Investment Rating - The report maintains an "Overweight" rating for the communication industry [4][18]. Core Insights - The communication industry saw a significant increase in fund holdings, with a market value share of 10.18% in Q4 2025, reflecting a quarter-on-quarter increase of 3.30 percentage points, ranking first among all sectors [2][6]. - The industry is expected to continue benefiting from developments in AI infrastructure and new connectivity, maintaining a high growth outlook despite current valuations being above historical averages [19]. - Key stocks in the communication sector are focused on the AI industry chain, with major holdings including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which ranked as the top three in fund holdings by market value [9][19]. Summary by Sections Fund Holdings Overview - As of Q4 2025, the communication sector's fund holdings ranked among the top five sectors, alongside electronics, power equipment, non-ferrous metals, and non-bank financials [6]. - The top three stocks by fund holdings in the communication sector are Zhongji Xuchuang (¥162.18 billion, +45.51% QoQ), Xinyi Sheng (¥124.66 billion, +13.14% QoQ), and Tianfu Communication (¥19.45 billion, +0.73% QoQ) [9][19]. Investment Recommendations - The report recommends maintaining an "Overweight" rating for the communication industry, highlighting specific stocks for investment: 1. Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Guangxun Technology, Huagong Technology 2. CPO/Silicon Photonics: Tianfu Communication, Shijia Photonics, Yuanjie Technology, Guangku Technology, Changguang Huaxin, Taicheng Light 3. PCB: Hudian Co., Shenzhen South Circuit 4. End-side: Guanghe Tong, ZTE Corporation 5. IDC/Liquid Cooling: Wangsu Technology, Aofei Data, Guanghuan New Network 6. Network Side: ZTE Corporation, Ruijie Networks, Unisplendour, Fenghuo Communication, Feiling Kesi 7. High-speed Copper Cables: Zhaolong Interconnect 8. Operators: China Mobile, China Telecom, China Unicom 9. Military Communication-related stocks: Haige Communication, Qiyi Er, Changying Tong 10. US stocks: Credo (CRDO), MaxLinear (MXL), Arista Networks (ANET), VNET Group (VNET), Coherent (COHR), Lumentum (LITE), Broadcom (AVGO), Marvell (MRVL), AXT (AXTI) [18]. Valuation Insights - The overall valuation of the communication sector is above the historical average, with a PE-TTM of 50x, placing it in the 86th percentile over the past decade. The sector is expected to maintain significant growth potential as it benefits from AI infrastructure and new connectivity developments [19].

Investment Rating - The report assigns an "Accumulate" rating for the industry [1]. Core Insights - The market potential brought by space data centers is enormous, with crystalline silicon and perovskite battery technologies becoming key [2]. - The rapid development of commercial aerospace will benefit space photovoltaics significantly, as solar energy is the only reliable energy source in commercial aerospace, with solar irradiance in space being approximately 5-10 times that of ground photovoltaics [3][7]. Summary by Sections 1. Space Photovoltaics in Commercial Aerospace - Solar energy is a massive energy source, with the sun radiating energy equivalent to 130 trillion tons of coal annually, making it the largest exploitable energy source [7]. - Space photovoltaics are not affected by atmospheric interference, with solar irradiance around 1360 W/m², which is about 1.4 times that of ground photovoltaics [8]. 2. Successful Commercialization of Satellite Internet - Low Earth orbit (LEO) satellites have broad commercial application prospects, characterized by low transmission delays and costs, making them suitable for satellite internet applications [20]. - Companies like SpaceX's Starlink have successfully deployed LEO satellite constellations, enhancing global internet access [22]. 3. Development Opportunities - The mainstream energy solution in space is currently gallium arsenide (GaAs), but crystalline silicon and perovskite technologies are gaining traction due to their cost and efficiency improvements [48]. - The demand for space data centers is expected to grow significantly, with companies exploring the use of crystalline silicon and perovskite layered solutions [5]. 4. Market Outlook - If Elon Musk's goal of deploying 100 GW of AI computing power in space is achieved, it could lead to a demand for 680,000 satellites annually, compared to the current global stock of just over 10,000 satellites [5]. 5. Related Companies - Companies to watch in this sector include Junda Co., JinkoSolar, Trina Solar, Dongfang Risheng, and GCL-Poly Energy [5].

请务必阅读正文之后的免责条款部分 股 票 研 究 SpaceX 与特斯拉规划部署太阳能产能，光伏产业链迎发展新 机遇 机械行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 丁嘉一(分析师) | 021-23187266 | dingjiayi@gtht.com | S0880525080009 | 本报告导读： 上周（2026/1/19-2026/1/23）机械设备指数涨跌幅为+3.19%。SpaceX 与特斯拉三年 内规划年化 100GW 太阳能产能，商业航天产业推进会即将召开。 [Table_Invest] 评级： 增持 行 业 双 投资要点： [Table_Report] 相关报告 机械行业《液态气周均价环比略跌；广钢获 TCL 供气合同、杭氧中标 4 套 10 万空分装置》 2026.01.26 机械行业《韩国扩大聚变研发预算，General Fusion 拟借壳上市》2026 ...

