Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.73 based on a 27X valuation for 2026 [4]. Core Insights - The company, Saint Bella, is a leading global family care brand group, focusing on high-end postpartum care centers, family care services, and women's health foods, with plans to expand its store network significantly by 2025 [1][3]. - The postpartum care and recovery industry in China is projected to reach a market size of RMB 67.5 billion in 2024, indicating substantial growth potential and a shift towards premium services [2][37]. - The company has demonstrated strong financial performance, with a revenue of RMB 450 million in the first half of 2025, reflecting a year-on-year growth of 25.64%, and an adjusted net profit of RMB 39 million, up 126% year-on-year [1][4]. Summary by Sections Company Overview - Saint Bella operates a multi-brand strategy with three main brands: "Saint Bella" for high-net-worth families, "Ai Yu" focusing on women's mental health, and "Little Bella" targeting younger markets [1][17]. - The company has expanded its presence internationally, with plans to double its store count in mainland China by 2030 and enter key global cities [3][14]. Industry Analysis - The postpartum care and recovery market is characterized by low penetration rates, indicating significant growth opportunities [2][37]. - The overall family care industry in China is expected to grow from RMB 392.8 billion in 2019 to RMB 805.3 billion by 2025, with a CAGR of 12.6% [37]. Competitive Advantages - The company leverages a light-asset model for rapid store expansion and has established a standardized care system supported by a team of leading experts [2][3]. - Its multi-brand strategy allows for clear brand positioning and different channel expansion paths, enhancing customer acquisition efficiency [2][3]. Future Development - The company aims to integrate AI into its services, targeting the trillion-dollar AI application market in the family care sector [3][4]. - Plans include expanding postpartum recovery and family care services to capture the full lifecycle value of customers [3][4]. Financial Projections - The company anticipates adjusted net profits of RMB 120 million, RMB 200 million, and RMB 298 million for 2025, 2026, and 2027, respectively, reflecting significant growth rates [4][5]. - Revenue is projected to reach RMB 1.85 billion by 2027, with a compound annual growth rate (CAGR) of 32.1% from 2025 to 2027 [5][4].

Market Review - The equity market has shown strong performance, with the Shanghai Composite Index rising by 4.60% in January, while the CSI 1000 and Shenzhen Component Index performed even better. The convertible bond index increased by 8.45%, outperforming the broader market by 3.85 percentage points [8][12] - The average price of convertible bonds reached 169.06 yuan, a month-on-month increase of 10.97%. The average conversion premium rate for the market was 46.07%, indicating a low valuation range since January 2023 [12][14] - Public funds have increased their holdings in convertible bonds, with a total market value of 3340.4 billion yuan, up by 405.7 billion yuan from the previous month. However, the proportion of holdings by public funds decreased by 3.2 percentage points [21][22] Strategy Layout - The previous recommended convertible bond portfolio achieved an average return of 29.22%, significantly outperforming the CSI convertible bond index, which rose by 9.88%. The strategy focused on technology and cyclical sectors to navigate the ongoing equity market trends [33][34] - The report suggests maintaining a non-typical barbell strategy, emphasizing technology growth sectors supported by policy and innovation, while also including low-position cyclical varieties to mitigate potential market pullbacks [34][35] - The current recommended portfolio includes new additions such as Aladdin Convertible Bond and Hebang Convertible Bond, while removing two bonds that faced forced redemption [34][35] Primary Market Dynamics & Clause Monitoring - As of January 28, 2026, there were 18 convertible bonds that announced early redemption, with a strong redemption ratio of 60%. Additionally, 10 convertible bonds announced potential downward adjustments, while 16 did not, indicating a downward adjustment ratio of 38.5% [30][31] - The issuance of new convertible bonds is progressing, with several companies receiving approval from the CSRC for upcoming issuances, including significant amounts from Changgao Electric and Haitan Co., indicating a positive outlook for new bond listings [25][27]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance over the next six months [6]. Core Insights - The company has secured domestic offshore engineering orders totaling approximately 870 million yuan, indicating a strong position in the offshore wind market [1][2]. - The company is transitioning away from its land-based wind business by ceasing operations at six subsidiaries, allowing it to focus on high-potential offshore wind projects [1]. - The establishment of a key manufacturing base in Germany is expected to facilitate the company's entry into the European offshore wind market, with core equipment already in place [3]. Summary by Sections Domestic Market Position - The company is a leading player in the domestic offshore wind market, with over 50% share in the Yangjiang Fan Stone II offshore wind project [2]. - The company is well-positioned to accelerate its domestic offshore wind orders due to its strategic capacity in southern coastal areas [2]. International Expansion - The German base is strategically located to serve major European markets, including Germany, Denmark, the UK, and the Netherlands [3]. - Recent advancements in the German base, including the procurement of heavy-duty equipment, are set to enhance production capabilities for offshore wind projects [3]. Financial Projections - The company is projected to achieve a net profit of -199 million yuan in 2025, followed by a recovery to 655 million yuan in 2026 and 1.558 billion yuan in 2027 [3]. - The expected price-to-earnings (P/E) ratios for 2026 and 2027 are 25.1 and 10.6, respectively, indicating a potential for significant valuation improvement [3].

