Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

证券研究报告 | 行业周报 gszqdatemark 2026 01 25 年 月 日 房地产开发 C-REITs 周报——四季报业绩分化，消费 REITs 保持较高稳定性 REITs 指数表现 本周中证 REITs 全收益指数上涨 2.17%。截至 1.23，本周（1.16-1.23， 下同）中证 REITs(收盘)指数上涨 2.09%，收于 806.7 点；中证 REITs 全 收益指数上涨 2.17%，收于 1047.5 点。本周沪深 300/恒生/中债十年期 国债/房地产(申万)/恒生地产建筑业/高速公路(申万)指数分别下跌 0.62%/下跌 0.36%/上涨 0.18%/上涨 5.21%/上涨 1.34%/上涨 0.87%。 本年中证 REITs 全收益指数涨幅为 3.73%截至 。1.23，本年中证 REITs(收盘)指数+3.61%，中证 REITs 全收益指数+3.73%。本年沪深 300/ 恒生/中债十年期国债/房地产(申万)/恒生地产建筑业/高速公路(申万)指 数分别+1.57%/+4.37%/+0.47%/+6.66%/+8.56%/-1.22%。 C-REITs 二级市场表现 本周 C ...

Investment Rating - The report maintains a "Buy" rating for key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Co., San Ke Tree, and Bei Xin Materials, while recommending "Hold" for Wei Xing New Materials [7]. Core Insights - The construction materials sector saw a significant increase of 7.50% from January 19 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index by 8.17% [12]. - The Ministry of Housing and Urban-Rural Development emphasized urban renewal, focusing on the renovation of old urban communities, complete community construction, and the transformation of small public spaces [1]. - The report highlights a decrease in local government bond issuance, indicating a potential easing of fiscal pressure and a chance for municipal engineering projects to accelerate [1]. - The glass industry is approaching a supply-demand balance, with a focus on the photovoltaic glass sector amid production cuts to alleviate supply tensions [1]. - The cement industry is experiencing a demand downturn, with prices fluctuating around the breakeven point, while supply-side improvements are anticipated [1]. Summary by Sections Cement Industry Tracking - As of January 23, 2026, the national cement price index was 345.33 CNY/ton, down 0.5% week-on-week, with a significant drop in cement output and supply [18]. - The capacity utilization rate for cement clinker kilns was 42.42%, reflecting a 1.72 percentage point increase from the previous week [18]. - The report notes a complex market situation influenced by weather, funding constraints, and environmental regulations, leading to a projected weakening in demand as the Spring Festival approaches [18]. Glass Industry Tracking - The average price of float glass as of January 22, 2026, was 1138.82 CNY/ton, with a slight increase of 0.05% week-on-week [35]. - Inventory levels for float glass showed a decrease of 9 million weight boxes compared to the previous week, but a year-on-year increase of 1188 million weight boxes [35]. - The report anticipates stable pricing in the short term, with potential policy changes affecting supply dynamics [35]. Fiberglass Industry Tracking - The market for fiberglass remains stable, with no significant changes in production capacity or pricing observed [6]. - Demand for high-end electronic yarns is expected to remain strong, while ordinary products may see moderate price increases [6]. Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with rising prices for upstream raw materials such as aluminum and natural gas [6]. - The report emphasizes the potential for long-term market share growth in consumer building materials due to ongoing renovation demand [1]. Carbon Fiber Industry Tracking - The carbon fiber market is stable, with production rates and costs remaining consistent, although profit margins are under pressure [6]. - Import and export data indicate a net import of carbon fiber products, with significant price differentials between imports and exports [6].

