酒店客房量在增加，经营数据却在变差；全国出游数据在增长，住宿支出占旅游收入的占比却在下滑——当诸多不太亮眼的数据缠绕着酒店业时，整个行 业在进入迷惑和困顿当中。 行业现状: 有"面子"但没"里子" 准确认识酒店业的发展，需要从多个维度进行剖析。 《酒管财经》认为，隶属于旅游业的酒店行业，当下的处境是"有面子""无里子"。 面子是行业地位。原国家旅游局局长邵琪伟表示，从国家战略定位层面来讲，旅游业的定位已经从"产业支撑"升级为"强国支柱"。 同时，国家高度重视住宿业发展。近期，商务部、文化和旅游部等9部门联合印发《关于促进住宿业高质量发展的指导意见》，围绕品质化、智慧化、融 合化、绿色化、国际化发展方向，提出了一系列具体措施。提出要培育中高端酒店和民宿品牌、打造国际知名企业，为住宿行业品牌升级按下了"加速 键"。 但是，整个行业的经营情况并不理想。 在今年第三季度，四大酒店集团的RevPAR、ADR以及OCC等核心经营指标，几乎都出现下滑。 STR方面分享的数据显示，在过去12个月中，我国酒店客房增加了3.5%，但是需求只增加了0.4%，导致客房收入出现1%的下滑。 因为市场供大于求，导致行业内卷加剧。据中国饭 ...

业内人士表示，公募基金在岁末密集发行新基金，主要是基于对市场的信心。从新发基金品类来看，不 少是为了填补自身产品线空白或迎合未来市场热点的基金，如出海、科技、消费等主题基金。 40只新基金开售 权益品种居多 数据显示，按照已公布的募集计划，本周有40只公募新基金发行，权益类产品是各家基金公司布局的重 点。 本周，主动权益型基金和指数型基金新发分别为16只和13只。主动权益型基金中包含13只混合型基金、 2只股票型基金、1只灵活配置型基金。 12月首日，就有28只新基金"同台竞技"，不少新发产品聚焦当下热门主题。 比如，永赢启航慧选聚焦出海贡献新增长机遇，该产品拟任基金经理蒋卫华表示，A股非金融企业自 2021年开始海外业务的毛利率已经高于国内，且差距持续扩大。出海领域正在迎来业绩兑现的成长型机 会，且增长类型较多，值得重点关注。 【导读】40只基金本周开售权益基金居多 临近年底，公募"冲刺"新基金发行！ 本周（12月1日至12月5日），全市场共有40只新基金（仅统计主代码）面市，12月首日，就有28只新基 金"同台竞技"。其中，主动权益型基金和指数型基金成为发行主力。 例如，招商均衡配置拟任基金经理滕越拥有近 ...

【导读】 40 只基金本周开售 权益基金居多 中国基金报记者 曹雯璟 本周，主动权益型基金和指数型基金新发分别为 16 只和 13 只。主动权益型基金中包含 13 只混合型基金、 2 只股票型基金、 1 只灵活配置型基金。 12 月首日，就有 28 只新基金 " 同台竞技 " ，不少新发产品聚焦当下热门主题。 比如，永赢启航慧选聚焦出海贡献新增长机遇，该产品拟任基金经理蒋卫华表示， A 股非金 融企业自 2021 年开始海外业务的毛利率已经高于国内，且差距持续扩大。出海领域正在迎 来业绩兑现的成长型机会，且增长类型较多，值得重点关注。 财通消费优选聚焦年轻人的消费、消费品牌出海、创新消费等方向。该产品拟任基金经理贾 雅楠长期看好新消费公司，她认为，消费的市场空间广阔，商业模式较好，一些消费公司乘 上质价比和情绪消费之风，将多年积累的护城河沉淀为品牌势能，显现出积极的增长态势。 还有多只新基金由投资老将担纲管理。 临近年底，公募 " 冲刺 " 新基金发行！ 本周（ 12 月 1 日至 12 月 5 日），全市场共有 40 只新基金（仅统计主代码）面市， 12 月首日，就有 28 只新基金 " 同台竞技 " 。其 ...

