Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Insights - The report emphasizes the upcoming "spring excitement" in the construction sector as the "14th Five-Year Plan" approaches its start, with a historical pattern of infrastructure investment showing a tendency for higher growth in the early stages of five-year plans [4][10] - The report highlights that the current infrastructure investment is still at a low level, but anticipates an increase in investment pace as the "15th Five-Year Plan" begins, which is expected to support the construction sector's performance in 2026 [4][10] - Key areas of focus for investment include major national projects such as the canal system, Tibet railway, and new energy infrastructure, which are expected to generate long-term order demand [19] Summary by Sections Policy Developments - The report notes that the government is actively releasing positive signals regarding the "15th Five-Year Plan," with a focus on high-quality development and major infrastructure projects [3][20] - The central government has emphasized the importance of stabilizing the real estate market and accelerating the renovation of old urban areas, with significant progress already reported in various provinces [3][21] Market Performance - The report indicates that the construction and decoration index has shown positive performance, with a 2.26% increase, and highlights the top-performing stocks in the sector [6] Future Outlook - The report identifies three core investment themes for the construction sector in 2026: 1. Major national projects that will continue to drive long-term demand [19] 2. High-dividend, low-valuation state-owned construction enterprises that are expected to gain value [19] 3. Private construction companies leveraging cash flow and flexibility to enter new markets such as clean rooms and AI infrastructure [19]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report emphasizes the potential of brain-computer interface (BCI) technology and AI medical applications, predicting significant developments in 2026. It suggests focusing on innovative drug stocks and medical technology themes, particularly in the context of an aging population and the recovery of consumer spending in healthcare [3][5][42]. Summary by Sections 1. Policy Catalysts and BCI Application Potential - The brain-computer interface (BCI) technology is highlighted as a key area of growth, with the market expected to reach approximately $2.62 billion by 2024 and grow to $12.4 billion by 2034, reflecting a compound annual growth rate (CAGR) of 17.4% from 2025 to 2034 [12][18]. - The medical sector is projected to account for about 46% of the BCI application market in 2024, focusing on areas such as neurological rehabilitation and sensory diagnostics [13][18]. 2. Industry Perspective: Innovation and Global Expansion - The pharmaceutical index has shown a decline of 0.18% from December 22 to December 26, 2025, with a year-to-date increase of 14.29%. The report notes a significant number of stocks experiencing both gains and losses during this period [25][30]. - The report identifies key stocks to watch, including innovative drug companies and those involved in the BCI and AI medical sectors, suggesting a focus on companies like Heng Rui Medicine, Zai Lab, and others [42][45]. 3. Investment Opportunities - The report suggests that the pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs leading the way. It highlights the increasing global competitiveness of Chinese pharmaceutical companies and their growing capabilities in international markets [41][42]. - Specific recommendations include focusing on innovative drugs, medical devices, and companies involved in the BCI sector, with a particular emphasis on those with strong fundamentals and potential for recovery in 2026 [42][44].

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core View of the Report The report analyzes the credit market from December 22 - December 26, 2025. It shows that the primary - market credit bond issuance and net financing increased, while the repayment decreased, and the asset - backed securities' net financing decreased. In the secondary market, the trading volume of credit bonds increased, and the yield and credit spread of different bonds fluctuated. There were also negative credit events. Investment suggestions are provided for different types of bonds in 2026 [3][5][6]. 3. Summary by Relevant Catalogs 3.1 This Week's Credit Hot Events - "22 Vanke MTN005" multiple extension proposals were not approved, and only the extension of the principal and interest payment grace period to 30 trading days was agreed. The grace period for the bond with a scale of 3.7 billion yuan expires on February 10, 2026. Vanke's debt disposal for public and non - standard debts may be different, and a lack of clear credit enhancement for public debts may lead to increased risks [9][10][12]. - The Shanghai Stock Exchange issued the "Shanghai Stock Exchange Bond Continuation Business Guide No. 5 - Corporate Bond Trustee Management", aiming to clarify trustee responsibilities, encourage active credit management, and improve business quality and efficiency [13]. 