Investment Rating - The report maintains a "Buy" rating for several companies, including China Giant Glass, Conch Cement, and Oriental Yuhong, while suggesting "Hold" for others like Puyang Refractories and Keren Co. [8] Core Insights - Leading waterproof companies such as Oriental Yuhong and Keshun have raised prices by 5-10% due to significant increases in raw material costs, indicating a potential recovery in industry profitability [4][6] - The real estate sector is showing signs of recovery after a prolonged adjustment period, with expectations of policy support and improved transaction volumes in the second-hand housing market [4][6] - Intel's glass substrate technology has achieved mass production, which could impact the domestic supply chain positively, with recommendations to focus on companies like Kaisheng Technology and Gobika [4][6] Summary by Sections Price Increases in Waterproof Companies - Companies like Oriental Yuhong and Keshun have announced price hikes of 5-10% for their waterproof products, driven by rising costs of acrylic emulsions and other raw materials [4][6] - The waterproof membrane industry has seen its first year-on-year production growth since November 2025, indicating a positive shift in the market [4][6] Company Profit Forecasts and Valuations - The report includes detailed earnings per share (EPS) forecasts and price-to-earnings (P/E) ratios for various companies, with notable mentions such as: - Oriental Yuhong: EPS forecast of 0.68 yuan for 2026, with a P/E ratio of 20 [8] - China Giant Glass: EPS forecast of 1.09 yuan for 2026, with a P/E ratio of 17 [8] - Conch Cement: EPS forecast of 2.09 yuan for 2026, with a P/E ratio of 12 [8] Weekly Market Review - The report provides insights into the weekly performance of the construction and building materials sectors, highlighting fluctuations in various indices [10][11] - Specific companies have shown significant weekly gains, such as *ST Lifan with a 47.33% increase, while others like Huamin Co. experienced a 16% decline [19]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 21-31.5 million yuan in 2025, marking a turnaround from losses in previous years [1] - The recovery in the prices of photoinitiators and improved performance quarter by quarter are highlighted, with significant price increases for key products such as TPO, 907, and 184, which rose by 14.7%, 18.1%, and 21.2% respectively [2] - The company is enhancing its industry leadership through the trial production of new photoinitiator projects, which will improve product variety and self-sufficiency in upstream intermediates [3] - The profit forecast for 2025-2027 has been revised upwards, with expected net profits of 31 million, 78 million, and 136 million yuan respectively [3] Summary by Sections Financial Performance - The company anticipates a revenue of 1.513 billion yuan in 2025, with a slight growth of 1.64% year-on-year [4] - The gross profit margin is projected to improve to 15.1% in 2025, up from 8.8% in 2023 [10] - The earnings per share (EPS) is expected to turn positive at 0.19 yuan in 2025, compared to a loss of 0.86 yuan in 2023 [8] Profitability and Valuation - The report indicates a significant improvement in profitability, with a return on equity (ROE) expected to reach 1.2% in 2025, compared to -3.7% in 2023 [10] - The price-to-earnings (P/E) ratio is projected to be 140 in 2025, decreasing to 32 by 2027, indicating a potential for valuation improvement as earnings grow [11] Market Position and Growth - The company is solidifying its market position with new projects entering trial production, which will enhance its capacity and product offerings in the photoinitiator sector [3] - The establishment of the Tianjin Ruiwu Equity Investment Fund is expected to contribute positively to the company's investment income [2]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In January 2026, the secondary - market prices of publicly - offered REITs in China showed an overall fluctuating upward trend, with the secondary - market prices of both equity - type REITs and franchise - type REITs rising, and the equity - type REITs having a larger increase. The trading enthusiasm in the REITs market increased compared to the previous month, and the total net inflow of the main funds reached 588.19 million yuan. The total amount of block trades also increased compared to the previous month [2][3][4]. 