证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 哈尔斯(002615) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 轻工行业负责人 执业编号：S1500525060001 邮箱：lichen1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 哈尔斯：行业出口维持高增，制造&品牌共驱 成长 [Table_ReportDate] 2026 年 01 月 25 日 [Table_S 事件：保温杯 ummary]12 月出口量延续高增。根据海关总署，2025 年 12 月我国保 温杯出口规模为 3.6 亿美金（同比-15.5%），销量为 1.17 亿只（同比+7.4%）； 全年出口金额/出口销量分别同比- ...

Core Insights - The report indicates that since mid-January, the market's growth rate has slowed due to policy cooling signals, outflows of counter-cyclical funds, and a deceleration in the inflow of leveraged funds. The turnover rate of the entire A-share market peaked at 3.78% on January 14, followed by a decline from that high [2][8] - Historical instances of high turnover rates during bull markets have shown two patterns: style switching, where leading sectors weaken, and style diffusion, where strong sectors continue to perform well and expand into other thriving sectors. The report suggests that if the previous leading sectors were based on themes or policy speculation, they are likely to revert to stronger industrial trends after a high turnover rate [2][8] - The report identifies sectors with strong industrial trends and performance certainty, such as AI computing power, semiconductors, and non-ferrous metals, as likely to maintain strong performance post-high turnover. Conversely, sectors driven mainly by thematic catalysts without clear fundamental improvements may face challenges [2][8] Market Changes - The report notes that since late December 2025, the spring market has accelerated due to the resolution of overseas liquidity disturbances and the influx of configuration funds, particularly in industries like AI and commercial aerospace. However, the sustainability of previously strong-performing sectors such as media, military industry, non-ferrous metals, and computers is questioned as the market enters the latter half of the spring rally [8][29] - The report highlights that the leading sectors during previous high turnover periods have included financials, consumer goods, and technology, with shifts observed in 2007, 2009, 2014, 2020, and 2025. For instance, in 2007, the leading sectors shifted from real estate and consumer to financials and resources, while in 2020, the focus moved from consumption to cyclical and new energy sectors [2][8][12] Sector Analysis - The report emphasizes that sectors such as non-ferrous metals, semiconductors, and AI computing power are expected to continue their strong performance due to their solid industrial trends and earnings realization. Additionally, sectors benefiting from price increases, such as basic chemicals and new energy materials, are also highlighted as having potential for improvement [2][8][34] - The report suggests that the financial sector, particularly non-bank financials, is likely to show increasing elasticity as the market conditions improve. The potential for significant inflows from long-term funds, such as insurance and mutual funds, is also noted as a positive factor for the financial sector [34][36] - The report indicates that the consumer sector may see investment opportunities primarily in new consumption models and high-dividend attributes, particularly in service consumption areas that could benefit from policy catalysts and base effect reversals [34][36]

证券研究报告 行业研究——周报 本期内容提要： [Table_ReportType] [Table_StockAndRank] 石油加工行业 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 大炼化周报：临近春节假期，长丝开工负荷明显下调 [Table_ReportDate0] 2026 年 1 月 25 日 [Table_Author] [Table_Summary] ➢ 国内外重点炼化项目价差跟踪：截至 1 月 23 日当周，国内重点大炼 化项目价差为 2516.27 元/吨，环比变化+43.98 元/吨（+1.78%）； 国外重点大炼化项目价差为 1147.20 元/吨，环比变化+47.75 元/吨 （+4.34%）。截至 1 月 23 日当周，布伦特原 ...

证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 钢铁供给扰动加剧，关注板块配置机遇 投资评级 看好 【】【】 钢铁 [Table_Industry] 上次评级 看好 [Table_ReportDate] 2026 年 1 月 24 日 [Table_Author] 高 升 煤炭、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 煤炭、钢铁行业分析师 执业编号：S1500525070001 邮 箱：liubo1@cindasc.com 李 睿 煤炭、钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [钢铁供给扰动加剧，关注板块配置机遇 Table_Title] [Table_ReportDate] 2026 年 1 月 24 日 本期内容提要： 请阅读最后一页免责声明及信息披露 ...

