证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 12 月 22 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 秦雨茁 qinyuzhuo@huayuanstock.com 投资评级： 看好（维持） 2026 年能源工作会议召开，北美 AI 缺电持续演绎 ——大能源行业 2025 年第 51 周周报（20251221） 投资要点： 电力：2026 年全国能源工作会议召开 多省"十五五"能源建设方向明确 全国能源工作会议召开，2026 年新增新能源装机 2 亿千瓦以上。12 月 15 日，2026 年全国能源工作会议在北京召开。会议肯定了 2025 年的能源保供成绩，预期以火电 为主的调节性电源在"十五五"期间仍将受到重 ...

Investment Rating - The report suggests a focus on the company due to its benefits from the AI data center construction trend [2]. Core Insights - The company specializes in passive optical devices, which are integrated into the global data center supply chain, with long-term growth driven by AI demand [1]. - The company has a strong market position in high-density and high-speed passive optical products, with over 80% of its revenue coming from data centers, including AI data centers [2]. - The financial performance is robust, with a projected compound annual growth rate (CAGR) of 128.5% for net profit from 2021 to 2024 [2]. Summary by Sections Initial Offering - The company plans to issue 10.25 million shares at a price of 31.59 CNY per share, with an earnings per share (EPS) ratio of 14.57X [5][6]. - The total investment for fundraising projects is expected to reach 676 million CNY, aimed at expanding production capacity for passive optical fiber products and related devices [7][9]. Company Overview - The company is a leading manufacturer of precision optical connectors, with a focus on passive optical devices for cloud providers and AI clusters [10]. - It has established stable relationships with major clients, including AFL and Coherent, and its products are used by industry giants like AT&T, Google, and Tencent [29][30]. Financial Performance - The company’s revenue is projected to reach 1.32 billion CNY in 2024, with a year-on-year growth of 114.4% [32]. - The net profit for 2024 is expected to be 147.58 million CNY, reflecting a year-on-year increase of 128.7% [33]. Industry Insights - The global data center capital expenditure is expected to reach 455 billion USD in 2024, significantly driving the demand for optical modules [40]. - The optical communication market in China is projected to grow to 147.3 billion CNY by 2024, with a CAGR of 5.18% from 2021 to 2024 [41][43]. - The demand for optical modules, particularly in AI applications, is forecasted to grow substantially, with sales expected to increase by 146% in 2024 [47].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the credit spreads of the AAA electrical equipment industry compressed significantly compared to last week, while the credit spreads of other industries and ratings widened to varying degrees. For urban investment bonds, the credit spreads of those with a maturity over 10 years compressed slightly by 1BP, while the spreads of other maturities widened by 3BP. For industrial bonds, most of the industrial credit spreads continued to widen, with the short - end widening more significantly than the long - end. For bank capital bonds, the short - end spreads of bank Tier 2 and perpetual bonds within 1 year widened slightly, while the long - end spreads over 10 years compressed slightly [3][4][30]. - In 2026, for urban investment bonds, short - duration (within 2Y) sinking urban investment bonds can be used as a base position, and high - quality urban investment entities with a moderately extended duration (3 - 5Y) can be selected. For industrial bonds, high - quality central and state - owned enterprise industrial bonds can be used as a base position with an extended duration, and attention should be paid to industries with marginal improvements. For Tier 2 and perpetual bonds, trading opportunities of those with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and attention should be paid to high - quality city commercial banks and rural commercial banks in economically developed areas and areas with advanced debt resolution progress [5][7][44]. 3. Summary by Related Catalogs 3.1 This Week's Credit Hot Events - On December 19th, the Shanghai Stock Exchange issued a notice allowing eligible overseas institutional investors to conduct bond repurchase business on the Shanghai Stock Exchange, providing them with standardized liquidity management tools [11]. - On December 15th, the National Association of Financial Market Institutional Investors launched a self - regulatory investigation into Postal Savings Bank of China for suspected violations in the underwriting and issuance of debt financing instruments [12]. - On December 15th, Guizhou Rural Commercial United Bank Co., Ltd. was approved to open. It acquired the shares of 16 rural commercial banks and 5 rural credit cooperatives, with an increased registered capital of 10.458 billion yuan and new shareholders including the Guizhou Provincial Department of Finance and China Kweichow Moutai Group Co., Ltd. [13]. 