1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, active equity funds generally focused on technology, consumption, and computing power. The scale of active equity funds decreased, while index funds increased slightly. The performance of active equity funds declined compared to the previous quarter. Funds increased their positions in cyclical sectors and reduced their positions in technology and pharmaceutical sectors [1][5][8]. - Caitong Fund had the best average performance among active equity fund management companies with a scale of over 10 billion yuan in Q4 2025. Other fund companies with good performance included Western Securities, Yongying Fund, and Huashang Fund [25]. 3. Summary According to the Table of Contents 3.1 Fund Four - Quarter Report Investment Outlook Keywords - Technology, consumption, and computing power were the key focuses of active equity fund managers in Q4. The trend keywords included "repair", "recovery", and "resilience"; industry - related keywords were "technology", "consumption", and "electronics"; theme keywords were "computing power", "robotics", and "new energy"; event - related keywords were "interest rate cuts", "exports", and "tariffs" [1][5]. 3.2 Performance and Scale Dimension - **Scale Change**: The scale of active equity funds decreased from approximately 4 trillion yuan in Q3 2025 to about 3.85 trillion yuan in Q4, a decline of 4.14%. Meanwhile, the scale of index funds increased slightly from 4.44 billion yuan to 4.54 billion yuan, a growth of 2.46%. In terms of fund companies, Yongying and Guojin had significant growth in active equity management scale, with Yongying's active equity scale exceeding 100 billion yuan [8][12]. - **Performance**: The performance of active equity funds in Q4 2025 declined significantly compared to the previous quarter. Approximately 42.8% of active equity funds achieved positive returns, with a median return of - 1.02%. Most funds' performance ranged from - 10% to 5%, and 192 funds achieved returns of over 10%. The top - performing funds in Q4 were mainly concentrated in industries such as military, non - ferrous metals, and communications [13][15]. - **Position and Heavy - Holding Stock Allocation**: The overall position of active equity funds decreased in Q4, with the average stock position dropping to 87.70% (-1.05%) and the Hong Kong stock position also significantly decreasing (-1.93%). The allocation ratio of heavy - holding stocks in Hong Kong stocks decreased, while the allocation ratios in CSI 300, CSI 500, and CSI 1000 increased [17][18]. - **Large - Scale Funds**: E Fund's Blue - Chip Select remained the largest active equity fund. Some large - scale funds' performance declined in Q4 2025, and their shares decreased, while some funds' shares continued to grow, such as Yongying Ruixin and Yongying Technology Smart Selection [22]. - **New Issues and Continued Operations**: In Q4 2025, Yongying Pioneer Semiconductor Smart Selection and Yongying High - end Equipment Smart Selection had the highest estimated net subscription amounts among active equity products. The new - issue product with the largest scale was GF Quality Selection, with a scale of 3.759 billion yuan. E Fund had the largest new - issue scale among fund companies, and Agricultural Bank of China had the largest new - issue scale among custodian banks [23][24]. 3.3 Fund Company Dimension - **Performance**: Caitong Fund had the best average performance of active equity funds in Q4 2025, with an average return of 4.22%. Other fund companies with good performance included Western Securities, Yongying Fund, and Huashang Fund. Fund companies with high performance differentiation included Yongying Fund and Baoying Fund, while those with low differentiation included Morgan Fund and Haitong Fund [25][26]. - **Scale**: E Fund remained the largest active equity management company, but its scale decreased in Q4 2025. Yongying Fund's active equity scale increased significantly in Q4 2025 [28]. - **Heavy - Holding Stock Allocation**: Caitong Fund under - allocated non - ferrous metals and over - allocated electronics and communications. Leading fund companies generally over - allocated non - ferrous metals and chemicals and under - allocated pharmaceutical and biological industries. Some fund companies also had significant over - or under - allocation in certain industries, such as CITIC Prudential Fund significantly over - allocating banks and Huashang Fund significantly over - allocating computers [30]. - **Market Value and Valuation Style**: Companies with relatively large - market - value holdings included Ruiyuan, Morgan, and Huatai - PineBridge; those with relatively small - market - value holdings included Yongying, Dacheng, and Nuoyuan; companies with relatively high PE holdings included Yongying, Huashang, and E Fund; those with relatively low PE holdings included Ruiyuan, Dacheng, and ABC - CA Fund [34].