Investment Rating - The industry rating is "Positive" (maintained) [5] Core Insights - The AI application market has stabilized after a rapid adjustment period, with significant activities from major companies like Tencent and ByteDance, indicating a focus on AI applications and gaming as robust investment opportunities [1][2] - The gaming sector is highlighted for its strong fundamentals, with companies like 37 Interactive Entertainment and Perfect World focusing on mini-games and overseas markets to drive growth [3] - The report emphasizes the importance of companies with Agent ecosystem layouts and the efficiency gains from accelerated AI application implementations [2] Summary by Sections AI Application Market - The AI application market has shown signs of stabilization after a rapid adjustment phase, with major companies continuing to invest heavily [2] - Tencent announced a 1 billion cash red envelope activity for the Spring Festival, while ByteDance launched the Skills feature to enhance AI application usability [2] Gaming Sector - Companies like 37 Interactive Entertainment are focusing on mini-games, SLG, and overseas casual gaming markets, aiming to return to the top three in China's gaming exports [3] - Investment opportunities are noted in companies such as Perfect World, Century Huatong, and Giant Network [3] Key Company Updates - The report suggests close monitoring of companies like Ali's Qianwen App, ByteDance's new features, and DeepSeek's model iterations for potential investment opportunities [2]

证券研究报告 | 浙商早知道 报告日期：2026 年 01 月 26 日 浙商早知道 2026 年 01 月 26 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 重要观点 重要点评 ❑ 【浙商中药 王班/吴天昊/司清蕊】医疗器械 行业专题：手术机器人五问五答——20260122 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 【浙商策略 廖静池/王大霁/李沛】策略深度报告：A 股"春季躁动"演绎启示及下半场展望——20260122 ❑ 【浙商固收信用债 杜渐/杨语涵】债券市场专题研究：债市震荡，以静制动——20260124 浙商早报 1 重要观点 ：wanghe@stocke.com.cn 1.1 【浙商策略 廖静池/王大霁/李沛】策略深度报告：A 股"春季躁动"演绎启示及下半场展望— —20260122 1、所在领域 策略 2、核心观点 配置方面，降温之下市场或以短期震荡+降波为主，季度视角看，我们认为"系统性慢牛"依旧可期； 行业方面，1 月下旬 A 股步入年报业绩验证窗口期，市场风格或转向兼具业绩与弹性的"两电化非机" ...

把握春节前做多窗口 ——主动量化周报 核心观点 一方面是重要资金大幅减持沪深 300ETF 等权重板块，另一方面是市场成交额依旧攀 升至单日 3.12 万亿。市场上行方向不会改变，斜率下修给与了更多的参与机会。从机 会与拥挤的角度出发，可重点关注科创 50、化工、微盘股、新能源。 ❑ 如何看待权重股回调？ 重要资金可能正在调仓而非直接减仓，上行方向不变。1 月 15 日至 1 月 23 日期 间，中央汇金持股比例较高的沪深 300ETF、中证 500ETF 等 14 个重要宽基 ETF 累计资金净流出超 5500 亿元，且在融资保证金比例上调后，期间两市融资余额 并未进一步增长。在此背景下，上证指数反而上涨 0.24%，市场表现出极强韧 性：重要资金呈现出力度较强的集中流出，而融资资金增长相对缓慢，那么承接 资金从何而来？可以发现，虽然宽基类 ETF 大幅净流出，但行业主题类 ETF 反 而呈现出资金流入，1 月 15 日至 1 月 23 日累计资金流入达 880 亿元。同时，我 们观察到，截至 1 月 23 日，行业主题类 ETF 中，资金流与涨跌幅之间的平均滚 动 10 日相关系数上升至-0.03，接近转 ...

1. Report Industry Investment Rating No investment rating information provided in the report. 2. Core Viewpoints of the Report - As of Q4 2025, the management scale and share of the entire market's public - offering funds have steadily increased. Under the slow - bull expectation, the scale trends of equity funds and bond funds remain divergent. The passive trend of public - offering funds continues, the scale of secondary bond funds continues to expand, and the scale of medium - and long - term bond funds continues to shrink [1][3][17]. 3. Summary According to the Table of Contents 3.1 1.1 可转债行情方面 (Convertible Bond Market Conditions) - In the past week (January 19 - 23, 2026), the equity market continued to fluctuate, performing weaker than the convertible bond market. The performance of small - and medium - cap indices of convertible bonds was better than that of the large - cap index. The medium - and high - price index was strong, and low - price convertible bonds showed a stable trend [2][11]. - The trading volume of the equity market declined from a high level. The core driving factor shifted from "theme gaming" to "profit constraints". The sustainability of pure concept sectors lacking performance support weakened. As the disclosure window for annual reports and performance pre - announcements approached, funds' attention to fundamental certainty increased systematically, and the previously active theme market weakened significantly [2][11]. - The equity market style showed that small - and medium - caps outperformed large - caps, driving up convertible bond varieties with strong equity characteristics. The medium - cap index (+3.51%) and small - cap index (+3.24%) of convertible bonds significantly outperformed the large - cap index (+1.45%). In terms of industries, the materials, energy, and industrial sectors strengthened [2][11]. - As an investment product with both offensive and defensive capabilities, the capital preference in the convertible bond market shifted from high - volatility varieties to reasonably - valued targets. The high - price and low - premium index (5.32%) significantly outperformed the double - low index (1.97%), and the market style tended to be balanced [2][11]. 3.2 1.2 转债个券方面 (Individual Convertible Bond Issues) - The report provides information on the top ten and bottom ten individual convertible bond issues in terms of price changes in the past week, but specific analysis is not elaborated [29]. 3.3 1.3 转债估值方面 (Convertible Bond Valuation) No specific content is provided for this part in the report. 3.4 1.4 转债价格方面 (Convertible Bond Prices) - Information on the proportion of high - price bonds and the median price of convertible bonds is presented, but specific analysis is not elaborated [36][43].

