Group 1: REITs Market Analysis - The current REITs market has experienced a correction, leading to reasonable valuations, making it attractive for long-term investors to seize quality project opportunities during adjustments [1][6] - It is recommended to focus on two main lines based on Q3 performance: sectors with strong fundamentals such as data centers and affordable rental housing, and REITs expected to see quarter-on-quarter performance improvement in Q4, benefiting from events like the National Day holiday and "Double Eleven" promotions [1][6] - A significant unlocking of strategic placement shares is anticipated in November-December 2025, with a monthly unlocking scale exceeding 1 billion shares, creating structural entry opportunities despite short-term liquidity pressures on some quality targets [6][8] Group 2: Public Fund Investment Strategy - In 2025, the public fund scale and share both increased, but the structure changed, with fixed income and index equity experiencing net subscriptions, while fixed income and active equity faced net redemptions [2][11] - The outlook for 2026 suggests continued upward potential for equities, with a recommendation to maintain a balanced allocation between growth and reversal strategies, adapting flexibly to short-term opportunities [2][11] - A global multi-asset allocation approach is advised, with a focus on selecting products from various sub-strategies [11][12] Group 3: Wind Power Industry Outlook - The wind power industry maintains a high level of prosperity, with two main stock selection lines identified: strong performance in wind turbine bidding prices and the potential for significant growth in domestic and overseas wind power demand [3][17] - The average bidding price for onshore wind turbines has shown a continuous increase, with a year-on-year rise of 6.86% for onshore turbines and 9.78% for onshore turbines including towers [17][19] - Domestic offshore wind projects are progressing smoothly, with expectations for high growth in installation capacity from 2025 to 2026, and overseas offshore wind demand is also robust, indicating significant growth opportunities [18][19] Group 4: North Exchange Market Development - The North Exchange has achieved significant growth, with the number of listed companies reaching 280 and total market capitalization exceeding 900 billion yuan, indicating its role as a core platform for innovative small and medium enterprises [4][21] - The market is expected to enter a new cycle of high-quality expansion in 2026, shifting focus from scale expansion to quality improvement, with anticipated policy dividends and enhanced market functions [21][22] - Investors are encouraged to identify investment opportunities arising from policy releases and to focus on specialized and innovative enterprises with high technical barriers and R&D investments [22]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - After the current REITs market has experienced a correction, its valuation has become reasonable. It offers high investment cost - effectiveness for long - term allocation funds, and investors can seize the opportunity to allocate high - quality projects during the adjustment period [1]. - It is recommended to lay out along two main lines based on the third - quarter performance: first, sectors with strong fundamentals, such as data centers and rental housing; second, REITs whose fourth - quarter performance is expected to improve quarter - on - quarter, such as outlet projects benefiting from the National Day holiday and the "Double 11" promotion [1]. - Attention should be paid to the structural entry opportunities that may be brought by the concentrated lifting of strategic placement shares. In November - December 2025, the public REITs market will see a round of concentrated lifting of restrictions, with a monthly lifting scale of over 1 billion shares. The short - term liquidity pressure will cause the valuation of some high - quality targets to bear pressure, but it also provides a window for low - level layout [1]. 3. Summary According to the Directory 3.1 Market Review - In the third quarter of 2025, the REITs market showed a profit - taking correction. The CSI Total Return REITs Index fluctuated downward, mainly driven by profit - taking needs after the market's rise in the first half of the year, the narrowing of the primary - secondary market valuation gap, and the suppression of the bond market sentiment by the strong performance of the equity market. After the long - term interest rate stabilized, the index recovered slightly, but then continued to decline due to a lack of upward momentum and low trading volume [10]. - In terms of asset attributes, the overall decline of equity - type REITs was higher than that of operating - right - type REITs. In the third quarter, most sectors recorded declines, with only the data center sector rising by 1.2%, while the energy sector had the largest decline of 9.84% [11]. 