❖ 评论： 证 券 研 究 报 告 KLA（KLAC）FY26Q2 业绩点评及业绩说明会纪要 CY2025 营收创新高，2026 年锁定 WFE 份额 提升+先进封装双轮驱动 ❖ 事项： 2026 年 1 月 30 日 KLA 发布 FY26Q2 报告，并召开业绩说明会。公司财务季 度 FY26Q2 截至 2025 年 12 月 31 日，即自然季度 CY2025Q4。CY25Q4，公司 实现营收 32.97 亿美元，同比增长 7%，环比增长 3%；Non-GAAP 毛利率 62.6%。 CY 2025 全年，公司实现营收 127.4 亿美元，同比增长 17%。Non-GAAP 毛利 率 62.8%。 1. 业绩情况：CY2025Q4（FY2026Q2），KLA 实现营收 32.97 亿美元，同比增 长 7%，环比增长 3%，高于指导范围中值（32.25±1.5 亿美元）。Non-GAAP 毛 利率 62.6%，高于指导范围中值（62%±1pct），主要受益于服务业务表现超预 期及制造效率提升。 CY2025 全年，KLA 实现营收 127.4 亿美元，同比增长 17%。Non-GAAP 毛利 率 62.8% ...

Investment Rating - The report maintains a "Buy" recommendation for the consumer services industry, particularly focusing on the upcoming Spring Festival consumption boost [1]. Core Insights - The Spring Festival consumption season is expected to see strong government-led promotional activities, which will drive consumer spending and create a vibrant festive atmosphere [1][2]. - Key highlights of the promotional activities include unprecedented subsidy levels, innovative consumption scenarios, and the integration of online and offline channels to enhance consumer experiences [2][3]. Summary by Sections Investment Rating - The report maintains a "Buy" recommendation for the consumer services industry, anticipating a strong recovery in consumption during the Spring Festival [1]. Core Insights - The Spring Festival consumption season is expected to see strong government-led promotional activities, which will drive consumer spending and create a vibrant festive atmosphere [1][2]. - Key highlights of the promotional activities include: 1. Unprecedented subsidy levels, with local governments offering substantial consumption vouchers and subsidies across various sectors, including retail and dining [2]. 2. Innovative consumption scenarios that enhance consumer experiences, such as cultural markets and sports tourism events [2]. 3. The effective integration of online and offline channels, with e-commerce platforms participating in promotional activities to drive traffic and enhance efficiency [2]. Industry Data - The consumer services sector comprises 55 listed companies with a total market capitalization of approximately 498.8 billion [4]. - The sector's performance over the past month shows a decline of 7.7%, while the overall market has seen a slight decrease of 1.6% [5][10]. Recent Announcements - Notable announcements include significant expected losses from companies like Huazhong Hotel and Zhongxin Tourism, while companies like Keri International anticipate substantial profit growth [33].

证 券 研 究 报 告 东鹏饮料（605499）跟踪点评 强推（维持） 携手三林共拓印尼，海外扩张更进一步 目标价：340 元 事项： 评论 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,839 | 20,932 | 26,110 | 30,621 | | 同比增速(%) | 40.6% | 32.2% | 24.7% | 17.3% | | 归母净利润(百万) | 3,326 | 4,486 | 5,702 | 6,860 | | 同比增速(%) | 63.1% | 34.9% | 27.1% | 20.3% | | 每股盈利(元) | 6.40 | 8.63 | 10.97 | 13.19 | | 市盈率(倍) | 39 | 29 | 23 | 19 | | 市净率(倍) | 16.9 | 13.6 | 10.2 | 7.9 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 1 月 30 日收盘价 证券分析师： ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, anticipating that the industry index will outperform the benchmark index by over 5% in the next 3-6 months [23]. Core Insights - The report highlights that Moutai's sales volume and price have exceeded expectations as the Spring Festival approaches, with significant demand and price increases observed [4][5]. - The report emphasizes the effective reforms of Moutai, which have expanded its consumer base and driven demand through both online and offline channels [4]. - The overall market for liquor is experiencing a bifurcation in performance, with premium brands like Moutai showing resilience while mid-range brands face challenges [4][5]. Summary by Sections Industry Basic Data - The food and beverage industry comprises 126 listed companies with a total market capitalization of approximately 440.13 billion yuan and a circulating market value of about 429.61 billion yuan [1]. Relative Index Performance - The absolute performance of the industry has shown a slight decline of -0.3% over the past month, -3.5% over six months, and a marginal increase of 0.1% over the past year [2]. Moutai's Performance - Moutai's sales and pricing have significantly improved, with a 33% collection rate for pre-Spring Festival sales and a price increase for its products, indicating strong demand [4][6]. - The report predicts a 20% increase in sales volume for Moutai due to effective consumer outreach and demand stimulation [4]. High-Value Products - The supply of high-value products is decreasing, focusing on inventory reduction, with low inventory levels reported [4]. - The report notes that high-end products are performing well, with significant sales growth expected for premium offerings [4]. Investment Recommendations - The report suggests focusing on Moutai and Gujing for liquor investments, highlighting their strong performance and potential for growth during the Spring Festival [5]. - It also recommends investing in the restaurant supply chain and seasonal food products, with specific mentions of brands like Anqi and Yili [5].

