Group 1 - In Q4 2025, the major indices showed mixed performance, with the Shanghai Composite Index rising by 2.22% and the Shenzhen Component Index declining by 0.01% [5] - The convertible bond market experienced a high-level fluctuation, with the China Convertible Bond Index increasing by 1.32%, but overall performance was weaker compared to Q3 [5] - The conversion premium rate rose from 44.73% on September 30 to 46.57% by December 31 [5] Group 2 - The People's Bank of China reported that corporate loans acted as a stabilizing force, with technology sectors maintaining double-digit growth, while real estate loans continued to decline [5] - Mortgage lending remains under pressure, and consumer loan growth is relatively slow, indicating a challenging retail loan demand environment [5] - Expectations for 2026 suggest continued corporate loan dominance with retail loans under pressure, influenced by factors such as project releases and fiscal subsidies for small and micro enterprises [5] Group 3 - Lithium carbonate prices increased by 8.4% over the week, indicating a positive trend in the new energy vehicle materials sector [6] - Prices for other materials such as cobalt and silicon carbide showed mixed trends, with cobalt prices declining while silicon carbide prices increased [6] Group 4 - China National Petroleum Corporation's 2026 work meeting emphasized the company's role in energy supply and its commitment to building a strong energy nation [7] - The meeting highlighted strategic goals and key tasks for the current and future periods, focusing on enhancing energy security and supporting national development [7]

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 安踏体育公告拟收购PUMA29.06%股权。公司于2026年1月27日公告，拟按每股普通股35欧元的价格收购 目标公司PUMA SE29.06%股权，交易总对价为15.06亿欧元（折合人民币约122.8亿元），按目标公司24年 净利润计算PE为15倍。相较PUMA1月26日收盘价21.63欧元，交易对价溢价率为62%。交易完成后公司将 成为PUMA的少数股东、对其确认投资损益，交易所需资金将由公司自有资金拨付。 点评： 标的公司PUMA：享誉全球、历史沉淀深厚的全球领先运动品牌 点击注册小程序 查看完整报告 PUMA品牌成立为1948年，为享誉全球、历史沉淀深厚的国际领先运动品牌。2024年PUMA实现营业收入 88.2亿欧元（折合人民币约727. ...

Core Viewpoint - The article discusses the differentiation in competitive bidding results for mechanism electricity prices across various provinces, indicating potential downward space for prices in certain regions, particularly in the eastern part of China, while highlighting the impact of local government support and competition on these results [4]. Group 1: Mechanism Electricity Pricing - The competitive bidding results for mechanism electricity prices from 2025 to 2026 show a clear "east high, west low" trend, with eastern regions having higher bidding limits and results compared to the western and northern regions [4] - The actual bidding result in Qinghai reached the upper limit of the bidding range but remained below 0.25 yuan/kWh, indicating pressure on pricing in resource-rich areas [4] - The average internal rate of return for wind and solar projects is estimated at around 8% and 6% respectively, suggesting that provinces with mechanism prices above 0.31 yuan/kWh may have room for further declines [4] Group 2: Stock Project Profitability - Existing projects are expected to maintain profitability due to the dual effects of the 136th document ensuring profitability and accelerated payments for national subsidies, improving market expectations for asset valuations of renewable energy operators [5] - Companies listed in Hong Kong with low price-to-book (PB) ratios may see significant valuation recovery as cash flow and asset liquidity continue to improve, alleviating previous funding bottlenecks for new business expansions [5] Group 3: New Growth Opportunities - The integration of wind, solar, hydrogen, and ammonia is identified as a core path for renewable energy operators to explore new growth avenues, leveraging existing resources and optimizing consumption capabilities [6] - The transition from "power generation and sales" to "comprehensive energy service providers" is emphasized as a strategic move for renewable energy operators [6] - The development of data centers, in line with national policies promoting green electricity usage, presents another opportunity for renewable energy operators to enhance their growth trajectory while ensuring uninterrupted green electricity supply [7]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 近期户储领域利好不断 2025年12月，澳大利亚宣布对"Cheaper Home Batteries"计划进行扩容，将向该计划额外拨款约50亿澳元。 此外，欧洲天然气近期价格大涨，Dutch TTF天然气价格从之前底部的30欧元/MWh上涨至40欧元/MWh。 风险分析： 政策支持力度不及预期；行业竞争加剧。 发布日期： 2026- 01-26 事件： 近日，英国发布《Warm Homes Plan》，提出到2030年，将投入150亿英镑公共资金，用于改造500万套房 屋，并帮助100万家庭摆脱能源贫困。 英国此次补贴力度较大，预计将大幅刺激需求 根据《Warm Homes Plan》，英国将投入150亿英镑公共资金，其中2 ...

