债券研究 2）地产债：聚焦 1-2 年期央国企博弈估值修复。万科展期议案获通过，信用 预期底部已初步确立，优质主体估值修复动能较强。可关注估值受万科事件冲 击、隐含评级 AA+及以上的央国企，如保利发展、华润置地、陆家嘴集团等。 1）5y 以内品种关注部分结构性机会。3y 以内仍可适当下沉挖掘收益，近期地 产债市场悲观情绪有望逐渐好转，可关注央国企估值修复。3.5y-4y 普信债品 种凸性较高，AA+中票 3 个月持有期收益率高于 5y 品种。此外，1 月信用债 ETF 指数成分券承受一定抛压，近期超额利差有边际修复态势，可适当参与。 2）5y 以上长久期信用债当前处于较好的布局窗口；但交易需及时止盈。从利 差水平看，7-10yAA+中票利差相比去年 9 月底调整高点低约 10BP，短期走阔 压力或有限，相比去年 7 月利差低点高约 7-15BP，有一定的博收益空间。从 风险角度看，2 月债市定价影响因素中性偏利好，权益风偏对债市的冲击风险 较 1 月或有所减弱，且考虑 3 月保险配置进一步加码，3 月底到 4 月初理财为 代表的资管户配置需求增强，或带来未来的配置预期驱动当下行情。但需注意 负债稳定性偏弱的 ...

债券研究 【债券月报】 关注长信用品种的博弈机会 ——2 月信用债策略月报 3）长久期信用债品种的选择可综合多角度考虑。一是优选成交活跃度高的个 券及主体，尤其是博弈利差压缩行情对于个券的流动性要求较高；二是关注曲 线凸点，当前 5.5-6y、7.5-8yAAA 与 AA+，以及 8.5-9yAA+中票骑乘收益较 高；三是科创债 ETF 成分券，近期超额利差有所走阔，性价比有所回升。 板块策略： 1）城投债：当前 3y 以内低等级品种仍有相对较高票息价值，可积极博弈，中 长久期品种可适当关注强区域优质主体配置机会。此外关注城投产业子公司首 发债券投资机会。 2）地产债：聚焦 1-2 年期央国企博弈估值修复。万科展期议案获通过，信用 预期底部已初步确立，优质主体估值修复动能较强。可关注估值受万科事件冲 击、隐含评级 AA+及以上的央国企，如保利发展、华润置地、陆家嘴集团等。 2）5y 以内品种信用利差有望进一步压缩或维持低位波动，关注信用债配置力 量向长久期信用债的涌入情况。2026 年理财、基金信用债配置力量或主要集 中在 5y 以内中短端品种，但博收益诉求下仍可能在部分窗口基于交易目的对 长久期信用债抢筹。 ...

❖ 把握配置区间，问增长要收益，重视科创+顺周期年度配置价值。 A 股投融资定位逆转后，高夏普特征愈发明显，体现在时间分布上涨多跌少， 慢牛趋势下更容易以快速回撤完成风险定价。站在年度视角，我们建议把握当 下配置区间，春节后即 3 月初全国两会，经济增长目标及"十五五"规划纲的 发布，有望成为风险偏好再度改善的催化剂。从风格看，PPI 转正预期带动 EPS 接棒流动性，问增长要收益，年度视角看科创+顺周期配置价值仍在，科创从 算力到应用扩散，算力硬件、储能、AI 应用、智能驾驶。顺周期五朵金花紧供 给优势明显，关注有色、化工、机械、钢铁、建材。 ❖ 风险提示： 证 券 研 究 报 告 【策略快评】 调整或已到位，把握配置区间 ❖ 因外部突发事件产生的风险偏好冲击，或已到位。 本轮回撤主因美联储主席任命，缩表倾向带动美元反弹，金银暴跌，对新兴市 场产生明显的风险偏好抑制，亚太市场普遍跌幅较大。躁动期间有色为代表的 顺周期出现较大获利了结。经过快速回撤，交投情绪已回落至躁动行情启动位 置，2/2 跌停公司 130 家，超去年 11/21 的 107 家，创近半年新低；两融连续 两天净流出 295 亿，创半年流出新 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [1][22]. Core Insights - The company is expected to achieve a revenue of 922 million yuan in 2025, representing a year-over-year growth of 41.44%. The net profit attributable to shareholders is projected to be 204 million yuan, reflecting a year-over-year increase of 91.40% [1][3]. - The company is focusing on the AI transformation of its edge products, leading to significant improvements in both profitability and quality. The net profit margin is anticipated to reach 22.13%, an increase of 5.78 percentage points year-over-year [1][7]. - The product matrix is expanding with dual drivers of edge AI and wireless audio, resulting in substantial sales growth in various markets, including wireless microphones and Bluetooth speakers [1][7]. - The company is investing heavily in R&D to enhance its high-end product iterations and is advancing its in-memory computing technology to empower new smart wearable products [1][7]. - The target price for the company is set at 85.96 yuan, based on a 52x price-to-earnings ratio for 2026, reflecting a strong market position and growth potential [3][7]. Financial Summary - For 2025, the company forecasts total revenue of 922 million yuan, with a net profit of 204 million yuan and a diluted earnings per share of 1.17 yuan [3][8]. - The projected growth rates for total revenue and net profit for 2025 are 41.5% and 91.7%, respectively, with further growth expected in subsequent years [3][8]. - The company’s total market capitalization is approximately 9.17 billion yuan, with a current share price of 52.35 yuan [4][3].

