Investment Rating - The report maintains a "Buy" rating for the textile and apparel industry [3] Core Insights - Anta plans to acquire a 29.06% stake in PUMA SE for €1.5 billion, becoming the largest single shareholder, which is a strategic move to enhance its global presence and brand matrix [1][7] - PUMA is currently undergoing a "Reset" strategy, facing performance pressures with a 8.5% year-on-year revenue decline in the first three quarters of 2025, recording €5.974 billion in revenue and a net loss of €30.8 million [2][8] - The acquisition is expected to strengthen Anta's brand portfolio in the mid-to-high-end sports sector and enhance its competitive position against global brands like Nike and Adidas [8] Summary by Sections 1. Weekly Insights - Anta's acquisition of PUMA SE is a significant step in expanding its global footprint and brand portfolio [7] - The acquisition is expected to create new growth opportunities through global resource integration and synergy [1][7] 2. Industry Key Data Review (a) Stock Market Review - The Shanghai Composite Index fell by 0.44%, while the textile and apparel industry declined by 0.68% [10] (b) Retail Performance - In December 2025, the total retail sales of consumer goods reached ¥45,136 billion, with a year-on-year growth of 0.9% [15] (c) Textile Exports - In December 2025, textile yarn, fabrics, and their products exported amounted to $12.58 billion, a year-on-year increase of 1% [19] 3. Investment Recommendations - Focus on high-growth outdoor segments, recommending companies like Anta Sports, Li Ning, and 361 Degrees [9] - For textile manufacturing, companies such as Huayi Group and Shenzhou International are highlighted [9]

Group 1: Federal Reserve and Monetary Policy - Kevin Warsh has been nominated as the Federal Reserve Chairman, leading to market volatility and a rebound in the US dollar[1] - Warsh's focus is on supply-side reforms, influenced by Friedman’s monetary theories, aiming to reduce the Fed's market impact through balance sheet reduction[1] - Despite expectations for a strong dollar, Warsh is anticipated to respond to Trump's calls for interest rate cuts[1] Group 2: Domestic Economic Indicators - Domestic consumption shows stability, with metro passenger volume increasing by 1.3% year-on-year, but flight numbers and box office revenues are down by 1.4% and 13.5% respectively compared to last year[2] - The manufacturing PMI for January recorded a decline to 51.3%, indicating a pulse-like recovery influenced by the late Spring Festival and commodity price fluctuations[3] - CPI shows a mixed trend with vegetable prices dropping by 0.6% while egg prices rose by 3.2%[4] Group 3: External Economic Factors - The Baltic Dry Index (BDI) averaged 1,200.5, reflecting a 1.3% increase year-on-year, indicating rising external demand[2] - WTI crude oil prices increased by 1.5% while Brent crude rose by 1.8%, driven by geopolitical tensions[6] - The US economy is projected to grow at a rate of 2.1% in Q1, with durable goods orders rising by 0.5% month-on-month, surpassing expectations[9]

宏观动态报告 为什么 PMI 波动较大？ ——2026 年 1 月 PMI 分析 2026 年 1 月 31 日 国家统计局 1 月 31 日发布数据：2026 年 1 月份，制造业采购经理指数（PMI） 为 49.3%，比上月下降 0.8 个百分点。建筑业商务活动指数为 48.8%（前值 52.8%）； 服务业商务活动指数为 49.5%（前值 49.7%）。 核心观点：PMI 指数在短暂回到扩张区间后，1 月再度回落至荣枯线以下。当前 PMI 所反映的复苏更多呈现出脉冲性和结构性特征，主要受春节较晚带来的时点错 位以及大宗商品价格阶段性走强的影响，而非内生需求持续修复的结果。一方面， 由于春节偏晚，企业在 12 月可能存在抢订单、抢生产的行为，以期在 2 月春节前 提前备货，从而对订单需求形成一定透支。随着前期订单逐步消化，生产指数虽仍 处于扩张区间，但已出现边际回落。另一方面，订单指数的大幅下滑仍表明当前经 济修复基础尚不稳固，需求端尤其是地产销售和汽车等耐用品消费等高频指标走 弱，显示内需恢复动能仍待巩固。同时，中小企业指数降幅显著高于大企业，也反 映出经济复苏过程中结构性分化依然较为明显。价格方面，出 ...

