证券研究报告 固收定期报告 hyzqdatemark 2026 年 02 月 14 日 开年金融数据的几点信号 ——2026 年 1 月金融数据点评 投资要点： 事件：2 月 13 日傍晚央行披露了 1 月金融数据：新增贷款 4.71 万亿元，社融增量 7.22 万亿元。1 月末，M2 达 347.2 万亿，YoY+9.0%；M1 YoY +4.9%；社融增速 8.2%。 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 图表 3：2026 年 1 月社融增量 7.22 万亿，同比小幅多增（亿元） 资料来源：人行官网、华源证券研究所 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 4页 联系人 1 月新增贷款同比明显少增，反映 2026 年信贷需求依然偏弱。由于"早投放早受益"， 年初银行信贷投放动力强，信贷投放节奏普遍前倾。2026 年春节较晚，春节前企业 发年终奖可能促使个人提前偿还个贷，或对 2 月份个贷数据影响较大。2025 年春节 较早，春节错位之下，1 月份新增贷款 4.71 ...

Investment Rating - The report highlights a significant investment opportunity in the new materials industry, particularly focusing on the Beijing Stock Exchange (北交所) as a core platform for innovative small and medium enterprises [5]. Core Insights - The new materials industry is experiencing a historic development window driven by domestic substitution becoming a necessity and new productivity demands [5]. - The report categorizes companies in the new materials sector into five main segments: non-metal functional materials, new energy materials, polymer and composite materials, metal materials, and fine chemicals, with a focus on semiconductor materials and new productivity supporting materials [5]. - Companies in the semiconductor materials sector are making breakthroughs in critical areas such as photoresist-related chemicals and electronic specialty gases, indicating a shift towards domestic production [5]. - The new productivity sector is defined by the demand for lightweight and high-performance materials, with companies in this space expected to see significant growth opportunities [5]. - A three-dimensional analysis framework is proposed to assess investment value based on demand drivers, core competitiveness, and industry value chain position [5]. Summary by Sections 1. Overview of the New Materials Industry Chain - The industry is characterized by a diverse distribution of emerging enterprises that possess unique advantages, often referred to as "invisible champions" [11]. - The companies typically focus on niche markets and exhibit high technical barriers, high gross margins, and rapid growth rates [12]. 2. Investment Main Lines in New Materials - The investment focus is on domestic substitution trends in semiconductors and the new productivity demands driven by sectors like robotics and low-altitude economy [26]. - Key materials include new battery materials, lightweight structural materials, and advanced friction materials, which are essential for the ongoing energy transition [26]. 3. Outlook and Target Companies in New Materials - The report anticipates that the new materials industry will transition from scale advantages to quality advantages, with a focus on high-end breakthroughs and domestic substitution [75]. - Specific areas of growth include high-end materials, electronic chemicals, and new energy materials, with an emphasis on companies that can meet the evolving demands of industries such as AI and robotics [75].

证券研究报告 电子 | 消费电子 北交所|新股申购 hyzqdatemark 2026 年 02 月 13 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 海菲曼(920183.BJ) ——具备全球影响力的高端电声品牌商，不断丰富产品线和提升产品性能 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 发行价格 19.71 元/股，发行市盈率 14.5X，申购日为 2026 年 2 月 24 日。海菲曼本次公开发 行股份数量为 1,052.7020 万股，发行后总股本 4,895.2000 万股，本次公开发行股份数量占 发行后总股本的 21.50%。本次发行不安排超额配售选择权。经我们测算，公司发行后预计可 流通股本比例为 25.13%，老股占可流通股本比例为 14.43%。本次发行战略配售发行数量为 105.2702 万股，占本次发行数量的 10.00%。募集资金在扣除发行费用后拟用于投资"先进 声学元器件和整机产能提升项目"、"监听 ...