Investment Rating - The report maintains an "Accumulate" rating for the banking sector [6]. Core Insights - The central bank continues to implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery [1][9]. - The average weighted interest rate for new loans dropped to 3.15% in December 2025, with expectations for further stabilization at low levels [2][14]. - The report emphasizes the importance of expanding domestic demand as a key focus for monetary policy in 2026, with structural financial support for priority areas [3][12]. Summary by Sections Monetary Policy - The report reiterates the commitment to a moderately loose monetary policy, aiming to maintain liquidity and ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [8][9]. - The central bank aims to enhance the effectiveness of monetary policy tools and support key areas such as technology innovation and consumption [9][10]. Interest Rates - The average weighted interest rate for new corporate loans decreased to 3.10%, while personal housing loan rates remained stable at 3.06% [2][14]. - The adjustment in policy language reflects a shift towards maintaining low financing costs rather than further reductions [2][3]. Domestic Demand Expansion - The report highlights the need for structural monetary policy tools to support domestic demand, with a focus on collaboration between the central bank and the Ministry of Finance [3][12]. - Specific measures include re-loan and interest subsidy policies aimed at equipment upgrades, small and micro enterprises, and consumption [12]. Banking Sector Stability - The report discusses the impact of deposit outflows on the banking sector, indicating that while there is a shift in deposit structure, overall liquidity remains stable [4]. - The implementation of a one-time credit repair policy is expected to improve the asset quality of banks and enhance personal loan issuance [4][12]. Investment Recommendations - The report suggests that 2026 will see a large-scale repricing of bank deposits, which is likely to optimize liability costs and support a narrowing of interest margins [5]. - It recommends focusing on high-dividend stocks in the current low-interest-rate environment [5].

Investment Rating - The report maintains an "Accumulate" rating for the banking sector, indicating a positive outlook for the industry in the near term [6]. Core Insights - The central bank continues to implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery. The report emphasizes the need to monitor domestic and international economic conditions closely for potential adjustments in policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [1][9]. - The average weighted interest rate for new loans dropped to 3.15% in December 2025, with expectations for further stabilization at low levels. This adjustment reflects a shift in focus from reducing financing costs to maintaining them at manageable levels, which is crucial for the health of the banking system [2][3]. - The report highlights a structural focus on expanding domestic demand, with financial support for key areas expected to strengthen. The central bank plans to collaborate with the Ministry of Finance to implement policies aimed at boosting consumption and investment [3][12]. Summary by Sections Monetary Policy - The report reiterates the commitment to a moderately loose monetary policy, aiming to keep liquidity ample and social financing conditions relatively loose. It emphasizes the importance of aligning monetary supply growth with economic growth and price stability [8][9]. Interest Rates - The report notes a further narrowing of the decline in new loan interest rates, with the average for corporate loans at 3.10% and personal housing loans remaining stable at 3.06%. This trend is expected to alleviate pressure on banks' net interest margins [2][4]. Structural Support - The report introduces new measures to support domestic demand, including a focus on structural monetary policy tools. It highlights the importance of fiscal and monetary policy coordination to enhance the effectiveness of measures aimed at stimulating consumption and investment [3][12]. Banking Sector Dynamics - The analysis indicates that the outflow of deposits does not significantly impact the overall liquidity of the financial system, with a shift towards diversified funding sources for banks. This change is expected to support the growth of banks' wealth management and fund distribution services [4][10]. - The implementation of a one-time credit repair policy is expected to benefit personal loan issuance by improving banks' ability to assess creditworthiness and support borrowers with repayment capacity [4][12].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company has secured domestic offshore engineering orders totaling approximately 870 million yuan, indicating a strong position in the offshore wind market [1][2]. - The company has ceased operations at six wholly-owned subsidiaries, shedding its onshore business burdens and focusing on high-potential offshore wind projects, which is expected to lead to a turnaround by 2026 [1][3]. - The company is positioned to benefit from the increasing demand for offshore wind energy in Europe, with its German base ready for production and key equipment already in place [3]. Financial Performance - The company is projected to achieve a net profit of -199 million yuan in 2025, followed by a recovery to 655 million yuan in 2026 and 1.558 billion yuan in 2027, reflecting a significant turnaround [3]. - Revenue is expected to decline to 3.575 billion yuan in 2025, with a subsequent increase to 7.070 billion yuan by 2027, indicating a recovery trajectory [5]. - The company's P/E ratio is forecasted to be 25.1 in 2026 and 10.6 in 2027, suggesting improved valuation as profitability returns [3][5].