3.2 Primary Market 3.2.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset - backed securities) was 116.1 billion yuan, a decrease of 128.1 billion yuan compared to last week. The total issuance was 365.5 billion yuan, a decrease of 99.1 billion yuan, and the total repayment was 249.3 billion yuan, an increase of 29 billion yuan. The net financing of asset - backed securities was 20.9 billion yuan, a decrease of 27 billion yuan compared to last week [14]. - By product type, the net financing of urban investment bonds was 21.3 billion yuan, an increase of 500 million yuan; the net financing of industrial bonds was 70.9 billion yuan, a decrease of 44.7 billion yuan; and the net financing of financial bonds was 24 billion yuan, a decrease of 83.9 billion yuan [15]. 3.2.2 Issuance Cost - This week, the issuance rates of AA industrial bonds and urban investment bonds were adjusted to over 2.8%, while the average issuance rates of other bonds with different ratings and types were below 2.8%. Specifically, the issuance rates of AA industrial bonds and urban investment bonds increased by 45BP and 27BP respectively compared to last week, and the issuance rate of AA + financial bonds increased by 58BP [17]. 3.3 Secondary Market 3.3.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) decreased by 44.3 billion yuan compared to last week. By product type, the trading volume of urban investment bonds was 259.4 billion yuan, a decrease of 13.7 billion yuan; the trading volume of industrial bonds was 367.4 billion yuan, an increase of 13.2 billion yuan; the trading volume of financial bonds was 627.5 billion yuan, a decrease of 43.8 billion yuan. The trading volume of asset - backed securities was 25.5 billion yuan, an increase of 1 billion yuan [24]. - In terms of turnover rate, the turnover rate of credit bonds showed a mixed trend compared to last week. Specifically, the turnover rate of urban investment bonds was 1.66%, a decrease of 0.1 pct; the turnover rate of industrial bonds was 1.89%, an increase of 0.06 pct; the turnover rate of financial bonds was 4.05%, a decrease of 0.29 pct; the turnover rate of asset - backed securities was 0.67%, an increase of 0.03 pct [24]. 3.3.2 Yield - This week, the yields of credit bonds with different ratings and maturities fluctuated within 3BP compared to last week. For example, the yields of AA, AAA -, and AAA + credit bonds within 1 year decreased by 2BP, 2BP, and 1BP respectively; the yields of AA and AAA + credit bonds with a 5 - year maturity increased by 2BP and 1BP respectively, while the yield of AAA - credit bonds decreased by 1BP; the yields of AA, AAA -, and AAA + credit bonds with a maturity over 10 years decreased by 1BP, 1BP, and less than 1BP respectively [25]. 3.3.3 Credit Spreads - Overall, the credit spreads of the AAA electrical equipment industry compressed significantly by 14BP compared to last week, while the spreads of other industries and ratings widened to varying degrees. For example, the credit spreads of the AA + leisure service industry widened by 20BP, and the spreads of the AA + media and light manufacturing industries widened by 9BP [30]. - **Urban Investment Bonds**: By maturity, the credit spreads of urban investment bonds with a maturity over 10 years compressed slightly by 1BP, while the spreads of other maturities widened by 3BP. By region, the top five regions with the highest credit spreads of AA - rated urban investment bonds were Guizhou, Yunnan, Jilin, Shandong, and Sichuan; for AA + urban investment bonds, they were Guizhou, Inner Mongolia, Gansu, Shaanxi, and Yunnan; for AAA urban investment bonds, they were Liaoning, Yunnan, Shaanxi, Jilin, and Tianjin [32][34]. - **Industrial Bonds**: Most of the industrial credit spreads continued to widen, with the short - end widening more significantly than the long - end. For example, the credit spreads of 1 - year AAA -, AA +, and AA private industrial bonds widened by 4BP, 4BP, and 7BP respectively compared to last week; the spreads of 10 - year AAA -, AA +, and AA private industrial bonds widened by 2BP, 2BP, and 2BP respectively [36]. - **Bank Capital Bonds**: The short - end spreads of bank Tier 2 and perpetual bonds within 1 year widened slightly, while the long - end spreads over 10 years compressed slightly. For example, the credit spreads of 1 - year AAA -, AA +, and AA Tier 2 capital bonds widened by 4BP, 3BP, and 3BP respectively compared to last week, and the spreads of 10 - year AAA -, AA +, and AA Tier 2 capital bonds compressed by 3BP, 2BP, and 2BP respectively [39]. 