Investment Rating - Industry rating: Recommended [4] Core Insights - The space new infrastructure competition is accelerating the industry, with the U.S. government taking measures to ensure its "space advantage" through increased R&D and private sector investment [1][10] - The hollow fiber industry is at a critical window for iteration and evolution, with potential demand driven by AI applications [3][11] - The current geopolitical climate and technology competition between the U.S. and China are expected to keep the market volatile, suggesting a cautious and neutral allocation strategy [6][13] Summary by Sections Space New Infrastructure - The U.S. aims to attract at least $50 billion in private investment in the space sector by 2028, with plans for lunar exploration and nuclear energy applications in space [1][10] - The rapid launch of domestic satellite constellations and the commercialization of satellite IoT applications are expected to expand market size significantly [1][10] - Beneficiaries in the satellite communication and IoT sectors include companies like Chengchang Technology, Guobo Electronics, and Zhenlei Technology [1][10] Hollow Fiber Demand - Hollow fiber technology offers advantages such as low latency, wide spectrum, low loss, and low nonlinearity, making it a disruptive solution for traditional fiber optics [3][11] - The technology is still in the early stages of commercialization, but its characteristics are expected to meet the growing demand for AI model connectivity [3][11] - Key beneficiaries in the hollow fiber sector include Changfei Fiber, Hengtong Optic-Electric, and Fenghuo Communication [3][12] Current Market Perspective - The market is anticipated to remain volatile due to global geopolitical conflicts and skepticism regarding AI investments, with a recommendation for a cautious and neutral approach [6][13] - Long-term prospects remain positive for domestic AI computing power, optical modules, and the 6G industry trend, which are expected to catalyze market opportunities [6][13] - Recommended sectors include computing and communication infrastructure, optical network upgrades, and edge computing [13][14]

Investment Rating - Industry Rating: Recommended [6] Core Insights - The humanoid robot industry is expected to accelerate production due to breakthroughs in AI technology and increasing demand for cost reduction, with domestic companies likely to benefit significantly [1][14][15] - The global energy storage battery demand is entering a high-growth phase, driven by the maturation of the domestic energy storage market and frequent power shortages in overseas markets [2][18][20] - The photovoltaic industry is set for profitability recovery as the Ministry of Industry and Information Technology emphasizes capacity regulation and price monitoring to optimize supply-demand dynamics [3][27] - Wind turbine manufacturers are expanding into hydrogen production, enhancing their growth potential through the synergy of wind power and green hydrogen [4][29] Summary by Sections Humanoid Robots - The partnership between Mercado Libre and Agility Robotics aims to address labor shortages and automate repetitive tasks, indicating a significant market opportunity for humanoid robots [1][14] - Key components such as dexterous hands and lightweight designs are critical for commercialization, with domestic manufacturers expected to lead in technological advancements [1][15][17] Electric Vehicles - Ford plans to invest $2 billion to modify its battery plants for energy storage production, targeting over 20GWh annual capacity by 2027 [2][18] - The lithium battery supply chain is expected to recover as demand increases, particularly for lithium carbonate and lithium hexafluorophosphate, which are crucial for profitability [2][20][22] Renewable Energy - The Ministry of Industry and Information Technology's focus on capacity control and price regulation is anticipated to enhance profitability for leading companies in the photovoltaic sector [3][27] - Wind turbine companies are actively exploring hydrogen production, with significant investments in projects that integrate wind energy and hydrogen production [4][29] Power Equipment & AIDC - The demand for power equipment is experiencing a boom due to rapid development in AIDC and ongoing investments in grid construction [8][9] - Companies with strong channel resources and technological capabilities in developed markets are expected to benefit from this high-demand environment [8]

