主要数据 | 行业 | 轻工制造 | | --- | --- | | 公司网址 | www.mg-pen.com | | 大股东/持股 | 晨光控股(集团)有限公司/58.20% | | 实际控制人 | 陈湖文,陈湖雄,陈雪玲 | | 总股本(百万股) | 921 | | 流通 A 股(百万股) | 921 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 251 | | 流通 A 股市值(亿元) | 251 | | 每股净资产(元) | 9.69 | | 资产负债率(%) | 42.9 | 文具龙头砥砺前行，IP与出海打开空间 推荐（首次） 股价：27.3 元 轻工制造 2026 年 01 月 08 日 晨光股份(603899.SH) 行情走势图 证券分析师 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 BVG933 wangxingy un937@pingan.com.cn 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E ...

行 业 报 告 行业点评 巨石与中材发布激励计划，重视传统电子布盈利弹性 强于大市( 维持) 相关研究报告 【平安证券】行业年度策略报告*建材*AI材料高景 气，出海与反内卷同行*强于大市20251208 【平安证券】行业深度报告*建材*传统玻纤盈利改 善，特种布受益AI高景气*强于大市20251117 事项： 1）近日中国巨石与中材科技发布股权激励草案公告。 2）据卓创资讯1月6日消息，林州光远、重庆国际的电子纱价格均有上涨。 平安观点： 建材 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 2026年01月07日 行 业 点 评 7628电子布的均价为9400元/吨与4.65元/米。电子纱与电子布价格持续 上涨，或源于下游AI高景气，促使玻纤厂家转产低介电等高端产品，导 致传统的薄布、厚布产能存在缺口，后续不排除价格继续上涨的可能。 此外，近期铜价亦持续上涨，下游CCL与PCB企业存在涨价动力，有望 向下游传导 ...

证券研究报告 【平安固收】2025年12月托管月报： 跨年后债券供给上升，市场承接力 面临考验 平安证券研究所固定收益团队 请务必阅读正文后免责条款 刘璐 投资咨询资格编号：S1060519060001 张君瑞 投资咨询资格编号：S1060519080001 2026年1月5日 核心摘要 4 1.1同业存单新增托管量明显下降，地方债小幅下降 2 25年11月新增债券规模同比下降。2025年11月，债券托管余额为193.57万亿元，同比增速为13.37%，较上月下降0.67个百 分点；11月新增托管规模为14397亿元，同比下降 8221亿元。 分券种：25年11月债券供给同比下降，主要受同业存单拖累。25年11月利率债新增托管量同比小降，其中国债和地方债 下降，政金债增加；11月公司信用债新增托管量同比增加374亿元，全靠产业债支撑。 分机构：25年11月银行明显多增配，其余投资者需求偏弱。25年11月10Y国债利率小幅上升3.7BP，银行明显多增配，其 余投资者普遍降仓位。考虑央行买断式逆回购后，25年11月商业银行债券投资同比多增9170亿元，银行增持政府债规模/ 政府债净供给为90.9%，明显上升且处于 ...

宏 2026 年 1 月 5 日 中国宏观周报（2026 年 1 月第 1 周） 假期出行热度较高 证券分析师 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 从高频数据观察，本周受元旦假期影响，工业生产季节性调整，新房成交略有 走弱，但线下出行热度提升，元旦假期消费潜力释放。 1. 工业：生产季节性调整。1）原材料方面，本周日均铁水产量、水泥熟料产能利 用率提升，石油沥青开工率回落。2）中下游方面，本周纺织聚酯开工率、织造 业开工率季节性走弱；汽车半钢胎、全钢胎开工率回落。 2. 地产：本周新房成交略有走弱，受元旦假期影响。1）销售方面，本周（截至 1 月 2 日）30 大中城市新房销售面积同比-33.7%，增速较上周回落 9.6 个百分 点；12 月 30 大中城市新房销售面积同比-27.3%，较上月提升 5.8 个百分点。 2）截至 12 月 22 日，近四周二手房出售挂牌价指数环比-0.64%。 3. 内需：元旦假期线下出行热度提升；2025 年 12 月汽车、家电零售及邮政快递 揽收量边际走弱。1）汽车：据乘联会统计，2025 年 12 月 1 ...

王源 S1060524010001（证券投资咨询）邮箱：WANGYUAN468@pingan.com.cn 胡琼方 S1060524010002（证券投资咨询）邮箱：HUQIONGFANG722@pingan.com.cn 王萌 S1060522030001（证券投资咨询）邮箱：WANGMENG917@pingan.com.cn 张晋溢 S1060521030001（证券投资咨询）邮箱：ZHANGJINYI112@pingan.com.cn 证券研究报告 大消费行业周报 市场稳健，板块分化 平安证券研究所 大消费团队 证券分析师： 王星云 S1060523100001（证券投资咨询）邮箱：WANGXINGYUN937@pingan.com.cn 2026年1月5日 请务必阅读正文后免责条款 本周观点 资料来源：wind，平安证券研究所 大消费行业周观点：1）行情回顾：本周（2025年12月29日-12月31日）沪深300下跌0.59%，中信一级子行业中：上涨的子行业：传媒 （+2.27%）、家电（+0.69%）、消费者服务（+0.59%）、纺织服装（+0.55%）、农林牧渔（+0.20%）；下跌的子行业：轻工 ...

