Investment Rating - The investment rating for the food and beverage sector is "Buy" for key companies such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao [44]. Core Insights - The report indicates a continued decline in the holdings of the food and beverage sector within mutual funds, with the top 20 holdings' market value as a percentage of total fund equity investments decreasing to 16.31% in Q4 2025, down 0.47 percentage points from Q3 2025 [5][21]. - Kweichow Moutai's market value as a percentage of total fund equity investments is 1.31%, a decrease of 0.06 percentage points from the previous quarter, while Wuliangye and Luzhou Laojiao also saw declines [9][10]. - The food and beverage sector's weight in the total A-share market capitalization has decreased to 4.04%, down 0.66 percentage points [25]. Summary by Sections Fund Holdings Analysis - In Q4 2025, the number of funds holding Kweichow Moutai remained stable at 1,048, while Wuliangye saw a decrease of 109 funds to 175, and Luzhou Laojiao's holdings dropped by 18 to 128 [21]. - The concentration of holdings in the food and beverage sector is low, with only one company (Kweichow Moutai) in the top 20 holdings [7][8]. Sector Allocation - The food and beverage sector's heavy stock holdings accounted for 6.10% of total fund equity investments, a decrease of 0.28 percentage points from the previous quarter [25]. - The white liquor sector's heavy stock holdings accounted for 5.13%, also down 0.4 percentage points, indicating a position close to levels seen in Q1 2010 [25][39]. Individual Stock Performance - The report highlights that Kweichow Moutai, Wuliangye, and Luzhou Laojiao are currently below their average allocation levels since 2009, indicating potential undervaluation [9][10]. - The report notes that the allocation coefficient for the white liquor sector is 1.92, which is below the historical average of 2.11, suggesting a potential for recovery [25][39]. Northbound Capital Changes - In Q4 2025, the northbound capital holdings for major food and beverage stocks showed a mixed trend, with Shuanghui Development seeing an increase of 0.13 percentage points, while Kweichow Moutai and Wuliangye experienced declines of 0.48 and 0.58 percentage points, respectively [44][45].

Group 1 - The total market value of convertible bonds decreased to approximately 725.5 billion yuan in Q4 2025, a decline of 57.8 billion yuan from the previous quarter, primarily due to the maturity and delisting of certain bonds [2][3] - The proportion of convertible bonds held by public funds increased to 42.5% of the total market value, up by 2.1% from the previous quarter, despite the overall market contraction [2][3] - The growth rate of public fund assets slowed down, with the total net value of funds reaching 22 trillion yuan, an increase of 0.7 trillion yuan, while the ratio of convertible bond market value to total fund value was about 3.3%, down by 0.4% from Q3 2025 [2][3] Group 2 - In Q4 2025, the secondary bond funds and primary bond funds were the main contributors to the increase in convertible bond holdings, while two convertible bond ETFs significantly reduced their holdings due to asset shrinkage [4][7] - The growth rates of various fund types showed significant variation, with commodity funds growing by 46%, bond FOF funds by 31%, and passive index bond funds by 21%, while ordinary stock funds and convertible bond funds saw declines of 6% and 4% respectively [4][10] - The overall position of secondary bond funds decreased the most, with a decline of 1.1%, while primary bond funds and convertible bond funds increased their positions by 0.4% and 0.5% respectively, indicating a selective optimism towards convertible bonds [12][17] Group 3 - The industry showed a clear "high cut low" trend, with increased holdings in convertible bonds from sectors such as oil and petrochemicals, banking, electronics, and steel, while holdings in communications, media, and computing sectors decreased [24][30] - The price selection for convertible bonds shifted towards more elastic ranges, with increased holdings in the price ranges of 115-130 yuan and above 170 yuan, while holdings in the ranges of 150-170 yuan and below 115 yuan saw a decline [30][32] - The report highlighted a preference for newly issued bonds and a reduction in holdings of bonds nearing maturity, indicating a cautious approach by public funds in their investment strategies [24][28]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to achieve a year-on-year growth of over 37% in net profit attributable to shareholders for 2025, driven by rapid growth in its data business [1] - The revenue forecast for 2025 has been raised from 165.5 billion to 171.1 billion yuan, with net profit slightly adjusted from 4.04 billion to 4.05 billion yuan [8] - The company is focusing on a strategic upgrade to a "3+N+3" smart hardware platform, with core businesses in smartphones, personal computers, and data centers, while also expanding into automotive electronics, software, and robotics [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 171.1 billion yuan, reflecting a year-on-year growth rate of 55.7% [7] - Net profit attributable to shareholders is forecasted at 4.05 billion yuan for 2025, with a growth rate of 38.4% [7] - The company anticipates a total revenue of 196.9 billion yuan for 2026 and 236.0 billion yuan for 2027, with respective growth rates of 15.1% and 19.9% [7] - The gross profit margin is expected to stabilize around 8.6% for 2026 and 2027 [7] - The return on equity (ROE) is projected to be 16.5% for 2026 and 16.2% for 2027 [7]

