证券研究报告 电力设备 | 其他电源设备 Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 12 月 01 日 投资评级： 买入（维持） 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 月 28 | 11 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 21.46 | | | | 一 年 内 高 / 低 | 最 | 最 | | | 24.75/13.98 | | | | （元） | | | | | | | | | 总市值（百万元） | | | | | 74,216.41 | | | | 流通市值（百万元） | | | | | 57,327.53 | | | | 总股本（百万股） | | | ...

证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 12 月 01 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 市场表现： 请务必仔细阅读正文之后的评级说明和重要声明 事件：公司发布公告，一次性使用压力导管(PFA 导管)获得国内药品监督管理局注册 申请，产品矩阵持续丰富。 联系人 海外营收稳步增长，扣非归母净利润扭亏。2025 年前三季度，公司实现营业收入 3.36 亿元（yoy+15.65%），归母净利润 0.42 亿元（yoy+0.46%），扣非归母净利润 0.24 亿元。第三季度，营业收入 1.13 亿元（yoy+21.78%），归母净利润 0.09 亿元 （yoy-62.56%），扣非归母净利润 0.03 亿元，同比扭亏为盈。前三季度海外市场中 拉美、欧洲、中东及非洲，收入均保持较高增长态势，冷冻全套产品于 25Q2 获得 CE 认证，已在部分海外市场启动推广。 创新医疗器械获批，电生 ...

