Investment Rating - The industry rating is "Overweight" (first-time) [6] Core Insights - The report highlights the acquisition of 100% equity of Henan High Purity Minerals by AnCai High Technology, which occurred in September 2025. This acquisition aims to enhance the production and sales of high-purity quartz materials essential for semiconductor, photovoltaic, and optical fiber communication industries [6] - Quartz Co. has successfully mass-produced and sold various high-end quartz material products, including semiconductor-grade quartz tubes, rods, and ingots, as of November 27, 2025. These products are crucial for key processes in semiconductor manufacturing [6] - The establishment of high-purity quartz as the 174th new mineral type in China, announced in April 2025, signifies a breakthrough in domestic mineral resources, with purity levels not lower than 99.995%. This development is expected to strengthen the resilience and security of the domestic supply chain [6] Summary by Sections - **Recent Industry Performance**: The industry has shown a relative return of 6.65% over the past 12 months, with an absolute return of 23.5% [3] - **Investment Highlights**: The acquisition by AnCai High Technology and the production capabilities of Quartz Co. are pivotal developments, indicating a growing market for high-purity quartz materials [6] - **Market Demand**: High-purity quartz is characterized by its high-temperature resistance, corrosion resistance, low thermal expansion, high insulation, and transparency, making it indispensable for semiconductor and photovoltaic industries [6] - **New Mineral Classification**: The recognition of high-purity quartz as a new mineral type is expected to foster the development of new production capabilities and enhance the domestic supply chain [6]

Investment Rating - Industry rating: "Accumulate" (maintained) [7] Core Insights - The approval of the cross-linked recombinant collagen implant by Chuangjian Medical on December 23, 2025, marks a significant addition to the recombinant collagen industry, which is expected to expand further [7] - Lin Qingxuan has passed the Hong Kong Stock Exchange listing hearing, potentially becoming the first high-end domestic skincare stock in Hong Kong [7] - The "oil-based skincare" brand Afu released the industry's first technical standard for functional skincare products on December 8, 2025, supporting the standardized development of the "oil-based skincare" sector [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -21.5% compared to the CSI 300 index, with absolute returns of -4.52% [3] Key Events - Chuangjian Medical's recombinant collagen implant is composed of cross-linked recombinant collagen hydrogel and is approved for facial dermal filling to correct moderate to severe dynamic wrinkles [7] - Lin Qingxuan's core product, camellia oil essence, has seen its revenue share increase from 31.5% in 2022 to an expected 45.5% in the first half of 2025, maintaining its position as the top-selling facial essence oil in China for 11 consecutive years [7] Investment Recommendations - The successful approval of Chuangjian Medical's product is expected to enhance industry growth, with a recommendation to monitor the product's market performance post-launch [7] - The sales of essence oils across major online platforms are projected to exceed 9.5 billion yuan from March 2024 to February 2025, with facial essence oils experiencing a 36% growth, indicating a strong market demand [7]

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset break rates[1][2][3] - The turnover rate of the indices is calculated using the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Component Stock Free Float Shares} \times \text{Component Stock Turnover Rate})}{\Sigma(\text{Component Stock Free Float Shares})} $ This metric is used to evaluate the liquidity of the indices, with the highest turnover rate observed for CSI 2000 (3.93) and the lowest for SSE 50 (0.17)[18] - Risk premium is calculated relative to the 10-year government bond yield, serving as a measure of relative investment value. The current risk premium values for indices include CSI 2000 (1.30%), CSI 1000 (0.96%), and SSE 50 (0.25%). CSI 2000 and CSI 1000 exhibit higher 5-year percentile values of 83.49% and 78.25%, respectively, indicating relatively high investment attractiveness[28][32][35] - PE-TTM (Price-to-Earnings Trailing Twelve Months) is analyzed as a valuation metric. CSI 500 and CSI All Share indices show the highest 5-year percentile values of 97.52% and 95.62%, respectively, suggesting elevated valuation levels. Conversely, SSE 50 and ChiNext indices have lower percentile values of 84.13% and 59.50%, respectively[40][43][44] - Dividend yield is tracked as a measure of cash return. ChiNext (60.17%) and CSI 300 (36.36%) exhibit the highest 5-year historical percentile values, while CSI 500 (16.53%) and CSI 2000 (12.23%) are relatively lower, indicating varying levels of dividend attractiveness across indices[49][51][55] - Net asset break rate, which reflects the proportion of stocks trading below their net asset value, is analyzed. Current break rates include SSE 50 (22.0%), CSI 300 (16.0%), and CSI 2000 (3.15%), with lower break rates potentially indicating market optimism[56][58][60]

