Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [1]. Core Insights - The offshore wind tendering in overseas markets remains robust, with significant capacity awarded in recent auctions, reflecting strong demand [6][11]. - Elon Musk announced a plan to establish 200GW of solar manufacturing capacity in the U.S. within three years, which is expected to boost the solar industry significantly [6][11]. - The global household energy storage market is projected to grow nearly 50% in 2025, with key markets like Germany, the U.S., Australia, and Japan dominating the landscape [7][11]. Summary by Sections Wind Power - Recent overseas offshore wind tenders show high activity, with the UK awarding 8.4GW in its latest auction, marking the largest in Europe [11][26]. - The wind power index increased by 5.16% in the week of January 19-23, outperforming the CSI 300 index by 5.78 percentage points, with a current PE_TTM of approximately 29.34 times [12][11]. - The report highlights the potential for investment opportunities in the offshore wind supply chain as demand continues to rise [11]. Solar Power - Elon Musk's announcement at the World Economic Forum regarding the 200GW solar capacity plan is expected to create significant market enthusiasm, particularly for suppliers in the solar equipment sector [6][11]. - The solar sector's current PE_TTM is around 51.85 times, with various indices showing substantial weekly gains [4][11]. Energy Storage & Hydrogen - The global household energy storage system shipment is expected to reach approximately 35GWh in 2025, with a year-on-year growth of nearly 50% [7][11]. - The report recommends investments in domestic and international large-scale storage companies and highlights the potential for distributed storage in emerging markets [7][11].

Investment Rating - The report maintains a "Strong Buy" rating for Ningbo Bank and Industrial Bank, expecting their stock prices to outperform the CSI 300 Index by over 20% within the next six months [38]. Core Insights - The People's Bank of China (PBOC) Governor Pan Gongsheng indicated that there is still room for interest rate cuts and reserve requirement ratio (RRR) reductions, with a commitment to continue a moderately loose monetary policy in 2026 [9][10]. - Ningbo Bank reported a year-on-year revenue growth of 8.01% and a net profit growth of 8.13% for 2025, with significant increases in intermediary business income by 30.72% and total assets growing by 16.11% [12]. - Industrial Bank's revenue and net profit showed slight increases of 0.24% and 0.34% respectively, with total assets surpassing 11 trillion yuan and a stable non-performing loan (NPL) ratio of 1.08% [12][13]. - The report highlights a recovery in bank holdings by active management funds, with a slight increase in the proportion of bank sector holdings to 1.06%, indicating potential for further investment [22]. Summary by Sections Monetary Policy - Pan Gongsheng emphasized the need for a flexible and effective use of monetary policy tools, including interest rate cuts and RRR reductions, to ensure liquidity remains ample and aligns with economic growth expectations [9][10]. Bank Performance - Ningbo Bank's strong performance is characterized by a low NPL ratio of 0.76% and a high provision coverage ratio of 373%, indicating robust risk management [12]. - Industrial Bank's performance is stable, with a focus on maintaining asset quality and a solid provision coverage ratio of 228% [12][13]. Market Trends - The banking sector saw a slight increase in active fund holdings, suggesting a potential recovery in investor confidence and interest in bank stocks [22]. - The report notes that the banking, securities, insurance, and fintech indices experienced declines, with the banking index down by 2.70% [23].

证券研究报告 海外策略周报： 地缘风险叠加财报密集期，美股波动或放大 证券分析师 陈骁 投资咨询资格编号：S1060516070001、BWH863 校星 投资咨询资格编号：S1060525120003 2026年1月25日 请务必阅读正文后免责条款 1 ※ 核心观点 | | | PCE价格数据（单位：%） | | 较上期变化 | 25/11 | 25/10 | 25/09 | 25/08 | 25/07 | 25/06 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | PCE | | ▲ | 0.1 | 2.8 | 2.7 | 2.8 | 2.8 | 2.6 | 2.6 | | | 食 品 | | ▼ | -0.3 | 1.9 | 2.2 | 2.4 | 2.2 | 1.8 | 2.0 | | | 能 源 | | ▲ | 1.9 | 4.1 | 2.2 | 2.7 | -0.1 | -1.9 | -1.3 | | | 核 心PCE | | ▲ | 0.1 | 2.8 | 2.7 | 2.8 | 2.9 | 2. ...