证券研究报告 固收定期报告 hyzqdatemark 2025 年 12 月 01 日 万科债券展期的几点看法 ——信用分析周报（2025/11/24-2025/11/28） 投资要点： 11 月 2 日，万科与其第一大股东深铁集团签署《框架协议》，限定了向万科提供的 贷款额度，并要求万科提供资产抵押。11 月 26 日，万科公告称将于 12 月 10 日召 开债券持有人会议，对"22 万科 MTN004"展期相关事项进行审议。公告发出后， 万科多只债项陆续公告临时停牌，债券价格大幅下跌。 联系人 主要房企的财务与经营状况：主要房企的总资产规模自 2022 年以来整体呈波动下降 趋势，且流动资产以更陡峭的斜率下行的原因在于存货规模的逐年下降，主要原因 包括两点：其一，主要房企新增土储和新开工项目锐减；其二，商品住宅价格持续 下滑，房企存货资产减值损失存在确认不充分的风险，低迷房价或使房企资产规模 持续面临萎缩压力。从债务结构来看，主要房企的有息负债率逐步攀升，但营业收 入和净利润所反映出的经营状况并不理想。房地产销售低迷、商品住宅价格持续下 滑、有息负债率逐步攀升，主要房企的基本面明显承压。 万科债券展期是否 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Report's Core View - Q4 economic downward pressure may rise. The manufacturing PMI rebounded in November, but corporate profits may continue to be under pressure. The traditional investment - driven economic model may be unsustainable. Consumption and exports may face pressure. Policy rate cuts and incremental tools in the next six months may be key support measures [2][75]. - The current bond market has prominent allocation value, and bond yields may decline in a volatile manner. The report is bullish on the bond market, predicting that the 10Y Treasury yield will return to around 1.65%, the 30Y Treasury to 1.9%, and the 5Y large - bank secondary capital bonds to 1.9% (all referring to bonds without VAT) [4][76]. 3. Summary by Relevant Catalogs 3.1 Macro News - In November, the manufacturing PMI was 49.2%, a month - on - month increase of 0.2pct. The non - manufacturing business activity index was 49.5%, a month - on - month decrease of 0.6pct. The comprehensive PMI output index was 49.7%, down 0.3pct from the previous month, indicating increased economic growth pressure [4][12]. - In October, the profits of large - scale industrial enterprises decreased by 5.5% year - on - year, and the revenue decreased by 3.3% year - on - year. From January to October, the total profits of large - scale industrial enterprises reached 5.95 trillion yuan, a year - on - year increase of 1.9% [4][21]. - On November 25, the central bank conducted a 1000 - billion - yuan MLF operation, with a net investment of 100 billion yuan in November, the ninth consecutive month of increased roll - over [4][22]. 3.2 Medium - term High - frequency Data 3.2.1 Consumption - As of November 23, the daily average retail volume of passenger cars decreased by 6.6% year - on - year, and the daily average wholesale volume increased by 2.2% year - on - year. As of November 27, the 7 - day total national movie box office increased by 70.9% year - on - year. As of November 21, the total retail volume of three major household appliances decreased by 25.0% year - on - year, and the total retail sales decreased by 48.2% year - on - year [23][27]. 3.2.2 Transportation - As of November 23, the container throughput of ports increased by 12.8% year - on - year. As of November 28, the average subway passenger volume in first - tier cities increased by 3.2% year - on - year. The postal express pick - up volume increased by 8.2% year - on - year, the delivery volume increased by 7.0% year - on - year, the railway freight volume decreased by 0.5% year - on - year, and the highway truck traffic volume increased by 2.3% year - on - year [31][32]. 3.2.3 Industrial Operating Rates - As of November 26, the blast furnace operating rate of major steel enterprises was 76.8%, a year - on - year increase of 0.8pct. As of November 27, the average asphalt operating rate was 20.0%, a year - on - year decrease of 3.0pct. The soda ash operating rate was 81.9%, a year - on - year decrease of 5.0pct, and the PVC operating rate was 78.2%, a year - on - year increase of 0.4pct [40][42]. 3.2.4 Real Estate - As of November 28, the 7 - day total commercial housing transaction area in 30 large - and medium - sized cities decreased by 33.2% year - on - year. As of November 21, the second - hand housing transaction area in 9 sample cities decreased by 17.3% year - on - year [45]. 3.2.5 Prices - As of November 28, the average pork wholesale price decreased by 23.7% year - on - year, the vegetable wholesale price increased by 15.9% year - on - year, and the average price of 6 key fruits increased by 2.0% year - on - year. The average price of thermal coal at northern ports increased by 0.7% year - on - year, and the average WTI crude oil spot price decreased by 15.7% year - on - year [46]. 3.3 Bond and Foreign Exchange Markets - On November 28, most Treasury yields rose. The 1 - year/5 - year/10 - year/30 - year Treasury yields were 1.40%/1.62%/1.84%/2.19% respectively, compared with November 21, they changed by - 0.2BP/+2.8BP/+2.6BP/+2.8BP respectively. The yields of other bonds also had corresponding changes [59]. - On November 28, the U.S. dollar - to - RMB central parity rate and spot exchange rate were 7.08/7.08, down 86/309 pips from November 21 [69]. 3.4 Institutional Behavior - Since the beginning of 2025, the duration of medium - and long - term pure bond funds for interest - rate bonds has shown a trend of first decreasing, then increasing, and then decreasing. As of November 28, the estimated average duration was about 5.0 years, and the median was about 4.2 years, compared with November 21, they changed by + 0.11/ - 0.20 years respectively [71]. - Since the beginning of 2025, the duration of medium - and long - term pure bond funds for credit bonds has shown a volatile trend. As of November 28, the estimated average duration was about 2.0 years, and the median was about 2.1 years, compared with November 21, they changed by - 0.04/+0.05 years respectively [72]. 3.5 Investment Advice - The report is bullish on the bond market, believing that the current bond market has prominent allocation value. Due to domestic economic data pressure, high short - term interest rates, and the start of the Fed's interest - rate cut cycle, the policy rate may be cut by 20BP in the next six months [4][76].

hyzqdatemark 2025 年 12 月 01 日 证券研究报告 纺织服饰 | 服装家纺 港股|公司点评报告 证券分析师 符超然 SAC：S1350525050004 fuchaoran@huayuanstock.com 联系人 周宸宇 zhouchenyu@huayuanstock.com | 基本数据 | 2025 | 年 | 11 | 月 28 日 | | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 4.96 | | 一年内最高/最低（港 | | | | 5.37/3.46 | | 元） | | | | | | 总市值（百万港元） | | | | 57,683.58 | | 流通市值（百万港元） | | | | 57,683.58 | | 资产负债率（%） | | | | 42.99 | | 资料来源：聚源数据 | | | | | 波司登(03998.HK) 投资评级： 买入（维持） ——收入及利润正增长，全新设计师系列推动品牌价值提升 投资要点： 风险提示。新品推广不及预期风险，极端气候影响风险，内外需不及预期风险。 | 盈利预测与估值（人民 ...

