Investment Rating - The industry investment rating is "Positive" (first time) [4] Core Viewpoints - The proportion of bank stocks held by actively managed equity funds remains low, with a slight increase in the fourth quarter of 2025. The market capitalization of bank stocks in actively managed funds rose from 1.8% in Q3 2025 to 1.9% in Q4 2025, indicating a gradual recovery [4][12] - The bank index's quarterly return rebounded significantly from -10.5% in Q3 2025 to 4.6% in Q4 2025, reflecting a 15.07 percentage point increase [23] - The report suggests focusing on high-quality banks with stable asset quality and strong risk management capabilities, particularly in favorable economic regions [44][48] Summary by Sections 1. Changes in Fund Holdings in Q4 2025 - The market capitalization of bank stocks held by public funds increased from 3.6% in Q3 2025 to 4.4% in Q4 2025, with a total value of approximately 1,473 billion [6][8] - The increase in bank stock holdings was primarily driven by passive equity funds, which saw their bank stock market capitalization rise from 841.1 billion in Q3 2025 to 1,104.2 billion in Q4 2025, increasing their proportion from 5.4% to 7.0% [19][22] - Active equity funds showed a slight increase in bank stock holdings, with the market capitalization rising from 300.4 billion in Q3 2025 to 305.5 billion in Q4 2025 [21][22] 2. Performance of Bank Stocks - The bank sector's performance was highlighted by a significant recovery in the bank index, which turned positive in Q4 2025 after a negative performance in the previous quarter [23] - The report indicates that the overall performance of listed banks has been relatively weak, but certain banks are showing strong growth potential due to differentiated business strategies [44][48] 3. Recommendations for Investment - The report recommends focusing on banks with robust asset quality and risk management, particularly those in economically strong regions such as Ningbo Bank, Jiangsu Bank, and Nanjing Bank [44][48]

Investment Rating - The report assigns a "Buy" rating for the company, highlighting it as a leading player in the energy storage system integration sector with expected overseas expansion benefits [5][8]. Core Insights - The company is projected to achieve net profits of 930 million, 2.23 billion, and 2.9 billion RMB for the years 2025 to 2027, with year-on-year growth rates of 44%, 140%, and 30% respectively. The current stock price corresponds to P/E ratios of 42, 18, and 14 for the same years [5][8]. - The company is positioned as a leader in energy storage system integration, with significant growth anticipated from its overseas operations and a strong technological and brand advantage benefiting from the global renewable energy and storage installation growth [5][10]. Summary by Sections Market Performance - The closing price of the stock is 219.00 RMB, with a market capitalization of approximately 39.44 billion RMB and a circulating market value of about 29.03 billion RMB. The company has a total share capital of 180.09 million shares and a debt-to-asset ratio of 68.17% [3]. Financial Forecast and Valuation - Revenue projections for 2025 to 2027 are 10.54 billion, 22.88 billion, and 30.49 billion RMB, with year-on-year growth rates of 27.39%, 117.22%, and 33.23% respectively. The expected net profits for the same period are 930 million, 2.23 billion, and 2.9 billion RMB, with corresponding growth rates of 43.58%, 139.59%, and 30.04% [6][8]. Company Overview - Established in 2011, the company has transitioned to focus on energy storage systems since 2019, achieving a leading position in the domestic market. It ranks among the top three globally in new energy storage installations as of 2024 [7][15]. - The company has secured significant contracts with major power groups, contributing to rapid revenue growth, and has established production bases in key regions to enhance delivery capabilities [7][44]. Domestic Market Dynamics - The domestic energy storage market is expected to grow significantly due to the implementation of the electricity spot market and capacity pricing mechanisms, which are improving the profitability of storage projects [29][34]. - The company is well-positioned to benefit from the rapid growth in renewable energy installations and has been awarded multiple large-scale projects since 2020 [7][29]. International Market Opportunities - The global energy storage market is projected to grow substantially, with cumulative installations expected to reach approximately 270 GW by 2025. The company has established partnerships and local teams in key international markets, enhancing its ability to deliver projects [45][56]. - The company has achieved higher profit margins in overseas markets compared to domestic ones, indicating a strong potential for international growth [59].