宏观专题报告 美联储将迎来供给侧改⾰者 !如何理解 Warsh（沃什）的货币政策框架？ 2026 年 1 ⽉ 31 ⽇ （ü）美联储资产负债表和 QE：Warsh 历来批评量化宽松（QE），但这不意味着他就 任后会⼤规模的对美联储持有的各种资 产进⾏缩 减。结合其对货币、财 政、通 胀 间关系 的理解来看，缩表的本质还是 为了更好的进⾏降 息， 并控制通胀预期。 （ß）货币与财政的关系：Warsh 认为财政部在尊重货币政策的前提 下应和美联储协 作，以清晰而审慎地向市场描述未来的资产负债表规模和所期望实现的⽬标。但同时， 美联储与财政部的合作也可能意味着，如果没有 Bessent 的 同意与配合，Warsh 也不 会开启⼤规模的量化紧缩。 （´）通 胀 ：对 于 Warsh 来说，" 通 胀 是 ⼀种选择"。其关于缩表的论述本质上是为了 通 过 控 制货币 数 量 和稳定通胀预期来 控 制通胀 ， 也 即缩表有利于通胀预期的稳定。 Warsh 并不会因为担忧近期的通胀⻛险而拒绝降 息， 他也表达过 在 AI 提升⽣ 产效率 的情况下，这类进步会在通胀稳定下⽀持更⾼的增⻓。 （Æ）⾦ 融 监 管 ：Warsh ...

308 中国银河证券ICGS 行业点评报告·公用事业行业 新能源装机创新高，用电量结构优化 2025年全年电力数据点评 2026年1月30日 分析师 ：010-80927656 ： : liangyounan_yj@chinastock.com.cn 相对沪深300表现图 2026-1-30 比增长48.8%和17.0%，体现新增电量更多流向新场景、新服务。 资料来源：中国银河证券研究院资料来源：中国银河证券研究院 【银河环保公用】行业点评_太阳能装机持续高增长， 水核发电量增速下降 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 事件：国家能源局和国家统计局发布了用电量数据以及能源生产情况：2025 公用事业 2025年末全国风电累计装机640.0GW，同比增长22.9%，全国太阳能累计装 机1201.7GW，同比增长35.5%；2025年全社会用电量103682亿千瓦时，同 推荐 维持评级 比增长5.0%；2025年规上工业发电量97159亿千瓦时，同比增长2.2%。 全年风光装机新增434GW并再创历史新高，预计"十五五"回归理性 2025 ...

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly highlighting the recovery of Moutai's pricing and the potential for demand growth during the upcoming Spring Festival [4][6]. Core Insights - Moutai's flying price has risen above 1600 yuan, attributed to the approaching Spring Festival and adjustments in product structure by the company [4][6]. - The listing of "Mingming Hen Mang" on the Hong Kong Stock Exchange is expected to enhance market attention on the snack sector, with a focus on investment opportunities arising from trends in both upstream and downstream sectors [4][6]. - The food and beverage index recorded a slight positive return of 3.0% as of January 29, 2026, although it underperformed compared to the Wind All A index [4][46]. Summary by Sections 1. Price Recovery of Moutai - As of January 29, 2026, Moutai's flying price reached 1610 yuan for whole boxes and 1570 yuan for individual bottles, showing an increase of 45 yuan and 15 yuan respectively from December 31, 2025, but a decrease of 645 yuan and 650 yuan compared to the same period last year [7][41]. 2. Data Tracking - Key raw material prices have shown mixed trends, with sugar down by 15.3% year-on-year, while quail eggs and palm oil have increased by 46.9% and 9.7% respectively [16][27]. - Packaging material prices have generally decreased, with glass prices down by 19.7% and paper box prices down by 4.8% year-on-year [16][19]. 3. Market Review - The food and beverage sector ranked 23rd among 31 sub-industries, with seven out of ten sub-sectors showing positive growth, particularly processed foods, beer, and liquor [46][48]. 4. Investment Recommendations - The report suggests focusing on companies in the consumer goods sector such as Dongpeng Beverage, Nongfu Spring, and others, as well as key players in the liquor market like Moutai and Shanxi Fenjiu [49].

