Investment Rating - The investment rating for the precious metals sector is "Positive" (maintained) [4] Core Views - The precious metals sector, particularly gold and silver, has seen strong price increases, with London spot gold rising by 2.36% to $4449.40 per ounce and Shanghai gold increasing by 4.70% to ¥1016.30 per gram. Silver prices also surged, with London spot silver up 8.11% to $69.74 per ounce and Shanghai silver up 23.01% to ¥18319 per kilogram [5][10] - Key factors driving the recent price increases include potential changes in U.S. Federal Reserve leadership and economic performance, with the U.S. GDP annualized growth rate for Q3 reaching 4.3%, exceeding expectations. However, there are concerns about potential economic slowdown in Q4 due to government shutdown impacts [5][6] - The ongoing geopolitical situation, particularly regarding Ukraine, and the potential for U.S. monetary policy changes are expected to support gold prices in the medium to long term. The report suggests that the "rate cut trade" and "Trump 2.0" policies will provide strong upward momentum for gold prices [5][6] Summary by Sections Price Trends - In the last two weeks, gold and silver prices have shown significant increases, with gold prices in London and Shanghai rising by 2.36% and 4.70%, respectively, while silver prices surged by 8.11% in London and 23.01% in Shanghai [10][11] U.S. Economic Data and Federal Reserve Tracking - The U.S. economy demonstrated resilience with a Q3 GDP growth rate of 4.3%, and personal consumption expenditures also exceeded expectations. However, there are concerns about a potential slowdown in Q4 due to government shutdown effects [5][6] Positioning and Trading Volume - The report notes changes in trading volumes, with Shanghai gold holdings increasing by 1.03% to 352,200 contracts, while silver holdings decreased by 1.71% to 774,700 contracts [10][11] Domestic and International Price Differences - The report indicates that the domestic gold price differential is -15.65 yuan per gram, while the silver price differential is 296.03 yuan per kilogram, reflecting recent market dynamics [62] Futures Basis Situation - As of the latest report, the international gold basis (spot-futures) is -$112.60 per ounce, indicating a decrease of $129.75 from two weeks prior, while the domestic gold basis is -7.50 yuan per gram [65]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The construction of the navigation facility at Longtan Hydropower Station has commenced, with minimal expected impact on operations [5] - The company has reported a significant increase in hydropower generation, with a 22% year-on-year growth in electricity output for the first three quarters, contributing to a 12% increase in net profit [7] - The company is expected to maintain a favorable dividend level, with a projected dividend of 0.2 yuan per share from 2022 to 2024 [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 8,091 million yuan - 2024: 9,598 million yuan (growth of 18.63%) - 2025: 9,784 million yuan (growth of 1.93%) - 2026: 10,396 million yuan (growth of 6.26%) - 2027: 11,049 million yuan (growth of 6.28%) [6] - Net profit forecasts are: - 2023: 1,226 million yuan - 2024: 2,283 million yuan (growth of 86.26%) - 2025: 2,793 million yuan (growth of 22.33%) - 2026: 2,994 million yuan (growth of 7.18%) - 2027: 3,159 million yuan (growth of 5.51%) [6] - Earnings per share (EPS) estimates are: - 2023: 0.16 yuan - 2024: 0.29 yuan - 2025: 0.35 yuan - 2026: 0.38 yuan - 2027: 0.40 yuan [6] - The company’s return on equity (ROE) is projected to be: - 2023: 6.70% - 2024: 12.08% - 2025: 14.15% - 2026: 14.51% - 2027: 14.64% [6] Investment Opportunity - The company is expected to have a price-to-earnings (P/E) ratio of 20.60 for 2025, decreasing to 18.22 by 2027, indicating potential for long-term investment value in the hydropower sector [7]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Viewpoints - The supply tightness logic continues to unfold, with copper prices breaking through historical highs. This week, copper prices increased significantly, with London copper rising by 3.22%, Shanghai copper by 5.95%, and New York copper by 6.71%. London copper surpassed $12,000 per ton, while Shanghai copper exceeded ¥100,000 per ton. Supply-side concerns are heightened due to potential strikes at Chilean copper mines, which could exacerbate the tight supply situation. The report suggests focusing on companies such as Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and others [5][4] Summary by Sections 1. Industry Overview - The non-ferrous metals sector outperformed the market, with the Shanghai Composite Index rising by 1.88% and the non-ferrous sector increasing by 6.43%, outperforming the index by 4.54 percentage points. Lithium, copper, and tungsten sectors showed the highest gains, while rare earths and tin lagged behind [11][12] 2. Industrial Metals 2.1 Copper - London copper prices rose by 3.22%, Shanghai copper by 5.95%, and New York copper by 6.71%. London copper inventory decreased by 2.10%, while Shanghai inventory increased by 16.59%. The smelting fee was reported at -$44.9 per ton, indicating a loss in copper smelting profits [26][23] 2.2 Aluminum - London aluminum prices increased by 0.48%, and Shanghai aluminum prices rose by 1.57%. Inventory levels for both London and Shanghai aluminum saw slight increases. The price of alumina fell by 2.36%, while aluminum smelting profits rose by 5.70% to ¥6,402 per ton [37][37] 2.3 Lead and Zinc - London lead prices increased by 0.63%, and Shanghai lead prices rose by 3.00%. London zinc prices rose by 0.75%, while Shanghai zinc prices increased by 0.52%. Smelting processing fees decreased by 6.25% to ¥1,500 per ton, with mining profits rising to ¥10,004 per ton [51][51] 2.4 Tin and Nickel - London tin prices fell by 1.26%, while Shanghai tin prices decreased by 0.26%. Conversely, London nickel prices rose by 5.82%, and Shanghai nickel prices increased by 9.33%. Nickel iron prices rose by 2.23%, with domestic nickel iron enterprises reporting profits of ¥5,955 per ton [64][64] 3. Energy Metals 3.1 Lithium - Lithium prices saw significant increases, with lithium spodumene rising by 13.05% to $1,490 per ton, and lithium carbonate increasing by 14.59% to ¥111,900 per ton. However, the smelting profit margins for lithium were negative [80][80] 3.2 Cobalt - Cobalt prices also increased, with MB cobalt rising by 0.20% to $24.50 per pound, and domestic cobalt prices increasing by 5.45% to ¥445,000 per ton. The profit margins for domestic smelting plants rose significantly [93][93]

