Macroeconomic Insights - The US unemployment rate fell to 4.4% in December, down from a revised 4.5% in November, indicating a temporary halt in concerns over job market deterioration[11] - The US manufacturing PMI declined while the services PMI increased, reflecting mixed economic signals[7] - Consumer confidence in the US continued to recover in January, with inflation expectations slightly rising[7] Market Trends - Risk assets generally rose in the week of January 2-9, 2026, with major economies' stock markets and commodity prices increasing[7] - The 10-year US Treasury yield rose by 5.7%, while domestic 10Y government bond futures prices fell by 0.1%[7] - The dollar index increased by 0.7%, with the USD/CNY exchange rate at 6.98, indicating a slight appreciation of the yuan[7] Sector Performance - The AI application sector is expected to see significant growth, with a projected compound annual growth rate (CAGR) of over 35% for the AI industry and over 63% for the large model market[23] - The consumer electronics sector, particularly smart glasses, is experiencing rapid growth, with a projected 110% year-on-year increase in global shipments in the first half of 2025[38] Investment Recommendations - It is advised to overweight A/H shares due to multiple factors supporting Chinese equity performance, including an expected expansion of the fiscal deficit and a more aggressive economic policy[18] - Gold is recommended for overweight allocation due to its strong resilience and safe-haven attributes amid rising geopolitical uncertainties[20] - The report suggests a cautious approach to oil investments, recommending a lower allocation due to expected price pressures from geopolitical events and US policy directions[20]

公 司 研 究 股票研究 /[Table_Date] 2026.01.09 2026-01-12 主业稳健，益生菌贡献新增长点 倍加洁(603059) | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,067 | 1,299 | 1,511 | 1,729 | 1,966 | | (+/-)% | 1.6% | 21.8% | 16.3% | 14.5% | 13.7% | | 净利润(归母) | 93 | -77 | 99 | 132 | 174 | | (+/-)% | -4.9% | -183.6% | 228.4% | 33.4% | 31.3% | | 每股净收益(元) | 0.92 | -0.77 | 0.99 | 1.32 | 1.73 | | 净资产收益率(%) | 7.4% | -7.8% | 9.2% | 11.1% | 12.8% | | 市盈率(现价&最新股本摊薄) | 34.43 | — | 32 ...

Market Overview - The personal care products sector increased by 1.28% on January 12, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] Stock Performance - Beijia (603059) closed at 34.88, with a rise of 10.00% and a trading volume of 21,500 lots, resulting in a transaction value of 74.26 million yuan [1] - Haoyue Care (605009) closed at 32.52, up by 2.59%, with a trading volume of 38,600 lots and a transaction value of 124 million yuan [1] - Reliable Co. (301009) closed at 13.11, increasing by 1.55%, with a trading volume of 47,100 lots and a transaction value of 61.36 million yuan [1] - Other notable stocks include: - Wenjian Medical (300888) at 39.73, up by 1.43% [1] - Runben Co. (603193) at 25.33, up by 1.40% [1] - Liangmian Needle (600249) at 5.96, up by 1.36% [1] Capital Flow - The personal care products sector experienced a net outflow of 1.1334 million yuan from institutional investors, while retail investors saw a net inflow of 5.4803 million yuan [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Detailed Capital Flow Analysis - Beijia (603059) had a net inflow of 23.84 million yuan from institutional investors, but a net outflow of 9.50 million yuan from speculative funds [3] - Haoyue Care (605009) saw a net inflow of 18.45 million yuan from institutional investors, with a net outflow of 12.29 million yuan from speculative funds [3] - Reliable Co. (301009) experienced a net outflow of 5.92 million yuan from institutional investors, while retail investors contributed a net inflow of 6.46 million yuan [3]

国泰海通晨报 2026 年 01 月 12 日 国泰海通证券股份有限公司 研究所 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 021-38038433 hanchaohui@gtht.com S0880523110001 张剑宇(研究助理) 021-38674711 zhangjianyu@gtht.com S0880124030031 梁中华(分析师) 021-23219820 liangzhonghua@gtht.com 宏观快报点评：《核心通胀韧性仍在》2026-01-09 12 月 CPI 同比增速+0.8%，环比+0.2%；PPI 同比增速-1.9%，环比回升至 0.2%。12 月通胀保持稳 步回升。食品价格低基数是 CPI 的主要贡献，核心通胀环比依然处于季节性上沿，同比维持稳定 （+1.2%）。12 月的金价重拾涨势是核心通胀维持韧性的关键，但中长期回升依然需要居民资产负债 表的持续修复。PPI 环比在 12 ...

