Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3][6]. Core Views - The company, a leader in optical modules, is expected to achieve significant revenue growth driven by strong demand for computing infrastructure and an increasing proportion of high-speed optical modules in its product mix [6][7]. - The company's net profit for 2025 is projected to be between 98.0 to 118.0 billion yuan, representing a year-on-year increase of 89.50% to 128.17% [1]. - The report highlights the company's strategic focus on new optical solutions, including OCS, CPO, and 3.2T optical modules, to capture market opportunities in integrated optics [5][6]. Summary by Sections Financial Performance - The company forecasts a net profit of 109.62 billion yuan for 2025, with a growth rate of 111.97% compared to the previous year [7]. - Revenue projections for 2025, 2026, and 2027 are 386.57 billion yuan, 687.61 billion yuan, and 925.25 billion yuan, respectively, with corresponding growth rates of 62.00% and 77.88% [6][7]. Market Position - The company is positioned as a global leader in optical modules, benefiting from robust demand from end customers for computing infrastructure [6]. - The report notes that the company's product shipments are growing rapidly, with high-speed optical modules becoming a larger share of total sales [6]. Future Outlook - The company anticipates that the 1.6T optical module will see rapid growth starting in 2026, with significant orders already in place [5][6]. - The report suggests that the company's financial management capabilities will improve as it progresses with its Hong Kong listing and global business expansion, potentially mitigating short-term financial impacts [5][6].

Group 1: Strategy Overview - The report indicates that after significant fluctuations in gold and silver prices, the market is influenced by geopolitical uncertainties and the strong dollar, which may lead to a bearish outlook for gold prices in the short term [11][12][10] - The report suggests that high-risk investors with insufficient positions may consider participating in gold and silver trading to adjust their holdings, while long-term asset allocation should reduce gold's proportion due to uncertainties surrounding inflation control and strong dollar policies [11][12][10] Group 2: Market Performance in January - In January, precious metals continued to show strong performance, driven by geopolitical uncertainties and increased demand for safe-haven assets, with COMEX silver rising by 131.61% and COMEX gold increasing by 26.44% from November 2025 to January 28, 2026 [13][14] - The report highlights a structural recovery in the domestic stock market, with the Shanghai Composite Index rising by 4.6% in January, while the performance of financial and consumer sectors was relatively weak [15][19] Group 3: Commodity Market Insights - The report notes that the commodity market is characterized by increased geopolitical disturbances and rising risk premiums for physical assets, with industrial metals supported by recovering manufacturing activity and structural demand from AI and renewable energy sectors [29][30] - Oil prices are influenced by geopolitical factors, particularly the situation in Iran, with expectations of oversupply in the medium term as global supply is projected to increase significantly [35][36] Group 4: Bond Market Analysis - The bond market is expected to maintain a narrow range of fluctuations, with the 10-year government bond yield projected to oscillate between 1.8% and 1.9% due to policy support and market expectations [28][21] - The report indicates that the defensive attributes of the bond market have weakened, reflecting a shift in investor preference towards equities and commodities amid rising risk appetite [16][21]

Investment Rating - The report maintains an investment rating of "Outperform" for the non-bank financial sector, indicating a positive outlook for the industry [2]. Core Insights - The report highlights that over 20 A-share listed brokerages have released performance forecasts for 2025, with most expected to achieve year-on-year profit growth, and several are projected to double their profits [13][14]. - The insurance sector is increasingly focusing on pension and technology innovation investments, with significant capital being allocated to these areas, indicating a shift towards building a health and pension ecosystem [40][41]. Summary by Sections 1. Securities Business Overview and Weekly Review - As of January 30, 2026, more than 20 A-share listed brokerages have issued performance forecasts for 2025, with most reporting positive year-on-year growth in net profit. Notably, major brokerages like CITIC Securities and Guotai Junan are expected to exceed 10 billion CNY in net profit [13][14]. - The report anticipates a favorable performance for the securities industry in 2025, driven by a recovery in both primary and secondary markets, as well as a rebound in margin financing [13]. 2. Insurance Business Overview and Weekly Review - Insurance capital is increasingly directed towards diverse equity investments, with the total equity investment assets reaching 1.92 trillion CNY by the end of 2024, marking a nearly 13% year-on-year increase [40]. - Major insurance companies are establishing funds to invest in the pension and technology sectors, with China Life investing approximately 125 billion CNY in two equity funds focused on the pension industry and technology innovation [41]. 3. Market Liquidity Tracking - The report notes that the central bank conducted a net injection of 530.5 billion CNY into the market during the week of January 26-30, 2026, indicating a proactive approach to managing liquidity [47].

