Report Industry Investment Rating - Not provided in the report Core Viewpoints - In the context of the current inverted Sino-US interest rate spread and the continuous increase in the attractiveness of RMB assets, the supply of dim sum bonds is expected to maintain growth in 2026, but the differentiation of the internal supply structure may continue [1][39] - The issuance of urban investment dim sum bonds in 2026 may continue the pattern of "stable and slightly decreasing total volume and continuous differentiation in quality", and high - quality urban investment platforms may maintain a stable supply [1][39] - High - quality industrial entities may become the core growth source of the dim sum bond market in 2026 [1][40] - Innovative varieties of dim sum bonds are expected to increase in volume, and attention should be paid to the income mining opportunities in the initial stage of expansion [1][41] Summary by Relevant Catalogs 1. Dim Sum Bond Market: Ample Liquidity, Policy Support, and Enhanced Attractiveness of RMB Assets - In 2025, the offshore RMB market had ample liquidity. The global liquidity environment showed overall looseness under policy differentiation. The 3M CNH HIBOR was at a historically low level, the 1Y CNH - CNY swap spread approached zero, the Hong Kong Monetary Authority取消 the 25BP additional premium for offshore RMB, and the offshore RMB deposit scale continued to expand [7][9] - The central bank introduced a series of policies to support overseas financing, including raising the cross - border financing macro - prudential adjustment parameters, issuing offshore central bank bills, and launching a pilot green foreign debt business [13][15] - The inverted Sino - US interest rate spread eased, and the exchange rate environment improved, potentially boosting the investment attractiveness of overseas RMB assets. The RMB exchange rate showed a trend of "first weak then strong and narrowing fluctuations" [16] 2. Structural Distribution and Opportunity Mining of Existing Dim Sum Bonds - As of December 24, 2025, the total scale of dim sum bonds was 14,436.81 billion yuan. Financial dim sum bonds were the main component, with a scale of 5628 billion yuan, accounting for 40%. The scale and proportion of urban investment dim sum bonds decreased, while the scale of industrial dim sum bonds significantly expanded [20] - Different types of dim sum bonds had obvious yield differentiation. Urban investment and industrial dim sum bonds had a coupon yield of over 3%, while the weighted average yield - to - call of non - bank financial bonds was 2.29%, and that of other types of dim sum bonds was less than 2%. After considering cross - border investment costs, they were less cost - effective than domestic bonds [24] - For urban investment dim sum bonds, the top five provinces in terms of existing scale were Shandong, Sichuan, Henan, Jiangsu, and Hubei, with a total scale of 1598 billion yuan. The existing scale of 1 - 3Y AA + urban investment bonds was 933 billion yuan, and the yield - to - call of 1 - 3Y AA + urban investment entities in Shandong and Hubei was over 5% [26] - The yield of industrial dim sum bonds showed a pattern of "low for leading enterprises and high for small and medium - sized enterprises". The yield of bonds issued by leading technology enterprises was relatively limited, while that of high - quality private enterprises and small and medium - sized private enterprises in new energy and high - end manufacturing was mostly higher than the average. The average yield - to - call of AAA entities in the top five industries was less than 3.3%, and it was advisable to moderately lower the credit rating to AA + to mine coupon income [31][32] 3. Outlook for the Dim Sum Bond Market in 2026 - Urban investment dim sum bonds: The issuance in 2026 may continue the pattern of "stable and slightly decreasing total volume and continuous differentiation in quality". High - quality urban investment platforms in economically developed areas such as Jiangsu, Zhejiang, and Guangdong may increase the issuance scale, while weak - quality platforms may continue to withdraw from the offshore RMB bond market [39] - Industrial dim sum bonds: High - quality industrial entities may become the core growth source of the dim sum bond market in 2026, driven by the cost advantage of offshore RMB bond financing and policy support [40] - Innovative varieties of dim sum bonds: Green dim sum bonds are expected to achieve a double breakthrough in scale and variety in 2026, and innovative varieties such as sustainable development - linked bonds and blue bonds are expected to further expand [41]

