Investment Rating - The report maintains a "Buy" rating for the automotive industry, particularly focusing on humanoid robots and aerospace sectors [2][10]. Core Insights - The humanoid robot market is expected to significantly drive the demand for rotary transformers, with a projected market size of 6.15 billion yuan by 2030 and 47.1 billion yuan by 2035, reflecting a CAGR of 85.9% from 2026 to 2035 [4][27]. - The aerospace sector is also experiencing growth, with satellite launches increasing rapidly, leading to a forecasted rotary transformer market size of 700 million yuan by 2030 and 1.8 billion yuan by 2035, with a CAGR of 22.7% from 2026 to 2035 [5][30]. Summary by Sections 1. Humanoid Robots and Aerospace Driving Rotary Transformer Market - Rotary transformers are well-suited for humanoid robots due to their strong shock resistance and durability, making them ideal for complex operational environments [4][24]. - The market for rotary transformers in humanoid robots is expected to surpass traditional markets, as they replace encoders in robotic joints [27]. 2. Market Performance of Humanoid Robots - The humanoid robot sector is anticipated to see a substantial increase in market size, driven by the need for high reliability and longevity in robotic joints [4][27]. - The report highlights the importance of rotary transformers in enhancing the performance of humanoid robots, particularly in their joints and dexterous hands [27]. 3. Market Performance of Aerospace Sector - The report notes a significant increase in satellite launches, with SpaceX planning to launch 42,000 satellites by 2033, which will boost the demand for rotary transformers in satellite attitude and orbit control systems [5][30]. - The rotary transformer market in the aerospace sector is projected to grow steadily, with increasing applications in satellite systems [30]. 4. Industry Data Tracking - The global rotary transformer market is expected to grow from approximately 4.445 billion yuan in 2024 to 11.851 billion yuan by 2031, with a CAGR of 15.3% from 2025 to 2031 [33]. - The automotive sector's rotary transformer market is projected to grow from 1.334 billion yuan in 2024 to 3.555 billion yuan by 2031 [33]. 5. Company Announcements - The report emphasizes the rapid growth of domestic companies like Yingshuo Technology, which has captured a significant market share in the rotary transformer sector, particularly in the new energy vehicle market [44][61]. - Yingshuo Technology's revenue has shown a CAGR of 176.6% from 2020 to 2022, with a strong focus on the new energy vehicle sector [44][55].

Investment Rating - The report maintains a "Buy" rating for companies such as Guanghe Technology and Haiguang Information, while Longxin Zhongke and Huahong Technology remain unrated [8][16]. Core Insights - The semiconductor industry is experiencing a surge in demand for server CPUs due to the expansion of AI data centers by major cloud service providers, leading to a supply shortage and a planned price increase of 10-15% by Intel and AMD [4][13]. - A critical hardware vulnerability, "StackWarp," has been identified in AMD's Zen architecture, affecting multiple generations of products. However, Haiguang's C86 processor is not impacted, highlighting the security advancements in domestic processors [5][14]. Summary by Sections Market Performance - The semiconductor sector has shown strong performance, with the electronic sector up 63.2% over the past 12 months, significantly outperforming the CSI 300 index [2][3]. Key Company Announcements - Companies to watch include Guanghe Technology, Haiguang Information, Longxin Zhongke, and Huahong Technology, with specific earnings per share (EPS) and price-to-earnings (PE) ratios provided for the rated companies [15][16]. Industry Dynamics - The semiconductor industry is witnessing a shift in demand dynamics, with traditional DRAM and NAND prices rising due to increased AI storage needs and production shifts by major players [50][51].