证券研究报告 增配权益，看好成长 ——2026年1月基金配置展望 证券分析师 郭子睿 投资咨询资格编号：S1060520070003 任书康 投资咨询资格编号：S1060525050001 陈 瑶 投资咨询资格编号：S1060524120003 高 越 一般从业资格编号：S1060124070014 胡心怡 一般从业资格编号：S1060124030069 研究助理 2026年1月5日 请务必阅读正文后免责条款 基金配置建议：增配权益，看好成长 2 2025年12月回顾：A股上涨、美股震荡；美债、国债利率短端下行长端上行；商品价格分化；美元指数下行，人民币升值。美联储如期降息，鲍 威尔表态偏鹰，美股震荡分化，美债利率短端下行、长端上行，美元指数下行。中央经济工作会议定调更加积极的财政政策，央行重启14天期 逆回购，A股上涨，国债短端利率下行、长端利率上行。12月基金市场表现较好，发行规模上升，权益型ETF基金资金净流入。 2026年1月展望：资产配置的逻辑。股债轮动模型显示，11月私人部门融资增速转向上行，通胀因子继续回升，基本面模型触发经济复苏信号。 市场情绪波动加剧，结合基本面与技术面指标，建议增配权益资产 ...

证券研究报告 基金双周报：ETF市场跟踪报告 证券分析师 | 陈 瑶 | | 投资咨询资格编号：S1060524120003 | | --- | --- | --- | | 郭子睿 | | 投资咨询资格编号：S1060520070003 | | 任书康 | | 投资咨询资格编号：S1060525050001 | | 研究助理 | | | | 高 | 越 | 一般从业资格编号：S1060124070014 | | 胡心怡 | | 一般从业资格编号：S1060124030069 | 报告摘要 分类型ETF跟踪： 2 2026年1月4日 请务必阅读正文后免责条款 ETF市场回顾： • 收益表现与资金流向：截至12月31日，近两周ETF产品表现较好。国内主要宽基ETF中，科创100涨幅最大，行业与主题产品中，军工主题ETF涨幅最大。近 两周，国内主要宽基ETF中，中证A500ETF资金大幅流入，此外中证1000、中证500、科创100ETF资金净流入额居前。2）近两周，周期、大制造其他ETF资金 加速流入，红利、医药ETF资金流入速度放缓，消费、新能源、科技ETF资金转为净流出，金融地产ETF净流出速度放缓，军工ET ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [29]. Core Insights - The report highlights that the national government will continue to support the renewal of medical equipment in 2026, which is expected to drive demand in the medical device sector. The focus is on high-end equipment and companies with significant performance improvements and international expansion, such as Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical [3]. - The report emphasizes the optimization of application conditions and review processes for equipment renewal projects, aiming to lower investment thresholds and enhance support for small and medium-sized enterprises [3]. - The ongoing policy for equipment renewal is anticipated to sustain a favorable bidding environment for medical devices, with a gradual improvement in performance as inventory clears [3]. Summary by Sections Industry Overview - The report discusses the government's announcement on December 30, 2025, regarding large-scale equipment renewal and the inclusion of various sectors, including healthcare, in the support framework for 2026 [3]. - It outlines the measures to improve the application process for equipment renewal, including stricter requirements for equipment depreciation and minimum usage periods [3]. Investment Opportunities - The report suggests focusing on companies that are expected to show significant performance improvements and have a leading international presence in the medical device sector [3]. - Specific companies recommended for investment include Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical, which are well-positioned to benefit from the anticipated demand for high-end medical equipment [3]. Market Performance - The medical sector has experienced a decline, with a reported drop of 2.06% in the last week, ranking 25th among 28 industries [8][18]. - The report notes that the medical device market is under pressure in the short term due to policy impacts, but improvements are expected as companies innovate and expand internationally [5].

电力设备及新能源 2026 年 1 月 4 日 行业周报 宁德时代宣布规模应用钠电池，政策支持光伏知识产权保护 强于大市（维持） 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | LIMENGQIANG340@pingan.com.cn | | 皮秀 | 投资咨询资格编号 | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | ZHANGZHIYAO757@pingan.com.cn | 平安观点： 本周（2025.12.29-2025.12.31）新能源细分板块行情回顾。风电指数 （866044.WI）下跌 1.40%，跑输沪深 300 指数 0.82 个百分点。截至本 周，风电板块 PE_TTM 估值约 25.62 倍。本周申万光伏设备指数 （801735.SI）下跌 3.29%，其中，申万光伏电池组件指数下跌 3.50%， 申万光伏加工设备指数上涨 2.15%，申万光伏辅材指数下跌 2.46% ...

