证 券 研 究 报 告 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 王胜 A0230511060001 2026.1.4 CME交易所提保背景下贵金属大幅调整 www.swsresearch.com 证券研究报告 2 ◼ 全球资本市场回顾：本周 (20251226-20260102) 虽然特朗普持续施压美联储扩大降息幅度，但是美联储内部对 2026 年降息节奏分歧显著，叠加 CME 上调期货保证金，贵金属大幅下跌。 1）固 收方面，10Y美债收益率录得4.19%，本周上涨5BPs，美元指数上涨0.43%，当前点位为98.5；2）权益方面，本周韩国、越南等新兴市场股市上涨较多，A股指数有涨有跌，恒生指数、恒生科技和恒 生中国企业指数涨幅靠前，创业板指和北证50跌幅较大，美国、日本股市有所下跌；3）商品方面，本周黄金下跌4.79%，红海航运危机和委内瑞拉供应受限等短期事件驱动原油本周上涨0.93%。 ◼ 每周聚焦：贵金属大跌后，沪金隐含波动率和偏度回落至22.5%和9.7%，分别处于2024年以来的90%和33%水平，后续预计沪金跟 ...

证 券 研 究 报 告 沪深300隐含波动率低位回升 全球资产配置每周聚焦 (20251219-20251226) 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 王胜 A0230511060001 2025.12.28 www.swsresearch.com 证券研究报告 2 ◼ 全球资本市场回顾：本周 (20251219-20251226) 美国市场核心矛盾聚焦政策分歧与经济结构性失衡，特朗普明确要求下任美联储主席推动大幅降息，同时白银逼仓背景下，贵金 属领涨全球资产，美股整体震荡收涨。1）固收方面，10Y美债收益率录得4.14%，本周下降2BPs，美元指数下跌0.69%，当前点位为98.0；2）权益方面，本周韩国、日本、新兴市 场股市上涨较多，A股指数全线收涨，创业板指、中证1000和科创50涨幅靠前，阿根廷、法国、英国股市有所下跌；3）商品方面，本周黄金上涨4.24%，并且白银逼仓背景下，贵 金属领涨全球资产，原油本周上涨0.55%。 ◼ 全球资金流向跟踪：截止到2025/12/24，过去一周来看，内外资均流入中国股市；海外 ...

成交活跃度下降，沪深 300 估值领涨 [Table_Authors] 方奕(分析师) ——情绪与估值 12 月第 4 期 本报告导读： 上周（2025/12/15-2025/12/19）成交活跃度下降，沪深 300 领涨。宽基指数：估值涨 跌互现，沪深 300 领涨。行业指数：PE 估值农林牧渔，PB 估值交通运输领涨。情 绪：交易活跃度下降，换手率全面下降，成交额全面下降。ERP：环比走平。 投资要点： 请务必阅读正文之后的免责条款部分 策略研究 /[Table_Date] 2025.12.21 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 李健(分析师) | | | 010-83939798 | | | lijian8@gtht.com | | 登记编号 | S0880525070013 | [Table_Report] 相关报告 消费景气线索增多，电子产业增长延续 2025.12.17 资产概览：全球风偏降温，贵金属领涨 2025.12.15 融资资金流入加速，外资重回流入 2 ...

ABM Industries (NYSE:ABM) Q4 2025 Earnings Call December 17, 2025 08:30 AM ET Company ParticipantsTim Mulrooney - Partner and the Group Head of the Global Services SectorPaul Goldberg - Senior VP of Investor RelationsFaiza Alwy - Managing Director of US Company ResearchScott Salmirs - President and CEODavid Orr - Executive Vice President and CFOConference Call ParticipantsJoshua Chan - Executive Director and Equity Research AnalystMarc Riddick - Senior Equity AnalystAndrew Whitman - Senior Research AnalystJ ...

