Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6]. Core Viewpoints - Liquidity expectations have upgraded, leading to intensified trading. Recent optimistic interest rate cut expectations have resurfaced, driving both precious and industrial metals to break through previous levels. In the past week, the negative feedback for copper and aluminum has significantly weakened, and improvements in the real economy may be observed under high price conditions. Overall, the bullish trend for industrial products remains unchanged under the support of domestic and international policies [3][9]. Summary by Sections 1. Cycle Assessment - The report indicates an upgrade in liquidity expectations and a continuation of intense trading. The probability of BlackRock executive Riedel being elected as the Federal Reserve Chairman has surged to 54%. The optimistic expectations for interest rate cuts have reignited, pushing precious and industrial metals to new highs. Although copper and aluminum inventories continue to accumulate, the pace of accumulation has slowed, and the negative feedback from downstream processing has significantly diminished, with operating rates beginning to recover [9][13]. 2. Industry and Stock Performance - The non-ferrous metals sector saw a weekly increase of 6.03%, ranking fourth among all industries [28]. The report lists several investment targets, including Chifeng Jilong Gold Mining (600988, Buy) and Zijin Mining (601899, Buy) [4]. 3. Precious Metals - Precious metals are experiencing intense liquidity trading, awaiting the confirmation of the Federal Reserve Chairman nomination. As of January 23, SHFE gold rose by 8.07% to 1,115.64 CNY per gram, while COMEX gold increased by 7.54% to 4,036.00 USD per ounce. The report notes that the market expects limited upward pressure on precious metals in the short term due to anticipated interest rate stabilization [14][30]. 4. Copper - The report highlights renewed support for copper prices due to supply disruptions. As of January 23, SHFE copper rose by 0.57% to 101,340 CNY per ton, and LME copper increased by 2.44% to 13,115 USD per ton. Supply tightness continues, with recent strikes in Chile affecting copper concentrate availability [17][70]. 5. Aluminum - The report indicates a reduction in negative feedback for aluminum, with demand showing marginal recovery. As of January 23, SHFE aluminum rose by 1.53% to 24,290 CNY per ton, and LME aluminum increased by 1.12% to 3,169 USD per ton. The processing operating rate has risen by 0.7 percentage points to 60.9% [16][83].

Investment Rating - The report maintains a "Positive" outlook for the utility sector [8] Core Views - The growth rate of electricity generation is marginally declining, with a narrowing decrease in thermal power generation. In December 2025, the electricity generation of large-scale power plants increased by 0.1% year-on-year, a 2.6 percentage point improvement from November 2025, primarily affected by temperature factors [8][12] - Fund holdings in the utility sector have increased, with a focus on thermal power companies. As of the end of Q4 2025, the utility sector accounted for 1.25% of total fund equity investment, up by 0.10 percentage points from the previous quarter [11] - The performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering. The report indicates that the utility sector is still a quality dividend asset worth long-term allocation [8][11] Summary by Sections Electricity Generation - In December 2025, the year-on-year growth rates for various power sources were as follows: wind power +8.9%, solar power +18.2%, hydropower +4.1%, and nuclear power +3.1%. The decrease in thermal power generation was -3.2% [8][12][18] Fund Holdings - Fund holdings in the utility sector have increased, with the most significant increases in companies like Huaneng International (+1.1%), Anhui Energy (+0.9%), and Jintou Energy (+0.9%) [11][39] Market Dynamics - The report highlights that the average market clearing price for electricity in Guangdong increased by 4.5% year-on-year, while in Shanxi, it rose by 18.2% year-on-year [25][27] - Coal prices have weakened, with the Qinhuangdao Q5500 coal price at 685 CNY/ton, down 1.4% week-on-week [29][30] Investment Recommendations - The report recommends focusing on thermal power companies such as Jintou Energy, Huaneng International, Huadian International, Guodian Power, and Anhui Energy for potential investment opportunities [8][11] - For hydropower, it suggests investing in quality large hydropower companies like Yangtze Power and Guangxi Power [8] - For nuclear power, it recommends China General Nuclear Power as a long-term growth opportunity [8] - In the wind and solar sectors, it suggests waiting for the industry profit bottom to turn, with a focus on companies with a high proportion of wind power [8]

