Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that coal prices are expected to stabilize, with a long-term upward trend anticipated for both thermal coal and coking coal prices. The recent decline in prices is viewed as a temporary adjustment, with expectations for recovery towards the target price range of 800-860 RMB per ton for thermal coal [3][4][13]. Summary by Sections Industry Overview - The report highlights that as of December 12, the price of Qinhuangdao Q5500 thermal coal was 753 RMB per ton, down 38 RMB from the previous week. The price at Guangzhou Port was 815 RMB per ton, indicating a completion of the previously suggested coal-electricity profit-sharing target of 750 RMB [3][4]. Price Trends - Thermal coal prices have shown a recent decline but are expected to recover due to tightening supply and increasing demand, particularly as the heating season begins and industrial production ramps up towards year-end [4][5]. - Coking coal prices have rebounded significantly, with the price at Jing Tang Port reaching 1630 RMB per ton, up from a low of 1230 RMB in July, marking a 41.5% increase in futures prices [3][4]. Investment Logic - The report outlines a four-step process for the expected price recovery of thermal coal, including the restoration of long-term contracts and achieving a profit-sharing equilibrium between coal and power companies, with a target price of around 750 RMB for 2025 [4][13]. - Coking coal prices are expected to be more influenced by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [4][13]. Investment Recommendations - The report suggests a dual logic for investing in coal stocks: cyclical elasticity and stable dividends. It identifies four main lines for stock selection: 1. Cyclical logic: Jin Kong Coal Industry, Yanzhou Coal Mining 2. Dividend logic: China Shenhua, Zhongmei Energy 3. Diversified aluminum elasticity: Shenhua Co., Electric Power Investment Energy 4. Growth logic: Xinji Energy, Guanghui Energy [5][14]. Key Indicators - The coal index fell by 3.64% this week, underperforming the CSI 300 index by 3.56 percentage points. The average PE ratio for the coal sector is 14.76, and the PB ratio is 1.3 [10][17].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The 2026 refrigerant quota has been issued, maintaining an upward trend in the market; the shutdown of leading PVDF companies is expected to catalyze a market reversal [4][20] - The refrigerant market is characterized by stable long-term demand and a lack of substitutes, which supports a positive outlook for the sector [30] Summary by Sections 1. Fluorochemical Industry Weekly Perspective - The 2026 refrigerant quota has been issued with limited adjustments compared to 2025, indicating a stable market environment [28] - The shutdown of a leading PVDF producer is expected to create upward price pressure, with current market prices reaching up to 56,000 yuan/ton [21][24] 2. Market Performance - The fluorochemical index rose by 0.12% during the week of December 8-12, outperforming the Shanghai Composite Index by 0.47% [6][17] - The overall market sentiment remains strong, with companies like Dongyangguang and Juhua showing significant stock price increases [12][20] 3. Raw Material and Product Pricing - The price of R32 refrigerant is stable at 63,000 yuan/ton, while R134a has seen a price increase to 57,500 yuan/ton [10][11] - PVDF prices have rebounded from 36,000 yuan/ton to 49,000 yuan/ton, indicating a recovery in demand [21][22] 4. Industry Dynamics - The demand for PVDF is expected to continue growing, with the coating-grade PVDF market share projected to reach 25% by 2024 [22] - The overall fluorochemical market is experiencing a stable trend, with the price of raw materials like hydrogen fluoride showing mixed movements [38][39]

REITs REITs 提升全社会资源配置效率，保障房 REITs 单周表现 2025 年 12 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 2024-12 2025-04 2025-08 中证REITs全收益 沪深300 相关研究报告 《稳步发展 REITs 和资产证券化， 发行市场保持活跃—行业周报》 -2025.12.7 《基础设施 REITs 将进一步扩围， 保障房 REITs 单周表现优异—行业 周报》-2025.11.30 《支持消费基础设施和商贸流通体 系建设，发行市场保持活跃—行业周 报》-2025.11.23 | | | 齐东（分析师） 胡耀文（分析师） 杜致远（联系人） huyaowen@kysec.cn 证书编号：S0790524070001 duzhiyuan@kysec.cn 证书编号：S0790124070064 提升全社会资源配置效率，保障房 REITs 单周表现优异 2025 年第 50 周，中证 REITs（收盘）指数为 797.54，同比上涨 2.82%，环比下 跌 0.45%；中证 REITs 全收益指数 1028.5 ...

