Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The report highlights significant fluctuations in precious metals, driven by changes in margin requirements and adjustments in commodity index weights, leading to a rebound in precious metals prices following disappointing non-farm payroll data [3] - The report emphasizes a bullish outlook on precious metals due to ongoing geopolitical events and expectations of monetary easing, suggesting investors should hold positions despite market volatility [3] - For copper, the report recommends buying on dips, citing expected supply-demand tightness in 2026 due to production cuts from major producers and increased fiscal spending expectations from the U.S. government [4] - The aluminum market is also recommended for buying on dips, with strong macro policy expectations and geopolitical risks providing support despite current demand pressures [4] - Tin prices have surged past 350,000 yuan/ton, driven by significant inventory reductions and ongoing demand from AI capital expenditures, with a recommendation to buy on dips [5] - Lithium prices continue to rise, with a recommendation to buy on dips, supported by supply constraints and strong demand expectations [5] Summary by Sections Industry Performance - The non-ferrous metals sector saw an 8.3% increase this week, ranking fifth among sectors [13] Prices - LME copper decreased by 0.93%, aluminum increased by 1.91%, zinc decreased by 1.84%, lead increased by 0.84%, and tin increased by 7.38% [18] - Precious metals saw COMEX gold rise by 1.32%, silver by 4.29%, and NYMEX palladium by 5.73%, while platinum fell by 18.09% [18] - Lithium carbonate prices surged by 17.15% [18] Inventory - Global visible copper inventories increased by 31,985 tons, while aluminum saw a decrease of 809 tons, zinc decreased by 900 tons, lead decreased by 11,300 tons, and tin decreased by 916 tons [24][26]

证券研究报告：医药生物 | 公司点评报告 股票投资评级 Q3 收入增速稳定，毛利率显著回暖 ⚫ 事件 买入|首次覆盖 个股表现 -3% 10% 23% 36% 49% 62% 75% 88% 101% 114% 2025-01 2025-03 2025-06 2025-08 2025-10 2026-01 普蕊斯 医药生物 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 56.80 | | --- | --- | | 总股本/流通股本（亿股）0.79 / 0.75 | | | 总市值/流通市值（亿元）45 / 43 | | | 52 周内最高/最低价 | 56.80 / 24.84 | | 资产负债率(%) | 17.9% | | 市盈率 | 42.07 | | 第一大股东 | 石河子市玺泰股权投资 | | 合伙企业(有限合伙) | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 普蕊斯(30 ...

