Group 1 - The geopolitical situation has become increasingly tense since 2022, with major powers taking unilateral actions, leading to instability in international relations. The deep sea has emerged as a critical frontier for the competition over strategic resources and energy dominance [4] - The U.S. government, under Trump's administration, aims to become a global leader in responsible deep-sea mineral exploration and development, expediting the approval of mining licenses in international waters to encourage domestic companies to develop key mineral resources [4] - Although global legislation and environmental concerns may hinder the supply of deep-sea mineral resources in the short term, breakthroughs in technology and regulations could reshape the global mineral supply structure, making deep-sea resources a strategic asset for major powers in the long term [4] Group 2 - The Chinese government has recognized the strategic value of deep-sea resources, incorporating "deep-sea technology" as a key area in its 2025 government work report. This sector is crucial for resource independence, technological autonomy, and national defense [5] - A multi-level policy framework has been established by various government bodies, including the State Council and local governments, to support the growth of the deep-sea technology market and enhance the marine economy [5] - China National Offshore Oil Corporation (CNOOC) is a leader in deep-sea resource development, aiming to strengthen its oil and gas operations while exploring marine mineral resources. CNOOC has developed a comprehensive marine energy system, including conventional and deep-water oil and gas, LNG, and offshore wind power [6][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。 2025年末，兴业银行总资产、贷款、非信贷类资产同比增速分别为5.6%、3.7%、7.8%，增速较3Q25末分 别变动+2、-0.6、+5.3pct，规模扩张进一步提速，贷款投放相对平稳。年末公司资产规模突破11万亿关 口，贷款规模增至5.95万亿，其中科技金融贷款突破1.12万亿、绿色贷款达1.1万亿、制造业贷款近万亿规 模，"五大新赛道"业务布局深化。 存款稳步增长，负债稳定性增强 2025年末，兴业银行总负债、存款、市场类负债同比增速分别为5.9%、7.2%、4.1%，分别较3Q末变动 +2.2、-0.4、+5.8pct，年末存款占负债比重58.2%，较年初提升0.7pct，负债端稳定性增强。公司持续拓展 低成本负债，后续伴随存 ...

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 2025年12月国内挖掘机内销持续增长，非挖品类景气度显著复苏 2025年12月我国挖掘机（含出口）销量23095台，同比增长19.2%；其中内销10331台，同比增长10.9%。 2025年全年我国挖掘机（含出口）销量235257台，同比增长17.0%；其中内销118518台，同比增长 17.9%。非挖品类工程机械内销呈现明显复苏趋势，2025年12月装载机内销销量同比增长17.6%；平地机内 销销量同比增长70.5%；汽车起重机内销销量同比增长39.1%；履带起重机内销销量同比增长95.5%；随车 起重机内销销量同比增长36.7%。 出口销量方面，2025年12月挖掘机出口销量12764台，同比增长26.9%；2025年全 ...

Core Viewpoint - The company has established a strong presence in the dairy market through diversified product offerings and has become a leading brand in various segments, particularly in low-temperature yogurt and high-end fresh milk [4][6][7]. Product Structure - In Q1-Q3 2025, dairy products accounted for 87% of total revenue, with liquid milk and milk powder contributing 61% and 22% respectively. Low-temperature yogurt and fresh milk made up 27.7% and 14.9% of total revenue [5][6]. Revenue Growth - Low-temperature yogurt and fresh milk showed robust growth, with revenues of 42 billion and 22 billion respectively in Q1-Q3 2025. Low-temperature yogurt experienced a 1% year-on-year increase, while fresh milk revenue grew by 41% [6][7]. Brand Development - The company has successfully developed its core brands, with "Jianchun" becoming the leading brand in low-temperature yogurt, achieving a market share of 7.9% by 2024. "Yuexianhuo" has also emerged as a leader in high-end fresh milk, with a market share of 24% [7]. Sales Channels - The primary sales model is through distribution channels, which accounted for approximately 69% of revenue in Q1-Q3 2025. The company is optimizing its distribution system and has reduced the number of distributors to 5,504 [8][9]. National Expansion - The company is actively expanding its national sales network, with significant growth in core regions such as North China, East China, Central China, and South China. Revenue growth in these regions has been positive, with South China seeing a 57.3% year-on-year increase in Q1-Q3 2025 [10].

