Core Insights - The report highlights the current allocation of the Bank of China’s multi-strategy industry rotation system, with significant positions in non-bank financials (11.8%), banks (9.3%), and transportation (9.1%) [1] - The average weekly return for the CITIC primary industries was 3.0%, with the best-performing sectors being defense and military (6.7%), communication (5.9%), and construction materials (5.7%) [3][10] - The composite strategy achieved a cumulative return of 31.4% year-to-date, outperforming the CITIC primary industry equal-weight benchmark by 5.3% [3] Industry Performance Review - The best-performing sectors for the week included defense and military (6.7%), communication (5.9%), and construction materials (5.7%), while the worst performers were coal (-1.4%), banks (-1.0%), and food and beverage (0.7%) [10][11] - The average monthly return for the past month was 3.3%, indicating a stable performance across sectors [10] Valuation Risk Warning - The report identifies several industries with high valuation risks, including retail, computer, non-ferrous metals, defense and military, petrochemicals, and electronics, which are currently above the 95th percentile of their historical PB valuations [12][13] Single Strategy Rankings and Recent Performance - The top three industries based on the high prosperity industry rotation strategy (S1) are machinery, coal, and non-bank financials [15][16] - The implied sentiment momentum strategy (S2) ranks the top industries as basic chemicals, electronics, and communication [20] - The macro style rotation strategy (S3) identifies the top sectors as banks, home appliances, electric power and utilities, petrochemicals, transportation, and construction [25] Strategy Composite - The composite strategy has increased its positions in upstream and midstream cyclical sectors while reducing exposure to midstream non-cyclical sectors [3] - The highest weight strategy currently is the traditional multi-factor scoring strategy (S7) at 23.8%, while the macro style industry rotation strategy (S3) has the lowest weight at 7.1% [3]

Core Insights - The report emphasizes that computing infrastructure will drive AI growth, focusing on the transformative "0 to 1" phase in the industry [1][3] - Storage price increases are expected to persist throughout 2026, with advancements in technologies like 4F2 and CBA becoming key development directions [1][3] - The consumer electronics sector faces both cost pressures and innovation opportunities, particularly with the emergence of edge AI chips [1][3] Investment Recommendations - The report suggests monitoring companies in various segments: - Computing: Cambrian, Haiguang Information, Moore Threads, and Muxi [3] - Advanced Manufacturing: SMIC and Huahong [3] - Advanced Packaging: Tongfu Microelectronics and Yongxi Electronics [3] - PCB: Shenghong Technology, Shenzhen South Circuit, and others [3] - Storage: Jiangbolong, Biwei Storage, and others [3] - Edge AI SoC: Amlogic, Hengxuan Technology, and others [3] - Autonomous Driving: Horizon Robotics and others [3] Industry Performance - The report notes that the semiconductor equipment and digital chip design sectors have shown significant revenue growth, with the semiconductor equipment sector achieving a 31% YoY increase [19][20] - The overall electronic industry saw a revenue increase of approximately 19% YoY, with net profits rising by 42% [19][20] - The Shenyuan Electronics Index outperformed the CSI 300 Index, with a growth of about 49.1% compared to 19.2% for the latter [14][15] AI Infrastructure and Market Trends - The demand for AI tokens has surged, with Google processing tokens reaching 1.3 trillion in October 2025, more than double the amount from May 2025 [26][27] - Major cloud service providers are increasing capital expenditures significantly, with North American firms expected to spend $34.96 billion in 2025, a 53% YoY increase [29][36] - The report highlights that the global storage market is projected to grow from $263.3 billion in 2025 to $407.1 billion by 2029, with a CAGR of approximately 11.5% [1][3] Challenges and Opportunities - The consumer electronics sector is expected to face an 8-10% increase in costs in 2025 and 5-7% in 2026 due to rising storage prices [1][3] - Domestic AI chip manufacturers are experiencing both opportunities and challenges, with significant revenue growth reported for companies like Haiguang Information and Cambrian [52][54] - The introduction of NVIDIA's H200 chip could create a "catfish effect," prompting domestic manufacturers to enhance their products and performance [54]

