股票研究 /[Table_Date] 2026.02.01 多家种企业绩回升，看好种植景气回升 | [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 | S0880525040051 | 本报告导读： 养殖：业绩预告公告完毕，四季度生猪养殖普遍亏损。种植：种子公司业绩回升， 看好种植板块景气上行。宠物: 乖宝品牌抖音销售排名靠前，看好年后展会催化。 投资要点： [种植： Table_Summary] 多家种子公司业绩回升，看好种植板块景气上行。 多家种子公司发布业绩预告，登海种业归母净利润拟增长 62%-80%， 隆平高科拟增长 14%-67%，大北农的种子业务也实现净利润增长， 荃银 ...

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [4]. Core Insights - Recent technological breakthroughs in humanoid robotics have been significant, with Figure launching the Helix 02 model and Tesla announcing plans for mass production of Optimus V3 by the end of 2026 [2][4]. - The report emphasizes the acceleration of industry implementation, highlighting the establishment of domestic testing platforms and the introduction of unique robot models [2]. Summary by Sections Industry News and Company Developments - Figure has released the Helix 02 model, achieving a breakthrough in full-body autonomous control, capable of performing 61 continuous actions and various precise operations [6]. - Tesla's Optimus V3 is set to debut in Q1 2026, with plans for mass production by the end of 2026, supported by a $20 billion investment for production line upgrades [8]. - Richtech Robotics is collaborating with Microsoft to enhance the ADAM robot into a new intelligent agent, integrating computer vision and voice interaction capabilities [8]. - The first humanoid robot testing platform in Beijing has been launched, with an annual production capacity of 5,000 units [11]. - The world's first "Chengdu-made" panda humanoid robot, J-PANDA, was unveiled, showcasing advanced motion capabilities [14]. Investment Recommendations - The report suggests focusing on both complete robot manufacturers and core component suppliers, including: 1. Actuators and motors: Recommended companies include Zhaowei Electromechanical, with related companies like Weichuang Electric and Boke Co [16]. 2. Reducers: Key companies include Lide Harmony and Blue Dai Technology [16]. 3. Screw components: Recommended company is Hengli Hydraulic, with others like Zhejiang Rongtai and Best Technology [16]. 4. Equipment: Recommended companies include Tsugami Machine Tool China and Bozhong Precision [16]. 5. Sensors: Recommended companies include Amperon and Hanwei Technology [16]. 6. Joints and hinges: Recommended company is Changying Precision [16]. 7. Structural components: Related company is Ningbo Huaxiang [16]. 8. Complete machines: Related companies include UBTECH and Hangcha Group [16]. Financing Dynamics - The humanoid robotics sector is experiencing increased investment activity, with Zhejiang Humanoid Robotics Innovation Center completing a 450 million yuan Pre-A round financing [14]. - The subsidiary of Zhi Yuan Ling Qiao has successfully completed two rounds of financing, focusing on dexterous operations in robotics [14]. - Shandong Future Robotics has also secured several hundred million yuan in B round financing, attracting notable institutional investors [14].

"做陡曲线"还是"宏观对冲"，基金参与国债期货的两面 [Table_Authors] 唐元懋(分析师) 2025 基金投资国债期货拆解 本报告导读： 中长期纯债基金的"做陡曲线"策略与混合二级债基的"宏观对冲"策略分化明 显。 投资要点： 债券研究 /[Table_Date] 2026.02.01 | | 0755-23976753 | | --- | --- | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | | | 孙越(分析师) | | | 021-38031033 | | | sunyue6@gtht.com | | 登记编号 | S0880525080004 | [Table_Report] 相关报告 如何理解 ONRRP 类工具与双向隔夜回购 2026.01.30 承接"存款搬家"，理财投了什么，收益如何 2026.01.30 债券 ETF 规模跃升之后：业绩归因、策略优化与 未来挑战 2026.01.29 强者恒强，关注业绩筑底走向 2026.01.27 配置力度不减，高久期偏好更趋明确 2026.01.27 证 券 研 究 报 告 请务 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The upcoming Spring Festival is expected to see record-high passenger transport volumes in civil aviation [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in online travel agencies (OTAs) [4]. - The report suggests selecting short-term outperformers in the gold market, as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Industry Updates - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, urging local governments to enhance policy design and support measures [4]. - As of January 29, 2026, domestic flight ticket bookings for the Spring Festival exceeded 7.16 million, with a daily average increase of approximately 16% year-on-year [4]. - Retail sector insights indicate a 3% to 5% contraction in China's personal luxury goods market in 2025, showing signs of recovery compared to a significant decline in 2024 [4]. Company Performance Forecasts - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, representing a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. forecasts a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - The report includes various companies with "Accumulate" ratings, such as Zhou Dafu, Cai Bai Co., and others, with detailed profit forecasts and valuation metrics [5].

