作为资本市场的重要参与者，投资银行可以通过发挥直接融资"服务商"、资本市场"看门人"、社会财富"管理者"等功能， 提高资本市场发展质量、发展韧性，提振居民财产性收入增长预期，为我国经济转型和企业的"引进来""走出去"提供支撑保 障，同时，讲好中国股市叙事、展现中国市场机遇，吸引更多长线资金投资中国。而从当下来看，我国的资本市场发展至今， 市场规模已位居全球第二位，但证券公司整体资产规模、风控能力、国际化程度等与我国经济体量、资本市场规模还不相匹 配，这就要求行业机构加快做优做强，全面提高核心竞争力，力争成为"一流"。 建设一流投资银行，必须立足我国现阶段经济发展基础和资本市场结构，深刻认识中国特色金融发展之路的理论内涵和实 践要求，准确把握"一流"的内涵要义，这就需要证券公司至少做到：一是树立一流的使命，在推动经济社会高质量发展、满足 人民美好生活需要、维护经济金融稳定大局中发挥"排头兵"作用；二是提供一流的服务，构建高效完善、牌照齐全、结构均衡 的业务体系，能为客户提供多样化、专业性的金融产品和服务；三是建设一流的能力，能够及时优化调整战略策略，孵化并形 成较强的风险管理、投资交易、抵御周期波动等能力；四是 ...

Market Overview - On December 29, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3983 points, closing at 3965.28 points, up 0.04%[2][7] - The Shenzhen Component Index closed at 13537.10 points, down 0.49%, while the ChiNext Index fell by 0.66%[7][8] - Total trading volume for both markets was 21,578 billion yuan, slightly lower than the previous trading day[3][7] Sector Performance - Strong performers included banking, petrochemicals, wind power equipment, and software development sectors, while energy metals, pharmaceutical commerce, batteries, and electricity sectors lagged[3][7] - Over 60% of stocks in the two markets declined, with notable gains in sectors like petrochemicals and aerospace, while energy metals and pharmaceuticals saw significant losses[7][9] Valuation and Investment Strategy - The average P/E ratios for the Shanghai Composite and ChiNext are 16.28 times and 50.25 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3][16] - The recent Central Economic Work Conference emphasized a shift towards quality and sustainability in macro policies, focusing on technology and industrial strength[3][16] Economic Outlook - The domestic monetary policy is expected to remain "moderately loose," with the market anticipating that the Federal Reserve will continue its rate-cutting cycle into 2026, contributing to a more favorable global liquidity environment[3][16] - The recent strengthening of the RMB enhances the attractiveness of RMB-denominated assets, likely facilitating capital inflows[3][16] Short-term Recommendations - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments, with a focus on sectors such as electronic components, petrochemicals, finance, and wind power equipment for short-term investment opportunities[3][16]

Market Overview - On Friday, December 26, the A-share market experienced a slight upward fluctuation after encountering resistance, with the Shanghai Composite Index facing resistance near 3977 points [2][4] - The aerospace, photovoltaic equipment, battery, and non-ferrous metals sectors performed well, while the liquor, medical devices, power equipment, and semiconductor sectors showed weaker performance [2][4] - The ChiNext Index mirrored the main board's performance, showing a similar upward trend throughout the day [4] Future Market Outlook and Investment Recommendations - The average price-to-earnings ratios for the Shanghai Composite Index and ChiNext Index are 16.27 times and 50.30 times, respectively, which are above the median levels of the past three years, indicating suitability for medium to long-term investment [2][6] - Total trading volume on Friday reached 21,813 billion yuan, above the median of the past three years [6] - The recent Central Economic Work Conference maintained a positive macro policy tone, shifting focus from total expansion to a balance of quality and sustainability [6] - Key future industries highlighted include artificial intelligence, commercial aerospace, quantum technology, and 6G, which are expected to be clear directions for medium to long-term investment [6] - It is anticipated that the Shanghai Composite Index will consolidate around the 4000-point mark due to various factors, including funding disturbances and policy expectations [2][6] - Short-term investment opportunities are recommended in the aerospace, photovoltaic equipment, non-ferrous metals, and battery sectors [2][6]

Core Viewpoint - Zhongyuan Securities, as the only legal securities company in Henan and a provincial financial enterprise listed both domestically and internationally, aims to enhance its role in supporting the local economy and capital market integration, focusing on high-quality development and regional characteristics [1][2]. Group 1: Strategic Development Direction - Zhongyuan Securities has invested over 400 million in 35 local enterprises, facilitating direct financing of over 80 billion through IPOs, refinancing, and bond issuance [2]. - The company aims to align its services with the "7+28+N" modern industrial system of Henan, ensuring financial resources match industrial needs [2]. - Internal resource integration focuses on investment banking, equity investment, and asset management, providing tailored financial solutions for key enterprises [2]. Group 2: External Collaboration - The company deepens cooperation with local financial platforms and government funds, creating an industrial financial ecosystem that combines government guidance, market operations, and brokerage empowerment [3]. - It aims to attract quality projects and advanced technologies to Henan by linking external capital and industry resources [3]. Group 3: Comprehensive Service System - Zhongyuan Securities constructs a full-cycle service system in wealth management, focusing on wealth preservation and growth for residents, with over 360 million clients and managing over 280 billion in assets [4][5]. - The company enhances investor education and protection, contributing to the stability of the capital market and supporting wealth accumulation and consumption upgrades in Henan [4]. Group 4: Focus on Key Industries - The company supports the transformation of traditional industries like equipment manufacturing and food processing while promoting emerging sectors such as new materials and artificial intelligence [5]. Group 5: Financial Empowerment for High-Quality Development - Zhongyuan Securities aims to build a multi-dimensional financial service system tailored to Henan's regional characteristics and industrial needs, focusing on technology finance, green finance, inclusive finance, and pension finance [6][7][8]. - It plans to enhance digital capabilities and optimize service scenarios through technology, ensuring a robust foundation for development [8].