Market Overview - The personal care products sector increased by 0.64% on January 9, with Dengkang Oral leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Dengkang Oral closing at 39.19, up 1.79% on a trading volume of 15,000 shares and a transaction value of 58.84 million yuan [1] - Other notable performers included: - Zhongshun Jierou at 8.38, up 1.09%, with a trading volume of 164,500 shares and a transaction value of 137 million yuan [1] - Wanjian Medical at 39.17, up 1.03%, with a transaction value of 166 million yuan [1] - Liangmian Needle at 5.88, up 1.03%, with a trading volume of 119,500 shares and a transaction value of 69.76 million yuan [1] Capital Flow - The personal care products sector experienced a net outflow of 9.1265 million yuan from institutional investors and 14.5833 million yuan from speculative funds, while retail investors saw a net inflow of 23.7098 million yuan [2] - Detailed capital flow for specific stocks included: - Runben Co. with a net inflow of 4.5229 million yuan from institutional investors, but a net outflow of 6.0816 million yuan from speculative funds [3] - Yiyi Co. had a net outflow of 51,000 yuan from institutional investors, but a net inflow of 619.27 million yuan from retail investors [3] - Dengkang Oral saw a net outflow of 1.5334 million yuan from institutional investors [3]

Market Overview - The personal care products sector increased by 0.52% on January 8, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Beijia (603059) closed at 31.87, up 3.78% with a trading volume of 26,700 shares and a transaction value of 84.12 million yuan [1] - Reliable Co. (301009) closed at 12.93, up 1.41% with a trading volume of 29,000 shares [1] - HaoYue Care (600509) closed at 31.74, up 1.15% with a trading volume of 22,200 shares [1] - Other notable stocks include Jeya Co. (301108) at 34.39 (+0.88%), Liangmian Needle (600249) at 5.82 (+0.87%), and Runben Co. (603193) at 24.84 (+0.44%) [1] Capital Flow - The personal care products sector experienced a net outflow of 6.63 million yuan from institutional investors and 11.89 million yuan from speculative funds, while retail investors saw a net inflow of 18.52 million yuan [2] - The capital flow for individual stocks shows that Baia Co. (003006) had a net inflow of 5.69 million yuan from institutional investors, while it faced a net outflow of 12.99 million yuan from speculative funds [3] - Jeya Co. (301108) had a net outflow of 3.41 million yuan from institutional investors, but a net inflow of 2.17 million yuan from retail investors [3]

Core Viewpoint - The personal care products sector experienced a decline of 1.31% on January 7, with Yiyi Co., Ltd. leading the drop. The Shanghai Composite Index rose by 0.05% to close at 4085.77, while the Shenzhen Component Index increased by 0.06% to 14030.56 [1]. Market Performance - The closing prices and changes for key stocks in the personal care sector are as follows: - Beijiajie: 30.71, +0.46% - Jieya Co.: 34.09, +0.15% - Haoyue Care: 31.38, -0.03% - Runben Co.: 24.73, -0.36% - Dengkang Oral: 38.50, -0.88% - Kela Co.: 12.75, -1.01% - Wanjian Medical: 38.60, -1.08% - Liangmian Needle: 5.77, -2.04% - Baiya Co.: 21.13, -2.22% - Zhongshun Jiesang: 8.31, -2.46% [1][2]. Capital Flow - On that day, the personal care products sector saw a net outflow of 755.65 million yuan from institutional investors, while retail investors experienced a net outflow of 2027.61 million yuan. Conversely, speculative funds had a net inflow of 2783.26 million yuan [2][3]. Individual Stock Capital Flow - The capital flow for individual stocks in the personal care sector is as follows: - Zhongshun Jiesang: Net inflow of 804.63 million yuan from institutional investors, with a net outflow of 1643.93 million yuan from retail investors [3]. - Wanjian Medical: Net inflow of 610.21 million yuan from institutional investors, with a slight net outflow from retail investors [3]. - Haoyue Care: Net inflow of 338.41 million yuan from institutional investors, but a significant net outflow from retail investors [3]. - Baiya Co.: Net inflow of 240.08 million yuan from institutional investors, with a net outflow from retail investors [3].

