1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the bond - issuing entities within key supported industries under the "15th Five - Year Plan". It combines bond performance and fundamental performance of these entities, using a qualitative + quantitative approach to build an objective and quantitative evaluation standard. The top 25% of entities in each industry in terms of comprehensive performance are selected as recommended investment targets for investors [2][8]. 3. Summary by Related Catalog 3.1 New Pillar Industries - **Bond Performance**: As of January 5, 2026, 30 bond - issuing entities with relatively superior comprehensive performance have most of their outstanding bond balances at 2 billion yuan or more. Their latest credit ratings are mainly AAA and AA +. They are mainly located in Shandong, Guangdong, Anhui, etc. Most of the latest bond - issuing costs are in the range of 2.28% - 2.54%, and the latest bond yields to maturity are in the range of 2.25% - 2.51%. Current institutional holdings are mainly from banks and public funds [9]. - **Fundamental Performance**: The interest coverage ratio of these 30 entities is mostly between 1.35 - 3.81 times, the cash - to - due - debt ratio is mostly between 11.91 - 65.02, the cash - to - short - term - debt ratio is mostly between 0.31 - 1.07, and the tangible net - worth debt ratio is mostly between 145.50% - 498.97%. The total revenue and net profit attributable to the parent company of most entities in Q1 - Q3 of 2025 have year - on - year growth rates in the ranges of - 10.12% - 0.29% and - 21.00% - 22.11% respectively [10]. - **Recommended Entities**: Water Development Group Co., Ltd., Anhui Energy Group Co., Ltd., Zhoushan Transportation Investment Group Co., Ltd., Sichuan Hydropower Investment and Operation Group Co., Ltd., Anhui Wanneng Co., Ltd., Gansu Electric Power Investment Energy Development Co., Ltd., and GEM Co., Ltd. [11][12] 3.2 Future Industries - **Bond Performance**: 20 bond - issuing entities with relatively superior comprehensive performance have most of their outstanding bond balances at 2 billion yuan or more. Their latest credit ratings are mainly AAA and AA +. They are mainly located in Beijing, Jiangsu, Shanghai, etc. Most of the latest bond - issuing costs are in the range of 1.94% - 2.70%, and the latest bond yields to maturity are in the range of 1.98% - 2.56%. Current institutional holdings are mainly from banks [17]. - **Fundamental Performance**: The interest coverage ratio of these 20 entities is mostly between 1.05 - 4.55 times, the cash - to - due - debt ratio is mostly between - 23.53 - 11.57, the cash - to - short - term - debt ratio is mostly between 0.66 - 2.07, and the tangible net - worth debt ratio is mostly between 104.16% - 314.54%. The total revenue and net profit attributable to the parent company of most entities in Q1 - Q3 of 2025 have year - on - year growth rates in the ranges of - 2.06% - 15.63% and - 43.24% - 166.76% respectively [18]. - **Recommended Entities**: Beijing Yizhuang International Investment and Development Co., Ltd., China Electronics Corporation, BOE Technology Group Co., Ltd., China Information and Communication Technology Group Co., Ltd., Anhui Railway Development Fund Co., Ltd., North Huachuang Technology Group Co., Ltd., Shanghai Silicon Industry Group Co., Ltd., Jiangsu Changjiang Electronics Technology Co., Ltd., Sichuan Jinduo Investment Co., Ltd., Tsinghua Tongfang Co., Ltd., Tianjin Jinzhi State - owned Capital Investment and Operation Co., Ltd., China Great Wall Technology Group Co., Ltd., and Yangtze Optical Fibre and Cable Joint Stock Limited Company [19] 3.3 Traditional Industry Upgrades - **Bond Performance**: 20 bond - issuing entities with relatively superior comprehensive performance have most of their outstanding bond balances at 2 billion yuan or more. Their latest credit ratings are mainly AAA and AA +. They are mainly located in Beijing, Shandong, Liaoning, etc. Most of the latest bond - issuing costs are in the range of 2.60% - 3.30%, and the latest bond yields to maturity are in the range of 2.55% - 3.31%. Current institutional holdings are