3.4 This Week's Bond Market Negative News - This week, the implied ratings of bonds issued by five issuers, including Nanjing Zijin Financial Leasing Co., Ltd. and Beijing Tianheng Yuanxin Capital Investment Management Co., Ltd., were downgraded. The "H20 Tianying 3" issued by Wuhan Tianying Investment Group Co., Ltd. and the "Hongda Debenture" issued by Hongda Xingye Co., Ltd. defaulted in essence [4][40]. 3.5 Investment Recommendations - In 2026, for urban investment bonds, short - duration (within 2Y) sinking urban investment bonds can be used as a base position to obtain stable coupon income, and high - quality urban investment entities with a moderately extended duration (3 - 5Y) can be selected to increase portfolio returns. For industrial bonds, high - quality central and state - owned enterprise industrial bonds can be used as a base position with an extended duration to obtain stable coupon income, and attention should be paid to industries with marginal improvements. For Tier 2 and perpetual bonds, trading opportunities of those with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and attention should be paid to high - quality city commercial banks and rural commercial banks in economically developed areas and areas with advanced debt resolution progress [44].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - Copper prices are experiencing high volatility, supported by macroeconomic factors such as the unexpected rise in the US unemployment rate and lower-than-expected CPI, which have increased expectations for interest rate cuts by the Federal Reserve [4] - The supply-demand dynamics for copper are tightening, with capital expenditures on copper mines insufficient and frequent supply disruptions expected to lead to a shift from a tight balance to a shortage [4] - The aluminum market is characterized by a slight accumulation of domestic inventory, with prices remaining high due to stable demand and limited supply growth [4] - The lithium sector is witnessing strong demand, with lithium prices entering an upward cycle as inventory continues to deplete [4] - Cobalt prices are expected to continue rising due to a tight supply of raw materials, despite some easing of export restrictions from the Democratic Republic of Congo [4] Summary by Sections 1. Industry Overview - The US unemployment rate for November was reported at 4.6%, exceeding expectations, while non-farm employment increased by 64,000, also above forecasts [8] - The US retail sales for October were flat, and the CPI for November was reported at 2.7%, below expectations [8] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 1.46% compared to a 0.03% rise in the index [10] - The sector's PE_TTM valuation is at 26.64 times, while the PB_LF valuation is at 3.29 times, indicating a premium over the broader market [19] 3. Copper - London copper prices increased by 0.36%, while Shanghai copper prices decreased by 0.96% [24] - Copper inventories in London decreased by 3.32%, while Shanghai inventories increased by 7.18% [24] 4. Aluminum - London aluminum prices rose by 2.37%, while Shanghai aluminum prices fell by 0.54% [36] - The aluminum industry is facing a slight increase in inventory, with production capacity nearing its limits [4] 5. Lithium - Lithium carbonate prices rose by 3.33% to 97,650 CNY/ton, while lithium hydroxide prices increased by 3.91% to 86,280 CNY/ton [78] - The lithium sector is expected to see a profit turning point as demand continues to grow [4] 6. Cobalt - The price of MB cobalt rose by 0.51% to 24.45 USD/pound, with domestic cobalt prices increasing by 1.93% to 422,000 CNY/ton [90] - The supply of cobalt remains tight, with expectations for continued price increases [4]

证券研究报告 晨会 hyzqdatemark 2025 年 12 月 21 日 请务必仔细阅读正文之后的评级说明和重要声明 投资要点： 资料来源：聚源，华源证券研究所，截至2025年12月19日 华源晨会精粹 20251221 新消费 密集政策提振消费，海南自由贸易港封关运作正式启动——新消费行业周 报：扩大内需是战略之举，消费有关政策频出：中央经济工作会议提出八项明年经 济工作的重点任务，其中第一项重点任务为坚持内需主导，建设强大国内市场。12 月 15 日，《求是》杂志发表文章《扩大内需是战略之举》，文章强调要"牢牢把握 扩大内需这一战略基点"，阐明了扩大内需对发展全局的基础支撑作用。商务部等 9 部门发布《关于扩大服务消费的若干政策措施》，提出五方面 19 条举措。商务部、 中国人民银行、金融监管总局联合发布《关于加强商务和金融协同，更大力度提振 消费的通知》。海南自由贸易港全岛封关运作正式启动，中免发布多重礼遇。根据 中免海南战报，12 月 18 日封关首日中免海南销售额超 2.5 亿元，同比增长 90%。 2025 年 1-11 月美容护肤品牌格局：TOP5 品牌主要由珀莱雅、欧莱雅、韩束、兰 蔻、 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic initiative, with multiple policies aimed at boosting consumption being introduced. The central economic work conference highlighted the need for a strong domestic market and specific measures to stimulate consumption [4] - The official launch of the Hainan Free Trade Port marks a new phase in China's high-level opening-up, with significant increases in flight bookings to Hainan, indicating a positive trend in consumer behavior [4] - The report notes a robust growth in the beauty and skincare sector, with top brands maintaining their positions and new domestic brands showing significant growth, reflecting changing consumer preferences among younger generations [5][17] Summary by Sections Industry Performance - The new consumption sector saw a weekly increase of 6.66% in the retail index from December 15 to December 19, 2025 [8] - The beauty and personal care sector increased by 2.87% during the same period [8] Policy Developments - The central government has introduced various measures to enhance service consumption, including promotional activities and optimizing service availability to meet diverse consumer needs [4] - A joint notification from multiple government departments aims to strengthen collaboration between commerce and finance to boost consumption in key areas [4] Market Trends - In the beauty and skincare market, the top five brands include Proya, L'Oreal, Han Shu, Lancôme, and Estée Lauder, with domestic brands like Proya showing strong performance [5] - The report highlights a significant increase in sales for Hainan's duty-free shops, with a 90% year-on-year growth on the first day of the free trade port's operation [5] Investment Recommendations - The report suggests focusing on high-quality domestic brands in beauty and skincare, traditional gold jewelry brands favored by younger consumers, and strong tea beverage brands with extensive market coverage [17]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 12 月 20 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 北交所首单发行股份购买资产项目获注册，下周关注蘅东光新股申购 ——北交所周观察第五十七期（20251221） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 蘅东光 12 月 23 日启动招股，精密光连接器件融入全球数据中心产业链。蘅东光发行价 31.59 元/股，拟发行股份 1025 万股，发行市盈率 14.99 倍。蘅东光聚焦于光通信领域无源光器件产 品的研发、制造与销售，主要业务板块包括无源光纤布线、无源内连光器件及相关配套业务 三大板块。公司通过自主研发"亚微米数字化运动控制技术平台"，实现了无源光器件产品传 统手工作业生产模式难以达到的亚微米级别精度。基于深厚的研发实力与先进制造技术，公司 获得了中国国际光电博览会（CIOE）技术创新奖，成立了广东省多通道高速硅光芯片及光引 ...

Investment Rating - The report rates the home appliance industry as "Positive" for investment, marking it as the first recommendation for 2026 [3]. Core Insights - The report emphasizes that leading companies with strong product capabilities, channel efficiency, cost control, and brand premium are positioned to gain market share during a challenging domestic demand environment. The industry is shifting from "incremental competition" to "stock integration" [4]. - It highlights that while short-term revenue growth may be difficult to expect, leading companies are likely to maintain profit growth due to improved efficiency and cost reduction. A stabilization in demand could lead to a new golden era for these companies [4]. - The report suggests focusing on three main investment themes: companies benefiting from domestic market consolidation, those redefining products for overseas markets, and quality dividend stocks with low valuations [4]. Summary by Sections 1. Market Performance and Fundamentals - The home appliance sector underperformed the CSI 300 index in 2025, with a growth rate of 9.7%, lagging behind the index by 7.8 percentage points, primarily due to external tariffs and domestic policy fluctuations [9]. - The report notes that the home appliance sector's valuation remains low compared to other consumer sectors, with a PE ratio of 14.7X as of November 30, 2025, reflecting the industry's mature phase and pressures from declining domestic real estate demand [19][20]. 2. Main Line One: Opportunities in Market Consolidation - The report identifies opportunities in the smart projection market, where domestic consolidation is occurring, and leading companies are gaining market share. The market is expected to improve as consumer demand recovers [61]. - In the kitchen appliance sector, leading companies are showing resilience in performance despite weak demand, with market shares increasing as smaller competitors exit the market [76]. 3. Main Line Two: Redefining Products for Export Markets - The report discusses the growth potential in the robotic vacuum cleaner market, which is expected to see double-digit growth in the overseas market from 2024 to 2029, driven by product innovation [86]. - It also highlights the potential for growth in the lawn mower robot market, particularly in Europe, where the penetration rate is expected to rise significantly [104]. 4. Main Line Three: Quality Dividend Stocks - The report suggests that companies like Midea Group and Haier Smart Home are positioned well due to their stable cash flows and increasing dividend payouts, making them attractive for long-term investment [85].

证券研究报告 非银金融 | 保险Ⅱ 港股|首次覆盖报告 hyzqdatemark 2025 年 12 月 18 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 12 | 月 17 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 3.21 | | | 一年内最高/最低（港 | | | | 7.36/0.87 | | | 元） | | | | | | | 总市值（百万港元） | | | | 13,030.33 | | | 流通市值（百万港元） | | | | 13,030.33 | | | 资产负债率（%） | | | | 84.60 | | | 资料来源：聚源数据 | | | | | | 云锋金融(00376.HK) 投资评级： 买入（首次） ——新业务价值高增，投资管理能力独特 投资要点： 联系人 扎根香港寿险市场，兼具强 ...