丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 2 项医疗器械行业标准制修订项目立项，脑机接 口再迎政策利好 报告要点 [Table_Summary] 1 月 28 日，据国家药监局官网消息，为满足监管急需，助推采用脑机接口技术的医疗器械高质 量发展，经研究，国家药监局批准《采用脑机接口技术的医疗器械范式设计与应用规范运动功 能重建》《采用脑机接口技术的医疗器械侵入式设备可靠性验证方法》等 2 项医疗器械行业标 准制修订项目立项。政策层面的持续完善有望为脑机接口的发展提供了关键推力，加速脑机接 口产业商业化落地。建议关注三条主线：1、侵入式脑机接口海外先进产业链的国内映射标的； 2、非侵入式脑机接口在消费场景的产品落地相关标的；3、脑机接口下游应用端相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 2 项 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The cleanroom sector is essential for the production processes of semiconductors and biomanufacturing, with a new round of global semiconductor capacity restructuring expected to drive order growth for related companies. Both overseas and domestic markets are anticipated to see increased project activity, particularly in Southeast Asia and North America, as well as in China as it narrows the gap in advanced processes and core products come to fruition [2][6] Summary by Relevant Sections - **Demand Growth**: Overseas cleanroom demand is expected to expand first, driving companies to seek opportunities abroad. For instance, Morgan Stanley's report highlights that companies like Nvidia and AMD are aggressively securing 3nm capacity, leading to a shortage at TSMC. TSMC plans to increase its 3nm capacity by an additional 20,000 wafers per month by the end of this year. Additionally, Micron Technology has commenced construction of an advanced wafer manufacturing facility in Singapore, with an investment of approximately $24 billion over the next decade [13][13] - **Price Increase**: The high gross margin of companies like Asia Cleanroom reflects that overseas projects significantly outperform domestic ones in profitability. For example, Asia Cleanroom's overseas business accounted for 45.13% of total revenue in the first half of 2025, with a gross margin of 14.17% [13] - **Key Targets**: The report recommends focusing on Asia Cleanroom, with additional attention on Shenghui Integration and Bocheng Co. Asia Cleanroom specializes in cleanroom engineering services for high-tech industries and has established a strong client base, including major companies in Singapore. Shenghui Integration has a strong order book and focuses on advanced manufacturing cleanroom systems. Bocheng Co. is a leading player in the cleanroom industry, providing integrated solutions across various sectors [13]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Views - The report highlights a continued price increase trend in the AI infrastructure supply chain, suggesting that multiple segments such as CPU and cloud services may experience simultaneous volume and price growth, benefiting related industries [8][58] - The report recommends focusing on the domestic computing power supply chain, particularly leading companies in computing chips like Cambricon and Haiguang Information, as well as domestic CPU, cloud, and AI infrastructure suppliers [8][58] Summary by Sections Market Performance - Last week, the computer sector rebounded slightly, with an overall decline of 0.25%, ranking 27th among major industries in the Yangtze River region, and accounting for 7.08% of total market turnover [2][18] Key Recommendations - The report emphasizes the importance of the domestic basic resource supply chain, particularly in light of ongoing price increases that are expected to benefit various segments, including computing chips and cloud services [8][58] Notable Developments - Recent updates include the IPO progress of three companies in the commercial aerospace sector, and announcements from Elon Musk regarding the Optimus humanoid robot, which is expected to be available to the public by the end of 2027 [2][23][29] - The report also notes that the full version of Tesla's FSD (Full Self-Driving) may receive regulatory approval soon, which could accelerate investment opportunities in the smart driving industry [37][41]

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The introduction of special new special-purpose bonds has changed the traditional allocation logic of special-purpose bonds, and the allocation logic has become more complex due to regional economic and fiscal differences and the balance between economic development and "Three Guarantees" [4][7][18]. - The allocation of new special-purpose bond quotas at the provincial level generally follows the logic of "following the projects", but in recent years, the explanatory power of objective factors, especially debt risk factors, has decreased, and more attention is paid to management performance and local application factors. Since 2020, the quota allocation has been "tailored to local conditions and precisely targeted", showing regional heterogeneity [9][75][81]. - The allocation of new special-purpose bond quotas at the municipal level is more flexible and difficult to fully explain with objective factors. It is speculated that the resource coordination of provincial governments for municipalities will further reduce the explanatory power of objective factors [9][85][88]. - Some provinces have significant deviations in the actual allocation of new special-purpose bond quotas from the theoretical values. Some economic provinces may receive more quotas due to major project construction, while some regions may receive more funds for debt resolution [10][90]. 