Group 1 - The overall performance of medium to long-term credit bonds in January 2026 was better than that of short-term credit bonds, with significant yield declines observed in 3-15 year medium-term notes [4] - The insurance sector continued to play a major role in the allocation of medium to long-term credit bonds, focusing on 3-5 year and over 7-year maturities [4] - Fund managers increased their allocation to 3-5 year credit bonds due to the impact of the amortized cost method and the concentration of bond funds [4] Group 2 - Credit bond ETFs saw a significant increase in scale, exceeding 100 billion yuan in December 2025, but experienced a notable contraction in January 2026 due to market adjustments [5] - The relative excess yield of component bonds over non-component bonds increased, providing investment opportunities for stable institutional investors [5][6] - The policy environment continues to support the long-term healthy development of the ETF market, with expectations for a compression of excess yields in component bonds [7]

Real Estate - The top 10 real estate companies experienced a year-on-year sales decline of 12% in January, while the top 100 companies saw a decline of 25%, indicating a significant disparity in sales performance among different tiers of companies [5] - Notable performers in terms of sales growth include China Overseas Land & Investment, which saw a 20.5% increase, and China Jinmao, with a 13.3% increase [5] - The government is taking measures to stabilize the real estate market, including direct purchases of second-hand homes to promote sales and inventory reduction, which is expected to improve market sentiment [5] Steel - The price difference between hot-rolled steel and rebar is at a five-year low, indicating a potential shift in market dynamics [5] - The SPDR Gold ETF holdings are at their highest level since June 2022, reflecting increased liquidity in the market [5] - The national PMI new orders index for January stands at 49.20, suggesting a contraction in manufacturing activity [5] Non-ferrous Metals - The price of crude indium has increased by 35% over the past week, indicating strong demand in the consumer electronics sector [6] - Prices for other materials such as lithium hydroxide and polysilicon have decreased, while uranium prices have risen, reflecting mixed trends in the new energy and nuclear sectors [6] Display Technology - Hisense Visual Technology is positioned as a leading global provider of display solutions, focusing on a multi-scenario large display strategy and a comprehensive layout in LCD, laser display, and LED technologies [7] - The company achieved a total revenue of 58.5 billion yuan and a net profit of 2.2 billion yuan in 2024, showcasing its strong market presence [7] Industrial X-ray Detection - Dayun Technology is recognized as a leader in the industrial X-ray detection equipment sector, benefiting from high demand in semiconductor, electronic manufacturing, and new energy battery sectors [8] - The company is expected to enhance its competitive advantage through self-research in core components and product structure upgrades [8] Baidu Group - Baidu's advertising business is under pressure, with a projected year-on-year revenue decline of approximately 8.7% for Q4 2025, primarily due to weak demand for traditional search advertising [9] - The company’s cloud business is experiencing a short-term slowdown, but the reduction in depreciation pressure from previous asset impairments is expected to support non-GAAP operating profit [9] XPeng Motors - XPeng Motors reported a significant decline in January deliveries, down 34.1% year-on-year and 46.6% month-on-month, attributed to the phasing out of subsidies and transitions between old and new products [8]

Group 1 - The core viewpoint of the article highlights the challenges faced by XPeng Motors in January 2026, with a significant year-on-year decline in delivery volume due to policy changes and product transitions [4] - XPeng Motors reported a total delivery of 20,011 vehicles in January, reflecting a year-on-year decrease of 34.1% and a month-on-month decrease of 46.6% [4] - The company held a global product launch event on January 8, 2026, introducing four new models and outlining its brand strategy for 2026, which includes advancements in AI-driven products [5] Group 2 - The automotive industry is expected to face a dual challenge of declining sales and profits in 2026, driven by policy changes and rising material costs [6] - The overall retail sales of passenger vehicles in China are projected to slightly decline year-on-year, while the export of new energy vehicles is expected to maintain rapid growth [6] - The market is shifting from price competition to configuration competition, with a potential weakening of demand driven by trade-in programs and the impact of tax reductions on new energy vehicles [6]