Key Points - The report indicates that there is still potential for credit spread compression, particularly in the context of different bond types and their excess spreads compared to similar maturity and rating bonds [1][3][35] - As of January 30, 2026, the excess spreads for 3Y AAA-rated bank subordinated bonds, perpetual bonds, and industrial bonds are 6.1BP, 6.6BP, and 11.0BP, respectively, which are at the 92%, 79%, and 44% percentiles since early 2025 [1][3][35] - The report suggests that the selection of bonds based on value for money ranks as follows: bank subordinated bonds > perpetual bonds > urban investment bonds > industrial bonds [1][35] Credit Strategy Review for January 2026 - The yield of bank subordinated bonds has significantly decreased, and the excess spreads remain high, indicating potential for further compression [3][6] - The report notes that the 3Y AA+ urban investment bond yield decreased by 9BP, with the yield at the end of January 2026 being 1.91% [11] - Factors contributing to the decline in credit bond yields include limited corporate financing demand, stable credit issuance, and a loose funding environment [11][14] Performance of Different Credit Strategies - In January 2026, the performance of various credit strategies ranked as follows: duration extension > barbell strategy > 3Y bullet strategy > short-end sinking [15] - The returns for the duration extension strategy for urban investment bonds, industrial bonds, bank subordinated bonds, and perpetual bonds were 0.65%, 0.85%, 0.76%, and 0.82%, respectively [15][18] - The report highlights that the short-end sinking strategy yielded returns of 0.16%-0.19% across different bond types, although its performance was generally average [17][18] Outlook for February 2026 - The report anticipates that the overall funding environment will remain tight, with a weak recovery in the fundamentals [35] - It is expected that the central bank's operations will lead to a decrease in funding rates, potentially resulting in a further decline in long-term bond yields by 5-10BP in Q1 2026 [35] - The report emphasizes that the credit spread compression trend is likely to continue, with a focus on the performance of various bond types [35]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company, Pudong Construction, is a state-owned enterprise in the Pudong New Area, focusing on municipal construction and infrastructure development. It has a strong commitment to shareholder returns, with a dividend payout ratio expected to increase to 43.66% in 2024, reflecting its robust financial health and investment attractiveness [6][9] - The company has a diversified business model that includes design, construction, and investment, with a focus on integrated infrastructure services. It aims to enhance profit elasticity through mature park operations and stable rental income from projects like Deloitte Park and TOP Chip Link [6][9][39] - The company is expected to face short-term operational pressure due to a decline in new construction orders, but it maintains a strong market position in Shanghai, with significant order concentration in the Pudong area [6][32] Summary by Sections Financial Performance - The company's revenue is projected to reach RMB 18,859 million in 2024, with a year-on-year growth rate of 6.39%. However, a decline of 19.47% is expected in 2025, followed by modest growth in subsequent years [5][44] - The net profit attributable to shareholders is forecasted to be RMB 593 million in 2024, with a slight increase to RMB 369 million by 2027, indicating a stable yet cautious growth outlook [5][46] Business Segments - The construction segment remains the core business, contributing significantly to revenue. The company anticipates a revenue decline of 20% in this segment for 2025, with a gradual recovery thereafter [8][44] - The design and consulting segment is expected to face challenges, with revenue growth projected at -20% for 2025, while the park development segment is seen as a future growth driver [8][44] Market Environment - Shanghai's fiscal strength is robust, with a comprehensive financial capacity of RMB 14,027.9 billion in 2024, ranking sixth nationally. This financial stability supports ongoing infrastructure investments and project execution [27][30] - The company has a strong order backlog, with new construction orders expected to total approximately RMB 137.69 billion in 2025, despite a year-on-year decline of 22.72% [32] Strategic Initiatives - The company is actively pursuing a strategy to become a "technology-driven full-industry chain infrastructure investment and construction operator," focusing on integrated services across design, construction, and park operations [36][38] - Projects like Deloitte Park and TOP Chip Link are central to the company's strategy, aiming to create high-value park development and operational models that enhance profitability [39][40]

