[Table_Page] 跟踪分析|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 普通电子布存供需缺口，步入涨价大周期 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2026-02-08 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 -10% 2% 14% 26% 38% 50% 02/25 04/25 06/25 09/25 11/25 01/26 建筑材料 沪深300 | 021-38003688 | | --- | | xielu@gf.com.cn | | 分析师： 张乾 | | SAC 执证号：S0260522080003 | | 021-38003687 | | gzzhangqian@gf.com.cn | | 请注意，张乾并非香港证券及期货事务监察委员会的注册 | | [Table_ 相关研究： DocReport] ...

[Table_Page] 宏观经济研究报告 2026 年 2 月 8 日 证券研究报告 [Table_Title] 广发宏观 存款的流向 [Tabl e_Author] 分析师： 郭磊 分析师： 钟林楠 SAC 执证号：S0260516070002 SFC CE.no: BNY419 SAC 执证号：S0260520110001 021-38003572 010-59136677 guolei@gf.com.cn zhonglinnan@gf.com.cn 请注意，钟林楠并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 报告摘要： ⚫ 近期存款搬家叙事再度升温，其中一个叙事逻辑是 2026 年有较多高息定存到期，在低利率环境下，这些定存 到期后会进行资产再配置，流向金融市场。本篇将就这一叙事做出一些拆解和探讨。 在前期报告《居民活动收支表的构建、分析与运用》中，我们曾对存款搬家叙事做了初步讨论： 从逻辑上讲，从存款搬家看股市或债市流动性是一个相对狭义的视角，它仅考虑了存款资产用于投资股票或债 券的规模，但实际上居民可支配收入+贷款获得的总收入扣掉消费、非 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 8.29 CNY and a fair value of 10.20 CNY [3]. Core Insights - The report highlights a recent increase in dye prices, which is expected to lead to a rise in dyeing fees for the company after the holiday season. The textile dyeing industry typically sees a peak in orders during March and April, suggesting a favorable outlook for the company's operations [1][6]. - The company operates in two main sectors: textile dyeing and gold jewelry processing, with the dyeing segment being the primary revenue contributor. The company employs a processing model where it charges fees for dyeing and finishing services [6]. - The report anticipates that the company's earnings per share (EPS) will grow from 0.72 CNY in 2025 to 0.91 CNY in 2027, reflecting a stable growth trajectory [6]. Financial Forecast - Revenue projections for the company are as follows: - 2023: 9,666 million CNY - 2024: 11,468 million CNY (growth rate of 18.6%) - 2025: 11,761 million CNY (growth rate of 2.6%) - 2026: 12,647 million CNY (growth rate of 7.5%) - 2027: 13,601 million CNY (growth rate of 7.5%) [2]. - The forecasted EBITDA is expected to increase from 1,126 million CNY in 2023 to 1,521 million CNY in 2027 [2]. - The net profit attributable to shareholders is projected to rise from 685 million CNY in 2023 to 933 million CNY in 2027, with a notable increase of 18.2% in 2026 [2]. Business Model and Market Position - The company is recognized as a leading player in the domestic dyeing industry and gold jewelry processing sector, with a dyeing capacity of 1.45 billion meters annually as of the first half of 2025 [6]. - The report notes that the company’s dyeing business is closely linked to the fluctuations in dye prices, which have been rising due to increased costs of raw materials [6]. - The company’s competitive edge in the international market is attributed to its efficient production capabilities and technological advantages, which are expected to support a recovery in order placements from overseas clients in 2026 [6].