证券研究报告 汽车 行业定期报告 hyzqdatemark 2025 年 12 月 26 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 秦梓月 SAC：S1350525070008 qinziyue@huayuanstock.com 板块表现： 26 年汽车出口思考（1）：分析中国 车企对欧洲出口的可行性 ——汽车行业双周报（20251208-20251221） 证券分析师 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 西欧乘用车市场规模较大，新能源（全文均指新能源车）渗透率仍有提升空间，并 且从车种看，B/SUV-B/C/SUV-C 车型或为后续促进西欧乘用车渗透率提升的重点。 西欧市场乘用车年销量超 1000 万辆，2025M1-10 新能源渗透率同比提升 6pct 至 29%，且乘用车销量较高的国家（德国、英国、法国、西班牙、意大利，占西欧乘 用车销量比例超 75%）新能源渗透率普遍在 35%以下（英国 33%、德国 29%、法 国 25%、西班牙 19%、意大利 11%），仍有提升空间。从车种看，西欧市场乘用车 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company, Jiantou Energy, is a leading thermal power operator in Hebei, emphasizing shareholder returns through a commitment to a 50% dividend payout ratio over the next three years [5][6]. - The company has a significant operational capacity with a total installed capacity of 12.2271 million kilowatts by the end of 2024, primarily from thermal power [6]. - The report forecasts substantial growth in net profit, projecting RMB 1.71 billion for 2025, with a remarkable year-on-year growth rate of 221.87% [5][6]. Financial Summary - Revenue projections for the company are as follows: RMB 18.946 billion in 2023, increasing to RMB 24.559 billion in 2025, reflecting a growth rate of 4.43% [5]. - The expected net profit for 2025 is RMB 1.71 billion, with a corresponding earnings per share (EPS) of RMB 0.95 [5][6]. - The company’s return on equity (ROE) is projected to reach 15.15% in 2025, indicating strong profitability [5][7]. - The price-to-earnings (P/E) ratio is expected to decline from 29.91 in 2024 to 9.29 in 2025, suggesting the stock may become more attractive to investors [5][7].

Group 1: Food and Beverage Industry - The report indicates a gradual recovery in the food and beverage sector, with soft drinks and snacks leading the recovery, followed by the catering supply chain, condiments, dairy products, beer, and finally, liquor [2][9][10] - The analysis draws parallels with Japan's 1990s consumption differentiation, highlighting that successful industries often address demand pain points and have low penetration rates [10][11] - Investment strategies focus on sectors with stabilizing ROA and potential valuation recovery, emphasizing price as the primary selection logic, while volume is secondary [11][12] Group 2: Construction and Building Materials - The construction sector is expected to experience a "spring rally" in 2026, supported by historical investment patterns and major national projects [13][14] - The report highlights three core investment themes: major national projects, high-dividend low-valuation state-owned enterprises, and private construction firms leveraging cash flow for new growth areas [14][15] - Infrastructure investment data shows a decline in both narrow and broad infrastructure investment, indicating a need for policy support to stabilize the sector [15][16] Group 3: Real Estate Industry - The real estate sector continues to face pressure, with significant declines in new housing sales and investment, despite government efforts to promote high-quality development [18][20] - The report notes that the Ministry of Housing and Urban-Rural Development emphasizes maintaining a balance in supply and demand, which is crucial for economic stability [20][22] - Specific data indicates a 31.4% year-on-year decline in real estate development investment and a 26.1% drop in sales revenue, highlighting ongoing challenges in the market [20][21] Group 4: Electronics and Robotics - The report on Changying Precision emphasizes the introduction of employee stock ownership and stock option plans to enhance long-term development confidence and attract core talent [23][24] - The company is positioned as a leader in solder paste printing equipment, with a focus on high-end product demand driven by AI trends [33][34] - New product lines, including dispensing and packaging equipment, are expected to contribute to growth, with significant revenue increases anticipated [34][36] Group 5: Media Industry - The report on Giant Legend highlights the rapid growth of its IPs, particularly the "Zhou Classmate" and "Liu Genghong," which have gained substantial popularity on social media platforms [28][29] - The company is expanding its strategic investments to enhance collaboration with international stars and develop consumer products linked to its IPs [29][30] - Future growth is expected through a diversified approach that integrates emotional value into various products and experiences, positioning the company as a "disseminator of happiness" [30][31] Group 6: Mechanical and Building Materials - The report on Kaige Precision Machine outlines the company's leadership in solder paste printing equipment and its expansion into new product categories driven by AI [33][34] - The company is expected to see significant growth in its new product lines, including flexible automation equipment, which are crucial for enhancing manufacturing efficiency [34][36] - Profit forecasts indicate strong growth potential, with expected net profits increasing significantly over the next few years [36]

