Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - At the beginning of the year, the equity market had a good start. Coupled with a decline in call risk and an increase in unexpected non - call cases, convertible bonds (CBs) simultaneously boosted their valuations. This week, CBs outperformed their underlying stocks, with high - price and long - duration CBs leading the gains. The 100 - yuan premium rate and the median CB price reached new highs since 2017. In the future, considering the high - expected profit - loss ratio of the asset side and the trading - oriented mindset of the liability side, the volatility of the CB market will increase, and the risk of "missing out" is higher. Therefore, investment strategies should de - emphasize timing and abandon position differences [5][6]. Summary by Directory 1. Weekly Viewpoint and Outlook - The equity market had a good start at the beginning of the year. With reduced call risk and more unexpected non - call cases, CBs' valuations were boosted. This week, CBs outperformed underlying stocks, and high - price and long - duration CBs led the rise. The 100 - yuan premium rate and the median CB price reached new highs since 2017. In the future, the CB market's volatility will increase, and the "missing out" risk is higher. Investment strategies should de - emphasize position timing [5][6]. 2. CB Valuations - This week, the market rose significantly, and the 100 - yuan premium rate increased by 2.0% to 33.0%, a new high since 2017. After excluding outliers, the full - market 100 - yuan premium rate was 33.0%, up 2.0% week - on - week, at the 100.0% percentile since 2017 [5][7]. - Valuations in all parity ranges increased significantly this week. The valuation increase in the equity - biased and bond - biased areas was greater than that in the balanced area. The rise in the equity market led to an increase in the parity of bond - biased CBs and their valuations. The increase in unexpected non - call CBs and the strong upward momentum of underlying stocks also drove up the valuations of equity - biased CBs [5][12]. - From an individual bond perspective, in the high - parity area, most CBs with large valuation increases were non - call ones, such as Dinglong, Borui, and Yanggu. The conversion premium rates of Dianhua and Wankai CBs dropped below 10%, implying a certain call expectation. In the balanced and bond - biased areas, valuations mostly increased, mainly driven by the rapid rise of underlying stocks, such as Shenxun, Weixin, Rundong, and Yaoji [12][13]. - As of now, from the perspective of conversion premium rate, the weighted conversion premium rate percentiles of the parity range above 50 yuan are close to 100%, while the historical percentiles of the 80 - 90 yuan and 110 - 120 yuan parity ranges are relatively low. From the perspective of the bottom - support premium rate, the weighted bottom - support premium rate percentiles of the parity range above 100 yuan are close to 100%, and the historical percentiles of the 70 - 90 yuan parity range are relatively low [15][16]. 3. Clause Tracking 3.1 Redemption - This week, Huanxu and Huarui CBs announced redemptions, and 5 CBs announced non - redemptions, with a call rate of 29%. Currently, there are 31 CBs in the redemption process. Next week, 9 CBs are expected to meet the redemption conditions, and 8 are expected to issue announcements of potential call triggers. In addition, 21 CBs are expected to enter the call counting period within the next month [20][22]. 3.2 Downward Revision - This week, Fangyuan and Lanfan CBs proposed downward revisions. As of now, 103 CBs are in the non - downward - revision period, 19 CBs cannot be downward - revised due to net asset constraints, 1 CB has triggered the condition but the stock price is still below the downward - revision trigger price without an announcement, 23 CBs are accumulating downward - revision days, and 4 CBs have issued downward - revision board proposals but have not yet gone to the general meeting of shareholders [27]. 3.3 Put Option - This week, no CB issued a conditional put option announcement. As of now, 5 CBs are accumulating put - option trigger days, among which 3 are also accumulating downward - revision days, and 2 are in the non - downward - revision period [29]. 4. Primary Issuance - As of now, there are 9 CBs in the approved - registration progress, with a total issuance scale of 1.1 billion yuan, and 5 CBs in the listing - committee - approved progress, with a total issuance scale of 290 million yuan [31].

