Group 1 - The core viewpoint of the report is that Mixue Group (02097) is a leading player in the domestic fresh beverage market, benefiting from a high-quality, affordable positioning and a first-mover advantage in the supply chain, which creates barriers through economies of scale [1] - The company is projected to achieve revenues of 33.7 billion, 38.1 billion, and 42.4 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 36%, 13%, and 11% [1] - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is expected to be 5.934 billion, 6.779 billion, and 7.535 billion RMB, with growth rates of 34%, 14%, and 11% [1] Group 2 - The domestic fresh beverage market has significant growth potential, with the market size increasing from 187.8 billion RMB in 2018 to 517.5 billion RMB in 2023, reflecting a compound annual growth rate of 22.5% [2] - Mixue Ice City holds a dominant market share in the affordable tea beverage segment, and the overall penetration of fresh beverages in the beverage market is expected to increase [2] - The company has substantial domestic and international expansion opportunities, with potential store openings of 60,000 to 70,000 for Mixue Ice City and over 40,000 for international markets, particularly in Southeast Asia [3]

智通财经APP获悉，国泰海通证券发布研报称，首次覆盖，给予蜜雪集团(02097)"增持"评级。蜜雪集团 是国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒。预测公司2025-2027年收入分 别为337/381/424亿元(人民币，下同)，增速分别为36%/13%/11%。预测公司2025-2027年归母净利润分 别为59.34/67.79/75.35亿元，增速分别为34%/14%/11%。综合PE和DCF估值，给予公司目标价549.47港 元。 国泰海通证券主要观点如下： 国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒 蜜雪集团是国内平价现制饮品龙头，旗下有现制茶饮品牌"蜜雪冰城"、现磨咖啡品牌"幸运咖"和现打鲜 啤品牌"福鹿家"。蜜雪集团核心竞争优势包括：①卡位平价赛道，原料工业化、标准化程度高，源头直 采、核心饮品食材100%自产，拥有行业内最大的自主运营的仓储体系和专属配送网络，规模化带来成 本优势;②建立高密度广覆盖的门店网络，提高消费者触达，规模优势领先;③加盟商筛选和管理严格， 门店经营质量高;④打造和运营"雪王"超级IP、参与公益事业，提高品牌价值，成就国民品牌。 ...

｜2026年1月27日 星期二｜ NO.1 券商资管公司公募管理规模去年增长显著，千亿元级阵营扩容至5家 近日，随着公募基金2025年四季报披露完毕，各家券商及券商资管公司（以下统称"券商资管"）的最新 公募基金管理规模也浮出水面。截至2025年末，共有5家券商资管公司公募基金管理规模在千亿元以 上。其中，东方红资产管理以2162.68亿元的管理规模居于榜首，较2024年末增长30.05%。其次是华泰 证券资管，管理规模为1808.28亿元，较2024年末增长29.15%。中银证券、财通资管的管理规模也排名 居前，分别为1339.33亿元、1197.6亿元，均较2024年末出现小幅下滑，降幅分别为1.88%、7.47%。得 益于并购整合，国泰海通资管管理规模为1110.58亿元，跻身管理规模千亿元行列，较2024年末增长 37.6%。长江资管、山证资管管理规模分别为390.98亿元、370.83亿元，较2024年末增长47.39%、 49.04%。 点评：券商资管公募规模扩容凸显财富管理转型成效，龙头机构凭借品牌效应持续吸纳资金，头部效应 强化。并购整合加速行业洗牌，中小机构需差异化竞争。长期看，资管业务实力 ...

Core Insights - The article discusses significant events in the private equity fund market from January 19 to January 25, highlighting government initiatives and new fund establishments aimed at promoting innovation and investment in various sectors [5]. Government-Backed Funds - The National Development and Reform Commission announced plans to establish a national-level merger fund to enhance government investment and promote innovation and entrepreneurship [7]. - The Beijing Zhongguancun Science City Technology Growth Fund is set to invest in five sub-funds, focusing on various sectors including healthcare and robotics [8]. - The Pudong New Area government is launching a 2 billion yuan seed fund to support AI innovation, emphasizing collaboration with educational institutions [8]. - Guangzhou has introduced a pilot program to address financing challenges in technology transfer, allowing for a "first invest, then equity" model [9]. - Jiangsu Nanjing's advanced manufacturing fund is set to invest in high-end equipment and emerging industries, with a target size of 2 billion yuan [9]. Market-Driven Funds - Coller Capital successfully raised $17 billion for its CIP IX fund, marking the largest fund in the company's history, focusing on secondary market investments [14]. - Hengxu Capital completed the first closing of its fourth flagship fund, raising over 2 billion yuan, with plans to reach 3.5 billion yuan [15]. - The Xiamen Torch Fund II, with a size of 1 billion yuan, aims to invest in strategic emerging industries such as new materials and aerospace [16]. - The Hubei Port and Shipping Development Fund expanded to approximately 2.8 billion yuan, focusing on transportation projects [16]. Corporate Investments - Lek Electric plans to invest 190 million yuan in a venture capital fund targeting high-end manufacturing and core technologies [19]. - Ningbo Deyu plans to invest 86 million yuan in a fund focused on robotics and AI [20]. - Silver Technology is investing 50 million yuan in a private equity fund for communication and smart terminal industries [21]. - Wuyang Control's subsidiary intends to invest 30 million yuan in a fund targeting advanced technology and modern services [21].