投顾发展 | 投顾晨报 震荡依旧，结构为王 朝闻道 20260126 市场策略 震荡依旧，结构为王 风格策略 方向还在中盘蓝筹 行业策略 化工：持续看好 PVC 价值重估 主题策略 智能汽车：特斯拉推动 FSD 付费升级，关注智驾 风险提示 需求不及预期；海外市场供需情况变化；油价大幅波动；车企价格战压力。 江韶军 执业证书编号：S0860525090001 jiangshaojun@orientsec.com.cn 021-63326320 慢牛预期强化，把握中盘蓝筹：朝闻道 20260123 2026-01-21 指数维持震荡，方向还在中盘蓝筹：朝闻 道 20260121 2026-01-20 指数震荡整固，优化持仓结构：朝闻道 20260119 2026-01-17 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 报告发布日期 2026 年 01 月 26 日 ⚫ 特斯拉积极推进 FSD 付费升级，有望带动国内车企向软件付费逐步转型。马斯克在 社交媒体表示，FSD 监督版的订阅价格将随着 FSD 能力的提高而上 ...

有色金属行业 行业研究 | 行业周报 流动性预期升级，白热化交易延续 有色及贵金属周报 核心观点 投资建议与投资标的 核心观点：流动性预期升级，白热化交易延续。近期市场的乐观降息预期再度发酵，推 动贵金属、工业金属再度突破。近一周铜铝负反馈明显减弱，高价情况下现实端的改善 或能看到，总体而言，内外政策托底预期下，工业品看涨大方向不变。 投资标的： 相关标的：山东黄金(600547，未评级)、山金国际(000975，未评级)、中金黄金 (600489，未评级)、赤峰黄金(600988，买入)、紫金矿业(601899，买入)、洛阳钼业 (603993，未评级)、中国铝业(601600，未评级)、西部矿业(601168，未评级)、金诚 信(603979，未评级)。 风险提示 下游需求弱于预期、供给端大量释放、美联储降息进程不及预期等。 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 01 月 25 日 看好维持 | 上行趋势不改，价格加速走强：——钴锂 | 2026-01-24 | | --- | --- | | 金属行业周报 | | | 流动性预期回摆，无碍长多逻辑延续：— | 2026-01- ...

煤炭行业边际利多因素正在逐渐累积 煤炭行业 行业研究 | 行业周报 ——东方证券煤炭行业周报（20260119-20260125） 核心观点 投资建议与投资标的 投资建议：煤炭长期基本面预期改善，关注板块配置价值。尽管市场仍对煤炭行业 3-5 月 的季节性淡季价格走势有一定担忧，但考虑到国内产能有望核减、进口煤数量有望收 缩，我们认为煤炭板块底部大周期的底部已基本探明，后续有望开启长周期向上的行 情，建议逢低配置煤炭板块。 风险提示 经济增速下滑；水电出力超预期；海外煤价大幅下跌；政策实施力度不及预期。 国家/地区 中国 行业 煤炭行业 报告发布日期 2026 年 01 月 25 日 看好（维持） | 蒋山 | 执业证书编号：S0860525110006 | | --- | --- | | | jiangshan2@orientsec.com.cn | | | 0755-82819271 | | 李晓渊 | 执业证书编号：S0860525090002 | | | lixiaoyuan@orientsec.com.cn | | | 021-63326320 | | 煤企积极推动整合重组，煤炭行业从规模 | 20 ...

煤炭行业 行业研究 | 行业周报 煤炭行业边际利多因素正在逐渐累积 核心观点 投资建议与投资标的 投资建议：煤炭长期基本面预期改善，关注板块配置价值。尽管市场仍对煤炭行业 3-5 月 的季节性淡季价格走势有一定担忧，但考虑到国内产能有望核减、进口煤数量有望收 缩，我们认为煤炭板块底部大周期的底部已基本探明，后续有望开启长周期向上的行 情，建议逢低配置煤炭板块。 风险提示 经济增速下滑；水电出力超预期；海外煤价大幅下跌；政策实施力度不及预期。 国家/地区 中国 行业 煤炭行业 报告发布日期 2026 年 01 月 25 日 看好（维持） | 蒋山 | 执业证书编号：S0860525110006 | | --- | --- | | | jiangshan2@orientsec.com.cn | | | 0755-82819271 | | 李晓渊 | 执业证书编号：S0860525090002 | | | lixiaoyuan@orientsec.com.cn | | | 021-63326320 | ——东方证券煤炭行业周报（20260119-20260125） | 煤企积极推动整合重组，煤炭行业从规模 | 20 ...

