Investment Rating - The report maintains a positive investment rating for the cross-border e-commerce industry [11]. Core Insights - Cross-border e-commerce is characterized by high customer unit prices and high markup rates, but it has a longer midstream chain, leading to significant fluctuations in profitability [22]. - The industry is currently in a recovery phase, with a projected revenue growth of 26% in 2024 and 15% in Q1-Q3 of 2025, while non-recurring net profits are expected to decline by 46% and grow by 1% respectively [3][7]. - The report emphasizes the cyclical nature of profitability in the industry, with leading sellers gaining a relative advantage [8]. Summary by Sections Introduction: Exploring the Operating Cycle of Cross-Border E-Commerce - Cross-border e-commerce involves pre-stocking goods in overseas warehouses and includes complex logistics processes such as customs clearance and last-mile delivery, making it more intricate than traditional consumer goods [3][7]. Review: Strong Profitability Cycles and Head Seller Advantages - Historical analysis shows that the penetration rate of overseas e-commerce and the share of Chinese sellers are increasing, establishing a high growth baseline for the industry [8]. - The industry is transitioning from a phase dominated by e-commerce dividends to one focused on quality and compliance, with leading sellers outperforming overall industry growth [8]. Current Situation: Negative Impacts Easing, Industry Bottoming Out - The industry is currently in a recovery phase, driven by orderly supply chain transitions and tax reforms in China's e-commerce sector, which enhance competitive dynamics among leading sellers [9]. - Inventory levels among top sellers have reached historical lows, indicating that the inventory destocking phase is nearing its end, and shipping costs still have room to decline [9]. Investment Recommendations: Lightening the Load, Performance Inflection Point Expected - The report suggests that the cross-border e-commerce industry is expected to experience a performance inflection point in 2026, with revenue and profitability on an upward trajectory [10]. - Recommended companies include Anker Innovations and Ugreen Technology, which are leveraging channel and operational advantages to build brand recognition among overseas consumers [10].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - From January 26 - 30, 2026, the central bank's short - term reverse repurchase had a net injection of 58.05 billion yuan, and the treasury cash fixed - deposit injection was 15 billion yuan. From January 26 - February 1, 2026, the net payment scale of government bonds increased, the maturity yield of inter - bank certificates of deposit (NCDs) was overall flat, and the average leverage ratio of the inter - bank bond market decreased slightly. From February 2 - 8, 2026, the expected net payment of government bonds is 390.4 billion yuan, and the maturity scale of NCDs is about 169.7 billion yuan. On January 30, 2026, the median durations of medium - long - term and short - term interest - style pure bond funds decreased by 0.32 years and 0.16 years week - on - week respectively [2]. - At the end of the month, the central bank had a net injection of 7 - day reverse repurchases. In February, 1.5 trillion yuan of medium - long - term liquidity will mature. The impact on the capital market in February may mainly come from the increasing cash withdrawal by residents before the Spring Festival, but the central bank is expected to smooth short - term disturbances, and the capital market is expected to cross the Spring Festival relatively smoothly [6]. - The capital interest rate increased marginally and crossed the month smoothly. The net financing scale of government bonds increased. The maturity yield of NCDs was overall flat, and the net financing amount continued to be negative [7][8]. - The average leverage ratio of the inter - bank bond market decreased slightly. The durations of medium - long - term and short - term interest - style pure bond funds decreased marginally [9]. Summary by Directory Capital Market - From January 26 - 30, 2026, the central bank's 7 - day reverse repurchase had a net injection of 58.05 billion yuan; the treasury cash fixed - deposit injection was 15 billion yuan; the MLF matured 20 billion yuan, and 90 billion yuan was injected this month, with a total net injection of 70 billion yuan. In February, the 3M and 6M repurchase - style reverse repurchase maturities are 70 billion and 50 billion yuan respectively, and the MLF maturity is 30 billion yuan, with a total medium - long - term liquidity maturity of 1.5 trillion yuan [6]. - From January 26 - 30, 2026, the average values of DR001 and R001 increased by 0.3 and 3.7 basis points respectively compared with January 19 - 23, 2026; the average values of DR007 and R007 increased by 8.4 and 8.7 basis points respectively [7]. - From January 26 - February 1, 2026, the net financing amount of government bonds was about 515.03 billion yuan, an increase of about 268.5 billion yuan compared with January 19 - 25, 2026. From February 2 - 8, 2026, the expected net financing amount of government bonds is about 390.4 billion yuan [7]. Inter - bank Certificates of Deposit (NCDs) - As of January 30, 2026, the 1M and 3M NCD maturity yields increased by 4.5 and 0.2 basis points respectively compared with January 23, 2026; the 1Y NCD maturity yield was flat. The NCD yield entered a consolidation phase after two weeks of recovery. There may still be room for the NCD yield to decline, but short - term pre - Spring Festival capital market fluctuations may hinder the realization of the decline [8]. - From January 26 - February 1, 2026, the net financing amount of NCDs was about - 51.3 billion yuan. The expected maturity repayment amount from February 2 - 8, 2026 is 169.7 billion yuan, and the previous week's maturity repayment amount was 428.4 billion yuan. The NCD maturity scale in February is about 1.86 trillion yuan, a decrease of 0.46 trillion yuan month - on - month [8]. Institutional Behavior - From January 26 - 30, 2026, the average leverage ratio of the inter - bank bond market was 107.68%, compared with 107.81% from January 19 - 23, 2026. On January 30 and January 23, 2026, the estimated leverage ratios of the inter - bank bond market were about 107.41% and 107.68% respectively [9]. - On January 30, 2026, the median duration (MA5) of medium - long - term interest - style pure bond funds was 4.02 years, a week - on - week decrease of 0.32 years, at the 68.0% quantile since the beginning of 2022; the median duration (MA5) of short - term interest - style pure bond funds was 1.45 years, a week - on - week decrease of 0.16 years, at the 15.0% quantile since the beginning of 2022 [9].

