国产军民机亮相新加坡航展，美将加速生产五种关键导弹 [Table_Industry] 军工 股票研究 /[Table_Date] 2026.02.10 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 周明頔(分析师) | 010-83939792 | zhoumingdi@gtht.com | S0880525080003 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 上周军工板块上涨，国产军民机亮相新加坡航展，美将加速生产五种关 键导弹。大国博弈加剧是长期趋势，军工长期向好。 投资要点： [Table_Report] 相关报告 军工《福建舰训练计划顺利推进，多区域军事对 峙升温》2026.02.02 军工《火箭发射节奏持续加快，商业航天产业稳 步提速》2026.01.20 军工《两航天央企锚定"十五五"航天强国目 标，俄称打击乌军工设施》2026.01.19 军工《中国航天 2025 发射次数创新高，美军费或 将提至 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant policy initiatives aimed at enhancing the sustainability and efficiency of various sectors, particularly in elder care and green manufacturing [5][9][12] - It emphasizes the importance of ecological protection, with China leading in wetland area preservation, which is crucial for environmental sustainability [14][15] - The report discusses the growing trend of ESG (Environmental, Social, and Governance) practices among companies, indicating a shift towards integrating sustainability into core business strategies [12][13] Policy Developments - Three departments jointly issued measures to support the reform and development of elder care services, focusing on reducing costs and improving resource allocation [5][6] - The Ministry of Ecology and Environment released 16 ecological standards to enhance environmental governance and data collection [7][8] - Sichuan Province introduced an action plan for a comprehensive green manufacturing system, aiming for significant milestones by 2027 and 2030 [9][10][11] Industry Trends - The 2025 Corporate Sustainability Index report indicates a steady improvement in sustainability practices across various industries, with notable differences in performance [12][13] - China's wetland area ranks first in Asia and fourth globally, reflecting ongoing efforts in ecological conservation and management [14][15] International Events - The IPSASB published the first global climate disclosure standard for the public sector, marking a significant advancement in climate reporting [16][17] - A power crisis in the U.S. has led to a shortage of gas turbines, potentially accelerating the shift towards renewable energy in Europe and Asia [18][19] - China and the United Nations have outlined a roadmap for cooperation over the next five years, focusing on sustainable development and environmental governance [20][21] Corporate Developments - Douyin released a report on its initiatives for protecting minors online, showcasing its commitment to social responsibility [22][23] - China Mobile achieved carbon neutrality for its headquarters, becoming a leader in the telecommunications sector for sustainability efforts [24][25]

资讯汇总 [table_Header]2026.02.09 【ESG 投资周报】本月新发绿色债券 24 只，流 动性环比宽松 2026.02.02 【行业 ESG 周报】沪深北交易所修订可持续发展 报告编制指南，三部门联合发文促工业园区绿色 发展 2026.02.02 【ESG 投资周报】本月新发绿色债券 80 只，银 行理财稳步发行 2026.01.26 【行业 ESG 周报】五部门印发指导意见支撑零碳 工厂建设，我国新型自然保护地体系初步建成 2026.01.26 【ESG 投资周报】本月新发 ESG基金 1 只，绿色 债券稳步发行 2026.01.19 【ESG 投资周报】本月新发 ESG 基金 2 只，流动性环比收窄 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 赵子健(分析师) | | | 021-38032292 | | | zhaozijian@gtht.com | | 登记编号 | S0880520060003 | | | 王佳(分析师) | | | 010-83939781 | | | wangjia7@gtht.com | | 登记编 ...

