[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 联瑞转债定价：首日转股溢价率 43%~48% ---东北固收转债分析 报告摘要： [Table_Summary] 1 月 6 日，联瑞新材公告拟于 2026 年 1 月 8 日通过网上发行可转债，公 司本次计划发行可转换公司债券募集资金总额不超过 6.95 亿元。本次发 行募集资金扣除发行费用后，2.55 亿元拟用于高性能高速基板用超纯球 形粉体材料项目，项目总投资 4.23 亿元，2.4 亿元拟用于高导热高纯球 形粉体材料项目，项目总投资 3.88 亿元，2 亿元拟用于补充流动资金。 联瑞转债发行方式为优先配售，网上发行，债项和主体评级 AA。发行规 模为 6.95 亿元，初始转股价格为 63.55 元，参考 1 月 14 日正股收盘价格 60.57 元，转债平价 95.31 元，参考同期限同评级中债企业债到期收益率 （1 月 14 日）为 2.54%，到期赎回价 110 元，计算纯债价值为 97.77 元。 博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30，130%） 正常、回售条款（3 ...

[Table_Title] 证券研究报告 / 行业动态报告 [Table_Info1] 银行 [Table_Date] 发布时间：2026-01-15 [Table_Invest] 优于大势 家庭资配视角：日本存款也搬家了吗？ 报告摘要： 我们考察了日本 1990 年以后在房价大幅下行、存款利率持续走低的 背景下，居民家庭资产配置结构的变化。结论是：影响居民家庭资产配 置的核心因素是风险收益比。当居民的风险厌恶情绪上升时，即便是存 款利率持续下行，存款和现金在家庭资产配置中的比例仍会上行。虽然 短期内股市的涨跌会导致股权投资占比波动，安全资产和风险资产之间 流量波动。但是长期看，现金和存款的占比变化较小，并未出现存款和 现金系统性搬向其他风险资产的迹象。2008 年金融危机以后，地产价格 指数回升，带动股市上行，权益投资占家庭资产比例上行，但养老金和 保险占比镜像下行，存款和现金占比仍然维持不变。 （1）我们认为居民家庭财富配置行为符合"Merton 规则"。配置一 项风险资产的比例，不只取决于预期收益率，而是该项资产相对于无风 险利率超额收益、风险大小以及家庭的风险厌恶系数。风险溢价越高、 风险越小、家庭风 ...

RC148 数据优异，BD 交易超预期，看好公司长期发展前景 事件： [Table_Summary] 公司宣布与艾伯维就 PD-1/VEGF 双抗药物 RC148 签署独家授权许可协 议。艾伯维将获得 RC148 在大中华区以外地区的独家开发、生产和商业 化权利。公司将收到 6.5 亿美元的首付款，里程碑金额最高达 49.5 亿美 元，以及在大中华区以外地区净销售额的两位数分级特许权使用费。 点评： RC148 成药可能性高，最新披露数据疗效与安全性表现优异。2025 ESMO-IO 会议上，RC148 单药及联合方案（1L 或 2L）治疗 NSCLC 的 Ⅰ/Ⅱ期临床研究（NCT06016062）数据以壁报形式正式发布，一线单药 治疗 NSCLC 具有较强的抗肿瘤活性，二线联合疗效亦显著超越现有标 准治疗。①Phase 1 单药阶段：纳入 PD-L1 阳性 NSCLC 患者（1L）22 例，RC148 单药（20 mg/kg），Q3W。在疗效可评估人群中，ORR 达 61.9%， DCR 为 100%；各亚组均观察到疗效获益，PD-L1 高表达患者的 ORR 达 77.8%；中位随访时间约 7 个月，mPF ...

Core Insights - The report emphasizes that the Chinese medical device industry is transitioning from rapid domestic growth to a more stable development phase, driven by increasing pressure from medical insurance funding and comprehensive payment reforms. As a result, "going global" has become a strategic necessity for advanced domestic manufacturers [2][3] - The report highlights that the Chinese medical device sector has developed the hard power necessary for global competition, with high-end equipment and high-value consumables rapidly establishing their presence in global supply chains. The increasing share of overseas revenue will become a core indicator of growth and valuation for medical device companies [2][3] Group 1: Market Growth and Strategic Shifts - The medical device market is expected to reach CNY 941.7 billion by 2024 and CNY 1,813.4 billion by 2035, with a CAGR of 6.14% from 2024 to 2035. The global market is projected to grow from USD 623 billion in 2024 to USD 1,157.6 billion by 2035, with a CAGR of 5.80% [17] - Domestic companies are accelerating their international expansion due to internal pressures, including the impact of centralized procurement policies that have significantly reduced prices in the domestic market [21][22] Group 2: International Expansion and Challenges - The report notes that many domestic high-value consumables are gaining FDA and CE certifications, indicating a growing international recognition of Chinese manufacturing capabilities. This trend is particularly evident in Southeast Asia and South America, where companies are gaining experience before tackling more stringent markets like the EU and the US [3][4] - The report discusses various patent disputes faced by Chinese companies during their international expansion, highlighting the challenges of overcoming established international competitors' patent barriers. This includes cases involving major companies like Mindray and Times Angel [27][28] Group 3: Product Categories and Market Dynamics - High-end medical devices, such as imaging equipment and surgical robots, are leading the charge in international markets, with companies like United Imaging and Mindray making significant strides in Europe and the US [3][4] - The report indicates that the demand for high-value consumables is increasing, with companies focusing on innovation and clinical effectiveness to enhance their competitive edge in global markets [4][5] Group 4: Supply Chain and Localization Strategies - The establishment of global marketing networks and supply chain systems is essential for the international success of medical device companies. This includes setting up local subsidiaries, warehouses, and production bases in key markets [3][4] - The report emphasizes the importance of academic promotion and clinical trials in gaining market acceptance, particularly in high-end markets where local healthcare systems may require extensive clinical data for reimbursement [32][33]