3. Summary by Relevant Catalogs 3.1 Special-purpose Bonds as the Main Local Financing Method - The scale of special-purpose bonds has been continuously increasing. As of the end of 2025, the stock of local special-purpose bonds in China was 37 trillion yuan, accounting for nearly 70% of the total stock of local government bonds. The net financing of special-purpose bonds increased significantly in 2020 and 2024, and the issuance scale and stock are expected to continue to rise [19]. - Special-purpose bonds can be divided into new special-purpose bonds, refinancing special-purpose bonds, and replacement special-purpose bonds. There are also special refinancing special-purpose bonds and special new special-purpose bonds for debt resolution [21]. 3.2 Deviation between Special-purpose Bond Investment and Physical Workload - In 2024 and 2025, new special-purpose bond funds were mainly invested in transportation infrastructure, municipal and industrial park infrastructure, and other fields. However, there may be a situation where "money waits for projects", and the progress of some special-purpose bond funds in forming physical workload is slow [25][30]. 3.3 Debt Resolution Factors Becoming an Important Consideration in Special-purpose Bond Allocation - The spatial distribution of special-purpose bond stocks is uneven. Since 2023, the marginal changes have reflected the policy orientation of "risk prevention". The issuance of refinancing special-purpose bonds in the western region has increased rapidly, and the proportion of debt resolution funds in key provinces is relatively high [37]. 3.4 Process and Results of New Special-purpose Bond Quota Allocation - **Principles**: New special-purpose bond quota allocation mainly considers five factors: financial strength, debt risk, construction demand, capital efficiency, and local applications, and is adjusted by a fluctuation coefficient. Overall, it follows the principle of "rewarding the excellent and punishing the inferior", but also pays attention to risk prevention [8][47]. - **Results**: There is a positive correlation between the new special-purpose bond quota and the actual in - place investment in fixed assets, but there are also some deviations. The allocation of new special-purpose bond quotas can generally reflect the objective situation, but some provinces deviate from the trend, indicating that they may receive more special funds [53][57]. 3.5 Provincial Quota Allocation: From "Extensive Distribution" to "Precise Targeting" - The allocation of new special-purpose bond quotas at the provincial level generally follows the logic of "following the projects". In recent years, the explanatory power of objective factors has decreased, and more attention is paid to management performance and local application factors. Since 2020, the allocation logic has shown regional heterogeneity [9][75][81]. 3.6 Municipal Quota Allocation: From "Rewarding the Excellent and Punishing the Inferior" to "Overall Coordination" - The allocation of new special-purpose bond quotas at the municipal level is more flexible, and the overall explanatory power of objective factors is weaker. It is speculated that the resource coordination of provincial governments will further reduce the explanatory power of objective factors [85][88]. 3.7 Deviation Calculation: Which Provinces Receive More Special-purpose Bond Funds? - Provinces such as Shandong, Guangdong, Anhui, Tianjin, Gansu, and Xinjiang have a large upward deviation in the actual quota allocation from the theoretical value, while Shanghai, Jiangsu, and Zhejiang have a large downward deviation. Some economic provinces may receive more quotas for major project construction, and some regions may receive more funds for debt resolution [10][90].

世界经济与海外市场丨深度报告 [Table_Title] 穿越泡沫：从技术革命到金融资本 ——科技新周期系列 1 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 从宏观视角来看，"AI 泡沫"最重要的特质在于其本质是一场"技术革命泡沫"。根据"技术革 命—金融资本"四阶段模型，"AI 泡沫"大概率已经初步形成，但目前"AI 泡沫"尚处于早期， "AI 泡沫"破裂风险相对较低。中观层面，绝大多数行业财务指标相较于互联网泡沫水平仍有 一定差距，显示中观风险尚可控；宏观层面，美国仍处于降息周期，特朗普任期内的货币与财 政双宽松政策也对经济提供一定支撑，经济下行风险有限，宏观不利信号也尚未出现。 分析师及联系人 [Table_Author] 于博 敬成宇 SAC：S0490520090001 SFC：BUX667 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 2 复盘：互联网科技革命的历史经验 回顾 20 世纪末互联网科技革命的历史经验：1）爆发阶段：金融资本与技术资本协同，潜在商 ...

