Investment Rating - The report maintains a recommendation for investment in the aerospace and defense sectors, particularly focusing on companies like MOOG and others involved in commercial aerospace and robotics [3]. Core Insights - MOOG is expanding its capacity in the aerospace sector, aiming to benefit from increased global defense spending and the growth of commercial space activities. The company achieved revenues of $3.861 billion in 2025, a year-on-year increase of 7%, with a net profit of $235 million, up 12% [4][21]. - The electric servo drive systems are expected to benefit significantly from the booming commercial aerospace and humanoid robotics industries, with the market for motors and gear reducers projected to exceed 200 billion yuan [5]. - The report highlights potential investment opportunities in companies like Haoshi Electromechanical, Feiyada, and Yap Group, which are expanding into the aerospace and robotics sectors [6]. Summary by Sections 1. From MOOG's Capacity Expansion - MOOG, a leader in precision motion control for aerospace and defense, is actively expanding its commercial aerospace capabilities. The company has a strong historical presence in NASA and defense projects, with a diversified product line that includes actuators and servo systems [4][12]. - The company completed a significant capacity expansion in June 2025 to meet the increasing demand for weekly space launch tasks from commercial and government clients [24]. 2. Electric Servo Drive Systems - Electric servo systems serve as critical components in connecting control computers to execution structures, with applications in both aerospace and humanoid robotics. The market for these systems is expected to grow substantially due to the maturation of the commercial aerospace and robotics industries [5][32]. - The report forecasts that the market for electric motors and gear reducers will exceed 200 billion yuan as the commercial aerospace and humanoid robotics sectors mature [5]. 3. Investment Recommendations - Haoshi Electromechanical is focusing on high-end CNC machine tools and has begun collaborations in the commercial aerospace sector [60]. - Feiyada, a leading domestic watchmaker, plans to acquire Chang Kong Gear to enter the robotics and aerospace fields [64]. - Yap Group, a global leader in fuel systems, is acquiring Ying Shuang to expand into robotics and aerospace applications [67].

Market Sentiment - The current market sentiment score is 28, indicating a "cold" market environment. Historical trends suggest that when the sentiment score is below or close to 50, the market tends to find support, while scores above 80 may indicate resistance [6][10]. Hot Themes Tracking - **Power Equipment Theme**: The global demand for high-power and high-stability transformers is driven by the significant electricity consumption of AI data centers. The supply-demand balance is severely disrupted, with delivery times in the U.S. reaching 127 weeks. China's State Grid is set to invest 4 trillion yuan during the 14th Five-Year Plan, focusing on ultra-high voltage and smart distribution networks, providing long-term order support for the industry. Relevant stocks include China Xidian (601179) and TBEA (600089) [6]. - **Banking Theme**: Bank stocks are characterized by high dividend yields, with the CSI Bank Index yielding 6.02%, significantly higher than the 10-year government bond yield. In a slowing economy with increased market volatility, bank stocks become important investment targets for long-term funds such as insurance and social security. Relevant stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [6]. - **Consumer Theme**: As the first year of the 14th Five-Year Plan, 2026's macro policies emphasize expanding domestic demand and promoting consumption. The consumer market is undergoing profound changes, characterized by three new trends: "emotional value" (self-consumption in gold and jewelry), "extreme value-for-money" (bulk snacks and discount stores), and "efficiency innovation" (AI e-commerce and brand expansion). Relevant stocks include Yonghui Superstores (601933) and Wangfujing (600859) [6]. Capital Flow Analysis - The top ten stocks with the highest net inflow include Zhongchao Holdings (002471) with 143.78 million yuan, Xinyi Technology (300502) with 71.58 million yuan, and Shenghong Technology (300476) with 67.37 million yuan [11]. - The top ten stocks with the highest net buy in financing include Hunan Gold (002155) with 81.42 million yuan and China Xidian (601179) with 28.19 million yuan [13]. - The top ten industries with the highest net inflow include the power equipment sector with 213.56 million yuan and the food and beverage sector with 61.63 million yuan [16][18].