Investment Rating - The report assigns a "Buy" rating for the company, Rilian Technology (688531) [2]. Core Insights - Rilian Technology is a leading enterprise in the industrial X-ray intelligent detection field in China, focusing on the R&D, production, and sales of micro-focus and high-power industrial X-ray intelligent detection equipment and core components, with a dual strategy of domestic substitution and international expansion. The company has achieved rapid revenue growth, with a CAGR of 37.76% for operating income and 76.70% for net profit attributable to the parent company from 2019 to 2024 [5][28]. Company Overview - Rilian Technology has established itself as a national-level specialized and innovative "little giant" enterprise, listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2023. The company has a comprehensive product range that includes X-ray sources, AI imaging software, and industrial X-ray intelligent detection equipment, which are widely used in high-end manufacturing quality control [14][22]. Industry Analysis - The global industrial X-ray detection equipment market is projected to grow from 35.12 billion yuan in 2020 to 57.39 billion yuan in 2024, with a CAGR of 13.1%. The Chinese market is expected to grow from 10.69 billion yuan to 18.79 billion yuan during the same period, with a CAGR of 15.1% [6][39]. The growth is driven by advancements in semiconductor processes and the increasing demand for new energy batteries, alongside the acceleration of domestic substitution [39]. Investment Logic - Rilian Technology has successfully achieved comprehensive R&D coverage of core high-tech components, making it the only domestic company capable of mass application of X-ray intelligent detection equipment across nearly all industrial sectors. The company is rapidly expanding through horizontal and vertical mergers and acquisitions, which are expected to enhance its platform capabilities and performance [7][14]. Financial Forecast - The company is projected to achieve total operating revenues of 1.058 billion yuan, 1.591 billion yuan, and 2.132 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 43.1%, 50.3%, and 34.0%. Net profits attributable to the parent company are expected to be 190 million yuan, 315 million yuan, and 448 million yuan for the same years, with growth rates of 32.8%, 65.3%, and 42.6% [7][8]. Market Position - Rilian Technology has established a strong market presence, particularly in the integrated circuit and electronic manufacturing sectors, where it holds the highest market share in China. The company has built a solid customer base, including major clients such as SMIC, Foxconn, and CATL [22][23]. Research and Development - The company has consistently increased its R&D investment, with R&D expenses reaching 86.26 million yuan in the first three quarters of 2025, a year-on-year increase of 43.94%, representing 11.70% of total revenue. This ongoing investment supports innovation in core technology areas such as X-ray sources [28][30]. Global Expansion - Rilian Technology has expanded its international footprint, with sales covering over 70 countries and regions. The establishment of subsidiaries and factories in Singapore, Hungary, Malaysia, and the United States is expected to accelerate the growth of its overseas business [7][14]. Competitive Landscape - The market for X-ray sources is characterized by a layered structure based on focal size, with micro-focus products facing high technical barriers. The company is positioned to benefit from the increasing demand for high-precision imaging in sectors such as semiconductors and new energy batteries [6][56]. Conclusion - Rilian Technology's strong market position, robust growth prospects, and strategic focus on R&D and international expansion make it a compelling investment opportunity in the industrial X-ray detection sector [7][39].

X 射线检测平台型企业，内生外延共筑成长 [Table_CoverStock] —日联科技(688531)首次覆盖报告 [Table_ReportTime] 2026 年 01 月 23 日 [Table_StockAndRank] 日联科技(688531) 投资评级 买入 上次评级 [Table_Chart] 资料来源：聚源，信达证券研发中心 [Table_CoverAuthor 王锐 机械行业首席]分析师 韩冰 机械行业分析师 S1500523080006 S1500523100001 wangrui1@cindasc.com hanbing1@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 首次覆盖报告 [Table_BaseData] 公司主要数据 | 收盘价（元） | 77.60 | | --- | --- | | 52 周内股价 | 78.69-33.46 | | 波动区间(元) | | | 最近一月涨跌幅(％) | 25.08 | | 总股本(亿股) | 1.66 | | 流通 A 股比例(％) | 64.59 | | 总市值(亿元) | 128.50 | ...

[Table_ReportDate] 2026 年 01 月 22 日 [Table_Industry] 行业研究 [Table_ReportType] 行业专题研究 高景气度有望持续，JPM 大会更新要点解读 ——CXO 行业跟踪报告 证券研究报告 [Table_StockAndRank] 医药生物 | 投资评级 | 看好 | | --- | --- | | 上次评级 | 看好 | [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 [Table_Title] 高景气度有望持续，JPM 大会更新要点解读 —CXO 行业跟踪报告 [Table_ReportDate] 2026 年 01 月 22 日 本期内容提要: [Table_S ➢ 创新药ummar融资显著修复， y] 2026 年 ...

