[Table_Title] 策略研究 证券研究报告 2026 年 1 月 26 日 风至势起，进而有为 —2026 年总量与政策年度展望 报告要点： 以"三个再平衡"重塑宏观治理范式，构筑高质量发展新起点 2026 年是"十五五"规划开局之年，面对"供强需弱"的核心矛盾与外部环 境的长期博弈，宏观政策围绕"内外、跨逆、稳进"三个维度的再平衡展开系 统性重塑，这不仅是政策取向的调整，更是宏观治理范式从应急式调节向常态 化治理的转换。经济工作将构建起以扩大内需为主导、以改革创新为驱动、以 高质量发展为牵引的总体框架，力求在外部环境阶段性缓和的窗口期，通过供 需两端协同施策着力化解转型期核心矛盾，为中长期高质量发展奠定新框架。 2025 年经济运行回顾：供给向新向优的亮点突出，外需整体强于内需 2025 年在更加积极有为的宏观政策支持下，经济运行总体呈现稳中有进的态 势。当前经济运行的主要矛盾仍在于国内供给偏强、需求偏弱。一是工业生产 仍具备较强韧性，且结构呈现向新向优的特征，自 2024 年 2 月以来，高技术 产业规上工业增加值增速始终高于同期全部规上工业增加值增速。二是企业 生产端修复节奏领先于需求端。"反内 ...

Investment Rating - The report maintains a "Buy" rating for Hikvision, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - Hikvision's total revenue for 2025 is projected to be CNY 925.18 billion, showing a slight year-on-year growth of 0.02%. The net profit attributable to shareholders is expected to reach CNY 141.88 billion, reflecting an 18.46% increase year-on-year. The profit growth is primarily driven by improved gross margins, foreign exchange gains, and the reversal of credit impairment losses [1][4]. - The company is focusing on high-quality development and innovation, with significant investments in R&D and the application of large models across various sectors. This strategy has led to rapid growth in innovative business revenue, which is becoming a key growth engine for the company [2][3]. - The outlook for AI applications in smart sensing is promising, with various products expected to transition from the introduction phase to the growth phase post-2026 [3]. Financial Projections - Revenue forecasts for 2025-2027 are adjusted to CNY 925.18 billion, CNY 990.15 billion, and CNY 1,054.98 billion, respectively. Net profit forecasts are adjusted to CNY 141.88 billion, CNY 152.01 billion, and CNY 160.92 billion, with corresponding EPS of CNY 1.55, CNY 1.66, and CNY 1.76 per share [4][8]. - The projected P/E ratios for the same period are 20.64, 19.26, and 18.20, indicating a favorable valuation trend [4][8].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The computer industry index experienced a slight decline of 0.30% during the week of January 19-23, 2026, ending a two-week upward trend. In comparison, the Shanghai Composite Index rose by 0.84%, and the Shenzhen Component Index increased by 1.11% [1][11]. - The report highlights the rapid commercialization of AI applications, particularly in the industrial sector, with companies like Zhongkong Technology setting ambitious revenue targets for their AI business [4][21]. - The report emphasizes the importance of companies that possess core AI technologies, have the capability for practical implementation, and can generate scalable revenue [4][21]. Summary by Sections 1. Index Performance - The computer industry index fell by 0.30%, ranking lower among the primary industry indices. The performance of sub-sectors included a rise of 0.56% in computer equipment, 0.35% in IT services, and a decline of 1.33% in software development [1][11][12]. 2. Major Events - Significant advancements in AI technology were reported, including the launch of new models that enhance video generation capabilities and the introduction of medical AI models with improved accuracy [16][19]. 3. Key Announcements - Hikvision reported a total revenue of 92.518 billion yuan for 2025, a slight increase of 0.02% year-on-year, with a net profit of 14.188 billion yuan, up by 18.46% [2][18]. - Yuxin Technology focused on AI applications in banking and finance, achieving significant progress in implementing AI solutions across various financial institutions [2][18]. - Dahua Technology reported a total revenue of 32.743 billion yuan for 2025, reflecting a year-on-year growth of 1.75% [3][20]. 4. Investment Perspective - The report suggests that the rapid development of AI is transforming traditional industries, and companies that can effectively leverage AI technologies are likely to encounter new growth opportunities. The focus is on companies that can generate scalable revenue through AI [4][21].