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Insights - The domestic copper inventory is beginning to decrease, which may lead to stronger prices [6]. - The gold market is expected to stabilize and rise further due to the anticipated interest rate cuts by the Federal Reserve [5]. - The aluminum supply remains rigid, supporting the investment outlook for the aluminum sector [11]. - Tin prices are expected to be supported by tight supply conditions [11]. - Antimony prices are rebounding after a six-month decline, indicating potential investment opportunities [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 22.6%, a 3-month increase of 35.7%, and a 12-month increase of 128.5% [3]. Precious Metals - Gold prices reached $4981.85 per ounce, with a week-on-week increase of $35.60, or 0.72%. Silver prices were $103.19 per ounce, up $4.19, or 4.23% [4]. Copper and Aluminum - Copper prices closed at $13,440 per ton on the LME, up $460 per ton, or 3.54%. SHFE copper closed at ¥103,170 per ton, up ¥2,120, or 2.10% [6]. - Domestic aluminum prices were ¥24,640 per ton, with a week-on-week increase of ¥510 [7]. Tin and Antimony - Domestic refined tin prices were ¥423,630 per ton, down ¥110, or 0.03%. The supply and demand for tin are weak, leading to a price fluctuation around high levels [9]. - Antimony prices remain supported due to tight supply conditions, with current prices at ¥160,000 per ton [10]. Recommended Stocks - For the gold sector, recommended stocks include Zhongjin Gold, Shandong Gold, and China National Gold International. In the copper sector, recommended stocks include Zijin Mining and Western Mining. For aluminum, recommended stocks are Shenhuo Co., Yunnan Aluminum, and Tianshan Aluminum [12].

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Insights - The domestic copper inventory is beginning to decrease, which may lead to stronger prices [6]. - The gold market is expected to stabilize and rise further due to the anticipated interest rate cuts by the Federal Reserve [5]. - The aluminum supply remains rigid, supporting the investment outlook for the aluminum sector [11]. - Tin prices are expected to be supported by tight supply conditions [11]. - Antimony prices are rebounding after a six-month decline, indicating a positive outlook for the antimony sector [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 22.6%, a 3-month increase of 35.7%, and a 12-month increase of 128.5% [3]. Precious Metals - Gold prices reached $4981.85 per ounce, with a week-on-week increase of $35.60, or 0.72%. Silver prices were $103.19 per ounce, up $4.19, or 4.23% [4]. Copper and Aluminum - Copper prices closed at $13,440 per ton on the LME, up $460 per ton, or 3.54%. SHFE copper closed at ¥103,170 per ton, up ¥2,120, or 2.10% [6]. - Domestic aluminum prices were ¥24,640 per ton, with a week-on-week increase of ¥510 [7]. Tin and Antimony - Domestic refined tin prices were ¥423,630 per ton, down ¥110, or 0.03%. The supply and demand for tin are weak, leading to a price fluctuation around high levels [9]. - Antimony prices remain supported due to tight supply conditions, with current prices at ¥160,000 per ton [10]. Recommended Stocks - The report recommends specific stocks in various sectors, including Zhongjin Gold, Shandong Gold, Zijin Mining, and others across gold, copper, aluminum, tin, and antimony industries [12].

Investment Rating - The report maintains a "Recommended" investment rating for the industry [2]. Core Insights - The essence of investment lies in investing in "people," where a company's long-term value is deeply rooted in the cognition and action philosophy of its founders or core leaders [4]. - The report emphasizes two key dimensions for long-term value creation: the fundamental strategic positioning of the enterprise and the management system that ensures effective execution [5][6]. - The report highlights the importance of selecting companies in industries that are in early or mid-growth stages, which still have significant expansion potential, rather than those that have entered a mature phase with slowing growth [12]. - The report uses examples of two exemplary companies in the agricultural and animal husbandry industry: Muyuan Foods and Haida Group, to illustrate the characteristics of desirable enterprises [7]. Summary by Sections 1. Building Sustainable Competitive Advantages - The report stresses the need for companies to construct core competencies that align with the characteristics of their industry and to continuously strengthen these advantages to reach industry-leading levels [16]. - Muyuan Foods is highlighted for its leading cost control capabilities in the pig farming industry, maintaining a competitive edge through stringent cost management across various dimensions [17]. - Haida Group is noted for its comprehensive product and service capabilities in the feed industry, with a strong focus on specialized and high-quality offerings [22]. 2. Verifying a Credible Execution System - The report discusses the importance of a reliable execution capability in companies, focusing on three dimensions: people, money, and business [29]. - Muyuan Foods has implemented stock incentive plans to deeply bind employee interests with the company's long-term goals, achieving performance targets consistently [33]. - The report emphasizes the need for companies to maintain robust financing channels to seize industry opportunities and support ongoing investments [35]. 3. Dynamic Evolution of Industry Structure - The industry structure is described as being in a constant state of dynamic adjustment, where companies that have built core competencies can capitalize on market share opportunities as they arise [25].

