Group 1: Construction and Industrial Production - Recent construction starts have shown a seasonal recovery, with residential construction performing better than infrastructure projects[2] - Industrial production remains at a historically high level, although some sectors, such as high furnace and coking, have weakened[2] - Cement supply for infrastructure projects has decreased month-on-month, with a larger year-on-year decline, while residential cement usage has seen a smaller month-on-month change and a narrowing year-on-year decline[2] Group 2: Demand and Sales Trends - Overall demand in construction remains weak, with rebar, wire rod, and building materials at historical lows[3] - Passenger vehicle sales continue to show negative growth year-on-year, while online sales of major home appliances have weakened further[3] - The average transaction area of new homes in 30 major cities increased by 44% compared to the previous two weeks, but still reflects a year-on-year decline of 18% and 27% compared to 2023 and 2024, respectively[6] Group 3: Commodity Prices - Copper, aluminum, and gold prices have reached new historical highs, driven by the expansion of dollar liquidity and industrial activity related to AI investments[4] - Domestic industrial product prices are experiencing a strong upward trend, with the South China industrial product index showing resilience[5] - Recent fluctuations in commodity prices indicate a potential risk of volatility exceeding expectations[77] Group 4: Export and Economic Indicators - Export growth for the period leading up to December 28 is projected to be between 2% and 4%, with a model indicating a 4.2% year-on-year increase[68] - The central bank has implemented a net withdrawal of 119.3 billion yuan through reverse repos, indicating a tightening of liquidity[70]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the compound fertilizer industry is experiencing a favorable supply-demand dynamic, with expectations for leading companies to see volume and profit recovery, as well as increased dividends [5][7][28] - The compound fertilizer market is transitioning towards new types of fertilizers that are more efficient, specialized, functional, and precise, driven by changes in agricultural practices and consumer demand [28] Summary by Sections 1. Demand Side - The consumption of compound fertilizers has a strong necessity attribute, with the compound fertilizer application rate in China expected to continue rising. From 2000 to 2023, the application of compound fertilizers increased from 9.18 million tons to 24.01 million tons, with a CAGR of 4.3%, while the overall fertilizer application rate reached 47.8% in 2023 [20][24][22] 2. Supply Side - The compound fertilizer industry operates on a sales-based production model, with a low operating rate. As of November 2025, the domestic compound fertilizer capacity was 134.14 million tons, with an annualized operating rate of 38.8% [27][39][36] - The industry is characterized by a seasonal demand pattern, with production concentrated in resource-rich areas or sales locations, leading to a fragmented capacity distribution [28][39] 3. Price Review and Competitive Landscape - The pricing of compound fertilizers is primarily based on a cost-plus model, with raw material costs accounting for over 80% of total costs. The report notes that fluctuations in raw material prices significantly impact the profitability of compound fertilizers [43][42] - Leading companies are enhancing their competitive advantages through comprehensive strategies involving cost management, product development, branding, and distribution channels [6][7][28] 4. Company Analysis - Key players in the compound fertilizer industry include New Yangfeng, Yuntu Holdings, and Stanley, all of which have demonstrated significant advantages in terms of production capacity and integrated supply chains [6][7][28] - New Yangfeng has a production capacity of 7.98 million tons of compound fertilizers and has maintained a leading position in sales volume for several years [6][7] - Yuntu Holdings focuses on developing a nitrogen-phosphorus fertilizer industry chain and has a production capacity of 7.45 million tons [6][7] - Stanley employs a comprehensive business model that integrates branding, channels, products, and services, with a production capacity of 5.90 million tons [6][7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Industrial enterprise profit structure shows significant differentiation, with consumer and real - estate related industries under pressure and equipment manufacturing and high - tech manufacturing showing positive growth [5][6] - Affected by the base in the same period of 2024, the year - on - year changes in industrial enterprise profits from August to November 2025 fluctuated greatly, and December data may also be affected [5] - The demand side is weak, and both nominal and real inventories of enterprises continue to