【大河财立方消息】12月1日，银河证券研报表示，12月，A股市场仍处于向上态势，短期行情预计呈 现震荡结构特征，港股或将受到美联储释放的信号的影响，呈现震荡上行趋势。 首先，建议关注12月的中央经济工作会议，2026是"十五五"开局之年，预计会议将重点部署2026年经济 政策，在财政货币政策、扩内需、稳地产、"反内卷"等方面或将做出重点部署。 关注线索： （1）"反内卷"主线。"反内卷"政策预期与推进效果将持续体现，以促进行业业绩改善，美元走弱或将 直接推升大宗商品价格。建议关注受益于金铜量价齐升的资源品板块。 （2）出海主线。中国高端制造业在全球市场份额未来有望持续提升，叠加2026年相对稳定的外部贸易 环境，海外收入预期成为公司利润增长的重要动力。建议关注风电设备、家电出口相关板块。 （3）高股息与红利主线，建议关注现金流稳定、分红率占优的防御板块。 其次，美联储在12月议息会议上,可能采取"降息+鹰派指引"的组合。 再次，一系列产业会议可能催生相关主题的投资机会。例如，12月1日2025"人工智能+"产业大会，12月 4日脑机接口大会，12月9日第九届国际碳材料大会，12月11日2025算力产业生态高质 ...

Core Insights - The article highlights the expansion of various Chinese companies into international markets, showcasing their growth and strategic initiatives in different regions [5][6][7][9][10]. Group 1: Didi's International Expansion - Didi's international business has expanded to 14 countries and regions across Latin America, Asia-Pacific, and Africa, with a year-on-year order volume growth of 13.8% in Q3 2025, reaching 4.685 billion orders [5]. - The international segment continues to grow at over 20%, driven by investments in key markets like Brazil and Mexico [5]. Group 2: Logistics and E-commerce Developments - Cainiao has launched a cross-border small package service covering eight African countries, with plans to expand to South Africa and Egypt by the end of December, offering competitive pricing and enhanced logistics efficiency [6]. - Temu has partnered with the UK Royal Mail to enhance its local fulfillment system, adding over 24,000 package drop-off points, aiming for 80% of its European sales to come from local sellers [6]. Group 3: Automotive Industry Moves - Leap Motor has officially entered the South American market, launching its electric vehicles in Brazil and Chile, with plans to establish a network of dealerships across 27 cities in Brazil by 2025 [9]. - Avita has also entered the Latin American market, launching its Avita 11 model in Brazil, supported by local partnerships for market entry and sales [9]. Group 4: Technology and Innovation - WeRide and Uber have initiated a Level 4 autonomous Robotaxi service in Abu Dhabi, marking the first of its kind in the Middle East [6]. - JD FinTech has partnered with Banking Circle to provide cross-border payment solutions for global enterprises, enhancing financial flexibility and compliance [7]. Group 5: Robotics and AI Developments - The global humanoid robot market is projected to see annual sales exceed 10 million units by 2035, with a market size reaching $260 billion, indicating significant growth potential in the coming years [15]. - Beijing's government is actively supporting humanoid robot companies to expand internationally, fostering global collaboration and innovation in the robotics sector [15].

Investment Rating - The report maintains a "Positive" outlook on the home appliance sector, highlighting its performance against the Shanghai and Shenzhen 300 Index [3][4]. Core Insights - The home appliance sector outperformed the Shanghai and Shenzhen 300 Index, with the sector index rising by 1.8% compared to a 1.6% increase in the broader index [4][5]. - Key companies such as Beiyi Co., Lek Electric, and Huaxiang Co. showed significant gains, while Aopu Technology and Stone Technology faced declines [4][7]. - December 2025 production data for major appliances indicates a total production of 30.18 million units, a 14.1% decrease from the previous year [10]. - The Ministry of Industry and Information Technology and five other departments issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming for a significant optimization of the supply structure by 2027 [11]. Summary by Sections Market Performance - The home appliance sector index increased by 1.8%, outperforming the Shanghai and Shenzhen 300 Index [4][5]. - Notable performers included Beiyi Co. (10.2%), Lek Electric (9.0%), and Huaxiang Co. (8.4%) [4][7]. Industry Dynamics - December 2025 production data shows a total of 30.18 million units for air conditioners, refrigerators, and washing machines, with air conditioner production down 22.3% year-on-year [10]. - The government plan aims to create three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027 [11]. Sales Data - October sales data revealed a significant decline in offline sales for major appliances, with air conditioner retail volume down 48.3% and retail value down 53.7% [33][36]. - The average retail price for air conditioners decreased by 10.7% to 4,224 yuan [33]. Investment Opportunities - The report identifies three main investment themes: 1. Head companies in white and black appliances with low valuations and high dividends [4]. 2. Core component manufacturers expanding into emerging tech fields [4]. 3. Growth in overseas demand for new consumer appliances [4]. Raw Material Prices - As of November 28, 2025, copper prices increased by 17.83% year-on-year, while aluminum prices rose by 5.15% [13][20].