双融日报 2026 年 02 月 02 日 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：40 分（中性） 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 1、《双融日报》2026-01-30 2、《双融日报》2026-01-29 3、《双融日报》2026-01-28 ▌ 华鑫市场情绪温度指标：（中性） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 40 分，市场情绪处于"中性"。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：化工、银行、消费 1、化工主题："十五五"规划强调扩大内需，叠加美国降息 周期，化工品需求预期提升。行业供需双底基本确立，政策 助力产能出清，且资本开支连续两年负增长，供给端持续收 缩。市场普遍预计，2026 年化工行业将迎来周期拐点，有望 实现从估值修复到业绩增长的"戴维斯双击"，开启新一轮 上 升 周 期 。 相 关 标 的 ： 卫 星 化 学 （ 002648 ） 、 云 天 化 （600096） 2、银行主题 ...

证 券 研 究 报 告 行业周报 技术加持稳定原料药出口竞争力 医药行业周报 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 医 药 行 业 观 点 投资评级： 报告日期： 推荐 （ 维持 ） 2026年02月01日 1.技术加持稳定原料药出口竞争力，重视供给变量 根据医保商会数据，2025年中国医药保健品出口额1113.41亿美元，增长3.14%，其中西药原料出口额428.67亿美元，占西 药总出口的76.8%，同比微降0.27%。原料药出口能保持出口总量的相对稳定，是克服全球贸易变局和内部价格竞争内卷下 实现的，是中国原料药产业竞争力的体现。受关税贸易影响，2025年中国对美国医药出口下降了10.6%，而非美市场，欧 盟增长11.38%，新兴市场增长4.49%。展望2026年原料药贸易依然存在较多的不确定性，中国与印度之间原料药竞争合作 将进一步演绎。价格方面，价格竞争内卷是一方面，另一方面合成生物学等新技术加持，新工艺新产能的投产，单位成本 下降是重要一面。 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for investment opportunities [2][8]. Core Insights - The release of Optimus Gen3 is anticipated in Q1 2026, with mass production expected to begin by the end of 2026, aiming for an annual capacity of 1 million units. This development positions Tesla favorably in the humanoid robot market, potentially outperforming existing competitors in China [4]. - The humanoid robot sector is seen as entering a new growth phase, with significant investment opportunities arising from the performance of Optimus Gen3 exceeding expectations [5]. - SpaceX plans to deploy up to 1 million satellites to create a "orbital data center" network, enhancing capabilities for advanced AI models and applications [6]. Summary by Sections Humanoid Robot Sector - The Huaxin humanoid robot index fell by 7.97% this week, with a cumulative return of 111.5% since 2025. The trading volume of the humanoid robot sector accounted for 22.9% of the CSI 2000 index, indicating a high level of market activity [17]. - Among the sub-sectors, sensors performed relatively well, while components like actuators and dexterous hands saw declines of 9.0% and 8.9% respectively [21]. - Notable stocks in the humanoid robot sector include Tianqi Co., which rose by 19.5%, and Sanxiang New Materials, which increased by 9.0% [25]. Automotive Sector - The CITIC automotive index decreased by 5.1%, underperforming the broader market by 5.2 percentage points [33]. - Within the automotive sub-sectors, commercial vehicles showed better performance, with passenger vehicles down by 3.6% and automotive parts down by 6.7% [36]. - Key companies in the automotive sector that performed well include Xishanghai, which rose by 13.3%, and Shangchai Co., which increased by 13.0% [41]. Company Performance and Forecasts - The report highlights several companies with strong earnings forecasts, including: - Modu Technology, with an EPS forecast of 0.68 for 2024 and a "Buy" rating [10]. - Shuanglin Co., with an EPS forecast of 1.24 for 2024 and a "Buy" rating [10]. - New Spring Co., with an EPS forecast of 2.00 for 2024 and a "Buy" rating [12]. - The automotive sector's PE ratio is at 32.7, placing it in the 41.3% percentile over the past four years, indicating a relatively favorable valuation [50].

