证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 27 日 [Table_Title] 资产配置日报：科技归来 [Table_Title2] [Table_Summary] 1 月 27 日， 股市低开高走，科技板块重新升温，上证指数几经周折，尾盘再度收于 4140 点，资金经历短期 纠结后，继续涌向双创领域，科创综指、创业板指单日上涨 1.72%、0.71%。"股债跷跷板"效应成为日内债市 定价主导变量，风险偏好小幅提振的背景下，债市收益率普遍上行。 权益市场缩量上涨。万得全 A上涨 0.14%，全天成交额 2.92 万亿元，较昨日（1 月 26 日）缩量 3592 亿 元。港股方面，恒生指数上涨 1.35%，恒生科技上涨 0.50%。南向资金净流出 6.35 亿港元，其中中国移动和紫金 矿业分别净流出 11.47 亿港元和 8.43 亿港元，而腾讯控股净流入 10.24 亿港元。 指数呈现 V 型走势。早盘 4000+只股票下跌，万得全 A 跌幅一度达 1.40%。不过前期在窄幅震荡区间聚集的 筹码，支撑指数从负转正。正如我们在《暗流涌动》中提及，这部分筹码在牛市延续的共识下进 ...

证券研究报告|固收研究报告 [Table_Date] 2026 年 1 月 27 日 [Table_Title] 2025 年四季报出炉，个券机会显现 [Table_Title2] 公募 REITs 业绩点评系列 [Table_Summary] 根据交易所相关规则指引，公募 REITs 基金管理人应当在每 季度结束之日起 15 个工作日内，编制和披露季度报告。2026年 1 月 22 日各 REITs 发布四季度报告，整体来看，不同资产类型 经营情况表现显著分化，经营情况良好的个券得到市场追捧。 在四季报披露窗口期带动下，REITs 市场迎来一波放量上涨 行情，四季报披露当周（2026 年 1 月 19-23 日）日均成交量、 日均成交额、日均换手率环比分别增长 44.51%、46.63%、 0.20pct，中证 REITs 全收益指数周度上涨 2.17%。 ►四季报后：继续关注消费板块，挖掘优质高分派率个券 四 季 报 披露当周各板块普涨，涨幅靠前的是新型设施 （+5.87%）和消费设施（+4.13%），涨幅靠后的是两类收费型 REITs，分别为能源设施（+0.88%）和交通设施（+1.69%）。 全市场 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [4]. Core Insights - In Q4 2025, the company achieved record production of 1.23 million pounds of U₃O₈, representing a 15% quarter-on-quarter increase and a 93% year-on-year increase. The sales volume reached 1.43 million pounds, with a quarter-on-quarter increase of 168% and a year-on-year increase of 186% [1][2]. - The average realized price for U₃O₈ in Q4 2025 was $71.8 per pound, reflecting a 7% increase both quarter-on-quarter and year-on-year [1]. - The unit production cost decreased to $39.7 per pound, down 5% from the previous quarter and 6% year-on-year [1]. Summary by Sections Production and Operations - The mining activities at LHM accelerated, with total mined volume reaching 5.53 million tons, leading to an increase in ore and low-grade ore stockpiles. The processing plant achieved an average ore feed grade of 524 ppm and a recovery rate of 91% [2][6]. - The company expects to complete its capacity enhancement plan by mid-2026, aiming for an annual production target of 4 to 4.4 million pounds of U₃O₈ [2]. Financial Performance - On October 16, 2025, the company successfully completed a share purchase plan (SPP) with overwhelming support, receiving subscription applications totaling over AUD 138 million. The company accepted AUD 100 million of these applications [3]. - A debt restructuring was completed with lenders, reducing the overall debt from $150 million to $110 million, enhancing liquidity following successful equity financing [5]. Financial Metrics - The average realized price for U₃O₈ was $71.8 per pound in Q4 2025, compared to $67.4 in Q3 2025 [6]. - The total capital expenditure for the quarter was $1.9 million, with exploration expenditure at $0.5 million [6].

证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 27 日 [Table_Title] 2025 年业绩超预期，海外业务将持续注入增长动能 [Table_Title2] 思源电气(002028.SZ) [Table_Summary] ►2025 年业绩超预期 公司发布 2025 年业绩快报，2025 年公司实现营收 212.1 亿元， 同比增长 37%；实现归母净利润 31.6 亿元，同比增长 54%；实 现扣非归母净利润 29.6 亿元，同比增长 58%。就 2025Q4 来看， 公司实现营收 73.8 亿元，同比增长 46%，环比增长 38%；实现 归母净利润 9.7 亿元，同比增长 74%，环比增长 8%；实现扣非 归母净利润 9.2 亿元，同比增长 95%，环比增长 15%。 ►在美国供应高压变电站设备，盈利水平有望持续提升 受美国电网扩容改造&AIDC 建设放量等需求驱动，美国高压设备 供 应 紧 张 ， 电力 变 压 器 PPI 指 数 持 续上 升 。 根据 Wood Mackenzie 报告，2025Q2 美国升压变压器、电力变压器交付周 期已分别达到 143 周、 ...