Group 1 - The report highlights that the service industry is increasingly merging with technology, leading to the emergence of top-tier listed companies in sectors such as fintech, logistics, enterprise services, and healthcare [2][10] - Countries are exploring unique paths to develop their service industries, with examples including the U.S. focusing on fintech innovation, Germany emphasizing industrial design, and Singapore building digital infrastructure [2][10] - China's national strategy aims to enhance service industry capacity and quality through targeted policies, including the removal of entry barriers in key sectors like telecommunications and healthcare [2][39] Group 2 - The report identifies three main investment directions in the service industry: productive services, lifestyle services, and emerging services [2][45] - Productive services are seen as a core engine, with sectors like testing, industrial software, and financial services highlighted for their growth potential [2][3][45] - Lifestyle services are focused on improving living standards and consumption upgrades, with high growth observed in areas such as gaming, aviation, and tourism [3][45] Group 3 - Emerging services are positioned as key to cultivating new productive forces, with rapid developments in AI and the integration of healthcare and pharmaceutical services [4][45] - The report emphasizes the importance of cross-border e-commerce as a new growth driver for foreign trade, leveraging China's supply chain advantages [4][45] - Specific companies such as Cintas and CVS Health are cited as examples of successful service firms in the U.S., showcasing effective business models and market strategies [1][15][18]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The REITs market achieved a "four - consecutive - positive" start in 2026, with all sectors rising. Data centers and industrial parks led the gains. Three new REITs projects received inquiries from the exchange, and the first local government - guided REITs theme fund was established. Meanwhile, the China Aviation Jingneng Photovoltaic REIT successfully completed its expansion offering, achieving a breakthrough in the "photovoltaic + hydropower" asset mix [3]. - As of January 9, 2026, 20 REITs were successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. Four new public offering REITs made progress this week [3]. 3. Summary by Directory 3.1 Primary Market: Four Newly - Issued Public Offering REITs Made Progress - Since 2025, 20 REITs have been successfully issued (6 in Q1 2025, 4 in Q2 2025, 6 in Q3 2025, 2 in October, 1 in November, and 1 in December), with an issuance scale of 40.3 billion yuan [3]. - This week, four newly - issued public offering REITs made progress: three REITs (Ping An Xi'an High - tech Industrial Park REIT, AVIC Zhonghe Energy REIT, and Dongfanghong Tunnel Expressway REIT) declared in November 2025 entered the exchange inquiry stage, and AVIC Beijing Changbao Rental Housing REIT was accepted. Currently, there are 14 declared REITs, 2 that have been inquired and responded, 1 that has passed the review, and 1 that has been registered and is pending listing. In terms of expansion, 3 have been declared [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: The CSI REITs Total Return Index Rose 1.89% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1028.93 points, up 1.89%, underperforming the CSI 300 by 0.90 percentage points and outperforming the CSI Dividend by 0.28 percentage points. Since the beginning of 2025, it has risen 6.31%, underperforming the CSI 300 by 14.63 percentage points and outperforming the CSI Dividend by 6.11 percentage points [3]. - By project attribute, equity - type REITs rose 2.50% this week, and concession - type REITs rose 1.77%. By asset type, data centers (+4.42%), consumption (+3.18%), industrial parks (+3.16%), and warehousing logistics (+2.26%) sectors performed well. Among individual bonds, 74 rose and 4 fell. E Fund Huawei Farmers' Market REIT (+7.92%), China Merchants Science and Technology REIT (+7.72%), and GF Chengdu High - tech Investment Industrial Park REIT (+6.79%) led the gains, while China Asset Management Nanjing Traffic Expressway REIT (- 0.65%), China Asset Management China Resources Youchao REIT (- 0.30%), and Guotai Haitong Urban Investment Kuanting Rental Housing REIT (- 0.08%) were at the bottom [3]. 