基金研究 2026 年 1 月 25 日 基金点评 《公募基金业绩比较基准指引及操作细则》解读 证券分析师 | 陈 瑶 | 投资咨询资格编号 | | --- | --- | | | S1060524120003 | | | CHENYAO370@pingan.com.cn | | 郭子睿 | 投资咨询资格编号 | | | S1060520070003 | | | GUOZIRUI807@pingan.com.cn | | 任书康 | 投资咨询资格编号 | | | S1060525050001 | | | RENSHUKANG722@pingan.com.cn | 研究助理 高 越 一般证券从业资格编号 S1060124070014 GAOYUE384@pingan.com.cn 《指引》和《细则》正式稿相对征求意见稿，主要调整内容包括：1）聚 焦投资风格匹配：明确投资目标和投资风格为核心内容，具体说明了投资 方向与投资风格应当关注的基准要素，强调应对不同类型产品分类展示或 排序。2）明确基准变更规则：规定基准变更须在新基准生效前三十日公 告，突出持续性要求，基准一经选定不得随意变更。3）扩大监管主体范 围：《 ...

证券研究报告 短期交易地缘局势动荡，油价或震荡偏强 原油月报： 2026年1月报 证券分析师 陈潇榕 投资咨询资格编号：S1060523110001 马书蕾 投资咨询资格编号：S1060524070002 石油石化 强于大市（维持） 2026年1月25日 请务必阅读正文后免责条款 核心观点： 短期地缘风险升温，油价或呈震荡偏强走势 • 国际油价回顾：2026年1月油价呈现震荡偏强走势。2026年初以来，美委关系紧张，中东局势动荡，地缘风险升温再次成为支撑油价的主 因。重点影响事件：1）2026年1月3日,美国对委内瑞拉多处目标发动军事袭击，特朗普称抓获其总统马杜罗及其夫人并带离委内瑞拉， 并称美国将深度介入委内瑞拉石油产业。2）1月9日，特朗普与约20家石油企业高管会晤，要求他们向委内瑞拉投资1000亿美元以大幅增 产石油，但未获积极响应。3）1月12日，特朗普称对伊朗所有贸易伙伴征收25%关税。4）1月12日，维托尔集团和托克集团两家贸易巨头 已获美国政府初步批准销售委内瑞拉原油，近期就潜在的委内瑞拉原油销售事宜与中印大型炼油商展开磋商。5）1月15日消息，美国 "亚伯拉罕·林肯"号航空母舰协同多艘舰艇正驶 ...

有色金属 2026 年 1 月 25 日 有色金属周报 避险情绪发酵，贵金属价格冲高 强于大市（维持） 行情走势图 -50% 0% 50% 100% 150% 25/01 25/04 25/07 25/10 26/01 沪深300 有色金属 证券分析师 核心观点： 贵金属-黄金：避险情绪发酵，贵金属价格冲高。截至 1.23，COMEX 金主力合约达 4983.1 美元/盎司，环比上涨 8.3%。SPDR 黄金 ETF 环比增加 0.1%为 1087 吨。美国宣布向反对美国得到格陵兰岛的欧洲 国家加征关税。此外，欧洲方面还在考虑抛售美债。美元信用削弱趋 势短期加速抬升，避险情绪发酵下，黄金等贵金属价格上涨。长期来 看美国债务问题未解，美元信用走弱的主线逻辑持续，央行购金以及 黄金投资需求增长，贵金属价格重心或仍将继续抬升。 工业金属：看好工业金属上涨行情。 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 告 行 业 报 告 告 行 业 报 告 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编 ...

