Investment Rating - The industry maintains an "Overweight" rating [9] Core Views - The report highlights the performance of the traditional Chinese medicine (TCM) sector, noting a 0.89% increase in the TCM II index, making it the second-best performing sub-sector in the pharmaceutical industry [3] - The report emphasizes the importance of the 2025 performance outlook and the progress of the essential drug catalog adjustments, with many companies showing positive profit growth [6] - The report suggests that the TCM industry may continue to experience structural differentiation, with companies focusing on external markets and innovation to find new growth points [6] Market Performance - The TCM II index closed at 6406.83 points, up 0.89% for the week, while the overall pharmaceutical index fell by 0.39% [3] - The best-performing companies in the TCM sector included *ST Changyao, ST Xiangxue, and Fangsheng Pharmaceutical, while the worst performers included Zhenbaodao and Pianzaihuang [3] Valuation - The TCM sector's PE (ttm) was 27.34X, up 0.23X week-on-week, with a PB (lf) of 2.3X, also showing a slight increase [4] - The PE is at the 28.89% percentile since 2013, while the PB is at the 5.74% percentile [4] Raw Material Market - The TCM raw material index rose by 1.1% due to increased demand for tonic herbs and price hikes in certain materials [5] - The overall market for TCM materials remains volatile, with a notable increase in demand for tonic herbs [5] Investment Suggestions - The report recommends focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [7] - Specific investment targets include companies with strong R&D capabilities, those less affected by centralized procurement, and brands with strong market presence [13]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][39] Core Views - The rare earth magnetic materials industry outperformed the market, with a price increase of 1.66% this week, surpassing the benchmark (CSI 300) by 2.28 percentage points [5][12] - The industry valuation (TTM P/E) has rebounded to 83.53x, currently at the 92.1% historical percentile [5][12] - Short-term adjustments are expected after a significant price increase in the industry chain, but medium to long-term demand remains stable [39] Summary by Sections Market Performance - The rare earth magnetic materials industry saw a relative return of 14% over one month, 5% over three months, and 74% over twelve months, with absolute returns of 16%, 7%, and 98% respectively [4] - The industry valuation has increased by 1.37x this week [5] Price Trends - Domestic light rare earth concentrate prices remained stable, while medium and heavy rare earth prices declined [6][9] - Prices for praseodymium and neodymium showed weak fluctuations, with praseodymium oxide prices decreasing by 0.37% [9][14] - Dysprosium and terbium prices were adjusted downwards due to insufficient downstream demand [9][18] Fundamental Changes - Supply-side growth is limited, with tight spot circulation and a positive long-term demand outlook [9][38] - The demand from downstream sectors, such as new energy vehicles, is experiencing marginal declines, while industrial trends remain generally positive [9][38] Valuation Perspective - Current absolute and relative historical valuation levels are supported by loose liquidity and favorable industrial policies [9][38] - The industry is expected to enter a phase of stable fluctuations in valuation due to regulatory constraints [39] Investment Recommendations - The report suggests maintaining an "Overweight" rating, focusing on upstream rare earth resource companies and downstream magnetic material companies with strong customer structures and growth potential [39][42]

证券研究报告 2026 年 01 月 25 日 湘财证券研究所 根据 Wind 数据，本周申万一级行业医药生物下跌 0.39%，涨幅排名位列申 万 31 个一级行业第 27 位。沪深 300 指数下跌 0.62%，医药跑赢沪深 300 指数 0.23 个百分点。申万医药生物二级子行业医疗服务 II 报收 7280.46 点，下跌 2.17%；中药 II 报收 6350.32 点，上涨 0.89%；化学制药Ⅱ报收 13328.75 点，下跌 1.11%；生物制品Ⅱ报收 6427.70 点，上涨 0.07%；医 药商业Ⅱ报收 5457.63 点，上涨 4.26%；医疗器械 II 报收 6881.47 点，上 涨 0.30%。细分板块来看，医疗服务跌幅较大。 根据 Wind 数据，从医疗服务板块公司的表现来看，表现居前的公司有： 诺禾致源（+11.5%）、新里程（+9.4%）、迪安诊断（+8.2%）、ST 中珠（+7.1%）、 光正眼科（+6.2%）；表现靠后的公司有：博腾股份（-6.9%）、诚达药业 （-6.6%）、药明康德（-6.4%）、美迪西（-4.8%）、成都先导（-4.5%）。从 个股涨跌幅来看 CXO ...

