Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [3][43]. Core Views - The report emphasizes the potential of innovative drugs as the main investment theme for the year, with a focus on manufacturing overseas and aging-related consumption as relatively undervalued assets [13][31]. - The Chinese pharmaceutical industry has completed the transition from old to new growth drivers, with innovative drugs significantly opening new growth avenues for Chinese pharmaceutical companies [31][32]. Summary by Sections UBT251 and Federal Pharmaceuticals - UBT251, a long-acting GLP-1/GIP/GCG agonist developed by Federal Pharmaceuticals, shows promising clinical results and potential in overseas markets [8][9]. - The global sales of Semaglutide are projected to exceed $30 billion in 2025, indicating a robust market for GLP-1 drugs [7][9]. - Federal Pharmaceuticals has signed an exclusive licensing agreement with Novo Nordisk for UBT251, which could align with the patent expiration of Semaglutide in 2032 [8][9]. Industry Performance - The pharmaceutical index rose by 2.67% from November 24 to November 28, outperforming the CSI 300 index by 1.03% [4][13]. - A total of 419 stocks in the sector increased in value, while 49 stocks declined during the same period [4][17]. Key Investment Opportunities - Recommended stocks include innovative drug companies such as Xinlitai, Zai Lab, and Federal Pharmaceuticals, as well as companies with improving performance like WuXi AppTec and Kairos Pharma [4][35]. - The report suggests focusing on sectors with stable operations and low valuations that are expected to see fundamental changes in 2026 [4][31]. Market Trends - The report highlights the increasing importance of aging populations and chronic disease management, which are driving demand in the healthcare sector [31][34]. - The ongoing development of AI technologies is expected to create new growth opportunities within the pharmaceutical industry [31][34].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the upcoming overseas sales peak for Pop Mart, driven by its IP influence, with participation in major events like the Thanksgiving parade enhancing brand visibility [4] - The cosmetics collection store channel is gradually recovering, with Naturals leading in both overall and domestic rankings, indicating a shift in consumer preferences towards self-care products [4] - The growth of emerging consumer goods reflects new consumption concepts among younger generations, emphasizing the importance of understanding these narratives for investment opportunities [4][16] Summary by Sections Industry Performance - The new consumption sector saw a weekly increase, with the beauty care index up by 0.50%, retail index up by 3.45%, and social services index up by 3.92% during the week of November 24 to November 28, 2025 [7] Key Industry Data - In October, retail sales for clothing and textiles increased by 6.3%, cosmetics by 9.6%, and gold and silver jewelry by 37.6% [11][18] - The average sales per store in the cosmetics collection channel grew by 1.2%, with customer transactions increasing by 9.4% [4] Investment Analysis Recommendations - Focus on high-quality domestic brands in beauty care, such as Mao Ge Ping and Shangmei, and leading brands in ancient gold jewelry favored by younger consumers, like Laopu Gold and Chaohongji [16] - In the collectible toy sector, attention should be given to companies with strong IP creation and operational experience, such as Pop Mart [16] - For ready-to-drink tea, consider strong brands with extensive market coverage, like Mixue Group and Guming [16]

证券研究报告 小金属 行业定期报告 hyzqdatemark 2025 年 11 月 30 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： 供给收缩推动钨价创历史新高，出口修复预期锑价或底部反转 投资评级： 看好（维持） ——小金属双周报（2025/11/17-2025/11/28） 投资要点： 风险提示：宏观经济波动风险、下游需求不及预期风险、进出口政策变动风险等。 请务必仔细阅读正文之后的评级说明和重要声明 稀土：供需双弱，氧化镨钕震荡反弹。近两周，氧化镨钕上涨 3.94%至 56.65 万元/ 吨，氧化镝下跌 1.99% ...

