成本约束仍存但降本路径清晰，高载重与可回收成为核心手段 火箭发射经济性成为未来火箭发射向高密度、标准化转型的重要因素。火箭发射降本路线清晰，高载重 和可回收成为核心途径，液态甲烷作为推进剂优势凸显，占比提升。在高载重与可重复使用背景下，推 进剂特气需求与发射次数高度相关且成本占比提升。可重复使用技术显著压缩了制造成本在单次发射中 的占比，但并未降低推进剂消耗，回收过程甚至需要额外燃料储备。基于当前时点，该行测算猎鹰9号 单次发射推进剂与特气需求合计成本约80万美元，根据《"猎鹰"9火箭的发射成本与价格策略分析》 （2022），考虑火箭可回收，火箭成本从5000万美元下降至1500万美元，推进剂与特气需求刚性保持单 次80万美元，单次发射成本占比从1.6%提升至5.3%。推进剂与特气需求逐步成为最稳定、最可预测的 价值环节。 商业航天进入规模化发射阶段，供给端能力持续释放 我国已构建起内陆三场（酒泉/太原/西昌）+滨海一场（文昌）+海上母港（东方航天港）+商业专用场 （海南商发）的立体化发射场体系，实现了多轨道覆盖和专业化分工布局。发射基础设施持续完善，中 国现有工位总数21个，在建及规划5个。中国火箭发射次数 ...

股市方面，A股18连阳行情强势站上4100点，成交量创下历史新高，逼近4万亿大关，科技与顺周期板块成资金主线，而美股则高位小幅回 调，市场等待1月美联储议息会议结果。 债市方面，中债呈牛平特征收益率曲线下移，而美债则熊陡走弱，收益率上行，市场对美联储降息节奏预期趋谨慎。 大宗商品市场更是冰火两重天，贵金属、有色金属大涨，而能源化工、黑色系则受供需失衡拖累表现低迷。 A股牛市还能上车吗？哪类资产最值得关注？港股与A股怎么选？ 美股2026年还能继续科技AI的牛市狂欢吗？ 1月美联储议息会议传递出哪些新信息？如何前瞻美国通胀形势与降息节奏？ 十五五规划中，有哪些战略新兴产业值得重点关注？ 美国拉斯维加斯CES、英伟达GTC大会上科技行业有哪些新产品、新进展？ 商业航天大热背后的机遇与风险？ 反内卷政策能否推动商品价格持续上涨？ ...... 2026年开年，全球市场分化剧烈： 关于全球大类资产与热点行业，大家在2026年一季度最关心的问题是： 为了帮大家看清2026年一季度大类资产轮动与风向变化、热点行业的前瞻解读，我们一季度预计邀请多位重磅嘉宾来主讲Alpha线上闭门私享会 ——百亿私募敦和资管首席经济学家徐小 ...

东吴证券研报指出，首华燃气资源+技术驱动，深层煤层气先行者迎业绩拐点。公司成功转型为天然气 上游开采商，股权激励锁定营收高增。层煤层气前景广阔，技术突破带动成本下降。煤层气开采进入深 层规模开发阶段，深层煤层气资源丰富，资源量为浅层3倍以上。据首华燃气数据，2024年公司油气资 产单方折耗约0.85元；随着新井的投产，单方折耗将持续趋近0.53元/方，实现综合开采成本下降。未来 随技术进步投资成本下降、气量上升固定成本摊薄，单位成本有望进一步下行。公司自产量具备7倍释 放潜力，财政支持进一步增厚利润。公司受益于深层煤层气技术革新，气量&利润增速显著高于同行； 首次覆盖，给予"买入"评级。 ...