Group 1 - The core view of the report emphasizes that the market is in a phase of stabilization, with expectations for market stability strengthening, but this does not determine the height of the market, indicating a continuation of the oscillating pattern [2][38] - The report notes that the A-share index remains near the levels before the significant drop on November 21, suggesting that there is a buildup of profit-taking pressure at this point [2][38] - The report highlights that the recent market fluctuations have led to a significant net inflow into broad-based ETFs, particularly those tracking the CSI A500, which indicates a positive response to stabilization policies [17][19] Group 2 - The report identifies potential investment opportunities in sectors such as new energy, consumer goods, and dividend stocks, with new energy being a strong sector this year, although it has not fully recovered since the drop on November 21 [3][40] - The technology sector is noted to have a foundation for rebound, as structural risks have eased significantly, with indicators showing a decrease in concentration and high-priced stocks [44][46] - The report discusses the challenges faced by convertible bonds, particularly those nearing maturity, which are experiencing pressure due to time value decay and market aging, suggesting a need for cautious investment strategies [50][54][65]

Investment Rating - Industry Rating: Recommended [4] Core Insights - SpaceX's target valuation is approximately $800 billion, with a fundraising scale of about $40 billion from the sale of 5% of its shares, reflecting strong market enthusiasm for the space sector [16][24] - ARK's valuation model suggests that SpaceX's enterprise value could reach around $2.5 trillion by 2030, with optimistic scenarios estimating up to $3.1 trillion and pessimistic scenarios around $1.7 trillion, heavily reliant on the rapid reusability of the Starship [16][25] - SpaceX achieved 144 launches in 2025, surpassing all other entities combined, indicating a recovery signal for the industry [16][36] Summary by Sections 1. SpaceX Valuation and Market Position - SpaceX's expected revenue for 2025 is projected to exceed $15.5 billion, supporting its high valuation [23] - The company has seen its valuation double from $400 billion in July to $800 billion in December 2025, showcasing the market's positive outlook on the space industry [24] - The Falcon 9 rocket has a recovery success rate exceeding 98%, with launch costs reduced to $27 million per mission [16][36] 2. Lunar Competition and International Developments - The U.S. government is accelerating its space capabilities, including plans to deploy nuclear reactors on the Moon by 2030 and return humans to the Moon by 2028 through the Artemis program [17][51] - South Korea's INNOSPACE successfully launched its "Hanlight-NANO" rocket, marking a significant milestone for private space ventures in the country [17][52] - China's Long March 10 rocket is expected to make its maiden flight in mid-2026, capable of supporting deep space missions [17][6] 3. Investment Recommendations - Beneficiary stocks in the rocket sector include Aerospace Power, Superjet, Western Materials, and others [20] - Satellite-related companies include West Measurement Testing, Tianyin Electromechanical, and others [20] - Companies involved in space computing include Shunhao Co., Puxian Technology, and others [20]

Investment Rating - The industry rating is "Recommended" [6] Core Insights - Nike's FY26Q2 performance showed regional revenue changes: North America +9%, EMEA -1%, Greater China -16%, APLA -4%, with Greater China significantly dragging down overall performance due to weak foot traffic, poor new product sell-through rates, and aging inventory [3][16] - The Central Economic Work Conference emphasized expanding domestic demand as a priority, focusing on enhancing the supply of quality goods and services, and promoting investment recovery [4][17] - The report suggests a cautious outlook for FY26Q3, with expected revenue declines in certain regions and a focus on the "Win Now" strategy in Greater China [3][16] Summary by Sections 1. Weekly Insights - Nike's performance in FY26Q2 highlighted a significant decline in Greater China, attributed to weak customer traffic and inventory issues [3][16] - The company is implementing pilot store projects in Greater China to improve sales performance [3][16] 2. Market Review - The SW textile and apparel sector increased by 2.42%, outperforming the Shanghai Composite Index by 1.32% [19] - Key stocks with the highest gains included Yimin Group and Huamao Co., while stocks like Hason and *ST Bosen faced significant declines [19][24] 3. Industry Data Tracking 3.1 Raw Material Data - The China cotton price index rose by 2.96% year-to-date, while wool prices increased by 29.52% since the beginning of the year [34][40] - The USDA forecasts a 0.34% increase in total cotton production for 2025, with a slight decline in demand [46] 3.2 Export Data - Textile and apparel exports from January to November 2025 decreased by 1.9% year-on-year, with a notable decline in apparel exports [54] - The export value of tarpaulins and canopies fell by 21.18% in October 2025 [59] 4. Industry News - Notable developments include the opening of Descente's flagship store in Beijing and the re-entry of Spanish fast fashion brands into the Chinese market [10][4]