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. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and ongoing cost reductions, presenting dual upside potential in performance and valuation [14] - In the shipping sector, the outlook for crude oil transportation is favorable due to the OPEC+ production increase and the Federal Reserve's interest rate cuts. The market for VLCC (Very Large Crude Carrier) is expected to see significant improvement in Q4 2025 [14] - The shipbuilding sector is in the early stages of a green renewal cycle, with shipping market conditions and green upgrade progress being key demand drivers. Despite a decline in new ship orders, shipyards remain busy, and the market is expected to improve in the second half of 2025 [14] - The aviation sector shows signs of a long-term bullish trend, with stable demand growth and tightening supply. Companies like China Eastern Airlines and Hainan Airlines are recommended for early positioning [14] Summary by Sections Express Delivery - The express delivery industry is seeing a significant increase in demand, with a year-on-year growth of 7.9% in business volume and 4.7% in revenue as of October 2025 [24] - Major players like YTO Express and SF Express are expanding their market shares and improving service capabilities, with SF Express showing a 26.26% increase in business volume [31][24] Shipping - The VLCC daily earnings reached $120,248 in November 2025, a year-on-year increase of 270.9%, marking the best performance for November since 2004 [6] - The BDI (Baltic Dry Index) surpassed 2500 points, indicating a strong demand for bulk shipping, driven by increased shipments from Australian miners and adverse weather affecting port operations in North China [7] Aviation - In October 2025, civil aviation in China recorded a passenger transport volume of 67.83 million, a year-on-year increase of 5.8%, and cargo transport volume of 91.7 thousand tons, up 13.4% [10] - Approximately 6000 Airbus A320 aircraft require urgent software updates due to safety concerns, which may impact operational efficiency [10] Port Operations - From November 17 to November 23, 2025, China's port cargo throughput was 26,401 million tons, a decrease of 0.62% week-on-week, while container throughput increased by 5.39% [72]

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [3] Core Insights - The film market is primarily supply-driven, with strong performances from quality imported films like "Zootopia 2" and "Avatar 3" expected to boost box office growth in China [3][4] - The report suggests focusing on companies involved in film production and distribution, as well as cinema chains [3][4] - The AI application sector is witnessing significant advancements, particularly in content production, which is expected to enhance IP content and reduce costs [5][6] - The internet sector is seeing rapid growth with new AI applications, such as Alibaba's "Qianwen APP," which quickly gained popularity [7] - The gaming industry is experiencing a surge in new game licenses, with a record 184 licenses issued in November, indicating a robust pipeline for future releases [8][26] Summary by Sections Film and Television - "Zootopia 2" has achieved a total box office of 1.3 billion yuan, with a single-day box office of over 700 million yuan on November 29, 2025 [3][39] - The report highlights the strong performance of imported films and suggests monitoring related production and distribution companies [4] - In the television sector, new policies are expected to foster content creation and development, benefiting long-form video platforms and production companies [4] AI Applications - The launch of Nano Banana Pro enhances content production capabilities, indicating a shift towards AI-driven content creation [5] - The report emphasizes the potential of AI in transforming content production paradigms, particularly in the comic and animation sectors [5][6] Internet Sector - Alibaba's "Qianwen APP" achieved over 10 million downloads within a week of its public release, showcasing the rapid adoption of AI applications [7] - The report suggests that leading internet companies are strategically adjusting their organizational structures to enhance their competitive edge in AI [7] Gaming Industry - A total of 184 game licenses were issued in November, with 178 being for domestic games, reflecting a healthy growth trajectory for the gaming sector [8][26] - The report identifies potential investment opportunities in leading gaming companies that are innovating with AI and new game releases [8] New Business Models - The report discusses the rise of "group broadcasting" as a new business model that shifts the industry towards systematic growth rather than relying on individual charisma [9] - Companies directly involved in group broadcasting and those benefiting from its growth are highlighted as potential investment targets [9] Market Performance - The media sector saw a 4.23% increase in stock performance from November 24 to November 28, 2025, ranking fourth among all industries [15][18] - The report provides insights into the performance of various media companies, with notable gains in stocks such as Reader Media and BlueFocus [18][21]