Investment Rating - The report indicates a strong upward revision of the FY2025 guidance, with expected sales of JPY 1,070 billion, operating income of JPY 454 billion, and net income of JPY 328.5 billion [25][24]. Core Insights - The company achieved record quarterly revenue of JPY 273.8 billion in FY25Q3, driven by strong demand for AI-related SoC and storage testing systems, offsetting previous expectations of a market adjustment in the second half of the year [2][8]. - The gross margin reached 62.0%, an increase of 7.5 percentage points year-on-year, with net profit at JPY 78.7 billion, reflecting a year-on-year growth of 51.8% [10][2]. - The semiconductor testing systems remain the core revenue source, generating JPY 245.1 billion in FY25Q3, with a year-on-year growth of 51.1%, primarily fueled by AI applications [14][2]. Summary by Sections 1. Company Performance in FY25Q3 - Overall revenue for FY25Q3 was JPY 273.8 billion, marking a year-on-year increase of 25.5% and a quarter-on-quarter increase of 4.1% [10][2]. - Cumulative revenue for the first three quarters of FY25 reached JPY 800.5 billion, up 46.3% year-on-year [10][2]. - The net profit for the first three quarters was JPY 248.5 billion, reflecting a year-on-year increase of 105.0% [10][2]. 2. Annual Performance Guidance and Market Outlook - The company has raised its FY2025 guidance due to strong performance in the first three quarters and the absence of expected market adjustments in the second half [25][24]. - The expected market size for the SoC testing market in CY2026 is projected to be between USD 8.5 billion and USD 9.5 billion, with a year-on-year growth of approximately 30% [26][29]. - The storage testing market is expected to reach USD 2.2 billion to USD 2.7 billion in CY2026, with a year-on-year growth of about 20% [26][29]. 3. Capacity and Supply Situation - The company plans to achieve an annual production capacity of 5,000 testing devices by the end of FY2026, with potential expansion to 7,500 or even 10,000 units due to strong demand [4][29]. - The supply chain situation is improving, with capacity expansion outpacing expectations, which is crucial for performance in the second half of the fiscal year [29][4].