朝闻国盛 存款"流失"的变与不变—央行四季度货币政策报告 6 大信号 今日概览 ◼ 重磅研报 证券研究报告 | 朝闻国盛 gszqdatemark 2026 02 12 年 月 日 【宏观】预判持续兑现，PPI 回升、核心 CPI 偏强——20260211 【宏观】存款"流失"的变与不变—央行四季度货币政策报告 6 大信号 ——20260211 【固定收益】物价上涨一定伴随利率上升吗？——20260211 【固定收益】重结构，重传导——读 Q4 央行货币政策执行报告—— 20260211 【固定收益】详解股债恒定 ETF——产品特征、海外经验与国内前景— —20260211 【银行】4Q25 货币政策执行报告点评：新发贷款利率有望低位企稳，扩 内需目标明确——20260212 ◼ 研究视点 【食品饮料】零售变革草根调研（五）长沙金粒门&郑州百品好：新鲜零 食新机遇，下沉市场小山姆——20260211 【电力设备】天顺风能（002531.SZ）-国内落地海工订单，海外节奏加 快——20260212 作者 分析师 张斌梅 执业证书编号：S0680523070007 邮箱：zhangbinmei@gszq.com ...

固定收益点评 证券研究报告 | 固定收益点评 gszqdatemark 2026 02 11 年 月 日 重结构，重传导——读 Q4 央行货币政策执行报告 央行货币政策执行报告是全面观察央行货币政策思路的重要窗口，近期央 行发布的 2025 年四季度货币政策执行报告中，对利率和金融总量的论述 对判断未来货币政策走向和对金融市场影响有重要参考意义。 货币政策以经济稳定和物价回升作为重要考量，择机实施。本次央行货政 报告延续此前中央经济工作会议对经济定调以及对货币政策表述。认为当 前经济平稳发展的基础不断夯实，新动能持续壮大，物价运行呈现积极变 化。总体判断比较乐观。要求货币政策把促进经济稳定增长、物价合理 回升作为货币政策的重要考量，根据国内外经济金融形势和金融市场 运行情况，把握好政策实施的力度、节奏和时机。我们理解货币政策保 持宽松的方向不变，但具体的落地需要结合实际情况，灵活高效的实 施，需要参照外部冲击以及内部情况变化，包括降息降准等政策都不 存在固定范式，可能或灵活执行。 增强政策利率引导作用与疏通利率传导机制。本次货币政策执行报告强 调。引导短期货币市场利率更好围绕央行政策利率平稳运行，后续资 金价 ...

春节因素拉低 1 月 CPI。去年春节在 1 月底，而今年春节在 2 月中旬，春 季错位因素导致今年 1 月 CPI 偏低。我们根据历史上春节位置和 1 月 CPI 对 1-2 月增速均值偏离估算，今年春节可能拉低了 1 月 CPI 同比增速 0.61 个百分点，剔除春节因素之后，今年 1 月 CPI 同比增速在 0.8%左右，与 上月基本持平，物价总体变化不大。1 月核心 CPI 同比上涨 0.8%，增速 较上月下降 0.4 个百分点，同样很大程度上受春节因素影响。 金价对 CPI 影响依然显著。1 月其他用品及服务行业同比增长 13.2%， 较 12 月增速下行 4.2 个百分点，但仍然保持高位且显著高于 CPI 中其 他分项和 CPI 整体增速。其他用品及服务行业持续高速增长可能继续 受到黄金价格上涨支撑，1 月国内黄金期货价格同比增长 68%，较 12 月 增速明显提高。按照居民消费结构测算 2025 年末该分项权重分别占 CPI 和核心 CPI 的 2.9%和 5.2%，剔除该分项后，1 月 CPI 和核心 CPI 同比分别为-0.2%和 0.1%，整体物价水平依然保持低位。 证券研究报告 | 固定 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The fresh snack concept is leading a new round of channel transformation opportunities, with companies like Jinli Men and Baipin Hao emerging as key players in the fresh snack market [1][26] - Jinli Men is positioned as a "small Sam's Club" in the lower-tier market, focusing on fresh snacks and leveraging a comprehensive advantage of "short shelf life, fresh production, and a wide range of big single products" [1][10] - Baipin Hao is reshaping its product offerings and store format to align with the fresh snack trend, expanding its range to include nuts, baked goods, and beverages [26][32] Summary by Sections Jinli Men: Fresh Snack Leader - Jinli Men has over 20 stores, primarily in Changsha, with a focus on high foot traffic locations [1][10] - The store offers approximately 150-200 SKUs, with snacks making up 38%, baked goods 25%, and beverages 11% [1][17] - The pricing strategy is competitive, with products generally priced between 8-20 RMB per item, achieving a price point of 6-9% lower than competitors like Sam's Club [22][24] Baipin Hao: New Product Line and Store Format - Baipin Hao is evolving its store format to include a wider range of products, with a focus on fresh snacks and beverages [26][32] - The store design has shifted to a natural aesthetic, featuring wood tones and greenery, enhancing the shopping experience [28][33] - The product pricing is similar to Jinli Men, with packaged snacks priced between 9.9-19.9 RMB [32][34] Industry Outlook: New Channel Opportunities - The retail landscape is undergoing significant changes, with fresh snacks driving quality upgrades and enhancing turnover efficiency [35][36] - Jinli Men’s model emphasizes fresh products and convenience, appealing to consumer demand for quality and affordability [35][36] - The industry is expected to see continued growth as fresh snack concepts adapt to community needs and capitalize on market gaps [36]