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 有色新能源领涨 A 股小幅上行 ——市场分析 分析师：张刚 相关报告 《市场分析：航天机器人领涨 A 股震荡上行》 2025-12-25 《市场分析：成长行业领涨 A 股震荡上行》 2025-12-24 《市场分析：电池贵金属领涨 A 股小幅上行》 2025-12-23 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 12 月 26 日 投资要点： ◼ A 股市场综述 周五（12 月 26 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低 后震荡上行，盘中沪指在 3977 点附近遭遇阻力，午后股指维持震 荡，盘中航天航空、光伏设备、电池以及有色金属等行业表现较 好；酿酒、医疗器械、电源设备以及半导体等行业表现较弱，沪指 全天基本呈现小幅震荡上行的运行特征。创业板市场周五震荡上 扬，创业板成分指数全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 ...

分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 券商板块 2025 年 11 月回顾及 12 月前瞻 ——券商板块月报 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -19% -13% -8% -3% 3% 8% 14% 19% 2024.12 2025.04 2025.08 2025.12 证券Ⅱ 沪深300 相关报告 联系人：李智 风险提示：1.权益及固收市场环境转弱导致上市券商业绩出现下滑；2. 股价短期波动风险；3.资本市场改革的政策效果不及预期 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共12页 证券Ⅱ 发布日期：2025 年 12 月 26 日 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 券商板块 2025 年 11 月行情回顾：11 月券商指数破位下跌，全月 跌幅明显扩大。中信二级行业指数证券Ⅱ全月下跌 ...

Core Insights - The domestic animation film industry in China has evolved from a niche market to a significant contributor to the overall film market, driven by diverse content targeting various age groups and innovative adaptations of traditional Chinese myths and literature [1][3] - AI technology is increasingly integrated into the entire animation film production process, enhancing efficiency, reducing costs, and fostering creativity, which accelerates production and improves quality [1] - By 2025, animation films are projected to account for nearly 50% of total box office revenue in China, with total box office exceeding 25 billion yuan [1] Box Office Performance - Major animated films such as "Nezha 2" and "Zootopia 2" are key drivers of box office growth in 2025, with "Nezha 2" grossing 15.446 billion yuan and ranking first in domestic box office [2] - From 2016 to 2025, the total box office of animated films reached 78.2 billion yuan, representing over 16.5% of the total box office during this period, highlighting the increasing importance of animated films in the overall market [2] Quality and Influence of Domestic Animation - The influence of domestic animated films has significantly increased, with their box office share rising to 67.59% from 2019 to 2025, compared to 32.28% from 2013 to 2019 [3] - In 2025, driven by "Nezha 2," the box office share of domestic animated films exceeded 77%, indicating a strong upward trend [3] - The quality of domestic animated films has also improved, with high ratings on platforms like Douban, where "Nezha: The Devil's Child" scored 8.4, "The King's Avatar: For the Glory" scored 8.7, and "Zootopia 2" scored 8.5, ranking among the top Chinese films of 2025 [3]

Core Insights - The report highlights the strong performance of the A-share market, with a focus on sectors such as aerospace, robotics, and general equipment, indicating potential investment opportunities in these areas [5][7][8][9][10]. - The animation film industry is experiencing significant growth, with domestic animated films accounting for nearly 50% of total box office revenue in 2025, showcasing a shift from a niche category to a major player in the film market [13][14][15]. - The automotive industry is maintaining good growth, particularly in the electric vehicle sector, with a notable increase in production and sales, indicating a robust market outlook [17][18][21]. - The semiconductor industry continues to show strong demand, driven by AI and cloud computing, with significant growth in global semiconductor sales and a positive outlook for the sector [32][33]. Domestic Market Performance - The Shanghai Composite Index closed at 3,959.62, with a slight increase of 0.47%, while the Shenzhen Component Index rose by 0.33% to 13,531.41 [3]. - The average price-to-earnings ratio for the Shanghai Composite and ChiNext indices is at 16.19 and 49.94, respectively, indicating a favorable long-term investment environment [7][8][9]. Industry Analysis Animation Film Industry - In 2025, animated films accounted for over 250 billion yuan in box office revenue, representing nearly 50% of the total market share, with top films like "Nezha 2" and "Zootopia 2" leading the charge [13][14]. - The influence of domestic animated films is on the rise, with a significant increase in box office share from 32.28% (2013-2019) to 67.59% (2019-2025) [15]. Automotive Industry - In November, the automotive sector saw production and sales reach 3.53 million and 3.43 million vehicles, respectively, marking a month-on-month increase of 5.15% and 3.22% [17]. - The penetration rate of new energy vehicles reached 53.16%, with production and sales of 1.88 million and 1.82 million units, reflecting a year-on-year growth of 20.03% and 20.59% [18][21]. Semiconductor Industry - The semiconductor industry is experiencing a robust growth cycle, with global sales increasing by 27.2% year-on-year in October 2025, driven by strong demand for AI computing hardware [32][33]. - The introduction of new models like Google's Gemini 3 is expected to reshape the competitive landscape in the AI sector, highlighting the importance of semiconductor technology in future developments [33]. Investment Recommendations - The report suggests focusing on sectors such as aerospace, robotics, and electric vehicles for short-term investment opportunities, while also highlighting the animation film industry as a growing area of interest [5][7][18]. - In the semiconductor sector, companies involved in AI and cloud computing technologies are recommended for investment due to their strong growth potential [32][33].

