Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company is projected to achieve a net profit attributable to shareholders of RMB 1.526-1.659 billion for 2025, representing a year-on-year growth of 15%-25% [2]. - The company has faced short-term profit impacts due to impairment in tower crane assets but is expected to see accelerated profit release in 2026 as asset quality improves and domestic demand stabilizes [3]. - The overseas demand is showing signs of recovery, with significant growth in export revenues for loaders and excavators, which is anticipated to continue driving profit growth [3]. - The company is experiencing pressure on margins due to price competition in the domestic electric loader market, but the launch of new products is expected to enhance profitability [4]. - The company's "14th Five-Year Plan" aims for revenue of RMB 60 billion by 2030, with over 60% from overseas markets and a net profit margin of no less than 8% [4]. Summary by Sections Performance Review - The company forecasts a net profit of RMB 1.526-1.659 billion for 2025, with a quarterly net profit of RMB 0.68-2.01 billion for Q4 2025, showing significant year-on-year growth [2]. Operational Analysis - The company has increased provisions for credit impairment losses to RMB 2.7 billion in Q3 2025 due to a sharp decline in the domestic tower crane industry, which has affected profit growth [3]. - Export revenues for loaders grew over 20% in H1 2025, and excavator sales increased by 22.1% year-on-year, indicating strong overseas demand [3]. - The company’s gross margin was impacted by price competition in the domestic market, but the introduction of the T-series loaders is expected to improve profitability [4]. Profit Forecast and Valuation - The company’s revenue projections for 2025-2027 are RMB 33.564 billion, RMB 37.973 billion, and RMB 43.695 billion, respectively, with net profits of RMB 1.601 billion, RMB 2.092 billion, and RMB 2.640 billion [5].

一问红利：2026 年是否会有超额？ 2025 年红利策略大幅跑输市场，最核心的原因在于市场找到了新的能够突破宏观趋势的成长性：以 AI 产业投资为代 表，以及景气度也开始逐步扩散到与 AI 强相关的"泛 AI"领域。所以市场的定价驱动力从 2022 年至 2024 年上半年 的股息率 d 逐步开始重新转向增长率 g。展望 2026 年，红利策略是否会有相较于全 A 的超额收益，核心判断还是在于 市场是否依旧以基本面的边际变化作为核心驱动力？基于我们年度策略《世界的中国》对于 2026 年的基本面展望， 在 AI 投资宏观风险较低、降息周期下全球制造业景气度向上的背景下，2026 年中国的企业盈利修复可能是股票市场 的核心驱动力，会有更多的行业景气度出现改善。在这种宏观背景下，我们认为投资者可能还是会更加关注基本面的 边际变化（增长率）而非股息率。所以 2026 年红利策略似乎很难获取超额收益。但这并不意味着红利策略不重要， 因为它依旧是很多投资者构建投资组合的压舱石和降低组合波动的重要工具：一方面，A 股权益资产内部红利资产的 估值水平最低，波动率也相对较低；另一方面，与主要城市二手住宅租金回报、10 年期 ...

Industry Trends - The EU's revised Cybersecurity Law is expected to maintain a shortage of storage chips until 2027, with improvements anticipated in 2028[12] - Storage chip prices are projected to rise by approximately 20% in Q2 2026, following significant increases in Q1 2026 (DRAM up 55-60%, NAND Flash up 33-38%) due to strong AI demand[13] - The global storage chip market is forecasted to reach $551.6 billion in 2026, a 134% year-on-year increase, and $842.7 billion in 2027, a 53% increase[13] Financial Performance - Intel's Q4 2025 revenue was $13.7 billion with a non-GAAP gross margin of 37.9%, but Q1 2026 revenue is expected to decline to between $11.7 billion and $12.7 billion due to supply constraints[24] - OpenAI's annual revenue for 2025 has surpassed $20 billion, a significant increase from $6 billion in 2024, driven by expanded computing capabilities[15] - Anthropic's annual revenue has increased from approximately $4 billion in mid-2025 to over $9 billion by the end of 2025[16] Market Developments - Major companies like OpenAI, Apple, and ByteDance are actively developing AI applications, with OpenAI planning to test ads in ChatGPT and launch its first AI device in late 2026[18][19] - Alibaba is considering spinning off its chip design subsidiary, T-Head, into an independent company to enhance its competitiveness in the AI sector[29] - The Gemini API usage by Google has more than doubled to 85 billion calls, with enterprise subscriptions reaching 8 million, indicating strong growth in AI model applications[30]