点击注册小程序 查看完整报告 26年收入增长动力清晰，成本压力有望缓解 26年公司增长抓手依旧清晰，奶油有望继续受益于国产替代红利，公司较早投入储备稀奶油，新品一月份 已经进入试销阶段，稀奶油26年有望继续贡献增量。冷冻烘焙目前在核心商超大客户的新品反馈良好，26 年商超渠道有望延续增长，餐饮新零售渠道继续扩张，公司积极把握烘焙渠道多元化趋势，在大单品的基 础上，针对不同渠道、根据使用场景进行延展创新，估计餐饮新零售渠道仍将保持较快发展。成本端，公 司在25年下半年针对部分原材料已采取锁单措施，26年成本压力有望缓解，且公司内部继续推进降本增 效，提高费用投入产出比，预计利润率有望继续改善。 风险提示： 下游需求放缓，原材料成本上涨，新品销售不及预期。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 立高食 ...

Core Viewpoint - The article discusses the strategic direction and key initiatives of Sinopec Group for the "15th Five-Year Plan" period, emphasizing the importance of a second entrepreneurial phase to achieve high-quality development in the petrochemical industry [5][6]. Group 1: Strategic Initiatives - Sinopec aims to establish a new industrial structure characterized by "one foundation, two wings, three chains, and four new areas" to promote high-quality development [5]. - The "one foundation" focuses on integrating oil, gas, coal, and other mineral resources to create a new energy system [5]. - The "two wings" involve cost reduction in bulk commodities and upgrading the refining and chemical structure to enhance overall competitiveness [5]. - The "three chains" aim to improve the sales and marketing capabilities of refined oil, natural gas, and chemical products [5]. - The "four new areas" include the development of new energy, new materials, new business formats, and new market segments [5]. Group 2: Six Strategic Focus Areas - Sinopec will implement six strategic initiatives during the "15th Five-Year Plan" period, including innovation-driven strategies, transformation and upgrading, resource security, market expansion, cost leadership, and open cooperation [6]. - The innovation-driven strategy aims to enhance technological independence and respond quickly to market demands [6]. - The transformation strategy focuses on high-end, intelligent, and green development while leveraging financial capital [6]. - The resource security strategy emphasizes the construction of a comprehensive oil and gas supply chain [6]. - The market expansion strategy is centered on customer orientation to improve competitiveness [6]. - The cost leadership strategy promotes lean management to enhance cost competitiveness [6]. - The open cooperation strategy aims to utilize both domestic and international markets and resources [6]. Group 3: Key Work for 2026 - In 2026, Sinopec will focus on six major battles, including safety and environmental protection, energy security, market marketing, quality and efficiency improvement, innovation in technology and finance, and reform empowerment [7]. - The safety and environmental protection battle will involve upgrading equipment and enhancing green low-carbon levels [7]. - The energy security battle will increase domestic oil and gas exploration and development [7]. - The market marketing battle will innovate marketing strategies to enhance sales of refined oil, natural gas, and chemical products [7]. - The quality and efficiency improvement battle will focus on cost reduction and risk control [7]. - The innovation battle will strengthen the integration of technology and finance [7]. - The reform empowerment battle will improve corporate governance and market-oriented reforms [7]. Group 4: Performance Overview - In 2024, Sinopec achieved a total revenue of 31,388 billion yuan, a decrease of 3.3% year-on-year, and a net profit attributable to shareholders of 578 billion yuan, down 13.0% year-on-year [8]. - The company has maintained a stable oil and gas production level and a robust oil reserve system, which are crucial for national energy security [8]. - Sinopec is transitioning from a traditional fossil fuel giant to a leader in green transformation, focusing on an integrated approach to profitability [8].

Group 1 - The article discusses the impact of the central bank's cross-cycle interest rate adjustment, indicating that the downward adjustment of the annual GDP growth target is not favorable for the bond market, potentially leading to a neutral to slightly bearish effect [5]. - The analysis of the competitive bidding results for mechanism electricity prices in the new energy sector shows significant differentiation, with some provinces having potential for future price declines. Existing projects are maintaining profitability, and cash flow is improving, highlighting the valuation recovery of leading companies [5]. - The report on Sinopec Group outlines its new development strategy for the 14th Five-Year Plan and the key tasks for 2026, emphasizing the construction of a new industrial pattern characterized by "one foundation, two wings, three chains, and four new" [5]. Group 2 - The article highlights the recent catalysts in the household energy storage sector in Europe and Australia, noting that companies with high profit margins are the most benefited. The overall valuation of the household storage sector is expected to rise due to continuous positive catalysts [6]. - The UK’s "Warm Homes Plan" is expected to significantly stimulate demand for household solar storage systems, with the heat pump sector also benefiting from this policy [6]. - Anta Sports' proposed acquisition of a 29.06% stake in PUMA for €1.5 billion, funded by its own resources, is a significant milestone in the company's multi-brand global strategy, with a price-to-earnings ratio of 15 times based on PUMA's projected net profit for 2024 [7].