Investment Rating - Industry investment rating: Stronger than the market (maintained) [2] Core Insights - The report indicates an increase in market attention towards the real estate chain, with significant weekly gains of 5.21% and 9.23% for the Shenwan real estate and building materials sectors respectively. The rebound is attributed to several factors, including a substantial rise in second-hand housing transactions in key cities, a positive earnings forecast from Poly Developments, and limited downward space for traditional real estate companies [3] - The report suggests that the real estate market is showing positive short-term signals, with ongoing favorable factors accumulating. It highlights the potential for market stabilization in the second half of 2026 to 2027, driven by easing down payment ratios and mortgage rates, which reduce the financial burden on homebuyers [3] Market Monitoring - Transaction volumes have shown a rebound, with new home sales in 50 key cities reaching 13,000 units, a 6.7% increase week-on-week, while second-hand home sales in 20 key cities reached 20,000 units, up 5.2% week-on-week. However, year-on-year comparisons show a 24% decline for new homes and a 6.7% increase for second-hand homes [8][9] - Inventory levels have decreased, with a total of 90.29 million square meters of inventory across 16 cities, reflecting a 0.5% decrease and a decommissioning cycle of 21 months [11] Capital Market Monitoring - The real estate sector saw a weekly increase of 5.21%, outperforming the CSI 300 index, which declined by 0.62%. The current price-to-earnings ratio (TTM) for the real estate sector stands at 63.16, significantly higher than the CSI 300's 14.08, indicating a valuation at the 95.64 percentile over the past five years [21][22] - The report notes that 78.9 billion yuan of real estate bonds were issued this week, with a total repayment amount of 109.7 billion yuan, resulting in a net financing of -30.9 billion yuan [16] Investment Recommendations - The report recommends focusing on three main lines: 1. Real estate companies with light historical burdens and strong product capabilities, such as China Resources Land and China Overseas Development, are expected to benefit from the "good housing" initiative [3] 2. Hong Kong real estate firms benefiting from market stabilization, such as Sun Hung Kai Properties and Henderson Land Development [3] 3. Companies with stable cash flow and dividends, including China Resources Vientiane Life and Poly Property [3]

Investment Rating - The industry investment rating is "stronger than the market," indicating that the industry index is expected to outperform the market by more than 5% in the next six months [28]. Core Insights - The total retail sales of consumer goods in 2025 are projected to exceed 50 trillion yuan, highlighting significant growth potential in the consumer sector [4][10]. - The report emphasizes the importance of focusing on specific segments within the consumer industry, such as tourism, beauty, jewelry, media, and food and beverage, which are expected to show resilience and growth [4][10]. Summary by Relevant Sections Social Services - The tourism sector is expected to continue its recovery, with leading companies responding effectively to changing consumer demands, particularly as the Spring Festival approaches [4]. - The beauty industry is experiencing steady growth, with a focus on companies that can quickly adapt to market dynamics [4]. - The jewelry sector presents investment opportunities, particularly for brands that can increase market share and maintain strong performance [4]. Food and Beverage - Alcohol - Major liquor companies are experiencing a deeper decline in net profits compared to previous quarters, but leading firms are expected to enhance market share through effective brand management [4]. - The report identifies three key investment lines: high-end liquor with stable demand, mid-range liquor with national expansion, and local real estate liquor [4]. Food and Beverage - General - The at-home dining market, represented by companies like Guoquan, shows significant growth potential, with a focus on product, channel, and supply chain advantages [4]. - The restaurant sector is entering a peak season with the upcoming Spring Festival, and supply chain conditions are stabilizing [4]. Key Company Announcements - China Duty Free Group is expanding its international retail market presence through a strategic partnership with LVMH, which includes a significant acquisition [12]. - Meili Tianyuan is forecasting a revenue increase of at least 16% in 2025, driven by both external acquisitions and strong internal growth [15]. - Longzi Co. is expecting a net profit of 9-10.5 billion yuan for 2025, indicating a positive outlook despite some adjustments in financial reporting [15].

