Investment Rating - The report maintains a "Positive" investment rating for the media internet industry [4] Core Insights - The release of the Doubao mobile assistant by ByteDance is a significant development, showcasing AI capabilities in mobile operations, but it faces restrictions from major apps like WeChat and Alipay [5][7] - The film and television sectors are expected to see growth, with strong performances from imported films like "Zootopia 2" and "Avatar 3," suggesting potential investment opportunities in production and distribution companies [5] - The AI application sector is evolving, with advancements in content generation and production paradigms, indicating a shift in the industry landscape [6][30] - The gaming industry shows promising trends with high DAU products and new game cycles, presenting investment opportunities in leading gaming companies [8] - The rise of group broadcasting is transforming the industry, moving towards systematic growth and platform development [9] Summary by Sections Industry Performance - The media sector saw a decline of 3.86% from December 1 to December 5, 2025, ranking 31st among all industries [13] - Notable stock performances included Lianjian Optoelectronics (+28.62%) and Bona Film Group (+23.60%), while Rongxin Culture (-15.23%) and BlueFocus (-13.98%) faced significant declines [14][19] AI Applications - The report highlights 15 financing events in the AI sector, indicating strong market interest and investment in AI technologies [30] Film and Television - The total box office for the week was 798 million yuan, with "Zootopia 2" leading at 605.58 million yuan, capturing 75.9% of the market share [39][40] - In television, "Tang Dynasty Ghost Stories" led with 172 million views, followed by "Big Businessman" with 156 million views [41][42] Gaming - "Honor of Kings" maintained its position at the top of the iOS game sales chart, while "Zombie Shooting" led the WeChat mini-game rankings [32][35] - The report notes the increasing popularity of mobile games, with significant user engagement and revenue potential [32][38]

投资评级：看好（维持） 证券研究报告|行业专题报告 保险II 2025年12月7日 银保渠道依靠网点数量渗透，个险渠道由"产品+服务"和"差异化账户"驱动 --2026年保险行业策略报告 证券分析师 姓名：陆韵婷 资格编号：S1350525050002 邮箱：luyunting@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 报告要点（1） n 预计26年寿险新单保费和新业务价值将保持较快增长 n 寿险刚性成本有效下降，预计最晚27年寿险的服务边际（CSM)出现向上拐点 n 风险提示：新单保费大幅下降、权益市场大幅下跌、长端利率大幅下降、自然灾害大幅增加。 2 Ø 银保渠道：预计26年银行存款到期再配置需求较大，这些低风险偏好资金或部分流入安全属性较高且有收益弹性的银保产品， 主要上市公司在战略上重视银保渠道，增长驱动因素或来自于银行网点数量的持续渗透和高客的开发，我们预计26年上市险 企的银保渠道新单保费增速有望达到30%以上； Ø 个险渠道：新增代理人数量尚未到拐点，我们认为26年的驱动因素或来自于"产品+服务"和"差异化账户"带来的产能提升， 我们预测主要上市公司26年个险 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has signed a strategic cooperation agreement with Yijiahe, focusing on the deep integration of brain-computer interface and intelligent robot technology, aiming to expand new applications in intelligent health care, emotional interaction, and health management [6] - The company's main business shows steady growth, with a revenue of 344 million yuan in the first three quarters of 2025, representing a year-on-year increase of 4.01% [6] - The company is increasing its R&D investment to support expected performance growth, with a gross margin of 70.05% in the first three quarters of 2025 [6] Financial Summary - Revenue forecast for 2025 is 5.07 billion yuan, with a year-on-year growth rate of 19.51% [5] - Net profit attributable to shareholders is expected to be 1.17 billion yuan in 2025, with a year-on-year growth rate of 14.89% [5] - The company's P/E ratio is projected to be 30.15 in 2025 [5]

证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 证券研究报告 | 固收专题报告 | | --- | hyzqdatemark 2025 年 12 月 07 日 —市场特征与三阶段化债路径解构 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 张一帆 联系人 zhangyifan@huayuanstock.com 当前地方债市场有哪些投资机会？ 地方政府债新特点：规模扩容、发行期限拉长与票面利率下行。2025 年 1-9 月，地 方政府债发行规模 8.53 万亿元，同比增加 1.85 万亿元；平均发行利率 1.93%，同 比下降 44bp；专项债在地方政府债中地位逐渐突出。专项债券发行规模则由 2015 年的 0.97 万亿元上升到 2024 年的 7.7 万亿元，占地方债发行规模的比重由 2015 年 的 25.4%上升到 2024 年的 78.9%；地方政府债票面利率呈现"初期（2015-2017） 波动较大、2017 年之后趋势性下行"特征；地方政府债券规模加权平均发行期限大 幅拉长，由 2019 年的 10.3 年大幅增至 202 ...