3. Summary by Directory 3.1 Primary Market 3.1.1 Listed Projects - As of January 31, 2026, there were 78 publicly - offered REITs products in China, with a total issuance scale of 20.1749 billion yuan (excluding expansion and fundraising). Among them, the transportation infrastructure - type REITs had the largest issuance scale of 6.8771 billion yuan, followed by the park infrastructure - type REITs with a scale of 3.2933 billion yuan. No new REITs products were listed in January 2026 [11][12]. 3.1.2 Projects to be Listed - As of January 31, 2026, there were 22 REITs in the state of being to be listed, including 20 initial - offering REITs and 2 REITs to be expanded and raised. In January, the project status of AVIC Beijing Changbao Rental Housing Closed - end Infrastructure Securities Investment Fund (initial offering) and CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "inquired". Additionally, 8 commercial real - estate REITs were declared [15]. 3.2 Secondary - Market Performance 3.2.1 Price Trend - **At the large - asset level**: From January 1 to January 31, 2026, the secondary - market prices of publicly - offered REITs in China showed a fluctuating upward trend. The CSI REITs (closing) and CSI REITs total return index closed at 809.56 and 1052.42 respectively, with monthly returns of 3.98% and 4.22%. The weighted REITs index had a monthly return of 4.83%. Compared with other major asset classes, the return of REITs was 4.83%, ranking behind gold, crude oil, convertible bonds, and A - shares, but ahead of US stocks and pure bonds [17]. - **At the underlying - asset level**: Both equity - type REITs and franchise - type REITs saw price increases, with the equity - type REITs having a larger increase. The return of equity - type REITs was 5.7%, and that of franchise - type REITs was 3.42%. Among different underlying - asset types, water - conservancy facilities - type REITs had the largest increase this month. The underlying - asset categories with better returns this month were water - conservancy facilities, new - type infrastructure, and consumption, with returns of 9.7%, 8.38%, and 7.6% respectively [21][23]. - **At the single - REIT level**: Among the publicly - offered REITs this month, 74 rose, 1 remained the same as last month, and 3 fell. The top three in terms of increase were Huaan Bailian Consumption REIT, Huaxia Zhonghai Commercial REIT, and CICC Chongqing Liangjiang REIT, with increases of 17.43%, 13.68%, and 13.62% respectively. The top three in terms of decrease were E Fund Guangzhou Development Zone High - tech Industrial Park REIT, Huaxia Nanjing Transportation Expressway REIT, and Huaxia Fund China Resources Youchao REIT, with decreases of 3.17%, 1.46%, and 0.07% respectively [25]. 3.2.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of publicly - offered REITs this month increased compared to last month, and the new - type infrastructure - type REITs led in the average daily turnover rate during the period. As of January 30, the total trading volume of the 78 listed REITs within the month was 36.38 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three REITs categories were transportation infrastructure, consumption infrastructure, and park infrastructure, with trading volumes of 7.39 billion, 6.52 billion, and 6.42 billion yuan respectively. In terms of turnover rate, the top three REITs categories in the average daily turnover rate during the period were new - type infrastructure, water - conservancy facilities, and municipal facilities, with rates of 0.96%, 0.84%, and 0.67% respectively [28]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three within the month were Bosera Shekou Industrial Park REIT, CICC Puluosi REIT, and Huaxia Hefei High - tech REIT, with trading volumes of 122 million, 121 million, and 120 million shares respectively. In terms of trading amount, the top three within the month were Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and CICC Puluosi REIT, with trading amounts of 819 million, 433 million, and 398 million yuan respectively. In terms of turnover rate, the top three within the month were CITIC Construction Investment Shenyang International Software Park REIT, AVIC Yishang Warehouse Logistics REIT, and Southern Wanguo Data Center REIT, with turnover rates of 35.05%, 28.66%, and 25.80% respectively [30]. 