Investment Rating - Investment Rating: Positive (Maintained) [5] Core Viewpoints - The precious metals sector, particularly gold and silver, has seen continuous price increases, with London spot gold rising by 2.95% to $4,191.05 per ounce and London spot silver increasing by 3.65% to $53.91 per ounce [5][10] - The recent price increases are attributed to several factors, including support for interest rate cuts from multiple Federal Reserve officials, ongoing geopolitical tensions, and potential military actions involving the U.S. and Venezuela [5][6] - The long-term outlook suggests that the combination of "interest rate cuts" and "Trump 2.0" will continue to catalyze demand for gold, with central bank purchases providing strong support for gold prices [5][6] Price Trends - In the past two weeks, London spot gold increased by 2.95% to $4,191.05 per ounce, while Shanghai gold rose by 0.08% to ¥953.92 per gram [10][14] - London spot silver rose by 3.65% to $53.91 per ounce, and Shanghai silver increased by 3.04% to ¥12,727 per kilogram [10][14] - Palladium and platinum also saw significant increases, with palladium up 4.55% to $1,448 per ounce and platinum up 7.05% to $1,640 per ounce [10][14] Economic Data and Federal Reserve Tracking - The report highlights the importance of upcoming economic data releases, including the U.S. ISM Manufacturing PMI and ADP employment figures, which could influence Federal Reserve policy decisions [5][6] - The report notes that the U.S. labor market remains resilient, which may extend the current interest rate cut cycle [5][6] Holdings and Trading Volume - The report indicates a decrease in Shanghai gold holdings by 2.26% to 339,700 contracts, while Shanghai silver holdings increased by 2.89% to 785,000 contracts [10][14] Price Differentials and Basis - The report states that the gold price differential between domestic and international markets is -¥14.80 per gram, a decrease of ¥37.95 from two weeks ago [59] - The international gold basis (spot-futures) is reported at -$65.35 per ounce, down $52.05 from two weeks prior [65]

Group 1: Investment Recommendations - Monthly stock recommendations include: XJ Electric (000400.SZ) in power equipment, Zai Jian Pharmaceutical (688266.SH) in pharmaceuticals, Chip Source Microelectronics (688037.SH) in electronics, Hehe Information (688615.SH) in computers, Changying Precision (300115.SZ) in robotics & electronics, China Life (601628.SH) in non-banking, Shentong Express (002468.SZ) in transportation, Yahua Group (002497.SZ) in new metal materials, Global New Material International (06616.HK) in building materials, and Haidar (920699.BJ) on the Beijing Stock Exchange [3] Group 2: Power Equipment - XJ Electric (000400.SZ) is recommended due to: (1) Price reductions in secondary equipment, electric meters, and distribution network equipment may have bottomed out, indicating a potential rebound in the core business; (2) Severe challenges in renewable energy consumption with expectations for significant growth in ultra-high voltage direct current projects; (3) The offshore wind sector is expected to experience high prosperity during the 14th Five-Year Plan, which may open up opportunities in the direct current equipment industry [4] Group 3: Pharmaceuticals - Zai Jian Pharmaceutical (688266.SH) is recommended because: The existing core business has four products on the market, with future products expected to accelerate growth; the III phase pipeline DLL3 is expected to solidify the core business and has high overseas potential; the II phase pipeline PD1/TIGIT may provide significant growth flexibility; future dual-antibody/multi-antibody platform products are anticipated to open up growth space [6] Group 4: Electronics - Chip Source Microelectronics (688037.SH) is recommended due to: Rapid growth in demand driven by AI for advanced processes and storage, leading to accelerated expansion of wafer fabs; as a leading domestic supplier of large wet processing equipment, it continues to make breakthroughs in coating and developing equipment, with successful industrialization of chemical cleaning equipment; the market for domestic substitutes in coating and cleaning equipment is expected to grow significantly [8] Group 5: Computers - Hehe Information (688615.SH) is recommended because: In Q3 2025, revenue grew by 27.5% year-on-year, and profit increased by 34.9% year-on-year; AI products are continuously iterated, and the TextIn xParse platform provides general document parsing services for LLM downstream tasks, which may open up B-end market space; as a global leader in OCR, the company has 189 million monthly active users for its main C-end products, and the upcoming listing in Hong Kong is expected to further expand overseas markets and release growth potential [10] Group 6: Robotics & Electronics - Changying Precision (300115.SZ) is