Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry [1]. Core Insights - The report highlights that the reduction in production of polyester filament supports the upward movement of product prices [1]. - Domestic and international refining project price differentials are tracked, with domestic key refining project price differential at 2474.39 CNY/ton, a decrease of 21.68 CNY/ton (-0.87%) week-on-week, while the international price differential is at 1105.24 CNY/ton, down by 57.47 CNY/ton (-4.94%) [2][3]. - Brent crude oil's weekly average price is reported at 64.50 USD/barrel, reflecting a week-on-week increase of 4.69% [2]. Summary by Sections Refining Sector - The report discusses the impact of geopolitical tensions in Venezuela and Iran, which have influenced oil prices. Initially, oil prices rose due to these tensions, but later eased as the situation in Iran stabilized and Venezuelan oil exports resumed [2][15]. - Domestic refined oil prices have shown a slight decline, with diesel, gasoline, and aviation kerosene averaging 6334.57 CNY (-70.71), 7526.14 CNY (-25.43), and 5246.79 CNY (-11.79) per ton respectively [15]. Chemical Sector - The chemical products' prices have generally increased due to strong cost support. Polyethylene prices are fluctuating, while polypropylene prices are rising due to reduced supply pressure from increased maintenance [2][43]. - EVA prices have significantly increased due to the cancellation of export tax rebates for photovoltaic products, leading to improved price differentials [2][43]. - Benzene prices have risen, but the price differential remains stable, while styrene prices have increased due to strong overseas demand and declining inventory [2][43]. Polyester & Nylon Sector - In the polyester segment, cost support remains strong, but weak demand in the textile sector has led to a slight increase in PX prices. The overall operating rate has decreased due to maintenance and production cuts in filament plants, resulting in price increases driven by supply-side support [2][43].

Group 1 - The core conclusion indicates that the market's upward momentum has slowed, with trading funds remaining active, leading to a significant increase in turnover rates, surpassing the high point from August 2025 [3][9] - The report suggests that the spring market is still in progress, and a period of sideways consolidation following excessive short-term trading is normal, with policies indicating a temporary cooling but maintaining an overall loose tone [9][10] - The report emphasizes that in the liquidity bull market phase, price increases may be a significant theme, driven by the narrative of re-pricing key resources under the backdrop of de-globalization and supply chain restructuring [4][10] Group 2 - The report highlights that the long-term view remains optimistic about the potential for a new super cycle in commodity prices, despite short-term fluctuations [4][24] - It identifies that the current price cycle is primarily driven by supply chain security, with geopolitical tensions and trade conflicts enhancing the strategic value of resource commodities [10][24] - The report notes that both supply and demand sides benefit from the expansion of new energy vehicles, photovoltaic, and other emerging sectors, while traditional demand is recovering [24][25] Group 3 - The report outlines that the main drivers of the current price increase are supply constraints combined with demand shifts, with a focus on the elasticity of supply [24][32] - It mentions that the supply constraints include capacity limitations in key resources like copper and rare earths, as well as policies aimed at reducing excess capacity [24][32] - The report also points out that the demand side should focus on the expansion opportunities in new energy sectors, which are expected to drive growth [24][32] Group 4 - The report indicates that the market may continue to show strength in the near term, with potential volatility in January, but the overall downward risk is manageable [32][35] - It suggests that the liquidity environment is likely to remain favorable leading up to the Spring Festival, with the possibility of further capital inflows supporting market stability [32][35] - The report emphasizes the importance of monitoring regulatory changes and the speed of supply release as potential sources of market volatility [32][35]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The