2]. Foreign Trade - The overall growth rate of imports and exports rebounded significantly. In November, the total value of imports and exports was 3.9 trillion yuan, a year - on - year increase of 4.1%, a significant increase of 4 percentage points from 0.1% in October. Exports were 2.3 trillion yuan, a year - on - year increase of 5.7%, rebounding from - 0.8% in October. Imports were 1.6 trillion yuan, maintaining growth for six consecutive months [3]. - Trade with the EU and Africa rebounded significantly, while the decline in exports to the US continued to widen. In November, the total trade value with ASEAN increased by 3.3% year - on - year, and exports to ASEAN increased by 8.2%. The total trade value with the EU increased by 10.25% year - on - year, 8.3 percentage points higher than the previous period. Exports to the EU increased by 14.8% year - on - year, a significant rebound of 13.9 percentage points from October [3]. - High - end manufacturing became the core driving force for the rebound. In November, exports of mechanical and electrical products increased by 9.65% year - on - year in US dollars, 8.4 percentage points higher than the previous month, and exports of high - tech products increased by 7.68% year - on - year, 5.9 percentage points higher than the previous month [3]. Industrial and Service Sectors - From January to November, the added value of industrial enterprises above the designated size increased by 6.0% year - on - year, 0.1 percentage points lower than from January to October. In November, it increased by 4.8% year - on - year, 0.1 percentage points lower than in October [3]. - In November, the added value of high - tech manufacturing and equipment manufacturing above the designated size increased by 8.4% and 7.7% year - on - year respectively, maintaining a growth rate of over 7% in each month since 2025 [3]. - In November, the service production index increased by 4.2% year - on - year, 0.4 percentage points lower than the previous month and 1.9 percentage points lower than in November last year [3]. Economic Outlook and Recommendations - The economy still faces certain pressure. On the consumption side, although there is growth in durable goods and service consumption supported by policies, the decline in the retail sales of above - quota durable goods reflects that the overall consumer willingness still needs to be boosted. On the investment side, the drag of infrastructure and real - estate on the economy may continue [3]. - The probability of the introduction of growth - stabilization policies such as reserve requirement ratio cuts and interest rate cuts increases. The bond market in 2026 may perform better than expected, and it is recommended to focus on the allocation value of 5 - year bank capital bonds and ultra - long - term interest - rate bonds [3]

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [2] Core Viewpoints - The focus is on the start of the "15th Five-Year Plan" in 2026, with the construction sector expected to experience a "spring rally." Overall infrastructure investment in 2025 remains weak, with growth rates at low levels. However, conditions for marginal improvement in investment rhythm may arise in the first quarter of 2026, catalyzing sentiment and orders for the sector [2][10]. Summary by Sections 1. Five-Year Plan Impact - The five-year plan significantly influences infrastructure investment rhythms, showing a clear "high at the front, stable at the back" pattern in recent cycles. Historically, infrastructure investment growth in China has exhibited stable phase characteristics, with the first half of the plan often seeing concentrated project launches and relatively high growth rates, while the latter half tends to stabilize [3][10]. 2. Investment Recovery Patterns - Historical data indicates a "low base - next year recovery" pattern for first-quarter infrastructure growth. For instance, in 2025, the broad infrastructure fixed asset investment growth rates for January-February and March are 9.95% and 12.59%, respectively. However, excluding the impact of power investment, the narrow infrastructure growth rates are only 5.60% and 5.94%, marking the lowest in five years. The expectation for 2026 is that the first quarter may naturally recover due to the low growth base in 2025 [4][12]. 3. Provincial Project Disclosures - In the first quarter of the "14th Five-Year Plan," multiple provinces are expected to disclose significant plans for communication, comprehensive transportation, water conservancy, and major infrastructure projects, which will significantly catalyze the infrastructure industry chain. For example, provinces like Sichuan and Chongqing have set ambitious investment targets for the "14th Five-Year Plan," which will lay the groundwork for the upcoming "15th Five-Year Plan" [5][10]. 4. Market Performance - The Shanghai Composite Index fell by 0.34%, while the Shenzhen Component Index rose by 0.84%, and the ChiNext Index increased by 2.74%. The construction decoration index dropped by 1.59%, with sectors like landscaping engineering and municipal engineering showing positive growth [6][25]. 5. Company Announcements - Several companies in the construction sector have reported significant project wins, including major overseas contracts and domestic infrastructure projects, indicating a robust pipeline of work that supports future revenue growth [19][20].

