Macro Strategy - The report suggests that despite expectations of a slowdown in marginal fiscal funding for 2026, fiscal spending may still exceed expectations due to two main factors: a rebound in prices leading to increased fiscal revenue and a significant amount of fiscal "surplus" carried over from 2025. Specifically, a 1.8 percentage point increase in PPI could generate approximately 260 billion yuan in additional tax revenue, equivalent to a 0.2 percentage point increase in the deficit ratio. Additionally, the fiscal surplus may exceed 500 billion yuan, potentially enhancing the growth rate of general public budget expenditure by about 2.6 percentage points [1][19]. Industry Insights Electronic Industry - The report highlights that the domestic computing power industry is expected to experience significant growth, particularly in 2026, with domestic computing chip leaders likely entering a performance realization phase. The demand for domestic GPUs is anticipated to benefit from capacity releases due to advanced process expansions. The competition among domestic computing chip participants for market share is expected to drive the importance of AI ASIC service providers within the supply chain. Key recommendations include companies like Cambricon and Shengke Communication [9]. 3D DRAM - The report indicates that 2026 will be a pivotal year for 3D DRAM, driven by the rapid increase in storage demand from AI hardware deployment. The technology is expected to support various applications, including robotics, AIoT, and automotive sectors. The report recommends companies such as GigaDevice and Beijing Junzheng as key players in this space [10]. Insurance Industry - The insurance sector is projected to see improvements in both liabilities and assets, with significant upward valuation potential. The demand for insurance remains strong, and the shift towards dividend insurance is expected to optimize liability costs. The report notes that the current valuation of the insurance sector is at historical lows, suggesting a "buy" rating for the industry [12]. Environmental Industry - The report emphasizes the value of the waste incineration sector, driven by declining capital expenditures and improving operating cash flows. The acceleration of national subsidies is expected to enhance cash flow, with projections indicating that the sector's dividend potential could increase significantly as capital expenditures normalize [16]. Computer Industry - The report discusses the intersection of state-owned enterprise reform and local revenue enhancement, predicting that 2026 will see intensified management of local state-owned enterprises, leading to accelerated capital operations [13][14]. Space Computing - The report identifies the space computing industry as a rapidly evolving field, crucial for addressing global computing resource bottlenecks. It highlights the strategic importance of this sector and recommends focusing on companies with technological advantages in key areas [15]. Green Bonds - The report tracks the issuance of green bonds, noting an increase in issuance and a decrease in trading volume in the secondary market. This reflects the growing interest in sustainable finance and the potential for investment opportunities in this area [4][8]. Capital Market Trends - The report outlines trends in the capital markets, including the performance of various commodities and the impact of macroeconomic factors on pricing. It notes that the copper market is experiencing upward pressure due to supply constraints and demand fluctuations, while aluminum prices are also on the rise due to production capacity increases [11]. AI and Technology - The report forecasts that 2026 will mark the beginning of a new era for AI terminals, with major tech companies expected to launch innovative products. The integration of AI into consumer electronics is anticipated to create new market opportunities [9][18].

Group 1: Computer Research - The report highlights that the company, Electric Science Digital, has established industry-leading capabilities in the digital product business segment, covering intelligent computing hardware and software, and is positioned at the forefront of the digitalization field and new digital infrastructure [2][4] - The core subsidiary, Baifei Electronics, is a leader in domestic embedded computing, benefiting from the rising demand in the special electronic equipment sector, with a rapid increase in orders [4][5] - The future growth potential is significant, driven by AI and the "Xinchuang" initiative, with new orders related to AI exceeding one hundred [4][5] Group 2: Non-Metallic Building Materials Research - The waterproofing industry is noted as the most thoroughly cleared sub-sector within consumer building materials, with leading companies expected to continue implementing price recovery strategies in 2026, indicating a potential recovery in industry profitability [6][8] - The report estimates that the market share of the top four companies in the waterproofing sector will approach 50% by 2024, suggesting a significant increase in industry concentration [8][9] - The report anticipates that the trend of price recovery will become more evident in 2026, supported by low asphalt prices at the beginning of the year [9][10] Group 3: Transportation Research - The report forecasts that the Chinese civil aviation sector will continue to recover in supply and demand in 2025, with expectations of the industry turning profitable [11][29] - Passenger traffic is projected to grow by 5-6% in 2025, with domestic routes increasing by 4% and international routes by over 20% [11][29] - The report indicates that the industry is entering a low growth phase in supply, with a projected 3.7% increase in the fleet size of seven A-share airlines by November 2025 [11][29]