State Grid plans to invest 4 trillion yuan in fixed assets during the 14th Five-Year Plan, a 40% increase compared to the previous plan, focusing on green transformation and enhancing grid functionality [5] - Natural gas is recognized as a key strategic energy source in the 14th Five-Year Plan across multiple provinces, emphasizing its role in connecting traditional and new energy systems without setting consumption caps [5] - The power sector is expected to see profit improvement and value reassessment due to previous supply-demand tensions, with a gradual increase in electricity prices anticipated [5] Market Performance - As of January 16, the utility sector rose by 0.1%, outperforming the broader market, while the electricity sector increased by 0.20% and the gas sector decreased by 1.17% [4][12] - Key companies in the electricity sector showed varied performance, with Jidian Co. rising by 11.17% and Guodian Power falling by 3.24% [18] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) was 697 yuan/ton, a weekly increase of 1 yuan/ton [4][23] - The inventory of thermal coal at Qinhuangdao Port was 5.5 million tons, an increase of 150,000 tons week-on-week [30] - The daily coal consumption of inland power plants was 4.147 million tons, an increase of 96,000 tons/day week-on-week [34] Natural Gas Industry Data Tracking - The LNG ex-factory price index in China was 3,854 yuan/ton as of January 15, a 1.29% increase week-on-week [60] - The domestic apparent consumption of natural gas in November was 36.280 billion cubic meters, a year-on-year increase of 4.1% [5] - The EU natural gas supply in the 52nd week of 2025 was 5.86 billion cubic meters, a year-on-year increase of 2.8% [67] Investment Recommendations - For the electricity sector, companies like Guodian Power, Huaneng International, and Huadian International are recommended due to expected profit improvements [5] - In the natural gas sector, companies such as Xin'ao Co. and Guanghui Energy are highlighted as potential beneficiaries of market conditions [5]

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - Environmental companies are actively expanding into upstream mining sectors to create a second growth curve, leveraging synergies between resource control and environmental services [3][18]. - The integration of environmental and mining operations is expected to enhance resource security, optimize costs, and improve compliance with environmental regulations [18]. - The report highlights specific companies such as GaoNeng Environment, BeiJieTe, and LongJing Environment as key players in this strategic shift towards mining [19][20][25]. Market Performance - As of January 16, the environmental sector saw a 0.3% increase, outperforming the broader market, which declined by 0.45% [10]. - Sub-sectors within the environmental industry showed varied performance, with water treatment and environmental equipment sectors performing well, while air treatment and resource recovery sectors faced declines [13][16]. Industry Dynamics - Recent regulatory developments include the issuance of guidelines for the recycling and utilization of used batteries from electric vehicles, aimed at establishing a comprehensive management system [29]. - The report discusses the importance of industrial green microgrid construction as a means to promote low-carbon transitions in industrial energy use [30]. Company Announcements - GaoNeng Environment announced the acquisition of a 45.2% stake in three mining companies, gaining exploration rights to several gold mines with a total proven gold content of 4,474 kg [19]. - BeiJieTe has secured mining rights for copper and lithium in Xinjiang, aligning with national policies promoting ecological restoration and green development [20][21]. - LongJing Environment is focusing on green mining and new energy equipment, leveraging its relationship with Zijin Mining to enhance its project capabilities [25]. Investment Recommendations - The report suggests that the "14th Five-Year Plan" will sustain high demand for energy conservation and environmental protection, with water and waste incineration sectors expected to see stable profitability [53]. - Key recommendations include companies like HanLan Environment, XingRong Environment, and HongCheng Environment, with additional attention on companies such as WangNeng Environment and JinYuan Co [53].