Investment Rating - The investment rating for Chow Tai Fook (1929.HK) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics discussed [1]. Core Insights - Chow Tai Fook reported a retail value increase of 17.8% year-on-year for the period of October to December 2025, with the mainland China market growing by 16.9% and markets outside mainland China by 22.9% [1]. - Same-store sales in mainland China increased by 21.4% year-on-year, while sales outside mainland China rose by 14.3%, indicating an acceleration in growth compared to the previous quarter [2]. - The proportion of priced jewelry significantly increased, with a year-on-year growth of 53.4% for priced jewelry and 13.1% for gold jewelry, leading to a retail share of 40.1% for priced jewelry, which is expected to support margin improvements [2]. - The company is focusing on brand transformation and has introduced new products, including collaborations with Disney, which may enhance consumer engagement and sales [2]. - Chow Tai Fook plans to optimize its domestic channels and expand internationally, with a goal to open new stores in high-end locations by June 2026 [3]. Financial Summary - For FY2025, Chow Tai Fook's revenue was HKD 89.656 billion, with a projected increase to HKD 94.115 billion in FY2026, representing a 5% growth [4]. - The net profit attributable to shareholders for FY2025 was HKD 5.916 billion, expected to rise to HKD 8.760 billion in FY2026, reflecting a 48% increase [4]. - Earnings per share (EPS) is projected to grow from HKD 0.59 in FY2025 to HKD 0.89 in FY2026 [4]. - The company’s gross margin is expected to improve from 29.51% in FY2025 to 32.22% in FY2026 [6]. Operational Metrics - Chow Tai Fook's total number of stores in mainland China was 5,433 at the end of December 2025, with a net closure of 230 stores during the same period [3]. - The company is enhancing store quality and efficiency, with new store designs performing better than traditional stores [3]. - The cash flow from operating activities is projected to significantly increase to HKD 13.431 billion in FY2026 from HKD 299 million in FY2025 [6].

Investment Rating - The investment rating for Chow Tai Fook (1929.HK) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics discussed [1]. Core Insights - Chow Tai Fook reported a retail value increase of 17.8% year-on-year for the period of October to December 2025, with the mainland China market growing by 16.9% and markets outside mainland China by 22.9% [1]. - Same-store sales in mainland China increased by 21.4% year-on-year, while sales outside mainland China rose by 14.3%, indicating a significant improvement in the jewelry consumption atmosphere [2]. - The proportion of priced jewelry has significantly increased, with a year-on-year growth of 53.4% for priced jewelry and 13.1% for gold jewelry, leading to a gross margin improvement [2]. - The company plans to enhance its international market expansion, with new stores expected to open in high-end locations by June 2026 [3]. Financial Performance Summary - For FY2025, Chow Tai Fook's revenue was HKD 89,656 million, with a projected increase to HKD 94,115 million in FY2026, representing a 5% growth [4]. - The net profit attributable to the parent company for FY2025 was HKD 5,916 million, expected to rise to HKD 8,760 million in FY2026, reflecting a 48% increase [4]. - Earnings per share (EPS) is projected to grow from HKD 0.59 in FY2025 to HKD 0.89 in FY2026 [4]. Operational Insights - The company closed 230 stores in mainland China during the October to December 2025 period, resulting in a total of 5,433 stores, with a direct franchise ratio of 28.4% to 71.6% [3]. - Chow Tai Fook is focusing on brand transformation and has introduced new products, including collaborations with Disney for themed blind box series [2]. Profitability and Valuation Metrics - The projected price-to-earnings (P/E) ratios for FY2026, FY2027, and FY2028 are 15.4X, 13.7X, and 12.3X respectively [3]. - The gross margin is expected to improve from 29.51% in FY2025 to 32.22% in FY2026 [6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has announced a share buyback plan, spending HKD 251 million to repurchase 1.4 million shares at a price range of HKD 177.7 to 181.2 per share [1] - The domestic market is experiencing upward momentum, with a large and sticky user base, and a diversified IP matrix maintaining its popularity [2] - The company is actively adjusting its supply and production to stabilize the second-hand market prices, which is beneficial for long-term brand value and user base expansion [2] - The overseas market presents significant potential, with many global markets still in the early stages of development and a strong certainty for future channel expansion [2] - The company is focusing on resolving supply chain and logistics issues before prioritizing IP product layout for better long-term overseas development [2] Financial Projections - The projected net profit for the company from 2025 to 2027 is expected to be CNY 135.1 billion, CNY 179.0 billion, and CNY 216.1 billion respectively, with corresponding P/E ratios of 18.0X, 13.6X, and 11.3X [3] - The company's revenue is forecasted to grow significantly, with expected revenues of CNY 38.891 billion in 2025, CNY 50.835 billion in 2026, and CNY 61.142 billion in 2027, reflecting growth rates of 198%, 31%, and 20% respectively [5] - The earnings per share (EPS) are projected to increase from CNY 10.07 in 2025 to CNY 16.11 in 2027 [5] Key Financial Metrics - The company's operating income is expected to reach CNY 13,038 million in 2024, with a growth rate of 107% [5] - The gross margin is projected to be 66.79% in 2024, increasing to 78.24% by 2027 [8] - The return on equity (ROE) is expected to be 29.26% in 2024, decreasing to 41.85% by 2027 [8]