Group 1 - The report discusses the impact of overnight gold price increases on gold stocks, indicating a significant positive correlation where a 1% increase in gold prices leads to an approximate 1.38% increase in gold stock prices the following day, with an R² value of 0.7864, suggesting a strong predictive relationship [1][12][20] - The technical trend of gold prices affects the responsiveness of gold stocks, with higher increases in stock prices observed during upward trends (1.77% and 1.37% for specific periods) compared to a lower increase of 1.07% during a consolidation phase [2][12][20] - Gold stocks tend to price in the overnight gold price increases adequately, as indicated by the regression analysis showing that gold stocks do not consistently achieve greater gains due to overnight gold price increases [3][20] Group 2 - The A-share market showed a mixed performance, with small-cap indices gaining while larger indices like the Shanghai Composite and CSI 300 experienced slight declines, indicating a "slow bull" market signal [4][27] - The report highlights that the A-share market's equity risk premium (ERP) is at 2.42%, reflecting a slight increase in market risk appetite [4][30] - Various sectors performed differently, with construction materials, oil and petrochemicals, and steel showing significant weekly gains of 9.23%, 7.71%, and 7.31% respectively, indicating a potential valuation recovery in these traditional industries [4][36][39]

美的历经全面要约、控股收购与退市计划三步推进，完成全球机器人龙头 库卡的控股与战略整合。美的机器人战略自引进到控股，构建"自主研发 +国际并购+生态协同"一体化自动化产业体系。KUKA 自 1898 年创立以 来，历经焊接设备扩展、工业机器人研发突破及自动化系统整合发展，成 功转型为全球领先的智能自动化解决方案提供商。产品结构：KUKA 的产 品体系以工业机器人为核心，向移动平台、焊接设备、系统集成、机队管 理、教育培训与软件生态等方向纵深拓展。客户群体：覆盖新能源车、电 池、电商零售至医疗健康，库卡构建起多行业适配的自动化客户群体系。 ➢ 工业机器人行业：长链合作，"四大家族"优势领先。 美的集团（000333.SZ） 美的系列报告一：机器人与自动化业务，迈向智造未来 ➢ 机器人与自动化业务：要约收购 KUKA，成功布局工业机器人业 务。 证券研究报告 | 公司深度 gszqdatemark 2026 01 27 年 月 日 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 白色家电 | | 前次评级 | 买入 | | 01 月 22 日收盘价（元） | 77.49 ...

Investment Rating - The investment rating for Anta Sports is "Buy" [4] Core Views - Anta Sports plans to acquire 29.06% of PUMA SE shares at a cash price of €35 per share, representing a 62% premium over PUMA's previous closing price, with a total transaction value of €1.506 billion (approximately ¥12.278 billion) [1] - The acquisition aims to enhance Anta's brand matrix and strengthen its global presence, particularly in markets where PUMA has significant influence, such as Europe, Latin America, Africa, and India [1] - PUMA is currently experiencing a performance downturn, with a projected revenue decline of low double digits for the full year 2025, and a reported EBIT loss of €10.7 million for the first three quarters of 2025 [2] - Despite short-term challenges, the long-term outlook for PUMA is positive due to its strong brand assets and global influence, with expectations for performance improvement post-acquisition [2] Financial Performance Summary - Anta's main brand experienced slight fluctuations in performance due to a weak consumer environment, with Q4 revenue declining in low single digits, while Fila and other brands showed strong growth [3] - For 2025, Anta expects a revenue growth of 10.9% to ¥78.564 billion and a net profit of approximately ¥13.2 billion, reflecting an 11% increase compared to 2024 [3] - The company anticipates a revenue growth of over 10% for 2026, with a slight decrease in net profit margin [3] Financial Projections - Revenue projections for Anta Sports are as follows: - 2025: ¥78.564 billion - 2026: ¥87.019 billion - 2027: ¥96.465 billion [9] - Net profit projections are as follows: - 2025: ¥13.194 billion - 2026: ¥14.035 billion - 2027: ¥15.937 billion [9] - The expected P/E ratio for 2026 is 14 times [8]

