Investment Rating - The report maintains a "Recommend" rating for the non-bank financial sector, indicating a positive outlook for investment in this area [1][8]. Core Insights - The non-bank financial sector is experiencing a continued high level of activity, with significant increases in holdings in both the brokerage and insurance segments. The brokerage sector's holdings increased to 0.99%, while the insurance sector saw a substantial rise to 2.04% [1][7]. - The overall fund net asset value reached 36.8 trillion yuan, reflecting a year-on-year growth of 14% and a quarter-on-quarter increase of 2% [12]. - The brokerage sector is expected to benefit from improved market conditions, with a projected net profit increase of 26% year-on-year for Q4 2025 [19][20]. - The insurance sector is poised for strong performance in 2026, driven by favorable market conditions and a significant increase in new policy premiums [22][23]. Summary by Sections Public Fund Market Size - As of Q4 2025, the total net asset value of public funds was 36.8 trillion yuan, with a year-on-year increase of 14% and a quarter-on-quarter increase of 2% [12]. - The non-monetary fund size reached 21.7 trillion yuan, growing 16% year-on-year [12]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.99%, up 0.1 percentage points from the previous quarter, with a total of 7.71 billion shares held, reflecting a 17.9% quarter-on-quarter increase [20]. - Major brokerages such as CITIC Securities and Guotai Junan saw significant increases in their holdings, with respective increases of 0.14 and 0.07 percentage points [20][21]. Insurance Sector - The insurance sector's holdings rose to 2.04%, a significant increase of 0.97 percentage points from the previous quarter, exceeding the benchmark allocation [23]. - Key players like Ping An and China Life experienced notable increases in their holdings, with Ping An's allocation rising by 0.68 percentage points [23]. Investment Recommendations - The report suggests focusing on key stocks within the brokerage sector, including Guotai Junan, CITIC Securities, and Huatai Securities, as well as major insurance companies like Ping An and China Life [8].

Group 1 - The meeting involved representatives from Guotai Junan Securities and Lanshi Zhongke, focusing on the latest developments and technological layout in the field of nanomaterials [1][2] - Lanshi Zhongke showcased its core technology system and competitive advantages in nanomaterials, as well as its future development plans [1] - The discussion included key technical indicators and optimization paths for materials such as lanthanum oxide, cerium oxide, and nano zinc oxide, with positive feedback on Lanshi Zhongke's technical strength and development prospects [1] Group 2 - Lanshi Zhongke expressed gratitude for the support and resource promotion from Guotai Junan Securities, highlighting the complementary nature of their core process R&D and industrialization experience with the research focus of Jiangxi Copper Research Institute [2] - The company looks forward to a site visit from the Jiangxi Copper team for further exchanges and aims to collaborate with partners in the new materials field [2]

Core Findings - The 2025 Chinese M&A market shows significant structural differentiation, characterized by a "volume decrease and price increase" trend, with multiple dynamics including market stabilization, private equity fund exit recovery, and notable regional and industry concentration [1][16]. M&A Market Overview - In 2025, the number of announced M&A transactions decreased by 20.27% year-on-year to 5,086, marking a seven-year low, indicating a cooling market activity. However, the total disclosed amount for 3,499 transactions reached 23,735.15 billion yuan, a year-on-year increase of 29.08%, highlighting a significant expansion in single transaction sizes [13][16]. - The total number of completed transactions for the year was 3,342, a slight increase of 0.45% year-on-year, with the total disclosed amount for 2,026 transactions reaching 14,851.31 billion yuan, a substantial year-on-year growth of 54.41%, reversing the downward trend since 2019 [17][16]. Private Equity Fund Exit Trends - In 2025, private equity funds exited through M&A reached 469, a year-on-year increase of 22.77%, recovering to the highest level since 2022. The total capital returned was 642.15 billion yuan, up 8.54% year-on-year, indicating improved exit efficiency and capital circulation capabilities [2][26]. Major M&A Cases - In 2025, there were 20 transactions exceeding 10 billion yuan, with the largest being China Shipbuilding's merger with China Shipbuilding Industry Corporation at 1,151.50 billion yuan, marking a significant milestone in China's shipbuilding industry [30][31]. Cross-Border M&A Trends - The cross-border M&A market completed 144 transactions in 2025, a year-on-year decrease of 13.77%. The total disclosed amount for 105 transactions was 1,181.46 billion yuan, down 5.73% year-on-year, indicating a continued low activity level in the cross-border M&A sector [33][36]. Industry and Regional Distribution - Guangdong province led the M&A market in China, benefiting from the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area. The electronic information, traditional manufacturing, healthcare, and energy mining sectors emerged as hot spots for M&A activity [3][38]. - In terms of transaction volume, electronic information accounted for 17.32% of the total, while the financial sector led in transaction scale with 2,035.96 billion yuan, representing 13.71% of the total disclosed amount [43][39].

