产业研究 证 券 研 究 报 告 金融和理财市场 1 月报 金融市场温和修复，储蓄和基金总量稳增 综合金融 2026 年 01 月 22 日 华创证券研究所 证券分析师：洪锦屏 邮箱：hongjinping@hcyjs.com 执业编号：S0360516110002 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 10 | 0.00 | | 总市值(亿元) | 1,240.11 | 0.10 | | 流通市值(亿元) | 1,204.75 | 0.12 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.5% | -2.7% | 28.1% | | 相对表现 | 5.2% | -19.0% | 4.9% | -8% 8% 24% 40% 25/01 25/04 25/06 25/08 25/11 26/01 2025-01-20~2026-01-20 综合金融 沪深300 相关研究报告 《理财产品跟踪报告 2025 年第 15 期（12 月 15 日 -12 月 28 日） ...

评论： 证 券 研 究 报 告 立高食品（300973）2025 年业绩预告点评 强推（维持） Q4 促销拖累盈利，26 年增长抓手明确 事项： ❖ 公司发布业绩预告，2025 年全年实现营业总收入 42.6-44.2 亿元，同比增长 11.07%-15.24%；扣非归母净利润 3.06-3.26 亿元，同比增长 20.61%-28.49%。 预告中枢对应 2025Q4 实现营业总收入 12.0 亿元，同比增长 6.91%；扣非归母 净利润 0.74 亿元，同比增长 18.17%。 ❖ 风险提示: 需求恢复不及预期、市场竞争加剧、盈利波动性较大等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,835 | 4,351 | 4,844 | 5,336 | | 同比增速(%) | 9.6% | 13.4% | 11.3% | 10.2% | | 归母净利润(百万) | 268 | 321 | 382 | 440 | | 同比增速(%) ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 67.6 yuan [2][8]. Core Views - The company is expected to achieve significant profit growth in 2025, with net profit projected between 220 million to 250 million yuan, representing a year-on-year increase of 28.6% to 50.9% [2]. - The performance of the company's subsidiary, Nanfu Battery, is anticipated to exceed its profit commitments, driven by an increase in ownership stake to 46% [8]. - The company is actively pursuing multiple business development avenues, including investments in emerging technologies such as optical chips, which are expected to contribute to future growth [8]. Financial Summary - Total revenue is projected to grow from 4,638 million yuan in 2024 to 5,629 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.5% [4]. - Net profit is expected to increase significantly from 168 million yuan in 2024 to 482 million yuan in 2027, reflecting a CAGR of 10.5% [4]. - Earnings per share (EPS) is forecasted to rise from 0.65 yuan in 2024 to 1.87 yuan in 2027 [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 78 times in 2024 to 27 times in 2027, indicating an improving valuation [4].

证 券 研 究 报 告 房地产行业周报（2026 年第 3 周） 首开集团发行 7.5 亿私募债，1 月至今 11 城 推荐（维持） 二手房成交同比增长 19% 行业研究 房地产 2026 年 01 月 21 日 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 证券分析师：杨航 邮箱：yanghang@hcyjs.com 执业编号：S0360525090001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 12,199.78 | 0.98 | | 流通市值(亿元) | 11,699.32 | 1.17 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 3.7% | 7.2% | 8.4% | | 相对表现 | 0.1% | -9.4% | -15.8% ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The convertible bond market showed an incremental increase today, with valuations rising compared to the previous period. The trading sentiment in the convertible bond market heated up, and the mid - cap growth style was relatively dominant [1]. - The central price of convertible bonds increased, and the proportion of high - priced bonds rose. The valuation of convertible bonds also increased [2]. - In the industry performance, more than half of the underlying stock industry indices rose. Different industries in the A - share and convertible bond markets had different trends in terms of rise and fall [3]. 3. Summaries According to Relevant Catalogs Market Overview - Index performance: The CSI Convertible Bond Index rose 0.90% month - on - month, the Shanghai Composite Index rose 0.08%, the Shenzhen Component Index rose 0.70%, the ChiNext Index rose 0.54%, the SSE 50 Index fell 0.11%, and the CSI 1000 Index rose 0.79% [1]. - Market style: Mid - cap growth was relatively dominant. Large - cap growth rose 0.59%, large - cap value fell 1.23%, mid - cap growth rose 1.59%, mid - cap value rose 0.09%, small - cap growth rose 0.66%, and small - cap value rose 0.44% [1]. - Fund performance: The trading sentiment in the convertible bond market heated up. The trading volume of the convertible bond market was 88.992 billion yuan, a 4.46% month - on - month increase; the total trading volume of the Wind All A was 2.623747 trillion yuan, a 6.44% month - on - month decrease; the net inflow of the main funds in the Shanghai and Shenzhen stock markets