[Table_Summary] 核心观点： | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 5.76 元 | | 合理价值 | 7.04 元 | | 前次评级 | 买入 | | 报告日期 | 2026-02-04 | [Table_Page] 公告点评|城商行Ⅱ 证券研究报告 [Table_Title] 齐鲁银行（601665.SH） 净息差同比回升，资产质量延续改善 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]倪军 SAC 执证号：S0260518020004 021-38003646 nijun@gf.com.cn 分析师： 林虎 SAC 执证号：S0260525040004 SFC CE No. BWK411 021-38003643 gflinhu@gf.com.cn 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 -10% -2% 6% 14% 22% 30% 02/25 04/25 06/25 08/25 10/25 12/25 01/26 齐鲁银行 沪深300 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 92.15 HKD and a target value of 133.47 HKD [3]. Core Insights - The report anticipates that the company's revenue for 2025 will reach 365.3 billion RMB, with an adjusted net profit loss of 22.5 billion RMB. The company is expected to maintain a strong operational barrier in the takeaway business, despite short-term profit pressures due to competition [6][13]. - The report highlights that the competition in the instant retail business is easing, with a projected order volume growth of 30% for flash purchases in Q4 2025. However, the takeaway business is expected to face continued competition, particularly in high-value orders [6][7][8]. Financial Forecast - Revenue projections for the company are as follows: - 2023: 276.74 billion RMB - 2024: 337.59 billion RMB (growth rate: 25.82%) - 2025: 365.32 billion RMB (growth rate: 8.21%) - 2026: 414.90 billion RMB (growth rate: 13.57%) - 2027: 467.34 billion RMB (growth rate: 12.64%) [6]. - The adjusted net profit forecast indicates losses for 2025 and 2026, with expected losses of 22.5 billion RMB and 7.2 billion RMB, respectively [6][13]. Business Segment Performance - Core local business revenue is projected to be 643.92 billion RMB in Q4 2025, with a year-over-year decline of 1.79% and an operational loss of 111.16 billion RMB [7][9]. - New business revenue is expected to reach 270.46 billion RMB in Q4 2025, reflecting an 18% year-over-year growth, although operational losses are projected at 42.78 billion RMB [8][9]. Valuation Methodology - The report employs a sum-of-the-parts (SOTP) valuation method, estimating the company's fair value at 133.47 HKD per share, based on contributions from various business segments including takeaway, in-store travel, flash purchases, and new businesses [13][14].

[Table_Title] 微软（msft） Azure 营收增速放缓，市场关注 AI 回报率 [Table_Summary] 核心观点： | 盈利预测： | | --- | | [Table_Finance] | | | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万美元） | | | 245,122 | 281,724 | 329,731 | 392,980 | 464,365 | | 增长率 （ | % | ） | 16% | 15% | 17% | 19% | 18% | | EBITDA（百万美元） | | | 115,957 | 140,859 | 183,829 | 207,842 | 239,263 | | 归母净利润（百万美元） | | | 88,136 | 101,832 | 123,635 | 141,665 | 165,290 | | 增长率 （ | % | ） | 22% | 16% | 21% | 15% | 17% | | EPS ...

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 2026 年 1 月社融前瞻 预计社融增速 8.3％ [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [分析师： Table_Author]倪军 SAC 执证号：S0260518020004 021-38003646 nijun@gf.com.cn 分析师： 林虎 SAC 执证号：S0260525040004 SFC CE No. BWK411 021-38003643 gflinhu@gf.com.cn -10% -2% 6% 14% 22% 30% 02/25 04/25 06/25 09/25 11/25 01/26 银行 沪深300 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] | 银行行业:浙江 163 家区域性 | 2026-02-03 | | --- | --- | | 银行全梳理——丈量地方性 | | | 银行（2） | | | 银行行业:政府债及春节取现 | 2026-02- ...

Xml [Table_Page] 宏观经济研究报告 2026 年 2 月 4 日 证券研究报告 高波动遇上真空期：大类资产配置月度展望 | [Table_Title] [Tabl e_Author 分析师：] | 郭磊 | 分析师： | 陈礼清 | | --- | --- | --- | --- | | | SAC 执证号：S0260516070002 | | SAC 执证号：S0260523080003 | | | SFC CE.no: BNY419 | | | | | 021-38003572 | | 021-38003809 | | | guolei@gf.com.cn | | chenliqing@gf.com.cn | | | 请注意，陈礼清并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | 报告摘要： ⚫ 12026 年 1 月大类资产表现为韩国综指＞原油＞黄金＞科创 50＞南华综合＞恒指＞日经 225＞做多 VIX＞上证 综指 ≈ 恒科＞标普 500＞纳指＞中债＞美元。1 月底 2 月初，贵金属巨震联动大类资产普调。（1）股商优于债 券，新兴市场优于发达国家，春 ...