Summary of Key Points Core Viewpoint - The report highlights the current trends in various sectors, including liquidity, infrastructure, real estate, industrial products, and export chains, indicating potential investment opportunities and market dynamics. Group 1: Liquidity and Financing Environment - SPDR Gold ETF holdings are at their highest level since June 2022 [4] - The BCI small and medium enterprise financing environment index for January 2026 is 50.27, up 6.62% month-on-month [4] - The M1 and M2 growth rate difference was -4.7 percentage points in December 2025, down 1.60 percentage points month-on-month [4] - Current London gold spot price is $4,880 per ounce [4] Group 2: Infrastructure and Real Estate Chain - January high furnace capacity utilization is expected to be at the highest level for the same period in five years [5] - Weekly price changes include rebar down 0.61%, cement price index down 1.10%, rubber up 4.49%, coke up 3.65%, coking coal down 0.64%, and iron ore up 0.50% [5] - National high furnace capacity utilization, cement, and asphalt operating rates decreased by 0.04 percentage points, 0.02 percentage points, and 0.7 percentage points respectively [5] Group 3: Real Estate Completion Chain - Titanium dioxide and glass prices are at low levels, with titanium dioxide price unchanged and glass price up 1.38% [6] - Titanium dioxide gross profit is -1,834 yuan per ton, while flat glass operating rate is 73.89% [6] Group 4: Industrial Products Chain - January national PMI new orders index is at 49.20% [7] - Major commodity price changes include cold-rolled steel unchanged, copper up 3.50%, and aluminum up 2.11%, with corresponding gross profit changes showing improvements [7] - National semi-steel tire operating rate is 74.84%, up 0.28 percentage points [7] Group 5: Subcategories - Orientation silicon steel prices have reached the lowest level since 2018 [8] - Graphite electrode price is 19,000 yuan per ton, unchanged, with a gross profit of 1,921.48 yuan per ton, down 4.00% [8] - Electrolytic aluminum price is 24,640 yuan per ton, up 2.11%, with estimated profit of 7,389 yuan per ton (excluding tax), up 6.91% [8] - Electrolytic copper price is 104,640 yuan per ton, up 3.50% [8] - Tungsten concentrate price is 605,000 yuan per ton, up 11.42% from last week [8] Group 6: Price Comparison Relationships - The price ratio of hot-rolled to rebar is at the lowest level for the same period in five years [9] - The price ratio of rebar to iron ore is 3.96 this week [10] - The price difference between hot-rolled and rebar steel is 50 yuan per ton [10] - The price difference between Shanghai cold-rolled and hot-rolled steel is 360 yuan per ton, up 30 yuan per ton [10] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 200 yuan per ton, up 33.33% from last week [10] - The price difference between medium-thick plates and rebar is 50 yuan per ton [10] Group 7: Export Chain - January China PMI new export orders are at 47.80%, down 1.2 percentage points [11] - The China Containerized Freight Index (CCFI) composite index is 1,175.59 points this week, down 2.74% [11] - The U.S. crude steel capacity utilization rate is 76.90%, up 1.00 percentage points [11] - Starting January 1, 2026, China will implement export licensing management for certain steel products, which is expected to further regulate steel exports [11] Group 8: Valuation Percentiles - This week, the CSI 300 index increased by 0.08%, with the best-performing cyclical sector being oil and petrochemicals, up 7.95% [12] - The PB ratio of ordinary steel and industrial metals relative to the PB of the two markets is 32.46% and 100.00% respectively [12] - The PB ratio of the ordinary steel sector relative to the two markets is currently 0.52, with the highest value since 2013 being 0.82, reached in August 2017 [12]

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 25Q4业绩前瞻：广告承压延续，云业务短期放缓，Non-GAAP利润修复成为主要边际变量。我们预计 25Q4 百度核心业务收入同比下降约8.7%，收入端压力主要来自传统搜索广告需求偏弱及流量结构调整； 利润端方面，25Q3一次性资产减值完成后，相关折旧摊销压力在25Q4 起阶段性减轻，预计对 Non-GAAP 经营利润形成一定支撑。 1、在线营销业务：需求恢复有限，广告业务以企稳为主 我们预计 25 年百度广告收入约 622 亿元，同比下降14.7%。当前广告业务并非公司资源投入重点，在 AI 搜索与 AI 应用持续分流用户注意力的背景下，传统搜索广告在收入结构中的占比预计延续下行趋势，后 续业务目标聚焦阶段性企稳。 2、非在 ...

Group 1: Military Industry New Materials - The price of electrolytic cobalt this week is 443,000 CNY/ton, with a week-on-week increase of 1.8%. The price ratio of electrolytic cobalt to cobalt powder is 0.77, up by 0.8% week-on-week; the price ratio of electrolytic cobalt to cobalt sulfate is 4.51, up by 1.8% week-on-week [4]. Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide this week are 160,400 CNY/ton and 157,900 CNY/ton, respectively, with week-on-week decreases of 6.2% and 2.0%. The price of cobalt sulfate is 95,300 CNY/ton, unchanged week-on-week. The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 186,500 CNY/ton, respectively, with week-on-week changes of 0% and -6.8%. The price of praseodymium-neodymium oxide is 748.70 CNY/kg, up by 11.3% week-on-week [5]. Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon this week is 6.62 USD/kg, down by 16.0% week-on-week. The price of EVA is 9,650 CNY/ton, unchanged week-on-week, remaining at a low level since 2013. The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged week-on-week [6]. Group 4: Nuclear Power New Materials - The prices of zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand are 13,750 CNY/ton, 150 CNY/kg, 9,000 CNY/kg, 14,875 CNY/ton, and 14,012.5 CNY/ton, respectively, all unchanged week-on-week. The uranium price for December 2025 is 63.51 USD/pound, with a week-on-week increase of 2.0% [7]. Group 5: Consumer Electronics New Materials - The price of cobalt oxide this week is 363,000 CNY/ton, unchanged week-on-week. The price of lithium cobalt oxide is 404.0 CNY/kg, with a week-on-week increase of 0.5%. The prices of silicon carbide, high-purity gallium, crude indium, and refined indium are 5,600.00 CNY/ton, 1,880.00 CNY/kg, 4,650.00 CNY/kg, and 4,750.00 CNY/kg, respectively, with week-on-week increases of 0%, 2.2%, 34.8%, and 33.8%. The price of germanium dioxide is 8,950 CNY/kg, unchanged week-on-week [8][9].

