Investment Rating - The report suggests a positive investment outlook for companies involved in semantic communication and 6G technology, highlighting specific companies as potential investment opportunities [5]. Core Insights - The report emphasizes that traditional communication technologies are approaching Shannon's limit, necessitating a shift towards semantic communication to enhance efficiency and reliability in 6G networks [5][15]. - Semantic communication is positioned as a breakthrough technology that can bypass traditional limitations by focusing on the transmission of meaning rather than just bits, significantly reducing bandwidth requirements [5][15]. - The report identifies key players in the industry, such as Zhongbei Communication, Xinke Mobile, and Fenghuo Communication, which are actively engaged in advancing semantic communication technologies [5][63]. Summary by Sections Industry Background - The report discusses the transition from traditional communication paradigms to semantic communication, which integrates AI to enhance data transmission efficiency and reduce redundancy [6][15]. Technical Pathways - Semantic communication architecture introduces a semantic layer that extracts and reconstructs information, allowing for more efficient data transmission compared to traditional methods [26][29]. - Two main technical routes are identified: IS-JSCC (Iterative Structured Joint Source-Channel Coding) and SGSCC (Semantics-Guided Source-Channel Coding), both aiming to optimize communication in 6G networks [29]. Industry Shape - The report outlines the transformation of satellite networks into AI-native intelligent computing networks, emphasizing the integration of computing capabilities within satellite nodes to enhance data processing and transmission [37][42]. - The establishment of space data centers is highlighted as a critical infrastructure development to support the increasing demand for data processing in the context of 6G [42]. Related Companies - Zhongbei Communication is noted for its focus on 5G infrastructure and cloud computing services, positioning itself as a key player in the semantic communication landscape [63]. - Xinke Mobile is recognized for its leadership in 5G technology and its role in developing standards for satellite internet, contributing to the advancement of semantic communication [73]. - Fenghuo Communication is mentioned for its development of low-power satellite routing systems, which are expected to benefit from the push towards 6G and semantic communication [75].

汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn | 总股本(百万股) | 211.14 | | --- | --- | | 流通股本(百万股) | 211.14 | | 市价(元) | 40.91 | | 市值(百万元) | 8,637.68 | | 流通市值(百万元) | 8,637.68 | | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 1,519 | 2,276 | 2,541 | 3,750 | 4,850 | | | | 增长率 yoy% | ...

1. Report Industry Investment Rating - The report does not mention the industry investment rating [1][2][3] 2. Core View of the Report - The net value of bond ETFs has recovered, but there has been a capital outflow. The net inflow and outflow of different types of bond ETFs vary, and the net value of various bond ETF products has generally increased [1][5][6] 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of January 23, 2026, bond - type ETFs had a total net outflow of 13.381 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 5.763 billion yuan, 11.944 billion yuan, and a net inflow of 4.326 billion yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 0.327 billion yuan, 0.048 billion yuan, and 0.048 billion yuan respectively, while market - making credit bonds and science - innovation bonds had net outflows of 5.011 billion yuan and 7.356 billion yuan respectively. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 54.852 billion yuan, 475.079 billion yuan, and 30.291 billion yuan respectively, totaling 560.222 billion yuan [5] 3.2 Net Value Performance - Throughout the week, the net values of various types of bond ETF products generally rose. As of January 23, 2026, the 30 - year Treasury Bond ETF Boshi performed well, rising 1.26% for the week, the Treasury Bond ETF Huaxia rose 0.45%, and the Ten - year Treasury Bond ETF rose 0.16%. The Convertible Bond ETF and the Shanghai Stock Exchange Convertible Bond ETF rose 2.88% and 2.40% respectively last week [6] 3.3 Performance of Credit Bond ETFs and Science - Innovation Bond ETFs - As of January 23, 2026, the median unit net values of credit bond ETFs and science - innovation bond ETFs were 1.0141 and 1.0020 respectively, rising 0.13% and 0.10% for the week. Among credit bond ETFs, the Credit Bond ETF Haifutong performed relatively well, rising 0.14% for the week. Among science - innovation bond ETFs, the Science - Innovation Bond ETF Huatai Bairui and the Science - Innovation Bond ETF Invesco performed relatively well. As of January 23, 2026, the median discount rate of credit bond ETFs was 25BP, and that of science - innovation bond ETFs was 24BP [7] 3.4 Credit - Type ETF Duration Tracking - As of January 23, 2026, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.35 years, 1.93 years, and 2.10 years respectively. Among market - making credit bond ETFs, the median holding durations of products tracking the Shanghai Market - Making Corporate Bond and Shenzhen Market - Making Corporate Bond indexes were 3.61 years and 2.78 years respectively. Among science - innovation bond ETFs, the median holding durations of products tracking the AAA Science - Innovation Bond, Shanghai AAA Science - Innovation Bond, and Shenzhen AAA Science - Innovation Bond indexes were 3.32 years, 3.21 years, and 3.18 years respectively [10] 3.5 Report Summary - Last week, the ChinaBond New Composite Index rose 0.26% for the week; short - term pure - bond and medium - and long - term pure - bond funds rose 0.04% and 0.08% respectively; the CSI AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate Bond Index rose 0.16% and 0.17% respectively [9]

