行业研究 药明系业绩强劲，CXO 板块后续发展动能充足 ——医药生物行业跨市场周报（20260125） 要点 行情回顾：上周医药生物指数下跌 0.39%，跑赢沪深 300 指数 0.23pp，跑输创 业板综指 1.50pp，在 31 个子行业中排名第 27。港股恒生医疗健康指数收跌 2.75%，跑输恒生国企指数 2.1pp。 研发进展：上周，映恩生物的 BNT324、复宏汉霖的 HCB101 临床申请新进承 办。荃信生物的 QX004N 正在进行 I 期临床；信达生物的 IBI3002 正在进行 II 期临床；恒瑞医药的 HRS-8080 正在进行 III 期临床。 本周观点：药明系业绩强劲，CXO 板块后续发展动能充足。 近期，药明系公司公布了良好的业绩预期，彰显 CXO 板块后续强劲增长动能。 药明康德 25 年预计实现营收 454.56 亿元（同比+15.84%），其中 TIDES 业务 收入同比增长预计超 90%。药明生物 25 年新增 209 个综合项目，其中 2/3 为双 多抗及 ADC 药物，III 期及商业化项目合计达 99 个。药明合联 25 年营收及经调 整净利润同比均增长超 45%，全球 ...

要点 本周小结： 2026 年供需偏紧仍支持铜价上行。截至 2026 年 1 月 23 日，SHFE 铜收盘价 101340 元/吨，环比 1 月 16 日+0.57%；截至 2026 年 1 月 23 日，LME 铜收盘价 13129 美元/吨，环比 1 月 16 日+2.54%。（1）宏观：市场对美联储 2026 年 1 月不降息已经基本定价。（2）供需：TC 现货价续创新低，显示铜精 矿现货采购依然紧张；线缆企业开工率本周环比回升，但国内社会库存继续增长， 铜价大涨对需求有压制；但展望 2026 年，供需依然偏紧，继续看好铜价上行。 库存：国内铜社库环比+2.9%，LME 铜库存环比+16.9%。（1）港口铜精矿库存： 截至 2026 年 1 月 23 日，国内主流港口铜精矿库存 71.9 万吨，环比上周+4.1%。 （2）全球电解铜库存：截至 2026 年 1 月 23 日，全球三大交易所库存合计 96.0 万吨，环比 1 月 16 日+6.2%。截至 1 月 22 日，LME 铜全球库存 17.2 万吨，环 比+16.9%；SMM 铜社会库存 33.0 万吨，环比 1 月 16 日+2.9%。截至 ...

2026 年 1 月 25 日 公司研究 贷款增速稳中有进，五年规划圆满收官 010-57378035 执业证书编号：S0930521090001 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 72.49 | | 总市值(亿元)： | 1,107.65 | | 一年最低/最高(元)： | 13.04/17.14 | | 近 3 月换手率： | 64.99% | 股价相对走势 资料来源：Wind ——杭州银行（600926.SH）2025 年业绩快报点评 买入（维持） 当前价：15.28 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -1.74 | -4.83 | -14.23 | | 绝对 | -0.26 | -3.93 | 9.40 | | 资料来源：Wind | | | | 要点 事件： 1 月 23 日，杭州 ...

2026 年 1 月 25 日 联合研究 光研集萃（2026 年 1 月第 3 期） ——光大周度观点一览 要点 策略周度观点 保持稳健，持股过节。本周市场继续小幅震荡上行，同时前期上涨行业出现了一 定程度的分化，市场交易热度也出现了一定程度的降温。参考之前的市场行情， 我们认为春节前市场将会保持震荡，难以保持稳定的趋势，这主要与春节之前投 资者交易热度有所下行，以及微观流动性短期趋紧有关。从历史情况来看，春节 前 20 个交易日，主要指数上涨概率不足 50%。预计春节之后市场将会迎来新一 轮上行动力，春节后 20 个交易日主要指数上行概率与平均涨幅均较高。因此建 议投资者近期以稳为主，但仍应持股过节。结构层面上，成长风格与小盘风格通 常在春季行情中明显占优，成长领域仍然将是中期主线，建议关注基本面更加扎 实的半导体产业链、AI 硬件、新能源等方向。 本周重点行业 【电新】1）光伏：行情跟随商业航天消息面催化，马斯克表示 SpaceX 与 Tesla 将在 3 年内在美国建设 100GW 光伏产能，并且未来将发射太阳能供电的 AI 卫 星；2）氢氨醇：在政策持续加码背景下"十五五"期间有望获得更多投资；3） ...

