Group 1 - The core viewpoint of the report highlights the IPO of "Yujian Xiaomian" (2408.HK), which debuted on the Hong Kong Stock Exchange with a closing price down 27.84% from its issue price, raising approximately HKD 617 million [1][9] - The company has opened 465 stores across 22 cities in nine provinces in mainland China and Hong Kong, with an additional 115 stores in preparation, expecting to exceed 500 stores by the end of 2025 [2][10] - The report indicates that "Yujian Xiaomian" has seen revenue growth from CNY 418 million in 2022 to CNY 1.154 billion in 2024, while net profit turned from a loss of CNY 35.97 million to a profit of CNY 60.70 million [10] Group 2 - The "Doubao Mobile Assistant" was launched on December 1, enabling automated operations for daily apps, including food delivery and ticket booking, with a retail price of CNY 3,499 and an initial stock of about 30,000 units [3][12] - The assistant's capabilities have been adjusted to restrict usage in three scenarios: score brushing, financial applications, and gaming [5][12] - The report emphasizes the potential of AI and technology in driving stock valuation optimization in Hong Kong, with recommended beneficiaries including Alibaba, Tencent, and Meituan [5]

Group 1: Wealth Management Scale - The wealth management scale increased by CNY 960 billion to CNY 33.61 trillion from December 1-5, indicating a seasonal rebound[1] - The scale is expected to face pressure as December is a traditional quarter-end month, with weekly reductions anticipated starting from the second week of December[1] - Historical data suggests that the weekly decline in wealth management scale could reach CNY 3,000-4,000 billion by the last week of December[1] Group 2: Leverage Rates - The average leverage level in the interbank system rose from 107.13% to 107.37% during the week[2] - Exchange leverage levels slightly decreased from 123.01% to 122.99%, showing a downward trend throughout the week[2] - Non-bank institutions showed insufficient motivation to increase leverage, with their average leverage level declining from 112.19% to 112.10%[2] Group 3: Bond Fund Duration - The duration of interest rate-based medium and long-term bond funds compressed from 3.49 years to 3.36 years, marking a continuous decline over five weeks[3] - In contrast, the duration of credit-based medium and long-term bond funds increased from 2.13 years to 2.20 years[3] - Short and medium-term bond funds saw their durations extend, with average durations rising from 1.38 years to 1.42 years for medium-term funds and from 0.76 years to 0.79 years for short-term funds[3] Group 4: Risk Alerts - Potential risks include unexpected adjustments in monetary policy, liquidity changes, and fiscal policy alterations[4]

证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 7 日 [Table_Title] 看好变压器&燃气轮机海外需求，机器人产业化推 进 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 随着海内外企业布局加速&AI 技术突破，人形机器有望迎来量产落 地时点。在降本需求的驱动下，人形机器人核心零部件的国产替代 需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受 益。灵巧手、大脑和轻量化是人形机器人商业化落地的关键环节， 重点看好技术迭代和产业演进领先的国内生产厂商。 多家车企公布 11 月新能源汽车交付/销量 我们认为，在行业旺季趋势下，11月国内多数车企实现新能源汽车 交付/销量环比增长，全年新能源汽车表现亮眼。明年展望来看， 国内新能源汽车预计保持稳定增长，商用车电动化率提升叠加单车 带电量的增加预计带动动力电池需求较快增长。叠加国内外储能高 景气度，预计全年锂电池出货同比增长明显。在前期供给过剩导致 价格大幅下跌的背景下，动力及储能电池产业链多数企业出现亏 损。在"反内卷"趋势下，叠加海内外动储需求共振，电池及材料 环节迎 ...

[Table_Summary] ·市场回顾： 证券研究报告|投资策略周报 [Table_Date] 2025 年 12 月 07 日 [Table_Title] "跨年行情"是否会提前启动？盘整、蓄势与逢低布局 [Table_Title2] 投资策略周报 本周全球股指多数上涨，其中韩国综指、中国台湾加权指数和 A 股深证成指领涨，巴西股指受到政治局势变化影 响于周五出现大跌。A 股延续缩量上涨，其中创业板、北证 50 和沪深 300 指数领涨；微盘股指、红利指数下跌； 板块方面，受益于事件催化的商业航天、有色金属、半导体、保险等轮番走强。大宗商品方面，铜和白银再创历 史新高，本周 LME 铜、COMEX 白银分别上涨 4.3%和 2.9%。外汇方面，本周美元指数继续下行，人民币汇率偏强 运行，在岸和离岸人民币对美元汇率逼近 7.0 关口。 ·市场展望：跨年行情有望徐徐展开。岁末年初，A 股多路增量资金入市可以期待：一方面，海外美联储降息概率 较大，人民币汇率偏强运行有利于外资增配中国资产；另一方面，监管层下调保险资金股票投资风险因子和年初 保险资金"开门红"预期下，保险资金入市的动能较强。近期 A 股成交持续 ...

