投顾发展 | 投顾晨报 元月中阳收官在即，消费初显端倪 朝闻道 20260130 市场策略 元月中阳收官在即，2 月谨慎乐观 风格策略 周期轮动续力，消费初显端倪 行业策略 生猪：预期极度悲观，配置价值凸显 主题策略 食品饮料：赔率优化，胜率初显 风险提示 畜禽价格不及预期；畜禽疫病大规模爆发；原材料价格大幅波动；需求不及预期；食品安全、产业政策调 整等。 报告发布日期 2026 年 01 月 30 日 江韶军 执业证书编号：S0860525090001 jiangshaojun@orientsec.com.cn 021-63326320 于震荡中护慢牛，自中盘处取超额：朝闻 道 20260128 2026-01-27 震荡依旧，结构为王：朝闻道 20260126 2026-01-25 慢牛预期强化，把握中盘蓝筹：朝闻道 20260123 2026-01-21 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。 ⚫ 临近月末再回首，1 月经历了先突破后盘整，中阳收官在即，依旧符合我们"横盘前 震荡，略有走强"的中期判断。 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [5] Core Insights - The ongoing shortage of niche storage is expected to continue, with AI demand opening up incremental growth opportunities [2][8] - AI demand is anticipated to drive the need for niche storage, particularly in applications such as automotive, industrial, and security [7] - Domestic manufacturers are positioned competitively in the niche storage market and are likely to benefit from the supply constraints caused by international suppliers exiting this segment [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengshuo [3][8] - Other relevant companies include domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage, as well as semiconductor equipment firms such as Zhongwei, Jingzhida, and Beifang Huachuang [3][8] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [3][8] Market Dynamics - The supply of niche storage products is being significantly reduced as major international suppliers focus on mainstream storage products, leading to a substantial contraction in supply [7] - For instance, the global MLC NAND Flash capacity is projected to decrease by 41.7% in 2026 due to supply shrinkage, which is expected to drive prices significantly higher [7] - Domestic firms are gaining market share in niche storage, with Zhaoyi Innovation holding approximately 18.5% of the NOR Flash market in 2024, ranking second globally [7]

油价回升有望提高油服景气度，关注高竞 争力企业 ——油气装备跟踪 核心观点 投资建议与投资标的 受地缘冲突影响，市场对油气供应减少的担忧上升，导致油价回升。而全球的油气资本 开支正处于较低水平，存在向上恢复的空间。但是，考虑到油气项目的建设周期较长， 我们预计下游业主将更重视油气服务和装备企业的长期竞争力，因此我们看好具有高竞 争力的油服装备企业的投资机会。部分相关标的：杰瑞股份(002353，买入)、迪威尔 (688377，未评级)、博迈科(603727，未评级)、海油工程(600583，未评级)、中密控股 (300470，未评级)。 风险提示 地缘冲突缓解或供给波动导致油价下降、海外高利率拖累投资、海外贸易摩擦加剧影响 投资信心、原材料价格上涨拖累企业盈利 机械设备行业 行业研究 | 动态跟踪 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 01 月 29 日 看好（维持） 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。 ⚫ 地缘冲突的担忧增加，布伦特油价回升，有望提高油服景气度。近期地缘冲突持 ...

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6] Core Insights - The focus remains on the combination of IO (Immuno-Oncology) and ADC (Antibody-Drug Conjugates), with significant advancements expected in their joint application [10][11] - The year 2026 is identified as a critical year for the combination of IO and ADC, with expectations for increased demand for ADCs, particularly in the context of various cancer treatments [11][41] Summary by Sections Section 1: Focus on Second-Generation IO and ADC - Merck's sac-TMT is a strategic focus, with 16 ongoing Phase III clinical trials, particularly in gynecological cancers [14][15] - AstraZeneca has 8 ADCs in clinical stages, with significant data readouts expected in 2026 [19][20] - Pfizer is advancing 4 Phase III clinical trials for its PD-1/VEGF dual antibody SSGJ-707, highlighting its strategic importance in oncology [26][27] - Johnson & Johnson aims to become the leading oncology company by 2030, focusing on multiple myeloma and various cancers [30] - Bristol-Myers Squibb (BMS) is advancing its PD-L1/VEGF dual antibody and oral CELMoD therapies, with significant data catalysts expected in 2026 [32][33] - Roche is focusing on breast cancer, with its oral SERD Giredestrant expected to be approved soon [37][38] Section 2: The Year of IO+ADC Combination - The combination of IO and ADC is seen as a key development direction, with various clinical trials underway [41] - The first-generation IO+ADC combinations are competitive, with sac-TMT emerging as a significant player [42] - The second-generation IO combined with chemotherapy is led by AK112, with multiple milestones expected in the coming years [47] - The second-generation IO combined with ADC is still in early exploration, with AstraZeneca leading the way [49] Section 3: Investment Recommendations and Targets - The report identifies several investment targets, including Kangfang Biotech, 3SBio, and others, highlighting their potential in the oncology sector [11][56]