Investment Rating - The report maintains a "Buy" rating for Jiangsu Changjiang Electronics Technology Co., Ltd. (长电科技), Haiguang Information Technology Co., Ltd. (海光信息), and Guanghe Technology Co., Ltd. (广合科技) [7][14] Core Insights - Jiangsu Changjiang Electronics Technology Co., Ltd. has made significant progress in the CPO product technology field, successfully delivering samples of its XDFOI process silicon photonic engine, which optimizes energy efficiency and bandwidth performance [12][13] - Intel showcased its EMIB glass substrate technology at the NEPCON Japan electronics exhibition, demonstrating the capability of glass substrates to support complex multi-chip configurations, offering advantages over traditional organic substrates [13] - The report highlights the increasing demand for PCBs driven by emerging technologies such as 5G, AI, and automotive electronics, with China becoming the largest PCB production base globally [28][29] Summary by Sections Company Performance and Forecast - Jiangsu Changjiang Electronics Technology Co., Ltd. is projected to have an EPS of 1.23 in 2026 with a PE ratio of 39.73 [7][14] - Haiguang Information Technology Co., Ltd. is expected to achieve an EPS of 1.58 in 2026 with a PE ratio of 174.68 [7][14] - Guanghe Technology Co., Ltd. is forecasted to have an EPS of 2.67 in 2026 with a PE ratio of 37.33 [7][14] Industry Dynamics - The electronic industry saw a 1.39% increase in the week of January 19-23, ranking 22nd among the primary industries [15][24] - The AI computing-related sub-sector experienced a significant increase, with the integrated circuit packaging and testing sector rising by 7.25% [18][20] - The PCB industry is expected to recover from a downturn, with revenue growth projected to stabilize in 2025 after a challenging period in 2023 [29][30] Market Trends - The report notes a trend of increasing orders in the data processing sector, with AI-related orders constituting over 73% of new contracts for companies like Chip Origin Technology [42][43] - The automotive industry faces challenges due to rising memory prices, which could significantly impact manufacturing costs and supply availability [46][47]

证 券 研 究 报 告 行业周报 人形机器人+航空航天双轮驱动，旋转变压器迎广阔新兴市场 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年01月26日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌人形机器人+航空航天双轮驱动，旋转变压器迎来广阔新兴市场 依托极强的抗冲击抗振特性，旋转变压器有望适配人形机器人关节。旋变采用无接触式电磁感应原理，无 磨损部件仅轴承存在微量损耗，实现近乎无限的使用寿命，无需频繁维护更换，完美契合人形机器人对关 节部件高可靠性、长耐久性、抗复杂工况的严苛要求。人形机器人旋变市场规模有望远超传统旋变市场空 间。我们认为出于人形机器人的抗冲击性要求和寿命要求，人形机器人将会应用旋转变压器用来替代编码 器。我们预测到2030年人形机器人旋变市场规模有望达到61.5亿元，到2035年有望达到471.0亿元市场 规模，2026-2035年CAGR为85.9%。 卫星发射数量快速上升，带动航天领域旋变市场放量。从发射计划数据看，SpaceX将在2033年完成4.2万 颗发射，国网星座将在2035年前发射1.3万颗，千帆星座将在2030年 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of January 26, 2026 [1] Core Insights - The report emphasizes the importance of supply-side variables, particularly the operating rates of raw material drugs, and highlights the potential for price recovery in the antibiotic market due to changes in competition and supply dynamics [2] - Multi-departmental policy support is enhancing the value positioning of pharmacies, transforming them from mere sales points to comprehensive health service platforms [3] - The trend of Chinese innovative drugs going global is gaining momentum, with significant licensing deals and the need for continuous clinical data validation to support long-term investment confidence [4] - Major companies are increasingly investing in the small nucleic acid field, which is expected to accelerate the development of the supporting industrial chain [5] - A new pricing system for GLP-1 drugs is forming in China, with significant market potential anticipated for weight loss and diabetes treatments [6] - The report highlights the market value of oral autoimmune drugs, with promising clinical trial results for new treatments [7] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.23 percentage points in the last week, ranking 27th among 31 sectors [20] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector index increased by 4.98% over the past month, outperforming the CSI 300 index by 3.21 percentage points [37] - The current PE (TTM) for the pharmaceutical sector is 38.51, above the five-year historical average of 31.06 [43] 3. Recent Research Achievements - The report includes various deep-dive studies on topics such as the growth of the blood products industry and the potential of GLP-1 drugs [45] 4. Recent Industry Policies and News - Recent policies include the promotion of high-quality development in the pharmaceutical retail sector and the approval of numerous medical devices by the National Medical Products Administration [46][48]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of January 26, 2026 [1] Core Insights - The report emphasizes the importance of supply-side variables, particularly the operating rates of raw material drugs, and highlights the potential for price recovery in the antibiotic market due to changes in competition and supply dynamics [2] - Multi-departmental policy support is enhancing the value positioning of pharmacies, transforming them from mere sales points to comprehensive health service platforms [3] - The trend of Chinese innovative drugs going global is gaining momentum, with significant licensing deals and the need for continuous clinical data validation to support long-term investment confidence [4] - Major companies are increasingly investing in the small nucleic acid field, which is expected to accelerate the development of the supporting industrial chain [5] - A new pricing system for GLP-1 drugs is forming in China, with expectations for market growth driven by a large patient population [6] - The report highlights the market value of oral autoimmune drugs, with promising clinical trial results for new treatments [7] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.23 percentage points in the last week, ranking 27th among 31 sectors [20] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector index increased by 4.98% over the past month, outperforming the CSI 300 index by 3.21 percentage points [37] - The current PE (TTM) for the pharmaceutical sector is 38.51, above the five-year historical average of 31.06 [43] 3. Recent Research Achievements - The report includes various deep-dive studies on topics such as the growth of the blood products industry and the impact of policies on inhalation formulations [45] 4. Recent Industry Policies and News - Recent policies include the approval of numerous medical device registrations and the promotion of high-quality development in the pharmaceutical retail sector [46][48]

2026 年 01 月 26 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：73 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 73 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：商业航天、银行、消费 1、商业航天主题：埃隆·马斯克正积极推进 SpaceX 的 IPO 计划，目标在今年 7 月前完成。作为行业标杆，其上市预期 极大地提振了全球市场对整个商业航天赛道的关注与信心。 另外，低轨轨道和频谱资源遵循"先占先得"的国际规则。 数据显示，可用轨位空间已十分紧张，中国已申请超 20 万颗 卫星的轨道频率，这直接倒逼各国加快卫星制造与发射节奏 以抢占资源，是行情核心驱动力。相关标的：中国卫星 （600118）、航天电子（600879） 2、银行主题：银行股具有高股息特性，如中证银行指数的股 息率高达 6. ...