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

- The report focuses on the release of the "Public Fund Performance Benchmark Element Library" by the China Securities Investment Fund Association on January 27, 2026, which includes the operational guidelines and classification of stock indices into Category I and Category II libraries[2][5][12] - Category I library includes indices with strong market representation and high recognition, aiming to standardize the selection and usage of benchmarks for actively managed funds, thereby improving comparability among products[13][14] - Category II library complements Category I by incorporating innovative and differentiated indices with certain usage rates and large market capitalization, providing additional options for fund managers[13][14] - The inclusion criteria for Category I indices require a higher level of market representation, recognition, and alignment with national strategic directions, with specific conditions for broad-based, sectoral, and thematic indices[14][16] - The inclusion criteria for Category II indices focus on broad-based indices with diversified components, minimum market capitalization thresholds, and usage by at least two actively managed funds[14] - The benchmark element library achieves a coverage rate of approximately 96% for actively managed equity funds, with Category I covering 89.27% and Category II covering 10.21% of such funds[8][24][26] - The report suggests that the high coverage of Category I indices is unlikely to trigger significant adjustments in benchmarks for actively managed equity funds, while the coverage of Category II indices may increase as standardization progresses[8][25]

Investment Rating - The report assigns a rating of "Buy" for Shanghai Bank [12] Core Insights - The new management team under Chairman Gu Jianzhong has clarified strategic priorities and initiated significant organizational changes, which have garnered market attention regarding the bank's growth potential [3][6] - The bank is expected to enhance organizational efficiency, accelerate credit issuance, and stabilize net interest margins, leading to improved profitability and performance growth [3][10] Summary by Relevant Sections Governance and Organizational Changes - The new management has implemented a major organizational restructuring aimed at reducing management layers and improving efficiency, particularly in the Shanghai region [6][25] - The bank plans to increase the allocation of professional talent, especially frontline employees, to support key growth areas such as technology finance and wealth management [6][27] Strategic Focus - The corporate banking segment will focus on technology finance, leveraging Shanghai's position as an international innovation center [7][33] - The retail segment is enhancing wealth management services, with a significant portion of assets under management (AUM) coming from pension clients, indicating strong future potential for financial products and insurance [7][39] Credit and Profitability Outlook - Credit growth is expected to accelerate starting in 2026, with a focus on corporate loans, particularly in key projects and state-owned enterprises [8][46] - The bank's net interest margin is projected to stabilize around 1.15%, with interest income growth expected to accelerate in 2026 [8][53] Asset Quality and Risk Management - The bank has been actively managing asset quality, with a decline in non-performing loan ratios since their peak in 2022, and is expected to continue improving risk indicators [9][44] - The focus on corporate real estate loans is expected to mitigate risks, with significant provisions already made for historical non-performing loans [9][44] Investment Recommendations - The governance changes are seen as a core