Core Viewpoint - The article highlights the recent measures taken by various regions to boost consumer spending ahead of the traditional consumption peak season, leading to a rebound in the large consumer sector in the capital market [1] Group 1: Market Performance - The large consumer index rose by 1.33% on December 19, significantly outperforming the Shanghai Composite Index [1] - Sub-sectors such as dairy, retail, and beverage manufacturing saw substantial increases, with Kweichow Moutai, a representative of large consumption, achieving a cumulative increase of 2.36% since December 10 [1] Group 2: Financing and Investment Trends - As of December 18, the total financing balance for the 87 constituent stocks of the large consumer index approached 320 billion yuan, representing an increase of over 45% compared to the end of last year, with over 70% of the financing targets seeing increased investment [1] - Notable stocks such as Rongchang Biologics, Sanhua Intelligent Control, and Sunshine Power experienced financing balance increases exceeding 100% [1] Group 3: Institutional Research and Stock Performance - There are 12 stocks with a financing balance increase of no less than 20%, having received research from 20 or more institutions this year, and with a year-to-date increase of less than 25% [1] - The leading companies in terms of institutional research are Huichuan Technology, Mindray Medical, and Hikvision, with the number of institutional research counts being 1654, 989, and 519 respectively [2]

Group 1 - The core viewpoint of the articles highlights the recovery and growth potential of the consumer sector, driven by policy support and increasing consumer demand during the traditional consumption peak season [1][5][6] - The consumer sector index showed signs of stabilization and rebound, with a 1.33% increase on December 19, outperforming the Shanghai Composite Index [2] - The consumer market is expected to see double-digit growth over the next two years, with retail sales projected to rise from 39.1 trillion yuan in 2020 to 48.3 trillion yuan by 2024, reflecting an average annual growth rate of 5.5% [5][6] Group 2 - The consumer sector is currently experiencing a valuation adjustment, with the consumer index's latest price-to-earnings ratio at 23.29, significantly below the 10-year average of 28.56 [6] - Institutional predictions indicate that the net profit growth for the consumer sector index constituents is expected to exceed 14% in 2026 and 2027, with a projected total net profit of nearly 460 billion yuan for 2025 [6] - A total of 87 stocks in the consumer sector have seen an average increase of over 28% this year, with significant contributions from the electronics and biopharmaceutical sectors [8] Group 3 - Notable stocks such as 汇川技术 (Inovance Technology) and 迈瑞医疗 (Mindray) have received substantial institutional attention, with the former seeing a 22.91% increase in stock price and over 1,600 institutional surveys this year [9][11] - The financing balance for the consumer sector stocks has increased by over 45% compared to the end of last year, with more than 70% of the stocks receiving additional financing [8][11] - Companies like 东鹏饮料 (Eastroc Beverage) are expanding their product lines and exploring overseas markets, indicating a strategic focus on growth and market penetration [10]

Group 1 - The core view of the report emphasizes that the market is in a phase of stabilization, with expectations for market stability strengthening, but this does not determine the height of the market, indicating a continuation of the oscillating pattern [2][38] - The report notes that the A-share index remains near the levels before the significant drop on November 21, suggesting that there is a buildup of profit-taking pressure at this point [2][38] - The report highlights that the recent market fluctuations have led to a significant net inflow into broad-based ETFs, particularly those tracking the CSI A500, which indicates a positive response to stabilization policies [17][19] Group 2 - The report identifies potential investment opportunities in sectors such as new energy, consumer goods, and dividend stocks, with new energy being a strong sector this year, although it has not fully recovered since the drop on November 21 [3][40] - The technology sector is noted to have a foundation for rebound, as structural risks have eased significantly, with indicators showing a decrease in concentration and high-priced stocks [44][46] - The report discusses the challenges faced by convertible bonds, particularly those nearing maturity, which are experiencing pressure due to time value decay and market aging, suggesting a need for cautious investment strategies [50][54][65]

