1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints - The launch of commercial real - estate investment trust funds (REITs) pilot is a significant step. Infrastructure REITs' successful exploration has provided valuable experience. It is an important part of the multi - level REITs market, helps the real - estate industry transform from "sales - oriented" to "operation - oriented", and is expected to make the market more rational for investors [2][10][19]. - Last week, most credit - bond yields declined slightly, but the decline was less than that of government - developed bonds, leading to a passive increase in credit spreads. Credit - bond net financing decreased slightly, and the issuance interest rates showed mixed trends. In secondary trading, medium - and short - duration bonds were actively traded, while long - duration bond trading remained at a low level [3][21][51]. 3. Summary by Directory Credit Hotspots: New Regulations and Outlook for Commercial Real - Estate REITs - On November 28, 2025, the CSRC issued the "Announcement on Launching the Pilot of Commercial Real - Estate Investment Trust Funds (Draft for Comment)". Commercial real - estate REITs are closed - end publicly - offered securities investment funds that invest in commercial real - estate asset - backed securities to obtain ownership or operating rights, and distribute most of the income to fund - share holders [2][10][20]. - China's REITs market started in the infrastructure sector. As of December 19, 2025, 78 REITs had been listed, raising 211 billion yuan with a total market value of 214.1 billion yuan. The underlying assets cover eight categories [10]. - The underlying asset scope of infrastructure REITs has gradually expanded, from consumer infrastructure to commercial real - estate REITs, with multiple relevant policies issued over the years [10][11][12]. - The structure of commercial real - estate REITs may refer to previous public REITs, with the CSRC and exchanges likely to be the review departments. The approval may speed up, and the long - term market space is expected to exceed 10 trillion yuan. It is of great significance to the multi - level REITs market, real - estate enterprises, and investors [19]. Market Review: Most Credit - Bond Yields Declined, and Credit Spreads Rose Passively - From December 12 to December 19, 2025, the tax - period capital market was stable, bond - fund redemptions briefly disrupted the market, and the expectation of LPR interest rate cuts resurfaced. Most credit - bond yields declined by about 2BP, and most Tier - 2 and perpetual bonds (except 1 - year) also declined by about 2BP, but less than government - developed bonds, causing spreads to rise passively. The 1 - 5Y varieties' spreads mostly rose by 2 - 3BP [3][21]. - Last week, wealth - management products had a net purchase of 37.6 billion yuan, and funds had a net purchase of 8.2 billion yuan. The scale of credit - bond ETFs was 528.2 billion yuan, a 3.73% increase from the previous week [3][21]. - In terms of industry spreads, the median spreads of public bonds of AAA - rated entities in various industries mostly rose by about 3BP last week, and the median spreads of public urban - investment bonds in each province generally rose by 2 - 4BP, with Yunnan and Guizhou rising by more than 6BP [3][21]. Primary Issuance: Credit - Bond Net Financing Declined Slightly, and Issuance Interest Rates Showed Mixed Trends - From December 15 to December 19, 2025, the total issuance of corporate - type credit bonds was 251.9 billion yuan, a slight 8% decline from the previous week; the total issuance of financial - type credit bonds was 100.4 billion yuan, a 40% decline [51]. - Among corporate - type credit bonds, urban - investment bonds issued 79.1 billion yuan, and industrial bonds issued 170.8 billion yuan. The total net financing was 47.3 billion yuan, a 34% decline from the previous week. Urban - investment net financing was 1.4 billion yuan, and industrial bond net financing was 49.7 billion yuan [51]. - For financial - type credit bonds, commercial - bank bonds had a net repayment of 35.2 billion yuan, commercial - bank sub - bonds had a net financing of 42 billion yuan, and insurance and securities - company bonds had a net financing of 10.5 billion yuan [51]. - Regarding issuance interest rates, the average issuance interest rate of medium - and short - term notes showed an upward trend except for AAA - rated ones, and the average issuance interest rate of corporate bonds showed a downward trend except for AA + - rated ones [51]. Secondary Trading: Medium - and Short - Duration Bonds Were Actively Traded, and Long - Duration Bond Trading Remained at a Low Level - Active trading entities were mainly medium - and high - grade, medium - and short - term, central - and state - owned enterprises. Urban - investment bond trading entities were mainly divided into two types: mainstream high - grade platforms in economically strong provinces and core platforms in regions with relatively high spreads in large economic provinces [5][61]. - Real - estate bond trading entities were still mainly AAA - rated, with trading terms mostly between 1 - 3 years; private - enterprise bond trading entities were also mainly AAA - rated, with medium - and short - term trading terms [5][61]. - In the long - duration bond market, there were no transactions of urban - investment bonds with a term of more than 5 years, remaining at a low level compared to the previous week [5][61].

