Market Overview - The A-share market is experiencing narrow fluctuations, with the Shanghai Composite Index closing at 4151.24, up 0.27%, and the Shenzhen Component Index at 14342.89, up 0.09% [2][4] - The ChiNext Index fell by 0.57%, indicating a mixed performance across different indices [2][4] Sector Performance - The top-performing sectors include non-ferrous metals, which rose by 5.92%, and oil and petrochemicals, which increased by 3.54% [3][4] - Conversely, sectors such as media and defense industry saw declines, with the media sector down by 1.77% [3][4] Concept Index Performance - The gold concept index led the gains with a rise of 7.54%, while the monkeypox concept index fell by 2.87% [3][4] - Other notable performers include lead and zinc metals, which increased by 6.92% and 6.91% respectively, while the flu concept index dropped by 2.26% [3][4] Future Outlook - The A-share market is expected to continue its structural trend, with a focus on sectors such as non-ferrous metals, technology growth, new energy, and dividend stocks [4][6] - The total asset of central enterprises is projected to exceed 95 trillion yuan by the end of 2025, with a profit total of 2.5 trillion yuan, which is expected to support the overall economic development [5]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry, indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [2][72]. Core Insights - The power equipment industry is entering a new development phase, driven by significant investments in smart grids, renewable energy integration, and digital transformation technologies such as big data and artificial intelligence [6][21]. - The "14th Five-Year Plan" anticipates a fixed asset investment of 4 trillion yuan by the State Grid Corporation, a 40% increase from the previous plan, aimed at enhancing the new power system's supply chain and achieving carbon peak goals [6][63]. - Global investment in power grids is projected to grow significantly, with an estimated annual investment of $330 billion in 2023, requiring a compound annual growth rate of 9.4% to reach $620 billion by 2030, presenting new opportunities for domestic power equipment companies [6][66]. Summary by Sections 1. New Development Phase of the Power Equipment Industry - The construction of power grids is crucial for the development of the power industry, encompassing substations and power line construction, with a focus on efficient, energy-saving, and environmentally friendly equipment [6][21]. - The transition to a new power system in China emphasizes renewable energy, with significant investments planned for smart grid infrastructure and digitalization [6][63]. 2. Global Power Industry Opportunities - The "14th Five-Year Plan" marks a new rapid construction phase for ultra-high voltage (UHV) projects, driven by the need for clean energy transmission from western and northern regions to load centers in the east and south [6][45]. - The global power grid investment landscape shows a substantial growth potential, particularly in emerging markets, with a pressing need for modernization and upgrades to accommodate renewable energy sources [6][60]. 3. Investment Strategies and Key Companies - The report suggests focusing on leading companies in technology and scale that are likely to benefit from the global energy transition, including Guodian NARI (600406), XJ Electric (000400), and others [6][66].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, specifically focusing on the condiment sector [4][75]. Core Insights - The condiment industry in China is experiencing steady market expansion, with the market size projected to grow from 408.1 billion RMB in 2019 to 498.1 billion RMB by 2024, reflecting a compound annual growth rate (CAGR) of 4.07% [4][11]. - The competitive landscape of the condiment industry is characterized by a "one strong, many strong" structure, with Haitian Flavor Industry leading the market. The market concentration is expected to increase as the industry evolves towards more complex, convenient, and healthier products [4][24][29]. - The investment strategy emphasizes the potential for growth in the condiment sector driven by recovery in the restaurant industry, increased chain restaurant rates, and a growing demand for health-oriented products among consumers [4][75]. Summary by Sections Market Growth - The condiment market in China is projected to grow steadily, with a market size increase from 408.1 billion RMB in 2019 to 498.1 billion RMB by 2024, achieving a CAGR of 4.07% [4][11]. - The growth of compound condiments is outpacing that of the overall condiment industry, with a CAGR of 8.12% from 85.7 billion RMB in 2019 to 126.6 billion RMB in 2024 [4][17]. Competitive Landscape - The condiment industry is dominated by a few key players, with Haitian Flavor Industry being the largest, generating over 20 billion RMB in revenue, while the overall market remains relatively fragmented [4][24][25]. - The market concentration in China is lower than in the US and Japan, indicating potential for increased market share for leading companies as the industry evolves [4][26][29]. Demand Drivers - The consumption structure is primarily driven by the restaurant sector, which accounts for approximately 49% of the market, with household and food processing making up 34% and 17%, respectively [4][32]. - Factors such as the recovery of the restaurant sector, rising chain restaurant rates, and the growth of the takeout market are expected to boost demand for condiments [4][39][53]. Consumer Trends - There is a growing consumer preference for health-oriented products, with 90.8% of consumers expressing demand for zero-additive condiments and significant interest in low-sugar and low-salt options [4][56][59]. - Changes in population structure, including an increase in single-person households and an aging population, are driving the demand for smaller, more diverse condiment products [4][62][67]. Raw Material Analysis - The primary raw materials for condiment production include soybeans, sugar, and packaging materials, with soybeans accounting for approximately 17.6% of procurement costs [4][68]. - The report indicates that raw material prices are expected to remain manageable, with current prices for soybeans and other materials showing some fluctuations [4][71]. Investment Strategy - The report suggests maintaining an "Overweight" rating for the food and beverage sector, highlighting key companies such as Haitian Flavor Industry (603288), Zhongju High-tech (600872), and Qianhe Flavor Industry (603027) as potential investment targets [4][75].

