1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - In 2025, the number of newly - defaulted credit bond issuers and the scale of defaulted bonds decreased significantly. The default of state - owned enterprises came to an end, while the risks of broad - sense private enterprises continued to be exposed. The scale of default repayment increased, but most real - estate enterprises only paid interest without repaying the principal [1][6][7]. - The overall, non - state - owned marginal and cumulative default rates of credit bonds in 2025 decreased slightly. The net financing scale of non - state - owned enterprises turned positive for the first time since 2018. Industries such as electrical equipment, textile and clothing, real estate, and commercial trade had a cumulative default rate of over 5% [3][19][20]. - Looking forward to 2026, the policy bottom - line is to prevent systemic risks. The overall credit risk is relatively controllable, but the operating pressure of some tail - end entities in certain industries remains, and default risks are still worthy of attention [3][8]. 3. Summary According to the Directory 3.1 2025 Credit Bond Market Default Feature Summary - **Newly - defaulted issuers and bond scale**: The number of newly - defaulted credit bond issuers in 2025 decreased to 4, with 3 from the real - estate industry and its upstream and downstream chains. The scale of defaulted bonds continued to decline, and the extended - term part due to the continuous exposure of default risks from 2022 - 2023 ended by the end of 2024 [1][6]. - **Enterprise nature**: State - owned enterprise defaults ended in 2025, while the risks of broad - sense private enterprises continued to be exposed, especially those in the real - estate industry chain that had not defaulted during the previous strict regulatory period [7]. - **Default repayment**: In 2025, there were 118 cases of default bond repayments, with a total principal repayment of 14.3 billion yuan and interest of 639 million yuan. The real - estate industry repaid 12.1 billion yuan in principal, and 11 out of 17 real - estate enterprises only paid interest without repaying the principal [7]. 3.2 Default Analysis: Continuous Exposure of Broad - sense Private Enterprises and Slight Decline in Cumulative Default Rate 3.2.1 Default Overview - The number of newly - defaulted credit bond issuers decreased to 4 in 2025, all non - state - owned. The total outstanding bonds of defaulted issuers increased significantly year - on - year, mainly due to the extension of Vanke's large - scale bonds. The scale of defaulted bonds decreased by 67% year - on - year [11]. - Industry - wide, since 2014, credit bond default issuers have been widely distributed across 29 Shenwan industries, and in 2025, they were mainly in real estate, building decoration, and power equipment. Regionally, since 2014, default issuers have covered most provinces, and in 2025, they were in Guangdong and Zhejiang [14]. 3.2.2 Default Rate - The overall, non - state - owned marginal and cumulative default rates of credit bonds in 2025 decreased slightly. The non - state - owned net financing scale turned positive for the first time since 2018 to 24.3 billion yuan [19]. - Industries such as electrical equipment, textile and clothing, real estate, and commercial trade had a cumulative default rate of over 5%, with real estate and commercial trade having relatively high default scales, and electrical equipment and textile and clothing having relatively low total bond - issuing scales [20]. 3.2.3 Default Reasons - Macroeconomic policies and market environment continuously affected the credit risks of entities. Entities like Xinjie Holdings, Zhengxinglong Real Estate, and Vanke were greatly affected by the previous strict real - estate regulatory policies, while Shanshan Group's poor performance was due to industry cycle changes [3][25]. 3.3 Default Recovery Situation - The cumulative recovery rate and recovery time of defaulted credit bonds have been decreasing year by year. Since 2020, the annual default recovery rate has been less than 20%, and the average recovery time is within two years, with the decline narrowing in 2025 [30]. - As of 2025, the cumulative default recovery rate of state - owned enterprises was 25.12%, 13 percentage points higher than that of non - state - owned enterprises, and the gap remained basically the same as the previous year [33]. - In 2025, real - estate bond repayments still dominated. The total principal repayment of defaulted bonds was 14.3 billion yuan, with the real - estate industry repaying 12.1 billion yuan. Sunac repaid 9.5 billion yuan in principal, and Shanshan Group among the newly - defaulted issuers in 2025 repaid 267 million yuan in principal [37].