investment logic, with strong capital positions and a commitment to increasing dividend payouts, suggesting a favorable risk-reward profile [10][12] - The bank's projected price-to-book (PB) ratios for 2025-2027 are 0.54x, 0.51x, and 0.47x, with expected dividend yields of 5.5%, 5.8%, and 6.1% respectively [10]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company has announced its earnings forecast for 2025, expecting revenue between 7.75 billion to 7.85 billion, representing a year-on-year growth of approximately 19.8% to 21.3%. Net profit is projected to be between 443 million to 463 million, indicating a year-on-year increase of about 83.7% to 92.0%. Core operating profit is expected to be between 450 million to 470 million, reflecting a year-on-year growth of approximately 44.8% to 51.2% [2][4]. - As of December 31, 2025, the number of stores is expected to reach 11,566, an increase of 1,416 stores compared to December 31, 2024 [2][4]. - The growth in revenue, net profit, and core operating profit is primarily attributed to the company's ongoing expansion into rural markets and steady growth in other regions. The company has implemented a community central kitchen strategy, enhancing operational efficiency and driving profit margins [5][6]. Summary by Sections Revenue and Profit Forecast - The company forecasts 2025 revenue of 7.75 billion to 7.85 billion, with a year-on-year growth of 19.8% to 21.3%. Net profit is expected to be between 443 million to 463 million, showing a growth of 83.7% to 92.0%. Core operating profit is projected at 450 million to 470 million, reflecting a growth of 44.8% to 51.2% [2][4]. Store Expansion - The total number of stores is anticipated to reach 11,566 by December 31, 2025, marking an increase of 1,416 stores from the previous year [2][4]. Operational Efficiency - The company is expected to improve its core operating profit margin to approximately 5.9% in 2025, an increase of about 1.1 percentage points year-on-year. The gross margin is expected to remain stable, with significant potential for optimizing sales and management expense ratios [5][6].

Investment Rating - The investment rating for the industry is "Positive" and maintained [9] Core Insights - In FY2026Q3 (September 28, 2025 - December 27, 2025), VF achieved revenue of $2.88 billion, with a year-over-year increase of 2% after excluding the impact of Dickies. This performance exceeded market expectations and the company's prior guidance [2][6] - The gross margin increased by 0.1 percentage points to 57.0%, primarily due to effective cost control offsetting tariff impacts [2][6] Revenue Breakdown - **By Brand**: Revenue performance met expectations, with Vans under pressure but showing growth in e-commerce. For FY2026Q3, revenue for Vans/The North Face/Timberland/Other brands was down 10%/up 5%/up 5%/up 4% to $558 million/$1.36 billion/$570 million/$392 million respectively [7] - **By Region**: The Americas showed strong performance, while Greater China continued to be a drag. Revenue for the Americas/EMEA/APAC regions was up 6%/down 3%/down 4% to $1.54 billion/$929 million/$408 million respectively, with Greater China down 6% [7] - **By Channel**: E-commerce drove growth, while wholesale channels faced slight pressure. Revenue for DTC/wholesale channels was up 3%/down 1% to $1.63 billion/$1.25 billion, with e-commerce revenue up 10% [7] Inventory Situation - As of FY2026Q3, the company's inventory amount was down 8% year-over-year to $1.66 billion, indicating manageable inventory levels [8] Performance Guidance - For FY2026Q4, the company expects revenue to be flat to up 2% year-over-year, with gross margin expected to remain stable or slightly increase. Adjusted operating profit is projected to be between $10 million and $30 million [8]

