Core Insights - The report emphasizes the importance of governance improvement and overseas expansion for leading companies in the home appliance industry, particularly in the white goods sector [2][11]. Group 1: White Goods - The governance improvements in leading white goods companies are expected to enhance market confidence in sustainable growth, which can lead to a higher valuation [16]. - Midea Group has experienced a significant valuation increase from a PE of 8x to over 20x due to governance reforms and market conditions, despite recent performance challenges [17]. - Haier Smart Home's privatization has led to a notable stock price increase, with a 59% rise following the announcement of its restructuring plan [22][23]. Group 2: Black Goods - Japanese brands like Sony and Samsung are facing significant challenges, with Sony's ET&S department reporting an 8.2% decline in revenue and a 22.6% drop in operating profit [47][49]. - Chinese brands are expected to continue gaining market share globally, with TCL Electronics forming a joint venture with Sony to enhance their market presence [48]. - The Mini LED segment is seeing increased penetration, with a 32.25% online market share, indicating a positive trend for domestic competition [50][56]. Group 3: Small Appliances - The robotic vacuum cleaner market has shown a 10% year-on-year increase in online sales, driven by a low base effect from the previous year and seasonal factors [7]. - The competitive landscape in the small appliance sector is improving, with leading brands like Ecovacs and Roborock increasing their market shares [7]. Group 4: Investment Recommendations - The report recommends investing in white goods companies like Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances due to their stable growth and high dividend yields [7]. - For black goods, TCL Electronics and Hisense Visual are highlighted as beneficiaries of product iteration and improved domestic competition [7]. - In the cleaning appliance sector, Ecovacs and Roborock are expected to see profit margin recovery in 2026, making them attractive investment options [7].

Investment Rating - The industry investment rating is "Buy" indicating an expected performance that will exceed the market by more than 10% over the next 12 months [27]. Core Insights - The report highlights that the Chinese liquor market, particularly in Chengdu, is showing signs of recovery as the Spring Festival approaches, with increased sales velocity for major brands like Guojiao and Wuliangye [6][8]. - The seasoning market is also experiencing improved sales, with brands like Qianhe and Haitian gaining market share, and promotional activities increasing in supermarkets [11][12]. - The report suggests a positive outlook for the liquor sector in 2026, with recommendations for key stocks including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai among others [2][4]. Summary by Sections Chengdu Liquor Market Tracking - Sales velocity for Wuliangye and Guojiao has accelerated as the Spring Festival approaches, with Wuliangye's current batch price at 790 CNY per bottle and Guojiao at 850 CNY per bottle [7][9]. - Feedback from distributors indicates that inventory levels are healthy, with a focus on maintaining good stock levels to avoid excess [8][9]. Chengdu Seasoning Market Tracking - Soy sauce sales have improved year-on-year, with Qianhe and Haitian leading in market share, and promotional activities in supermarkets have increased significantly [11][12]. - The overall health of inventory levels in the seasoning market is noted, with major brands maintaining shorter inventory ages, indicating strong sales performance [11][15]. Investment Recommendations - For the liquor sector, the report recommends stocks such as Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, anticipating a new growth cycle starting in 2026 [2][4]. - In the consumer goods sector, companies like Anjuke Foods and Yanjing Beer are highlighted as having potential for outperforming the market due to new products and channels [2][4].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The dairy processing industry in China is entering a new development stage, driven by low raw milk prices, increasing demand for processed dairy products, and supportive government policies [25][41][46] - The per capita consumption of dairy products in China is significantly lower than that of developed countries, indicating substantial growth potential in the market, particularly for processed dairy products like cheese and butter [31][34][40] - The global market for cheese is projected to reach nearly $200 billion by 2025, with significant growth expected in butter and cream markets as well [52][56][59] Summary by Sections 1. Development of Dairy Processing in China - Dairy processing involves complex processes to convert raw milk into high-value products, with a focus on separating and purifying effective components [15] - The current structure of dairy consumption in China is heavily skewed towards liquid milk, with processed products like cheese and butter having a much lower market share compared to developed countries [25][30] 2. Global Perspective on Dairy Products - The market for basic processed dairy products, such as butter, cream, and cheese, is large, and Chinese companies should focus on freshness and customization to differentiate themselves [47][48] - The global cheese market is expected to grow significantly, with Europe being the largest consumer market, driven by demand in the food service sector [52][53] 3. Domestic Expansion of Dairy Processing - Over 20 dairy companies are currently expanding or building new processing lines, with an expected increase in raw milk processing capacity of over 300,000 tons from 2026 to 2027 [25] - The long-term competition in the dairy processing industry will hinge on resource allocation, technology, and distribution channels, with leading companies likely to maintain a competitive edge [25][46] 4. Government Support and Market Trends - The Chinese government is actively promoting the development of dairy processing, with policies aimed at increasing the consumption of processed dairy products [41][45] - The trend towards higher consumption of processed dairy products aligns with changing consumer habits, particularly among younger generations [40][41]