中收增速超 30%，活期存款新增占比高达 70% 宁波银行(002142) 宁波银行 2025 年业绩快报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 展望 2026 年，宁波银行有望继续在四个维度实现基本面与业绩双改善：信贷高增 长、以综合化经营优势沉淀活期存款、发挥财富管理及国际结算优势推动中收增长、 优化资产布局减轻信用成本压力。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 61,585 | 66,631 | 72,223 | 80,024 ...

股票研究/[Table_Date] 2026.01.25 太空光伏迎新催化，关注建筑 AI 应用 [Table_Industry] 建筑工程业 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 太空光伏应用空间大，上海港湾持续推进卫星电源系统与钙钛矿太阳能电池研发。 AI 应用本月迎新催化，关注建筑 AI 应用标的。 投资要点： [太空光伏应用空间大， Table_Summary] 上海港湾持续推进卫星电源系统与钙钛矿太阳能 电池研发。(1)1 月 22 日，据澎湃新闻报道，特斯拉 CEO 马斯克在达沃 斯论坛年会期间表示，SpaceX ...

全球资产重塑，盈利拐点确立 非凡领越(0933) ——非凡领越首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | | | | | | | | [当前价格 Table_CurPrice] (港元)： | 0.69 | 本报告导读： 公司全球多品牌矩阵成型。核心品牌 Clarks 盈利拐点显现，重组艰难时期基本结 束。Clarks 新任 CEO Victor 具备高胜率零售管理体系和实战经验。我们认为非凡 领越是国内服装板块中少数拥有百年全球品牌"全球控股权"的企业，其资产属性 显著优于单纯收购"大中华区运营权"的模式。首次覆盖，予以增持评级。 投资要点： | 财务摘要(百万港元) ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant advancements in various technology sectors, including distributed quantum sensing, advanced semiconductors, and artificial intelligence, indicating a robust growth trajectory in these fields Summary by Sections 1. Financing Overview - During the period from January 17 to January 23, 2026, a total of 127 financing events occurred in the technology sector globally, with 93 in China and 34 abroad. The leading sectors in domestic financing were advanced manufacturing (58 events), artificial intelligence (17 events), and enterprise services (12 events) [9] 2. IPO Updates - Extreme Vision submitted a prospectus to the Hong Kong Stock Exchange for a mainboard listing, focusing on AI visual technology solutions for various industries [12] - Keda Intelligent also submitted a prospectus for a mainboard listing, aiming to drive digital and intelligent upgrades in China's energy system through AI technology [15] - Yundong Intelligent filed for a mainboard listing, providing vehicle communication and emergency call solutions [18] - Huarui Technology submitted a prospectus for a mainboard listing, specializing in machine vision and autonomous mobile robots [22] - Jiu Wu Intelligent filed for a mainboard listing, focusing on intelligent robotic solutions for industrial scenarios [25] 3. Market Performance Tracking - The report notes a mixed performance in the stock market, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%, while the ChiNext Index fell by 0.34% [28] - The semiconductor index saw a weekly increase of 2.57%, while the automotive electronics and artificial intelligence indices rose by 0.98% and 1.51%, respectively [28] - The report indicates a high turnover rate for the semiconductor and artificial intelligence indices, with turnover rates of 27.7% and 15.4% [28] 4. Advanced Semiconductor Developments - The University of Chicago introduced a high-throughput computation method for electric polarization in solids, addressing challenges in calculating effective polarization [36] - BITS Pilani and the National Autonomous University of Mexico reported a method for healing defect states in monolayer MoSe2 through oxygen passivation, significantly improving its photoresponsivity [43] - The Shanghai Institute of Technical Physics developed a high-performance exciton-polariton photodiode, achieving nearly 100% internal quantum efficiency [47]