Investment Rating - The report indicates a positive outlook for the home furnishing sector, with expectations for valuation recovery driven by real estate policy improvements and accelerated industry consolidation [2][4][5]. Core Insights - The home furnishing sector is at a valuation bottom, with real estate policies expected to catalyze upward valuation movements. The industry is experiencing accelerated consolidation, with a focus on companies with high dividend safety margins such as Kuka Home, Sophia, Oppein, Mousse, and Xilinmen [2][4][5]. - In the metal packaging sector, price increases for two-piece cans are being implemented, leading to an improvement in industry profitability and a more optimized industry structure due to consolidation among leading companies [2][4][5]. - The AI glasses market is optimistic, with Meta's expected growth in AI glasses shipments for 2026. Companies like Kangnait Optical are projected to see performance increases, and a joint venture with GoerTek is expected to accelerate AI glasses production [2][4][5]. - The paper industry is seeing stable prices for corrugated boxes in the short term, with an expected optimization of supply-demand dynamics in the medium term, which could enhance industry profitability [2][4][5]. Summary by Sections Home Furnishing - The central economic work conference emphasizes stabilizing the real estate market and mitigating risks, indicating a significant shift in policy that could support the home furnishing sector. The gradual improvement in real estate supply and demand is expected to stabilize the market and reverse pessimistic expectations, thus pushing home furnishing valuations upward [5][6]. - The sector is witnessing accelerated consolidation since 2025, with mid-tier companies exiting and capital entering the market, which is driving industry concentration. The report highlights the potential for valuation recovery for leading home furnishing companies [5][6]. Metal Packaging - The report notes that some major clients are signing contracts for price increases, establishing a profit margin turning point for the industry. The consolidation among leading companies has led to a more stable industry structure, with improved profitability and bargaining power [6][7]. - The industry is expected to transition from oversupply to a balanced state, with demand recovery and increased canization rates in beer contributing to demand growth [7][8]. AI Glasses - Meta is expected to significantly increase its production capacity for AI glasses, with optimistic shipment forecasts. The collaboration between Kangnait Optical and GoerTek is anticipated to enhance production capabilities and market penetration [9][10]. - The report highlights the growing trend of AI glasses and the expected acceleration in market penetration due to technological advancements and cost reductions [9][10]. Paper Industry - The report indicates that the prices of corrugated boxes are stable in the short term, with an anticipated improvement in supply-demand dynamics that could enhance profitability in the medium term. The report suggests monitoring potential policy impacts and demand changes that could contribute to cyclical elasticity [13][14]. - The report emphasizes the importance of integrated supply chain layouts and cost advantages for companies like Sun Paper, Nine Dragons Paper, and Bohui Paper, which are expected to benefit from the recovery in the corrugated box market [14].

2026 年 01 月 26 日 个人投资者相关股票产品发行 -海外创新产品周报 20260126 相关研究 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 由万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 载 9T3 证券分析师 沈思逸 A0230521070001 美国 ETF 创新产品：个人投资者相关股票产品发行。上周美国共 19 只新发产品，多只与 个人投资者关注的股票相关的 ETF 发行。Tuttle Capital 上周发行一只 "Meme Stock" 策略产品，产品主要投资于社交媒体上受到个人投资者关注的 15-30 只股票，并通过看 跌期权价差策略增厚收益; Defiance 发行的"Retail Kings" ETF 同样关注个人投资者相 关股票,产品采用主动管理,投资于个人投资者参与度高、讨论较多、趋势强的股票,涉 及 AI、半导体、航空航天等科技领域，持仓 30-50 只股票、季度调仓。 美国 ET ...

shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 2026 年 01 月 26 日 个人投资者相关股票产品发行 ——海外创新产品周报 20260126 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ETP 研 究 - 证券分析师 沈思逸 A0230521070001 ⚫ 美国 ETF 创新产品：个人投资者相关股票产品发行。上周美国共 19 只新发产品，多只与 个人投资者关注的股票相关的 ETF 发行。Tuttle Capital 上周发行一只"Meme Stock" 策略产品，产品主要投资于社交媒体上受到个人投资者关注的 15-30 只股票，并通过看 跌期权价差策略增厚收益；Defiance 发行的"Retail Kings"ETF 同样关注个人投资者相 关股票，产品采用主动管理，投资于个人投资者参与度高、讨论较多、趋势强的股票，涉 及 A ...

行 业 及 产 业 2026 年 01 月 26 日 行 业 研 究 / 行 业 点 相关研究 《整车出海、机器人预期强化；同时关注 业绩确定性白马——2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 联系人 戴文杰 A0230522100006 daiwj@swsresearch.com 从成本到数据，机器人进步新范式 看好 ——机器人行业发展核心竞争力探讨 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 ⚫ 新能源汽车与人形机器人两大硬科技产业具备高度同构性，2026 年人形机器人的发展 节点对标 2012-2014 年的新能源汽车，而新能源汽车的产业演进路径也为机器人行业 提供了清晰的阶段对标框架。二者均依托成熟大规模制造业与 AI 算法跃迁，国内新能 源车借国家战略驱动爆发，完成政策到市场、技术到生态的演进；2026 年机器人技术 刚迈过"可用"门槛，政策推动、资本热度空前，与彼 ...

