中经记者 罗辑 北京报道 中央经济工作会议12月10日至11日在北京举行。会议全面总结了2025年经济工作，深入分析当前经济形 势，系统部署2026年经济工作。 在政策取向上，会议提出"要坚持稳中求进、提质增效"，明确延续"更加积极的财政政策"和"适度宽松 的货币政策"。会议还确定了明年经济工作抓好的八项重点任务。其中，"坚持内需主导，建设强大国内 市场"居于首位。 多家券商机构指出，会议释放了积极的政策信号，为推动宏观经济回升向好，推动经济实现质的有效提 升和量的合理增长。机构预计，上市公司基本面有望回升，为市场持续上行提供有力支撑。 宏观政策延续积极 中信证券研究认为，从总量政策看，会议要求继续实施更加积极的财政政策和适度宽松的货币政策，并 指出"发挥存量政策和增量政策集成效应"，政策或更注重政策协调与落地效果。财政政策方面，会议保 持了"实施更加积极的财政政策"的定调，较去年相比，表述上减少了"提高赤字率"但增加"保持必要的 财政赤字、债务总规模和支出总量"。 "我们预计明年财政预算赤字率或与去年持平，特别国债、地方新增专项债规模或会小幅提高。"中信证 券分析表示。 货币政策方面，中信证券强调，会议明确 ...

Core Viewpoint - The article discusses the volatility of micro-cap stocks in the A-share market, particularly during the end of the year and early January, highlighting significant declines and the potential impact of market rumors [1][3]. Group 1: Market Performance - Micro-cap stocks experienced a sharp decline, with the micro-cap index dropping over 1.4% in the afternoon session, contributing to a monthly decline exceeding 6% [1]. - Historical data shows that micro-cap stocks tend to exhibit large fluctuations at the end of the year, with a nearly 8% drop in December last year and over a 21% plunge in January [3]. Group 2: Investment Strategy - Analysts suggest that the current market conditions may warrant a shift in investment strategy, indicating that as long as small-cap stocks do not experience significant pullbacks, there may still be opportunities in thematic mid-to-large cap stocks [4]. - According to Fangzheng Securities, the logic behind the rotation between large and small-cap stocks is not strongly driven by overall profitability differences, and liquidity conditions are not the decisive factor for style switching [5]. Group 3: Micro-Cap Stock Characteristics - The micro-cap index has significantly outperformed the market in recent years, attributed to its "contrarian stock selection" characteristics, although it is currently at historical highs with relative valuations still below historical extremes [5]. - Investment risks in micro-cap stocks primarily include credit risk and liquidity risk [5].

Core Viewpoint - Fangzheng Securities initiates coverage on Global New Materials International (06616) with a "Buy" rating, projecting revenue of 910 million yuan in the first half of 2025, driven by a 34.5% increase in pearlescent pigment sales to 15,000 tons, following the acquisition of Merck's global surface solutions business in July 2025, which enhances the company's global R&D, production, and sales network [1][3] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 910 million yuan, a year-on-year increase of 17.7%, while net profit attributable to shareholders decreased by 41.9% to 62.2 million yuan [2] - Pearlescent pigment products dominate the company's revenue, contributing 850 million yuan, a 21.4% increase year-on-year, accounting for 93% of total revenue [2] - The sales volume of pearlescent pigments reached 15,000 tons, up 34.5% year-on-year, while mica functional fillers generated revenue of 49.04 million yuan, a 19.9% increase, accounting for 5% of total revenue [2] Group 2: Strategic Developments - The acquisition of Merck's global surface solutions business for 665 million euros (approximately 5.187 billion yuan) was announced in July 2024 and completed by the end of July 2025, facilitating international expansion and enhancing global brand influence [3] - The company now has a global R&D and production network covering five major regions: China, Germany, South Korea, Japan, and the United States, along with a sales network in over 150 countries and regions, strengthening its competitive position in the high-end pearlescent pigment market [3] Group 3: Capacity Expansion - The company is advancing its capacity expansion, with the second phase of the Seven Color Pearlescent project, which will add 30,000 tons of pearlescent materials, set to gradually commence production within the year [4] - The Tonglu project for 100,000 tons of surface performance materials is currently in the equipment installation phase, and the new capacity will further solidify the company's leading position in the global pearlescent materials market [4]

