Core Insights - The report indicates a neutral market sentiment with a score of 52, suggesting a balanced outlook for investors [2][10] - Key themes identified include chemicals, banking, and consumer sectors, each expected to perform well due to specific macroeconomic factors and policy support [6][10] Group 1: Chemicals Sector - The "14th Five-Year Plan" emphasizes expanding domestic demand, coupled with the US interest rate cut cycle, which is expected to boost demand for chemical products [6] - The industry is anticipated to reach a cyclical turning point in 2026, with expectations for valuation recovery and performance growth, termed as a "Davis Double Play" [6] - Relevant stocks in this sector include Satellite Chemical (002648) and Yuntianhua (600096) [6] Group 2: Banking Sector - Banking stocks are characterized by high dividend yields, with the CSI Bank Index yielding 6.02%, significantly higher than the 10-year government bond yield [6] - In a slowing economy with increased market volatility, banking stocks are seen as stable investment options for long-term funds such as insurance and social security [6] - Key banking stocks mentioned include Agricultural Bank of China (601288) and Ningbo Bank (002142) [6] Group 3: Consumer Sector - The macro policy for 2026 focuses on expanding domestic demand and promoting consumption, leading to positive market expectations [6] - The consumer market is undergoing significant changes, showcasing three new trends: "emotional value" in luxury goods, "extreme quality-price ratio" in discount retail, and "efficiency innovation" in AI e-commerce [6] - Notable consumer stocks include Yonghui Superstores (601933) and Wangfujing (600859) [6]

3 2026 年 01 月 26 日 Intel 与 AMD 服务器 CPU 将涨价，国产 CPU 抵抗 AMD Zen 高危漏洞 —半导体行业周报 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 电子(申万) | 12.4 | 11.3 | 63.2 | | 沪深 300 | 1.3 | 0.9 | 22.7 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 (%) 电子 沪深300 相关研究 1、《电子行业周报：Meta 成立新部 门专攻 AI 基础设施建设，Cerebras 斩获 OpenAI 合作大单》2026-01-20 2、《电子行业周报：英伟达已投产 VeraRubin，xAI 加码算力基建》 2026-01-15 3、《半导体行业周报：中芯国际拟 花 406 亿元收购中芯北方，台积电 开始量产 2nm 芯片》2025-12-31 ▌产能接近售罄，Intel 与 AMD 服务器 CPU 将涨价 ...

Group 1 - The report indicates that the overall risk of ETF outflows is controllable, and A-shares are expected to continue a trend of oscillating upward, with a focus on technology themes and cyclical recovery [6][10][37] - The report highlights that the macroeconomic outlook for 2026 sets a GDP growth target of 4.5-5%, emphasizing the importance of policy combinations to support economic performance [5][32] - The report notes that the A-share market has experienced significant net outflows from ETFs, with a total of approximately 3961.85 billion yuan in outflows, indicating a shift in investment strategies [6][37] Group 2 - The report identifies key sectors for investment, including technology themes such as commercial aerospace, AI applications, and cyclical recovery sectors like non-ferrous metals and chemicals [39][41] - The report discusses the performance of various indices, noting that mid-cap and small-cap stocks have outperformed large-cap stocks, with specific indices showing significant gains [41][42] - The report mentions that the valuation levels of several industries, including electronics and communications, are approaching historical highs, indicating potential caution for investors [45][46]

Investment Rating - The report assigns an "Accumulate" investment rating for the company [9] Core Insights - The company is expanding its carbon fiber business applications and plans to establish an industrial fund to invest in hard technology sectors such as AI [3][8] - The company has seen a performance turnaround, with revenue growth from CNY 999.5 million in 2021 to an expected CNY 1,223 million in 2024, reflecting a CAGR of 7.10% [3][9] - The company is focusing on lightweight new materials, functional new materials, and environmentally friendly materials, with applications in consumer electronics, new energy vehicles, and medical fields [3][4] Summary by Relevant Sections Business Expansion - The company is establishing a venture capital fund with a total amount not exceeding CNY 1.5001 billion, focusing on hard technology and breakthrough core technologies [3][8] - The carbon fiber materials are being applied in various fields, including consumer electronics and robotics, with a notable partnership with Delos for humanoid robot materials [4][7] Financial Performance - Revenue is projected to grow significantly, with estimates of CNY 1,563 million in 2025 and CNY 2,171 million in 2026, indicating a growth rate of 27.8% and 38.9% respectively [11] - The net profit is expected to recover from CNY 20 million in 2024 to CNY 70 million in 2026, with a significant increase of 201.0% [11][9] Market Position - The company has established a strong customer base in the consumer electronics sector, including major clients like Lenovo and Luxshare Precision [3] - The carbon fiber products have achieved mass production and are gaining market share, particularly in the foldable smartphone and robotics sectors [7][4]

