2026 年 1 月 14 日 行业研究/行业周报 电力设备及新能源 行业周报（20260105-20260111） 同步大市-A(维持) 我国新增超 20 万颗卫星申请，4 月起取消光伏产品增值税出口退税 电力设备及新能源行业近一年市场表现 投资要点 资料来源：常闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 688303.SH | 大全能源 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 688411.SH | 海博思创 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 300682.SZ | 朗新集团 | 买入-B | | 603688.SH | 石英股份 | 买入-A | 相关报告： 【山证电力设备及新能源】11 月太阳能 发电新增装机环增 75%，综合整治"内 卷 式 " 竞 争 - 行 业 周 报 （20251222-20251228） 2025.12.30 【山证电力设备及新能源】优必选获 AI 大模型公司订单，两部委优化集中式新 能 源 市 场 报 价 ...

Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected price increase of over 15% compared to the benchmark index within 6-12 months [46]. Core Insights - The company, Koma Materials, specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, positioning itself as a national-level specialized "little giant" in the dry friction plate sector [3][25]. - Koma Materials has established a strong market presence, entering the supply chains of leading companies such as ZF and Fast Eaton, and is actively expanding its global business [3][5]. - The automotive transmission friction materials industry is experiencing rapid growth, driven by the rise of new energy vehicles and stable demand in the commercial vehicle market, providing significant development opportunities for Koma Materials [4][29]. Financial Performance - The company achieved operating revenues of 249 million yuan in 2024, with a net profit attributable to shareholders of 71.53 million yuan, reflecting a comprehensive gross margin of 47.39% [3][6]. - Revenue from 2022 to the first half of 2025 showed slight fluctuations but overall growth, with year-on-year growth rates of -9.25%, -1.58%, 25.16%, and 11.37% respectively [35]. - The gross margin for the company has consistently been above the industry average, indicating strong profitability and market competitiveness [5][17]. Market Position and Competitive Landscape - Koma Materials operates in a niche segment of the automotive parts industry, with a market size of approximately 15 billion yuan domestically and 110 billion yuan globally, both of which are expected to grow [4][29]. - The company’s products are primarily used in manual and automatic transmission systems across various vehicle types, including passenger and commercial vehicles [25][29]. - Koma Materials has a competitive edge due to its deep technical accumulation and product performance, which has allowed it to maintain a stable customer base and expand its market share [5][26]. Valuation Analysis - The company’s estimated market capitalization post-IPO is 976 million yuan, with a projected price-to-earnings (P/E) ratio of 13.64 for 2024, which is considered relatively undervalued compared to comparable companies [7][24]. - The report highlights that Koma Materials' revenue scale is below the average of comparable companies, but its net profit ranks just below that of leading peers [14][24]. Use of Proceeds - The company plans to use the funds raised from its IPO for projects including the "Dry Impregnation Environmental-Friendly Clutch Friction Material Technological Upgrade Project" and the "R&D Center Upgrade Project," which are expected to enhance production capacity and innovation [39][40].

研究早观点 2026 年 1 月 14 日 星期三 市场走势 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,138.76 | -0.64 | | 深证成指 | | 14,169.40 | -1.37 | | 沪深 | 300 | 4,761.03 | -0.60 | | 中小板指 | | 8,730.75 | -0.91 | | 创业板指 | | 3,321.89 | -1.96 | | 科创 | 50 | 1,469.57 | -2.80 | | 资料来源：常闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】农林牧渔：农业行业周报-建议关注生猪养殖行业的新一 轮产能去化 【行业评论】煤炭：行业周报（20260105-20260111）-供给收缩，关注 板块补涨机会 【山证纺服】361 度 2025Q4 经营数据点评-零售流水延续健康增长， 2025 年末超品门店数量达 126 家 2019 年 2 ...

Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1][6] Core Insights - The company reported a healthy growth in retail sales, with a 10% year-on-year increase in offline retail sales for both the main brand and children's clothing in Q4 2025. The e-commerce platform saw a high double-digit growth in retail sales [2][4] - The company has successfully expanded its premium store count to 126 by the end of 2025, with the first overseas premium store opening in Cambodia, indicating a significant step in international market expansion [5][6] - The average retail discount for new products in Q4 2025 was approximately 7-7.1 folds, and the inventory turnover ratio remained stable at 4.5-5 months [5] Financial Performance and Projections - The company’s revenue for 2025 is projected to be 11,367 million, with a year-on-year growth of 12.8%. The net profit is expected to reach 1,285 million, reflecting a growth of 11.9% [8][12] - Earnings per share (EPS) for 2025-2027 are forecasted at 0.62, 0.69, and 0.76 respectively, with corresponding price-to-earnings (P/E) ratios of approximately 8.4, 7.5, and 6.9 [6][12] - The gross margin is expected to remain stable at around 41.5% for the forecasted years [12]

农林牧渔 农业行业周报 同步大市-A（维持) 建议关注生猪养殖行业的新一轮产能去化 2026 年 1 月 13 日 行业研究/行业周报 农林牧渔行业近一年市场表现 本周（1 月 5 日-1 月 11 日）沪深 300 指数涨跌幅为+2.79%，农林牧渔 板块涨跌幅为+ 0.98%，板块排名第 28，子行业中水产养殖、动物保健、其 他种植业、食品及饲料添加剂、肉鸡养殖表现位居前五。 资料来源：常闻 首选股票 评级 本周猪价环比上涨，单头生猪养殖亏损缩窄。截至 1 月 9 日，四川/广 东/河南外三元生猪均价分别为 13.10/12.86/12.93 元/公斤，环比上周分别 +0.77%/-3.02%/+0.78%；平均猪肉价格为 17.97 元/公斤，环比上周+1.18%； 仔猪平均批发价格 16.50 元/公斤，环比上周+6.45%。自繁自养利润为-11.54 元/头，亏损环比收窄约 23.05 元/头；外购仔猪养殖利润为-2.31 元/头，亏损 环比收窄约 46.04 元/头。截至 1 月 9 日，白羽肉鸡养殖利润为 0.45 元/羽， 环比-23.73%。 002311.SZ 海大集团 买入-A 0022 ...

d 煤炭 行业周报（20260105-20260111） 同步大市-A(维持) 煤炭行业近一年市场表现 资料来源：常闻 相关报告： 【山证煤炭】煤炭行业 2026 年策略报告： 将反内卷进行到底 2026.1.7 11 月进口煤价继续提升 2025.12.30 分析师： 胡博 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 供给收缩，关注板块补涨机会 2026 年 1 月 13 日 行业研究/行业周报 投资要点 动态数据跟踪 动力煤：市场维持正常产销，下游需求有限。本周产地内煤矿多维持正 常产销状态，动力煤产量逐步恢复，市场供应量较为充足。下游需求释放有 限，下游赶工项目稀少，市场进入淡季，水泥市场需求表现疲软；下游化工 行业多用煤增量有限，多以刚需补库为主。截至 1 月 9 日，环渤海动力煤现 货参考价 701 元/吨，周变化+2.04%；广州港山西优混 770 元/吨，周持平。 北方港口合计煤炭库存 2407 万吨，周变化+6.69%；长江八港煤炭库存 648 万吨，同比+4.85%。 【山证煤炭】煤炭进口数据拆解：25 年 冶金煤：年初煤矿陆续恢复生产，市场仍 ...

研究早观点 2026 年 1 月 13 日 星期二 市场走势 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,165.29 | 1.09 | | 深证成指 | | 14,366.91 | 1.75 | | 沪深 | 300 | 4,789.92 | 0.65 | | 中小板指 | | 8,811.04 | 1.60 | | 创业板指 | | 3,388.34 | 1.82 | | 科创 | 50 | 1,511.84 | 2.43 | | 资料来源：常闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【山证纺服】行业周报-迅销集团公布 FY2026Q1 季度业绩，上调 FY2026 业绩指引 【行业评论】太阳能：202512 光伏行业月度报告-11 月光伏新增装机 同比下降 11.9%，组件逆变器出口同环比增长 【公司评论】西麦食品(002956.SZ)：西麦食品深度报告：燕麦龙头引 领行业发展，大健康二次增长空 ...