was 5.608 billion yuan, and the yield of the 10 - year treasury bond decreased by 0.14bp to 1.83% [1]. Convertible Bond Price and Valuation - Convertible bond price: The weighted average closing price of convertible bonds was 141.97 yuan, a 0.81% increase from the previous day. The closing price of stock - biased convertible bonds was 205.66 yuan, a 1.64% increase; the closing price of bond - biased convertible bonds was 122.18 yuan, a 0.07% decrease; the closing price of balanced convertible bonds was 133.34 yuan, a 0.80% increase. The proportion of high - priced bonds above 130 yuan was 74.34%, a 1.06pct increase from the previous day. The price median was 139.37 yuan, a 0.66% increase from the previous day [2]. - Convertible bond valuation: The fitted conversion premium rate of 100 - yuan par value was 37.22%, a 0.75pct increase from the previous day; the overall weighted par value was 105.68 yuan, a 0.17% increase from the previous day. The premium rate of stock - biased convertible bonds was 17.73%, a 0.03pct increase; the premium rate of bond - biased convertible bonds was 87.63%, a 2.12pct decrease; the premium rate of balanced convertible bonds was 29.68%, a 0.96pct increase [2]. Industry Performance - Underlying stock industry: Among the A - share markets, the top three rising industries were non - ferrous metals (+2.79%), electronics (+2.62%), and machinery and equipment (+1.50%); the top three falling industries were banks (-1.58%), coal (-1.57%), and food and beverage (-1.53%) [3]. - Convertible bond market: A total of 26 industries in the convertible bond market rose, with the top three rising industries being steel (+4.16%), automobile (+2.85%), and electronics (+2.57%); only two industries fell, namely food and beverage (-2.12%) and non - bank finance (-0.14%) [3]. - Other indicators by industry category: (1) Closing price: The large - cycle increased by 1.25%, manufacturing increased by 1.83%, technology increased by 1.66%, large - consumption increased by 0.33%, and large - finance decreased by 0.06%. (2) Conversion premium rate: The large - cycle increased by 0.46pct, manufacturing increased by 0.036pct, technology increased by 2.8pct, large - consumption decreased by 0.037pct, and large - finance increased by 0.19pct. (3) Conversion value: The large - cycle increased by 0.89%, manufacturing increased by 1.98%, technology decreased by 0.04%, large - consumption decreased by 0.37%, and large - finance decreased by 0.65% [3].

证 券 研 究 报 告 房地产行业周报（2026 年第 3 周） 首开集团发行 7.5 亿私募债，1 月至今 11 城 推荐（维持） 二手房成交同比增长 19% 行业研究 房地产 2026 年 01 月 21 日 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 证券分析师：杨航 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 邮箱：yanghang@hcyjs.com 执业编号：S0360525090001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 12,199.78 | 0.98 | | 流通市值(亿元) | 11,699.32 | 1.17 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 3.7% | 7.2% | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 67.6 yuan [2][8]. Core Views - The company is expected to achieve significant profit growth in 2025, with net profit projected between 220 million to 250 million yuan, representing a year-on-year increase of 28.6% to 50.9% [2]. - The performance of the subsidiary, Nanfu Battery, is anticipated to exceed its profit commitment, driven by an increase in ownership stake to 46% [8]. - The report highlights the potential for price adjustments and overseas expansion for Nanfu Battery, which could enhance profitability [8]. - The company is also pursuing diversification by investing in a startup in the optical chip sector, which may contribute to future growth [8]. Financial Summary - Total revenue is projected to grow from 4,638 million yuan in 2024 to 5,629 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.5% [4]. - Net profit is expected to increase significantly from 168 million yuan in 2024 to 482 million yuan in 2027, reflecting a CAGR of 10.5% [4]. - Earnings per share (EPS) is forecasted to rise from 0.65 yuan in 2024 to 1.87 yuan in 2027 [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 78 in 2024 to 27 in 2027, indicating improved valuation over time [4].

