A 股景气指数观察。截至 2026 年 1 月 23 日，A 股景气指数为 17.90，相 比 2023 年底上升 12.48，当前处于上升周期中。 A 股情绪指数观察。当前 A 股情绪见底指数信号：多，A 股情绪见顶指数 信号：多，综合信号为：多。 指数增强组合本周表现尚可。中证 500 增强组合跑输基准 0.33%，沪深 300 增强组合跑赢基准 1.43%。 风格上，当前 Beta 因子占优。从纯因子收益来看，本周石油石化、有色 金属、建材等行业因子相对市场市值加权组合跑出较高超额收益，银行、 保险等行业因子回撤较多；风格因子中，Beta 因子超额收益较高，市值呈 较为显著的负向超额收益。从近期因子表现来看，高 Beta 股表现优异， 市值等因子表现不佳。 证券研究报告 | 金融工程 gszqdatemark 2026 01 25 年 月 日 量化周报 市场或已开启新一轮上涨 市场或已开启新一轮上涨。本周（1.19-1.23），大盘震荡上行，上证指数 全周收涨 0.84%。在此背景下，地产、电力及公用事业迎来日线级别上涨。 至此，24 个行业处于日线级别上涨中。当下，我们认为市场的日线级别上 涨大概率还 ...

理财产品行为是近期市场关注焦点。随着理财产品规模的持续增长，以及固收 +产品吸引力的显著上升，理财资金是否大量流出债市进入权益市场，体量如 何？这些都直接影响着资本市场的变化。最新公布的 2025 年理财市场年报披 露了完善的理财规模、资产结构以及收益率等变化，对理财资产配置行为有全 面的刻画。 理财规模达到 33.3 万亿，继续保持稳定增长。理财规模同比增速在 2025 年 末为 11.2%，继续保持两位数的高速增长。理财规模增长至 33.29 万亿，过 去几年以来首次突破 30 万亿元。显示当前理财产品具有相对优势，继续吸引 各类资金流入。 理财收益率虽然有所下降，但相对于其他产品依然有明显优势，这是理财产品 规模持续增长的基础。2025 年下半年理财产品平均收益率降为 1.98%，虽然 较上半年的 2.12%继续下降。但考虑到广谱利率的下行，理财产品收益依然 具有相对优势。目前 1.98%的理财产品收益率依然明显高于 1.2%左右的货基 收益率以及 1%左右的 1 年定期存款收益率，这会吸引资金持续流入理财市 场，继续推高理财产品规模。 理财在资产端增配最为突出的依然是存款。从 2022 年四季度理财赎 ...

Investment Rating - The report recommends a "Buy" rating for several companies in the coal mining sector, including China Coal Energy (H+A), Yanzhou Coal Mining (H+A), China Shenhua Energy (H+A), and Shaanxi Coal and Chemical Industry [3][9]. Core Insights - The report highlights the significant increase in U.S. natural gas futures prices due to a polar cold wave and short covering, with prices rising by 25% to $4.875 per million British thermal units, marking the highest settlement price since December 8 [2]. - The report emphasizes the potential for coal consumption to increase as power producers may switch to coal to control fuel costs amid rising natural gas prices [8]. - The report notes that the performance of coal mining companies is expected to improve as annual report disclosures approach, following the principle that "strong performance leads to strong stocks" [3]. Summary by Sections Energy Prices Overview - As of January 23, 2026, Brent crude oil futures settled at $65.88 per barrel, up $1.75 (+2.73%) from the previous week, while WTI crude oil futures settled at $61.07 per barrel, up $1.63 (+2.74%) [1]. - Natural gas prices have also seen significant increases, with Northeast Asia LNG spot prices at $11.81 per million British thermal units, up $0.46 (+4.04%) [1]. Key Companies and Recommendations - The report specifically recommends focusing on companies such as Keda Control Technology, which is advancing in smart mining, and China Qinfa, which is experiencing a turnaround [3]. - Additional companies to watch include Peabody (BTU), Jinkong Coal Industry, Lu'an Environmental Energy, and others that may see growth in the future [3]. Market Dynamics - The report discusses the impact of weather on natural gas production, particularly in the Marcellus shale region, which may face operational challenges due to snow [8]. - It also notes that the U.S. natural gas inventory surplus is rapidly decreasing, with expectations that it will fall below the five-year average by the end of March [8].

