- The Beta factor and valuation factor achieved positive returns of 0.66% and 0.48% respectively, while the size factor had a negative return of -0.80%[1][18] - In the CSI 300 stock pool, the best-performing factors this week were the 5-day average turnover rate (4.52%), 5-day reversal (3.17%), and price-to-book ratio factor (3.10%)[1][12] - In the CSI 500 stock pool, the best-performing factors this week were the 5-day reversal (3.80%), single-quarter operating profit growth rate (1.98%), and price-to-sales ratio TTM reciprocal (1.65%)[1][14] - In the liquidity 1500 stock pool, the best-performing factors this week were the post-morning return factor (2.18%), 5-day reversal (2.17%), and standardized unexpected income (1.77%)[2][16] - The PB-ROE-50 portfolio achieved positive excess returns in various stock pools this week, with excess returns of 1.38% in the CSI 500 stock pool, 2.54% in the CSI 800 stock pool, and 4.23% in the entire market stock pool[2][23] - The public research stock selection strategy and private research tracking strategy achieved positive excess returns this week, with the public research stock selection strategy achieving an excess return of 0.61% relative to the CSI 800, and the private research tracking strategy achieving an excess return of 3.43% relative to the CSI 800[3][25] - The block trading portfolio achieved a positive excess return of 0.86% relative to the CSI All Share Index this week[3][29] - The directed issuance portfolio achieved a positive excess return of 1.32% relative to the CSI All Share Index this week[3][35]

地缘动荡凸显全球深海资源战略价值，中国海油强化海洋资源领军地位 2026 年 1 月 23 日 行业研究 ——中国海油集团跟踪报告之八 要点 地缘局势波谲云诡，全球深海战略资源争夺加剧。 2022 年以来，地缘政治局势 持续紧张，部分区域大国的单边行动频出，国际局势动荡不安。在此背景下，深 海已成为全球争夺地缘政治和能源主导地位的下一个关键矿产资源竞争前沿阵 地。2025 年 4 月 24 日，特朗普发布了名为"释放美国近海关键矿产和资源" 的行政命令，该行政命令旨在使美国成为"负责任的海底矿产勘探、开发技术和 实践领域的全球领导者"。截至 2026 年 1 月，特朗普政府正在加快审批国际水 域深海采矿许可证，鼓励美国企业抢先开发海底关键矿产资源。在当前地缘政治 局势动荡不安、全球单边主义行动盛行的背景下，全球战略资源博弈加剧，深海 资源逐渐成为各方争夺的焦点。虽然中期内由于全球立法停滞和环保担忧问题， 深海矿产资源难以释放供给，但一旦技术和规则突破，有望重塑全球矿产供给结 构，长期来看深海资源仍有望成为大国战略资产。 我国深海资源战略价值突出，政策布局全面推动产业高质量发展。2025 年政府 工作报告首次将 ...

行业研究 2026 年 1 月 23 日 2025Q4 有色板块重仓股持仓环比大增，锂、铝增持明显 ——有色金属行业基金重仓股数据点评 要点 事件： 2025Q4 基金重仓股已全部披露，我们根据基金重仓股统计了主动型权益 基金对有色金属行业的重仓股持仓，基金类型包括普通股票型基金、偏股混合型 基金、平衡混合型基金和灵活配置型基金。 行业：2025Q4 有色金属重仓股持仓占基金重仓股 7.83%，环比增加 2.11pct。 2025Q4 主动型权益基金对有色金属行业重仓股的持仓合计市值约 1519 亿元， 占基金整体重仓股持仓比重为 7.83%，环比 2025Q3（5.72%）增加 2.11pct。 个股：重仓股持仓市值前十集中在铜、金、锂、铝，紫金矿业仍为第一大重仓股。 截至 2025Q4，主动型权益基金在有色金属行业重仓股持仓市值前十为紫金矿业 （381.2 亿元）、洛阳钼业（105.7 亿元）、中矿资源（64.5 亿元）、中金黄金（59.5 亿元）、华友钴业（58.7 亿元）、云铝股份（54.9 亿元）、山东黄金（48.4 亿元）、 紫金矿业（H）46.7 亿元、兴业银锡（31.6 亿元）、山金国际（30 ...