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 12 月 25 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 重视"春季躁动" ，寻"重大工程"轨迹布局 投资评级： 看好（维持） ——建筑装饰行业周报（20251215-20251221） 投资要点： 本周观点： 联系人 2025 年建筑板块回顾：指数表现分化，我们看好 2026 年建筑板块整体表现。我们从两类不 同视角对建筑板块进行复盘。1）是从年内涨跌幅结构看，截至 2025 年 11 月，SW 建筑装 饰指数累计上涨 8.88%，表现弱于沪深 300 指数，但板块内部结构分化明显。其中，民营建 筑企业受并购重组及新业务拓展推动，相关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has launched its sixth employee stock ownership plan and a restricted stock incentive plan, which are expected to enhance the incentive system and demonstrate confidence in long-term development [6] - The employee stock ownership plan involves a maximum holding of 2.918 million shares, accounting for approximately 0.21% of the total share capital, with a subscription price of 20.56 yuan per share [6] - The stock option plan proposes to grant 14.262 million stock options, representing 1.048% of the total share capital, with an exercise price of 36.47 yuan per share [6] - The incentive plans aim to motivate employees and retain key talents, thereby improving the company's competitiveness and promoting stable long-term growth [6] - The company has set ambitious growth targets for the incentive plans, with revenue growth rates of no less than 18% for 2026 and 28% for 2027 [6] - The company has established a dual pillar business structure in consumer electronics and new energy, along with artificial intelligence, achieving a revenue of 13.510 billion yuan in the first three quarters, a year-on-year increase of 11.68% [6] - The total cost of the incentive plans is estimated at 103 million yuan, which will be amortized over 2026-2028, with minimal impact on net profit [6] - The company expects net profits of 763 million yuan, 1.020 billion yuan, and 1.350 billion yuan for 2025-2027, with corresponding growth rates of -1.09%, 33.70%, and 32.28% [6] Financial Summary - The company's total market capitalization is approximately 51.428 billion yuan, with a closing price of 37.79 yuan [2] - The company's total assets are projected to reach 25.807 billion yuan by 2027, with total liabilities of 15.745 billion yuan [7] - The company's revenue is forecasted to grow from 16.934 billion yuan in 2024 to 25.900 billion yuan in 2027, with a compound annual growth rate of 17.23% [5][7] - The company's return on equity (ROE) is expected to improve from 9.68% in 2024 to 14.31% in 2027 [5][7]

行业定期报告 hyzqdatemark 2025 年 12 月 25 日 证券研究报告 房地产 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 住建部发文推动房地产高质量发展，11 月地产数据继续承压 投资评级： 看好（维持） ——房地产行业周报（25/12/13-25/12/19） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期 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：本周上证指数上升 0.0%、深证成指下跌 0.9%、创业板指下跌 2.3%、沪深 300 下 跌 0.3%、房地产（申万）下跌 0.4%。个股方面，涨跌幅前五的分别为：中天服务(+35.8%)、 华联控股(+15.8%)、三湘印象(+15.5%)、ST 中迪(+13.7%)、中国武夷(+11.2%)，涨跌幅后五 的分别为：财信发展(-13.2%)、首开股份(-11.3%)、海南高速(-10. ...

证券研究报告 传媒 | 广告营销 港股|首次覆盖报告 hyzqdatemark 2025 年 12 月 24 日 投资评级： 增持（首次） 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 联系人 魏桢 市场表现： | 基本数据 | 2025 | 年 | 12 | 月 24 | | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 6.00 | | | 一年内最高/最低（港 | | | | 17.64/3.37 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | | 5,710.43 | | | 流通市值（百万港元） | | | | | 5,710.43 | | | 资产负债率（%） | | | | | 23.32 | | | 资料来源：聚源数据 | | | | | | | 巨星传奇(06683.HK) ——下一站，巨星 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 weizhen@huayuanstock. ...