Core Viewpoint - The article emphasizes the growing integration of AI in the healthcare sector, highlighting its potential to transition from technology validation to commercial realization, driven by the need for cost control in healthcare and advancements in AI technology [4]. Group 1: AI in Healthcare - Domestic and international healthcare companies are increasingly investing in AI products and services across various segments, including health management, precision medicine, digital clinical trials, drug development, sequencing, and medical impact [4]. - The core investment logic revolves around "data closed-loop" and "scene necessity," with AI becoming a key productivity driver in new healthcare infrastructure [4]. - Future competition will hinge on who possesses exclusive, high-quality private data and can achieve continuous data iteration through business scenarios [4]. Group 2: Key AI Applications in Healthcare - AI drug development is highlighted for its ability to significantly shorten new drug research cycles, leading to strong willingness to pay from pharmaceutical companies [4]. - AI medical imaging is noted as the most mature application area, with companies like United Imaging Healthcare leading the market [5]. - AI chronic disease management is emphasized for its potential to reduce long-term insurance payouts, showcasing its commercial value [4]. - AI surgical robots are recognized for addressing uneven distribution of medical resources, presenting strong domestic substitution logic [4]. Group 3: Company Highlights - Crystal Technology's core advantage lies in its combination of quantum physics computing, AI algorithms, and robotic experimentation, evolving its business model from biotech to CRO+ [5]. - United Imaging Healthcare is a leader in medical imaging equipment, continuously innovating and integrating AI into its devices to enhance imaging quality and operational efficiency [6]. - Yuyue Medical focuses on smart home medical devices, utilizing AI to analyze user health needs, which is crucial for long-term chronic disease management [6]. - MicroPort Robotics is positioned as a leader in the surgical robot sector, leveraging AI and 5G technology to facilitate remote surgeries, addressing the challenge of uneven medical resource distribution [6].

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 核心观点： 风险提示： 1)美国经济超预期回落，通胀超预期回升；2)全球地缘政治风险超预期，俄乌危机、巴以冲突 等升级；3)国内经济超预期下行，政策出台力度不及预期；4)中美关税摩擦进一步升级。 发布日期：2026-01-21 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 1月30日的两党临时预算截止日期将近，美国政府将再次面临停摆考验，但我们认为本轮"关门"风险明显 低于2025年，一季度美国经济数据仍有支撑。 原因一： ...

Macro - The risk of a government shutdown in the U.S. is considered lower than in 2025, with six departmental budgets already passed and preliminary consensus on the remaining six [5] - The Trump administration's pressure on pharmaceutical companies to lower prices has alleviated urgent healthcare disputes, reducing the likelihood of a political standoff [5] - The current administration is focusing more on foreign issues, suggesting a preference for stability in domestic matters to avoid dual fronts [5] Machinery Manufacturing - In December 2025, the sales of excavators in China reached 235,257 units, a year-on-year increase of 17.0%, with domestic sales at 118,518 units, up 17.9% [5] - Non-excavator machinery sales showed significant recovery, with loader sales up 17.6%, grader sales up 70.5%, truck crane sales up 39.1%, crawler crane sales up 95.5%, and truck-mounted crane sales up 36.7% [5] Food and Beverage - Junlebao, starting from yogurt, launched its first infant formula in 2014, followed by the "Jianchun" brand in 2017 and the high-end fresh milk brand "Yuexianhuo" in 2020 [6] - "Jianchun" became the top brand in low-temperature yogurt by retail sales in China starting in 2022, while "Yuexianhuo" is projected to reach an income of 1.88 billion in 2024, becoming a leading high-end fresh milk brand [6] Pharmaceuticals - The AI healthcare sector is expanding, with companies developing AI products and services across various segments, including health management, precision medicine, digital clinical trials, and drug development [8] - The investment logic in AI healthcare is centered on "data closed-loop" and "scene necessity," driven by cost control in healthcare and technological advancements [8] - Future competition will hinge on possessing exclusive, high-quality private data and the ability to achieve continuous data iteration through business scenarios [8] Banking - Industrial Bank reported a revenue of 212.7 billion for 2025, a year-on-year increase of 0.2%, and a net profit of 77.5 billion, up 0.3% [9] - The bank's revenue growth has returned to positive territory, with stable asset expansion and deepening layouts in five new sectors [9] - Deposits are steadily increasing, enhancing liability stability, while the non-performing loan ratio remains low, indicating strong risk compensation capabilities [9]