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting its strong performance relative to the market [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The integration of AI in cinema operations and new interactive experiences is anticipated to explore new commercial boundaries [3][4][15]. - The AI Spring Festival Gala is expected to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][4][16][17]. - The report emphasizes the ongoing transformation in the media landscape driven by technological advancements, particularly in AI, which is expected to create new business models and content production paradigms [3][4][16]. Industry Overview - The media industry has shown strong performance, with a 50.7% increase over the past 12 months compared to the Shanghai and Shenzhen 300 index, which only increased by 22.7% [1]. - The report notes that the film market is set to feature four major films for the Spring Festival, with themes ranging from national security to family-friendly animation, indicating a diverse content supply [15]. - The gaming sector is experiencing growth, with the market for legendary games projected to exceed 400 billion yuan in 2026, driven by technological advancements and the proliferation of mini-games [23][24]. Recommended Stocks and Rationale - The report recommends several stocks, including Wanda Film (002739), Mango Super Media (300413), and BlueFocus Communication Group (300058), citing their strong positions in the industry and potential for growth [4][9]. - Specific companies are highlighted for their innovative approaches, such as Wanda Film's integration of AI in its operations and the development of new interactive entertainment experiences [15][16]. - The report also mentions the potential of companies like Bilibili (9626.HK) and Tencent (0700.HK) to leverage AI technologies in their marketing strategies [4][9].

2026 年 01 月 25 日 正极材料不断突破，镍钴自供能力强化 —格林美（002340.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | 基本数据 | 2026-0 1-2 3 | | --- | --- | | 当前股价（元） | 9.66 | | 总市值（亿元） | 493 | | 总股本（百万股） | 5103 | | 流通股本（百万股） | 5073 | | 52 周价格范围（元） | 5.85-9.66 | | 日均成交额（百万元） | 1094.59 | ▌ 三元材料受益于需求结构化升级，技术持续突破 伴随 eVOTL、人形机器人、穿戴式 AI 设备的兴起与固态电池 的产业化实践，全球高镍及超高镍三元前驱体出货量占比提 升，公司三元材料业务有望受益。2025 年前三季度，公司镍 钴前驱体出货 12 万余吨，正极材料实现出货 1.7 万余吨。公 司在高端前驱体方面持续突破，超致密高镍及超高镍前驱体 已通过量产认证并实现数十吨级出货，固态电池用富锂锰基 前驱体进入吨级验证阶段。2025 年 7 月，公司全球首款超高 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report is optimistic about the equity market before the end of February, and focuses on whether the current growth - dominant style can gradually shift to a balanced or even value - dominant style. If this scenario occurs, the risk of bond market adjustment in February will increase [2][9][22]. - In the context of the marginal convergence of the national balance sheet, the top - down subjective allocation strategy focusing on position selection and style judgment will receive more attention and favor from the market [9][22]. - In the de - leveraging cycle, the margin of the stock - bond ratio in favor of equities is limited, and the probability of value being relatively dominant in style is higher [10][58]. 3. Summary by Directory 3.1 National Balance Sheet Analysis 3.1.1 Liability Side - In December 2025, the liability growth rate of the real sector was 8.4%, down from the previous value of 8.6%, in line with expectations. It is expected to continue to decline to around 8.3% in January 2026. The local bond issuance rhythm seems to have accelerated this week. If it continues in February, it may drive a slight rebound in the liability growth rate of the real sector, but the probability of further relaxation of the capital market in February is limited [2][17]. - The central bank's fourth - quarter meeting in 2025 indicated that the general direction of stabilizing the macro - leverage ratio remains unchanged, and it is waiting for the quantitative fiscal targets to be given at the Two Sessions in 2026 [2][17]. 3.1.2 Fiscal Policy - Last week, the net increase of government bonds (including national and local bonds) was 62.14 billion yuan, higher than the planned 50.75 billion yuan. Next week, the planned net increase is 14.13 billion yuan. The government liability growth rate at the end of December 2025 was 12.4%, down from the previous value of 13.1%. It is expected to rebound to around 12.5% in January 2026 and likely decline again in February [3][18]. 