房地产 2025 年 12 月 14 日 《新房二手房成交面积同环比下降， 扎实推进好房子建设—行业周报》 -2025.12.7 《新房成交面积环比增长，支持城市 存 量 设 施 更 新 改 造 — 行 业 周 报 》 -2025.11.30 《新房成交面积环比增长，以高水平 安全保障城市高质量发展—行业周 报》-2025.11.23 新房二手房成交面积同比下降，着力稳定房地产市场 ——行业周报 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 核心观点：新房二手房成交面积同比下降，扎实推进好房子建设 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-12 2025-04 2025-08 房地产 沪深300 相关研究报告 本周我们跟踪的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to invest approximately $280 million to build a 360,000 tons/year functional fiber project in Egypt, which is expected to enhance its international influence and market competitiveness [6] - The report maintains profit forecasts for 2025-2027, estimating net profits of 1.113 billion, 2.049 billion, and 2.552 billion yuan, with corresponding EPS of 0.73, 1.34, and 1.67 yuan [6] - The current stock price corresponds to a PE ratio of 21.5, 11.7, and 9.4 times for the years 2025-2027 [6] Financial Summary and Valuation Indicators - Revenue for 2023 is projected at 61.469 billion yuan, with a year-on-year growth of 21.0%, and is expected to reach 67.280 billion yuan in 2025 [8] - The net profit for 2023 is estimated at 1.086 billion yuan, with a significant year-on-year increase of 628.4%, and is projected to grow to 2.552 billion yuan by 2027 [8] - The gross margin is expected to improve from 5.8% in 2023 to 8.0% in 2027, while the net margin is projected to increase from 1.8% to 3.4% over the same period [8] - The company's ROE is forecasted to rise from 6.5% in 2023 to 11.5% in 2027 [8] Industry Outlook - The domestic polyester filament industry is expected to see a slowdown in new capacity growth, with steady demand leading to an increase in profitability [7] - The PTA industry is anticipated to experience a reversal in profitability, with a significant portion of the industry currently facing losses, creating a collaborative demand for recovery [7] - The report highlights that the domestic PTA industry's capacity concentration is high, providing leading companies with pricing power and fostering industry self-discipline [7]

Group 1 - The report highlights the release of GPT-5.2 by OpenAI on December 11, 2025, which has shown significant improvements in various professional tasks, including financial modeling and data analysis, achieving 70.9% performance at or above expert levels in GDPval testing [12][19] - The report identifies 26 AI-related companies listed on the Beijing Stock Exchange, with a total market capitalization of 94.933 billion yuan as of December 12, 2025, including notable companies such as Parallel Technology and Kaite Co., Ltd [19][20] - Parallel Technology (920493.BJ) is recognized as a leading provider of supercomputing cloud services, reporting a revenue increase of 69.25% and a net profit increase of 178.80% for Q1-Q3 2025 [21][24] Group 2 - The report indicates that five major industries on the Beijing Stock Exchange experienced average gains, with the high-end equipment sector seeing a median P/E ratio rise to 36.4X and the chemical new materials sector experiencing a median P/E ratio drop to 38.8X [3][29] - The technology new industry sector, comprising 154 companies, saw a median P/E ratio increase from 40.5X to 42.0X, with a total market capitalization growth from 454.282 billion to 469.819 billion yuan [4][48] - The report notes that the electronic industry sector's median P/E ratio rose to 48.6X, with significant stock price increases for companies such as Chicheng Co., Ltd and Caneng Electric [57][62] Group 3 - The report mentions that Kaite Co., Ltd (920978.BJ) has signed a strategic agreement with Guangzhou Haote to develop products related to the data center industry, achieving a revenue of 796 million yuan and a net profit of 130 million yuan for Q1-Q3 2025 [25][27] - The report outlines the average weekly performance of various sectors, with the chemical new materials sector showing a weekly increase of 4.29% and the medical and biological sector's median P/E ratio rising to 34.5X [3][40] - The report highlights the announcement of Audiwei's plan to invest approximately 54.8 million USD in a new factory in Malaysia, focusing on smart sensors and actuators [65]

Group 1 - The domestic tire market in China is continuously expanding, with a projected tire production of 1.187 billion units in 2024, representing a year-on-year growth of 1.46%, marking a historical high [11][24] - The automotive tire market for original equipment manufacturers (OEMs) in China is expected to reach a scale of 77.57 billion yuan in 2024, driven by the growth in automotive production and sales [16][17] - The aftermarket for automotive tires in China is projected to reach 109.876 billion yuan in 2024, supported by the increasing vehicle ownership, which is estimated to be 353 million vehicles by the end of 2024 [17][22] Group 2 - The global off-the-road (OTR) tire market, which is a significant segment of the tire industry, had a market size of 26.6 billion USD in 2022 and is expected to grow to 40 billion USD by 2028, with a compound annual growth rate (CAGR) of 7.5% [20][23] - The demand for OTR tires is driven by increased spending on mining exploration and construction investments, indicating a robust growth trajectory in this niche market [20][21] Group 3 - The chemical new materials sector in the North Exchange has shown a weekly increase of 4.24%, with the metal new materials segment performing exceptionally well, achieving a weekly growth of 35.71% [30][34] - Notable individual stocks in the chemical new materials sector include Tianli Composite, which surged by 117.21%, and other companies like Tiangong Co. and Kolon New Materials, which also experienced significant gains [34][37] Group 4 - The company Taike Ying focuses on the global mining and construction tire market, specializing in the design, research and development, sales, and service of mining and construction tires [24] - Taike Ying has established a strong customer base, including renowned mining companies and equipment manufacturers, and has been recognized by major international mining firms [24]