Core Viewpoint - Fangzheng Securities initiates coverage on Global New Materials International (06616) with a "recommended" rating, projecting revenue of 910 million yuan in the first half of 2025, driven by a 34.5% increase in pearlescent pigment sales to 15,000 tons, following the acquisition of Merck's global surface solutions business in July 2025, which enhances the company's global R&D, production, and sales network [1][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 910 million yuan, a year-on-year increase of 17.7%, while net profit attributable to shareholders decreased by 41.9% to 62.2 million yuan [2]. - Pearlescent pigment products dominate the company's revenue, contributing 850 million yuan in the first half of 2025, a 21.4% increase year-on-year, accounting for 93% of total revenue [2]. - The sales volume of pearlescent pigment products reached 15,000 tons, reflecting a 34.5% year-on-year increase, while the gross margin slightly improved to 52.0% due to product structure enhancement and declining raw material costs [2]. Group 2: Strategic Acquisitions - The company announced plans to acquire Merck's global surface solutions business for 665 million euros (approximately 5.187 billion yuan), completing the acquisition by the end of July 2025, which is expected to accelerate internationalization and enhance global brand influence [3]. - This strategic integration will establish a global R&D and production network covering five major regions: China, Germany, South Korea, Japan, and the United States, and a sales network spanning over 150 countries and regions, strengthening the company's competitive position in the high-end pearlescent pigment sector [3]. Group 3: Capacity Expansion - The company is progressing with the second phase of its seven-color pearlescent project, which will add 30,000 tons of pearlescent materials, while the Tonglu project for 100,000 tons of surface performance materials is in the equipment installation phase, further solidifying the company's leading position in the global pearlescent materials market [4].

Core Viewpoint - The coal industry is experiencing a tightening of supply, which is expected to reverse the current oversupply situation, with policies to limit production capacity continuing until 2026 [1][2] Group 1: Market Dynamics - The coal market has reached a cyclical bottom, with coal prices declining due to factors such as a warm winter, increased hydropower generation, and a relaxed safety supervision environment, leading to a situation where some coal mines are trading volume for price [1] - Following the release of a notice from the energy bureau regarding the verification of excessive production, the phenomenon of trading volume for price has begun to recede, and coal prices have started to rise, reaching a peak during the winter storage period [1] Group 2: Supply and Demand Outlook - Supply remains tight, with ongoing safety inspections expected to limit coal production capacity in major producing regions such as Shanxi, Shaanxi, and Inner Mongolia [2] - Indonesia, the largest coal exporter to China, is set to reduce its export targets starting in 2026, leading to increased competition for imported coal and limited overall supply growth [2] - Demand for coal is anticipated to gradually increase, driven by the manufacturing sector and data centers, despite a slowdown in the installation speed of renewable energy sources due to regulatory impacts [2] Group 3: Investment Strategy - Coal companies are expected to have more predictable profitability, with the market likely to recognize the high dividend and valuation enhancement logic associated with coal stocks [3] - The recent policy limiting production capacity is expected to maintain coal prices at a lower threshold, with current prices for thermal coal at 609 yuan/ton and coking coal at 1230 yuan/ton [3] - Low interest rates are expected to highlight the investment value of high-dividend coal stocks, attracting investments from low-risk preference funds and insurance products [3]

中央经济工作会议在北京举行。方正证券首席经济学家燕翔认为，本次会议为未来资本市场进一步改革 明确了方向，综合改革将继续在投资端融资端协同展开，全方位提高资本市场制度的包容性和适应性， 增强各参与方的专业能力与参与意愿。未来值得关注的改革措施包括：一是继续提高上市公司质量、增 强资本市场内在稳定性；二是持续完善资本市场定价机制和退出机制；三是进一步发展壮大耐心资本、 推动中长期资金持续入市；四是继续推进上市公司合理分红回购水平的提高，以提高投资者回报和获得 感；五是持续加强监管防范风险、构建全方位立体化市场监管体系；六是加强投资者保护和教育、建立 良好的投资生态。 ...

Group 1 - The core viewpoint of the news is that Weichai Heavy Machinery has announced an investor research meeting scheduled for December 10, 2025, where company representative Liu Guochao will address investor inquiries [1] - For the first half of 2025, Weichai Heavy Machinery's revenue composition is entirely from the general equipment manufacturing industry, accounting for 100% [1] - As of the time of reporting, Weichai Heavy Machinery has a market capitalization of 12.6 billion yuan [2]