Investment Rating - The report maintains a positive outlook on the home furnishing sector, indicating that valuations are at a bottom and are expected to rise due to favorable real estate policies [2][5][17] Core Insights - The home furnishing sector is poised for valuation recovery driven by improved real estate policies and market stabilization, with a focus on companies with high dividend safety margins such as Gujia Home, Sophia, and Oppein [2][5][6] - The metal packaging industry is seeing price increases for two-piece cans, leading to improved profitability and a more consolidated industry structure [2][5][6] - The AI glasses market is expected to grow significantly, with Meta's optimistic shipment forecasts and partnerships enhancing production capabilities [2][10][11] - The paper industry is stabilizing in the short term, with potential for improved supply-demand dynamics and profitability in the medium term [2][14][15] Summary by Sections Home Furnishing - The sector is experiencing a bottoming out of valuations, with real estate policies expected to catalyze upward movement. The central economic work conference emphasizes stabilizing the real estate market, which is anticipated to improve demand for home furnishings [6][17] - The increase in second-hand housing transactions is expected to support demand recovery, while industry consolidation is accelerating, with mid-tier companies exiting the market [6][7][17] - Key companies to watch include Gujia Home, Sophia, Oppein, Mousse, and Xilinmen, which are positioned well for valuation recovery [2][5][6] Metal Packaging - The industry is witnessing price increases for two-piece cans, with a confirmed profit margin turning point in 2026. The consolidation of leading companies is enhancing pricing power and profitability [2][5][6][8] - The demand from downstream sectors, particularly beer and carbonated beverages, is expected to drive growth, with significant room for improvement in can penetration rates compared to developed markets [7][8] AI Glasses - Meta's production capacity for AI glasses is rapidly increasing, with expectations to double output to 20 million units by the end of 2026. This growth is supported by strong market demand and technological advancements [10][11] - Partnerships with companies like EssilorLuxottica and the establishment of joint ventures are expected to accelerate the rollout of AI glasses [11][12] Paper Industry - The short-term stability of boxboard prices is noted, with medium-term improvements in supply-demand dynamics anticipated to enhance profitability [14][15] - The report highlights the importance of integrated supply chains and cost advantages for companies like Sun Paper and Nine Dragons Paper, which are well-positioned to benefit from market recovery [14][15]

Investment Rating - The report rates the transportation industry as "Overweight" indicating that it is expected to outperform the overall market [30]. Core Insights - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from the previous quarter, ranking 16th among 31 industries [5][6]. - The proportion of holdings in the aviation transportation, ports, cross-border logistics, and highways sectors has increased, with respective shares of 56.8%, 3.4%, 4.6%, and 4.8%, showing significant increases [12]. - The top ten holdings in the transportation industry funds include China Eastern Airlines, Southern Airlines, SF Express, and others, with notable growth rates for China Eastern Airlines and Southern Airlines at 448% and 244% respectively [20][23]. Summary by Sections 1. Changes in Fund Holdings - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from Q3, with a 1 rank increase in the industry ranking [5][6]. - The transportation industry fund holdings accounted for 1.32% of all fund heavy holdings, up by 0.24 percentage points from Q3 [10]. 2. Sector Performance - The market value changes for various sectors within the transportation industry showed significant fluctuations, with aviation transportation increasing by 80% and express delivery decreasing by 39% [12]. - The holdings in the aviation transportation sector have increased significantly, while express delivery and shipping sectors have seen declines [12]. 3. Top Holdings - The top ten holdings in the transportation industry funds include: - China Eastern Airlines: 45 billion, up 448% - Southern Airlines: 31 billion, up 244% - SF Express: 11 billion, down 16% [20][23]. - Other notable stocks with over 3 billion in total market value and growth rates exceeding 10% include Spring Airlines and Jiayou International [20].

型及広 煤炭/ 煤炭开采 版费 行业 相关研究 近券研究报 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 2026 年 01 月 26 日 节前寒潮频繁扰动,有望支撑 委员 娱炭行业周报（2026.1.17-2026.1.23） 本期投资后了 ● 动力煤方面，截至 1 月 23 日，据中国煤炭市场网，秦皇岛港口 Q4500、Q5000、 Q5500动力煤现货价收报 514、599、685元/吨，环比-8、-9、-10 元/吨。供给端, 据中国煤炭市场网，环渤海四港区本周日均调入量 159.11 万吨，环比上周减少 0.6 万 吨,降幅 0.39%,同比下降 4.12%,产地生产正常,降雪对运输的影响已消除。需求 端,寒潮来 ...