Economic Structure Insights - The "golden crossover" of new and old economies indicates that by 2025, the new economy's GDP share will rise to 20%, surpassing the old economy's 19.7%[11] - By 2026, residents' financial assets are expected to exceed the total value of urban residential properties for the first time, indicating a shift in wealth structure[12] Spending Intentions - Combined spending intentions of residents, government, and overseas sectors are projected to stabilize in 2024 and show a first increase in 2025, driven by strong export performance and increased fiscal counter-cyclical adjustments[13] Market Dynamics - Recent market volatility is attributed to sharp fluctuations in gold and silver prices, with A-share indices experiencing a significant drop of 0.96% on January 30, 2026, primarily due to external factors[15] - The probability of a significant market pullback post-volatility is considered low, as domestic economic recovery is ongoing and supportive policies remain in place[16] Debt Market Outlook - The bond market is experiencing a correction of pessimistic expectations, with a notable recovery in the long-end segment, driven by improved risk appetite and stable funding conditions[20] - The issuance pace of local government bonds is slower than expected, alleviating supply pressure in the bond market[21] Federal Reserve Policy - The Federal Reserve maintained the federal funds rate at 3.5%-3.75% in January 2026, signaling a shift to a "wait-and-see" approach regarding future rate cuts[25] - The Fed's recent statements reflect a more positive outlook on economic growth, with a focus on normalizing monetary policy rather than further rate cuts in the near term[26]

证 券 研 究 报 告 业绩拐点已至，持续布局固态电池新材料 目标价：59.74 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 12,518 | 18,050 | 33,940 | 39,630 | | 同比增速(%) | -18.7% | 44.2% | 88.0% | 16.8% | | 归母净利润(百万) | 484 | 1,403 | 8,100 | 8,523 | | 同比增速(%) | -74.4% | 189.9% | 477.4% | 5.2% | | 每股盈利(元) | 0.24 | 0.69 | 3.98 | 4.19 | | 市盈率(倍) | 171 | 59 | 10 | 10 | | 市净率(倍) | 6.3 | 5.7 | 3.7 | 3.0 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 2 日收盘价 公司研究 锂电化学品 2026 年 02 月 03 日 天赐材料（00270 ...

证 券 研 究 报 告 业绩拐点已至，持续布局固态电池新材料 目标价：59.74 元 [ReportFinancialIndex] 主要财务指标 证券分析师：张一弛 邮箱：zhangyichi@hcyjs.com 执业编号：S0360525080005 证券分析师：何家金 邮箱：hejiajin@hcyjs.com 执业编号：S0360523010001 证券分析师：程嘉琳 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 12,518 | 18,050 | 33,940 | 39,630 | | 同比增速(%) | -18.7% | 44.2% | 88.0% | 16.8% | | 归母净利润(百万) | 484 | 1,403 | 8,100 | 8,523 | | 同比增速(%) | -74.4% | 189.9% | 477.4% | 5.2% | | 每股盈利(元) | 0.24 | 0.69 | 3.98 | 4.19 | | 市盈率(倍) | 171 | 59 | 10 | 10 ...