证券研究报告 固收定期报告 hyzqdatemark 2026 年 02 月 12 日 1 月理财规模季节性下降 ——理财规模跟踪月报（2026 年 1 月） 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 1 月理财规模季节性下降。我们测算，截至 2026 年 1 月末，理财规模合计 32.5 万 亿元，较上年末下降 0.8 万亿元。2026 年春节较晚，理财规模月度增长节奏可能与 春节较晚的 2021 年类似。2021 年 1 月理财规模下降了 0.66 万亿元。1 月份银行的 工作重心往往在存贷款开门红上，理财经理可能会引导客户阶段性赎回理财来冲存 款规模；此外，今年 1 月份理财收益"打榜"乱象规范可能也对理财增长产生了暂 时性的影响。我们预计 2 月理财规模将回升 1 万亿左右，存款利率较低及春节前不 少企业发放年终奖有望带动 2 月理财规模明显回升。2026 年理财规模有望增长 3 万 亿左右。 1 月理财公司固收理财平均当月年化收益率回升。2022 年初以来，理财公 ...

Group 1: Nomination and Background - President Trump nominated Kevin Warsh as the next Federal Reserve Chairman after months of competition, highlighting his strong ties to Wall Street and alignment with Trump's low-interest rate agenda[2] - Warsh's unique supply-side economic framework connects traditional Republican monetary principles with Trump's aggressive growth objectives, proposing that inflation can be managed through productivity enhancements without raising rates[2] - His criticism of quantitative easing and the Fed's large balance sheet suggests a potential shift towards quantitative tightening if appointed[2] Group 2: Economic Philosophy and Policy Implications - Warsh's economic philosophy has evolved from a crisis pragmatist to a supply-side advocate, emphasizing that true economic growth stems from productivity improvements rather than monetary stimulus[5][8] - He argues against the Phillips Curve trade-off, asserting that the U.S. can achieve high growth and low inflation simultaneously through proper policy reforms[8] - Warsh's radical proposal includes significantly reducing the Fed's $7 trillion balance sheet, which he believes distorts market signals and contributes to financial repression[10] Group 3: Regulatory and Market Impact - His stance on financial regulation favors market discipline over administrative oversight, criticizing the Dodd-Frank Act for creating a false sense of security and hampering banks' ability to serve the economy[12] - Warsh's opposition to the Basel III finalization could lead to reduced capital requirements for banks, potentially unlocking significant buyback capacity[12] - The market anticipates that his leadership may result in a loosening of regulations, particularly concerning major financial institutions[2] Group 4: Risks and Uncertainties - There are concerns about the uncertainty of Fed policies under Warsh, particularly regarding potential political interference in the Fed's independence[15] - Investors are wary of the risks associated with accelerated balance sheet reduction, which could disrupt the supply-demand balance in U.S. Treasuries[16] - The fear of premature interest rate cuts under political pressure could lead to a resurgence of inflation, increasing financing costs for the real economy[16]

证券研究报告 晨会 hyzqdatemark 2026 年 02 月 10 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年02月10日 华源晨会精粹 20260210 汽车 矿山无人驾驶专题 1:矿山无人驾驶商业模式&市场规模——汽车行业周报：为 什么看好无人矿卡赛道：1）自动驾驶大规模商业化落地进展最快的下游之一且市场 天花板较高；2）技术较为成熟，经济性突出；3）政策鼓励危险场景无人化；4）出 海逻辑清晰；5）格局初定且有较高行业壁垒；以上因素共同决定了行业龙头厂商或 具备长期成长性&投资价值。矿山无人驾驶致力于解决诸多行业痛点问题："矿区通 常地处偏远+作业环境恶劣+健康风险大+劳动强度大"引致招工难、用工贵；"装备 自动化程度低+生产系统碎片化"引致生产效率低。而这其中运输环节用工占比接近 全矿劳动员工的 50%，属于核心降本增效环节。产品模式下无人矿卡赛道市场规模： 产品模式下，下游一次性买断无人矿卡全生命周期服务（车+智驾套件/单独套件）； 该模式对于无人矿卡服务提供商的优点是"轻资产+回款快"；我们测算这种商业模 式下，中长期的国内市场规模区间预计超 200 亿元。 风险提示：1 ...