Industry Investment Rating - The investment rating for the industry is Neutral, maintained [1] Core Insights - The current market environment is characterized by low interest rates, high trading volumes, and rational leverage, which supports the sustained prosperity of brokerage firms [4] - The Shibor 3M rate remains stable at 1.60%, indicating a very loose and inexpensive funding environment for the market [5] - The average daily trading volume of A-share stock funds has surged to historical highs between 25,000 billion and 35,000 billion since 2025, reflecting a significant increase compared to the low points of 2024 [5][6] - The margin financing and securities lending balance reached approximately 26,206.09 billion, marking a new high, with the growth driven more by investors' own funds rather than increased leverage [6][18] - The bond market index has shown signs of high-level consolidation, with recent trading volumes still remaining elevated despite a slight decline [19][20] Summary by Sections Industry Fundamentals Tracking - **Shibor 3M Rate**: As of January 9, 2026, the Shibor 3M rate is at 1.60%, reflecting a stable liquidity transition around the New Year, with expectations of continued low rates in the near term [5][15] - **Stock Fund Trading Volume**: The average daily trading volume reached approximately 33,677 billion, a 34.32% increase from the previous week, indicating a significant recovery from the trading lows of 2024 [16] - **Margin Financing Situation**: The margin financing balance has reached a new high of 26,206.09 billion, with the growth momentum indicating a healthy market leverage level [18] - **Bond Market Index and Trading Amount**: The bond market index has entered a phase of high-level consolidation, with trading volumes remaining high despite recent declines [19][20] - **Stock-Bond Spread**: The stock-bond spread fluctuated between 4.70% and 4.81%, indicating a return to historical averages, suggesting that stock assets are no longer extremely undervalued [23][24] Market Review - The A-share Shenwan Securities II industry index increased by 1.9%, underperforming the CSI 300 index, which rose by 2.79% [26] - Over the past year, the Securities II index has increased by 13.63%, significantly lower than the CSI 300 index's 25.59% increase [26][28]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The surgical robot industry is entering a commercialization and policy acceleration phase, with significant growth potential driven by new policies and market demand [5][6][25] - The overall performance of the pharmaceutical and biotechnology sector has improved, with a notable increase in stock prices and market activity [7][29] - The innovation drug sector is experiencing a recovery, supported by advancements in technology and upcoming industry events [31][32] Summary by Relevant Sections Surgical Robot Industry - In the first eleven months of 2025, surgical robot sales reached 332 units, a slight increase of 3.75% year-on-year, with total sales amounting to 2.973 billion yuan, a minor decline of 0.87% [16] - The laparoscopic surgical robot segment accounted for 35.8% of total sales volume and 61.3% of sales revenue, while orthopedic surgical robots saw a 17.81% increase in sales volume and a 21.62% increase in sales revenue [16][17] - The national pricing framework for robotic surgeries is expected to enhance the clinical value and drive market growth [22][24] Beneficiary Companies - MicroPort MedBot has a strong global strategy and is expected to achieve breakeven in 2026, benefiting from favorable domestic policies and increasing market penetration [6][25][27] - Tianzhihang holds over 40% market share in the domestic orthopedic surgical robot market and is positioned as a leader with significant growth potential in service and consumable revenues [6][25][27] Market Performance - The A-share pharmaceutical and biotechnology sector rose by 7.81% from January 5 to January 9, 2026, outperforming the CSI 300 index by 5.03 percentage points [7][29] - The hospital sector within the pharmaceutical sub-industry saw the highest increase, with a rise of 13.92% [7][29] Innovation Drugs and Industry Chain - The innovation drug sector is expected to see continued growth, driven by new technologies and upcoming clinical data updates at the JPM conference [31][32] - The demand for R&D outsourcing is stabilizing, and the supply side is expected to recover as pricing levels reach a bottom [32] Medical Devices - The medical device sector is anticipated to gradually recover profitability, aided by policy adjustments and market corrections [34][35] - Key players in the high-value consumables market are expected to benefit from reduced competition and improved pricing strategies [35] Pharmaceutical Commerce - The number of drugstores in China has been declining, with a significant reduction in the number of stores, indicating a consolidation phase in the industry [40] - Leading drugstore chains are expected to improve profit margins in 2026 through operational optimizations and strategic adjustments [40]

Group 1: Global Liquidity Overview - Current global liquidity is characterized by "overall easing, internal differentiation, and emerging forward signals" [49] - Major developed economies have shifted from synchronized tightening to differentiated policies, with the Federal Reserve leading a rate-cutting cycle [2] - The VIX index and other risk sentiment indicators remain low, indicating a supportive environment for market risk appetite [2] Group 2: Price Dimension Indicators - The core indicator system for global liquidity in the price dimension includes three categories: benchmark interest rates, market financing costs, and risk pricing/asset price indicators [1] - The TED spread for USD is at 0.04762%, indicating a low historical level of market financing costs and a relatively ample liquidity environment [25] - The EUR TED spread is at 0.02%, also reflecting a low historical level and indicating ample liquidity in the Eurozone [28] - The JPY TED spread is at 0.41640%, indicating a relatively high historical level and a tightening liquidity environment in Japan [32] Group 3: Future Outlook - Global liquidity is expected to remain accommodative in the first half of 2026, benefiting international pricing of commodities [4] - The report emphasizes the importance of combining price signals with quantity information for more accurate investment decisions and policy responses [51]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The negative factors in the bond market are accelerating to be exhausted. The early - year "bad start" in the bond market is mainly due to the recovery of risk - appetite (a "sooner - or - later" shock), the absence of monetary easing (a "late - but - coming" misalignment), and concerns about supply shocks (a "wait - and - see" situation). The long - end yield has no basis for a large - scale upward trend, and the high point is emerging while the negative factors are fading [3][4][11]. 3. Summary by Relevant Catalog 3.1 Bond Market "Bad Start" and Yield Performance - At the beginning of the year, the bond market had a "bad start", with the yields of 10 - year and 30 - year treasury bonds rising significantly. The 10 - year treasury bond yield approached 1.9%, and the 30 - year treasury bond yield adjusted above 2.3%, reaching a new high since 2025. The 1 - year treasury bond yield has fallen below 1.3%, and the yield curve has steepened again [10]. 3.2 Reasons for the Bond Market "Bad Start" 3.2.1 Recovery of Risk - Appetite - The recovery of risk - appetite is the primary factor for the bond market's "bad start". The return of the stock - bond seesaw is inevitable. If the stock market's spring offensive comes earlier or stronger, the bond market will adjust earlier or more. However, since the fundamental environment has not reversed, the suppression of bonds by risk - appetite should be temporary [11]. 3.2.2 Absence of Monetary Easing - The absence of monetary easing is the secondary factor. The bond market's expectation of monetary easing has been extremely compressed. The non - increase in the central bank's bond - buying scale at the end of the year has hit the bond market's expectation of monetary easing again. As the bond's allocation value becomes more obvious, a potential interest - rate cut will turn from an "escape opportunity" to a "reversal opportunity" [14]. 3.2.3 Concerns about Supply Shocks - Concerns about supply shocks are the continuing factor. There is no substantial new information on the supply side recently. The 30 - year minus 10 - year spread is high enough, containing most of the premium for future supply shocks. Supply pressure may only exist in expectations considering policy goals and ongoing work [16][17]. 3.3 Certainty of the Steep Yield Curve - The long - end yield has no basis for a large - scale upward trend, with an early shock and an early high point. The investment return rate has declined in recent years, and the after - tax mortgage rate is lower than the 30 - year treasury bond after - tax yield. The policy - rate cut will lead to a decline in the broad - spectrum interest rate, and the steep yield curve already implies this, with negative factors fading [18].