证券研究报告 策略点评（R2） 布局"春季躁动"行情，低吸科技成长方向 财信证券宏观策略周报（12.22-12.26） 2025 年 12 月 21 日 上证指数-沪深 300 走势图 % 1M 3M 12M 上证指数 -1.25 1.53 15.03 沪深 300 0.00 1.56 15.89 -9% 1% 11% 21% 31% 2024-12 2025-03 2025-06 2025-09 上证指数 沪深300 黄红卫 分析师 执业证书编号:S0530519010001 huanghongwei@hnchasing.com 相关报告 投资要点 请务必阅读正文之后的免责声明 大势研判。从"日历效应"来看，从中央经济工作会议至次年全国两会召开 期间，A 股市场通常演绎"春季躁动"行情。我们统计了 2009 年至 2025 年 "春季躁动"行情表现，万得全 A 指数的平均上涨时间为 57 天，平均上涨幅 度为 18.30%，其中大盘蓝筹股在第四季度（尤其是 12 月份）表现较佳，科技 成长股在第一季度（尤其是 2 月份）表现较佳。随着 11 月份经济数据公布以 及海外三大央行利率决议落地，宏观经济数据对市场 ...

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [5][10]. Core Insights - The report highlights a recovery in overseas markets in November and anticipates innovations in smart terminals at CES 2026 [4]. - The white goods sector is experiencing stable operations, with a focus on value configuration despite a year-on-year decline in retail sales [2]. - Companies like Midea and Haier are noted for their proactive strategies and strong overseas momentum, while Gree and Aux are recognized for their potential value [2][3]. Summary by Sections White Goods - Retail sales in November showed a year-on-year decline of 19%, influenced by policy changes and high base effects [2]. - Production volumes for refrigerators, air conditioners, washing machines, and color TVs were reported at 9.44 million, 15.03 million, 17.45 million, and 12.01 million units, with respective year-on-year changes of +5.6%, -23.4%, -5.0%, and +5.5% [2]. - Export volumes for the same categories were 6.72 million, 2.7 million, 9.15 million, and 3.16 million units, with year-on-year changes of +5.6%, -28.0%, -1.3%, and +20.3% [2]. Company Developments - Midea has restructured its organization, establishing a "New Energy Division" to enhance its B-end strategy [3]. - Haier's overseas strategy is showing results, with a 34% increase in washing machine sales in Southeast Asia [3]. - Hisense's new manufacturing facility in Changsha has commenced operations, with a total investment of 10 billion yuan [3]. Consumer Technology - The report notes a positive outlook for consumer technology, particularly in the cleaning segment, with iRobot's acquisition by Shanchuan to mitigate risks [4]. - Anker's sales have shown recovery, with a 2.7% increase in Q3 and a 1.4% increase in October-November [4]. Investment Recommendations - The report recommends focusing on white goods, particularly Haier, Midea, and Gree, due to their strong market positions and potential benefits from overseas interest rate cuts [8]. - It also suggests selecting consumer technology stocks like Ecovacs and Anker, while keeping an eye on the 3D printing industry for growth opportunities [8].

