太平洋房地产日报（20260122）：杭州 2026 年首宗宅地挂牌 2026 年 01 月 22 日 行业日报 中性/维持 房地产 房地产 走势比较 (20%) (10%) 0% 10% 20% 30% 25/1/21 25/4/4 25/6/16 25/8/28 25/11/9 26/1/21 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<太平洋房地产日报（20260121）：26 年南京首拍收金 15.38 亿元>>-- 2026-01-21 <<太平洋房地产日报（20260120）：台 州玉环一宗宅地出让>>--2026-01- 21 <<全年销售延续调整态势，房价环比 降幅小幅收窄>>--2026-01-20 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 报告 ...

机械 证券研究报告 |公司深度 2026/01/14 科瑞技术(002957)公司深度———— 先进制造跨行业应用龙头，"3+N"战略布 局把握智能制造浪潮 证券分析师: 张世杰(分析师) 证券分析师: 罗平(分析师) 分析师登记编号: S1190523020001 分析师登记编号: S1190524030001 P2 报告摘要 公司概况：先进制造领域的跨行业应用龙头。科瑞技术成立于2001年，初期专注于硬盘行业自动化业务，经过20余年发 展，已成长为工业自动化设备及智能制造解决方案的全球供应商。其业务逐步拓展至移动终端、新能源、汽车、物流等 多个行业，并于2019年实现A股主板上市。主营业务围绕"3+N"战略布局，营收表现较为稳健，2024年受行业周期影响 营收同比下降14.34%至24.48亿元，但2025年前三季度已呈现稳健修复，营收同比增长0.22%。盈利能力方面，公司综合 毛利率长期维持在35%左右的高位水平，具有强劲的支撑。公司三大核心业务主要包括移动终端业务、新能源业务以及 精密零部件业务，2024年三大战略业务收入占比合计81.32%。其中分产品来看，自动化设备是公司营收的主要来源，近 年来始 ...

Investment Rating - The overall industry investment rating is neutral, indicating that the expected return over the next six months is between -5% and 5% relative to the CSI 300 index [10] Core Insights - The household appliance industry experienced a single-digit decline in export value of 7% in December 2025, with specific categories like vacuum cleaners, washing machines, and refrigerators showing growth [4][8] - White goods such as refrigerators and washing machines achieved stable growth of 4% each, while air conditioners and fans faced significant demand pressure with declines of 20% and 28% respectively [4][8] - In the black goods and smart projection segment, projectors saw a double-digit decline of 13%, while the growth rate for LCD TVs turned positive at 5% [4][8] - Kitchen appliances and electrical lighting faced challenges, with range hoods declining by 10% and demand for plugs and sockets stabilizing at a 5% decline [4][8] - Cleaning appliances, particularly vacuum cleaners, maintained a strong growth rate of 14% [4][8] - Small kitchen appliances such as toasters, blenders, microwaves, and coffee machines faced varying degrees of pressure, with declines of 21%, 16%, 10%, and 15% respectively [4][8] - Personal care small appliances like electric shavers showed a need for improvement with a decline of 21%, while hair dryers and irons had reduced declines of 6% each [4][8] Summary by Category - **White Goods**: Refrigerators and washing machines grew by 4% each, while air conditioners and fans declined by 20% and 28% respectively [4][8] - **Black Goods and Smart Projection**: Projectors declined by 13%, while LCD TVs grew by 5% [4][8] - **Kitchen Appliances and Electrical Lighting**: Range hoods declined by 10%, plugs and sockets stabilized with a 5% decline [4][8] - **Cleaning Appliances**: Vacuum cleaners grew by 14% [4][8] - **Small Kitchen Appliances**: Toasters, blenders, microwaves, and coffee machines faced declines of 21%, 16%, 10%, and 15% respectively [4][8] - **Personal Care Small Appliances**: Electric shavers declined by 21%, while hair dryers and irons had reduced declines of 6% each [4][8]

2026 年 01 月 20 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20260120）：台州玉环一宗宅地出让 走势比较 (20%) (10%) 0% 10% 20% 30% 25/1/20 25/4/3 25/6/15 25/8/27 25/11/8 26/1/20 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<全年销售延续调整态势，房价环比 降幅小幅收窄>>--2026-01-20 <<太平洋房地产日报（20260119）：浙 江金华出让 1 宗低密宅地>>--2026- 01-20 <<太平洋房地产日报（20260114）：青 岛土拍收金10.15亿元>>--2026-01- 15 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 报告摘要 市场行 ...