Core Viewpoint - Jiangsu Aisheren Medical Technology Group Co., Ltd. successfully went public on the Beijing Stock Exchange, becoming the first A-share listed company in Jiangsu Province this year and the first in Suzhou's Xiangcheng District on the North Exchange [1][6]. Company Overview - Aisheren focuses on the medical health sector, primarily engaged in the research, production, and sales of disposable medical consumables used in rehabilitation care and medical protection [3][8]. - The company provides products through ODM/OEM methods for internationally renowned medical device brands, continuously expanding its product line to include disinfection, home protection, and emergency protection [3][9]. - Aisheren has obtained several certifications, including ISO13485:2016, EU CE certification, and US FDA registration, meeting high global standards for medical consumables [3][9]. Future Plans - The successful IPO will serve as a catalyst for Aisheren to enhance existing production capacity and increase investment in the research and development of new medical consumables [3][9]. - The company aims to actively expand its sterilization business and continuously optimize product quality and service levels [3][9]. - Aisheren plans to leverage the Belt and Road Initiative to deepen its presence in the global medical dressing market, contributing more Chinese wisdom and strength to global healthcare [3][9]. Role of Dongwu Securities - Dongwu Securities acted as the sponsor and underwriter for Aisheren's IPO, showcasing its expertise in the medical consumables sector and enhancing its brand influence in the North Exchange [5][11]. - The firm has successfully sponsored and underwritten 48 companies in Suzhou, with a nearly 50% market share of Suzhou companies listed on the North Exchange [5][11]. - Dongwu Securities aims to continue its commitment to high-quality development and to advance towards becoming a leading investment bank characterized by specialization, market orientation, technological advancement, and internationalization [5][11].

Core Viewpoint - Dongwu Securities research report indicates that Tonghuashun expects a net profit attributable to shareholders of 2.7 to 3.3 billion yuan in 2025, representing a year-on-year growth of 50% to 80% [1] - The report highlights a significant recovery in trading activity within the industry, with the average daily trading volume of A-shares expected to increase by 64% year-on-year to 1.73 trillion yuan in 2025 [1] Company Performance - For the fourth quarter, Tonghuashun anticipates a net profit attributable to shareholders of 1.5 to 2.1 billion yuan, reflecting a year-on-year growth of 30% to 77% [1] - The company emphasizes its increased investment in artificial intelligence to enhance core product competitiveness and user experience, leading to rapid growth across various business segments [1] Industry Trends - The capital market's activity level is on the rise, with improved investor confidence and increased demand for retail financial information services [1] - The integration of AI technology is expected to reshape the company's future by enhancing existing business value and expanding new business opportunities [1] Future Outlook - AI is identified as the core strategy for the company moving forward, with the "Ask Finance" model in the Tonghuashun app evolving into a self-evolving intelligent entity [1] - The application of AI is projected to enhance user engagement and willingness to pay, while also enabling the company to provide intelligent solutions to B-end financial institutions, thus opening up a second growth curve [1] Investment Recommendation - Based on the sustained positive activity in the capital market and the company's 2025 performance forecast, the previous profit estimates have been revised upward, maintaining a "buy" rating [1]

东吴证券研报指出，璞泰来负极盈利拐点已现，多业务板块持续向好。公司2025年预计实现归母净利 23~24亿元，同比+93%~102%，对应25Q4归母净利中值6.5亿元，同比扭亏，环比+1%，符合市场预 期。公司四川一期10万吨已逐步投产，随着产能爬坡+新产品导入，26Q1预计出货4-5万吨，环比明显 提升，预计26年出货25万吨，接近翻倍增长；盈利端，25Q4负极盈利维持，随着低成本产能投产，预 计26年盈利恢复至近0.2万/吨。涂覆膜25Q4预计出货28亿平，环比微增，我们预计25年出货100亿平+， 同增40%+，26年我们预计出货140-150亿平，同增40%+。公司具备固态整线解决方案能力、且综合布 局多种材料。考虑公司固态领域布局，给予26年30xPE，目标价43.5元，维持"买入"评级。 ...