2026 年 1 月 23 日 总量研究 如何看待近期 DR001 的上行？ ——2026 年 1 月 23 日利率债观察 要点 1、DR001 要"加息"了？ 在 1 月 15 日国新办举行的新闻发布会上，人民银行邹澜副行长表示要"引导隔 夜利率在政策利率水平附近运行"。2025 年下半年 DR001 的均值为 1.35%，低 于 1.4%的 7D OMO 利率。因此部分投资者担心，未来 DR001 的均值要上行并 向 1.4%靠拢。恰巧 2026 年 1 月中旬以来（截至 1 月 22 日，下同）DR001 的 均值是明显高于前段时间的，这更加大了上述担心，市场中甚至有了货币市场利 率要"加息"的说法。 我们认为，近期没有必要对此担心。"引导隔夜利率在政策利率水平附近运行" 并不等同于"引导隔夜利率的均值恰好等于政策利率"，上述 1.35%的 DR001 已经可以说是在"在政策利率附近运行"了。 此外，我们认为"引导隔夜利率在政策利率水平附近运行"与人民银行之前常提 及的"引导短端货币市场利率围绕政策利率中枢运行"并不矛盾，因为两者描述 的对象和相对应的状态皆是不同的。从描述的对象看，前者明确是隔夜期限， ...

要点 A 股牛市行情形态有何规律？A 股多轮典型牛市均遵循"上涨段与震荡段交替运 行、长周期下跌段占比极低"的共性规律。回顾 A 股市场多轮典型牛市周期，"上 涨-震荡"交替是贯穿牛市全程的核心运行节奏，震荡段承担着消化获利盘、积蓄 上涨动能的关键作用，长周期下跌波段在牛市中占比极低。不同类型牛市段数组合 存在差异，全面牛市为"3 个震荡段+4 个上涨段"，结构性牛市为"2 个震荡段+3 个上涨段"。 2026 年 1 月 23 日 策略研究 A 股牛市当前阶段形态特征六问六答 ——解密牛市系列之六 历史上不同类型的牛市在第二震荡段有何特征差异？历史上全面牛市与结构性牛 市的第二震荡段在回调幅度、持续时间、市场风格及活跃度上呈现显著差异。2024 年 9 月至今，上证指数已形成 2 个完整上涨段和 2 个震荡段，当前正处于第二个 震荡段末期向第三个震荡段初期过渡的关键节点。从历史来看，全面牛市呈现"回 调幅度大、持续时间短"特征，风格上"高切低"，市场活跃度提升；结构性牛市 则呈现"回调幅度小、持续时间长"特征，风格上"强者恒强"，活跃度下降。 牛市如何确认从震荡段突破至上涨段？牛市从震荡段 2 突破至上涨段 ...

Group 1: Machinery Manufacturing Industry - The domestic demand for construction machinery has fully recovered, and overseas growth has accelerated, indicating a positive long-term outlook for the industry [2] - Recommended companies include SANY Heavy Industry, XCMG, Zoomlion (A/H), Liugong, Shantui, and China Longgong (H), along with component manufacturers like Hengli Hydraulic [2] - The smart logistics sector is expected to open up growth opportunities in the forklift industry, with recommendations for Anhui Heli and Hangcha Group, and a suggestion to pay attention to Zhongli and Nuoli [2] Group 2: Dairy Industry - Junlebao, starting from yogurt, launched its first infant formula in 2014, and has since developed strong single product capabilities, with "Jianchun" becoming the top low-temperature yogurt brand in China since 2022 [3] - The high-end fresh milk brand "Yuexianhuo" is projected to achieve revenue of 1.88 billion yuan in 2024, establishing itself as a leading brand in the high-end fresh milk segment [3] - For the first three quarters of 2025, "Yuexianhuo" has generated revenue of 1.84 billion yuan, reflecting a year-on-year growth of 37.6% [3] Group 3: AI in Healthcare - Domestic and international healthcare companies are increasingly investing in AI products and services across various segments, including health management, precision medicine, and AI-driven clinical trials [4] - The report emphasizes the transition of AI in healthcare from technical validation to commercial realization, driven by the dual forces of cost control in healthcare and technological advancements [4] - The core competitive advantage in the future will depend on possessing exclusive, high-quality private data and the ability to continuously iterate data through business scenarios [4]

