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].

证 券 研 究 报 告 仙乐健康（300791）重大事项点评 强推（维持） 减值靴子落地，激励护航成长 事项： ❖ 公司发布 2025 年业绩预告及 2026 年激励计划。（1）发布业绩预告：25 年预 计实现归母净利润 1.01 至 1.51 亿元，同比-68.85 至-53.44%；扣非归母净利润 0.58 至 0.86 亿元，同比-82.45 至-73.77%，主要系 BFPC 及对湖北怡本荟的长 期股权投资计提资产减值准备扰动。（2）发布 2026 年限制性股票激励计划： 拟以 12.21 元/股的价格授予 220.25 万股，占当前股本总数的 0.72%，覆盖 85 名管理及核心技术人员（含外籍骨干），26-28 年 100%解锁的营收目标分别不 低于 50.90/53.83/58.32 亿元。（3）发布 2026 年员工持股计划：总份数不超过 3205.75 万份，覆盖不超过 12 名核心管理层，26-27 年 100%解锁目标分别为 2026 年净利润（具体口径见附录表格，后同）不低于 3.8 亿元，2027 年不低 于 4.5 亿元或 26-27 年累计净利润不低于 8.3 亿元。（4）修订 ...

仙乐健康（300791）重大事项点评 强推（维持） 证 券 研 究 报 告 减值靴子落地，激励护航成长 事项： ❖ 公司发布 2025 年业绩预告及 2026 年激励计划。（1）发布业绩预告：25 年预 计实现归母净利润 1.01 至 1.51 亿元，同比-68.85 至-53.44%；扣非归母净利润 0.58 至 0.86 亿元，同比-82.45 至-73.77%，主要系 BFPC 及对湖北怡本荟的长 期股权投资计提资产减值准备扰动。（2）发布 2026 年限制性股票激励计划： 拟以 12.21 元/股的价格授予 220.25 万股，占当前股本总数的 0.72%，覆盖 85 名管理及核心技术人员（含外籍骨干），26-28 年 100%解锁的营收目标分别不 低于 50.90/53.83/58.32 亿元。（3）发布 2026 年员工持股计划：总份数不超过 3205.75 万份，覆盖不超过 12 名核心管理层，26-27 年 100%解锁目标分别为 2026 年净利润（具体口径见附录表格，后同）不低于 3.8 亿元，2027 年不低 于 4.5 亿元或 26-27 年累计净利润不低于 8.3 亿元。（4）修订 ...

Group 1 - The overall change in public fund holdings shows an increase in allocation to non-ferrous metals and communications, while reducing allocation to electronics and pharmaceuticals. The top five industries with increased holdings are non-ferrous metals (up 2.1 percentage points), communications (1.8 percentage points), non-bank financials (0.9 percentage points), chemicals (0.8 percentage points), and machinery (0.7 percentage points). The top five industries with reduced holdings are electronics (-1.6 percentage points), pharmaceuticals (-1.6 percentage points), media (-1.2 percentage points), electric new energy (-0.9 percentage points), and computers (-0.8 percentage points) [1][8][12] Group 2 - The report categorizes funds into four types: increasing, decreasing, adjusting, and extreme style. The increasing funds focus on growth style, adding positions in industrial metals, military electronics, and photovoltaic equipment, while reducing positions in batteries, digital media, and social networks. Decreasing funds are shifting from growth to value, adding positions in components, liquor, and coal mining, while reducing positions in communication equipment, semiconductors, and passenger vehicles. Adjusting funds show a balanced configuration, adding positions in semiconductors, industrial metals, and insurance, while reducing positions in consumer electronics, batteries, and state-owned banks. Extreme style funds make internal adjustments within their styles, adding communication equipment and renovation materials while reducing consumer electronics and bioproducts [7][15][16] Group 3 - The report highlights that the consensus for selling includes bioproducts, internet e-commerce, consumer electronics, social media, batteries, and digital media, while the consensus for buying includes insurance, securities, chemical products, components, photovoltaic equipment, and industrial metals [15][16][18] Group 4 - The analysis indicates that increasing funds prefer large-cap and high-valuation stocks, while decreasing and adjusting funds focus on both growth and profitability. Extreme growth funds tend to hold small-cap, high-valuation stocks with pressured profitability, while extreme value funds focus on low-valuation, large-cap stocks with low earnings growth [7][18][25]

证 券 研 究 报 告 星宸科技（301536）深度研究报告 强推（首次） 视觉 AI SoC 领军者，掘金机器人赛道星辰大海 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,354 | 3,007 | 3,851 | 4,595 | | 同比增速(%) | 16.5% | 27.8% | 28.1% | 19.3% | | 归母净利润(百万) | 256 | 271 | 523 | 681 | | 同比增速(%) | 25.2% | 5.8% | 93.1% | 30.0% | | 每股盈利(元) | 0.61 | 0.64 | 1.24 | 1.61 | | 市盈率(倍) | 112 | 105 | 55 | 42 | | 市净率(倍) | 9.6 | 9.1 | 8.0 | 7.0 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 1 月 29 公司研究 集成电路 2026 年 01 月 29 日 目标价：99. ...

港股公司 证 券 研 究 报 告 太平洋航运（02343.HK）深度研究报告 推荐（首次） 经营稳健、穿越周期的小宗散运龙头船东， 有望受益于行业持续复苏 ❖ 风险提示：宏观经济下行、运力供给过剩、油价大幅波动等。 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万美元) | 2,582 | 2,336 | 2,369 | 2,423 | | 同比增速(%) | 12.4% | -9.5% | 1.4% | 2.3% | | 归母净利润(百万美元) | 132 | 98 | 156 | 217 | | 同比增速(%) | 20.4% | -25.2% | 58.8% | 39.0% | | 每股盈利(美元) | 0.03 | 0.02 | 0.03 | 0.04 | | 市盈率(倍) | 16 | 21 | 13 | 9 | | 市净率(倍) | 1 ...

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20260129 ❖ 市场概况：今日多数行业回调，估值环比抬升 指数表现：中证转债指数环比下降 0.70%、上证综指环比上涨 0.16%、深证成 指环比下降 0.30%、创业板指环比下降 0.57%、上证 50 指数环比上涨 1.65%、 中证 1000 指数环比下降 0.80%。 市场风格：大盘价值相对占优。大盘成长环比上涨 0.76%、大盘价值环比上涨 2.21%、中盘成长环比下降 1.02%、中盘价值环比上涨 0.50%、小盘成长环比 下降 1.43%、小盘价值环比上涨 0.00%。 资金表现：转债市场成交情绪减弱。可转债市场成交额为 814.18 亿元，环比 减少 0.06%；万得全 A 总成交额为 32594.18 亿元，环比增长 8.93%；沪深两 市主力净流出 602.22 亿元，十年国债收益率环比上升 0.10bp 至 1.82%。 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 142.82 元，环比昨日下降 0.72%。其中偏股型转债的收盘价为 208.09 元，环比 下降 1.59%；偏债型转债的收盘价为 123 ...

港股公司 证 券 研 究 报 告 太平洋航运（02343.HK）深度研究报告 推荐（首次） 经营稳健、穿越周期的小宗散运龙头船东， 有望受益于行业持续复苏 ❖ 风险提示：宏观经济下行、运力供给过剩、油价大幅波动等。 [主要财务指标 Indicator_FinchinaSimpleHK] 航运 2026 年 01 月 29 日 目标价：3.70 港元 当前价：3.12 港元 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万美元) | 2,582 | 2,336 | 2,369 | 2,423 | | 同比增速(%) | 12.4% | -9.5% | 1.4% | 2.3% | | ...