Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic initiative, with multiple policies aimed at boosting consumption being introduced. The central economic work conference highlighted the need for a strong domestic market and specific measures to stimulate consumption [4] - The official launch of the Hainan Free Trade Port marks a new phase in China's high-level opening-up, with significant increases in flight bookings to Hainan, indicating a positive trend in consumer behavior [4] - The report notes a robust growth in the beauty and skincare sector, with top brands maintaining their positions and new domestic brands showing significant growth, reflecting changing consumer preferences among younger generations [5][17] Summary by Sections Industry Performance - The new consumption sector saw a weekly increase of 6.66% in the retail index from December 15 to December 19, 2025 [8] - The beauty and personal care sector increased by 2.87% during the same period [8] Policy Developments - The central government has introduced various measures to enhance service consumption, including promotional activities and optimizing service availability to meet diverse consumer needs [4] - A joint notification from multiple government departments aims to strengthen collaboration between commerce and finance to boost consumption in key areas [4] Market Trends - In the beauty and skincare market, the top five brands include Proya, L'Oreal, Han Shu, Lancôme, and Estée Lauder, with domestic brands like Proya showing strong performance [5] - The report highlights a significant increase in sales for Hainan's duty-free shops, with a 90% year-on-year growth on the first day of the free trade port's operation [5] Investment Recommendations - The report suggests focusing on high-quality domestic brands in beauty and skincare, traditional gold jewelry brands favored by younger consumers, and strong tea beverage brands with extensive market coverage [17]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 12 月 20 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 北交所首单发行股份购买资产项目获注册，下周关注蘅东光新股申购 ——北交所周观察第五十七期（20251221） 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 蘅东光 12 月 23 日启动招股，精密光连接器件融入全球数据中心产业链。蘅东光发行价 31.59 元/股，拟发行股份 1025 万股，发行市盈率 14.99 倍。蘅东光聚焦于光通信领域无源光器件产 品的研发、制造与销售，主要业务板块包括无源光纤布线、无源内连光器件及相关配套业务 三大板块。公司通过自主研发"亚微米数字化运动控制技术平台"，实现了无源光器件产品传 统手工作业生产模式难以达到的亚微米级别精度。基于深厚的研发实力与先进制造技术，公司 获得了中国国际光电博览会（CIOE）技术创新奖，成立了广东省多通道高速硅光芯片及光引 ...

Investment Rating - The report rates the home appliance industry as "Positive" for investment, marking it as the first recommendation for 2026 [3]. Core Insights - The report emphasizes that leading companies with strong product capabilities, channel efficiency, cost control, and brand premium are positioned to gain market share during a challenging domestic demand environment. The industry is shifting from "incremental competition" to "stock integration" [4]. - It highlights that while short-term revenue growth may be difficult to expect, leading companies are likely to maintain profit growth due to improved efficiency and cost reduction. A stabilization in demand could lead to a new golden era for these companies [4]. - The report suggests focusing on three main investment themes: companies benefiting from domestic market consolidation, those redefining products for overseas markets, and quality dividend stocks with low valuations [4]. Summary by Sections 1. Market Performance and Fundamentals - The home appliance sector underperformed the CSI 300 index in 2025, with a growth rate of 9.7%, lagging behind the index by 7.8 percentage points, primarily due to external tariffs and domestic policy fluctuations [9]. - The report notes that the home appliance sector's valuation remains low compared to other consumer sectors, with a PE ratio of 14.7X as of November 30, 2025, reflecting the industry's mature phase and pressures from declining domestic real estate demand [19][20]. 2. Main Line One: Opportunities in Market Consolidation - The report identifies opportunities in the smart projection market, where domestic consolidation is occurring, and leading companies are gaining market share. The market is expected to improve as consumer demand recovers [61]. - In the kitchen appliance sector, leading companies are showing resilience in performance despite weak demand, with market shares increasing as smaller competitors exit the market [76]. 3. Main Line Two: Redefining Products for Export Markets - The report discusses the growth potential in the robotic vacuum cleaner market, which is expected to see double-digit growth in the overseas market from 2024 to 2029, driven by product innovation [86]. - It also highlights the potential for growth in the lawn mower robot market, particularly in Europe, where the penetration rate is expected to rise significantly [104]. 4. Main Line Three: Quality Dividend Stocks - The report suggests that companies like Midea Group and Haier Smart Home are positioned well due to their stable cash flows and increasing dividend payouts, making them attractive for long-term investment [85].

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 ...

Group 1: New Consumption Insights - The total retail sales of consumer goods in November 2025 reached 43,898 billion yuan, with a year-on-year growth of 1.3%. Excluding automobiles, the retail sales amounted to 39,444 billion yuan, growing by 2.5% year-on-year [2][5] - Urban and rural retail sales in November were 37,684 billion yuan and 6,214 billion yuan respectively, with year-on-year growth rates of 1.0% and 2.8% [2][5] - Restaurant retail sales outpaced goods sales, with a year-on-year increase of 3.2% compared to a 1.0% increase in goods retail sales [2][5][6] Group 2: Real Estate Market Analysis - The real estate sector saw a decline of 2.6% this week, with new home transactions in 42 key cities totaling 1.89 million square meters, a decrease of 2.4% week-on-week [8][9] - The Central Economic Work Conference emphasized risk mitigation and stabilizing the real estate market, implementing measures such as city-specific policies to control increments, reduce inventory, and encourage the acquisition of existing homes for affordable housing [10][12] - New policies include online processing for land use rights and housing ownership registration in Beijing, and home purchase subsidies in Ningxia [10][12] Group 3: Cement Industry Overview - The company, Shangfeng Cement, ranks third in comprehensive competitive strength among key cement enterprises, with a gross profit of 67 yuan per ton of cement clinker in the first half of 2025 [13][14] - The company is transitioning towards semiconductor investments, having established a full industry chain investment model covering design, manufacturing, packaging, and materials, indicating a significant transformation in its business model [13][15] - The cement industry is experiencing a "de-involution" trend, which is expected to enhance the company's performance elasticity as policies to control overproduction are implemented [14][15]

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]