Core Viewpoint - Cathay Securities has given a "Buy" rating to Tsunam Machine Tool China (01651), predicting significant revenue and profit growth from FY2026 to FY2028, driven by strong product capabilities and customer channels in the machine tool industry [1] Group 1: Financial Performance - For the first half of FY2026, the company achieved a revenue of approximately 2.497 billion yuan, representing a year-on-year growth of 26.2% [1] - The net profit attributable to shareholders was 502 million yuan, with a year-on-year increase of 47.7% [1] - The gross margin was 34.6%, up by 2.5 percentage points, while the net profit margin reached 20.1%, an increase of 2.9 percentage points [1] Group 2: Market Opportunities - The AI liquid cooling sector is entering a phase of bulk equipment procurement, with the company having a competitive edge in processing rapid liquid cooling connectors [2] - From January to September 2025, the company signed equipment orders with dozens of clients, accounting for about 5% of domestic order value [2] Group 3: Strategic Developments - The company is actively expanding into new fields, particularly in humanoid robotics, driven by the growing demand for small precision components due to advancements in autonomous driving and AI applications [3] - Cost reduction and efficiency improvement measures have enhanced the product's cost-effectiveness and market competitiveness, with several devices successfully applied in processing key components for humanoid robots [3] - In the same period (January to September 2025), the company secured orders for various equipment types, including automatic lathes and external cylindrical grinding machines [3]

Core Viewpoint - Cathay Securities has given a "Buy" rating to Tsunamachine China (01651), predicting significant revenue and profit growth from FY2026E to FY2028E, driven by strong product capabilities and customer channels in the machine tool industry [1] Group 1: Financial Projections - Projected revenues for FY2026E, FY2027E, and FY2028E are expected to be 5.182 billion, 5.823 billion, and 6.562 billion CNY respectively [1] - Projected net profits for FY2026E, FY2027E, and FY2028E are expected to be 1.018 billion, 1.108 billion, and 1.263 billion CNY respectively [1] - The company achieved a revenue of approximately 2.497 billion CNY in the first half of FY2026, representing a year-on-year growth of 26.2% [1] Group 2: Market Position and Product Strength - Tsunamachine China specializes in high-end CNC machine tools, including precision lathes, machining centers, and grinding machines, widely used in high-precision processing fields such as automotive and 3C [1] - The company has a gross margin of 34.6%, which is an increase of 2.5 percentage points year-on-year, and a net profit margin of 20.1%, up by 2.9 percentage points year-on-year [1] Group 3: Growth Opportunities - The AI liquid cooling sector is entering a phase of bulk equipment procurement, with the company having a competitive edge in processing rapid liquid cooling connectors [2] - The company has signed equipment orders with dozens of clients in the AI liquid cooling sector, accounting for about 5% of domestic order value from January to September 2025 [2] - The demand for small precision components is increasing due to the rapid expansion of autonomous driving and AI applications, with the company actively developing humanoid robot-related business [3] - The company has successfully applied multiple devices in processing key components for humanoid robots, including planetary roller screws and harmonic reducers [3]