Group 1 - The global nutrition and health products market is expected to maintain a compound annual growth rate (CAGR) of over 5%, reaching $226.8 billion by 2027, driven by changes in economic levels, population structure, and health awareness [1] - The U.S., China, and Europe are the top three regional markets, accounting for nearly 70% of the total market share, with the Chinese market gradually improving [1] - Structural high-growth opportunities are emerging due to changes in consumer demographics, demand, and sales channels, including DTC brands and e-commerce [1] Group 2 - The nutrition and health products industry has developed a mature specialized division of labor, consisting of upstream raw material suppliers, midstream manufacturers and brand owners, and downstream distributors [2] - The upstream raw material market is expected to grow at a CAGR of over 6% over the next six years, benefiting from strong demand from downstream [2] - The online channel has become the largest sales channel for nutrition and health products globally, with China's online penetration rate nearing 60% and a long-term CAGR of around 20% for the online market [2] Group 3 - The industry has reached a turning point, with revenue, profit, and operational conditions gradually improving, and overall performance expected to grow by over 20% CAGR over the next three years [3] - The capital structure of the industry is relatively sound, with low financial risk, supporting a gradual recovery in valuation levels [3] - The long-term growth potential of the nutrition and health products industry is significant, with short-term fundamentals likely to see a strong recovery, highlighting the increasing value of sector allocation [3]

Core Insights - The 2025 Wind "Gold Analyst" awards were announced on December 10, recognizing outstanding research teams based on the number of report reads from buy-side institutions [1]. Group 1: Award Winners - The awards included 33 individual research field awards and 4 institutional awards, with participation from over 600 teams from 38 research institutions [1]. - Notable winners in various categories include: - Strategy Research: - First: Galaxy Securities - Second: Guosen Securities - Third: Zheshang Securities [3] - Fixed Income: - First: Zheshang Securities - Second: Huachuang Securities - Third: Dongwu Securities [3] - ESG Research: - First: Guosen Securities - Second: Galaxy Securities - Third: Zheshang Securities [5] - Restaurant and Tourism: - First: Guosen Securities - Second: Kaiyuan Securities - Third: Dantan Haidao [6] - Media: - First: Dongwu Securities - Second: Guohai Securities - Third: Kaiyuan Securities [7] Group 2: Sector-Specific Insights - In the Electric Power and Utilities sector: - First: Dongwu Securities - Second: Guosen Securities - Third: Tianfeng Securities [8] - In the Real Estate sector: - First: Kaiyuan Securities - Second: Everbright Securities - Third: Zhongxin Jian Investment [11] - In the Automotive sector: - First: Dongwu Securities - Second: Minsheng Securities - Third: Guosen Securities [31] - In the Non-Bank Financial sector: - First: Zhongxin Jian Investment - Second: Kaiyuan Securities - Third: Dongwu Securities [21] Group 3: Overall Trends - The awards reflect a competitive landscape among research institutions, with a significant number of teams participating and a diverse range of sectors represented [1][3]. - The methodology for the awards was based on objective metrics, specifically the reading counts of research reports by buy-side institutions, ensuring a transparent evaluation process [1].

Core Viewpoint - Two major state-owned enterprises have signed a record-breaking order, potentially leading a new round of fleet upgrades. The long-term structural changes in global shipping, driven by aging fleets and decarbonization, will persist. Short-term, the rise in oil and bulk shipping rates is expected to benefit the shipbuilding industry. The company remains optimistic about the shipbuilding market's upward trend in the long term, highlighting the sector's growth potential, earnings certainty, and reasonable valuations [1]. Group 1 - Two major state-owned enterprises, China Shipbuilding Group and China COSCO Shipping Group, signed a cooperation agreement for new shipbuilding projects involving 87 vessels worth over 50 billion RMB. This collaboration signifies a shift towards a "manufacturing + operation" model, enhancing domestic shipping capacity and energy security while promoting green and intelligent ship solutions [2]. - The global new ship order market has shown a significant rebound in November, with a total of 1627 vessels ordered from January to November, a 37% decrease year-on-year. However, November alone saw 152 vessels ordered, a 72% increase from October [3]. - Chinese shipyards maintain a leading position in price, quality, and delivery time, capturing 59% of the global market share with 1067 vessels ordered from January to November, despite a 47% year-on-year decline [3]. Group 2 - The long-term outlook for the shipbuilding market is positive, supported by the aging global fleet and the ongoing transition to decarbonization. Currently, only 3.7% of active and under-construction vessels are dual-fuel [4]. - The demand for oil and bulk shipping is expected to resonate, with rising freight rates benefiting the shipbuilding sector. The VLCC freight rates have increased due to rising oil production in the Middle East and South America, with 38 new VLCC orders placed since July [4]. - The new energy supply chain is emerging as a significant demand source for bulk shipping, with the BDI index soaring by 31.4% in November. The full production of the Simandou iron ore project is projected to create demand for 116 new Capesize bulk carriers [4]. - The three core issues suppressing new orders—lack of shipbuilding capacity, funding, and clarity on what to build—are expected to be resolved by 2026, reinforcing the long-term positive outlook for the shipbuilding market [4].