丨证券研究报告丨 [Table_Summary] 沃什的政策主张在于"降息+缩表、缩职能"，其目的在于重塑美联储公信力。但短期内顺利实施 的可能性并不高，原因在于："中期选举压力下，特朗普有迫切压降中长端利率的要求"和"缩表 推升期限溢价带动长端利率上行"之间存在冲突。这意味着，短期内降息有望、但缩表不可求。 而缩表推行不彻底，重塑美联储公信力就无从谈起，去美元化的趋势仍无法逆转。于市场而言， 短期"紧缩交易"预期不改长期"宽松交易"趋势。 分析师及联系人 世界经济与海外市场丨点评报告 [Table_Title] 沃什将带来什么：降息、缩表，缩职能 ——海外热点冷思考系列 3 [Table_Author] 报告要点 SAC：S0490520090001 SAC：S0490525070005 SFC：BUX667 于博 黄帅 敬成宇 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 沃什将带来什么：降息、缩表，缩职能 2] ——海外热点冷思考系列 3 美东时间 1 月 30 日，特朗普宣布提名凯文·沃什担任美联储主席。 事件评论 丨证券研究 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - Since 2025, the technology sector has seen price increases in various segments of computing power resources, recently spreading to the midstream cloud computing sector in overseas markets. The demand for AI, coupled with tight capacity in core segments, has shifted industry pricing towards "supply-demand pricing + value reassessment." Some segments are still in the early stages of price increases, which are expected to gradually transmit to the domestic market, suggesting investment opportunities in domestic computing power resources [2][5] Summary by Relevant Sections - **Price Trends**: Since the second half of 2025, there has been a significant upward trend in prices for storage and other computing power resources. For instance, memory prices surged by 171.8% year-on-year in Q3 2025, with expectations of further increases of 40% to 50% in Q1 2026 and around 20% in Q2 2026. Major companies like Samsung have raised NAND flash contract prices by over 100% starting January 2026 [10][13] - **Market Dynamics**: The AI demand is robust, and the competition among tech giants for computing power resources is intensifying. For example, Meta's capital expenditure for 2026 is projected to reach $135 billion, significantly exceeding Wall Street's expectations. This surge in AI-related demand is creating a substantial supply-demand gap, particularly in storage chips, which is expected to lead to further price increases across various segments [10][13] - **Investment Recommendations**: The report recommends focusing on key domestic leaders in computing power resources, including AI chips (e.g., Haiguang Information, Cambricon), CPUs (e.g., Haiguang Information), and cloud service providers (e.g., Kingsoft Cloud, Capital Online). Additionally, it suggests monitoring other quality stocks with strong fundamentals and high correlation within the industry chain [5][10]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - In 2026, the strategy differentiation of major financial institutions will reshape the bond market landscape. The trading attributes of banks will be enhanced, and the pressure to exchange floating profits will be reduced. If the regulatory constraints on interest - rate sensitivity indicators are relaxed, it may provide long - term bond allocation space for banks. Securities firms' proprietary trading will continue the aggressive strategy of "bond foundation, equity enhancement" with regulatory support. Wealth management will fully enter the "true net - value" era, with product closure and defensive allocation becoming the mainstream. Public funds are expected to repair the liability side through the new fee regulations, the duration strategy may be reopened, and the use of hedging tools will increase. Insurance institutions will focus on long - term allocation, increasing their allocation of long - duration interest - rate bonds and high - dividend assets. The overall trading attributes of the market will be enhanced, and the allocation strategies will gradually diversify [3]. 3. Summary by Related Catalogs 3.1 Bank - Overall, it shows the characteristics of "configuration adjustment and trading enhancement". In 2026, if China follows the Basel regulatory new rules, large banks are expected to release about 1 trillion yuan of government bond allocation space, and the ability to undertake long - term bonds will be marginally improved. The trading attributes of state - owned large banks are gradually strengthening, and they will continue to maintain high trading activity in 2026. If the cost - performance of inter - bank certificates of deposit rises in the future, the bond - allocation strength of rural commercial banks may moderately recover [15]. - Constrained