3.2 Quarterly Report Performance Overview - In the third quarter of 2025, 73 public REITs completed their quarterly reports. The municipal environmental protection sector led the market in terms of operating income, followed by the rental housing and consumption sectors. The performance of other sectors was differentiated [15]. - The industrial park sector continued to face pressure, with most of the fund revenues declining year - on - year by more than 10%. The warehousing and logistics sector, although affected by the "price - for - volume" strategy, was more resilient than the industrial park sector. The rental housing sector was relatively stable, with the operating income of many REITs increasing year - on - year. The consumption REITs sector showed strong performance elasticity, with the income of most REITs rising quarter - on - quarter, except for the outlet format [15]. - The data center sector had no historical comparable data but had high - quality assets and good operating conditions. The highway sector's performance mostly declined, and the energy sector's performance fluctuated significantly. The municipal environmental protection sector performed outstandingly, with both year - on - year and quarter - on - quarter increases in operating income [16]. 3.3 Project Operation Status 3.3.1 Industrial Parks - The industrial park REITs sector showed a decline in both volume and price, with an average occupancy rate of 81.7% at the end of the third quarter of 2025, a year - on - year and quarter - on - quarter decrease of 4pct and 0.1pct respectively, and an average rent of 89.5 yuan/square meter/month, a year - on - year and quarter - on - quarter decline of 9.9% and 1.2% respectively [21]. - Factory - type projects were more resilient, while incubator projects were at the bottoming stage. Most industrial parks continued to adopt a price - cut strategy to stabilize the occupancy rate, and the second - tier cities faced greater pressure in attracting investment [22]. 3.3.2 Warehousing and Logistics - The overall operation of the warehousing and logistics sector was under pressure but remained resilient. The average occupancy rate of warehousing and logistics REITs was 92.2% at the end of the third quarter of 2025, basically unchanged year - on - year and slightly down 3.4pct quarter - on - quarter. Projects with a high proportion of related - party leases were more stable [29]. - Affected by market demand and supply, the warehousing and logistics REITs continued the "price - for - volume" strategy, with the average rent dropping 5.0% year - on - year and 1.5% quarter - on - quarter to 32.1 yuan/square meter/month at the end of the third quarter of 2025 [29]. 3.3.3 Rental Housing - The overall occupancy rate of rental housing projects remained high and increased year - on - year, reaching 96.1% at the end of the third quarter of 2025, a year - on - year increase of 0.7pct and a quarter - on - quarter decrease of 0.05pct. The rent levels of each project fluctuated slightly, with an increase or decrease of no more than 1% quarter - on - quarter, which was normal business fluctuation [36]. 3.3.4 Consumer Infrastructure - The occupancy rate of consumer REITs remained high and was relatively stable year - on - year and quarter - on - quarter, reaching 97.4% at the end of the third quarter of 2025, a year - on - year increase of 0.1pct and a quarter - on - quarter decrease of 0.3pct. The rent of some consumer - type REITs showed seasonal fluctuations due to the operation mode [42]. 3.3.5 Data Centers - There are only two data center REITs, Runze Technology REIT and Wanguo Data REIT, both listed on August 8, 2025. The third - quarter reports showed that the underlying projects of the two REITs were operating smoothly, with a utilization rate close to 100% [45]. 3.3.6 Highways - Although the summer travel and tourism boosted the toll revenue of highways quarter - on - quarter, the overall performance of highway projects was still weak year - on - year. In the third quarter of 2025, the toll revenue decreased by 2.4% year - on - year and increased by 13.2% quarter - on - quarter, and the average daily natural traffic volume decreased by 3.7% year - on - year and increased by 16.2% quarter - on - quarter. The impact of the opening of competing highways continued [46]. 3.3.7 Energy Infrastructure - In the third quarter of 2025, the power generation of energy projects fluctuated significantly, and the overall operation performance was poor. Among the 6 energy REITs with year - on - year data, only the settlement power of TBEA REIT increased year - on - year, while the others decreased [51]. 3.3.8 Municipal Environmental Protection - The underlying assets of the municipal environmental protection sector were operating steadily, and some projects showed a steady - to - rising trend in volume and price. For example, the domestic waste treatment volume and kitchen waste treatment volume of Shougang Green Energy REIT increased by 10.1% and 27.7% respectively year - on - year, and the settlement power increased by 22.8% year - on - year [56]. 3.4 Public REITs Investment Recommendations - The allocation value of REITs is gradually emerging, and the P/NAV has returned to near the average. The long - term capital allocation window has been opened [59]. - Fundamentals are the core factor determining the secondary - market performance of REITs. When the market enters the valuation repair stage after a general decline, sectors with good performance have stronger rebound momentum. The data center, rental housing, consumption, and municipal environmental protection sectors are the focus of market funds during the valuation repair process [62]. - In addition to being driven by fundamentals, the performance of the REITs market is also affected by factors such as the risk - free interest rate and the policy environment. In the context of potential disturbances in the bond market at the end of the year and the lack of new funds entering the market, trading - type funds need to be vigilant about short - term fluctuations and participate carefully [63].