电力设备 | 证券研究报告 — 行业点评 2025 年 12 月 26 日 强于大市 光伏行业动态点评 产业链涨价成趋势，终端开始接受高价组件 光伏'反内卷'分为两条具体路线，'推动落后产能有序退出'、'新增优 质产能平稳接续'正在稳步推进中，表观层面产业链积极挺价，央国企也已 积极响应，看好高效电池组件溢价；维持行业 强于大市 评级。 支撑评级的要点 《电力设备与新能源行业 12 月第 4 周周报》 20251221 中银国际证券股份有限公司 具备证券投资咨询业务资格 电力设备 证券分析师：武佳雄 jiaxiong.wu@bocichina.com 证券投资咨询业务证书编号：S1300523070001 证券分析师：顾真 投资建议 光伏'反内卷'稳步推进，'推动落后产能有序退出'、'新增优质产 能平稳接续'正在进行中，表观层面产业链积极挺价，央国企也已积极 响应，看好高效电池组件溢价。推荐钧达股份、天合光能、晶澳科技、 晶科能源、隆基绿能，建议关注通威股份、协鑫科技、大全能源、双良 节能、弘元绿能。 评级面临的主要风险 原材料价格出现不利波动；国际贸易摩擦风险；新技术进展不达预期； 新能源政策风险；消纳风险 ...

Core Insights - The report highlights the robust global capacity layout of the company, Sailun Tire, which is expected to drive revenue and performance growth through advanced technologies such as "liquid gold" tires and off-road tires [2][6][7] - The company is positioned as a leading domestic tire manufacturer with a strong emphasis on overseas production capacity and product value enhancement, leading to a buy rating [6][11] Company Overview - Sailun Tire is the first privately-owned tire company listed on the A-share market and has established overseas production bases in Vietnam, Cambodia, and is constructing a facility in Egypt [7] - The company has a planned annual production capacity of 31.55 million all-steel tires, 109 million semi-steel tires, and 467,000 tons of off-road tires by mid-2025, with significant contributions from overseas bases [7][9] Financial Performance - For the first three quarters of 2025, the company's revenue increased by 16.76% year-on-year to 27.587 billion yuan, while net profit attributable to shareholders decreased by 11.47% to 2.872 billion yuan [7] Industry Analysis - The global tire market is projected to exceed $190 billion in 2023, with a compound annual growth rate (CAGR) of 4.15% from 2020 to 2024 [8] - The market share of leading domestic tire manufacturers, including Sailun Tire, has increased from 3.63% to 5.90% between 2016 and 2023 [8] Strategic Initiatives - The company is leveraging its multi-base collaboration strategy to enhance overseas production capacity, which is expected to contribute significantly to revenue and profit growth [9] - Sailun Tire's innovative "liquid gold" tire technology addresses longstanding industry challenges and is expected to enhance product performance and brand influence [10] Future Projections - The company is forecasted to achieve net profits of 3.769 billion yuan, 4.815 billion yuan, and 5.600 billion yuan for the years 2025 to 2027, with corresponding earnings per share (EPS) of 1.15 yuan, 1.46 yuan, and 1.70 yuan [11]

Investment Rating - The report assigns a "Buy" rating to the company, with an initial coverage date of December 24, 2025 [1][3]. Core Views - The company, Sailun Tire, is recognized for its global capacity layout and continuous enhancement of product and brand strength. The company has established a comprehensive global production capacity and R&D system, positioning itself as a leading player in the domestic tire industry [3][17]. - The report highlights the company's strategic focus on overseas production bases, which are expected to drive revenue and performance growth through enhanced product value and capacity release [3][5]. Summary by Relevant Sections Financial Performance - The company is projected to achieve net profits of RMB 3.769 billion, RMB 4.815 billion, and RMB 5.600 billion for the years 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 1.15, RMB 1.46, and RMB 1.70. The PE ratios are expected to be 15.2x, 11.9x, and 10.2x for the same years [5]. - The company's revenue is forecasted to grow from RMB 25.978 billion in 2023 to RMB 41.876 billion by 2027, reflecting a compound annual growth rate (CAGR) of 18.6% from 2023 to 2024 and 22.4% from 2024 to 2025 [7]. Market Position and Strategy - Sailun Tire is the first private tire company listed on the A-share market and has established overseas production bases in Vietnam and Cambodia, with ongoing projects in Egypt. The company aims to leverage cost advantages and mitigate trade risks through its global production strategy [8][18]. - The global tire market is projected to exceed USD 190 billion in 2023, with a steady growth rate of 4.15% CAGR from 2020 to 2024. The company is positioned to capture a larger market share as domestic brands increase their presence in the global market [11][41]. Product Development and Innovation - The company has developed a high-performance product known as "Liquid Gold" tire, which addresses long-standing industry challenges. This innovation is expected to enhance the company's product competitiveness and brand influence [8][17]. - The non-road tire segment is experiencing rapid growth, driven by increasing demand in mining and infrastructure sectors. The global non-road tire market is expected to grow from USD 34.4 billion in 2024 to USD 43.8 billion by 2029, with a CAGR of 4.9% [8][12]. Capacity Expansion - As of 2025, the company plans to achieve an annual production capacity of 31.55 million all-steel tires, 109 million semi-steel tires, and 467,000 tons of non-road tires, with significant contributions from overseas bases [20][23]. - The company has successfully expanded its production capacity through strategic acquisitions and the establishment of new facilities, which have significantly contributed to revenue growth [24][25].