超配（维持） 消费者服务行业 高端零售率先复苏，免税景气向好 免税行业深度报告 2026 年 1 月 28 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 中信消费者服务指数走势 资料来源：iFind，东莞证券研究所 相关报告 投资要点： 证 券 研 究 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 深 度 研 究 行 业 研 究 报 告 ◼ 压制中国免税行业崛起的主要因素均被扭转，布局中国免税拐 点。复盘2020年后免税行业的走势，实际上免税走弱是受到了 多重因素的影响。一是疫情期间日韩等国采取了高额返佣的模 式导致竞争压力增加，而国内免税商同样加大了折扣力度导致 利润下降。二是国内居民家庭收入预期出现了阶段性的波动， 暂时影响了消费意愿，导致居民家庭"有钱不敢花"。三是供 给的稀缺，过去中国免税店以海南离岛免税和口岸免税为主， 离岛免税场景过去存在"离岛不离境"的限制，服务的游客数 量 ...

Market Overview - The A-share market has shown signs of recovery, with all three major indices closing in the green, indicating a rebound after a period of decline [3] - The Shanghai Composite Index closed at 4139.90, up 0.18%, while the Shenzhen Component Index rose by 0.09% to 14329.91 [1] Sector Performance - The top-performing sectors included Electronics (up 2.27%), Communications (up 2.15%), and National Defense & Military Industry (up 1.65%) [2] - Conversely, the worst-performing sectors were Coal (down 2.27%), Agriculture, Forestry, Animal Husbandry and Fishery (down 1.95%), and Steel (down 1.34%) [2] Concept Index Performance - Notable concept indices included Cultivated Diamonds (up 3.31%), Automotive Chips (up 3.26%), and National Fund Holdings (up 3.18%) [2] - On the downside, indices such as Animal Vaccines (down 2.76%) and Avian Influenza (down 2.03%) performed poorly [2] Future Outlook - The report suggests that the A-share market is likely to continue its spring rally, primarily driven by structural trends rather than a broad market surge [5] - It is recommended to maintain a balanced portfolio, focusing on undervalued assets with stable earnings, technology-driven sectors, and domestic demand expansion [5] Industrial Profit Data - In 2025, the total profit of industrial enterprises above designated size reached 739.82 billion, a 0.6% increase from the previous year [4] - State-owned enterprises reported a profit of 205.61 billion, down 3.9%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit increase of 4.2% to 174.47 billion [4]

Group 1 - The report highlights that geopolitical events have impacted market sentiment, leading to a general decline in equity markets globally, while safe-haven assets like COMEX gold have shown strength, surpassing $5000 per ounce as of January 26, 2026 [10][11] - In the domestic market, the bond market has shown signs of recovery, while the equity market is experiencing a "rational cooling" trend, with broad index performance diverging [10][11] - All types of ETFs, except for cross-border ETFs, recorded positive average weekly returns, with commodity ETFs, stock ETFs, and bond ETFs rising by 6.82%, 1.37%, and 0.25% respectively [10][11] Group 2 - The report indicates that significant capital outflows are occurring in broad-based ETFs, with a net outflow of 333.06 billion yuan this week, particularly from ETFs tracking the CSI 300, which saw a net outflow of 237.34 billion yuan [11][12] - Conversely, thematic ETFs, particularly in sectors like fine chemicals, electric grid equipment, and semiconductors, continue to attract capital, with the fine chemicals index ETF seeing a net inflow of 17.27 billion yuan year-to-date, the highest among all thematic indices [18][19] Group 3 - The report notes that convertible bond ETFs have seen an average weekly increase of 2.64%, with the sentiment in the bond market significantly improving, particularly for interest rate bonds, which outperformed credit bonds [20][21] - However, credit bond ETFs experienced substantial net outflows exceeding 10 billion yuan this week, likely due to capital returning after the end-of-year rush for Sci-Tech bond ETFs [20][22] Group 4 - The analysis of leveraged financing indicates a slight increase in leverage across ETFs, with significant net buy amounts concentrated in indices related to electric grid equipment, gold, and satellite industries [24][25] - The report emphasizes the investment opportunities in the electric grid equipment sector, driven by a projected 40% increase in fixed asset investment by the State Grid during the 2026-2030 period [24][25]