2026年1月15日，第十九届HED中国峰会·深圳于深圳成功举办。本届峰会以投资中国逻辑重塑与财富管 理范式转移为背景，聚焦对冲基金、ETF及金融衍生品等多个领域。峰会由财视中国主办，东吴证券 (601555)联合主办，并得到分论坛联合主办方亚马逊云科技(AWS)、英迈(Ingram Micro)，协办方中信证 券(600030)、兴证期货，学术支持介甫资本市场研究院，展览赞助商标普全球市场财智，以及合作机构 前路有光数字科技、陆享基金、量利资本、陕国投信托、波克私募、国赞投资、进益资本、千朔投资、 OPIM东英资管、优美利投资、瑞达期货(002961)、中盈蓝景基金的鼎力支持。与会嘉宾就低利率环境 下的资产配置突围、全球化视野下的投资机遇以及量化策略的下一阶段演进等核心议题展开了深度交流 与思想碰撞。 略。在固定收益领域，注重增强弹性与拉长久期。在权益端，可继续通过高股息红利策略和布局科技、 能源、基建等新质生产力来对冲利差损风险，预计2026年权益投资规模将不低于上年。同时，曹德云呼 吁通过机制创新打通股权投资"募投管退"的堵点，进一步发挥保险资金作为"耐心资本"的作用。 东吴证券首席经济学家、研究所联席 ...

Company - Company has successfully transformed into an upstream natural gas producer, with stock incentives locking in high revenue growth [1] - The company's self-produced gas volume has a potential for 7 times release, further enhancing profits with fiscal support [1] Industry - The deep coalbed methane sector has broad prospects, with technological breakthroughs driving down costs [1]

Market Overview - On January 20, the securities sector rose by 0.42% compared to the previous trading day, with Dongwu Securities leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Individual Stock Performance - Dongwu Securities (601555) closed at 9.29, up 2.31% with a trading volume of 945,100 shares and a transaction value of 873 million [1] - Huatai Securities (601688) closed at 23.26, up 1.88% with a trading volume of 860,000 shares and a transaction value of 1.9957 billion [1] - GF Securities (000776) closed at 22.77, up 1.52% with a trading volume of 588,800 shares and a transaction value of 1.337 billion [1] - Other notable performers include Xiangcai Co. (600095) up 1.15%, Huazheng Securities (600909) up 0.99%, and Guohai Securities (000750) up 0.94% [1] Fund Flow Analysis - The securities sector saw a net inflow of 480 million from institutional investors, while retail investors experienced a net outflow of 354 million [2] - The overall fund flow indicates a mixed sentiment, with institutional buying contrasting with retail selling [2] Detailed Fund Flow for Selected Stocks - Zhaoyuan Group (601211) had a net inflow of 281 million from institutional investors, while retail investors saw a net outflow of 184 million [3] - CITIC Securities (600030) experienced a net inflow of 197 million from institutional investors, with retail investors having a net outflow of 1.746 million [3] - Huatai Securities (601688) recorded a net inflow of 123 million from institutional investors, while retail investors had a net outflow of 1.39 million [3] - Other stocks like Zhongjin Company (566109) and China Merchants Securities (600999) also showed significant net inflows from institutional investors [3]

Core Viewpoint - Dongwu Securities report indicates that Keda's "data center + new energy" dual-driven high growth is expected, with a projected net profit attributable to shareholders of 600-660 million yuan in 2025, representing a year-on-year increase of 52.21%-67.43% [1] Group 1 - The expected net profit for Q4 is projected to be between 150-210 million yuan, showing a year-on-year increase of 302%-462% and a quarter-on-quarter change of -21% to +11% [1] - The data center sector is experiencing steady growth, and there is a noticeable recovery in energy storage demand [1] - The company has made significant breakthroughs in the North American external power supply business, with an additional 600K high-power UPS OEM expected in 2025, having secured the first batch of orders exceeding 100 million yuan [1] Group 2 - A second batch of orders worth over 300 million yuan is anticipated, with all deliveries scheduled for 2026, which is expected to contribute significantly to the North American business [1] - Domestically, the company maintains a solid foundation through partnerships with major CSPs, COLOs, and operators such as ByteDance, Alibaba, and GDS [1] - The testing period with ByteDance is six months, and feedback is expected by the end of Q1 2026; if successful, domestic revenue growth is likely to increase significantly [1] Group 3 - The company has advantages in AIDC products and channels, leading to substantial profit elasticity [1] - A target price of 67.2 yuan is set based on a 35x PE ratio for 2026, maintaining a "buy" rating [1]