Report Industry Investment Rating Not provided in the given content Core Viewpoints - In the fifth week of January, industrial production remained stable. As the Spring Festival holiday approached, construction sites gradually shut down, leading to weak performance in the volume and price of investment products [33]. - In terms of inflation, the food price index continued to rise, but the increase in pork prices narrowed month - on - month [33]. - In terms of exports, the demand for ocean routes was weak, and the month - on - month decline in market container shipping prices widened [33]. - In terms of investment, the PMI of the construction industry dropped significantly in January, indicating that construction projects were gradually shutting down and workers were returning home for the Spring Festival. The asphalt production started to decline seasonally, and traditional off - season factors had a dominant impact on the volume and price of investment products before the Spring Festival [33]. - In the real estate sector, new home sales remained relatively low year - on - year, second - hand home sales slowed down slightly but remained at a high level. The listing price in January turned positive month - on - month, indicating an early start of the "spring market" with signs of stabilization in both volume and price. Attention should be paid to the rebound slope of trading volume and the sustainability of price recovery after the Spring Festival [33]. - For the bond market, with the data "blank period" in February and the approaching Spring Festival, the suppression of pre - holiday data on bond market sentiment is expected to weaken. The ex - factory price in the PMI continued to rise and returned to the expansion range. The month - on - month recovery of PPI in January is expected to continue. Attention should be paid to the impact of structural price improvement on bond market sentiment. On the other hand, due to the Spring Festival date shift, the year - on - year CPI reading may decline; regulatory authorities advocate weakening the scale of credit issuance, so the "good start" of credit in January may be mediocre; the second - hand home sales have started to slow down seasonally recently, and the impact of real estate fundamental factors is expected to decrease compared with January. The short - term impact of fundamentals on bond market expectations is reduced, and attention should be paid to the entry rhythm of pre - holiday allocation funds [33]. Summary by Directory I. Weekly High - Frequency Tracking: Economic Momentum Gradually Cools Down Before the Festival (1) Inflation - related: Food Price Increase Narrows - The increase in pork prices narrowed. From January 24th to January 30th, the average wholesale price of pork in China increased by 0.89% week - on - week, with a narrowing increase [8]. - The 200 - index of agricultural product wholesale prices and the wholesale price index of basket products increased by 0.38% and 0.45% week - on - week respectively, with narrowing increases [8]. (2) Import and Export - related: Container Shipping Prices Accelerate Weakening - The comprehensive container shipping index continued to weaken. This week, the CCFI index decreased by 2.7% week - on - week, and the SCFI decreased by 9.7% week - on - week, with an expanding decline [11]. - From January 19th to January 25th, the container throughput and cargo throughput of ports decreased by 4.35% and 1.70% respectively compared with the previous week before the festival, and increased by 9.6% and 6.9% year - on - year respectively [11]. - The increases of the BDI and CDFI indexes expanded. The pre - holiday transportation demand in the international dry bulk shipping market improved, and the market sentiment was positive. The Far - East dry bulk freight index rose [11]. (3) Industry - related: Pre - holiday Production Continues to Slow Down - Coal prices stopped falling and rebounded. This week, the price of thermal coal (Q5500) at Qinhuangdao Port increased by 0.2% week - on - week, compared with a 1.7% decrease the previous week [15]. - The price of rebar slightly declined. The spot price of rebar (HRB400 20mm) decreased by 0.2% week - on - week, compared with a 0.69% decrease the previous week [15]. - The asphalt production rate accelerated its decline. This week, the operating rate of asphalt plants decreased by 1.3 percentage points to 25.5% week - on - week, and increased by 1.1 percentage points year - on - year [15]. - Copper prices stopped falling and rebounded. This week, the average price of copper in the Yangtze River Non - ferrous Metals Market increased by 1.9% week - on - week [18]. - The glass futures stopped falling and rebounded. The spot price of glass remained stable, and the overall trading situation was slightly weaker than before. The downstream enterprises mainly made rigid - demand purchases. Affected by weather factors, there were differences in production and sales between regions, and the industry inventory increased slightly [18]. (4) Investment - related: Second - hand Home Sales Decline Slightly - The decline in cement prices widened. This week, the weekly average of the cement price index decreased by 1.0% week - on - week, with an expanding decline [22]. - New home sales increased slightly. From January 23rd to January 29th, the transaction area of new homes in 30 cities was 1.328 million square meters, an increase of 14.1% week - on - week and 94% year - on - year. The high year - on - year increase was due to the Spring Festival date shift, and there was a slight end - of - month rush in terms of the week - on - week comparison [23]. - Second - hand home sales cooled down. From last Friday to this Thursday, the transaction area of second - hand homes decreased by 9.4% week - on - week, ending the continuous upward trend. However, it remained at a high level overall. As the Spring Festival holiday approached, second - hand home sales entered a seasonally low stage. In terms of price, the monthly listing price index of second - hand homes increased by 0.1% month - on - month in January, the first positive increase since January 2025. Attention should be paid to the volume and price performance after the Spring Festival [23]. (5) Consumption: Crude Oil Prices Rise Strongly - The increase in oil prices expanded. As of January 30th, the prices of Brent crude oil and WTI crude oil increased by 7.3% and 6.8% respectively week - on - week, with an expanding increase. Tensions in the geopolitical situation between the US and Iran may lead to a decrease in crude oil production. Coupled with the reduction of US crude oil inventories and the decline of the US dollar index, oil prices were jointly pushed up [24].

