本周全球焦点在美联储，其行为表现为一"不动"和一"动"，"不动"之处在于 FOMC 暂停降息，但是表态略微偏鹰，资产价格开始调整，其后一"动"在于美联储新主 席落地，"沃什时刻"导致贵金属为代表的市场大幅调整，但我们认为其只是短期市 场过度炒作后调整的导火索，而非根本原因，黄金等价格调整后或仍有支撑。 投资要点： 宏观研究 /[Table_Date] 2026.02.01 | | 0755-23976659 | | --- | --- | | | wanghao8@gtht.com | | 登记编号 | S0880521120002 | | | 梁中华(分析师) | | | 021-23219820 | | | liangzhonghua@gtht.com | | 登记编号 | S0880525040019 | 宏 观 研 究 [Table_Report] 相关报告 "沃什时刻"是导火索，而非根本原因 [Table_Authors] 汪浩(分析师) ——海外经济政策跟踪 本报告导读： 周 报 [Table_Summary] 本周（2026.1.26-2026.2.1），美联储的政策表态与人事任命成为全 球焦点 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The cleanroom market is expanding due to increased investment in high-tech industries, benefiting companies like Yaxiang Integration, with related companies including Shenghui Integration and Bocheng Co., Ltd. [3][4] - The real estate market is showing signs of marginal improvement, with significant potential for transformation and development [5] Summary by Sections Cleanroom Industry - The growth in high-tech industry investments is driving the expansion of the cleanroom market, with Micron Technology planning to invest $24 billion in a NAND factory in Singapore over the next decade, which will include 700,000 square feet of cleanroom space [4] - The World Semiconductor Trade Statistics (WSTS) predicts a 26.3% increase in the global semiconductor market by 2026, reaching $975 billion, further supporting the cleanroom industry's growth [4] - Yaxiang Integration's parent company reported a consolidated revenue of NT$9.5 billion (approximately RMB 2.1 billion) in December, a year-on-year increase of 165.2% [4] Real Estate Market - The Central Economic Work Conference in December 2025 emphasized stabilizing the real estate market through targeted policies, including controlling inventory and encouraging the acquisition of existing properties for affordable housing [5] - An article published on January 2, 2026, highlighted the importance of managing expectations in the real estate market, which has significant financial asset attributes and broad social implications [5] Recommended Companies - The report recommends Yaxiang Integration for the cleanroom sector, with related companies including Bocheng Co., Ltd. and Shenghui Integration [7] - Other sectors recommended include commercial aerospace, controllable nuclear fusion, and renewable energy, with specific companies highlighted for each sector [7]

股票研究 /[Table_Date] 2026.02.01 持仓略有提升，焦炭第一轮提价 [Table_Industry] 煤炭 煤炭行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 黄涛(分析师) | 021-38674879 | huangtao@gtht.com | S0880515090001 | | 王楠瑀(分析师) | 021-38032030 | wangnanyu@gtht.com | S0880525070029 | | 邓铖琦(分析师) | 010-83939825 | dengchengqi@gtht.com | S0880523050003 | 本报告导读： 我们认为煤炭板块周期底部已经确认在 25Q2，供需格局已经显现了逆转拐点，下行 风险充分释放。 投资要点： [Table_Report] 相关报告 煤炭《Q4 基金持仓持续回升，板块拐点确认》 2026.01.30 煤炭《地产政策多部门联动稳预期，非电需求有 望修复》2026.01.25 煤炭《国泰海通煤炭行业基本面数据库大全 20260 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][2] - The target price is set at 29.03 CNY per share [5][2] Core Insights - The company is expected to see a recovery in revenue and profit in 2026, despite short-term performance pressures [2] - The decline in profit for Q4 2025 has narrowed, indicating potential stabilization [2] - The company anticipates a significant drop in net profit for 2025, with estimates ranging from 308 million to 320 million CNY, reflecting a year-on-year decline of 62.33% to 64.68% [11] Financial Summary - Total revenue for 2023 is reported at 6,806 million CNY, with a slight decline of 1.1% [4] - Net profit attributable to shareholders for 2023 is 803 million CNY, down 17.8% [4] - Earnings per share (EPS) for 2023 is 1.59 CNY, with projections for 2025 at 0.61 CNY and 1.29 CNY for 2026 [4] - The return on equity (ROE) for 2023 is 14.5%, expected to drop to 5.4% in 2025 before recovering to 11.1% in 2026 [4] - The price-to-earnings (P/E) ratio is projected to be 37.62 for 2025 and 17.73 for 2026 [4] Market Data - The company's market capitalization is 11,574 million CNY [6] - The stock has traded within a range of 20.96 to 27.82 CNY over the past 52 weeks [6] - The current stock price is 22.88 CNY [5] Future Outlook - The company is expected to benefit from a later Chinese New Year in 2026, positively impacting Q1 sales [11] - New product developments, particularly in the konjac product line, are anticipated to drive growth [11] - The snack wholesale channel has shown rapid sales growth, exceeding 90 million CNY in September 2025 [11]