Core Viewpoint - The expectation of a GDP growth target set between "4.5% to 5%" is likely to be realized, which has contributed to the decline in bond yields, as this figure is lower than the previous market expectation of "around 5%" [2][3] Group 1: Impact of GDP Growth Target on Bond Yields - A lower GDP growth target is perceived by some investors to correspond with lower interest rates, but this view is debatable as it conflates the growth target with potential economic growth [3] - The natural interest rate, which aligns with maximum economic output and price stability, should match the macro-level interest rates in the long term [3] - The downward adjustment of the annual GDP growth target is not necessarily beneficial for the bond market and may have a neutral to slightly negative impact [3] Group 2: Monetary Policy and Economic Stability - The fundamental goal of financial macro-control is to stabilize economic operations, with economic performance being the core factor influencing monetary policy [4] - When the demand for economic growth is strong, monetary authorities typically lower policy rates and increase liquidity, which is favorable for long-term interest rates [4] - Conversely, a lower economic growth target reduces the necessity for aggressive monetary policy actions, negatively impacting bond market valuations [4] Group 3: Bond Market Outlook - The bond market is expected to remain in a low volatility state until the end of February, with limited space for yield fluctuations, likely stabilizing around 1.8% to 1.9% for the 10-year government bond yield [4] - A significant downward shift in the 10-year government bond yield is anticipated to occur after expectations for a reduction in the 7D OMO rate materialize, but the extent of this shift is expected to be limited [5][6] - The current yield spread between the 10-year bond yield and the 7D OMO rate is only 42 basis points, indicating that substantial compression of this spread is challenging [6]

Market Overview - The pharmaceutical and biotechnology index declined by 0.39% last week, outperforming the CSI 300 index by 0.23 percentage points but underperforming the ChiNext index by 1.50 percentage points, ranking 27th among 31 sub-industries [4] - The Hong Kong Hang Seng Healthcare Index fell by 2.75%, lagging behind the Hang Seng Index by 2.1 percentage points [4] R&D Progress - Recent clinical application advancements include BNT324 from InnoCare Pharma and HCB101 from Fuhong Hanlin [5] - QX004N from Qianxin Biopharma is in Phase I clinical trials, IBI3002 from Innovent Biologics is in Phase II, and HRS-8080 from Hansoh Pharma is in Phase III [5] Company Insights - WuXi AppTec's companies reported strong performance expectations, indicating robust growth momentum in the CXO sector [6] - WuXi AppTec is projected to achieve revenue of 45.456 billion yuan in 2025, a year-on-year increase of 15.84%, with TIDES business revenue expected to grow over 90% [6] - WuXi Biologics plans to add 209 comprehensive projects in 2025, with two-thirds being bispecific antibodies and ADC drugs, and a total of 99 projects in Phase III and commercialization [6] - WuXi AppTec's subsidiary, WuXi AppTec Co., expects revenue and adjusted net profit to grow over 45% in 2025, with a global market share increase to 24% [6] - The company aims to invest over 7 billion yuan in capacity expansion from 2026 to 2029, targeting a compound annual growth rate of 30%-35% from 2025 to 2030 [6] Investment Strategy - Future investments in the pharmaceutical sector should focus on the intrinsic clinical value logic, addressing clinical needs of patients and doctors [7] - Both domestic medical insurance policies and global expansion strategies are increasingly assigning higher premiums to clinical value [7]

Group 1: Steel Industry - The price of oriented silicon steel has reached the lowest level since 2018, indicating a significant decline in metal cycle products [5] - The high furnace capacity utilization rate in January is expected to be the highest in five years for the same period [5] - The price of titanium dioxide and glass remains low in the real estate completion chain [5] Group 2: Oil and Chemical Industry - IEA has raised the 2026 global oil demand forecast, expecting an increase of 930,000 barrels per day [5] - Geopolitical tensions in Iran and Cuba have led to an increase in oil price risk premium, with Brent and WTI crude oil prices rising by 1.9% and 3.5% respectively [5] Group 3: Electric and Environmental Industry - Space photovoltaic technology has become a market hotspot, with Tesla and SpaceX planning to build a total of 200GW photovoltaic capacity in the U.S. over the next three years [6] - The current market liquidity is abundant, and the commercial aerospace sector is a key focus, with expectations for significant performance in the space photovoltaic sector [6] Group 4: Utilities Industry - The cumulative electricity market transaction volume in 2025 reached 66,394 billion kilowatt-hours, a year-on-year increase of 7.4% [7] - The national electricity load has reached new highs due to cold wave impacts, and policies to enhance green electricity consumption are expected to boost the green electricity sector [7] Group 5: High-end Manufacturing - The export share of emerging markets is expected to increase further in 2025, with North America showing the most significant decline [7] - The export growth rates for electric tools, manual tools, and lawn mowers have varied, with notable increases in specific categories [7] Group 6: Pharmaceutical and Biotechnology - WuXi AppTec's companies have shown strong performance, indicating robust growth momentum in the CXO sector [8] - WuXi Biologics is expected to add 209 comprehensive projects in 2025, with revenue and adjusted net profit growth exceeding 45% for WuXi AppTec [8] Group 7: Food Industry - Li Gao Food has projected a revenue of 4.26-4.42 billion yuan for 2025, reflecting a year-on-year growth of 11.07%-15.24% [8] - The expected net profit for the parent company is between 311-331 million yuan, indicating a growth of 16.06%-23.52% [8]