Group 1: Market Overview - At the end of 2025, the bond market was relatively weak, with banks showing overall low allocation to interest rate bonds[7] - In early 2026, as banks' annual KPIs were determined, the bond market began to recover, with significant buying power from banks in the first week of January[7] - The buying power of banks expanded further in mid-January, but participation remained structural and selective rather than broad-based[7] Group 2: Large Banks' Behavior - Large banks increased their allocation to government bonds, particularly focusing on 7-10Y and 1-3Y maturities, while also starting to buy 20-30Y bonds[8] - The buying of policy financial bonds by large banks intensified, mainly in the 1-3Y and 7-10Y categories[8] - Large banks showed a notable increase in selling local government bonds, especially in the ultra-long end[8] Group 3: Small and Medium Banks' Behavior - Small and medium-sized banks exhibited a "front-loading and back-selling" pattern in their trading behavior, with initial strong buying followed by a shift to net selling[15] - In the first week of January, small banks showed concentrated buying in medium to long-term bonds, but this shifted to net selling in the following weeks[15] Group 4: Market Dynamics - The funding market saw a shift with net borrowing turning negative for major borrowing entities, indicating a tightening of liquidity[6] - The primary market experienced an expansion in the price gap between primary and secondary markets for policy financial bonds[6] - In the secondary market, the borrowing volume of active bonds continued to rise, with large banks being the main buyers of 1-3Y and 7-10Y bonds[6]

百奥赛图以"抗体货架"为核心的创新模式，打破传统抗体开发的效率瓶颈，成为公司差异化竞争的核心 引擎。抗体开发业务收入从2022年1.27亿元增长至2024年3.18亿元，CAGR高达58%，2024年毛利率超 90%。百万级抗体序列库既可为全球合作伙伴提供即取即用的高质量抗体分子，又能通过授权、合作开 发等多元模式实现技术价值最大化。自主推进的核心管线聚焦高价值赛道，与合作管线形成互补，逐步 兑现商业化潜力，打造新增长引擎。 催化剂 国泰海通证券发布研报称，首次覆盖，给予百奥赛图-B(02315)"增持"评级。公司作为全球领先的创新 药临床前CRO及生物技术公司，技术壁垒深厚，临床前产品与服务收入稳定增长，"千鼠万抗"计划进入 兑现期。预计2025-2027年EPS分别0.38/0.74/1.21元，同比增长411.08%/91.82%/64.10%。参考PE及PS两 种估值，采取谨慎性原则，给予公司目标价57.72元/股，对应2026年PE 78X。 国泰海通证券主要观点如下： 临床前产品与服务打牢基本盘，业务收入高速增长 公司具有领先的基因编辑技术，自主研发CRISPR/EGE、SUPCE等核心技术，打造 ...

国泰海通证券发布研报称，首次覆盖，给予百奥赛图-B(02315)"增持"评级。公司作为全球领先的创新 药临床前CRO及生物技术公司，技术壁垒深厚，临床前产品与服务收入稳定增长，"千鼠万抗"计划进入 兑现期。预计2025-2027年EPS分别0.38/0.74/1.21元，同比增长411.08%/91.82%/64.10%。参考PE及PS两 种估值，采取谨慎性原则，给予公司目标价57.72元/股，对应2026年PE78X。 国泰海通证券主要观点如下： 临床前产品与服务打牢基本盘，业务收入高速增长 公司具有领先的基因编辑技术，自主研发CRISPR/EGE、SUPCE等核心技术，打造了全球人源化程度最 高的全人抗体小鼠平台。模式动物与药理药效评估作为创新药研发的刚需环节，依托全球领先的模型库 与国际标准服务能力，成为公司稳定现金流支柱。模式动物销售额由2021年的0.66亿元增长至2024年的 3.89亿元，营收CAGR超50%。公司客户优质，持续加码全球化布局，与全球前十大药企均建立长期合 作，累计服务950+全球合作伙伴，完成6350+药物评估项目，临床前药理药效评估客户留存率维持60% 以上；海外布局早、设施 ...

