Group 1 - The current interest rate strategy shows certain advantages, with the value of credit bonds gradually emerging. Since 2025, the bond market has maintained low volatility, and since early 2026, it has steadily recovered, with stable liquidity. The potential for capital gains in credit bonds is relatively limited, but the certainty of interest income is more prominent, highlighting the relative advantage of interest rate strategies. Recently, credit bond sentiment has improved, and spreads have slightly recovered, with medium to short-duration varieties providing stable interest contributions while controlling net value fluctuations, thus demonstrating a favorable cost-performance ratio in the current phase [9][12][31] - In the context of continuous central bank support for liquidity, the price of funds remains relatively low, making credit bonds attractive in terms of interest income. From the current environment, credit bond investments are more suitable to return to allocation logic, with interest rate strategies as the core. The short-end arbitrage space still exists, and under the premise of controllable funding costs, medium to short-duration varieties have a relatively stable rolling income base [12][31] Group 2 - The distribution of urban investment bonds shows that Jiangsu, Zhejiang, and Shandong have the largest stock sizes, with 27,995.77 billion, 22,357.20 billion, and 16,089.69 billion respectively. The head provinces are generally at a lower valuation level compared to the national average. For example, the 1-year AA-rated bonds in Jiangsu and Zhejiang are at 1.74%, below the national average of 1.75% [16][17] - The overall stock of urban investment bonds with a valuation above 2% is approximately 89,374.08 billion, with 7,252.75 billion having a remaining maturity of 3 years or less, accounting for about 8.1% of the high-yield stock. The high-yield urban investment stock is mainly concentrated in eastern provinces, while the short-duration allocable scale comes more from the central and western regions [18][19][24] Group 3 - The distribution of industrial bonds shows that high-yield resources are mainly concentrated in the real estate, non-bank financial, and construction decoration sectors. As of February 11, 2026, the stock of industrial bonds with a valuation above 2% is approximately 7.33 trillion, with a remaining maturity of 3 years or less amounting to 1.22 trillion. The industry distribution is highly concentrated, with real estate, non-bank financial, and construction decoration being the core sources of current industrial bond interest assets [31][33] - The real estate sector remains the absolute mainstay of high-yield industrial bonds, with a stock valuation above 2% reaching 1.02 trillion, of which 4,328.59 billion is allocable within 3 years. The non-bank financial sector ranks second, with a high-yield stock of approximately 940.1 billion, and 1,385 billion within 3 years, concentrated in the 2-3 year AA and AA+ levels [31][33]

【事项】 公 司 研 究 / 美 容 护 理 / 证 券 研 究 报 告 贝泰妮（300957）动态点评 主品牌表现逐步改善，持续延伸医美领 域布局，关注经营向好趋势 2026 年 02 月 25 日 成都伊臻生物科技有限公司旗下"注射用聚左旋乳酸填充剂"，于 26 年 1 月获批 III 类医疗器械注册证，为全球首个明确获批用于颞部填充 适应症的聚左旋乳酸产品，亦为我国在该部位的首次批准，贝泰妮持 有成都伊臻生物母公司伊正（苏州）生物科技 15.73%股权，为其重要 战略投资者、单体最大股东。 【评论】 公司于医美领域布局不断丰富，有助于深化"妆械联合"逻辑。公司 于 2023 年投资伊正生物，当前差异化的注射剂产品获批亦体现了公 司前瞻布局筛选标的的能力，除医美注射剂外，公司在医美光电赛道 同样有较多布局，如：2023、2024 年，两度投资威脉医疗，旗下核心 射频抗衰产品 YOUMAGIC 舒立缇已经于 2024 年获批，贝泰妮已经 开始联合威脉开始探索围术期皮肤护理的创新性解决办法；2025 年投 资专注于高端医美光电设备研发的苏州紫菘医疗科技。公司在医美注 射剂、光电设备的投资布局不断完善，未来亦可 ...