Investment Rating - The industry investment rating is "Increase Holding" [6][13]. Core Insights - The real estate market is expected to stabilize, creating opportunities for recovery in the real estate supply chain, with a focus on key home appliance companies' annual report forecasts [2][6]. - Key home appliance companies are showing significant profit growth, with notable increases in net profits for companies like Ecovacs and Ninebot, while others like Roborock are experiencing declines [3][4][6]. Summary by Relevant Sections Key Home Appliance Company Forecasts - Ecovacs is projected to achieve a net profit of 1.7-1.8 billion yuan in 2025, representing a year-on-year increase of 111%-123% [3]. - Ninebot expects a net profit of 1.67-1.85 billion yuan in 2025, a year-on-year increase of 54%-71% [3]. - Roborock anticipates a net profit of no less than 1.34 billion yuan in 2025, a year-on-year decrease of 31% [3]. - Anfu Technology forecasts a net profit of 220-250 million yuan in 2025, a year-on-year increase of 29%-51% [3]. - TCL Electronics expects an adjusted net profit of 2.33-2.57 billion HKD in 2025, a year-on-year increase of 45%-60% [4]. - Beiding Co. anticipates a revenue of 950 million yuan in 2025, a year-on-year increase of 26% [4]. Investment Recommendations - The report recommends increasing holdings in companies such as Midea Group, Haier Smart Home, TCL Electronics, and Hisense Visual, which are expected to perform well due to stable operations and high dividends [6][7]. - The report highlights the potential for smart home appliances to drive growth, particularly for leading robotic vacuum companies like Roborock and Ecovacs [6]. - Companies like Ninebot and Anfu Technology are noted for their stable performance and upward potential, making them attractive investment options [6].

Investment Rating - The industry investment rating is "Overweight" [5][6]. Core Insights - The weekly average price of liquid oxygen and nitrogen has slightly increased, while the price of liquid argon continues its significant year-on-year upward trend. Rare gases are experiencing low-level fluctuations [2][5]. - Hangyang Group has won a bid for a nitrogen production equipment project at a refinery in West Africa, which is the largest refining project in the region with an annual crude oil processing capacity of 10 million tons and a total investment of approximately $6 billion [2][5]. - The successful trial operation of a high-pressure CO2 compressor by ShanGu CCS marks a significant breakthrough in key technology equipment for carbon capture and storage (CCS) in China [2][5]. Price Trends - As of January 29, 2026, the weekly price data for gases is as follows: 1. Liquid Oxygen: Average price of 336 CNY/ton, up 0.9% month-on-month, down 0.6% year-on-year 2. Liquid Nitrogen: Average price of 364 CNY/ton, up 0.5% month-on-month, up 2% year-on-year 3. Liquid Argon: Average price of 1104 CNY/ton, down 3.83% month-on-month, up 144.83% year-on-year 4. Rare Gases: High-purity helium gas (cylinder): Average price of 80.21 CNY/cubic meter, down 5.32% month-on-month, down 17.85% year-on-year [5][6]. Industry Operating Rates - The average weekly operating load rate for China's industrial gas sector is 66.73%, a decrease of 1.88 percentage points month-on-month [4][9]. Recommended Stocks - Recommended stocks include Hangyang Co., Ltd. and ShanGu Power, with related stocks being Fostar and Zhongtai Co., Ltd. [5][6].