Investment Rating - The report maintains a "Strong Outperform" rating for the oil and petrochemical sector [1]. Core Insights - Kazakhstan's two major oil fields have halted production, causing supply disruptions that have boosted oil prices. WTI crude futures rose by 3.11% and Brent crude futures increased by 3.16% during the period from January 16 to January 23, 2026 [6]. - Geopolitical tensions, particularly between the US and Europe regarding Greenland, and uncertainties in the Middle East, particularly concerning Iran, continue to pose risks to the oil market [6]. - The supply constraints in the fluorochemical sector, combined with favorable demand driven by policy support, are expected to sustain high levels of market activity [6]. Summary by Sections Oil and Petrochemicals - Kazakhstan's oil fields "Tengiz" and "Korolev" have suspended production due to issues with the power distribution system, potentially lasting 7 to 10 days, which will reduce exports through the Caspian Pipeline Consortium (CPC) [6]. - The report highlights the need for vigilance regarding the geopolitical situation in the Middle East, with the US increasing military presence while also delaying military actions against Iran [6]. - Domestic oil companies are diversifying their oil and gas sources and investing in offshore resources to reduce dependence on foreign energy [7]. Fluorochemicals - The issuance of HFC production quotas for 2026 has increased by 5,963 tons year-on-year, with specific increases for HFC-134a, HFC-245fa, and HFC-32 [6]. - The demand for refrigerants is expected to grow due to government subsidies and the ongoing recovery in the home appliance and automotive sectors [6]. - The report suggests focusing on leading companies in the production of third-generation refrigerants and upstream fluorite resources [7]. Semiconductor Materials - The semiconductor inventory reduction trend is improving, and the basic fundamentals are gradually recovering, indicating potential for further upward movement in the sector [7]. - The report recommends attention to companies involved in semiconductor materials, particularly those benefiting from domestic substitution trends [7].

Core Viewpoints - The spring market trend continues with small and mid-cap stocks outperforming while large-cap stocks experience volatility. The A-share market saw a weekly increase of 0.8% in the Shanghai Composite Index, while the CSI 500 and CSI 2000 rose by 4.3% and 4.0% respectively. In contrast, the CSI 300 and SSE 50 declined by 0.6% and 1.5% respectively. Key sectors leading the gains include construction materials, oil and petrochemicals, steel, and basic chemicals, with increases ranging from 7% to 10% [2][12][13]. Recent Dynamics - December economic data indicates a recovery in industrial production, while consumption and investment growth continue to decline. The industrial added value year-on-year growth rate rose to 5.2% in December, with high-tech and equipment manufacturing sectors maintaining high growth rates. However, retail sales growth fell to 0.9%, and fixed asset investment showed a cumulative year-on-year decline of 3.8% [3][4]. Policy Tracking - Recent policies aim to support consumption and private investment through a series of financial measures. The Ministry of Finance and other departments have introduced interest subsidy policies for small and micro enterprises, extending support to sectors such as new energy vehicles, high-end equipment, and artificial intelligence. The total guarantee plan for private investment is set at 500 billion yuan, focusing on enhancing the operational capacity of small and micro enterprises [5][6]. Market Performance - The A-share market has shown a mixed performance, with small and mid-cap indices outperforming large-cap indices. The CSI 500 and CSI 2000 indices recorded gains between 2% and 4.5%, while the Shanghai Composite Index rose by 0.8%. The average daily trading volume across the A-share market was approximately 2.8 trillion yuan, reflecting a 19.23% decrease from the previous week [12][13]. Sector Performance - Among the 31 primary sectors, 24 achieved positive returns, with construction materials, oil and petrochemicals, steel, and basic chemicals leading the way. Conversely, sectors such as banking, telecommunications, and non-bank financials experienced declines. Concept indices related to gold jewelry, photovoltaics, and advanced packaging saw significant gains, ranging from 10% to 13% [12][13][14].