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Report's Core View - This week, REITs quarterly reports for Q4 2025 were released, and the market showed a positive performance. Data center and consumer sectors led the gains, with equity REITs outperforming concession - based REITs. Overall, REITs' revenue, net profit, and distributable amount had different year - on - year and quarter - on - quarter changes. [5] - For the first time, 5 REITs projects were terminated at the exchange stage. These projects failed to submit responses after receiving exchange feedback, indicating the exchange's enhanced refined management of REITs project applications. [5] - The CSI REITs Total Return Index rose by 2.17%, outperforming the CSI 300 by 2.79 percentage points and the CSI Dividend by 0.02 percentage points. In terms of different attributes and asset types, there were also different performance trends. [5] 3. Summary According to the Directory 3.1 First - level Market - There were no new progress in the initial offering and expansion of REITs this week. [4][5][9] 3.2 Second - level Market 3.2.1 Market Review - The CSI REITs Total Return Index rose by 2.17%. Equity REITs rose by 3.06%, and concession - based REITs rose by 1.63%. Data center (+5.87%), consumer (+4.17%), warehousing and logistics (+3.15%), and environmental protection and water utilities (+2.70%) sectors performed well. [5][19][24] 3.2.2 Liquidity - The turnover rate and trading volume of REITs both increased. The average daily turnover rates of equity and concession - based REITs were 0.72% and 0.46% respectively, up 23.99 and 8.88 basis points from last week. The trading volumes were 7.47 billion and 1.54 billion shares respectively, with a week - on - week increase of 49.90% and 23.79%. [24][25][26] 3.2.3 Valuation - The yields of equity and concession - based REITs according to ChinaBond valuation were 3.70% and 4.93% respectively. The transportation (6.03%), warehousing and logistics (5.29%), and park (4.39%) sectors had relatively high valuations. [28][29][30] 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - From January 18th to 23rd, there were a series of news about REITs, including the attempt to issue scenic area REITs in Huixian, the tender for consulting services of infrastructure REITs of Chengde Thermal Power Group, the termination of some REITs applications, and the start of some REITs project tenders. [34] 3.3.2 Important Announcements - There were announcements about the lifting of the restricted - sale period, operating data, quarterly reports, and dividend distributions of multiple REITs. For example, the strategic placement shares of E Fund Huawi Market REIT will be lifted on January 26th, and many REITs released their Q4 2025 quarterly reports. [35][36][43]

2026 年 01 月 24 日 四季报出炉，5 单 REITs 申报终止 公募 REITs 周度跟踪（2026.01.19-2026.01.23） 相关研究 《运营整体向好,板块内部分化— 公募 REITs 周度眼踪 2026.01.12-2026.01.16) 》 2026/01/17 三单项目集中获问 《市场开门红, 公募 REITs 周度跟踪 (2026.01.05-2026.01.09) 》 2026/01/10 《商业不动产 REITs 正式落地，哪 些变化？ ——公募 REITs 周度跟踪 些变化? - (2025.12.29-2025.12.31) 》 2026/01/04 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 申万宏源研究微信服务 | 1．一级市场：本周无新增首发和扩 ...

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - In Q4 2025, active equity funds decreased their scale, with the scale dropping from about 4 trillion yuan in Q3 to about 3.85 trillion yuan, a decline of 4.14%. Meanwhile, the scale of index funds slightly increased. [10] - The performance of active equity funds in Q4 2025 significantly declined compared to the previous quarter, with about 42.8% of the funds achieving positive returns, and the median return rate was -1.02%. [15] - Active equity funds reduced their holdings in technology and pharmaceutical sectors in Q4 2025 and increased their positions in cyclical sectors. [1] 3. Summary According to Relevant Catalogs 3.1 Fund Four - Quarter Report Investment Outlook Keywords - Technology, consumption, and computing power were the key areas of focus for active equity fund managers in Q4. The trend keywords included "repair", "recovery", and "resilience"; industry - related keywords were "technology", "consumption", and "electronics"; theme - related keywords were "computing power", "robotics", and "new energy"; and event - related keywords were "interest rate cuts", "exports", and "tariffs". [7] 3.2 Performance and Scale Dimension - **Scale Change**: The scale of active equity funds decreased in Q4 2025, while the scale of index funds slightly increased. Fund companies such as Yongying and Guojin saw significant growth in their active equity management scale, with Yongying's active equity scale exceeding 100 billion yuan. [10][14] - **Performance**: The overall performance of active equity funds in Q4 2025 declined significantly. About 42.8% of the funds achieved positive returns, and the median return rate was -1.02%. The top - performing funds in Q4 mainly focused on industries such as military, non - ferrous metals, and communications. [15][17] - **Position and Heavy - Holding Stock Allocation**: The overall position of active equity funds decreased in Q4 2025, with the average stock position dropping to 87.70% (-1.05%), and the Hong Kong stock position also significantly decreasing. The heavy - holding stocks in Hong Kong