1. Report Industry Investment Rating The report does not explicitly mention the overall industry investment rating. 2. Core Viewpoints - The analysts are optimistic about the equity market in February with a balanced style, while the bond market has an increased risk of adjustment [2][7]. - The marginal expansion of the real - sector balance sheet in February is highly certain, and the probability of a significant tightening of the capital market is low [2]. - In the context of the marginal convergence of the national balance sheet, the top - down subjective allocation strategy focusing on position selection and style analysis will gain more attention and favor from the market [22]. 3. Summary by Directory 3.1 National Asset - Liability Sheet Analysis - **Liability Side**: In December 2025, the real - sector liability growth rate was 8.4% (previous value 8.6%). It is expected to drop to around 8.3% in January 2026, rebound slightly in February, and decline in March. The capital market tightened marginally last week. There is a risk of significant tightening in February, but the probability is not high [2][17]. - **Fiscal Policy**: The net increase of government bonds last week was 235.3 billion yuan (higher than the planned 141.3 billion yuan), and the planned net increase next week is 721.4 billion yuan. The government liability growth rate at the end of December 2025 was 12.4% (previous value 13.1%), expected to rebound to around 12.6% in January 2026 and likely decline in February [3][18]. - **Monetary Policy**: Last week, the average weekly trading volume of funds decreased, the price increased, and the term spread narrowed. The one - year Treasury bond yield ended at 1.30% on the weekend. It is estimated that the lower limit of the one - year Treasury bond yield is about 1.3%, with a central value around 1.4%, and there may be a 10 - basis - point interest rate cut in 2026. The term spread between the ten - year and one - year Treasury bonds narrowed to 51 basis points [3][18]. - **Asset Side**: The physical quantity data in December 2025 continued to run smoothly compared to November. The full - year real economic growth target in 2025 was around 5%, and the nominal economic growth target was around 4.9%. It needs further observation whether 5% will be 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 been in a downward cycle of potential economic growth, which may have ended in Q4 2024, followed by a low - level narrow - range oscillation in the profit cycle. The government put forward three policy goals in 2016: stabilizing the macro - leverage ratio, financial institutions benefiting the real economy, and "housing is for living in, not for speculation." Currently, the convergence of the liability side has not ended, but the space is limited [6][20]. - Last week, the capital market tightened marginally, the overall equity market declined, but value stocks strengthened. The long - end bond yield decreased slightly, and the short - end increased. The stock - bond cost - effectiveness slightly favored bonds. The ten - year Treasury bond yield decreased by 2 basis points to 1.81%, the one - year increased by 2 basis points to 1.30%, and the 30 - year remained stable at 2.29% [7][21]. - In February, the analysts are optimistic about the equity market with a balanced style and believe that the bond market has little investment value. They recommend a 50% position in the Shanghai Composite 50 Index and a 50% position in the China Securities 1000 Index [7][22]. 3.3 Industry Recommendation 3.3.1 Industry Performance Review - This week, the A - share market declined with increased trading volume. The Shanghai Composite Index fell 0.44%, the Shenzhen Component Index fell 1.62%, and the ChiNext Index fell 0.09%. Among the Shenwan primary industries, petroleum and petrochemicals, communication, coal, non - ferrous metals, and agriculture, forestry, animal husbandry, and fishery had the largest increases, while national defense and military industry, power equipment, automobiles, computers, and comprehensive industries had the largest declines [30]. 