Consumption Trends - The emotional economy market in China is expected to exceed 20 trillion yuan in 2024, with a projected CAGR of 14% from 2025 to 2029[3][60]. - The beauty consumption market is projected to reach nearly 370 billion yuan by 2025, with the retail sales of cosmetics in China estimated at 465.3 billion yuan in 2025, reflecting a year-on-year growth of 5.1%[5][51]. - The health food market is anticipated to reach 720.3 billion yuan by 2029, driven by increasing health awareness and aging population[5]. Policy and Market Dynamics - The Chinese government has prioritized boosting consumption as a key task for 2025, with policies supporting consumption upgrades and equipment renewal[5][9]. - Changing consumer behavior emphasizes emotional value, health, and personalized consumption, indicating a shift towards emotional and social fulfillment in purchasing decisions[5][9]. Key Industry Insights - The maternal and infant food market is projected to reach approximately 55.91 billion yuan in 2024, with the number of maternal and infant chain stores increasing from 21,000 in 2019 to 32,000 in 2024[5]. - The pet economy is expected to grow significantly, with the market size reaching 701.3 billion yuan in 2024, reflecting an 18% year-on-year increase[58]. Investment Opportunities - Companies in the North Exchange related to beauty consumption include Jinbo Biological, Bawei Co., and Vicky Technology, which are positioned to benefit from the ongoing growth in the beauty sector[5][52]. - The health food sector includes leading brands like Kangbiter and Yizhi Konjac, which are well-placed to capitalize on the rising demand for health-oriented products[5].

证券研究报告 美容护理 | 个护用品 港股|首次覆盖报告 hyzqdatemark 2026 年 02 月 13 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 联系人 王悦 wangyue03@huayuanstock.com | 基本数据 | 2026 | 年 | 月 | 12 日 | | 02 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 31.26 | | | 一年内最高/最低（港 | | | 36.80/28.42 | | | | | 元） | | | | | | | | 总市值（百万港元） | | | | 19,366.09 | | | | 流通市值（百万港元） | | | | 19,366.09 | | | | 资产负债率（%） | | | | | 44.94 | | | 资料来源：聚源数据 | | | | | | | 乐舒适(02698.HK) 投资评级： 买入（首次） ——非洲卫生用品龙头，本土化护城河较深 投资要点： | 风险提示:婴儿及女性卫生用品行业竞争 ...

Group 1: Fixed Income Market Insights - The scale of public fixed income + funds reached a historical high of approximately 2.83 trillion yuan by the end of Q4 2025, with a slight increase of 0.09 trillion yuan from Q3 2025, reflecting a quarter-on-quarter growth of 3.2% [6][7][12] - The top five fund companies in terms of fixed income + fund scale as of December 2025 were: Invesco Great Wall (230.9 billion yuan), E Fund (221.9 billion yuan), Huatai-PB (157.1 billion yuan), and others [7][8] - The equity allocation of fixed income + funds reached its highest level since Q4 2023, with stock, bond, and deposit market values accounting for 9.7%, 86.4%, and 1.5% respectively in Q4 2025 [8][9] Group 2: Fund Performance and Holdings - The average annual return for fixed income + funds in 2025 was 5.35%, with specific returns for different fund types: mixed debt funds (6.7%), first-level debt funds (2.4%), second-level debt funds (4.9%), and convertible bond funds (22.9%) [12] - The manufacturing sector dominated the investment focus of fixed income + funds, with an investment scale of 172.2 billion yuan, accounting for approximately 63% of total stock investments [9][10] - The top ten heavy positions in fixed income + funds showed strong stability, with major stocks like Zijin Mining, CATL, and Tencent remaining in the top three [10][11] Group 3: Banking Sector Analysis - The proportion of active equity funds heavily invested in the banking sector increased from 3.6% in Q3 2025 to 4.4% in Q4 2025, with a significant recovery in the banking index's quarterly return from -10.5% to 4.6% [17][18] - Notable banks such as Ningbo Bank and Jiangsu Bank are recommended for their strong asset quality and risk management capabilities, with Ningbo Bank showing a collaborative model in wealth management and technology finance [20][19] - The overall performance of listed banks is relatively weak, but some banks exhibit strong growth potential due to differentiated operational strategies [20] Group 4: Company-Specific Insights on Haibo Shichuang - Haibo Shichuang, established in 2011, has become a leading player in the domestic energy storage system integration market, ranking first in installed capacity in China by the end of 2024 [21][22] - The company is expected to benefit from the rapid growth of energy storage installations driven by the domestic electricity market reforms, with significant projects already secured [22][23] - Internationally, Haibo Shichuang has established partnerships and local teams in key markets, enhancing its ability to deliver projects and improve profitability, particularly in overseas markets [23][24]