Group 1 - The wind power industry maintains a high level of prosperity, with expectations for wind turbine and component sales to rebound in profitability due to rising bidding prices and increased demand for domestic and overseas installations [1][3][28] - The average bidding price for onshore wind turbines increased by 6.86% year-on-year to 1618 RMB/kW, while the average price including towers rose by 9.78% to 2096 RMB/kW, indicating a recovery in sales profitability for turbine manufacturers [1][41] - Domestic wind turbine shipments are expected to exceed expectations in 2026, with a significant increase in bidding and approval volumes for wind projects, indicating strong future demand [1][30][39] Group 2 - The domestic offshore wind projects are progressing smoothly, with significant growth potential in deep-sea wind energy, supported by favorable policies and planning in regions like Zhejiang, Shanghai, and Guangdong [2][3] - The European offshore wind market is projected to add 8.40 GW of new installations in 2026, highlighting the potential for export opportunities in multiple segments of offshore wind energy [2][3] - The report identifies two main investment themes: (1) the recovery of wind turbine profitability and the potential for increased installation demand, and (2) the synchronized growth of domestic and international offshore wind demand, suggesting investment opportunities in related sectors such as submarine cables and foundation piles [3][28][29] Group 3 - The report emphasizes the importance of focusing on wind turbine manufacturers and components, recommending companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy for investment [3][29] - The offshore wind sector is expected to see significant growth, with recommendations for companies involved in submarine cables and foundation piles, such as Dongfang Cable and Zhongtian Technology [3][29] - The overall valuation of the power equipment industry is expected to grow in 2025, with the wind power sector presenting substantial investment opportunities due to favorable market conditions and increasing demand [28][15]

Group 1: Inflation Data - November CPI year-on-year growth increased to 0.7%, the highest since March 2024[1] - Month-on-month CPI decreased by 0.1%, better than the same period last year[1] - Food CPI month-on-month growth was 0.5%, marking four consecutive months of increase[5] Group 2: Producer Price Index (PPI) - November PPI month-on-month growth was 0.1%, continuing growth for two consecutive months[2] - Year-on-year PPI decreased by 2.2%, with a slight increase in the decline compared to the previous month[2] - Prices of non-ferrous metals continued to rise, while black metal processing prices fell[2] Group 3: Economic Outlook - The political bureau meeting indicated a focus on more proactive fiscal and moderately loose monetary policies for 2026[2] - Economic stability is expected in 2026, with inflation likely to rise and nominal GDP growth accelerating[2] - Risks include declining real estate demand and increased external uncertainties[3]

Core Conclusions - The public fund market in 2025 saw an increase in both scale and share, with significant changes in structure, as fixed income and active equity funds experienced net redemptions, while fixed income+ and index equity funds were net subscribed [1][3] - Global equity markets strengthened, with domestic stocks outperforming bonds, leading to overall gains in funds, particularly in active funds outperforming passive products, with notable performance in technology and cyclical theme funds [1][2] - For 2026, it is expected that equities will continue to have upward potential, with a recommendation to maintain a balanced allocation between growth and reversal strategies, while flexibly seizing short-term opportunities [1][4] Market Development: Total Growth and Structural Changes - The total scale of public funds surpassed 35 trillion yuan, with stock funds growing by over 1 trillion yuan, indicating a robust market expansion [13] - The number of public funds increased to 13,300, with significant growth in stock and REITs funds, while money market and alternative investment funds saw a decline [13][25] - Active equity funds grew by 21%, with a notable recovery in new fund launches, particularly in technology theme funds, which saw a growth rate exceeding 50% [1][2][29] Performance Analysis: Strong Equity and Weak Bonds - The performance of various asset classes showed that equities outperformed bonds, with gold reaching new highs and equity assets experiencing a broad rally [2][9] - Active funds outperformed passive funds, with specific themes such as TMT, cyclical, and advanced manufacturing showing strong results [9][2] - Fixed income+ funds demonstrated superior performance, particularly those with high allocations to fixed income and convertible bonds [9][20] Investment Strategies: Balanced Allocation and Trend Following - The report suggests a balanced allocation strategy for equity funds, emphasizing the importance of flexibility in capturing phase-specific market opportunities [4][3] - For fixed income funds, the emergence of the fixed income+ era is highlighted, with a focus on asset and strategy characteristics based on risk preferences [5][39] - The report advocates for a global multi-asset allocation approach, emphasizing the value of overseas and commodity funds, with recommendations to follow QDII quotas and focus on mutual recognition funds and southbound ETFs [6][32]