Investment Rating - Investment rating: Positive (maintained) [3][4] Core Viewpoints - The report highlights that online spending on Black Friday in the U.S. reached a record $11.8 billion, a year-on-year increase of 9.1%, although the number of items purchased decreased due to rising prices [4] - The report suggests focusing on emerging consumer brands that resonate with the new consumption concepts of younger generations, emphasizing the importance of understanding these narratives for investment opportunities [4][15] - The report notes that "Yujian Xiaomian," a Chinese noodle restaurant chain, has expanded its product offerings and achieved a revenue of 703 million yuan in the first half of 2025, representing a year-on-year growth of 33.8% [4] Summary by Sections Industry Performance - The new consumption sector saw a weekly performance decline, with the beauty care sector down 2.00%, the retail sector down 0.83%, and the social services sector down 0.65% during the week of December 1 to December 5, 2025 [7] Key Industry Data - In October, retail sales for clothing and textiles in China increased by 6.3% year-on-year, while cosmetics retail sales rose by 9.6% [10][17] - Jewelry retail sales saw a significant increase of 37.6% year-on-year in October [17] - Beverage retail sales also grew by 7.1% year-on-year in October [17]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 12 月 07 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 首批北交所主动型主题基金迎第二个开放期，主动与指数新基金发行值得期待 ——北交所周观察第五十五期（20251207） 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 8 只北交所主题基金迎第二个开放期，整体表现较为亮眼，印证了北交所企业的投资价值。 2021 年 11 月 23 日，易方达、华夏、广发、南方、嘉实、汇添富、大成、万家基金旗下共计 8 只北交所两年定开混合基金成立。2025 年 12 月 8 日，首批 8 只北交所主题基金将整体迎来 第二个开放期，过去两年平均累计收益接近 100%，跑赢创业板 50、北证 50、科创 50 等主 要指数。其中，有三只主题基金近两年累计收益率超 100%。截至 2025 年 12 月 5 日，8 只北 交所主题基金自成立以来的平均累计回报率 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Viewpoints - The report highlights that copper prices are on the rise due to macroeconomic catalysts and significant inventory reductions in China. The prices of copper in London, Shanghai, and New York have increased by 5.74%, 6.12%, and 3.33% respectively. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage in the medium to long term, driven by insufficient capital expenditure in copper mining and frequent supply disruptions [4][23] - The aluminum sector is also experiencing upward price movement, with aluminum prices rising by 3.28% to 22,215 CNY/ton. The report indicates that while alumina prices are under pressure, the demand for electrolytic aluminum is expected to grow, potentially leading to a shortage next year [4][36] - Lithium prices are under short-term pressure due to seasonal demand declines and supply recovery expectations, with carbonate lithium prices dropping by 0.53% to 93,250 CNY/ton. However, the report anticipates a demand-driven upward cycle for lithium prices in the future [4][79] - Cobalt prices are expected to continue rising due to a tight raw material supply, with MB cobalt prices increasing by 1.05% to 24.15 USD/pound. The report notes that the supply chain disruptions in the Democratic Republic of Congo are likely to maintain upward price pressure [4][91] Summary by Sections 1. Industry Overview - The report indicates that the U.S. manufacturing PMI for November was 48.2, below expectations, and the ADP employment figures also fell short, suggesting a cooling economy [8] - The overall performance of the non-ferrous metal sector shows a significant increase, with the sector outperforming the Shanghai Composite Index by 4.98 percentage points [10][11] 2. Industrial Metals - Copper prices have seen significant increases, with London copper up 5.74% and Shanghai copper up 6.12%. The report notes a decrease in Shanghai copper inventory by 9.22% [20][23] - Aluminum prices are also rising, with a reported increase in aluminum profits by 11.02% to 6,220 CNY/ton, despite a slight decline in alumina prices [36][50] - Lead and zinc prices have increased, with lead prices up 1.10% and zinc prices up 1.54%. However, the report notes that smelting margins for lead are negative [50][62] 3. Energy Metals - Lithium prices are experiencing short-term adjustments, with carbonate lithium down 0.53% to 93,250 CNY/ton, while lithium spodumene prices have increased slightly [79] - Cobalt prices are on the rise, with domestic cobalt prices increasing by 1.97% to 414,000 CNY/ton, supported by tight supply conditions [91][103]

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 12 月 07 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 源引金融活水 润泽中华大地 ZG006 再次表现出亮眼数据，继续重点推荐泽璟制药 投资评级： 看好（维持） ——医药行业周报（25/12/1-25/12/5） 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 证券分析师 联系人 板块表现： 本周医药市场表现分析：12 月 01 日至 12 月 05 日，医药指数下跌 0.74%，相对沪深 300 指 数超额收益为-2.02%。近期创新药持续横盘震荡，12 月份行业基本面相对平稳，个股催化事 件为主。展望 2026 年上半年，创新药催化事件较多，且板块调整充分，有望迎来一波估值修 复。当前位置，我们建议精选创新药核心资产，看好未来股价走出新高度，同时建议配置业 绩趋势明确和 26 年经营有望反转的个股。1）创新药重点关注，A 股）信立泰、泽璟制药、 热景生物、科伦药业、上海谊众、康弘药业、华纳药厂、前沿生物、福元医药、昂利康、一 品红、恒瑞医药；港股）三生制药、 ...