Group 1 - The ChiNext 50 Index (399673.SZ) was launched on June 18, 2014, to reflect the overall performance of large-cap, liquid leading companies in the ChiNext market [3] - The index focuses on four key sectors: information technology, new energy, financial technology, and pharmaceuticals, with the top three industries being batteries (26.14%), communication equipment (23.46%), and photovoltaic equipment (7.26%), collectively accounting for 56.85% [14][24] - The index's constituent stocks are industry leaders with high representation, covering sectors such as new energy, optical modules, financial technology, PCB, and medical devices [14] Group 2 - The ChiNext 50 Index emphasizes international competitiveness and deep integration into the global industrial chain, promoting sectors with existing international competitiveness to grow stronger [18] - The index's constituent stocks have significant international operations, with overseas business income accounting for 35.17% of total revenue, higher than other major indices [25][28] - Leading companies in the index, such as CATL and Lens Technology, are key suppliers to international giants like Tesla and Apple, showcasing their strong global presence [24][26] Group 3 - The ChiNext 50 Index exhibits high elasticity and is particularly advantageous during phases of rising risk appetite, outperforming broader indices like the ChiNext Index and CSI 300 [32] - Over the past five years, the annualized return of the ChiNext 50 Index has been among the highest in its category, demonstrating its high-risk, high-reward characteristics [35] - The index is suitable for aggressive investment strategies during bull markets, aiming for higher excess returns [35] Group 4 - The valuation of the ChiNext 50 Index has returned to a reasonable range, with a current PE ratio of approximately 42, indicating a higher relative investment value [39] - The index has experienced a prolonged adjustment period, with its valuation significantly lagging behind fundamental declines, suggesting potential for future valuation and profit-driven resonance [41] - The index's constituent stocks have shown strong earnings growth, with a projected EPS compound growth rate significantly higher than other major indices [46] Group 5 - The lithium battery sector is experiencing a supply-demand resonance, driving both volume and price increases, with significant growth in demand from energy storage and new energy vehicles [55] - The communication equipment sector is benefiting from the AI data center construction, with a strong demand forecast for optical modules driven by major cloud providers [60] - The photovoltaic industry is transitioning towards high-quality development, with rising prices for raw materials like polysilicon, supported by government policies aimed at preventing "involution" in competition [67][68]

证券研究报告 | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 13.26 元 | | 合理价值 | 16.88 元 | | 报告日期 | 2026-02-04 | 基本数据 [Table_BaseInfo] | 总股本/流通股本（百万股） | 729.38/729.38 | | --- | --- | | 总市值/流通市值（百万元） | 9671.57/9671.57 | | 一年内最高/最低（元） | 13.26/11.10 | | 30 日日均成交量/成交额（百万） | 12.71/155.00 | | 近 3 个月/6 个月涨跌幅（%） | 17.40/14.78 | [Table_Page] 公司深度研究|旅游及景区 [分析师： Table_Author]嵇文欣 SAC 执证号：S0260520050001 SFC CE No. BUA982 021-38003653 jiwenxin@gf.com.cn 分析师： 包晗 SAC 执证号：S0260522070001 021-38003651 baohan@gf.com.cn 请注意，包晗并非香港 ...