mainly from banks and securities firms [22][23]. - **Fundamental Performance**: The interest coverage ratio of these 20 entities is mostly between 1.08 - 5.12 times, the cash - to - due - debt ratio is mostly between 2.11 - 20.71, the cash - to - short - term - debt ratio is mostly between 0.43 - 0.96, and the tangible net - worth debt ratio is mostly between 97.85% - 437.09%. The total revenue and net profit attributable to the parent company of most entities in Q1 - Q3 of 2025 have year - on - year growth rates in the ranges of - 11.58% - 11.53% and - 47.89% - 29.65% respectively [23]. - **Recommended Entities**: China Metallurgical Group Corporation, Shandong Hongqiao New Material Co., Ltd., Nanshan Group Co., Ltd., Taiyuan Heavy Machinery Group Co., Ltd., Luoyang Cultural Tourism Investment Group Co., Ltd., Guangxi Liuzhou Iron and Steel Group Co., Ltd., and Huayuan Group Co., Ltd. [24] 3.4 Infrastructure Construction Industries - **Bond Performance**: 30 bond - issuing entities with relatively superior comprehensive performance have most of their outstanding bond balances at 2 billion yuan or more. Their latest credit ratings are mainly AAA and AA +. They are mainly located in Henan, Shandong, Xinjiang, etc. Most of the latest bond - issuing costs are in the range of 2.69% - 3.24%, and the latest bond yields to maturity are in the range of 2.63% - 3.00%. Current institutional holdings are mainly from banks and securities firms [28]. - **Fundamental Performance**: The interest coverage ratio of these 30 entities is mostly between 1.06 - 1.62 times, the cash - to - due - debt ratio is mostly between - 1.66 - 9.28, the cash - to - short - term - debt ratio is mostly between 0.23 - 1.06, and the tangible net - worth debt ratio is mostly between 94.90% - 252.91%. The total revenue and net profit attributable to the parent company of most entities in Q1 - Q3 of 2025 have year - on - year growth rates in the ranges of - 16.10% - 29.44% and - 126.73% - 30.22% respectively [28]. - **Recommended Entities**: Shenyang Metro Group Co., Ltd., Shanxi Road and Bridge Construction Group Co., Ltd., Xinyang Construction Investment Group Co., Ltd., Urumqi Transportation and Tourism Investment (Group) Co., Ltd., Urumqi Urban Rail Transit Group Co., Ltd., Qingdao Ocean Investment Group Co., Ltd., Zhuhai Huafa Technology Industry Group Co., Ltd., and Rizhao Land Development Group Co., Ltd. [29][30] 3.5 Green Transformation - related Industries - **Bond Performance**: 20 bond - issuing entities with relatively superior comprehensive performance have most of their outstanding bond balances at 1 billion yuan or more. Their latest credit ratings are evenly distributed among AAA, AA +, and AA. They are mainly located in Beijing, Hubei, Zhejiang, etc. Most of the latest bond - issuing costs are in the range of 2.27% - 2.68%, and the latest bond yields to maturity are in the range of 2.19% - 2.40%. Current institutional holdings are mainly from banks and public funds [34]. - **Fundamental Performance**: The interest coverage ratio of these 20 entities is mostly between 1.21 - 2.26 times, the cash - to - due - debt ratio is mostly between 1.56 - 34.59, the cash - to - short - term - debt ratio is mostly between 0.35 - 1.08, and the tangible net - worth debt ratio is mostly between 100% - 494.40%. The total revenue and net profit attributable to the parent company of most entities in Q1 - Q3 of 2025 have year - on - year growth rates in the ranges of - 7.02% - 6.54% and - 60.19% - 56.29% respectively [34]. - **Recommended Entities**: Beijing Urban Drainage Group Co., Ltd., Wuhan Water Group Co., Ltd., Jiangyin Public Assets Management Co., Ltd., Zhongyuan Environmental Protection Co., Ltd., China Environmental Protection Group Co., Ltd., Chongqing Water Resources Investment (Group) Co., Ltd., Meishan State - owned Capital Investment and Operation Group Co., Ltd., Nanning Jianning Water Investment Group Co., Ltd., Haining Water Investment Group Co., Ltd., Wuhan Urban Drainage Development Co., Ltd., Yulin Water Group Co., Ltd., and Bazhou Guoxin Construction and Development (Group) Co., Ltd. [35] 3.6 Livelihood Security and