decreased, while the allocation ratios of heavy - holding stocks in CSI 300, CSI 500, and CSI 1000 increased. [18][19] - **Large - Scale Funds**: The scale of some large - scale active equity funds decreased in Q4 2025, but some funds such as Yongying Ruixin and Yongying Technology Smart Selection saw an increase in their shares. [24] - **New Issuance and Continued Management**: Among active equity products, Yongying Pioneer Semiconductor Smart Selection and Yongying High - end Equipment Smart Selection had the highest estimated net subscription amounts. The new - issue fund Guangfa Quality Selection had the largest issuance scale this quarter. [25] 3.3 Fund Company Dimension - **Performance**: Among active equity fund management companies with a management scale of over 10 billion yuan, Caitong Fund had the best average performance in Q4 2025, with an average return rate of 4.22%. Other companies with good performance included Western Lide, Yongying Fund, and Huashang Fund. [27] - **Scale**: E Fund remained the largest active equity management company in Q4 2025, although its scale decreased slightly compared to the previous quarter. Yongying Fund saw significant growth in its active equity scale in Q4 2025. [30] - **Heavy - Holding Stock Allocation**: Caitong Fund, the top - performing company in Q4, under - allocated non - ferrous metals and other industries and over - allocated electronics, communications, and other industries. Leading fund companies generally over - allocated non - ferrous metals and chemicals and under - allocated pharmaceutical biology. [32] - **Industry Allocation of Leading Fund Companies**: Leading active equity fund management companies' industry over - and under - allocations were mainly concentrated in several popular industries. For example, E Fund significantly over - allocated communications and food and beverages and significantly under - allocated power equipment and pharmaceuticals. [34] - **Market Value and Valuation Style of Heavy - Holding Stocks**: Companies with a relatively large - market - value style in their holdings included Ruiyuan, Morgan, and Huifutianfu; those with a relatively small - market - value style included Yongying, Dacheng, and Nuoyan; companies with relatively high PE in their holdings included Yongying, Huashang, and E Fund; and those with relatively low PE included Ruiyuan, Dacheng, and ABC Fortune. [37]

策 略 研 究 2026 年 01 月 23 日 世界的"十字路口" ——2026 年瑞士达沃斯主要国家领导人讲话重点梳理 证 证券分析师 程翔 A0230518080007 chengxiang@swsresearch.com 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 程翔 A0230518080007 chengxiang@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 信息披露 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉的职业态度、专业审慎 的研究方法，使用合法合规的信息，独立、客观地出具本报告,并对本报告的内容和观点负责。本人不曾因，不因，也将不 会因本报告中的具体推荐意见或观点而直接或间接收到任何形式的补偿。 请务必仔细阅读正文之后的各项信息披露与声明 A 股 策 略 券 研 究 报 告 相关研究 《相向而行——中美领导人 2025 年历次通话梳理》 2025/11/25 ⚫ ...

Investment Rating - The report maintains a positive outlook on the coal industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [22]. Core Insights - The coal industry is anticipated to see a recovery in prices and profits in the second half of 2025, driven by seasonal demand and improved market conditions [1]. - Domestic raw coal production is projected to grow slightly by 1.2% year-on-year in 2025, while coal imports are expected to decline by 9.6% [2][11]. - The fourth quarter of 2025 is expected to witness a significant rebound in both thermal coal and coking coal prices, with thermal coal prices rising approximately 13.9% quarter-on-quarter [2][15]. Summary by Sections Supply and Demand Dynamics - Domestic raw coal production for 2025 is estimated at 4.832 billion tons, reflecting a year-on-year increase of 1.2%. Monthly production figures for October, November, and December are projected at 407 million, 427 million, and 437 million tons, respectively, with slight declines in growth rates [5]. - Coal imports for 2025 are expected to total 490 million tons, a decrease of 9.6% compared to the previous year, with notable monthly fluctuations in the last quarter [11]. Price Trends - In Q4 2025, the average spot price for thermal coal at Qinhuangdao port is projected to be around 767 RMB/ton, down 6.99% year-on-year but up 13.9% from Q3 2025 [14][15]. - Coking coal prices are also expected to rise, with the average price for Shanxi's main coking coal reaching 1,727 RMB/ton, marking a 0.8% increase year-on-year and a 10.44% increase from Q3 2025 [15]. Company Performance Forecasts - Key companies in the coal sector are expected to report varying performance in Q4 2025. China Shenhua is projected to achieve a net profit of 14.129 billion RMB, a year-on-year increase of 12.16% [16]. - Other companies such as TBEA and Erdos are also expected to show significant profit growth, while companies like Shaanxi Coal and Energy may see declines due to price pressures [16]. Valuation Metrics - The report includes a valuation table for key coal companies, indicating their expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and beyond, providing insights into their market positioning [17].