AI重构医疗，从场景落地到变现讨论 ——AI医疗行业专题报告 2026年1月22日 分析师：吴佳青，执业证书编号：S0930519120001 证券研究报告 目录 CONTENT S 第一章：复盘 •本轮行情与上轮行情的异同 第二章：AI+药物研发 •靶点发现与验证 •变现模式探讨：看好 CRO+Biotech 第四章：AI+诊疗 •环境智能与自动病历生成 •大模型驱动的 AI医生助手 第五章：AI手术机器人&健康管理 • AI在手术机器人领域的应用 可穿戴设备与数字疗法 • 第三章：AI+医学影像 •从 辅助诊断迈向全流程赋能 2025年初国内外AI医疗概念股普涨，美股AI医疗行情更侧重于健康管理、AI数字化临床实验领域，国内有相关概念映射标的 涨幅较大 1）健康管理服务：商业模式以订阅制为主，提供AI智能问诊、AI私人医生等服务，制定针对患者的个性化健康管理方案。 2）AI数字化临床实验：提供药物研发和医疗信息服务，在临床试验中运用AI技术进行数据管理、患者招募和疗效评估等。 •变现模式探讨 第六章：投资建议 第七章：风险分析 请务必参阅正文之后的重要声明 2 26年初国内AI医疗概念股普涨，行情发酵侧重 ...

Investment Rating - The industry is rated as "Buy" with expectations of returns exceeding the market benchmark index by more than 15% over the next 6-12 months [6]. Core Insights - The report highlights the strong growth potential of low-temperature liquid dairy products, with the company positioning itself as a leading brand in segmented markets. The company has successfully expanded its product matrix and is focusing on nationwide market penetration [1][2][3]. - The company has demonstrated robust single product development capabilities, with its core brands becoming leaders in their respective segments. The introduction of innovative products like "Jianchun" and "Yuexianhuo" has significantly contributed to its market share growth [3][48]. - The company is actively optimizing its distribution channels, with a significant portion of revenue coming from its distribution network. The company is also exploring new retail channels and B2B opportunities to enhance its market presence [4][50]. Summary by Sections Industry Overview - The dairy product industry in China is experiencing steady growth, with the terminal market size projected to reach 6,535 billion yuan by 2024, growing at a CAGR of 1.8% from 2019 to 2024. Liquid milk accounts for 54% of this market [14][15]. - Low-temperature liquid milk is expected to grow at a faster rate compared to room temperature milk, with a projected market size of 897 billion yuan by 2024, reflecting a CAGR of 3% [15][23]. Company Profile - The company, established in 2000, has diversified its product offerings, including high-end yogurt, infant formula, and fresh milk. It has become a top brand in low-temperature yogurt and high-end fresh milk by 2024 [1][32]. - The company reported a revenue of 198 billion yuan in 2024, with a year-on-year growth of 13%. For the first three quarters of 2025, revenue grew by 2% [38][42]. Product and Revenue Breakdown - The company's revenue structure shows that liquid milk and infant formula are the main categories, with low-temperature yogurt being the largest sub-category. In Q1-Q3 2025, liquid dairy products accounted for 87% of total revenue [42][43]. - Low-temperature yogurt and fresh milk revenues showed resilience, with fresh milk revenue growing by 41% year-on-year [2][42]. Market Expansion and Distribution - The company is expanding its national sales network, having acquired regional brands to strengthen its presence in the northwest and southwest markets. Key regions like North China are projected to contribute significantly to revenue [5][57]. - The distribution model is primarily based on a dealer network, which accounted for approximately 69% of revenue in Q1-Q3 2025. The company is also enhancing its online and direct sales channels [4][50]. Financial Performance - The company has shown improved profitability, with adjusted net profits reaching 11.6 billion yuan in 2024, a 92% increase year-on-year. The gross margin has also improved, indicating better operational efficiency [38][40].