Report Industry Investment Rating - The report does not mention the industry investment rating. Core Viewpoints of the Report - In December 2025, the weakening of the US dollar and the improvement of risk appetite led to a steeper curve overseas, while in China, loose funds drove the yield curve to steepen. The bond market remained volatile due to the supply - demand contradiction at the long end [2]. - In 2026, the PPI is facing three positive factors: the tail - lifting factor, imported inflation, and the continued effectiveness of the "anti - involution" policy. Under the neutral scenario, the PPI is expected to turn positive in the second quarter of 2026 and reach around 1.2% by the end of the year. The mild re - inflation needs to resonate with other factors to significantly affect the bond market [3][55]. - Currently, the bond market is in a wait - and - see state. It is expected to remain volatile in the short term, lacking the motivation and space for trend trading. There are some structural opportunities, such as the follow - up rise opportunity of 5 - 7Y China Development Bank bonds and the compression opportunity of credit spreads [4]. Summary by Directory PART1: December 2025 - Curve Steepening Driven by Overseas and Domestic Factors Overseas - In December 2025, the Fed announced reserve management - style purchases (RMP) and continued to cut interest rates. The US dollar index weakened, liquidity improved, the US stock market rose, and risk appetite recovered. The US bond yield curve steepened due to factors like Fed's short - term bond purchase, market concerns about Fed independence, and rising commodity prices. Precious and industrial metals performed well, with copper benefiting from AI demand and gold and silver supported by geopolitical events [10][16]. Domestic - In November 2025, the domestic economic fundamentals showed a divergence between quantity and price, and in December, both supply and demand declined. The capital market was generally loose, and the overnight interest rate hit a new low for the year. The bond market remained volatile due to the long - end supply - demand contradiction, and the yield curve steepened [17][23]. - In terms of institutional behavior, large banks and insurance companies, as allocation players, increased their bond - buying in the secondary market in December. Large banks added some policy - related financial bonds and focused on 5 - 7 - year varieties. Insurance companies mainly added long - term treasury bonds. Trading players became conservative. Rural commercial banks mainly invested in certificates of deposit, funds reduced duration and mainly sold long - term treasury bonds, and wealth management products seasonally reduced bond allocation and slightly increased credit bond allocation [26][35][47]. PART2: How the 2026 Re - inflation Narrative May Affect the Bond Market 2026 PPI's Three Positive Factors - The tail - lifting factor can support the PPI to turn positive in the second half of 2026 even without new price - increasing factors [55]. - Imported inflation may occur as overseas capital expenditure and manufacturing investment are likely to rise in 2026. The US deficit rate may expand, and the Fed's new round of easing may release emerging market countries' capital expenditure demand [57]. - The "anti - involution" policy has shown a supporting effect on the PPI. Since August 2025, the month - on - month PPI of the mining industry has turned positive, driving the overall PPI to turn positive since October [60]. PPI Forecast under Different Scenarios - Under the pessimistic scenario, the PPI is expected to turn positive in the second half of 2026 with an average monthly PPI growth rate of 0%. Under the neutral scenario, with a monthly average PPI growth rate of 0.1%, the PPI is expected to turn positive in the second quarter of 2026 and reach around 1.2% by the end of the year. Under the optimistic scenario, with a monthly average PPI growth rate of 0.2%, the PPI is expected to turn positive in April 2026 and exceed 2% in the second half of the year [67]. PPI's Impact on the Bond Market - Historically, during the four PPI upward cycles since 2009, three typical upward periods were driven by the resonance of domestic and overseas demand or supply - demand. The PPI and the bond market generally move in the same direction, but there were several periods of divergence, mainly due to strong economic recovery expectations or PPI being mainly affected by the supply side while the domestic demand did not improve significantly and the monetary policy remained loose [69][71]. - In 2026, the mild re - inflation needs to resonate with other factors such as total demand, central bank's capital management, financial institutions' liability - side stability, and the flow of activated household deposits to significantly affect the bond market. The trading of typical total assets based on re - inflation may have limited odds [78]. PART3: Bond Market Strategy for January 2026 - In January 2026, the bond market may still be in a wait - and - see period. Potential risks include government bond supply pressure, the spring rally in the equity market, and the first - quarter credit boom. Potential positive factors include the possible relaxation of large banks' bond - allocation pressure and the relatively loose capital market, with a higher probability of a reserve - requirement ratio cut than an interest - rate cut in January [81]. - The bond market is expected to remain volatile in the short term, lacking the motivation and space for trend trading. Structurally, there are opportunities such as the follow - up rise of 5 - 7Y China Development Bank bonds and the compression of credit spreads in credit bonds [4][83].