3.1.3 Monetary Policy - Last week, the capital trading volume decreased, the capital price decreased, and the term spread narrowed on a weekly average basis. After excluding seasonal effects, the capital market slightly tightened. The one - year Treasury bond yield oscillated upward, closing at 1.28% at the weekend. It is estimated that the lower limit of the one - year Treasury bond yield is about 1.3%, and the central value is around 1.4%. It is expected to cut interest rates by 10 basis points in 2026. The term spread between the ten - year and one - year Treasury bonds narrowed to 55 basis points. The bond market shows that the capital market has basically reached the limit of relaxation [3][18]. 3.1.4 Asset Side - In December 2025, the physical quantity data continued to run smoothly compared with November. It is necessary to focus on whether the economy can continue to stabilize or even improve marginally. The Two Sessions set the annual real economic growth target for 2025 at around 5%. Based on the deficit and deficit rate (4%), the annual nominal economic growth target is 4.9%. It is necessary to further observe whether a nominal economic growth rate of around 5% will become the central target for China's nominal economic growth in the next 1 - 2 years [4][19]. 3.2 Stock - Bond Cost - Effectiveness and Stock - Bond Style - Since 2011, China has entered a downward cycle of potential economic growth, which seems to have ended in the fourth quarter of 2024. Subsequently, China's profit cycle has entered a state of low - level narrow - range oscillation. The Chinese government put forward three policy goals in 2016: stabilizing the macro - leverage ratio, making the financial sector benefit the real economy, and ensuring that houses are for living in, not for speculation. Currently, the convergence of the liability side has not ended, but the space is limited [7][20]. - Overseas, China and the United States are in a state of equal - strength competition. If the valuation of the technology fields where the United States was previously leading undergoes a systematic re - evaluation, global funds may flow from the United States to China. Attention should be paid to whether the RMB exchange rate begins to gradually enter an appreciation channel. The risk preference may also enter a range - bound state following the profit [7][20][21]. - Last week, the capital market slightly tightened. The equity market rose as a whole, but value stocks continued to weaken, with the growth style remaining dominant. In terms of bond yields, the long - end declined slightly, and the short - end rose. The stock - bond cost - effectiveness slightly favored equities. The ten - year Treasury bond yield decreased by 1 basis point to 1.83%, the one - year Treasury bond yield increased by 4 basis points to 1.28%, the term spread narrowed to 55 basis points, and the 30 - year Treasury bond yield decreased by 2 basis points to 2.29%. The full - position equity strategy with equal allocation of growth and value performed well, and the broad - based rotation strategy outperformed the CSI 300 index by 1.29 pct last week. Since its establishment in July 2024, the broad - based rotation strategy has underperformed the CSI 300 index by - 1.49 pct, with a maximum drawdown of 12.1% (compared with 15.7% for the CSI 300 index) [8][21]. - This week, the Shanghai 50 Index (60% position) and the CSI 1000 Index (40% position) are recommended. The broad - based index recommendation is a top - down subjective allocation strategy focusing on position selection and style judgment, which can accommodate a large amount of funds, has small fluctuations, and good liquidity [9][22]. 3.3 Industry Recommendation 3.3.1 Industry Performance Review - This week, the A - share market rose with shrinking trading volume. The Shanghai Composite Index rose 0.84%, the Shenzhen Component Index rose 1.1%, and the ChiNext Index fell 0.3%. Among the Shenwan primary industries, building materials, petroleum and petrochemicals, steel, basic chemicals, and non - ferrous metals had the largest increases, with weekly increases of 9.2%, 7.7%, 7.3%, 7.3%, and 6% respectively. Banks, communications, non - bank finance, food and beverages, and pharmaceuticals had the largest declines, with weekly declines of - 2.7%, - 2.1%, - 1.5%, - 1.4%, and - 0.4% respectively [28]. 