Investment Rating - The report maintains an "Overweight" rating for the medical device industry [2][6]. Core Insights - The medical device procurement scale is experiencing a partial decline due to high base effects, but there are opportunities in the surgical robot market [2]. - The report emphasizes that the ongoing implementation of equipment upgrade policies is expected to drive long-term procurement levels in the medical device sector, recommending companies that are likely to benefit from these policies [4]. - The report highlights that the four ministries jointly issued a notice in 2024 aiming for a more than 25% increase in medical equipment investment by 2027 compared to 2023, which is expected to enhance the configuration of high-end equipment to levels comparable to middle-income countries [6]. Summary by Sections Investment Recommendations - The report suggests maintaining an "Overweight" rating and recommends companies likely to benefit from the equipment upgrade policies, including Mindray Medical, United Imaging, Kaili Medical, Aohua Endoscopy, and Jingfeng Medical-B. It also suggests paying attention to MicroPort Scientific-B [6]. Monthly Procurement Data - In January 2026, the procurement scale for new devices showed a year-on-year decline: MR down 22.6%, CT down 25.6%, DR down 18.2%, ultrasound down 10.1%, while endoscopy grew by 1.1%, and surgical robots declined by 20.1%. Company-specific performance showed United Imaging MR down 36.5%, United Imaging CT up 8.5%, Mindray ultrasound up 10.9%, Kaili ultrasound down 14.8%, Kaili endoscopy up 55.4%, and Aohua endoscopy down 11.7% [6]. Policy Impact - The report discusses the release of a guideline by the National Healthcare Security Administration on January 20, 2026, which establishes a unified pricing project for surgical robots, expected to accelerate the penetration and application of robotic surgery technology [6].

| | | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 秦和平(分析师) | 0755-23976666 | qinheping@gtht.com | S0880523110003 | | | | 高翩然(分析师) | 0755-80305701 | gaopianran@gtht.com | S0880525040066 | [当前价格 Table_CurPrice] (美元)： | 82.20 | 本报告导读： WBD 头部 IP 储备叠加工业化内容生产体系构成核心竞争壁垒，并表后有望大幅降 低外购版权费用，提升内容商业价值挖掘空间。 投资要点： | 财务摘要(百万美元) | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 39001 | 45183 | 51137 | 57626 | 64556 | | (+/-)% ...

Market Performance - The new stock index and the near-term new stock index fell by 2.01% and 2.23% respectively during the first week of February 2026[7] - The market experienced significant adjustments, with the technology sector leading the decline, particularly in the non-ferrous metals and electronic sectors[7] New Stock Listings - The first unprofitable new stock of the year, Beixin Life, was listed, achieving an average first-day increase of 185.65%[1] - Two new stocks contributed to A1/A2/B class investors' single-account full returns of 17.80/9.44/7.90 thousand yuan, enhancing the yield rates for 500 million scale accounts by 0.36‰/0.19‰/0.16‰[41] Trading Activity - Trading activity in the new stock sector continued to decline, with turnover rates for the new stock index and near-term new stock index dropping by 2.10 percentage points and 2.25 percentage points respectively[21] - The net active selling in the new stock sector was 2.936 billion yuan, a decrease of 3.540 billion yuan from the previous week[23] Valuation Changes - The new stock index PE (TTM) increased by 1.76, while the near-term new stock index PE (TTM) decreased by 23.73[14] - The latest PE (TTM) values for the new stock index and near-term new stock index were 80.0X and 159.7X, corresponding to historical percentile levels of 83.8% and 99.2% respectively[14] Upcoming Unlocks - In the second week of February, three new stocks are expected to unlock, with a total unlock scale of 254 million yuan, maintaining low levels[35]

股票研究 /[Table_Date] 2026.02.09 权益市场火热，居民边际配置权益资产 投资银行业与经纪业 [Table_Industry] 2025 年 12 月财富管理月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 张轩铭(分析师) | 021-38038437 | zhangxuanming@gtht.com | S0880526020001 | | 吴浩东(分析师) | 010-83939780 | wuhaodong@gtht.com | S0880524070001 | 本报告导读： [Table_Invest] 评级： 增持 [Table_Report] 相关报告 投资银行业与经纪业《业绩基准新规落地，助推 行业长期发展》2026.01.24 投资银行业与经纪业《零售及自营业务驱动全年 高增》2026.01.20 投资银行业与经纪业《完善监管制度，打开稳步 发展长期空间 ...