Group 1 - The report indicates that at the end of 2025, the bond market was relatively weak, with banks showing overall limited allocation to interest rate bonds across various maturities. However, entering 2026, as banks' annual KPIs were gradually determined, the volatility of deposit replacement on the liability side stabilized, leading to a gradual recovery in interest rate bonds. In the first week of the year, bank buying power significantly increased, covering various maturities, and this buying power further expanded in the middle of the month. Nevertheless, bank participation remained more structural and selective rather than a comprehensive increase [7][8][15] Group 2 - Large banks have shown an expanding allocation to government bonds, with a notable increase in purchases of policy financial bonds starting in the third week of January. The buying focus has been on 1-3Y and 7-10Y maturities, while there has been a significant increase in selling of ultra-long local bonds [8][9][10] - The allocation behavior of large banks has evolved weekly, with a strong buying momentum in the first week primarily focused on various maturities of government bonds. In the second week, the buying continued for medium to long-term government bonds, but the marginal increase in ultra-long-term allocations slowed down. By the third week, large banks began to significantly increase their buying of 1-3Y and 20-30Y government bonds, indicating a simultaneous rise in demand for both short and ultra-long maturities [8][9][10] Group 3 - Small and medium-sized banks exhibited a "front-loading and back-selling" pattern in their trading behavior for secondary interest rate bonds. In the first week of the month, these banks concentrated their buying on medium to long-term bonds, but in the last two weeks, they shifted to net selling, indicating a phase-out of their allocation to medium to long-term bonds. For local bonds, there was strong buying activity in the first week, but the buying intensity has cooled in the past week, with marginal demand weakening and trading pace slowing down [15][16][17] Group 4 - In the funding market, there has been an expansion in borrowing while lending has contracted, leading to an increase in leverage ratios across institutions. The overnight trading proportion has risen, with interbank bond market leverage ratios showing slight declines overall, while banks and insurance companies have seen slight increases in their leverage ratios [7][8] Group 5 - In the primary market, the spread between the primary and secondary prices of policy financial bonds has widened. In the past week, two 10Y National Development Bonds and two 10Y Agricultural Development Bonds were issued, with both types seeing an increase in overall multiples, although the marginal multiples have decreased [7][8] Group 6 - In the secondary market, the borrowing volume of active bonds has continued to rise. The trading activity in the cash bond market has warmed up, with differentiated trading behaviors observed among various types of institutions. Large banks have significantly bought 1-3Y and 7-10Y maturities while showing net selling in other short to medium-term bonds and net buying in ultra-long maturities. Conversely, small and medium-sized banks have shown net selling across various maturities, particularly in the 7-10Y segment [7][8][9]

Core Viewpoint - The recent market perspective suggests that the appreciation of the RMB and increased foreign exchange settlement by enterprises could lead to bank balance sheet expansion, thereby aiding interbank liquidity. However, the reality is that while the RMB appreciates and enterprises increase settlement, the central bank does not purchase foreign exchange, which may tighten interbank liquidity instead [1][6]. Group 1: Impact of RMB Appreciation on Interbank Liquidity - The appreciation of the RMB and increased foreign exchange settlement does not automatically translate to an increase in base currency supply, as the central bank's foreign exchange reserves have not increased despite a significant surplus in bank foreign exchange settlements [2][8]. - In December 2025, the bank's foreign exchange settlement surplus reached a historical high of 999 billion USD, with the settlement rate rising by 7 percentage points to 69%, indicating strong market sentiment towards the RMB [7][9]. - The process of foreign exchange settlement involves converting domestic RMB assets into foreign currency assets, which consumes internal RMB reserves, thus not necessarily leading to liquidity expansion [10]. Group 2: Central Bank's Role in Liquidity Management - The key factor for whether interbank liquidity will tighten alongside RMB appreciation in 2026 lies in the central bank's willingness to increase base currency supply through various measures such as reverse repos, MLF, and bond purchases [4][11]. - The central bank's actions to maintain liquidity are crucial for stabilizing the RMB exchange rate and supporting economic growth, especially in light of government bond issuance [11][12]. - The central bank's ability to smooth out funding fluctuations has been enhanced, and it is expected to continue providing liquidity support, which may keep interbank rates low [12].