IPO 申购指南 东鹏饮料（9980.HK） 中国最大的功能饮料企业。公司主营业务为饮料的研发、生产和销售，主要 产品包括东鹏特饮、东鹏补水啦、果之茶、东鹏大咖、上茶、多喝多润、海 岛椰等，当中东鹏特饮已成为中国以零售额计的百亿级大单品。根据弗若斯 特沙利文的资料，公司自 2021 年起连续四年在中国功能饮料行业保持销量 第一的领先地位。以 2024 年销量计，公司的市场份额为 26.3%。自 2022 年 至 2024 年，公司是中国前五大功能饮料企业中销量增速最快的企业，年复 合增长率达 41.9%。 中国软饮市场持续保持增长，功能饮料增速最快。根据弗若斯特沙利文的资 料，按零售额计，2019-2024 年中国软饮市场的 CAGR 为 4.7%，并预计 2025-2029 年的 CAGR 为 5.8%，增长至 16,860 亿元。其中，在生活节奏加 快、消费者对健康的持续关注等因素的带动下，功能饮料是中国软饮行业中 增长最快的细分品类，2019-2024 年的 CAGR 为 8.3%，预计 2025-2029 年的 CAGR 为 10.9%，增长至 2,810 亿元。 证 券 研 究 研究部 深入布局终端 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The computer industry index experienced a slight decline of 0.30% during the week of January 19-23, 2026, ending a two-week upward trend. In comparison, the Shanghai Composite Index rose by 0.84%, and the Shenzhen Component Index increased by 1.11% [1][11]. - The report highlights the rapid commercialization of AI applications, particularly in the industrial sector, with companies like Zhongkong Technology setting ambitious revenue targets for their AI business [4][21]. - The report emphasizes the importance of companies that possess core AI technologies, have the capability for practical implementation, and can generate scalable revenue [4][21]. Summary by Sections 1. Index Performance - The computer industry index fell by 0.30%, ranking lower among the primary industry indices. The performance of sub-sectors included a rise of 0.56% in computer equipment, 0.35% in IT services, and a decline of 1.33% in software development [1][11][12]. 2. Major Events - Significant advancements in AI technology were reported, including the launch of new models that enhance video generation capabilities and the introduction of AI applications in various sectors such as healthcare and finance [16][19]. 3. Key Announcements - Hikvision reported a total revenue of 92.518 billion yuan for 2025, a slight increase of 0.02% year-on-year, with a net profit of 14.188 billion yuan, up 18.46% [2][18]. - Yuxin Technology focused on AI applications in banking and finance, achieving significant progress in implementing AI solutions across various financial institutions [2][18]. - Dahua Technology reported a total revenue of 32.743 billion yuan for 2025, reflecting a year-on-year growth of 1.75% [3][20]. 4. Investment Perspective - The report suggests that the rapid development of AI is transforming traditional industries, and companies that can effectively leverage AI technologies are likely to encounter new growth opportunities. The focus is on companies that can generate scalable revenue through AI [4][21].

[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2026 年 01 月 26 日 [Table_Title] 宇树人形机器人出货超 5500 台，马斯 克计划明年面向公众销售 Optimus ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2026 年 1 月 18 日至 1 月 23 日,人形机器人概念指数上涨 3.00%,相 较沪深300指数跑赢 3.62pct;年初至今累计涨跌幅来看,人形机器人概 念指数上涨 9.68%,相较沪深 300 指数跑赢 8.11pct。 A 股人形机器人指数（iFinD 概念）相关个股中，京基智农周涨幅 最大（+29.47%），东山精密周跌幅最大（-9.00%)。 周度热点回顾 政策端，深圳市地方金融管理局发布《深圳市关于保险业助力科技创 新和产业发展的行动方案（2026—2028 年）（征求意见稿）》；工信部 将发布人形机器人与具身智能综合标准化体系建设指南。 产品技术迭代方面，OpenAI 已建立人形机器人实验室；2025 全年， 宇树科技人形机器人实际出货量超 5500 台；意优科技在张江建设其 首条（也是 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing significant negative growth, with retail sales of passenger vehicles dropping by 28% year-on-year in the first half of January 2026, and wholesale sales declining by 35% [1][19] - The report emphasizes the need for supportive policies to stimulate market recovery and highlights the potential for growth in the overseas electric vehicle market due to favorable policies in countries like Canada and Germany [3][4] - The report suggests that the domestic market may rebound following the implementation of supportive policies, which could positively impact leading brands [4] Summary by Sections Market Overview - As of January 1-18, 2026, retail sales of passenger vehicles in China reached 679,000 units, a decrease of 28% compared to the same period last year, while wholesale sales totaled 740,000 units, down 35% year-on-year [1][19] - In the same period, retail sales of new energy vehicles were 312,000 units, reflecting a 16% decline year-on-year, and wholesale sales were 348,000 units, down 23% [1][19] Policy Developments - Canada announced plans to import 49,000 electric vehicles from China, significantly reducing tariffs from 100% to 6.1% [3] - Germany introduced a new subsidy program for electric vehicles, offering up to 6,000 euros to families purchasing new electric cars, effective from January 1, 2026 [3][44] - The UK government has launched a substantial subsidy program for electric trucks, with a total budget of 318 million pounds [48] Investment Opportunities - The report highlights the potential for Chinese new energy vehicles to expand into overseas markets, driven by favorable international policies [4] - It suggests that the recovery of the domestic automotive market could benefit leading brands significantly [4]

