Group 1: Company Insights - Huace Testing expects a net profit of 1.013-1.021 billion yuan for 2025, a year-on-year increase of 10%-11% [4] - The company anticipates a Q4 net profit of 201-209 million yuan, reflecting a growth of 15%-20% year-on-year [5] - The company is focusing on strategic mergers and international expansion, which will gradually release growth momentum [5] Group 2: Military Industry Developments - Major military groups in China have held annual meetings to set goals for the 14th Five-Year Plan and outline key tasks for 2026 [7] - China Aerospace Science and Technology Corporation emphasizes breakthroughs in reusable rocket technology and the development of commercial aerospace [8] - China Commercial Aircraft Corporation is advancing the C919 aircraft's certification and commercial operations, with growing interest from Southeast Asian countries [9] Group 3: Cross-Border E-commerce Performance - The global cross-border e-commerce market is projected to reach 551.23 billion USD by 2025, with a compound annual growth rate of 15.44% from 2025 to 2034 [13] - Jihua Co. expects a net profit of 272-291 million yuan for 2025, a significant increase of 50%-60% year-on-year [13] - Huakai Yibai anticipates a net profit of 132-162 million yuan for 2025, with improved inventory management leading to a recovery in gross margin [13] Group 4: Coal Industry Trends - In Q4 2025, coal sector holdings in actively managed funds increased to 0.36%, indicating a low level of crowding and significant value [17] - The coal price is expected to be supported by tight supply and demand conditions, with a potential upward trend in the price center [19] - Major coal companies are initiating buybacks and asset injection plans, reflecting confidence in the sector's growth and stability [20] Group 5: Banking Sector Performance - Industrial Bank expects a revenue growth of 0.24% and a net profit growth of 0.34% for 2025, with asset quality remaining stable [22] - The bank's asset scale is projected to exceed 11 trillion yuan, with a year-on-year growth of 5.57% [23] - The non-performing loan ratio is stable at 1.08%, with significant reductions in new non-performing loans in key sectors [23] Group 6: Renewable Energy and Technology - Mingyang Smart Energy plans to acquire Dehua Chip, a leader in satellite energy systems, to enhance its capabilities in space photovoltaic technology [25] - The space photovoltaic market is expected to grow significantly, with Mingyang's revenue projected to reach 40.879 billion yuan by 2025, reflecting a 51% year-on-year increase [27] - The company aims to leverage its existing technologies to create synergies with Dehua Chip, enhancing its competitive position in the market [27] Group 7: Robotics Industry Developments - Tesla plans to start selling its humanoid robot Optimus by the end of next year, with ongoing testing to ensure reliability and safety [33] - The humanoid robot industry is expected to see significant growth, with over 140 companies and more than 330 products launched in 2025 [40] - Microsoft has launched its first robot-specific AI model, Rho-alpha, which enhances the adaptability and reliability of robots [41]

2026 年 01 月 25 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn 联系人 ： 唐锦珂 S0350125070014 tangjk@ghzq.com.cn [Table_Title] 预计 2025 年营收同比增长约 25%，盈利能力稳 步上升 ——飞荣达（300602）2025 年度业绩预告点评 最近一年走势 | 相对沪深 | 表现 300 | | 2026/01/23 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 飞荣达 | | 10.0% | 13.8% | 75.8% | | 沪深 300 | | 1.8% | 2.1% | 23.6% | | 市场数据 | 2026/01/23 | | --- | --- | | 当前价格（元） | 34.75 | | 周价格区间（元） 52 | 15.59-38.20 | | 总市值（百万） | 20,219.75 | | 流通市值（百万） | 13,740.28 | | 总股本（万股） | ...

研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 徐凝碧 S0350524110001 xunb@ghzq.com.cn [Table_Title] 2025Q4 单季度营收增速达到 16%，灵活调整金 2026 年 01 月 25 日 公司研究 评级：买入(维持) 融资产结构 ——南京银行（601009）2025 年业绩快报点评 最近一年走势 | 相对沪深 | 300 表现 | | 2026/01/23 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 南京银行 | | -8.9% | -7.6% | 2.2% | | 沪深 300 | | 1.8% | 2.1% | 23.6% | | 市场数据 | 2026/01/23 | | --- | --- | | 当前价格（元） | 10.35 | | 周价格区间（元） 52 | 9.91-12.20 | | 总市值（百万） | 127,962.92 | | 流通市值（百万） | 127,962.92 | | 总股本（万股 ...

