Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, indicating a positive outlook based on ongoing technological innovation and demand growth [5][6]. Core Insights - The total market value of pharmaceutical stocks held by public funds decreased from 397.7 billion to 316.1 billion yuan, reflecting a decline of 2.58% from Q3 2025 to Q4 2025. The proportion of pharmaceutical stocks in all public fund holdings fell to 7.95%, down 2.58 percentage points from the previous quarter [6][9]. - The highest proportion of holdings in the pharmaceutical sector is in chemical preparations, other biological products, and medical research outsourcing, which accounted for 37.5%, 20.9%, and 16.4% of the total holdings, respectively [6][13]. - The top five pharmaceutical stocks by market value held by public funds in Q4 2025 were: Heng Rui Medicine (32 billion), WuXi AppTec (30.6 billion), Innovent Biologics (16.7 billion), Mindray Medical (15.2 billion), and CanSino Biologics (10.8 billion) [6][24]. Summary by Sections 1. Pharmaceutical Holdings Proportion - The proportion of pharmaceutical stocks held by public funds decreased to 7.95% in Q4 2025, down from Q3 2025, with a notable decline in non-pharmaceutical public fund holdings [9][10]. 2. Market Value of Pharmaceutical Sub-sectors - In Q4 2025, the market value of pharmaceutical sub-sectors held by public funds was as follows: 1. Chemical preparations: 118.6 billion yuan (37.5%) 2. Other biological products: 66 billion yuan (20.1%) 3. Medical research outsourcing: 51.7 billion yuan (16.4%) 4. Medical devices: 33.3 billion yuan (10.5%) 5. Medical consumables: 9.8 billion yuan (3.1%) [13][12]. 3. Public Fund Heavy Holdings - The number of public funds holding the top five pharmaceutical stocks in Q4 2025 was as follows: Heng Rui Medicine (507 funds), WuXi AppTec (448 funds), Mindray Medical (204 funds), Innovent Biologics (202 funds), and BeiGene (162 funds) [17][21]. - The market value growth of public fund heavy holdings in Q4 2025 saw significant increases for Heng Rui Medicine (+20.1 billion), WuXi AppTec (+5.7 billion), China National Pharmaceutical Group (+5 billion), Yingke Medical (+2.2 billion), and Yuyue Medical (+1.8 billion) [28].

稀缺原丝龙头，受益于风电需求回升 吉林碳谷(920077) 吉林碳谷首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | 杨冬庭(分析师) | 0755-23976166 | yangdongting@gtht.com | S0880522080004 | 本报告导读： 公司是稀缺的碳纤维原丝龙头，在碳纤维行业底部运行区间原丝盈利稳定度好于碳 丝，伴随 25 年风电需求回暖，公司产销和盈利同步回升。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,049 ...

股票研究 /[Table_Date] 2026.02.04 [Table_Industry] 机械行业 杭汽轮自主燃机获取商业化合同，"B 转 A"加速推进 [Table_Invest] 评级： 增持 燃气轮机行业重点事件跟踪 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | 本报告导读： 杭汽轮自主燃机完成首个商业化合同签订，迈出工业化应用关键步伐。同时，公司 "B 转 A"进程加速推进，有望拓展其融资渠道，支持自主燃机等高投入研发项目。 投资要点： [Table_Report] 相关报告 机械行业《出口链月度跟踪：汇率与运价边际回 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 落，海外需求结构分化》2026.02.04 机械 ...

稀缺原丝龙头，受益于风电需求回升 吉林碳谷(920077) 本报告导读： 公司是稀缺的碳纤维原丝龙头，在碳纤维行业底部运行区间原丝盈利稳定度好于碳 丝，伴随 25 年风电需求回暖，公司产销和盈利同步回升。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,049 | 1,603 | 2,498 | 2,858 | 3,250 | | (+/-)% | -1.7% | -21.8% | 55.8% | 14.4% | 13.7% | | 净利润(归母) | 231 | 94 | 198 | 289 | 365 | | (+/-)% | -63.2% | -59.4% | 110.6% | 45.9% | 26.6% | | 每股净收益(元) | 0.39 | 0.16 | 0.34 | 0.49 | 0.62 | | 净资产收益率(%) | 9.6% | 3.8% | 7.5% | 9.8% | 11.1% | ...

