Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The banking index fell by 1.3% this week, underperforming the CSI 300 and ChiNext indices by 1.6% and 2.5% respectively, indicating a short-term style switch in the market [6][19] - H-shares of banks led the gains, while most A-shares declined, with notable performances from Huaxia Bank and Shanghai Bank due to improved earnings and strong expectations for convertible bond conversions [6][19] - The price-to-book (PB) ratio and return on equity (ROE) of bank stocks remain undervalued, with a continued recommendation for high-quality city commercial banks in Zhejiang, Jiangsu, and Shandong provinces, including Hangzhou Bank, Ningbo Bank, Jiangsu Bank, Nanjing Bank, Qingdao Bank, Qilu Bank, and Suzhou Bank [6][19] - The report also suggests focusing on low-valuation, high-dividend, and convertible bond opportunities, particularly in Industrial Bank [6][19] Summary by Sections Market Performance - The banking sector's trading activity has decreased, with turnover rates falling, although the transaction volume share for state-owned and rural commercial banks has rebounded [8][39] - The average dividend yield for the six major state-owned banks in A-shares is 4.28%, with a spread of 249 basis points over the 10-year government bond yield, while H-shares yield 5.21% [7][29] Profit Growth and Net Interest Margin - The overall asset growth rate for commercial banks reached 9.0% year-on-year by the end of Q4 2025, with major state-owned banks seeing a growth rate of 10.8% [9][44] - The net profit growth for commercial banks was 2.3% year-on-year, indicating a positive trend, particularly among city and rural commercial banks [9][44] - The net interest margin for 2025 is projected at 1.42%, with a marginal stabilization observed, and a further narrowing of the decline expected in 2026 [9][46] Asset Quality - The non-performing loan (NPL) ratios across various banks are stable or improving, attributed to increased write-off efforts, while the provision coverage ratio continues to decline [10][49] - Capital adequacy ratios remain stable, with attention on the potential impact of the second round of fiscal injections for state-owned banks and refinancing for smaller banks in 2026 [10][49]

市场策略丨深度报告 [Table_Title] 春节后如何"抄作业"？——解析春晚亮点、AI 疑虑、关税和地缘风波 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 大类资产层面，美股止跌回升，黄金、石油强劲反弹。美国最高法院裁定关键关税措施无效， 显著提振全球风险偏好，推动美股反弹、韩股领涨；美伊等地缘局势紧张与政策转向预期推动 黄金与原油等大宗商品价格显著上涨。中国股市层面，春节期间，富时中国 A50 指数期货录得 上涨，而港股恒生科技指数走低。或受美联储偏鹰派纪要及互联网巨头"红包大战"影响，恒 生科技指数整体走低，但 AI、机器人等主题概念股逆市走高。期间，富时中国 A50 指数期货走 高，或意味着全球资本对中国权益市场节后行情保持乐观。 分析师及联系人 [Table_Author] 戴清 李巍东 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 24 %% %% %% %% research.95579.com 2 [Table_Summary2] 大类资产：美股止跌回升，黄金 ...

Investment Rating - The report maintains a "Positive" investment rating for the gaming sector [12] Core Insights - The gaming sector's overall valuation has rebounded to historical midpoints, driven by performance growth, policy optimization, and the application of AI. Long-term products and a rich product pipeline are crucial for enhancing performance certainty and boosting sector valuations [4][6] - The valuation of the gaming sector is currently around 31x TTM P/E, which is approximately at the 64th percentile historically over the past decade. The sector has seen a significant recovery from historical lows, although internal structural differentiation is notable [19][20] - The future outlook for the gaming industry remains strong, with AI and gameplay innovations expected to drive continuous growth, suggesting that the industry's mid-to-long-term valuations may align more closely with leading overseas firms [10][28] Summary by Sections Current Valuation Position - As of January 31, 2026, the gaming sector's P/E ratio (TTM excluding negative values) is approximately 31x, with a historical percentile of around 64%. The overall valuation has recovered from historical lows, but there is significant internal differentiation among companies [19][20] Overseas Valuation Drivers - High-quality IP and platform capabilities are core supports for the valuations of leading overseas gaming companies. These companies benefit from longer development histories and less regulatory impact, providing a key reference for domestic valuations [7][28] LTV and Pipeline - Long-term products and a rich product pipeline are critical for enhancing performance certainty and boosting sector valuations. High LTV products can improve cash flow stability, leading to valuation premiums. The shift from "chasing hits" to "nurturing evergreen titles" is expected to align gaming companies' valuations with those of stable growth consumer stocks or platform companies [8][60] Valuation Review - The gaming industry's valuation center has historically been influenced by the resonance of technology, policy, and performance cycles. Current upward momentum is supported by advancements in AI, stable policy environments, and ongoing performance improvements from new game launches [9][20] Mid-to-Long-Term Outlook - The Chinese gaming market still has significant growth potential in user base and niche markets. The application of new technologies like AI is expected to transform gameplay and business models, providing strong support for industry valuations [10][30]

