Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][22]. Core Insights - The company's performance is under pressure due to a decline in urban traffic management business, with projected revenue for 2025 expected to be between 1.2 billion to 1.35 billion yuan, representing a year-on-year decrease of 16.14%-25.46% [5][6]. - The forecasted net profit attributable to shareholders for 2025 is estimated to be between 40 million to 60 million yuan, reflecting a significant decline of 53.5%-69% year-on-year [5]. - The company continues to strengthen its leading position in the civil aviation management sector while advancing its integrated development in the low-altitude market, leveraging benchmark projects to build a comprehensive ecosystem [5]. Financial Performance Summary - Total revenue for 2025 is projected at 1.307 billion yuan, down 18.8% from 2024, with a net profit of 49 million yuan, a decrease of 62% [6]. - The earnings per share (EPS) for 2025 is expected to be 0.30 yuan, with a price-to-earnings (P/E) ratio of 229 times [6]. - The company anticipates a recovery in 2026, with revenue expected to rise to 1.485 billion yuan and net profit to 128 million yuan, indicating a growth of 161% year-on-year [6]. Market Position and Strategy - The company is positioned as a leader in the low-altitude digital economy, with a focus on developing comprehensive solutions and establishing benchmark projects across multiple cities [5]. - The report highlights three key advantages that support the company's potential to excel in the low-altitude digitalization sector: its established expertise in civil aviation management, the systematic product offerings for low-altitude operations, and the support from its parent group [5]. - The company is actively involved in projects that enhance low-altitude flight management capabilities, including collaborations with universities and local governments to create integrated management platforms [5].

证 券 研 究 报 告 【债券周报】 债市延续修复，中长普信债表现偏强 ——信用周报 20260131 本周信用债收益率、信用利差走势分化。本周权益高位震荡，年初配置行情 延续叠加央行创新货币政策工具催化，收益率延续修复。全周来看，信用债表 现强于利率债。3y 及以上中长端普信债、2-4y 券商次级债收益率有所下行， 利差有所收窄，其中 3-4y 普信债、5y 城投、4y 券商次级债表现相对占优；其 余品种收益率多数上行，除 1y 品种外利差以走阔为主。近期仍处于摊余债基 开放高峰，3-5y 品种普信债利差进一步压缩。 热点重点政策及热点事件 1、央行副行长表示将增加离岸人民币国债供给规模。这一举措有利于满足境 外投资者对优质人民币资产配置的需要，活跃市场交易、提升人民币定价能力。 2、吉林省成功退出地方债务重点省份。吉林省债务体量相对较小，率先退出 重点省份基本符合市场预期，可重点关注退重点省份后区域发展机会及发债主 体新增融资空间。 3、万科公布与深铁 23.6 亿借款方案。借款方案背靠深铁将为债券部分兑付提 供资金保障，万科债务风险的缓释有助于阶段性稳定市场预期。 4、多家房地产企业已不再被监管部门要求 ...

Investment Rating - The report maintains a "Recommended" rating for Petty Co., with a target price of 25 yuan per share [2][8]. Core Insights - The New Zealand factory is progressing smoothly, and breakthroughs in the company's own brand are expected. The factory has begun delivering orders to customers, and preparations for entering the domestic market are actively underway [2]. - The company's revenue is projected to grow from 1,659 million yuan in 2024 to 2,141 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.1% [4]. - The net profit attributable to the parent company is expected to increase significantly from 182 million yuan in 2024 to 270 million yuan in 2027, reflecting a CAGR of about 30.1% [4]. - The company's gross margin is anticipated to improve from 29.4% in 2024 to 32.2% in 2027, indicating enhanced profitability [9]. Financial Summary - Total revenue is forecasted to be 1,670 million yuan in 2025 and 1,910 million yuan in 2026, with year-on-year growth rates of 0.7% and 14.4%, respectively [4]. - The earnings per share (EPS) are projected to be 0.62 yuan in 2025 and 0.83 yuan in 2026, with a price-to-earnings (P/E) ratio of 29 and 21, respectively [4]. - The company's total assets are expected to grow from 2,995 million yuan in 2024 to 3,501 million yuan in 2027, reflecting a steady increase in financial strength [9].