rise; further boosting of the demand side is needed [6] - The decline in volume, flat prices, and falling profit margins have led to a continuous decline in the cumulative profits of industrial enterprises above designated size [6] - In the bond market, the long - and short - end yields are differentiated, and bond yields are expected to rise trend - wise under the correction of economic expectations [7][8] 3. Summary by Related Catalogs 3.1 Event: 2025 November Industrial Enterprise Profit Data - From January to November 2025, the cumulative year - on - year growth of profits of industrial enterprises above designated size was 0.1% (previous value +1.9%), revenue increased by 1.6% year - on - year (+1.8%), and the revenue profit margin was 5.29% (5.25%); in November 2025, the year - on - year profit of industrial enterprises above designated size decreased by 13.1% (-5.5%) [4] 3.2 Content Needing Attention in November Industrial Enterprise Profits - **Structural differentiation**: The cumulative year - on - year growth of profits of industrial enterprises above designated size from January to November decreased by 1.8pct compared with the previous value, and in November, it decreased by 13.1% year - on - year. Industries in the consumer and real - estate chains had a large decline in cumulative year - on - year total profits, while most equipment manufacturing industries had positive growth [5] - **Base effect**: Affected by the base in 2024, the year - on - year changes in industrial enterprise profits from August to November 2025 fluctuated greatly, and December data may also be affected. In 2024, a series of policies promoted the improvement of industrial enterprise revenues and profit margins, leading to significant profit recovery from September to December, which affected the 2025 data [5] - **Weak demand and rising inventory**: Except for a few sub - industries in the consumer goods manufacturing industry from January to November, the profits of other sub - industries declined compared with January - October. Both nominal and real inventories increased year - on - year, indicating weak domestic demand [6] - **Analysis of profit factors**: From January to November, the industrial added value of industrial enterprises above designated size increased by 6.0% year - on - year, a 0.1pct decrease from January - October; PPI of all industrial products decreased by 2.7% year - on - year, the same as January - October; the revenue profit margin decreased by 2.04pct year - on - year, with the decline expanding by 1.28pct compared with January - October. The decline in volume, flat prices, and falling profit margins led to the continuous decline of cumulative profits [6] 3.3 Structural Highlights in Industrial Enterprise Profit Data - **New and old kinetic energy conversion**: From January to November, equipment manufacturing industry profits increased by 7.7% year - on - year, driving the growth of all industrial enterprises above designated size by 2.8pct, and its profit share reached 39.1%, 2.7pct higher than the same period in 2024. High - tech manufacturing industry profits increased by 10.0% year - on - year, 9.9pct higher than the average level of all industrial enterprises above designated size, and continued to improve [6] - **Fast - growing raw material manufacturing**: From January to November, the cumulative year - on - year profit of the raw material manufacturing industry above designated size increased by 16.6%, driving the growth of all industrial enterprises above designated size by 2.0pct [7] 3.4 Bond Market Situation - **Market trend**: The bond market has continued the volatile trend recently, with the long - and short - end yields showing differentiation. On December 26, the long - end yield showed a narrow - range volatile trend, and the short - end yield continued to decline [7] - **Future focus**: Attention should be paid to the December PMI data announced before the Spring Festival and the December national debt trading data announced by the central bank in early January after the festival [7] 3.5 Bond Market Viewpoint - **Economic expectations**: In the second half of 2025, the economic growth rate may not decline significantly; structural problems such as prices are expected to improve trend - wise [8] - **Stock - bond allocation**: The bond - stock allocation continues to switch, and bond yields are expected to continue to rise [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The humanoid robot sector has established a phase-upward trend, with recent index stabilization and rebound, entering a phase of upward channel [5][14] - The sector is expected to transition from "0-1" to "1-10" in 2025, focusing on "technology convergence," and then cross the "1-10" inflection point to "10-100" in 2026, emphasizing "mass production and commercialization" [6][19][29] - The investment focus for 2026 includes the Tesla supply chain and domestic chains, with a