浙商证券浙商早知道-20251222

Group 1: Company Overview - The report focuses on Changling Hydraulic (605389), a leading company in hydraulic components, which is expected to enter a new growth phase due to the proposed acquisition by the Core Semiconductor Group [4]. - The anticipated revenue for Changling Hydraulic from 2025 to 2027 is projected to be 1,038 million, 1,248 million, and 1,534 million respectively, with growth rates of 17%, 20%, and 23% [4]. - The net profit attributable to the parent company is forecasted to be 114 million, 143 million, and 181 million for the same period, with growth rates of 21%, 25%, and 27% [4]. Group 2: Industry Insights - The macroeconomic report indicates that the slowdown in fiscal revenue growth in November is aligned with the overall economic slowdown, limiting support for fiscal income [5]. - The market outlook for 2026 suggests a strong fiscal expansion, with a potential slight increase in the deficit ratio, although the overall fiscal strength may decline [5]. - The bond market analysis highlights that the central bank's actions to inject liquidity are expected to keep year-end liquidity friction at historically low levels, with a significant decline in repo rates compared to previous years [8].