证券研究报告 汽车 | 汽车零部件 北交所|新股申购 hyzqdatemark 2026 年 02 月 10 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 通领科技(920187.BJ) ——汽车内饰件国家级"小巨人"，募投拟扩充 1219 万件汽车内饰件的年产能 投资要点： 风险提示。进口国贸易政策变动风险、应收账款发生坏账风险、产品价格下降风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 发行价格 29.62 元/股，发行市盈率 14.12X，申购日为 2026 年 2 月 11 日。通领科技此次发 行价格 29.62 元/股，发行市盈率 14.12X，申购日为 2026 年 2 月 11 日。此次公开发行股份 数量 1,560.00 万股，发行后总股本为 6,240.00 万股，此次公开发行股份数量占发行后总股本 的 25.00%。此次发行不安排超额配售选择权。经我们测算，公司发行后预计可流通股本比例 为 36%，老股占可流通股本比例为 3 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on the rapid growth of its PFA products and increasing competitiveness in the electrophysiology and vascular intervention sectors [5][9]. Core Insights - The company is expected to achieve total revenues of RMB 25.78 billion, RMB 32.40 billion, and RMB 40.60 billion for the years 2025 to 2027, with growth rates of 24.78%, 25.70%, and 25.31% respectively. The net profit attributable to shareholders is projected to be RMB 8.34 billion, RMB 10.57 billion, and RMB 13.40 billion for the same years, with growth rates of 23.95%, 26.73%, and 26.70% respectively [6][9]. - The company has a strong position in the cardiovascular intervention field, with a comprehensive product layout that includes electrophysiology and vascular intervention devices. The introduction of new PFA products is expected to drive significant revenue growth [11][15]. Summary by Sections Market Performance - The closing price of the company's stock is RMB 229.38, with a market capitalization of RMB 32,349.47 million. The stock has seen a yearly high of RMB 466.07 and a low of RMB 223.48 [3]. Financial Forecasts - The company anticipates revenue growth from RMB 1,650 million in 2023 to RMB 4,060 million in 2027, with a compound annual growth rate (CAGR) of 35.71% from 2023 to 2024 and 25.31% from 2025 to 2027. Net profit is expected to grow from RMB 534 million in 2023 to RMB 1,340 million in 2027, with a CAGR of 49.13% from 2023 to 2024 and 26.70% from 2025 to 2027 [7][9]. Business Overview - The company has established itself as a leading manufacturer in the domestic electrophysiology and vascular intervention market, focusing on coronary access and cardiac electrophysiology. The introduction of PFA products is expected to enhance its competitive edge [8][15]. - The company has successfully participated in domestic alliance procurement, securing a significant market share in coronary access products, which now account for nearly 90% of its offerings [8][11]. Growth Drivers - The increasing prevalence of atrial fibrillation due to an aging population is expected to drive demand for PFA devices, with the market projected to reach RMB 163.15 billion by 2032, growing at a CAGR of 43.73% from 2025 to 2032 [8][59]. - The company has completed over 2,000 PFA procedures by August 2025, indicating strong market acceptance and growth potential for its new products [78]. Competitive Landscape - The domestic electrophysiology market is currently dominated by foreign brands, but the company is positioned to capture market share through competitive pricing and product quality improvements following recent procurement agreements [63][70].

证券研究报告 汽车 行业定期报告 hyzqdatemark 2026 年 02 月 10 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 陈嵩 SAC：S1350525070005 chensong@huayuanstock.com 板块表现： 矿山无人驾驶专题 1:矿山无人驾驶商业模式 &市场规模 ——汽车行业周报（20260202-20260208） 证券分析师 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 为什么看好无人矿卡赛道：1）自动驾驶大规模商业化落地进展最快的下游之一且市 场天花板较高；2）技术较为成熟，经济性突出；3）政策鼓励危险场景无人化；4） 出海逻辑清晰；5）格局初定且有较高行业壁垒；以上因素共同决定了行业龙头厂商 或具备长期成长性&投资价值。 联系人 矿山无人驾驶致力于解决诸多行业痛点问题："矿区通常地处偏远+作业环境恶劣+ 健康风险大+劳动强度大"引致招工难、用工贵；"装备自动化程度低+生产系统碎 片化"引致生产效率低。而这其中运输环节用工占比接近全矿劳动员工的 50%，属 于核心降本增效环节。 产品模式 ...

