Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The seed industry is currently in a destocking phase, with significant losses reported. The total net profit of listed seed companies from 2021 to Q3 2025 was only positive in 2023, with a collective net profit nearing -1 billion yuan in Q3 2025. The inventory level is also high, exceeding 12 billion yuan, the highest since 2015. The corn seed production area has been declining, with a 10% year-on-year decrease expected in 2025, resulting in a production volume of 1.527 billion kilograms, also down by 10% year-on-year [7][13]. - Policy changes are encouraging breeding innovation, leading to a decrease in the number of approved corn varieties. The revised Plant Variety Protection Regulations published in April 2025 aim to strengthen variety rights protection and stimulate breeding innovation. In 2025, a total of 1,564 crop varieties were approved, with a notable reduction in corn varieties compared to 2024 [24][25]. - The number of high-quality, disease-resistant rice varieties is increasing, with the "three good varieties" (high yield, quality, and green) rising from 22 in 2022 to 53 in 2025. New rice varieties have shown significant yield improvements, with some varieties increasing yield by over 5% [39][40]. - The focus on corn is shifting towards improving planting density and yield levels. The average yield of newly approved corn varieties has surpassed 800 kilograms per mu, a 1.7% increase year-on-year, with some varieties in the Northwest ecological zone exceeding 1,000 kilograms per mu [54][56]. Summary by Sections 1. Seed Industry in Destocking Phase - The seed industry is experiencing a downturn, with significant losses and high inventory levels. The corn seed production area and yield are both declining [7][13]. 2. Policy Encouragement for Breeding Innovation - New regulations are promoting breeding innovation, resulting in fewer approved corn varieties while increasing the number of approved rice varieties [24][25]. 3. Rice: Increase in High-Quality Varieties - The number of high-quality rice varieties is on the rise, with significant improvements in yield and disease resistance [39][40]. 4. Corn: Emphasis on Planting Density and Yield - There is a growing emphasis on increasing planting density and yield levels in corn production, with new varieties showing improved yields [54][56]. 5. Investment Recommendations - The report suggests focusing on leading companies with research and development advantages, such as Longping High-Tech, Denghai Seeds, and Qianyuan High-Tech [7][54].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The strategic partnership with Sony aims to establish a joint venture for integrated operations in the home entertainment sector, which includes television and audio products [9] - The collaboration is expected to leverage both companies' strengths, enhancing technology, scale, and global presence [9] - Revenue projections for 2025-2027 are estimated at HKD 116.4 billion, HKD 132.3 billion, and HKD 145.8 billion, respectively, with corresponding net profits of HKD 26 billion, HKD 31 billion, and HKD 36 billion [9][10] - The report anticipates a significant increase in earnings per share (EPS) from HKD 0.30 in 2023 to HKD 1.43 by 2027 [4][14] Financial Projections - Revenue (in million HKD): - 2023A: 78,986 - 2024A: 99,322 - 2025E: 116,386 - 2026E: 132,328 - 2027E: 145,814 - Growth Rates (%): - 2023A: 10.7% - 2024A: 25.7% - 2025E: 17.2% - 2026E: 13.7% - 2027E: 10.2% [4] - EBITDA (in million HKD): - 2023A: 3,229 - 2024A: 4,457 - 2025E: 5,421 - 2026E: 6,578 - 2027E: 7,205 [4] Profitability Metrics - Return on Equity (ROE) is projected to increase from 4.5% in 2023 to 16.2% in 2027 [4] - The report estimates a PE ratio of 13x for 2026, leading to a target price of HKD 16.25 per share [9][14] Business Segments - Display Business Revenue (in million HKD): - 2024A: 69,440 (YoY: 23%) - 2025E: 77,884 (YoY: 12%) - 2026E: 86,430 (YoY: 11%) - 2027E: 94,691 (YoY: 10%) [11] - Innovative Business Revenue (in million HKD): - 2024A: 27,009 (YoY: 45%) - 2025E: 35,386 (YoY: 31%) - 2026E: 42,376 (YoY: 20%) - 2027E: 47,192 (YoY: 11%) [11] - Internet Business Revenue (in million HKD): - 2024A: 2,627 (YoY: -5%) - 2025E: 3,038 (YoY: 16%) - 2026E: 3,440 (YoY: 13%) - 2027E: 3,845 (YoY: 12%) [11]

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

[Table_Page] 金融工程|量化投资策略月报 2026 年 2 月 1 日 证券研究报告 [Table_Title] 1 月量化转债组合超额 0.43% 量化转债月度跟踪（2026 年 02 月） [Table_Summary] 报告摘要： 图：量化转债组合业绩表现 | 表：转债指数择时信号 | | | --- | --- | | 模型 | 观点 | | 价量模型 | 1 | | 定价模型 | 1 | | 凸性模型 | 0 | | 仓位 | 67% | 数据来源：Wind, 广发证券发展研究中心 | [分析师： Table_Author]张超 | | | --- | --- | | | SAC 执证号：S0260514070002 | | | SFC CE No. BOB130 | | 020-66335132 | | | | zhangchao@gf.com.cn | | 分析师： | 安宁宁 | | | SAC 执证号：S0260512020003 | | | SFC CE No. BNW179 | | 0755-23948352 | | | | anningning@gf.com.cn | | ...