Investment Rating - The report maintains a positive investment rating for the 3D printing industry, highlighting its growth potential and opportunities in various sectors [1]. Core Insights - The 3D printing industry, also known as additive manufacturing, is experiencing rapid growth, with a market size of 367 billion yuan in China for 2023 and an average growth rate of approximately 25% from 2019 to 2023 [2][61]. - Key applications of 3D printing include aerospace (16.8%), medical/dental (15.6%), automotive (14.6%), consumer electronics (11.8%), and academic research (11.1%) [2][34]. - The technology offers significant advantages over traditional manufacturing methods, particularly in cost control for small batch production, personalized production, and material utilization [1][12]. Summary by Sections 1. 3D Printing vs. Traditional Manufacturing - 3D printing has clear advantages in cost control for small batches, personalized production, and material efficiency compared to traditional methods, which excel in material variety and precision [1][12]. - The main technologies in China include SLS/SLM (32%) and FDM (15%) [25]. 2. Core Components of 3D Printing - Key components include lasers and scanning systems, with lasers being the primary heat source for metal 3D printing [41][42]. - The software aspect is crucial, with major CAD software providers including Dassault Systems, Siemens, and Autodesk [57]. 3. Market Growth and Trends - The 3D printing market is expected to continue its growth trajectory, with significant adoption in aerospace, consumer electronics, and other sectors [2][61]. - The U.S., China, Japan, and Germany are identified as the core markets for 3D printing applications, with the U.S. accounting for approximately 33% of global equipment applications [2][61]. 4. Commercial Aerospace Opportunities - The commercial aerospace sector is poised for significant growth, with 3D printing being well-suited for manufacturing complex and lightweight components [2][61]. - Notable products include rocket engine components and satellite parts, indicating a broad application range [2]. 5. Key Companies in the Industry - Notable companies in the 3D printing sector include Platinum Technology, Huazhu High-Tech, Dazhu Laser, and others, which are making strides in technology and market presence [2][5].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5]. Core Insights - The company is a leading manufacturer of automotive components, particularly in synchronizers and differentials, with new products expected to ramp up production [1]. - The aerospace and robotics sectors are identified as new growth drivers, with the company having established a strong presence in these areas [2][3]. - The company has formed deep partnerships with numerous reputable domestic and international clients, enhancing its market position [1]. Financial Summary - Projected net profits for 2025, 2026, and 2027 are estimated at 360 million, 410 million, and 496 million respectively, with corresponding P/E ratios of 40x, 34x, and 28x [3]. - Revenue is expected to grow from 2,360 million in 2024 to 3,918 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.37% [4]. - The company's gross margin is projected to be around 34% in the coming years, with a net profit margin of approximately 12.7% by 2027 [4].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock price over the next six months [6]. Core Insights - The report highlights that Weimeng Group is a leading AI+SaaS service provider in China, with its product "Xingqi GEO" successfully commercialized. The company achieved total revenue of 775 million yuan in the first half of 2025, reflecting a year-on-year decline of 10.6%, but an adjusted revenue increase of 7.8% [1][4]. - AI-related revenue reached 34 million yuan in the first half of 2025, indicating a breakthrough in AI product offerings. The report anticipates that the GEO product will contribute significantly to performance by 2026 [1][4]. - The global GEO market is projected to grow significantly, with an estimated size of approximately 11.2 billion USD by 2025 and 100.7 billion USD by 2030. In China, the GEO market is expected to reach about 2.9 billion yuan by 2025 and 24 billion yuan by 2030 [2]. - The report emphasizes that Weimeng's GEO services have benefited clients across various industries, with significant improvements in AI visibility and advertising effectiveness [3]. Financial Summary - The financial projections for Weimeng Group indicate expected revenues of 1.57 billion yuan in 2025, 1.76 billion yuan in 2026, and 1.89 billion yuan in 2027, with corresponding net profits of -156 million yuan, -18 million yuan, and 74 million yuan respectively [5][10]. - The report notes a projected increase in customer numbers, customer stickiness, and ARPU (Average Revenue Per User) due to the successful implementation of AI products and GEO upgrades [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is experiencing rapid growth in the new materials sector, particularly with its PMI foam materials, which are essential for various aircraft and other applications. The subsidiary, Zhaoheng Technology, achieved a revenue of 61.836 million yuan and a net profit of 30.4063 million yuan in the first half of 2025, representing year-on-year growth of 29.11% and 45.32% respectively [1]. - The extraction agent project by the subsidiary, Sannuo New Materials, is expected to commence production within the year, significantly enhancing the company's capacity and profitability in various sectors including metallurgy and battery metal recycling [2]. - The electronic new materials business is steadily growing, with products used in semiconductor manufacturing and photovoltaic applications. The company is actively developing new target materials for various advanced technologies [2]. Financial Summary - The projected revenues for the company from 2025 to 2027 are 3.015 billion yuan, 3.858 billion yuan, and 4.881 billion yuan respectively, with net profits expected to be 185 million yuan, 282 million yuan, and 421 million yuan during the same period [4]. - The company’s earnings per share are forecasted to increase from 0.18 yuan in 2025 to 0.41 yuan in 2027, indicating a strong growth trajectory [4]. - The net profit margin is expected to improve from 4.8% in 2024 to 8.6% in 2027, reflecting enhanced operational efficiency [4].

Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees [5] Core Insights - The company demonstrated strong growth resilience with a year-on-year increase of approximately 10% in offline retail sales for both the main brand and children's clothing in Q4 2025, maintaining the same growth rate as Q3 2025 [2] - E-commerce sales continued to outperform offline channels, with high double-digit year-on-year growth in Q4 [2] - The company is focused on brand building and has announced a new strategic partnership with the Olympic Council of Asia, showcasing its commitment to innovation and sustainability through product launches [3] - The company has accelerated its layout in instant retail, with over 1,000 stores joining Taobao Flash Purchase, and has opened its first overseas store in Cambodia [3] - Revenue projections for 2025-2027 indicate a growth of 13.8%, 11.1%, and 10.1%, reaching 11.47 billion, 12.74 billion, and 14.03 billion yuan respectively, with net profit expected to grow by 11.6%, 15%, and 10.3% [3] Financial Summary - For 2023, the company reported a revenue of 8,423.26 million yuan, with a year-on-year growth of 21.01%. Projections for 2024 and 2025 are 10,073.51 million yuan and 11,466.19 million yuan respectively, with growth rates of 19.59% and 13.83% [4] - The net profit attributable to the parent company for 2023 was 961.43 million yuan, with expected growth to 1,148.62 million yuan in 2024 and 1,281.74 million yuan in 2025, reflecting growth rates of 28.68% and 11.59% [4] - The earnings per share (EPS) is projected to increase from 0.47 yuan in 2023 to 0.56 yuan in 2024 and 0.62 yuan in 2025 [4]

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - The probiotic market in China is expected to exceed 140 billion CNY by 2025, with a CAGR of 12.4% from 2019 to 2024 [11][12] - The second-generation probiotics, such as AKK strains, show significant advantages over first-generation probiotics, which are primarily preventive and transient [12][13] - The competitive landscape indicates that leading brands are facing pressure, while second and third-tier brands are rising, particularly through online channels [15][20] Summary by Sections Probiotic Market Overview - The C-end probiotic market in China is projected to grow from 647.7 billion CNY in 2018 to 1188.5 billion CNY in 2023, with a CAGR of 12.4% [11] - The gastrointestinal probiotic market is expected to reach 310 billion CNY by 2024, with a CAGR of 12% from 2019 to 2024 [11] Competitive Landscape - Leading brands like WonderLab and Life Space have seen a slight decline in market share, with WonderLab's GMV on Tmall and Douyin at 1.36 billion CNY in 2025, down 4.5% year-on-year [15] - Second and third-tier brands, such as Jiangzhong and Purmeo, have gained market share, increasing by over 2% [15] - The product offerings are evolving from basic probiotics to "probiotic+" series, indicating a shift towards more complex formulations [20] Investment Recommendations - The report recommends companies with strong organizational structures and management capabilities in the beauty care sector, such as Maogeping and Shangmei [28] - In the gold and jewelry sector, it suggests focusing on brands with strong pricing power and craftsmanship, recommending Laopu Gold and Chaohongji [28] - For the cross-border e-commerce sector, it highlights the potential of companies like Xiaoshangpin City and Jiaodian Technology due to easing trade conflicts and AI integration [28]