Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The central economic work conference emphasizes "internal strength" and suggests that the supply-demand imbalance will be a focus, indicating a shift from last year's policies. This year, the emphasis is on supply-side reforms and the potential for a new round of supply-side reform trends in the construction materials sector, particularly in the cement segment, which remains the most valuable investment area [5][14] Summary by Sections Industry Tracking - The construction materials index (Shenwan) decreased by 1.4% during the week, while the cement, glass fiber, and renovation materials indices showed mixed performance [9] - The top five performing stocks included Zaiseng Technology (+61.2%) and Zhonggang Luoni (+22.0%), while the bottom five included Gudite Technology (-13.2%) and Fujian Cement (-11.8%) [9] Industry Dynamics - The central economic work conference aims to stabilize the real estate market and implement policies tailored to local conditions. Key tasks include managing risks in critical areas and promoting the construction of "good houses" [14] - Shandong Province has issued guidelines to support housing "old-for-new" exchanges, enhancing the efficiency of property exchanges and providing financial support [14] Data Tracking - Cement: The average price of 42.5 cement is 354.8 RMB/ton, with a month-on-month increase of 0.2 RMB/ton and a year-on-year decrease of 69.2 RMB/ton [15] - Float Glass: The average price of 5mm float glass is 1219.0 RMB/ton, with a month-on-month increase of 10.0 RMB/ton and a year-on-year decrease of 325.5 RMB/ton [41] - Glass Fiber: The average price of alkali-free glass fiber yarn is 4565.0 RMB/ton, remaining stable month-on-month but down 37.5 RMB/ton year-on-year [51] - Carbon Fiber: The average price of large tow carbon fiber is 72.5 RMB/kg, stable month-on-month and year-on-year [58]

