1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - As of the end of Q4 2025, the total number of active bond - type funds (excluding amortized cost method funds) was 3,399, a 1.5% increase from the previous quarter, and the fund scale was 7.80 trillion yuan, a 1.6% increase [2][5][7]. - In Q4 2025, 93 active bond - type funds were issued, 18 more than the previous quarter, a 24.0% increase. The total issuance scale was 62.49 billion yuan, a 24% increase [2][9][10]. - In Q4 2025, the performance of medium - and long - term pure bond funds was better than that of short - term pure bond funds. Affected by the equity market, the performance of secondary bond funds was slightly weaker [2][14][16]. - Different types of active bond funds had different changes in leverage, duration, and asset allocation. For example, medium - and long - term pure bond funds' heavy - position bond duration decreased, while short - term bond funds' leverage ratio slightly increased [2][19][34]. - The mixed secondary bond funds reduced their stock positions and increased their holdings in non - banking finance and communication sectors [2][54][61]. 3. Summary According to the Table of Contents 3.1 Active Bond - type Fund Scale and Issuance - **Scale Change**: The total number of active bond - type funds increased by 1.5% to 3,399. The scale increased by 1.6% to 7.80 trillion yuan. The number of medium - and long - term pure bond funds, short - term pure bond funds, and mixed secondary bond funds increased by 0.6%, 0.6%, and 5.8% respectively, while the number of mixed primary bond funds decreased by 0.2%. The scale of medium - and long - term pure bond funds and mixed primary bond funds decreased by 4.0% and 2.1% respectively, and the scale of short - term pure bond funds and mixed secondary bond funds increased by 6.2% and 19.7% respectively [2][5][7]. - **Fund Issuance**: In Q4 2025, 93 active bond - type funds were issued, an increase of 18 from the previous quarter. Among them, 52 were mixed secondary bond funds. The total issuance scale was 62.49 billion yuan, a 24% increase. The issuance scale of medium - and long - term pure bond funds and mixed primary bond funds decreased by 21.0% and 79.9% respectively, while the issuance scale of mixed secondary bond funds increased by 117.2% [2][9][10]. 3.2 Active Bond - type Fund Performance - **Performance of Pure Bond Funds**: In Q4 2025, the yields of medium - and long - term pure bond funds were better than those of short - term pure bond funds. The yields of short - term and medium - and long - term pure bond fund indexes were 0.47% and 0.54% respectively [2][14]. - **Performance of Secondary Bond Funds**: Affected by the equity market, the performance of secondary bond funds was slightly weaker. The yields of mixed primary and secondary bond fund indexes were 0.55% and 0.38% respectively, and the maximum drawdowns were - 0.51% and - 1.04% respectively [2][16]. 3.3 Active Bond Fund Position Analysis - **Medium - and Long - term Pure Bond Funds**: The leverage ratio of closed - end medium - and long - term pure bond funds increased, while that of open - end ones decreased. The bond position of closed - end funds increased, while that of open - end funds decreased. Closed - end funds increased their holdings of credit bonds and reduced their holdings of interest - rate bonds, and vice versa for open - end funds. Both types of funds reduced their holdings of financial bonds. The weighted duration of the top five heavy - position bonds of both types of funds decreased [19][22][31]. - **Short - term Bond Funds**: The median leverage ratio increased by 1.5pct to 110.1%. The median bond position increased by 1.2pct to 106.7%. They reduced their holdings of credit bonds and increased their holdings of interest - rate bonds, and the median financial bond position increased by 2.1pct. The weighted duration of the top five heavy - position bonds increased slightly by 0.01 year [34][36][40]. - **Mixed Primary Bond Funds**: The median leverage ratio and bond position increased by 3.1pct and 4.1pct respectively. They increased their holdings of credit and interest - rate bonds, the median financial bond position increased slightly, the median convertible bond position increased by 0.64pct, and the weighted duration of the top five heavy - position bonds decreased by 0.21 year [42][45][49]. - **Mixed Secondary Bond Funds**: The median leverage ratio decreased slightly by 0.3pct to 107.5%. The stock position decreased by 0.80pct to 13.85%, and the bond position increased by 0.40pct to 87.85%. The median convertible bond position decreased by 0.97pct. The weighted duration of the top five heavy - position bonds decreased by 0.08 year. They increased their holdings in non - banking finance, communication, and non - ferrous metals sectors, and reduced their holdings in pharmaceutical biology, media, and electronics sectors. Zijin Mining was the largest heavy - position stock, and the heavy - position holding scale of Zijin Mining, Zhongji Innolight, and Ping An of China increased by more than 2 billion yuan [51][54][64].