Core Conclusions - The overall valuation of A-shares has contracted this week, with the retail trade sector leading the gains. The Ministry of Commerce recently held a meeting to promote the "Three New" (new consumption formats, new models, new scenarios) pilot work, providing policy support for industry recovery. The concept of "reward economy" has emerged, further boosting sentiment in the consumption sector. Currently, the overall PB (LF) of the retail trade sector is at the historical 37.0 percentile, indicating significant room for valuation improvement [1][8]. Valuation Overview - This week, the overall PE (TTM) of A-shares decreased from 21.74 times last week to 21.73 times this week, while the PB (LF) remained stable at 1.77 times [10]. - The main board's PE (TTM) increased from 17.46 times last week to 17.54 times this week, and the PB (LF) rose from 1.48 times to 1.49 times [17]. - The ChiNext's PE (TTM) fell from 72.27 times to 71.32 times, and the PB (LF) decreased from 4.27 times to 4.21 times [19]. - The Sci-Tech Innovation Board's PE (TTM) dropped from 210.87 times to 205.59 times, and the PB (LF) fell from 5.17 times to 5.04 times [25]. Relative Valuation Analysis - The relative PE (TTM) of computing power infrastructure, excluding operators/resource categories, decreased from 4.47 times last week to 4.28 times this week, while the relative PB (LF) fell from 4.66 times to 4.46 times [28]. - In terms of static PE (TTM), major industries such as discretionary consumption, consumer staples, midstream manufacturing, cyclical, and midstream materials have absolute and relative valuations above the historical median, with discretionary consumption and consumer staples exceeding the historical 90th percentile [32]. - From the perspective of PB (LF), industries like resources, TMT, cyclical, and midstream manufacturing have absolute and relative valuations above the historical median, while discretionary consumption, midstream materials, financial services, services, and consumer staples are below the historical median [34]. Dynamic Valuation Insights - Analyzing the full dynamic PE, industries such as discretionary consumption, midstream manufacturing, cyclical, and midstream materials have absolute and relative valuations above the historical median, with discretionary consumption exceeding the historical 90th percentile [41]. - The current comparison of odds (PB historical percentiles) and win rates (ROE historical percentiles) indicates that industries like agriculture, public utilities, and oil and petrochemicals exhibit characteristics of low valuation and high profitability [59]. - The comparison of odds (full dynamic PE) and win rates (25-26 consensus expected net profit compound growth rate) shows that industries such as building materials, power equipment, media, and defense industry possess both low valuations and high performance growth [62]. ERP and Yield Spread - The non-financial ERP of A-shares increased from 0.87% last week to 0.89% this week, while the equity-debt yield spread improved from -0.12% to -0.05% [63]. - The full dynamic ERP of key non-financial companies in A-shares rose from 2.77% to 2.80% this week [70].

Economic Overview - The overall economic operation in Qinghai Province is stable and progressing steadily as of November 2023, with efforts focused on high-quality development [1] Industrial Production - The industrial added value above designated size increased by 7.1% year-on-year from January to November, with a 0.2 percentage point increase compared to the previous period [2] - The manufacturing sector showed significant contributions, with a 10.4% increase in added value, driving a 6.4 percentage point growth in industrial added value [2] - Key industries performed well, with 18 out of 35 industrial categories experiencing growth, resulting in a growth rate of 51.4% [2] - Notable growth in specific sectors includes non-ferrous metal smelting and rolling processing at 23.5%, and chemical raw materials and products manufacturing at 8.8% [2] - Major product outputs saw rapid increases, including lithium iron phosphate (74.9%), lithium-ion batteries (46.0%), and carbonates (22.1%) [2] Investment Trends - Fixed asset investment (excluding rural households) decreased by 9.6% year-on-year, but the decline rate narrowed by 2.1 percentage points compared to the previous period [3] - High-tech service industry investment grew by 20.2%, with a notable increase in information transmission and IT services at 52.4% [3] - Industrial technological transformation project investments surged by 23.7%, reflecting a 10.0 percentage point increase from the previous period [3] - Infrastructure investment, accounting for 33.8% of total fixed asset investment, grew by 19.4%, maintaining the same growth rate as the previous period [3] Consumer Market - The total retail sales of social consumer goods reached 948.9 billion yuan, with a year-on-year growth of 2.4% [4] - Among 19 categories of goods, 12 categories experienced retail sales growth, including hardware and electrical materials (44.3%) and household appliances (21.8%) [4] - Other categories with notable growth include beverages (21.0%), books and magazines (14.4%), and construction materials (10.3%) [4]