ABM Industries (NYSE:ABM) Q4 2025 Earnings Call December 17, 2025 08:30 AM ET Company ParticipantsTim Mulrooney - Partner and the Group Head of the Global Services SectorPaul Goldberg - Senior VP of Investor RelationsFaiza Alwy - Managing Director of US Company ResearchScott Salmirs - President and CEODavid Orr - Executive Vice President and CFOConference Call ParticipantsJoshua Chan - Executive Director and Equity Research AnalystMarc Riddick - Senior Equity AnalystAndrew Whittman - Senior Research Analyst ...

还记得上一次你听客户语音留言是什么时候吗？ 不是阅读转写的文字记录，而是真正点开那条语音，听到对方的语气、停顿，甚至背景音里的细微声响。那些被我们标记为"已处理"的语音留言，其实蕴含 着远超字面内容的信息价值。 t 11:5 a Career o-1, 100 t - 10 al the the support - 100 in the r a pre 2019 Cash Read We King 传统通信系统记录内容，新一代通信平台理解意图。 一位客户在非工作时间留言咨询产品问题，系统完成语音留存后，自动进行分析：语音中的关键词被提取，情绪倾向被识别，问题的紧急程度被评估。当销 售代表次日查看时，呈现在眼前的不仅是一段留言，而是一份结构化分析报告——包含客户的核心关切、情绪状态以及建议的响应策略。 这种转变的背后，是语音识别、自然语言处理和机器学习技术的深度融合。SparkleComm VoIP软电话让通信工具不再是被动记录设备，而是具备初步认知 能力的协作伙伴。它能识别常见问题模式，区分咨询与投诉，甚至从客户的语速变化中察觉满意度变化。 1 Ship State index the first e r a ...

Core Conclusions - The overall valuation of A-shares has contracted this week, with the communication industry leading the gains. The U.S. has allowed Nvidia to export H200 chips to China, which is expected to drive incremental demand for communication equipment. The domestic GPU leader, Moore Threads, has gone public, boosting sentiment in the computing power sector. Currently, the overall dynamic PE of the communication industry is at the historical 36.6% percentile, while the communication equipment sector's dynamic PE is at the historical 97.9% percentile, indicating high profit growth expectations [1][8][10]. A-share Valuation Overview - The overall PE (TTM) of A-shares decreased from 22.14 times last week to 21.74 times this week, while the PB (LF) fell from 2.15 times to 1.77 times [10][12]. - The PE (TTM) of the ChiNext board decreased from 79.84 times to 72.27 times, and the PB (LF) dropped from 4.74 times to 4.27 times [18][20]. - The PE (TTM) of the Sci-Tech Innovation Board decreased from 255.36 times to 210.87 times, and the PB (LF) fell from 6.29 times to 5.17 times [22][24]. Relative Valuation Expansion in Computing Power Infrastructure - The relative PE (TTM) of computing power infrastructure, excluding operators and resource sectors, increased from 4.24 times last week to 4.47 times this week, while the relative PB (LF) rose from 4.42 times to 4.66 times [24][26]. Major Sector Valuation Levels - From a static PE (TTM) perspective, sectors such as consumer discretionary, consumer staples, midstream manufacturing, cyclical, and midstream materials have absolute and relative valuations above the historical median, with consumer discretionary, consumer staples, and midstream manufacturing exceeding the historical 90th percentile. Conversely, essential consumer sectors have absolute and relative valuations below the historical median, with financial services, essential consumer, and services sectors below the historical 10th percentile [28][29]. - In terms of PB (LF), resource, TMT, cyclical, and midstream manufacturing sectors have absolute and relative valuations above the historical median, while consumer discretionary, midstream materials, financial services, services, consumer staples, and essential consumer sectors have absolute and relative valuations below the historical median, with consumer staples and essential consumer sectors below the historical 10th percentile [28][29]. Industry Performance and Profitability - Current industries such as agriculture, public utilities, and oil and petrochemicals exhibit characteristics of low valuation and high profitability [54]. - Industries like building materials, power equipment, media, defense, and basic chemicals show both low valuations and high performance growth [57]. ERP and Equity-Debt Yield Spread - The non-financial ERP of A-shares increased from 0.83% last week to 0.87% this week, while the equity-debt yield spread improved from -0.15% to -0.12% [58][62].

