Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report indicates that China's industrial power generation for 2025 is expected to grow by 2.2% year-on-year, with significant fluctuations in natural gas prices in the U.S. due to cold weather [1][2] - The utility sector has outperformed the broader market, with a 2.3% increase as of January 23, 2026, while the power sector rose by 1.72% and the gas sector surged by 7.21% [4][12] - The report highlights a tightening supply-demand balance in the power sector, suggesting potential for profit improvement and value reassessment for power companies [5] Summary by Sections Market Performance - As of January 23, 2026, the utility sector has increased by 2.3%, outperforming the market, while the power sector rose by 1.72% and the gas sector by 7.21% [4][12] - The top-performing sectors included construction materials and oil and petrochemicals, while banking and telecommunications lagged [12] Power Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) decreased by 11 CNY/ton week-on-week, currently at 686 CNY/ton [4][23] - Coal inventory at Qinhuangdao Port increased by 320,000 tons week-on-week, totaling 5.82 million tons [30] - Daily coal consumption in inland provinces rose by 8.18% week-on-week, reaching 4.459 million tons [32] Natural Gas Industry Data Tracking - Domestic LNG prices increased by 3.72% week-on-week, with the national index at 3992 CNY/ton [58] - The U.S. Henry Hub gas price surged by 68.8% week-on-week, reaching 4.98 USD/MMBtu [61] - The EU's natural gas supply increased by 14.8% year-on-year, with a total supply of 6.34 billion cubic meters [65] Key Industry News - In December 2025, China's industrial power generation reached 858.6 billion kWh, a slight increase of 0.1% year-on-year [5] - The report suggests that the power sector is likely to see improved profitability due to ongoing supply-demand tensions and market reforms [5] Investment Recommendations - The report recommends focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 新品牌强势崛起，主流品牌表现稳健。亚马逊口径统计来看（TOP100）， YETI 主要国家（美/加/英/德）25 全年销量同比+0.3%（其中美国-2.0%）， Stanley 主要国家同比+5.2%（其中美国+18.8%），Owala/Brumate/Simple Modern 美国站同比分别+81.9%/+14.7%/-23.8%（其中 OWALA25 年 11 月 /12 月同比分别+146.9%/+321.1%）。在 OWALA 迅速崛起的同时， Yeti/Stanley 等品牌均呈现稳健表现。我们认为各品牌通过价值绑定，已在 对应客群中树立牢固品牌力（yeti 对应户外、Stanley 对应都市、Owala 对 应青少年），新品牌崛起更多是提升行业天花板。 制造：全球供应份额有望持续集中。哈尔斯多年前已切入海外知名品牌供应 链，2025Q1-3 收入/利润增速分别为+2.9%/-55.5%，全球贸易摩擦加速背景 下，公司凭借老客户份额提升、开拓新客户，收入保持稳健，但海外产能爬 坡、国内品牌投入等因素压制利润放量。伴随公司泰 ...

金属价格上涨趋势下，关注金属资源化相关公司 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2026 年 1 月 25 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 上次评级 看好 郭雪环保联席首席分析师 执业编号：S1500525030002 邮箱：guoxue@cindasc.com 吴柏莹环保行业分析师 执业编号：S1500524100001 邮箱：wuboying@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 金属价格上涨趋势下，关注金属资源化相关公司 2026 年 1 月 25 日 本期内容提要: 化工行业： [Table_Summary] [Table_Summary] ➢ 行情回顾：截至 1 月 23 日收盘，本周环保板块上涨 4.6%，表现优于 大盘；上证综指上涨 0.8%到 4 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 哈尔斯(002615) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 轻工行业负责人 执业编号：S1500525060001 邮箱：lichen1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 哈尔斯：行业出口维持高增，制造&品牌共驱 成长 [Table_ReportDate] 2026 年 01 月 25 日 [Table_S 事件：保温杯 ummary]12 月出口量延续高增。根据海关总署，2025 年 12 月我国保 温杯出口规模为 3.6 亿美金（同比-15.5%），销量为 1.17 亿只（同比+7.4%）； 全年出口金额/出口销量分别同比- ...

