[Table_Reportdate] 2025年12月09日 [证券分析师： Table_Authors] 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 会 纪 要 [table_summary] ➢ 1.积极政策基调有望延续，内需战略定位进一步提升——2025年12月政治局会议学习 ➢ 2.出口韧性延续——国内观察：2025年11月进出口数据 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20251209 重点推荐 财经要闻 ➢ 1.征求对经济工作的意见和建议，中共中央召开党外人士座谈会，习近平主持并发表重要 讲话 | 1. 重点推荐 | 3 | | --- | --- | | 1.1. 积极政策基调有望延续，内需战略定位进一步提升——2025 年 月政治局 12 | | | 会议学习 | 3 | | 年 1.2. 出口韧性延续——国内观察：2025 11 月进出口数据 | 4 | ...

Core Insights - The report emphasizes that the core advantage of Chinese manufacturing going overseas is shifting from cost and capacity to technology with added value, allowing companies to expand into international markets while avoiding reliance on price competition [4][14] - It highlights the importance of a "win-win" mindset for Chinese companies entering foreign markets, suggesting that stable overseas operations can enhance market recognition of their international business [4][17] Industry Performance - The report notes that the oil service engineering sector has shown significant growth, with a 48.07% increase over the past six months and a 22.08% increase over the past month [2] - Conversely, the precious metals sector has experienced a decline of 3.35% yesterday and 15.31% over the past month [3] Market Selection Framework - The report proposes a "wind vane" system for Chinese companies to select overseas markets, focusing on differentiated screening based on industry characteristics [4][14] - It suggests that for low-end manufacturing, the emphasis should be on labor costs and logistics efficiency, while high-end manufacturing should prioritize technology reserves and industry chain stickiness [14] Long-term Value and Risk Assessment - The report stresses the need for long-term strategic alignment and collaboration, using examples like Vietnam and Indonesia to illustrate how countries can maintain attractiveness despite changing conditions [14][17] - A six-dimensional risk assessment framework is recommended, focusing on cultural, political, and economic factors to evaluate long-term policy tendencies and potential risks [14][17] Impact on Listed Companies - The report indicates that successful overseas expansion, characterized by a "win-win" approach, can act as a catalyst for stock price performance, enhancing market confidence in the company's international operations [4][17]

Core Insights - The report emphasizes that the core advantage of Chinese manufacturing going overseas is shifting from cost and capacity to technology with added value, allowing companies to expand into international markets while avoiding reliance on price competition [4][14]. - The report highlights the importance of a "win-win" mindset for Chinese companies entering foreign markets, suggesting that stable overseas operations can enhance market recognition of their international business [14][17]. Market Performance Summary - The Shanghai Composite Index closed at 3914 points, with a slight decrease of 0.07% over one day, but an increase of 2.22% over five days and 0.04% over one month [1]. - The Shenzhen Composite Index closed at 2453 points, showing a decrease of 0.43% over one day, a decline of 1.36% over five days, and a decrease of 1.03% over one month [1]. - Large-cap indices experienced a decline of 0.28% yesterday but increased by 1.48% over the past month and 21.92% over the past six months [1]. Industry Performance Summary - The oil service engineering sector showed a strong performance with a daily increase of 3.55%, a monthly increase of 11.5%, and a six-month increase of 22.08% [2]. - Wind power equipment II also performed well, with a daily increase of 2.76%, a monthly increase of 6.94%, and a six-month increase of 48.07% [2]. - Conversely, the precious metals sector saw a decline of 3.35% yesterday, with a monthly increase of 1.87% and a six-month increase of 15.31% [3].