其中价格区间因子衡量股票在日内不同价格区间成交的活跃程度，能体现出投资者对于股票未来走势的预期。该因子 展现出了较强的预测效果，今年以来表现比较稳定。价量背离因子主要衡量股票价格与成交量的相关性，一般而言相 关性越低，未来上涨的可能性越高。但该因子近几年表现一直不太稳定，多空净值曲线趋近走平，不过去年超额收益 处于历史较高水平。遗憾规避因子通过考察股票当天被投资者卖出后反弹的比例和程度，展现了较好的预测效果。该 因子样本外超额收益稳定，表明 A 股投资者的遗憾规避情绪依然会显著影响股价的预期收益。而斜率凸性因子则从投 资者耐心与供求关系弹性的角度出发，刻画订单簿的斜率和凸性对预期收益的影响。 我们将三类高频因子首先等权合成后构建出了高频"金"组合中证 1000 指数增强策略，该策略年化超额收益率 9.58%， 超额最大回撤为 6.53%。上周录得 0.68%的超额收益，本月以来超额收益为-1.74%，今年以来超额收益为-1.34%。 为考虑进一步增强策略的业绩表现，我们将高频因子与三个比较有效的基本面因子进行等权合成构建出了高频&基本 面共振组合中证 1000 指数增强策略，该策略在样本外超额收益稳定。上周录 ...

一问红利：2026 年是否会有超额？ 2025 年红利策略大幅跑输市场，最核心的原因在于市场找到了新的能够突破宏观趋势的成长性：以 AI 产业投资为代 表，以及景气度也开始逐步扩散到与 AI 强相关的"泛 AI"领域。所以市场的定价驱动力从 2022 年至 2024 年上半年 的股息率 d 逐步开始重新转向增长率 g。展望 2026 年，红利策略是否会有相较于全 A 的超额收益，核心判断还是在于 市场是否依旧以基本面的边际变化作为核心驱动力？基于我们年度策略《世界的中国》对于 2026 年的基本面展望， 在 AI 投资宏观风险较低、降息周期下全球制造业景气度向上的背景下，2026 年中国的企业盈利修复可能是股票市场 的核心驱动力，会有更多的行业景气度出现改善。在这种宏观背景下，我们认为投资者可能还是会更加关注基本面的 边际变化（增长率）而非股息率。所以 2026 年红利策略似乎很难获取超额收益。但这并不意味着红利策略不重要， 因为它依旧是很多投资者构建投资组合的压舱石和降低组合波动的重要工具：一方面，A 股权益资产内部红利资产的 估值水平最低，波动率也相对较低；另一方面，与主要城市二手住宅租金回报、10 年期 ...

孟灿 李忠宇 SAC:S1130524100002 lizhongyu01@gjzq.com.cn 1 N 产业研究中心 2026 年 1 月 26 日 产业研究周报 | 科技 英特尔财报佐证 AI 供不应求，巨头 AI 应用进展喜人 SAC:S1130522050001 mengcan@gjzq.com.cn | 证券研究报告 | 核心要点 产业前沿 欧盟委员会公布《欧盟网络安全法》修订草案，预计存储芯片 2026-2027 年仍 将是供不应求状态，2028 年才会改善，工信部印发《关于全面开展算力态势感 知自动化监测工作的通知》；OpenAI、Anthropic25 年年化收入已突破 200、90 亿美元；OpenAI 计划未来几周在 ChatGPT 的"免费版"和"Go 版"中测试广告， 26 年下半年推出首款 AI 设备；字节跳动 AI Agent 平台"扣子"宣布 2.0 升级。 资本风向 英特尔 25Q1 财报表现优异，但 26Q1 预期不佳，阿里考虑将平头哥分拆上市； Meta 新成立的人工智能实验室已于本月向内部交付首批重要 AI 模型，过去一年 谷歌 GeminiAPI 调用量增长逾一倍，达 ...