Investment Rating - The industry rating is maintained at "Overweight" [7][35] Core Insights - The regulatory environment is expected to strengthen, focusing on substantial risks and enhancing regulatory efficiency through classification and grading methods. The application of regulatory technology, including big data and artificial intelligence, will significantly deepen [7][33] - The banking sector's transformation path is becoming clearer, with a focus on reducing and improving small and medium financial institutions, promoting differentiated competition, and aligning resources with key economic development areas [7][33] Summary by Sections Regulatory Developments - The National Financial Supervision Administration held a meeting emphasizing the importance of risk management and the progress made in reforming small and medium financial institutions in 2025. The meeting also highlighted the expansion and efficiency of urban real estate financing coordination mechanisms [6][31] - In 2026, efforts to resolve risks will continue, with a clear mandate to avoid "explosive" failures in the financial sector. The meeting proposed ongoing reforms for small and medium financial institutions and a focus on long-term mechanisms for risk management [7][33] Market Performance - The banking index fell by 2.70% during the period from January 19 to January 25, 2026, underperforming the CSI 300 index by 2.08 percentage points. The performance of large banks, joint-stock banks, city commercial banks, and rural commercial banks varied, with regional banks showing relatively better performance [11] Investment Recommendations - As risks in key areas gradually resolve, there is potential for valuation recovery in the banking sector. The stability of interest margins is expected to improve, and performance is showing signs of stabilization. In a low-interest-rate environment, the high dividend yield of bank stocks is highlighted as a key investment value. Recommendations include focusing on state-owned banks with stable asset deployment and joint-stock and regional banks with growth potential, such as Industrial and Commercial Bank of China, Bank of China, and others [9][35]

Investment Rating - The industry maintains a "Buy" rating [8] Core Insights - The real estate market is entering a traditional off-season, with expectations for increased policy support [5] - In major cities, the transaction volume for new homes has seen a significant decline compared to second-hand homes, indicating weaker demand [4] - The market anticipates that other first-tier cities will follow Beijing's lead in optimizing purchase restrictions after observing declining transaction data [5] Summary by Sections Core Cities - Beijing: Second-hand home daily transactions averaged 558 units (up 16.3% year-on-year), while new home transactions averaged 80 units (down 45% year-on-year) [2] - Shanghai: Second-hand home daily transactions averaged 609 units (up 10% year-on-year), with new home transactions remaining flat [2] - Shenzhen: Second-hand home daily transactions averaged 201 units (up 68% year-on-year), while new home transactions dropped 57% [3] National Key Cities - New home transaction volume in 30 major cities decreased by 38% year-on-year, while second-hand home transactions increased by 9.2% year-on-year, primarily due to a low base effect from the previous year [4] Investment Recommendations - The report suggests focusing on leading real estate companies with land reserves in core cities and high-end improvement products, such as Poly Developments [5] - It also highlights the potential for valuation recovery in leading intermediary firms as the proportion of second-hand home transactions continues to rise, citing companies like I Love My Home [5]