核心观点 投资建议与投资标的 从投资策略上看，预计数据中心液冷产业链、高级别自动驾驶产业链及能确定进入特斯 拉、Figure、智元、宇树等机器人配套产业链的汽零将持续迎来催化，具备竞争力的自主 品牌及在智驾技术方面领先的企业将继续扩大市场份额。建议持续关注液冷产业链、人 形机器人链、T 链、智驾产业链公司。 液冷相关标的：英维克、银轮股份、拓普集团、飞龙股份、川环科技等；机器人相关标 的：新泉股份、拓普集团、银轮股份、岱美股份、三花智控、浙江荣泰、旭升集团、嵘 泰股份、斯菱智驱、爱柯迪、精锻科技、博俊科技、沪光股份；智驾相关标的：经纬恒 润、伯特利、德赛西威等。 汽车与零部件行业 行业研究 | 行业周报 特斯拉将重启 Dojo 并推动 FSD 付费升 级，关注液冷及智驾产业链公司 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2026 年 01 月 25 日 中性（维持） | 姜雪晴 | 执业证书编号：S0860512060001 | | --- | --- | | | jiangxueqing@orientsec.com ...

拓展光通讯业务，深化云端和终端模组产 品布局 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 0.75、1.12、1.37 元（原 25-26 年预测为 0.97、1.12 元），主要调整了营业收入与毛利率。根据可比公司 26 年平均 29 倍 PE 估值，给予 32.48 元目标价，维持买入评级。 风险提示 下游市场复苏不及预期；汇兑损失风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 60,792 | 60,691 | 59,195 | 70,066 | 78,353 | | 同比增长 (%) | -11% | -0% | -2% | 18% | 12% | | 营业利润(百万元) | 2,178 | 1,872 | 1,917 | 2,904 | 3,575 | | 同比增长 (%) | -37% | -14% | 2% | 51% | 23% | | 归属母公司净利润(百万元) | 1,948 | 1,65 ...

特步国际 01368.HK 公司研究 | 动态跟踪 主品牌短期承压 看好索康尼未来持续快增 核心观点 盈利预测与投资建议 ⚫ 根据公司 25 年四季度经营数据以及运动服饰消费行业目前的形势，我们调整公司盈 利预测，同时考虑到股本的变动，预计公司 2025-2027 年每股收益分别为 0.49、 0.53 元和 0.59 元（原预测分别为 0.49、0.56 元和 0.62 元）。参考可比公司，给予 公司 2026 年 12 倍 PE 估值，对应目标价 7.06 港币（1 人民币=1.11 港币），维持 "买入"评级。 风险提示 行业竞争加剧，运动服饰消费复苏不及预期，新品牌增长低于预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 14,346 | 13,577 | 14,380 | 15,321 | 16,451 | | 同比增长 (%) | 10.9% | -5.4% | 5.9% | 6.5% | 7.4% | | 营业利润(百万元) | ...

有色金属行业 行业研究 | 行业周报 上行趋势不改，价格加速走强 ——钴锂金属行业周报 核心观点 投资建议与投资标的 短期来看，期货情绪推动锂价高位震荡，节前在趋势惯性与成本支撑下仍存在阶段性冲 高可能；而下游对高价接受度有限，后续或逐渐转向震荡消化涨幅；中期维度下，供给 释放受限、成本中枢抬升已逐步确认，锂价中枢上行趋势未改。钴方面，终端需求偏弱 但原料供应紧张延续、冶炼成本支撑仍在，钴盐价格相对坚挺，短期价格重心下行空间 有限。 风险提示 新能源汽车增速不及预期，储能装机增速不及预期。 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 01 月 24 日 | 于嘉懿 | 执业证书编号：S0860525110005 | | --- | --- | | | yujiayi1@orientsec.com.cn | | | 021-63326320 | | 宁紫微 | 执业证书编号：S0860525120005 | | | ningziwei@orientsec.com.cn | | | 021-63326320 | | 流动性预期回摆，无碍长多逻辑延续：— | 2026-01-19 | | -- ...