12月11日，A股三大股指小幅高开，其中，沪指涨0.09%报3903.89点，深成指涨0.13%报13333.29点，创 业板指涨0.05%报3210.55点，科创50指数涨0.22%报1349.67点。 盘面上，市场焦点股龙洲股份（6板）高开0.10%，零售板块茂业商业（12天7板）高开2.10%、东百集 团（4板）高开5.31%、永辉超市（3板）高开2.87%，福建本地股厦门港务（4板）高开2.69%、安妮股 份（5天4板）高开10.03%，光通信板块中瓷电子（3板）高开0.46%、跃岭股份（2板）高开5.03%，商 业航天概念股再升科技（3板）高开10.06%、西部材料（4天3板）低开0.99%，影视股博纳影业（3板） 高开9.22%。 沐曦股份：本次发行的网上、网下认购缴款工作已于2025年12月9日（T+2日）结束。网上投资者缴款 认购的股份数量为964.52万股，缴款认购的金额为10.09亿元，放弃认购20349股，放弃认购金额为 212.97万元。网下投资者缴款认购的股份数量为2282.91万股，缴款认购的金额为23.89亿元，放弃认购 数量0股。 永辉超市：经公司自查，截至本公告日，公司目前生 ...

12月9日，港股开盘走势分化，其中恒生指数上涨15.61点，涨幅0.06%报25780.97点；恒生科技指数下 跌6.48点，跌幅0.11%报5656.07点；国企指数上涨0.42点报9083.11点；红筹指数下跌4.27点，跌幅0.1% 报4214.01点。 盘面上，科网股涨跌不一，阿里巴巴涨超1%，快手跌超1%；中资券商股高开，国联民生涨超1%；创新 药概念部分上涨，歌礼制药涨超14%；汽车股活跃，奇瑞汽车涨超2%。生物医药股、汽车股、海运股 普涨，万国黄金集团涨3.6%。半导体股、煤炭股多数走低，中国中冶大跌近6%。 企业新闻 东风集团股份(00489.HK)：前11月累计销量169.7万辆，同比下降约0.3%。其中新能源汽车销量为 489,203辆，同比增长约39.1%。 新天绿色能源(00956.HK)：前11月累计完成发电量1336.89万兆瓦时，同比增加8.04%。其中11月完成发 电量166.2万兆瓦时，同比增加24.45%。 龙源电力(00916.HK)：前11个月累计完成发电量约6909.64万兆瓦时，同比增长0.41%。 绿地香港(00337.HK)：前11个月合约销售约68.23亿元， ...

Group 1 - The overall A-share market experienced wide fluctuations, with major indices showing slight weekly gains and increased trading volume [5] - The short-term pullback pressure may have been released, indicating a return to a consolidation phase, with a positive outlook for market rebounds [5] - The investment strategy suggested focuses on "dividend + technology" as the main allocation theme, with dividends expected to perform better in terms of volatility [5] Group 2 - The electrolytic aluminum spot price reached its highest level since May 2022, indicating potential recovery in the steel sector's profitability [6] - The copper industry reported a 1% month-on-month increase in China's electrolytic copper production for November, with cable enterprise operating rates rising for five consecutive weeks [6] - The supply-demand dynamics in the copper market are expected to remain tight, supporting a bullish outlook for copper prices [6] Group 3 - China National Petroleum Corporation is recognized as a significant state-owned enterprise and a major global oil and gas producer, benefiting from its integrated operations across various energy sectors [7] - The energy sector is seeing a focus on investment opportunities in hydrogen, ammonia, and energy storage, with expectations for stable domestic bidding levels in 2026 [7] - The lithium battery sector is highlighted for potential investment opportunities, particularly in lithium mines and production processes that are currently under pressure [7] Group 4 - The first commercial insurance innovative drug directory was released, including 24 drugs, with 19 successfully negotiated for pricing, expanding market opportunities for innovative drugs in China [8] - The implementation of this directory is expected to create a broader market space for innovative pharmaceuticals amid the continuous emergence of new global drugs [8]

