证券研究报告 奥特维 (688516 CH) 股权激励业绩考核目标彰显信心 2025 年 12 月 18 日│中国内地 专用设备 公司发布公告：1）发布 2025 年股权激励计划草案，拟授予 570 万股限制 性股票，激励对象共 28 人，业绩考核要求以公司 2025 年净利润与 5 亿元 孰高为基数，2026/2027/2028年目标净利润增长率不低于 20%/40%/100%。 2）公司与某客户签订采购合同，向其销售串焊机等设备，合计销售额约 7 亿元。公司股权激励彰显信心、大单合同保障未来业绩，我们看好平台化布 局下公司未来增长空间，维持"买入"评级。 股权激励彰显公司信心，业绩有望重回快速增长轨道 公司发布 2025 年股权激励计划草案，拟授予 570 万股限制性股票（占总股 本 1.81%），首次授予 487 万股（占总股本 1.54%）；激励对象共 28 人， 包括公司高管、核心技术/骨干人员等。业绩考核要求方面，以公司 2025 年 净利润与 5 亿元孰高为基数，2026/2027/2028 年目标净利润增长率不低于 20%/40%/100%。对应 2026/2027/2028 年净利润不低于 ...

证券研究报告 宏观 广义财政支出增长边际回升 ——11 月财政数据点评 2025 年 12 月 18 日│中国内地 动态点评 11 月财政收入端数据显示国内经济活动总体保持平稳，微观体感并未出现 与消费、投资等宏观数据相同幅度下滑的"体感差"；广义财政支出同比增 速边际回升、修正后的广义财政支出（季调后）环比增长进一步上行，显示 用于形成实物工作量的广义财政支出力度维持韧性。具体看，企业投资和工 业生产活动总体保持平稳，今年前 11 个月增值税/企业所得税累计同比增长 3.9%/1.7%、快于去年全年的-3.8%/-0.5%，投资、工业生产等宏观数据走 弱可能受到高基数和口径变化等"技术性因素"扰动；另一方面，11 月广 义财政（一般公共预算+政府性基金）支出同比降幅较 10 月的 19.1%收窄 至 1.7%，剔除注资特别国债和用于化债的"特殊专项债"后同比降幅亦较 10 月的 20.2%收窄至 3.8%；此外，修正后的（季调后）广义财政支出环比 增长从 10 月的 15%进一步上行至 33%、可能主要反映政策性金融工具投放 和地方债务结存限额下发带动部分信用扩张、拉动投资需求。具体看， ▪ 支出端而言， ...

证券研究报告 金融 公募绩效考核优化，关注优质金融 华泰研究 2025 年 12 月 18 日│中国内地 行业月报 公募绩效考核优化，关注优质金融 25 年 11 月全市场发行理财产品 2631 份，环比+23.6%；公募基金新发份额 946 亿份，月环比+31%。12 月《基金管理公司绩效考核管理指引（征求意 见稿）》下发，强化长期业绩导向、提高强制跟投比例，并明确量化降薪问 责机制等，将基金公司及其核心投研人员的利益与投资者的长期利益深度绑 定。资本市场中长期稳步向上趋势不改，奠定资管产品发展基础。建议把握 优质个股，银行推荐零售及财富管理标杆招行 AH，财富管理战略地位提升 的宁波银行；券商推荐大财富管理产业链具备较强优势的广发 AH、东方 AH。 银行理财：存续规模微增，收益表现下行 根据基金业协会数据，截至 25Q2 末，券商资管规模为 6.14 万亿元，季度 环比+4%。2025 年 11 月新发份额 44.69 亿份，环比持平。从新发份额结构 上看，债券型占比最高，达 53.27%。 私募基金：存量规模环比增长，证券投资基金备案规模环比提升 根据基金业协会数据，截至 2025 年 10 月末，全 ...

今日早参 2025 年 12 月 18 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 宏观：广义财政支出增长边际回升 11 月财政收入端数据显示国内经济活动总体保持平稳，微观体感并未出现与 消费、投资等宏观数据相同幅度下滑的"体感差"；广义财政支出同比增速 边际回升、修正后的广义财政支出（季调后）环比增长进一步上行，显示用 于形成实物工作量的广义财政支出力度维持韧性。具体看，企业投资和工业 生产活动总体保持平稳，今年前 11 个月增值税/企业所得税累计同比增长 3.9%/1.7%、快于去年全年的-3.8%/-0.5%，投资、工业生产等宏观数据走弱 可能受到高基数和口径变化等"技术性因素"扰动；另一方面，11 月广义财 政（一般公共预算+政府性基金）支出同比降幅较 10 月的 19.1%收窄至 1.7%，剔除注资特别国债和用于化债的"特殊专项债"后同比降幅亦较 10 月的 20.2%收窄至 3.8%；此外，修正后的（季调后）广义财政支出环比增长 从 10 月的 15%进 ...