strong emphasis on companies like Yushun and Xiaomi/Sailis [7][48] Summary by Sections Humanoid Robot Sector Trends - The humanoid robot index has rebounded, with a 6.23% increase in the core company index last week [5][14] - Key drivers for the rebound include sufficient prior adjustments, positive sentiment, and significant investments by companies like UBTECH [15][19] Technical Evolution and Production Outlook - In 2025, the industry is expected to move from "0-1" to "1-10," focusing on technology convergence around Tesla's robot iterations [19][28] - By 2026, the sector will likely enter a mass production phase, with major players like Tesla and Yushun planning large-scale manufacturing [29][30] Investment Recommendations - The investment strategy for 2026 includes focusing on the Tesla supply chain, emphasizing components like structural parts, bearings, and head assemblies [7][41] - Domestic chains are also highlighted, particularly companies poised for IPOs like Yushun, which will enhance their capital strength for mass production [48][49]

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Insights - The company has been deeply engaged in the solar cell field for 16 years, establishing strong technical barriers and focusing on the research and manufacturing of photovoltaic power generation core products, including high-efficiency solar cells and ABC components [4][14] - The company is expected to achieve a net profit of -540 million, 1.13 billion, and 2.11 billion yuan for the years 2025-2027, with the current stock price corresponding to a PE ratio of 25.7 and 13.9 times for 2026 and 2027 respectively [4][70] - The company’s ABC components have gained significant market recognition due to their high power, safety, and aesthetic appeal, leading to a rapid increase in market influence [4][6] Summary by Sections 1. Deep Engagement in Photovoltaics - The company has established a solid technical foundation by transitioning from multi-crystalline to mono-crystalline technology, achieving a production capacity of over 1GW in 2016 [17] - The company was the first to mass-produce the tubular PERC battery in 2017, maintaining a leading position in efficiency improvements [17][19] - The company has focused on N-type BC technology, which has led to the development of high-efficiency solar cells and integrated solutions for photovoltaic power generation [21] 2. BC Technology Penetration and Profitability - BC components meet the dual demands of aesthetics and power generation efficiency, particularly in distributed markets, allowing for significant pricing premiums [5][27] - The production cost of BC technology is expected to decline due to economies of scale as production capacity and shipment volumes increase [36] - The market share of BC products is anticipated to continue rising, with global XBC capacity expected to exceed 80GW by the end of 2025 [39][40] 3. Brand and R&D Driving Growth - The company’s ABC components utilize advanced technologies such as full-back passivation and zero-silver metallization, significantly enhancing efficiency and power output [41][46] - The company has established a global operational system, achieving high brand recognition in key overseas markets, including Europe and Australia [61][65] - The company has received top photovoltaic brand certifications in multiple European countries, reflecting its strong market position and product quality [64] 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 159.1 billion, 264.6 billion, and 341.3 billion yuan for the years 2025-2027, with a corresponding net profit of -5.4 billion, 11.3 billion, and 21.1 billion yuan [70] - The current stock price corresponds to a PE ratio that is lower than comparable companies, supporting the "Buy" rating [70][71]

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report highlights the acceleration of AI applications and the commercialization of large models, particularly through the IPOs of companies like Zhipu and MiniMax, which are expected to enhance their business investments and technological advancements [11][21] - The gaming sector is experiencing a significant increase in the issuance of game licenses, with 1,771 licenses granted in 2025, marking a more than 20% increase from 2024, indicating ongoing policy support for the gaming industry [11][44] Summary by Sections Section 1: Zhipu and MiniMax IPOs - Zhipu and MiniMax are set to go public in Hong Kong, which is anticipated to boost their business investments and accelerate the development and application of large model technologies [11] - Zhipu focuses on B-end markets with strong capabilities in model reasoning and programming, while MiniMax targets C-end markets with a diverse product line [11][21] Section 2: Industry Data Overview - The report notes that "NBA Champion Dynasty" topped the iOS free game chart in mainland China, while "Yanyun Sixteen Sounds" led the iOS sales chart [44] - The film "Avatar 3" achieved the highest box office in the week [44] Section 3: Industry News Summary - MiniMax's daily active users surpassed 100 million, and Douyin's mini-games saw significant user and revenue growth [11] - The issuance of 147 game licenses in December 2025 reflects a robust pipeline for new game releases [11][44] Section 4: Announcement Summary - Oriental Pearl is participating in the establishment of an AI fund, and Electric Sound Co. is adjusting its fundraising projects [11] Section 5: Sector Performance Overview - The media sector performed at the lower end of the market in the 52nd week of 2025, while the internet sector showed better performance [11]