Overall Viewpoint - The core viewpoint of the report emphasizes that demand is the source of strength and innovation is the light that breaks the deadlock in the pharmaceutical industry. The continuous demand for pharmaceuticals and the increasing unmet needs drive pharmaceutical companies to invest in research and development, leading to explosive revenue and stock price growth [5][7][13]. Innovation Drugs - China has become a significant participant in global innovative drug research and development, with a high-quality growth rate of therapies in development far exceeding the global average. The domestic innovative drug sector is entering a revenue era driven by innovation, creating a positive dynamic between traditional pharmaceutical companies and emerging players [5][7][27]. - The number of domestic new drug overseas authorizations has surpassed $10 billion since 2021, indicating a sustained increase in overseas authorization activity, which continues to propel China's innovative drugs into the global market [5][7][27]. Pharmaceutical Industry - The report indicates that the innovative layout in the pharmaceutical industry is beginning to yield results, with performance expected to accelerate. Many companies are transitioning to a growth phase driven by innovation, suggesting that the current period is just the beginning of a more significant performance acceleration [5][7][27]. CXO Sector - Starting in the second half of 2024, global pharmaceutical research and development demand is expected to gradually recover, with strong demand for new molecular types such as peptides and ADCs driving growth in the CDMO segment. The value of leading CRO companies is anticipated to further highlight as the difficulty and barriers in drug development increase [5][7][27]. API Sector - The core business of API companies is primarily focused on non-U.S. exports (to Europe and India), with current demand remaining strong. Leading companies are achieving positive results in expanding into CDMO businesses, and many have integrated local market formulation businesses, which are expected to benefit from the easing of centralized procurement policies [5][7][27]. Medical Devices - The high-value consumables sector is experiencing a reduction in procurement pressure, with performance expected to return to a high growth trajectory. The report highlights that the bidding for medical devices is recovering, indicating an upcoming turning point for the sector, with optimism for domestic equipment technology upgrades and international expansion [5][7][27]. Traditional Chinese Medicine - The report expresses optimism for the recovery of the traditional Chinese medicine sector in 2026, with upward factors outweighing downward ones. The expected recovery sequence for sub-sectors includes hospital-based traditional Chinese medicine, four categories of drugs, OTC common drugs, and high-value consumer traditional Chinese medicine [5][7][27]. Medical Services - The report anticipates that with the introduction of several positive macro policies, consumer expectations are likely to recover. If favorable local fiscal policies are implemented, the bad debts and payment cycles for private hospitals will also see substantial relief, alleviating market concerns [5][7][27]. Pharmaceutical Retail - The pharmaceutical retail sector has faced continuous pressure since Q3 2024, primarily due to declining demand for four categories of drugs, consumption downgrading, intensified competition, and fluctuations in medical insurance policies. However, as high baselines are gradually digested, the revenue growth of leading chains is expected to stabilize and improve [5][7][27]. Blood Products - Despite short-term performance pressures, the essential nature of blood products indicates that supply and demand are expected to rebalance. The diversity of products among companies is rapidly increasing, with high-value new products like immunoglobulin expected to drive industry growth [5][7][27]. Life Sciences Services - The life sciences services sector is experiencing a demand recovery, coupled with deepening domestic substitution and ongoing overseas expansion, leading to a positive quarterly revenue growth starting from Q4 2024. The net profit margin of the sector has been gradually improving, indicating sustained profitability [5][7][27].

