Investment Rating - The report assigns a "Buy" rating for Longxin General (隆鑫通用) for the first time [2]. Core Insights - Longxin General has a strong focus on motorcycles and general machinery, with recent asset restructuring and the elimination of impairment drag, positioning the company for growth in its core business [5][6]. - The company is expected to benefit from the increasing demand for high-displacement motorcycles domestically and is expanding its global footprint, particularly in Europe and Latin America [7][8]. - The financial forecast indicates significant growth in revenue and net profit over the next few years, with a projected net profit of 2.79 billion yuan by 2027, reflecting a strong upward trend in valuation [9]. Company Overview - Longxin General has been deeply involved in the motorcycle and general machinery sectors since its establishment in 1993, with a focus on expanding its core business [13]. - The company has undergone several strategic shifts, now concentrating on "motorcycles + general machinery" while divesting non-core businesses [24]. - The recent asset restructuring has strengthened resource synergies with Zongshen, enhancing operational efficiency [22]. Financial Analysis - The company has shown robust revenue growth, with a projected increase from 13.066 billion yuan in 2023 to 27.632 billion yuan by 2027, representing a compound annual growth rate (CAGR) of 14% [2]. - The net profit is expected to rise from 583 million yuan in 2023 to 2.787 billion yuan in 2027, with a significant year-on-year growth rate of 92% in 2024 [2][9]. - The motorcycle segment is the primary revenue driver, accounting for approximately 60% of total revenue, with a notable increase in the share of high-value products [37]. Motorcycle Industry Insights - The domestic market for motorcycles is experiencing a shift, with a decline in total sales but an increase in the high-displacement segment, which is expected to grow due to changing consumer preferences [43]. - The company is well-positioned in the high-displacement motorcycle market, with a significant increase in sales volume and market share [45]. - Export markets, particularly in Europe and Latin America, are anticipated to contribute significantly to revenue growth, with the company expanding its presence in these regions [8][9].

Investment Rating - The report maintains a rating of "Accumulate" for Nanjing Bank [2] Core Views - Nanjing Bank achieved a revenue of 55.32 billion yuan in 2025, representing a year-on-year growth of 10.5% [3] - The net profit attributable to shareholders reached 21.81 billion yuan, with a year-on-year increase of 8.1% [3] - The bank's asset quality remains excellent, with a non-performing loan ratio of 0.83% and a provision coverage ratio of 313.31% [6] Financial Performance Summary - Revenue and profit growth: - 2023A revenue: 45.006 billion yuan, 2024A: 50.069 billion yuan, 2025E: 55.322 billion yuan, 2026E: 60.654 billion yuan, 2027E: 65.901 billion yuan [2] - Net profit: 2023A: 18.502 billion yuan, 2024A: 20.177 billion yuan, 2025E: 21.806 billion yuan, 2026E: 23.827 billion yuan, 2027E: 26.005 billion yuan [2] - Loan and deposit growth: - Total assets reached 3.02 trillion yuan, a year-on-year increase of 16.6% [6] - Total loans amounted to 1.42 trillion yuan, growing by 13.4% [6] - Total deposits were 1.67 trillion yuan, with a year-on-year growth of 11.7% [6] - Profitability metrics: - Return on equity (ROE) for 2025E is projected at 12.74% [2] - Price-to-earnings (P/E) ratio for 2025E is estimated at 6.02 [2] - Price-to-book (P/B) ratio for 2025E is projected at 0.70 [2] Asset Quality Summary - Non-performing loan ratio remains stable at 0.83% [6] - Provision coverage ratio improved slightly to 313.31% [6] - The bank's management is noted for its excellence and the operational region is economically developed, contributing to sustained growth potential [6]