- The report highlights the performance of eight major stock selection factors across different stock pools (All A-shares, CSI 300, CSI 500, and CSI 1000). Among these, the value factor (17.88%) and size factor (11.88%) showed strong IC mean performance, while reversal and quality factors performed relatively weaker[54][55][66] - Small-cap value style dominated the market, with the small-cap size factor performing strongly across the entire market. Value factors also showed positive performance, indicating a market preference for low valuation stocks. Additionally, technical and low-volatility factors performed well, while consensus expectation factors weakened due to reduced focus on high-performance expectation sectors[54][55][66] - The report provides detailed definitions for various factors, such as size (logarithm of market capitalization), value (e.g., book-to-price ratio, earnings-to-price ratio), growth (e.g., net income growth), quality (e.g., ROE, gross margin), consensus expectation (e.g., changes in expected EPS), technical (e.g., volume skewness), volatility (e.g., 60-day return standard deviation), and reversal (e.g., 20-day return)[66][67] - The report also tracks the performance of convertible bond selection factors, which are constructed based on the relationship between convertible bonds and their underlying stocks. Factors include stock consensus expectation, stock value, and convertible bond valuation (e.g., parity premium rate). Among these, stock consensus expectation and stock value factors achieved higher IC mean values in the past week[59][60][62]

Macro Liquidity - The US dollar index has declined, and the degree of the China-US interest rate "inversion" has deepened. The nominal and real yields of 10Y US Treasuries remained unchanged and rebounded, respectively, with inflation expectations slightly decreasing [1][15] - Offshore US dollar liquidity is generally loose, while the domestic interbank funding situation is balanced but tight. The term spread (10Y-1Y) has narrowed [1][15] Market Trading Activity - Market trading activity has significantly decreased, with the volatility of the Shanghai Composite 50 and CSI 500 indices rising. Sectors such as military, electric new energy, consumer services, chemicals, and home appliances have trading heat levels above the 90th percentile [2][25] - The volatility of the Shanghai Composite 50 and CSI 500 indices has increased, while the volatility of various sectors remains below the 80th historical percentile [2][31] - Market liquidity indicators have declined, with liquidity metrics for various sectors remaining below the 60th historical percentile [2][35] Institutional Research - The research heat for sectors such as electronics, electric new energy, automotive, computers, and machinery is high, while only the banking sector has seen a sequential increase in research heat [3][42] Analyst Forecasts - Analysts have raised net profit forecasts for the entire A-share market for 2026/2027. The proportion of stocks with upward revisions in net profit forecasts has continued to rise [4][50] - Specific sectors such as agriculture, non-ferrous metals, consumer services, computers, and electronics have seen upward adjustments in their 2026/2027 net profit forecasts [4][50] - The net profit forecasts for the ChiNext Index, CSI 500, and Shanghai Composite 50 for 2026/2027 have been increased, while the forecasts for the CSI 300 have been adjusted downwards/upwards [4][51] Northbound Trading Activity - Northbound trading activity has decreased, but there continues to be a net purchase of A-shares. The ratio of total buying and selling in sectors like electronics, automotive, and home appliances has increased [5][31] - For stocks with northbound holdings of less than 30 million shares, the main net purchases have been in electronics, electric new energy, and chemicals, while net sales have occurred in computers, media, and military sectors [5][33] Margin Financing Activity - The activity of margin financing has continued to decline, reaching its lowest level since late July 2025. The net selling last week was 8.265 billion yuan, with significant net purchases in non-ferrous metals, finance, and food and beverage sectors [6][35] - The proportion of financing purchases across various sectors has decreased [6][38] - Margin financing continues to net buy large-cap growth/value sectors [6][39] Dragon and Tiger List Trading Activity - The trading activity on the Dragon and Tiger list has continued to rise, although the total trading amount on the list as a percentage of total A-share trading has decreased [7][41] Active Equity Fund Positions - The positions of actively managed equity funds have continued to decline, while ETFs have seen significant net redemptions. Active equity funds have mainly increased positions in light industry, banking, and pharmaceuticals, while reducing positions in electric new energy, communications, and chemicals [8][45] - The correlation of active equity funds with large/mid-cap growth/value has increased, while the correlation with small-cap growth/value has decreased [8][48] - The scale of newly established equity funds has continued to rise, with active and passive funds seeing respective increases and slight decreases [8][50]

