Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Kangzheng Pharmaceutical (00867), indicating that the impact of centralized procurement on the company's performance is largely resolved, and the company is entering a new growth phase driven by innovative drugs and internationalization starting in 2024 [1] Group 1: Company Transformation and Growth - Kangzheng is characterized as a platform pharmaceutical company focusing on the entire lifecycle of drugs, having initiated a transformation into "New Kangzheng" since 2018, which has allowed it to gradually mitigate the impact of centralized procurement [2] - The company is expected to enter a year of commercializing innovative products in 2024, with several major innovative drugs set to launch, while also expanding its business into emerging markets like Southeast Asia through its subsidiary Kanglinda [2][3] Group 2: Performance and Product Development - The company has experienced short-term performance fluctuations due to the inclusion of three core products in centralized procurement in 2023, but is projected to see a turning point in performance with the commercialization of innovative products and rapid growth of exclusive drugs starting in 2024 [3] - Kangzheng has transitioned from a CSO model focused on importing original drugs to a full-chain innovative drug development company, enriching its product structure through overseas licensing, domestic collaboration, and independent research and development [3] Group 3: Innovation and Product Pipeline - Over 60% of the company's revenue comes from exclusive/brand and innovative products, focusing on First-in-Class (FIC) and Best-in-Class (BIC) drugs, with nearly 40 innovative drug pipelines expected by the first half of 2025, including five drugs already commercialized and six in the NDA stage [4] - The company has around 20 self-developed products in its pipeline, with five entering clinical development and approximately 15 in preclinical stages [4] Group 4: International Expansion - Kangzheng is focusing on international markets, particularly Southeast Asia and the Middle East, which have large populations and unmet medical needs, and has the full chain capabilities for product production, introduction, development, registration, and marketing [5] - By the first half of 2025, the company has submitted nearly 20 drug and medical device applications in these regions, covering fields such as dermatology, ophthalmology, oncology, and immunology [5] Group 5: Spin-off Plans - The company has been independently operating its dermatology and ophthalmology businesses since 2021, with plans to spin off Dermy Pharmaceutical for a separate listing on the Hong Kong Stock Exchange in 2025, marking the first standalone business segment of Kangzheng Group [6]

Core Viewpoint - The investment in the power grid is transitioning from "stabilizing growth" to an accelerated phase of "building a new power system," with industry prosperity expected to continue throughout the 14th Five-Year Plan [1]. Group 1: Investment Outlook - The State Grid Corporation's fixed asset investment during the 14th Five-Year Plan is expected to reach 4 trillion yuan, a significant increase of 40% compared to the 13th Five-Year Plan [1]. - To achieve the total target of 4 trillion yuan during the 14th Five-Year Plan, an implied annual compound growth rate (CAGR) of approximately 7% is required, consistent with the 13th Five-Year Plan's rate of 7.1% [1]. Group 2: Supply and Demand Dynamics - The overall electricity consumption is steadily increasing, driven by new demands such as electric vehicles and AI computing, maintaining rigid growth [2]. - The explosive growth of wind and solar installations during the 13th Five-Year Plan has led to nearly 80% of the new capacity exceeding the original grid planning capacity, creating a core contradiction of consumption difficulties [2]. - The main solutions to address this contradiction include the construction of external transmission channels (UHV/main grid) and the enhancement of regulation capabilities (energy storage/distribution network) [2]. Group 3: International Market Dynamics - The overseas power grid is entering a "Juglar cycle," with the average service life of equipment nearing a replacement cycle of 30-40 years, compounded by new electricity demands from AI [3]. - Due to limited expansion of local production capacity overseas, leading Chinese companies have strong delivery advantages in areas such as transformers, switches, smart meters, and insulators, potentially achieving greater heights in this investment cycle [3].

招商证券资产管理有限公司董事会及董事保证旗下基金季度报告所载资料不存在虚假记载、误导性陈述 或重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本公司旗下14只基金的2025年4季度报告全文于2026年1月21日在本公司网站 （https://amc.cmschina.com）和中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披露，供投资 者查阅。具体基金明细如下： ■ 如有疑问可拨打本公司客服电话（95565）咨询。 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保 证最低收益。请充分了解基金的风险收益特征，审慎做出投资决定。 特此公告 招商证券资产管理有限公司 2026年1月21日 ...