Group 1: Commercial Space Industry - SpaceX - SpaceX is reshaping the cost structure of space launches through reusable rocket technology, with a potential IPO in 2026 valued at $1.5 trillion, aiming to raise over $30 billion [20] - In 2023, SpaceX achieved breakeven, with projected revenue of $15.5 billion in 2025, and plans to produce 10,000 Starship spacecraft annually, boosting its supply chain [20] Group 2: Autonomous Driving - Tesla's Full Self-Driving (FSD) technology is transitioning from an assistive tool to a reliable autonomous workforce, with the Robotaxi fleet expected to grow from 200 vehicles in 2025 to 1,000 in 2026 [2] - The commercialization of autonomous driving is accelerating as the industry approaches a critical inflection point [2] Group 3: Robotics - The third generation of Tesla's Optimus robot is set to be released in Q1 2026, with mass production expected by the end of the year, presenting significant growth opportunities for core suppliers [3] Group 4: Artificial Intelligence - xAI completed a Series E funding round in January, raising $20 billion from major investors like NVIDIA and Cisco, and is a crucial part of Musk's cross-industry collaborative network [4] - xAI leverages real-time data from social media and Tesla to train large models, with potential support from SpaceX's Starlink for computational needs, creating a closed-loop ecosystem [4] Group 5: Brain-Computer Interface - Neuralink plans to begin large-scale production of brain-computer interface devices within the year, focusing on simplifying surgical procedures to lower application barriers [5] Group 6: Underground Tunnel Network - The Boring Company aims to alleviate urban traffic congestion by constructing extensive underground tunnel networks, reducing construction costs and time, and promoting the development of underground transportation systems [6]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The U.S. electricity system is undergoing a significant transition, with natural gas becoming the dominant fuel source, accounting for approximately 43% of total generation capacity by 2024, while renewable energy sources are rapidly increasing their share, projected to reach 24% by 2025 [2][8][9] - The demand for electricity is expected to rise significantly due to the growth of data centers and electric vehicles, with projections indicating that data centers could consume between 325 billion to 580 billion kilowatt-hours by 2028, representing 6.7% to 12.0% of total U.S. electricity consumption [2][36] - The report highlights the challenges faced by the electricity sector, including aging infrastructure, the need for modernization, and the impact of fluctuating fuel prices on electricity costs [6][28][31] Summary by Sections 1. Overview of the U.S. Electricity System - The U.S. electricity generation is primarily sourced from fossil fuels, nuclear, and renewable energy, with natural gas leading at 41.2% of the generation mix in the first ten months of 2025 [5] - The renewable energy share has increased significantly, providing approximately 23.9% of electricity in the same period, with wind and solar being the largest contributors [5][9] 2. Supply and Demand Dynamics - Natural gas generation capacity is projected to reach 571 GW by 2024, with a consumption increase of about 4% over three years [8] - Renewable energy is expected to dominate new capacity additions, with solar accounting for about half of the new installations in 2025 [9] - Coal's role in the energy mix is declining, with a projected consumption of 448 million short tons in 2025, but the retirement of coal plants is slowing due to rising electricity demand [10][11] 3. Electricity Pricing Trends - Historical electricity prices have shown a gradual increase, with nominal prices rising from approximately 8 cents per kilowatt-hour in the mid-1980s to about 13.5 cents by 2020 [27] - Recent trends indicate a more rapid increase in electricity prices, driven by rising capital expenditures for grid modernization and fluctuating fuel costs [28][31] - Future projections suggest a moderate increase in electricity prices over the next 5-10 years, influenced by demand growth from electrification trends and the need for substantial investments in infrastructure [33][35] 4. Data Center Electricity Consumption - Data centers have seen a dramatic increase in electricity consumption, rising from 76 billion kilowatt-hours in 2018 to approximately 176 billion kilowatt-hours in 2023, representing 4.4% of total U.S. electricity use [36] - The demand from AI-related data centers is expected to grow by 22% in 2025, with projections indicating a tripling of demand by 2030 [36]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 64 yuan [1]. Core Insights - The company is expected to achieve a revenue of 3.038 billion yuan in 2025, a decrease of 42% year-on-year, and a net profit attributable to shareholders of 391 million yuan, down 71% year-on-year [1][3]. - The fourth quarter is projected to see a revenue of 690 million yuan, a decline of 51.73%, and a net profit of 66 million yuan, down 69.52% year-on-year [1]. - The significant decline in financial performance is attributed to macroeconomic conditions, industry adjustments, and policy factors, leading to a slow recovery in demand for core scenarios like business banquets [7]. - The company has proactively managed inventory levels during the industry downturn, ensuring a healthy channel and price stability, which has resulted in a controlled inventory level of 2-3 months for its core product [7]. Financial Summary - Total revenue for 2024 is projected at 5.217 billion yuan, with a year-on-year growth rate of 5.3%, while 2025 is expected to see a revenue drop of 41.7% [3]. - The net profit for 2024 is estimated at 1.341 billion yuan, with a growth rate of 5.7%, while 2025 is expected to see a significant decline of 70.8% [3]. - Earnings per share (EPS) for 2025 is forecasted to be 0.80 yuan, with a price-to-earnings (P/E) ratio of 50 [3][7]. Market Position and Strategy - The company is focusing on product upgrades and refined channel management, with a dual-brand strategy to enhance brand image and product recognition [7]. - The core product, "Zhen Niang Ba Hao," maintains a price range of 250-300 yuan, which is expected to support a gradual recovery in demand [7]. - The company anticipates that while the first quarter of 2026 may still face pressure, there is potential for marginal improvement in operations by the second quarter due to low base effects [7].