Investment Rating - The report maintains a rating of "Accumulate" for Nanjing Bank [2] Core Views - Nanjing Bank achieved a revenue of 55.32 billion yuan in 2025, representing a year-on-year growth of 10.5% [3] - The net profit attributable to shareholders reached 21.81 billion yuan, with an 8.1% year-on-year increase [3] - The bank's asset quality remains excellent, with a non-performing loan ratio of 0.83% and a provision coverage ratio of 313.31% [6] Financial Performance Summary - Revenue and profit growth: - 2023A revenue: 45.006 billion yuan, 2024A: 50.069 billion yuan, 2025E: 55.322 billion yuan, 2026E: 60.654 billion yuan, 2027E: 65.901 billion yuan [2] - Net profit: 2023A: 18.502 billion yuan, 2024A: 20.177 billion yuan, 2025E: 21.806 billion yuan, 2026E: 23.827 billion yuan, 2027E: 26.005 billion yuan [2] - Asset and liability growth: - Total assets reached 3.02 trillion yuan, a 16.6% increase year-on-year, with total loans of 1.42 trillion yuan, up 13.4% [6] - Total liabilities were 2.82 trillion yuan, growing 17.4% year-on-year, with total deposits of 1.67 trillion yuan, increasing by 11.7% [6] - Earnings per share (EPS) forecast: - 2024A: 1.79 yuan, 2025E: 1.73 yuan, 2026E: 1.89 yuan, 2027E: 2.07 yuan [2] - Price-to-earnings (P/E) ratio forecast: - 2024A: 5.84, 2025E: 6.02, 2026E: 5.50, 2027E: 5.04 [2] - Price-to-book (P/B) ratio forecast: - 2024A: 0.73, 2025E: 0.70, 2026E: 0.64, 2027E: 0.58 [2] Investment Recommendation - The report suggests that Nanjing Bank's strong performance, high growth in loans and deposits, and low non-performing loan ratio indicate a stable future with potential for high dividends, thus maintaining the "Accumulate" rating [6]

融资担保比例提高后，交易型资金如何反应？ ——资金行为研究双周报（2026/01/09-2026/1/22） 证券研究报告/策略定期报告 2026 年 01 月 23 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740522050001 Email：wangyj09@zts.com.cn 1、《A H 股市场周度观察（1 月第 2 周）》2026-01-17 2、《从春节到两会，市场轮动的节奏 将如何演绎？》2026-01-17 3、《开年市场新高后或如何演绎？》 2026-01-11 请务必阅读正文之后的重要声明部分 报告摘要 分析师：王永健 市场资金流向概览：机构流出动能阶段性收敛，市场共识重新凝聚。1 月 12 日后机构 资金流出一度加速，但于 20 日后趋于收敛；散户资金对全 A 及创业板的流入在高位 后亦于 14 日起斜率放缓。全 A 与创业板资金加速度在 13 日及 21 日前后出现剧烈波 动，显示存量博弈依然活跃。截至 1 月 22 日，三大指数散户与机构净流入率差额显 著收窄并向零轴收敛，市场进入力量均衡期。 相 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [3][8][12]. Core Views - The company is expected to achieve significant growth in 2025, with a projected net profit of 1.80 to 2.00 billion yuan, representing a year-on-year increase of 68.29% to 86.99% [5]. - The growth is attributed to three main factors: recovery in downstream demand, price increases due to rising raw material costs, and improved operational efficiency leading to lower expense ratios [5][6]. - The company is well-positioned to benefit from industry consolidation and domestic substitution trends, particularly in the context of high tungsten carbide prices [6][7]. - The introduction of AI industrial software is expected to create a second growth curve for the company, enhancing its profitability and operational efficiency [7][8]. Financial Summary - The company forecasts revenue growth from 759 million yuan in 2024 to 2.25 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 60% from 2025 to 2026 [3][10]. - The projected net profit for 2025 is estimated at 210 million yuan, with a significant increase to 552 million yuan by 2027 [3][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 44.3 in 2025 to 16.9 in 2027, indicating improving valuation metrics as earnings grow [3][10].