易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日早参 2025 年 12 月 17 日 宋亭亭 汽车行业首席研究员 邮箱： songtingting021619@htsc.com 今日热点 宏观：短期扰动之外美国私人就业维持扩张 概览：11 月美国新增非农 6.4 万，高于彭博一致预期的 5 万，10 月为-10.5 万；11 月失业率较 9 月超预期上行 0.2pp 至 4.6%，劳动参与率也较 9 月上 行 0.1pp 至 62.5%；小时工资环比增速较 10 月回落 0.3pp 至 0.1%，不及预 期的 0.3%；每周工时较 9 月小幅回升 0.1 小时至 34.3 小时，高于预期。由 于政府关门，10 月失业率等家庭调查数据缺失，9 月底 DOGE 买断计划到期 以及政府关门对 10 月新增非农数据也产生较大扰动，剔除政府部门后的私人 部门就业维持一定韧性。失业率上升，叠加此后公布的 12 月 Markit PMI 偏 弱，降息预期小幅升温。截至北京时间 23 点 20 分，相较数据公布前，市场 定价的 2026 年累计降息预期上行 2bp 至 60bp，2 年期美债收益率下行 3b ...

Investment Rating - The report maintains an "Overweight" rating for the CXO industry, indicating a positive outlook for investment opportunities in this sector [7]. Core Insights - The CXO industry is entering a new high prosperity cycle driven by external factors such as overseas interest rate cuts, domestic recovery, and industrial upgrades. The worst period for the industry is considered to be over, with a significant improvement in sentiment and operational conditions [1][2][17]. - The report emphasizes the competitive advantages of Chinese CXO companies, including efficiency, cost, quality, and rapid expansion capabilities, which are expected to maintain their global standing in the short to medium term [1][3][22]. - The emergence of new molecular drugs, such as peptides and oligonucleotides, is driving growth in the CRDMO sector, with Chinese suppliers positioned to lead globally due to their production capabilities and cost advantages [3][22][28]. Summary by Sections New Cycle - The CXO industry has transitioned from a prolonged adjustment period (2H21-1H24) to a new upward cycle, supported by recovering overseas financing and a favorable domestic IPO environment. The demand for CXO services is expected to increase significantly starting in 2026 [2][17]. New Molecules - New molecular CRDMO services are characterized by higher demand and technical barriers. Chinese companies are leading in areas like TIDES and ADC, achieving higher growth rates and maintaining robust profit margins [3][22][28]. New Landscape - The domestic CXO market is undergoing a restructuring, with market share increasingly concentrated among leading firms. The report highlights that smaller companies may struggle to survive due to heightened quality and sustainability demands from pharmaceutical clients [4][22][28]. Key Recommendations - The report recommends investing in leading companies with strong positions in the new molecular space, such as WuXi AppTec, WuXi Biologics, and others, which are expected to benefit from the ongoing industry upgrades and demand recovery [1][9][22].

今日早参 2025 年 12 月 16 日 何康 策略首席研究员兼金融工程首席研究 员 座机：021-28972202 邮箱：hekang@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 樊俊豪 金控研究部负责人暨可选消费首席研 究员 邮箱：fanjunhao@htsc.com 今日热点 策略：资金透视：逆势资金近期回暖 近期市场在前期回调后再度进入震荡期，A 股日成交额较此前有所回落，对 市场向上动量形成约束，我们关注资金面能否看到积极信号，目前来看： 1）交易性资金内部仍有所分化，融资资金此前杠杆去化或基本到位，上周 情绪有所回暖，私募证券基金备案数目创年内新高，但被动外资、期权市场 仍有待观察；2）逆势资金力度增强，上周主动回购数目增多、宽基 ETF 继 续净流入；3）资金面当前呈现"下有底"状态，增量需进一步观察。 风险提示：估算持仓模型失效；数据统计口径有误；散户资金估算口径偏 误。 研报发布日期：2025-12-15 研究员 何康 SAC:S0570520080004 SFC:BRB318 王伟光 SAC:S05 ...