Core Viewpoint - China Electric Power Xinlong (002298.SZ) is currently not involved in the construction of aerospace computing big data center projects [1] Group 1 - The company has clarified its position regarding participation in aerospace computing projects [1]

Macro Research - Commodity performance shows copper and gold are strong, while developed markets outperform emerging markets [1][2] - The US job market remains weak but stable, with inflation growth below expectations, leading the Federal Reserve to potentially pause interest rate cuts [1][3] - The Bank of Japan raised rates by 25 basis points as expected, with future gradual increases anticipated [1][4] - The European Central Bank's rate cut cycle may be nearing its end [1][4] Food and Beverage Research - Dongpeng Beverage is enhancing management efficiency, allowing the company to save significant profits to return to channels and consumers, aligning with the trend of consumers valuing high cost-performance in the beverage industry [1][5] - The company is expected to exceed market expectations in product category expansion, particularly in energy drinks, sports drinks, and coffee [5][6] Nuclear Power Equipment Research - The controllable nuclear fusion sector is seeing significant acceleration in bidding, with major contracts awarded for components like magnets and power supplies [1][8] - Trump Media Technology announced a merger with TAE Technologies, aiming to build large fusion power plants to meet energy demands driven by AI [9][10] - The US Department of Energy is investing $87 million to accelerate AI applications in fusion energy research [9][10]

证券日报网讯12月18日，神州数码（000034）在互动平台回答投资者提问时表示，应收账款规模与经营 规模及连续性等紧密相关，公司经营规模较大、业务连续性好，会形成一定的应收账款，属于正常现 象。目前公司应收账款占营业收入比例处于合理水平，周转较快，回收情况良好。 ...

证券日报网讯 12月18日晚间，依米康发布公告称，公司于2025年12月18日召开第六届董事会第四次会 议，审议通过了《关于2024年员工持股计划预留份额分配的议案》，同意公司对2024年员工持股计划预 留份额进行分配。 （文章来源：证券日报） ...

Core Viewpoint - The construction of Hainan Free Trade Port has transitioned from initial stages to a significant development phase, with the full island closure operation set for December 18, 2025, marking a historic milestone for the region's economic growth and capital market development [1][9]. Financing and Market Growth - Over the past five years, Hainan has achieved direct financing of 78.821 billion yuan, with equity financing at 26.299 billion yuan and bond financing at 52.522 billion yuan, significantly supporting enterprise transformation and internationalization [2]. - The total market capitalization of listed companies in Hainan reached 462.111 billion yuan, an 85% increase compared to the end of the 13th Five-Year Plan, with the number of companies valued over 10 billion yuan rising to 14 [2]. Capital Market Development - Hainan's capital market has seen a continuous improvement in its multi-layered system, with service efficiency on the rise, including the establishment of service bases by major stock exchanges and the creation of specialized boards for technology-oriented SMEs [2][6]. - A total of 106 mergers and acquisitions were completed, involving 80.5 billion yuan, enhancing core competitiveness through resource integration [2]. Industry Optimization and Innovation - More than 70% of listed companies are engaged in key sectors such as technological innovation and green development, contributing to a 30% increase in operating income to 811.517 billion yuan from 2021 to the third quarter of 2025 [3]. - The introduction of innovative financial products, including the first green rural revitalization bonds, has effectively met the needs of the real economy [6]. Shareholder Returns and Investor Engagement - Listed companies have increased their focus on shareholder returns, with total dividends reaching 5.789 billion yuan, an 86% increase from the previous five-year period, alongside share buybacks and stakeholder purchases [4]. - Investor protection mechanisms have been strengthened, with over 5,000 educational activities conducted, reaching more than 10 million investors [5]. Regulatory Environment and Risk Management - The Hainan Securities Regulatory Bureau has implemented strict regulatory measures, resulting in 137 regulatory actions and nearly 150 million yuan in penalties since 2021, aimed at maintaining market integrity [8]. - Risk monitoring and assessment mechanisms have been enhanced, with proactive measures taken to address potential risks in key sectors [8]. Future Outlook - With the full closure operation of the Hainan Free Trade Port, the capital market is expected to focus on high-standard development goals, enhancing the quality of listed companies and expanding cross-border asset management pilot businesses [9].