债券研究 证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20260130 ❖ 市场概况：今日多数行业回调，估值环比压缩 转债价格：转债中枢下降，高价券占比下降。转债整体收盘价加权平均值为 140.94 元，环比昨日下降 1.31%。其中偏股型转债的收盘价为 206.54 元，环比 下降 0.72%；偏债型转债的收盘价为 122.74 元，环比下降 0.75%；平衡型转债 的收盘价为 132.62 元，环比下降 1.60%。从转债收盘价分布情况看，130 元以 上高价券个数占比 74.73%，较昨日环比下降 3.13pct；占比变化最大的区间为 120-130（包含 130），占比 19.95%，较昨日上升 3.15pct；收盘价在 100 元以下 的个券有 0 只。价格中位数为 138.96 元，环比昨日下降 1.12%。 转债估值：估值压缩。百元平价拟合转股溢价率为 37.11%，环比昨日下降 1.89pct；整体加权平价为 104.86 元，环比昨日下降 0.91%。偏股型转债溢价率 为 19.62%，环比上升 0.53pct；偏债型转债溢价率为 94.06%，环比上升 2.11pct； 平衡型 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for the stock's performance in the near term [1]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 850 million to 1.05 billion yuan in 2025, representing a year-on-year growth of 30.1% to 60.7%, with a median estimate of 950 million yuan, reflecting a 45% increase [7]. - The company is well-positioned in the low-altitude economy sector, driven by its dual strategy of general aviation and eVTOL (electric Vertical Take-Off and Landing) aircraft [7]. - The report highlights the positive impact of the new Civil Aviation Law, which encourages the development of general aviation and low-altitude economy, providing a strong legal framework for industry growth [7]. Financial Summary - Total revenue is projected to grow from 16,264 million yuan in 2024 to 19,879 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.5% [2]. - The net profit attributable to shareholders is forecasted to increase from 653 million yuan in 2024 to 1,429 million yuan in 2027, with a significant growth rate of 50.6% in 2025 [2]. - Earnings per share (EPS) are expected to rise from 0.31 yuan in 2024 to 0.67 yuan in 2027, reflecting a positive trend in profitability [2]. Business Performance - The automotive metal parts lightweight business is optimizing its product and customer structure, leading to improved operational efficiency and profitability [7]. - The general aviation aircraft manufacturing segment is experiencing strong order flow and stable operations, with ongoing improvements in high-value model production processes [7]. - The acquisition of Volocopter GmbH is seen as a strategic move to enhance the eVTOL product matrix and accelerate commercialization efforts in the global low-altitude economy market [7].

证 券 研 究 报 告 SK 海力士（000660.KS）FY2025Q4 业绩点评及业绩说明会纪要 HBM 构筑核心增长动能，25 年营收利润均破 纪录 ❖ 事项： 2026 年 1 月 29 日 SK 海力士发布 2025 年 Q4 季度报告，并召开业绩说明会。 公司财务季度 FY2025Q4 截至 2025 年 12 月 31 日，即自然季度 CQ2025Q4。 2025Q4，公司实现营收 32.8 万亿韩元，同比增长 66%，环比增长 34%；毛利 率为 69%，同比提升 17pct，环比提升 12pct。 ❖ 评论： 1. 业绩总览：25Q4 营收 32.8 万亿韩元（QoQ +34%，YoY +66%），创下季度 营收新高。毛利率为 69%（QoQ +12pct，YoY +17pct），主要得益于市场对 HBM 和传统服务器内存的需求大幅增长，致使 DRAM 和 NAND 价格的大幅上涨以 及 NAND 位出货量的增长。25Q4 实现净利润 15.2 万亿韩元（QoQ +21%，YoY +90%），净利率为 46%（QoQ -6pct，YoY +5pct）。 2. 终端市场：1）整体需求，DRAM ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for the stock's performance in the near term [1]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 850 million to 1.05 billion yuan in 2025, representing a year-on-year growth of 30.1% to 60.7%, with a median estimate of 950 million yuan, reflecting a 45% increase [7]. - The company is focusing on a dual strategy of general aviation and eVTOL (electric Vertical Take-Off and Landing) to drive growth, supported by favorable government policies and market conditions [7]. - The report highlights the company's strong performance in the automotive lightweight metal parts business and the robust order book in the general aviation aircraft manufacturing sector [7]. Financial Performance Summary - **Revenue Forecast**: The total revenue is projected to grow from 16,264 million yuan in 2024 to 19,879 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.5% [2]. - **Net Profit Forecast**: The net profit is expected to increase from 653 million yuan in 2024 to 1,429 million yuan in 2027, with a significant growth rate of 50.6% in 2025 [2]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 0.31 yuan in 2024 to 0.67 yuan in 2027, reflecting the company's improving profitability [2]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is projected to decrease from 50 times in 2024 to 23 times in 2027, indicating a more attractive valuation as earnings grow [2]. Business Strategy and Market Position - The company is strategically positioned as a leader in the low-altitude economy, with a focus on expanding its product matrix through acquisitions, such as the purchase of Volocopter, which enhances its eVTOL offerings [7]. - The report emphasizes the importance of government support for the low-altitude economy, particularly with the new Civil Aviation Law set to take effect in July 2026, which encourages innovation and development in the general aviation sector [7]. - The company is actively developing new aircraft models and enhancing its production capabilities to meet the growing demand in both the general aviation and eVTOL markets [7].

