登记编码：S0730511010001 分析师：张刚 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 zhanggang@ccnew.com 021-50586990 金融有色行业领涨 A 股小幅整理 ——市场分析 相关报告 《市场分析：光伏电池行业领涨 A 股震荡上 行》 2026-01-23 《市场分析：航天通信行业领涨 A 股小幅上 行》 2026-01-22 《市场分析：有色半导体领涨 A 股小幅上行》 2026-01-21 联系人： 李智 证券研究报告-市场分析 发布日期：2026 年 01 月 26 日 投资要点： ◼ A 股市场综述 周一（01 月 26 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高 开后震荡上行，盘中沪指在 4160 点附近遭遇阻力，随后股指维持震 荡，盘中金融、医药、有色金属以及石油等行业表现较好；航天航 空、电子化学品、计算机设备以及半导体等行业表现较弱，沪指全 天基本呈现小幅震荡上行的运行特征。创业板市场周一震荡回落， 创业板成分指数全天表现弱于主板市场。 ◼ 后市研判及投 ...

资料来源：聚源，中原证券研究所 -8% -1% 6% 14% 21% 28% 35% 42% 2025.01 2025.05 2025.09 2026.01 上证指数 深证成指 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 证券研究报告-晨会聚焦 发布日期：2026 年 01 月 26 日 【财经要闻】 1、北京市将全面实施"人工智能+"行动，建设国家人工智能应用中试基 地。 2、近日，国内人形机器人关节模组头部企业——意优科技"全球首条机 器人关节自动化产线"在浦东投产。 3、据韩国媒体报道，三星电子在今年第一季度将 NAND 闪存的供应价格 上调 100%以上，这一涨幅远超市场此前预期，凸显当前半导体市场严重 的供需失衡现状。 资料来源：凤凰网，财联社，澎湃新闻 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,136.16 | 0.33 | | 深证成指 | | 14,43 ...

——市场分析 相关报告 《市场分析：航天通信行业领涨 A 股小幅上 行》 2026-01-22 《市场分析：有色半导体领涨 A 股小幅上行》 2026-01-21 《市场分析：金融地产行业领涨 A 股震荡整 固》 2026-01-20 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 光伏电池行业领涨 A 股震荡上行 联系人： 李智 投资要点： ◼ A 股市场综述 周五（01 月 23 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 4143 点附近遭遇阻力，随后股指维持震 荡，盘中光伏设备、能源金属、电池以及航天航空等行业表现较 好；航空机场、保险、银行以及船舶制造等行业表现较弱，沪指全 天基本呈现小幅震荡上行的运行特征。创业板市场周五震荡上扬， 创业板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周五 A 股市场冲高遇阻、小幅震荡上行，早盘股指高开后震荡上 行，盘中沪指在 4143 点附近遭遇阻力，随后股指维持震荡，盘中光 伏设备、能源金属、电池以及航天航空等行业表现较好；航空机 场、保险、银行以及 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The report highlights a weak fluctuation in pig prices, with the average price in December 2025 at 11.58 yuan/kg, down 0.09% month-on-month and down 26.76% year-on-year. However, a supply gap for heavy pigs is expected to lead to a price rebound [9][19]. - The white feather chicken prices showed an upward trend in December, with an average price of 3.67 yuan/jin, up 5.16% month-on-month, supported by tight supply and demand [9][25]. - Pet food exports maintained a year-on-year growth, with December 2025 exports at 37,700 tons, up 15.49% year-on-year, although the export value in USD decreased by 1.68% [9][32]. Summary by Sections Market Review - In December 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 0.24%, ranking 22nd among 30 sectors, while the Shanghai and Shenzhen 300 index increased by 2.28%, indicating a 2.04 percentage point underperformance [9][12]. Livestock Industry Data Tracking - **Pig Farming**: The average price of pigs in December was 11.58 yuan/kg, with a month-on-month decrease of 0.09% and a year-on-year decrease of 26.76%. The supply-demand dynamics are expected to stabilize, with a potential increase in prices due to supply gaps [19][24]. - **White Feather Chicken**: The average price for white feather chicken in December was 3.67 yuan/jin, reflecting a month-on-month increase of 5.16% due to tight supply and demand support [25][29]. Pet Food - Pet food exports in December reached 37,700 tons, a year-on-year increase of 15.49%, while the total export value for the year was 1.412 billion USD, down 4.62% year-on-year [32][34]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, and Guobao Pet, all rated as "Buy" based on their earnings forecasts and relative valuation [1][9].

通信设备 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 上游物料和汇兑因素影响短期业绩，1.6T 光引擎将逐步放量 ——天孚通信(300394)公司点评报告 证券研究报告-公司点评报告 买入(维持) 市场数据(2026-01-22) | 收盘价(元) | 199.98 | | --- | --- | | 一年内最高/最低(元) | 242.00/57.11 | | 沪深 300 指数 | 4,723.71 | | 市净率(倍) | 31.87 | | 流通市值(亿元) | 1,551.55 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 6.27 | | 每股经营现金流(元) | 1.73 | | 毛利率(%) | 51.87 | | 净资产收益率_摊薄(%) | 30.04 | | 资产负债率(%) | 16.45 | | 总股本/流通股(万股) | 77,741.59/77,585.24 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -45% -10% 25% 60 ...