Group 1: Construction Materials Industry - The central economic work conference emphasizes "internal strength" and highlights the contradiction of "strong supply and weak demand" in the construction materials industry, indicating a shift towards supply-side reforms and potential investment opportunities in the cement sector [2][6][9] - The policy focus has shifted from "extraordinary counter-cyclical adjustments" to "increasing counter-cyclical and cross-cyclical adjustment efforts," suggesting a more gradual adjustment in demand-side policies for the upcoming year [2][6] - The cement sector remains the most valuable investment area within the construction materials industry, with expectations for a new round of supply-side reform [2][6] Group 2: Cosmetics Raw Materials Industry - The Chinese cosmetics raw materials market is projected to grow from CNY 1147.80 billion in 2019 to CNY 1603.90 billion by 2024, with a compound annual growth rate (CAGR) of 6.9% [10] - The peptide raw materials market is expected to grow from CNY 11.2 billion in 2019 to CNY 21.7 billion by 2024, with a CAGR of 14.1% [10] - Leading companies in the industry include Weiqi Technology and Jiakai Biological, with Weiqi holding a 6.6% market share in the peptide raw materials sector [10][11] Group 3: Transportation Industry - The logistics demand in emerging markets is showing robust growth, with Jitu Express achieving record daily collection volumes in Brazil [15][16] - The international air transport association (IATA) forecasts a stable profit outlook for airlines, with a projected total net profit of USD 41 billion in 2026 [18] - The supply chain bottlenecks continue to restrict the growth of the aviation industry, with a structural mismatch between demand and available aircraft [18] Group 4: Agriculture, Forestry, Animal Husbandry, and Fishery Industry - The pig price is expected to remain weak, with a recent increase to CNY 11.54/kg, but overall industry losses persist [31][32] - The central economic work conference has introduced policies aimed at stabilizing pig prices and enhancing farmers' income, indicating a shift towards protecting farmers' rights and promoting innovation [32] - The chicken industry faces a "high capacity, weak consumption" dilemma, with leading companies likely to gain market share as they adapt to changing conditions [33]

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [4] Core Viewpoints - The building materials sector is under pressure, but overall profitability is stabilizing. In the first three quarters of 2025, the sector's revenue decreased by 4.39% year-on-year, while gross margin increased by 1.61 percentage points. The net profit attributable to shareholders increased by 20.56% year-on-year, with a notable performance in the fiberglass segment due to rising demand for electronic fabrics [5][9][12] Summary by Relevant Sections Overall Industry Performance - The building materials sector experienced a revenue decline of 4.39% year-on-year in the first three quarters of 2025, with a gross margin increase of 1.61 percentage points and a net profit margin increase of 1.08 percentage points. The net profit attributable to shareholders rose by 20.56% year-on-year [5][9][10] Cement Sector - The cement market faced significant demand decline, with a total production of 1.259 billion tons in the first three quarters of 2025, down 5.2% year-on-year. The revenue for the cement sector decreased by 7.63% year-on-year, while the net profit attributable to shareholders increased by 158.74% year-on-year [25][26] Glass Sector - The float glass segment saw a production decline of 5.2% year-on-year, with revenue down by 9.94%. In contrast, the photovoltaic glass segment experienced a recovery in the second half of the year, with prices increasing significantly in September [9][25] Fiberglass Sector - The fiberglass sector showed a revenue increase of 23.54% year-on-year, driven by demand from AI server upgrades and high-frequency communication technology, leading to price increases in specialized fiberglass products [9][12] Consumer Building Materials - The consumer building materials sector's revenue decreased by 6.46% year-on-year, but some companies like SanKeShu and TuBaoBao managed to achieve growth through strategic adjustments and product optimization [12][19]