3.2.2 Liquidity: Both Turnover and Trading Volume Increased - The average daily turnover rates of equity - type/concession - type REITs this week were 0.65%/0.50%, up 26.05/8.68 basis points from last week. The trading volumes during the week were 667 million/168 million shares, with a week - on - week increase of 67.53%/20.90%. The data center sector was the most active [3]. 3.2.3 Valuation: The Valuation of the Rental Housing Sector was Relatively High - According to the ChinaBond valuation yield, the yields of equity - type/concession - type REITs were 3.93%/4.92% respectively. The transportation (6.10%), warehousing logistics (5.48%), and industrial park (4.64%) sectors ranked in the top three [3]. 3.3 This Week's Important News and Announcements - On January 5, 2026, the first local government - guided REITs theme fund, "Yuanxin Jishi (Xiamen) REITs Investment Fund", was established in Xiamen, with a target scale of 5.5 billion yuan and a term of 10 years, mainly investing in listed REITs projects [35]. - On January 5, 2026, nine departments including the Ministry of Commerce issued a notice on promoting green consumption, proposing to explore the establishment of a green consumption infrastructure project library and support eligible projects to issue REITs in the infrastructure field [35]. - On January 7, 2026, the winning candidates for the public offering REITs project of Jinjiang Hotel were announced, with a bid price of 5 million yuan for issuance - stage fees and 0.2% for ongoing fees [35]. - On January 9, 2026, the expansion offering of AVIC Jingneng Photovoltaic REIT was successfully completed, raising a total of 2.922 billion yuan. It was the first expansion of a clean energy - themed public offering REIT in China and the first project with a "photovoltaic + hydropower" asset mix [35]. - Multiple REITs released their operating data on January 9, 2026, including information such as occupancy rates, rental prices, and rent collection rates [36][37][38].

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly focusing on VLCC and medium-sized oil tankers, indicating a strong demand due to geopolitical changes and seasonal shifts in shipping patterns [4]. Core Insights - The report highlights a significant increase in VLCC freight rates, with a 45% week-on-week rebound to $63,608 per day, driven by unexpected demand from the Middle East [4]. - New ship prices remain strong, with a slight weekly decline of 0.11%, indicating a robust pricing power in the shipbuilding sector [4]. - The aviation sector is expected to experience a significant improvement in profitability due to supply constraints and increasing passenger volumes, marking a potential golden era for airlines [4]. - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for future industry dynamics [4]. Summary by Sections Shipping Industry - The report notes a structural growth in VLCC demand, with compliance in Venezuelan oil exports potentially increasing transport volumes by approximately 1.4% [4]. - The average freight rate for VLCCs from the Middle East to the Far East reached $66,240 per day, reflecting a 71% increase from the previous week [4]. - The report emphasizes the strong performance of second-hand ship prices and suggests continued monitoring of companies like China Merchants Energy and COSCO Shipping Energy [4]. Aviation Sector - The report anticipates a significant uplift in airline profitability due to historical high passenger load factors and a constrained supply of aircraft [4]. - Airlines such as China Eastern Airlines, China Southern Airlines, and Spring Airlines are highlighted as key players to watch in this sector [4]. Express Delivery - The report discusses the potential for industry consolidation and improved profitability in the express delivery sector, with companies like Shentong Express and YTO Express being noted for their competitive advantages [4]. Road and Rail Transport - The report indicates resilience in railway freight volumes and highway truck traffic, with a slight decrease in recent weeks but overall stability expected [4]. - The report suggests that high-dividend investment themes and potential value management catalysts in the highway sector are worth monitoring [4].

2026 年 01 月 10 日 FOF 基金: 2025 年度策略回顾 2026 年度策略展望 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 规模维度：2025 年规模逆势回升，累计规模已超过 2021 年末水平。1）从数量来看, 2025 年 FOF 新发产品数量有明显提升，2025 年内共计新发 FOF93 只，对比去年 38 只 的新发数量明显上升; 2) FOF 总规模逆势回升, 2025 年内 FOF 规模累计 2383.76 亿 元, 相比 2024 年末上升 1052.26 亿元;其中,年内规模增量主要源于新发规模,新发 规模达 845 亿元; 3）长盈计划相关 FOF 受到大幅关注, 首发规模与持营规模变动均靠 前;4) 基金公司：多数头 ...

