Group 1 - The core point of the article is that Eli Lilly's drug Tirzepatide is projected to achieve sales of $36.507 billion in 2025, marking it as the "king of drugs" for that year, with expectations to maintain this position for several years [1] - According to Evaluate, approximately half of the top ten global drugs by sales in 2030 are expected to be GLP-1 class drugs [2] - The weight loss sector has become a strategic focus for major pharmaceutical companies (MNCs), with significant business development (BD) and mergers and acquisitions (M&A) activity anticipated this year [3] Group 2 - Major pharmaceutical companies are heavily investing in the weight loss sector, with Eli Lilly expecting Orforglipron to receive approval in Q2 2026 and ongoing clinical trials for other drugs [3] - Recent transactions in the weight loss sector include a $100 million upfront payment from Roche for a specific oral GLP-1 agonist patent and a strategic collaboration between CSPC and AstraZeneca worth up to $18.5 billion [4] - New directions in the weight loss market, such as oral small molecules and ultra-long-acting GLP-1 drugs, present potential investment opportunities, with companies like Singlomd, Hengrui Medicine, and others identified as relevant targets [4]

智通财经APP获悉，东方证券发布研报称，认为本土品牌在高端消费领域的崛起背后是消费者代际变迁 和文化自信等因素，本质也是广大消费者（包括高净值人群）对国家治理预期提升的结果。对于运动户 外行业及相关本土龙头公司的中长期前景保持乐观预期。继续看好功能性家纺和运动户外服饰领域的投 资机会。 东方证券主要观点如下： 中国本土品牌在奢侈品消费领域的崛起是大趋势，未来仍有望延续 根据《2026胡润至尚优品——中国高净值人群品质生活报告》，未来一年，高净值人群最愿意购买的服 饰类型中，对高奢品牌的热情大幅下降了12个百分点，对实用性服饰（注重舒适度，不在意品牌）的热 情显著上升了14个百分点，对功能性服饰（运动户外为主）上升了2个百分点。该行认为以上偏好的变 化利好舒适度和功能性兼具，同时逐步打通运动休闲和工作商务场景的运动户外行业品牌。在运动方式 上，高净值人群最青睐的前三种方式分别为登山/徒步、跑步和瑜伽，相关细分领域受青睐度排名前列 的品牌中已经有不少本土的龙头，包括被本土龙头收购的国际品牌，因此该行对于运动户外行业及相关 本土龙头公司的中长期前景保持乐观预期。 根据贝恩公司近期发布的《2025年中国个人奢侈品市场 ...

中期不确定性较大，印尼煤炭产量通常高于年初计划 （1）印尼上一次申报RKAB是在2022年末至2023年初，但紧随其后，印尼允许企业在2023年7月31日之 前提交一次RKAB变更；（2）2023年下半年，RKAB有效期从一年变为三年，并在2025年下半年变回 一年，当前正处于2026年RKAB的获批期，部分观点认为后续仍有较大可能会出现变化；（3）2016年 以来，印尼煤炭实际产量多数年份显著高于RKAB配额或政府目标。 长期对煤价抬升有利，印尼政府对提煤价有较强诉求 东方证券主要观点如下： 事件 印尼矿商暂停现货煤炭出口。据媒体报道，印尼矿业官员周二表示，由于印尼政府提出大幅减产计划， 该国矿商已暂停现货煤炭出口。印尼上月向主要矿商下达的产量配额比2025年水平降低40%至70%，作 为该国提振煤价计划的一部分。印尼主要行业协会反对此举，警告称可能引发裁员和矿山关闭。 预计对一季度煤价及预期产生明显提振 （1）对上游，由于印尼政府调低了产量配额，矿商在无法判断未来可出口配额的情况下，只能自发采 取先暂停现货合约的方式应对的防御性策略，等待政策确定后再恢复现货报价；（2）对中下游，在此 前对煤价的一致预期不 ...