Investment Rating - The report maintains a positive outlook on the coal industry, indicating a "Look Forward" investment rating for 2025 [2]. Core Insights - The report highlights a slight increase in domestic raw coal production in 2025, with a year-on-year growth of 1.2%, reaching 4.832 billion tons. However, coal imports are expected to decline by 9.6% to 490 million tons [3][8]. - In Q4 2025, both thermal coal and coking coal prices are projected to rebound significantly, with thermal coal prices increasing by approximately 13.9% from Q3 2025 [3][20]. - Key companies in the coal sector are expected to show varied performance in Q4 2025, with some exceeding expectations, while others may fall short [3][21]. Summary by Sections Supply and Demand Dynamics - Domestic raw coal production growth is slowing, with a total output of 4.832 billion tons in 2025, reflecting a 1.2% increase from 2024. Monthly production figures for October, November, and December show slight declines [3][8]. - Coal imports are projected to decrease to 490 million tons in 2025, a 9.6% drop compared to the previous year, with significant monthly fluctuations noted in Q4 [15][16]. Price Trends - Q4 2025 sees a notable increase in both thermal and coking coal prices, with the average price of Qinhuangdao port's 5500 kcal thermal coal at approximately 767 CNY/ton, a 13.9% increase from Q3 2025 [3][20]. - Coking coal prices are also on the rise, with the average price for Shanxi's main coking coal reaching 1727 CNY/ton, marking a 10.44% increase from Q3 2025 [20]. Company Performance Forecasts - Six companies are expected to exceed profit expectations in Q4 2025, including China Shenhua, TBEA, and others, with projected profits showing significant year-on-year growth [3][21]. - Ten companies are anticipated to meet expectations, while one company, Shaanxi Black Cat, is expected to underperform [3][21]. Investment Recommendations - The report suggests focusing on growth-oriented thermal coal companies such as TBEA and Jinkong Coal, as well as stable dividend-paying companies like China Shenhua and Shaanxi Coal [3][21].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The report highlights significant developments in the overseas pharmaceutical sector, including the collaboration between Insilico Medicine and Heng Tai Biopharma to develop a novel NLRP3 inhibitor for central nervous system diseases [2][6]. - The report notes that MicroPort Robotics expects a revenue growth of approximately 110%-120% year-on-year for 2025, with an adjusted net loss not exceeding 240 million yuan, representing a reduction of over 50% [5][6]. - GSK has reached a final agreement to acquire RAPT Therapeutics for approximately 2.2 billion USD, focusing on a long-acting monoclonal antibody currently in clinical trials [7][8]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biopharma have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with both companies holding 50% global rights [2][6]. - The Hong Kong Stock Exchange has approved the full circulation of 182,645,856 H shares for Fuhong Hanlin, representing about 33.61% of the company's total issued shares as of January 19 [2][6]. - The new drug application for TLX591-CDx, a radiopharmaceutical for prostate cancer diagnosis, has been accepted by the NMPA [2][6]. 2. Company Updates - MicroPort Robotics has reported over 180 commercial orders and more than 120 installations globally as of January 21 [5][6]. - Legend Biotech, a joint venture of Genscript Biotech, reported a trade sales net of approximately 555 million USD for the quarter ending December 31, 2025 [5][6]. - GSK's acquisition of RAPT Therapeutics includes a payment of 58.00 USD per share, with an expected upfront investment of 1.9 billion USD after cash adjustments [7][8]. 3. Market Performance - The Hang Seng Healthcare Index fell by 4.35%, underperforming the Hang Seng Index by 3.26 percentage points [4]. - The report indicates a strong performance in the overseas education sector, with GMV for Dongfang Zhenxuan reaching approximately 310 million yuan, a 42.8% increase week-on-week [15][16]. 4. Recommendations - The report suggests focusing on innovative drugs and the ongoing clinical progress of key pipelines from companies such as BeiGene, Innovent Biologics, and others [12]. - It also recommends monitoring the performance of educational companies like Dongfang Zhenxuan and China Oriental Education, which are expected to benefit from improved operational strategies and increased enrollment [16].

