Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The automotive sector is experiencing a significant shift with the approval of the first batch of L3 autonomous driving models in China, marking a transition from testing to commercial application [5][13] - Changan Automobile has achieved over 1 million annual sales of new energy vehicles, aiming for 5 million by 2030, indicating strong growth potential in the electric vehicle market [5][14] - The collaboration between Lantu Motors and CATL aims to enhance battery technology, which is crucial for the competitiveness of electric vehicles [5][15] - The automotive industry is witnessing a competitive landscape with various companies launching new models and technologies, including Tesla's advancements in autonomous driving and the introduction of new electric models by other manufacturers [5][18][21] Industry News Highlights - The first L3 autonomous driving models, Deep Blue SL03 and Arcfox Alpha S, have received approval for pilot testing in Beijing and Chongqing [5][13] - Changan Automobile's new energy vehicle sales have surpassed 1 million units, with a target of 5 million by 2030 [5][14] - Lantu Motors and CATL have signed a ten-year cooperation agreement to prioritize advanced battery technology [5][15] - Ford has terminated a significant battery supply agreement with LG Energy Solution, reflecting a strategic shift in its electric vehicle business [5][17] - The domestic Tesla Model Y L has received EU certification and is expected to enter the international market in 2026 [5][18] - SAIC MG is projected to exceed 300,000 units in European sales by 2025, maintaining its position as the top-selling Chinese brand in Europe [5][19] - Xiaomi is investing over 100 million yuan to subsidize dealers, accelerating its nationwide channel layout [5][20] Market Performance - The automotive sector's performance this week shows a slight increase of 0.13%, ranking 19th among A-share industries [6][28] - The passenger vehicle index has seen a decline of 1.64%, while the commercial vehicle index decreased by 0.43% [6] - The automotive parts index increased by 1.12%, indicating a positive trend in this segment [6] Investment Recommendations - For passenger vehicles, the demand for domestic high-end luxury cars is exceeding expectations, with recommended stocks including JAC Motors and Seres, while Geely is identified as a beneficiary [7] - In the automotive parts sector, profitability is expected to improve, with recommended stocks including Desay SV, Zhejiang Xiantong, and Meili Technology [7]

《煤价合理才是常态，稳煤价逻辑依 旧—行业周报》-2025.12.14 《重视煤价四段轮推断，稳煤价依旧 —行业周报》-2025.12.7 《煤价第四目标上穿过程兑现，稳价 逻辑依旧—行业周报》-2025.11.30 张绪成（分析师） 程镱（分析师） zhangxucheng@kysec.cn 煤炭 2025 年 12 月 21 日 重视煤价合理才是常态，稳煤价逻辑依旧 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 煤炭 沪深300 相关研究报告 证书编号：S0790520020003 chengyi@kysec.cn 证书编号：S0790525090001 本周要闻回顾：重视煤价合理才是常态，稳煤价逻辑依旧 动力煤方面：动力煤价格小跌，截至 12 月 19 日，秦港 Q5500 动力煤平仓价为 703 元/吨，环比下降 50 元/吨，广州港价格为 780 元/吨，前期已经完成了我们估算的 第四目标价格区间，即 800-860 元区间。目前回调至煤电盈利均分的 750 元价格以 下，我们预计未 ...

电力 投资评级：看好（维持） 行业走势图 2025 年 12 月 21 日 数据来源：聚源 -14% -7% 0% 7% 14% 22% 29% 2024-12 2025-04 2025-08 电力 沪深300 相关研究报告 《日本首份聚变供电协议签署，BEST 订单持续释放—可控核聚变行业周 报》-2025.12.13 《九院中标 5 亿氚工厂项目，NIF 完 成第十次点火—可控核聚变行业周 报》-2025.12.7 《BEST 研究计划首次发布，美国启动 创世纪计划—可控核聚变行业周报》 -2025.11.30 TMTG 并购 TAE 打造全球首家商业聚变上市公司 ——行业周报 风险提示：商业化进度不及预期、资金投入不及预期、技术路线变化风险。 | 周磊（分析师） | 黄懿轩（联系人） | | --- | --- | | zhoulei1@kysec.cn | huangyixuan1@kysec.cn | | 证书编号：S0790524090002 | 证书编号：S0790125070014 | 板块回顾：多数细分环节下跌，个股跌多涨少，回吐月内涨幅 本周（20251215-20251219）可控核聚变 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the pig price is supported by both supply and demand factors as the year-end approaches, with expectations for an upward trend in prices before the Spring Festival [3][4] - The report highlights that the pig farming sector is experiencing losses, which may accelerate the reduction of stock, while the pet sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [5][29] Summary by Sections Weekly Observation - As of December 21, 2025, the national average price of live pigs is 11.41 yuan/kg, with a week-on-week decrease of 0.15 yuan/kg and a year-on-year decrease of 3.71 yuan/kg [3][13] - The average weight of pigs sold is 130.18 kg per head, with a week-on-week increase of 0.55 kg [3][13] - The supply of pork may be tight leading up to the Spring Festival, with expectations for prices to rise [3][13] Weekly Insights - The pig farming sector is facing increasing losses, and the reduction of stock may accelerate due to various factors including policy and disease [5][24] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector [5][24] Market Performance (December 15-19) - The agricultural index increased by 0.87%, outperforming the market by 0.84 percentage points [6][30] - Leading stocks include Zhongxing Junye (+18.42%), Xibu Muye (+14.64%), and Xiwang Food (+13.84%) [6][30] Price Tracking (December 15-19) - The average price of live pigs is 11.58 yuan/kg, with a week-on-week increase of 0.10 yuan/kg [7][37] - The average price of piglets is 19.02 yuan/kg, with a slight decrease of 0.02 yuan/kg [7][37] - The average price of white feathered chickens is 7.35 yuan/kg, with a week-on-week increase of 0.27 yuan/kg [7][37] Key News (December 15-19) - The Ministry of Commerce announced anti-dumping duties on imported pork and related products from the EU starting December 17, 2025 [35]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the real estate market is moving towards stabilization, supported by various policies aimed at balancing supply and demand. Despite potential minor fluctuations in housing prices, the overall trend is expected to be stable due to proactive fiscal and monetary policies [3][56]. Summary by Sections 1. Policy Initiatives - The Ministry of Housing and Urban-Rural Development (MOHURD) is promoting a balanced real estate market by establishing a mechanism that links population changes to housing demand, land supply, and financial resource allocation [4][12]. - Guangzhou is fully promoting green buildings, aiming for all new civil buildings to meet at least a two-star green building standard by 2035 [13]. 