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6] Core Insights - The focus remains on the combination of IO (Immuno-Oncology) and ADC (Antibody-Drug Conjugates), with significant advancements expected in their joint applications [10][11] - The year 2026 is identified as a critical year for the confirmation of IO combined with ADC, with expectations for increased demand for ADCs, particularly in the context of various cancer treatments [11][41] Summary by Sections Section 1: Focus on Second-Generation IO and ADC - Merck's sac-TMT is a strategic focus, with 16 ongoing Phase III clinical trials, particularly in gynecological tumors [14][15] - AstraZeneca has 8 ADCs in clinical stages, with significant data readouts expected in 2026 [19][20] - Pfizer is advancing 4 Phase III trials for its PD-1/VEGF dual antibody SSGJ-707, highlighting its strategic importance in oncology [26][27] - Johnson & Johnson aims to become the leading oncology company by 2030, focusing on multiple myeloma and other cancers [30] - Bristol-Myers Squibb (BMS) is advancing its PD-L1/VEGF dual antibody with multiple ongoing trials [32] Section 2: Confirming the Year of "IO+ADC" Combination - The combination of IO and ADC is seen as a key development direction, with various clinical trials underway [41] - The first-generation IO combined with ADC is competitive, with sac-TMT emerging as a significant player [42] - The second-generation IO combined with chemotherapy is led by AK112, with multiple milestones expected in the coming years [47] - The second-generation IO combined with ADC is still in early exploration, with AstraZeneca leading the way [49] Section 3: Investment Recommendations and Targets - The report identifies several investment targets, including Kangfang Biotech, 3SBio, and others, emphasizing their potential in the oncology sector [11][56]

资产配置 | 定期报告 预期的变化利好中盘蓝筹 20260126A 股风格及行业配置周报 研究结论 报告发布日期 2026 年 01 月 28 日 | 郑月灵 | 执业证书编号：S0860525120003 | zhengyueling@orientsec.com.cn | | --- | --- | --- | | 021-63326320 | | | | 周仕盈 | 执业证书编号：S0860125060012 | zhoushiying@orientsec.com.cn | | 021-63326320 | | | 1、 极端风险事件，例如中美关系、全球地缘超预期事件等，可能打破统计上的历史规 律； 2、 量化指标失效的风险，历史数据对未来的指引效果有限。 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。 董翱翔 执业证书编号：S0860125030016 dongaoxiang@orientsec.com.cn 021-63326320 ⚫ 预期层面：预期的变化利好中盘蓝筹。近一周出现事件催化的行业主要集中在中盘 ...

资产配置 | 定期报告 研究结论 报告发布日期 2026 年 01 月 28 日 | 郑月灵 | 执业证书编号：S0860525120003 | zhengyueling@orientsec.com.cn | | --- | --- | --- | | 021-63326320 | | | | 周仕盈 | 执业证书编号：S0860125060012 | zhoushiying@orientsec.com.cn | | 021-63326320 | | | | 美/日风险评价上升，贵金属及低风险特征 | 2026-01-26 | | --- | --- | | 权益占优：20260126 多资产配置周报 | | | CTA 策略仍强，指增和中性策略回暖： | 2026-01-22 | | 20260119 多策略及理财配置周报 | | | 风偏继续向中间集中：20260119 多资产配 | 2026-01-20 | | 置周报 | | | 以对冲配置思路应对美股/黄金"畏高" | 2026-01-19 | | 国内风险评价稳步下行，A 股/商品占优： | 2026-01-13 | | 20260112 多资产配 ...

固定收益 | 动态跟踪 结汇如何影响资金面和存单 固定收益市场周观察 研究结论 风险提示 政策变化超预期；货币政策变化超预期；经济基本面变化超预期；信用风险暴露超预 期；数据统计可能存在遗漏 报告发布日期 2026 年 01 月 27 日 | 齐晟 | 执业证书编号：S0860521120001 | 香港证监会牌照：BXF200 | | --- | --- | --- | | qisheng@orientsec.com.cn | 010-66210535 | | | 杜林 | 执业证书编号：S0860522080004 | dulin@orientsec.com.cn | | 010-66210535 | 王静颖 | 执业证书编号：S0860523080003 | | wangjingying@orientsec.com.cn | 021-63326320 | | | 徐沛翔 | 执业证书编号：S0860525070003 | xupeixiang@orientsec.com.cn | | 021-63326320 | | | 转债波动不弱正股，把握估值深水区交易 节奏：可转债市场周观察 2026-01-26 ...

客流回暖，股东回馈拉动淡季，运力有望 改善 核心观点 盈利预测与投资建议 ⚫ 考虑到 25 全年收入偏弱，运力和交通还需一定时间释放，我们调整 2025-2027 年 EPS 预测为 0.45/0.54/0.61 元（此前为 25-26 年为 0.63/0.69 元），根据可比公司 26 年 32 倍 PE 对应目标价 17.28 元，维持"买入"评级。 风险提示 若宏观出行需求不及预期、极端天气/运力约束影响旺季接待，或茶业等新业务推进与盈 利转化慢于预期，可能导致收入与利润修复不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,045 | 1,013 | 973 | 1,034 | 1,090 | | 同比增长 (%) | 142.3% | -3.0% | -4.0% | 6.3% | 5.4% | | 营业利润(百万元) | 135 | 218 | 230 | 285 | 334 | | 同比增长 (%) | 168.4% | 61 ...

投顾发展 | 投顾晨报 于震荡中护慢牛，自中盘处取超额 报告发布日期 2026 年 01 月 27 日 朝闻道 20260128 市场策略 于震荡中护慢牛，自中盘处取超额 风格策略 中盘蓝筹压舱，科技成长轮动 行业策略 电子：算力需求强劲，AI 投资机会由点及面 主题策略 锂电设备：储能需求高增，行业扩产延续 风险提示 全球地缘政治的不确定性、宏观经济波动导致投资不及预期、原材料价格上涨拖累企业盈利等风险 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。 陈寒梅 执业证书编号：S0860525100003 chenhanmei@orientsec.com.cn 021-63326320 震荡依旧，结构为王：朝闻道 20260126 2026-01-25 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 ⚫ 目前市场值得关注的特征是内稳外乱下的风险评价分化，对大势而言，主基调仍然 会维持横盘震荡，略微走强。内稳外乱 ...