从盘面上看，商业航天概念股反复活跃，军工股午后局部发力，医药商业题材表现强势。光伏、锂电 池、算力硬件、AI手机、稳定币题材调整。 至收盘，上证综指涨0.16%，报3876.37点；科创50指数跌1.46%，报1305.97点；深证成指跌1.29%，报 13053.97点；创业板指跌2.17%，报3107.06点。 Wind统计显示，两市及北交所共2843只股票上涨，2413只股票下跌，平盘有199只股票。 沪深两市成交总额16555亿元，较前一交易日的18111亿元减少1556亿元。其中，沪市成交7049亿元，比 上一交易日7668亿元减少619亿元，深市成交9506亿元。 据大智慧VIP，两市及北交所共有80只股票涨幅在9%以上，10只股票跌幅在9%以上。 煤炭股午后大幅拉升，银行股一路走高 在板块方面，煤炭股午后大幅拉升，安泰集团（600408）、云维股份（600725）、陕西煤业 （601225）、兖矿能源（600188）、江钨装备（600397）等涨超3%。消息面上，12月17日国家发改委 等六部门联合印发《煤炭清洁高效利用重点领域标杆水平和基准水平（2025年版）》。据金瑞期货分 析，与2022年 ...

12月18日，莱克电气跌5.07%，截至发稿，报29.39元/股，成交1.49亿元，换手率0.87%，总市值168.52 亿元。 资料显示，莱克电气股份有限公司位于江苏省苏州市新区向阳路2号，成立日期2001年12月26日，上市 日期2015年5月13日，公司主营业务涉及吸尘器、空气净化器、净水机、厨房电器等高端健康生活小家 电产品和园林工具产品。主营业务收入构成为：清洁健康家电与园艺工具58.15%，电机、新能源汽车 精密零部件及其他零部件产品39.91%，其他1.94%。 从基金十大重仓股角度 截至发稿，陆志明累计任职时间14年203天，现任基金资产总规模240.63亿元，任职期间最佳基金回报 119.61%， 任职期间最差基金回报-63.28%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，广发基金旗下1只基金重仓莱克电气。广发中证全指家用电器ETF联接A（005063）三季度持 有股数700股，位居第六大重仓股。根据测算，今日浮亏 ...

Core Viewpoint - The article introduces the "Xingye Juhua Mixed A" fund, managed by seasoned fixed-income investor Ding Jin, which employs a "fixed income plus" strategy to pursue stable returns while controlling volatility [3][27]. Fund Overview - Xingye Juhua Mixed A was established in March 2020 and has been managed by Ding Jin since inception, achieving an annualized return of 9.6% [4]. - The fund's current combined scale exceeds 1.9 billion [3]. - Year-to-date performance shows a return of +15.77%, with a +69.43% return since inception, outperforming the CSI 300 index which returned +23.11% [5]. Performance Analysis - Under Ding Jin's management, the fund has consistently outperformed its benchmark and peers in most complete years, with a maximum drawdown of less than 10% [8][9]. - The fund's performance in recent years includes a return of 16.32% in 2025 and 13.42% in 2024, while it faced a slight decline of -4.07% in 2022 [9]. Investment Strategy - As a mixed-asset fund, Xingye Juhua maintains a stock investment ratio between 0%-40%, with fixed income assets serving as the foundation [16]. - The fund has maintained an equity position around 36%, enhancing its flexibility [17]. - The investment strategy balances value and growth, focusing on sectors like pharmaceuticals, telecommunications, and electronics [19]. Holdings and Concentration - The top ten holdings account for over 75% of the fund's equity market value, indicating a concentrated portfolio [21]. - Major holdings include Midea Group, Luxshare Precision, and Mindray Medical, with significant weightings in each [21]. Bond Allocation - The bond allocation primarily consists of convertible bonds and financial bonds, focusing on high-rated bank bonds for safety and limited downside risk [22]. - The fund has been reducing its convertible bond position in response to a strengthening market, maintaining a defensive allocation [25]. Institutional Interest - The fund has garnered significant institutional interest, with over 80% of the A-class shares held by institutional investors as of June 30, 2025 [27]. Target Audience - The fund is positioned as an attractive option for individual investors seeking higher returns than pure bond funds while maintaining lower volatility than equity funds [29].