宏观动态报告 同比温和、环比偏强 -12 月美国 CPI 点评 2026 年 1 月 14 日 分析师 张迪 ☎: 010-8092-7737 网: zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 研究助理：吴佳文 风险提示 1. 服务价格回落不及预期的风险 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 通胀整体符合预期,但环比结构偏强:美国 2025 年 12 月未季调 CPI 同比升 2.7%,与预期一致,前值为 2.7%;季调后 CPI 环比升 0.3%,符合预期。未季调 核心 CPI 同比升 2.6%,略低于预期 2.7%,与前值持平;季调后核心 CPI 环比升 0.2%,低于预期 0.3%。从同比角度看变化有限,通胀已经脱离快速回落阶段; 从环比看，食品与服务项带来一定上行压力，通胀呈现黏性特征。 ● 食品价格广泛走强,是当月通胀的主要推动项:食品环比上涨 0.7%,对整体通 胀贡献约 0.10 个百分点,是本月增幅的主要来源。居家食品与外食均升 0.7%, 其中谷物烘焙升 ...

北交所日报 北交所日报（2026.01.13） 2026 年 01 月 13 日 核心观点 分析师 相对沪深 300 表现图 2026-01-13 资料来源：iFinD，中国银河证券研究院 相关研究 1. 【银河北交所】2026 年度策略_ 小而美"到"小 美久到，推动北证高质量发展 2. 【银河北交所】小十五五到：北交所引领中而企业 再进阶 范想想 ：010-8092-7663 ：fanxiangxiang_yj @chinastock.com.cn 分析师登记编码：S0130518090002 张智浩 ：zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 3. 【银河北交所】2025 年度中期策略_并购协同促 新格局，提质扩容迎新供给 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 资料来源：中国银河证券研究院 ⚫ 1 月 13 日，北证 50 涨跌幅为-2.50%，收于 1,565.58 点。北证 50 指数 开盘点位为 1,613.03 点，最高点位达 1,614.08 点， ...

彭雅哲 证010 -80927607 证pengyazhe_yj@chinastock.com.cn 证证证证证证证证S0130525020001 证证证证证证证证 证zengzhaorui_yj@chinastock.com.cn CGS-NDI 周度报告 前瞻布局未来产业：脑机接口量产与商业化提速 —— 数字经济双周报（2026 年第 1 期） 2026 证 1 证 13 证 核心观点 分析师 风险提示 www.chinastock.com.cn 证证证证证证 证证证证证证证证证证证证证证证证证证证证证证证证证证 ⚫ 本期焦点 ：脑机接口技术正从实验室迈向产业化生产 。证证 证证证证证证 证证 Neuralink 证证证证证证 2026 证证证证证证证证证证证证证证证证证证 证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证 证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证 证证证证证证证证证证证证证证证证证证证证证证证证证证证证 证证证证证证 证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证证 证证证证证证 证证 证证证证证证证证证证证证证证证证证证 ...

北交所日报 北交所日报（2026.01.12） 2026 年 01 月 12 日 核心观点 分析师 范想想 ：010-8092-7663 ：fanxiangxiang_yj @chinastock.com.cn 分析师登记编码：S0130518090002 张智浩 ：zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 相对沪深 300 表现图 2026-01-12 资料来源：iFinD，中国银河证券研究院 相关研究 1. 【银河北交所】2026 年度策略_ 小而美"到"小 美久到，推动北证高质量发展 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 资料来源：中国银河证券研究院 ⚫ 1 月 12 日，北证 50 涨跌幅为+5.35%，收于 1,605.77 点。北证 50 指 数开盘点位为 1,541.36 点，最高点位达 1,613.00 点，最低点位为 1,538.33 点。同日，上证指数收于 4,165.29 点，涨跌幅为 1.09%；沪深 300 收 4,789.92 点，涨跌 ...

- The report primarily focuses on the performance of quantitative funds, including index-enhanced funds, absolute return funds, and other active quantitative funds, with detailed statistics on their weekly, monthly, quarterly, and annual returns[2][3][4] - The report highlights the performance of index-enhanced funds, such as CSI 300, CSI 500, and CSI 1000, with their weekly excess return medians being -0.05%, -1.77%, and -0.73%, respectively[3][4][5] - For absolute return (hedged) funds, the weekly return median is -0.11%, while for other active quantitative funds, the weekly return median is 4.41%[6][7] - The report also provides detailed performance data for funds categorized by their benchmark indices, such as '000300.SH', '000905.SH', and others, with their respective weekly return medians ranging from 1.76% to 5.86%[7][8][9] - Other strategy funds, including multi-factor funds and big data-driven funds, are also analyzed, with multi-factor funds showing a weekly return median of 5.54% and big data-driven active funds achieving a weekly return median of 8.19%[15][18][19]

公司点评 · 家用电器行业 商业航天影子龙头，控股乾照光电 2026 年 01 月 11 日 核心观点 | 主要财务指标预测 | | | | | | --- | --- | --- | --- | --- | | | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 58,530 | 61,641 | 69,213 | 75,926 | | 收入增长率% | 9.17 | 5.31 | 12.28 | 9.70 | | 归母净利润(百万元) | 2,246 | 2,677 | 2,997 | 3,413 | | 利润增长率% | 7.17 | 19.20 | 11.93 | 13.88 | | 摊薄 EPS(元) | 1.72 | 2.05 | 2.30 | 2.62 | | PE | 14.12 | 11.84 | 10.58 | 9.29 | 资料来源：公司公告，中国银河证券研究院（注：收盘价为 2026 年 1 月 9 日） 海信视像（股票代码：600060） 推荐 维持评级 分析师 何伟 ：hewei_yj@chinastock.com.cn 分析师登记编码： ...