Investment Rating - The report maintains a rating of "Buy" for the company [6] Core Insights - The company is positioned as a cash cow in the cement industry, with a strong focus on cost control and profitability, leading to a competitive edge in the market [4][48] - The company is expanding into the semiconductor sector, with financial investments expected to yield returns starting in 2026, enhancing overall profitability [59][60] - The company aims to develop a dual-driven business model combining construction materials and equity investments, targeting a new growth curve in silicon-based materials [32][59] Summary by Sections Company Overview - The company, established in 1978, has a mixed ownership structure that combines the flexibility of private enterprises with the resources of state-owned enterprises, enhancing its competitive position [14] - As of Q3 2025, the company has a market capitalization of approximately 14.49 billion yuan and a significant cash reserve of 3.1 billion yuan, supporting its investment strategies [4][25] Cement Industry Analysis - The cement industry is expected to see improvements in supply-demand dynamics due to capacity replacement policies and government support for infrastructure projects [33][41] - The company has successfully implemented a T-shaped strategy similar to that of Conch Cement, leading to industry-leading cost and profit margins [48][49] Financial Performance - Revenue projections for 2025-2027 are estimated at 5.43 billion, 5.57 billion, and 5.72 billion yuan, with net profits expected to grow significantly during this period [6][7] - The company has a high dividend payout ratio, with a projected dividend of 6 billion yuan for 2024, reflecting a strong commitment to shareholder returns [5][27] Investment Strategy - The company has invested in over 20 semiconductor firms since 2020, focusing on various sectors within the semiconductor industry, which is anticipated to contribute significantly to profits in the coming years [59][60] - The establishment of a partnership with Lanpu Venture Capital aims to further enhance the company's investment capabilities in the semiconductor space [32][59]

新易盛（300502）动态点评 Q4 业绩增长重回快车道，1.6T 光模块 放量在即 2026 年 02 月 03 日 【事项】 2026 年 1 月 30 日，新易盛发布 2025 年度业绩预告，本年度公司归 属 于 上 市 公 司 股 东 的 净 利 润 为 94.0~99.0 亿 元 ， 同 比 +231.24%~248.86%；预计本年度非经常性损益对公司净利润的影响 约为 3300 万元，扣除非经常性损益后的净利润为 93.67~98.67 亿元， 同比+231.02%~248.69%。单季度来看，公司 2025Q4 归属于上市公 司股东的净利润为 30.73~35.73 亿元，环比+28.85%~49.82%，相比 于 Q3 0.63%的环比增速，Q4 业绩增速实现显著提升；扣除非经常性 损益后的净利润为 30.66~35.66 亿元，环比+29.49%~50.61%。 【评论】 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 注：数据更新日期截止 2026 年 02 月 02 日 证书编号：S1160524120005 联系人：陈力涵 相对指数表现 基本数据 总市值（百万元） 436,37 ...