Investment Rating - The industry investment rating is "Positive" (first time) [4] Core Viewpoints - The proportion of bank stocks held by actively managed equity funds remains low, with a slight increase in the fourth quarter of 2025. The market capitalization of bank stocks in actively managed funds rose from 1.8% in Q3 2025 to 1.9% in Q4 2025, indicating a gradual recovery [4][12] - The bank index's quarterly return rebounded significantly from -10.5% in Q3 2025 to 4.6% in Q4 2025, reflecting a 15.07 percentage point increase [23] - The report suggests focusing on high-quality banks with stable asset quality and strong risk management capabilities, particularly in favorable economic regions [44][48] Summary by Sections 1. Changes in Fund Holdings in Q4 2025 - The market capitalization of bank stocks held by public funds increased from 3.6% in Q3 2025 to 4.4% in Q4 2025, with a total value of approximately 1,473 billion [6][8] - The increase in bank stock holdings was primarily driven by passive equity funds, which saw their bank stock market capitalization rise from 841.1 billion in Q3 2025 to 1,104.2 billion in Q4 2025, increasing their proportion from 5.4% to 7.0% [19][22] - Active equity funds showed a slight increase in bank stock holdings, with the market capitalization rising from 300.4 billion in Q3 2025 to 305.5 billion in Q4 2025 [21][22] 2. Performance of Bank Stocks - The bank sector's performance was highlighted by a significant recovery in the bank index, which turned positive in Q4 2025 after a negative performance in the previous quarter [23] - The report indicates that the overall performance of listed banks has been relatively weak, but certain banks are showing strong growth potential due to differentiated business strategies [44][48] 3. Recommendations for Investment - The report recommends focusing on banks with robust asset quality and risk management, particularly those in economically strong regions such as Ningbo Bank, Jiangsu Bank, and Nanjing Bank [44][48]

Investment Rating - The report assigns a "Buy" rating for the company, highlighting it as a leading player in the energy storage system integration sector with expected overseas expansion benefits [5][8]. Core Insights - The company is projected to achieve net profits of 930 million, 2.23 billion, and 2.9 billion RMB for the years 2025 to 2027, with year-on-year growth rates of 44%, 140%, and 30% respectively. The current stock price corresponds to P/E ratios of 42, 18, and 14 for the same years [5][8]. - The company is positioned as a leader in energy storage system integration, with significant growth anticipated from its overseas operations and a strong technological and brand advantage benefiting from the global renewable energy and storage installation growth [5][10]. Summary by Sections Market Performance - The closing price of the stock is 219.00 RMB, with a market capitalization of approximately 39.44 billion RMB and a circulating market value of about 29.03 billion RMB. The company has a total share capital of 180.09 million shares and a debt-to-asset ratio of 68.17% [3]. Financial Forecast and Valuation - Revenue projections for 2025 to 2027 are 10.54 billion, 22.88 billion, and 30.49 billion RMB, with year-on-year growth rates of 27.39%, 117.22%, and 33.23% respectively. The expected net profits for the same period are 930 million, 2.23 billion, and 2.9 billion RMB, with corresponding growth rates of 43.58%, 139.59%, and 30.04% [6][8]. Company Overview - Established in 2011, the company has transitioned to focus on energy storage systems since 2019, achieving a leading position in the domestic market. It ranks among the top three globally in new energy storage installations as of 2024 [7][15]. - The company has secured significant contracts with major power groups, contributing to rapid revenue growth, and has established production bases in key regions to enhance delivery capabilities [7][44]. Domestic Market Dynamics - The domestic energy storage market is expected to grow significantly due to the implementation of the electricity spot market and capacity pricing mechanisms, which are improving the profitability of storage projects [29][34]. - The company is well-positioned to benefit from the rapid growth in renewable energy installations and has been awarded multiple large-scale projects since 2020 [7][29]. International Market Opportunities - The global energy storage market is projected to grow substantially, with cumulative installations expected to reach approximately 270 GW by 2025. The company has established partnerships and local teams in key international markets, enhancing its ability to deliver projects [45][56]. - The company has achieved higher profit margins in overseas markets compared to domestic ones, indicating a strong potential for international growth [59].