2026 年 1 月 25 日 行业研究 7 个维度拆解 2025 理财年报 ——《中国银行业理财市场年度报告（2025 年）》点评 银行业 买入（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378031 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 9 个热点问题看理财新叙事——银行理财 2025 年回顾与 2026 年展望 2026-1-13 公募销售新规落地，理财配置如何演变？— 《公开募集证券投资基金销售费用管理规 定》点评 2026-1-3 如何看待理财三季报的 3 个"异象"？—— 《中国银行业理财市场季度报告（2025 年三 季度）》点评 2025-10-24 2Q 平稳收官，下半年还有哪些关注点？—— 《中国银行业理财市场半年报告（2025 年 上）》点评 2025-7-27 震荡中前行——《中国银行业理财市场季度 报告（2025 年一季度）》点评 2025-4-24 六个视角看 2024 理财年报——《中国银行业 理 ...

2026 年 1 月 25 日 总量研究 热点主题投资或仍占优 ——金融工程市场跟踪周报 20260125 要点 本周市场核心观点： 本周（2026.01.19-2026.01.23，下同）市场整体震荡上行，主要宽基指数量能 表现分化，大盘宽基量能表现好于中小盘宽基。市场情绪方面，本周主要宽基指 数及宽基指数 ETF 期权成交量 PCR 延续震荡回升态势，衍生品投资者短线交易 情绪小幅降温。资金面方面，本周股票型 ETF 资金大幅净流出，周期主题 ETF 资金周度净流入 186.43 亿元。 行业主题表现方面，资源品表现持续占优。后市或延续震荡上行表现，中长线持 续看好"红利+科技"配置主线，短线重视资源品、科技方向投资价值。 本周市场各指数涨跌不一，上证综指上涨 0.84%，上证 50 下跌 1.54%，沪深 300 下跌 0.62%，中证 500 上涨 4.34%，中证 1000 上涨 2.89%，创业板指下 跌 0.34%，北证 50 指数上涨 2.60%。 截至 2026 年 1 月 23 日，宽基指数来看，上证 50、沪深 300、中证 500、中证 1000、创业板指处于估值分位数"适中"等级，上 ...

2026 年 1 月 25 日 公司研究 营收盈利增速双升，不良贷款率维持低位 ——招商银行（600036.SH）2025 年业绩快报点评 买入（维持） 当前价：37.5 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 资料来源：Wind | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -9.51 | -9.20 | -22.87 | | 绝对 | -8.04 | -8.30 | 0.76 | 资料来源：Wind 要点 事件： 1 月 23 日，招商银行发布 2025 年业绩快报，2025 年实现营业收入 3375 亿，同 比基本持平；实现归母净利润 1502 亿，同比增长 1.2%。归属普通股股东加权平 均净资产收益率 13.44%，同比下降 1.05pct。 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本 ...

Investment Rating - The report maintains a rating of "Buy" for the basic chemical industry [5] Core Views - The report highlights that the spandex industry is at a turning point, with prices reaching historical lows and recent price increases indicating a recovery in the industry [1][2] - The report emphasizes the limited new capacity in the spandex sector and the exit of outdated capacity, suggesting a favorable supply-demand balance and a positive outlook for the spandex industry [2] - The "anti-involution" policy is expected to enhance the recovery of the "refining-chemical fiber" industry chain, with improvements in market competition and supply-demand dynamics [3] Summary by Sections Industry Overview - Spandex prices have dropped from a peak of 83,750 yuan/ton in 2021 to 23,600 yuan/ton in early January 2026, a decline of 72% [1] - The report notes that spandex production capacity in China is projected to grow from 925,000 tons in 2020 to 1,430,000 tons by 2025, with a compound annual growth rate (CAGR) of 7.6% [2] Supply and Demand Dynamics - The apparent consumption of spandex in China is expected to increase from 720,000 tons in 2020 to 1,060,000 tons by 2025, with a CAGR of 6.7% [2] - The report indicates that the spandex industry is entering a recovery phase due to the reduction in new capacity and the exit of outdated production [2] Policy Impact - The "anti-involution" policy aims to optimize market competition and improve the supply-demand balance in the refining and chemical fiber sectors [3] - The report suggests that the refining industry is nearing the end of capacity expansion, which is expected to improve supply-demand dynamics [3] Investment Recommendations - The report recommends focusing on leading companies in the polyester filament sector such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong, as well as spandex companies like Huafeng Chemical and Xinxiang Chemical Fiber [4]

2026 年 1 月 24 日 总量研究 REITs 二级市场价格上涨 ，多个项目状态更新至"中止" ——REITs 周度观察（20260119-20260123） 要点 1、 二级市场 2026 年 1 月 19 日-2026 年 1 月 23 日（以下简称"本周"），我国已上市公募 REITs 二级市场价格整体呈现上行趋势：中证 REITs（收盘）和中证 REITs 全收 益指数分别收于 806.72 和 1047.51，本周回报率分别为 2.09%和 2.17%。与其 他主流大类资产相比，回报率由高至低排序分别为：黄金>可转债> REITs >A 股> 原油>纯债>美股。 从项目属性来看，本周产权类和特许经营权类 REITs 的二级市场价格均有所上 涨，其中，产权类 REITs 回报率为 3.05%，特许经营权类 REITs 回报率为 1.63%。 从底层资产类型来看，本周新型基础设施类 REITs 涨幅最大。本周回报率排名前 三的底层资产类型分别为新型基础设施类、市政设施类和消费类。 从单只 REIT 层面来看，有 68 只 REITs 上涨，有 10 只 REITs 下跌。涨跌幅方面， 涨幅排名前三 ...