今日早参 2025 年 12 月 22 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：数据噪音加大，市场更为关注联储主席人选谜底 上周公布的 10-11 月非农和 CPI 显示美国就业市场仍未失速，且通胀整体温 和，但均受到政府关门的扰动，联储降息预期仅小幅上升。日欧英央行公布 利率决议，日央行如期加息 25bp，但表态不够鹰派，日元贬值，而欧央行 如期按兵不动，英国央行降息 25bp。上周美债收益率下行、美元小幅升 值、美股下跌。本周重点关注美国三季度 GDP（12 月 23 日）。 风险提示：地缘政治不确定性，联储独立性受到超预期削弱。 研报发布日期：2025-12-21 研究员 易峘 SAC:S0570520100005 SFC:AMH263 胡李鹏 SAC:S0570525010001 SFC:BWA860 陈玮 SAC:S0570524030003 SFC:BVH374 王子琳 SAC:S0570525090002 宏观：国债发行及建筑开工边际提速 上周港口高频数据显示出口同比增速进一步回升，建筑开工边际改 ...

证券研究报告 2025 年 12 月 21 日│中国内地 动态点评 保险 保险资产负债管理全面升级 华泰研究 保险 增持 (维持) | 李健，PhD | 研究员 | | --- | --- | | SAC No. S0570521010001 | lijian@htsc.com | | SFC No. AWF297 | +(852) 3658 6112 | | 于明汇* | 联系人 | | SAC No. S0570124070107 | yuminghui@htsc.com | | | +(86) 21 2897 2228 | 行业走势图 (13) (5) 4 13 21 Dec-24 Apr-25 Aug-25 Dec-25 (%) 保险 沪深300 资料来源：Wind，华泰研究 资产负债管理新规意见稿发布 12 月 19 日，金融监管总局发布《保险公司资产负债管理办法（征求意见稿）》 （《意见稿》），相比于 2018 年以来发布的《保险资产负债管理监管暂行办 法》和五项监管规则，《意见稿》系统地完善了监管规定，从监管目标、治 理结构、政策程序、模型系统、定量指标等方面提出了更为严格且细致的要 求，其中多 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The high base effect from national subsidies is expected to constrain short-term performance in the home appliance category, impacting revenue and profit growth for the company [1] - The company is projected to face revenue growth pressure in Q4 2025, with total revenue expected to increase by only 0.4% year-on-year to 348.4 billion yuan, compared to a 14.9% increase in Q3 2025 [1] - The report emphasizes the importance of monitoring the efficiency of the company's takeaway business and the effectiveness of cross-selling new users to its e-commerce platform [1] - Anticipated policies to stimulate consumption in the home appliance sector in 2026 may provide support for the company's performance [1][3] Summary by Sections Revenue and Profit Forecast - The company’s total revenue for 2025 is adjusted to 1,305.2 billion yuan, reflecting a decrease of 1.9% from previous estimates [11] - Non-GAAP net profit forecasts for 2025, 2026, and 2027 are adjusted to 27.1 billion yuan, 23.1 billion yuan, and 41.9 billion yuan respectively, indicating significant declines due to the tapering effect of national subsidies [4][11] - The adjusted net profit margin is expected to decline to 2.1% in 2025, down from previous estimates [11] Valuation - The target price based on SOTP valuation is set at 38.70 USD per ADS and 150.58 HKD per ordinary share, reflecting a decrease from previous values [14] - The valuation for the retail business is set at 23.77 USD per ADS, based on a non-GAAP PE of 8.0 times the 2026 forecast, which is below the comparable company average [14][15] Market Trends - The retail sector is experiencing a slowdown, with online retail sales growth decelerating to 5.7% year-on-year for the first 11 months of 2025, influenced by high base effects from previous national subsidy programs [2] - The company’s performance in the home appliance category saw a significant decline, with retail sales dropping by 19.4% year-on-year in November 2025 [2] Future Outlook - The central economic work conference highlighted the importance of expanding domestic demand and optimizing policies, which could support the company’s performance in the consumer goods sector [3] - The report suggests that the company’s performance may improve if the domestic demand policies are effectively implemented [3]

证券研究报告 金工 2025 年外资买入哪些中国资产 ETF 2025 年 12 月 21 日│中国内地 ETF 点评 ETF 市场观察：2025 年中国科技资产 ETF 获外资流入较多 截至 2025 年 12 月 20 日，2025 年以来全球投资于中国资产的 ETF 累计获 得 831 亿美元的资金净流入。其中，境内 ETF 累计获资金流入 786 亿美元， 境外 ETF 则累计净流入约 45 亿美元。从总体数值来看，外资买入中国资产 占比较小；然而，就内部分化情况来看，2025 年以来外资对境内资产的配 置存在显著倾向性：就行业分布来看，科技板块获外资流入最多，达 95 亿 美元，主要来自美国和欧洲地区；就具体产品而言，外资流入排名前 10 的 ETF 中有六只为科技 ETF，排名前 3 的 iShares 中国科技 UCITS ETF、 Invesco 中国科技 ETF 和 KraneShares CSI 中国互联网 ETF 获资金净流入 均超过 20 亿美元。 ETF 市场回顾：上周中证 A500 指数相关 ETF 获资金流入较多 上周（2025/12/15-2025/12/19）ETF 市场股票 ...

