Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to issue zero-coupon convertible bonds amounting to 10 billion yuan, primarily to support the development of its overseas business and supplement other operating funds [8] - The issuance is expected to have a significant dilution effect on H shares but minimal impact on A shares, with an initial conversion price set at 19.7 HKD per H share, representing a 7% premium over the previous trading day [8] - The company’s leverage ratio is projected to increase slightly before the conversion of the bonds but is expected to decrease post-conversion, indicating a manageable impact on overall leverage [8] - The financing is anticipated to bolster the company's international business, which has shown a revenue contribution of 14% in the first half of 2025, with plans to expand into mature and emerging markets [8] - The regulatory environment is supportive of domestic brokers expanding overseas, which aligns with the company's strategic goals [8] - The long-term outlook for the securities industry remains positive, driven by capital market reforms and a recovering macroeconomic environment, which is expected to enhance market investment enthusiasm [8] Financial Projections - Total revenue is projected to be 36.58 billion yuan in 2023, increasing to 42.34 billion yuan by 2027, with a notable decline in 2025 [1] - Net profit attributable to shareholders is forecasted to grow from 12.75 billion yuan in 2023 to 20.99 billion yuan in 2027, with a significant increase in 2025 [1] - The earnings per share (EPS) is expected to rise from 1.41 yuan in 2023 to 2.32 yuan in 2027, reflecting a positive growth trajectory [1] - The price-to-earnings (P/E) ratio is projected to decrease from 15.41 in 2023 to 9.48 by 2027, indicating an attractive valuation over time [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company plans to issue zero-coupon convertible bonds amounting to 10 billion yuan, primarily to support the development of its overseas business and supplement other operating funds [8] - The issuance is expected to have a significant dilution effect on H shares but minimal impact on A shares, with an initial conversion price set at 19.7 HKD per H share, representing a 7% premium over the previous trading day [8] - The financing is anticipated to enhance the company's international business, which has shown a revenue contribution of 14% in the first half of 2025, with expectations for further growth in mature and emerging markets [8] - The report highlights a favorable policy environment for domestic brokers to expand internationally, with regulatory encouragement for cross-border financial services [8] - The company has adjusted its profit forecasts upward, expecting net profits of 17.1 billion, 20.1 billion, and 21 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 11%, 18%, and 4% [8] Financial Projections - Total revenue is projected to be 36.58 billion yuan in 2023, increasing to 41.47 billion yuan in 2024, followed by a decline to 35.23 billion yuan in 2025, and then recovering to 40.59 billion yuan in 2026 and 42.34 billion yuan in 2027 [1] - The company's net profit attributable to shareholders is forecasted to grow from 12.75 billion yuan in 2023 to 15.35 billion yuan in 2024, reaching 17.07 billion yuan in 2025, and further increasing to 20.13 billion yuan in 2026 and 20.99 billion yuan in 2027 [1] - The report indicates a decrease in the price-to-earnings (P/E) ratio from 15.41 in 2023 to 9.48 by 2027, suggesting an improving valuation over time [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth over 25 years, with expectations for acceleration in 2026. Revenue is projected to reach RMB 2,154 million in 2026, reflecting a year-on-year growth of 15.85% [1] - The company is focusing on internal improvements, external acquisitions, and the introduction of a new store model for its dumplings, which are expected to drive growth [8] - Profit margins are in line with expectations, with a non-GAAP net profit margin of 13.2% in 2025, up 0.6 percentage points year-on-year, benefiting from lower pork costs and improved capacity utilization [8] - The company is expected to scale its new store model in 2026, which has shown promising results in the market, and further acquisitions will enhance its revenue structure and risk resilience [8] Financial Projections - Total revenue is projected to be RMB 1,859 million in 2025, with a year-on-year increase of 11.22%, and RMB 2,154 million in 2026, with a year-on-year increase of 15.85% [1][9] - The net profit attributable to the parent company is expected to be RMB 273.06 million in 2025, a decrease of 1.28% year-on-year, and RMB 327.04 million in 2026, an increase of 19.77% [1][9] - The earnings per share (EPS) is forecasted to be RMB 1.14 in 2025 and RMB 1.37 in 2026, with corresponding P/E ratios of 27.29 and 22.78 [1][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth over 25 years, with expectations for acceleration in 2026 [1] - The revenue for 2025 is projected to be 1.859 billion yuan, representing a year-on-year increase of 11.22%, while the net profit is expected to be 273.06 million yuan, a slight decrease of 1.28% [1] - The company is focusing on internal improvements, external acquisitions, and the introduction of a new store model for its dumplings, which are expected to drive growth [8] - The company has successfully completed acquisitions of regional brands and is seeing a recovery in its franchise business, with online orders increasing due to platform subsidies [8] - The new store model for dumplings has shown significant market validation and is expected to be scaled in 2026, contributing to revenue growth [8] - The company’s net profit margin is expected to improve, with a projected net profit of 327.04 million yuan in 2026, reflecting a growth rate of 19.77% [1][8] Financial Projections - Total revenue is forecasted to reach 2.154 billion yuan in 2026, with a growth rate of 15.85% [1] - The earnings per share (EPS) is expected to be 1.37 yuan in 2026, with a price-to-earnings (P/E) ratio of 22.78 [1] - The company’s net profit is projected to grow to 398.76 million yuan by 2027, with a growth rate of 21.93% [1]