2026 年 01 月 25 日 债券研究周报 [Table_Title] 30 年国债的"逼空"行情 债券研究周报 最近一年走势 相关报告 《债券研究周报：节后债市或延续震荡*颜子琦， 洪子彦》——2026-01-04 本篇报告解决了以下核心问题：1、近期债券市场行情复盘；2、近期机 构行为变化；3、后续债市行情展望。 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 研究所： 证券分析师： 颜子琦 S0350525090002 yanzq@ghzq.com.cn 证券分析师： 洪子彦 S0350525100001 hongzy@ghzq.com.cn 《债市锐评第 3 期：利率见顶了吗？*颜子琦，洪 子彦》——2026-01-21 《债券研究周报：近期债市的三点核心变化*颜子 琦，洪子彦》——2026-01-19 《债券研究周报：10 年国债低波化*颜子琦，洪子 彦》——2026-01-12 《—债市锐评第 1 期：交易盘借贷做空地方债了 吗？*颜子琦，洪子彦》——2026-01-08 本周（1 月 19 日至 23 日），债券市场表现较强， 其中 30 年国债 较为亮眼，活跃券 2500006 ...

2026 年 01 月 25 日 固定收益点评 研究所： 证券分析师： 颜子琦 S0350525090002 yanzq@ghzq.com.cn 证券分析师： 杨佩霖 S0350525100004 yangpl@ghzq.com.cn [Table_Title] 信用债被一致性看好，还有哪些机会待挖掘？ ——债市锐评第 5 期 最近一年走势 相关报告 《固定收益点评：当前行情，信用债为何这么稳？ *颜子琦，杨佩霖》——2026-01-06 《震荡如潮，信用作舟——2026 年信用债投资策 略*颜子琦，谭升，杨佩霖》——2025-12-13 《债券研究周报：如何看待科创公司债的估值回 调？*颜子琦，杨佩霖》——2025-11-29 《债券研究周报：信用债 ETF 在增持哪些债券？* 颜子琦，杨佩霖》——2025-11-16 《固定收益专题研究：摊余债基迎来开放潮，哪些 信用将受益？*颜子琦，杨佩霖》——2025-11-08 本篇报告解决了以下核心问题：1、摊余债基开放对长普信的配置需求； 2、超跌科创债 ETF 成份券的估值修复机会；3、对中长端二永债行情延 续性的分析。 事件点评： 开年以来，信用债整体表现亮 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The recent tensions in Sino-Japanese relations are expected to accelerate the domestic substitution of Japanese semiconductor materials, as Japan holds a significant market share in this sector while domestic production rates are relatively low [3] - The chemical industry in China is anticipated to undergo a revaluation due to anti-involution measures, which are likely to slow down global capacity expansion significantly. This shift could enhance the dividend yield potential of Chinese chemical companies, transforming them from cash-consuming entities to cash-generating ones [4] - The report highlights four major investment opportunities: low-cost expansion, improved industry sentiment, new materials, and high dividend yields [8][9][10] Summary by Sections Investment Suggestions - Key targets for semiconductor material substitution include: 1) Photoresists: Dinglong Co., Yanggu Huatai, Tongcheng New Materials, and others 2) Wet electronic chemicals: Jianghua Micro, Greenland, and others 3) Electronic gases: Haohua Technology, Juhua Co., and others 4) Mask plates: Qingyi Optoelectronics, Luwei Optoelectronics 5) CMP polishing liquids and pads: Anji Technology, Dinglong Co., Jiangfeng Electronics 6) Sputtering targets: Jiangfeng Electronics, Longhua Technology, and others [3] Industry Performance - The chemical industry has shown strong performance with a 1-month increase of 16.5%, a 3-month increase of 23.4%, and a 12-month increase of 53.9% compared to the CSI 300 index [6] Key Product Price Analysis - Industrial-grade lithium carbonate price increased by 15% week-on-week to 13,800 RMB/ton, driven by maintenance at lithium salt plants and optimistic demand forecasts in the energy storage sector [12] - Pure benzene price rose by 7.96% week-on-week to approximately 5,965 RMB/ton, influenced by reduced imports and strong domestic demand [12] Company Tracking and Earnings Forecast - The report includes a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with expected earnings per share (EPS) growth for 2024 to 2026 [28]