Investment Rating - The report suggests a positive outlook for the industry, indicating that the commercialization of AI Agents is expected to accelerate significantly by 2026 [10]. Core Insights - The launch of the MoltBook social platform marks a significant milestone as it is the first AI Agent social network, allowing over 100,000 AI Agents to join within 48 hours, generating substantial engagement [8][10]. - The report emphasizes that the AI industry ecosystem will mature by 2026, leading to a rapid commercialization of AI Agents, particularly in high-value scenarios for both consumer (2C) and business (2B) applications [4][10]. - Key areas of focus include the 2C entry points involving major players like Alibaba and Tencent, and 2B applications in sectors such as healthcare, taxation, law, coding, office work, advertising, and e-commerce [4][10]. - The emergence of personal assistants is expected to drive innovation at the endpoint, with products like Clawdbot enhancing local deployment needs for individuals and families [4][10]. - The report predicts that 2026 will be a pivotal year for AI Agents, with advancements in reinforcement learning (RL) training paradigms and improved memory capabilities leading to enhanced autonomous actions [12]. Summary by Sections Event Description - The MoltBook platform's launch on January 29 has sparked discussions about AI autonomy, with over 100,000 AI Agents participating and generating significant content [8]. Investment Recommendations - The report advises focusing on the 2C entry points with major companies and the 2B high-value scenarios, highlighting the potential for substantial growth in these areas [10]. - The report also notes that the integration of AI Agents into various sectors will likely lead to a transformative impact on how businesses operate and interact with consumers [12].

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - In FY2026Q3 (October 1, 2025 - December 31, 2025), Deckers achieved revenue of $1.96 billion, a year-on-year increase of 7%, exceeding Bloomberg consensus expectations of $1.87 billion. Gross margin decreased by 0.5 percentage points to 59.8%, outperforming expectations due to product mix adjustments and reduced tariff impacts on full-price sales. Net profit increased by 5% to $481 million, while net profit margin decreased by 0.4 percentage points to 24.6% due to gross margin pressure [2][6]. Revenue Breakdown - Brand performance is strong with balanced channel performance. UGG continued its steady performance, while HOKA experienced strong global growth. For FY2026Q3, revenues for HOKA, UGG, and other brands were $629 million (+18.5%), $1.31 billion (+4.9%), and $23 million (-55.5%) respectively. Both HOKA and UGG achieved balanced growth in DTC and wholesale channels, with UGG's quarterly performance boosted by adjustments in wholesale product structure and continuous innovation [7]. - Channel performance was balanced, with DTC recovering well. DTC and wholesale channel revenues for FY2026Q3 were $1.09 billion (+8.1%) and $860 million (+6.0%) respectively. The recovery in the U.S. DTC business contributed to this growth, and it is expected that the DTC channel will continue to improve [7]. - Regionally, the U.S. market showed recovery while international markets remained the main growth driver. Revenues for the U.S. and other regions in FY2026Q3 were $1.20 billion (+2.7%) and $760 million (+15.0%) respectively, indicating a recovery in the U.S. market and continued growth in international markets [7]. Inventory Situation - In FY2026Q3, the company's inventory amount increased by 10% year-on-year to $630 million, with the growth partly influenced by tariffs. The company has strengthened inventory management of existing styles and utilized the DTC channel to control excess inventory, leading to a relatively healthy inventory structure [12]. Performance Guidance - The company raised its full-year guidance, expecting FY2026 revenue to be between $5.4 billion and $5.425 billion (previous guidance was $5.35 billion), representing a year-on-year increase of 8.3% to 8.8%. HOKA is expected to grow in the mid-teens year-on-year, while UGG is expected to grow in the low single digits. Gross margin is projected to be around 57%, operating profit margin around 22.5%, and EPS between $6.80 and $6.85. For FY2026Q4, HOKA revenue is expected to grow by 13% to 14%, while UGG revenue is expected to remain flat year-on-year [12].

SST四问四答： 下一代AIDC供电方案，0-1进程 有望加速 长江证券研究所电新研究小组 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 邬博华 分析师 曹海花 分析师 司鸿历 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SAC执业证书编号：S0490520080002 SFC执业证书编号：BQK482 SFC执业证书编号：BVD284 %% %% 2026-02-02 %% %% %% %% research.95579.com %% %% research.95579.com 2 01 SST是什么？ 02 SST为何必要？ 03 SST有何壁垒？ 04 SST进展几何？ 目 录 % research.95579.com 3 01 SST是什么？ %% %% %% %% research.95579.com 4 01 SST是什么：基于电力电子的高集成度供电架构 ➢ 固态变压器（SST, Solid-State Transformer）是基于电力电子技术的高频、高效率电能变换装置，可替代传统工频变压器，实现电压变换 ...