证 券 研 究 报 告 SK 海力士（000660.KS）FY2025Q4 业绩点评及业绩说明会纪要 HBM 构筑核心增长动能，25 年营收利润均破 纪录 ❖ 事项： 2026 年 1 月 29 日 SK 海力士发布 2025 年 Q4 季度报告，并召开业绩说明会。 公司财务季度 FY2025Q4 截至 2025 年 12 月 31 日，即自然季度 CQ2025Q4。 2025Q4，公司实现营收 32.8 万亿韩元，同比增长 66%，环比增长 34%；毛利 率为 69%，同比提升 17pct，环比提升 12pct。 ❖ 评论： 1. 业绩总览：25Q4 营收 32.8 万亿韩元（QoQ +34%，YoY +66%），创下季度 营收新高。毛利率为 69%（QoQ +12pct，YoY +17pct），主要得益于市场对 HBM 和传统服务器内存的需求大幅增长，致使 DRAM 和 NAND 价格的大幅上涨以 及 NAND 位出货量的增长。25Q4 实现净利润 15.2 万亿韩元（QoQ +21%，YoY +90%），净利率为 46%（QoQ -6pct，YoY +5pct）。 2. 终端市场：1）整体需求，DRAM ...

证 券 研 究 报 告 ASML（ASML）2025Q4 业绩点评及业绩说明会纪要 AI 驱动需求高增，积压在手订单达 388 亿欧元 会议地点：线上 ❖ 事项： 2026 年 1 月 28 日 ASML 发布 2025 年 Q4 季度报告，并召开业绩说明会。公 司财务季度 FY2025Q4 截至 2025 年 12 月 31 日，即自然季度 CQ2025Q4。 2025Q4，公司实现营收 97.18 亿欧元，同比增长 4.9%，环比增长 29.3%；毛利 率 52.2%，同比提升 0.5pct，环比提升 0.6pct。2025 全年，公司实现营业收入 326.67 亿欧元，同比增长 15.6%；全年毛利率为 52.8%；全年净利润为 96 亿 欧元。 ❖ 评论： 1. 业绩总览：1）25Q4，公司实现营业收入 97.18 亿欧元（QoQ+29.3%， YoY+4.9%），高于指引中值（指引范围 92-98 亿欧元）；季度毛利率 52.2% （QoQ+0.6pct，YoY+0.5pct），位于指引(51-53%)中位；季度净利润 28.4 亿欧 元，净利率 29.2%。2）2025 年，全年公司实现营业收入 ...

Investment Rating - The report maintains a recommendation for the home appliance industry, specifically for white goods, black goods, and two-wheeled vehicles [1]. Core Insights - The proportion of actively managed equity funds holding home appliance stocks has slightly increased, with a Q4 holding ratio of 3.14%, up by 0.04 percentage points from the previous quarter. The over-allocation ratio for home appliances is 0.74%, an increase of 0.15 percentage points [10][9]. - The report anticipates that the continuation of national subsidy policies in 2026 will support domestic sales, while leading home appliance companies are expected to accelerate penetration into emerging markets such as Europe, the Middle East, and Latin America, leading to steady growth in export revenues [10][9]. - The white goods sector has seen an increase in fund holdings, with a Q4 market value accounting for 1.58% of total fund holdings, up by 0.23 percentage points. The number of funds holding white goods stocks has increased by 79 [18][17]. - The report suggests that leading companies in the white goods sector, such as Midea Group, Gree Electric, and Haier Smart Home, are expected to benefit from stable performance and high dividend yields, making them attractive investment options [63][64][65]. Summary by Sections Home Appliance Sector - The report indicates a slight recovery in the proportion of actively managed equity funds holding home appliance stocks, with a Q4 holding ratio of 3.14% and an over-allocation ratio of 0.74% [10][9]. - The white goods sector has seen a recovery in fund holdings, with a market value of 1.58% of total fund holdings, and an increase in the number of funds holding these stocks [18][17]. - The black goods sector has also experienced a slight increase in fund holdings, with a market value of 0.22%, up by 0.03 percentage points [28][29]. - The two-wheeled vehicle sector has seen an increase in fund holdings, with a market value of 0.74%, up by 0.08 percentage points [32][35]. Investment Recommendations - For white goods, the report recommends Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances due to their strong performance and high dividend yields [63]. - In the black goods sector, companies like Hisense Visual and TCL Technology are highlighted for their technological leadership in the MiniLED field [63]. - For two-wheeled vehicles, the report suggests focusing on Ninebot, Aima Technology, and Yadea Holdings, as market demand is expected to concentrate on leading companies [63]. - In the kitchen small appliances sector, companies like Supor, Bear Electric, and Beiding Co. are recommended for their growth potential through brand expansion [63]. - The report also highlights electric tools companies such as Techtronic Industries and Greebo for their expected order growth due to rising market demand [63].