by the deepening of the asset - liability term mismatch, the ability of large banks to undertake long - term bonds is limited. However, if China implements the adjusted international regulatory standards, it is estimated that about 1 trillion yuan of bond - allocation capacity will be added for large banks. In 2025, the AC account proportion of various banks decreased, and the OCI account proportion increased. In 2026, although the pressure on banks to make up for the performance gap by realizing floating profits will weaken, there are still incentives to realize floating profits [16][21]. - State - owned large banks' trading volume of 7 - 10Y treasury bonds and policy - financial bonds in 2025 increased, and the proportion of trading volume also increased compared with the previous two years, showing an active trading strategy. It is expected that this high trading activity will continue in 2026 [29]. - Since the beginning of 2025, affected by the new capital regulations and the decline in the cost - performance of certificates of deposit, the bond - allocation behavior of rural commercial banks in the secondary market has significantly shrunk. If the cost - performance of certificates of deposit recovers and the capital occupation pressure eases in 2026, the bond - allocation strength may moderately recover [32][33]. 3.2 Wealth Management - In 2026, wealth management will fully enter the "true net - value" operation mechanism. In terms of products, "fixed - income +", closed - end and minimum holding - period products will be used to deal with net - value fluctuations; in terms of operation, the management requirements for duration, leverage and liquidity will continue to increase, and the asset allocation will focus on stability and term matching [40]. - In 2026, in the context of low - interest rates and the full - completion of valuation rectification, the scale and number of "fixed - income +" products are expected to continue to grow. The proportion of "fixed - income +" products in fixed - income wealth management is expected to rise steadily [41][42]. - After the full - completion of valuation rectification, the net - value stability constraint of wealth management products has been significantly enhanced. The closed - end and quasi - closed - end operation characteristics of new products are expected to be further strengthened in 2026 [44]. - In 2026, wealth management institutions will pay more attention to the liquidity safety cushion. The proportion of high - liquidity assets in wealth management asset allocation is likely to remain relatively high [50]. - In 2026, wealth management drawdown is expected to be controllable and will change around interest - rate fluctuations. Wealth management institutions may deepen the application of multi - asset allocation strategies to reduce the impact of bond - market fluctuations on net value [52]. - In 2026, the allocation value of amortized - cost bond funds will be further highlighted. The re - investment demand of the expired funds of amortized - cost bond funds is expected to support the short - end credit - bond market [58]. 3.3 Public Funds - In 2026, with the implementation of the new fee regulations for public funds, the bond - market sentiment is expected to be moderately repaired, and the stability improvement of the liability side may create conditions for reopening the duration strategy. The development of innovative tools such as stock - bond constant ETFs is expected to introduce incremental funds, and the number of funds using the negative - duration strategy may increase. The supervision of customized funds and dividend mechanisms will continue to be optimized [65]. - In 2025, the leverage ratio of bond funds decreased, and the duration fluctuated greatly. In 2026, the liability - side and asset - side durations of public funds are expected to increase [66]. - The implementation of the new fee regulations for public funds in 2026 is expected to promote the moderate repair of the bond market and the internal optimization of the bond - fund pattern [71]. - In 2026, the pure - bond fund market may face product - pattern adjustment. The smooth development of stock - bond constant ETFs may bring incremental funds to the equity and interest - rate bond markets and weaken the traditional "stock - bond seesaw" effect in the short term [76]. - In 2026, the number of funds using the negative - duration strategy may increase to manage risk exposure in the context of low - interest rates and high volatility in the bond market [79]. - In 2026, there is still room for optimization of customized funds and dividend mechanisms in the public - fund industry. The regulatory authorities may put forward rectification requirements for customized funds with a high institutional - holding ratio and optimize the dividend mechanism [82][84]. 