Core Insights - The agricultural sector underperformed the CSI 300 index by 1.8 percentage points in January 2026, with a decline of 0.2% for the sector compared to a 1.7% increase for the index [15][17]. - Low-cost pig farming enterprises are showing competitive advantages, with significant performance differentiation among companies as indicated by their annual earnings forecasts [4][29]. Market Review - In January 2026, the agricultural sector's performance lagged behind the CSI 300 index by 1.8 percentage points, with the sector down 0.2% while the index rose 1.7% [15][17]. - The planting, animal health, fishery, and agricultural processing sub-sectors saw increases of 13.7%, 13.0%, 10.0%, and 6.6% respectively, while feed and livestock farming sub-sectors decreased by 0.1% and 5.1% [15][18]. Livestock Farming - The average price of live pigs in January 2026 was 12.53 CNY/kg, reflecting an 11.8% month-on-month increase but a 21.2% year-on-year decrease [29][34]. - The average profit for self-bred pigs was approximately 5.9 CNY/head, a month-on-month increase of 154 CNY/head, but a year-on-year decrease of 159.8 CNY/head [29][32]. - The average profit for purchased piglets was 47.5 CNY/head, with a month-on-month increase of 260.6 CNY/head and a year-on-year increase of 92.2% [29][32]. Raw Material Prices - In January 2026, the average spot price of corn was approximately 2365 CNY/ton, reflecting a month-on-month increase of 0.7% and a year-on-year increase of 10.6% [48][49]. - The average spot price of wheat was about 2520 CNY/ton, with a month-on-month increase of 0.2% and a year-on-year increase of 5.2% [54]. Investment Recommendations - The report recommends focusing on leading companies with cost advantages, such as Wens Foodstuffs Group and Muyuan Foods, while also considering companies like Dekang Agriculture and New Hope for their potential turnaround [4][29]. - For smaller livestock companies, attention is drawn to Tiankang Biological, Shennong Group, and Tangrenshen [4][29].

核心观点： [Table_Page] 跟踪分析|汽车 证券研究报告 | [Table_Title] 汽车行业周报 | | --- | [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-02-01 "5326"SUV 市场空间持续扩容 | 14% | 6% | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | -2% | 02/25 | 04/25 | 06/25 | 09/25 | 11/25 | 01/26 | -10% | | 汽车 | 沪深300 | | | | | | | | [分析师： Table_Author]张力月 | SAC 执证号：S0260524040004 | | | | | | | | 021-38003727 | zhangliyue@gf.com.cn | | | | | | | | 分析师： | 闫俊刚 | SAC 执证号：S0260516010001 | | | | | | | 021-38003682 | yanjungang@gf.com.cn | | | | | | ...

Xml [Table_Page] 投资策略|专题报告 2026 年 2 月 1 日 证券研究报告 [Table_Title] "沃什预期"与美元潮落：全球股市 定价锚的切换与重构 ——港股&海外周聚焦（2 月第 1 期） [ 报告摘要： [分析师： Table_Author]刘晨明 SAC 执证号：S0260524020001 SFC CE No. BVH021 010-59136616 liuchenming@gf.com.cn 分析师： 陈振威 SAC 执证号：S0260524090002 021-38003550 chenzhenwei@gf.com.cn 请注意，陈振威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。 识别风险，发现价值 请务必阅读末页的免责声明 1/29 972918116公共联系人2026-02-01 18:23:01 ⚫ 新任美联储主席 Kevin Warsh 的确定，其经济学家时期，主张"降息与 缩表并行"。短期内有望支撑美元走强，并推动美债收益率曲线陡峭化， 对贵金属价格构成一定压力。从中长期看，美国债务结构性问题并未化 解，Warsh 的政策更多可 ...

Investment Rating - The report maintains an "Outperform" rating for the environmental protection industry [2] Core Insights - The environmental protection industry is entering a significant performance period, with expectations for intensified carbon reduction efforts [1] - The year 2026 marks the transition from energy consumption control to carbon emission control, with substantial progress anticipated in carbon reduction initiatives [5] - The report highlights the importance of companies focusing on performance and increased dividends, with 61 environmental companies expected to release their 2025 performance forecasts [5] Summary by Sections 2025 Performance Forecast - 61 environmental companies have released performance forecasts, with 14 companies expecting significant positive growth, 4 companies experiencing declines, 8 companies turning losses into profits, and 35 companies reporting losses [12] - Notable performers include: - Anhui Instrument Technology: Expected net profit of 42-62 million CNY, a year-on-year increase of 191.52%-330.34% [12] - GaoNeng Environment: Expected net profit of 750-900 million CNY, a year-on-year increase of 55.66%-86.79% [12] - Yuehai Investment: Expected net profit growth of 43%, reaching nearly 4.5 billion HKD [13] Biodiesel and UCO Market - The average export price of UCO is expected to reach 7,742 CNY/ton in 2025, a year-on-year increase of 21.6% [19] - UCO export volume remains high, with a total of 2.7558 million tons exported in 2025, despite a 17% decline in biodiesel exports [19] - The price of UCO has shown a consistent upward trend, with the latest price reaching 1,075 USD/ton, a 9.1% increase from early 2025 [29] Policy and Market Tracking - The report tracks significant developments in carbon reduction policies, including the establishment of a dual control system for carbon emissions and energy consumption [33] - The carbon trading market has seen a total transaction volume of 862,100 tons, with a closing price of 79.00 CNY/ton as of January 30, 2026 [36] - Recent policies emphasize energy efficiency and carbon reduction in public institutions, aligning with the "14th Five-Year Plan" goals [38]