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The domestic sales of excavators continued to grow in December 2025, with a significant recovery in non-excavator categories. The total excavator sales (including exports) reached 23,095 units, a year-on-year increase of 19.2%, with domestic sales at 10,331 units, up 10.9% [3][4]. - The report highlights a robust recovery in the demand for construction machinery driven by ongoing infrastructure investments and the replacement cycle of machinery, projecting a compound growth rate of around 30% for replacement demand in the coming years [4][5]. - The export of excavators also showed strong growth, with December 2025 exports reaching 12,764 units, a 26.9% increase year-on-year, and total export value for the year at $64.2 billion, up 27.2% [6][10]. Summary by Sections Domestic Sales Performance - In December 2025, excavator sales reached 23,095 units, with domestic sales at 10,331 units, reflecting a 19.2% and 10.9% year-on-year growth respectively. For the entire year, total excavator sales were 235,257 units, up 17.0%, and domestic sales were 118,518 units, up 17.9% [3][14]. - Non-excavator machinery categories also saw significant growth, with loader sales increasing by 30.0% and motor grader sales by 14.0% in December 2025 [14]. Export Performance - The report notes that excavator exports in December 2025 reached 12,764 units, marking a 26.9% increase year-on-year, with total annual exports at 116,739 units, up 16.1% [6][14]. - The total export value of construction machinery for December 2025 was $64.2 billion, a 27.2% increase, with the annual total at $601.7 billion, up 13.8% [6]. Future Demand Drivers - The report emphasizes that active fiscal policies are expected to stimulate infrastructure investment, ensuring sustained demand for construction machinery in the medium term [5]. - The commencement of the Yaxia Hydropower Project, with an estimated investment of approximately 1.2 trillion yuan, is projected to significantly boost machinery demand, with equipment needs potentially reaching 120 to 180 billion yuan [9][10]. Electric and Intelligent Machinery Trends - Electric loader sales surged by 218.7% in December 2025, with an electricization rate of 22.2%, indicating a strong trend towards electrification in the machinery sector [7]. - The report also highlights the growth potential in the forklift market, driven by advancements in robotics and artificial intelligence, with a projected 39.3% increase in sales of unmanned forklifts in 2025 [8]. Investment Recommendations - The report recommends several leading manufacturers, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component suppliers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [10].

【银行】"一揽子"贷款财政贴息政策影响几何？——1 月 20 日贷款财政贴息四项政 策点评(买入) 1 月 20 日，财政部联合多部门发布"一揽子"贷款财政贴息政策及实施细则，本轮 贴息政策的新增和优化主要围绕加大贴息力度、拓宽支持领域、延长贴息期限、增加 经办机构、优化贴息流程等方面展开，预计 26 年贴息规模在 1000~2000 亿，较前一 次规模将有显著提升，稳投资、促消费政策成效可。一揽子政策有望形成银行板块"开 门红"行情催化剂，重点关注小微、零售特色标的。 2026 年 1 月 22 日 晨会速递 分析师点评 市场数据 【宏观】美国政府停摆：阴影逐步消散——解构美国系列第十七篇 1 月 30 日两党临时预算截止日期将近，但我们认为本轮"关门"风险明显低于 2025 年。一是两党已通过 6 个部门预算，剩余 6 个部门预算也初步达成共识，即使政府再 次停摆，影响也将小于 2025 年停摆时。二是特朗普施已施压药企降价，有效化解了 医保争议的急迫性，降低了政治博弈"硬着陆"可能。三是当前特朗普政府将更多精 力投向对外问题，内政或倾向于以稳为主，避免"两线作战"。 行业研究 总量研究 【房地产】202 ...