Consumption Upgrade Industries - **Bond Performance**: 20 bond - issuing entities with relatively superior comprehensive performance have most of their outstanding bond balances at 1 billion yuan or more. Their latest credit ratings are evenly distributed among AAA, AA +, and AA. They are mainly located in Shaanxi, Guangdong, Chongqing, etc. Most of the latest bond - issuing costs are in the range of 2.71% - 3.36%, and the latest bond yields to maturity are in the range of 2.65% - 3.32%. Current institutional holdings are mainly from banks [41]. - **Fundamental Performance**: The interest coverage ratio of these 20 entities is mostly between - 0.17 - 2.30 times, the cash - to - due - debt ratio is mostly between 0.49 - 23.67, the cash - to - short - term - debt ratio is mostly between 0.28 - 0.72, and the tangible net - worth debt ratio is mostly between 160.37% - 416.79%. The total revenue and net profit attributable to the parent company of most entities in Q1 - Q3 of 2025 have year - on - year growth rates in the ranges of - 14.61% - 3.69% and - 7.76% - 143.84% respectively [41][42]. - **Recommended Entities**: Overseas Chinese Town Group Co., Ltd., Shanxi Cultural Tourism Investment Holding Group Co., Ltd., Shaanxi Tourism Group Co., Ltd., Shanghai Yuyuan Tourist Mart (Group) Co., Ltd., Anyang Investment Group Co., Ltd., Youyang Taohuayuan Cultural Tourism Group Co., Ltd., Yunnan Expo Tourism Holding Group Co., Ltd., and Yingfeng Group Co., Ltd. [43]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company, Zhejiang Jinhua New Materials Co., Ltd., is a leading supplier of ketoxime products and has established a strong position in the fine chemical industry, particularly in silane crosslinking agents and hydroxylamine salts [9][14]. - The hydroxylamine salt market is expanding, driven by increased demand in downstream industries such as agriculture, pharmaceuticals, and electronics, which opens up long-term growth opportunities for the company [9][40]. - The company has a robust technical innovation capability and a rich customer base, including partnerships with major international and domestic chemical companies [9][57]. Summary by Sections 1. Company Overview - Zhejiang Jinhua New Materials specializes in the R&D, production, and sales of ketoxime series fine chemicals, including silane crosslinking agents and hydroxylamine salts [9][14]. - The company has received numerous accolades, including being recognized as a national "little giant" enterprise and a high-tech enterprise [14]. 2. Market Dynamics - The fine chemical industry is a strategic focus in China's chemical sector, with hydroxylamine salts being a key raw material for various applications, including low-toxicity pesticides and high-efficiency metal extractants [40][39]. - The global hydroxylamine salt market is projected to grow from 2.714 billion yuan in 2023 to 3.179 billion yuan by 2028, with a CAGR of 3.21% [40][41]. 3. Technical Innovation and Customer Base - The company has established a green circular industrial chain for ketoxime products, showcasing its commitment to sustainable practices and innovation [16][57]. - Jinhua New Materials has built a strong customer network, including partnerships with Bayer and domestic leaders like Wanhua Chemical, ensuring a stable demand for its products [60][57]. 4. Financial Projections - The company is expected to achieve revenues of 1.064 billion yuan in 2025, with a projected net profit of 198.77 million yuan, reflecting a growth trajectory despite a slight decline in 2025 [1][21]. - The earnings per share (EPS) are forecasted to be 1.47 yuan in 2025, with a P/E ratio of 34.00, indicating a favorable valuation compared to peers [1][21].

[Table_Tag] [Table_Summary] 投资要点 证券研究报告·北交所公司深度报告·化学制品 锦华新材（920015） 精细化工基石稳固，电子化学品崭露头角 2026 年 02 月 03 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,115 | 1,239 | 1,064 | 1,209 | 1,507 | | 同比（%） | 12.13 | 11.21 | (14.18) | 13.67 | 24.63 | | 归母净利润（百万元） | 172.51 | 210.94 | 198.77 | 257.08 | 344.23 | | 同比（%） | 116.74 | 22.28 | (5.77) | 29.33 | 33.90 | | EPS-最新摊薄（元/股） | 1.27 | 1.56 | 1.47 | 1.90 | 2.54 | | P/E（现价&最新摊薄） | 39.17 | 32 ...