3.2 Primary Market 3.2.1 Net Financing Scale - Credit bond (excluding asset - backed securities) net financing was 213.8 billion yuan, an increase of 98.7 billion yuan. The total issuance was 421.3 billion yuan (up 56.9 billion yuan), and the total repayment was 207.5 billion yuan (down 41.8 billion yuan). Asset - backed securities' net financing was 20.6 billion yuan, a decrease of 2.9 billion yuan [15]. - By product type, the net financing of urban investment bonds was 28.6 billion yuan (up 8.4 billion yuan), industrial bonds was 68.3 billion yuan (down 2.6 billion yuan), and financial bonds was 117 billion yuan (up 92.9 billion yuan) [15]. - In terms of issuance and redemption quantity, urban investment bonds' issuance decreased by 14 and redemption decreased by 22; industrial bonds' issuance decreased by 42 and redemption increased by 7; financial bonds' issuance increased by 4 and redemption decreased by 17 [17]. 3.2.2 Issuance Cost - The issuance rate of AA financial bonds remained above 3%, while the rates of AA + urban investment bonds and AAA financial bonds increased slightly. Other bonds' rates decreased to varying degrees. Specifically, the rates of AA urban investment bonds and AA + financial bonds dropped by 53BP and 50BP respectively [21]. 3.3 Secondary Market 3.3.1 Trading Situation - The trading volume of credit bonds (excluding asset - backed securities) increased by 83.7 billion yuan. Urban investment bonds' trading volume was 285.6 billion yuan (up 26.2 billion yuan), industrial bonds was 364.7 billion yuan (down 2.7 billion yuan), and financial bonds was 687.7 billion yuan (up 60.2 billion yuan). Asset - backed securities' trading volume was 20.4 billion yuan (down 5.1 billion yuan) [22]. - Regarding turnover rate, the overall credit bond turnover rate showed mixed changes. Urban investment bonds' turnover rate was 1.83% (up 0.17pct), industrial bonds was 1.88% (down 0.02pct), financial bonds was 4.43% (up 0.37pct), and asset - backed securities was 0.52% (down 0.15pct) [23]. 3.3.2 Yield - The yield of credit bonds with different ratings and maturities fluctuated within 4BP. For example, the yields of 1 - year AA, AAA -, and AAA + credit bonds fluctuated within 1BP, and the yields of 5 - year AA, AAA -, and AAA + credit bonds compressed by 3BP, 4BP, and 2BP respectively [25]. 3.3.3 Credit Spread - Overall, the credit spread of the AA + textile and apparel industry compressed by 12BP, while the spreads of the AAA real estate and AA + pharmaceutical and biological industries widened by 7BP and 9BP respectively. Other industries' spreads fluctuated within 5BP [30]. - For urban investment bonds, the short - term (within 1Y) spread widened by 4BP, and other maturities' spreads fluctuated within 2BP. Regionally, most urban investment bond spreads in different regions widened slightly [32][34]. - For industrial bonds, the short - term credit spread widened significantly, while the spreads of bonds over 1Y compressed to varying degrees [38]. - For bank capital bonds, the spreads of bank Tier 2 and perpetual bonds within 5Y widened significantly, while the spreads of long - term bonds over 5Y fluctuated within 2BP [40]. 3.4 This Week's Bond Market Negative News Two entities' four bond implicit ratings were downgraded, and Bohai Leasing Co., Ltd.'s two bonds announced extensions [4][41]. 3.5 Investment Suggestions - For urban investment bonds, short - duration (within 2Y) bonds can be used as a base position, and high - quality urban investment entities with a duration of 3 - 5Y can be selected to increase returns [6]. - For industrial bonds, high - quality central and state - owned enterprise bonds can be used as a base position with a longer duration, and industries with marginal improvement should be focused on [6]. - For Tier 2 and perpetual bonds, trading opportunities of bonds with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and bonds of high - quality city commercial banks and rural commercial banks in economically developed and debt - resolution - advanced regions should be considered [6].

Group 1: Policy and Industry Development - The Shanghai Stock Exchange has introduced new listing standards for commercial rocket companies, facilitating their entry into the Sci-Tech Innovation Board during a critical period of commercialization [6][7]. - The National Space Administration has issued a plan to promote high-quality and safe development of commercial aerospace, outlining 22 key measures to support the industry [7][9]. - In Q1-Q3 2025, China conducted 17 commercial space launches, with projections indicating that the commercial aerospace market could exceed 9 trillion yuan by 2030 [16][28]. Group 2: Market Performance and Trends - The average stock price change for technology growth stocks on the Beijing Stock Exchange was -2.24% from December 22 to December 26, 2025, with notable increases in companies like Guangdao Tui (+74.8%) and Fangsheng Co. (+15.97%) [2][3]. - The average price-to-earnings (P/E) ratio for the automotive industry on the Beijing Stock Exchange decreased to 30.6X, while the electronic equipment sector's P/E ratio fell to 55.9X [2][3]. - The commercial aerospace industry is experiencing a structural shift, with the proportion of commercial launches increasing from approximately 13% in 2020 to over 60% in 2024, indicating a growing role of commercial entities in driving industry growth [27][32]. Group 3: Key Companies in Commercial Aerospace - The report identifies 13 core companies in the commercial aerospace sector on the Beijing Stock Exchange, including software systems like Xingtou Measurement and Control, and component manufacturers such as Tianli Composite and Fujida [50][56]. - Notable companies in the aerospace materials sector include Jilin Carbon Valley, Minshida, and Kelong New Materials, which are contributing to advancements in high-performance materials [56]. - The report highlights the competitive landscape, with private companies like Blue Arrow Aerospace and Xingshe Power making significant strides in rocket development and launch services [42][45].