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [21]. Core Insights - The insurance sector's asset management balance reached approximately 38.5 trillion yuan by the end of Q4 2025, reflecting a year-to-date growth of 15.70% [2][4]. - The average comprehensive solvency adequacy ratio for insurance companies stands at 181.1%, with life insurance companies at 169.3% and property insurance companies at 243.5% [2]. - The industry is experiencing a shift in dividend insurance products, with a notable decrease in the preset interest rate to 1.25%, down from the previous cap of 1.75% [2]. - The overall premium income for the industry in 2025 is projected to be 6.12 trillion yuan, with a high fund conversion rate of 85% [4]. Summary by Sections Asset Management - As of Q4 2025, the asset management balance of insurance companies is nearly 38.5 trillion yuan, with life insurance companies holding 34.66 trillion yuan and property insurance companies 2.42 trillion yuan [2][4]. - The fund conversion rate for life insurance companies is exceptionally high at 108%, while property insurance companies have a much lower rate of 11% [4]. Equity Allocation - The allocation of equity and fund assets in the industry reached 5.70 trillion yuan, accounting for approximately 15.4% of total assets, maintaining a historical high [5]. - The stock assets alone amount to 3.73 trillion yuan, representing 10.1% of total assets, with a year-on-year increase of 2.5% [5]. Investment Recommendations - The report suggests that the insurance sector is currently in a correction phase, primarily influenced by liquidity conditions around the Spring Festival [5]. - The report recommends specific companies for investment, including China Pacific Insurance, China Life Insurance, and New China Life Insurance, with respective PEV valuations [6][10].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [21]. Core Insights - The insurance sector's total asset allocation reached approximately 38.5 trillion yuan by the end of Q4 2025, reflecting a year-to-date growth of 15.7%, with a net increase of over 5 trillion yuan throughout the year [2][4]. - The average comprehensive solvency adequacy ratio for insurance companies stands at 181.1%, with life insurance companies at 169.3% and property insurance companies at 243.5% [2]. - The industry is experiencing a shift in dividend insurance products, with a notable decrease in the preset interest rate to 1.25%, down from the previous cap of 1.75% [2]. - The overall premium income for the industry in 2025 is projected to be 6.12 trillion yuan, with a high fund conversion rate of 85% [4]. Summary by Sections Market Performance - The insurance index decreased by 2.52%, underperforming the market by 2.88 percentage points, with significant variations in individual stock performances [1]. Asset Allocation - The allocation of equity and fund assets in the insurance sector reached 5.70 trillion yuan, accounting for approximately 15.4% of total assets, maintaining a historical high [5]. - The stock assets alone amounted to 3.73 trillion yuan, representing 10.1% of total assets, with a year-on-year increase of 2.5% [5]. Company Performance and Valuation - The estimated PEV (Price to Embedded Value) for major life insurance companies is as follows: China Life at 0.89x, New China Life at 0.85x, Ping An at 0.78x, and China Pacific at 0.69x [6]. - The recommended order for investment in major companies is China Pacific, Ping An, China Life H, and China Property Insurance [6]. Future Outlook - The report anticipates that dividend insurance will attract household savings during the interest rate decline cycle, supporting growth in new premium income and net profit value (NBV) for life insurance [5]. - The long-term interest rates are expected to stabilize and rise, which may positively influence the PEV towards 1x [5].

公司研究 证 券 研 究 报 告 中航西飞（000768）深度研究报告 推荐（首次） 鲲鹏凌云、振翼西飞——华创交运|航空强国 系列研究（五） 航空军工 2026 年 02 月 24 日 当前价：30.48 元 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 公司基本数据 | 总股本(万股) | 278,114.91 | | --- | --- | | 已 ...

公司研究 证 券 研 究 报 告 中航西飞（000768）深度研究报告 推荐（首次） 鲲鹏凌云、振翼西飞——华创交运|航空强国 系列研究（五） 航空军工 2026 年 02 月 24 日 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 当前价：30.48 元 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 | 总股本(万股) | 278,114.91 | | --- | --- | | 已上市流通股(万股) | 277,273.60 | | 总市值(亿元) | 844.91 | | 流通市值(亿元) | 842.36 | | 资产负债率(%) | 70.58 | | 每股净资产(元) | 7.84 | | 12 个月内最高/最低价 | 31.07/21 ...