1. Report's Investment Rating for the Industry The provided content does not mention the industry investment rating. 2. Core Views of the Report - In 2025, the scale of FOF funds rebounded against the trend, with the cumulative scale exceeding that at the end of 2021. The performance of all FOF achieved positive returns, and high - performing FOF continued the passive investment trend and some emphasized multi - asset allocation. FOF showed a preference for equity and other risk assets and continued to strengthen passive investment in Q3 2025. The scale of personal pension funds maintained a high growth rate. Customized FOF, such as the Changying Plan and Longying FOF, focused on multi - asset allocation. In 2026, FOF products with multi - asset and multi - strategy allocation capabilities have broad development prospects [1]. 3. Summary According to the Directory 3.1 Scale Dimension: Which Type of FOF Funds Does the Market Pay More Attention to? - **Overall Scale Recovery**: In 2025, the number of new FOF funds increased to 93 from 38 in the previous year, and 43 FOF funds were liquidated. The total scale of FOF reached 238.376 billion yuan, an increase of 105.226 billion yuan compared to the end of 2024. The new - issue scale was 84.5 billion yuan, and the continuous - operation scale increased by about 20.696 billion yuan, ending three consecutive years of decline [9]. - **Outstanding New - issue Institutions**: Products托管 by China Merchants Bank were prominent in terms of scale and quantity, with a new - issue scale exceeding 40 billion yuan. Fund companies such as Fullgoal Fund, Orient Securities Asset Management, and Ping An Fund had new - issue scales exceeding 5 billion yuan [11]. - **Popularity of Changying Plan - Related FOF**: FOF products with large net subscriptions in 2025 were mostly bond - type FOF and fixed - income + FOF. The top 5 funds in net subscriptions were all from the Changying Plan. The top 10 funds in new - issue scale were mostly fixed - income + FOF or bond - type FOF, and 8 of them were托管 by China Merchants Bank [13]. - **Changes in Fund Company Scale**: In 2025, the scale of most leading fund managers increased, and the scale ranking changed significantly. Fullgoal Fund and E Fund's scale increased by over 10 billion yuan. Leading fund managers showed two layout characteristics: balanced layout in multiple types of FOF or specialization in a single track [16]. 3.2 Performance Dimension: High - performing FOF Continued the Passive Investment Trend, and Some Emphasized Multi - asset Allocation - **Positive Returns in 2025**: In 2025, all FOF achieved positive returns. The performance was positively correlated with the position, and equity - type FOF performed best with a median return of 25.25%, while bond - type FOF was relatively weak with a median return of 2.70%. Two FOF products exceeded 10 billion yuan in scale [20][21]. - **Investment Characteristics of High - performing FOF**: High - performing bond - type FOF generally allocated multi - assets such as commodities; high - performing fixed - income + FOF obtained returns from both fixed - income + and stock funds while having multi - asset allocation features; high - performing balanced - type FOF mainly adopted passive investment and focused on ETFs with themes of gold, TMT, and new energy; high - performing equity - type FOF further strengthened the theme concentration [25]. - **Outstanding Performance of Cathay Fund's FOF Team**: In 2025, Cathay Fund's FOF team performed outstandingly in various types of FOF, including bond - type, fixed - income +, balanced - type, and equity - type FOF [30]. 3.3 Investment Characteristics: The Allocation Ratio of A - share Equities Such as Active Equities Increased, and the Increase in Holdings in Q3 25 Showed a Preference for Technology and Advanced Manufacturing - **Multi - asset Allocation of Leading Managers**: Leading managers generally attached importance to multi - asset allocation, with different investment directions. Some focused on QDII stocks, some on mutual - recognition funds, and some on commodities [38]. - **Overall Market Characteristics**: In Q3 2025, FOF decreased the holding ratio of pure - bond funds and increased the attention to active and passive equity funds, showing a preference for risk assets and strengthening passive investment. The heavy - position funds showed a preference for A - share technology and advanced manufacturing assets [40]. 3.4 Personal Pension Funds: The Total Y - share Amounted to 1.2817 Billion Yuan As of Q3 2025, the scale of personal pension funds reached 1.2817 billion yuan, an increase of 1.983 billion yuan compared to Q2 25 and 3.99 billion yuan compared to the end of 2024. Pension target date funds were more popular, with a current scale of 7.803 billion yuan [49]. 