Core Viewpoint - The report from Guosheng Securities suggests a strategic and tactical bullish outlook on A-share assets, driven by the anticipated rise of new economic drivers and forces in China during the "14th Five-Year Plan" period, particularly in advanced manufacturing and technology [2][3] Group 1: Investment Strategy - The report emphasizes the importance of investing in China, highlighting that each era has its core assets that reflect the macroeconomic environment, with the upcoming period expected to attract global resources and create a bull market in equities [2] - The focus is on four main investment themes: "All in AI, new productive forces, self-control, and going global" [1][2] Group 2: Asset Allocation - A-shares are viewed positively, with a focus on a "dumbbell strategy" where investments are concentrated at both ends: technology growth and dividend stocks, while rotating through mid-range assets [3] - The report identifies key sectors for investment, including technology related to self-control and domestic substitution, as well as long-duration low-yield assets like dividend stocks [3] Group 3: Market Conditions - The domestic bond market is expected to experience fluctuations, with the 10-year government bond yield projected to range between 1.5% and 1.9% due to various economic factors [4] - In the U.S. market, the report anticipates volatility in U.S. stocks, with a downward trend in U.S. Treasury yields and a weakening dollar, influenced by AI narratives and fiscal policies [5][6] Group 4: Commodity Outlook - The report notes a broad presence of bullish options in commodities, with precious metals like gold and silver benefiting from trends such as "de-dollarization" and "debt monetization" [6] - Specific commodities such as copper, aluminum, and rare earths are expected to gain from energy transition and technological advancements, as well as geopolitical tensions [6]

Core Viewpoint - The report emphasizes the potential for new economic momentum and forces to emerge in China during the "14th Five-Year Plan" period, suggesting a strategic and tactical bullish outlook on A-share assets, particularly in sectors related to AI, new productivity, self-sufficiency, and international expansion [1][2][11]. Policy Perspective - The "14th Five-Year Plan" is seen as a critical period for China's economic and technological advancement, with expectations for a robust policy push to achieve a strong start in 2026, marking the beginning of a new economic cycle and technological revolution [2][10][23]. Market Configuration - A strategic and tactical positive outlook on A-share assets is recommended, focusing on a "dumbbell strategy" that emphasizes both high-growth technology sectors and stable dividend-paying stocks in a low-interest-rate environment [3][4][5]. - The report anticipates a volatile domestic bond market, with the 10-year government bond yield expected to fluctuate between 1.5% and 1.9% [6]. U.S. Market Outlook - The U.S. stock market is expected to experience volatility, with support for large tech stocks driven by AI narratives, while the U.S. Treasury yield curve is projected to steepen [7]. - The dollar is anticipated to remain weak, influenced by liquidity conditions and geopolitical factors, while the overall economic environment in the U.S. is expected to remain supportive [7][8]. Commodity Market Insights - There is a broad presence of bullish options in commodities, with precious metals like gold and silver benefiting from trends such as "de-dollarization" and "debt monetization" [8]. - Specific commodities such as lithium, copper, and rare earths are expected to perform well due to energy transition and defense demands [8][10]. Investment Strategy - The report suggests that the investment opportunities during the "15th Five-Year Plan" will focus on technology, industry, and new productivity, with a strong emphasis on high-quality economic growth and maintaining reasonable growth rates [23][24].

研究报告 Research Report 27 Nov 2025 蔚来 NIO Inc. (9866 HK) 3Q25 规模与盈利双改善，盈利拐点已现但持续性待验证 3Q25 Scale and Margin Improve, Profit Inflection Emerges but Sustainability Remains Uncertain [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持中性 Maintain NEUTRAL 评级 中性 NEUTRAL 现价 HK$46.82 目标价 HK$50.02 HTI ESG 4.7-1.1-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$91.13bn / US$11.71bn 日交易额 (3 个月均值) US$71.24mn 发行股票数目 1,946mn 自由流通股 (%) 66% 1 年股价最高最低值 HK$61.20-HK$24.50 注：现价 HK$46.82 为 2025 年 11 月 25 日收 ...