通信行业周报 AI 算力投资与变革加速，智谱 GLM-5 适配主流国产芯片 2026 年 02 月 24 日 【投资要点】 【市场回顾】 1）通信行业整体下跌：通信（申万）指数节前两周（2026.2.2- 2026.2.13）下跌 4.3%，涨幅排名第 30；2）板块估值水平偏高：申 万通信板块 2026 年 2 月 13 日整体动态市盈率约为 24.07 倍 PE；3） 细分领域涨跌幅：海光缆、信息安全、工业互联网板块节前两周涨幅 分别为 20.0%、4.3%、4.2%，军工通信、北美 AI 板块分别下跌 7.3%、 7.1%；4）个股表现：申万通信板块成分股 78 家上涨、49 家下跌，特 发信息、长飞光纤、天孚通信、国盾量子、通鼎互联节前两周涨幅分 别为 47.5%、43.1%、25.4%、20.7%、18.0%。 【配置建议】 算力中长期旺盛需求持续验证，应用端落地进一步加速需求增长，当 前时点，建议关注算力产业链核心环节新技术渗透及国产链景气度提 升：光模块（中际旭创、新易盛、天孚通信、华工科技、光迅科技、仕 佳光子、光库科技、嘉元科技、优迅股份等）、铜互连（瑞可达、兆龙 互连等）、交换机（锐捷网络 ...

医药生物行业专题研究 "小而美"药辅行业迎来产业升级 2026 年 02 月 24 日 【投资要点】 【配置建议】 建议关注医药辅料优势企业山河药辅等；植物胶囊优势企业山东赫达 等。 【风险提示】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：何玮 证书编号：S1160517110001 相对指数表现 -10% -2% 6% 14% 22% 30% 2025/2 2025/8 2026/2 医药生物 沪深300 相关研究 《ADC 商业化进程提速，本土创新药企多 路径布局产能》 2026.02.09 《《药品管理法实施条例》全面修订，推动 医药产业创新与监管升级》 政策落地执行不达预期； 药用辅料国产替代延迟； 新型高端辅料推进不达预期； 消费降级保健品增长不达预期； 2026.02.03 《医药零售高质量发展政策发布，行业有 望加速整合利好龙头》 2026.01.27 《J.P. Morgan 健康大会召开，中国创新药 企扬帆出海》 2026.01.20 《聚焦脑机接口与小核酸药物，JPM 盛会 前奏下医疗布局新浪潮》 2026.01.14 行 业 研 究 / 医 药 生 物 / 证 ...

Investment Rating - The report maintains a "Buy" rating for the company, reflecting optimism about its future performance and potential for profit growth [2][15]. Core Insights - The company is expected to benefit from governance reforms, asset flexibility, and a transformation in liabilities, which together reshape its growth logic. The projected net profit for 2025E-2027E is estimated at 39.244 billion, 42.360 billion, and 44.130 billion yuan, representing year-on-year growth of 49.6%, 7.9%, and 4.2% respectively [2][15]. - The report highlights a synergistic effect from governance innovation, high equity allocation, and liability transformation, which is anticipated to enhance the company's value and operational efficiency [14][20]. Summary by Sections 1. Mechanism-Asset-Business Three-Layer Linkage - The company has established a three-layer logic of governance innovation, asset capability enhancement, and liability business transformation, creating a unique growth momentum and performance elasticity [20]. - Governance reforms are seen as the foundational engine driving comprehensive transformation, with a focus on professionalization and marketization across all business lines [20][14]. 2. Industry Environment - The insurance industry is transitioning into a phase characterized by "stock game + value priority," with a focus on governance advantages, investment capabilities, and transformation speed as key competitive factors [32]. - The overall performance of the insurance industry remains stable, with premium income reaching 3.74 trillion yuan in the first half of 2025, a year-on-year increase of 5.04% [32]. 3. Company Overview - The company has undergone significant historical evolution, transitioning from rapid expansion to a focus on high-quality development, with governance modernization as a core strategy [52]. - The company has successfully optimized its business structure, shifting from low-value insurance products to a focus on health insurance and individual premium products, resulting in a substantial increase in internal value [52].