Group 1: Macroeconomic Insights - The Federal Reserve is likely to enter an "observation period" after the recent interest rate cut, amid conflicting inflation and employment indicators [2][3] - The Central Economic Work Conference emphasizes a moderate expansion policy and high-quality development, with a more positive stance on real estate policies [3][4] - Domestic macro data shows active resident travel but subdued industrial production, with a focus on the impact of real estate policies and fiscal measures for the upcoming year [3][4] Group 2: Investment Strategies - A bottom-up approach is recommended for positioning in the spring market, focusing on five structural themes, including AI computing power and lithium battery storage [3][4] - The market sentiment in Hong Kong remains pessimistic, with potential catalysts for future rallies identified, such as RMB appreciation and domestic technological advancements [4] - Investors are advised to adopt a trading mindset in convertible bonds, focusing on short-term opportunities while being cautious of credit events [7][8] Group 3: Sector-Specific Developments - The Hong Kong Stock Exchange launched the HKEX Technology 100 Index, which has outperformed the Hang Seng Tech Index, indicating a broader coverage of tech-related sectors [5] - The energy sector is shifting focus from supply to demand research, with AI infrastructure driving significant growth in electricity demand [12] - The investment focus in the solid-state battery equipment sector is shifting towards production engineering, with expectations for significant growth in the coming years [13]

证券研究报告 金融 融资再创新高，把握优质金融股 华泰研究 2025 年 12 月 14 日│中国内地 行业周报（第五十周） 投资机会方面证券>银行>保险。交易活跃度回升，上周 2 个交易日股票成 交额超 2 万亿元，融资余额再创新高，突破 2.49 万亿元。中央经济工作会 议召开，重申积极的财政政策和适度宽松的财政政策立场，强调持续深化资 本市场投融资综合改革。11 月社融数据公布，信贷需求仍待修复。投资者 对保险负债端开门红的关注度提高，我们对开门红表现持乐观态度，但我们 认为开门红并非驱动估值的核心因素。 子行业观点 1）证券：中央经济工作会议强调持续深化资本市场投融资综合改革，央行 行长潘功胜主持召开党委会议，提出要建立在特定情景下向非银金融机构提 供流动性的机制性安排。市场保持较高交投活跃度，日成交额重回 2 万亿元， 融资余额创新高，看好券商价值修复机遇。2）银行：中央经济工作会议召 开，重申积极的财政政策和适度宽松的财政政策立场，积极稳妥化解重点领 域风险。11 月社融数据公布，信贷需求仍待修复。银行配置性价比有所提 升，关注优质银行结构性机会。3）保险：判断市场层面的流动性和板块间 的切换仍然 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [7]. Core Insights - The central economic work conference emphasizes the need to stabilize the real estate market, indicating that the task of "stabilizing the market" is ongoing and requires sustained efforts [2][3]. - Policies aimed at controlling new supply, reducing inventory, and optimizing supply will be further implemented in 2026, potentially supported by interest rate cuts [1][3]. - The report highlights the importance of product strength as a core competitive advantage for real estate companies to navigate through market cycles [1]. Summary by Sections Market Stability - The conference reiterates the importance of addressing issues in the real estate market as a key focus for risk mitigation in critical areas [2]. - The transition period for the real estate market is acknowledged, suggesting that stabilization will take time and require ongoing policy support [2]. Inventory Reduction - The conference introduces measures such as city-specific policies to control new supply and reduce inventory, encouraging the acquisition of existing properties for affordable housing [3]. - The concept of "inventory reduction" is highlighted as a significant focus, marking its first mention since 2016, and aligns with previous discussions on optimizing housing policies [3]. Housing Fund Reform - The report discusses the deepening of housing provident fund reforms, which aim to enhance the efficiency of fund utilization and lower housing costs [4]. - Over 260 policies related to housing provident funds have been introduced since 2025, focusing on expanding coverage and easing usage conditions [4]. Investment Recommendations - The report recommends real estate stocks with strong credit, location, and product quality, such as China Overseas Development and China Resources Land [5]. - Companies with robust operational capabilities that manage cash flow effectively during market adjustments are also highlighted, including Longfor Group and New Town Holdings [5]. - Local Hong Kong real estate firms benefiting from market recovery, such as Sun Hung Kai Properties, are recommended [5]. - Property management companies with stable cash flow and dividend advantages, like Greentown Service and China Resources Vientiane Life, are also suggested [5]. Key Company Recommendations - The report lists specific companies with target prices and investment ratings, including: - Wanwu Cloud (Buy, target price 32.29 HKD) [9] - Longfor Group (Buy, target price 15.21 HKD) [9] - Greentown China (Buy, target price 13.69 HKD) [9] - China Overseas Development (Buy, target price 19.08 HKD) [9] - Greentown Service (Buy, target price 6.56 HKD) [9] - Link REIT (Buy, target price 50.59 HKD) [9] - China Resources Land (Buy, target price 36.45 HKD) [9] - New Town Holdings (Buy, target price 18.90 HKD) [9] - China Jinmao (Increase, target price 1.81 HKD) [9]