Summary of 2025: "The End of the 14th Five-Year Plan" and Foundation Building - In 2025, the Beijing Stock Exchange (BSE) achieved multiple breakthroughs, with total market capitalization exceeding 820 billion yuan, number of accounts reaching 9.5 million, and average daily trading volume approaching 30 billion yuan, indicating a significant improvement in liquidity [4] - The market's "specialized, refined, distinctive, and innovative" characteristics became more pronounced, with national-level "little giants" accounting for 61%, fostering a group of high-growth, scarce enterprises in sectors such as new energy, robotics, and AI [4][10] - The quality of enterprises continued to improve, with the average net profit of newly listed companies increasing from 30 million yuan to 110 million yuan over three years [4] - As of the first three quarters of 2025, the median revenue and net profit of BSE companies were 293 million yuan and 22 million yuan, respectively, while the BSE 50 component stocks reached 508 million yuan and 46 million yuan, indicating stable business operations [4] Outlook for 2026: "The Beginning of the 15th Five-Year Plan" - The BSE will focus on "scarcity" and "new quality productivity" as dual main lines for deepening its layout, with policies expected to continue along the path of "Deep Reform 19 Articles" [4] - The average first-day increase of IPOs in the first 11 months of 2025 was 356%, with average subscription funds exceeding 640 billion yuan, suggesting a continuation of active performance in the new share market in 2026 [4] - The BSE will emphasize sectors such as technology manufacturing (AI supply chain, solid-state batteries, humanoid robots, intelligent driving), new materials (semiconductor materials, specialty fibers), and distinctive consumption (health, beauty, emotional consumption) [4] Market Characteristics and Investment Opportunities - The BSE has a unique market structure, with 65% of companies having a market capitalization of less than 2.5 billion yuan, while over 40% of BSE 50 companies exceed 5 billion yuan, indicating a small-cap characteristic [4][19] - The BSE's PE ratio reached 44 times as of November 21, 2025, with a valuation discount disappearing, and the PE ratio compared to the Sci-Tech Innovation Board has decreased to about 60%, highlighting investment value [4][29][34] - The BSE's industry distribution is more concentrated in mechanical equipment, power equipment, and basic chemicals compared to the ChiNext and Sci-Tech Innovation Board, aligning with its "specialized, refined, distinctive, and innovative" positioning [4][24][25] Performance and Growth Trends - The BSE's specialized and innovative component stocks showed the fastest revenue growth, with a year-on-year increase of 13% in the first three quarters of 2025 [35] - The median net profit of BSE 50 component stocks has surpassed that of the Sci-Tech Innovation Board and ChiNext, indicating a positive trend in profitability [40] - The overall profit growth rate of BSE companies is under pressure, but the specialized and innovative enterprises exhibit resilience, making them worthy of attention [40][41]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the market [5][11]. Core Views - The company is recognized as a "hidden champion" in high-end glass materials, with its semiconductor substrates and electronic cloth fibers expected to create a second growth curve. The glass materials business is expanding, and the basic performance is likely to recover, driving growth elasticity. The optical glass business has seen revenue growth and improved gross margins since 2024, although the specialty glass segment faces short-term pressure due to the end of major customer orders and delays in onboarding new clients. Increased R&D investment and strategic partnerships are expected to enhance collaboration in the semiconductor field, indicating a potential operational turning point [5][9][13]. Summary by Sections 1. Company Overview - The company has over a decade of experience in the optical glass industry, with core technologies in glass formulation, melting, testing, and production line design. It has expanded its product offerings to include optical glass, specialty functional glass, and semiconductor application glass [19][20]. 2. Market Performance - The global market for nano-microcrystalline glass is projected to grow at a CAGR of 30% from 2024 to 2029, driven by the rapid increase in Android smartphone shipments. The company is positioned to benefit from this trend as one of the few manufacturers capable of mass production [6][34]. 3. Growth Opportunities - The company is strategically expanding into semiconductor glass substrates and electronic cloth fibers, which are critical materials for advanced semiconductor packaging. The domestic market is expected to see significant growth opportunities as local companies accelerate their production capabilities [7][8][13]. 4. Financial Performance - The company is projected to achieve net profits of 44 million, 133 million, and 207 million yuan from 2025 to 2027, with corresponding P/E ratios of 127, 42, and 27 times. The company is considered a leader in high-end glass materials in China, with growth potential in new business areas [9][11][12]. 5. Industry Trends - The optical glass industry is experiencing a shift towards high-end products and domestic substitution, with the company positioned among the top tier of domestic manufacturers. The demand for optical glass is expected to rise due to advancements in consumer electronics, automotive electronics, and security monitoring [37][41].