——"学海拾珠"系列之二百六十三 [Table_RptDate] 报告日期：2026-01-21 [Table_Author] 分析师：严佳炜 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 分析师：钱静闲 执业证书号：S0010522090002 邮箱：qianjx@hazq.com [Table_CompanyReport] 相关报告 [Table_StockNameRptType] 金融工程 专题报告 融入趋势跟踪的风险平价策略 5.《重新审视回撤规则：实证反思与框 架重构——"学海拾珠"系列之二百五 十八》 6.《所有日子并不平等：通过加权历史 收益理解动量效应——"学海拾珠"系 列之二百五十七》 主要观点： [Table_Summary] 本篇是"学海拾珠"系列第二百六十三篇，文献研究发现，采用股 票和债券的传统风险平价策略，在类似 2022 年股债同跌、相关性转正 环境中表现不佳，因此探讨将趋势跟踪策略融入风险平价框架的方法及 其效果。回到国内市场，风险平价策略近年来普及较为广泛，但同时也 需注意其发挥优势的宏观环境，必要时采取其他策略补足短板。 ⚫ 方法论 1.《投 ...

| 近 12 个月最高/最低（港元） | 30.00/8.22 | | --- | --- | | 总股本（百万股） | 2,378 | | 流通股本（百万股） | 2,323 | | 流通股比例（%） | 97.66 | | 总市值（亿港元） | 655 | | 流通市值（亿港元） | 640 | [Table_S古tock茗Na（meRptType] 01364） 港股公司专题 古茗探讨二：如何理解未来阶段的成长空间？ 投资评级： 买入（维持） 报告日期： 2026-01-20 收盘价（港元） 28.38 公司价格与沪深 300 走势比较 ①现有模式的精耕打磨：门店数方面下沉市场加密与全国化扩张并行， 单店运营提效方面扩大触达人群&消费时段、提升消费频次； ②第二曲线：依托供应链复用实现低成本的品类扩张及咖啡培育，多产 品矩阵支撑收入成长； ③远期定位"新鲜便利店"：场景愿景不断拓展，满足多元新鲜需求。 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：韦香怡 执业证书号：S0010525060001 邮箱：weixiangyi@hazq.com 主要观点： 上篇解 ...

行业周报 千问 APP 全面接入阿里生态， Gemini 新增个人智能功能 [Table_IndRank] 行业评级：增持 报告日期： 2026-1-17 [Table_IndNameRptType] 全球科技 执业证书号：S0010525070001 邮箱： zhaoliang@hazq.com 分析师：赵浦轩 执业证书号：S0010525100002 邮箱： zhaopuxuan@hazq.com 相关报告 1.AI 漫剧起势，供需双向推动 2025- 10-28 2.AI 应用新范式：从工具革命到"超 级 OS"的演进与商业化路径 2025-10- 27 主要观点： [Table_Chart] 行业指数与沪深 300 走势比较 [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com 分析师：赵亮 [⚫Table_Summary] 本周行情回顾 从指数表现来看，本周(2026-1-12 至 2026-1-16), 上证指数 周涨跌幅为-0.45%, 创业板指周涨跌幅为 1%, 沪深 300 周涨跌幅 为-0.57%, 中证 1000 周 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The commercial aerospace sector is entering a fast track, with a focus on the humanoid robotics industry [1] - The humanoid robotics industry chain is expected to expand, with significant potential for labor replacement, especially in high-risk work environments [12][17] Weekly Market Review - Major A-share indices showed a notable rebound, with weekly changes for the CSI 300, ChiNext 300, Sci-Tech 50, CSI 500, CSI 1000, and the humanoid robotics index being -0.57%, 1.39%, 2.58%, 2.18%, 1.27%, and 1.48% respectively, with the Sci-Tech 50 showing the most significant recovery [2][11] - The humanoid robotics sector has shown an upward trend since the beginning of the year, despite a slight pullback in Q4 2025 due to slower-than-expected expansion of downstream application scenarios [12] Emerging Industry Company Tracking and Industry Events - The establishment of the humanoid robotics and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology is a positive development for the humanoid robotics industry chain, with key companies including Hengshuai Co., Junpu Intelligent, Anpeilong, Keda Li, Lens Technology, Changying Precision, Sanhua Intelligent Control, Fengmao Co., Top Group, and Wuzhou Xinchun [17] - Guangdong has launched its first provincial-level drone governance system, creating a drone resource pool and a provincial management platform, with related companies including Xindong Link, Wanfu Aowei, Wolong Electric Drive, and Zongshen Power [17] - The recent approval of over 200,000 satellite frequency resources by China to the ITU indicates a strategic move towards satellite internet, with the Wireless Innovation Institute expected to play a key role in integrating industry resources [20]