资料来源：中原证券研究所，聚源 -10% -5% 1% 6% 11% 16% 21% 26% 2025.01 2025.05 2025.09 2026.01 相关报告 联系人：李智 旅游零售 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 免税 3.0：政策驱动、消费复苏与国货崛起 ——免税经营行业深度分析 证券研究报告-行业深度分析 强于大市(首次) 盈利预测和投资评级 | 公司简称 | 24EPS 25EPS | | 25PE | 评级 | | --- | --- | --- | --- | --- | | 中国中免 | 2.06 1.93 | | 48.5 | 增持 | | 商贸零售相对沪深 | 300 | 指数表现 | | | | 商贸零售 | | | 沪深300 | | | 26% | | | | | | | | 投资要点： 风险提示：政策与监管风险；地缘政治与经济周期性风险；商业模式与竞争风 险；品牌与供应链风险 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共11页 发布日期： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company is an industry-leading provider of optical device solutions and advanced packaging manufacturing services, focusing on high-speed optical devices and optical sensing products [7]. - The company is expected to see significant growth in net profit, with forecasts for 2025 indicating a year-on-year increase of 40% to 60%, driven by the demand for high-speed optical devices and AI server growth [5][8]. - The company is strategically expanding its production capacity in Thailand and Jiangxi, which will enhance the value of its 1.6T supporting products [8]. Financial Performance - The company anticipates a net profit for 2025 in the range of 1.881 to 2.150 billion yuan, with a year-on-year growth of 40% to 60% [5]. - The projected net profit for Q4 2025 is estimated to be between 416 to 685 million yuan, reflecting a year-on-year increase of 50.14% [8]. - Revenue forecasts for 2025 to 2027 are 20.61 billion yuan, 31.90 billion yuan, and 41.74 billion yuan, respectively, with corresponding P/E ratios of 75.42X, 48.74X, and 37.25X [8][10]. Market Dynamics - The demand for AI servers is expected to drive growth in high-speed optical modules, with the optical device market projected to grow over 60% year-on-year [8]. - The company is focusing on the development of 1.6T optical modules, which are anticipated to experience explosive growth with a CAGR of 180% from 2024 to 2029 [8]. - The company has established a dual-headquarters and multiple production bases strategy, enhancing its international presence and R&D capabilities [7].

登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -8% -1% 6% 13% 20% 27% 34% 40% 2025.01 2025.05 2025.09 2026.01 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,122.58 | 0.14 | | 深证成指 | | 14,327.05 | 0.50 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,723.71 | 0.01 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,622.87 | -0.16 | | 中证 | 500 | 8,387.59 | 0.57 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801.23 | 0 ...

zhanggang@ccnew.com 021-50586990 航天通信行业领涨 A 股小幅上行 分析师：张刚 登记编码：S0730511010001 《市场分析：金融地产行业领涨 A 股震荡整 固》 2026-01-20 《市场分析：航天电网行业领涨 A 股小幅上 行》 2026-01-19 联系人： 李智 电话： 0371-65585629 ——市场分析 相关报告 《市场分析：有色半导体领涨 A 股小幅上行》 2026-01-21 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2026 年 01 月 22 日 投资要点： ◼ A 股市场综述 周四（01 月 22 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 4140 点附近遭遇阻力，随后股指维持震 荡，盘中航天航空、采掘、船舶制造以及通信设备等行业表现较 好；电子化学品、保险、电池以及珠宝首饰等行业表现较弱，沪指 全天基本呈现小幅震荡上行的运行特征。创业板市场周四震荡上 扬，创业板成分指数全天表现强于主板市场。 ◼ 后市研判及投 ...

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating a positive outlook compared to the market [1]. Core Insights - The acceleration of AI applications is expected to significantly reshape the global AI competitive landscape, particularly with the anticipated release of DeepSeek's V4 model [7]. - The Chinese AI cloud market is projected to reach 51.8 billion yuan by 2025 and 193 billion yuan by 2030, with Alibaba aiming to capture 80% of the market's incremental growth in 2026 [7]. - The report highlights the ongoing trend of domestic chip manufacturers gaining market share due to restrictions on foreign competitors, particularly Nvidia's H200 [7]. Summary by Sections Industry Data - From January to November 2025, the software industry revenue reached 13.98 trillion yuan, growing by 13.3% year-on-year, marking a continuous recovery over nine months [13]. - The IC design sector showed the highest growth rate at 16.5%, outperforming the overall software industry growth [18]. AI Developments - Major AI models such as OpenAI's GPT-5 and DeepSeek's V3.2 are leading the market, with DeepSeek's models expected to challenge established players significantly [41][46]. - The report notes that the trend of using domestic chips for training large models is expected to gain momentum in 2026, with DeepSeek already optimizing its models for compatibility with domestic chips [66]. Domestic Market Trends - The report emphasizes the increasing number of devices running on Huawei's HarmonyOS, which has surpassed 36 million, indicating a strong push towards domestic technology adoption [7]. - The AI cloud market is becoming increasingly competitive, with Alibaba and Volcano Engine emerging as the two dominant players [7]. Investment Opportunities - The report suggests focusing on companies like Runze Technology, Sugon, and Zhongke Shuguang, which have significant roles in the AI infrastructure and domestic chip development [7]. - It also highlights the potential of companies like Changxin Technology and Chipone Semiconductor, which are actively pursuing IPOs [7].