hyzqdatemark 2026 年 01 月 30 日 证券研究报告 电力设备 行业点评报告 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 板块表现： 电网投资持续位居高位 储能装机高景气 投资评级： 看好（维持） ——电力设备 2025 年业绩前瞻 投资要点： 风险提示：产品毛利率水平低于预期；项目跨期交付风险；竞争格局恶化风险 资料来源：Wind，华源证券研究所。注：除已出业绩预告的公司（华明装备）外，其余公司 2025 年归母净利润预测均来自华源证券研究所 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 3页 请务必仔细阅读正文之后的评级说明和重要声明 电网设备："十五五"国网投资有望再上台阶。按照 Wind 口径，2025 年前 11 个 月电网投资完成额 56 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [4][7]. Core Viewpoints - The report highlights an increase in the proportion of non-bank financial holdings by public funds, with a significant increase in insurance allocations. The current holdings in the non-bank financial sector remain underweight compared to the market [4][5]. - Public funds' holdings in the non-bank financial sector rose by 0.96 percentage points to 1.97% in Q4 2025, with insurance seeing the most notable increase [5][10]. - The report suggests that the insurance sector is expected to achieve good growth in 2026, driven by improved net premium income and reduced asset allocation pressure due to rising long-term bond yields [7][8]. Summary by Sections Public Fund Holdings - In Q4 2025, the total holding of non-bank financials by public funds reached 370.64 billion, with an allocation of 1.97%, up from 1.00% in Q3 2025 [9][10]. - The breakdown of holdings shows insurance at 1.32%, securities at 0.58%, and diversified finance at 0.06%, with significant increases in insurance holdings [5][9]. Individual Stocks - The top five A-share stocks held by public funds in the non-bank financial sector are China Ping An (158.14 billion), China Pacific Insurance (47.88 billion), CITIC Securities (37.26 billion), Huatai Securities (25.21 billion), and New China Life Insurance (20.37 billion) [6][13]. - The report notes that the largest increases in holdings were also seen in these stocks, particularly China Ping An and China Pacific Insurance [6][13]. Investment Recommendations - The report recommends China Life Insurance, China Ping An, and China Pacific Insurance for their strong growth potential and favorable market conditions [7][8]. - For the brokerage sector, it suggests focusing on CITIC Securities, Huatai Securities, and Industrial Securities due to their growth prospects and market positioning [8].

Group 1: New Consumption - Ruoyuchen (003010.SZ) - The company expects a net profit attributable to shareholders of 176 million to 200 million yuan for 2025, representing a year-on-year growth of 66.61%-89.33% [2][5] - The significant growth in performance is primarily driven by rapid revenue growth from proprietary brands, high performance in brand management, and effective cost reduction strategies [6][7] - The company has established a competitive advantage in various categories such as health products, maternal and infant care, beauty and personal care, and food and beverages, with plans to continue expanding its proprietary brand portfolio [6][7] Group 2: Transportation - Haifeng International (01308.HK) - The company anticipates a net profit attributable to shareholders of 1.2 to 1.23 billion USD for 2025, reflecting a year-on-year increase of approximately 16%-18.9% [9][12] - The company has built a differentiated advantage through a high-frequency, point-to-point direct shipping network, which supports performance growth amid stable demand for container trade in Asia [9][10] - The expected container volume for 2025 is approximately 3.85 million TEU, with an average revenue per container of about 753.0 USD/TEU, indicating a year-on-year increase of approximately 4.4% [9][10] Group 3: Transportation - Southern Airlines (600029.SH) - The company is expected to have a fleet size of 972 aircraft by the end of 2025, maintaining a high passenger load factor of 85.7%, which is an increase of 1.36 percentage points year-on-year [13][14] - The focus on international routes is expected to drive an 18.5% year-on-year growth in international available seat kilometers (ASK), leading to potential market share expansion [13][14] - The company has shown continuous improvement in operations, with a projected passenger volume of 174 million for 2025, representing a year-on-year growth of 5.5% [14][15]

证券研究报告 南方航空(600029.SH) 投资评级： 买入（首次） ——枢纽网络优势巩固，复苏弹性有望释放 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 交通运输 | 航空机场 非金融|首次覆盖报告 证券分析师 hyzqdatemark 2026 年 01 月 29 日 投资要点： 风险提示。人民币汇率波动，油价上涨，出行需求不及预期，地缘政治风险。 | | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 8.28/5.35 | | 2023 | 2024 | 2025E | 2026E | 2027E | | | 营业收入（百万元） | 159,929 ...

证券研究报告 商贸零售 | 互联网电商 非金融|公司点评报告 hyzqdatemark 2026 年 01 月 29 日 | 基本数据 | | | | 2026 | 年 | | 日 | | | 27 | | 01 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 38.25 | | | | | | | | 一 年 低 | 最 | 高 | 最 | | | / | | | | | 内 | | | | （元） | | | | | | | | | 82.50/26.60 | | | | | | 总市值（百万元） | | | | | | | | 11,898.02 | | | | | | | 流通市值（百万元） | | | | | | | 8,649.94 | | | | | | | | 总股本（百万股） | | | | | | | 311.06 | | | | | | | | 资产负债率（%） | | | | | | | 56.52 | | ...

证券研究报告 交通运输 | 航运港口 港股|公司点评报告 hyzqdatemark 2026 年 01 月 29 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 33.00/15.70 风险提示。美国关税政策变化；经济增长不及预期；红海复航；美国对航运港口相 关政策的变化；地缘政治风险。 | 资产负债率（%） | 22.55 | 盈利预测与估值（美元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 资料来源：聚源数据 | | | 2023 | 2024 | 2025E | 2026E | 2027E | | | | 营业收入（百万美元） | 2,429 | 3,05 ...