Investment Rating - The report recommends a "Buy" rating for key companies including Li Ning, Anta Sports, and 361 Degrees, indicating a positive outlook for their performance in the upcoming years [10][24][27]. Core Insights - The sports footwear and apparel sector is expected to show resilience despite fluctuations in the consumer environment, with long-term growth potential [3][24]. - Li Ning is projected to see a net profit growth of 5.8% to 2.901 billion yuan in 2026, with a current PE ratio of 17 times [3][24]. - Anta Sports is expected to achieve a net profit growth of 6.4% to 14 billion yuan in 2026, with a current PE ratio of 14 times [3][24]. - The report highlights the importance of inventory management, with brands maintaining healthy inventory turnover ratios [1][3]. Summary by Sections 1. Sports Footwear and Apparel Overview - In Q4 2025, domestic sales of sports footwear and apparel faced pressure due to fluctuations in the consumer environment and warmer temperatures, but inventory levels remained stable [1][14]. - Anta's brand sales decreased slightly, while Fila and other segments showed strong growth [1][14]. - The inventory turnover ratio for various brands is estimated to be in the range of 4-5, indicating a healthy level [1][14]. 2. Operational Trends - Companies are focusing on product innovation and differentiated channel strategies to enhance competitiveness [2][16]. - Li Ning launched a new high-end series and innovative running shoes, receiving positive market feedback [2][16]. - Anta is advancing differentiated store construction, with strong performance from its champion stores [2][16]. 3. Market Performance - The textile and apparel sector outperformed the broader market, with a reported increase of 2.28% compared to a decline in the CSI 300 index [29]. - Key stocks such as Dream Jie's shares surged by 22.03%, while others like Anta Sports saw a decline of 6.09% [29]. 4. Company-Specific Insights - Li Ning's revenue is expected to grow by 6.5% in 2026, driven by increased sponsorship and new store formats [23][37]. - Anta Sports is projected to achieve a revenue growth of 10.9% in 2025, with a focus on optimizing product structure and marketing efficiency [23][37]. - 361 Degrees is anticipated to maintain robust sales performance, with a projected revenue growth of 11.4% in 2025 [23][37]. 5. Investment Recommendations - The report suggests investing in companies with strong operational capabilities and growth potential, such as Shenzhou International and Huayi Group, which are expected to benefit from improved order conditions in 2026 [25][27].

Investment Rating - The report recommends a "Buy" rating for key companies such as SF Holding, Jitu Express, and Caocao Travel [8]. Core Insights - The report highlights the explosive growth of instant retail driven by major companies increasing their investments, particularly Alibaba's commitment to enhancing its Taobao flash purchase services to achieve market leadership. It suggests capitalizing on investment opportunities in SF Express's urban delivery segment [1]. - The logistics sector is expected to benefit from two main investment themes: international expansion due to the rapid growth of overseas e-commerce and a focus on improving operational efficiency amid competitive pressures [3][18]. - The aviation sector is projected to see a significant recovery in passenger volumes, with the Civil Aviation Administration of China forecasting a record high of 95 million passengers during the 2026 Spring Festival, reflecting a year-on-year growth of approximately 5.3% [11][12]. Summary by Sections Transportation Sector Overview - The transportation sector index rose by 1.76% in the week of January 19-23, 2026, outperforming the Shanghai Composite Index by 0.93 percentage points [21]. - The top-performing sub-sectors included warehousing and logistics, road freight, and public transport, with increases of 6.05%, 5.91%, and 4.09% respectively [21]. Aviation - The report emphasizes the long-term positive outlook for the aviation sector, driven by low supply growth and recovering demand, which is expected to narrow the supply-demand gap. It also notes the potential for ticket prices to recover and airline profitability to improve [12][11]. - Key companies to watch include China Southern Airlines, China Eastern Airlines, and Spring Airlines [12]. Shipping and Ports - The VLCC market is experiencing high rates due to geopolitical risks, with the Middle East route rates reaching $107,937 per day as of January 23, 2026 [13]. - The dry bulk freight rates have rebounded, with the BDI index closing at 1,762 points on January 23, 2026 [14]. - The report suggests focusing on companies like China Merchants Energy and COSCO Shipping Energy for potential investment opportunities [15][16]. Logistics - The express delivery sector is seeing growth driven by international e-commerce, with Jitu Express recommended as a key player [18]. - The report notes that the express delivery industry handled 18.2 billion packages in December 2025, reflecting a year-on-year growth of 2.3% [19]. - Major players such as YTO Express and Shentong Express are highlighted for their market share gains, while SF Express is noted for its strategic business adjustments [20].

证券研究报告 | 行业周报 gszqdatemark 2026 01 25 年 月 日 电力设备 太空光伏为产业链带来新机遇，宁德时代推出天行 II 方案 光伏：电池组件价格上涨，太空光伏为产业链带来新机遇。据安泰科，本周多晶硅 n 型 复投料成交价格区间为 5.0-6.3 万元/吨，成交均价为 5.92 万元/吨，环比持平。据 InfoLink，本周 N 型电池片价格如下:183N、210RN 与 210N 均价本周上升至每瓦 0.42 元人民币，183N、210RN 与 210N 价格区间皆为每瓦 0.40-0.43 元人民币。银价飙涨 带动组件成本上升，1 月 21 日，上海期交所白银价格突破 23,000 元人民币/公斤，组 件厂不堪成本堆栈被迫推升报价上涨，当前中国分布式组件报价往每瓦 0.8-0.88 元人 民币价格报价，实际成交价格落在每瓦 0.7-0.8 元人民币不等。近日马斯克在达沃斯世 界经济论坛上宣布：SpaceX 与特斯拉将在三年内于美国实现每年合计 200GW 的太阳 能制造产能。其中，SpaceX 的 40GW 产能将主要适配太空光伏需求，为计划中每年部 署的约 100 万颗太阳能 ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 25 年 月 日 社会服务 出行链热度攀升，政策+需求延续出游高景气 本周出行链表现较好。本周社会服务指数涨 3.20%，跑赢上证综指 2.37 个百分点，板块涨幅前 10 标的中，出行链个股过半。其中，三峡旅游 +18.73%、九华旅游+10.89%、大连圣亚+6.01%、祥源文旅+5.44%、锦 江酒店+5.18%、首旅酒店+4.67%。 政策端：服务消费利好政策持续出台。从 2025 年法定节假日增加 2 天， 到各类政策文件提及保障休息休假权益、优化学生假期安排、落实带薪错 峰休假、大力发展体育旅游产业、鼓励基层工会每年最多可开展 4 次春秋 游活动等表述，均体现出政策端对 出行链等文体旅消费的鼓励。1 月 22 日，苏州市十七届人大五次会议上，政府工作报告明确 2026 年将推行中 小学春秋假。1 月 1 日起，面向中度以上失能老年人发放养老服务消费补 贴的政策在全国正式实施。我们预计，以补贴形式利好出行链的服务消费 政策仍有望出台。 需求端：出游热点时段连续。当前学生寒假来临，2 月春节临近，3 月全 国两会召开，4 月中小学春 ...