3.5 Customized FOF: Changying Plan & Longying FOF - **Changying Plan**: Established in early 2025, the included products are all positioned as multi - asset allocation FOF, with different levels corresponding to different return and risk targets. The products in the plan met the return and risk requirements in 2025, with relatively low maximum drawdown rates and prominent risk - return ratios. Other new - issue FOF products托管 by China Merchants Bank also had similar multi - asset allocation characteristics [59][68]. - **Longying FOF**: Established in early 2026, initially only including multi - asset allocation FOF, and will expand to ETF - FOF and global investment FOF in the future. The included products mostly met the return/withdrawal limits in 2025 and had multi - asset allocation characteristics, with a greater focus on overseas investment [77][82]. - **Other Multi - asset Allocation FOF**: Some products, such as Orient Securities Pension and Zhongtai Tianze, have adhered to multi - asset allocation for a long time and achieved excellent performance in 2025. More than half of the new - issue FOF in 2025 emphasized multi - asset allocation in their performance comparison benchmarks [88][93]. - **Investment Strategy for 2026 FOF Funds**: FOF can achieve diversified investment through multi - asset allocation, improve the risk - return ratio of the investment portfolio, and create differentiated investment targets. Low - volatility FOF products represented by bond - type and fixed - income + have been favored by funds in recent years, and the development of multi - asset allocation FOF remains an important direction in the future [95].

Financing & Review - In December 2025, the Beijing Stock Exchange (BSE) issued 2 new stocks, raising a total of 604 million yuan, with a cumulative issuance of 25 stocks throughout the year, amounting to 7.309 billion yuan[5] - 13 companies passed the review in December, an increase of 3 from the previous month, while 3 companies were terminated, and 7 companies were registered, with 53 new companies accepted for review[5] Subscription & Issuance - The median first-day increase for the 3 new stocks listed in December was +364.67%, with individual increases of +966.54%, +364.67%, and +209.92% for the respective stocks[3] - The cumulative return rate for new stock subscriptions in 2024 was +4.33%, while the return rate for 2025 (January to December) was +3.31%[3] Market Trends & Predictions - The median price-to-earnings ratio (P/E) for new stock issuances in December was 10x, a decrease of 11.62% from the previous month[5] - The expected average subscription amount for new stocks is set at 1.359 million yuan, with a median subscription rate of 0.03%[5] Investment Insights - The total fundraising amount for new stocks in 2025 was 7.309 billion yuan, with a top subscription yield increase of 45.98 thousand yuan and a yield increase of +3.31%[5] - The report suggests focusing on high-quality expansion opportunities in 2026, with a significant increase in the review speed and a backlog of approximately 30 companies awaiting issuance[5] Risk Factors - Potential risks include slower-than-expected issuance speed at the BSE, lower-than-expected stock price increases, changes in the new stock issuance system, and rapid growth in new stock subscription accounts[5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company is expected to achieve net profits of 90.5 billion, 95.1 billion, and 101.6 billion for the years 2025 to 2027, respectively, with corresponding price-to-earnings (PE) ratios of 20x, 19x, and 17x [5]. - The company is undergoing a comprehensive market-oriented reform in 2026, focusing on product, pricing, and channel strategies, which is anticipated to open up long-term growth opportunities [5]. - The adjustment of the product matrix by the company includes six major series, enhancing its product structure and pricing clarity, which is expected to stabilize and potentially increase sales [5][6]. Financial Data and Profit Forecast - The total revenue for 2025 is projected to be 183.2 billion, with a year-on-year growth rate of 5.2%, and net profit is expected to be 90.5 billion, reflecting a growth rate of 4.9% [7]. - The gross profit margin is expected to remain high at around 91.6% for the forecasted years [7]. - The return on equity (ROE) is projected to be 34.9%, 33.2%, and 32.1% for the years 2025 to 2027, indicating strong profitability [7]. Market Dynamics - The current price of the 500ml Flying Moutai is 1540 yuan, with expectations that the price will stabilize due to supply-demand adjustments through the company's new initiatives [6]. - The company anticipates a significant increase in sales during the upcoming Spring Festival, driven by improved price competitiveness and increased consumer access through its new platform [6].