Core Insights - The report indicates that since mid-January, the market's growth rate has slowed due to policy cooling signals, outflows of counter-cyclical funds, and a deceleration in the inflow of leveraged funds. The turnover rate of the entire A-share market peaked at 3.78% on January 14, followed by a decline from that high [2][8] - Historical instances of high turnover rates during bull markets have shown two patterns: style switching, where leading sectors weaken, and style diffusion, where strong sectors continue to perform well and expand into other thriving sectors. The report suggests that if the previous leading sectors were based on themes or policy speculation, they are likely to revert to stronger industrial trends after a high turnover rate [2][8] - The report identifies sectors with strong industrial trends and performance certainty, such as AI computing power, semiconductors, and non-ferrous metals, as likely to maintain strong performance post-high turnover. Conversely, sectors driven mainly by thematic catalysts without clear fundamental improvements may face challenges [2][8] Market Changes - The report notes that since late December 2025, the spring market has accelerated due to the resolution of overseas liquidity disturbances and the influx of configuration funds, particularly in industries like AI and commercial aerospace. However, the sustainability of previously strong-performing sectors such as media, military industry, non-ferrous metals, and computers is questioned as the market enters the latter half of the spring rally [8][29] - The report highlights that the leading sectors during previous high turnover periods have included financials, consumer goods, and technology, with shifts observed in 2007, 2009, 2014, 2020, and 2025. For instance, in 2007, the leading sectors shifted from real estate and consumer to financials and resources, while in 2020, the focus moved from consumption to cyclical and new energy sectors [2][8][12] Sector Analysis - The report emphasizes that sectors such as non-ferrous metals, semiconductors, and AI computing power are expected to continue their strong performance due to their solid industrial trends and earnings realization. Additionally, sectors benefiting from price increases, such as basic chemicals and new energy materials, are also highlighted as having potential for improvement [2][8][34] - The report suggests that the financial sector, particularly non-bank financials, is likely to show increasing elasticity as the market conditions improve. The potential for significant inflows from long-term funds, such as insurance and mutual funds, is also noted as a positive factor for the financial sector [34][36] - The report indicates that the consumer sector may see investment opportunities primarily in new consumption models and high-dividend attributes, particularly in service consumption areas that could benefit from policy catalysts and base effect reversals [34][36]

证券研究报告 行业研究——周报 本期内容提要： [Table_ReportType] [Table_StockAndRank] 石油加工行业 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 大炼化周报：临近春节假期，长丝开工负荷明显下调 [Table_ReportDate0] 2026 年 1 月 25 日 [Table_Author] [Table_Summary] ➢ 国内外重点炼化项目价差跟踪：截至 1 月 23 日当周，国内重点大炼 化项目价差为 2516.27 元/吨，环比变化+43.98 元/吨（+1.78%）； 国外重点大炼化项目价差为 1147.20 元/吨，环比变化+47.75 元/吨 （+4.34%）。截至 1 月 23 日当周，布伦特原 ...

证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 钢铁供给扰动加剧，关注板块配置机遇 投资评级 看好 【】【】 钢铁 [Table_Industry] 上次评级 看好 [Table_ReportDate] 2026 年 1 月 24 日 [Table_Author] 高 升 煤炭、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 煤炭、钢铁行业分析师 执业编号：S1500525070001 邮 箱：liubo1@cindasc.com 李 睿 煤炭、钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [钢铁供给扰动加剧，关注板块配置机遇 Table_Title] [Table_ReportDate] 2026 年 1 月 24 日 本期内容提要： 请阅读最后一页免责声明及信息披露 ...