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The opening of the first US store of Mixue Ice Cream in Hollywood marks a significant step in its global expansion strategy, with multiple new stores in the US and other American countries like Brazil and Mexico in preparation [4] - Mixue Ice Cream's pricing strategy is competitive, with prices ranging from $1.19 to $4.99, significantly lower than local competitors, which positions it well in the affordable tea drink market [4] - Huaxizi's entry into Ulta Beauty, the largest beauty retail platform in the US, signifies the increasing international competitiveness of Chinese beauty brands [4] - The growth of emerging consumer goods reflects new consumption concepts among younger generations, emphasizing the importance of understanding these narratives for investment opportunities [4] Summary by Sections Industry Performance - The new consumption sector saw a weekly performance with the beauty care index down by 1.08%, the retail index up by 0.16%, and the social services index down by 1.05% [7] Key Industry Data - In November, retail sales for clothing and textiles increased by 3.5% year-on-year, cosmetics by 6.1%, gold and silver jewelry by 8.5%, and beverages by 2.9% [8][11]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 12 月 29 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 宠物市场规模持续扩张，关注北交所路斯股份自主品牌发展和出口情况 ——北交所消费服务产业跟踪第四十五期（20251228） 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 宠物市场规模持续扩张，消费者从"精致养宠"迈向更高阶的"科学养宠"。2025 年 12 月 25 日，在由宠业家和山东省宠物行业协会联合主办，朗诺冠名的第六届宠 物渠道创新峰会上，《2025 淘宝天猫宠物数据解读：如何在最大生意阵地建立确定 性》主题分享中提出，淘宝天猫依然是宠物消费的首选平台和最大生意阵地，2025 年双 11 期间第一阶段其宠物成交额在主流电商中占比高达 64%。《持续超高增长的 抖音宠物市场，企业增长提效的奥秘》主题分享中提出，2025 年前 11 个月，抖音 宠物 GMV 同比增长近 9 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 12 月 28 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 光热规模化发展意见出台 11 月原煤 产量降幅收窄 ——大能源行业 2025 年第 52 周周报（20251228） 投资要点： 电力设备：光热规模化发展意见出台 十五五装机有望迎近 10 倍增长空间 本周，两部委印发《关于促进光热发电规模化发展的若干意见》（以下简称《意见》）。 对于十五五的光热装机规模提出明确目标：到 2030 年总装机规模力争达到 1500 万 千瓦左右，这意味着十五五光热发电装机有望迎来近 10 倍增长空间。 光热发电兼具可靠、灵活、清洁属性，有望在我国能源转型中 ...

