Investment Rating - The investment rating for the company is "Accumulate" with a target price of 71.53 CNY [5][12]. Core Insights - The company is optimistic about its long-term growth potential, particularly following the launch of the third-generation high-performance CPU+NPU hybrid chip by its strategic investment, Yizhi Electronics. This product directly competes with NVIDIA's Grace series [2][12]. - The company anticipates significant revenue growth, with projected earnings per share (EPS) of 0.83 CNY, 1.19 CNY, and 1.68 CNY for the years 2025 to 2027, respectively [12][13]. - The strategic investment in Yizhi Electronics is expected to reshape the company's valuation, with a projected market capitalization of 177.48 billion CNY based on a 60x PE ratio for 2026 [12][17]. Financial Summary - Total revenue is projected to grow from 2,340 million CNY in 2023 to 4,087 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16% [4][13]. - Net profit attributable to the parent company is expected to increase significantly from 83 million CNY in 2023 to 417 million CNY in 2027, with a notable growth rate of 111.2% in 2025 [4][13]. - The company's return on equity (ROE) is projected to rise from 11.7% in 2023 to 24.2% in 2027, indicating improved profitability [4][13]. Market Data - The company's stock has a 52-week price range of 15.76 CNY to 64.13 CNY, with a current price of 59.60 CNY [6][12]. - The total market capitalization is approximately 14,787 million CNY, with a total share count of 248 million [6][12]. Business Development - The launch of the TF9000 AI CPU series marks a significant advancement in the company's product offerings, with performance improvements of 30% and cost reductions of 30% compared to previous models [17][21]. - The company is actively building an ecosystem around its AI solutions, collaborating with multiple partners to create integrated solutions in sectors such as smart healthcare and intelligent manufacturing [18][21].

Group 1 - In Q4 2025, active equity funds significantly reduced their holdings in A-shares and Hong Kong stocks, while increasing allocations in cyclical and financial value stocks, with consensus on increasing positions in non-ferrous metals and non-bank financials [5][8] - The allocation to technology showed internal differentiation, with AI hardware infrastructure being favored, while TMT, pharmaceuticals, and military industries were reduced [5][8] - The overall market capitalization of active equity funds decreased by 195.65 billion to 3.38 trillion, with stock positions dropping to 84.2%, indicating a shift towards lower valuation and improving cyclical and financial sectors [5][8] Group 2 - The industry allocation saw a comprehensive increase in cyclical financials, with significant increases in non-ferrous metals, communications, non-bank financials, machinery, and basic chemicals, while media, electronics, new energy, pharmaceuticals, and military industries were reduced [5][28] - The allocation to communication equipment was notably increased, driven by AI infrastructure investments, while most technology sectors experienced significant reductions [5][28] - In the consumer sector, essential consumption was reduced, particularly in liquor and feed, while leisure food saw a notable increase [5][28] Group 3 - In the Hong Kong market, active funds significantly reduced their allocations, with a market capitalization decrease of 86 billion to 295.2 billion, and the allocation ratio dropping to 15.6% [5][28] - The funds increased their positions in cyclical and financial sectors, such as insurance, oil, airlines, and non-ferrous metals, while reducing positions in internet and semiconductor leaders [5][28] - The issuance of funds is expected to reach an inflection point, supporting further market growth, with a high percentage of funds achieving positive returns over various time frames [5][28]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5][17]. Core Insights - The automotive sector has shown positive momentum, with the Shenwan Automotive Index rising by 3% in the past week and 9% over the past month. The new energy vehicle index increased by 2% weekly and remained flat monthly, while the automotive parts index rose by 4% weekly and 15% monthly [2][8][9]. - The domestic humanoid robot market is experiencing significant growth, with major manufacturers achieving substantial production and sales milestones. The Robotaxi industry is also advancing rapidly, with plans for large-scale deployment by companies like Cao Cao Mobility [15][16]. - The report emphasizes the importance of identifying high-value technology routes and companies with inherent advantages, particularly in the humanoid robot and automotive sectors [17]. Summary by Sections 1. Industry Weekly Market Review - The Shenwan Automotive Index increased by 3% in the week of January 16-23, 2026, and by 9% over the month. The new energy vehicle index rose by 2% weekly and remained flat monthly, while the automotive parts index increased by 4% weekly and 15% monthly [8][9]. - Notable stocks with significant gains over the past month include Chaojie Co., Hengbo Co., and Wanxiang Qianchao, while stocks with notable declines include Haima Automobile and Aolian Electronics [10][11][13]. 2. Domestic Humanoid Robots - The humanoid robot market in China is rapidly expanding, with Utree achieving over 5,500 units shipped in 2025. Other companies like Zhiyuan also reported significant production numbers, indicating a shift towards mass production [15]. 3. Robotaxi Industry Acceleration - Cao Cao Mobility plans to deploy 100,000 fully customized Robotaxis by 2030, with ongoing trials for their second-generation models. This sector is seen as a critical application for AI technology [16]. 4. Investment Strategy and Recommendations - The report suggests focusing on companies that can leverage the growing demand for humanoid robots and recommends leading firms in electric motors and reducers. It also highlights the competitive landscape for passenger vehicles and suggests companies like Great Wall Motors and BYD for long-term investment [17].