Investment Rating - The industry is rated as "positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [7]. Core Insights - The report highlights a significant growth trend in the electronic cigarette sector, with an expected increase of 28% in export value by December 2025. Additionally, the corrugated box category is projected to grow by 12% [1][2]. - The paper industry shows a mixed performance, with corrugated boxes achieving double-digit growth (+12%), while the demand for bleached paper and paperboard has slightly declined (-7%). The performance of pulp and paper products remains stable with a minor decrease of -1% [2][6]. - The home furnishings sector is experiencing a notable decline, particularly in spring mattresses, which are under short-term pressure with a decrease of -3%. Other categories such as bathroom fixtures, office furniture, sofas, and PVC flooring are facing significant demand challenges, with declines ranging from -14% to -28% [2][6]. - The report also notes that other categories, including thermal cups and plastic tableware, are experiencing slight declines of -14% and -9%, respectively, while electronic cigarettes continue to show robust growth [2][6]. Summary by Relevant Sections Paper Industry - Corrugated boxes are expected to see a growth of +12% - Bleached paper and paperboard are facing a decline of -7% - Pulp and paper products are stable with a decrease of -1% [2][6] Home Furnishings - Spring mattresses are under pressure with a decline of -3% - Significant declines in demand for bathroom fixtures (-28%), office furniture (-18%), sofas (-15%), and PVC flooring (-14%) [2][6] Other Categories - Electronic cigarettes are projected to grow by +28% - Thermal cups and plastic tableware are experiencing declines of -14% and -9% respectively [2][6]

Investment Rating - The report gives a "Buy" rating for Dongxing Medical [5] Core Viewpoints - Dongxing Medical is positioned as a micro-invasive surgical platform company with diversified layouts that promote growth. The company focuses on the anastomosis device industry chain and is gradually expanding into other micro-invasive surgical products, aiming to establish itself as a platform enterprise in medical devices [3][12] - The company plans to acquire 90% of Wuhan Yijiaobao Biological Materials Co., which has obtained 58 medical device registration certificates, enhancing its medical device platform and facilitating synergistic development [3][12] - The company has a concentrated shareholding structure and a professional management team, with expected revenue growth driven by product upgrades and cost control [3][12] Summary by Sections 1. Company Overview - Dongxing Medical has diversified its business since its establishment in 2001, transitioning from an agency model to a medical device manufacturer. The company has completed several acquisitions to integrate its supply chain, including the acquisition of Weike Medical and Zihang Precision, which closed the anastomosis device industry chain [12][19] - The company has a strong cash position, with cash and cash equivalents reaching 1.2 billion yuan, supporting future acquisitions [30][32] 2. Anastomosis Device Market - The anastomosis device market in China is expected to reach 9.82 billion yuan by 2024, with a compound annual growth rate (CAGR) of 8.1% from 2019 to 2024. The electric laparoscopic anastomosis device market is projected to grow significantly, with a CAGR of 44.4% during the same period [49][52] - The report indicates that the impact of centralized procurement on pricing has reached a turning point, with price adjustments stabilizing and the industry entering a phase of steady growth as penetration rates increase [54][55] 3. New Surgical Products - The company is expanding its product line to include ultrasonic knives, with a market size in the tens of billions. The domestic market for ultrasonic knives is rapidly increasing due to the rise in domestic production rates [5][12] - The company is also collaborating with Shanghai Jiao Tong University to develop synthetic biological materials, which are expected to be applied in serious medical fields such as hemostasis and scar repair, adding another growth point [5][12] 4. Financial Forecast and Valuation - The company forecasts revenues of 379 million yuan, 445 million yuan, and 512 million yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be -37 million yuan, 94 million yuan, and 121 million yuan for the same years [5][8] - The report estimates a price-to-earnings (PE) ratio of 29x for 2026 based on the closing price on January 16, 2026 [5][8]