Investment Rating - The industry investment rating is maintained at "Overweight" [2][8]. Core Insights - The vaccine industry is undergoing a transformation from scale expansion to innovation-driven growth, facing short-term pain due to supply-demand imbalance and homogenized competition, but the long-term growth logic remains intact, driven by policy, demand, and technology [8][25]. - Recent developments in vaccine research and international expansion signal positive trends, with a shift in focus from child vaccination to a broader lifecycle approach due to demographic changes [3][7]. Summary by Sections Industry Performance - The vaccine sector has seen a relative performance decline of 25% over the past 12 months compared to the CSI 300 index, with absolute returns down by 2% [3]. - The vaccine index rose by 0.49% in the last week, while the overall pharmaceutical sector declined by 0.39% [4][5]. Company Developments - Huashan Vaccine received approval for clinical trials of its recombinant shingles vaccine [3]. - Kanghua Bio announced a projected net profit decline of 41.55%-52.09% for 2025, primarily due to decreased vaccine sales and market competition [3]. - Kexing Bio secured a two-year exclusive order for hepatitis A vaccine in Oman, marking a significant breakthrough in the Middle East market [3]. - Aimee Vaccine's 20-valent pneumococcal polysaccharide conjugate vaccine has been approved for clinical trials [3]. Market Dynamics - The industry is experiencing a shift in demand dynamics, with a notable decrease in newborn population affecting vaccine demand negatively, necessitating a re-evaluation of growth strategies [3][7]. - The vaccine sector's price competition is intensifying due to a high proportion of Me-too products, leading to significant price drops for some vaccines [7][22]. Valuation Metrics - The vaccine sector's PE (ttm) stands at 93.89X, with a PB (lf) of 1.82X, indicating a slight increase in valuation metrics compared to previous periods [6][18]. Investment Recommendations - The report suggests focusing on companies with strong innovation capabilities and differentiated product lines, particularly those with high technical barriers and international market strategies [8][25]. - Long-term investment opportunities are seen in companies that can leverage innovation and international expansion to navigate current market challenges [7][8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The report analyzes the market and ETF performance in the past week, and recommends industries and ETFs to focus on next week based on the PB - ROE framework and the ETF redemption sentiment indicator model [8][36] 3. Summary by Directory 3.1 Recent Market Overview (January 19 - 23, 2026) - Among the 31 Shenwan primary industries, 24 rose and 7 fell. The top three gainers were building materials (up 9.23%), petroleum and petrochemicals (up 7.71%), and steel (up 7.31%); the top three losers were banks (down 2.70%), communications (down 2.12%), and non - bank finance (down 1.45%) [4][11] - The Shanghai Composite Index closed at 4136.16, up 0.84% for the week; the Shenzhen Component Index closed at 14439.66, up 1.11% for the week; the ChiNext Index closed at 3349.50, down 0.34% for the week; the Beixin 50 Index closed at 1588.66, up 2.60% for the week; the Hang Seng Index closed at 26749.51, down 0.36% for the week. The average daily trading volume of the Shanghai and Shenzhen stock markets was 27727.12 billion yuan, and the total trading volume for the week was 13.86 trillion yuan [11] - Main funds had net outflows on 4 trading days and net inflows on 1 trading day, with a total net outflow of 125.207 billion yuan for the week. The industries with more net inflows of main funds were banks, non - bank finance, and non - ferrous metals; the industries with more net outflows were electronics, communications, and computers [4][11] 3.2 Recent ETF Market Performance (January 19 - 23, 2026) 3.2.1 Stock - type ETFs - 8 new stock - type ETFs were listed, including 2 battery ETFs and 6 other stock - type ETFs. 9 new ETFs were established, including 2 Shanghai - STAR Market chip ETFs and 7 other ETFs, with a total issuance scale of 4.416 billion yuan [5][18] - The median weekly increase or decrease of stock - type ETFs was 0.88%. Gold stock ETFs and photovoltaic leading ETFs performed well, with gold stock ETFs rising the most (13.17%); science and innovation semiconductor ETFs and financial real - estate ETFs performed poorly, with science and innovation semiconductor ETFs falling the most (3.86%) [5][21] - The average weekly share change of stock - type ETFs was a decrease of 51.8174 million shares. Chemical ETFs and power grid equipment ETFs had more share increases, with chemical ETFs increasing the most (6.316 billion shares); CSI 300ETF and SSE 50ETF had more share decreases, with Huatai - Ber瑞 CSI 300ETF decreasing the most (15.345 billion shares) [21] 3.2.2 Bond - type ETFs - The median weekly increase or decrease of 53 bond - type ETFs was 0.11%. Convertible bond ETFs had the highest increase (2.94%), and treasury bond ETFs had the lowest increase (0.01%). As of January 23, 2026, the scale of Haifutong CSI Short - term Financing ETF (511360.SH) was the largest, at 70.223 billion yuan [24] 3.2.3 Cross - border ETFs - The median weekly increase or decrease of cross - border ETFs was - 0.66%. The Brazilian ETF and the S&P Biotechnology ETF had high increases or decreases, with the Brazilian ETF rising the most (7.63%); the Hong Kong Stock Connect Innovative Drug ETF and the Hong Kong Innovative Drug ETF had low increases or decreases, with the Hong Kong Stock Connect Innovative Drug ETF falling the most (3.94%) [26] - Since the beginning of the year, the median increase or decrease of cross - border ETFs has been 3.84%. The China - South Korea Semiconductor ETF and the Hong Kong Medical ETF had high increases, with the China - South Korea Semiconductor ETF rising 23.87%; the Nasdaq ETF and the Nasdaq Technology ETF had high decreases, with the Nasdaq Technology ETF falling 2.79% [26] 3.3 PB - ROE Framework - based ETF Rotation Strategy Tracking - The strategy focuses on the communications, agriculture, forestry, animal husbandry, and fishery, and transportation industries, corresponding to their respective industry ETFs. This week, the strategy's cumulative return was 1.29%, the CSI 300 Index's cumulative return was - 0.62%, and the strategy's cumulative excess return relative to the CSI 300 Index was 1.91% [7][31] - Since 2023, the strategy's cumulative return has been 27.65%, the CSI 300's cumulative return has been 21.46%, and the strategy's cumulative excess return relative to the CSI 300 Index has been 6.19% [7][33] - Since 2022, the strategy's cumulative return has been 9.16%, the CSI 300's cumulative return has been - 4.81%, and the strategy's cumulative excess return relative to the CSI 300 Index has been 13.98% [35] 3.4 Investment Recommendations - Based on industry PB - ROE and supplementary indicators, the PB - ROE framework - based ETF rotation strategy recommends focusing on the communications, agriculture, forestry, animal husbandry, and fishery, and transportation industries next week, corresponding to their respective industry ETFs [8][36] - According to the ETF redemption sentiment indicator model, it is recommended to focus on breeding ETFs, satellite ETFs, pharmaceutical ETFs, securities ETFs, and science and innovation AI ETFs next week [8][36]