3.2.3 Main - Fund Net Inflow and Block - Trade Situation - **Main - fund net inflow situation**: This month, the total net inflow of main funds reached 588.19 million yuan, and the trading enthusiasm in the market increased compared to last month. From the perspective of different underlying - asset REITs, the top three underlying - asset types in terms of net inflow of main funds this month were consumption infrastructure, energy infrastructure, and transportation infrastructure, with net inflows of 366.47 million, 58.62 million, and 44.97 million yuan respectively. From the perspective of single REITs, the top three REITs in terms of net inflow of main funds this month were Huaxia China Resources Commercial REIT, CICC Yinli Consumption REIT, and Huaxia Joy City Commercial REIT, with net inflows of 193.33 million, 68.38 million, and 42.48 million yuan respectively, and the consecutive inflow days were +1, +5, and +1 days respectively [33]. - **Block - trade situation**: The total amount of block trades this month was 1.55 billion yuan, an increase compared to last month. There were 20 trading days with block trades this month, and the total block - trade turnover was 1.55 billion yuan. The block - trade turnover on January 19, 2026, was the highest within the month, reaching 236.09 million yuan. In terms of single REITs, the top three in terms of block - trade turnover within the month were CITIC Construction Investment State Power Investment New Energy REIT, Ping An Ningbo Traffic Investment REIT, and Penghua Shenzhen Energy REIT, with turnovers of 195.04 million, 180.62 million, and 145.72 million yuan respectively, and the corresponding average discount - premium rates were - 0.19%, - 1.66%, and - 0.47% respectively [37]. 3.3 Related Policies - On January 4, the "Notice of the Ministry of Commerce and Other 9 Departments on Implementing the Action to Promote Green Consumption" was issued, emphasizing support for eligible projects to issue infrastructure - sector real - estate investment trusts (REITs). On January 15, the China Securities Regulatory Commission held the 2026 system work conference, proposing to promote the improvement of quality, adjustment of structure, and expansion of the total amount of the bond market, and to ensure the smooth implementation of the pilot program for commercial real - estate REITs [40].

Investment Rating - The report maintains a "Buy" rating for Apple Inc. (AAPL.O) [1] Core Insights - Apple achieved record revenue of $143.8 billion in FY1Q26, representing a year-over-year increase of 15.7%, significantly exceeding market expectations and the company's previous guidance of 10%-12% growth [4][5] - Net profit reached $42.1 billion, up 15.9% year-over-year, with a basic EPS of $2.85, marking an 18.5% increase [4] - The overall gross margin rose to 48.2%, surpassing the previous guidance of 47%-48% [4] Revenue Performance - iPhone revenue was $85.3 billion, reflecting a 23% year-over-year increase, with strong performance across all regions, validating the robust product cycle of the iPhone 17 series [5] - Service revenue reached $30 billion, a 14% year-over-year increase, setting a new record, with multiple sub-segments like advertising and cloud services also achieving historical highs [5] - Other hardware categories showed mixed results, with Mac revenue declining by 7% due to high base effects from last year's M4 chip launch, while iPad revenue grew by 6% and wearables saw a slight decline of 2% due to supply constraints [5] Guidance and Strategic Initiatives - For FY2Q26, Apple projects total revenue growth of 13%-16%, with service revenue expected to maintain similar growth rates as FY1Q26 [6] - Gross margin guidance is set at 48%-49%, despite acknowledging rising storage costs, indicating strong pricing power and supply chain management capabilities [6] - Apple is deepening its AI strategy, collaborating with Google to develop next-generation foundational models, enhancing user experience with new AI features [6] Profit Forecasts - Based on the strong performance in FY1Q26 and optimistic guidance, the report raises the GAAP net profit forecasts for FY2026 to $121.1 billion, with corresponding EPS estimates of $8.38 [7]