证券研究报告|宏观跟踪周报 [Table_Date] 2025 年 12 月 20 日 [Table_Title] 年末存单利率或迎下行拐点 [Table_Title2] 流动性跟踪 [Table_Summary] ►概况：税期，资金面继续平稳 12月 15-19日，税期资金面依旧维持低位运行。周内来看，15日为税期首日， 2000 亿元 6M 买断式逆回购净投放落地，同时为保持资金利率稳定，央行在短期资 金投放上维持常规续作安排。尽管如此，税期期间隔夜利率 R001 始终维持在 1.34- 1.35%水平，7 天资金 R007 也基本稳定于 1.50%附近。 税期之后，跨年因素接替成为影响资金面的主要逻辑。18 日起拆借 14 天资金 可跨年，除了常规续作 7 天逆回购以外，央行连续两日额外投放 1000 亿元 14 天逆 回购，呵护跨年资金面，进一步推动了资金宽松预期。受此影响，18-19日 R014仅 小幅上行 7bp 至 1.62%，跨年压力整体可控。与此同时，隔夜与 7 天资金利率仍延 续此前稳态，日均波动不足 1bp，R001、R007 分别收于 1.35%、1.51%。 ►展望：年末存单利率或迎 ...

李立峰 SAC NO:S1120520090003 证券研究报告 最新A股、港股、美股估值怎么看？ ——估值周报（1215-1219） 冯逸华 SAC NO:S1120523070007 2025年12月20日 请仔细阅读在本报告尾部的重要法律声明 全球主要指数估值总览 资料来源： wind ，华西证券研究所 2 图表1：全球主要指数PE(TTM) 0 20 40 60 80 100 120 140 160 上证指数 创业板指 恒生指数 恒生科技 标普500 纳斯达克指数 道琼斯工业指数 日经225 德国DAX 中位数 最大值 最小值 现值 A股 港股 美股 日股 德股 注：自2010年1月起，截至2025年12月19日 目录 风险提示 3 一、A股市场估值水平 二、A股行业估值水平 三、机构重仓个股估值水平 四、港股市场估值水平 五、港股行业与个股估值水平 六、美股市场估值水平 七、中概股估值、中美银行股估值比较 1.1 A股绝对估值变化 4 图表2、3：A股整体PE(TTM)、A股剔除金融和石油石化PE(TTM，剔除负值) 资料来源： wind ，华西证券研究所 4 17.15 5 10 15 20 25 ...

证券研究报告|固收点评报告 [Table_Date] 2025 年 12 月 20 日 [Table_Title] 新房年末冲量 [Table_Title2] able_Summary] 地产周速达 1）周度： 同比降幅持续收敛，二手房修复弹性更强。本周 38 城新房成交同比下滑 31%，降幅较上周收窄 2 个百分 点，已连续十二周负增长；15 城二手房成交同比降幅则大幅收敛 11 个百分点至 23%，已连续十周负增长，二 手房的边际修复速度快于新房。 2）月度： 统计局数据显示，11 月地产销量环比修复好于 2021-2023 年同期，但"以价换量"特征显著。同比来 看，受去年"924"后的高基数压制，11 月商品房销售面积、销售额同比分别下滑 17.3%和 25.1%。与 10 月 增速相比，销售面积降幅收窄 1.5pct，而销售额降幅反而扩大 0.8pct，呈现显著的"量价背离"。环比维度 上，11 月销售面积增长 9.3%，虽弱于 2015-2019 年同期，但强于 2021-2023 年同期均值（+8.0%）及去年同 期（+7.1%），显示市场活跃度边际修复。不过 11 月销售额环比仅微增 2.3% ...