Economic Growth Targets - The weighted GDP growth target for 31 provinces in 2026 is set at 5.0%, down from 5.3% in 2025[21] - A total of 18 provinces have lowered their economic growth targets for 2026, accounting for approximately 60% of the total[23] - The average reduction in economic targets among the provinces that lowered their goals is 0.5%[23] Investment and Consumption Targets - The weighted investment target for 14 comparable regions is approximately 4.4%, down from 6.4% the previous year[21] - The weighted consumption target for 16 comparable regions is around 4.7%, lower than last year's target of 5.4%[21] CPI and Budget Revenue - The CPI target for most regions remains around 2%, consistent with the national target[21] - The overall target for general public budget revenue has been lowered, with 6 out of 21 regions adjusting their targets downward[21]

Market Overview - The U.S. non-farm payroll data for January showed an addition of 130,000 jobs, significantly exceeding the market expectation of 65,000, with the unemployment rate unexpectedly dropping to 4.3% [1] - The strong job growth, particularly in healthcare, has dampened market expectations for an early interest rate cut by the Federal Reserve, pushing the anticipated timing for the first rate cut of the year to July [1] - Following the data release, major indices experienced volatility, with the Nasdaq down 0.16% and the S&P 500 closing nearly flat [1] Economic Trends - The January employment rebound is viewed as a response to the previous year's significant slowdown in job growth, with the total employment growth for the previous year revised down from 584,000 to 181,000 [4] - The current strong data may not indicate a stable long-term trend, as concerns about the labor market's rapid weakening persist [4] - The probability of the Federal Reserve maintaining rates in March has risen to over 94%, indicating a shift in market sentiment regarding interest rate cuts [4] Sector Analysis - The technology sector, particularly AI-related stocks, is facing significant selling pressure, with concerns about "AI disruption" spreading from software to real estate and financial services [4] - Despite the overall market weakness, sectors such as energy, materials, and consumer staples have shown relative strength, indicating a rotation of funds from high-valuation growth stocks to value and hard asset stocks [4] - Micron's stock surged by 10% due to expectations of increased capacity for HBM4, highlighting a renewed focus on the certainty of AI hardware investments [4]