Industry Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Buy" [2] Core Insights - The pet industry is experiencing continuous growth driven by new pet owners and increased per capita spending on pets. The market size for urban pet consumption (dogs and cats) in China is projected to reach approximately 312.6 billion CNY in 2025, representing a year-on-year growth of 4% compared to 2024. The growth rates for cat and dog consumption are 5% and 3%, respectively [14][16] - The preference for domestic brands is on the rise, with brand competition remaining intense. By 2025, the preference for domestic brands in cat and dog food is expected to reach 38% and 35%, respectively, up from 16% and 20% in 2022. The market has seen significant changes over the past decade, influenced by various e-commerce and social media trends [25][35] - There is increasing competition in the baked food segment, with functional pet foods emerging as a potential growth area. Consumer preferences are shifting towards baked and freeze-dried foods, with functional foods expected to become a new trend in the industry [43][56] - The report emphasizes the importance of focusing on new retail channels, particularly instant retail, which is currently in a high-growth phase. The market share of major online platforms like Tmall, Taobao, JD, Douyin, and Pinduoduo is approximately 29%, 9%, 9%, and 10%, respectively [14][19] Summary by Sections Industry Overview - The pet industry is projected to grow, with the number of cat and dog owners increasing to approximately 42.14 million and 36.60 million, respectively, in 2025. The average annual spending per pet cat and dog is expected to be 2,085 CNY and 3,006 CNY, respectively [14][20] Brand Landscape - The competitive landscape is evolving, with domestic brands gaining market share. The top five brands in cat and dog food by usage rate in 2025 will predominantly be domestic brands, reflecting a shift in consumer preferences [25][30] Product Innovation - Consumer preferences are shifting towards baked and freeze-dried pet foods, with a notable decline in the preference for puffed foods. The report identifies functional pet foods as a key area for future growth, with specific health benefits being a major consideration for consumers [43][56] Channel Transformation - The report highlights the significance of instant retail channels, which are experiencing rapid growth. The integration of online and offline channels is seen as a critical factor for success in the pet industry [14][19] Investment Recommendations - The report suggests that the pet industry will continue to grow at a rate of 4% in 2025, driven by new pet owners and increased spending. It recommends focusing on companies with strong R&D capabilities and sales performance, such as Guobao Pet, Zhongchong Co., and Petty Co. [14][8]

Core Insights - The construction materials industry is currently at a low valuation level, with a focus on urban renewal and related opportunities. The allocation ratio for construction materials in Q4 2025 is 0.72%, an increase of 0.11 percentage points from Q3 2025, indicating significant potential for valuation recovery [6][15]. Group 1: Urban Renewal and Market Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued a notice on January 20, 2026, to support urban renewal actions, providing specific operational guidelines for the "14th Five-Year Plan" urban renewal strategy. This includes a focus on "two renewals and two new projects," emphasizing the construction of underground pipelines and comprehensive utility tunnels [24]. - Companies involved in urban renewal and the renovation of old neighborhoods, such as Dongfang Yuhong, Keshun Co., Sankeshu, Weixing New Materials, and China Liansu, are recommended for attention [24]. Group 2: Construction Materials Sector Overview - The construction materials sector is experiencing a recovery in profitability, with expectations for continued improvement in 2026. The supply-side adjustments and structural changes in demand are expected to support this recovery [37]. - The cement market saw a 0.8% decrease in prices week-on-week, with the national average price at 345 RMB/ton as of January 30, 2026. The industry is currently at a historical low valuation, with companies like Huaxin Cement, Conch Cement, and Shafeng Cement recommended for investment [6][38]. Group 3: Key Company Developments - Keshun Co. established a semiconductor company to explore a second growth curve, focusing on integrated circuit chips and related technologies [20]. - Weixing New Materials plans to acquire an 88.26% stake in Beijing Songtiancheng Technology Co., enhancing its capabilities in municipal pipeline systems and expanding its market reach [23]. - Leading companies in the construction materials sector, such as Sankeshu and Huaxin Cement, are expected to report significant profit growth in 2025, driven by strong operational resilience and strategic adjustments [25][27].