工业行业周报、月报 2026 年 01 月 26 日 [Table_Title] 宇树人形机器人出货超 5500 台，马斯 克计划明年面向公众销售 Optimus ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2026 年 1 月 18 日至 1 月 23 日,人形机器人概念指数上涨 3.00%,相 较沪深300指数跑赢 3.62pct;年初至今累计涨跌幅来看,人形机器人概 念指数上涨 9.68%,相较沪深 300 指数跑赢 8.11pct。 [Table_Main] 行业研究|工业 证券研究报告 A 股人形机器人指数（iFinD 概念）相关个股中，京基智农周涨幅 最大（+29.47%），东山精密周跌幅最大（-9.00%)。 周度热点回顾 政策端，深圳市地方金融管理局发布《深圳市关于保险业助力科技创 新和产业发展的行动方案（2026—2028 年）（征求意见稿）》；工信部 将发布人形机器人与具身智能综合标准化体系建设指南。 产品技术迭代方面，OpenAI 已建立人形机器人实验室；2025 全年， 宇树科技人形机器人实际出货量超 5500 台；意优科技在张江建设其 首条（也是 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is currently experiencing significant negative growth, with retail sales of passenger vehicles down 28% year-on-year for the first half of January 2026, and wholesale sales down 35% [1][19] - There is an expectation for policy support to stimulate a rebound in the market, particularly focusing on the impact of domestic policies and overseas electric vehicle (EV) opportunities [2][4] - Recent international policies favoring electric vehicles, such as Canada's reduction of import tariffs on Chinese EVs and Germany's new subsidy program for electric vehicle purchases, are seen as positive developments for the industry [3][44][45] Summary by Sections Market Performance - From January 1 to 18, 2026, the national retail sales of passenger vehicles reached 679,000 units, a decrease of 28% compared to the same period last year, while wholesale sales totaled 740,000 units, down 35% year-on-year [1][19] - In the same period, the retail sales of new energy vehicles (NEVs) were 312,000 units, reflecting a 16% decline year-on-year, with wholesale sales at 348,000 units, down 23% [1][19] Policy Developments - Canada announced it will import 49,000 Chinese electric vehicles and significantly reduce tariffs from 100% to 6.1%, which is expected to enhance trade opportunities for Chinese manufacturers [3][40] - Germany's new subsidy program offers up to €6,000 for families purchasing electric vehicles, applicable to various types of electric cars, and is open to all manufacturers, including Chinese brands [3][44][45] - The UK government has introduced a substantial subsidy plan for electric trucks, with a total budget of £318 million, aimed at promoting the adoption of electric commercial vehicles [3][48] Investment Opportunities - The report suggests focusing on the potential recovery of the automotive market driven by domestic policy support and the favorable international environment for Chinese NEVs [4] - The emergence of financial incentives and low-interest financing options in the market is expected to stimulate consumer demand and enhance brand loyalty [36][39]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][10]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 900 million to 930 million yuan for the year 2025, representing a year-on-year increase of 25.9 million to 28.9 million yuan, or a growth of 40.42% to 45.10% [1]. - The company is fully embracing AI, with significant advancements in its AI-driven products, leading to rapid revenue growth. The AI applications in vehicle diagnostics and smart energy management have been particularly successful [2]. - The company has submitted an application for listing H shares on the Hong Kong Stock Exchange, further strengthening its global presence and expanding its North American market [3]. Financial Forecast and Investment Recommendations - The company focuses on automotive digital maintenance and smart charging solutions, with projected revenues of 4.918 billion, 6.050 billion, and 7.255 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is forecasted to be 913.62 million, 1.1649 billion, and 1.42066 billion yuan for the same years [4][7]. - The earnings per share (EPS) is expected to be 1.36, 1.74, and 2.12 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 28.27, 22.17, and 18.18 [4][7].