Investment Rating - The report maintains an "Accumulate" rating for the real estate development sector in Hong Kong [4] Core Insights - The recovery of the Hong Kong real estate market in 2025 is characterized by a rebound in transaction volume, transaction value, and property prices after a period of adjustment, with key indicators showing synchronized growth [9][10] - The recovery is driven by multiple favorable factors including policy support, manageable inventory levels, and an influx of talent and financial sector recovery, which collectively enhance market demand [9] Summary by Sections 1. Recovery of the Hong Kong Real Estate Market in 2025 - In 2025, the Hong Kong real estate market shows signs of recovery with a significant increase in transaction volume and value, with first-hand residential transactions reaching 21,000 units, up 21% year-on-year, and transaction value at 220.83 billion HKD, up 14% [10] - Second-hand residential transactions also increased to 42,000 units, with a transaction value of 299.01 billion HKD, reflecting a 17% and 14% year-on-year growth respectively [10] - The Centaline City Leading Index shows a cumulative year-on-year increase of 4.7%, indicating a "first drop, then stabilization, and finally rebound" trend [10] 2. Core Support Factors for the Recovery A. Policy Support - Continuous policy support, including the "de-spicy" measures and tax reductions, has activated the Hong Kong real estate market. The government removed several restrictive measures and significantly reduced stamp duties for non-local buyers, stimulating market activity [22][23] - The budget proposal in February 2025 raised the property value cap for the 100 HKD stamp duty from 3 million HKD to 4 million HKD, easing the financial burden on small unit buyers and leading to a surge in transactions below 4 million HKD [22] B. Manageable Inventory Levels - The inventory level is relatively controllable, with the total number of first-hand residential units available for sale decreasing to 18,387 units, a reduction of 2.7% month-on-month and 15.2% year-on-year, marking a two-and-a-half-year low [2] - The absorption rate of inventory is approximately 10 months, indicating a balanced supply-demand structure that supports price stabilization [2] C. Talent Policies and Financial Sector Recovery - The introduction of talent policies has led to an influx of high-quality buyers, with over 570,000 applications received for talent entry programs, resulting in approximately 260,000 new residents, which bolsters housing demand [3] - The financial sector has seen a strong recovery, with the Hong Kong IPO market raising 82.6 billion USD in 2025, more than doubling from the previous year, which enhances consumer confidence and purchasing power in the housing market [3][46]

证券研究报告 | 朝闻国盛 gszqdatemark 2026 01 27 年 月 日 朝闻国盛 ◼ 研究视点 【环保】政策驱动治理升级，环境监测潜能释放——20260126 【海外】京东集团-SW（09618.HK）-关注国补效果、外卖 UE 改善—— 20260126 春节错位效应开始影响高频数据同比——基本面高频数据跟踪 今日概览 ◼ 重磅研报 【电子】香农芯创（300475.SZ）-海普存储放量，企业级存储龙头扬帆 起航——20260126 【固定收益】春节错位效应开始影响高频数据同比——基本面高频数据 跟踪——20260126 【非银金融】行业周报|公募业绩基准正式稿落地，短期资金面扰动不改 长期向好趋势——20260126 【煤炭】力量发展（01277.HK）-立足蒙宁，掘金海外，"三高"赋能， 可有大为——20260126 执业证书编号：S0680519010002 邮箱：songjiaji@gszq.com | 行业表现前五名 | | | | | --- | --- | --- | --- | | 行业 | 1 月 | 3 月 | 1 年 | | 有色金属 | 24.5% | 37.5% | ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve over 40% revenue growth in 2025, exceeding 34 billion yuan, with net profit projected between 480 million to 620 million yuan, representing a year-on-year increase of 81.77% to 134.78% [1] - The growth is primarily driven by the demand for storage products fueled by AI, leading to a sustained price increase and the ramp-up of the company's proprietary brand, Haipu Storage [1][2] - Haipu Storage is anticipated to generate sales revenue of 1.7 billion yuan in 2025, with a significant contribution expected in Q4 2025 [1] - The company has secured AMD distributor status, enhancing its competitive edge and enabling it to provide comprehensive solutions in the AI and high-performance computing sectors [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 34 billion, 58.7 billion, and 86.6 billion yuan respectively, with net profits expected to be 550 million, 3 billion, and 5 billion yuan [3] - The company’s P/E ratios are projected to be 133, 25, and 15 for the years 2025, 2026, and 2027 respectively, indicating a favorable outlook for earnings growth [3] - The company’s revenue growth rates are forecasted at 40% for 2025, 72.7% for 2026, and 47.5% for 2027 [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The current Guosheng Fundamental High - Frequency Index is 129.6 points (previous value: 129.5 points), with a week - on - week increase of 6.0 points. The long - short signal factor