Group 1 - The public fund market has seen rapid growth, with total net asset value reaching 37.49 trillion yuan as of January 26, 2025, a 14.03% increase compared to the same period in 2024 [2] - Five brokerage asset management companies have surpassed 100 billion yuan in public fund management scale by the end of 2025, with Dongfanghong Asset Management leading at 216.27 billion yuan, a 30.05% increase from 2024 [2] - Several smaller brokerage asset management firms have shown significant growth, with Changjiang Asset Management and Shanzheng Asset Management increasing their management scales by 47.39% and 49.04%, respectively [2][3] Group 2 - Different institutions have distinct product structures, with non-monetary market funds dominating the management products of Dongfanghong Asset Management, Zhongyin Securities, and Caitong Asset Management, while Huatai Securities has over 85% of its products in monetary market funds [3] - Brokerages are actively exploring differentiated development paths in the public fund sector, with some increasing their stakes in public fund companies to enhance control and improve business synergy [4] - Companies are focusing on expanding their product lines and enhancing their capabilities in active equity products, with a particular emphasis on technology themes and the STAR Market [4][5]

Investment Rating - The report maintains a "Recommend" rating for the non-bank financial sector, indicating a positive outlook for investment in this area [1][8]. Core Insights - The non-bank financial sector is experiencing a continued high level of activity, with significant increases in holdings in both the brokerage and insurance segments. The brokerage sector's holdings increased to 0.99%, while the insurance sector saw a substantial rise to 2.04% [1][7]. - The overall fund net asset value reached 36.8 trillion yuan, reflecting a year-on-year growth of 14% and a quarter-on-quarter increase of 2% [12]. - The brokerage sector is expected to benefit from improved market conditions, with a projected net profit increase of 26% year-on-year for Q4 2025 [19][20]. - The insurance sector is poised for strong performance in 2026, driven by favorable market conditions and a significant increase in new policy premiums [22][23]. Summary by Sections Public Fund Market Size - As of Q4 2025, the total net asset value of public funds was 36.8 trillion yuan, with a year-on-year increase of 14% and a quarter-on-quarter increase of 2% [12]. - The non-monetary fund size reached 21.7 trillion yuan, growing 16% year-on-year [12]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.99%, up 0.1 percentage points from the previous quarter, with a total of 7.71 billion shares held, reflecting a 17.9% quarter-on-quarter increase [20]. - Major brokerages such as CITIC Securities and Guotai Junan saw significant increases in their holdings, with respective increases of 0.14 and 0.07 percentage points [20][21]. Insurance Sector - The insurance sector's holdings rose to 2.04%, a significant increase of 0.97 percentage points from the previous quarter, exceeding the benchmark allocation [23]. - Key players like Ping An and China Life experienced notable increases in their holdings, with Ping An's allocation rising by 0.68 percentage points [23]. Investment Recommendations - The report suggests focusing on key stocks within the brokerage sector, including Guotai Junan, CITIC Securities, and Huatai Securities, as well as major insurance companies like Ping An and China Life [8].

Group 1 - The meeting involved representatives from Guotai Junan Securities and Lanshi Zhongke, focusing on the latest developments and technological layout in the field of nanomaterials [1][2] - Lanshi Zhongke showcased its core technology system and competitive advantages in nanomaterials, as well as its future development plans [1] - The discussion included key technical indicators and optimization paths for materials such as lanthanum oxide, cerium oxide, and nano zinc oxide, with positive feedback on Lanshi Zhongke's technical strength and development prospects [1] Group 2 - Lanshi Zhongke expressed gratitude for the support and resource promotion from Guotai Junan Securities, highlighting the complementary nature of their core process R&D and industrialization experience with the research focus of Jiangxi Copper Research Institute [2] - The company looks forward to a site visit from the Jiangxi Copper team for further exchanges and aims to collaborate with partners in the new materials field [2]

