1885 医药生物 2026 年 01 月 04 日 版 行业 《本周申万医药生物指数下跌 0.2%，关注 对外授权及新品上市 -- 医药行业周报 (2025/12/22-2025/12/26) 》 2025/12/29 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 (2025/12/15-2025/12/19)》 2025/12/22 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 申万宏源研究微信服务号 本期投资后示 2.1%，关注脑机接口产业 ―― 医药行业周报（2025/12/29-2026/01/02） 请务必仔细阅读正文之后的各项信息披露与声明 本 周 申 万 医 药 生 物 指 数 T 看好 相关研究 市场表现：本周申万医药生物指数下跌 2.1%，同期上证指数上涨 0.13%，万得全 A ● （除金融石油石化） 下跌 0.3%。本周医药生物指 ...

转债周度跟踪 20251231 2026 年 01 月 04 日 设转债估值重回高位。 ● 1. 周观点及展望 ○ 风险提示： 权益市场波动风险，转债信用风险等。 请务必仔细阅读正文之后的各项信息披露与声明 徐亚 A0230524060002 xuya@swsresearch.com 相关研究 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wangml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 联系人 申万宏源研究微信服务 ● 2025 年 12 月以来转债迎来新一轮修复行情，本轮修复行情中偏股高平价转债领涨，商 业航天主题行情下军工板块涨幅较大，加之强赎风险阶段性释放，高平价转债估值重回高 位。但剩余期限逐步缩短+转债下修弱于预期，偏债转债估值松动明显，因此与前期相比， 转债估值结构有所切换。从 2025 年底表现来看，风险偏好依旧维持高位，春季躁动预期 较为一致，转债预计仍受益于权益市场上涨+小微盘活跃，但考虑到偏股转债估值重回高 位，估值端保护较前 ...

相关研究 2026 年 01 月 04 日 A 股估值及行业中观景气跟 行业比较周跟踪 (20251227-20260102) 本期投资提示: 申万宏源研究微信服务号 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 冯彧 A0230525080001 fengyu@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 冯彧 A0230525080001 fengyu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 一、Ａ 股本周估值（截至 2025 年 12 月 31 日) 1) 指数及板块估值比较: ● 中证全指（剔除 ST） PE 为 21.6 倍，PB 为 1.8 倍，处于历史 81%和 42%分位; √ √ 上证 50 PE 为 11.8 倍，PB 为 1.3 倍，处于历史 63%和 43%分位 ...

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 研究支持 郑逸欢 A0230124010001 zhengyh@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 2026 年 01 月 04 日 委内瑞拉政局变化利好合规油轮 ...

Investment Rating - The report maintains a positive outlook on the computer industry, indicating a "Buy" rating for key companies within the sector [3]. Core Insights - The report highlights significant developments in the semiconductor and AI sectors, particularly focusing on companies like Wallen Technology and TianShu Intelligent Chip, which are preparing for IPOs and showcasing innovative GPU products [4][28]. - The report emphasizes the rapid growth of revenue and the importance of R&D investment in driving future profitability for companies in the AI and GPU markets [44][40]. Summary by Sections Wallen Technology - Wallen Technology is set to launch its IPO on January 8, 2026, with a focus on self-developed GPGPU chips and intelligent computing solutions. The company has seen revenue growth from 0.499 million in 2022 to 58.9 million in 2025H1, with significant orders in hand [4][5]. - The company’s core products include the BR106 and BR110 series, with the BR106 achieving mass production in 2023 and generating substantial revenue [9][25]. - Wallen Technology's revenue for 2025H1 reached 58.9 million, with a projected total revenue of 336.8 million for 2024, indicating a strong upward trend [22][40]. TianShu Intelligent Chip - TianShu Intelligent Chip commenced its IPO process on December 30, 2025, and has developed a comprehensive product line including the TianYai series for AI model training and the ZhiKai series for inference [28][32]. - The company has achieved significant milestones, including the launch of its second-generation training product in 2023 and the third generation in 2024, with average prices for TianYai at 30,000-40,000 and ZhiKai at approximately 10,000 [36][34]. - Revenue is projected to grow from 189 million in 2022 to 540 million in 2024, with a focus on maintaining high R&D investment to support product development [40][44]. ZhiPu and MiniMax - ZhiPu and MiniMax have recently initiated their IPO processes, representing significant players in the AI model market, with ZhiPu focusing on B2B solutions and MiniMax on B2C applications [41][42]. - ZhiPu has demonstrated rapid revenue growth, achieving 310 million in 2024, with a year-on-year increase of 150.9%, while MiniMax has emphasized efficient model architecture and rapid commercialization [44][52]. - Both companies are leveraging their unique strengths in AI model development, with ZhiPu focusing on localized deployment and MiniMax on high user engagement through innovative applications [46][52].