Investment Rating - The textile and apparel industry maintains a rating of "Synchronize with the market - A" [1] Core Views - The report highlights the strong performance of Fast Retailing Group in FY2026 Q1, with revenue reaching 1,027.745 billion JPY, a year-on-year increase of 14.8%. The company has raised its FY2026 guidance, expecting revenue of 38,000 billion JPY, up from a previous estimate of 35,700 billion JPY, reflecting a growth of 11.7% [2][19] - Uniqlo Japan reported a revenue of 299.069 billion JPY in FY2026 Q1, a 12.2% increase year-on-year, while Uniqlo International achieved 603.863 billion JPY, marking a 20.3% growth. The report attributes this success to effective product development and marketing strategies [3][4][21] - The textile and apparel sector saw a 2.65% increase in the SW textile and apparel index, lagging slightly behind the broader market [9][23] Summary by Sections Company Performance - Fast Retailing Group's FY2026 Q1 results showed a revenue of 1,027.745 billion JPY, operating profit of 210.914 billion JPY, and net profit of 147.445 billion JPY, with respective year-on-year growth rates of 14.8%, 33.9%, and 11.7% [19] - Uniqlo Japan's revenue was 299.069 billion JPY, with same-store sales growing by 11.0% due to strong sales of autumn and winter products [20] - Uniqlo International's revenue reached 603.863 billion JPY, with significant growth in various regions, including a 34.3% increase in Europe [21] Market Dynamics - The textile and apparel sector's performance is supported by a 1.3% year-on-year increase in domestic retail sales in November 2025, with a cumulative growth of 4.0% for the year [2][53] - The report notes that the textile manufacturing sub-sector saw a 2.64% increase, while the apparel and home textile sectors also rose by 2.64% [9][23] Investment Opportunities - The report suggests focusing on brands with stable operational performance, such as Geli Si and Jiangnan Buyi, which have shown solid revenue growth and high dividend payout ratios [10] - The home textile sector is highlighted for its potential, with companies like Luolai Life and Mercury Home Textile driving growth through innovative product offerings [10] - The report emphasizes the importance of emotional consumption trends, recommending attention to Jin Hong Group's IP licensing business, which has shown significant revenue growth [10]

公司近一年市场表现 | 基础数据：2025 年 9 月 | 30 日 | | --- | --- | | 每股净资产（元/股）： | 7.08 | | 每股资本公积（元/股）： | 3.06 | | 每股未分配利润（元/ | 2.62 | | 股）： | | 资料来源：常闻 熊鹏 执业登记编码：S0760525080002 刘清羽 执业登记编码：S0760525070001 邮箱：liuqingyu@sxzq.com 休闲食品 西麦食品（002956.SZ） 买入-A(维持) | 市场数据：2026 年 1 | 月 | 9 日 | | | --- | --- | --- | --- | | 收盘价（元/股）： | | | 27.47 | | 总股本（亿股）： | | | 2.23 | | 流通股本（亿股）： | | | 2.23 | | 流通市值（亿元）： | | | 61.32 | 燕麦龙头引领行业发展，大健康二次增长空间广阔 2026 年 1 月 12 日 公司研究/深度分析 投资要点： 中国燕麦龙头，营收稳健增长。西麦食品公司成功打造了涵盖"育种、 种植、研发、生产、销售"的完整产业链，2024 全年公 ...

2026 年 1 月 12 日 行业研究/行业月度报告 资料来源：常闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 688303.SH | 大全能源 | 买入-B | | 688411.SH | 海博思创 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 601865.SH | 福莱特 | 买入-A | | 300682.SZ | 朗新集团 | 买入-B | | 603688.SH | 石英股份 | 买入-A | 【山证太阳能】10 月光伏新增装机同比 下降 38.3%，组件逆变器出口同增环降 -202511 光伏行业月度报告 2025.12.4 降 53.8%，组件逆变器出口同比维持增长 -202510 光伏行业月度报告 2025.11.5 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 太阳能 202512 光伏行业月度报告 同步大市-A(维持) 分析师： 重点推 ...