Investment Rating - The overall industry investment rating is "Positive" for the planting and livestock sectors, "Neutral" for forestry and aquaculture, and "II" for agricultural product processing [7][8]. Core Insights - The pig price is experiencing a seasonal rebound, with the average price at 12.78 CNY/kg, a slight increase of 0.15 CNY from the previous week. However, the mid-term outlook remains pessimistic due to ongoing market pressures [6][23]. - The livestock industry is undergoing a capacity reduction, with the number of breeding sows decreasing to 39.90 million heads, down 1.1% month-on-month. This trend is expected to continue due to low market prices, rising epidemic risks, and policy pressures [7][24]. - The chicken industry is facing high capacity levels, with prices expected to fluctuate in the mid-term. The average price for broiler chickens is currently at 3.77 CNY/kg, reflecting a slight decrease [8][25]. - The yellow chicken market is anticipated to see price increases due to low production levels, with the average price at 12.95 CNY/kg [10][27]. - The veterinary medicine sector is experiencing a price rebound for key antibiotics, with a year-on-year increase of over 20% expected [11][27]. - The seed industry is benefiting from favorable policies and the advancement of genetically modified crops, which is expected to enhance sales and pricing for quality seed companies [13][28]. - Grain prices are projected to rise in the mid-term due to reduced imports and supportive domestic policies, with corn prices currently at 2369 CNY/ton [14][29]. Summary by Sections Livestock Industry - The average price for live pigs is 12.78 CNY/kg, with a slight increase of 0.15 CNY from last week. The average price for piglets is 25.14 CNY/kg, up 0.66 CNY [6][23]. - The operating rate of large-scale slaughterhouses is 38.58%, down 1.19 percentage points from last week [6][23]. - The number of breeding sows has decreased to 39.90 million heads, down 1.1% month-on-month, indicating a trend of capacity reduction [7][24]. Chicken Industry - The average price for broiler chickens is 3.77 CNY/kg, with a slight decrease of 0.03 CNY from last week [8][25]. - The industry is at a historically high capacity level, with prices expected to remain volatile in the mid-term [9][26]. - The yellow chicken market is expected to tighten supply, with prices likely to rise due to low production levels [10][27]. Veterinary Medicine - Key antibiotic prices are rebounding, with a year-on-year increase of over 20% expected [11][27]. - The market for veterinary vaccines is also growing, with increased sales anticipated for domestically produced vaccines [12][27]. Seed and Grain Industry - The seed industry is benefiting from favorable policies and advancements in genetically modified crops, which are expected to drive sales and pricing [13][28]. - Grain prices are projected to rise due to reduced imports and supportive domestic policies, with corn prices currently at 2369 CNY/ton [14][29].

2026 年 01 月 19 日 行业点评报告 中性/维持 房地产 房地产 全年销售延续调整态势，房价环比降幅小幅收窄 2025 年 12 月统计局房地产数据点评 走势比较 (20%) (10%) 0% 10% 20% 30% 25/1/20 25/4/2 25/6/13 25/8/24 25/11/4 26/1/15 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 相关研究报告 <<太平洋房地产日报（20260114）：青 岛土拍收金10.15亿元>>--2026-01- 15 <<太平洋房地产日报（20260113）：成 都天府新区 3 宗涉宅用地顺利成 交>>--2026-01-14 <<太平洋房地产日报（20260109）：国 常会部署实施财政金融协同促内需 一揽子政策>>--2026-01-11 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com ...

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - The pharmaceutical sector experienced a decline of 0.52% on January 19, 2025, underperforming the CSI 300 index by 0.57 percentage points, ranking 28th among 31 sub-industries [4]. - Notable performers within the pharmaceutical sub-industries included offline pharmacies (+2.39%) and blood products (+0.11%), while sectors such as medical R&D outsourcing (-1.77%) and vaccines (-1.10%) lagged behind [4]. - Takeda's new drug Oveporexton has received acceptance for its market application in China, targeting narcolepsy type 1 (NT1) and showing promising results in clinical trials [5]. Sub-industry Summary - Chemical Pharmaceuticals: No rating [3] - Traditional Chinese Medicine: No rating [3] - Biopharmaceuticals II: Neutral [3] - Other Pharmaceuticals: Neutral [3]

2026 年 01 月 19 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20260119）：浙江金华出让 1 宗低密宅地 走势比较 (10%) (2%) 6% 14% 22% 30% 25/1/16 25/3/30 25/6/11 25/8/23 25/11/4 26/1/16 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<太平洋房地产日报（20260114）：青 岛土拍收金10.15亿元>>--2026-01- 15 <<太平洋房地产日报（20260113）：成 都天府新区 3 宗涉宅用地顺利成 交>>--2026-01-14 <<太平洋房地产日报（20260109）：国 常会部署实施财政金融协同促内需 一揽子政策>>--2026-01-11 证券分析师：徐超 E-MAIL：daizh@tpyzq.com 分析师 ...