证券研究报告/投资策略 电子、机械设备等行业热度持续 ➢ 机构调研热门公司情况 机构调研策略周报（2026.01.26-2026.01.30） 本周机构调研情况，按照近 5 天机构调研次数排名，调研次数较多且机构评级 家数大于 10 家的公司为洁美科技、冰轮环境、周大生；按照近 5 天机构调研家 数排名，调研机构家数较多且机构评级家数大于 10 的公司为上海银行、柳工、 洁美科技等。 投资要点 ➢ 机构调研热门行业情况 本周（2026 年 1 月 26 日-2026 年 1 月 30 日），一级行业中，按机构被调研 总次数从高到低排序，电子、机械设备、基础化工、医药生物的关注度较高，其 中电子、机械设备的近 5 天调研机构家数较多。 近 30 天（2025 年 12 月 31 日—2026 年 1 月 30 日），一级行业中，按机构 被调研总次数从高到低排序，机械设备、电子、医药生物、基础化工的关注度较 高，其中机械设备、计算机的近一个月调研机构家数较多。 近 30 天机构调研情况，按照近 30 天机构调研家数排名，调研机构家数较多且 机构评级家数大于 10 的公司为大金重工、江苏银行、耐普矿机等；按照近 3 ...

机构调研策略周报（2026.01.19-2026.01.23） 投资要点 ➢ 机构调研热门行业情况 证券研究报告/投资策略 机械设备、电力设备等行业关注度较高 本周（2026 年 1 月 19 日-2026 年 1 月 23 日），一级行业中，按机构被调研 总次数从高到低排序，机械设备、电子、汽车、基础化工的关注度较高，其中机 械设备、电力设备的近 5 天调研机构家数较多。近 30 天（2025 年 12 月 24 日 —2026 年 1 月 23 日），一级行业中，按机构被调研总次数从高到低排序，机 械设备、电子、基础化工、电力设备和汽车的关注度较高，其中机械设备、计算 机的近一个月调研机构家数较多。 ➢ 机构调研热门公司情况 本周机构调研情况，按照近 5 天机构调研次数排名，调研次数较多且机构评级 家数大于 10 家的公司为洁美科技、鸿路钢构、耐普矿机等。 大金重工调研核心围绕 2025 年业绩高增长及海外驱动，预计归母净利润同比大 增 121.58%–153.23%。业绩创历史新高主要得益于海外业务强劲，上半年出口 占比近 79%，欧洲单桩份额居首，手握超百亿订单。 耐普矿机调研重点披露其全球首创的高合 ...

Group 1: Drivers of Excess Returns from Stock Buybacks - Stock buybacks are positively correlated with the buyback ratio, where higher buyback ratios lead to greater excess returns. The highest excess returns for companies with buyback ratios over 5% are 4.48% and 4.36% for the 5th and 4th groups, respectively, while other groups yield less than 1.5% [1][11] - The valuation logic of "stronger gets stronger" and "undervaluation recovery" exists post-buyback announcement. Companies with low valuation (1st group) show a significant excess return of 7.45%, while the highest and lowest valuation groups yield 3.32% and 2.11% excess returns, respectively, over 90 days post-announcement [1][13] Group 2: Recent Stock Buyback Activities - From January 12 to January 16, 2026, 16 companies with more than 10 institutional ratings announced buybacks, with Salted Fish (盐津铺子) being notable for a buyback ratio exceeding 1%. Proya (珀莱雅) is recommended for its low PE percentile over the past three years [2][17] - Salted Fish efficiently completed its buyback, demonstrating strong confidence in its value, with revenue of 4.427 billion and net profit of 605 million in the first three quarters of 2025. The company is upgrading its distribution channels and enhancing profitability [2][19] - Proya initiated its first buyback on January 15, 2026, repurchasing 230,800 shares with a total plan amounting to 80 million to 150 million. The company reported revenue of 7.098 billion and net profit of 1.026 billion in the first three quarters of 2025, with a gross margin of 73.69% [2][19] Group 3: Yearly Stock Buyback Overview - From January 16, 2025, to January 16, 2026, 28 companies with more than 10 institutional ratings announced buybacks, with notable mentions being Jian Sheng Group (健盛集团) and Jingxin Pharmaceutical (京新药业) for buyback ratios exceeding 5% [3][20] - Jian Sheng Group initiated a buyback plan in October 2025, using 150 million to 300 million in self-funds and loans, with a maximum buyback price of 14.69 per share. The company reported revenue of 1.886 billion and net profit of 309 million in the first three quarters of 2025, with a significant cash flow increase of 72.95% [3][23] - Jingxin Pharmaceutical started its buyback plan in January 2025, planning to use 350 million to 700 million in self-funds for employee stock ownership plans. The company reported revenue of 3.048 billion, a slight decline of 5.0%, and a net profit of 576 million, with a non-recurring net profit growth of 8.92% [3][23]

Group 1: Popular Industry Research - The most researched industries from January 12 to January 16, 2026, are mechanical equipment, computers, electronics, and power equipment, with mechanical equipment and computers receiving the highest attention in the past five days [9][11]. - Over the past 30 days (December 17, 2025, to January 16, 2026), the most researched industries are mechanical equipment, electronics, automobiles, power equipment, basic chemicals, and computers, with mechanical equipment and computers again leading in the number of research institutions [11]. Group 2: Popular Company Research - In the past five days, the companies with the most research occurrences and more than 10 institutional ratings include Ice Wheel Environment, Ningbo Bank, and Zhou