Inflation Data Summary - The CPI for December 2025 increased by 0.8% year-on-year, up from 0.7% in the previous month, matching expectations, and rose by 0.2% month-on-month[1][7] - The PPI for December 2025 recorded a year-on-year decline of -1.9%, an improvement from -2.2% previously, with a month-on-month increase of 0.2%[1][7] Key Influences on CPI and PPI - Copper and gold prices significantly influenced the December inflation, with copper prices rising 7.9% month-on-month, contributing positively to PPI[2][8] - The contribution of coal prices to PPI was relatively minor, while international oil prices declined, negatively impacting domestic oil prices and dragging PPI down by -0.05%[2][8] Food and Service CPI Trends - Food CPI rose by 1.1% year-on-year, with a notable increase of 0.9 percentage points from the previous month, driven by supply constraints in fresh vegetables and fruits[3][23] - Service CPI decreased by 0.1 percentage points to 0.6%, primarily due to weak rental demand affecting housing costs[25] Future Outlook - The ability of anti-involution policies to sustain upward pressure on downstream prices is critical, as commodity prices have only explained about 30% of PPI fluctuations in the past three years[4][29] - High gold prices and improvements in service consumption may support a rise in core CPI, but the high base effect from the Spring Festival could limit January's CPI increase[4][29]

Investment Rating - The investment rating for the company is "Buy" due to its strong market position and growth potential in the medical dressing industry [29]. Core Insights - The company, Jiangsu Aishalen Medical Technology Group Co., Ltd., is a leading player in the domestic medical dressing industry, established in 2015 and headquartered in Suzhou, Jiangsu. It focuses on the research, production, and sales of low-value medical consumables, primarily through ODM/OEM partnerships with internationally recognized medical device brands [3][6]. - The company has shown rapid revenue growth, achieving a revenue of 692 million yuan in 2024, with a three-year CAGR of +9.81%. The net profit attributable to shareholders is projected to be 80.71 million yuan, with a CAGR of +13.37% over the same period [7][23]. - The company is expanding its production capacity to alleviate bottlenecks, driven by increasing orders from overseas markets. The new investment project is expected to significantly enhance production capabilities [9][10]. Summary by Sections Company Overview - Jiangsu Aishalen Medical Technology Group Co., Ltd. ranks among the top ten in medical dressing exports in China from 2021 to 2024 [3][6]. Financial Performance - In 2024, the company is expected to achieve a gross margin of 23.13%, slightly down from 2023, while the net margin is projected to increase to 11.66% [7][23]. Issuance Plan - The company plans to issue 16.92 million shares at a price of 15.98 yuan per share, raising approximately 270 million yuan. The initial issuance will represent 25% of the total shares post-issuance, with a low liquidity ratio of 26.75% [11][12]. Industry Situation - The global market for low-value medical consumables is projected to reach approximately 134.3 billion USD by 2031, with a CAGR of 8.3% from 2024 to 2031. The domestic market is also expected to grow rapidly, driven by healthcare reforms and increased consumer spending [15][16]. Competitive Advantages - The company benefits from scale cost advantages, a strong customer base, and a commitment to product quality, which enhances its competitive position in the market [17]. Purchase Analysis Opinion - The company is recommended for active participation in the upcoming issuance due to its strong market position, high capacity utilization, and low initial valuation [23].