Investment Rating - The report indicates a focus on the commercial aerospace and computing power industry chain, suggesting a positive outlook for these sectors [3]. Core Insights - The market showed significant differentiation, with technology growth leading while cyclical consumption faced pressure. The computing power hardware sector, particularly influenced by the news of NVIDIA being allowed to sell H200 chips to China, demonstrated resilience [3]. - The North Exchange market, primarily composed of specialized and innovative enterprises, has not directly benefited from the influx of funds into the computing power sector but still exhibited some anti-dip characteristics among tech-heavy stocks [3]. - The current valuation of the North Exchange 50 Index is at a low percentile compared to the past year, indicating a release of valuation pressure [3]. - Policy expectations are rising towards the end of the year, with a focus on stable progress and proactive fiscal measures, which may enhance market liquidity in the medium to long term [3]. Market Review - On December 9, the North Exchange A-share trading volume reached 139.2 billion, a decrease of 11.8 billion from the previous trading day. The North Exchange 50 Index closed at 1401.73, down 1.72%, with a PE_TTM of 66.35 times. The specialized and innovative index closed at 2343.91, down 1.48% [8][3]. - Among 286 companies on the North Exchange, 28 saw an increase, 1 remained flat, and 257 experienced a decline. The top five gainers included Dapeng Industrial (10.1%), Caneng Electric (5.5%), and Fangsheng Co. (5.2%), while the top five losers included Kangle Weishi (-7.5%) and Airong Software (-5.5%) [18][19]. Important News - The U.S. government has allowed NVIDIA to sell its H200 AI chips to China, imposing a 25% fee per chip, marking a significant policy shift [21]. - Demand for MLCCs is expected to grow at an annual rate of 30%, driven by AI applications, with major manufacturers like Murata and Samsung planning to expand production capacity [22].

Group 1: Consumer Industry Outlook - The consumer industry is showing signs of bottoming out, with fundamental recovery acting as a catalyst for stock prices. Positive information is increasing, and companies are focusing more on dividends and buybacks, improving the competitive landscape [1][5] - The "dividend +" strategy is recommended as a short-term stable allocation strategy, with a focus on high-end consumption and certain mass-market products showing signs of recovery [5] - The market is expected to gradually return its focus to the consumer sector, although there are still concerns regarding valuation and the performance of non-mainstream sectors [5] Group 2: Insurance Industry Strategy - The insurance sector is expected to be a growth area in the financial industry, with leading companies benefiting from scale effects, brand recognition, and customer loyalty [10] - The insurance stocks' performance in 2025 was driven by asset performance, with distinct phases observed throughout the year, including periods of market volatility and policy support [8][10] - Key metrics for insurance companies include asset under management (AUM) growth and interest spread improvement, which are essential for stable investment returns [9][10] Group 3: Biotechnology Company - Baiaosaitu - Baiaosaitu is an innovative biotechnology company focused on drug development, utilizing proprietary gene editing technology to create various therapeutic antibodies [12][14] - The company has seen significant revenue growth, with projections indicating revenues of 1.387 billion, 1.809 billion, and 2.306 billion yuan for 2025-2027, representing year-on-year growth rates of 41.5%, 30.4%, and 27.4% respectively [13][14] - The company has established a global presence with its animal model sales, which have increased from 50 million yuan in 2019 to 389 million yuan in 2024, reflecting a strong demand for its innovative models [13][14] Group 4: Domestic Policy Insights - The central government's focus for 2026 emphasizes a balanced approach to economic development, with a strong emphasis on enhancing quality and efficiency [16][17] - Policies will likely prioritize expanding domestic demand and optimizing supply, with specific measures expected to support consumption and innovation [17][18] - The government aims to address risks in key areas while ensuring the stability of people's livelihoods, indicating a comprehensive approach to economic governance [18]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][15]. Core Insights - The company is positioned as a technology-driven biopharmaceutical firm focused on innovative drug development, aiming to become a global source of new drugs through proprietary gene editing technologies [1][21]. - The company has developed the RenMice® platform for discovering fully human therapeutic monoclonal antibodies and other antibody types, establishing a strong growth trajectory and high technical barriers [1][21]. - The "Thousand Mice, Ten Thousand Antibodies" initiative enhances development efficiency and supports the company's antibody licensing business, which is expected to contribute significantly to revenue growth [3][14]. Summary by Sections 1. Business Overview - The company operates two main business lines: preclinical products and services, and antibody molecule transfer development, leveraging its proprietary gene editing technology [21][22]. - The company has established a global sales system and aims to be a leading supplier of innovative animal models for drug development [25][30]. 2. Financial Performance - Revenue is projected to grow significantly, with estimates of CNY 13.87 billion, CNY 18.09 billion, and CNY 23.06 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 41.5%, 30.4%, and 27.4% [4][15]. - The company is expected to achieve profitability in 2024, with a net profit forecast of CNY 1.47 billion, CNY 3.35 billion, and CNY 5.27 billion for 2025, 2026, and 2027, indicating substantial growth [4][15]. 3. Market Position and Competitive Advantage - The company differentiates itself from traditional model animal companies by integrating model platforms, antibody platforms, and efficacy validation platforms, creating a comprehensive technology platform [13][21]. - The company has a significant first-mover advantage in humanized models and has established a large inventory of humanized models, enhancing its competitive edge [13][14]. 4. Growth Drivers - The company’s antibody development business is expected to maintain significant growth as more antibody molecules enter clinical development, contributing to milestone revenues [11][14]. - The company has signed numerous transfer and licensing agreements, indicating a robust pipeline and potential for future revenue generation [14][15]. 5. Operational Highlights - The company has established three major animal centers in Nantong, Beijing, and Boston, enhancing its capacity to produce high-quality animal models for global clients [30][34]. - The company’s innovative animal models are considered essential resources for drug development, with a focus on validating drug efficacy in preclinical stages [70].