Core Insights - The report indicates that the agricultural sector, particularly the seed industry, is currently in a destocking phase, with significant challenges ahead. The net profit of listed seed companies is expected to be positive only in 2023, while by Q3 2025, the industry is projected to face a cumulative net loss of nearly 1 billion yuan [2]. - The overall inventory in the seed industry is at a high level, exceeding 12 billion yuan by Q3 2025, marking the highest point since 2015. The area for corn seed production is expected to decline continuously, with a 10% year-on-year decrease to 3.85 million mu by 2025, and production volume is also projected to drop by 10% to 1.527 billion kilograms [2]. - Policy changes are encouraging breeding innovation, with a gradual decrease in the number of approved corn varieties. The revised "Plant Variety Protection Regulations" will enhance the protection of variety rights and incentivize breeding innovation [2]. Agricultural Sector Analysis - The seed industry is experiencing a cyclical downturn, with a focus on destocking. The net profit for listed seed companies is projected to be positive only in 2023, with significant losses expected in subsequent years [2]. - The inventory levels are notably high, with total inventory for listed seed companies projected to exceed 12 billion yuan by Q3 2025, the highest since 2015 [2]. - The area dedicated to corn seed production is on a downward trend, with a forecasted reduction of 10% year-on-year by 2025, alongside a similar decline in production volume [2]. - Recent policy updates, including the new "Plant Variety Protection Regulations," aim to strengthen variety rights and promote innovation in breeding, which may impact the industry positively in the long term [2].

Investment Rating - The report assigns a "Buy" rating to the company [3] Core Insights - The company is a leading provider of AI large model services in China, focusing on the development of general large models (AGI) and has established a comprehensive model product matrix, including multi-modal, agent, and coding models [15][20] - Revenue is expected to grow rapidly, with projections of RMB 7.4 billion, RMB 15.3 billion, and RMB 28.8 billion for 2025, 2026, and 2027 respectively, reflecting growth rates of 138.1%, 106.2%, and 87.9% [18] - The company has a strong emphasis on R&D, with expenses increasing significantly, indicating a commitment to enhancing model competitiveness [17][50] Summary by Sections Company Overview - The company was founded in 2019 and has positioned itself as a leading AI company in China, focusing on the development of general large models [20] - It has supported over 8,000 institutional clients and covered approximately 80 million devices as of mid-2025 [20] Revenue Growth - Revenue has expanded from RMB 60 million in 2022 to RMB 310 million in 2024, with a compound annual growth rate exceeding 130% [15][37] - The majority of revenue comes from localized deployment, which accounts for over 80% of total revenue, driven by demand for data security and compliance [16][37] R&D Investment - R&D expenses surged from RMB 80 million in 2022 to RMB 1.6 billion in the first half of 2025, representing 835% of revenue [17][50] - The company is transitioning its R&D cost structure from labor-intensive to compute-intensive, reflecting a shift in focus towards computational resources [54] Profitability Forecast - The company is projected to have negative earnings per share (EPS) of -7.79, -8.14, and -7.26 for 2025, 2026, and 2027 respectively [18] - The report estimates a reasonable total value of RMB 107.36 billion, corresponding to a fair value of HKD 273.22 per share [18] Market Position - The company ranks first among independent general large model developers in China based on revenue for 2024, with a market share of approximately 6.6% [20] - The competitive landscape in the AI large model market is fragmented, and the company aims to enhance its market share through significant R&D investments [50]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes the acceleration of building an agricultural powerhouse as highlighted in the 2026 Central Document No. 1, which focuses on enhancing agricultural production capacity and quality, implementing precise assistance, and promoting stable income growth for farmers [7] - It stresses the need for comprehensive regulation of pig production capacity and the establishment of a diversified food supply system, indicating a shift from "doing well" to "strengthening" the regulation of pig production capacity compared to the 2025 document [7] - The report outlines the goal of stabilizing grain and oil production, with a target grain output of approximately 1.4 trillion jin, and emphasizes the importance of seed industry revitalization actions [7] - It highlights the integration of artificial intelligence with agricultural development, promoting the use of drones and other technologies to enhance agricultural productivity [7] - Investment suggestions include focusing on leading seed companies that benefit from breeding innovation and the biological breeding industry, such as Longping High-Tech, Denghai Seeds, and Kangnong Seeds [7] Summary by Sections Policy Insights - The 2026 Central Document No. 1 outlines three main areas: improving agricultural production capacity, implementing precise assistance, and promoting stable income growth for farmers [7] - It calls for a focus on stabilizing grain production and enhancing the diversity of oilseed supply, including increasing soybean production and expanding the cultivation of other oil crops [7] Technological Integration - The report discusses the potential of integrating AI with agriculture, including applications in autonomous farming machinery and AI pest identification, which are expected to drive improvements in agricultural efficiency [7] Investment Recommendations - The report recommends attention to companies with breeding research advantages, particularly in the context of the biological breeding industry, suggesting companies like Longping High-Tech, Denghai Seeds, and Kangnong Seeds as potential investment opportunities [7]