Industry Investment Rating - The investment rating for the building materials industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the electronic yarn prices have increased, with the average price of domestic G75 remaining at 9377 RMB/ton, reflecting a month-on-month increase of nearly 1% and a year-on-year increase of 11.31%. This price increase is supported by the growing demand in the high-end PCB sector, indicating further price increase expectations [3][4] - The cement market is entering a seasonal downturn, with overall demand showing a downward trend. The construction market remains weak, but there is a rigid demand in the civil market. The report anticipates that cement production capacity will continue to decline under policies limiting overproduction, which will significantly enhance profit elasticity [3][4] - The glass industry is experiencing a continuous decline in demand due to real estate impacts, with short-term price expectations remaining low due to high inventory levels among intermediaries. The report predicts that prices will remain under pressure despite some production lines undergoing maintenance [4][15] - The fiberglass sector is seeing stable demand in wind power and thermoplastic fields, with the electronic yarn segment benefiting from AI industry demand, leading to a potential explosive growth in demand [4] - The consumer building materials sector has reached a profitability bottom, with no further downward price space. The report notes a strong demand for price increases across various categories, indicating potential profitability improvements for leading companies in 2026 [4] Summary by Sections Cement - National cement production in November 2025 was 154 million tons, a year-on-year decrease of 8.2%. The report emphasizes the need for policy-driven demand improvements [8] Glass - The report indicates that the glass market is under pressure, with traditional peak season orders showing limited improvement. The supply side has seen some production line maintenance, but overall supply-demand pressure remains [15] Fiberglass - The fiberglass sector is expected to see a demand surge driven by AI-related applications, with a clear upgrade in product structure leading to simultaneous volume and price increases [4] Consumer Building Materials - The report suggests that the consumer building materials industry is poised for profitability recovery, with leading companies expected to improve earnings in 2026 due to strong pricing power [4]