行 业 研 究 / 医 药 生 物 / 证 券 研 究 报 医药生物行业周报 《药品管理法实施条例》全面修订，推 动医药产业创新与监管升级 2026 年 02 月 03 日 【行情回顾】 【本周观点】 【风险提示】 医药行业政策风险；研发进展不及预期风险；业绩不及预期风险 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：何玮 证书编号：S1160517110001 证券分析师：崔晓倩 《医药零售高质量发展政策发布，行业有 望加速整合利好龙头》 2026.01.27 《J.P. Morgan 健康大会召开，中国创新药 企扬帆出海》 2026.01.20 《聚焦脑机接口与小核酸药物，JPM 盛会 前奏下医疗布局新浪潮》 2026.01.14 《创新浪潮涌动下，医药板块修复与突破 之路》 证书编号：S1160525080001 相对指数表现 -10% 0% 10% 20% 30% 40% 2025/2 2025/8 2026/2 医药生物 沪深300 相关研究 2025.12.15 《医药生物行业 2025 年三季报财报总结： 业绩分化，医疗设备板块显现拐点》 2025.11.13 告 本周( ...

Overall ETF Fund Flow Overview - During the period from January 26 to 30, 2026, the overall market stock ETFs (excluding cross-border) experienced a net outflow of 314.93 billion, with a notable decrease in outflow scale towards the end of the week as the market weakened [11][14] - A-share industry and thematic ETFs saw a net inflow of 71.75 billion, an increase of 12.88 billion compared to the previous period, indicating strong market entry willingness from individual investors who view market pullbacks as opportunities for allocation [14][16] - Hong Kong stock ETFs recorded a net inflow of nearly 10 billion, continuing the inflow trend, while cross-border industry and thematic ETFs had a net inflow of 1.16 billion, a decrease of 6.35 billion from the previous week [16] Sector Analysis - The inflow into sectors such as non-ferrous metals, semiconductors, chemicals, and gold stocks showed strong sustainability, while the oil and petrochemical sector saw a significant increase in net inflow, although recent market volatility may affect price direction [20][22] - In the cross-border sector, emerging markets, Hong Kong's Hang Seng Technology, and major industry categories like technology and financial real estate saw relatively high inflows [25] Representative ETF Fund Flow - For stock ETFs, the top five by net inflow from January 26 to 30 were: - Huaxia CSI Non-ferrous Metals Industry Thematic ETF (6.46 billion) - Southern CSI Shenwan Non-ferrous Metals ETF (5.63 billion) - Penghua CSI Chemical Industry ETF (4.01 billion) - Huaxia CSI Shanghai-Hong Kong Gold Industry Stock ETF (3.82 billion) - Fortune CSI Chemical Industry Thematic ETF (2.78 billion) - The top five by net outflow were: - E Fund CSI 300 ETF (-74.73 billion) - Huatai-PB CSI 300 ETF (-74.20 billion) - Huaxia CSI 300 ETF (-54.71 billion) - Huaxia SSE 50 ETF (-41.73 billion) - Jiashi CSI 300 ETF (-40.63 billion) [28] Cross-Border ETF Representative Products - The top five cross-border ETFs by net inflow were: - GF CSI Hong Kong Stock Connect Non-bank ETF - Tianhong Hang Seng Technology ETF - Southern Fund Southern Dongying FTSE Asia Pacific Low Carbon Selected ETF (QDII) - GF CSI Hong Kong Innovative Medicine (QDII-ETF) - E Fund CSI Hong Kong Stock Connect Consumer Thematic ETF [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [2][12]. Core Insights - The report highlights the ongoing strength in precious metals and anticipates potential profit increases in minor metals [1]. - It emphasizes the financial attributes of copper and the impact of supply constraints on various metals, including aluminum and tungsten [4][5]. - The report notes the continued demand for gold driven by central bank purchases and the selling of U.S. government bonds by European institutions [4]. Summary by Sections Copper Sector - The report indicates a focus on the financial attributes of copper, with LME copper prices at $12,921 per ton and SHFE copper at ¥101,340 per ton, showing a week-on-week change of -0.6% and +0.6% respectively [4]. - It mentions a tightening supply of copper concentrate, with processing fees declining, which may accelerate the clearing of smelting profits [4]. Aluminum Sector - LME aluminum prices reached $3,175 per ton, while SHFE aluminum was at ¥24,290 per ton, reflecting a week-on-week increase of +0.9% and +1.5% respectively [4]. - The report notes a high operating rate of 98.3% for electrolytic aluminum and a slight increase in the operating rate of aluminum processing enterprises [4]. Precious Metals - SHFE gold prices were reported at ¥1,115.6 per gram and COMEX gold at $4,983.1 per ounce, with week-on-week increases of +8.1% and +8.3% respectively [4]. - The report highlights that the SPDR Gold ETF's net holdings increased to 1,086.5 tons, indicating stable demand from overseas investors [4]. Minor Metals - Tungsten prices rose to ¥535,000 per ton, with a week-on-week increase of +5.5% [4]. - The report also notes a tightening supply in the rare earth sector, with prices for praseodymium and dysprosium oxides showing slight declines [4]. Steel Sector - SHFE rebar and hot-rolled coil prices were reported at ¥3,142 and ¥3,305 per ton, with slight week-on-week decreases [5]. - The report mentions a significant explosion at a steel plant, which may lead to stricter safety regulations and supply constraints in the steel industry [5]. Investment Recommendations - The report suggests focusing on companies with rich copper resources, such as Zijin Mining and China Molybdenum, as well as those in the aluminum sector like China Aluminum and Nanshan Aluminum [8]. - It also recommends monitoring tungsten and rare earth companies, as well as steel firms with strong product structures [8].