【今日速览】 ①数字孪生+元宇宙+智慧社区+军工信息化！公司已在公安、气象、交通、健康与社区服务等垂直领 域，研发与具体业务场景深度结合的专用智能体；②人形机器人+eVTOL+大飞机+通用航空+商业航 天！公司获得人形机器人加工件定点采购协议；③燃料电池+氢能+航空航天+可控核聚变+量子计 算！公司为"华龙一号"核电站提供成套混凝土冷却系统。 【臻选回顾】 公告臻选12月1日提示《恒逸石化：控股股东及其一致行动人拟15亿元-25亿元增持公司股份》， 恒逸石化12月2日高开高走封死涨停直至收盘，12月3日再度上涨3%；公告臻选12月2日提示《稀 土永磁+钨钼+锂电+核聚变！公司光伏用细钨丝市场份额超80%》，厦门钨业12月3日逆市飘红， 12月5日、8日分别上涨1.77%、3.86%；公告臻选12月2日提示《主控芯片+高端封测+存储器 +AI，公司拟定增37亿元用于面向AI领域的高端存储器等项目》，江波龙12月8日大涨14.64%；12 月3日提示《多肽药+创新药+原料药+减肥药！公司产品通过药监局化妆品新原料备案》，圣诺生物 12月4日低开高走收涨3.55%；12月4日提示《显示驱动芯片+CMOS图像传感器+ ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of uncertain Fed rate - cut amplitude next year, significant global economic and geopolitical variables, it's difficult for liquidity to drive a major upward trend. The AI infrastructure faces over - investment doubts, and the AI, lithium - battery, and anti - involution sectors are waiting for certain developments. From a seasonal perspective, high - dividend sectors are expected to have a good performance at the end of the year. Overall, the equity market may enter a wide - range oscillation state, waiting for the spring rally. [2][17] - In the convertible bond market, the capital flow in November had a great impact on the market. The share of convertible bond ETFs showed a "down - up - down" trend, which was consistent with the overall market valuation trend. Due to unclear equity expectations and poor overall cost - effectiveness of convertible bond assets, the premium rate is vulnerable, and the operation of convertible bonds is difficult. [2][17] - For relative - return investors, it is recommended to allocate a small and balanced position in non - callable, high - quality equity - linked convertible bonds with suitable premium rates. For absolute - return investors, it is recommended to focus on convertible bonds below 130 yuan with high odds. [2][17] 3. Summary by Relevant Catalogs 3.1 Market Trends (2025/12/1 - 2025/12/5) Stock Market - The A - share market was generally oscillating last week. With the rising expectation of Fed rate cuts and positive signals from the China - US economic and trade delegation meeting, the market risk appetite remained high. The non - ferrous and commercial aerospace sectors performed strongly. [7] - By industry, most Shenwan primary industries rose. Non - ferrous metals (5.35%), communication (3.69%), national defense and military industry (2.82%), machinery (2.77%), and non - bank finance (2.27%) led the gains, while media (- 3.86%), real estate (- 2.15%), beauty care (- 2.00%), and food and beverage (- 1.90%) lagged. [8] Bond Market - The bond market continued to weaken last week, with sentiment stabilizing and yields slightly declining on Friday. The 10 - year Treasury bond rate closed at 1.85% on Friday, up 0.68bp from the previous week. [8] Convertible Bond Market - Most convertible bond issues rose last week. The CSI Convertible Bond Index increased by 0.08% for the whole week, the median price increased by 0.19%, the arithmetic average parity decreased by 0.17%, and the overall market conversion premium rate increased by 0.79% compared with the previous week. [1][8] - By industry, half of the convertible bond sectors in the market rose. National defense and military industry (+3.64%), non - bank finance (+2.21%), non - ferrous metals (+1.53%), and petroleum and petrochemical (+1.40%) led the gains, while steel (- 2.53%), computer (- 0.96%), household appliances (- 0.91%), and agriculture, forestry, animal husbandry and fishery (- 0.71%) lagged. [11] - At the individual bond level, Yake, Weidao, Yong 02, Furong, and Ruichuang convertible bonds led the gains, while Dazhong, Guocheng, Limin, Yingbo, and Yitian convertible bonds led the losses. [1][12] - The total trading volume of the convertible bond market last week was 254.549 billion yuan, with an average daily trading volume of 50.91 billion yuan, a decrease from the previous week. [15] 3.2 Valuation Overview (as of 2025/12/05) - For equity - linked convertible bonds, the average conversion premium rates for par values in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 46.32%, 32.88%, 29.62%, 19.91%, 12.21%, and 11.93% respectively, at the 96%/94%, 90%/86%, 96%/99%, 90%/89%, 78%/67%, 95%/94% percentile since 2010/2021. [18] - For bond - linked convertible bonds, the average YTM for par values below 70 yuan was - 4.11%, at the 1%/4% percentile since 2010/2021. [18] - The average implied volatility of all convertible bonds was 42.97%, at the 87% percentile since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 1.69%, at the 82%/83% percentile since 2010/2021. [18] 3.3 Primary Market Tracking - From 2025/12/1 to 2025/12/5, the Pulan Convertible Bond was announced for issuance, and no convertible bonds were listed. Pulan Software, the underlying stock of Pulan Convertible Bond, belongs to the computer industry. The company's 2024 revenue was 836 million yuan, with a year - on - year increase of 11.6%, and the net profit attributable to the parent company was 121 million yuan, with a year - on - year increase of 95.06%. In 2025Q1 - 3, the revenue was 300 million yuan, with a year - on - year increase of 2.17%, and the net profit attributable to the parent company was 100,000 yuan, with a year - on - year decrease of 90.07%. The scale of the issued convertible bond is 243 million yuan. [26] - As of the announcement on December 5, there were no announcements of convertible bond issuance and listing in the coming week (2025/12/8 - 2025/12/12). Last week, 2 companies' applications passed the listing committee review, 1 company's application was accepted by the exchange, 3 companies' applications passed the shareholders' meeting, and 2 companies' applications were at the board of directors' proposal stage. Currently, there are 96 convertible bonds waiting to be issued, with a total scale of 149.23 billion yuan, including 6 approved for registration with a total scale of 4.47 billion yuan and 8 passing the listing committee review with a total scale of 9.81 billion yuan. [27]