Core Viewpoint - The article highlights the increasing trend of securities firms in China to sell insurance products, driven by regulatory support and the need for wealth management transformation amid operational pressures [1][5][18]. Group 1: Regulatory Changes and Market Trends - Starting from 2025, the China Securities Association (CSRC) aims to promote more compliant securities firms to obtain licenses for selling bank wealth management and insurance products [1]. - The presence of insurance products on the shelves of securities firms has been steadily increasing, indicating a shift towards insurance sales [4][6]. - Major securities firms like CITIC Securities, China Merchants Securities, and Ping An Securities have launched insurance sections on their apps, showcasing a variety of insurance products alongside traditional financial offerings [3][10]. Group 2: Sales Pressure and Employee Experiences - Employees at leading securities firms are experiencing significant pressure to meet insurance sales targets, leading to a growing emphasis on insurance sales in their daily work [2][22]. - The performance metrics for insurance sales have become a focal point, with employees often feeling overwhelmed during peak sales periods [2][22]. Group 3: Product Offerings and Market Position - As of now, the number of securities firms holding insurance intermediary licenses remains unchanged from 2022, with only 11 firms licensed to sell insurance [6]. - Despite the limited number of licensed firms, major players are actively expanding their insurance product offerings, with Ping An Securities offering 56 products and CITIC Securities offering 20 [8][10]. - The insurance products being sold are primarily focused on life insurance and annuities, reflecting a trend towards financial products with investment attributes rather than pure risk coverage [10][19]. Group 4: Competitive Landscape and Challenges - The competitive landscape for insurance sales is evolving, with securities firms leveraging their existing client bases and expertise in asset management to penetrate the insurance market [20][22]. - However, the dominance of banks in the insurance distribution channel remains a significant challenge for securities firms, as banks have extensive networks and established customer relationships [22]. - Regulatory scrutiny is increasing, with upcoming regulations aimed at ensuring appropriate management of cross-industry sales, which may pose additional challenges for securities firms [24].

Group 1 - The company held an investor communication meeting on January 19, 2026, attended by 25 institutions, including major securities and investment firms [1] - Key topics discussed included the performance of core gaming products, new product incubation mechanisms, resource allocation strategies, cost control, and industry development prospects [2] Group 2 - Core products such as "Whiteout Survival" and "Endless Winter" are performing steadily, while "Kingshot" is in a rapid growth phase; the company has sufficient resource reserves [3] - The company employs a "horse racing mechanism" for new product incubation, ensuring efficient recovery of R&D pipelines and deepening its presence in the casual gaming sector [3][4] - The company has accumulated substantial R&D and user acquisition experience in casual and SLG games, with a focus on integrating these strengths to enhance competitive advantages [3][4] Group 3 - The company maintains a cautious approach to team expansion while optimizing financial expenses, having reduced financial costs through debt repayment [4] - The company plans to continue optimizing its financial structure and strengthening financial management in 2026 [4] Group 4 - The gaming industry is experiencing multiple favorable conditions, including improved policy environments, increased focus among game developers, and significant enhancements from AI technology [5] - The company emphasizes that the gaming industry operates on a supply-driven demand model, expressing confidence in its future prospects [5] - Despite competition from product and user acquisition material plagiarism, the company has established significant product barriers and user differentiation, prioritizing the quality of its own products [5][6] Group 5 - The company showcased clear strategies regarding product layout, operational capabilities, and industry insights during the investor communication, indicating potential opportunities in high-quality development within the gaming industry [7]