for interest - rate bonds is 3.5% (previous value: 3.2%) [1][9]. - In terms of production, the industrial production high - frequency index is 128.1 (previous value: 128.0), with a week - on - week increase of 4.8 points, and the year - on - year increase remains unchanged [1][9]. - In terms of total demand, the high - frequency index for commercial housing sales is 40.2 (previous value: 40.3), with a week - on - week decrease of 6.6 points, and the year - on - year decrease remains unchanged; the high - frequency index for infrastructure investment is 121.9 (previous value: 121.9), with a week - on - week increase of 7.9 points, and the year - on - year increase remains unchanged; the high - frequency index for exports is 143.7 (previous value: 143.7), with a week - on - week decrease of 0.5 points, and the year - on - year decrease widens; the high - frequency index for consumption is 121.5 (previous value: 121.4), with a week - on - week increase of 3.6 points, and the year - on - year increase widens [1][9]. - In terms of prices, the monthly - on - monthly CPI forecast is 0.0% (previous value: 0.1%); the monthly - on - monthly PPI forecast is 0.0% (previous value: - 0.1%) [1][9]. - The high - frequency inventory index is 164.3 (previous value: 164.2), with a week - on - week increase of 7.5 points, and the year - on - year increase remains unchanged; the high - frequency transportation index is 135.1 (previous value: 134.7), with a week - on - week increase of 11.3 points, and the year - on - year increase widens; the high - frequency financing index is 248.4 (previous value: 247.8), with a week - on - week increase of 31.2 points, and the year - on - year increase remains unchanged [2][10]. Summary by Directory 1. Total Index: Fundamental High - Frequency Index Remains Stable - The Guosheng Fundamental High - Frequency Index is 129.6 points (previous value: 129.5 points), with a week - on - week increase of 6.0 points. The long - short signal factor for interest - rate bonds is 3.5% (previous value: 3.2%) [1][9]. 2. Production: Semi - tire Operating Rate Increases - The industrial production high - frequency index is 128.1 (previous value: 128.0), with a week - on - week increase of 4.8 points, and the year - on - year increase remains unchanged. The semi - tire operating rate is 74.6% (previous value: 73.4%) [1][9][13]. 3. Real Estate Sales: Commercial Housing Transaction Area Drops Slightly - The high - frequency index for commercial housing sales is 40.2 (previous value: 40.3), with a week - on - week decrease of 6.6 points. The transaction area of commercial housing in 30 large - and medium - sized cities is 16.6 square meters (previous value: 18.5 square meters), and the land premium rate of 100 large - and medium - sized cities is 1.6% (previous value: 1.4%) [1][9][26]. 4. Infrastructure Investment: Asphalt Operating Rate Declines - The high - frequency index for infrastructure investment is 121.9 (previous value: 121.9), with a week - on - week increase of 7.9 points, and the year - on - year increase remains unchanged. The asphalt operating rate is 26.8% (previous value: 27.2%) [1][9][41]. 5. Exports: RJ/CRB Index Rises - The high - frequency index for exports is 143.7 (previous value: 143.7), with a week - on - week decrease of 0.5 points, and the year - on - year decrease widens. The RJ/CRB index is 309.1 points (previous value: 304.3 points) [1][9][45]. 6. Consumption: Daily Average Movie Box Office Drops - The high - frequency index for consumption is 121.5 (previous value: 121.4), with a week - on - week increase of 3.6 points, and the year - on - year increase widens. The daily average movie box office is 4142.0 million yuan (previous value: 4577.7 million yuan) [1][9][54]. 7. CPI: Agricultural Product Price Index Rebounds - The monthly - on - monthly CPI forecast is 0.0% (previous value: 0.1%). The average wholesale price of pork is 18.5 yuan/kg (previous value: 18.0 yuan/kg), the average wholesale price of 28 kinds of key - monitored vegetables is 5.7 yuan/kg (previous value: 5.5 yuan/kg), the average wholesale price of 7 kinds of key - monitored fruits is 7.9 yuan/kg (previous value: 7.9 yuan/kg), and the average wholesale price of white - striped chickens is 17.4 yuan/kg (previous value: 17.7 yuan/kg) [1][60][9]. 