行业配置方面，该机构预计，在日历效应及美联储降息周期叠加影响下，12月科技成长、部分周期和消 费可能相对占优，建议继续均衡配置：一是政策和产业趋势向上的电子（半导体、AI硬件）、通信 （AI硬件）、传媒（AI应用、游戏）、计算机（AI应用）、电新（储能、锂电）、创新药、机械设备 （机器人）等行业；二是可能补涨和基本面可能边际改善的消费（食品、商贸零售等）、大金融、军工 （商业航天）等行业。 华金证券发布研报称，12月A股可能震荡偏强，上行趋势不变。理由在于，12月政策和外部事件可能偏 积极，流动性可能进一步宽松，且经济和企业盈利可能延续弱修复趋势。 上证报中国证券网讯（记者 严晓菲）华金证券发布研报称，12月A股可能震荡偏强，上行趋势不变。理 由在于，12月政策和外部事件可能偏积极，流动性可能进一步宽松，且经济和企业盈利可能延续弱修复 趋势。 ...

证券研究报告 | 2025年12月02日 | 晨会纪要 | | --- | | 数据日期:2025-12-01 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3914.00 | 13146.71 | 4576.48 | 14149.78 | 3822.65 | 1336.75 | | 涨跌幅度（%） | 0.65 | 1.25 | 1.10 | 1.10 | 1.09 | 0.72 | | 成交金额（亿元） | 7856.58 | 10882.79 | 4638.61 | 3556.73 | 5183.00 | 654.92 | 【重点推荐】 金融工程 金融工程周报:ETF 周报-上周股票型 ETF 涨幅中位数达 2.4%，AI ETF 领 涨 【常规内容】 宏观与策略 固定收益投资策略:2025 年 12 月转债市场研判及"十强转债"组合 固定收益投资策略:债海观潮，大势研判——多空交织，利率低位震荡 行业与公司 食品饮料周报（25 年第 4 ...