Investment Rating - The report suggests a focus on the space computing industry chain, particularly on upstream and downstream core segments, indicating a positive investment outlook for the sector [8]. Core Insights - Space computing represents a new paradigm of deploying computational facilities in Earth's orbit, transforming the traditional "ground-based computing" into "space-based computing" by utilizing distributed orbital computing clusters [5][6]. - The advantages of space computing include the use of continuous solar energy and near-absolute zero cooling environments, which effectively address the energy and heat dissipation bottlenecks faced by ground data centers [6][7]. - The U.S. is leading the charge with technology companies driving advancements, while China is following a government-led approach with collaborative development across academia and industry [7][8]. Summary by Sections Space Computing Overview - Space computing is characterized by the deployment of computational infrastructure in orbit, leveraging radiation-resistant chips and inter-satellite laser communication to create distributed computing clusters [5][13]. - This model allows satellites to evolve from mere data relays to intelligent nodes, enabling real-time data processing and decision-making in orbit, significantly reducing transmission delays [6][16]. Market Dynamics - The rise of space computing is driven by the exponential growth in global computing demand, particularly under the influence of AI, while traditional data centers face significant energy and cooling challenges [6][24]. - The market for space computing is projected to reach $100 billion by 2030, with a recommendation to focus on key segments such as rocket and satellite manufacturing, laser communication, and space computing chip suppliers [8][24]. Competitive Landscape - Major players in the U.S. include SpaceX, which is developing large-scale space data centers, and other tech giants like Google and Amazon exploring space computing ecosystems [7][8]. - In China, significant projects are underway, including the Beijing GW-level space data center and the "Three-Body Computing Constellation" initiative, indicating a robust governmental push towards space computing [7][8]. Investment Recommendations - The report emphasizes the importance of monitoring the entire space computing industry chain, particularly focusing on core suppliers in rocket and satellite manufacturing, laser communication, and space photovoltaic suppliers [8][24]. - Specific companies recommended for investment include leading firms in laser communication and space photovoltaic technologies, as well as suppliers for SpaceX and space computing chips [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8][10]. Core Insights - The company, relying on the Long White Mountain as a premium water source, is positioned to enhance its brand influence as the region's mineral water representative. The company is expected to improve its profitability following the divestiture of loss-making assets starting January 2026 [3][5][6]. - The mineral water market in China is projected to grow, with the company aiming to expand its market share in Northeast China, particularly in Liaoning and Heilongjiang provinces, where significant sales growth is anticipated [7][8][84]. Summary by Sections Company Overview - Established in 1998, the company originally focused on timber-related industries before transitioning to mineral water production. It underwent significant restructuring in 2017, integrating its mineral water and landscaping businesses, and officially rebranded in 2020 [6][18][24]. Market Position - The company holds a leading position in the mineral water market in Jilin Province, with a projected market share of 30% by 2025. Approximately 76% of its revenue is generated from the Northeast market, indicating strong regional dominance [7][8][84]. Growth Strategy - The company is actively developing markets in Liaoning and Heilongjiang, with expected sales growth rates of 26% and 101% respectively by 2024. The expansion strategy includes enhancing brand visibility through advertising and partnerships with e-commerce platforms [8][84]. Financial Projections - The company anticipates a net profit of 0.15 billion, 0.8 billion, and 1.9 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 0.02, 0.12, and 0.27 yuan [8][84]. Product Quality and Competitive Edge - The company benefits from high-quality water sourced from five locations in Long White Mountain, which is recognized as one of the world's premier natural water sources. Its product offerings emphasize affordability and quality, appealing to consumer preferences [62][67].

世界经济与海外市场丨点评报告 [Table_Title] 关税，美伊与再通胀 ——2026 年春节假期海外市场那些事 报告要点 丨证券研究报告丨 [Table_Summary] 春节假期期间，海外市场主要受到关税风波、美伊冲突、再通胀担忧的影响：美最高法裁定 IEEPA 关税违法令美欧股指领涨，但特朗普援引 122 条款加征关税和美伊冲突升温引发金油同 涨，而 FOMC 会议纪要对再通胀的担忧则令美元和美债利率双双上行。 分析师及联系人 [Table_Author] 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 风险提示 1、中东地缘政治风险反复或持续冲击能源市场；2、美国外贸政策的法律博弈或加剧跨境资本 波动。 丨证券研究报告丨 %% %% %% %% research.95579.com 1 [Table_Title 关税，美伊与再通胀 2] ——2026 年春节假期海外市场那些事 [Table_Summary2] ⚫ 市场表现：美欧股指领涨，金价油价回升，美元和美债利率上行。 cjzqdt11111 2 ...