Dasheng [14]. - Companies with the highest number of research institutions in the past five days, each with more than 10 institutional ratings, include SF Holding, Aobi Zhongguang-UW, and Qianwei Central Kitchen [15]. - Over the past 30 days, the companies with the most research occurrences and more than 10 institutional ratings include Ice Wheel Environment, Kebo Da, and Jiangbolong [18]. Group 3: Key Company Research Insights 1. **Ice Wheel Environment**: The focus of research is on its three high-growth sectors: data center liquid cooling, nuclear power and heating, and thermal management. The company is the only supplier of cooling systems for the entire nuclear island area in China and has successfully implemented liquid cooling solutions in several benchmark projects domestically and internationally [21][22]. 2. **SF Holding**: The research highlights its strategic shareholding agreement with Jitu Express, where both companies will invest approximately HKD 8.299 billion in each other. This partnership aims to integrate SF's advantages in cross-border logistics with Jitu's local delivery capabilities in Southeast Asia, the Middle East, and Latin America [23][24]. 3. **Aobi Zhongguang-UW**: The research focuses on the rapid growth of its performance, attributed to the penetration of 3D vision technology in various applications. The company reported a revenue of CNY 714 million for the first three quarters of 2025, a year-on-year increase of 103.50%, and a net profit of CNY 108 million, up 279.12% [25][26].

Investment Rating - The report does not explicitly provide an investment rating for the industry or companies discussed [28]. Core Insights - The report highlights that the mechanical equipment, electronics, and computer industries are currently receiving significant attention from institutional investors, with a notable increase in the number of institutions conducting research in these sectors [10][12]. - Key companies such as Ice Wheel Environment and Nengke Technology are leading in institutional research, showcasing their advancements in high-growth areas like data center cooling and aerospace digitalization [24][26]. Summary by Sections 1. Institutional Research on Popular Industries - During the week of January 5 to January 9, 2026, the mechanical equipment, computer, electronics, automotive, and basic chemicals sectors were the most researched by institutions, with a particular focus on the computer and automotive sectors in the past five days [10][12]. - Over the past 30 days, the same sectors maintained high interest, with mechanical equipment and electronics receiving the most attention from research institutions [12]. 2. Institutional Research on Popular Companies - In the week of January 5 to January 9, 2026, Ice Wheel Environment and BOE Technology Group were among the top companies researched, each receiving attention from more than 10 institutions [16][19]. - Over the past 30 days, Ice Wheel Environment, Kebo Technology, and Dazhu Laser were highlighted for their significant research activity, with Ice Wheel Environment receiving 13 research visits [20][21]. 3. Key Company Research Insights Ice Wheel Environment - The focus of the research on Ice Wheel Environment included advancements in data center liquid cooling, nuclear thermal management, and the commercialization of "dual carbon" technologies. The company has successfully implemented its cooling systems in major projects like the National Supercomputing Center in Guangzhou and is expanding into international markets [24][26]. - The company has also made strides in nuclear power technologies, with successful applications in several nuclear power plants and recent wins in projects related to small modular reactors [24]. Nengke Technology - Nengke Technology showcased its leadership in the aerospace sector, having served over 200 aerospace clients with total orders exceeding 1 billion yuan. The company is leveraging AI technologies in various manufacturing processes, including rocket assembly quality inspection and CAD drawing recognition [25][26]. - The company is also initiating product development in remote sensing based on new customer demands for satellite monitoring, and it has received approval for a fundraising initiative to support the development of three AI platforms [26].