聚力赋能精耕细作，重塑健康险新生态 ——多机构召开健康保险高质量发展工作座谈会点评 保险Ⅱ 证券研究报告/行业点评报告 2026 年 01 月 26 日 | | | 报告摘要 执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 执业证书编号：S0740517090005 | 上市公司数 | 5 | | --- | --- | | 行业总市值(亿元) | 34,888.11 | | 行业流通市值(亿元) | 34,888.11 | 2026-01-21 充展望》2026-01-14 切换测算：OCI 选择权的两面性，税 务 追 溯 对 现 金 流 影 响 有 限 》 2026-01-06 请务必阅读正文之后的重要声明部分 分析师：葛玉翔 事件：为促进行业转型升级，积极服务健康中国战略。 1 月 22 日，中国保险行业协 会在京召开健康保险高质量发展工作座谈会，精算师协会、银行保险资管业协会、银 保信公司等应邀参加会议。 分析师：蒋峤 基本状况 在中国保险行业协会的牵头下，多家机构集体发声，体现高层重视度。四家行业机构 全方面围绕健康保险，从产品、条款、费率、数据、资金等方 ...

本周建筑材料赛道涨幅居前，北交所新股申购资金首次突破万亿元关口 ——北交所周报（1.19-1.23） 评级： 增持（维持） Email：fengsheng@zts.com.cn 分析师：万欣怡 执业证书编号：S0740524070005 Email：wanxy@zts.com.cn | 上市公司数 | 290 | | --- | --- | | 行业总市值(亿元) | 9,670.53 | | 行业流通市值(亿元) | 6,035.44 | 最近一年北证 50 VS 沪深 300 分析师：冯胜 执业证书编号：S0740519050004 本周北交所新股： 北交所 证券研究报告/行业定期报告 2026 年 01 月 26 日 北交所基本状况 本周暂无新股发行。按最新审核状态分类，2026 年 1 月 19 日-1 月 23 日更新信息： 17 家企业更新审核状态至已问询；4 家企业更新审核状态至上市委会议通过；3 家企 业更新审核状态至注册；1 家企业更新审核状态至上市委会议暂缓。 北交所相关新闻： 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 23 日，北证成份股 290 个，平均市值 ...