Group 1: New Consumption - Beauty Industry Insights - The GMV of cosmetics on WeChat Video Account is projected to reach 12.18 billion yuan in 2025, with domestic brands expected to dominate the channel [5][6] - In 2025, domestic brands are anticipated to hold an 80.4% market share on WeChat Video Account, with top brands like Zheng Mingming and Lin Qingxuan leading the sales [6][7] - Skincare products are expected to capture 68.9% of the market share in the WeChat Video Account channel, indicating a higher premium potential compared to other categories [6][7] Group 2: WeChat Video Account as a Competitive Platform - WeChat Video Account is seen as a new battleground for beauty brands, offering a unique advantage by integrating public and private domains, allowing brands to retain users for long-term engagement [7] - The beauty-related voice volume in the WeChat ecosystem reached 10.39 million from October 2024 to September 2025, marking a 48% year-on-year growth, with video account voice volume increasing by 121.9% [7] - The platform's clear commercialization logic and empowerment system provide beauty brands with sustainable growth opportunities, making it crucial for brands to establish a presence on this platform [7] Group 3: Pharmaceutical Industry - Fuyuan Pharmaceutical Overview - Fuyuan Pharmaceutical, established in 1999 and listed in 2022, focuses on generic drugs and is expanding into innovative drugs, with a robust portfolio of 209 domestic drug registrations [13][14] - The company reported a revenue of 3.209 billion yuan from drug formulations in 2024, with a compound annual growth rate (CAGR) of 7.75% from 2019 to 2024, indicating stable growth [14][15] - Fuyuan is strategically investing in small nucleic acid innovative drugs, with 23 patents filed, and its core pipeline includes FY101, which is in Phase I clinical trials, targeting a large market of patients with dyslipidemia [15][16] Group 4: Financial Projections for Fuyuan Pharmaceutical - The company is expected to achieve net profits of 465 million yuan, 481 million yuan, and 520 million yuan from 2025 to 2027, with growth rates of -5%, 4%, and 8% respectively [16] - The current price-to-earnings (PE) ratios for these years are projected at 30X, 29X, and 27X, indicating a favorable valuation compared to peers [16]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Viewpoints - The company is a leader in China's egg product processing industry, with strong B-end customer relationships and significant technological barriers. The C-end market is expected to open up new growth opportunities [5][10]. - The Chinese egg product processing market is projected to exceed 50 billion yuan in 2024, with steady growth in downstream demand [7][33]. - The company has established long-term partnerships with major clients such as Unilever and Yum, driving growth through capacity expansion and innovation [10][57]. Summary by Sections 1. Business Overview - The company focuses on the development, production, and sales of liquid eggs, egg powder, and various egg-based prepared products, being a key player in agricultural industrialization [15][18]. - The company has four production bases in China and has been a pioneer in the egg product processing industry, ensuring product quality and safety [15][18]. 2. Industry Analysis - The Chinese egg product processing market is expected to grow significantly, with a market size surpassing 50 billion yuan in 2024 and a year-on-year growth rate of 7% [33][52]. - The processing rate of eggs in China is currently only 5%-7%, indicating substantial room for growth compared to developed countries [44][52]. 3. Customer Relationships and Innovation - The company has established strong ties with major clients, including Unilever and Yum, and is focused on expanding its capacity and enhancing its R&D capabilities [10][57]. - The company has launched innovative products such as egg white functional drinks, targeting both fitness enthusiasts and specific demographics like the elderly [66][68]. 4. Financial Forecast and Valuation - The company is expected to achieve a net profit of 0.89 billion yuan in 2025, with corresponding P/E ratios of 25.8, 22.9, and 20.5 for 2025-2027 [6][8]. - Revenue from liquid eggs is projected to grow steadily, while egg powder and prepared products are also expected to see recovery and growth [9].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company is a leading enterprise in titanium processing materials, with an expected increase in demand from consumer electronics and new layouts in titanium alloy powder, which are anticipated to drive long-term growth [4][5]. - The company is transitioning from rough processing to precision and deep processing, expanding into emerging markets such as consumer electronics and 3D printing [5]. - The company has established strong partnerships with key clients in the chemical and energy sectors, focusing on the development of new customers in various fields [5]. Financial Performance - The company achieved a revenue of 450 million yuan in the first three quarters of 2025, with a projected revenue of 800 million yuan and a net profit of 170 million yuan for 2024 [5][6]. - The expected revenue for 2024 is 800 million yuan, with a net profit of 172 million yuan, and for 2025, the revenue is projected to be 594 million yuan with a net profit of 127 million yuan [7]. - The company anticipates a significant increase in revenue to 1.27 billion yuan by 2027, with a corresponding net profit of 299 million yuan [6][7]. Industry Insights - The titanium processing material production in China is expected to reach 172,000 tons in 2024, with a year-on-year growth of 8.1% [5]. - The global titanium processing material production is projected to be around 260,000 tons in 2024, reflecting an 8% increase from the previous year [5]. - The main applications for titanium and titanium alloy products include chemical, aerospace, and consumer electronics sectors, with the largest consumption in chemicals at 73,000 tons [5]. Growth Potential - The company is actively expanding its titanium alloy powder business, which is expected to open up new growth opportunities in additive manufacturing for aerospace and medical applications [5][6]. - The company has plans to achieve an annual production capacity of 1,000 tons for titanium powder, which will support various applications in consumer electronics, aerospace, and medical devices [6].