Group 1: Key News and Insights - The December 22 LPR remains unchanged at 3.0% for 1-year and 3.5% for 5-year loans, indicating a stable monetary policy environment [1][12] - The launch of the National Venture Capital Guiding Fund aims to attract diverse investments, targeting a total fund size of trillions by leveraging central government funds [1][22] - The National Development and Reform Commission (NDRC) has initiated 21 key measures to support the high-quality development of the Western Land-Sea New Corridor, emphasizing financial support and cooperation [1][15][16] Group 2: Market Overview - The domestic securities market showed mixed performance, with the Sci-Tech 100 index rising by 5.60%, while other major indices experienced declines [2][26] - The non-ferrous metals sector led the industry gains with a 6.43% increase, reflecting strong demand dynamics [2][28] Group 3: Buyback and Stake Increase - A total of 5 companies reported significant shareholder buybacks, with Kangnibei planning to increase its stake by over 1% of total shares [3][34] - 60 companies announced buyback plans, with 9 companies intending to repurchase more than 1% of their total shares, highlighting a trend of corporate confidence [3][36] Group 4: Investment Recommendations - In the technology sector, companies focused on artificial intelligence, semiconductor chips, and robotics are expected to outperform due to favorable policies and liquidity conditions [4][39] - The non-bank financial sector, particularly brokerage firms, is anticipated to benefit from a slow bull market, while insurance companies may see improved returns on long-term assets [4][40] - The copper market is expected to maintain a tight supply-demand balance, supporting price increases, while energy metals like lithium and cobalt remain attractive due to battery and storage demand [4][40] - The electric equipment sector is poised for growth driven by AI and renewable energy, indicating a robust future demand for power equipment [4][41] - Domestic consumption is projected to expand, with a focus on enhancing consumer spending capabilities [4][42]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Luxshare Precision, Haiguang Information, Zhongke Shuguang, Jereh, and Huichuan Technology [11] - In the last five days, the most popular companies for institutional research were Haiguang Information, Zhongke Shuguang, Weichuang Electric, Superjet, and Shenghong Technology [11] - Among the top twenty companies in the past 30 days, 13 companies had 10 or more rating agencies involved [11] Group 2: Major Shareholder Increase in A-Share Companies - From December 8 to December 12, 2025, two A-share companies announced significant shareholder increases, with Inpai Si planning to increase its holdings by an amount that represents more than 1% of the market value on the announcement date [18] - From January 1 to December 12, 2025, a total of 307 companies announced shareholder increases, with 77 of them having 10 or more rating agencies involved [19] Group 3: A-Share Company Buyback Situation - Between December 8 and December 12, 2025, 50 companies announced buyback progress, with 13 having 10 or more rating agencies involved [22] - Four companies are recommended for attention based on their buyback amounts exceeding 1% of their market value on the announcement date, including Naxin Micro, Midea Group, SF Holding, and China Merchants Jinling [22] - From January 1 to December 12, 2025, a total of 1,830 companies announced buyback progress, with 356 having 10 or more rating agencies involved [24]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include Luxshare Precision, Huichuan Technology, and Jerry Holdings [13][14] - In the last 5 days, the most researched companies include Jerry Holdings, Tianhua New Energy, and Sanxin Technology [15] - Among the top twenty companies in the last 30 days, 15 companies had 10 or more rating agencies involved, indicating strong institutional interest [13] Group 2: Major Shareholder Increase in A-Share Companies - From December 1 to December 5, 2025, five A-share companies announced significant shareholder increases, with Jiangsu Shentong and Hengyi Petrochemical planning increases that exceed 1% of their market value on the announcement date [20][21] - From January 1 to December 5, 2025, a total of 304 companies reported shareholder increases, with 76 having 10 or more rating agencies involved [22][23] Group 3: A-Share Company Buyback Situations - From December 1 to December 5, 2025, 163 companies announced buyback progress, with 46 having 10 or more rating agencies involved [26][27] - The companies with significant buyback plans include Jian Sheng Group, Liangxin Co., and Zhizhong Home, with buyback amounts exceeding 1% of their market value on the announcement date [26][27] - From January 1 to December 5, 2025, 1,822 companies reported buyback progress, with 353 having 10 or more rating agencies involved [28][29]