Group 1 - The Ministry of Industry and Information Technology, along with five other departments, issued a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [2] - The Liaoning Provincial Government aims to establish a multi-level, diversified private equity investment fund system by the end of 2027, targeting a subscription scale of over 180 billion yuan, and over 250 billion yuan by 2030 [5] - The Beijing Internet Information Office and the Beijing Financial Regulatory Bureau launched a three-month campaign to combat illegal financial activities online, focusing on issues such as misleading public information and illegal financial intermediaries [5] Group 2 - The stock price of Pinming Technology increased by 255.54% from September 25 to November 26, significantly outperforming related indices, leading to a warning about potential trading risks [6] - Jianlong Micro-Nano announced the termination of its major asset restructuring plans after determining that the conditions for implementation were not mature [6] - Shida Group issued a risk warning regarding rumors of a partnership with Alibaba Cloud, clarifying that no business cooperation currently exists [7] - Industrial Fulian adjusted its share repurchase price limit to a maximum of 75 yuan per share, significantly higher than the previous limit of 19.36 yuan [7] - North University Pharmaceutical reported abnormal stock trading, with a cumulative price increase exceeding 20% over three consecutive trading days, while clarifying that related flu medications have not yet been produced or sold [8] Group 3 - Dongwu Securities reported that while AI-related sectors may experience short-term volatility, leading companies are expanding investments and technology implementation, indicating a positive mid-term trend for the industry [9] - CICC highlighted a reversal trend in the lithium battery industry since 2025, with expectations for a new upward cycle driven by energy storage and the acceleration of solid-state battery industrialization [10]

Core Viewpoint - The company maintains a "Buy" rating, with strong revenue growth expected in 2023 and 2024, followed by a decline in subsequent years, while profitability is projected to stabilize in the long term [2][6]. Financial Forecast and Valuation - Total revenue is projected to reach RMB 6,302 million in 2023, increasing to RMB 9,198 million in 2024, before declining to RMB 6,681 million in 2025, and further to RMB 6,218 million in 2026, with a slight recovery to RMB 6,465 million in 2027 [2][6]. - Net profit attributable to the parent company is expected to be RMB 1,255.82 million in 2023, slightly increasing to RMB 1,272.90 million in 2024, but dropping to RMB 678.82 million in 2025, and then to RMB 607.21 million in 2026, with a recovery to RMB 640.46 million in 2027 [2][6]. - The latest diluted EPS is projected to be RMB 3.98 in 2023, RMB 4.04 in 2024, and then decreasing to RMB 2.15 in 2025, RMB 1.93 in 2026, and recovering to RMB 2.03 in 2027 [2][6]. - The P/E ratio is expected to be 9.81 in 2023, 9.68 in 2024, increasing to 18.16 in 2025, 20.30 in 2026, and slightly decreasing to 19.24 in 2027 [2][6]. Market Developments - The company has secured a RMB 700 million order from a leading customer for its string welding machines, indicating strong demand for its multi-slice technology that enhances power efficiency in photovoltaic modules [3]. - The overseas market is becoming a core source of orders, with RMB 3.5 billion in overseas orders expected in 2024, where 72% are from pure overseas customers, and 40% of total orders in the first three quarters of 2025 are expected to come from overseas [4]. - The company is evolving into an automation platform that spans photovoltaic, lithium battery, and semiconductor sectors, with significant market share in various segments, including over 60% in string welding machines [5]. Financial Position - The company's total assets are projected to be RMB 14,029 million in 2024, with current assets of RMB 11,604 million and total liabilities of RMB 9,902 million [7]. - The net profit margin is expected to be 13.84% in 2024, decreasing to 10.16% in 2025, and stabilizing around 9.77% in 2026 and 9.91% in 2027 [7]. - The company anticipates a return on equity (ROE) of 31.25% in 2024, declining to 14.29% in 2025, and further to 11.33% in 2026, before recovering to 10.68% in 2027 [7].

沪深两市成交额1.78万亿，较上一个交易日缩量288亿。 11月26日，A股三大指数走势分化，截至收盘，上证指数跌0.15%，深证成指涨1.02%，创业板指涨2.14%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Minny | 3864.18 | -5.84 | -0.15% | | 399001 | 深证成指 | 3 | 12907.83 | 130.52 | 1.02% | | 399006 | 创业板指 | m | 3044.69 | 63.76 | 2.14% | 盘面上，军工、水产板块大幅下挫，石油、教育、化工板块表现低迷；CPO概念午后涨势收窄，医药股表现活跃，大消费题材尾盘异动 拉升。 CPO等算力硬件股走强，中际旭创大涨超10%，股价创历史新高；长光华芯、永鼎股份、青山纸业涨停。 | | | 【资金流向】 主力资金全天净流入电子、通信、医药生物等板块，净流出软件开发、银行、传媒等板块。 具体到个股来看，新易盛、中际旭创、阳光电源获净流入16.51亿元、12 ...