策 略 研 究 科技资源景气延续，内需或迎景气拐点 [Table_Authors] 方奕(分析师) 中观景气跟踪 2 月第 1 期 本报告导读： 中观景气分化，AI 产业趋势延续，科技硬件需求保持旺盛；供需偏紧的化工品价格 偏强，有色价格剧烈波动；高端白酒价格回升，消费复苏成色仍有待检验。 投资要点： 策略研究 /[Table_Date] 2026.02.04 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 陶前陈(研究助理) | | | 0755-23976164 | | | taoqianchen@gtht.com | | 登记编号 | S0880125070014 | | | 张逸飞(分析师) | | | 021-38038662 | | | zhangyifei@gtht.com | | 登记编号 | S0880524080008 | [Table_Report] 相关报告 融资资金开始回流 2026.02.03 成交活跃度上升，上证 50 估值领涨 2026.02.01 资产概 ...

Investment Rating - The report maintains a rating of "Buy" for the company with a target price of 144.90 CNY, compared to the current price of 121.61 CNY [6][13]. Core Insights - The company has experienced significant revenue growth driven by active trading in the capital market, with a notable increase in marketing efforts and the consolidation of Maigao Securities contributing to higher expenses. The acquisition of Pioneer Fund is expected to enhance wealth management capabilities, providing new growth momentum for the future [2][13]. - The company's adjusted revenue for 2025 (including investment income) is projected to be 2.366 billion CNY, representing a year-on-year increase of 41.01%, while the net profit attributable to the parent company is expected to reach 228 million CNY, up 118.7% year-on-year [13]. Financial Summary - Total revenue is forecasted to grow from 1.529 billion CNY in 2024 to 4.527 billion CNY by 2028, with annual growth rates of 37.4%, 40.4%, 32.2%, 30.2%, and 22.6% respectively [4]. - Net profit attributable to the parent company is expected to increase from 104 million CNY in 2024 to 1.38 billion CNY in 2028, with growth rates of 43.5%, 118.7%, 146.0%, 74.9%, and 40.8% respectively [4]. - Earnings per share (EPS) is projected to rise from 0.17 CNY in 2024 to 2.26 CNY in 2028 [4]. Business Performance - The company's securities business is experiencing rapid growth, with net commission income from brokerage and proprietary trading expected to reach 505 million CNY in 2025, a 110% increase year-on-year. Interest income is projected to be 101 million CNY, up 33% year-on-year, and investment income is expected to be 221 million CNY, reflecting a 47.3% increase [13]. - The financial information services and advertising business is also expected to grow, with revenue projected at 1.539 billion CNY in 2025, a 28% increase year-on-year [13]. Market Position - The company is positioned to benefit from a robust demand for wealth management services amid active capital market conditions. The number of active users on its securities app is expected to reach 175 million by December 2025, marking a 2.26% year-on-year increase [13]. - The report emphasizes the dual-driven strategy of financial information services and securities business, aiming to create a comprehensive wealth management service platform [13].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 144.90 CNY, compared to the current price of 121.61 CNY [6]. Core Insights - The company has experienced significant revenue growth driven by active trading in the capital market, with a notable increase in marketing efforts and the consolidation of Maigao Securities. The financial information services and securities businesses are expected to drive future growth, particularly with the acquisition of Pioneer Fund enhancing wealth management capabilities [2][13]. Financial Summary - Total revenue is projected to grow from 1,529 million CNY in 2024 to 4,527 million CNY by 2028, reflecting a compound annual growth rate (CAGR) of 22.6% [4]. - Net profit attributable to shareholders is expected to increase from 104 million CNY in 2024 to 1,380 million CNY in 2028, with a CAGR of 40.8% [4]. - Earnings per share (EPS) is forecasted to rise from 0.17 CNY in 2024 to 2.26 CNY in 2028 [4]. - The return on equity (ROE) is anticipated to improve from 4.6% in 2024 to 20.1% in 2028 [4]. Business Performance - The company’s securities business, particularly Maigao Securities, has shown rapid growth, with net commission income increasing by 110% year-on-year to 505 million CNY in 2025. Interest income also rose by 33% to 101 million CNY, while investment income reached 221 million CNY, up 47.3% [13]. - The financial information services and advertising business generated 1,539 million CNY in revenue, marking a 28% year-on-year increase [13]. - The total operating costs are projected to rise to 21,580 million CNY in 2025, primarily due to increased sales and management expenses [13]. Market Dynamics - The active trading environment in the capital market is expected to continue, with the average daily trading volume of stock funds reaching 20,003 billion CNY in 2025, a 64.07% increase year-on-year [13]. - The company aims to strengthen its comprehensive wealth management service platform, responding to the growing demand for wealth management among residents [13].