[Table_Page] 深度分析|传媒 证券研究报告 [Table_Title] 传媒行业·程序化广告专题 从头部平台发展路径理解程序化广告，关注数据与 AI 算法的飞轮 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-13 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]旷实 SAC 执证号：S0260517030002 SFC CE No. BNV294 010-59136610 kuangshi@gf.com.cn 分析师： 廖志国 SAC 执证号：S0260525060001 021-38003665 liaozhiguo@gf.com.cn 分析师： 罗悦纯 -10% 5% 20% 34% 49% 64% 01/25 04/25 06/25 08/25 11/25 01/26 传媒 沪深300 SAC 执证号：S0260524120001 021-38003562 luoyuechun@gf.com.cn 请注意，廖 ...

行业主题轮动研究报告 [Table_Title] 基于卷积神经网络的指数轮动策略 [Table_Title] [Table_Summary] 报告摘要： | [分析师： Table_Author]安宁宁 | | --- | | SAC 执证号：S0260512020003 | | SFC CE No. BNW179 | | 0755-23948352 | | anningning@gf.com.cn | | 分析师： 陈原文 | | SAC 执证号：S0260517080003 | | 0755-82797057 | | chenyuanwen@gf.com.cn | | 分析师： 张钰东 | | SAC 执证号：S0260522070006 | | 0755-23487806 | | zhangyudong@gf.com.cn | 请注意，陈原文,张钰东并非香港证券及期货事务监察委员 会的注册持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] | 业绩预告与行业表现呈现分 | 2026-01-23 | | --- | --- | | 化:量化基本面系列之三 | | | 周期 ...

核心观点： | | | | [Table_ 货币单位：人民币 Finance] | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 7,950 | 7,759 | 8,539 | 9,323 | 10,094 | | 增长率（ % ） | 1% | -2% | 10% | 9% | 8% | | EBITDA（百万元） | 1,585 | 2,078 | 2,435 | 2,843 | 3,348 | | 归母净利润（百万元） | 1,700 | 2,860 | 2,206 | 2,561 | 2,998 | | 增长率（ ） % | 108% | 68% | -23% | 16% | 17% | | EPS（元/股） | 8 | 14 | 10 | 12 | 14 | | 市盈率（x） | 19 | 11 | 15 | 13 | 11 | | ROE（%） | 15% | 21% | 14% | 14% | 14% | | EV/EBITDA（x） | 20 | 15 | ...

Investment Rating - The report assigns a "Buy" rating for Alibaba Health, with a target price of HKD 7.39 per share [7]. Core Insights - The main business of Alibaba Health is experiencing accelerated growth, driven by the online penetration of innovative drugs and the integration of AI technologies, which present new opportunities for the company [7]. - The self-operated revenue of Alibaba Health has significantly increased, accounting for nearly 90% of total revenue, with a year-on-year growth of 19% to RMB 14.38 billion [7]. - The company is also the largest online B2C healthcare product retail platform in China, benefiting from deep collaboration with the Alibaba Group [7]. Summary by Sections Medical E-commerce Tracking - The online pharmacy market share is rapidly increasing, with innovative drugs driving growth. The retail pharmacy share has risen to 31.5%, while online pharmacies have reached 5.3% [14][15]. - The demand for original research drugs is increasing, with a shift towards online channels due to convenience and service [15][16]. Alibaba Health - The self-operated business is the main driver of revenue growth, with a 99% year-on-year increase in self-operated SKUs to 1.61 million [7]. - The company is enhancing its advertising capabilities, which will contribute significantly to profitability [7]. - AI technologies are expected to empower the main business, with initiatives like the "Qianwen Super Agent" and the medical AI assistant "Hydrogen Ion" app being developed [7]. Profit Forecast and Valuation - Revenue forecasts for fiscal years 2026 and 2027 are RMB 34.594 billion and RMB 38.235 billion, respectively, with adjusted net profits of RMB 2.499 billion and RMB 3.026 billion [2][7].