朱雀飞天，算力升空 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: ► 一、朱雀三号首飞：入轨成功，回收失败 朱雀三号的首飞远超简单成败界定。此次飞行获取的 海量真实飞行数据，为后续攻克回收难关、实现低成 本太空运输目标提供了至关重要的依据。随着朱雀三 号后续型号快速迭代，中国商业航天有望迎来成本大 幅降低、发射频次持续提升的新阶段。 ► 二、太空算力，重塑未来数字基石 太空算力正成为重塑未来数字基石的战略焦点。北京 市规划于晨昏轨道部署千兆瓦级太空数据中心，分三 阶段实现从"天数天算"到"天基主算"的跨越，以 突破地面算力的能源、散热与资源瓶颈。中国已通过 "三体计算星座"和"一星多卡"架构等技术率先推 进工程实践。与此同时，SpaceX 凭借星链巨型星座与 可复用火箭体系，构建起全球覆盖的低延迟天基网 络，其估值飙升至近 8000 亿美元，凸显市场对太空 算力基础设施的战略看好。全球竞赛已启，谁主导轨 道资源与天基算力架构，谁将掌控下一代数字生态的 制高点。 ► 三、投资建议 受益标的: 火箭：航天动力、斯瑞新材、超捷股份、高华科技、 西部材料、航天机电、航天宏图 ...

[Table_Title] 等待破局 [Table_Title2] 类权益周报 [Table_Summary] ►回顾：交易清淡，暖风渐起 12 月 1-5日，类权益市场继续震荡。截至 2025 年12 月5日， 万得全 A 收盘价为 6250.64，较 11 月 28 日上涨 0.72%；中证 转债同期上涨 0.08%，估值有所回落。 证券研究报告|宏观研究报告 [Table_Date] 2025 年 12 月 7 日 科技叙事接连涌现，但市场积极性不高。在谷歌产业链叙事 演绎后，市场将眼光放到了端侧 AI，以及相对更遥远的太空 算力。不过，相关行情持续性不强，例如 12 月 1 日 AI手机推 出后，相关品种大多在次日显著回落。同时，成交额窄幅波 动，体现出资金的观望态度。时至周五，市场迎来积极信 号，包括摩尔线程上市和保险公司调降部分股票业务风险因 子，情绪出现回暖的迹象。 ►策略：保持轮动思维，等待破局点 指数或仍将震荡，不过中枢有望上升。我们将本轮修复分为 两个阶段，第一阶段为对 11 月 21 日大跌的修复，第二阶段为 面向 10 月 9 日高点的修复。当前指数基本完成第一阶段的修 复，但在区间上 ...

传媒行业周报系列 [Table_Title2]2025 年第 48 周 证券研究报告|行业研究周报 [Table_Title] [Table_Title] 奈飞与华纳达成收购协议，DeepSeek-V3.2 正式发 布 [Table_Date] 2025 年 12 月 7 日 月 7 日 ► 市场行情回顾 [Table_Summary] 2025 年第 48 周（实际交易日为 2025.12.1-2025.12.5）上证 指数上涨 0.37%，沪深 300 指数上涨 1.28%，创业板指数上涨 1.86%。恒生指数上涨 0.95%，恒生互联网指数上涨 0.87%，行 业落后恒生指数 0.07pct。SW 传媒指数下跌 3.86%，落后创业 板指数 5.72pct，在申万一级 31 个行业涨跌幅排名中位列第 31 位。子行业中影视、游戏和广电位列前三位，分别为上涨 1.32%、下跌 1.08%和下跌 1.84%。 ► 核心观点&投资建议 奈飞以 827 亿美元收购华纳兄弟核心资产，流媒体行业格局 重塑。本周，据新华社报道，奈飞公司与华纳兄弟探索公司 达成协议，将以总价 827 亿美元收购后者包括华纳兄弟电影 集 ...

Liquidity Overview - In the first week of December (1-5), the liquidity remained stable with a net withdrawal of CNY 2.5 trillion, including CNY 1 trillion from reverse repos[1] - Overnight interest rate R001 decreased from 1.43% to 1.36% during the week, while the 7-day rate R007 remained stable at 1.49%[1] Market Outlook - For the week of December 8-12, liquidity is expected to remain stable, with R001 likely hovering around 1.36%[2] - The upcoming reverse repo maturity of CNY 663.8 billion is at a relatively low level compared to the median of CNY 1.0327 trillion for 2025[2] Government Bonds - The net payment for government bonds from December 8-12 is projected to be -CNY 452 billion, primarily due to CNY 2.235 trillion in bonds being deferred to the following week[5] - The issuance of a 3-month discount treasury bond is anticipated, with an estimated issuance size of CNY 600 billion, which may slightly increase the net payment to CNY 148 billion[2] Interbank Certificates of Deposit - The weighted issuance rate for interbank certificates of deposit rose to 1.64%, an increase of 1.2 basis points from the previous week[6] - The total maturity of certificates of deposit for December 8-12 is expected to be CNY 10.614 trillion, significantly higher than the previous week's CNY 4.858 trillion[6] Bill Market - As of December 5, the 1-month bill rate decreased by 39 basis points to 0.11%, while the 3-month and 6-month rates increased by 5 and 8 basis points to 0.42% and 0.81%, respectively[4] - Major banks turned to net buying of CNY 8.9 billion in bills during the period from December 1-4, reversing a net selling of CNY 52.7 billion in the previous week[4]