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - As of December 12, 2025, the convertible bond's 100 - yuan fitted premium rate has risen to 31.82%. With the valuation reaching historical highs and continuing to fluctuate, there are doubts about the applicability of past curve - fitting methods in the current high - price and high - valuation market. The algorithm for the fitted premium rate may need to be re - explored [1][10]. - The convexity of the fitted premium rate curve has increased. The right - shift of the parity indicates a structural difference in the convertible bond market. High - parity convertible bonds have relatively stable valuations, and as parity decreases, the valuation premium rises faster, causing the convexity of the curve to strengthen. The change in parity may lead to deviations in the calculated 100 - yuan premium rate [1][15]. - The distribution of the conversion premium rate is more extreme. The low - parity group has a steeper slope of premium rate increase, and the high - parity group's premium rate has nearly doubled compared to the end of 2024, while the medium - parity group shows relatively small fluctuations. This requires a change in the function form for curve fitting [2][17]. - When the parity is changing, the fitting interval should be widened, especially towards high - parity. The fitting function form may be adjusted to an exponential form, which can better reflect the premium rate distribution in the high - parity range and is suitable for some low - price and high - valuation samples. Considering the expected positive performance of the equity market in 2026, attention can be paid to such fitting method adjustments [2][3]. 3. Summary According to the Table of Contents 3.1 Fitted Premium Rate Curve Shape Changes, Pay Attention to Structural Differences - **Valuation and Parity Changes**: As of December 12, 2025, the convertible bond's 100 - yuan fitted premium rate has reached 31.82%, up 11.14 pct from the beginning of the year, at the 98.90% historical quantile since 2017. The high - parity proportion has increased, and the traditional curve - fitting method may not be applicable [10]. - **Convexity of the Fitted Curve**: Compared with the end of 2024, the parity has shifted to the right. High - parity convertible bonds have stable valuations, and as parity decreases, the valuation premium rises faster, strengthening the convexity of the curve. The change in parity may cause the model to deviate, resulting in inaccurate 100 - yuan premium rate calculations [15]. - **Extreme Distribution of Premium Rate**: The low - parity (70 - 90) group has a steeper premium rate increase slope, and the high - parity (110 - 130) group's premium rate has nearly doubled compared to the end of 2024. The medium - parity group has relatively small fluctuations. The traditional cubic inverse function is not suitable for the current market, so the function form needs to be changed [2][17]. - **Consider Extreme Parity Values**: The common 70 - 130 fitting interval is less applicable when the parity rises. An exponential function (Y = A×e^(-k(x - B))+C) can be considered for fitting, as it has advantages at both ends and can better reflect the market distribution [2][19]. 3.2 Market Review: Convertible Bonds Rose Slightly Weekly, Valuation Remained Basically Flat 3.2.1 Weekly Market Quotes: Convertible Bond Market Rose Slightly, Most Equity Sectors Pulled Back - **Index Performance**: Last week, most major stock indices rose. The Shanghai Composite Index fell 0.34%, the Shenzhen Component Index rose 0.84%, the ChiNext Index rose 2.74%, the SSE 50 Index fell 0.25%, the CSI 1000 Index rose 0.39%, and the CSI Convertible Bond Index rose 0.20% [26]. - **Industry and Concept Performance**: In the Shenwan primary industry index, most equity markets pulled back last week. Communication, national defense and military industry, electronics, machinery and equipment, and power equipment led the gains; household appliances, basic chemicals, textile and apparel, real estate, and steel led the losses. The convertible bond market had mixed performance, with building materials, national defense and military industry, communication, automobiles, and power equipment leading the gains, and food and beverage, media, basic chemicals, commercial retail, and coal leading the losses. Among popular concepts, some concepts rose and some fell [30][33]. 3.2.2 Valuation Performance: Premium Rates of Convertible Bonds of Most Ratings and Sizes Rose - **Closing Price and Premium Rate**: The weighted average closing price of convertible bonds was 132.26, down 0.01% from the previous Friday. The closing price of equity - biased convertible bonds was 194.10 yuan, up 2.02% from last Friday; the closing price of bond - biased convertible bonds was 119.15 yuan, down 0.34% from last Friday; the closing price of balanced convertible bonds was 128.77 yuan, down 0.10% from last Friday. The proportion of the 120 - 130 (including 130) interval in the closing price distribution increased significantly. The price median was 130.59 yuan, down 0.21% from the previous Friday. The 100 - yuan parity fitted conversion premium rate of the convertible bond market was 31.82%, down 0.01 pct from last Friday. In terms of ratings and sizes, the premium rates of most convertible bonds rose [35]. 3.3 Terms and Supply: 2 Convertible Bonds Announced Forced Redemption, Total Pending Issuance Scale About 125 Billion 3.3.1 Terms: Last Week, 2 Convertible Bonds Announced Forced Redemption, 3 Convertible Bonds' Boards Proposed Downward Revisions - **Forced Redemption**: As of December 12, Yingbo and Hugong convertible bonds announced early redemption; Bojun convertible bond announced no early redemption; Xiangfeng, Kaisheng, Jinzhong, Furong, and Bo 23 convertible bonds announced that they were expected to meet the forced redemption conditions [4][55]. - **Downward Revision**: Last week, Bengang, Jinlang Zhuan 02, and Hongchuan convertible bonds issued announcements of the board's proposal for a downward revision of the conversion price. No convertible bonds announced the results of the downward revision. 15 convertible bonds announced no downward revision, and 11 convertible bonds announced that they were expected to trigger a downward revision [4][55]. 3.3.2 Primary Market: Last Week, Tianzhun, Shenyu, and Aohong Convertible Bonds Were Issued, Total Pending Issuance Scale About 125 Billion - **Issuance and Listing**: Last week, Tianzhun, Shenyu, and Aohong convertible bonds were issued, with a total scale of 19.52 billion yuan. Maolai and Ruike convertible bonds were listed, with a scale of 15.63 billion yuan. Dingjie convertible bond was listed on December 15, with a scale of 8.28 billion yuan [5][58]. - **Pending Issuance**: Last week, there were no new board proposals. Three companies passed the shareholders' meeting, two passed the issuance review committee's approval, and one was newly approved by the CSRC, an increase of +0, +3, +0, +1 respectively compared to the same period last year. As of December 12, four listed companies obtained convertible bond issuance approvals, with a proposed issuance scale of 41.67 billion yuan. Eight listed companies passed the issuance review committee, with a total scale of 83.14 billion yuan [60][65].