Core Insights - The report highlights a positive outlook for various sectors, particularly in technology and energy, with a focus on the growth of AI applications and the automotive industry [6][8][19]. Domestic Market Performance - The Shanghai Composite Index closed at 3,940.95, with a slight increase of 0.53%, while the Shenzhen Component Index rose by 0.88% to 13,486.42 [4]. - The average price-to-earnings ratios for the Shanghai Composite and ChiNext are 16.11 and 49.41, respectively, indicating a favorable environment for medium to long-term investments [10][11]. International Market Performance - Major international indices showed mixed results, with the Dow Jones down by 0.67% and the S&P 500 down by 0.45%, while the Nikkei 225 increased by 0.62% [5]. Industry Analysis - The automotive industry is experiencing robust growth, with November production and sales reaching 3.53 million and 3.43 million vehicles, respectively, marking a year-on-year increase of 2.76% and 3.40% [15][16]. - The penetration rate of new energy vehicles reached 53.16% in November, reflecting a significant increase in market adoption [17]. - The lithium battery sector saw a 3.22% increase in its index, outperforming the broader market, with a notable rise in new energy vehicle sales [19]. Macro Strategy - The report emphasizes a shift in macroeconomic policy focus from quantity expansion to quality and sustainability, with a strong emphasis on technology and industry [10][11]. - Key sectors for investment include AI, commercial aerospace, quantum technology, and 6G, which are expected to drive future growth [10][11]. Investment Recommendations - The report suggests maintaining a "stronger than market" rating for the automotive sector, particularly for companies with innovative driving technologies and those positioned for brand growth [17]. - In the semiconductor industry, the report indicates a continued upward cycle, driven by AI demand and significant capital expenditures from major cloud providers [29][30]. Sector-Specific Insights - The food and beverage sector showed signs of recovery, particularly in prepared foods and baked goods, although overall performance remains below market benchmarks [26][27]. - The chemical industry is expected to benefit from regulatory measures aimed at improving profitability and reducing price wars, with a focus on sectors like polyester and organic silicon [20][21].

Key Insights - The report emphasizes the importance of focusing on core responsibilities and enhancing competitiveness within state-owned enterprises as highlighted by President Xi Jinping [5][8] - The macroeconomic strategy indicates a shift towards quality and sustainability, with a focus on technology and industry [9][11] - The automotive industry shows strong growth, with significant increases in production and sales, particularly in the electric vehicle sector [14][16] - The semiconductor industry remains in an upward cycle, driven by AI demand and increasing capital expenditures from major tech firms [28][29] - The food and beverage sector is experiencing a rebound, particularly in prepared foods and alcoholic beverages, although overall performance remains weak [25][26] Domestic Market Performance - The A-share market has shown slight upward movement, with the Shanghai Composite Index closing at 3,919.98, reflecting a 0.07% increase [3] - The average P/E ratios for the Shanghai Composite and ChiNext are at 16.09 and 49.27 respectively, indicating a suitable environment for medium to long-term investments [9][12] Industry Analysis - The automotive sector is witnessing a significant increase in production and sales, with November figures showing a production of 3.53 million vehicles and sales of 3.43 million vehicles, marking a month-on-month increase [14][15] - The penetration rate of new energy vehicles reached 53.16% in November, with production and sales of 1.88 million and 1.82 million units respectively, reflecting a year-on-year growth of over 20% [16] - The semiconductor industry is projected to grow, with global sales expected to increase by 11.2% in 2025, driven by strong demand for AI infrastructure [28][29] Investment Recommendations - The report suggests maintaining a "stronger than market" rating for the automotive sector, particularly for companies with innovative driving technologies and those in the brand ascension cycle [17] - In the semiconductor sector, investment opportunities are highlighted in companies involved in AI chip production and those with integrated supply chain advantages [29][33] - The food and beverage sector is recommended for investment in prepared foods, soft drinks, and health products, as these areas show potential for growth despite overall market challenges [25][26]