基金年报对农业维持低配，精选农业个股。 投资要点： [Table_Report] 相关报告 农业《猪价继续上涨，关注寒潮和腊月对价格影 响》2026.01.18 农业《业绩的线索》2026.01.11 农业《周期破晓见曦，成长擎画新篇》2026.01.03 农业《瑞派宠物医院递表，宠物医疗关注度提 升》2025.12.28 农业《冬至备货小高峰结束，价格先涨后跌》 2025.12.22 [Table_Industry] 农业 维持低配，β弱α强 [Table_Invest] 评级： 增持 ——2025 基金年报农林牧渔板块持仓分析 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 王艳君(分析师) | 021-38674633 | wangyanjun2@gtht.com | S0880520100002 | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 巩健(分析师) | 021-23185702 | gongjian@gtht.com ...

Investment Rating - The report assigns an "Overweight" rating to the computer industry [5][13]. Core Insights - As of Q4 2025, institutional holdings in the computer sector have decreased to 2.1%, down 1.1 percentage points from Q3, marking a historical low. This level is only slightly above the 2.0% recorded in Q2 2022. There is significant potential for increase as the current holdings are far below the highs of over 6% seen in 2020 and 2023, and well below the 12% level in 2015 [3][5][7]. - The report highlights that institutions are increasing their positions in sub-sectors such as AI applications and commercial aerospace, while still heavily invested in large models, intelligent computing, and domestic innovation [5][7]. - The top ten companies by number of institutional holders in Q4 2025 include Kingsoft Office, Southern Power Digital, iFlytek, Inspur Information, and others. In terms of market value, Kingsoft Office leads with 139 billion, followed by iFlytek with 108 billion [7][8]. Summary by Sections - **Institutional Holdings Analysis**: The report details that institutional holdings in the computer industry have fluctuated significantly over the past five years, with a notable rise to 6.2% in late 2022, followed by a decline to 2.1% in Q4 2024. The report emphasizes the potential for recovery given the historical context [5][6][7]. - **Sector Performance**: The report indicates that the computer sector is currently underweight, with a significant gap from previous highs, suggesting a favorable environment for future investment [5][6]. - **Key Companies**: The report lists the top ten companies by institutional holdings, noting changes in the composition of these holdings compared to Q3 2025, with new entries and exits among the top firms [7][8].

Investment Rating - The report assigns an "Accumulate" rating for the robotics industry [4]. Core Insights - Major overseas players are deepening their strategies, with OpenAI entering the robotics field and embodied intelligence accelerating in Europe. In China, new products and operational scenarios are flourishing, leading to breakthroughs in both production scale and data elements. The investment and financing market is robust, with expansions in the robotics supply chain and production capacity [2]. Summary by Sections Industry News and Company Dynamics - Optimus is already operational in factories and is expected to begin consumer sales by the end of 2027. CEO Elon Musk confirmed this timeline at the World Economic Forum in Davos, stating that several units are currently performing simple tasks and will be ready for more complex operations soon [6]. - UTree Technology announced that it exceeded 5,500 units in actual sales of humanoid robots for 2025, with over 6,500 units produced. The company clarified that this figure refers to actual sales delivered to end customers [7]. Investment Dynamics - The financing demand in the robotics sector is increasing, with Skild AI raising approximately $1.4 billion in funding led by SoftBank and NVIDIA, focusing on developing a general-purpose robotic "brain" [9]. - Zhejiang Human Robot Innovation Center completed a Pre-A round financing of 450 million yuan, with a strong lineup of investors, aimed at advancing core technologies and scaling production [9]. Investment Recommendations - The report suggests focusing on both complete robotics manufacturers and core component suppliers. Recommended companies include: 1. Actuators and Motors: Zhaowei Electromechanical, with related companies Mingzhi Electric and Jiechang Drive. 2. Reducers: Recommended companies include Ruidi Zhichu and Haoneng Co., Ltd. 3. Lead Screws: Recommended company Hengli Hydraulic, with related companies including Zhejiang Rongtai and Best. 4. Equipment for Lead Screws: Recommended company Qin Chuan Machine Tool, with related companies including Rifa Precision and Huachen Equipment. 5. Bearings: Recommended company Longxi Co., Ltd. 6. Sensors: Recommended companies include Donghua Testing and Anpeilong, with related companies like Lingyun Co., Ltd. 7. Complete Machines: Related companies include Ubtech and Yijiahe [10][12].