Group 1: Macro Insights - The report highlights a significant decline in real estate sales, with both new and second-hand home sales dropping over 30% year-on-year, indicating a weak market [4][5] - Commodity prices are experiencing mixed trends, with copper prices rising strongly, while coal prices have seen a decline [4] - The automotive sector is also facing challenges, with passenger car sales in the first week of December down 32.3% year-on-year, attributed to tightened vehicle replacement subsidy policies [4] Group 2: Financial Market Performance - The A-share market is expected to transition from valuation-driven growth to earnings-driven growth in 2026, with a suggested neutral position of 80% in investment portfolios [6] - The report indicates that the overall market sentiment remains weak, with the Shanghai Composite Index experiencing a slight decline of 0.34% over the week [9] - Various sectors are showing different performance trends, with defense and military industries seeing gains, while coal and steel sectors are confirming declines [9] Group 3: Real Estate Investment Trusts (REITs) - The C-REITs market is showing mixed performance, with a total market capitalization of approximately 216.81 billion yuan, and 34 REITs increasing in value while 41 decreased [33] - The report emphasizes the potential for investment opportunities in the REITs market under a low-interest-rate environment, particularly focusing on resilient assets and quality projects [33] Group 4: Coal Industry Insights - The report notes a significant increase in U.S. natural gas prices, which is expected to drive a resurgence in coal power consumption, with coal electricity generation projected to increase by 21% year-on-year in the first quarter [35][36] - Investment recommendations include companies like China Coal Energy and Yanzhou Coal Mining, which are expected to benefit from the rising coal demand [36] Group 5: Banking Sector Analysis - Shanghai Bank reported a steady performance with a total operating income of 41.14 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 4.0% [40] - The bank's non-performing loan ratio remained stable at 1.18%, indicating solid asset quality [41] - The report highlights the bank's focus on supporting the real economy and meeting consumer needs through targeted lending strategies [42]