Investment Rating - The investment rating for the electricity sector is maintained as "Increase" [5] Core Insights - In Q4 2025, the holdings of active funds in the electricity and public utilities sector slightly decreased, while index funds saw a slight increase. The overall holdings ratio for both types of funds was 1.18%, showing little change compared to Q3 [11] - Southern Power Grid plans to invest CNY 180 billion in fixed assets for 2026, marking a historical high for five consecutive years, with an average annual growth rate of 9.5% over the past five years. The investment will focus on new power system construction, strategic emerging industries, and enhancing quality power supply services [3][15] - The report suggests paying attention to high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International and Huadian International, as well as flexible coal-fired power leaders like Qingda Environmental Protection [4] Summary by Sections Market Overview - The Shanghai Composite Index closed at 4136.16 points, up 0.84%, while the CSI 300 Index closed at 4702.5 points, down 0.62%. The CITIC Power and Utilities Index closed at 3177.58 points, up 2.24%, outperforming the CSI 300 Index by 2.86 percentage points [63] Fund Holdings - Active funds' holdings in the electricity and public utilities sector decreased to 0.61%, down 1.31 percentage points year-on-year and down 0.03 percentage points quarter-on-quarter. In contrast, index funds' holdings increased to 1.77%, down 1.35 percentage points year-on-year but up 0.02 percentage points quarter-on-quarter [11][12] Investment Plans - Southern Power Grid's investment plan for 2026 includes CNY 180 billion, focusing on three areas: new power system construction, strategic emerging industries, and quality power supply service enhancement. This investment will support the integration and consumption of 40 million kilowatts of new energy installations in the southern region [3][15] Key Stocks - Recommended stocks include Huaneng International (A+H), Huadian International (A+H), Guodian Power, and Datang Power, which are identified as high-dividend coal-fired power leaders. Additionally, attention is drawn to wind and solar sectors, including Xintian Green Energy and Longyuan Power [4][8]

证券研究报告|行业周报 gszqdatemark 2026 01 25 年 月 日 通信 光模块复盘与思考 回顾过去两年光通信行情起落，从预期角度看，行情主要由供需周期、筹码 结构、业绩节奏等共同决定，行至当下，当前的行情更多由筹码决定，所谓 的业绩不确定性只需待时间消化。 光模块的股价波动，本质上是三种周期力量共振与博弈的结果： 这三种周期并非孤立，而是相互影响。当前时点，我们认为行情的主导力量 正为"筹码周期"，市场正在消化前期过高的预期与过热的交易结构，并为 下一个"业绩周期"的验证做准备。 【供需周期：需求持续旺盛，龙头交付能力更强】 从需求端来看，光模块需求持续旺盛：Google、Microsoft、Meta、Amazon 四大北美云厂商的资本开支指引不断上修，2025 年度合计 Capex 已跃升至超 3800 亿美元，英伟达算力平台迭代加速，持续印证需求的刚性。可以明确的 是，市场对光通信的高景气已无太多质疑，光模块的旺盛需求已充分反映在 当前的股价之中。新需求锚点需等今年 3-4 月，下游客户（北美云厂商、芯片 巨头、全球主流电信运营商）完成年度规划，招标意向陆续释放才能明确。 从供给端来看， ...

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].

2025Q4 运动鞋服终端销售存在一定的压力，但各品牌公司库存情况仍 然稳健。1）从流水层面来看，2025Q4 受到国内消费环境波动、气温偏暖 以及 2026 年春节较晚导致的年货消费滞后影响，2025Q4 国内部分运动 鞋服品牌终端销售存在一定压力，安踏集团旗下安踏品牌 Q4 流水同比下 降低单位数，Fila 品牌以及其他品牌分部表现仍较好，流水分别增长中单 位数/35%~40%；李宁流水同比下降低单位数；特步品牌流水同比持平； 361 度表现相对强劲，线下成人装/童装流水分别增长 10%，电商也实现 了双位数增长。 证券研究报告 | 行业周报 gszqdatemark 2026 01 25 年 月 日 纺织服饰 周专题：2025Q4 运动鞋服公司经营总结 【本周专题】 服饰制造 2026 年订单有望环比改善，推荐进入产能释放周期的优质个 2）从库存层面来看，经过四季度的积极去化与双十一、双十二等大促带 动，我们判断目前各个运动品牌的库销比水平均已回落至 4-5 或略高于 5 的区间，整体处于健康可控水平。 股。目前行业库存基本健康，期待下游稳健补库带来的上游订单增长， 推荐估值具备性价比、核心客户趋势向好 ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 25 年 月 日 交通运输 增持（维持） 行业走势 -10% -2% 6% 14% 22% 30% 2025-01 2025-05 2025-09 2026-01 交通运输 沪深300 行情回顾：本周（2026.1.19-2026.1.23）交通运输板块行业指数上涨 1.76%， 跑赢上证指数 0.93 个百分点（上证指数上涨 0.84%）。从申万交通运输行业 三级分类看，涨幅前三名的板块分别为仓储物流、公路货运、公交，涨幅分别 为 6.05%、5.91%、4.09%；没有细分板块下跌。 出行：根据民航局预测，2026 年春运民航客运量有望迎历史新高。继续看好 "扩内需"及"反内卷"下航空板块中长期景气度。运力供给维持低增速、需 求持续恢复，供需缺口缩小叠加油价中枢下移、人民币走强及政策的呵护，静 待票价持续修复、航司盈利不断改善。持续跟踪需求修复及跨境游情况，关注 公商务出行需求及国际航班恢复情况。 航运港口：VLCC 高位运行；干散货运价回升；集运主要航线运价回落。VLCC 市场，本周中东航线 2 月上旬出货过半，地缘风险溢价发酵，船东 ...