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2]. Core Insights - The company is a rare player in the "AI for Science" sector, founded by three MIT physicists in 2015, focusing on drug and material science R&D solutions using quantum physics principles, AI, and robotics. In H1 2025, the company achieved revenue of RMB 517 million, a year-on-year increase of 404%, with a net profit of RMB 83 million [6][10]. - The company signed the largest AI pharmaceutical order in the industry with DoveTree, valued at HKD 47 billion (USD 5.99 billion), which reflects its technological strength and potential for future business development [7]. - The company has made significant progress in drug discovery, with its AI platforms being applied across various fields and partnerships with major pharmaceutical companies like Johnson & Johnson and Pfizer [6][7]. Summary by Sections Company Overview - Latest closing price: HKD 11.35 - Total shares: 4.303 billion - Total market capitalization: HKD 48.8 billion - 52-week high/low: HKD 3.85 / HKD 15.12 - Debt-to-asset ratio: 8.9% - Price-to-earnings ratio: -226.34 [4]. Financial Performance - Revenue forecast for 2025-2027: RMB 787 million, RMB 998 million, RMB 1.465 billion, with growth rates of 195.3%, 26.8%, and 46.7% respectively. The net profit is projected to improve from -RMB 156 million in 2025 to RMB 196 million in 2027 [13][16]. Product Development - The company has developed two innovative topical ingredients for hair growth, Remeanagen™ and AquaKine™, which have received FDA approval and are expected to generate significant revenue in the consumer market [10][11]. - The global market for hair loss treatments is projected to grow from USD 5.04 billion in 2025 to USD 6.15 billion by 2033, indicating strong demand and growth potential [11]. Strategic Partnerships - The company has established a strategic partnership with JinkoSolar to develop a new generation of solar cells using AI and automation, enhancing its capabilities in the chemical raw materials sector [12][14].

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Insights - The report highlights that major domestic companies are accelerating their capital expenditures, with ByteDance planning to invest approximately 160 billion RMB in 2026, up from 150 billion RMB in 2025. This increase is expected to drive demand for AI chips and related infrastructure [5] - The supply side is improving as domestic chip manufacturers enhance their self-sufficiency rates, with predictions indicating that China's chip self-sufficiency rate could rise from 58% in 2025 to 93% by 2028. Additionally, the potential easing of restrictions on NVIDIA's H200 products may alleviate the current supply constraints [6] - The report anticipates a recovery in order volumes for IDC (Internet Data Center) companies due to improved supply-demand dynamics driven by AI demand and policy support. This recovery is expected to lead to increased utilization rates and price signals, allowing for a return to normal valuation ranges [7] Summary by Sections Industry Overview - The closing index level is reported at 5425.46, with a 52-week high of 5841.52 and a low of 3966.07 [2] Demand and Supply Dynamics - Domestic CSP (Cloud Service Provider) companies are expected to see a significant increase in capital expenditures in 2026, with major players like ByteDance and Alibaba leading the charge [5] - The self-sufficiency of domestic AI chips is on the rise, with forecasts indicating substantial improvements in the coming years [6] Investment Recommendations - The report suggests focusing on IDC companies with strong regional positioning and resource reserves, including companies like Runjian Co., Dongyangguang, and Century Internet [8]

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Insights - The commercial aerospace sector is recognized as a strategic emerging industry, with significant growth potential driven by government policies and market demand. The market size in China is expected to reach 8 trillion RMB by 2030 [5][16] - The competition for satellite spectrum and orbital resources is intensifying globally, with a focus on low Earth orbit (LEO) satellites. The current utilization rate of LEO resources is approximately 18% [6][28] - China is advancing several national satellite constellation projects, including the "GW Constellation," "Qianfan Constellation," and "Honghu-3," aiming to deploy tens of thousands of satellites over the next decade [7][30][44] Summary by Sections 1. National Strategy and Commercial Aerospace Development - Commercial aerospace is becoming an integral part of the aerospace industry, characterized by market-driven operations and a focus on profitability. It encompasses satellite manufacturing, rocket launches, and satellite applications [13][14] - The global commercial aerospace market is projected to grow at a compound annual growth rate (CAGR) of 7.7%, with China's market expected to grow at a CAGR of 22.5% from 2015 to 2024 [16][19] 2. Global Competition for Low Earth Orbit Resources - The global distribution of satellite spectrum and orbital resources is managed by the International Telecommunication Union (ITU) under a "first-come, first-served" principle, with strict deployment timelines [6][27] - As of May 2025, there are approximately 10,824 satellites in LEO, with a theoretical capacity of 60,000 satellites [28] 3. Major Satellite Constellation Projects in China - The "GW Constellation" aims to deploy 12,992 satellites, while the "Qianfan Constellation" plans to launch 15,000 satellites, and "Honghu-3" intends to deploy 10,000 satellites [30][44] - The "GW Constellation" is led by China Satellite Network Group and is designed to create a 6G satellite internet system [32] - The "Qianfan Constellation" is a project initiated by Shanghai's local government and aims to provide global satellite broadband services [33][38] - The "Honghu-3" project is spearheaded by Beijing Blue Arrow Hongqing Technology and focuses on building a high-speed satellite broadband network [44][45]