Market Overview - The US retail sales data for December remained flat month-on-month, falling short of the expected growth of 0.4%, indicating a gradual weakening in consumer spending as the holiday season comes to an end [1] - Following the data release, the market slightly increased the probability of three interest rate cuts within the year, with two already fully priced in, leading to a significant drop of 6 basis points in the 10-year US Treasury yield, reaching a near one-month low [1] - The overall market sentiment was cautious ahead of the non-farm payroll report, resulting in a mixed performance across major indices, with the Nasdaq down 0.59% and the Dow Jones up 0.10% [1] Core Insights - The launch of an AI-based tax planning tool by the technology platform Altruist has raised concerns about AI's impact on traditional wealth management, leading to a drop of over 7% in Charles Schwab's stock, mirroring previous sell-offs in the insurance brokerage and software sectors [3] - The narrative surrounding AI's potential to replace professional roles in legal research, data organization, financial analysis, and code collaboration may continue to trigger rotational sell-offs in the short term [3] - Despite a recent stabilization in software stocks after significant declines, the overall sector remains fragile, with capital rotating into materials and utilities, which are less affected by AI trading [3] - The focus of trading is shifting from beneficiaries of favorable conditions to victims of adverse impacts, with previously concentrated sectors like computing power, networking, and energy showing signs of stagnation [3] - Concerns regarding AI threats are nearing a peak, and the recent declines in certain sectors may reflect an overpricing of short-term AI impacts, suggesting potential opportunities to capture mispriced assets within the sector [3] - The upcoming non-farm payroll report is expected to show job growth in the range of 60,000 to 80,000, with a better-than-expected result potentially boosting market confidence and alleviating recent selling pressures [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The People's Bank of China will continue to implement a moderately loose monetary policy in 2026, and there is still room for reserve requirement ratio cuts and interest rate cuts [6]. - The 10 - year Treasury bond yield is in a narrow - range corridor. In the short term, the bond market sentiment may remain warm before the Spring Festival, but attention should be paid to the key resistance level. In the medium term, the bond market may face headwinds, and caution is needed when participating in ultra - long - term bond assets [7]. - In 2026, the local bond market will "front - load" issuance, and funds will be focused on new infrastructure construction, urban renewal and public services, intelligent upgrading of traditional major infrastructure, resolving stock debt risks, and industrial upgrading and national security - related fields [8][9][10][11]. - In 2026, the global attractiveness of Chinese fixed - income assets may increase, but the allocation power of overseas investors may not be the decisive factor affecting the bond yield trend [12]. - In the context of a volatile domestic stock market, investors can focus on four bond market allocation opportunities: the allocation and trading value of interest - rate bonds, the coupon advantage of high - quality credit bonds, the enhanced elasticity opportunity of convertible bonds, and the diversification value of international allocation [14] 3. Summary by Relevant Catalogs 1.1 Central Economic Work Conference and Monetary Policy in 2026 - The People's Bank of China will implement a moderately loose monetary policy, increasing counter - cyclical and cross - cyclical adjustment. There is still room for reserve requirement ratio cuts (the current average legal deposit reserve ratio is 6.3%) and interest rate cuts (stable RMB exchange rate, narrowing bank net interest margin, and maturing long - term deposits) [6] 1.2 Bond Market Pattern in 2026 - The 10 - year Treasury bond yield is around 1.8% - 1.9%. In the short term, the bond market sentiment may be warm before the Spring Festival, but attention should be paid to the 1.80% resistance level. In the medium term, the bond market may face headwinds, and caution is needed when participating in ultra - long - term bond assets [7] 1.3 Inclination of Local Bond Market Scale in 2026 - Funds will be focused on new infrastructure construction (related to new technologies), urban renewal and public services, intelligent upgrading of traditional infrastructure, resolving stock debt risks (about 6 trillion special refinancing bonds for debt replacement will be basically issued), and industrial upgrading and national security - related fields [8][9][10][11] 1.4 Global Attractiveness of Chinese Fixed - Income Assets in 2026 - Chinese fixed - income assets can effectively diversify risks in a global asset portfolio. With the appreciation of the RMB against the US dollar, their global attractiveness may increase, but the influence of overseas investors may not be decisive [12] 1.5 Bond Market Allocation Opportunities in 2026 - Interest - rate bonds: Provide a stable foundation for portfolio construction and trading opportunities for investors with certain trading abilities [15] - High - quality credit bonds: Focus on high - quality urban investment bonds in economically strong regions and industrial bonds in strategic industries [16] - Convertible bonds: Select bonds related to policy - supported sectors and pay attention to valuation [17] - International allocation: Chinese interest - rate bonds can attract foreign capital, and some high - quality Chinese dollar bonds can be a useful supplement [18]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [3]. Core Insights - The low-altitude economy is poised for significant growth, supported by recent policy initiatives aimed at enhancing communication and navigation infrastructure [6][9]. - The report highlights the importance of integrating new technologies such as AI and big data into the low-altitude industry, which is expected to improve operational efficiency and safety [6][9]. - The government aims for a 90% coverage of ground mobile communication networks for low-altitude public air routes by 2027, indicating strong future demand for related technologies and services [6]. Summary by Sections Policy Developments - Multiple policies have been introduced since 2026 to support the low-altitude economy, including guidelines for establishing a standard system and enhancing infrastructure [8][10]. - The Shanghai and Shenzhen governments have set ambitious targets for the low-altitude economy, including a projected industry scale of 80 billion yuan by 2028 [8][10]. Investment Opportunities - Key companies to watch include: - **Suzhou Planning**: Plans to acquire Dongjin Aviation Technology, which specializes in air traffic management systems [14][16]. - **Brilliant Technology**: Engaged in eVTOL certification processes and has a strong order backlog, indicating robust growth potential [20][22]. - **Deep City Transportation**: Focused on low-altitude design consulting and infrastructure, with projects across multiple cities [24][26]. Market Trends - The number of registered drones in China is expected to reach 2.177 million by 2024, reflecting a 71.8% year-on-year increase, which underscores the rapid growth of the low-altitude sector [10][11]. - The number of general airports has increased to 475, indicating a growing infrastructure to support the low-altitude economy [12].