宏观 2026 年 1 月 28 日 2025 年 12 月工业企业利润数据点评 利润结构向中游转移 证券分析师 事项： 2025 年，全国规模以上工业企业实现利润总额 73982.0 亿元，比上年增 长 0.6%。 平安观点： 风险提示：稳增长政策落地效果不及预期，海外经济衰退，地缘政治冲突升级等。 宏 观 点 评 证 券 研 究 报 告 宏 观 报 告 钟正生 投资咨询资格编号 S1060520090001 ZHONGZHENGSHENG93 4@pingan.com.cn 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 2025 年 12 月工业企业利润增长加快，量、价、利润率同步改善。2025 年 12 月，工业企业利润同比由 11 月下降 13.1%转为增长 5.3%，回升 18.4 个百分点，恢复较快。拆分量、价和利润率：2025 年 12 月工业增 加值增速较上月抬升 0.4 个百分点至 5.2%，PPI 同比增速较上月提升 0. ...

证券研究报告 主动超额延续，固收增强突围 ——公募基金重点产品/策略回顾与展望 证券分析师 | 陈 瑶 | 投资咨询资格编号：S1060524120003 | | --- | --- | | 郭子睿 | 投资咨询资格编号：S1060520070003 | | 任书康 | 投资咨询资格编号：S1060525050001 | | 研究助理 | | 高 越 一般从业资格编号：S1060124070014 胡心怡 一般从业资格编号：S1060124030069 2026年1月27日 请务必阅读正文后免责条款 报告摘要 2 • ETF回顾与展望：被动权益基金规模持续扩张，但增速有所放缓。资金流向方面，2025年资金由宽基流向行业主题ETF，具体来看2025年科技主 题ETF资金净流入额居前，其次为金融地产和周期主题ETF，伴随热门主题行情，热门概念主题ETF轮番吸引资金流入。2026年开年以来卫星/商 业航天、有色、AI主题ETF大幅净流入。参考美国共同基金发展历程，ETF发展趋势仍将延续，被动产品仍有发展空间。政策方面，优化了产品 注册与基准设置机制，通过一系列调降费率的举措，助力ETF充分发挥低费率、高透明度的工具 ...

基金 2026 年 1 月 27 日 主动权益基金 2025 年四季报 股票仓位回落，重点增持有色金属和通信行业 相关研究报告 【平安证券】基金季度报告*主动权益基金 2024 年 四季报：股票仓位下降，增持电子、减持有色金属 *20250125 【平安证券】基金季度报告*主动权益基金 2025 年 一季报：港股仓位抬升，腾讯控股成为第一大重仓 股*20250425 【平安证券】基金季度报告*主动权益基金 2025 年 二季报：新发规模边际回暖，港股仓位继续抬升 *20250724 【平安证券】基金季度报告*主动权益基金 2025 年 三季报：股票仓位抬升，重点增持科技和新能源行 业*20251030 证券分析师 | 郭子睿 | 投资咨询资格编号 | S1060520070003 | | --- | --- | --- | | GUOZIRUI807@pingan.com.cn | 任书康 | 投资咨询资格编号 | | S1060525050001 | RENSHUKANG722@pingan.com.cn | | | 陈瑶 | 投资咨询资格编号 | S1060524120003 | | CHENYAO370 ...

Investment Rating - The report maintains a "Strong Buy" rating for China Merchants Bank (招商银行) with an expected stock performance exceeding the market by over 20% within the next six months [18]. Core Insights - The bank's revenue has returned to positive growth, with a slight increase of 0.01% year-on-year for 2025, and a net profit growth of 1.21% year-on-year [3][6]. - Total assets grew by 7.56% year-on-year by the end of 2025, with loans increasing by 5.37% and deposits by 8.13% [3][6]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio holding steady at 0.94% as of the end of 2025 [6][15]. Summary by Sections Financial Performance - For 2025, the bank's net interest income growth improved to 2.0% year-on-year, while non-interest income decreased by 3.38% [6]. - The projected net profit for 2025 is 151,152 million yuan, with a growth forecast of 1.9% for 2025, 3.5% for 2026, and 4.6% for 2027 [5][6]. Asset Quality - The NPL ratio is projected to decrease slightly to 0.92% by 2026 and 0.91% by 2027, indicating a solid asset quality outlook [15][16]. - The provision coverage ratio is expected to remain high at 406% in 2025, ensuring robust risk mitigation [15][16]. Growth Projections - The bank's total assets are expected to grow from 13,044,679 million yuan in 2025 to 15,730,218 million yuan by 2027, reflecting a steady growth trajectory [15]. - Loan growth is projected at 5.0% for 2025, with a gradual increase to 6.0% in subsequent years [16]. Valuation Metrics - The price-to-earnings (P/E) ratio is forecasted to decrease from 6.4 in 2024 to 5.8 by 2027, indicating an attractive valuation relative to earnings growth [5][6]. - The price-to-book (P/B) ratio is expected to decline from 0.90 in 2024 to 0.72 by 2027, further supporting the investment case [5][6].