资产概览：沃什交易逆转美元与黄金走势 [Table_Authors] 方奕(分析师) ——资产配置全球跟踪 2026 年 2 月第 1 期 本报告导读： 01/26-01/30，沃什获提名概率飙升引发市场短期"沃什交易"，呈现"美元涨+黄金跌 +长端美债跌"的资产格局。原油领涨。韩国 KS11 与 KOSDAQ 年内涨幅破 20%。 略 投资要点： 策略研究 /[Table_Date] 2026.02.01 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 郭佼佼(分析师) | | | 021-38031042 | | | guojiaojiao2@gtht.com | | 登记编号 | S0880523070002 | [Table_Report] 相关报告 成交活跃度上升，上证 50 估值领涨 2026.02.01 2025A 业绩预告情况跟踪（2026.01.28） 2026.01.29 ETF 资金大幅流出，主动外资流入边际抬升 2026.01.27 资产概览：国际金银价格刷新历史 ...

Investment Rating - The report rates the military industry as "Overweight" [4] Core Insights - The military sector is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and modernizing national defense [7][8] - The military industry index fell by 7.60% from January 26 to January 31, underperforming the broader market by 7.16 percentage points, ranking 29th out of 29 sectors [12][13] - The training program for the Fujian aircraft carrier is progressing smoothly, with expectations that it will be capable of entering the Pacific for long-range training by 2026 [8][9] Summary by Sections Investment Highlights - The military industry is experiencing a downturn, but the Fujian aircraft carrier's training plan is advancing as scheduled [8] - The report highlights several companies for investment, including: 1. Assembly: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, Aero Engine Corporation of China, and High-Tech Infrared 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, and Unisplendour 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobo Electronics, AVIC Avionics, North Navigation, and Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-Tech, Western Materials, Aviation Materials, Hanya Technology, Guangwei Composite, Filihua, Huayin Technology, and Plit [9][10] Market Review - The military industry index underperformed the market, with a decline of 7.60% compared to a 0.44% drop in the Shanghai Composite Index and a 0.09% drop in the ChiNext Index [12][13] - The best-performing index was the China Securities National Security Index, which fell by 6.21% [14] - The defense information technology sector showed better performance, with notable gains from stocks like *ST Chengchang (+15.48%) and Western Materials (+13.02%) [16][21] Major News in the Military Industry - International tensions are escalating, with the U.S. increasing military presence in the Middle East amid rising tensions with Iran and threats from Houthi forces [25][26] - The Russian military has conducted airstrikes on Ukrainian energy infrastructure, resulting in injuries and power outages across multiple regions [26] - The report notes that the Fujian aircraft carrier is on track to achieve operational capabilities by 2026, which is seen as a positive development for China's naval capabilities [28]

股票研究 /[Table_Date] 2026.02.02 鹰派扰动，价格巨震 [Table_Industry] 有色金属 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 刘小华(分析师) | 021-38038434 | liuxiaohua@gtht.com | S0880523120003 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | | 梁琳(分析师) | 021-23185845 | lianglin@gtht.com | S0880525070014 | | 李阳(分析师) | 021-23185618 | liyang7@gtht.com | S088052504 ...

Investment Rating - The report rates the military industry as "Overweight" [4] Core Insights - The military sector is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and advancing the modernization of national defense and armed forces [7][8] - The military industry index fell by 7.60% from January 26 to January 31, underperforming the broader market by 7.16 percentage points, ranking 29th out of 29 sectors [12][13] - The training plan for the Fujian aircraft carrier is progressing smoothly, with expectations that it will be capable of entering the Pacific for long-range training by 2026 [8][9] Summary by Sections Market Review - The military sector experienced a decline of 7.60%, significantly underperforming the Shanghai Composite Index, which fell by 0.44% [12][13] - The China Securities National Security Index performed the best among military indices, with a decline of 6.21%, ranking 1st out of 10 [14][18] - The defense information technology sector showed better performance, with notable gains from stocks like *ST Chengchang (+15.48%) and West Materials (+13.02%) [16][21] Major News in the Military Industry - International tensions are escalating, with the U.S. increasing military presence in the Middle East amid rising tensions with Iran, and the Houthis threatening shipping in the Red Sea [25][26] - The Russian military conducted airstrikes on Ukrainian energy infrastructure, resulting in injuries and power outages across multiple regions [26] - The Chinese Ministry of Defense confirmed the successful training progress of the Fujian aircraft carrier, which is expected to enhance its operational capabilities by 2026 [28][30] Investment Recommendations - Recommended stocks include: 1. Assembly: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, Aero Engine Corporation of China, and High-Def Infrared 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, and Unisoc 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobo Electronics, AVIC Onboard, Northern Navigation, and Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-Tech, Western Materials, Aviation Materials, and Huayin Technology [9][10]