Investment Rating - The report indicates a positive outlook for the cosmetics raw materials industry, highlighting the stable growth of the downstream cosmetics sector and the leading positions of companies like Weiqi Technology and Jiakai Biological [1]. Core Insights - The cosmetics raw materials industry in China is projected to grow from CNY 1,147.80 billion in 2019 to CNY 1,603.90 billion by 2024, with a compound annual growth rate (CAGR) of 6.9% [2][12]. - The peptide active ingredients market is expected to grow from CNY 11.2 billion in 2019 to CNY 21.7 billion by 2024, achieving a CAGR of 14.1% [2][16]. - The plant extract raw materials market is anticipated to increase from CNY 204.5 billion in 2019 to CNY 270.2 billion by 2024, with a CAGR of 6.5% [2][20]. - Weiqi Technology holds a 6.6% market share in the peptide raw materials sector, ranking first in China [2][25]. - Jiakai Biological has established a leading position in the plant extract efficacy raw materials field, with significant revenue growth [2][33]. Summary by Sections 1. Growth of the Cosmetics Raw Materials Industry - The cosmetics raw materials market in China is expected to reach CNY 1,604 billion by 2024, driven by the stable growth of the cosmetics industry [2][5]. - The global cosmetics market is projected to reach USD 550.3 billion in 2024, with China being the largest market [5][8]. 2. Performance of Weiqi Technology and Jiakai Biological - Weiqi Technology's revenue for the first half of 2025 is CNY 132 million, a year-on-year increase of 34.6%, with a net profit of CNY 40.2 million, up 68.76% [2][30]. - Jiakai Biological's revenue for the first three quarters of 2025 is CNY 195 million, reflecting a year-on-year growth of 7.91%, with a net profit of CNY 47.3 million, up 16.91% [2][37]. 3. Market Trends and Valuation - The median price-to-earnings (P/E) ratio for the North Exchange consumer service sector increased to 50.1X, indicating a slight upward trend [2][50]. - The total market capitalization of consumer service companies on the North Exchange rose from CNY 1,096.29 billion to CNY 1,152.85 billion [2][43]. 4. Competitive Landscape - The cosmetics raw materials industry is characterized by a low concentration, with many small-scale companies primarily serving domestic mid-to-low-end markets [2][12]. - The demand for active ingredients, particularly peptides, is growing rapidly, driven by consumer preferences for effective skincare products [2][15].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][9][70]. Core Insights - The company, Xiaocaiyuan, is a leading player in the fast-growing casual Chinese dining sector, focusing on providing healthy and affordable meals since its establishment in 2013. It successfully listed on the Hong Kong Stock Exchange at the end of 2024 [5][15]. - The casual dining segment is expected to grow faster than the overall Chinese dining market, with a projected compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, compared to 8.7% for the overall market [5][29]. - Xiaocaiyuan holds the largest market share in the casual dining segment, with a focus on fresh, seasonal dishes and a menu that caters to diverse consumer preferences [5][39]. Summary by Sections Market Performance - As of December 12, 2025, the closing price was HKD 9.59, with a market capitalization of HKD 11,287.43 million [3]. Financial Projections - Revenue is projected to reach RMB 55.57 billion in 2025, with a year-on-year growth rate of 6.66%. Net profit is expected to be RMB 7.49 billion, reflecting a growth rate of 29.02% [7][9][69]. - The company anticipates a significant increase in both dine-in and takeout revenue, with dine-in revenue growth rates of 8.34%, 17.01%, and 14.76% from 2025 to 2027 [10][68]. Business Model and Expansion Potential - Xiaocaiyuan operates a low-density store model, particularly in the Jiangsu province, where its store density is only 3.1 stores per million residents, compared to McDonald's 7.13 stores per million [5][53]. - The company has a short payback period for new stores, averaging 13.8 months, which is significantly lower than the industry average of over 18 months [5][57]. Supply Chain and Digital Capabilities - The company has established a comprehensive supply chain system, including a central kitchen and a fleet of over 200 vehicles for efficient logistics [8][59]. - Xiaocaiyuan is enhancing its digital capabilities to improve operational efficiency, including a member system and business intelligence analytics [8][61]. Talent Management - The company emphasizes internal talent development, with 90.4% of current shareholders having risen from grassroots positions within the company [8][64]. Competitive Positioning - Xiaocaiyuan's pricing strategy positions it as a value leader in the casual dining market, with an average customer spend of RMB 57.1 [5][39].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Long-term competition opportunities are expected in the e-commerce express delivery sector. Companies like SF Express and JD Logistics are likely to benefit from cyclical recovery and ongoing cost reductions, with significant potential for both performance and valuation increases [16] - In the shipping sector, oil transportation is expected to benefit from increased crude oil production and demand driven by the Federal Reserve's interest rate cuts. The market is anticipated to see significant improvement in 2026, with companies like China Merchants Energy and COSCO Shipping Energy being recommended for attention [16] - The aviation sector shows stable demand growth, with supply constraints and cost improvements expected to create a favorable environment for investment. Companies such as China Southern Airlines and Air China are suggested for early positioning [16] Summary by Sections Express Logistics - The Black Friday logistics demand in emerging markets is showing robust growth, with J&T Express in Brazil achieving record daily collection volumes, with non-platform customer orders increasing nearly 40% month-on-month [5] - The Shentong Changde Transit Center is set to process 500 million packages annually upon full operation, significantly enhancing logistics efficiency in the region [6] Aviation - The International Air Transport Association (IATA) forecasts a net profit of $41 billion for global airlines in 2026, despite ongoing supply chain bottlenecks. The net profit margin is expected to remain at 3.9% [7] - The easing of group travel visa restrictions between China and South Korea is anticipated to stimulate inbound demand [7] Shipping and Ports - The SCFI composite freight index increased by 7.8% week-on-week, indicating rising export container freight rates [10] - The BDI index for bulk shipping decreased by 8.1% week-on-week, reflecting a decline in shipping rates across various categories [11] Road and Rail - National logistics operations are running smoothly, with rail freight volume at 80.19 million tons, down 2.35% week-on-week [14] - The revenue from tolls on the Zhongyuan Expressway increased by 3.8% year-on-year, indicating stable traffic flow [15]

晨会 hyzqdatemark 2025 年 12 月 15 日 投资要点： 证券研究报告 源引金融活水 润泽中华大地 重点企业，包括凯大催化、利通科技等。本周北交所科技成长股股价涨跌幅中值 +1.70%。 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 公用环保 BEST 项目招投标密集公示 关注核聚变供应链发展——大能源行业 2025 年第 50 周周报：2025 年四季度以来，核聚变领域国内重点项目——合肥 BEST 项 目招标规模放量明显：2025Q4 至今单季度招标规模达到约 26.2 亿元，较 2025Q3 招标规模约 6.2 亿元、2025Q2 中标规模 0.52 亿元、2025Q1 中标规模 2.63 亿元等 数据明显放量。招标类型方面，低温系统、磁体电源、ECRH 回旋管、超导线等招 标规模占据较大比重。随着本周（12 月 8 日-12 日）聚变新能发布 11 月多项较大 规模招标项目中标候选人公示，资本市场对核聚变关注度进一步上升。我们认为， 在2027年建成这一目标下，当前合肥BEST项目正逐渐迎来招投标及建设加速阶段， 后续招标规模有望进一步放大。随着中标结果发布，核聚 ...