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Insights - The fluorochemical index increased by 7.76% during the week of December 22-26, outperforming the Shanghai Composite Index by 5.88% [6][25] - The market for fluorinated refrigerants is expected to continue its upward trend, with stable prices for fluorite and a potential recovery in the market [4][19] - Jinshi Resources plans to acquire a 15.7147% stake in Noah Fluorochemical, entering the liquid cooling sector [10][19] Summary by Sections Fluorochemical Market Overview - The average market price for fluorite (97% wet powder) was 3,290 CNY/ton as of December 26, remaining stable compared to the previous week [19][33] - The average price for December was 3,300 CNY/ton, down 10.13% year-on-year, while the average price for 2025 is projected at 3,481 CNY/ton, a decrease of 1.80% from 2024 [19][33] Refrigerant Pricing Trends - As of December 26, refrigerant prices were as follows: R32 at 63,000 CNY/ton, R125 at 47,500 CNY/ton, R134a at 58,000 CNY/ton, R410a at 54,000 CNY/ton, and R22 at 16,000 CNY/ton [21][24] - The external trade prices for these refrigerants remained stable, with R32 at 61,000 CNY/ton and R134a at 50,000 CNY/ton [21][24] Market Dynamics - The confidence of refrigerant companies and distributors in seasonal demand has increased, leading to price hikes for various refrigerant products [22][23] - The current low inventory levels are expected to drive further transactions and gradual price increases as demand recovers [23] Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [11][23]

Group 1: New Companies Listed - A total of 10 new companies were listed, with an average revenue of 732 million and a median of 699 million; the average net profit was 47.53 million, with a median of 40.94 million. Notable companies include Yaxun Zhiliang, Qingwa Pump Industry, and Yinuo Biotech [4][16][19] - Yaxun Zhiliang (874947.NQ) is a full-stack integrated vehicle networking software and component supplier, with expected revenue of 801 million and a net profit of 42.03 million in 2024. The company holds 463 domestic and 10 foreign invention patents [4][5][17] - Qingwa Pump Industry (874926.NQ) is recognized as an "invisible champion" in the well submersible pump sector, with a revenue of 537 million and a net profit of 104 million in 2024. The company has ranked first in national sales for six consecutive years from 2019 to 2024 [4][36] - Yinuo Biotech (875019.NQ) specializes in bio-based furan and polyol, with expected revenue of 945 million and a net profit of 104 million in 2024. The company is expanding its applications into various sectors including aerospace and high-end electronic materials [5][19] Group 2: Market Data and Trends - As of December 28, 2025, there are 5,956 companies listed on the New Third Board, with 2,295 in the innovation layer and 3,661 in the basic layer. The number of listed companies has decreased to below 6,000 [3][6] - The total market capitalization of listed companies reached 24,194.71 billion as of November 2025, with a total transaction amount of 53.09 billion in November 2025 and an annual total of 574.17 billion [6][39] - The market for stainless steel well submersible pumps is projected to grow from 2.01 billion in 2018 to 5.55 billion by 2028, with a CAGR of 10.69%. The penetration rate of stainless steel pumps is expected to increase from 27.8% in 2018 to 41.1% by 2028 [42][46] Group 3: Company Innovations and Competitive Landscape - Yaxun Zhiliang has established a strong R&D foundation with 487 technical personnel and has participated in the formulation of 11 national standards and 6 industry standards. The company has received multiple national honors, enhancing its competitive edge [21][30] - Qingwa Pump Industry has developed a comprehensive product system with over 500 models, focusing on energy efficiency and environmental protection. The company is positioned to replace traditional cast iron pumps with its stainless steel products due to their superior characteristics [40][45] - The competitive landscape in the well submersible pump market includes both specialized companies like Qingwa and multi-category pump manufacturers. The market is characterized by a mix of small-scale enterprises and larger firms with diverse product lines [45][46]