Investment Rating - The report assigns a "Buy" rating for the company, Rilian Technology (688531) [2]. Core Insights - Rilian Technology is a leading enterprise in the industrial X-ray intelligent detection field in China, focusing on the R&D, production, and sales of micro-focus and high-power industrial X-ray intelligent detection equipment and core components, with a dual strategy of domestic substitution and international expansion. The company has achieved rapid revenue growth, with a CAGR of 37.76% for operating income and 76.70% for net profit attributable to the parent company from 2019 to 2024 [5][28]. Company Overview - Rilian Technology has established itself as a national-level specialized and innovative "little giant" enterprise, listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2023. The company has a comprehensive product range that includes X-ray sources, AI imaging software, and industrial X-ray intelligent detection equipment, which are widely used in high-end manufacturing quality control [14][22]. Industry Analysis - The global industrial X-ray detection equipment market is projected to grow from 35.12 billion yuan in 2020 to 57.39 billion yuan in 2024, with a CAGR of 13.1%. The Chinese market is expected to grow from 10.69 billion yuan to 18.79 billion yuan during the same period, with a CAGR of 15.1% [6][39]. The growth is driven by advancements in semiconductor processes and the increasing demand for new energy batteries, alongside the acceleration of domestic substitution [39]. Investment Logic - Rilian Technology has successfully achieved comprehensive R&D coverage of core high-tech components, making it the only domestic company capable of mass application of X-ray intelligent detection equipment across nearly all industrial sectors. The company is rapidly expanding through horizontal and vertical mergers and acquisitions, which are expected to enhance its platform capabilities and performance [7][14]. Financial Forecast - The company is projected to achieve total operating revenues of 1.058 billion yuan, 1.591 billion yuan, and 2.132 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 43.1%, 50.3%, and 34.0%. Net profits attributable to the parent company are expected to be 190 million yuan, 315 million yuan, and 448 million yuan for the same years, with growth rates of 32.8%, 65.3%, and 42.6% [7][8]. Market Position - Rilian Technology has established a strong market presence, particularly in the integrated circuit and electronic manufacturing sectors, where it holds the highest market share in China. The company has built a solid customer base, including major clients such as SMIC, Foxconn, and CATL [22][23]. Research and Development - The company has consistently increased its R&D investment, with R&D expenses reaching 86.26 million yuan in the first three quarters of 2025, a year-on-year increase of 43.94%, representing 11.70% of total revenue. This ongoing investment supports innovation in core technology areas such as X-ray sources [28][30]. Global Expansion - Rilian Technology has expanded its international footprint, with sales covering over 70 countries and regions. The establishment of subsidiaries and factories in Singapore, Hungary, Malaysia, and the United States is expected to accelerate the growth of its overseas business [7][14]. Competitive Landscape - The market for X-ray sources is characterized by a layered structure based on focal size, with micro-focus products facing high technical barriers. The company is positioned to benefit from the increasing demand for high-precision imaging in sectors such as semiconductors and new energy batteries [6][56]. Conclusion - Rilian Technology's strong market position, robust growth prospects, and strategic focus on R&D and international expansion make it a compelling investment opportunity in the industrial X-ray detection sector [7][39].

X 射线检测平台型企业，内生外延共筑成长 [Table_CoverStock] —日联科技(688531)首次覆盖报告 [Table_ReportTime] 2026 年 01 月 23 日 [Table_StockAndRank] 日联科技(688531) 投资评级 买入 上次评级 [Table_Chart] 资料来源：聚源，信达证券研发中心 [Table_CoverAuthor 王锐 机械行业首席]分析师 韩冰 机械行业分析师 S1500523080006 S1500523100001 wangrui1@cindasc.com hanbing1@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 首次覆盖报告 [Table_BaseData] 公司主要数据 | 收盘价（元） | 77.60 | | --- | --- | | 52 周内股价 | 78.69-33.46 | | 波动区间(元) | | | 最近一月涨跌幅(％) | 25.08 | | 总股本(亿股) | 1.66 | | 流通 A 股比例(％) | 64.59 | | 总市值(亿元) | 128.50 | ...

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report indicates a significant recovery in domestic innovative drug financing, with 512 events in 2025, a year-on-year increase of approximately 18%, and a total financing amount of $14.684 billion, up about 127% [3][14] - The report highlights that the secondary market played a crucial role in this recovery, with secondary market financing amounting to $9.466 billion, a year-on-year increase of approximately 317% [3][14] - The report notes that the overseas innovative drug financing events reached 754 in 2025, a year-on-year decrease of about 16%, with a total financing amount of $42.136 billion, down about 22% [4][23] - The report emphasizes the strong growth potential of companies like WuXi AppTec, WuXi Biologics, WuXi AppTec, and Tigermed, with each company showcasing impressive revenue growth forecasts and strategic initiatives [5][6][8][9] Summary by Sections 1. Domestic Innovative Drug Financing - In 2025, domestic innovative drug financing events totaled 512, with a financing amount of $14.684 billion, marking a 127% year-on-year increase [3][14] - The secondary market's contribution was significant, with financing amounting to $9.466 billion, reflecting a 317% increase [3][14] 2. Overseas Innovative Drug Financing - Overseas financing events reached 754 in 2025, with a total amount of $42.136 billion, representing a 22% decline [4][23] - The report notes that the Federal Reserve's interest rate changes have impacted financing costs, with a slight recovery observed in late 2025 [4][23] 3. Company Highlights - WuXi AppTec expects a revenue of approximately $45.456 billion in 2025, a year-on-year increase of about 15.84%, with adjusted net profit projected to grow by 41.33% [5][31] - WuXi Biologics reported a significant increase in dual-target antibody projects, contributing nearly 20% to total revenue, with a year-on-year growth exceeding 120% [6][35] - WuXi AppTec's acquisition of Easton Pharma is expected to enhance production capacity, with projected revenue growth exceeding 45% in 2025 [8][45] - Tigermed anticipates a robust demand in the clinical CRO sector, with a projected compound annual growth rate (CAGR) exceeding 12% from 2025 to 2028 [9][51]