【中泰研究丨晨会聚焦】策略张文宇：宽基 ETF 资金大幅流出： 规模，节奏与影响 证券研究报告/晨会聚焦 2026 年 01 月 26 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】银行戴 志锋：详解基金 4Q25 银行持仓：板 块资金面整体稳健，主动基金比例小 幅 提 升 0.04pcts 至 2.08% 》 2026-01-26 2、《【中泰研究丨晨会聚焦】医药祝 嘉琦：政策打通手术机器人收费瓶颈， 临床应用有望加速落地》2026-01-22 3、《【中泰研究丨晨会聚焦】地产由 子沛：美国次贷危机下的房地产市场》 2026-01-20 今日预览 今日重点>> 请务必阅读正文之后的重要声明部分 【中小盘和先进产业】冯胜：刀具"供给侧改革"启动，上行周期确立 ——刀具行业深度报告 【策略】张文宇：宽基 ETF 资金大幅流出：规模，节奏与影响 研究分享>> 【非银】葛玉翔：聚力赋能精耕细作，重塑健康险新生态-——多机构 召开健康保险高质量发展工作座谈会点评 今日重点 【中小盘和先进 ...

分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 本周建筑材料赛道涨幅居前，北交所新股申购资金首次突破万亿元关口 ——北交所周报（1.19-1.23） 评级： 增持（维持） 分析师：万欣怡 执业证书编号：S0740524070005 Email：wanxy@zts.com.cn | 上市公司数 | 290 | | --- | --- | | 行业总市值(亿元) | 9,670.53 | | 行业流通市值(亿元) | 6,035.44 | 最近一年北证 50 VS 沪深 300 北交所 证券研究报告/行业定期报告 2026 年 01 月 26 日 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 23 日，北证成份股 290 个，平均市值 33.35 亿元。 本周北证 50 指数涨跌幅+2.58%，收盘 1588.66 点；同期沪深 300、创业板指、科创 50 涨跌幅分别为-0.68%、+0.36%、+3.11%。 2）赛道行情：本周 A 股涨幅前五的行业为建筑材料、钢铁、有色金属、化工、房地 产，涨幅分别为 7.50%、6.3 ...

执业证书编号：S0740524120002 复盘日本咖啡发展，现制咖啡为即饮咖啡起到带动作用 饮料乳品 执业证书编号：S0740522030001 Email：hect@zts.com.cn Email：tianhc@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 520.01 | | 流通股本(百万股) | 520.01 | | 市价(元) | 253.36 | | 市值(百万元) | 131,750.49 | | 流通市值(百万元) | 131,750.49 | 1、《从日本小瓶能量饮料看中国能量 饮料发展》2026-01-18 2026-01-14 用端优化明显》2025-10-27 东鹏饮料（605499.SH） 证券研究报告/公司研究简报 2026 年 01 月 25 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | ...

泡泡玛特本周两次回购股份、新品热度攀升，持续推荐 ——轻工制造及纺服服饰行业周报 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn | 基本状况 | | --- | 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 | 上市公司数 | 168 | | --- | --- | | 行业总市值(亿元) | 12,745.17 | | 行业流通市值(亿元) | 10,149.48 | 1、《361 度 Q4 流水稳健增长，关注 李宁边际改善》2026-01-19 2、《优衣库业绩超预期，关注核心 供应商晶苑、申洲》2026-01-12 3、《延江股份筹划资产重组，继续 推 荐 AI 眼 镜 与 个 护 品 牌 出 海 》 2026-01-05 轻工制造 证券研究报告/行业定期报告 2026 年 01 月 ...

Investment Rating - The report maintains a rating of "Accumulate" for Tianlu Technology [5] Core Views - The company is expected to see significant revenue growth driven by the upcoming TAC optical film project, which is anticipated to break the foreign monopoly in the market [7] - The company has a stable position in the main business of light guide plates, with a projected increase in net profit from 27 million yuan in 2024 to 134 million yuan in 2027 [5][7] - The report highlights the potential of the reflective polarizing enhancement film project, which aims to meet domestic demand and reduce reliance on imports [7] Financial Summary - The total share capital is 110.32 million shares, with a market price of 38.34 yuan, resulting in a market capitalization of approximately 4,229.61 million yuan [5] - Revenue projections show a growth from 596 million yuan in 2023 to 1,343 million yuan in 2027, with a compound annual growth rate (CAGR) of 54% from 2025 to 2027 [5][8] - The net profit is expected to grow from 9 million yuan in 2023 to 134 million yuan in 2027, reflecting a significant increase in profitability [5][8]