证 券 研 究 报 告 保险行业周报（20260126-20260130） 推荐（维持） 平安再度增持国寿 H，全年行业保费 6.12 亿元 本周行情复盘：保险指数上升 5.55%，跑赢大盘 5.47pct。保险个股表现分化， 太平+9.96%，友邦+8.79%，国寿+8.73%，太保+8.48%，新华+8.40%，平安 +4.46%，阳光+3.67%，人保+2.91%，财险+2.27%，众安-1.54%。十年期国债 到期收益率 1.81%，较上周末-2bps。 本周动态： （1）每经网：香港联交所披露，平安人寿于 1月 22日在场内以每股均价32.0553 港元，增持中国人寿 1189.1 万股 H 股，涉资约 3.81 亿港元。增持后最新持股 数目为 6.81 亿股，持股比例由 8.98%上升至 9.14%。 （2）智通财经：香港联交所披露，1 月 20 日，阳光人寿减持徽商银行 H 股 1169.4 万股，平均每股作价 3.2896 港元，涉及资金 3846.86 万港元。减持后最 新持股数目为 2.41 亿股，持股比例由 7.92%下降至 6.93%。 （3）证券日报：近日中国人寿接连发布两则公告，宣 ...

行业研究 证 券 研 究 报 告 轻工纺服行业周报（20260126-20260201） 泳池机器人行业梳理：水下蓝海百舸争流， 推荐（维持） 池间智造万虑皆清 周专题：泳池机器人行业梳理 行业规模：供给创造需求，全球泳池清洁支出超百亿美元，无缆泳池机器 人渗透率持续提升。全球泳池数量持续扩容，2024 年全球泳池总数约 3290 万 个，对应泳池清洁开支约 129 亿美元。对比人工清洁，泳池机器人具有成本和 效率优势，市场迎来快速扩容，全球出货量从 2019 年的 250 万台提升到 2024 年的 450 万台，对应 CAGR 为 12.0%。其中，无缆产品可解决线缆打结和覆 盖面积等难点，渗透率从 2019 年的 4.0%提升至 2024 年的 44.5%。 行业格局：份额集中，望圆科技是全球第三、中国第一的泳池机器人龙头 企业。全球泳池机器人市场整体呈现出明显的"双超多强"格局，2024 年以色 列巨头 Maytronics 与西班牙老牌 Fluidra 分别占市场份额的 34.8%/18.5%。而 望圆科技在无缆泳池机器人赛道份额领先，占市场份额约 19.7%。 望圆科技：深耕泳池机器人赛道，OBM ...

Investment Rating - The report does not explicitly state an investment rating for the industry [1] Core Insights - The report highlights that the deep learning factor tracking has shown a cumulative absolute return of 74.91% since its inception, with a relative excess return of 38.96% compared to the benchmark [10] - The sentiment factor tracking indicates that the top five industries with positive sentiment changes are petroleum and petrochemicals, non-ferrous metals, food and beverage, coal, and textiles and apparel [34] - The market valuation tracking shows that the rolling 5-year historical percentiles for major indices are at 91% for CSI 300, 100% for CSI 500, and 100% for CSI 1000, indicating high valuation levels [44] Summary by Sections Deep Learning Factor Tracking - A long-only portfolio was constructed based on the DecompGRU model, with a cumulative absolute return of 74.91% and a maximum drawdown of 10.08% since March 31, 2025 [10] - An ETF rotation portfolio was also created, achieving a cumulative absolute return of 40.08% since March 18, 2025, with a maximum drawdown of 7.82% [13] Sentiment Factor Tracking - The report tracks sentiment across broad indices, with the CSI 300 showing the highest increase in sentiment by 11.05% compared to the previous week [3] - The top five industries with positive sentiment changes include petroleum and petrochemicals, non-ferrous metals, food and beverage, coal, and textiles and apparel [34] Market Valuation Monitoring - The report indicates that several primary industries are currently above the 80% historical percentile for valuations, including electronics, power equipment, light industry manufacturing, and construction materials [46] - Conversely, industries like food and beverage and non-bank financials are below the 20% historical percentile, suggesting potential undervaluation [46] Event Tracking - The report details various corporate events, including stock incentive plans, significant shareholder buybacks, and analyst coverage updates, which may influence market sentiment and stock performance [48][56][57]