Investment Strategy Overview - The report indicates that the Federal Reserve's initiation of a rate-cutting cycle supports global liquidity, while domestic monetary policy is expected to remain moderately loose, creating a favorable liquidity foundation for the A-share market, which is likely to continue a slow bull market [1] - The investment focus can be centered around technology and dividend sectors, with particular attention on domestic chip manufacturing, semiconductor equipment, and humanoid robots in the technology field, and insurance, banking, and other high-dividend sectors in the dividend field [1] Macroeconomic Outlook for 2026 - In 2025, China's economy demonstrated resilience with a GDP growth of 5.2% year-on-year in the first three quarters, driven by the service sector, while industrial price transmission faced challenges [2] - The macroeconomic policy for 2026 is expected to maintain coherence and targeted measures, including more proactive fiscal policies and moderately loose monetary policies, focusing on major technology projects and advanced manufacturing upgrades as outlined in the "14th Five-Year Plan" [2] 2026 Annual Investment Strategy Technology Sector - The development of new productive forces is a key policy direction for the domestic economy, with technology and innovation companies expected to yield excess returns under a loose liquidity environment. Key areas of focus include artificial intelligence, semiconductor chips, robotics, low-altitude economy, and deep-sea technology [3] Non-Banking Financial Sector - Securities firms are expected to benefit from the slow bull market, while insurance assets will benefit from a rebound in capital returns [4] Metals Sector - Copper prices are anticipated to continue rising due to a tight supply-demand balance, driven by increased electricity demand from AI infrastructure and strong demand from the electric vehicle sector [4] - Energy metals such as lithium, cobalt, and nickel are expected to maintain a favorable outlook due to battery and energy storage demand [4] - Gold is likely to continue its upward trend amid global risk aversion and loose liquidity [4] Power Equipment Sector - AI-driven growth in electricity demand is expected to significantly benefit the power equipment sector, alongside increased demand for energy storage driven by data centers and renewable energy [5] Machinery Sector - Following the U.S. rate cuts, manufacturing activity is expected to recover, with a focus on engineering machinery and heavy trucks [6] Domestic Demand - The focus will be on boosting consumption to expand effective domestic demand, with expectations for the release of consumer spending capacity [7] Dividend Assets - Dividend assets are attractive in a low-interest-rate environment due to their stable high dividends and low valuation, appealing to risk-averse funds [8]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include Luxshare Precision, Huichuan Technology, United Imaging Healthcare, Aibo Medical, and Kaiying Network [11][12] - In the last 5 days, the most researched companies include Jerry Holdings, Fule New Materials, ST Huaton, Kaiying Network, and Jing Sheng Machinery [11][13] - Among the top twenty companies in the last 30 days, 18 companies had 10 or more rating agencies involved, with significant profit growth expected for companies like Jiao Cheng Ultrasound, Nine Company-WD, United Imaging Healthcare, and Lanke Technology in Q1-Q3 of 2025 compared to the same period in 2024 [11][12][14] Group 2: Shareholder Increase in A-Share Listed Companies - From November 24 to November 28, 2025, six listed companies announced significant shareholder increases, with Wanrun Co., Zhongchumai, and Lega Co. planning to increase their holdings by amounts that exceed 1% of the market value on the announcement date [3][18] - From January 1 to November 28, 2025, a total of 299 companies announced shareholder increases, with 75 of them having 10 or more rating agencies involved. Among these, 18 companies had planned increases that exceeded 1% of their market value [5][20] Group 3: Share Buyback Situations in A-Share Listed Companies - From November 24 to November 28, 2025, 83 companies announced buyback progress, with 23 of them having 10 or more rating agencies involved. Six companies had buyback amounts that exceeded 1% of their market value on the announcement date, including Zhongkong Technology, Aters, Naxinwei, and Petty Co. [4][24] - From January 1 to November 28, 2025, a total of 1,814 companies announced buyback progress, with 349 of them having 10 or more rating agencies involved. Among these, 89 companies had buyback amounts that exceeded 1% of their market value [6][25]