Core Findings - The 2025 Chinese M&A market shows significant structural differentiation, characterized by a "volume decrease and price increase" trend, with multiple dynamics including market stabilization, private equity fund exit recovery, and notable regional and industry concentration [1][16]. M&A Market Overview - In 2025, the number of announced M&A transactions decreased by 20.27% year-on-year to 5,086, marking a seven-year low, indicating a cooling market activity. However, the total disclosed amount for 3,499 transactions reached 23,735.15 billion yuan, a year-on-year increase of 29.08%, highlighting a significant expansion in single transaction sizes [13][16]. - The total number of completed transactions for the year was 3,342, a slight increase of 0.45% year-on-year, with the total disclosed amount for 2,026 transactions reaching 14,851.31 billion yuan, a substantial year-on-year growth of 54.41%, reversing the downward trend since 2019 [17][16]. Private Equity Fund Exit Trends - In 2025, private equity funds exited through M&A reached 469, a year-on-year increase of 22.77%, recovering to the highest level since 2022. The total capital returned was 642.15 billion yuan, up 8.54% year-on-year, indicating improved exit efficiency and capital circulation capabilities [2][26]. Major M&A Cases - In 2025, there were 20 transactions exceeding 10 billion yuan, with the largest being China Shipbuilding's merger with China Shipbuilding Industry Corporation at 1,151.50 billion yuan, marking a significant milestone in China's shipbuilding industry [30][31]. Cross-Border M&A Trends - The cross-border M&A market completed 144 transactions in 2025, a year-on-year decrease of 13.77%. The total disclosed amount for 105 transactions was 1,181.46 billion yuan, down 5.73% year-on-year, indicating a continued low activity level in the cross-border M&A sector [33][36]. Industry and Regional Distribution - Guangdong province led the M&A market in China, benefiting from the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area. The electronic information, traditional manufacturing, healthcare, and energy mining sectors emerged as hot spots for M&A activity [3][38]. - In terms of transaction volume, electronic information accounted for 17.32% of the total, while the financial sector led in transaction scale with 2,035.96 billion yuan, representing 13.71% of the total disclosed amount [43][39].

Core Viewpoint - Cathay Securities has given a "Buy" rating to Tsunam Machine Tool China (01651), predicting significant revenue and profit growth from FY2026 to FY2028, driven by strong product capabilities and customer channels in the machine tool industry [1] Group 1: Financial Performance - For the first half of FY2026, the company achieved a revenue of approximately 2.497 billion yuan, representing a year-on-year growth of 26.2% [1] - The net profit attributable to shareholders was 502 million yuan, with a year-on-year increase of 47.7% [1] - The gross margin was 34.6%, up by 2.5 percentage points, while the net profit margin reached 20.1%, an increase of 2.9 percentage points [1] Group 2: Market Opportunities - The AI liquid cooling sector is entering a phase of bulk equipment procurement, with the company having a competitive edge in processing rapid liquid cooling connectors [2] - From January to September 2025, the company signed equipment orders with dozens of clients, accounting for about 5% of domestic order value [2] Group 3: Strategic Developments - The company is actively expanding into new fields, particularly in humanoid robotics, driven by the growing demand for small precision components due to advancements in autonomous driving and AI applications [3] - Cost reduction and efficiency improvement measures have enhanced the product's cost-effectiveness and market competitiveness, with several devices successfully applied in processing key components for humanoid robots [3] - In the same period (January to September 2025), the company secured orders for various equipment types, including automatic lathes and external cylindrical grinding machines [3]

Core Viewpoint - Cathay Securities has given a "Buy" rating to Tsunamachine China (01651), predicting significant revenue and profit growth from FY2026E to FY2028E, driven by strong product capabilities and customer channels in the machine tool industry [1] Group 1: Financial Projections - Projected revenues for FY2026E, FY2027E, and FY2028E are expected to be 5.182 billion, 5.823 billion, and 6.562 billion CNY respectively [1] - Projected net profits for FY2026E, FY2027E, and FY2028E are expected to be 1.018 billion, 1.108 billion, and 1.263 billion CNY respectively [1] - The company achieved a revenue of approximately 2.497 billion CNY in the first half of FY2026, representing a year-on-year growth of 26.2% [1] Group 2: Market Position and Product Strength - Tsunamachine China specializes in high-end CNC machine tools, including precision lathes, machining centers, and grinding machines, widely used in high-precision processing fields such as automotive and 3C [1] - The company has a gross margin of 34.6%, which is an increase of 2.5 percentage points year-on-year, and a net profit margin of 20.1%, up by 2.9 percentage points year-on-year [1] Group 3: Growth Opportunities - The AI liquid cooling sector is entering a phase of bulk equipment procurement, with the company having a competitive edge in processing rapid liquid cooling connectors [2] - The company has signed equipment orders with dozens of clients in the AI liquid cooling sector, accounting for about 5% of domestic order value from January to September 2025 [2] - The demand for small precision components is increasing due to the rapid expansion of autonomous driving and AI applications, with the company actively developing humanoid robot-related business [3] - The company has successfully applied multiple devices in processing key components for humanoid robots, including planetary roller screws and harmonic reducers [3]