Investment Rating - The report maintains a "Buy" rating for Apple Inc. (AAPL.O) [1] Core Insights - Apple achieved record revenue and profit in FY1Q26, with revenue reaching $143.8 billion (yoy +15.7%) and net profit at $42.1 billion (yoy +15.9%), surpassing market expectations and previous guidance [4][5] - The overall gross margin increased to 48.2%, exceeding the previous guidance of 47%-48% [4] - The strong performance was driven by a robust recovery in iPhone sales, with iPhone revenue at $85.3 billion (yoy +23%) [5] - Service revenue also reached a record high of $30 billion (yoy +14%), indicating strong user engagement and monetization capabilities [5] - Despite supply chain challenges, the guidance for FY2Q26 remains optimistic, with expected revenue growth of 13%-16% and gross margin guidance of 48%-49% [6] Summary by Sections Financial Performance - FY1Q26 revenue was $143.8 billion, net profit was $42.1 billion, and basic EPS was $2.85 [4] - The gross margin for FY1Q26 was 48.2%, reflecting strong pricing power and supply chain management [6] Business Segments - iPhone revenue was $85.3 billion, marking a 23% year-over-year increase [5] - Service revenue reached $30 billion, a 14% increase year-over-year, with multiple sub-segments achieving record highs [5] - Other hardware segments showed mixed results, with Mac revenue declining by 7% and iPad revenue increasing by 6% [5] Future Outlook - The guidance for FY2Q26 includes a revenue growth forecast of 13%-16% and a gross margin of 48%-49% [6] - The company is focusing on AI development, including partnerships with Google for next-generation models and enhancing user experience through new AI features [6][7] - Long-term growth potential is supported by a large active device ecosystem of over 2.5 billion [7]

总量研究 周期主题 ETF 资金净流入规模扩大，国防军工主题基金净值表现不佳 ——基金市场与 ESG 产品周报 20260202 2026 年 2 月 2 日 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.1.26-2025.1.30）原油价格大涨，国内权益市场指数震荡分化，沪深 300 上涨 0.08%。行业方面，本周各申万一级行业指数多数下跌，石油石 化、通信、煤炭行业涨幅居前，国防军工、电力设备、汽车行业跌幅居前。 基金市场方面，本周权益型基金表现不佳，纯债型基金维持正收益。 基金产品发行情况：本周国内市场新成立基金 47 只，合计发行份额为 482.72 亿份。其中混合型基金 21 只、股票型基金 19 只、FOF 基金 1 只、 债券型基金 4 只、国际(QDII)基金 2 只。全市场新发行基金 45 只，从类型来 看，股票型基金 21 只、混合型基金 15 只、FOF 基金 5 只、债券型基金 2 只、国际(QDII)基金 2 只。 基金产品表现跟踪：长期行业主题基金指数表现来看，本周周期、金融地产 主题基金净值上涨，其余主题基金表现不佳，国防军工主题基金净值显著 ...

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace sector [6]. Core Insights - SpaceX plans to deploy up to 1 million AI satellites to create the world's first space data center, expanding the demand for commercial aerospace [1][2]. - The new satellites will operate at altitudes of 500km, 1000km, and 2000km, providing large-scale AI inference and data center services to billions of users globally [1]. - The focus of competition in commercial aerospace is shifting from communication services to the development of orbital computing infrastructure [2]. Summary by Sections Satellite Deployment - SpaceX's initiative aims to establish a "space-based computing network" that leverages solar energy and the unique environment of space to handle high-intensity computing tasks, overcoming the limitations faced by terrestrial data centers [2]. Rocket Manufacturing and Launch Capabilities - SpaceX has reduced the cost of launching payloads to approximately $1400-$2000 per kilogram through the regular recovery and reuse of Falcon 9 rocket boosters, with plans to further decrease costs to $100 per kilogram with the next-generation fully reusable Starship [3]. Communication Infrastructure - Inter-satellite laser communication is critical for the SpaceX orbital data center system, facilitating all major data transmission and network routing tasks [4]. Strategic Asset Integration - Elon Musk is considering merging SpaceX with his AI company xAI or Tesla to enhance the space computing layout, potentially allowing SpaceX's orbital data centers to provide significant computing power to xAI [5]. Investment Recommendations - The report suggests focusing on companies in the rocket sector such as Chaojie Co., Gaohua Technology, and Zhongheng Design, as well as satellite companies like Shaanxi Huada, Shanghai Port, and others [5].