Investment Rating - The report rates the automotive parts industry as "Positive" (First Time) [1] Core Viewpoints - The loosening of regulations is expected to accelerate the mass production of electronic mechanical brakes (EMB) and steer-by-wire (SBW), leading to a significant market expansion [3] - The domestic market for line-controlled chassis is projected to exceed 100 billion by 2030, driven by advancements in high-level autonomous driving [3][30] - The report emphasizes the importance of focusing on high-quality Tier 1 suppliers and upstream components such as motors and lead screws [4][9] Summary by Relevant Sections Line-Controlled Chassis - The pursuit of human-machine decoupling in line-controlled chassis is fundamental for achieving L3/L4 autonomous driving [9] - The market for line-controlled braking systems is expected to reach 50 billion by 2030, with EMB projected at 16.4 billion [3][30] - The line-controlled steering market is anticipated to reach 50 billion by 2030, with SBW projected at 21.5 billion [3][30] Regulatory Developments - Regulations allowing EMB to be implemented in vehicles will officially take effect on January 1, 2026 [3][26] - New policies regarding SBW are expected to be catalyzed within the year, although specific certification details remain unclear [3][26] Market Dynamics - The report highlights that the penetration rate of line-controlled chassis is expected to rise from 5% in 2025 to 30% by 2030 [31] - The overall market for intelligent chassis in China is projected to exceed 100 billion by 2030, with a compound annual growth rate (CAGR) of 37% from 2025 to 2030 [30][29] Key Companies to Watch - The report suggests focusing on leading Tier 1 suppliers with comprehensive platform capabilities, such as NEXTEER, ZF, and others [4][9]

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2025 年 12 月 15 日 投资评级： 看好（维持） 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 联系人 李冉 liran02@huayuanstock.com 猪价或持续弱势，产能去化进行时 ——农林牧渔行业周报（20251208-20251212） 证券分析师 投资要点： 生猪：猪价持续弱势，去化逻辑或逐步加强 本周 SW 生猪养殖板块涨 1.11%，猪价表现先弱后强，生猪期货低位反弹（收涨 +2.17%）。降温叠加腌腊需求，本周猪价先弱后强收至 11.27 元/kg，周日涨至 11.54 元/kg（涌益）、全行业亏损，但第三方机构显示去化偏缓（涌益 11 月 yoy-0.14%）， 资本市场担忧产能去化进度、股价短期震荡。当前出栏均重上涨至约 130kg，12 月 出栏计划环比继续增长（涌益样本增幅 ...

证券研究报告 固收定期报告 hyzqdatemark 2025 年 12 月 15 日 ——利率周报（2025.12.08-2025.12.14） 投资要点： 联系人 mahe@huayuanstock.com 中央经济工作会议定调 26 年经济工作 报告核心观点：中央经济工作会议 12 月 10 日至 11 日在北京举行。宏观政策新增 "增强政策前瞻性针对性协同性"的实施路径，新增"加大逆周期和跨周期调节力 度"表述，删除 2024 年的"稳住楼市股市"表述。财政政策方面，2025 年要继续 "实施更加积极的财政政策"、"保持必要的财政赤字、债务总规模和支出总量"。 货币政策上，2025 年要继续"实施适度宽松的货币政策"，降准降息方面表述从 2024 的"适时降准降息"变成"灵活高效运用降准降息等多种政策工具"，同时强调"把 促进经济稳定增长、物价合理回升作为货币政策的重要考量"。2025 年中央经济工 作会议重点任务表述在多个领域有明显变化：内需领域升级为"内需主导，建设强 大国内市场"；科技创新新增教育科技人才一体化方案和服务业扩能提质行动，强 化人工智能发展与企业创新主体地位；改革新增"反内卷"竞争 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 12 月 14 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 投资评级： 看好（维持） BEST 项目招投标密集公示 关注核聚 变供应链发展 ——大能源行业 2025 年第 50 周周报（20251214） 投资要点： 核聚变：BEST 项目招投标密集公示 关注核聚变供应链发展 2025 年四季度以来，核聚变领域国内重点项目——合肥 BEST 项目招标规模放量明 显： 2025Q4 至今单季度招标规模达到约 26.2 亿元，较 2025Q3 招标规模约 6.2 亿 元、2025Q2 中标规模 0.52 亿元、2025Q1 中标规模 2.63 亿元等数据明显放量（注： 2025Q1 和 2025Q2 采用中标规模数据是 ...

证券研究报告 小金属 行业定期报告 hyzqdatemark 2025 年 12 月 14 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 板块表现： 供给收缩叠加 12 月长单价上调，推动钨价再创历史新高 投资评级： 看好（维持） ——小金属双周报（2025/12/1-2025/12/12） 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 稀土：供需相对平衡，氧化镨钕震荡反弹。近两周，氧化镨钕上涨 2.21%至 57.9 万 元/吨，氧化镝下跌 7.43%至 137 万元/吨，氧化铽下跌 3.75%至 628 万元/吨。供给 端 ...