Core Insights - The report highlights a continued slowdown in corporate profits, with the cumulative profit of large-scale industrial enterprises in China showing a year-on-year increase of only 0.1% from January to November 2025, down from 1.9% in the previous period [3] - The report suggests that the current economic environment is characterized by a weak demand, necessitating further policy support to stimulate internal demand and address rising inventory levels [6][25] - The report emphasizes the importance of the upcoming spring market rally, suggesting a dual focus on technology and cyclical sectors for investment strategies [12] Macro Economic Analysis - The cumulative operating revenue of large-scale industrial enterprises from January to November 2025 increased by 1.6%, a slight decrease from the previous year's 1.8% [3] - November's profit margin saw a significant decline, with a year-on-year drop of 13.1%, indicating a challenging environment for industrial profitability [4] - The report notes that the inventory-to-sales ratio has risen significantly, indicating a need for policy intervention to stimulate demand [6] Industry Insights Chemical Industry - The report indicates an overall upward trend in the polyester industry chain, driven by rising prices of PX and PTA, with PX prices increasing by 6.97% and PTA by 8.95% as of December 26, 2025 [35] - The report highlights the importance of the "anti-involution" policy in supporting price stability and profitability within the chemical sector [36] Real Estate - The report notes a month-on-month increase in new and second-hand housing transaction areas, with Beijing further optimizing housing purchase restrictions [40] - The report indicates that various policies aimed at stabilizing the real estate market are beginning to take effect, contributing to a gradual recovery in housing prices [41] Electronics - The electronics sector is experiencing a high level of prosperity, with significant price increases expected in storage components, driven by strong demand and supply constraints [46][49] - The report highlights the positive performance of semiconductor stocks, with notable increases in stock prices for major players like SK Hynix and Micron [46] Biotechnology - The report discusses the upcoming IPO of Rebio Biotech, which focuses on innovative siRNA technology platforms for treating chronic diseases and cancers [52][54] - The company has established multiple clinical research pipelines and has secured significant partnerships with major pharmaceutical firms, indicating strong growth potential [55]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The first batch of L3 autonomous vehicles has been approved for large-scale operation in Chongqing, with 46 vehicles equipped with L3 autonomous driving systems [5][13] - A new national standard for electric vehicle energy consumption will be implemented in 2026, tightening limits by approximately 11%, requiring two-ton vehicles to consume no more than 15.1 kWh per 100 km [14] - Changan Automobile's L3 approved models have undergone over 5 million kilometers of testing without any violations [15] - Toyota plans to exceed a global production of 10 million vehicles in 2026 to meet the growing demand for hybrid models, maintaining high production levels [20] - The automotive sector in China has seen a significant decline in imports, with a 30% year-on-year drop in the first 11 months of 2025 [19] Industry News Highlights - The first L3 autonomous vehicles are now operational in Chongqing, marking a significant milestone in autonomous driving technology [5][13] - The new electric vehicle energy consumption standard aims to enhance energy efficiency and support the high-quality development of the automotive industry [14] - Changan's L3 models have been validated through extensive testing, showcasing the company's commitment to safety and reliability [15] - Toyota's production strategy reflects its response to market demands and aims to sustain its competitive edge in the automotive industry [20] - The decline in vehicle imports indicates a shift towards domestic production and the growing strength of local automotive brands [19] Market Performance - The automotive sector outperformed the broader market, with a weekly increase of 2.66%, ranking 13th among A-share industries [6][32] - The passenger vehicle index rose by 2.87%, led by BYD and Haima Automobile [6][33] - The automotive parts sector saw a 3.57% increase, with significant gains in various sub-sectors [6][35] Investment Recommendations - For passenger vehicles, the demand for high-end domestic luxury cars is exceeding expectations, with recommendations for Jianghuai Automobile and Seres, while Geely is identified as a beneficiary [7] - In the automotive parts sector, companies like Desay SV and Zhejiang Xiantong are recommended due to their growth potential amidst industry changes [7]