2026 年 2 月 2 日 公司研究 因内码调整进度偏慢拖累，预计 25H2 业绩承压 ——澳优（1717.HK）2025 年业绩前瞻 资料来源：Wind，光大证券研究所预测，股价时间为 2026-01-30 （注：汇率为 1 港币=0.8926 元人民币，23-27 年股本 数分别为 17.80/17.80/17.78/17.78/17.78 亿股） 要点 2025 年业绩前瞻：1）我们预计公司 25 年收入同比增长 1.1%，收入增速较 25H1 放缓主要受国内奶粉业务拖累。2）我们预计公司 25 年归母净利润同比基本持 平；25H2 利润同比下滑主要系内码调整进度低于预期，以及行业竞争加剧，导 致高毛利率的国内奶粉业务收入占比下降。 内部调整滞后、外部行业环境恶化等因素影响，25 年业绩预计不及预期。 1）内码切换进度滞后：25 年 4 月公司启动内码切换工作并同步涨价，消费者提 前囤货，使得内码切换完成时间从三季度延迟至四季度，打乱了下半年核心业务 的增长节奏。2）行业竞争加剧：25 年行业内多家企业推出补贴或降价策略，而 公司此时处于涨价阶段，在价格竞争中处于被动地位。3）行业收入增速下滑： 25 ...

2026 年 2 月 2 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】开年经济成色几何？——2026 年 1 月 PMI 点评 1 月制造业、非制造业景气度均落入收缩区间，重点关注几点变化：一是，受天气转 冷、临近春节人员返乡以及年末需求提前释放等因素影响，经济活动呈现季节性放缓； 二是，海外备货旺季结束，出口景气度回落，装备制造业有所承压；三是，新旧动能 分化加大，高技术制造业持续扩张，消费品制造业景气度落入收缩区间；四是，原材 料价格涨幅明显快于产成品价格，对部分企业利润有所影响。 【宏观】沃什将如何重塑政策路径与市场预期？——解构美国系列第十八篇 1 月 30 日，特朗普提名凯文·沃什为新一届美联储主席。在政策观点上，其支持进一 步降息，但对美联储扩表持谨慎态度，绝非纯粹"鸽派"，美联储后续或呈现"降息 与缩表并行"的政策组合。从资产反应来看，市场更多交易其反对扩表的"鹰派"一 面，黄金与美股出现明显回调。我们认为，沃什上台后并不会快速推进缩表进程，节 奏上"降息在前，缩表在后"，当前市场无需对流动性过于"恐慌"。 【策略】关注业绩，持股过节——2026 年 2 月策略观点 我们认为，本轮春季 ...

Investment Rating - The report maintains a "Buy" rating for the public utility sector [6] Core Insights - The commercial model of the power sector is continuously transforming, with a reduced reliance on annual long-term contracts for electricity and prices. The sector is shifting towards mid-to-long-term markets, spot markets, and capacity markets, indicating a comprehensive push for marketization [19][3] - The capacity price mechanism is being refined, with the aim to optimize the electricity market and ensure fair compensation reflecting the contributions of different power plants to peak demand [15][3] - The report highlights the importance of capacity market development, with current subsidies in Gansu and Yunnan reaching 330 RMB/kW·year, which helps offset the decline in electricity prices [19][3] Summary by Sections Market Performance - The SW public utility sector index fell by 1.66% this week, ranking 16th among 31 SW sectors. In comparison, the CSI 300 index rose by 0.08%, while the Shanghai Composite Index and Shenzhen Component Index fell by 0.44% and 1.62%, respectively [33][33] - Within sub-sectors, thermal power decreased by 2.78%, hydropower increased by 0.3%, while solar and wind power fell by 4.53% and 2.49%, respectively [33][33] Price Updates - Domestic and imported thermal coal prices have rebounded slightly, with domestic Qinhuangdao port 5500 kcal thermal coal rising by 4 RMB/ton, remaining below 700 RMB/ton. Imported coal prices also saw a slight increase [12][12] - The average clearing price for electricity in Shanxi and Guangdong has significantly increased due to cold weather, while the monthly agent purchase electricity costs are trending upwards due to rising capacity prices and the entry of renewable energy into the settlement cycle [13][12] Key Events - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity price mechanism for power generation, which includes optimizing compensation for coal and gas power generation [3][15] - Recent policy changes include relaxing the annual long-term contract signing ratio for coal-fired power companies and the cancellation of time-of-use electricity pricing in multiple regions [3][15] Recommendations - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable cash dividends. The profitability of thermal power is anticipated to gradually detach from coal cost dependency, shifting towards multiple influencing factors [19][3] - For long-term stable investment needs, the report recommends attention to companies like Yangtze Power, State Power Investment Corporation, and China National Nuclear Power [19][3]