Market Overview - The personal care products sector increased by 0.23% on December 31, with Yanjiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Yanjiang Co., Ltd. (300658) closed at 14.82, up 11.68% with a trading volume of 314,600 shares and a transaction value of 445 million yuan [1] - Other notable stocks include: - Dengkang Oral (001328) at 39.48, up 1.23% [1] - Zhongshun Jierou (002511) at 8.56, up 1.06% [1] - Beijia Clean (603059) at 30.08, up 0.37% [1] - Reliable Co., Ltd. (301009) at 12.68, up 0.32% [1] - Runben Co., Ltd. (603193) at 24.23, up 0.12% [1] - Haoyue Nursing (605009) at 30.90, up 0.03% [1] - Ziya Co., Ltd. (003006) at 21.84, down 0.46% [1] - Wanjian Medical (300888) at 37.84, down 0.58% [1] - Liangmian Needle (600249) at 5.75, down 1.71% [1] Capital Flow - The personal care products sector experienced a net outflow of 31.67 million yuan from institutional investors, while retail investors saw a net inflow of 26.33 million yuan [2] - The capital flow for individual stocks shows: - Yanjiang Co., Ltd. had a net inflow of 18.80 million yuan from institutional investors [3] - Dengkang Oral had a net inflow of 0.90 million yuan from retail investors [3] - Reliable Co., Ltd. had a net outflow of 3.37 million yuan from institutional investors [3] - Zhongshun Jierou had a net outflow of 7.21 million yuan from institutional investors [3] - Yiyi Co., Ltd. had a net outflow of 9.23 million yuan from institutional investors [3]

Group 1: Computer Research - The report highlights that the company, Electric Science Digital, has established industry-leading capabilities in the digital product business segment, covering intelligent computing hardware and software, and is positioned at the forefront of the digitalization field and new digital infrastructure [2][4] - The core subsidiary, Baifei Electronics, is a leader in domestic embedded computing, benefiting from the rising demand in the special electronic equipment sector, with a rapid increase in orders [4][5] - The future growth potential is significant, driven by AI and the "Xinchuang" initiative, with new orders related to AI exceeding one hundred [4][5] Group 2: Non-Metallic Building Materials Research - The waterproofing industry is noted as the most thoroughly cleared sub-sector within consumer building materials, with leading companies expected to continue implementing price recovery strategies in 2026, indicating a potential recovery in industry profitability [6][8] - The report estimates that the market share of the top four companies in the waterproofing sector will approach 50% by 2024, suggesting a significant increase in industry concentration [8][9] - The report anticipates that the trend of price recovery will become more evident in 2026, supported by low asphalt prices at the beginning of the year [9][10] Group 3: Transportation Research - The report forecasts that the Chinese civil aviation sector will continue to recover in supply and demand in 2025, with expectations of the industry turning profitable [11][29] - Passenger traffic is projected to grow by 5-6% in 2025, with domestic routes increasing by 4% and international routes by over 20% [11][29] - The report indicates that the industry is entering a low growth phase in supply, with a projected 3.7% increase in the fleet size of seven A-share airlines by November 2025 [11][29]

Market Overview - The personal care products sector experienced a slight decline of 0.1% on December 30, with Liangmian Needle leading the drop [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Stock Performance - Notable stock performances in the personal care sector included: - Zhiya Co., Ltd. (003006) rose by 3.69% to close at 21.94, with a trading volume of 80,900 shares and a turnover of 178 million yuan [1] - Jieya Co., Ltd. (301108) increased by 1.04% to 33.86, with a trading volume of 10,700 shares and a turnover of 36.07 million yuan [1] - Liangmian Needle (600249) fell by 1.52% to 5.85, with a trading volume of 99,500 shares and a turnover of 58.49 million yuan [2] Capital Flow - The personal care products sector saw a net inflow of 23.84 million yuan from institutional investors, while retail investors experienced a net outflow of 48.31 million yuan [2] - The capital flow for individual stocks showed: - Yanjiang Co., Ltd. (300658) had a net inflow of 33.52 million yuan from institutional investors [3] - Liangmian Needle (600249) had a net outflow of 3.21 million yuan from institutional investors [3] Summary of Individual Stocks - The following stocks had significant capital movements: - Zhiya Co., Ltd. (003006) had a net inflow of 17.45 million yuan from institutional investors [3] - Jieya Co., Ltd. (301108) saw a net outflow of 0.87 million yuan from institutional investors [3] - Stable Medical (300888) had a net outflow of 3.61 million yuan from institutional investors [3]