3.3.2 Industry Crowding - out and Trading Volume - As of January 30, the top five crowded industries were electronics, non - ferrous metals, power equipment, machinery, and communication, with crowding - out degrees of 15.9%, 10.3%, 9%, 6.4%, and 6.2% respectively. The bottom five were comprehensive, beauty care, social services, environmental protection, and steel, with 0.1%, 0.2%, 0.7%, 0.8%, and 0.9% respectively [31]. - This week, the top five industries with increased crowding - out were non - ferrous metals, agriculture, forestry, animal husbandry, and fishery, food and beverage, media, and communication. The top five with decreased crowding - out were power equipment, national defense and military industry, electronics, automobiles, and machinery [31]. - As of January 30, non - ferrous metals, petroleum and petrochemicals, communication, national defense and military industry, and electronics had relatively high crowding - out quantiles since 2018, while pharmaceutical biology, transportation, light industry manufacturing, beauty care, and non - bank finance had relatively low quantiles [31]. - The average daily trading volume of the entire A - share market this week was 3.06 trillion yuan, up from 2.8 trillion yuan last week. Petroleum and petrochemicals, agriculture, forestry, animal husbandry, and fishery, coal, non - ferrous metals, and non - bank finance had the highest year - on - year growth rates in trading volume, while national defense and military industry, automobiles, household appliances, commercial retail, and power equipment had the largest declines [33]. 3.3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, the PE(TTM) of petroleum and petrochemicals, communication, coal, non - ferrous metals, and food and beverage had the largest increases, while national defense and military industry, power equipment, computers, automobiles, and comprehensive industries had the largest declines [37]. - As of January 30, 2026, industries with high full - year 2024 earnings forecasts and relatively low current valuations compared to history include banks, insurance, power, public utilities, transportation, pharmaceutical biology, beauty care, new energy, and consumer electronics [38]. 3.3.4 Industry Prosperity - **External Demand**: It showed mixed trends. The global manufacturing PMI dropped from 50.5 in December to 50.4, and most of the disclosed PMI data of economies in January increased. The CCFI index fell 2.74% week - on - week. Port cargo throughput declined. South Korea's export growth rate rose to 13.4% in December and 33.9% in January. Vietnam's export growth rate rose from 15.8% in November to 23.9% in December [42]. - **Domestic Demand**: The second - hand housing price increased last week, and quantity indicators showed mixed trends. Highway truck traffic declined. The capacity utilization rate of ten industries declined from September to October 2025, increased from November to December, and slightly declined in January. Automobile sales were weaker than the historical seasonality, new - home sales remained at the historical low, and second - hand home sales were stronger than the historical seasonality [42]. 3.3.5 Public Fund Market Review - In the fourth week of January (January 26 - 30), most active public equity funds underperformed the CSI 300. The 10%, 20%, 30%, and 50% quantiles of weekly returns were 2.3%, 1.1%, 0.4%, and - 0.6% respectively, while the CSI 300 rose 0.08% [59]. - As of January 30, the net asset value of active public equity funds was estimated to be 4.04 trillion yuan, up from 3.66 trillion yuan in Q4 2024 [59]. 3.3.6 Industry Recommendation - In the de - leveraging cycle, the stock - bond cost - effectiveness favors equities to a limited extent, and value stocks are more likely to be dominant. The recommended A + H dividend portfolio includes 13 stocks, and the A - share portfolio includes 20 stocks, mainly in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [62].

Investment Rating - The report maintains a "Buy" rating for Bona Film Group (001330.SZ) [2][10] Core Insights - The company is expected to face challenges in 2025 due to underperforming box office results and asset impairment losses, leading to a projected net loss of 12.61 to 14.77 billion yuan [5][6] - Anticipation for new content releases in 2026, including films like "Flying Life 3" and others, is expected to contribute positively to the company's performance [7] - The integration of AI in film production is a key focus, with initiatives such as the development of AI-native films and AI tools for creative collaboration [8] Summary by Sections Market Performance - The current stock price is 9.6 yuan, with a total market capitalization of 132 billion yuan and a 52-week price range of 4.04 to 13.35 yuan [2] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 9.95 billion, 20.50 billion, and 21.00 billion yuan respectively, with net profits expected to be -13.91 billion, 2.16 billion, and 2.82 billion yuan [10][12] - The earnings per share (EPS) are forecasted to be -1.01, 0.16, and 0.20 yuan for the same years [10] Business Operations - The company's main business segments include film production, cinema operations, and series production, with a focus on enhancing profitability in cinema operations [6] - The company plans to increase its investment in high-quality IP development and resource integration to strengthen its market position [7]