Investment Rating - The report maintains an "Outperform" rating for the medical and biotechnology industry [1]. Core Insights - The global demand for disposable gloves has recovered to pre-pandemic levels and is expected to grow steadily, with a projected compound annual growth rate (CAGR) of approximately 10% from 2022 to 2025, reaching a sales revenue of $13.6 billion by 2025 [3][11]. - The nitrile glove segment is anticipated to see significant growth, with the global medical nitrile glove market expected to reach $7.86 billion in 2024 and $16.31 billion by 2031, reflecting a CAGR of 11.2% from 2025 to 2031 [3][28]. - The industry is transitioning towards a balanced supply-demand scenario, with a gradual recovery in prices and profitability expected as high-cost capacities are phased out [4][47]. Summary by Sections Industry Overview - Disposable gloves are primarily used in medical settings, with nitrile gloves emerging as the preferred material due to their superior properties [9][12]. Market Cycle - The industry is expected to return to a phase of volume and price increases after experiencing supply-demand fluctuations, with a notable recovery in nitrile glove demand and pricing anticipated [22][46]. Investment Recommendations - The report suggests focusing on leading companies with advantages in capacity, cost control, and global expansion, such as Yingke Medical, Zhonghong Medical, and Blue Sail Medical [5][59]. Demand Side - The demand for disposable gloves is driven by increasing healthcare spending and heightened awareness of hygiene and protection across various sectors, particularly in developed markets [25][26]. Supply Side - The supply landscape is characterized by a concentration of production in Southeast Asia and China, with domestic leading manufacturers narrowing the capacity gap with Southeast Asian competitors [34][42]. Cost and Pricing Dynamics - The production costs of gloves are significantly influenced by raw material prices, particularly nitrile latex, which constitutes about 50% of production costs [50][54]. Price trends are expected to stabilize and potentially increase as demand recovers and high-cost production capacities exit the market [57][61].

Industrial Sector - In January, daily average pig iron production and float glass operating rates remained stable, while asphalt and some chemical products saw a decline in operating rates[4] - The apparent demand for major steel products decreased, while cement clinker capacity utilization increased[4] - The operating rate for automotive semi-steel tires increased, while full-steel tire operating rates declined[20] Real Estate - New home sales in 30 major cities decreased by 38.5% year-on-year as of January 23, with a similar decline of 38.6% for the month of January[21] - The second-hand housing listing price index fell by 0.93% week-on-week, a decrease of 0.46 percentage points from the previous value[25] Domestic Demand - Retail sales of passenger cars from January 1 to 18 dropped by 28% year-on-year, with a slight expected increase of 0.3% for the entire month due to the Spring Festival timing[29] - Major home appliance retail sales fell by 34.5% year-on-year as of January 16, a decline of 3.3 percentage points from the previous value[33] - The volume of postal express deliveries decreased by 5.4% year-on-year as of January 18, a drop of 3.2 percentage points from the previous value[32] External Demand - Port cargo throughput increased by 3.4% year-on-year as of January 18, an improvement of 1.7 percentage points from the previous value[35] - Container throughput at ports rose by 7.6% year-on-year, also showing an increase from previous values[35] Price Trends - The Nanhua Industrial Index rose by 1.1%, while the Nanhua Black Raw Materials Index fell by 0.9% and the Nanhua Nonferrous Metals Index increased by 3.0%[36] - The agricultural product wholesale price index rose by 1.7% week-on-week[40]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [1]. Core Insights - The offshore wind tendering in overseas markets remains robust, with significant capacity awarded in recent auctions, reflecting strong demand [6][11]. - Elon Musk announced a plan to establish 200GW of solar manufacturing capacity in the U.S. within three years, which is expected to boost the solar industry significantly [6][11]. - The global household energy storage market is projected to grow nearly 50% in 2025, with key markets like Germany, the U.S., Australia, and Japan dominating the landscape [7][11]. Summary by Sections Wind Power - Recent overseas offshore wind tenders show high activity, with the UK awarding 8.4GW in its latest auction, marking the largest in Europe [11][26]. - The wind power index increased by 5.16% in the week of January 19-23, outperforming the CSI 300 index by 5.78 percentage points, with a current PE_TTM of approximately 29.34 times [12][11]. - The report highlights the potential for investment opportunities in the offshore wind supply chain as demand continues to rise [11]. Solar Power - Elon Musk's announcement at the World Economic Forum regarding the 200GW solar capacity plan is expected to create significant market enthusiasm, particularly for suppliers in the solar equipment sector [6][11]. - The solar sector's current PE_TTM is around 51.85 times, with various indices showing substantial weekly gains [4][11]. Energy Storage & Hydrogen - The global household energy storage system shipment is expected to reach approximately 35GWh in 2025, with a year-on-year growth of nearly 50% [7][11]. - The report recommends investments in domestic and international large-scale storage companies and highlights the potential for distributed storage in emerging markets [7][11].