2025Q4 业绩前瞻：零售承压见底，新业务亏 损收窄 买入（维持） 证券研究报告·海外公司点评·软件服务(HS) 京东集团-SW（09618.HK） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,084,662 | 1,158,819 | 1,307,627 | 1,380,807 | 1,466,767 | | 同比（%） | 3.67% | 6.80% | 12.84% | 5.60% | 6.23% | | 归母净利润（百万元） %） 净利润（百万元） 同比Non-（GAAP | 35,200 | 47,827 | 26,305 | 28,935 | 35,590 | | 同比（%） | 24.73% | 35.90% | -45.00% | 10.00% | 23.00% | | EPS-最新摊薄（元/股） | 11.1 | 15.0 | 8.3 | 9.1 | 11.2 | | P/E（现价&最新摊薄） PE ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this regard [1][27]. Core Insights - The company, "Ming Ming Hen Mang," is a leading player in the Chinese snack retail sector, with a projected revenue of 39.34 billion RMB in 2024, reflecting a year-on-year growth of 282.15% [1][27]. - The company has successfully merged its two brands, "Ming Ming Hen Mang" and "Zhao Yi Ming Snacks," to enhance market coverage and operational efficiency [8][9]. - The retail landscape is undergoing structural changes, with a shift towards specialized retail models, which are expected to drive significant growth in the snack sector [7][27]. Financial Performance - The company has shown rapid revenue growth, with revenues of 10.30 billion RMB in 2023, projected to reach 39.34 billion RMB in 2024, and 64.52 billion RMB in 2025, representing a year-on-year increase of 140.22% and 282.15% respectively [1][13]. - Net profit is expected to grow from 217.43 million RMB in 2023 to 833.70 million RMB in 2024, and further to 2.30 billion RMB in 2025, indicating a growth rate of 203.45% and 283.44% respectively [1][13]. - The company's gross margin is projected to improve from 7.45% in 2022 to 9.73% in the first three quarters of 2025, showcasing enhanced profitability [13][20]. Market Position - "Ming Ming Hen Mang" is positioned as the largest snack retail chain in China, with a market share of 1.5% and a gross merchandise volume (GMV) of 55.5 billion RMB in 2024 [19][23]. - The company operates approximately 15,000 stores, with a significant presence in both mainland China and Hong Kong/Macau [8][9]. - The competitive landscape is characterized by a duopoly between "Ming Ming Hen Mang" and "Wan Chen Group," both of which are rapidly expanding their store networks [22][27].

| Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,295 | 39,344 | 64,522 | 82,200 | 94,385 | | 同比（%） | 140.22 | 282.15 | 64.00 | 27.40 | 14.82 | | 归母净利润（百万元） | 217.43 | 833.70 | 2,297.55 | 3,020.41 | 3,732.72 | | 同比（%） | 203.45 | 283.44 | 175.58 | 31.46 | 23.58 | | Non-GAAP 净利润（百万元） | 235.00 | 843.70 | 2,591.11 | 3,225.91 | 3,921.49 | | 同比（%） | 190.12 | 259.02 | 207.11 | 24.50 | 21.56 | | EPS-最新摊薄（元/股） | 1.01 | 3.87 | 10.66 | 14.02 | 17.32 ...

证券研究报告·海外公司研究简报·食物饮品(HS) 鸣鸣很忙（01768.HK） 国内休闲食饮连锁零售龙头，开启量贩零食 3.0 时代 买入（首次） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,295 | 39,344 | 64,522 | 82,200 | 94,385 | | 同比（%） | 140.22 | 282.15 | 64.00 | 27.40 | 14.82 | | 归母净利润（百万元） | 217.43 | 833.70 | 2,297.55 | 3,020.41 | 3,732.72 | | 同比（%） | 203.45 | 283.44 | 175.58 | 31.46 | 23.58 | | Non-GAAP 净利润（百万元） | 235.00 | 843.70 | 2,591.11 | 3,225.91 | 3,921.49 | | 同比（%） | 190.12 | 259.02 | 207. ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The equity market is expected to perform well, with a projected net profit growth of 50% year-on-year for 2025, and a 16% growth in 2026 from a high base [1][30] - The average daily trading volume of stock funds is anticipated to reach 19.814 trillion yuan in 2025, representing a 67% year-on-year increase [1][9] - The report highlights a significant recovery in IPO and refinancing activities, with IPO fundraising expected to grow by 96% in 2025 [1][14] - The bond issuance scale is expected to increase steadily, with a 13% year-on-year growth in 2025 [1][19] - The report emphasizes the low valuation of brokerage stocks and the potential for valuation recovery, particularly for large brokerages [1][24] Summary by Sections 1. Equity Market Performance - The average daily trading volume of stock funds is projected at 19.814 trillion yuan, a 67% increase year-on-year [1][9] - The number of new accounts opened in the Shanghai market is expected to average 2.5 million per month, an 8% increase from 2024 [1][9] - The financing balance is projected to reach 2.5242 trillion yuan, a 36% increase year-on-year [1][12] - The IPO market is expected to see 116 IPOs raising 131.8 billion yuan, a 96% increase year-on-year [1][14] - The refinancing market is expected to recover significantly, with a total of 950.9 billion yuan raised, a 326% increase [1][18] 2. Profit Forecast for 2025 - The report forecasts a 50% year-on-year increase in net profit for listed brokerages in 2025, with a 16% increase in Q4 [1][30] - The total revenue for the industry is expected to grow by 21% year-on-year [1][30] 3. 