股 票 研 究 股票研究 /[Table_Date] 2026.02.01 Robotaxi 实现无人运营，Optimus 量产加速布局 特斯拉(TSLA.O) ——特斯拉 FY25Q4 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 秦和平(分析师) | 0755-23976666 | qinheping@gtht.com | S0880523110003 | | 龚浩(研究助理) | 021-23183306 | gonghao2@gtht.com | S0880125090016 | 本报告导读： 储能拉动业绩亮点，汽车毛利率持续回升。Robotaxi 无安全员运营启动，商业化进 程加速。 Optimus 量产布局提速，2026 年 CapEx 大幅增长。 投资要点： | 财务摘要(百万美元) | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 97,690 | 94,827 | 106 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [5]. Core Insights - The company is a leading domestic producer of wood-based activated carbon and is expanding its business into the Americas [2]. - The company has a robust production capacity, with annual production and sales scaling from 500 tons at inception to over 140,000 tons currently, maintaining the top position in the industry for several consecutive years [20]. - The company is actively pursuing a project to build a production line for 2,000 tons of porous carbon, which is expected to become a new growth driver [12][20]. - The acquisition of a 49% stake in Clarimex from Norit for $25.56 million is aimed at establishing a foothold in the American market [12][20]. Financial Summary - Total revenue is projected to be 2,015 million in 2023, with a slight decline to 1,883 million in 2024, followed by a recovery to 2,346 million by 2027 [4]. - Net profit attributable to shareholders is expected to rise from 237 million in 2023 to 317 million in 2027, with a notable increase of 19.9% in 2024 [4]. - Earnings per share (EPS) is forecasted to be 0.65 in 2023, increasing to 0.87 by 2027 [4][18]. Target Price - The target price for the company is set at 19.20, based on a 24x valuation for 2026, reflecting a price-to-book (PB) ratio of 1.87 [18]. Market Position - The company operates seven production bases across key regions in China, ensuring a comprehensive supply chain and market reach [20]. - It has a diverse product portfolio, including over a hundred specifications of activated carbon products, catering to various industries such as food, pharmaceuticals, and environmental protection [22]. Innovation and R&D - The company emphasizes technological innovation and has established a strong R&D capability, holding numerous patents and being recognized as a national high-tech enterprise [21]. - It has developed advanced production technologies that enhance efficiency and reduce environmental impact, positioning itself as a leader in the industry [21].

Group 1 - The current credit bond market is transitioning from a phase of continuous recovery to a phase of oscillation and convergence, with marginal momentum weakening [7][8] - The overall yield of credit bonds is stabilizing, supported by configuration demand, and the credit spread is expected to return to a narrow oscillation range [8] - The investment strategy should focus on coupon income, particularly targeting 2-3 year maturity bonds while maintaining controllable credit quality to seek excess returns [8] Group 2 - In the primary market, net financing for credit bonds remained stable, with a total issuance of 2,945 billion yuan and a net financing of 1,497.8 billion yuan, which is similar to the previous week [11] - In the secondary market, trading volume decreased to 8,813.3 billion yuan, down by 498.47 billion yuan from the previous week, indicating a contraction in trading activity [14] - The yield on 3-year AAA medium-term notes decreased by 0.05 basis points to 1.85%, while AA+ and AA medium-term notes saw declines of 2.05 and 4.05 basis points, respectively [14][15] Group 3 - The credit rating adjustments included seven issuers with upgrades, indicating a positive trend in credit quality among certain entities [11] - The market is witnessing a notable increase in trading activity for mid-to-high grade real estate bonds following the approval of Vanke's domestic bond extension plan [8][11] - The valuation recovery opportunities for central state-owned and local state-owned enterprise bonds within a two-year maturity are worth monitoring due to previous sentiment impacts [8]

股 票 研 究 继峰股份公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 房乔华(分析师) | 021-23185699 | fangqiaohua@gtht.com | S0880525040065 | 本报告导读： 继峰股份发布 2025 年业绩预告，预计 2025 年归母净利润 41,000 万元到 49,500 万 元，实现扭亏为盈，我们认为公司在经过多年整合后欧洲经营成本显著下降，同时 乘用车座椅业务规模效应显现，盈利能力大幅增长，公司有望迎来业绩释放的拐点。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 21,571 | 22,255 | 23,615 | 27,590 | 3 ...