Investment Rating - The report assigns an "Accumulate" rating to the company [2][3]. Core Insights - The company has established a global multi-brand matrix, with its core brand Clarks showing signs of profitability recovery after a challenging restructuring period. The new CEO, Victor Herrero, brings a successful retail management system and practical experience. The company is one of the few in the domestic apparel sector with global control over a century-old brand, which significantly enhances its asset attributes compared to merely acquiring operational rights in the Greater China region. The report initiates coverage with an "Accumulate" rating [3]. Financial Summary - The projected financials (in million HKD) for the company are as follows: - Total Revenue: 10,427 in 2024A, 10,426 in 2025E, 11,416 in 2026E, and 12,600 in 2027E, reflecting a decline of 7.1% in 2024A, stable in 2025E, and growth of 9.5% and 10.4% in 2026E and 2027E respectively [5]. - Gross Profit: 4,764 in 2024A, 4,754 in 2025E, 5,260 in 2026E, and 5,867 in 2027E [5]. - Net Profit attributable to the parent company: -70 in 2024A, 206 in 2025E, 508 in 2026E, and 635 in 2027E, indicating a significant recovery with growth rates of 40.8%, 391.9%, and 147.1% for the subsequent years [5]. - PE Ratio: -98.39 in 2024A, improving to 33.45 in 2025E, and further down to 13.54 and 10.83 in 2026E and 2027E respectively [5]. - PB Ratio: 0.82 in 2024A, increasing to 0.91 in 2025E, and then stabilizing around 0.85 and 0.78 in 2026E and 2027E [5]. Business Transformation - The company has undergone a transformation from sports resource integration to a global multi-brand operation over the past 15 years. Since the Li Ning family took control in 2010, the company has completed a metamorphosis from sports talent management and real estate development to a multi-brand footwear and apparel giant through acquisitions and strategic partnerships [16]. - The company has successfully integrated various brands, including LNG, Bossini, and Testoni, and completed the acquisition of Clarks, which has significantly boosted its revenue scale from billions to hundreds of billions [17][18]. Clarks Brand Performance - Clarks is the primary driver of the company's performance, contributing over 86% of total revenue. Despite a 5.3% year-on-year decline in revenue for FY25H1 due to macroeconomic fluctuations and strategic procurement reductions, the company managed to improve its gross margin by 0.1 percentage points through strict discount control and supply chain optimization [21][22]. - The new CEO, Victor Herrero, is expected to implement effective reforms and efficiency improvements at Clarks, leveraging his extensive experience in retail management [41]. Market Position and Valuation - The company is positioned as a rare global asset in the domestic apparel sector, with its market valuation currently not fully reflecting its status as a mature global asset. As business stabilizes in Europe and the U.S., and with further expansion in China and other emerging markets, profit margins are expected to improve, leading to a revaluation from a "retailer" to a "global brand operator" [3][12]. - The report estimates net profits for 2025-2027 to be 206 million, 508 million, and 635 million HKD respectively, applying a PEG valuation method to set a target price of 1.25 HKD per share for 2025E [3].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 38.89 CNY, while the current price is 28.98 CNY [6]. Core Views - The company is expected to achieve improvements in both fundamentals and performance across four dimensions in 2026: high credit growth, leveraging comprehensive operational advantages to increase demand deposits, enhancing middle-income growth through wealth management and international settlement, and optimizing asset allocation to reduce credit cost pressure [2]. Financial Summary - Revenue is projected to grow from 61,585 million CNY in 2023 to 89,866 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of 12.3% [4]. - Net profit attributable to shareholders is expected to increase from 25,535 million CNY in 2023 to 36,718 million CNY in 2027, with a CAGR of 12.4% [4]. - The net asset value per share is forecasted to rise from 26.71 CNY in 2023 to 43.22 CNY in 2027 [4]. - The return on equity (ROE) is projected to stabilize around 13.1% by 2027, while the price-to-book (P/B) ratio is expected to decrease from 1.07 in 2023 to 0.66 in 2027 [4]. Performance Outlook - The company anticipates maintaining a high loan growth rate, stable interest margins, and a decline in non-performing loan generation in 2026, with net profit growth rates forecasted at 8.6%, 10.9%, and 12.4% for 2025-2027 [12]. - The total assets and total loans growth rates for Q4 2025 are expected to be 16.1% and 17.4%, respectively, indicating a leading position among listed banks [12]. - The company has seen a significant increase in demand deposits, with the proportion of demand deposits rising by 3.7 percentage points to 34.4% compared to the beginning of the year [12]. Asset Quality - As of Q4 2025, the non-performing loan ratio is stable at 0.76%, with a provision coverage ratio of 373.2%, indicating effective management of asset quality [12].

股票研究/[Table_Date] 2026.01.25 [Table_Industry] 计算机 银河通用"干活"机器人登春晚，具身智能 迎来主流时刻 | | | 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | 本报告导读： 1 月 25 日央视首次官宣 26 年春晚"指定具身大模型机器人"，银河通用从宁德时代、 博世等产线转战舞台，获评"打工人"代表。银河通用的轮式底盘+折叠腿的人形 Galbot，本质是一具身智能大模型的载体。春晚这一国民级 IP 绑定"干活型"具身智 能，有望 ...