Investment Rating - Overweight (Maintain) for the copper-clad laminate industry [1] Core Insights - Increased demand for high-end copper foil and electronic cloth driven by AI applications, with domestic companies expected to benefit from breakthroughs [1] - The report highlights the anticipated rise in demand for M8.5+ materials and the potential for higher-end M9 materials in the Rubin platform products [20] - Supply tightness in HVLP4 copper foil is expected to lead to an increase in processing fees, with significant market demand projected [32][48] - The demand for LowDK second-generation cloth and Q cloth is expected to grow, driven by advancements in AI computing products [56] Summary by Sections AI and Copper-Clad Laminate - AI computing hardware is raising the performance requirements for copper-clad laminates, with M8.5+ demand expected to increase [12] - The dielectric constant (Dk) and dielectric loss (Df) are critical for the electrical performance of copper-clad laminates, influencing signal transmission speed and energy loss [15] Electronic Copper Foil - The global electronic circuit copper foil capacity is projected to reach approximately 990,000 tons in 2024, accounting for 41% of total copper foil capacity [32] - HVLP4 copper foil is becoming a core material for AI copper-clad laminates due to its lower surface roughness, which enhances signal transmission stability [43] - The production process for HVLP is more stringent than conventional copper foil, leading to higher production costs and potential price increases [48] Electronic Cloth - LowDK electronic cloth is gaining traction, with demand for second-generation cloth and Q cloth expected to rise due to their superior electrical properties [56] - The report notes that high-end electronic cloth products have strong profitability, with significant margins reported by leading companies [65] - Domestic companies are actively developing and validating LowDK and Q cloth technologies, with successful market entries reported [69]

Group 1 - The report emphasizes that advanced packaging is crucial for enhancing chip performance and reliability, especially in the context of the AI wave driving demand for higher integration and performance in semiconductors [8][21][25] - The semiconductor packaging and testing industry in China is expected to grow significantly, with the market size projected to reach 438.98 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2029 [28][29] - Advanced packaging is anticipated to account for 50% of the semiconductor packaging market by 2029, with a CAGR of 10.6%, outpacing traditional packaging growth [28][29] Group 2 - The report highlights the rise of independent third-party testing services in the semiconductor industry, driven by the increasing number of IC design companies and the growing demand for testing services [42][43] - The competitive landscape for wafer testing is relatively concentrated due to high technical and investment barriers, with fewer participants compared to finished chip testing [42][43] - The report notes that independent third-party testing firms often collaborate with integrated packaging and testing companies, outsourcing wafer testing while also competing in finished chip testing [42][43]

证券研究报告 2026 年 1 月 26 日 星期一 资料来源：东莞证券研究所，iFinD 数据 板块排名： 【A 股市场大势研判】 三大指数集体收涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 4136.16 | 0.33% | 13.59 | | | 深证成指 | 14439.66 | 0.79% | 112.61 | | | 沪深 300 | 4702.50 | -0.45% | -21.21 | | | 创业板 | 3349.50 | 0.63% | 20.86 | | | 科创 50 | 1553.71 | 0.78% | 12.07 | | | 北证 50 | 1588.66 | 3.82% | 58.42 | | | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 电力设备 | 3.50% | 通信 | -1.5 ...

2026 年 1 月 23 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 电子行业双周报（2026/01/09-2026/01/22） 行 业 日系 Resonac 上调覆铜板产品价格 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 | 一、行情回顾及估值 | | 3 | | --- | --- | --- | | 二、产业新闻 | | 5 | | 三、公司公告 | | 5 | | 四、行业数据 | | 6 | | 五、周观点 | | 6 | | 六、风险提示 | | 7 | | 图 | 1 | ：申万电子板块近 | 10 | 年 | PE | TTM（剔除负值）（截至 2026/1/22） | 4 | | --- | --- | --- ...