Investment Rating - The report assigns an "Overweight" rating to the industry [2] Core Insights - The report highlights that the liquor sector is experiencing increased sales and rising prices, with the snack and dairy segments expected to benefit from pre-Spring Festival stocking [4] - The investment strategy focuses on growth as the main line, emphasizing opportunities arising from supply and demand clearing [10] - Key recommendations include selecting stocks with price elasticity and those expected to clear inventory, as well as identifying beverage and snack companies poised for growth [10][11] Summary by Sections Investment Recommendations - The report suggests focusing on stocks with price elasticity such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, along with potential inventory clearance stocks like Yingjia Gongjiu and Shanxi Fenjiu [10] - Beverage companies benefiting from favorable travel conditions are recommended, including Dongpeng Beverage and Nongfu Spring [10] - For snacks and food raw materials, companies like Bailong Chuangyuan and Three Squirrels are highlighted [10] Liquor Sector Insights - The liquor sector is seeing a surge in sales as the Spring Festival approaches, with Moutai's price rising significantly, indicating a recovery in demand [11] - The report notes that the liquor market is currently at a cyclical bottom, with expectations for a peak in sales around February [12] - It anticipates a gradual stabilization in sales and inventory reduction in the liquor industry, with a focus on balancing volume and price [13] Consumer Goods Insights - The report predicts a peak in stocking demand for snacks and dairy products in January 2026, benefiting from a lower base compared to the previous year [14] - It notes a decrease in the allocation of food and beverage stocks in Q4 2025, with an increase in allocation for snack and dairy sectors [15] Profit Forecasts and Valuations - The report includes a detailed table of profit forecasts and valuations for key stocks, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for various companies [17]

Investment Rating - The report assigns an "Overweight" rating for the photovoltaic equipment industry, indicating a projected performance that exceeds the Shanghai and Shenzhen 300 Index by more than 15% over the next 12 months [4][12]. Core Insights - The report highlights that as SpaceX advances its satellite launches and related in-orbit applications, the trend of exploring orbital AI data centers is becoming evident. Photovoltaics are expected to gain more application opportunities in the construction of these data centers, benefiting related photovoltaic equipment manufacturers [2][4]. - The demand for photovoltaic solutions is anticipated to grow due to the increasing computational power requirements for data centers, shifting the logic of ground photovoltaic installations from power-driven to computation-driven [4]. - Key companies in the photovoltaic equipment sector are actively exploring opportunities in space photovoltaics, with notable advancements in technology and production capabilities [4]. Summary by Sections Investment Recommendations - The report recommends specific companies across different segments of the photovoltaic equipment industry: - **Cell Segment**: Recommended companies include Maiwei Co., Jiejia Weichuang, Laplace, and Dier Laser [4]. - **Module Segment**: Recommended company is Aotewei, with ST Jingji as a related company [4]. - **Wafer Segment**: Related companies include Gaoce Co., Jingsheng Mechanical & Electrical, Liancheng CNC, and Shuangliang Energy [4]. Company Profit Forecasts - The report provides earnings per share (EPS) forecasts for key companies in the industry: - **Maiwei Co.**: EPS forecast of 0.7 CNY for 2024, increasing to 1.3 CNY by 2026, with a PE ratio decreasing from 96.8 to 74.2 [5]. - **Aotewei**: EPS forecast of 4.0 CNY for 2024, remaining stable at 2.0 CNY for 2025 and 2026, with a PE ratio decreasing from 48.6 to 42.2 [5]. - **Jiejia Weichuang**: EPS forecast of 0.5 CNY for 2024, increasing to 0.9 CNY by 2026, with a PE ratio increasing from 16.9 to 33.9 [5]. - **Laplace**: EPS forecast of 0.7 CNY for 2024, increasing to 1.3 CNY by 2026, with a PE ratio decreasing from 33.6 to 25.5 [5]. - **Dier Laser**: EPS forecast of 1.9 CNY for 2024, increasing to 2.4 CNY by 2026, with a PE ratio decreasing from 36.8 to 27.0 [5].