[Table_CoverAuthor] 唐爱金 医药行业首席分析师 曹佳琳 医药行业分析师 S1500523080002 S1500523080011 tangaijin@cindasc.com caojialin@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 山外山(688410) 血透机国产龙头，"进口替代+出海+耗材放量"驱动成长 [Table_CoverStock] —山外山(688410)公司深度报告 [Table_ReportDate] 2026 年 1 月 16 日 投资评级 买入 上次评级 [Table_Chart] -20% 0% 20% 40% 60% 80% 100% 25/01 25/05 25/09 山外山 沪深300 资料来源：聚源，信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（元） | 16.00 | | --- | --- | | 52 周内股价波动区间 9.93-18.16 | | | (元) | | | 最近一月涨跌幅(％) | 10.27 | | ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company's overall revenue for Q4 experienced a low single-digit decline, with offline channels showing a moderate decrease while e-commerce remained stable [1] - The company anticipates a slight growth in total revenue for the year 2025, with strong contributions from specialized channels like badminton, which saw over 30% growth in the first three quarters [2] - The company is focusing on core professional sports and outdoor categories for growth, while also optimizing lifestyle products [2] - The sponsorship of the Chinese Olympic Committee is expected to enhance brand confidence and visibility, although translating this into sales will take time [2] Financial Summary - The projected total revenue for 2025 is estimated at 29,046 million, reflecting a 1% year-over-year growth [5] - The expected net profit for 2025 is 2,461 million, representing an 18% decline from the previous year [5] - The earnings per share (EPS) for 2025 is projected to be 0.95, with a price-to-earnings (P/E) ratio of 18.46 [3][5] - The company forecasts net profits of 24.61 billion, 26.83 billion, and 28.44 billion for the fiscal years 2025, 2026, and 2027, respectively [3]

Investment Rating - The investment rating for Luk Fook Holdings is not explicitly stated in the provided documents, but the overall performance and growth indicators suggest a positive outlook for the company [1][2]. Core Insights - The company reported a retail sales value increase of 26% year-on-year for the third quarter of FY2026, with mainland China contributing a 26% increase and markets outside mainland China showing a 20% increase [1]. - Same-store sales growth accelerated, with an overall increase of 15% year-on-year for the third quarter, driven by stronger performance in markets outside mainland China [2]. - The product mix is continuously optimizing, with a notable increase in the proportion of priced gold, which rose by 32% year-on-year [2]. - The company is maintaining a good pace of new product launches, including collaborations with cultural brands and innovative product designs [2]. Financial Performance - For FY2025, the company reported a revenue of 13,341 million HKD, with a projected increase to 15,580 million HKD in FY2026, representing a 17% growth [4]. - The net profit attributable to the parent company is expected to rise from 1,100 million HKD in FY2025 to 1,450 million HKD in FY2026, reflecting a 32% increase [4]. - Earnings per share (EPS) is projected to increase from 1.87 HKD in FY2025 to 2.47 HKD in FY2026 [4]. Store Expansion and Market Strategy - As of December 31, 2025, the company operated 3,073 stores, with 2,951 in mainland China and 122 in markets outside mainland China, indicating a strategic focus on expanding overseas [3]. - The company plans to open approximately 20 new stores overseas in the current fiscal year, reflecting its commitment to international market growth [3]. Profitability and Valuation Metrics - The projected price-to-earnings (P/E) ratios for FY2026, FY2027, and FY2028 are 11.1X, 9.5X, and 8.5X respectively, indicating a favorable valuation trend [3]. - The company's return on equity (ROE) is expected to improve from 8.33% in FY2025 to 10.41% in FY2026, showcasing enhanced profitability [6].

Group 1 - Investment Rating: Buy [6] - Core View: The company is a leading player in the home textile industry, focusing on "super-soft bedding" and implementing a multi-brand, omnichannel development strategy. The company has maintained a high dividend payout ratio, providing substantial returns to shareholders. It has launched a "big product" strategy since 2024, introducing star products like "Zero Pressure Deep Sleep Pillow" and "Seamless Sleep Bed Cover," successfully transitioning from channel-driven to product-driven strategies [6][9]. Group 2 - Industry Insight: The home textile industry is steadily growing, driven by the awakening demand for sleep health and the deepening penetration of online channels. The emergence of "big products" with technological barriers and exceptional experiences is key for brands to stand out. Leading brands are adjusting their strategies to focus on big product development and comprehensive marketing, which is expected to enhance industry concentration [6][40][42]. - Market Overview: The home textile industry is expected to reach a scale of 336 billion yuan by 2025, with a stable growth outlook. The market remains fragmented, providing opportunities for leading companies to increase their market share [42][43]. Group 3 - Company Highlights: The company has made significant progress with its big product strategy, leading to noticeable revenue growth. The core star products have driven rapid growth in related categories, and online channels have become a major revenue contributor. The company is also seeing a recovery in its offline channels, with improved confidence among franchisees [7][9][15]. - Financial Analysis: The company has shown stable profitability, with a net profit margin maintained above 10%. Despite challenges in the furniture business, the overall financial health remains strong, supported by a solid cash flow and a high dividend payout ratio [27][29][34]. - Governance: The company has a concentrated ownership structure, with experienced management. The core team has extensive industry experience, contributing to the company's strategic direction and operational efficiency [38].