Automotive Industry - The 2026 strategy focuses on new growth directions such as robotics, AI liquid cooling, and National VI emissions standards, emphasizing a shift from breadth to depth in the robotics sector, targeting companies with strong certainty in market share and benefiting from new technological changes [6][7] - The AI liquid cooling market is projected to grow from billions to hundreds of billions, with significant opportunities for companies in the Pearl River Delta and Yangtze River Delta regions that can capture orders from Taiwanese manufacturers [7] - The National VI emissions standards are expected to create a market space exceeding 200 billion yuan from 2027 to 2030, with a focus on leading companies with strong technological capabilities in the after-treatment sector [8][9] Media and Entertainment Industry - The upcoming holiday season is anticipated to boost daily active users (DAU) and revenue for major products like "Delta Action" and "Supernatural Action Group," with a consensus forming around this expectation [10][11] - New product launches and updates in the gaming and film sectors are expected to create trading opportunities, with recommendations for companies like Tencent Holdings and Giant Network, which have significant growth potential [10][12] - The film "Fast Life 3" is scheduled for release during the 2026 Spring Festival, and "Chinese Tales 2" will be exclusively available on Bilibili starting New Year's Day, indicating strong content updates in the industry [11] Precious Metals - Gold and silver prices have been rising, driven by factors such as potential changes in U.S. Federal Reserve leadership and strong economic performance, with gold prices expected to continue rising due to supportive monetary policies [20][21][23] - The gold price reached 4,449.40 USD per ounce, while silver rose to 69.74 USD per ounce, indicating strong upward momentum in the precious metals market [20][21] - The ongoing demand for gold is supported by central banks increasing their reserves, with China's gold reserves reaching 74.12 million ounces by the end of November 2025 [24] Non-Ferrous Metals - Copper prices have surged to historical highs, with LME copper exceeding 12,000 USD per ton, driven by supply constraints and potential strikes in Chilean copper mines [25][26] - The supply-demand balance for copper is shifting towards a shortage due to insufficient capital expenditure in mining and frequent supply disruptions, suggesting a bullish outlook for copper prices [25][26] - Lithium demand remains strong, with lithium carbonate prices rising significantly, indicating a favorable market environment for lithium-related companies [27][28] North Exchange - The North Exchange is expected to have 26 companies listed by the end of 2025, with a notable average first-day gain of 348% for new stocks, highlighting a vibrant market for new listings [31][32] - The exchange is in a phase of high-quality expansion, with a focus on companies that possess scarcity and high barriers to entry, suggesting potential investment opportunities in these firms [31][32]

Group 1 - The report maintains a positive outlook on the retail and consumer services industry, highlighting a continued recovery in consumption and cyclical opportunities [1][2] - In 2025, the consumer services and retail sectors underperformed compared to the CSI 300 index, with the consumer services sector showing better performance than retail [11][16] - The jewelry retail sector experienced significant growth, primarily driven by rising gold prices, while the consumption of gold jewelry faced a decline [24][25] Group 2 - The report identifies two main investment directions for 2026: the continuation of consumption recovery, focusing on high-end sectors like duty-free and gaming, and the sustained high demand for emotional and self-rewarding consumption, particularly in jewelry and trendy products [68][71] - The restaurant industry showed a faster growth rate than overall retail, with a notable increase in the number of registered restaurants, indicating a cautious approach from new entrants [34][40] - The travel sector is recovering steadily, with strong demand during holidays and a positive trend in passenger numbers for civil aviation [45][51] Group 3 - The report emphasizes the importance of brand strength and product differentiation in the jewelry sector, as emotional value increasingly drives consumer choices [29][25] - The restaurant industry is expected to see a rise in chain operations and a focus on cost-effective consumption, with the overall market growth projected at 9.0% from 2020 to 2024 [37][40] - The report notes that the gaming sector remains robust, with Macau's gross gaming revenue showing a year-on-year increase, indicating a strong recovery in this segment [46][51]

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [3] Core Views - As the winter vacation and Spring Festival approach, high DAU products like "Delta Action" and "Supernatural Action Group" are expected to achieve new highs in DAU and revenue, with market consensus strengthening [3] - Emphasis on cross-year allocation opportunities and companies with significant growth potential, such as Tencent Holdings, Giant Network, and Century Huatong, is recommended [3] - New product launches and updates in gaming and film content are highlighted as key trading opportunities [3][4] Summary by Sections Gaming Sector - Major products like "Honor of Kings," "Delta Action," and "Supernatural Action Group" are expected to strengthen their market position through frequent content updates [5] - Companies exploring AI integration in gaming are noted for their potential to drive value reassessment [5] - Recommendations include Tencent Holdings, NetEase, and several others for their innovative approaches [5] Film and Television Sector - The film "Fast Life 3" is scheduled for release during the 2026 Spring Festival, with recommendations to monitor related production and distribution companies [4] - The implementation of new policies by the National Radio and Television Administration is expected to enhance content creation and development in the long-form drama sector [4] Internet Sector - ByteDance's launch of the general Agent model Seed1.8 is noted for its multi-modal capabilities, impacting traditional business models [6] - Continued focus on AI technology development and its application in various sectors, including education and e-commerce, is advised [6] New Business Models - The rise of "group broadcasting" is seen as a shift towards systematic growth, with recommendations for companies directly involved in this model [7] - Companies benefiting from the growth of group broadcasting, such as Kuaishou and Bilibili, are highlighted [7] Market Performance - The A-share market saw a slight decline in the media sector, ranking 26th among all industries during the specified period [12] - Notable stock performance includes Baida Qiancheng (+20.08%) and Rebate Technology (+14.34%) [15][19] Industry News - "Chinese Tales 2" will exclusively launch on Bilibili starting January 1, 2026 [9] - The 2025 mini-game market is projected to reach 61 billion yuan, growing by 22% [9][24]