Investment Rating - The report maintains a recommendation for the real estate industry [2] Core Views - The real estate market is experiencing a decline in new and second-hand housing transaction volumes, with new housing transaction area down by 28% year-on-year during the Spring Festival period [19][23] - The report highlights three main issues in the real estate market: a decline in new housing demand, unresolved inventory issues, and the negative impact of land finance on the economy [31] Summary by Sections Industry Basic Data - The total number of listed companies in the real estate sector is 107, with a total market capitalization of 12,627.81 billion and a circulating market capitalization of 12,094.33 billion [2] Relative Index Performance - The absolute performance of the real estate sector is 0.9% for one month, 3.7% for six months, and 5.7% for twelve months, while the relative performance is 3.0%, -7.9%, and -13.7% respectively [3] Sales Data - New housing transaction area in 20 cities decreased by 28% year-on-year during the Spring Festival, with a total transaction area of 181 million square meters [19] - Second-hand housing transaction area in 11 cities decreased by 22% year-on-year during the same period, with a total transaction area of 156 million square meters [23] Policy News - Local policies include a housing subsidy program in Quzhou, providing up to 80,000 yuan for families with multiple children, and new measures in Huizhou to enhance housing fund support and optimize credit policies [13][16] Company Dynamics - Longfor Group reported a contract sales amount of 24.5 billion yuan in January, with a total sales area of 300,000 square meters [17] - China Overseas Development acquired land in Hong Kong for 18.688 billion HKD, designated for residential use [18] - China Resources Land reported a total contract sales amount of approximately 116.5 billion yuan, with a year-on-year growth of 0.4% [18]

Investment Rating - The report maintains a recommendation for the real estate sector [2] Core Insights - The real estate market is experiencing a decline in new and second-hand housing transaction volumes, with new housing transaction area down by 28% year-on-year during the Spring Festival period [19][23] - The report highlights three main issues in the real estate market: a decline in new housing demand, unresolved inventory issues, and the negative impact of land finance on the economy [31] Industry Data - The total market capitalization of the real estate sector is approximately 1,262.78 billion [2] - The sector's performance over the past month shows an absolute increase of 0.9%, but a relative decrease of 3.0% compared to the benchmark [3] Sales Performance - New housing sales in 20 cities saw a year-on-year decrease of 28%, with a total transaction area of 181 million square meters during the Spring Festival [19] - Second-hand housing sales in 11 cities also decreased by 22%, with a total transaction area of 156 million square meters [23] Policy Developments - Local governments are implementing housing subsidy policies, such as in Quzhou, where families can receive up to 80,000 yuan in subsidies for purchasing new homes [13] - In Huizhou, new policies include increased housing fund loan limits and measures to enhance housing quality and market order [16] Company Dynamics - Longfor Group reported a contract sales amount of 2.45 billion yuan in January, with a total sales area of 300,000 square meters [17] - China Overseas Development acquired land in Hong Kong for 1.8688 billion HKD, designated for residential use [18] - Vanke's stock increased by 8.4%, while Shimao Group's stock decreased by 17.7% [11][15]

证 券 研 究 报 告 杠杆资金净流出规模续创25年4月以来新高 ——流动性&交易拥挤度&投资者温度计周报 2026年2月24日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 • 资金流动性： 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 证 券 研 究 报 告 资金流动性：1）资金供给端：偏股型公募新发规模重回历史高位、杠杆资金净流出规模续创25年4月以来新高、 股票型ETF净流出规模扩大、回购金额收缩至历史低位；2）资金需求端：股权融资/产业资本净减持规模均小幅 扩张、南向资金净流入收缩至历史中高位。 | 资金供给 | | | | | --- | --- | --- | --- | | 资金供给主体(亿元) | 上 期 | 本 期 | 近 ...

证 券 研 究 报 告 加科思-B（01167.HK）深度研究报告 强推（首次） pan-KRAS 抑制剂价值重估空间大 [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 156 | 234 | 627 | 508 | | 同比增速(%) | 145.1% | 50.5% | 167.6% | -19.1% | | 归母净利润(百万元) | -156 | -15 | 313 | 192 | | 同比增速(%) | 56.6% | 90.7% | 2,258.6% | -38.6% | | 每股盈利(元) | -0.20 | -0.02 | 0.40 | 0.24 | | 市盈率(倍) | -29 | -308 | 14 | 23 | | 市净率(倍) | 4.8 | 4.9 | 3.7 | 3.2 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 23 日收盘价 港股公司 生物医药Ⅲ 2026 年 02 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - After the Spring Festival, the equity market generally performs well, with small - cap and growth stocks having relative advantages. The Wind All - A Index usually has about 15 - 20 trading days of upward movement, with an average increase of about 5%. Small - cap stocks maintain an advantage for about 30 trading days, and growth stocks have an advantage for about 15 trading days. Technology and growth sectors may be the main trading directions, but small - cap stocks may be more suitable for short - term trading due to high valuations [1][10]. - Convertible bonds also perform well after the Spring Festival, but mainly focus on digesting high valuations. After the valuation increase from late December to before the Spring Festival, it is advisable to take profits at the right time [1][20]. - The seasonality of convertible bond terms is not obvious. The frequency of forced redemptions is relatively low in the second quarter, and the probability and frequency of downward revisions are more related to the equity market. Attention should be paid to the possible forced redemption wave in March [1][21]. - The issuance of convertible bonds has obvious seasonality, mainly concentrated around