- The report analyzes the post-Spring Festival performance of various indices from 2007 to 2025, highlighting structural differences in returns and win rates between small/micro-cap indices and large-cap indices. Specifically, the Wind Micro-Cap Index and CSI 2000 Index showed the highest win rates (89.5%) and median returns (11.22% and 8.47%, respectively) over 20 days post-festival, outperforming indices like CSI 300 and Wind All A Index[2][8][13] - Liquidity recovery post-festival is identified as a key driver for the outperformance of small/micro-cap indices. The Wind Micro-Cap Index exhibited the highest increases in average daily turnover over T+5, T+10, and T+20 intervals (30.7%, 42.7%, and 52.9%, respectively), followed by the CSI 2000 Index (26.4%, 37.0%, and 51.7%). In contrast, the CSI 300 Index showed relatively lower turnover growth (18.9%, 23.1%, and 30.5%)[8][17][18] - Industry-wise, growth and cyclical sectors performed better post-festival, while financial sectors underperformed. The electronics sector had the highest median return over 20 days (9.10%) with a win rate of 84.2%, followed by the environmental protection sector with a win rate of 94.7% and a median return of 7.02%. Other strong-performing sectors included textiles and apparel, paper and packaging, and non-metallic materials, all with win rates above 80% and median returns exceeding 5%[2][19][24]

%% %% research.95579.com 1 丨证券研究报告丨 报告要点 行业研究丨深度报告丨媒体Ⅱ [Table_Title] 字节 AI 深度：矢志登万仞，厚积起风云 %% %% [Table_Summary] 字节以饱和式打法积极布局 AI，拥有极强的战略定力。从组织架构看，我们认为字节的优势在于 组织独立性强、人才密度高、激励力度大；从资本开支看，预计字节未来投入依然强劲。模型层， 字节先进的模型+普惠的定价，带动大模型调用量国内领先，海量数据反哺模型进化，从而实现技 术+商业双飞轮转动。应用层，字节正在打造 AI 时代的"APP 爆款工厂"，核心优势为：1）依托 抖音、今日头条等超级 APP，实现高效引流和低成本获客，春晚有望带来超级流量窗口；2）形成 从模型到工具、从创作到分发、从流量到变现的闭环；3）豆包接入抖音商城，商业化有望再加速。 分析师及联系人 [Table_Author] 高超 朱子愉 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 [Table_Title ...

Investment Rating - The report maintains a "Buy" rating for the company [8][11]. Core Viewpoints - The company is a leading integrated chemical enterprise with diversified operations, resembling a smaller version of a chemical ETF. The report anticipates an upward trend in the chemical industry, suggesting that the company has significant potential for improvement in product pricing and demand [6][14]. - The company's main business segments include polyurethane, petrochemicals, fine chemicals, and new materials, with a strong competitive advantage in each area [6][22]. Summary by Relevant Sections Main Business - The company operates in three primary segments: polyurethane, petrochemicals, and fine chemicals/new materials. It has established a strong competitive edge in each sector, particularly in MDI and TDI production, with total capacities of 3.8 million tons/year and 1.44 million tons/year, respectively [6][22][37]. Product Prosperity - The chemical industry is currently at a low point but is expected to gradually improve. The company's products show significant potential for upward elasticity, with many price differentials at historical lows. The IMF has raised its global GDP growth forecast, which is likely to boost chemical consumption [7][48]. - Specific product insights include: - Polyurethane: MDI and TDI prices are at historical low percentiles of 26.6% and 37.6%, respectively, indicating potential for recovery [53]. - Petrochemicals: Price differentials for key products like propylene and ethylene are at 19.3% and 3.0%, respectively, suggesting a potential for price recovery [56]. - Fine Chemicals and New Materials: Lithium hexafluorophosphate prices have risen significantly, indicating strong demand and potential for sustained high profitability [53][56]. Investment Recommendations - The report expresses optimism regarding the company's ability to capitalize on the expected recovery in the chemical industry, maintaining a "Buy" rating based on the anticipated upward elasticity of its product lines [8][11].

Group 1: Financial Data Overview - In January, the new social financing (社融) increased by 7.2 trillion RMB, with a year-on-year growth of 0.2 trillion RMB[7] - The total social financing stock grew by 8.2% year-on-year, while M2 increased by 9.0% year-on-year[7] - Government bonds and undiscounted bills were the main supports for the increase in social financing[7] Group 2: Loan Trends - Both medium and long-term loans for residents and enterprises saw a year-on-year decrease, while short-term loans increased for both sectors[7] - New loans in January amounted to 4.7 trillion RMB, a decrease of 0.4 trillion RMB year-on-year[7] Group 3: Monetary Supply and Liquidity - M1 and M2 both showed a year-on-year increase, with M1 at 4.9% and M2 at 9.0%[7] - Non-bank deposits continued to increase, indicating a trend towards liquidity in deposits[7] Group 4: Future Outlook - The year-on-year growth of social financing may face downward pressure as the base increases towards July, but is expected to remain above 7%[7] - The central bank is likely to maintain a loose liquidity stance, with M2 expected to stay above 7%[7] Group 5: Risks - Economic recovery may not meet expectations, potentially affecting credit growth and social financing[9] - Uncertainties regarding U.S. Federal Reserve interest rate cuts could impact China's monetary policy[9]