01 02 03 04 4 / 01 中国城市客运量统计口径包括出租车（含招手出租车和网约车）、轨道交通、公共汽电车、船运。2019年1月以来，中国城市客运量近年 来保持增加态势，2025年11月达到接近90亿人次，其中来自出租车的客运量占比不断提升，从2019年1月的15%提升至2025年11月的33%， 出租车正在成为城市客运的重要组成部分。 2 / CONTENTS 3 / 01 02 03 04 -200% -100% 0% 100% 200% 300% 400% 500% 600% 700% 800% 0.00 200,000.00 400,000.00 600,000.00 800,000.00 1,000,000.00 2019-01 2019-06 2019-11 2020-04 2020-09 2021-02 2021-07 2021-12 2022-05 2022-10 2023-03 2023-08 2024-01 2024-06 2024-11 2025-04 2025-09 中国:城市客运量:当月值 同比 图：中国城市客运量及同比（单位：万人次） 图：中国城市客运量-出租车及在中国城 ...

重配有色、传媒等相关行业和个股的基金表现较优 国泰海通证券 1 月基金表现回顾 [Table_Authors] 庄梓恺(分析师) 本报告导读： 2026 年 1 月，A 股上涨，债市上涨，美股上涨，油价金价均上涨。基金方面，部分 重配有色、传媒等相关行业和个股的基金表现较优。 投资要点： [Table_Summary] 2026 年 1 月资本市场回顾 股票市场：A 股上涨，有色金属、传媒和石油石化行业表现较优。 2026 年 1 月，A 股上涨。2026 年开年以来，A 股市场热点赛道相继 发酵，在去年中国经济完成全年目标的背景下，A 股市场景气度保 持向上，1 月全月依然延续了慢牛上涨行情。从结构性机会来看，首 先，全球局势紧张加剧全球矿产供给不确定性，全月有色金属行业 表现靠前；其次，AI 大模型公司智谱、MiniMax 相继在港股上市， 以 AI 应用为代表的传媒行业表现出色；此外，国际能源署上调 2026 年全球原油需求增长预期，将需求增幅从此前的 86 万桶/日调整为 93 万桶/日，叠加地缘政治因素，石油石化板块本月走强。 2026 年 1 月基金业绩回顾 基金评价 /[Table_Date] ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6][12]. Core Views - The company is expected to continue its strong profit growth in Q4 2025, with a positive outlook for revenue and profit performance in 2026 [2][12]. - The target price is set at 24.80 CNY per share, based on a 20x PE ratio for 2026E [12][14]. Financial Summary - Total revenue is projected to decline from 1,748 million CNY in 2023 to 1,555 million CNY in 2024, before recovering to 1,681 million CNY in 2025 and reaching 1,869 million CNY in 2026 [4][13]. - Net profit attributable to the parent company is forecasted to decrease from 146 million CNY in 2023 to 121 million CNY in 2024, then rebound to 187 million CNY in 2025 and further to 238 million CNY in 2026 [4][13]. - Earnings per share (EPS) is expected to be 0.76 CNY in 2023, decreasing to 0.63 CNY in 2024, and then increasing to 0.98 CNY in 2025 and 1.24 CNY in 2026 [4][13]. - The return on equity (ROE) is projected to improve from 7.5% in 2023 to 11.3% in 2026 [4][13]. Market Data - The company's market capitalization is approximately 3,670 million CNY, with a share price range of 14.28 to 22.05 CNY over the past 52 weeks [7][12]. - The current share price is 19.17 CNY [12]. Production Capacity and Growth - New production capacity is expected to be released gradually, contributing to steady revenue growth. A 30,000-ton soybean protein production line is anticipated to be operational by December 2026, with an expected annual revenue of 260 million CNY [12][13].