Investment Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [4] Core Views - The central government emphasizes comprehensive regulation of pig production capacity in the recently released No. 1 Central Document, indicating a shift in industry policy towards protecting farmers' rights and stimulating enterprise innovation [6][16] - The pig farming sector is experiencing a gradual recovery despite a 0.1% decline in the SW pig farming sector, with current market pressures expected to ease as production capacity is regulated [6][16] - The poultry sector faces ongoing challenges with high production capacity and weak consumption, but leading companies are likely to gain market share [18] - The feed sector is recommended to focus on Hai Da Group, which aims to increase its dividend payout ratio and expand its market presence [10][20] - The pet industry is expected to see significant growth, with a projected market size exceeding 400 billion yuan by 2028, driven by changing consumer perceptions [51] Summary by Sections 1. Pig Farming - The pig price continues to decline, with a current price of 11.84 yuan/kg, and the industry is facing dual pressures of supply and demand [6][16] - The central government's policy shift aims to regulate the breeding stock and enhance market adaptability [6][16] - Companies with cost advantages and innovative models are expected to outperform [17] 2. Poultry - The poultry sector is experiencing price fluctuations, with broiler prices at 3.6 yuan/kg, down 5.2% week-on-week [18] - The impact of avian influenza in France may reduce the supply of imported breeding chickens, potentially increasing prices [18] - Integrated companies and those with contract farming models are likely to expand their market share [18] 3. Feed - Hai Da Group is recommended due to its clear long-term growth path and plans to increase dividend payouts [10][20] - The company aims for a global sales target of 100 million tons by 2050, with significant overseas market expansion [20] 4. Pet Industry - The pet industry is projected to grow rapidly, with expectations of reaching a market size of over 400 billion yuan by 2028 [51] - Companies with strong domestic and international sales are recommended for long-term investment opportunities [21] 5. Agricultural Products - Domestic soybean meal prices have decreased by 1.5%, while corn prices have shown slight fluctuations [22] - The market is expected to remain oversupplied in the near term, with a focus on weather and import impacts [22]

Group 1: Pharmaceutical Industry - The pharmaceutical index increased by 0.14%, outperforming the CSI 300 index by 1.47% during the week [2][6] - The report highlights the potential of molecular glue technology to target "undruggable" proteins, expanding the scope for innovative drug development [8][9] - Recommended stocks in the innovative drug sector include Heng Rui Medicine, China Biologic Products, and Yuan Dong Biology, among others [11][9] Group 2: Construction and Building Materials - Major engineering projects are identified as a key focus for the "14th Five-Year Plan," with significant investments planned across various provinces [13][14] - The report notes that infrastructure projects will dominate investment, with substantial funding allocated to transportation, municipal, and energy sectors [14] - The issuance of special bonds has increased significantly, with a total of 5,164.55 billion yuan issued as of February 8, 2026, marking a year-on-year increase of 125.35% [15] Group 3: Real Estate - The Shanghai government has initiated the acquisition of second-hand homes for rental housing projects, indicating a strategic move to stabilize the real estate market [19][21] - New home sales in 42 key cities totaled 1.48 million square meters, a slight decrease of 0.1% week-on-week, while second-hand home sales fell by 3.0% [20][19] - The report suggests that the real estate market is entering a phase of structural differentiation, with high-quality housing expected to see increased demand [23] Group 4: Overseas and Education Research - The first round of negotiations between the US and Iran concluded, with market sentiment shifting towards risk assets, particularly in AI and commercial aerospace sectors [26][30] - Bloom Energy reported better-than-expected earnings, with Q4 2025 revenue reaching $777.8 million, a year-on-year increase of 35.9% [26] - The quantum computing sector is gaining attention, with NERSC announcing a call for proposals utilizing neutral atom quantum processors [28]