8. PPI: Raw Material Prices Drop Slightly - The monthly - on - monthly PPI forecast is 0.0% (previous value: - 0.1%). The ex - warehouse price of thermal coal at Qinhuangdao Port (from Shanxi) is 687.6 yuan/ton (previous value: 699.6 yuan/ton), the futures settlement price of Brent crude oil is 64.8 US dollars/barrel (previous value: 64.8 US dollars/barrel), the spot settlement price of LME copper is 12901.9 US dollars/ton (previous value: 13232.0 US dollars/ton), and the spot settlement price of LME aluminum is 3137.6 US dollars/ton (previous value: 3184.3 US dollars/ton) [1][67][9]. 9. Transportation: Highway Logistics Index Rises - The high - frequency transportation index is 135.1 (previous value: 134.7), with a week - on - week increase of 11.3 points, and the year - on - year increase widens. The subway passenger volume in first - tier cities is 3847.3 million person - times (previous value: 3916.1 million person - times), the highway logistics freight rate index is 1066.4 points (previous value: 1052.3 points), and the number of domestic flights is 12981.0 flights (previous value: 12736.9 flights) [2][80][10]. 10. Inventory: Soda Ash Inventory Drops Slightly - The high - frequency inventory index is 164.3 (previous value: 164.2), with a week - on - week increase of 7.5 points, and the year - on - year increase remains unchanged. The soda ash inventory is 153.3 tons (previous value: 157.0 tons) [2][89][10]. 11. Financing: Local Government Bonds and Credit Bonds Financing Increases - The high - frequency financing index is 248.4 (previous value: 247.8), with a week - on - week increase of 31.2 points, and the year - on - year increase remains unchanged. The net financing of local government bonds is 2031.6 billion yuan (previous value: 655.7 billion yuan), and the net financing of credit bonds is 1434.9 billion yuan (previous value: 399.9 billion yuan) [2][100][10].

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector and highlights a positive long-term outlook despite short-term market pressures [6][37]. Core Insights - The official guidelines for public fund performance benchmarks were released, emphasizing the importance of benchmarks in measuring performance and the responsibilities of fund managers [1][21]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and retirement products, despite short-term adjustments in the A-share market [4][37]. - The securities sector is experiencing heightened market risk appetite and active trading, benefiting both IT companies and brokerages [4][37]. Summary by Sections Industry Dynamics - The non-bank financial sector, including securities and insurance, experienced varied performance, with the insurance sector showing a slight decline while the securities sector remained active [11]. - The public fund performance benchmark guidelines will take effect on March 1, 2026, with a focus on enhancing the accountability of fund managers and improving the transparency of performance metrics [1][21]. Insurance - The insurance industry is seeing a compound annual growth rate of over 20% in commercial health insurance over the past decade, with over 11,000 medical insurance products available [15]. - The China Insurance Association is working on industry demonstration clauses and drug payment lists to support high-quality development in the sector [15]. - China Pacific Insurance reported a premium income of CNY 258.11 billion for the past 12 months, with a year-on-year growth of 8.08% [17]. Securities - The average daily trading volume for stock funds was CNY 22,757.32 billion, reflecting a 44.37% decrease from the previous week [28]. - The number of IPOs approved was five, with a total fundraising amount of CNY 3.087 billion [28]. - The report highlights the performance of various brokerages, with significant year-on-year growth expected for several firms [24]. Multi-Financial - The Shanghai Futures Exchange is revising its nickel futures business rules to allow for international participation, indicating a move towards greater market integration [35]. - The Guizhou Futures Exchange has adjusted the trading limits and margin requirements for lithium carbonate futures, reflecting ongoing changes in commodity trading [35].