Group 1: Fixed Income Market Overview - The 10Y government bond yield has shown a downward trend, decreasing by 2.10 basis points to 1.8090% compared to the previous week, influenced by discussions on new monetary policy tools and a weakening equity market [2][3] - The overall liquidity in the money market remains stable, with a slight increase in funding rates as the month-end approaches, but the central bank's supportive stance keeps the cross-month pressure manageable [4][11] Group 2: Money Market Analysis - The central bank's net liquidity injection this week was 530.5 billion, with a notable increase in the 7-day reverse repo balance to 17,615 billion, up by 5,805 billion from the previous week [11][12] - Funding rates have slightly increased, with DR007 rising by 9.91 basis points to 1.59% and R007 increasing by 10.41 basis points to 1.64% as of January 30, 2026 [25][26] Group 3: Primary Market Supply - The net supply of interest rate bonds decreased significantly this week to 3,805.14 billion, a drop of 3,544.45 billion from the previous week, with government bonds showing a net supply of -1,133.40 billion [32][34] - The net financing scale of negotiable certificates of deposit (NCD) turned positive this week, totaling 37.30 billion, an increase of 1,544.40 billion from the previous week [32][39] Group 4: Secondary Market Performance - The yield curve for government bonds is flattening, with the 10Y/1Y yield spread narrowing, indicating a shift in market sentiment [42][50] - The absolute level of government bond yields shows a downward trend, with the 10Y yield slightly decreasing, while the 30Y local government bond yield has seen a minor increase [47][49]

中国神华（601088）动态点评 业绩逆势稳健，龙头价值凸显 2026 年 02 月 02 日 【事项】 公司发布 2025 年业绩预告。按中国企业会计准则，25 年归母净利润 495~545 亿元，同比-11.3%~-2.3%，中枢 520 亿元，同比-6.8%；扣 非净利 472~502 亿元，同比-21.5%~-16.5%，中枢 487 亿元，同比- 19%。25 年非经常性损益预计为利得，主要原因是冲减无需支付的支 出（或主要为冲回前期计提的储备项目）。 【评论】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 《25Q2 归母净利环增 6%，盈利韧性和中 期 79%分红彰显龙头风范》 2025.09.04 《打造央企重组示范标杆，切实保护中小 股东利益》 2025.08.20 证券分析师：李淼 证书编号：S1160524120006 证券分析师：王涛 证书编号：S1160525020003 证券分析师：朱彤 证书编号：S1160525030006 相对指数表现 -10% -2% 6% 14% 22% 30% 2025/2 2025/8 2026/1 中国神华 沪深300 | 基本数据 | | ...