Investment Rating - The report indicates a positive shift in the dividend style timing model, with a composite factor value of 0.09, signaling a potential market style switch towards dividends [1][6]. Core Insights - The composite factor value increased from -0.08 in the previous week (January 26 to January 30, 2026) to 0.09, suggesting a recovery and a positive signal for dividend style investments [1][6]. - The momentum factor's contribution turned positive, and the downward trend in U.S. Treasury yields has significantly weakened, reducing pressure on dividend stocks [7]. - Market sentiment has cooled, contributing positively to the dividend style, with multiple factors working together to shift the score from negative to positive [7]. Summary by Sections Model Latest Results - The report updates the results of the dividend style timing model for the week of February 2 to February 6, 2026, showing a composite factor value of 0.09, which is a positive change from the previous week's -0.08 [6][7]. Factor Contributions - The report details various factors influencing the dividend style: - Non-manufacturing PMI for services in China: -0.13 - M2 YoY growth in China: 0.21 - U.S. 10-year Treasury yield: -0.24 - Relative net value of dividends: 0.92 - Dividend yield relative to 10-year government bond yield: 0.22 - Net financing purchases: -1.62 - Industry average prosperity: 0.77 [11].

红利风格择时周报（0202-0206） [Table_Authors] 郑雅斌(分析师) 本报告导读： 上周（20260202 至 20260206）红利风格择时模型综合因子值为 0.09，转为正值、发 出正向信号，相对前一周（20260126 至 20260130）的-0.08 继续回升。 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 金 融 工 投资要点： 金融工程 /[Table_Date] 2026.02.07 | | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 梁誉耀(分析师) | | | 021-38038665 | | | liangyuyao@gtht.com | | 登记编号 | S0880524080003 | [Table_Report] 相关报告 绝对收益产品及策略周报（260126-260130） 2026.02.04 大额买入与资金流向跟踪（20260126-20260130） 2026.02.03 风格 Smart beta 组合跟踪周报（20 ...

股票研究 /[Table_Date] 2026.02.07 [Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 | 领跑，上调全年指引 | | | | | --- | --- | --- | --- | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： Coach 驱动高质量增长与利润率扩张。年轻化获客和爆款产品矩阵为核心驱动。大 幅上调 FY2026 全年业绩指引。 投资要点： [Table_Report] 相关报告 纺织服装业《FY26Q3 HOKA 重回高双增速，上 调全年业绩指引》2026.01.31 纺织服装业《25Q4 纺服基金持仓环比基本持平， 12 月服装类零售额同比增长 1.2%》2026.01.25 纺织服装业《美棉价格历史深度复盘——美国、 巴西 2 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The tourism sector is entering a golden investment period driven by policy support, strong supply and demand [3] - The optimization of vacation systems, improvement in cultural tourism supply, and acceleration of local asset securitization are key factors creating investment opportunities in the scenic area sector [3] Summary by Sections 1. Optimization of Vacation Systems - The introduction of spring and autumn breaks is expected to significantly boost tourism demand, with potential increases in visitor numbers by 1-3 times [8] - The Ministry of Human Resources and Social Security plans to revise the paid annual leave regulations, which is crucial for enhancing the execution of vacation policies [16] 2. Continuous Growth in Tourism Consumption - Domestic tourism spending is recovering to 2019 levels, with total expenditure reaching 5.75 trillion yuan in 2024, a year-on-year increase of 17.1% [19] - The K-12 student population, approximately 200 million, presents a substantial consumer base for spring and autumn breaks, driving family travel patterns [29] 3. Structural Upgrades in the Cultural Tourism Sector - The cultural tourism industry has completed a recovery phase and is entering a stage of mature competition and structural differentiation [3] - High-level open policies and transportation improvements are contributing to a resurgence in inbound tourism [3] 4. New Projects and Asset Securitization in Scenic Areas - Many scenic areas are launching new projects in response to policy and consumer demand, which is expected to drive growth in 2026 and beyond [4] - Areas rich in cultural tourism resources are likely to accelerate asset securitization, creating synergistic effects [4] 5. Investment Recommendations - Focus on three main lines for investment: 1. Improvements in transportation, such as Emei Mountain and Huangshan tourism [6] 2. Expectations of resource integration, such as Tianfu Cultural Tourism and Shaanxi Tourism [6] 3. New project launches, including Three Gorges Tourism and Songcheng Performing Arts [6]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 84.64 CNY [5][12]. Core Insights - The company has released its earnings forecast for 2025, indicating a significant increase in overseas sales, while domestic sales in Q4 are impacted by the reduction of government subsidies, leading to a slight decline in profitability [2][12]. - The forecasted net profit for 2025 is expected to be between 1.7 billion to 1.8 billion CNY, representing a year-on-year increase of 110.9% to 123.3% [12]. - The company is experiencing a notable increase in its market share overseas, with new product categories like lawn mowers contributing to revenue growth [12]. Financial Summary - Total revenue is projected to grow from 155 billion CNY in 2023 to 219 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 13.3% [4]. - Net profit attributable to shareholders is expected to rise from 6 billion CNY in 2023 to 26 billion CNY in 2027, reflecting a significant increase of 116.8% in 2025 [4]. - Earnings per share (EPS) is forecasted to increase from 1.06 CNY in 2023 to 4.50 CNY in 2027 [4]. Market Data - The company's stock has a 52-week price range of 45.98 CNY to 107.50 CNY, with a total market capitalization of 41.115 billion CNY [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 67.17 in 2023 to 15.77 in 2027, indicating an improving valuation as earnings grow [4][6]. Investment Thesis - The company is positioned well in the global market for cleaning appliances, with low penetration rates providing growth opportunities. However, short-term challenges exist due to the impact of domestic subsidy reductions [12]. - The anticipated growth in overseas sales and the introduction of new products are expected to drive revenue and profit increases in the coming years [12].