融资担保比例提高后，交易型资金如何反应？ ——资金行为研究双周报（2026/01/09-2026/1/22） 证券研究报告/策略定期报告 2026 年 01 月 23 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740522050001 Email：wangyj09@zts.com.cn 1、《A H 股市场周度观察（1 月第 2 周）》2026-01-17 2、《从春节到两会，市场轮动的节奏 将如何演绎？》2026-01-17 3、《开年市场新高后或如何演绎？》 2026-01-11 请务必阅读正文之后的重要声明部分 策略定期报告 报告摘要 分析师：王永健 市场资金流向概览：机构流出动能阶段性收敛，市场共识重新凝聚。1 月 12 日后机构 资金流出一度加速，但于 20 日后趋于收敛；散户资金对全 A 及创业板的流入在高位 后亦于 14 日起斜率放缓。全 A 与创业板资金加速度在 13 日及 21 日前后出现剧烈波 动，显示存量博弈依然活跃。截至 1 月 22 日，三大指数散户与机构净流入率差额显 著收窄并向零轴收敛，市场进入力 ...

【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 证券研究报告/晨会聚焦 2026 年 01 月 22 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】地产 由子沛：美国次贷危机下的房地产市 场》2026-01-20 2、《【中泰研究丨晨会聚焦】固收 吕品：商品行情"缩圈"，关注债市 长端品种走势分化》2026-01-19 3、《【中泰研究丨晨会聚焦】固收 林莎：从星辰到算力，春季躁动基础 仍在？》2026-01-18 【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 事件：近日，国家医保局正式发布《手术和治疗辅助操作类医疗服务价格项目立项指南（试行）》， 聚焦医疗技术前沿成果，围绕 3D 打印、示踪增强成像、能量器械、术中影像引导、机械臂与远程 手术等医疗科技创新成果，进行统一价格立项，规范形成 37 项价格项目、5 项加收项、1 项扩展 项。 分类规范机械臂辅助操作价格项目，聚焦临床价值进行差异化收费。立项指南聚焦手术机器人在 ...

| Email：chencheng07@zts.com.cn | | --- | | 基本状况 | | | --- | --- | | 总股本(百万股) | 21,162.86 | | 流通股本(百万股) | 21,162.86 | | 市价(元) | 19.61 | | 市值(百万元) | 415,003.59 | | 流通市值(百万元) | 415,003.59 | 股份制银行Ⅱ 详解兴业银行 2025 业绩快报： 业绩表现持续改善，存贷规模稳步增长 兴业银行（601166.SH） 证券研究报告/公司点评报告 2026 年 01 月 21 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：戴志锋 | | 营业收入（百万元） | 210,245 | | 211,818 | 212,651 | 215,121 | 218,820 | | 执业证书编 ...

Investment Rating - The industry investment rating is "Increase Holding" [2][5] Core Insights - The recent release of the "Guidelines for the Pricing of Surgical and Treatment Auxiliary Medical Services" by the National Medical Insurance Administration aims to standardize pricing for innovative medical technologies, including surgical robots, which is expected to accelerate clinical application [4] - The guidelines introduce a tiered pricing model based on the level of participation and clinical value of surgical robots, allowing for higher fees for more advanced functionalities [4] - The establishment of a new pricing project for "Remote Surgical Assistance" facilitates the practical application of remote surgery, enhancing access to quality medical resources across regions [4] - The guidelines clarify the boundaries between consumable costs and technical service fees, promoting transparency and reducing unreasonable price increases in the industry [4] - The inclusion of medical data storage and device operation records in the pricing structure is expected to support future technological iterations and application expansions [4] Summary by Sections Industry Overview - The industry comprises 133 listed companies with a total market value of 14,628.56 billion and a circulating market value of 13,032.75 billion [2] Policy Impact - The new pricing guidelines are anticipated to break the commercialization bottleneck of surgical robots, emphasizing the need for continuous innovation among companies [4] - Companies with technological accumulation and high product maturity, such as Tianzhihang-U, Jingfeng Medical-B, and others, are expected to benefit from the inclusion of robotic-assisted surgery projects in local medical insurance directories [4]

支持居民改善需求，销售环比回升 ——20260116 房地产行业周报 房地产 证券研究报告/行业定期报告 2026 年 01 月 20 日 | 评级： | 增持（维持） | 重点公司基本状况 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：由子沛 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740523020005 | | 保利发展 | 6.53 | 1.01 | 0.42 | 0.46 | 0.51 | 0.54 | 6.5 | 15.5 | 14.2 | 12.8 | 12.1 | 买入 | | Email：youzp@zts.com.cn | | 招 ...