Industry and Company Overview - The medical consumables industry is undergoing significant changes with the recent announcement of the sixth batch of national high-value medical consumables centralized procurement, which took place on January 13, 2026. This procurement includes 12 types of medical consumables, with 496 products from 227 companies bidding, and 440 products from 202 companies selected [2][4]. - The procurement process emphasizes principles such as "stabilizing clinical use, ensuring quality, preventing internal competition, and avoiding collusion." This includes grouping products based on demand and supply capabilities to ensure that clinically recognized and capable products are selected [4]. Procurement Results and Implications - The results of the procurement are expected to be implemented by May 2026, allowing patients to access more reasonably priced and quality-assured products. The inclusion of drug-coated balloons and urological intervention consumables marks a significant step in addressing previously unaddressed areas in procurement [4]. - The procurement rules have been optimized to discourage traditional low-price competition strategies, pushing companies to focus on clinical value, supply stability, and innovation. This creates a more favorable environment for both large and small enterprises, particularly those with innovative products [4]. Investment Recommendations - The medical consumables industry, particularly high-end implantable devices such as orthopedic implants, cardiovascular intervention devices, and neurosurgical implants, is expected to benefit from policy support. The optimized procurement rules are likely to stabilize expectations and mitigate low-price competition [5]. - Companies with strong cost control, continuous innovation capabilities, and those that can achieve market share growth through domestic substitution are recommended for investment. Specific attention should be given to companies with product advantages in rehabilitation and chronic disease management [5].

证券研究报告 2026 年 01 月 21 日 湘财证券研究所 策略研究 策略月报 2 月热点或将延续 1 月的科技、有色等方向 ——2026 年 02 月 A 股策略 率窄幅震荡》 2025.11.25 证书编号：S0500519120001 Tel：(8621) 50295323 Email：qh3062@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 相关研究： 2026 年宏观短周期和中周期有望形成向上共振格局 1. 《20251125湘财证券-策略研 究-12月等待政策定调，市场大概 2. 《20251222湘财证券-策略研 究-1月市场大概率继续窄幅震荡》 2025.12.22 我们预判 2026 年宏观中周期和宏观短周期均处于底部反弹的阶段，有望形 成向上共振格局。具体原因有：一是海外方面，中美贸易冲突缓和，有助于 减轻经济下行压力。二是"十五五"规划即将落地，新质生产力依然是重要 发展方向，随着人工智能等科技领域的快速发展，将有效推动我国产业升级。 三是 2025 年 12 月中央经济工作会议定调 2026 年宏观政策为继续实施更加 积极的财政政策、适度 ...

Industry and Company Overview - The home appliance industry experienced a decline of 0.34% this week, with the home appliance components sub-industry leading the gains [2] - The home appliance industry ranks 16th among 31 industries in the Shenwan classification, while the CSI 300 index declined by 0.57% during the same period [2] - The top five gainers in the home appliance sector this week were Tianyin Electromechanical (+41.20%), Lek Electric (+21.13%), Zhaochi Co. (+18.58%), *ST Gauss (+10.61%), and Hesheng New Materials (+10.37%) [2] Valuation Insights - As of January 16, the price-to-earnings ratio (PE-ttm) for the home appliance industry is 15.63 times, ranking 25th among 31 Shenwan industries [3] - The PE ratio for the CSI 300 index is 13.50 times, indicating that the home appliance industry's valuation is relatively low [3] - The valuation percentile for the home appliance industry is 39.2%, further highlighting its investment attractiveness compared to the CSI 300 index's 84.4% [3] Smart Kitchen Appliances Focus - Boss Electric announced a capital increase of 100 million RMB in Youte Smart Kitchen, aiming to deepen its involvement in the cooking robot sector [4] - The cooking robot industry is rapidly expanding, with the Chinese market expected to reach 3.7 billion RMB by 2025 and exceed 11.7 billion RMB by 2030 [4][5] - Global cooking robot market is projected to grow from 4.01 billion USD in 2025 to 12.37 billion USD by 2035, with a CAGR of 11.92% [5] Investment Recommendations - The home appliance industry is transitioning from incremental competition to stock integration, with a focus on efficiency optimization, product innovation, and technological upgrades [6] - Three main investment themes are recommended for 2026: 1. Focus on white goods leaders with solid market positions, improved operational efficiency, and high dividend yields during the industry downturn [6] 2. Identify niche sectors that can explore new demands through new products and technologies, such as kitchen robots and smart home devices [6] 3. Look for opportunities driven by "trade-in" policies and upgrades in AI and smart home industries [6] - The overall rating for the home appliance industry is maintained at "overweight" [6]