Report Industry Investment Rating No relevant information provided. Core View of the Report The issuance volume of credit bonds increased overall on a weekly basis, and the credit spreads of various industries showed mixed trends. [1] Summary by Relevant Catalogs 1. Primary Market 1.1 Issue Statistics - From January 19 to January 23, 2026, a total of 366 credit bonds were issued, with a total issuance scale of 385.863 billion yuan, a week-on-week increase of 16.29%. Among them, 175 industrial bonds were issued, with a scale of 203.9 billion yuan, a week-on-week increase of 19.17%, accounting for 52.84% of the total issuance scale; 158 urban investment bonds were issued, with a scale of 92.143 billion yuan, a week-on-week decrease of 0.71%, accounting for 23.88%; 33 financial bonds were issued, with a scale of 89.82 billion yuan, a week-on-week increase of 32.28%, accounting for 23.28%. [1][10] - The average issuance term of credit bonds this week was 2.88 years. The average issuance term of industrial bonds was 2.40 years, urban investment bonds was 3.71 years, and financial bonds was 1.69 years. [1][14] - The average issuance coupon rate of credit bonds this week was 2.15%. The average issuance coupon rate of industrial bonds was 2.05%, urban investment bonds was 2.32%, and financial bonds was 1.85%. [2][19] 1.2 Cancellation of Issuance Statistics Two credit bonds were cancelled for issuance this week. [3][23] 2. Secondary Market 2.1 Credit Spread Tracking - This week, the industry credit spreads showed mixed trends. Among Shenwan's primary industries, the largest decline in the AAA - rated industry credit spread was in the automotive sector, down 5.3BP; the largest increase in the AA + - rated industry credit spread was in the computer sector, up 3.9BP, and the largest decline was in the electronics sector, down 5.7BP; the largest increase in the AA - rated industry credit spread was in the electronics sector, up 0.2BP, and the largest decline was in the non - banking finance sector, down 6.9BP. [3][25] - The credit spreads of coal and steel declined overall this week. The credit spreads of AAA, AA +, and AA - rated coal decreased by 4.6BP, 1.2BP, and 2.6BP respectively. The credit spreads of AAA and AA + - rated steel decreased by 4.6BP and 3BP respectively. [25] - The credit spreads of urban investment and non - urban investment bonds of all levels declined overall this week. The credit spreads of three levels of urban investment bonds decreased by 3.7BP, 3BP, and 3.7BP respectively; the credit spreads of three levels of non - urban investment bonds decreased by 3.1BP, 3.2BP, and 3.5BP respectively. [25] - The credit spreads of state - owned enterprises and private enterprises declined overall this week. The credit spreads of three levels of central state - owned enterprises decreased by 2.7BP, 4.8BP, and 3.2BP respectively; the credit spreads of three levels of local state - owned enterprises decreased by 3.3BP, 3.2BP, and 4.1BP respectively; the credit spreads of AAA and AA + - rated private enterprises decreased by 3.6BP and 0.3BP respectively. [26] - The regional urban investment credit spreads declined overall this week. The three regions with the highest AAA - rated credit spreads this week were Yunnan, Liaoning, and Shaanxi, with credit spreads of 97, 89, and 82BPs respectively; the regions with the highest AA + - rated credit spreads were Qinghai, Yunnan, and Gansu, with credit spreads of 124, 118, and 117BPs respectively; the regions with the highest AA - rated credit spreads were Sichuan, Guangxi, and Yunnan, with credit spreads of 135, 125, and 124BPs respectively. The largest decline in the AAA - rated credit spread was in Liaoning, down 6.9BP; the largest decline in the AA + - rated credit spread was in Ningxia, down 6.6BP; the largest decline in the AA - rated credit spread was in Shaanxi, down 17.4BP. [28] 2.2 Trading Volume Statistics - This week, the total trading volume of credit bonds was 1687.18 billion yuan, a week - on - week increase of 20.18%. Among various types of credit bonds, the top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds reached 580.513 billion yuan, a week - on - week increase of 24.26%, accounting for 34.41% of the total credit bond trading volume this week; the trading volume of corporate bonds reached 444.52 billion yuan, a week - on - week increase of 20.49%, accounting for 26.35%; the trading volume of medium - term notes reached 362.291 billion yuan, a week - on - week increase of 19.12%, accounting for 21.47%. [3][29] 2.3 Actively Traded Bonds This Week The report selected the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week from DM client data for investors' reference. [31]