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [4]. Core Insights - The consumer sector is showing signs of bottoming out, with fundamental recovery acting as a catalyst for stock prices. Positive information regarding fundamentals is increasing, and companies are focusing more on dividends and buybacks [1][12]. - The "Redemption+" strategy is recommended as a short-term stable allocation strategy, with a focus on high-quality global assets and marginal recovery in specific sectors like beer and dairy [1][12]. - The report emphasizes the importance of new consumer groups and market segments, particularly the "Z Generation" and "New Middle Class," which are driving long-term structural growth in domestic demand [2][12]. Summary by Sections 1. Fundamental Outlook - The domestic consumer sector is entering a low-growth phase, with opportunities primarily in dividend-type investments and those showing marginal improvements [12]. - The "Z Generation" and "New Middle Class" are identified as key consumer groups with strong payment willingness and consumption characteristics [13][16]. - Retail channel transformations are leading to increased concentration of upstream brands, with new retail brands like "October Rice Field" showing significant growth potential [19][24]. 2. Investment Outlook for Key Sectors in 2026 - Baijiu - Guizhou Moutai's prices are nearing the bottom, indicating a long-term investment value. The current valuation corresponds to a 20x PE for 2025, with a dividend yield exceeding 3.7% [29][33]. - Jinhuijiu is gaining market share within the province, with a focus on product structure improvement and healthy inventory levels [35][39]. 3. Investment Outlook for Key Sectors in 2026 - Consumer Goods - The consumer goods sector has undergone significant cleaning of fundamentals, with no inventory burdens remaining for categories like dairy and beer [40]. - Companies like China Resources Beer and Mengniu Dairy are highlighted for their potential for improvement and growth in earnings [44]. 4. Investment Outlook for Key Sectors in 2026 - White Goods - Haier is noted for its organizational efficiency improvements and market adjustments, positioning it well for future growth [20][21]. 5. Investment Outlook for Key Sectors in 2026 - Technology Consumption - Companies like Anker and Ecovacs are recognized for their innovative platform development and operational resilience, indicating strong growth potential [22][23]. 6. Investment Outlook for Key Sectors in 2026 - Medical Aesthetics - Companies like Juzhi Biotechnology and Jinbo Biotechnology are highlighted for their technological leadership and platform upgrades, driving value reassessment [25][26]. 7. Investment Outlook for Key Sectors in 2026 - Overseas Quality Assets - Companies like Westair and Kingworld are gaining attention from domestic funds due to their strong competitive positions and growth potential in overseas markets [27][28].

行业周报 | 北交所 科技主线引领结构性修复，政策与资金共振强化配置价值 证券研究报告 2025 年 12 月 09 日 北交所市场周报——251201-251205 核心结论 北交所市场复盘：当周北交所全部 A 股日均成交额达 138.8 亿元，环比上涨 4.2%。当周北证 50 收涨 1.49%，当周日均换手率达 1.8%。当周涨幅前五 大个股分别为：豪声电子（13.9%）、优机股份（13.6%）、星图测控（13.3%）、 三协电机（13.2%）、创远信科（11.2%）；跌幅前五大个股分别为：大鹏工业 （-15.0%）、昆工科技（-13.8%）、恒拓开源（-10.6%）、迪尔化工（-9.5%）、 美登科技（-8.8%）。 重点新闻及政策：1）Palantir 携手英伟达开发软件平台，以加快 AI 数据中 心建设：Palantir、英伟达和美国公用事业公司 CenterPoint Energy 宣布， 三方正共同开发一款新的软件平台，以加速新一代人工智能（AI）数据中心 的建设；该软件系统被命名为"连锁反应"（Chain Reaction），将使用 AI 工具来协助客户；2）两部门：支持具备资质和条件的企业 ...