2026 年 01 月 26 日 "固收+"大发展，转债仓位继续被"稀释" 25Q4 基金转债持仓分析 固定收益专题报告 证券研究报告 固定收益组 分析师：尹睿哲（执业 S1130525030009） yinruizhe＠gjzq.com.cn 分析师：李玲（执业 S1130525030012） liling3＠gjzq.com.cn 核心观点 25 年四季度权益转入高位震荡、纯债也进入波动但利率水平较低，固收类资金继续向权益市场要收益，但转债不断新 高的估值也带动各产品规模&仓位&持券偏好出现分化。 二级债基"一只独秀"，转债仓位表现分化。1）四季度由于权益转入震荡混合型基金规模基本持平，但对转债的仓位 继续下降、不过降幅有所收窄，目前已来到 17 年，其中偏债混产品的转债仓位主动降低至 3.89%、回到 21 年初的位 置，灵活配置型的转债仓位在连续 2 年的下降后终于止跌回升到 0.66%、但仍然处于历史较低位置。2）一级债基由于 弹性有限、继续表现为小幅赎回，其中仅有转债仓位超 50%的产品表现为净申购，而利率低位的背景下仍然需要向转 债要收益，因此在经过一段时间的仓位降低后一级债基对转债仓位止跌回升 ...

Report Title - "Counting the Public Offering Pure Bond and Hybrid Asset Strategy Funds' 2025 Q4 Reports - The Scale of 'Fixed Income +' Reaches a New High, and the Exposure to Equity Slightly Declines" [1] Report Date - January 26, 2026 [2] Market Overview General Fixed - Income Fund Scale in 2025 Q4 - Among the top 20 fund companies in terms of general fixed - income fund scale, the scale of some companies increased while others decreased. For example, the scale of China Merchants Fund increased by 9.88% to 3512.27 billion yuan, while the scale of E Fund decreased by 4.71% to 3627.05 billion yuan [8]. Hybrid Asset Strategy Fund Scale in 2025 Q4 - In the hybrid asset strategy fund scale ranking, the scale changes also varied. For instance, the scale of Invesco Great Wall Fund increased by 32.11% to 2263.68 billion yuan, while the scale of Fullgoal Fund decreased by 5.85% to 1281.73 billion yuan [8]. Performance Return - Different types of funds had different average returns in 2025 Q4, year - to - date, and in the past 1 - year, 3 - year, and 5 - year annualized periods. For example, the average return of convertible bond funds in 2025 Q4 was 0.84%, and the year - to - date return was 23.10% [15]. Maximum Drawdown - The average maximum drawdowns of various fund types also differed. For example, the average maximum drawdown of convertible bond funds in 2025 Q4 was - 5.26%, and the year - to - date maximum drawdown was - 8.90% [15]. Annualized Sharpe Ratio - The annualized Sharpe ratios of different fund types were distinct. For example, the annualized Sharpe ratio of short - term pure bond funds in 2025 Q4 was 4.28 [15]. Asset Allocation Leverage Ratio - In 2025 Q4, different types of funds had different leverage ratios and their changes compared to Q3. For example, the leverage ratio of short - term pure bond funds was 111.89% in Q4, an increase of 0.40% compared to Q3 [40]. Holding Characteristics Stock Holdings - From 2025 Q1 to Q4, the industry and stock holding ratios of funds changed. For example, the proportion of non - ferrous metals in the stock market value increased from 11.27% in Q1 to 14.65% in Q4 [54][57]. Bond Holdings - The industry and bond holding ratios of funds also changed over the four quarters of 2025. For example, the proportion of bank bonds in the bond market value decreased from 20.75% in Q1 to 14.45% in Q4 [67][68]. Fund Managers' Views Pure Bond Market Views - Different fund managers had different views on the pure bond market in 2026 Q1. For example, Huang Yingjie of Bank of Communications Yulong Pure Bond A believed that the bond market might be in a range - bound market with a steeper curve [74]. Bond and Stock Market Views - Some fund managers had comprehensive views on the bond and stock markets. For example, Deng Xinyu and Zhao Yucheng of China Europe Dingli A were optimistic about the stock market's structural opportunities and adjusted their convertible bond positions [75]. Convertible Bond and Stock Market Views - Fund managers also had different views on the convertible bond and stock markets. For example, Huang Bo of Everbright Tianyi A planned to select high - cost - effective convertible bonds for the fund's fixed - income part [79].