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a positive outlook for their stock performance in relation to the market index [4]. Core Insights - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a "de-involution" policy that encourages companies to avoid price wars and focus on profitability [10][22]. - The manufacturing sector shows signs of recovery, with the PMI reaching 50.1% in December 2025, indicating a return to expansion [16][22]. - The inventory cycle is shifting from active destocking to passive destocking, which may lead to rapid inventory depletion in the chemical sector once demand improves [22]. Summary by Sections Supply and Demand Dynamics - The investment growth rate in the chemical raw materials and products manufacturing industry has been declining since 2022, with a projected drop to negative growth by June 2025 [15]. - The supply side is improving due to reduced new capacity and the shutdown of older facilities in Europe and Japan, particularly affecting basic chemicals like ethylene and propylene [15][22]. Policy Impact - The "de-involution" policy initiated by the central government aims to prevent vicious competition, leading to a consensus among leading companies to maintain prices by reducing production rates [22][10]. Company-Specific Insights - **China Chemical**: The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam. Price rebounds in these products are expected to significantly enhance its earnings [23]. - **Sanhua Chemical**: The company is positioned to benefit from price recovery in its core products, with a strong focus on expanding its high-end cellulose product lines [30]. - **Donghua Technology**: The company has multiple high-end chemical projects that are expected to improve profitability as supply constraints stabilize prices [37]. - **Southeast Network Frame**: The company produces 500,000 tons of polyester filament, with potential for revenue growth as raw material prices recover [41]. Investment Recommendations - The report highlights key companies to watch, including China Chemical, Sanhua Chemical, Donghua Technology, and Southeast Network Frame, all of which are expected to benefit from the anticipated price increases in chemical products [10][45].

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a positive outlook for their stock performance in relation to the industry benchmark [4]. Core Insights - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a "de-involution" policy that encourages companies to avoid price wars and focus on profitability [10][22]. - The manufacturing sector shows signs of recovery, with the manufacturing PMI reaching 50.1% in December 2025, indicating a return to expansion [16][22]. - The inventory cycle in the chemical industry is transitioning from active destocking to passive destocking, which could lead to price support if demand improves [22]. Summary by Sections Supply Side Analysis - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a projected drop in investment growth turning negative by June 2025 [15]. - The construction of new capacity in the chemical industry has significantly decreased, influenced by energy consumption controls and environmental policies [15][22]. Demand Side Analysis - Although traditional demand remains weak, there is strong support for certain chemical products due to manufacturing restocking, pre-holiday inventory buildup, and increased exports [15][22]. - The manufacturing PMI data indicates a marginal improvement in demand, with production and new orders both showing positive trends [16]. Policy Impact - The "de-involution" policy initiated by the central government aims to prevent vicious competition, leading to a consensus among leading companies to stabilize prices by reducing production rates [22]. Company-Specific Insights - **China Chemical**: The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam. Price rebounds in these products could significantly enhance its earnings [23]. - **Sandi Chemical**: The company is expected to benefit from price recovery in its core products, with a projected revenue of 730 million yuan in H1 2025 [30]. - **Donghua Technology**: The company has multiple high-end chemical projects that are expected to improve profitability and support stock valuation [37]. - **Southeast Net Rack**: The company produces 500,000 tons of polyester filament, with potential for revenue growth as prices stabilize [41]. Investment Recommendations - The report highlights key companies to watch, including China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Rack, all of which are positioned to benefit from the anticipated price increases in chemical products [10][45].

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]