证券研究报告 钢铁周报：春季躁动，钢铁躁动 2026 年 01 月 25 日 行业评级：看好 | 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 1 价格表现 | | | | 【浙商金属】钢铁周度数据(2026年1月25日) | | | | --- | --- | --- | --- | --- | --- | | | 价格 | | | 周涨跌幅 | 年初至今涨跌幅 | | | 上证指数 | | 4.136 | 0.8% | 4.2% | | | 沪深300 | | 4.702 | -0.6% | 1.6% | | | SW钢铁指数 | | 2,897 | 7.3% | 8.9% | | 板块 | | SW普钢指数 | 2,688 | 6.5% | 6.8% | | | | SW特钢指数 | 5.280 | 7.6% | 9.8% | | | | SW冶钢原料指数 | ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a spring surge in the steel industry, indicating a positive market sentiment and potential growth opportunities [1] Price Performance - The SW Steel Index has increased by 7.3% week-on-week and 8.9% year-to-date, outperforming the Shanghai Composite Index which rose by 0.8% and the CSI 300 Index which decreased by 0.6% [3] - Specific steel products show varied price changes, with rebar (HRB400 20mm) priced at 3,260 CNY/ton, down 1.8% week-on-week [3] - Iron ore prices have seen a decline, with the Platts index at 103 USD/ton, down 2.5% [3] Inventory - Total social inventory of the five major steel products stands at 867 million tons, reflecting a slight increase of 0.3% week-on-week but a decrease of 0.5% year-to-date [4] - Steel mill inventory is at 389 million tons, up 2.1% week-on-week and 0.8% year-to-date [4] - Port inventory of iron ore is reported at 16,763 million tons, increasing by 1.3% week-on-week and 5.7% year-to-date [4] Supply and Demand - The report indicates a steady production rate, with weekly output of the five major steel products being monitored [7] - The average daily molten iron production is projected to remain stable, reflecting consistent demand in the market [7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 180 million to 200 million yuan in 2025, representing a year-on-year growth of 68.29% to 86.99% [1] - The growth in 2025 is attributed to improved downstream demand, enhanced product performance, price increases due to rising raw material costs, and effective cost control measures [1] - The company is expanding into emerging fields such as humanoid robotics and AI software, which are expected to drive future growth [2][3] Financial Performance - The company forecasts a net profit of approximately 190 million yuan in 2025, with expected growth rates of 78%, 29%, and 34% for the years 2025, 2026, and 2027 respectively [4] - Revenue is projected to increase from 759 million yuan in 2024 to 1.005 billion yuan in 2025, reflecting a growth rate of 32% [6] - The company's earnings per share (EPS) is expected to rise from 1.09 yuan in 2024 to 1.93 yuan in 2025 [6] Market Expansion - The company is actively pursuing overseas market expansion, with revenue from international markets reaching approximately 27.8 million yuan in the first half of 2025, a year-on-year increase of about 20.62% [2] - The domestic tool market has a potential replacement space of approximately 7 billion yuan, with hard alloy blades accounting for about 3 billion yuan, indicating significant growth opportunities for the company [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company, Huarui Precision, is expected to achieve a net profit attributable to shareholders of 180 million to 200 million yuan in 2025, representing a year-on-year growth of 68.29% to 86.99% [1] - The growth in 2025 is driven by improved downstream demand, enhanced product performance, price increases due to rising raw material costs, and effective cost control measures [1] - The company is expanding into emerging fields such as humanoid robotics and AI software, which are expected to drive future growth [2][3] - The company is also focusing on overseas market expansion, with revenue from international markets reaching approximately 27.8 million yuan in the first half of 2025, a year-on-year increase of about 20.62% [2] Financial Summary - The projected revenues for 2025, 2026, and 2027 are 1.005 billion, 1.256 billion, and 1.492 billion yuan, respectively, with year-on-year growth rates of 32%, 25%, and 19% [6] - The net profit attributable to shareholders is forecasted to be 190 million, 246 million, and 329 million yuan for 2025, 2026, and 2027, reflecting growth rates of 78%, 29%, and 34% [6] - The company’s P/E ratios are projected to be 49, 38, and 29 for the years 2025, 2026, and 2027 [6]