3.4 Insurance - In 2026, the investment strategy of insurance institutions is expected to shift from "trading" to "allocation - based". The turnover rate of interest - rate bonds such as treasury bonds has declined, and the asset - allocation structure will be further optimized [87]. - In 2025, affected by the regulatory reduction of the liability - side pricing ceiling, new - policy attractiveness weakened, and premium growth slowed down. Insurance funds preferred a Carry - based strategy, with a decline in the turnover rate of interest - rate bonds and a stable or rising allocation weight [88]. - As of Q3 2025, bonds still accounted for more than 50% of insurance - fund asset allocation, but the growth rate of equity investment was relatively fast. In 2026, if the new fee regulations weaken the cost - performance of bond funds, some insurance funds may shift to equity assets, but it will not significantly affect their bond - market allocation [94]. - In 2026, under the dual - system drive of the new asset - liability regulations and new accounting standards, insurance institutions will significantly increase their allocation of long - duration interest - rate bonds and high - grade general credit bonds and reduce the allocation of bank Tier 2 capital bonds. The proportion of participating insurance is expected to continue to increase, and the equity - asset allocation will focus on high - dividend and low - valuation stocks [100][101]. 3.5 Securities Firms' Proprietary Trading - In 2026, the bond - allocation of securities firms' proprietary trading will continue to focus on interest - rate bonds and high - grade credit bonds, and the equity - allocation is expected to achieve "both quantity and quality improvement" under regulatory encouragement, with a preference for standardized products such as broad - based index constituent stocks and liquid ETFs [103]. - From March 2021 to November 2025, the bond - holding scale of securities firms' proprietary trading increased, and the proportion of interest - rate bonds rose. In 2026, the bond - holding scale is expected to continue to grow, and the credit - bond allocation will continue to concentrate on high - grade bonds [104][105]. - In 2025, the floating - profit scale of securities firms' proprietary trading turned from negative to positive, and they showed advantages in stop - profit operation and holding - cost control [109]. - Regulatory support for securities firms' proprietary trading to increase equity - asset allocation has increased. In 2026, securities firms may further increase their equity - asset allocation, with a possible preference for standardized products [114].

[Table_scodeMsg1] 公司研究丨深度报告丨工商银行（601398.SH） [Table_Title] 大行工匠，基业长青 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们重点推荐工商银行，看好基本面稳健性和长期配置价值。1）资产负债表映射实体，伴随经 济结构转型，市占率进入上行周期。经济结构转型、新旧动能转换背景下，金融总量降速，银 行转向高质量发展。2）利率周期视角下，净息差筑底、核心营收反转。近七年的降息周期中， 银行业净息差创历史新低。目前利率周期低位运行，但下行空间受到约束，预计 2026 年利息 净收入将实现反转，大型银行的核心营收（利息及手续费）增速转正。3）资产质量韧性穿越地 产周期，风险指标波动低。目前 A/H 股 2026 年预期股息率 4.39%、5.37%。重点推荐，给予 "买入"评级。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 请阅读最后评级说明和重要声明 2 / 23 SFC：BUT916 %% %% %% %% research.95579.com 2 SAC：S04 ...

市场策略丨深度报告 [Table_Title] 红马奔腾策略系列 1：从老红利到新红马之投资 范式 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 目前部分机构资产回报率承压，核心原因在于负债端久期长、成本刚性，而低利率环境下，固 收类资产收益率下行，权益类的传统红利投资股息下降，较难覆盖负债端成本。投资思路：预 期回报率高（3%~5%以上）、安全边际高（行业格局和估值企稳）的方向值得关注。1）寻找 未来股息率高的方向：通过分红率的提高来提供较高的股息水平，直接增厚股息回报；2）同时 估值不应大幅下滑：具有安全边际，避免因资本利得大幅损失（如股价下跌）抵消股息收益， 重点关注供给收缩/行业出清到尾声的细分行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 28 %% %% %% %% 关注自由现金流和稳住 ROE 是分红潜力的关键。一是从理论出发，稳定的自由现金流是保障 潜在股息率提升的重要基础，其通过影响利润与估值，提供持续的 ...