证券研究报告——晨会聚焦 2025 年 12 月 24 日 资料来源：万得，中银证券 中银国际证券股份有限公司 具备证券投资咨询业务资格 产品组 证券分析师：王军 中银晨会聚焦-20251224 ■重点关注 【电子】AI Infra 升级浪潮中的材料革命*苏凌瑶 茅珈恺。AI 推理需求催化 云厂商资本开支，计算效率和互联带宽协同升级。AI PCB 是 AI Infra 升级浪 潮中的核心增量环节。AI PCB 三大原材料电子布、铜箔、树脂则是构筑 PCB 介电性能的核心壁垒。 市场指数 | 指数名称 | 收盘价 | 涨跌% | | --- | --- | --- | | 上证综指 | 3919.98 | 0.07 | | 深证成指 | 13368.99 | 0.27 | | 沪深 300 | 4620.73 | 0.20 | | 中小 100 | 8111.91 | 0.35 | | 创业板指 | 3205.01 | 0.41 | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 电力设备 | 1.12 | 社会服务 | (2 ...

Investment Rating - The report rates the real estate industry as "Outperform" [2] Core Insights - The report highlights that the transaction volume of new homes has shown signs of recovery, with a month-on-month increase and a narrowing year-on-year decline. The transaction area for new homes increased by 18.3% month-on-month, although it still reflects a 36.8% year-on-year decrease [6][18] - Policy changes at both central and local levels are aimed at stabilizing the real estate market, with a focus on high-quality development and improved access to housing funds [2][7] - The report anticipates that the first quarter of the following year may see appropriate policy adjustments, indicating a potential new cycle for the real estate industry in 2026 [7] Summary by Sections 1. Key City New Home Market, Second-Hand Home Market, and Inventory Tracking - New home transaction area in 40 cities reached 246.8 million square meters, with a month-on-month increase of 18.3% and a year-on-year decline of 36.8% [6][18] - The inventory of new homes in 12 cities was 11,460 million square meters, showing a month-on-month increase of 0.3% and a year-on-year decrease of 9.0% [43][44] - The second-hand home transaction area in 18 cities was 159.9 million square meters, reflecting a month-on-month decrease of 1.7% and a year-on-year decrease of 34.4% [49][57] 2. Land Market Tracking - The total area of land transactions across 100 cities was 5,259.9 million square meters, with a month-on-month increase of 70.3% and a year-on-year increase of 1.4% [63][67] - The total price of land transactions reached 1174.5 billion, marking a month-on-month increase of 77.4% and a year-on-year increase of 4.8% [66][67] - The average floor price of land was 2,232.8 yuan per square meter, with a month-on-month increase of 4.1% and a year-on-year increase of 3.4% [64][66] 3. Policy Overview - The report discusses the central government's commitment to stabilizing the real estate market and enhancing institutional frameworks to support high-quality development [2][7] - Local policies, such as the new regulations in Shenzhen regarding housing fund withdrawals, aim to facilitate home purchases and renovations [2][7] 4. Investment Recommendations - The report suggests focusing on companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Merchants Shekou [7] - It also highlights smaller firms that have made significant breakthroughs in sales and land acquisition since 2024, such as Poly Real Estate Group [7] - Companies exploring new consumption scenarios and operational models in commercial real estate, like China Resources and Swire Properties, are also recommended [7]