证券研究报告·固定收益·固收深度报告 固收深度报告 20260204 不同情境下，会有多少存款"超额"流出？ 2026 年 02 月 04 日 [Table_Tag] [Table_Summary] 事件 ◼ 近期 A 股市场持续活跃，上证指数成功突破 4000 点整数关口，同时交 易活跃度同步大幅提升，在 1 月 26 日-30 日的一周内，A 股市场日均 成交额达 3.06 万亿元。当前市场在讨论居民风险偏好走强能否为股市 带来增量资金，进而形成"股债跷跷板"效应，且由于居民存款过去几 年迎来了快速增长，为资金流入股市提供了基础。为了评估这一场景发 生的可能性，首先，我们复盘了 2025 年第三季度的存款搬家情况；其 次，对 2026 年定期存款到期量进行测算；最后，复盘了过去 15 年中， 两次人民币存款余额下降时期，资金流向股市或股票型基金的情况。 观点 ◼ 2025 年第三季度是否出现居民存款搬家？ ◼ 2025 年第三季度居民存款新增规模超季节性下行，存在存款搬家现象， 但资金并未直接、单一流向权益市场，而是优先配置于银行理财、货币 市场基金等低风险资产；在权益市场指数站上关键点位后，股票型基金 ...

Group 1: Market Overview - On February 3, 2026, SHFE silver futures closed at 21,446 CNY/kg, down 16.71% from the previous day[1] - The premium of SHFE silver futures over LME silver decreased from 29.8% at the end of January to 7.46% by February 3[1] - SHFE silver futures rose by 5.93% in the night session on February 4, closing at 22,393 CNY/kg[1] Group 2: Precious Metals Insights - The long-term narrative for precious metals remains unchanged, with expectations of continued support for gold prices due to "de-dollarization" and loose fiscal and monetary policies[3] - The volatility of silver futures remains high, with implied volatility reaching 148% on February 2 and remaining above 100% on February 3, compared to an average of 27% in 2025[5] - Gold futures implied volatility was close to 40% as of February 3, significantly higher than the 19% average for 2025[5] Group 3: Commodity Market Dynamics - The liquidity shock has ended, as indicated by the opening of the silver futures limit down on February 3, suggesting a stabilization in market risks[5] - The commodity market is expected to return to fundamental pricing logic for certain products that were "wronged" during the liquidity crisis[5] - The core logic of the commodity market remains intact despite the liquidity shock, with solid fundamentals for certain commodities still offering investment value[5] Group 4: Sector-Specific Analysis - Non-ferrous metals like copper and aluminum are expected to benefit from new economic demands driven by AI and green energy, despite recent price adjustments[6] - The chemical sector is experiencing a structural demand shift, with emerging industries driving growth, indicating potential for continued market improvement in 2026[6] - New energy metals, particularly lithium carbonate, are projected to achieve supply-demand balance, presenting bullish investment opportunities[6]

Group 1: Capital Market News - The People's Bank of China conducted a reverse repurchase operation of 105.5 billion yuan, achieving a net withdrawal of 296.5 billion yuan[6] - The operation rate for the 7-day reverse repurchase was set at 1.4%[6] - The Shanghai interbank offered rate (Shibor) for overnight loans rose by 3.7 basis points to 1.365%[6] Group 2: Industry News - The Ministry of Natural Resources aims to streamline real estate transfer registration for enterprises by the end of 2026, promoting integrated services[10] - The national foreign trade work conference emphasized the importance of achieving a good start for the "14th Five-Year Plan" in trade development[12] Group 3: Market Performance - On February 3, 2026, the North Exchange 50 index rose by 3.27%, while the ChiNext index increased by 1.86%[13] - The average market capitalization of the North Exchange component stocks is 3.199 billion yuan, with a trading volume of 21.55 billion yuan, down by 6.05 billion yuan from the previous trading day[13] Group 4: Company Announcements - Biyang Technology announced its inclusion as a supplier for China Petroleum's acid fracturing materials procurement[22] - Gobi Jia reported a reduction in shareholding by 2.8 million shares, representing 1.94% of its total share capital[23]