——周末五分钟全知道（2 月第 2 期） [Table_Summary] 报告摘要： [分析师： Table_Author]刘晨明 SAC 执证号：S0260524020001 SFC CE No. BVH021 010-59136616 liuchenming@gf.com.cn [Table_ 相关研究： DocReport] | 创业板 50 指数：龙头出海， | 2026-02-04 | | --- | --- | | 链动全球:指数研选系列报告 | | | "沃什预期"与美元潮落： | 2026-02-01 | | 全球股市定价锚的切换与重 | | | 构:——港股&海外周聚焦（2 | | | 月第 1 期） | | | 中美最新财报中的行业配置 | 2026-02-01 | | 线索 | | [联系人： Table_Contacts] 毕露露 18600442697 bilulu@gf.com.cn [Table_Page] 投资策略|专题报告 2026 年 2 月 8 日 证券研究报告 [Table_Title] 天时地利人和：新一轮上涨周期 识别风险，发现价值 请务必阅读末页的免责声明 1 / ...

Core Viewpoints - The coal market is experiencing a slight recovery, with the advantage of imported coal narrowing further [7][81] - The overall profitability of the coal mining industry is expected to improve in 2026 after a significant decline in 2025 [7][84] Market Dynamics - The CCI5500 thermal coal index reported at 698 RMB/ton, with a week-on-week increase of 2 RMB/ton [13][82] - The average daily consumption of coal in coastal power plants is 208,000 tons, with a stock availability of 15.4 days [22][28] - The coal inventory at major ports decreased by 5.5% week-on-week, indicating a tightening supply [22][28] Industry Insights - The coal mining industry saw a profit total of 352 billion RMB in 2025, a year-on-year decline of 42% [7][84] - The expected supply-demand balance in 2026 is anticipated to support coal prices, with a significant reduction in supply growth [7][84] - The long-term contracts for coal supply in 2026 are expected to enhance the fulfillment rate due to increased market factors [84][85] Key Companies - Major companies with stable dividends include China Shenhua, Yanzhou Coal, and Shaanxi Coal [7] - Companies benefiting from improved demand expectations and supply contraction include Huabei Mining and Shanxi Coking Coal [7] - Companies with long-term growth potential include Huayang Co., New Energy Co., and Baofeng Energy [7]

Core Insights - The report emphasizes the continuous influx of incremental funds into the market, highlighting investment opportunities in the non-bank financial sector [1][7] - The industry rating remains at "Buy," indicating a positive outlook for the sector [2] Group 1: Market Performance - As of February 6, 2026, the Shanghai Composite Index closed at 4065.58 points, down 1.27%, while the Shenzhen Component Index fell 2.11% [12] - The average daily trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, reflecting a 3.38% decrease [7] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with a marginal improvement in long-term interest rate spreads [18] - China Ping An Group increased its stake in China Life H shares, indicating positive industry trends [18] - The first quarter of 2026 is anticipated to show better-than-expected performance for some insurance companies due to a low base in the first half of 2025 [18] Securities Sector - A significant increase in new accounts was observed in January 2026, with 491.58 million new A-share accounts opened, a 213% year-on-year increase [19] - The balance of margin trading reached a historical high, providing strong support for interest income in the securities industry [22] - The Hong Kong IPO market is active, with 384 companies applying for listings as of February 6, 2026, and a daily trading volume of 2202 billion yuan in January, a 94% year-on-year increase [24][28] Group 3: Investment Recommendations - The report suggests focusing on specific stocks within the insurance sector, including China Ping An (A/H), China Life (A/H), and New China Life (A/H) [18] - In the securities sector, recommended stocks include Guotai Junan (AH), CICC (H), and Huatai Securities (AH) due to their potential for performance improvement [7][18]

[Table_Title] 【广发批零社服&海外】百胜中国 （09987.HK/YUMC.N） Q4 同店与利润率优化超预期，龙头韧性凸显 [Table_Summary] 核心观点： 盈利预测：（货币单位为美元，汇率采用 1 港元=0.13 美元） | [单位Table_Finance] :百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 11303 | 11797 | 12449 | 13142 | 13862 | | 增长率（ % ） | 3.0% | 4.4% | 5.5% | 5.6% | 5.5% | | EBITDA | 1638 | 1737 | 1859 | 1977 | 2099 | | 归母净利润 | 911 | 929 | 1002 | 1080 | 1157 | | 增长率（ ） % | 10.2% | 2.0% | 7.8% | 7.8% | 7.1% | | EPS（元/股） | 2.33 | 2.50 | 2.87 | 3.30 | 3.72 | ...