[Table_StockNameRptType] 金融工程一 周报 北交所打新热情高涨，新股储备充足 ——"打新定期跟踪"系列之二百四十五 [Table_RptDate] 报告日期：2026-01-19 [Table_Author] 分析师：严佳炜 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 分析师：钱静闲 执业证书号：S0010522090002 邮箱：qianjx@hazq.com 分析师：吴正宇 执业证书号：S0010522090001 邮箱：wuzy@hazq.com 分析师：骆昱杉 执业证书号：S0010522110001 邮箱：luoyushan@hazq.com [Table_CompanyReport] 相关报告 主要观点 [Table_Summary] [Table_Summary] ⚫ 北交所打新热情高涨，新股储备充足 2025 年，北交所共上市 26 只新股，募资规模 75.27 亿元，下半 年发行速度显著提升。全年来看，参与北交所打新的冻结资金规模从 年初星图测控的 4518 亿元到年末蘅东光的 8461 亿元，正股门槛线显 著上升，由于首日涨幅维持高 ...

[Table_StockName基Rpt础Typ化e] 工 1.【华安化工】卫星化学及烯烃行业 周度动态跟踪 2026-01-14 航油实施重组 2026-01-13 整合千叶乙烯业务 2025-12-29 主要观点： 行业周报 发改委多举措支持循环经济，英威达再次宣布关闭旗下工厂 行业评级： 增持 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com 报告日期： 2026-01-19 [T行ab业le_周Su观m点mary] 公司价格与沪深 300 走势比较 本周（2026/01/12-2026/01/16）化工板块整体涨跌幅表现排名 第 8 位，涨跌幅为 0.90% ，走势处于市场整体中上游。上证综指涨 跌幅为-0.45%，创业板指涨跌幅为 1.00%，申万化工板块跑赢上证 综指 1.35 个百分点，跑输创业板指 0.10 个百分点。 分析师：王强峰 2026 年化工行业景气度受周期与成长双轮驱动、共振向上。反内卷 推动周期复苏 ...

Market Insights - The report indicates that the increase in financing margin ratios is gradually being digested by the market, with the impact nearing its end. The central bank's structural interest rate cuts are expected to boost policy expectations, and additional policies may be introduced following the release of macroeconomic data for 2025, which could enhance market risk appetite [3][4] - The upcoming release of 2025 macroeconomic data on January 19 is anticipated to show a significant decline in GDP growth for Q4 compared to Q3. This, combined with various policy measures, suggests an increased probability of a "good start" for Q1, which is likely to uplift market risk appetite [4][11] Industry Allocation - The report asserts that the acceleration in market trends has not ended, but the structure of the upward trend is shifting towards computing power. The previous leading sectors, such as military and AI applications, have seen declines, raising investor concerns about the end of the current market phase. However, the report suggests that the current market phase may still extend with potential acceleration in sectors related to computing power [5][20] - As of January 12, 2026, the electric equipment sector has not yet reached new highs, indicating that the growth style and six major growth industries have not simultaneously achieved new highs. The report highlights that the electric equipment index has room for approximately 3% growth to meet this condition [20][23] - The report identifies that the communication and electronic sectors, which were previously strong, may experience a rapid rebound, with potential upward space of no less than 10%. The report emphasizes that the current market conditions do not satisfy the "stronger gets stronger" characteristic, as the leading sectors have not maintained their strength [20][24] - The report also notes that the turnover rates for the growth style and the communication sector are approaching their respective highs, but the communication sector still has a significant gap to close. This suggests that the current market phase has not yet concluded, and a rapid increase in turnover rates may accompany a rebound in the communication sector [27][31] Key Investment Themes - The report suggests two main investment themes: 1. The AI industry chain, particularly in computing power (CPO/PCB), supporting components (fiber optics/liquid cooling/power equipment), and applications (robots/games/software), is expected to continue its upward trend. The report anticipates that applications may experience high volatility, while computing power is likely to see accelerated growth [32][33] 2. Areas supported by favorable market conditions or significant events, such as storage and energy storage chains, military industry, and machinery, are also highlighted. The storage sector is expected to benefit from supply disruptions and increased AI demand, while the military sector may gain from commercial aerospace and geopolitical events [33]