非银金融 | 证券研究报告 — 行业周报 2025 年 12 月 22 日 强于大市 非银金融行业周报 证监会会议部署"五项坚持" 证监会会议为"持续深化资本市场投融资综合改革"提供具体措施，传达学 习贯彻中央经济工作会议精神，对"十五五"规划与 2026 年进行具体布局。 会议强调要增强市场内在稳定性，不断提高资本市场制度的包容性吸引力。 金融与资本市场相关部署贯穿于中央经济工作会议的政策要求与重点任务 中，凸显了金融在服务"十五五"时期国家战略中的重要枢纽地位。继续看 好证券行业高景气度下长期估值中枢提升。 行业要闻 投资建议 继续看好券商板块估值向上空间。监管持续强化金融功能发挥重要性， 勾勒 2026 年资本市场改革与行业高质量发展路径，在证券行业景气度上 升背景下板块长期估值中枢有望提升。建议关注头部综合券商优势扩大 以及特色中小券商错位发展两条主线。 风险提示 监管政策、宏观经济发展及市场流动性表现不及预期；证券市场及利率 大幅波动导致业绩波动加剧；资本市场开放加速带来海外市场风险与外 资机构竞争压力；同质化竞争或引发价格战；券商并购不确定性或影响 板块价格稳定。 相关研究报告 《公募基金销售行为 ...

Investment Rating - The industry is rated as "Outperform" compared to the market, indicating an expectation that the industry index will perform better than the benchmark index over the next 6-12 months [2][46]. Core Insights - The social services sector saw a 1.87% increase in the last two trading weeks, ranking 5th among 31 industries in the Shenwan classification. This performance outpaced the CSI 300 index by 2.23 percentage points [2][13]. - The upcoming New Year holiday is expected to boost consumer travel demand, with significant increases in travel bookings. Domestic flight ticket reservations have exceeded 1.06 million, a year-on-year increase of approximately 45% [5][28]. - The Ministry of Commerce and other departments have issued a plan to promote high-quality development in the service outsourcing sector, aiming to cultivate competitive enterprises and enhance employment opportunities by 2030 [28][32]. Market Review & Industry Dynamics - The social services sector's performance was highlighted by sub-sector increases, particularly in education (+5.21%), hotel and catering (+4.43%), and tourism and scenic spots (+2.48%) [17][21]. - The overall market saw the Shanghai Composite Index decline by 0.32%, while the social services sector managed to rise, indicating resilience in this industry [13][20]. - The sector's price-to-earnings ratio (PE) stands at 36.29, which is at the 38.15% historical percentile, suggesting a relatively high valuation compared to historical averages [21][24]. Investment Recommendations - Companies with strong growth prospects in the travel chain and related industries are recommended for investment, including Tongcheng Travel, Huangshan Tourism, and Lijiang Shares [5][39]. - Hotel brands such as Jinjiang Hotels and ShouLai Hotels are expected to benefit from the recovery in business travel and increased market share [5][39]. - The recovery of cross-border travel is anticipated to boost airport duty-free sales, with recommendations to focus on China Duty Free Group and Wangfujing [5][39].

计算机 | 证券研究报告 — 行业周报 2025 年 12 月 22 日 强于大市 智能驾驶箭在弦上 计算机行业"一周解码" 希迪智驾登陆港交所，背靠场景优势实现高成长但仍需穿越商业落地"四 重门"；全国首张 L3 自动驾驶正式号牌落地，标志着自动驾驶开始进 入受监管的真实运营阶段；OpenAI 启动新一轮最高 1000 亿美元融资， 估值或达 8300 亿美元，计划用于 AI 基础设施的长期扩张。 支撑评级的要点 投资建议 建议关注智能驾驶相关企业，包括地平线机器人、黑芝麻智能等算力与芯片 企业，中科创达、德赛西威、经纬恒润、光庭信息等智驾系统与域控制器企 业，小马智行、文远知行等 Robotaxi 企业，中邮科技、万集科技、新北洋、 北路智控等垂直智驾企业，以及四维图新、小鹏汽车、浩瀚深度、阿尔特等。 评级面临的主要风险 技术创新不及预期；政策推行不到位；下游需求景气度不稳定的风险。 相关研究报告 《阿里打造 AI 超级 APP，海外算力政策松 动》20251212 《量子计算有望加速普及》20251207 《网络安全政策再加码》20251201 《从 Gemini 到英伟达：AI 竞争转向应用落地》 2 ...