行 业 及 产 业 医药生物 本期投资提示： 2026 年 01 月 04 日 本 周 申 万 医 药 生 物 指 数 下 跌 行 业 研 究 / 行 业 点 评 《本周申万医药生物指数下跌 0.2%，关注 对外授权及新品上市——医药行业周报 （2025/12/22-2025/12/26）》 2025/12/29 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 （2025/12/15-2025/12/19）》 2025/12/22 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 2.1%，关注脑机接口产业 看好 —— 医药行业周报（2025/12/29-2026/01/02） 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 1．市场表现：本周医药板块下跌 2.1% 本周申万医药生物指数下跌 2. ...

周 评 证 券 研 究 报 告 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wangml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 2026 年 01 月 04 日 偏股转债估值重回高位，警惕"双 高"转债 ——转债周度跟踪 20251231 ⚫ 1. 周观点及展望 ⚫ 风险提示：权益市场波动风险，转债信用风险等。 联系人 徐亚 A0230524060002 xuya@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 债 券 研 究 债 券 相关研究 - ⚫ 2025 年 12 月以来转债迎来新一轮修复行情，本轮修复行情中偏股高平价转债领涨，商 业航天主题行情下军工板块涨幅较大，加之强赎风险阶段性释放，高平价转债估值重回高 位。但剩余期限逐步缩短+转债下修弱于预期，偏债转债估值松动明显，因此与前期相比， 转债估值结构有所切换。从 2025 年底表现来看，风险偏好依旧维持高位，春季 ...

申 购 策 略 证 券 研 究 报 告 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 研究支持 郑菁华 A0230525060001 zhengjh@swsresearch.com 联系人 郑菁华 A0230525060001 zhengjh@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 2026 年 01 月 04 日 科马材料（920086）：干式摩擦片 "小巨人" ——北交所新股申购策略报告之一百五十四 策 略 研 究 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 - ⚫ 基本面：干式摩擦片"小巨人"。公司 2002 年成立，总部位于浙江丽水，主要从事干式 摩擦片及湿式纸基摩擦片的研发、生产及销售，主要产品为干式摩擦片及湿式纸基摩擦 片。坚持自主研发，积极推进技术创新。公司始终坚持自主研发和技术创新，长期致力于 传动摩擦材料的研发，不断增强技术实力。公司 ...

Valuation Summary - The overall valuation of the A-share market as of December 31, 2025, shows the CSI All Share (excluding ST stocks) with a PE of 21.6x and a PB of 1.8x, positioned at the 81st and 42nd historical percentiles respectively [2] - The Shanghai Stock Exchange 50 Index has a PE of 11.8x and a PB of 1.3x, at the 63rd and 43rd historical percentiles [2] - The CSI 300 Index has a PE of 14.2x and a PB of 1.5x, at the 65th and 39th historical percentiles [2] - The CSI 500 Index shows a PE of 33.8x and a PB of 2.3x, at the 64th and 51st historical percentiles [2] - The ChiNext Index has a PE of 40.8x and a PB of 5.5x, at the 35th and 63rd historical percentiles [2] Industry Valuation Comparison - Industries with PE valuations above the 85th historical percentile include Real Estate, Retail, and IT Services [2] - Industries with PB valuations above the 85th historical percentile include Electronics (Semiconductors) and Communications [2] - Industries with both PE and PB valuations below the 15th historical percentile include Medical Services and White Goods [2] Industry Sentiment Tracking New Energy - In the photovoltaic sector, the average price of silicon wafers increased by 10.8%, while battery cell prices rose by 11.8% [2] - The price of cobalt increased by 6.8% and nickel by 5.5%, while lithium carbonate prices rose by 0.9% [2] Technology TMT - The Philadelphia Semiconductor Index rose by 2.2%, and the Taiwan Semiconductor Index increased by 5.1% [3] - The DXI Index (DRAM output value) increased by 7.2%, driven by strong demand for high-performance products related to AI computing [3] Real Estate Chain - The price of rebar increased by 0.1%, while iron ore prices rose by 1.5% [3] - The national cement price index decreased by 0.3% [3] Consumption - The average price of live pigs increased by 10.4%, while wholesale pork prices rose by 1.4% [3] - The price of Moutai liquor decreased by 3.5% to 1505 CNY [3] Cyclical Industries - The price of copper increased by 2.7%, while aluminum rose by 2.2% [3] - Brent crude oil futures closed at 60.8 USD per barrel, down 2.4% [3]

证 券 研 究 报 告 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 研究支持 郑菁华 A0230525060001 zhengjh@swsresearch.com 联系人 郑菁华 A0230525060001 zhengjh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2026 年 01 月 04 日 科马材料（920086）：干式摩擦片 "小巨人" 申 购 策 略 ——北交所新股申购策略报告之一百五十四 策 略 研 究 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 - ⚫ 基本面：干式摩擦片"小巨人"。公司 2002 年成立，总部位于浙江丽水，主要从事干式 摩擦片及湿式纸基摩擦片的研发、生产及销售，主要产品为干式摩擦片及湿式纸基摩擦 片。坚持自主研发，积极推进技术创新。公司始终坚持自主研发和技术创新，长期致力于 传动摩擦材料的研发，不断增强技术实力。公司技术研发团队具有扎实的专业知识和丰富 的行业经验，在开发实践中积累了传动摩擦 ...