总资产迈上 3 万亿，营收增速突破 10% 南京银行(601009) 南京银行 2025 年业绩快报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 李润凌(分析师) | 021-23183283 | lirunling@gtht.com | S0880525120003 | 本报告导读： 南京银行发布 2025 年业绩快报，营收增速突破 10%，利润增速维持 8%+，ROE 水 平 12.0%。总资产迈上 3 万亿，零售 AUM 迈上 1 万亿。资产质量指标保持稳定。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 45,160 | 50,273 | 55,567 | 60,637 | 66, ...

财富管理热度延续，全年营收增速转正 招商银行(600036) 招商银行 2025 年业绩快报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 刘源(分析师) | 021-38677818 | liuyuan2@gtht.com | S0880521060001 | 本报告导读： 招商银行 2025 年营收增速转正，归母净利润增速逐季回升，25Q4 存贷款增长提前 布局，财富管理热度延续。维持目标价 55 元，维持增持评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 339,123 | 337,488 | 337,523 | 345,593 | 358,170 | | (+/-)% | -1 ...

- The report highlights the performance of the quantitative stock portfolios, including the CSI 300 enhanced portfolio, which achieved a weekly excess return of 2.16% and a cumulative excess return of 5.70% in 2026[1][15][14] - The CSI 500 enhanced portfolio recorded a weekly excess return of 0.38% and a cumulative excess return of -1.98% in 2026[15][14][17] - The CSI 1000 enhanced portfolio achieved a weekly excess return of 0.96% and a cumulative excess return of 1.56% in 2026[15][14][24] - The PB-Earnings optimized portfolio delivered a weekly excess return of 4.05% and a cumulative excess return of 3.64% in 2026[30][31][32] - The GARP portfolio achieved a weekly excess return of 5.85% and a cumulative excess return of 8.81% in 2026[33][34] - The Small-cap Value Optimized Portfolio 1 recorded a weekly excess return of -0.75% and a cumulative excess return of -1.42% in 2026[35][36] - The Small-cap Value Optimized Portfolio 2 achieved a weekly excess return of 0.70% and a cumulative excess return of 2.23% in 2026[37][38] - The Small-cap Growth Portfolio delivered a weekly excess return of -0.24% and a cumulative excess return of -0.57% in 2026[39][40] - Style factors showed that small-cap stocks outperformed large-cap stocks, and low valuation stocks outperformed high valuation stocks. The market capitalization factor achieved a weekly multi-long-short return of 2.83%, while the PB factor and PE_TTM factor achieved 1.05% and 0.71%, respectively[42][43][45] - Technical factors indicated positive contributions from turnover rate factors, while reversal and volatility factors showed negative returns. The turnover rate factor achieved a weekly multi-long-short return of 0.48%, while reversal and volatility factors recorded -2.05% and -0.98%, respectively[46][48][49] - Fundamental factors demonstrated positive returns from SUE and adjusted net profit expectation factors. The SUE factor achieved a weekly multi-long-short return of 0.82%, while adjusted net profit expectation factors recorded 0.47%. ROE factors showed a negative return of -0.67%[50][51][52]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55 CNY [2][6]. Core Insights - The company's revenue growth turns positive in 2025, with net profit growth recovering quarter by quarter. The bank is proactively positioning its loan and deposit growth for Q4 2025, and the enthusiasm for wealth management continues [2][12]. - By the end of Q4 2025, the total assets of the bank exceed 13 trillion CNY, with loans and deposits growing ahead of schedule, laying a solid foundation for interest income in the new year [12]. - The wealth management business shows strong performance, with retail AUM reaching 16.6 trillion CNY by the end of Q3 2025, a 7.4% increase from the beginning of the year, outpacing industry averages [12]. Financial Summary - **Revenue**: - 2023A: 339,123 million CNY - 2024A: 337,488 million CNY - 2025E: 337,523 million CNY - 2026E: 345,593 million CNY - 2027E: 358,170 million CNY - Revenue growth rates: 2025E shows 0.0% growth, with subsequent years projected at 2.4% and 3.6% [4][13]. - **Net Profit (Attributable to Parent)**: - 2023A: 146,602 million CNY - 2024A: 148,391 million CNY - 2025E: 150,186 million CNY - 2026E: 155,459 million CNY - 2027E: 162,555 million CNY - Net profit growth rates: 2025E shows 1.2% growth, with 3.5% and 4.6% in the following years [4][13]. - **Key Ratios**: - Return on Equity (ROE): 2025E at 12.2%, declining to 11.7% by 2027E [4]. - Price-to-Book Ratio (P/B): 2025E at 0.86, decreasing to 0.73 by 2027E [4]. Market Data - The bank's market capitalization is approximately 945,744 million CNY, with a total share capital of 25,220 million shares [7]. - The stock price has fluctuated between 37.50 CNY and 48.24 CNY over the past 52 weeks [7].