Core Viewpoint - The core mission of the securities industry is to serve new quality productivity, which is also the strategic focus of the company. The company aims to enhance its service capabilities in key industries and deepen regional engagement to provide more precise financial services for the development of innovative enterprises [2][9]. Group 1: Strategic Focus and Achievements - The company has established a comprehensive service system for technology innovation, focusing on advanced manufacturing, information technology, life sciences, and new energy as key service areas [5][37]. - In 2024, nearly 70% of the company's investment banking projects were completed in the TMT sector, and it has reserved nearly 50 equity projects related to new quality productivity [6][37]. - The company has successfully facilitated 13 projects related to new quality productivity in the first half of 2025, with a year-on-year increase of 85%, and the total investment amount reached 550 million yuan, up 134% year-on-year [6][37]. Group 2: Regional Engagement and Resource Allocation - The company has a strong regional advantage as a local securities firm in Fujian, focusing on understanding regional characteristics and integrating into local industries [6][37]. - The "Golden Seed" program was launched to nurture small and medium-sized technology enterprises, providing comprehensive services from early investment to IPO planning and market management [6][37]. - The company has established a professional team rooted in Fujian, covering the entire province with a service network, and has partnered with local governments to create specialized funds for early-stage enterprises [7][51]. Group 3: Collaborative Ecosystem and Innovation - The company emphasizes the importance of collaboration among government, industry, academia, research, application, and finance to foster innovation [8][39]. - It has built an open and collaborative innovation ecosystem, working with government to establish industry funds and hosting capital matching events to support emerging industry clusters [8][39]. - The company aims to create a virtuous cycle of "technology-industry-finance" by leveraging its professional capabilities and collaborative ecosystem to support regional economic development [8][60]. Group 4: Case Studies and Impact - The company has played a crucial role in the success of local enterprises such as Fuguang Co., which received comprehensive support from early investment to IPO, significantly increasing its market valuation [7][54]. - Xiatun New Energy, another key client, has expanded its production capacity and achieved significant revenue growth after successfully listing on the STAR Market, raising over 5 billion yuan through IPO and refinancing [7][55]. - The company has facilitated the entry of 562 quality SMEs into the capital market, including 23 national-level specialized "little giant" enterprises, contributing to the formation of a strong "listing reserve army" [8][61].