Core Insights - The central bank's policy operations may lead to an increase in expectations for loose monetary policy, with the recent weak performance of long-term government bonds providing more room for subsequent rebounds as the 10-year government bond yield approaches the lower limit of 1.80% [1] Group 1: Central Bank Policy and Bond Market Trends - The bond market's performance is significantly influenced by monetary policy, with the market's trajectory divided into three phases since 2024, reflecting the central bank's verbal and operational guidance [2][15] - In the first phase, the bond market experienced a bull run, with the central bank emphasizing the need to align long-term bond yields with growth expectations, leading to a market adjustment [2][17] - The second phase saw a stronger policy intervention from the central bank, which effectively cooled the previously enthusiastic bullish sentiment in the bond market [3][18] - The third phase indicated a self-adjustment in the bond market, with the 10-year government bond yield stabilizing within a narrow range of 1.80% to 1.90%, suggesting that the current yield levels may be acceptable to the central bank [4][19] Group 2: Expectations for Loose Monetary Policy - Signals of monetary policy easing have gradually emerged, with the central bank indicating that there is still room for rate cuts and reserve requirement ratio reductions [5][20] - The government has accelerated the issuance of bonds, with cumulative issuance of 12,170 billion for 2026, the highest since 2021, indicating a proactive fiscal policy approach [5][24] - The liquidity needs of financial institutions are expected to rise, potentially leading to increased liquidity pressure on banks as government bond issuance continues at a rapid pace [5][24] Group 3: Long-term Yield Spread and Investment Opportunities - The performance of long-term government bonds has been significantly weaker than that of short-term bonds, creating a favorable environment for potential rebounds in long-term yields [8][26] - The spread between 30-year and 10-year government bonds reached approximately 50 basis points, the widest since 2023, suggesting that there may be opportunities for investors to capitalize on this spread as expectations for loose monetary policy grow [8][26]

Core Insights - The market has shown signs of "cooling down," with major broad indices exhibiting divergence. The weight indices, such as the Shanghai Composite and CSI 300, have fallen below the 20-day moving average, entering a phase of consolidation, while most growth indices remain above the 20-day line, indicating continued upward potential [1][4][54] - The current market state is characterized by "strong small caps and weak large caps," with weight indices in a consolidation phase and growth indices remaining active. This trend is expected to persist in the short term, while the overall nature of a "systematic slow bull" remains unchanged for the quarter [1][4][54] Market Overview - The market experienced a "cooling down" period from January 19 to January 23, 2026, with a noticeable decline in trading volume. The Shanghai Composite Index rose by 0.83%, while the Shanghai 50 and CSI 300 fell by 1.54% and 0.62%, respectively, both breaking below the 20-day moving average. In contrast, growth indices such as the CSI 500, CSI 1000, and National 2000 saw increases of 4.34%, 2.89%, and 3.33%, respectively, continuing to reach new highs in this bull market [2][12][53] - Sector performance showed that 24 out of 31 primary industries rose, with cyclical sectors like construction materials, oil and petrochemicals, steel, and real estate experiencing significant gains of 9.23%, 7.71%, 7.31%, and 5.21%, respectively. Meanwhile, the financial sector weakened, with banks and non-banking financials declining by 2.70% and 1.45% [15][53] Market Sentiment and Capital Flow - The average daily trading volume in the Shanghai and Shenzhen markets was 2.7 trillion yuan, reflecting a decrease compared to the previous week. The main futures contracts showed a premium, indicating a bullish sentiment among investors [21][27] - The latest margin trading balance was 2.69 trillion yuan, down by 0.24% from the previous week. In terms of ETFs, the most significant inflow was seen in the non-ferrous metals sector, while the coal sector experienced the largest outflow [27][32] Valuation Insights - The dynamic valuation model indicates that the valuation levels of major indices have increased. As of January 23, 2026, the PE-TTM for the Shanghai Composite Index was 17.1, at the 97.03 percentile, while the Shenzhen Component Index was at 33.31, at the 87.97 percentile. The ChiNext Index had a PE-TTM of 42.98, at the 35.39 percentile [44][45] Strategic Recommendations - Based on the assessment of "market cooling, index divergence, and the dominance of growth," it is recommended to maintain medium-term positions without fear of short-term fluctuations and to participate in the upcoming market momentum. Short-term positions should be cautious of volatility and avoid chasing highs [5][55] - The strategy includes balancing medium-term positions across sectors with high economic prospects and relatively reasonable stock prices, particularly in the "two electric and non-mechanical" sectors (electronics, new energy, chemicals, non-banking, and machinery). Additionally, consider the CSI 500, CSI 1000, and National 2000 indices for relative returns [5][55]