Investment Rating - The report maintains a "Strong Buy" rating for Ningbo Bank and Industrial Bank, expecting their stock prices to outperform the CSI 300 Index by over 20% within the next six months [38]. Core Insights - The People's Bank of China (PBOC) Governor Pan Gongsheng indicated that there is still room for interest rate cuts and reserve requirement ratio (RRR) reductions, with a commitment to continue a moderately loose monetary policy in 2026 [9][10]. - Ningbo Bank reported a year-on-year revenue growth of 8.01% and a net profit growth of 8.13% for 2025, with significant increases in intermediary business income by 30.72% and total assets growing by 16.11% [12]. - Industrial Bank's revenue and net profit showed slight increases of 0.24% and 0.34% respectively, with total assets surpassing 11 trillion yuan and a stable non-performing loan (NPL) ratio of 1.08% [12][13]. - The report highlights a recovery in bank holdings by active management funds, with a slight increase in the proportion of bank sector holdings to 1.06%, indicating potential for further investment [22]. Summary by Sections Monetary Policy - Pan Gongsheng emphasized the need for a flexible and effective use of monetary policy tools, including interest rate cuts and RRR reductions, to ensure liquidity remains ample and aligns with economic growth expectations [9][10]. Bank Performance - Ningbo Bank's strong performance is characterized by a low NPL ratio of 0.76% and a high provision coverage ratio of 373%, indicating robust risk management [12]. - Industrial Bank's performance is stable, with a focus on maintaining asset quality and a solid provision coverage ratio of 228% [12][13]. Market Trends - The banking sector saw a slight increase in active fund holdings, suggesting a potential recovery in investor confidence and interest in bank stocks [22]. - The report notes that the banking, securities, insurance, and fintech indices experienced declines, with the banking index down by 2.70% [23].

Core Insights - Geopolitical risks are affecting market sentiment, leading to increased volatility in US stocks, while commodities are rising. The MSCI global index fell by 0.07%, with US indices such as the S&P 500, Nasdaq, Dow Jones, and Russell 2000 experiencing slight declines of 0.4%, 0.1%, 0.5%, and 0.3% respectively [2][14][20] - The US PCE inflation for November 2025 showed a mild increase, aligning with expectations, while personal consumption expenditures remained robust despite a slight decline in income growth. The PCE and core PCE indices recorded a year-on-year increase of 2.8%, up by 0.1 percentage points from the previous month [2][3][4] - The US labor market shows limited layoffs, with initial unemployment claims indicating stability. The GDP growth for Q3 2025 was revised up to an annualized rate of 4.4%, the highest in two years, driven by strong exports and reduced inventory drag [2][3][6] Market Overview - The US stock market is entering a period of intensive earnings reports, which may lead to heightened short-term volatility. However, the overall outlook for the year remains positive for US equities, with potential influences from upcoming earnings on Hong Kong stocks as well [2][29] - In the bond market, the 10-year and 2-year US Treasury yields remained stable at 4.24% and 3.60% respectively, while the dollar index decreased by 1.88% to 97.5. Commodities such as gold and silver saw significant increases of 8.30% and 14.80% respectively [19][20] - The Hong Kong stock market is experiencing a lack of catalysts, resulting in a fluctuating pattern. The Hang Seng Index and Hang Seng Technology Index both saw a decline of 0.4% [2][29][33] Policy Developments - Recent policy actions by the Trump administration include the cancellation of tariff threats against the EU and a framework agreement regarding Greenland, which may involve military and resource-related agreements. This has implications for market sentiment and geopolitical stability [2][8] - The US Supreme Court appears unlikely to support President Trump's attempt to dismiss Federal Reserve Governor Lisa Cook, indicating potential stability in the Fed's independence [2][8] Sector Performance - In the US, the energy and materials sectors led gains, while healthcare and information technology sectors faced declines. Notably, lithium battery and social media concepts performed well, with respective increases of 9.2% and 6.0% [25][28] - In Hong Kong, the materials and energy sectors also showed strong performance, while the technology and healthcare sectors lagged. Concept indices such as smart TVs and gold jewelry saw significant gains [34][38]