Investment Rating - The report provides a recommendation for the industry [5] Core Insights - Core company currently holds approximately 5,000 tons of lithium concentrate and 75,000 tons of lithium powder in inventory, which are available for sale. The company aims to capitalize on potential commercial opportunities to monetize this inventory as market conditions improve [3][6] - The Finniss lithium project, including the Grants deposit, has undergone significant operational planning improvements, leading to a reduction in pre-production capital costs by an estimated AUD 35 million to AUD 45 million. The updated mining plan indicates a 33% increase in total ore reserves and a 44% increase in metal content [6][8] - The company has successfully resolved all purchase agreements, contingent liabilities, and adverse contracts related to the Finniss project, ensuring that future production is not restricted [18] Financial Status and Capital Management - As of the end of the quarter, Core's cash balance was AUD 48.7 million, an increase from AUD 35.9 million as of September 30, 2025 [1] - The company generated a one-time cash inflow of AUD 2.5 million from the sale of non-core uranium assets to Elevate Uranium [2] - The company has made strategic decisions to significantly reduce debt and enhance financial strength, improving its balance sheet [2] Exploration Activities - The diamond drilling program at the Blackbeard project is ongoing, aimed at testing geological conditions and lithium mineralization at depth for the fiscal year 2026 [10] - The Shoobridge gold project, strategically located near major infrastructure, is being explored with surface geochemical sampling to assess regional targets, complementing the company's focus on lithium exploration [12] Strategic Financing and Agreements - The company has initiated a financing plan through a two-phase placement and a share purchase plan, raising AUD 50 million at a price of AUD 0.105 per share [4] - Core has entered into a binding settlement agreement with Tesla, formally terminating negotiations regarding a purchase agreement, which resolves all related obligations and ensures unrestricted future production from the Finniss lithium project [18]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue of 21.21 billion yuan for 2025, representing a year-on-year growth of 37%. The net profit attributable to shareholders reached 3.16 billion yuan, up 54% year-on-year, while the net profit excluding non-recurring items was 2.96 billion yuan, reflecting a 58% increase [1] - The company is expected to benefit from the ongoing expansion and renovation of the U.S. power grid, with a tight supply-demand situation for high-voltage equipment. The delivery cycles for transformers in the U.S. have reached 143 weeks and 128 weeks for booster and power transformers, respectively [1] - Domestic investment in the power grid is increasing, with the State Grid Corporation expected to invest 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan. The company has shown strong bidding performance in domestic projects, indicating potential for significant growth in its domestic business [2] Financial Performance Summary - Revenue projections for 2025 and 2026 have been revised upwards to 21.21 billion yuan and 26.83 billion yuan, respectively, with a new forecast for 2027 set at 35 billion yuan. The expected revenue growth rates for 2025-2027 are 37.2%, 26.5%, and 30.5% [3] - The net profit forecasts for 2025 and 2026 have been adjusted to 3.16 billion yuan and 4.24 billion yuan, respectively, with a new forecast for 2027 at 6.02 billion yuan. The expected net profit growth rates for 2025-2027 are 54.3%, 34.2%, and 41.8% [3] - Earnings per share (EPS) are projected to be 4.05 yuan for 2025, 5.43 yuan for 2026, and 7.71 yuan for 2027, with corresponding price-to-earnings (PE) ratios of 47X, 35X, and 25X based on the closing price of 189.26 yuan on January 27, 2026 [3]

[Table_Title2] 有色金属-海外季报 证券研究报告|行业研究报告 [Table_Date] 2026 年 1 月 27 日 [Table_Summary] 季报重点内容: ►公司 2025Q4 生产经营情况 2025Q4，公司铀矿生产了创纪录的 123 万磅 U₃ O₈ ，环 比增长 15%，同比增长 93%。本季度 U₃ O₈ 产量高于预期主 要系本季度破碎机处理量为 121 万吨，平均矿石品位为 524ppm，表明送入选矿厂的矿石品位较高。平均回收率为 91%。 2025Q4，公司售出 143 万磅 U₃ O₈ ，环比增长 168%，同 比增长 186%。 2025Q4，公司平均实现价格为 71.8 美元/磅，环比上涨 7%，同比上涨 7%。 [Table_Title] LHM 项目 2025Q4 U3O8 产销量分别环比增长 15%/168%至 123/143 万磅，平均实现价格环比上 涨 7%至 71.8 美元/磅 2025Q4，公司单位生产成本为 39.7 美元/磅，环比下降 5%，同比下降 6%。 ►采矿 本季度，LHM 的采矿活动持续加速，钻孔、爆破和装卸 运输作业主要集中在 G 和 ...