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - The new - home market shows signs of marginal repair with four consecutive weeks of环比 growth, but the year - on - year readings are under pressure due to high - base effects. The second - hand housing market has certain resilience, though it also experiences fluctuations [1][2]. - There are significant structural differences in the real - estate market across different city tiers. First - tier cities have a mixed performance in new - and second - hand housing, while second - and third - tier cities also show different trends in new - and second - hand housing transactions [3][6]. - The second - hand housing listing prices show a differentiated trend among different city tiers, with first - tier cities stabilizing, and second - and third - tier cities continuing to decline [7]. 3. Summary by Relevant Catalogs 3.1 Weekly Data - **New Homes**: In the week from November 28 to December 4, the transaction area of new homes in 38 cities reached 2.92 million square meters, a 5%环比 increase, and the absolute scale is higher than the past four weeks, indicating a gradual recovery [1]. - **Second - hand Homes**: The transaction area of second - hand homes in 15 cities was 2.14 million square meters, a 3%环比 decline after two weeks of high - level consolidation. However, the trading volume in the past four weeks remained relatively stable [1]. - **Year - on - year**: Affected by high - base effects, both new - and second - hand home transactions declined year - on - year, with the decline in second - hand homes expanding significantly [1]. 3.2 Monthly Data - **New Homes**: In November, the transaction area of new homes in 38 cities decreased by 35% year - on - year, a further decline from the 27% drop in October, mainly due to the high - base effect of the same period last year [2]. - **Second - hand Homes**: In November, the transaction area of second - hand homes in 15 cities decreased by 20% year - on - year, the same as in October, showing stronger resilience compared to the new - home market [2]. 3.3 First - tier City Performance - **New Homes**: The new - home market in first - tier cities continued to recover, with a 7%环比 increase in weekly transactions, but the growth rate narrowed. There was significant differentiation among cities, with Beijing showing a large increase due to a low - base effect, while Guangzhou and Shenzhen declined [3]. - **Second - hand Homes**: The second - hand housing market cooled down, with a 4%环比 decline in the combined transactions of Beijing, Shanghai, and Shenzhen. All three cities experienced declines [3]. - **Year - on - year**: Both new - and second - hand home transactions in first - tier cities declined year - on - year, with the decline in second - hand homes expanding significantly. Shenzhen was particularly affected by the high - base effect [4]. 3.4 Second - and Third - tier City Performance - **Second - tier Cities**: New - home transactions increased slightly by 6%环比, but the recovery momentum was weak. Second - hand home transactions decreased by 7%环比 [6]. - **Third - tier Cities**: New - home transactions increased for three consecutive weeks, with a 3%环比 increase this week. Second - hand home transactions increased by 11%环比, approaching the annual high [6]. - **Year - on - year**: In second - tier cities, the decline in both new - and second - hand home transactions expanded. In third - tier cities, the decline in new - home transactions narrowed marginally [6]. 3.5 Housing Price Observation - **Overall**: From November 24 to December 1, the listing prices of second - hand homes in first - tier cities stabilized, while those in second - and third - tier cities continued to decline [7]. - **First - tier Cities**: Shenzhen's listing price rebounded, while other first - tier cities declined. Guangzhou had the deepest year - on - year decline [7]. - **Second - tier Cities**: Xi'an and Wuhan had relatively strong环比 performance, but their long - term prices were still in a downward adjustment channel. Hangzhou was relatively resistant to decline [7].

Group 1: A-Share Market Valuation - The current PE (TTM) of the A-share market is 16.33, with a median value of 13.52 and a maximum of 30.60[9] - The PE (TTM) excluding financial and oil sectors is 25.66, indicating a higher valuation compared to the overall market[6] - The risk premium for the A-share market has fluctuated, with a current ERP (万得全A) of approximately 1.5%[16] Group 2: Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 12.02, with a median of 10.29 and a maximum of 22.67[56] - The Hang Seng Technology Index shows a current PE of 23.65, reflecting a significant valuation compared to other sectors[61] - The median PE for the Hong Kong financial sector is 7.45, indicating a relatively low valuation compared to historical averages[66] Group 3: U.S. Market Valuation - The S&P 500 index has a current PE (TTM) of 29.38, with a median of 21.14 and a maximum of 41.99[80] - The NASDAQ index shows a current PE of 42.14, indicating a high valuation compared to historical data[88] - The Dow Jones Industrial Average has a current PE of 30.58, with a median of 18.64[92] Group 4: Sector-Specific Valuation Insights - Non-bank financials, food and beverage, and non-ferrous metals sectors have low PE ratios, indicating potential undervaluation[23] - The technology sector, particularly computing and electronics, shows high PE ratios, suggesting overvaluation risks[37] - The consumer sector, including liquor and pharmaceuticals, has a median PE of 19.25 and 37.48 respectively, indicating strong market interest[30]