宏观经济 | 动态跟踪 开启"投资于人"新一环——房地产新动 向的信号意义 研究结论 风险提示 ⚫ 产业转型过程中，大城市劳动密集型行业占比减少，技术密集型行业占比增加，可 能会制约劳动者的增加以及地产需求的扩大。 报告发布日期 2026 年 02 月 05 日 | 陈至奕 | 执业证书编号：S0860519090001 | | --- | --- | | | 香港证监会牌照：BUK982 | | | chenzhiyi@orientsec.com.cn | | | 021-63326320 | | 黄汝南 | 执业证书编号：S0860525120004 | | | huangrunan@orientsec.com.cn | | | 010-66210535 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 孙国翔 | 执业证书编号：S0860523080009 | | | sunguoxiang@orientsec.com.cn | | | 021-63326320 | | 刘姜枫 ...

Core Viewpoint - The electronic industry panel manufacturers are continuing their production control strategies, leading to price increases for large-sized panels, which are expected to persist due to demand from events like the World Cup [1][2]. Group 1: Panel Price Trends - Large-sized panel prices are expected to continue rising as manufacturers maintain production control, with demand remaining stable [2]. - AVC data indicates that all sizes of TV panels saw price increases in late January, with some monitor panels also experiencing price hikes [1][2]. - The tight supply-demand situation for TV panels is extending to monitor panels, with expectations of price increases in February [2]. Group 2: Capital Expenditure Trends - The large-scale capital expenditure cycle in the panel industry is nearing its end, with leading manufacturers expected to significantly reduce future spending [3]. - According to BOE's announcement, 2025 will be the peak year for capital expenditure, with a significant decline anticipated starting in 2027 [3]. - TCL Technology is focusing on investments aligned with the accelerated penetration of OLED in the mid-size market, with no major new production line investments planned beyond the T8 line [3]. Group 3: Mobile OLED Panel Market - Mobile OLED panel prices are under short-term pressure, but the impact is expected to be manageable [4]. - The penetration rate of mobile OLED panels is anticipated to continue increasing, which may offset the decline in overall smartphone shipments [4]. - Omdia forecasts that global smartphone AMOLED panel shipments will decrease slightly to 810 million units in 2026, a minor decline from 817 million in 2025 [4]. Group 4: Investment Recommendations - The favorable supply-demand relationship and the expected continuation of price increases for large-sized panels suggest potential investment opportunities in panel manufacturers such as TCL Technology, BOE A, and others [5]. - Related material manufacturers and display driver chip manufacturers are also highlighted as potential investment targets [5].

Market Overview - The A-share market opened lower with the Shanghai Composite Index down 0.66% and the ChiNext Index down 1.02% [1] - The banking sector showed strong performance, with Qilu Bank rising over 2%, while sectors such as precious metals, photovoltaic equipment, and storage chips experienced significant declines [1] Institutional Insights - Tianfeng Securities suggests that the "spring market" may be more sustained this year, with potential trends including a stronger foundation for the spring rally, enhanced consumer and travel market activity, and a possible range-bound bond market [1] - The firm also notes that traditional patterns such as "bonds strong, stocks weak" before the holiday may be weakened this year, with expectations for a more balanced support for both stocks and bonds [1] - The anticipated market style post-holiday may involve a combination of growth and dividend strategies rather than a complete switch [1] Sector Analysis - Shangyin Fund indicates that recent fluctuations in the A-share market are primarily due to trading dynamics rather than fundamental changes, suggesting that the current adjustment may present attractive buying opportunities [2] - Dongfang Securities highlights that the rebound following the recent decline has been significant, indicating a stronger expectation for market stability moving forward, with a focus on technology sectors as potential areas of interest [3]