2026 Outlook - The report anticipates a 16% year-on-year increase in net profit for the industry in 2026, based on high baseline assumptions [1][37] - The growth in brokerage income from various segments is expected, including a 25% increase in brokerage business revenue [1][37] 4. Valuation and Recommendations - The report notes that the current valuation of brokerages is relatively low, with the CITIC Securities II index at 1.43x PB, indicating potential for valuation recovery [1][24] - Key recommendations include major brokerages such as CITIC Securities, Huatai Securities, and Guotai Junan [1][24]

Fund Overview - As of December 31, 2025, the total scale of micro funds reached 7.72 billion yuan, with a concentration in a few leading products, indicating a "head concentration, tail shrinkage" pattern[10] - The top two funds, 诺安多策略混合 A and 金元顺安元启灵活配置混合, account for 50.31% of the total scale, with combined assets of 3.68 billion yuan[13] - C-class shares generally exceed A-class shares in scale, reflecting a higher proportion of short-term trading funds in the investor structure[13] Performance Analysis - Micro funds achieved a cumulative return of 93.33% as of January 26, 2026, but underperformed the 万得微盘股指数, which had a return of 192.21%, resulting in a negative excess return of -98.88%[20] - The performance gap indicates that micro fund investment strategies need to improve their adaptability to structural market conditions[22] Investor Structure - Individual investors dominate the micro fund ownership, with some funds having over 90% held by individuals as of June 2025[24] - Institutional participation has been gradually recovering, rising from 3.50% in mid-2024 to 15.48% by mid-2025, indicating a selective re-entry into micro funds[25] Strategy Logic - Micro funds primarily focus on low-attention stocks, aiming to capture valuation recovery as market interest increases[37] - The funds exhibit a calendar effect, with higher average returns in February, March, and November, suggesting strategic timing for investment[43] Risk Factors - Micro assets face liquidity constraints, with potential for significant price volatility during market sentiment shifts[57] - There is uncertainty regarding the fundamentals of individual stocks, necessitating higher research depth and risk control from fund managers[58] - Micro funds are sensitive to policy expectations and market sentiment, which can amplify price fluctuations[59]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a weekly increase of 3.37%, ranking it among the top performers across all primary industries. Precious metals surged by 18.02%, while small metals, energy metals, and new materials declined [14][1] - The market is experiencing increased volatility in precious metals due to a decline in risk appetite and negative gamma effects, leading to significant fluctuations in prices [1][4] Summary by Sections Market Review - The Shanghai Composite Index fell by 0.44%, while the non-ferrous metals sector outperformed with a 3.37% increase, surpassing the index by 3.81 percentage points [14] - Among the sub-sectors, precious metals rose by 18.02%, industrial metals increased by 5.74%, while small metals, energy metals, and new materials saw declines of 1.09%, 8.17%, and 5.12% respectively [14] Industrial Metals - **Copper**: The demand from downstream sectors is declining due to the Spring Festival effect, leading to a rise in global copper inventories. As of January 30, LME copper was priced at $13,071 per ton, down 0.44% week-on-week, while SHFE copper rose by 2.31% to 103,680 CNY per ton [2][30] - **Aluminum**: Prices fluctuated due to rising natural gas prices overseas. As of January 30, LME aluminum was priced at $3,136 per ton, down 1.20%, while SHFE aluminum increased by 1.11% to 24,560 CNY per ton [3][35] - **Zinc**: Zinc prices increased, with LME zinc at $3,370 per ton, up 3.09%, and SHFE zinc at 25,835 CNY per ton, up 5.08% [38] - **Tin**: Tin prices fell, with LME tin at $50,600 per ton, down 10.61%, and SHFE tin at 409,000 CNY per ton, down 4.79% [42] Precious Metals - **Gold**: The price of gold on COMEX was $4,907.50 per ounce, down 1.52%, while SHFE gold rose by 4.10% to 1,161.42 CNY per gram. The market is facing downward pressure due to rising inflation data and the Federal Reserve's decision to maintain interest rates [4][45] - The nomination of Kevin Warsh as the new Federal Reserve Chairman has led to a decline in market risk appetite, exacerbating the volatility in precious metals [46]