点击注册小程序 查看完整报告 特别申明： 报告摘要 工业X射线检测设备龙头企业 日联科技是国内领先的工业X射线智能检测设备及核心部件供应商，为国家级专精特新"小巨人"。2019– 2024年，公司收入CAGR约38%，归母净利润CAGR约77%。产品覆盖全球70+国家和地区，2025H1海外收 入占比首次超过10%。 行业：下游应用广泛，需求持续扩容 根据日联科技2025年半年报援引沙利文咨询数据，预计2025–2030年全球工业X射线检测设备市场规模 CAGR约9.9%，中国市场规模CAGR约10.3%；预计2030年该领域全球市场规模有望突破千亿元，中国市 场规模有望突破300亿元。 公司：丰富产品线，开展收并购 公司已构建"检测设备+AI软件+射线源"一体化产品线，已形成百余款标准化设备。集成电路与电子制造领 域，业务已覆盖头部PCB/PCBA客户，市占率位居国内前列。新能源电池方面，公司设备覆盖动力/储能/ 消费电池在线与离线检测，并在半固态、固态等新工艺场景实现应用。核心部件方面，公司实现射线源全 链条自主可控并规模化量产，25H1电子电路检测设备自研射线源应用比例达94.3%。外延并购方面，公司 ...

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 2026年1月TOP10房企全口径销售额同比-12%，TOP100房企全口径销售额同比-25%，各梯队房企销售表 现分化，TOP10房企表现相对较好 1）2026年1月，TOP10房企的全口径销售金额、权益销售金额、全口径销售面积分别为894 亿元、630亿 元、421万平，同比分别为-11.9%、-16.2%、-18.8%，较2025年全年累计同比变化为+4.6pcts、+1.5 pcts、 +5.6 pcts。 2）2026年1月，TOP100房企的全口径销售金额、权益销售金额、全口径销售面积分别为1,822亿元、1,286 亿元、860万平，同比分别为-24.7%、-28.5%、-29.5%，较2025年全年累计同比变化为-4.9 pcts、-8.5 pcts、 ...

Core Viewpoint - The article emphasizes Hisense's commitment to technology-driven growth and global expansion, positioning itself as a leading provider of display solutions with a focus on large-screen, high-end, and intelligent products [4][5]. Group 1: Company Overview - Hisense is a world-class display solution provider, focusing on "multi-scenario large display" and covering home, commercial, and automotive applications [4]. - The company has a comprehensive layout in LCD, laser display, and LED technologies, making it the only domestic enterprise with such a broad scope [4]. - Projected revenue for 2024 is 58.5 billion yuan, with a net profit of 2.2 billion yuan [4]. Group 2: Market Position in China - In the first half of 2025, Hisense's online and offline retail market shares in China reached 24.1% and 29.6%, respectively, showing significant growth since 2019 [5]. - The launch of the Vidda brand in April 2019 targeted younger consumers with high-quality, cost-effective products, achieving an online retail market share of 11% by 2024 [5]. - Hisense leads the high-end market, with Mini LED TV sales growing at a CAGR of 310% from 2021 to 2024, maintaining a 73% share in the high-end price segment [5]. Group 3: Global Expansion Strategy - Hisense's international strategy, initiated in 2006, has led to overseas revenue growth from 5.8 billion yuan in 2013 to 28 billion yuan in 2024, accounting for 48% of total revenue [6]. - The global market share for Hisense TVs increased from 8.0% in 2020 to 14.9% in the first half of 2025, with a target to become the world's leading TV brand [6][7]. Group 4: Corporate Reforms and Incentives - The mixed-ownership reform in 2020 introduced strategic investors, enhancing operational flexibility and efficiency [8]. - Hisense has implemented two employee incentive plans since 2021, with the 2024 plan involving over 400 employees, aligning shareholder interests with corporate value [8].

PB-ROE-50 策略跟踪： 2026 年 1 月，PB-ROE-50 策略在中证 800 和全市场股票池取得正超额收益。基于中证 500 股票池获得超 额收益-0.44%。基于中证 800股票池获得超额收益 5.47%。基于全市场股票池获得超额收益 5.48%。 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 市场情绪追踪： 截至 2026 年 1 月 30 日，沪深 300 指数上涨家数占比指标最近一个月环比上月小幅下降，上涨家数占比 指标高于 60%，市场情绪较高。从动量情绪指标走势来看，近一月快线慢线同步向上，快线处于慢线上 方，预计在未来一段时间内将维持看多观点；从均线情绪指标来看，短期内沪深 300 指数处于情绪景气区 间。 基金分离度跟踪： 截至 2026 ...