Group 1: Micro Fund Development - The return logic of micro funds is primarily based on the valuation repair of low-attention assets and capital games, with a systematic selection of underpriced micro stocks to capture valuation recovery as attention increases [10][10][10] - Micro funds can be categorized into three types based on strategy implementation: active gaming type, flexible allocation type, and stable participation type, each differing in exposure, return elasticity, and drawdown characteristics [10][10][10] - The micro fund style is expected to have a phase of recovery and structural allocation value, benefiting from a friendly policy and liquidity environment under the "14th Five-Year Plan" [10][10][10] Group 2: Fixed Income Opportunities - The report recommends focusing on bond issuers within key supported industries under the "14th Five-Year Plan," using a qualitative and quantitative assessment method to identify the top 25% of issuers based on bond performance and fundamentals [3][3][3] - The analysis highlights that the majority of recommended issuers have bond balances of 2 billion yuan or more, with ratings predominantly at AAA and AA+ levels, indicating strong credit quality [3][3][3] - The report emphasizes the importance of monitoring macroeconomic conditions and industry policies, as well as the potential tightening of credit environments [3][3][3] Group 3: Company-Specific Insights - Jingdong Group's revenue is projected to reach 350.8 billion yuan in Q4 2025, with a slight year-on-year increase, while the retail business is expected to face pressure due to reduced government subsidies [20][20][20] - The company "Mingming Hen Mang" is positioned as a leading player in the snack retail sector, with projected revenues of 645 billion yuan in 2025, reflecting a significant growth trajectory [19][19][19] - The report anticipates that the company "Jiyuan Group" will maintain a strong market position in the health supplement industry, with a projected revenue of 10 billion yuan in 2024, driven by its innovative product offerings [17][17][17]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 70.4 CNY per share based on a 30x PE for 2026 [6][12]. Core Insights - The company is a leading third-party provider of on-board high-voltage power systems in China, benefiting from strong demand from major clients like Xiaomi and NIO, and is expected to maintain high growth rates in revenue and profit [12][46]. - The company has a robust product matrix in the new energy vehicle sector, focusing on high-performance and integrated power solutions, with significant growth potential in both domestic and overseas markets [12][31]. - The HVDC (High Voltage Direct Current) technology presents a substantial market opportunity, with the company leveraging its existing technology to enter this growing segment [12][46]. Summary by Sections 1. Company Overview - Established in 2011, the company has become a top player in the on-board power supply sector, achieving a market share of 8% in the domestic OBC industry by mid-2025 [12][46]. - The company has developed strong relationships with major automotive manufacturers, including Xiaomi, NIO, and Renault, which enhances customer loyalty and market presence [12][18]. 2. Financial Performance - The company reported revenues of 1,835 million CNY in 2023, with projections of 4,154 million CNY by 2025, reflecting a growth rate of 114.8% [6][12]. - Net profit is expected to reach 230.35 million CNY in 2025, representing a year-on-year increase of 143.49% [6][12]. 3. Market Dynamics - The demand for on-board power systems is driven by the rapid growth of the new energy vehicle market, with global sales projected to reach 2,070 million units in 2025 [46][49]. - The company is actively expanding its overseas market presence, with expectations of significant revenue growth from international clients [12][46]. 4. Research and Development - The company places a high emphasis on R&D, which has enabled it to maintain a competitive edge in technology and product offerings [12][31]. - Ongoing investments in R&D are aimed at developing next-generation products, including those utilizing GaN and SiC semiconductor technologies [12][31]. 5. Future Outlook - The company anticipates continued growth in both domestic and international markets, with a projected CAGR of 6.2% for the domestic market and 18.1% for the overseas market from 2025 to 2030 [12][49]. - The HVDC market is expected to reach 176.8 billion CNY by 2030, providing a significant growth avenue for the company [12][46].

证券研究报告·行业点评报告·环保 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：项目产业化进展不及预期，行业竞争加剧，绿醇价格下行等。 2026 年 02 月 04 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 环保行业点评报告 沼气全碳定向转化制绿醇技术取得重大突 破，降本 30%以上助力绿醇规模化应用 行业走势 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025/2/5 2025/6/6 2025/10/5 2026/2/3 环保 沪深300 相关研究 《景津出海+成套耗材新成长，龙净金 属上行驱动矿山 CAPEX，赛恩斯铼价 上行&合作紫金》 2026-02-02 《关注矿山绿电和再生战略资源，垃 圾焚烧出海新成长启航》 2026-01-26 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 事件：2026 年 1 月 31 日，上海 ...