Group 1: Overseas Demand - In December 2025, China's exports increased by 6.6% year-on-year in USD terms, exceeding market expectations[5] - South Korea's export growth rose from 8.0% to 13.3% in December, while Vietnam's export growth improved from 15.2% to 23.8%[6] - China's manufacturing new export orders PMI rose by 1.4 percentage points to 49.0%, indicating increased export orders[6] Group 2: Port Container Throughput - December 2025 saw a decline in port container throughput to approximately 25.55 million TEUs, down from 33.53 million TEUs in November[17] - The average weight per container has been increasing from September to December 2025, suggesting a shift in export product structure towards more machinery and less labor-intensive products[19] - The decline in container throughput may mislead market perceptions regarding export performance[17] Group 3: Non-US Market Expansion - China's exports to ASEAN, EU, Russia, India, and the UK have shown both month-on-month and year-on-year increases, countering the high base effect from 2024[23] - The export ratio to the US and Japan has decreased, while the share to ASEAN and Hong Kong has increased, indicating a shift towards non-US markets[24] - The resilience of exports is expected to continue into 2026, potentially becoming a pillar of economic growth[25] Group 4: Risk Factors - Risks include insufficient growth policy measures, lower-than-expected global economic conditions, and unexpected trade frictions[27]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2] Core Insights - The pharmaceutical sector experienced a weekly return of 7.81%, outperforming the CSI 300 index by 5.03%, ranking 6th among 31 primary sub-industry indices. The medical services sub-sector had the highest weekly increase of 12.34% [3][15] - The report highlights the impact of recent events such as Elon Musk's announcement regarding Neuralink's product mass production in 2026, Arrowhead Pharmaceuticals' promising clinical data for its siRNA therapy ARO-INHBE, and OpenAI's launch of "ChatGPT health," which have driven the sector's performance. The report suggests that while the brain-computer interface theme may be at a short-term emotional peak, AI medical applications still have room for growth [3][14] - Continuous investment in innovative drugs and related assets in the CXO and upstream life sciences sectors is recommended [3][14] Summary by Sections 1. Market Performance - The pharmaceutical sector's monthly return was 4.87%, outperforming the CSI 300 index by 1.37%, ranking 18th among 31 primary sub-industry indices. The medical services sub-sector had the highest monthly increase of 12.19% [15][20] 2. AI Medical Applications - AI applications in healthcare include AI+medical testing, AI+medical large models, AI+imaging, AI+e-commerce/precision marketing, and AI+gene sequencing, with notable companies such as KingMed Diagnostics, Dian Diagnostics, and BGI Genomics leading in these areas [4][16] 3. CXO and Upstream Life Sciences - Key global CXO leaders to watch include WuXi AppTec, WuXi Biologics, and Kelun Pharmaceutical. Domestic clinical CRO leaders include Tigermed and PPD. The report also highlights resource-based CXOs and upstream life sciences companies [5][16] 4. High-end Medical Devices - The report suggests focusing on companies involved in robotic applications, pharmaceutical equipment, and consumer medical devices, as demand is gradually recovering [5][16] 5. Innovative Drugs - Investment opportunities are identified in small nucleic acids, ADCs, and IO dual/multi-antibodies, with specific companies recommended for each category [6][16]