Group 1 - The "Implementation Plan" proposes to form three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027, focusing on consumption upgrades to lead industrial upgrades and better meet diverse demands [5][6][10] - The total number of consumer goods in China has reached 230 million, with over 100 categories such as home appliances, furniture, and clothing being the largest in global production [9][10] - The plan identifies key consumption areas including elderly products, smart connected vehicles, and consumer electronics, which are expected to show strong growth momentum and development potential [10][18] Group 2 - The median price-to-earnings (P/E) ratio for the North Exchange's consumer service stocks is -0.48%, with notable increases in stock prices for companies like Zhu Laoliu (+8.30%) and Thunder Technology (+7.46%) [35][41] - The total market capitalization of consumer service companies on the North Exchange decreased from 1097.59 billion to 1093.85 billion, with a median market cap drop from 19.44 billion to 18.97 billion [37][43] - The median TTM P/E ratio for the broader consumer industry decreased from 51.7X to 49.7X, indicating a slight decline in valuation [45][46] Group 3 - Jinbo Bio received a Class D medical device registration certificate in the Philippines, marking a significant achievement for China's high-end implantable medical devices in the international market [54][57] - The report highlights several companies related to the key consumption areas mentioned in the "Implementation Plan," including health products (Yicheng Konjac), cultural IP (Baixinglong), pet food (Lusi Co.), smart home (Shisheng Intelligent), and consumer electronics (Thunder Technology) [33][34]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][6]. Core Views - The company is a leading private national city gas company, with ongoing privatization efforts aimed at promoting industry chain integration [5][8]. - The natural gas retail business shows steady growth, benefiting from cost reductions and price adjustments, while the gas connection business's impact is expected to stabilize [8][44]. - The company is expanding its diversified energy and smart home businesses, which are anticipated to contribute to incremental performance growth [5][8]. Summary by Sections Company Overview - The company, established in 1993, is a leading private clean energy distributor in China, primarily engaged in the investment, construction, operation, and management of gas pipeline infrastructure [14][15]. - As of mid-2025, the company operates 263 city gas projects across 22 provinces and municipalities in China [14]. Financial Performance - The company forecasts revenues of RMB 113.858 billion in 2023, with a projected decline to RMB 109.853 billion in 2024, followed by a recovery to RMB 112.714 billion in 2025 [4]. - The net profit attributable to shareholders is expected to be RMB 6.816 billion in 2023, decreasing to RMB 5.987 billion in 2024, and then increasing to RMB 6.248 billion in 2025 [4]. Privatization Process - The company is undergoing a privatization process led by its major shareholder, New Hope Group, which currently holds 34.28% of the company [5][38]. - The privatization plan includes a share exchange and cash payment, with a total value of HKD 80 per share, indicating a 12.8% upside from the closing price on November 28, 2025 [5][40]. Natural Gas Business - The company’s retail gas volume is projected to reach 262 billion cubic meters in 2024, with a year-on-year growth of 4.2% [5][48]. - The gas connection business has seen a decline in new residential connections, dropping from 2.622 million in 2021 to 1.617 million in 2024, but the impact on overall revenue is manageable compared to peers [5][74]. Growth Opportunities - The company is expanding its diversified energy and smart home businesses, with the smart home segment expected to grow at a CAGR of 22.7% from 2020 to 2024 [5][8]. - The company has a robust pipeline of projects in the energy sector, with a total installed capacity of 6.9 GW and 1.6 GW under construction as of September 2025 [5][8]. Market Position - The company’s market capitalization is approximately HKD 80.284 billion, with a debt-to-asset ratio of 50.52% as of mid-2025, indicating a stable financial position [2][4]. - The company’s price-to-earnings ratio is projected to be 12, 11, and 10 times for the years 2025, 2026, and 2027, respectively, which is competitive compared to peers [6].

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 11 月 30 日 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 豆鹏超 doupengchao@huayuanstock.com 投资评级： 看好（维持） 关注储能容量电价机制进展 输配电价定价办法 出台 ——大能源行业 2025 年第 48 周周报（20251130） 投资要点： 储能：省级规划加快出台 关注各省容量机制进展 2025 年 11 月，湖北省、黑龙江省分别印发《湖北省储能体系建设方案（2025-2030 年）》 和《黑龙江省新型储能规模化建设专项实施方案（2025-2027 年）》。其中： 1）湖北省：到 2027 年全省储能装机达到 800 万千瓦，到 2030 年全省储能装机达到 1700 万千瓦，支撑 8000 万千瓦以上的新能源合理消纳利用。分类型 ...