[Table_Page] 投资策略|点评报告 2026 年 2 月 13 日 证券研究报告 [Table_Title] 晨会精选 ——观点全追踪（2 月第 6 期） [Table_Summary] 报告摘要： bilulu@gf.com.cn 972918116公共联系人2026-02-13 00:21:07 1 / 3 投资策略|点评报告 广发投资策略研究小组 | 刘 | 晨 | 明 ：首席分析师，南开大学世界经济硕士，10 年策略研究经验。 | | --- | --- | --- | | 郑 | | 恺 ：首席分析师，华东师范大学金融学硕士，10 年策略研究经验。 | | 许 | 向 | 真 ：（上海）资深分析师，厦门大学硕士，8 年策略研究经验。 | | 倪 | | 赓 ：（上海）资深分析师，中山大学硕士，7 年策略研究经验。 | | 陈 | 振 | 威 ：（上海）资深分析师，香港中文大学硕士，2 年策略研究经验。 | | 杨 | 泽 | 蓁 ：（上海）资深分析师，上海财经大学硕士，2 年策略研究经验。 | | 杨 | 清 | 源 ：（上海）高级分析师，西南财经大学硕士，2 年策略研究经验。 | | 毕 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report analyzes 132 regional banks in the Sichuan-Chongqing area, highlighting the growth and structural changes in the banking sector [6][27] - The asset growth rates of major city commercial banks in the region are higher than those of listed city commercial banks, indicating a robust expansion [38] - Profitability metrics show that city commercial banks in the region have lower ROE compared to listed banks, while rural commercial banks outperform them [6][27] - Asset quality is slightly weaker in regional banks compared to listed banks, with higher non-performing loan ratios [6][27] Summary by Sections Economic Structure Analysis - Sichuan province is positioned as a key driver for western development, with a focus on enhancing the Chengdu-Chongqing economic circle [13][14] - In 2025, Chengdu's GDP is projected to account for 38.7% of the province's total, with significant growth in various sectors [15] Banking Sector Overview - The Sichuan-Chongqing region has 132 commercial banks, including 14 city commercial banks, 65 rural banks, and 51 rural commercial banks [27] - The asset growth rates for major city commercial banks in the region are 15.6% and 18.2%, surpassing the 14.2% growth of listed city commercial banks [38] Asset and Liability Structure - The proportion of loans to total assets has been increasing since 2016, with city commercial banks in Sichuan projected to have a loan ratio of 56.1% by 2024 [38][40] - The financial investment ratio for city commercial banks is on a downward trend, with a slight recovery noted in the first half of 2025 [40][46] Profitability and Asset Quality - The average ROE for city commercial banks in the region is 10.97%, lower than the 11.99% average for listed city commercial banks [6][27] - Non-performing loan ratios for city commercial banks in the region are higher than those of listed banks, indicating potential asset quality concerns [6][27] Capital Adequacy - Capital adequacy ratios for regional banks are comparable to those of listed banks, providing a safety margin for operations [6][27]

[Table_Page] 固定收益|专题报告 2026 年 2 月 12 日 证券研究报告 [Table_Title] 浮息债：债熊之盾,穿越周期 ——品类掘金系列之一 [Table_Summary] 报告摘要： [分析师： Table_Author]杜渐 SAC 执证号：S0260526020003 010-59136690 dujian@gf.com.cn 分析师： 吴棋滢 SAC 执证号：S0260519080003 SFC CE No. BQN213 021-38003588 wuqiying@gf.com.cn 请注意，杜渐并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 识别风险，发现价值 请务必阅读末页的免责声明 1 / 23 [Table_Contacts] 972918116公共联系人2026-02-12 20:25:03 ⚫ 为何近期浮息债受到市场关注？ ⚫ 在风浪中寻求稳定器："低利率+高波动"环境下，降低发行成本与防 御性配置需求显著提升。一是利率高波动催生防御性配置需求，当前 债市分歧加大，投资者担忧中长期的利率上行风险，浮息债票息重置机 制使其能够有效对冲 ...