食品饮料 2025 年 12 月 14 日 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 食品饮料 沪深300 相关研究报告 《白酒短期批价扰动，西麦新品值得 关注—行业周报》-2025.12.7 《茅台韧性凸显，建议长期配置布局 —行业周报》-2025.11.30 《乳制品供需拐点可期，三大机会驱 动行业成长—行业周报》-2025.11.23 中央经济工作会议积极定调，飞天批价或止跌触底 ——行业周报 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：政策红利提振消费情绪，贵州茅台加码控价 12 月 8 日-12 月 12 日，食品饮料指数跌幅为 1.6%，一级子行业排名第 21，跑输 沪深 300 约 1.5pct，子行业中其他食品（+0.0%）、乳品（-1.1%）、啤酒（-1.3%） 表现相对领先。本周中央经济工作会议将"坚持内需主导，建设强大 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The pork price is expected to rise due to limited supply before the New Year, with the average price of live pigs at 11.43 yuan/kg as of December 12, 2025, showing a week-on-week increase of 0.22 yuan/kg but a year-on-year decrease of 4.33% [12][13] - The beef market is showing signs of a bullish cycle, with the wholesale price of beef at 66.24 yuan/kg, up 10.22% year-on-year, and calf prices at 32.23 yuan/kg, up 33.68% year-on-year [24] - The pig farming sector is facing accelerated losses, leading to a potential increase in the pace of pig culling, while the pet sector is benefiting from domestic brand growth due to consumption upgrades and tariff barriers [27][31] Summary by Sections Weekly Observation - The cold wave is boosting pork consumption as the pickled meat season approaches, with limited supply expected before the New Year [12] - The average weight of pigs slaughtered is 129.63 kg, with a decrease in the proportion of smallholder sales [12][13] Weekly Market Performance (Dec 8-12) - The agricultural sector outperformed the market by 0.26 percentage points, with the Shanghai Composite Index down 0.34% and the agricultural index down 0.08% [32] - Leading stocks included *ST Zhengbang (+19.40%), Biological Shares (+17.16%), and Luoniushan (+13.73%) [32][39] Price Tracking (Dec 8-12) - The average price of live pigs was 11.48 yuan/kg, up 2.50% week-on-week, while the price of piglets was 19.04 yuan/kg, down 1.14% [41] - The average price of beef was 66.13 yuan/kg, showing a slight decrease [48] Key News (Dec 8-12) - China's soybean imports for the first 11 months of 2025 reached 104 million tons, an increase of 6.9% year-on-year, with a price drop of 10.7% [40]

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The automotive industry is focusing on domestic demand and optimizing the "Two New" policies, which are expected to enhance the implementation of vehicle replacement programs [5][13] - The commercial vehicle market has shown significant growth, with heavy truck sales exceeding one million units and a 1.2 times increase in new energy vehicle exports [18] - The passenger car market is experiencing unexpected demand in the high-end luxury segment, with companies like Jianghuai Automobile and Seres recommended for investment [7] Industry News - The Central Economic Work Conference has prioritized domestic demand and the optimization of the "Two New" policies for 2026 [5][13] - Zhongtong Bus held a supply chain strategic partnership conference, emphasizing quality and innovation in their product offerings [14] - Ankai Bus has exported 1,800 units to Saudi Arabia in 2025, marking a significant milestone in Sino-Saudi transportation cooperation [15] - The China Automobile Association has called for compliance with pricing guidelines to prevent irrational competition in the automotive industry [16] Market Performance - The automotive sector outperformed the market with a weekly increase of 0.09%, ranking 9th among A-share industries [6][31] - The passenger vehicle index rose by 0.24%, led by Great Wall Motors and Geely [6][36] - The commercial vehicle index increased by 0.21%, with CIMC Vehicles and Zhongtong Bus leading the gains [6][37] - The automotive parts index saw a slight decline of 0.11%, with Huamao Technology and Yueling Co. leading the gains [6][38] Investment Recommendations - For passenger vehicles, the high-end luxury market is expected to grow, with recommendations for Jianghuai Automobile and Seres, while Geely is identified as a beneficiary [7] - In the automotive parts sector, companies like Desay SV, Zhejiang Xiantong, and Meili Technology are recommended due to their growth potential [7]