the annual and semi - annual reports. It is expected that there will be a relatively dense listing of convertible bonds around April 2026 [2][27]. - In terms of convertible bond strategies in March, it is recommended to take profits at the right time and maintain a balanced allocation. Be cautious about new and sub - new bonds, and explore near - maturity bonds with strong conversion demands. Pay attention to undervalued individual bonds in the medium - and low - parity range [3] Summary According to the Table of Contents I. Historical Seasonality of Equity and Convertible Bonds after the Spring Festival - **Equity Market**: After the Spring Festival, the Wind All - A Index generally rises, with an average increase of about 5% in about 15 - 20 trading days. Small - cap stocks have an advantage for about 30 trading days, and growth stocks have an advantage for about 15 trading days. Technology and growth may be the main trading directions, and small - cap stocks are suitable for short - term trading due to high valuations [1][10]. - **Convertible Bonds**: They perform well after the Spring Festival, benefiting from the strength of the equity market. However, they mainly digest high valuations after the pre - festival increase. It is recommended to take profits at the right time [1][20]. - **Terms**: The seasonality of forced redemptions and downward revisions is not obvious. The frequency of forced redemptions is low in the second quarter. Pay attention to the forced redemption wave in March [1][21]. - **Issuance**: The issuance has obvious seasonality, concentrated around the annual and semi - annual reports. It is expected that there will be a large number of convertible bonds listed around April [2][27] II. Convertible Bond Strategy: Take Profits at the Right Time in March and Maintain a Balanced Allocation - **Equity Market Outlook**: After a brief adjustment, the A - share market rebounded before the Spring Festival. In March, the equity market is expected to perform well. It is recommended to focus on technology and growth sectors, as well as sectors such as non - ferrous metals, cycles, energy, and mid - stream manufacturing [37]. - **Convertible Bond Valuation and Strategy**: The convertible bond valuation reached a new high. It is recommended to take profits at the right time. Be cautious about new and sub - new bonds, and explore near - maturity bonds with strong conversion demands. Adopt a balanced allocation strategy and pay attention to undervalued individual bonds in the medium - and low - parity range [3][40][41] III. Market Review: Convertible Bonds Rose Weekly, and Valuations Increased (一) Weekly Market Performance: The Convertible Bond Market Rose, and Most Equity Sectors Performed Strongly - **Index Performance**: Most major stock indexes rose last week. The CSI 300 Index rose 0.36%, the CSI 500 rose 1.88%, the CSI 1000 rose 1.90%, the CSI 2000 rose 1.17%, and the CSI Convertible Bond Index rose 1.08%. The convertible bond market followed the small - and medium - cap stocks [46]. - **Concept Performance**: Different concepts had different performances. Glass fiber, contribution to rising points, copper - clad laminates, etc. rose, while space photovoltaics, anti - tariff, etc. fell [49] (二) Valuation Performance: The Premium Rates of Convertible Bonds of All Ratings and Sizes Increased - **Convertible Bond Type Performance**: The closing price of equity - biased convertible bonds increased by 11.64%, that of debt - biased convertible bonds increased by 0.74%, and that of balanced convertible bonds increased by 0.02%. The proportion of bonds in the 120 - 130 yuan range increased significantly [52]. - **Rating, Size, and Parity Interval**: The premium rates of convertible bonds of all ratings and sizes increased. The AAA - rated bonds increased by 3.1pct, and the bonds with a size of over 5 billion yuan increased by 3.47pct. The premium rate of the over - 130 - yuan parity interval increased by 5.27pct [52] IV. Terms and Supply: Three Convertible Bonds Announced Forced Redemption, and the Total Newly Promoted Scale was about 2.475 billion yuan (一) Terms: Three Convertible Bonds Announced Forced Redemption, and the Board of Bairun Convertible Bond Proposed a Downward Revision - **Forced Redemption**: As of February 13, Linuo, Xinfu, and Zhonghe convertible bonds announced early redemption. Shuangliang convertible bond triggered the redemption conditions but did not announce. Many convertible bonds announced non - early redemption or expected to meet the forced redemption conditions [4][71]. - **Downward Revision**: Bairun convertible bond proposed a downward revision, Longda convertible bond announced the downward revision result. Three convertible bonds announced no downward revision, and ten convertible bonds were expected to trigger the downward revision [4][71] (二) Primary Market: No Convertible Bonds were Issued Last Week, and the Total Newly Promoted Scale was about 2.475 billion yuan - **Issuance and Listing**: No convertible bonds were issued last week, and Longjian convertible bond was listed with a scale of 100 million yuan. There are 376 issued and non - expired convertible bonds with a balance of 526.565 billion yuan. Aiwei convertible bond will be listed on February 26 [5][74]. - **New Progress**: Five companies added board proposals, one company passed the general meeting, three companies passed the CSRC review committee, and no company was approved by the CSRC. As of February 13, seven listed companies obtained approval for convertible bond issuance with a proposed scale of 536.3 million yuan. Four companies newly passed the CSRC review committee with a total scale of 696.6 million yuan, and five companies added board proposals with a total scale of 1.242 billion yuan [5][76][81]