recommended due to: The robotics business supplies leading domestic and international robot manufacturers, with significant valuation elasticity; the consumer electronics business is deeply tied to Apple, and new projects like AI glasses are expected to bring revenue growth [12] Group 7: Non-Banking - China Life (601628.SH) is recommended because: The asset-liability matching is excellent, with a focus on annuities with an actual duration of about 10 years, leading to a narrowing duration gap; the early transformation to dividend insurance sales has resulted in a 51.72% share of new single premium in Q1 2025, outperforming most peers; future dividend payment capabilities have room for growth due to the reclassification of assets [13] Group 8: Transportation - Shentong Express (002468.SZ) is recommended due to: The "anti-involution" trend in the express delivery industry is expected to strengthen, with a potential recovery in prices by 2026; as one of the leading companies in the express delivery sector, it has significant profit elasticity and may have entered a period of sustained validation [16] Group 9: New Metal Materials - Yahua Group (002497.SZ) is recommended because: The dual main businesses of lithium hydroxide and civil explosives are running concurrently, with stable contributions from the explosives business and potential rebound in lithium business; the lithium segment is expanding production in partnership with Tesla, and the African K mine is expected to contribute to performance during the lithium price bottoming period [18] Group 10: Building Materials - Global New Material International (06616.HK) is recommended due to: The pearlescent pigment industry has strong consumer attributes, with a history of double-digit growth and annual price increases; upstream high-quality natural materials are depleting, leading to a concentration of core resources in leading companies; the acquisition of Germany's Merck SUSONITY has positioned the company as an industry leader and opened up high-end market opportunities [20] Group 11: Beijing Stock Exchange - Haidar (920699.BJ) is recommended because: It is a leading domestic supplier of server slide rails, breaking industry monopolies and leading self-replacement; the company has successfully entered the higher technical barrier server market and is a qualified supplier for major server manufacturers; the focus on high-value new products in AI server liquid cooling is expected to enhance profitability [22]

Core Insights - The report indicates a significant adjustment in the market during November 2025, with the North Exchange 50 Index declining by 12.32% and the North Exchange Specialized and New Index falling by 13.44%, underperforming compared to major indices like the ChiNext and STAR Market [8][10][12] - Looking ahead to December, the report emphasizes the importance of focusing on trading opportunities related to companies included in the North Exchange 50 and Specialized and New Indexes, particularly after the resolution of certain uncertainties [3][21] - The report anticipates a speeding up of reforms in the North Exchange in 2026, suggesting that recent market adjustments may have led to the undervaluation of quality assets, creating potential investment opportunities [3][21] Market Performance - The North Exchange A-share overall PE ratio remains at 44X, while the daily average trading volume has decreased to 139 billion [28][31] - In November 2025, the North Exchange saw a trading volume increase to approximately 376.6 billion, with a monthly turnover rate of 53%, up from 44% in October [20][23] - The report notes that only 10 companies had a price increase exceeding 5% in November, with notable performers in the power equipment and machinery sectors [17][18] Company Focus - Companies such as Tongli Co., Development Technology, and others are highlighted as potential investment targets due to their solid fundamentals and valuation attractiveness [3][21] - The report suggests focusing on companies with stable long-term performance and market scarcity, such as Guangxin Technology and Lin Tai New Materials [3][21] - Sectors with high policy support and growth certainty, including robotics, energy storage, and AI power, are recommended for investment, with specific companies like Hai Xi Communications and Xingtu Measurement Control being noted [3][21] New Listings and IPOs - From January 1, 2024, to November 28, 2025, a total of 46 companies have been newly listed on the North Exchange, with the average issuance PE ratio being 13.80X and an average first-day price fluctuation of 287% [37][45] - Recent updates indicate that two companies have registered and two have passed the review process, with ongoing normalization in new stock issuance [43][44]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is actively expanding its hollow core fiber