- The report tracks the performance of various broad-based indices in the A-share market, noting that on December 24, 2025, all indices except the SSE 50 increased, with the CSI 2000 and CSI 1000 showing the largest gains of 1.55% and 1.54%, respectively[2] - The report compares the moving averages of the indices, highlighting that the CSI 1000 broke through the 60-day moving average, and all tracked indices are above the 5, 10, 20, and 60-day moving averages[13] - The report analyzes the trading volume and turnover rates, noting that on December 24, 2025, the CSI 2000 had the highest trading volume share at 24.78%, followed by the CSI 300 and CSI 1000, both at 21.96%[17] - The report examines the daily return distribution, indicating that the ChiNext Index has the largest negative skewness and kurtosis, while the CSI 2000 has the smallest negative skewness and kurtosis[23][25] - The report evaluates the risk premium of the indices relative to the 10-year government bond yield, noting that the CSI 1000 and CSI 500 have high 5-year percentile values of 89.44% and 88.1%, respectively, while the CSI 300 and SSE 50 have lower values of 64.21% and 47.46%[28][31] - The report assesses the PE-TTM ratios of the indices, highlighting that the CSI 500 and CSI 1000 have high 5-year percentile values of 96.94% and 94.63%, respectively, while the SSE 50 and ChiNext Index have lower values of 84.05% and 59.17%[42][43] - The report analyzes the dividend yield, noting that the ChiNext Index and CSI 1000 have high 5-year historical percentile values of 61.32% and 39.09%, respectively, while the CSI 500 and CSI 2000 have lower values of 17.77% and 16.36%[51][53] - The report examines the net asset value break rate, indicating that the current break rates for the indices are 22.0% for the SSE 50, 16.0% for the CSI 300, 10.8% for the CSI 500, 8.0% for the CSI 1000, 3.25% for the CSI 2000, and 6.14% for the CSI All Share Index[57]

- The report provides a snapshot of the A-share market, focusing on the performance of broad-based indices as of December 23, 2025[1][2] - The report includes a comparison of indices with their moving averages and the highest and lowest points over the past 250 trading days[14][15] - The report analyzes the distribution of daily returns for various indices, highlighting the kurtosis and skewness of these distributions[24][26] - The report examines the risk premium of various indices relative to the yield on 10-year government bonds, noting significant mean reversion and volatility[28][29][30] - The report evaluates the PE-TTM (Price-to-Earnings ratio based on trailing twelve months) of various indices, providing historical comparisons and percentile rankings[38][39][42][43] - The report assesses the stock-bond yield ratio, comparing the PE-TTM inverse with the yield on 10-year government bonds[45][46] - The report tracks the dividend yield of various indices, noting historical trends and current values[47][48][52] - The report discusses the percentage of stocks trading below their net asset value (P/B ratio < 1), indicating market valuation attitudes[53][56][58]

- The report provides a snapshot of the A-share market, highlighting the performance of various broad-based indices on December 22, 2025, with the ChiNext Index (2.23%) and the CSI 500 (1.2%) showing the largest gains[1][2] - All tracked indices have moved back above their 5, 10, 20, and 60-day moving averages, with the SSE 50 and CSI 2000 indices recovering to within 2% of their 250-day highs[2][14] - The CSI 2000 had the highest turnover rate at 3.82, followed by the CSI 1000 at 2.23, and the ChiNext Index at 2.15[2][17] - The ChiNext Index had the largest negative skewness and kurtosis deviation, while the CSI 1000 had the smallest[2][23][25] - The risk premium for the ChiNext Index (90.4%) and CSI 500 (86.19%) were relatively high over the past five years, while the SSE 50 (74.13%) and CSI 2000 (72.22%) were lower[2][27][31] - The PE-TTM values for the CSI 500 (95.87%) and CSI 1000 (93.97%) were relatively high, while the CSI 2000 (82.81%) and ChiNext Index (58.02%) were lower[3][41][42] - The dividend yield for the ChiNext Index (62.73%) and CSI 1000 (45.54%) were relatively high over the past five years, while the CSI 500 (21.16%) and CSI 2000 (20.41%) were lower[3][51][53] - The current net break rates for the indices were: SSE 50 (22.0%), CSI 300 (16.0%), CSI 500 (10.8%), CSI 1000 (8.1%), CSI 2000 (3.3%), and CSI All Share (6.14%)[3][55]