Investment Rating - The report maintains a "Buy" rating for Anta Sports (stock code: 2020.HK) [6][35]. Core Insights - Anta Sports plans to acquire a 29.06% stake in PUMA SE for €1.5 billion, which will make it the largest single shareholder of PUMA. This acquisition is aimed at enhancing its global footprint and brand matrix, following previous acquisitions of Amer Sports and Jack Wolfskin [6][8]. - The acquisition is expected to strengthen Anta's position in the mid-to-high-end professional sports sector and create new growth opportunities through global resource integration and synergy effects [6][8]. - PUMA is currently undergoing a strategic reset, which has led to a decline in its revenue and profits. The company reported a revenue of €5.974 billion in the first three quarters of 2025, down 8.5% year-on-year, and a net loss of €308 million [9][6]. - The report highlights that PUMA's footwear segment remains resilient, contributing approximately 53.7% of its revenue, and is expected to drive future growth despite current challenges [17][9]. Financial Projections - Anta Sports' projected total revenue for 2024 is ¥70.826 billion, with a growth rate of 13.58%. The net profit is expected to be ¥15.596 billion, reflecting a profit growth rate of 52.36% [2][36]. - The earnings per share (EPS) forecast for 2025 is adjusted to ¥4.66, with a corresponding price-to-earnings (PE) ratio of 15 [36][35]. - The report anticipates a gradual recovery in PUMA's performance post-acquisition, with long-term benefits expected from the integration of PUMA into Anta's operations [35][34].

行业点评报告 · 银行行业 银行板块配置窗口开启 —— 从资金流向看银行定价逻辑 2026 年 01 月 29 日 核心观点 银行行业 | | | 分析师 张一纬 ：010-80927617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理：袁世麟 ：yuanshilin_yj@chinastock.com.cn ⚫ 市场风格切换，主动型资金延续欠配状态，偏好度维持低点：2025Q4 主 动型基金对银行持仓总市值为 305.45 亿元，占比为 1.88%，环比+0.07pct， 仍处于近五年低位；低配比例为 8.88%，环比扩大 0.5pct。资金主要流向有 色金属、通信、非银金融行业，持仓占比分别较上季度+2.07pct、+1.89pct、 +1.03pct。2025Q3 以来，市场风格切换，板块轮动明显。2026 年年初至 1 月 28 日，沪深 300 指数上涨 1.9%，有色金属、石油石化、传媒行业涨幅居 前，分别上涨 28.89%、12.49%、12.22%，银行板块下跌 7.68%，表现弱于 其他行业。整体来看，银行板块受主动 ...

宏观动态报告 偏鹰派暂停，等待新任联储主席提名 !1 ⽉ FOMC 会议点评 2026 年 01 ⽉ 29 ⽇ 核⼼观点： 分析师 张迪 (：010-8092-7737 *：zhangdi_yj@chinastock.com.cn 分析师登记编码：SEFGEHIJEKEEEF 于⾦潼 *：yujintong_yj@chinastock.com.cn 分析师登记编码：SEFGEHIJEMEEEG 研究助理：吴佳⽂ ⻛险提⽰ 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 l 暂停降息符合市场按兵不动的⼀致预期：声明未就下⼀次降息的时间释放信 号，重申依据数据、经济前景及⻛险对利率进⾏评估。另 外上调对经济活动的 评估，称其以"稳健"速度扩张，经济前景的不确定性依然⾼企。就业市场⽅ ⾯，删除了有关就业下⾏⻛险已上升的表述，就业市场已显现出⼀些企稳迹 象 。通 胀 仍 略 显 偏 ⾼ 。短期数据仍不清楚、未来政府关⻔概率仍在、特朗普对 鲍威尔的刑事诉讼等不确定性之下，美联储依然处于鲍威尔此前提过的"雾中 开⻋"状态，对此按兵不动是好的策略。 l 为什么 ...

工业转型规模化：2025 年高排放行业与净零转型进展 ——报告点评 2026 年 1 月 28 日 ESG 点评报告 核心观点 ：17394948526 ：fangjiacheng_yj@chinastock.com.cn 相关研究 1.【银河 ESG】国有机构投资者是否更关注 ESG？ 分析师 马宗明 ：18600816533 ：mazongming_yj@chinastock.com.cn 分析师登记编码：S0130524070001 研究助理 方嘉成 2. 【银河 ESG】董事会是否会因为企业非财务表现受 损而罢免 CEO？ 3. 【银河 ESG】聚焦 ESG 分歧的指数增强策略能否 带来超额收益？ 4. 【银河 ESG】兼顾环境的投资组合能否提高投资业 绩？ 5. 【银河 ESG】动态投资风险比较：清洁能源与污染 能源 6. 【银河 ESG】伊斯兰投资能否促进投资组合多元化 7. 【银河 ESG】绿色金融与技术创新是低碳发展的核 心动力 8. 【银河 ESG】地缘政治、清洁能源发展与未来能源 安全 9.【银河 ESG】合力奋进，共御气候变化——碳定 价、政策联动与全球减排之路 10. 【银河 ESG】 ...