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the automotive sector compared to the overall market performance [12]. Core Insights - The automotive industry is gradually returning to its profit center, with a strong focus on overseas expansion [1]. - In Q4 2025, total vehicle production and sales reached 10.186 million and 10.023 million units, respectively, showing year-on-year increases of 3.9% and 1.7% [4]. - Domestic retail share of independent brands reached 66.9%, up 3.2 percentage points year-on-year, while wholesale of new energy passenger vehicles increased by 13.2% year-on-year [4]. - The average industry discount rate decreased by 1.33 percentage points to 12.28% in Q4 2025, indicating reduced terminal discounts [4]. - Traditional raw material prices saw a decline, while new energy raw material prices increased, impacting supply chain profitability [4]. Summary by Sections Vehicle Production and Sales - In Q4 2025, passenger vehicle production and sales were 9.018 million and 8.845 million units, with year-on-year changes of +2.2% and -0.3% respectively [4]. - Commercial vehicle production and sales reached 1.168 million and 1.178 million units, with year-on-year increases of +19.4% and +20.0% [4]. - Exports of vehicles in Q4 2025 totaled 2.147 million units, a significant year-on-year increase of 39.8%, with new energy vehicles showing remarkable growth [4]. Market Dynamics - The report highlights the leading position of independent brands in the market, with a notable increase in new energy vehicle sales [4]. - The report notes a divergence in profitability among automakers due to varying new vehicle release schedules and the suspension of trade-in subsidies [4]. Profit Forecasts - The report provides profit forecasts for key automotive companies, indicating significant growth for companies like Jifeng and Dongfang, while others like BYD and Li Auto are expected to see declines [6][8]. - Specific profit growth rates for Q4 2025 show a wide range, with some companies experiencing over 600% growth, while others face substantial losses [6]. Investment Recommendations - The report suggests focusing on companies benefiting from AI integration and overseas business support, such as BYD and Geely [4]. - It also emphasizes the importance of companies with strong performance in the supply chain, particularly in the context of rising raw material prices [4].

Investment Rating - The report maintains a "Positive" outlook on the overseas pharmaceutical sector, highlighting significant developments and collaborations in the industry [1]. Core Insights - The collaboration between Insilico Medicine and Heng Tai Biologics to develop an innovative brain-penetrating NLRP3 inhibitor is a key highlight, with potential applications in treating central nervous system diseases [2][7]. - The approval of full circulation for Fuhong Hanlin's H shares is noted, which involves a significant number of shares and stakeholders [2][7]. - The report emphasizes the strong revenue growth projections for companies like MicroPort Robotics and King’s Ray Biotech, with expected revenue increases of approximately 110%-120% year-on-year for 2025 [6][10]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biologics have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with a 50% global rights share and potential milestone payments exceeding HKD 500 million [2][7]. - Fuhong Hanlin's H shares have received approval for full circulation, involving 182,645,856 shares, which represents about 33.61% of the company's total issued shares [2][7]. 2. Company Performance Updates - MicroPort Robotics anticipates a revenue increase of 110%-120% for 2025, with adjusted net losses expected to narrow by over 50% [6][10]. - King’s Ray Biotech's joint venture, Legend Biotech, is projected to generate approximately USD 555 million in trade sales for the quarter ending December 31, 2025 [6][10]. 3. Recent Developments in Overseas Pharmaceutical Companies - GSK has reached an agreement to acquire RAPT Therapeutics for approximately USD 2.2 billion, focusing on a long-acting IgE monoclonal antibody currently in clinical trials [3][8]. - Corvus has reported positive results from a Phase I trial of its ITK inhibitor for moderate to severe atopic dermatitis, showing good safety and efficacy [3][9]. - Eli Lilly's FRα ADC has received breakthrough therapy designation from the FDA for treating platinum-resistant ovarian cancer [3][9]. 4. Recommendations - The report suggests monitoring innovative drug companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and Fuhong Hanlin [13]. - It also highlights the importance of ongoing clinical progress in innovative pipelines for pharmaceutical companies transitioning towards innovation [13].