Group 1 - The core investment of the State Grid Corporation during the 14th Five-Year Plan is expected to reach 4 trillion yuan, a significant increase of approximately 40% compared to the previous plan [1][5] - The implied annual compound growth rate (CAGR) for achieving this target is about 7%, which is comparable to the growth rate of 7.1% during the 14th Five-Year Plan [1][5] - The focus of investment is shifting from "stabilizing growth" to "building a new power system," indicating a high level of industry prosperity expected to continue throughout the 14th Five-Year Plan [1][5] Group 2 - The report highlights significant challenges in power consumption, with electricity demand expected to grow rigidly due to new needs from electric vehicles and AI computing [2][8] - The supply side has seen explosive growth in renewable energy installations, with nearly 80% of new photovoltaic and wind power capacity added in the last three years, exceeding the grid's original capacity [2][8] - The construction of external transmission channels (UHV/main grid) and the enhancement of system regulation capabilities (energy storage/distribution network) are viewed as key technical paths to address these challenges [2][8] Group 3 - The overseas power grid is entering a renewal cycle, with equipment averaging 30 to 40 years of service nearing replacement, leading to a "passive acceleration" of investment [3][9] - Chinese leading power equipment companies are demonstrating strong delivery capabilities and competitive advantages in transformers, switches, smart meters, and insulators, benefiting from early overseas market positioning [3][9] - These companies are expected to achieve more prominent development in this global cycle [3][9] Group 4 - The report suggests focusing on domestic companies such as Guodian NARI, Sifang Electric, China XD Electric, and TBEA, among others [6][11] - For overseas layout, companies like Sifang Electric, Igor, and TBEA are highlighted as key players [6][11]

Core Viewpoint - Yirui Technology is positioned as a leading domestic X-ray detector manufacturer, benefiting from a recovery in medical tenders and a resurgence in lithium battery capital expenditures, indicating a turning point in its main business performance [1] Group 1: Company Overview - Yirui Technology is one of the few global manufacturers that master all major core technologies in digital X-ray detectors [1] - The company has entered the supply chains of global giants such as GE, Siemens, and Philips, continuously leading domestic substitution [1] - The company maintains strong profitability due to its comprehensive solution offerings and vertical supply chain integration, which create core advantages under high technical barriers [1] Group 2: Growth Potential - The binding with Shiya Technology allows Yirui Technology to enter the high-growth AI glasses market, which is expected to bring new growth drivers for the company [1] - The OLED backplane processing business is anticipated to accelerate performance contributions [1] Group 3: Investment Rating - The initial coverage of Yirui Technology has been given a "strong buy" investment rating [1]

Core Viewpoint - The report from China Merchants Securities indicates that Zhenyu Technology's niche mold business is steadily increasing, and the new products in the iron core segment are beginning to ramp up, which is expected to restore good growth rates [1] Group 1: Business Segments - The structural components business, which has the largest revenue share, is expected to reverse as anticipated and maintain an accelerated growth trend [1] - The robotics segment, which the company is actively cultivating, is progressing well in the domestic market, with potential breakthroughs in the overseas major client system [1] Group 2: Financial Projections - The company is estimated to achieve a net profit attributable to shareholders of 958 million yuan by 2026, maintaining an "overweight" investment rating [1]

Core Viewpoint - Anta Sports (02020) demonstrated sales performance in Q4 last year that met expectations, with a revitalized online strategy for its core brand driving growth momentum [1] Group 1: Sales Performance and Growth Projections - Anta's core brand, FILA, and other brands are expected to achieve low single-digit, mid single-digit, and 50% growth respectively this year [1] - The company is anticipated to meet its revised sales guidance for 2025, with FILA having secured its annual target by mid-November last year [1] Group 2: Brand Resilience and Profitability - The resilience of the Anta brand is believed to be underestimated, with expectations for stable operating profit margins for its mature brands due to strict cost control [1] - The core brand is expected to inject new vitality through adjustments in online marketing strategies, including content updates and optimized product listing operations [1]

Core Viewpoint - Anta Sports (02020) demonstrated sales performance in Q4 last year that met expectations, with a new online strategy for its core brand revitalizing growth momentum [1] Group 1: Sales Performance and Growth Projections - Anta's core brand, FILA, and other brands are expected to achieve low single-digit, mid single-digit, and 50% growth respectively this year [1] - The firm maintains a target price of HKD 95 and a "Buy" rating for Anta [1] Group 2: Brand Resilience and Future Outlook - The resilience of the Anta brand is still underestimated, with expectations to meet the revised sales guidance for 2025 [1] - FILA has already locked in its annual target by mid-November last year, while outdoor brands (Descente/Kolon) continue to show steady growth [1] Group 3: Cost Control and Profitability - Looking ahead to 2026, Anta is expected to benefit from strict cost control, with stable operating profit margins for its mature brands [1] - The core brand is anticipated to inject new vitality through adjustments in online marketing strategies, content updates, and optimized product listing operations [1]