3.3.2 Industry Crowding and Trading Volume - As of January 23, the top five industries in terms of crowding were electronics, power equipment, machinery, non - ferrous metals, and computers, with crowding degrees of 17.7%, 11.7%, 7.3%, 7.3%, and 6.7% respectively. The bottom five were beauty care, comprehensive, coal, social services, and textile and apparel, with crowding degrees of 0.2%, 0.2%, 0.4%, 0.6%, and 0.6% respectively. - This week, the top five industries with the largest increase in crowding were national defense and military industry, basic chemicals, power equipment, non - ferrous metals, and machinery, with increases of 1.4%, 1%, 0.8%, 0.7%, and 0.5% respectively. The top five with the largest decline were electronics, computers, communications, pharmaceuticals, and social services, with changes in crowding degrees of - 2%, - 1.8%, - 0.7%, - 0.3%, and - 0.2% respectively. - As of January 23, the crowding degrees of national defense and military industry, power equipment, electronics, non - ferrous metals, and machinery were at the 98.7%, 93.7%, 92.8%, 89.5%, and 86.9% quantiles since 2018 respectively, which were relatively high. Transportation, food and beverages, agriculture, forestry and animal husbandry, beauty care, and pharmaceuticals were at the 0.4%, 0.7%, 2.4%, 2.6%, and 2.9% quantiles respectively, which were relatively low. - This week, the average daily trading volume of the entire A - share market was 2.8 trillion yuan, up from 3.47 trillion yuan last week. Basic chemicals, real estate, public utilities, building materials, and steel had the highest year - on - year growth rates in trading volume, with changes of 7.5%, 7.3%, 4.4%, 3.5%, and 3.2% respectively. Media, computers, non - bank finance, social services, and commercial retail had the largest declines in trading volume, with changes of - 45.9%, - 44.6%, - 44.2%, - 38.5%, and - 37.3% respectively [29][32]. 3.3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, building materials, petroleum and petrochemicals, steel, basic chemicals, and non - ferrous metals had the largest increases in PE(TTM), with changes of 9.3%, 7.7%, 7.4%, 7.4%, and 6.1% respectively. Banks, communications, food and beverages, non - bank finance, and pharmaceuticals had the largest declines, with valuation changes of - 2.8%, - 2.1%, - 1.4%, - 1.4%, and - 0.5% respectively. - In terms of valuation - earnings matching, as of January 23, 2026, industries with relatively high full - year 2024 earnings forecasts and relatively low current valuations compared to history include banks, insurance, coal, public utilities, transportation, pharmaceuticals, beauty care, new energy, and consumer electronics [35][36]. 3.3.4 Industry Prosperity - In terms of external demand, there were mixed trends. In December, the global manufacturing PMI decreased from 50.5 to 50.4, and the PMIs of major economies showed mixed trends. The CCFI index decreased by 0.09% week - on - week in the latest week. Port cargo throughput declined. South Korea's export growth rate rose to 13.4% in December and to 14.9% in the first 20 days of January. Vietnam's export growth rate rose from 15.8% in November to 23.9% in December. - In terms of domestic demand, the second - hand housing price rose in the latest week, and the quantity indicators showed mixed trends. The traffic volume of trucks on expressways increased. The capacity utilization rate of ten industries fitting continued to decline from September to October 2025, continued to rise from November to December, and slightly declined in January. Automobile trading volume was relatively weak compared to historical seasonality, new - home sales remained at a historical low, and second - hand home sales were relatively weak compared to historical seasonality. As of January 18, the national urban second - hand housing listing price index rose 0.27% compared to last week. As of January 2, the producer price index rose 0.3% week - on - week [39]. 3.3.5 Public Offering Market Review - In the third week of January (January 19 - 23), most active public offering equity funds outperformed the CSI 300. The weekly growth rates of the 10%, 20%, 30%, and 50% quantiles were 4.7%, 3.5%, 2.7%, and 1.5% respectively, while the CSI 300 declined 0.6% weekly. - According to the latest net value and share estimates, as of January 23, the net asset value of active public offering equity funds was 4.06 trillion yuan, up from 3.66 trillion yuan in Q4 2024 [55]. 3.3.6 Industry Recommendation - In the de - leveraging cycle, the margin of the stock - bond ratio in favor of equities is limited, and the probability of value being relatively dominant in style is higher. Red - chip stocks are generally expected to have three characteristics: no balance - sheet expansion, good earnings, and survival. Combining these three characteristics with the under - allocation in the public offering's fourth - quarter report, the recommended A + H red - chip portfolio includes 13 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banks, telecommunications, petroleum and petrochemicals, and transportation. Some industries with a large number of stocks, such as banks, have been appropriately streamlined [10][58].