optic business, which is expected to benefit from the rising demand in offshore wind energy [5] - The company reported a stable revenue growth of 10.7% year-on-year for the first three quarters of 2025, with a total revenue of 37.97 billion yuan [6] - The company has sufficient orders on hand, amounting to 31.8 billion yuan, which includes 13.1 billion yuan from marine series projects and 16.2 billion yuan from grid construction [6] Financial Performance Summary - For 2023, the company is projected to achieve a revenue of 45.065 billion yuan, with a year-on-year growth rate of 11.91% [5] - The net profit attributable to the parent company for 2025 is estimated at 3.411 billion yuan, reflecting a growth rate of 20.19% [5] - The earnings per share (EPS) for 2025 is expected to be 1.00 yuan, with a price-to-earnings (P/E) ratio of 15.84 [5] Revenue and Profit Forecast - The company’s revenue is forecasted to grow to 53.352 billion yuan in 2025, with a year-on-year growth rate of 11.02% [5] - The net profit is expected to reach 4.160 billion yuan in 2026, with a growth rate of 21.95% [5] - The projected return on equity (ROE) for 2027 is 11.24% [5] Order Backlog and Market Position - As of October 24, 2025, the company has a robust order backlog, which is anticipated to support future performance [6] - The company has successfully applied hollow core fiber technology in data centers, meeting the increasing demand for high-speed and stable transmission [6] - The company remains a leader in the field of direct current cables, having won significant projects in offshore wind energy [6]

证券研究报告 汽车 | 乘用车 港股|公司点评报告 hyzqdatemark 2025 年 11 月 30 日 证券分析师 i6 及 L 系列改款有望助力 2026 年公司国内销量增长，公司亦加快出口布局。1、国 内：1）截至 11 月 1 日，i6 订单已超过 7 万辆，截至 10 月累计交付约 6 千辆，从 11 月起，为解决产能爬坡问题，i6 电池将启用双供应商模式，预计明年年初 i6 月产 能将稳步提升到 2 万辆。2）此外，公司预计明年还将推出增程 L 系列大改款，①会 回归精简的 SKU 模式，兼顾市场的覆盖和供应的效率。希望实现核心体验全系拉满， 彻底消除入门版体验打折的痛点；②设计方面，会延续家族的经典设计基因，同时 强化豪华质感的升级，平衡品牌的高辨识度以及用户体验的新鲜感，打造更加贴合 家庭需求的产品形态；③技术方面，全系会标配 5C 超充技术，能和现在的纯电超充 网络更好协同，更好地解决补能的焦虑。2、出口：理想增程系列车型亦正加快出海， 10 月公司在乌兹别克斯坦开设了海外首家授权零售中心，面向当地市场销售理想 L9、L7 和 L6，11 月哈萨克斯坦的两家零售中心也将陆续开业。公司会 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The copper smelting profit cycle is expected to bottom out, and copper prices may break upward. Recent price changes for copper are +2.66% (LME), +2.07% (SHFE), and +5.64% (COMEX). The domestic copper inventory has significantly decreased, with LME copper inventory at 159,425 tons (+2.84%), SHFE copper inventory at 97,930 tons (-11.46%), and COMEX copper inventory at 41,900 short tons (+3.93%) [5][25] - The aluminum market is experiencing inventory depletion, leading to rising aluminum prices. The current price of aluminum is 21,510 CNY/ton, with a weekly increase of 0.21%. The operating rate of the domestic aluminum processing industry has increased to 62.3% [5][33] - The lithium market is seeing a reversal in supply and demand, with lithium prices entering a new cycle. The price of lithium carbonate has risen by 1.57% to 93,750 CNY/ton, and spodumene prices have increased by 5.60% to 1,150 USD/ton [5][72] - The cobalt market remains tight, with cobalt prices expected to continue rising. The price of MB cobalt has increased by 0.31% to 23.90 USD/pound, and domestic cobalt prices have risen by 0.25% to 406,000 CNY/ton [5][80] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has outperformed the Shanghai Composite Index, with a weekly increase of 3.37% compared to the index's 1.40% [12][13] - The PE_TTM valuation for the non-ferrous metals sector is 24.90, while the PB_LF valuation is 3.08, indicating a premium over the overall market [21][22] 2. Copper - Copper prices have increased, with LME copper up 2.66% and SHFE copper up 2.07%. The copper smelting profit margin remains negative at -1,816 CNY/ton, but losses are narrowing [25][33] 3. Aluminum - The aluminum market shows signs of recovery with rising prices and decreasing inventories. The operating rate for aluminum processing has increased, indicating stronger demand [33][41] 4. Lithium - Lithium prices are on the rise, with significant increases in both lithium carbonate and spodumene prices. The supply-demand dynamics are shifting positively for lithium producers [72][80] 5. Cobalt - Cobalt prices are expected to rise due to tight supply conditions. The recent increase in cobalt prices reflects ongoing demand pressures [80][81]

证券研究报告 房地产 行业专题报告 hyzqdatemark 2025 年 11 月 27 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 板块表现： 楼市迎复苏新章，价值沐重估春风 投资评级： 看好（维持） ——香港楼市跟踪专题报告 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 年初至今中国香港（以下简称"香港"）楼市回暖趋势延续。1）成交规模稳步回升： 2025 年 1-9 月，香港一手/二手私人住宅成交量分别同比+25%/+19%，成交量分别 创 2020/2022 年以来的同期新高。2）房价出现企稳信号：9 月，香港私人住宅售价 指数同比+1.81%，房价同比结束了连续 43 个月的下跌。同时，中原城市领先指数 在 10 月继续上行，显示量价复苏趋势仍在延续。3）库存去化压力边际改善：截至 2025 年 Q2 末，一手私人住宅已完工未售及在建库存较 2024Q3 末的历史峰值下降 7%，对应 MA12 个月的销售去化周期为 65.3 个月， ...