今日早参 2025 年 12 月 19 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 银行与证券行业首席研究员 座机：0755-23952763 邮箱：shenjuan@htsc.com 今日热点 宏观：11 月美国 CPI 大幅低于预期但噪音较大 美国 11 月 CPI 超预期降温，主要分项均出现回落，背后原因是关税影响相对 温和以及就业市场偏弱拖累通胀。CPI 同比下行 0.3pp 至 2.7%，低于预期的 3.1%，核心 CPI 同比下行 0.4pp 至 2.6%，亦低于预期。11 月 CPI 环比增速 （相对 9 月复合环比增速，下同）降至 0.1%，核心 CPI 环比降至 0.08%， 也位于较低水平。截至北京时间 23 点 10 分，联储降息预期上行 1bp 至 63bp，2y、10y 美债持平，美元指数微跌 0.1%，标普 500 上涨 0.6%。 风险提示：关税对通胀影响超预期，美国企业年初调价超预期。 研报发布日期：2025-12-19 研究员 易峘 SAC:S0570520100005 SFC:AMH263 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 59.64 [6]. Core Views - The company's 2025 equity incentive plan demonstrates confidence, with a proposal to grant 5.7 million restricted shares, targeting net profit growth rates of no less than 20%/40%/100% for 2026/2027/2028 [1][2]. - A significant procurement contract worth approximately RMB 700 million for the sale of string welding machines and other equipment has been signed, which is expected to support future performance [1][3]. - The company's platform layout is accelerating, with advancements in semiconductor equipment, solid-state batteries, and perovskite equipment, potentially opening a second growth curve [4]. Summary by Sections Equity Incentive Plan - The company plans to grant 5.7 million restricted shares, with performance targets based on net profit exceeding RMB 500 million, aiming for growth rates of 20% in 2026, 40% in 2027, and 100% in 2028, translating to net profits of at least RMB 6 billion, RMB 7 billion, and RMB 10 billion respectively [2]. Procurement Contracts - A procurement contract has been signed for the sale of string welding machines, with a total sales amount of approximately RMB 700 million, expected to be delivered starting December 2025, which will likely boost the company's performance in 2026 [3]. Platform Layout and Growth - The company is accelerating its platform layout in various sectors, including semiconductor equipment, solid-state batteries, and perovskite technology, which is expected to contribute to a new growth trajectory [4]. Profit Forecast and Valuation - The profit forecast for 2025 has been adjusted down to RMB 546 million, a decrease of 13.20%, while the net profit for 2026 and 2027 is projected to be RMB 670 million and RMB 791 million respectively, with corresponding EPS of RMB 1.73, RMB 2.13, and RMB 2.51 [5].

Revenue Insights - In November, the growth rate of general public budget revenue fell to 0% from 3.2% in October, with tax revenue growth declining by 5.4 percentage points to 3.2%[3] - The cumulative year-to-date growth rates for VAT and corporate income tax are 3.9% and 1.7%, respectively, outperforming last year's rates of -3.8% and -0.5%[3] - Non-tax revenue continued its negative growth trend, with a year-on-year decline narrowing from 32.8% in October to 10.8% in November[3] Expenditure Insights - The year-on-year decline in general fiscal expenditure narrowed from 19.1% in October to 1.7% in November, while the adjusted expenditure growth rate increased from 15% to 33% month-on-month[2] - General public budget expenditure's year-on-year decline improved from -9.3% in October to -4.2% in November, with 83.7% of the annual budget utilized by the end of November, lower than the five-year average of 85.4%[7] - Government fund expenditure turned positive at 2.8% in November, recovering from a -38.2% decline in October, primarily due to increased local government bond issuance[9] Market Implications - The marginal recovery in fiscal expenditure suggests resilience in fiscal policy, which is crucial for stabilizing growth and market expectations[4] - The ongoing fiscal policy adjustments are expected to support domestic demand and investment, particularly through special bonds and budgetary investments[5] - The overall economic outlook remains cautious, with potential risks from insufficient fiscal stimulus and weaker domestic demand[9]

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 ...

Group 1: Macroeconomic Insights - The marginal recovery in broad fiscal expenditure indicates resilience in the economy, with a year-on-year decline in November's fiscal expenditure narrowing from 19.1% in October to 1.7% [2] - The adjusted broad fiscal expenditure (seasonally adjusted) showed a month-on-month increase from 15% in October to 33% in November, reflecting credit expansion driven by policy financial tools and local government debt issuance [2] Group 2: Fixed Income Market - The report highlights four main pathways through which overseas macro events influence the domestic market, including economic drivers, geopolitical factors, AI industry trends, and global liquidity [4] - Despite a dovish signal from the Federal Reserve, there is a concentration of consensus trades in "long AI technology + long industrial metals + short USD," leading to increased market volatility [4] Group 3: Company-Specific Developments - China International Capital Corporation (CICC) plans to absorb and merge with Dongxing Securities and Xinda Securities through a share swap, which is expected to increase net capital by 105% and enhance business synergies [5] - Tencent's gaming division is leveraging AI to enhance game development and operational efficiency, with a focus on "Games as a Service" (GaaS) to strengthen competitive advantage [6] - Pony.ai reported a revenue of $25.44 million for Q3 2025, a 72% year-on-year increase, driven by the positive impact of Guangzhou's single-vehicle operational efficiency [7]