2026年02月03日，冰轮环境披露接待调研公告，公司于02月03日接待睿远基金、东方证券自营、财通证 券、银河证券、申万证券等9家机构调研。 调研情况显示，冰轮环境致力于在能源和动力领域提供先进的系统解决方案和全生命周期服务，主要产 品形式为压缩机和换热装置，实施温控、增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体产 品包括螺杆式压缩机、离心式压缩机、吸收式制冷机、活塞式压缩机、涡旋式压缩机、工业热泵、储能 蓄能装置、真空冻干设备、速冻装置、换热设备、船用制冷设备、多联机等，广泛应用于商业制冷系 统、工业冷冻系统、商用舒适空调、工业特种空调等多个领域。 公司在数据中心液冷系统应用方面，旗下顿汉布什公司和冰轮换热技术公司为数据中心乃至液冷系统提 供一次侧冷源装备和热交换装置等冷却装备。顿汉布什公司已有131年历史，其"变频离心式冷水机 组"和"集成自然冷却功能的风冷螺杆冷水机组"两项产品入选工信部《国家绿色数据中心先进适用技术 产品目录》，已成功服务国家超级计算广州中心、中国移动贵州大数据中心等诸多项目。在核电领域， 公司聚焦核岛冷却、核能供热等核心场景，服务了红沿河、宁德、阳江等多个核电站，旗 ...

智通财经APP获悉，东方证券发布研报称，谷歌DeepMind开放世界模型Genie3的实验性研究原 型"Project Genie"，允许用户创建、编辑并探索虚拟世界。当前无需过度担忧海外Genie3等通用世界模 型，游戏商用潜力极低，即使是未来对于时长支持增长，Genie3判断可能仅能支持有限的剧情向游戏， 而无法很好支持无限时长延申的大型多人在线游戏。AI游戏编辑器开始兑现增长，拥有大DAU平台的 企业，尤其是能与自研AI引擎相结合的企业，有望获得未来AIGC游戏平台的入场券。 东方证券主要观点如下： 事项：北京时间2026年1月30日凌晨，谷歌DeepMind开放了世界模型Genie3的实验性研究原型"Project Genie"，允许用户创建、编辑并探索虚拟世界。同时在1月30日晚，心动公司、TapTap平台创始人黄一 孟在各大平台同步开启直播，正式官宣一款新产品"Taptap制造"。 国内AI游戏编辑器的技术路径已具备落地商用条件 以心动、腾讯为代表的国内厂商，其技术实现路径核心在于拆解游戏生产环节、AI模拟程序员的部分 生产工作，通过将AI输出的资产封装至通用硬编物理引擎，实现AI3D引擎能力与传 ...

Group 1 - A-shares brokerage stocks have shown strong performance, with Huayin Securities rising over 7% and Dongwu Securities increasing over 3% [1] - Other notable gainers include Huaxin Securities, Guotai Haitong, and Southwest Securities, each rising over 2% [1] Group 2 - Huayin Securities has a market capitalization of 51.7 billion and a year-to-date increase of 24.85% [2] - Dongwu Securities has a market capitalization of 47.3 billion and a year-to-date increase of 4.97% [2] - Huaxin Securities has a market capitalization of 18.1 billion and a year-to-date increase of 12.01% [2] - Guotai Haitong has a market capitalization of 352.4 billion but a year-to-date decrease of 2.73% [2] - Southwest Securities has a market capitalization of 30.4 billion and a year-to-date increase of 2.23% [2]

Core Viewpoint - The company is facing short-term performance pressure but is expected to drive innovation through self-research and transformation [1] Financial Performance - The company recently released a performance forecast for 2025, expecting a net loss attributable to shareholders of 66 million to 96 million yuan, and a non-recurring net loss of 79 million to 110 million yuan [1] - The performance pressure is primarily due to the impact of centralized procurement and the MAH system on the company's generic drug business [1] Strategic Initiatives - The company aims to optimize its business structure and return to a growth trajectory through active innovation [1] - A recent collaboration with Zhongshen Innovation on the self-researched oncology drug BIOS-0629 will provide the company with a milestone payment of 300 million yuan and a 10% share of the sales revenue [1] Long-term Outlook - Despite short-term performance challenges, the company's long-term development potential is considered significant [1] - The company’s insights into the industry and research capabilities are expected to lead to a second growth curve through innovative drug development and licensing [1] Earnings Forecast - The earnings per share (EPS) for 2025-2026 are projected to be -0.63 yuan and 0.37 yuan, respectively, down from previous estimates of 2.49 yuan and 2.80 yuan [1] - The EPS for 2027 is forecasted to be 0.61 yuan [1] Valuation - A DCF valuation method is employed, with a target price set at 53.84 yuan, maintaining a "buy" rating [1]