Investment Rating - The industry investment rating has been upgraded to "Recommended" [1][10] Core Insights - The demand for solar energy in space is expected to surge, with significant equipment orders anticipated to materialize [3][7] - The shift from traditional power sources to computational infrastructure in space is likely to create new application scenarios for crystalline silicon batteries [7] - The U.S. domestic solar capacity is currently insufficient, with only 5.0 GW for silicon wafers, 3.2 GW for solar cells, and 64.8 GW for modules, indicating a substantial capacity gap [7] - Elon Musk's plan for 100 GW of solar capacity in space and another 100 GW on the ground is expected to drive high demand for solar production equipment [7][10] - The global satellite layout is accelerating, with a projected 329 rocket launches and 4,522 satellite launches in 2025, marking increases of 25% and 58% respectively [7] - Space solar power is identified as the only reliable energy source for satellites, with solar wings accounting for 60% of satellite energy system costs [7][8] Summary by Sections Recent Trends - The photovoltaic equipment sector has outperformed the CSI 300 index, with a 12-month performance of 59.5% compared to 23.6% for the index [5] Investment Strategy - The report suggests focusing on solar equipment suppliers such as Maiwei Co., Jiejia Weichuang, and Aotwei, as well as battery suppliers like Junda Co. and Dongfang Risheng [10][11]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational nature of the new materials industry as the material basis for other industries [4][15]. Summary by Relevant Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - Recent developments include TSMC's plan to increase investment in advanced packaging technology, aiming to upgrade existing InFO equipment and establish a new WMCM production line, with a target capacity of approximately 60,000 wafers per month by the end of 2026 [6][40]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [7]. - The successful launch of the Long March 12 rocket, which deployed 19 low-orbit satellites, demonstrates the capabilities of China's aerospace technology [8][50]. 3. New Energy Sector - Focus areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. - By the end of 2025, China's power storage capacity is projected to reach 213.3 GW, a year-on-year increase of 54%, with new energy storage accounting for over two-thirds of this capacity [10]. 4. Biotechnology Sector - Key areas include synthetic biology and scientific services [11]. - Significant advancements in agricultural biotechnology were reported, including breakthroughs in crop genetic improvement and the development of new wheat varieties [12]. 5. Energy Conservation and Environmental Protection Sector - Focus areas include adsorption resins, membrane materials, and biodegradable plastics [13]. - The government has initiated projects to support equipment upgrades across various sectors, with a total investment exceeding 460 billion yuan [14]. 6. Key Companies and Profit Forecasts - The report highlights several key companies with their respective stock prices and earnings per share (EPS) forecasts for 2023 to 2025, indicating a generally positive outlook for the new materials sector [16].

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The report indicates a decrease in risk aversion and a slowdown in inventory accumulation, suggesting a more favorable macroeconomic environment for the aluminum sector [6][10] - The aluminum price is expected to remain volatile at high levels, with a long-term outlook indicating limited supply growth against a backdrop of increasing demand [10] Summary by Sections 1. Prices - As of January 23, 2026, the LME three-month aluminum closing price was $3173.5 per ton, up $39.5 from the previous week, marking a 1.3% week-on-week increase and a 20.6% year-on-year increase [22] - The Shanghai aluminum active contract closing price was 24290.0 CNY per ton, up 365.0 CNY from the previous week, reflecting a 1.5% week-on-week increase and a 19.6% year-on-year increase [22] - The average price of A00 aluminum in Changjiang was 24130.0 CNY per ton, up 130.0 CNY week-on-week, representing a 0.5% increase and a 19.5% year-on-year increase [22] 2. Production - In December 2025, the production of electrolytic aluminum was 378.1 million tons, a month-on-month increase of 14.4 million tons and a year-on-year increase of 5.5% [55] - The production of alumina in December 2025 was 752.0 million tons, up 8.0 million tons month-on-month and up 2.5% year-on-year [55] 3. Inventory - As of January 22, 2026, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 743,000 tons, with a week-on-week increase of 7,000 tons, indicating a slight slowdown in inventory accumulation [7] - The report notes that the overall inventory levels have not peaked, suggesting ongoing supply-demand imbalances in the market [7] 4. Key Companies and Earnings Forecast - Key companies highlighted include China Hongqiao, Tianshan Aluminum, Shenhuo Co., China Aluminum, and Yunnan Aluminum, all rated as "Buy" with projected earnings per share (EPS) growth for 2026 [5] - China Hongqiao's stock price was 32.16 CNY with an EPS forecast of 2.77 CNY for 2026, reflecting a price-to-earnings (PE) ratio of 11.6 [5] 5. Demand - The report indicates that downstream demand remains subdued, with only essential purchases being made due to high aluminum prices and a seasonal demand lull [7] - The overall operating rate for aluminum processing was recorded at 60.9%, showing a slight increase but indicating mixed performance across different segments [7]

2026 年 01 月 25 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 李振方 S0350524080003 | | | lizf@ghzq.com.cn | [Table_Title] 2025 年公司归母净利润同比大幅提升，看好制 冷剂景气持续 ——巨化股份（600160）2025 年业绩预增点评 最近一年走势 | 相对沪深 | 300 表现 | | | 2026/01/23 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 巨化股份 | | 4.4% | 9.9% | 55.6% | | 沪深 300 | | 1.8% | 2.1% | 23.6% | | 市场数据 | 2026/01/23 | | --- | --- | | 当前价格（元） | ...