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 66.13 CNY [4][18]. Core Insights - The company is one of the largest tire manufacturers in China, with ongoing capacity expansion for its main products [2][21]. - The global automotive ownership is on a long-term growth trend, which is expected to drive the tire industry market size upward. The global radial tire market is projected to grow from 1.586 billion units in 2020 to 1.856 billion units by 2024, with a compound annual growth rate (CAGR) of 5.38% [12][21]. - The company has a diverse product range, including radial tires, bias tires, and specialty tires, and is recognized as a national high-tech enterprise [12][22]. - The company is expanding its production capacity, with a total capacity of 21.462 million tires and an output of 19.12989 million tires in 2023 [23]. Financial Summary - The company’s total revenue is projected to grow from 35.252 billion CNY in 2023 to 51.035 billion CNY by 2027, reflecting a growth rate of 10.5% in 2023 and 6.3% in 2027 [11][16]. - Net profit attributable to the parent company is expected to increase significantly from 2.638 billion CNY in 2023 to 5.524 billion CNY in 2027, with a notable growth of 115.4% in 2024 [11][16]. - Earnings per share (EPS) are forecasted to be 3.02 CNY in 2023, rising to 6.32 CNY by 2027 [11][17]. Market Position - The company has established a strong presence in both domestic and international markets, exporting to Europe, North America, Africa, Southeast Asia, and the Middle East [12][22]. - The company is increasingly becoming a preferred supplier for mid-to-high-end vehicles, benefiting from the rapid development of the automotive industry in China [21][22]. - The company is investing in projects to enhance its production capabilities, including a green digital factory and new production lines for high-performance tires [23].

Investment Rating - The report assigns an "Accumulate" rating for the liquor industry [5] Core Insights - The liquor industry is currently at the bottom of its cycle, with the "opening red" sales expected to remain under pressure year-on-year, while brand differentiation is evident. Positive feedback from high-end liquor is significantly boosting market confidence, and a shift in style and improved expectations may catalyze liquor stock prices [2][6] Summary by Sections Market Overview - The liquor market is experiencing a deep adjustment, with sales and revenue expected to decline throughout the year. However, there are signs of marginal improvement starting from Q4 2025, with high-end brands like Moutai and Wuliangye leading the market [6] High-End Liquor Performance - High-end liquor brands are showing resilience, with Moutai and Wuliangye implementing strategies to stabilize prices and enhance channel profits. Moutai's sales performance has improved, with significant user engagement and order volume [6][7] Stock Recommendations - The report recommends stocks with price elasticity, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as other brands like Shanxi Fenjiu and Yingjia Gongjiu, which are expected to clear inventory [6][7] Future Outlook - The liquor industry is believed to be at the bottom of its current cycle, with potential catalysts for stock prices including improvements in sales, price increases, and inventory reduction. Positive signals from policy changes could further enhance market sentiment [6][7]