证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 26 日 [Table_Title] 资产配置日报：局部行情 1 月 26 日，股市延续分化行情，上证指数依旧在 4125 点至 4160 点间窄幅震荡，而近期表现较好的双创板块 及中小微盘则迎来集体调整。权益回调的背景下，债市维持积极情绪，长端与超长端收益率多有下行，中短端受 到资金收敛的拖累，呈现窄幅震荡状态。 权益市场放量下跌。万得全 A下跌 0.68%，全天成交额 3.28 万亿元，较上周五（1 月 23 日）放量 1625 亿 元。港股方面，恒生指数上涨 0.06%，恒生科技下跌 1.24%。南向资金净流出 8.26 亿港元，其中腾讯控股、小米 集团分别净流入 10.15 亿港元和 8.22 亿港元，中国移动和紫金矿业则分别净流出 11.77 亿港元和 10.77 亿港元。 市场下跌风险不大，整体仍处于震荡上涨的通道中。今日全市成交额继续处于 3 万亿元以上，同时指数跌幅 不大，意味着在调整压力显现时，资金承接力量不弱。我们在《蓄势待发》中指出，2005 年以来万得全 A 在上涨 趋势中的量顶之后&突破震荡上沿后，基本不是 ...

Group 1: Meituan App Upgrade - Meituan App has launched an AI search feature called "Ask Meituan" to enhance local information service experience[1] - The new version aims to provide accurate and timely decision-making information for users seeking local dining and entertainment options[1] - The upgrade integrates AI capabilities to optimize user experience in various consumption scenarios[1] Group 2: Fliggy Travel Trends - Fliggy reports that inbound travel ticket bookings have increased over 4 times compared to last year during the Spring Festival holiday[2] - University student flight bookings have risen by over 20% year-on-year as schools begin to close for the holiday[2] - The demand for cross-border travel has surged, with outbound service bookings increasing by nearly 40% in the last two weeks[2] Group 3: Investment Recommendations - The report suggests embracing the "AI+" trend to optimize valuations in Hong Kong stocks, focusing on internet, technology, and emerging consumer sectors[4] - Beneficiary stocks include Alibaba, Tencent, Kuaishou, and Meituan, which are actively integrating AI and increasing capital expenditures[4] Group 4: Market Performance - The Shanghai Composite Index closed at 4136.16, up 0.33%[4] - The Shenzhen Component Index rose by 0.79%, closing at 14439.66[4] - The CSI 300 Index fell by 0.45%, closing at 4702.50[4]

Group 1: Meituan App Upgrade - Meituan App has launched an AI search feature called "Ask Meituan," enhancing user experience by providing accurate local information for dining, entertainment, and services [1][9][11] - The upgrade aims to address user pain points in local consumption decisions, ensuring timely and accurate information to avoid discrepancies between online listings and actual conditions [10][12][13] - The AI model integrates various data sources to deliver personalized recommendations, significantly improving the decision-making process for users [11][12][15] Group 2: Fliggy's Travel Market Insights - Fliggy reports a significant increase in inbound travel ticket bookings, with a growth of over 4 times compared to the previous year, driven by the upcoming Spring Festival holiday [2][18] - The demand for cross-border travel has surged, with outbound service bookings increasing by nearly 40% in recent weeks, and student travel contributing to a 20% year-on-year rise in domestic flight bookings [2][18] - Popular destinations for travel during the Spring Festival include major cities like Beijing, Shanghai, and Guangzhou, with a notable increase in high-star hotel bookings and experiential travel services [18][19] Group 3: NetEase Cloud Music and Universal Music Group Partnership - NetEase Cloud Music has renewed a multi-year strategic agreement with Universal Music Group, ensuring continued access to a vast library of licensed music for users [3][21] - The partnership will enhance collaboration in music products, services, and artist promotion, reflecting a commitment to providing quality content to a young audience [21][22] Group 4: Investment Recommendations - The report suggests that the "AI+" trend is catalyzing valuation optimization in Hong Kong stocks, with new industry leaders emerging in the changing consumer landscape [4][6] - Beneficiary stocks include Alibaba, Tencent, Kuaishou, and Meituan in the internet and technology sector, as well as new consumer leaders like Pop Mart and Ctrip [4][6]