从业绩端看，随着2023年三大核心产品陆续纳入集采，公司短期业绩有所波动，但2024年起创新产品陆 续上市商业化及独家药品快速增长给公司业绩带来拐点，2025年上半年收入和利润增速均实现转正。 招商证券国际发表报告指，首次覆盖康哲药业并给予"强烈推荐"评级，公司消化集采影响，由中国最大 CSO(合同销售组织)向Pharma(制药)转型，并迈向全链条发展创新药企。 从产品端看，早期公司以代理进口原研药的CSO经营模式为主，但随着2018年启动转型以来，以海外授 权+国内合作+自主研发方式快速丰富产品结构，同时聚焦专科，独立营运皮肤健康、眼科和东南亚业 务，成为全链条发展创新药企。 ...

Core Insights - The industrial internet sector is experiencing a surge in policy implementation, establishing a comprehensive development system that promotes quality improvement and efficiency enhancement in the industry [1][2] Group 1: Policy Framework - Recent policies in the industrial internet sector aim to guide high-quality development, with a focus on integrating AI with manufacturing and enhancing platform capabilities [1] - Key policies include the "AI + Manufacturing" action plan, which sets a target for 2027 and outlines 21 specific measures to strengthen computing power and develop industry models [2] - The "Action Plan for High-Quality Development of Industrial Internet Platforms (2026-2028)" aims for over 450 platforms and more than 1.2 billion device connections by 2028, with a platform penetration rate exceeding 55% [2] - The "Industrial Internet and AI Integration Empowerment Action Plan" focuses on network upgrades for at least 50,000 enterprises and supports the commercialization of new industrial network technologies [2] Group 2: Company Opportunities - Dongtu Technology (300353) is leading the development of international standards and a proprietary operating system, aligning with policy directives for new industrial network upgrades [3] - Sanwang Communication specializes in industrial Ethernet and 5G hardware, leveraging its early advantages in TSN and Ethernet-APL technologies [3] - Yinghantong provides cloud-based edge intelligence solutions, enabling efficient local data processing and decision-making for industrial enterprises, supporting mainstream AI applications [3]

智通财经APP获悉，招商证券发布研报称，首次覆盖，给予康哲药业(00867)"强烈推荐"评级，该行认为 集采对公司业绩影响基本出清，公司通过"海外授权+国内合作+自主研发"构建了丰富的创新药管线， 2024年起多个重磅产品商业化驱动业绩拐点，将进入创新药和国际化驱动增长的新阶段。 招商证券主要观点如下： 康哲是一家以商业化能力为特色的聚焦药品全生命周期的平台型药企 2018年起开启"新康哲"转型，并逐步消化核心产品集采影响，创新化和国际化成为带动公司增长的核心 动力;2024年进入创新产品商业化元年，多个重磅创新药陆续上市，并通过产业国际化公司康联达布局 东南亚等新兴市场业务。 消化集采影响，由"中国最大CSO"向"Pharma"转型，并迈向"全链条发展创新药企" 从业绩端看，随着2023年三大核心产品陆续纳入集采，公司短期业绩有所波动，但2024年起创新产品陆 续上市商业化及独家药品快速增长给公司业绩带来拐点，2025H1收入和利润增速均实现转正。从产品 端看，早期公司以代理进口原研药的CSO经营模式为主，但随着2018年启动转型以来，以海外授权+国 内合作+自主研发方式快速丰富产品结构，同时聚焦专科，独立 ...

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 ...

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]