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 66.13 CNY [4][18]. Core Insights - The company is one of the largest tire manufacturers in China, with ongoing capacity expansion for its main products [2][21]. - The global automotive ownership is on a long-term growth trend, which is expected to drive the tire industry market size upward. The global radial tire market is projected to grow from 1.586 billion units in 2020 to 1.856 billion units by 2024, with a compound annual growth rate (CAGR) of 5.38% [12][21]. - The company has a diverse product range, including radial tires, bias tires, and various other tire products, and is recognized as a national high-tech enterprise [12][22]. - The company is expanding its production capacity, with a total capacity of 21.462 million tires and an output of 19.12989 million tires in 2023 [23]. Financial Summary - The company’s total revenue is projected to grow from 35.252 billion CNY in 2023 to 51.035 billion CNY by 2027, reflecting a growth rate of 10.5% in 2023 and 6.3% in 2027 [11][16]. - Net profit attributable to the parent company is expected to increase significantly from 2.638 billion CNY in 2023 to 5.524 billion CNY in 2027, with a notable growth of 115.4% in 2024 [11][16]. - Earnings per share (EPS) are forecasted to be 4.86 CNY in 2025, 5.75 CNY in 2026, and 6.32 CNY in 2027 [12][17]. Market Position - The company has established a strong presence both domestically and internationally, exporting to various regions including Europe, North America, Africa, Southeast Asia, and the Middle East [12][22]. - The company is increasingly becoming a preferred supplier for mid-to-high-end vehicles, benefiting from the rapid development of the automotive industry in China [21][22]. - The company is investing in projects to enhance its production capabilities, including a green digital factory for high-performance tires and expansion projects in Thailand [23].

Investment Rating - The report assigns a rating of "Buy" for the company [5][12]. Core Insights - The company specializes in the research, production, and sales of specialty molecular sieves and catalytic new materials, with ongoing projects laying a foundation for future growth [2][20]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are estimated to be 1.16, 1.39, and 1.66 yuan respectively, with a target price set at 34.75 yuan based on a 25x PE valuation for 2026 [17][12]. - The company has established a comprehensive core process technology system covering the entire chemical industry chain, successfully developing multiple proprietary technology packages [12][20]. Financial Summary - Total revenue is projected to grow from 550 million yuan in 2023 to 1,528 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 30.6% [4][13]. - Net profit attributable to shareholders is expected to increase from 77 million yuan in 2023 to 293 million yuan in 2027, with a significant rebound in 2024 showing an 89.2% increase [4][13]. - The company’s net asset return rate is projected to rise from 2.9% in 2023 to 8.9% in 2027, indicating improving profitability [4][13]. Production Capacity and Utilization - The company plans to increase its production capacity for specialty molecular sieves and catalysts by 3,000 tons in 2025 and an additional 3,300 tons by February 2026 [18][12]. - The utilization rates for the specialty molecular sieves and catalysts series are estimated to be 72%, 64%, and 77% for the years 2025 to 2027 respectively [18]. Market Position and Competitive Analysis - The company is positioned within the specialty molecular sieve industry, with comparable companies such as Jianlong Micro-Nano and Kaili New Materials showing an average PE of 23x for 2026 [19][17]. - The report emphasizes the strategic importance of the company's products in energy conservation and environmental protection, highlighting its role in the emerging materials sector [20].

Investment Rating - The report assigns a rating of "Buy" for the company [5][12]. Core Insights - The company specializes in the research, production, and sales of specialty molecular sieves and catalytic new materials, with ongoing projects laying a foundation for future growth [2][20]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are estimated to be 1.16, 1.39, and 1.66 yuan respectively, with a target price set at 34.75 yuan based on a 25x PE valuation for 2026 [12][17]. - The company has established a comprehensive core process technology system covering the entire chemical industry chain, successfully developing multiple proprietary technology packages [12][20]. Financial Summary - Total revenue is projected to grow from 550 million yuan in 2023 to 1,528 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 30.6% [4][13]. - Net profit attributable to shareholders is expected to increase from 77 million yuan in 2023 to 293 million yuan in 2027, with a significant rebound in 2024 showing an 89.2% increase [4][13]. - The company’s net asset return rate is projected to rise from 2.9% in 2023 to 8.9% in 2027, indicating improving profitability [4][13]. Production Capacity and Utilization - The company plans to increase its production capacity for specialty molecular sieves and catalysts by 3,000 tons in 2025 and an additional 3,300 tons for environmental catalysts by February 2026 [18][20]. - The expected capacity utilization rates for specialty molecular sieves and catalysts are projected to be 72%, 64%, and 77% for 2025, 2026, and 2027 respectively [18]. Comparable Company Valuation - The report compares the company with peers in the molecular sieve industry, with an average PE of 23x for 2026 among comparable companies [17][19].