Group 1 - The report indicates that the recent market downturn was primarily caused by significant fluctuations in gold and silver prices, with the A-share market showing no clear deterioration in trading sentiment [1][9] - Historical data suggests that the average duration of spring market rallies is 39 trading days, with a maximum increase of 15.8%, while the current rally has lasted 31 days with a 9.8% increase, indicating potential for further upward movement [1][9] - The report categorizes the triggers for the end of spring market rallies since 2010, noting that significant pullbacks often occur when domestic fundamentals decline alongside tightening overseas liquidity or geopolitical shocks [2][13] Group 2 - Evidence of performance recovery for listed companies in 2025-2026 is becoming increasingly clear, with a projected 5.3% year-on-year growth in net profit for the first three quarters of 2025 [3][15] - The report highlights that the proportion of companies with upward revisions to earnings expectations for 2026 has risen from 65% to 100% since late November 2025, reflecting optimism about corporate profit recovery [3][15] - Industrial profits are expected to show a positive year-on-year growth of 0.6% in 2025, marking the first positive growth since 2022, with stable profit margins being a key support factor [3][15] Group 3 - The report suggests a shift in the funding landscape, with a transition from short-term speculative capital to long-term household deposits, as a significant amount of household savings is set to mature in 2026 [4][21] - There has been a notable outflow of approximately 1 trillion yuan from broad-based ETFs since the beginning of the year, indicating a cooling of short-term speculative money [4][21] - The issuance of public funds has shown a significant recovery, with new public equity products increasing from 22.1 billion yuan in May 2025 to 69.6 billion yuan by January 2026 [4][21] Group 4 - The report emphasizes a focus on sectors with strong earnings growth expectations, particularly cyclical industries, non-bank financials, and technology sectors with solid fundamentals [5][28] - Specific sectors highlighted include non-bank financials, which have seen a 550% increase in the proportion of companies with upward earnings revisions, and cyclical industries such as metals and construction materials, which are expected to benefit from fiscal stimulus and demand-side incentives [5][28] - The report identifies key themes in technology, such as satellite navigation and commercial aerospace, which are projected to have significant earnings growth in 2026 [5][28]

电话：010-66500886 邮箱：zhouguannan@hcyjs.com 执业编号：S0360517090002 证券分析师：宋琦 债券研究 证 券 研 究 报 告 【债券周报】 存单周报（0126-0201）：负债压力可控，存 单发行清淡 债券周报 2026 年 02 月 01 日 华创证券研究所 证券分析师：周冠南 电话：010-63214665 邮箱：songqi@hcyjs.com 执业编号：S0360523080002 相关研究报告 《【华创固收】政策双周报（0530-0612）：买断 式逆回购前置操作，中美经贸磋商原则上达成框 架》 2025-06-12 《【华创固收】评级披露仍较缓慢，关注权益轮 动向转债传导——可转债周报 20250609》 2025-06-09 《【华创固收】央行开始买债了吗？——债券周 报 20250608》 2025-06-08 《【华创固收】存单周报（0602-0608）：资金预 期有所缓和，关注存单配置价值》 2025-06-08 《【华创固收】关注震荡市场利差被动走阔的加 仓机会——信用周报 20250607》 2025-06-07 证监会审核华创证券投资咨 ...

Group 1: PMI Data Overview - The manufacturing PMI for January is 49.3%, down from 50.1% in the previous month, indicating a contraction in the manufacturing sector[1] - The production index decreased to 50.6%, down 1.1 percentage points from 51.7%[1] - The new orders index fell to 49.2%, down from 50.8%, while the new export orders index dropped to 47.8% from 49.0%[1] Group 2: Supply and Demand Dynamics - The proportion of enterprises reporting insufficient demand decreased to 54.9% in January, down from 64.3%[4] - The midstream growth rate difference reached 10.4%, up from 8.1%, indicating improved supply-demand dynamics[3] - The downstream growth rate difference increased to 1.9%, up from 0.3%, suggesting a positive trend in demand[3] Group 3: Price Indicators - The PMI factory price index rose to 50.6%, marking the first increase above the critical point in nearly 20 months[12] - The BCI consumer price index surged to 51.5%, the first rise above the critical point in 28 months[12] - Micro-enterprises in the midstream sector are beginning to raise prices, with semiconductor companies announcing price increases of 15%-80%[14]

2026 年 1 月 28 日爱德万测试发布 FY2025Q3 报告，并召开业绩说明会。公司 财务季度 FY2025Q3 截至 2025 年 12 月 31 日，即自然季度 CQ2025Q4。 FY2025Q3，公司实现营收 2,738 亿日元（YoY+25.5%，QoQ+4.1%）；毛利率 达到 62.0%，同比提升 7.5 个百分点。 ❖ 评论： 1. 业绩总览：FY25Q3，公司单季度营收 2,738 亿日元（YoY+25.5%， QoQ+4.1%），季度营收创历史新高，主要得益于 AI 相关 SoC 及存储测试系统 需求提前释放，抵消了此前对下半年可能出现调整的预期。FY25Q3 毛利率达 62.0%，同比提升 7.5 个百分点；净利润 787 亿日元（YoY+51.8%，QoQ-1.2%）。 FY25 前三季度，公司累计营收 8,005 亿日元（YoY+46.3%）；累计净利润 2,485 亿日元（YoY+105.0%）。 证 券 研 究 报 告 爱德万测试（6857.T）FY2025Q3 业绩点评及业绩说明会纪要 FY25 全年指引大幅上调，AI 需求驱动 26 年 测试市场扩容 ❖ 事项： 电子 ...