Investment Rating - Industry rating: "Overweight" (maintained) [7] Core Insights - The launch of the Hainan Free Trade Port's full island closure on December 18, 2025, marks a new phase in China's high-level opening-up, with the range of "zero tariff" goods expanding from over 1,900 to 6,600 tax items, increasing the proportion to 74% [7] - The introduction of the "ice and snow holiday" in Jilin Province for compulsory education students led to a 119% year-on-year increase in domestic tourist reception and a 31% increase in total spending during the holiday period [7] - Sanya's duty-free sales exceeded 100 million yuan for three consecutive days from December 18 to 20, with a year-on-year growth of 47% on December 20 [7] - Sanya Phoenix International Airport's passenger throughput reached a historical peak in 2025, with a total of 21.849 million passengers, a year-on-year increase of 5.8% [7] Summary by Sections Recent Industry Performance - Relative returns over the past month: 2.61%, three months: -5.0%, and twelve months: -14.53% [3] - Absolute returns over the past month: 5.18%, three months: -3.53%, and twelve months: 1.78% [3] Investment Recommendations - Focus on companies like China Duty Free Group for their comprehensive product upgrades and on airport and transportation companies such as Hainan Airport, Meilan Airport, and Hainan Airlines [7] - Attention is also recommended for travel-related companies like Changbai Mountain, Huangshan Tourism, and others as the winter season and New Year holiday approach [7]

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The Central Economic Work Conference emphasized the implementation of consumption-boosting actions and the optimization of the "Two New" policy, which is expected to support domestic demand growth in the household appliance sector [6] - In November 2025, China's household air conditioner production reached 10.577 million units, a year-on-year decline of 36.7%, with sales at 10.492 million units, down 31.8% year-on-year [6] - The "old-for-new" policy has significantly boosted sales, with related product sales exceeding 2.5 trillion yuan from January to November 2025, benefiting over 360 million consumers [6] - The household air conditioner market is currently experiencing a downturn due to multiple factors, including weak terminal demand following the reduction of national subsidies and high inventory levels in overseas markets [6] Summary by Sections Industry Performance - The relative performance over the last 12 months shows a decline of 9.87% compared to the CSI 300 index, while absolute returns were positive at 7.54% [3] Market Dynamics - The report highlights that the household appliance industry is under pressure, particularly in the air conditioning segment, which is facing a phase of adjustment [6] - The future competition in the vacuum cleaner market is expected to shift towards ecosystem building and service capabilities, moving beyond just product offerings [6] Investment Recommendations - The report suggests focusing on leading white goods companies such as Midea Group, Gree Electric Appliances, and Hisense Home Appliances, as well as black goods exporters like TCL Electronics and Hisense Visual [6]

消费行业研究组 分析师：张婧 证券研究报告·行业点评报告 2025 年 12 月 23 日 江海证券研究发展部 执业证书编号：S1410525010001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -6.08 -4.75 -25.64 绝对收益 -2.53 -2.78 -8.23 数据来源：聚源 注：相对收益与沪深 300 相比 注：2025 年 12 月 22 日数据 -19% -10% -1% 8% 17% 26% 2024-12 2025-04 2025-08 2025-12 食品饮料 沪深300 相关研究报告 1. 江海证券-行业点评报告-食品饮料：白 酒批价短期企稳，线上渠道占比提升 – 2025.10.01 2. 江海证券-行业点评报告-食品饮料：中 报预告陆续发布，行业分化加剧 – 2025.07.16 3. 江海证券-行业点评报告-食品饮料：5 月白酒产量持续下降，啤酒产量同比增 1.3% – 2025.06.27 4. 江海证券-行业点评报告-食品饮料行 业：两会政策窗口临近，关注消费顺周期 板块 – 2025.02.14 5. 江海证券-行业 ...

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The delivery of the world's first methanol dual-fuel intelligent super-large oil tanker, designed and built in China, marks a significant step in the intelligent and green development of the shipbuilding industry, reinforcing China's competitive advantage in the global shipbuilding market [6] - A memorandum of cooperation was signed among CIMC Green Energy, a subsidiary of CIMC, and strategic partners to develop a green methanol industry chain project in Hainan Province [6] - The first large-scale biomass methanol project in China has commenced operation, utilizing advanced biomass gasification technology [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 18.64% compared to the CSI 300 index, with an absolute return of 36.05% [3] Green Methanol Overview - Green methanol is defined based on renewable sources for hydrogen and carbon dioxide, including biomass and electrochemical methods [6] - The advantages of biomass methanol production include high sustainability, carbon reduction efficiency, and mature technology, while challenges include gasification efficiency and cost [6] - The global demand for green methanol in the shipping sector is projected to reach 100 million tons by 2030, with a market size of 400 billion yuan [6] Investment Recommendations - Recommended companies in the green methanol supply chain include Goldwind Technology, CIMC, Fuke Technology, and China Tianying [7] - Midstream equipment companies to watch include Aerospace Engineering, Donghua Technology, and Taiyuan Heavy Industry [7]