Group 1: Precision Medicine and Robotics - The report highlights Jingfeng Medical-B as a leader in surgical robotics in China, driving advancements in surgical procedures through continuous technological innovation, with rapid growth in global clinical surgeries and domestic sales [2][3] - The company is projected to achieve revenues of 432 million, 811 million, and 1.236 billion yuan from 2025 to 2027, with a target price of 73.20 yuan for 2026 based on a 35X PS valuation [3] - Jingfeng Medical has established a comprehensive surgical solution with its innovative multi-port and single-port robotic systems, becoming the first in China and the second globally to obtain regulatory approval for multiple robotic systems [3][4] Group 2: Market Performance and Sales Growth - In 2024, Jingfeng Medical sold 20 multi-port surgical robots, ranking first among domestic manufacturers, with clinical applications covering over 220 hospitals across 30 provinces in China [4] - The company's total revenue is expected to increase from 48 million yuan in 2023 to 160 million yuan in 2024, with a significant rise from 30 million yuan in the first half of 2024 to 149 million yuan in the first half of 2025 [4] - The report indicates that Jingfeng Medical's international expansion has led to explosive growth in overseas orders, with 72 out of 118 signed global sales agreements for core products being from overseas markets [5] Group 3: Precision Manufacturing and Emerging Industries - The report covers Xingrui Technology as a leading precision manufacturing enterprise in China, focusing on automotive electronics and actively expanding into emerging industries, with a target price of 32.11 yuan [6][8] - Revenue projections for Xingrui Technology are 1.626 billion, 1.980 billion, and 2.482 billion yuan from 2025 to 2027, with an expected EPS of 0.48, 0.69, and 0.95 yuan respectively [6] - The company has established a robust product matrix, including electronic connectors and structural components, with applications in new energy vehicle systems and consumer electronics, enhancing its competitive advantage in the automotive electronics sector [7] Group 4: Strategic Partnerships and Market Expansion - Xingrui Technology has formed strategic partnerships to expand into the liquid cooling industry, collaborating with Green Cloud to develop advanced technologies and products for data centers [8] - The company has a strong customer base, collaborating with renowned brands in consumer electronics and new energy sectors, and has established a global business layout with factories in multiple locations [7][8] - The report emphasizes the potential for Xingrui Technology to benefit from the growing demand for liquid cooling solutions driven by energy efficiency upgrades in data centers [8]

Market Performance - The new stock index and the near-term new stock index fell by 2.01% and 2.23% respectively during the first week of February 2026[7] - The market experienced significant adjustments, with the technology sector leading the decline, particularly in the non-ferrous metals and electronic sectors[7] New Stock Listings - The first unprofitable new stock of the year, Beixin Life, was listed, achieving an average first-day increase of 185.65%[1] - Two new stocks contributed to A1/A2/B class investors' single-account full returns of 17.80/9.44/7.90 thousand yuan, enhancing the yield rates for a 500 million yuan scale account by 0.36‰/0.19‰/0.16‰[41] Trading Activity - Trading activity in the new stock sector continued to decline, with turnover rates for the new stock index and near-term new stock index dropping by 2.10 percentage points and 2.25 percentage points respectively[21] - The net active selling in the new stock sector amounted to 2.936 billion yuan, a decrease of 3.540 billion yuan from the previous week[23] Valuation Changes - The new stock index PE (TTM) increased by 1.76, while the near-term new stock index PE (TTM) decreased by 23.73[14] - The latest PE (TTM) values for the new stock index and near-term new stock index were 80.0X and 159.7X, corresponding to historical percentile levels of 83.8% and 99.2% respectively[14]

Investment Rating - The investment rating for the company is "Cautious Accumulate" [4][12]. Core Views - The report indicates that the home appliance industry is facing significant pressure due to weak demand and intense competition, leading to challenges in revenue and performance [2][12]. - The company is expected to experience a substantial decline in net profit for 2025, with estimates ranging from 0.10 to 0.15 billion yuan, representing a year-on-year decrease of approximately 86.42% to 90.95% [12]. - The report highlights that the decline in performance is primarily due to weak market demand for integrated stoves and increased competition, resulting in reduced sales volume and order intake [12]. Financial Summary - Total revenue is projected to decline from 1.673 billion yuan in 2023 to 439 million yuan in 2025, reflecting a decrease of 47.5% [10]. - Net profit attributable to the parent company is expected to drop from 464 million yuan in 2023 to 14 million yuan in 2025, a decline of 86.9% [10]. - Earnings per share (EPS) is forecasted to decrease from 0.72 yuan in 2023 to 0.02 yuan in 2025, with a subsequent recovery to 0.07 yuan in 2026 and 0.14 yuan in 2027 [10][12]. Market Data - The company's target price is set at 10.50 yuan, based on a price-to-earnings (PE) ratio of 150x for 2026 [4][12]. - The stock has a 52-week price range of 6.74 to 10.20 yuan, with a total market capitalization of 6.17 billion yuan [5][12]. - The company has a net asset value per share of 2.29 yuan and a current price-to-book (P/B) ratio of 4.2 [6][10].