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector, indicating a positive long-term outlook despite short-term adjustments in the A-share market [4]. Core Insights - The official release of the public fund performance benchmark guidelines emphasizes the importance of benchmarks in measuring performance and enhancing accountability among fund managers [1][20]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and retirement security, despite short-term pressures on sentiment and funding [4][36]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from improved valuations and performance [4][36]. Summary by Sections Industry Dynamics - The non-bank financial sector, including securities and insurance, experienced varied performance, with the insurance sector showing a decline of 1.45% and the securities sector a slight decrease of 0.34% during the week [10]. - The ten-year government bond yield decreased to 1.8298%, reflecting a slight decline from the previous week [17]. Insurance - The insurance industry is focusing on high-quality development, with a significant emphasis on commercial health insurance, which has seen a compound annual growth rate exceeding 20% over the past decade [14]. - The China Insurance Industry Association is working on industry demonstration clauses and drug payment lists to enhance collaboration between medical, pharmaceutical, and insurance sectors [14]. - China Pacific Insurance reported a total premium income of CNY 258.11 billion for the past year, marking an 8.08% year-on-year increase, driven primarily by the rapid expansion of the bancassurance channel [16]. Securities - The official guidelines for public fund performance benchmarks will take effect on March 1, 2026, establishing clear requirements for benchmark selection and management responsibilities [20][21]. - The report highlights the importance of maintaining a consistent performance benchmark to ensure transparency and accountability in fund management [21]. - The average daily trading volume for stock funds reached CNY 22,757.32 billion, a decrease of 44.37% from the previous week, indicating fluctuations in market activity [27]. Multi-Financial - The Shanghai Futures Exchange is revising its nickel futures business rules to allow for international participation, which may enhance market liquidity and trading opportunities [34]. - The Guizhou Futures Exchange has adjusted the trading limits and margin requirements for lithium carbonate futures, reflecting ongoing developments in the commodities market [34].

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental monitoring sector, such as Huicheng Environmental and GaoNeng Environment [6][22]. Core Insights - The report highlights the dual drivers of policy and demand in the environmental monitoring sector, indicating that leading companies will continue to benefit from recent regulatory changes [1][12]. - Recent government guidelines signal a shift in soil remediation practices, creating multiple growth opportunities in soil remediation and environmental consulting sectors [1][12]. - The report emphasizes the importance of high dividend assets and growth-oriented companies in the current low macroeconomic interest rate environment [2][22]. Summary by Sections Investment Views - The report discusses the release of guidelines by three departments to enhance the connection between pollution site remediation and development, marking a transition in soil remediation practices [9][12]. - It also covers the introduction of differentiated management for air quality performance in key industries, which provides incentives for companies to transition towards greener practices [13][20]. - The report notes that institutional holdings and valuations in the environmental sector are at historical lows, suggesting a potential for sustained rebounds [22]. Market Performance - The environmental sector outperformed the broader market, with a reported increase of 4.72% compared to the Shanghai Composite Index's 0.84% increase [24]. - Sub-sectors such as monitoring (5.55%), energy saving (7.99%), and solid waste (5.67%) showed significant gains, indicating strong market interest [24]. Industry News - The report mentions the release of the 2026 version of hazardous waste management guidelines, aimed at improving the classification and management of solid waste [35]. - It also highlights the recognition of zero-carbon factories in Henan Province, showcasing advancements in energy efficiency and environmental standards [36]. Key Announcements - The report includes performance forecasts for various companies, indicating significant expected growth for Huicheng Environmental and GaoNeng Environment due to their strong project pipelines and technological advancements [22][23].