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 事件： 国内手术机器人行业起步较晚，市场长期由外资品牌主导。随着《立项指南》的发布、叠加"大规模设备 更新"政策红利延续、国产设备性价比优势凸显，我们认为手术机器人行业渗透率将加速提升；本土设备 在二三线医院及基层市场的教育成效显著，国产替代确定性强。以腔镜手术机器人为例，随着国产龙头企 业产能释放及临床数据验证成熟，达芬奇的垄断格局正在被逐步重塑。据RoboticTech统计，2025年腔镜 手术机器人中标量方面，国产品牌首次实现对进口品牌的反超，达芬奇的市场份额进一步被压缩，微创、 精锋、思哲睿、术锐等国产品牌中标量持续攀升，市场格局从"单极垄断"迈向"多强竞争"。 "十四五"配置证发放收官，叠加设备更新政策，行业招标装机 ...

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 事件： 不良贷款率持平于0.76%，拨备覆盖率稳定在370%以上 2025年末，宁波银行不良贷款率为0.76%，较3Q末持平。近年来经济承压运行背景下，公司持续加大对问 题资产的核销力度，希望尽快完成存量潜在风险处置，以便后续轻装上阵。截至2025年末，拨备覆盖率为 373.2%，较3Q末小幅下降2.8pct；拨贷比为2.84%，较3Q略降1bp，风险抵补能力保持较高水平。 风险提示： 全球贸易摩擦影响超预期，影响有效信贷需求进而影响利息收入。 1月20日，宁波银行发布2025年业绩快报，实现营业收入719.7亿，同比增长8%，实现归母净利润293.3 亿，同比增长8.1%。年化加权平均净资产收益率为13.11%，较上年同期 ...

Core Viewpoint - The company expects a significant increase in net profit for 2025, driven by both operational improvements and additional income from land reserve payments [4][5]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of 1.584 to 1.742 billion yuan for 2025, representing a year-on-year growth of 50% to 65% [4]. - The expected net profit excluding non-recurring items is projected to be between 1.457 to 1.561 billion yuan, indicating a growth of 40% to 50% [4]. - For Q4 2025, the company anticipates a net loss attributable to shareholders ranging from 29 million to 187 million yuan [4]. Group 2: Operational Improvements - The rapid growth in net profit is attributed to enhancements in the main business operations and the recognition of land reserve payments, which contribute approximately 132 million yuan to net profit [5]. - The company has maintained a net profit growth rate exceeding 50% for four consecutive years, significantly outperforming the industry average [5]. - The net profit margin for the first three quarters of 2025 is reported at 15.32%, which is still below the industry average, but improvements are expected as reforms progress [5]. Group 3: Product and Channel Strategy - In response to a slowing beer production growth rate, the company is optimizing its product structure and sales channels, focusing on high-end and youth-oriented strategies [6]. - The flagship product, Yanjing U8, continues to see rapid sales growth, becoming a key driver of revenue [6]. - The company is implementing a three-tier product architecture that includes high-end, mid-range, and regional specialty products, alongside differentiated offerings like non-alcoholic beer and beverage combinations [6]. - The channel strategy emphasizes "full-channel integration and regional deep cultivation," with initiatives like the "Hundred Cities Project" to tap into strong market potential and accelerate expansion into emerging markets [6].