2. Sales Performance - In the 51st week of 2025, the transaction area of new homes in 68 major cities increased by 30% month-on-month but decreased by 32% year-on-year, totaling 2.82 million square meters. Year-to-date, the cumulative transaction area is 115.54 million square meters, down 18% year-on-year [5][17]. - The transaction area for second-hand homes in 20 cities was 1.90 million square meters, with a year-on-year decline of 25% but a month-on-month increase [34]. 3. Investment Trends - In the 51st week of 2025, the land transaction area in 100 major cities reached 8.13 million square meters, a year-on-year increase of 12%, with a transaction premium rate of 1.7% [38]. - First-tier cities saw a slight decrease in land transaction area by 1%, while second-tier cities increased by 37% [39]. 4. Financing Conditions - The issuance of domestic credit bonds decreased significantly, with a total of 4.33 billion yuan issued in the 51st week, down 57% year-on-year and 68% month-on-month [44][56]. 5. Market Performance - The real estate index fell by 0.41% during the week, underperforming compared to the broader market, which saw the CSI 300 index decline by 0.28% [49].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the sustained high demand in the storage sector, with expectations for H200 to be approved for export to China [3] - AI demand continues to validate and enhance computing power requirements, with significant growth in domestic AI chip production [5][8] - The approval of L3 level autonomous driving vehicles marks a critical step towards commercialization in China, with Robotaxi services expected to accelerate [6][30] Summary by Sections Internet - The daily usage of tokens for Doubao has surpassed 50 trillion, indicating deep penetration of large models [17] - The release of the "Internet Platform Pricing Behavior Rules" aims to regulate price competition and protect consumer rights, shifting focus from low prices to ensuring merchant profits and promoting consumption upgrades [20][21] - Recommended stocks include Alibaba-W, Pinduoduo, and Baidu Group-SW, with Tencent Holdings as a beneficiary [58] AI - Google TPU's commercial potential is further confirmed with Anthropic's significant orders, totaling $21 billion, indicating strong demand for AI products [21] - The launch of the Skill paradigm by Anthropic aims to enhance the capabilities of AI agents, facilitating easier development and deployment of complex AI applications [22][26] - The market for Agentic AI is projected to grow significantly, with a potential market size of 1.8 trillion yuan by 2030 [22] Intelligent Driving - The first L3 level autonomous driving models have received approval for trial operation, indicating a shift from testing to commercial application [30] - Robotaxi services are expected to accelerate due to technological advancements, cost reductions, and supportive policies [35] - Key players in the Robotaxi market include Baidu, Xiaopeng Motors, and WeRide, with ongoing trials and commercial operations in various cities [43][44]

Group 1 - The report emphasizes that the market's repair process is ongoing despite recent fluctuations, with strong sectors like AI hardware and military industries showing new opportunities [1][9][12] - The current market structure indicates that high-growth sectors outperform small caps, which in turn outperform the Shanghai Composite Index, reflecting external liquidity disturbances and the need for a strategic approach to stabilize profit-making effects [1][11][12] Group 2 - Three main factors affecting the market's repair process are identified: the nearing interest rate hike in Japan, concerns about the limited space for future rate cuts by the Federal Reserve, and the weak economic data coupled with a lackluster central economic work conference [2][18][33] - The report suggests that the core drivers of the current bull market remain unchanged, with liquidity still being accommodative and the fundamentals showing moderate recovery, despite external risks impacting the market [13][41] Group 3 - The report recommends focusing on sectors that benefit from technology and PPI improvements, with specific attention to commercial aerospace and satellite industries as strong themes for investment [3][50][58] - The report highlights the importance of the domestic consumption market, particularly in lower-tier cities, as a growing contributor to overall retail growth, indicating a structural shift in consumer behavior [52][54]