Domestic Macro - Domestic policies are optimizing supply, and the synergy between growth stabilization and "anti-involution" policies is evident[1] - Consumer demand remains strong, with a 6.1% increase in travel activity, but movie box office revenues are down 9.8% compared to last year[1] - External demand shows marginal decline, with the Baltic Dry Index (BDI) dropping 21.7% to 1811.4[1] - Production intensity is stronger than previous years, with a production increase of 1.55 percentage points to 79.15%[1] Price Performance - Consumer Price Index (CPI) shows a 1.79% increase, with pork prices stabilizing and apple prices rising seasonally[2] - Producer Price Index (PPI) indicates a rebound in crude oil prices, with a 2.52% increase in WTI[2] Overseas Macro - U.S. non-farm payroll data fell short of expectations, leading to a slowdown in future interest rate cuts[1] - Employment growth is slowing but has not triggered signals of a hard landing, with a 4.4% unemployment rate[2] - Short-term interest rate cut expectations have significantly diminished[2] Fiscal and Monetary Policy - Local government bonds are being issued to promote domestic demand, with a total issuance of 4950 billion[3] - National debt yields are rising, with SHIBOR007 increasing by 51 basis points to 1.9560%[3]

Investment Rating - The report maintains a "Recommended" rating for the electric equipment industry [1] Core Insights - The report highlights that the trend of anti-involution is not a concern, and the space photovoltaic industry is accelerating [1] - The report discusses the recent regulatory actions in the photovoltaic sector, emphasizing the prohibition of monopolistic behaviors such as price and capacity coordination, while allowing compliance with cost-based sales and technology standard improvements [4] - The report notes a continued upward trend in industry prices, with expectations for profit recovery in 2026 as terminal demand gradually improves [4] - The rise of commercial space ventures is accelerating the development of space photovoltaic technology, with significant plans for satellite energy networks and high-efficiency energy generation [4] Summary by Sections Regulatory Environment - The market regulatory authority has halted self-regulatory actions related to the photovoltaic industry's silicon material integration platform, citing monopolistic concerns [4] - A collaborative governance framework is being established among enterprises, power generation entities, and associations to ensure compliance and quality standards [4] Industry Price Trends - The average transaction price for N-type silicon material has increased to 59,200 CNY per ton, reflecting a week-on-week increase of 9.83% [4] - Prices for N-type silicon wafers and battery cells have also seen upward adjustments, indicating a recovery in the industry [4] Space Photovoltaic Development - Elon Musk has announced plans to deploy a 100GW solar-powered satellite energy network annually, while China aims to establish gigawatt-level space data centers by 2035 [4] - Space photovoltaic technology is expected to achieve commercial viability within the next 10-15 years, driven by advancements in battery technology and reduced launch costs [4] Investment Recommendations - The report suggests focusing on companies with technological reserves in space photovoltaic, such as Junda Co., JinkoSolar, Trina Solar, and others [4] - It also recommends monitoring leading companies with strong advantages in new technologies, as well as those benefiting from anti-involution policies in the silicon material segment [4]

Investment Rating - The report maintains a "Recommended" rating for the electronic industry [1]. Core Insights - The 2026 International Consumer Electronics Show (CES) highlighted the ongoing popularity of wearable products, with a focus on the integration of artificial intelligence and hardware [3]. - AI glasses are evolving with features like independent communication and open ecosystems, enhancing user experience and potentially replacing smartphones [3]. - Innovations in mainstream consumer electronics include the introduction of a robot-shaped smartphone and satellite communication capabilities in consumer-grade devices, aimed at creating new demand and applications [3]. - New wearable products, such as AI smart rings and camera-integrated headphones, are emerging, indicating a shift towards more sensory and seamless user experiences [3]. - The report suggests that technological advancements will drive market demand, recommending attention to companies like GoerTek, Luxshare Precision, Lens Technology, and others [3].

Investment Rating - The report maintains a "Recommended" rating for the electric equipment industry [1] Core Insights - The report highlights that the trend of anti-involution is not a concern, and the space photovoltaic industry is accelerating [1] - The report discusses the recent regulatory actions in the photovoltaic sector, emphasizing the prohibition of monopolistic behaviors such as price and capacity coordination, while allowing compliance with cost-based sales and technology standard improvements [4] - The report notes a continued upward trend in industry prices, with expectations for profit recovery in 2026 as terminal demand gradually improves [4] - The rise of commercial space and the acceleration of the space photovoltaic industry are underscored, with significant plans for deploying solar energy networks in space [4] Summary by Sections Regulatory Environment - The market regulatory authority has halted self-regulatory actions related to the photovoltaic industry's silicon material integration platform, citing monopolistic concerns [4] - A collaborative governance framework is being established among enterprises, power generation entities, and associations to ensure compliance and quality standards [4] Industry Price Trends - The average transaction price for N-type silicon material has increased to 59,200 CNY per ton, reflecting a week-on-week increase of 9.83% [4] - Prices for N-type silicon wafers and battery cells have also seen upward adjustments, indicating a recovery in the industry [4] Space Photovoltaic Development - Elon Musk's plan to deploy 100GW of solar-powered satellites annually is highlighted, along with China's plans for gigawatt-level space data centers [4] - The report anticipates that space photovoltaic technology will become commercialized in the next 10-15 years, driven by decreasing launch costs and technological breakthroughs [4] Investment Recommendations - The report suggests focusing on companies with technological reserves in space photovoltaic, such as Junda Co., JinkoSolar, Trina Solar, and others [4] - It also recommends monitoring leading companies with strong advantages in new technologies, as well as those benefiting from anti-involution policies in the silicon material segment [4]