[Table_Page] 行业专题研究|纺织服饰 2026 年 2 月 6 日 证券研究报告 [Table_Title] 纺织服饰行业全球观察之加拿大鹅 972918116公共联系人2026-02-06 23:08:14 [本报告联系人： Table_C ontacter] FY2026Q3：北美亚太齐头并进，直营渠道延续高增 [Tabl e_Author] 分析师： 糜韩杰 分析师： 钟泽宇 SAC 执证号：S0260516020001 SFC CE.no: BPH764 SAC 执证号：S0260526020002 021-38003650 020-66336949 mihanjie@gf.com.cn zhongzeyu@gf.com.cn [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] 纺织服饰行业:纺织服装与轻工行业数据月报 1.1-1.30 2026-02-02 纺织服饰行业:纺织服装与轻工行业数据周报 1.17-1.23 2026-01-25 纺织服饰行业全球观察之迅销:FY2026Q1 公司业绩再创新高，大中华区收入同增中单 2026-01-25 识别 ...

[Table_Page] 公司深度研究|汽车与汽车零部件 证券研究报告 | [Table_Title] 【广发汽车&电新&海外】小鹏汽 | | --- | | 车-W(09868.HK)/小鹏汽车(XPEV) | | 十载磨砺成体系，多维增长引擎或将驱动 | | 价值重估 | [Table_Summary] 核心观点： | EBITDA | -9,307 | -4,523 | 185 | 3,590 | 6,812 | | --- | --- | --- | --- | --- | --- | | 归母净利润 | -10,431 | -5,761 | -1,647 | 2,045 | 4,739 | | 增长率（ % ） | - | - | - | - | 131.7% | | EPS（元/股） | -5.53 | -3.03 | -0.86 | 1.07 | 2.48 | | 市盈率（P/E） | - | - | - | 56.0 | 24.2 | | ROE（%） | -28.7% | -18.4% | -5.6% | 6.5% | 13.1% | | EV/EBITDA | - | - | 500.8 ...

Investment Rating - The report assigns a "Hold" rating for the company [6] Core Insights - The company is positioned as a leading player in the digital family office and AI investment community, focusing on integrating family office services with AI financial technology [7] - The family office business is expected to experience strong growth, with plans to increase the number of clients from 60 to 200 and assets under management (AUM) from $2.5 billion to over $10 billion by 2026 [7] - The report highlights the significant policy advantages in Hong Kong that support the family office sector, including tax incentives and regulatory flexibility [7] Financial Forecast - Revenue projections for the company are as follows: - 2024: HKD 202.40 million - 2025: HKD 189.70 million - 2026: HKD 257.40 million (growth of 35.69%) - 2027: HKD 332.60 million (growth of 29.22%) - 2028: HKD 438.85 million (growth of 31.95%) [2] - Net profit forecasts are: - 2024: HKD 99.90 million - 2025: HKD 136.80 million (growth of 36.94%) - 2026: HKD 362.17 million (growth of 164.74%) - 2027: HKD 421.81 million (growth of 16.47%) - 2028: HKD 474.51 million (growth of 12.49%) [2] - Earnings per share (EPS) estimates are: - 2024: HKD 0.07 - 2025: HKD 0.09 - 2026: HKD 0.17 - 2027: HKD 0.20 - 2028: HKD 0.23 [2] Company Overview - The company operates as a diversified financial group with a focus on family office services, traditional financial services, and digital finance [12] - It has a total share capital of 2.07 billion shares and a market capitalization of HKD 39.1 billion [3] - The company has experienced fluctuations in its stock price, with a 30-day average trading volume of 54.48 million shares [3] Business Segments - The main revenue sources for the company include: - Licensed financial services: 57.64% - Family office services: 28.12% [13] - The company has seen significant growth in its family office services, with revenue increasing nearly 3.3 times year-on-year [27]