Domestic Macro Policy - The central government emphasizes a stable and progressive economic work approach for 2026, focusing on quality improvement and efficiency enhancement, with a projected GDP of approximately 140 trillion yuan for this year[3][10]. - The government plans to implement more proactive fiscal policies and moderately loose monetary policies, enhancing the effectiveness of macroeconomic governance through integrated stock and incremental policies[3][10]. - The focus on expanding domestic demand is prioritized as a key task for next year, aiming to boost consumption from both supply and demand sides[5][17]. Infrastructure and Industry Policy - Recent policies include the release of the first batch of L3 conditional autonomous driving vehicle permits and the introduction of antitrust compliance guidelines for internet platforms[13][14]. - The 2026 national energy work conference has set key tasks, emphasizing the transition to green and low-carbon energy sources, with an expected addition of over 200 million kilowatts of wind and solar power capacity[14]. Real Estate Policy - Shandong Province has introduced guidelines for a "housing old-for-new" program, proposing three models to encourage housing upgrades[15][16]. - The total urban housing demand during the "14th Five-Year Plan" period is estimated to be around 4.98 billion square meters[16]. Financial Regulation - The central financial committee stresses the importance of effectively managing financial risks related to local small and medium financial institutions and real estate enterprises, while also addressing local government financing platform debts[19][20]. - The merger plan for China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities has been announced, marking a significant consolidation in the financial sector[20]. Overseas Macro Policy - The Federal Reserve has lowered the federal funds rate target range to 3.50%–3.75%, with a voting outcome of 9 in favor and 3 against, indicating a cautious approach to future rate changes[24]. - The European Central Bank has maintained its benchmark interest rate at 2%, aligning with market expectations, while the Bank of Japan has raised its rate by 25 basis points to 0.75% to combat persistent inflation[24][25].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The electronic industry index decreased by 3.02% during the week of December 15-19, 2025, with semiconductor and consumer electronics sectors experiencing declines of 3.26% and 4.12%, respectively [3] - The storage sector showed resilience, with significant gains in major companies such as Micron and SanDisk, indicating a strong performance amidst overall market fluctuations [3][4] - The report highlights the ongoing updates in AI models and the sustained high demand in the storage sector, suggesting a positive outlook for companies involved in AI computing and storage solutions [4][6] Market Review - The U.S. tech sector rebounded after a significant drop, while the A-share electronic sector faced a general decline [3] - Notable performances included Nvidia rising by 3.41%, Tesla by 4.85%, and Micron by 10.28%, while Apple and Google saw slight declines [3] Industry Updates - Multiple significant AI model updates were released, with companies like Xiaomi and Google launching advanced models that enhance performance and efficiency [4] - Apple is collaborating with Broadcom to develop an AI inference chip, expected to enter mass production in 2026 [5] Storage Sector Insights - Storage prices are continuing to rise, impacting downstream terminal pricing, with Dell planning to increase commercial PC prices by 10% to 30% [6] - Micron's FY26Q1 revenue reached $13.64 billion, a year-over-year increase of 57%, with guidance for FY26Q2 revenue also exceeding market expectations [6] Investment Recommendations - The report suggests focusing on high-growth sectors such as storage and AI computing, as well as the end-side AI sector, which is expected to maintain strong demand [7] - Beneficiary companies include North Huachuang, Tuojing Technology, and others involved in the AI and storage sectors [7]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The insurance sector has seen a 15.7% increase since December 5, outperforming the CSI 300 index, which increased by 0.5% [4] - The release of the asset-liability management measures for insurance companies is expected to enhance regulatory oversight and impact asset allocation and insurance operations, particularly for small and medium-sized insurers [5] - The brokerage sector is anticipated to benefit from a positive regulatory environment, with potential growth in investment banking, public funds, and overseas business, supporting profitability in 2026 [6] Summary by Sections Insurance Sector - The new asset-liability management measures aim to strengthen the linkage between assets and liabilities, with implementation starting on July 1, 2026 [5] - Key management goals include matching duration structures, cost-benefit alignment, and liquidity matching [5] - The transition to dividend insurance is expected to deepen, with a favorable settlement yield compared to traditional insurance, driven by increased demand for savings products [5] - Long-term interest rates stabilizing and a positive equity market outlook are expected to improve net assets and profitability for insurers [5] Brokerage Sector - The average daily trading volume for stock funds is 2.2 trillion, reflecting a 7.2% decrease [6] - The resumption of trading for China International Capital Corporation (CICC) has led to a rise in stock prices, with expectations of increased leverage and business synergy [6] - The brokerage sector remains undervalued, with strategic opportunities for investment in firms with strong overseas and institutional business advantages [6] - Recommended stocks include Huatai Securities, Guotai Junan, and CICC, among others [6]