Group 1: Global Market Overview - The Bank of Japan announced an interest rate hike, leading to increased volatility in global markets[1] - The S&P 500 Shiller PE ratio remains high at 40.15, indicating potential for further correction in U.S. tech stocks[1] - Major European indices like DAX and CAC40 are expected to experience further fluctuations due to high price-to-book ratios[1] Group 2: U.S. Market Performance - The S&P 500 index increased by 0.1%, while the Nasdaq rose by 0.48% this week[2] - The Dow Jones Industrial Average fell by 0.67% during the same period[2] - The technology sector remains overvalued, with the TAMAMA technology index PE at 36.54 and the Philadelphia Semiconductor index at 42.28[1] Group 3: Asian Market Insights - The Nikkei 225 index saw a significant decline of 2.61% this week, with expectations of further corrections due to high valuations[2] - The Hang Seng Index and related indices experienced declines of 1.1% to 2.39% this week, indicating market pressure[2] - Emerging markets like the Korean Composite Index and others are likely to face volatility due to economic fundamentals and valuation concerns[1] Group 4: Economic Indicators - Japan's CPI growth rate for November was 2.9%, down from 3% previously, indicating a potential easing of inflationary pressures[4] - The U.S. and Japan's monetary policies are diverging, contributing to market uncertainties[1] - Global geopolitical risks and unexpected economic growth could pose additional threats to market stability[5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][7]. Core Insights - The company, Yutong Optical, is a leading global provider of optical solutions, particularly in the security lens market, where it has maintained the largest market share for ten consecutive years [1][2]. - The company is expanding into the automotive optical market and has established a solid competitive position through acquisitions and technological advancements [1][2]. - Yutong Optical is also diversifying into new consumption sectors, including machine vision and AR/VR lenses, which are expected to drive future growth [1][3]. Summary by Relevant Sections Company Overview - Yutong Optical was founded in 2011 and went public in September 2019. It is the largest supplier of security lenses globally, with a strong market position in the security sector [1][13]. - The company has established a wholly-owned subsidiary for automotive vision and acquired JiuZhou Optical to enhance its competitiveness in the automotive lens market [1][2]. Business Layout - The company has developed a diversified business model centered around security, automotive optics, smart home applications, machine vision, and emerging optical applications [20][24]. - The product matrix includes a wide range of security lenses that cater to various applications, from consumer monitoring to high-end industry surveillance [2][54]. Financial Analysis - Revenue projections for 2025-2027 are estimated at 36.52 billion, 46.62 billion, and 58.35 billion yuan, representing year-on-year growth rates of 33.1%, 27.7%, and 25.2% respectively [4][8]. - Net profit forecasts for the same period are 2.83 billion, 4.85 billion, and 7.00 billion yuan, with growth rates of 54.1%, 71.3%, and 44.5% respectively [4][8]. - The company's gross margin is expected to improve, reflecting a focus on product structure optimization and increased R&D investment [28]. Security Lens Market - Yutong Optical's security lens segment is characterized by a comprehensive product range that meets diverse market needs, supported by long-term partnerships with major security firms [2][54]. - The company is actively expanding its overseas market presence, with a notable increase in international revenue [57]. Automotive Optical Market - The automotive optical segment is positioned for growth, with the company supplying major automotive manufacturers and developing a complete product matrix for smart driving systems [2][58]. - The demand for automotive cameras is expected to rise as smart driving technology becomes more prevalent [58]. Emerging Business Areas - The company is exploring new consumption markets, including sports cameras and AI glasses, which are anticipated to contribute significantly to revenue growth [3][19]. - Collaborations with leading technology firms in these sectors are expected to enhance product delivery and market penetration [3][42].