众[Ta生ble药_Sto业ckN（ameRptType] 002317） 公司点评 RAY1225 国内商业化合作落地，创新转型进入收获期 | 投资评级： | 买入（维持） | | | | --- | --- | --- | --- | | 报告日期： | 2026-01-18 |  | 事件： | | 收盘价（元） | 22.10 | | --- | --- | | 近 12 个月最高/最低（元） | 27.97/9.85 | | 总股本（百万股） | 850 | | 流通股本（百万股） | 762 | | 流通股比例（%） | 89.61 | | 总市值（亿元） | 188 | | 流通市值（亿元） | 168 | 公司价格与沪深 300 走势比较 执业证书号：S0010521120002 电话： 邮箱：tangc@hazq.com 1.【华安医药】众生药业深度报告： 创新药产品布局丰富，甲流产品蓄势 待发 2025-08-15 主要观点： 事件： 公司发布公告《关于控股子公司签署 RAY1225 注射液项目许可协议的 公告》，众生药业控股子公司广东众生睿创生物科技有限公司与齐鲁制 药有限公司于 20 ...

证券研究报告 卫星化学及烯烃行业周度动态跟踪 华安化工团队 分析师：王强峰 S0010522110002 分析师：潘宁馨 S0010524070002 2026年01月14日 华安证券研究所 华安证券研究所 华安研究•拓展投资价值 1 证券研究报告 华安研究•拓展投资价值 ◼ 本周观点 华安证券研究所 敬请参阅末页重要声明及评级说明 2 ➢ 本周乙烷价格继续走弱，截至1月9日为1277元/吨，周环比-3.10%。 ➢ 本周原料天然气价格大幅回落，周环比-29.02%；乙烷价格继续下行，周环比-3.10%；乙烯、液氯价格维持稳定，周环比 均为0.00%；丙烷价格小幅上涨，周环比+0.58%；布伦特原油价格小幅回落，周环比-0.34%。 ➢ C2/C3下游主要产品聚乙烯/环氧乙烷/聚酯大单体/乙二醇/苯乙烯/丙烯酸历史分位分别为+37.75%/+23.52%/+27.24%/+30. 09%/+45.96%/+24.72%，整体处于中低分位区间。 ➢ 在当前节点展望后市，我们判断乙烷价格虽有所波动，但供需宽松，整体价格将继续下行。此外，我们认为下游需求端在 今年仍有修复空间。 ➢ 我们持续推荐轻烃化工龙头企业卫星 ...

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights - The chemical industry is expected to continue its differentiated trend in 2026, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [6][7] - The arrival of a pivotal moment in synthetic biology is anticipated, driven by the adjustment of energy structures, which may disrupt fossil-based materials and favor low-energy products [7] - The implementation of quota policies for third-generation refrigerants is expected to lead to a high prosperity cycle, with demand remaining stable due to market expansion in Southeast Asia [8] - The electronic specialty gases market is characterized by high technical barriers and value, presenting significant opportunities for domestic substitution [10] - The trend of light hydrocarbon chemicals is becoming global, with a shift towards lighter raw materials in the olefin industry, which is expected to lead to a revaluation of leading companies in this sector [10] - The industrialization process of COC polymers is accelerating, with domestic companies likely to break through supply bottlenecks and expand market space [11] - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle, with supply pressures easing due to production cuts by major companies [12] - The MDI market is characterized by oligopoly, with a favorable supply structure expected to develop as demand gradually recovers [13] Industry Performance - The chemical sector's overall performance ranked 12th with a weekly change of 5.03%, outperforming the Shanghai Composite Index by 1.21 percentage points [5][22] - The top three performing sub-sectors were inorganic salts (10.92%), modified plastics (9.94%), and oil and gas refining engineering (8.67%) [25] Company Performance - The top three performing companies in the chemical sector for the week were Pulit (42.59%), Dawi Technology (35.34%), and Sanfu Co., Ltd. (32.29%) [29][30] - The companies with the largest declines included Hangzhou High-tech (-11.24%), Yahua Group (-6.59%), and Wind God Co., Ltd. (-5.48%) [31][32] Industry Dynamics - A recent anti-dumping investigation has been initiated against imports of dichlorodihydrosilane from Japan, which is expected to impact the domestic industry [38] - The restructuring of Sinopec and China Aviation Oil is a significant event in the state-owned enterprise reform landscape, aiming to enhance competitiveness in a complex international environment [38]