证 券 研 究 报 告 弱美元下流动性修复，权益商品普涨 全球资产配置每周聚焦 (20251128-20251205) 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 涂锦文 A0230525070006 王胜 A0230511060001 2025.12.08 报告摘要 www.swsresearch.com 证券研究报告 2 ◼ 全球资本市场回顾：本周(20251128-20251205)本周美国ADP就业和PMI数据双双不及预期，其中美国11月PMI录得48.2，预期49，前值48.7，ADP新增就业减少3.2万人， 预期增加1万人。景气度数据的不及预期巩固了美联储年内降息预期，本周全球流动性有所修复，全球权益和商品均多数上涨。1）固收方面，10Y美债收益率录得4.14%，本周上 升12BPs，美元指数下行0.46%，当前点位为99.0，弱美元交易持续；2）权益方面，本周A股指数除科创50指数外其余指数均收涨，创业板指领涨市场；全球市场中韩国综合股价 200领涨全球，巴西股市跌幅明显，总体上新兴市场好于发达市场；3）商品方面， ...

（来源：一观大势） 作者：方奕/李健 核心观点：上周（2025/12/1-2025/12/5）成交活跃度上升，创业板指领涨。宽基指数：估值全面上涨，创业板指领涨。行业指数：PE估值家电，PB估值有 色金属领涨。情绪：交易活跃度上升，换手率全面上升，成交额全面下降。ERP：环比下降。 投资要点 ▶指数估值：估值全面上涨，创业板指领涨。宽基指数：估值全面上涨，创业板指领涨。PE-TTM历史分位：各指数全面上涨，创业板指领涨，涨1.7个 pct。PB-LF历史分位：各指数全面上涨，创业板指领涨，涨1.3个pct。风格指数：估值涨多跌少，大盘股风格领涨。PE-TTM历史分位：各风格涨多跌 少，大盘股风格领涨1.4个pct。PB-LF历史分位：各风格涨多跌少，大盘股风格领涨5.1个pct。 ▶行业估值：PE估值家电，PB估值有色金属领涨。行业PE：估值涨多跌少，家电领涨。PE-TTM历史分位：各行业估值涨多跌少，家电领涨3.7个pct。 PE-G对比：电力设备及新能源具有性价比。行业PB：估值涨多跌少，有色金属领涨。PB-LF历史分位：各行业估值涨多跌少，有色金属领涨8.9个pct。 PB-ROE对比：银行具有性价比。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company has successfully completed a placement to introduce strategic investors and is increasing its investment in artificial intelligence (AI) and other technology sectors, reinforcing its AI-first strategy and outlook for value recovery [2][10]. - The company plans to use approximately 70% of the net proceeds from the placement for long-term funding in AI, cloud, and industrial software development, while the remaining 30% will be allocated for general working capital [10]. - The board has proposed changing the company's registered location to Hong Kong, which is expected to simplify compliance and enhance investor confidence [10]. Financial Summary - Total revenue is projected to grow from 8,294 million RMB in 2023 to 11,001 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.1% [4]. - Net profit is expected to increase significantly from 202 million RMB in 2023 to 892 million RMB in 2027, with a notable growth rate of 69.9% in 2023 and 90.8% in 2024 [4]. - The company’s price-to-earnings (PE) ratio is forecasted to decrease from 38.13 in 2023 to 8.71 by 2027, indicating improving profitability [4]. Market Data - The current stock price is 7.32 HKD, with a market capitalization of approximately 8,935 million HKD [1][7]. - The stock has traded within a range of 3.07 to 10.83 HKD over the past 52 weeks [7]. Earnings Forecast - The company’s earnings per share (EPS) is projected to rise from 0.34 RMB in 2024 to 0.77 RMB in 2027 [10][13]. - The expected net profit for the years 2025, 2026, and 2027 is 553 million RMB, 703 million RMB, and 892 million RMB, respectively [10].