证 券 研 究 报 告 行业周报 人形机器人+航空航天双轮驱动，旋转变压器迎广阔新兴市场 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年01月26日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌人形机器人+航空航天双轮驱动，旋转变压器迎来广阔新兴市场 依托极强的抗冲击抗振特性，旋转变压器有望适配人形机器人关节。旋变采用无接触式电磁感应原理，无 磨损部件仅轴承存在微量损耗，实现近乎无限的使用寿命，无需频繁维护更换，完美契合人形机器人对关 节部件高可靠性、长耐久性、抗复杂工况的严苛要求。人形机器人旋变市场规模有望远超传统旋变市场空 间。我们认为出于人形机器人的抗冲击性要求和寿命要求，人形机器人将会应用旋转变压器用来替代编码 器。我们预测到2030年人形机器人旋变市场规模有望达到61.5亿元，到2035年有望达到471.0亿元市场 规模，2026-2035年CAGR为85.9%。 卫星发射数量快速上升，带动航天领域旋变市场放量。从发射计划数据看，SpaceX将在2033年完成4.2万 颗发射，国网星座将在2035年前发射1.3万颗，千帆星座将在2030年 ...

3 2026 年 01 月 26 日 Intel 与 AMD 服务器 CPU 将涨价，国产 CPU 抵抗 AMD Zen 高危漏洞 —半导体行业周报 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 电子(申万) | 12.4 | 11.3 | 63.2 | | 沪深 300 | 1.3 | 0.9 | 22.7 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 (%) 电子 沪深300 相关研究 1、《电子行业周报：Meta 成立新部 门专攻 AI 基础设施建设，Cerebras 斩获 OpenAI 合作大单》2026-01-20 2、《电子行业周报：英伟达已投产 VeraRubin，xAI 加码算力基建》 2026-01-15 3、《半导体行业周报：中芯国际拟 花 406 亿元收购中芯北方，台积电 开始量产 2nm 芯片》2025-12-31 ▌产能接近售罄，Intel 与 AMD 服务器 CPU 将涨价 ...

3 2026 年 01 月 26 日 长电科技完成硅光引擎交付，英特尔首秀 EMIB 玻璃基板 推荐(维持) 投资要点 3、《半导体行业周报：中芯国际拟 花406亿元收购中芯北方，台积电开 始量产 2nm 芯片》2025-12-31 ▌长电科技完成硅光引擎产品客户交付，样品成 功"点亮" 长电科技今日宣布在 CPO 产品技术领域取得重要进展：其向 客户交付的 XDFOI 工艺硅光引擎产品样品近期在客户端成功 "点亮"，顺利通过测试。XDFOI 是长电科技独有的一种面 向 Chiplet 架构的极高密度多扇出型封装异构集成解决方 案，涵盖 2D、2.5D、3D 集成技术。此次成功出样的硅光引 擎通过在封装体内实现光电器件与逻辑芯片的高密度集成， 在封装层面有效优化了能效与带宽表现，为降低系统互连损 耗和提升整体可扩展性提供了支持。 ▌英特尔首秀 EMIB 玻璃基板，78mm 超大封装 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 电子(申万) | 12.4 | 1 ...

证 券 研 究 报 告 行业周报 人形机器人+航空航天双轮驱动，旋转变压器迎广阔新兴市场 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年01月26日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌人形机器人+航空航天双轮驱动，旋转变压器迎来广阔新兴市场 依托极强的抗冲击抗振特性，旋转变压器有望适配人形机器人关节。旋变采用无接触式电磁感应原理，无 磨损部件仅轴承存在微量损耗，实现近乎无限的使用寿命，无需频繁维护更换，完美契合人形机器人对关 节部件高可靠性、长耐久性、抗复杂工况的严苛要求。人形机器人旋变市场规模有望远超传统旋变市场空 间。我们认为出于人形机器人的抗冲击性要求和寿命要求，人形机器人将会应用旋转变压器用来替代编码 器。我们预测到2030年人形机器人旋变市场规模有望达到61.5亿元，到2035年有望达到471.0亿元市场 规模，2026-2035年CAGR为85.9%。 卫星发射数量快速上升，带动航天领域旋变市场放量。从发射计划数据看，SpaceX将在2033年完成4.2万 颗发射，国网星座将在2035年前发射1.3万颗，千帆星座将在2030年 ...

证 券 研 究 报 告 行业周报 重视供给端的变量 医药行业周报 投资评级： 报告日期： 推荐 （ 维持 ） 2026年01月26日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1.重视供给端的变量，关注原料药开工率 根据亚太易和监测的高频兽药原料药报价数据，2026第3周阿莫西林市场价格166元，环比涨幅0.5%，阿莫西林钠和青霉素 钾工业盐价格环比持平。受国内需求不足和潜在产能进入的压力，以6-APA代表的青霉素产业链自2025年Q1开始快速下跌， 目前价格已处于近5年（2019-2026）以来的低位。低价竞争挤压了产业的利润空间，2025Q3单季度川宁生物和国药现代 其扣非净利润分别同比下降51.01%和58.01%，但低价也有效的制约了新产能的释放和新的潜在进入者。除了青霉素产业 链之外，氟苯尼考等兽药价格也处于近年来的最低位，市场价格在170元，2023~2025年1月份，氟苯尼考价格为450元、 217元和193元。展望2026年，来自医用和兽用抗生素需求将基本稳定，供给端出于竞争格局和竞争关系的转变， ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of January 26, 2026 [1] Core Insights - The report emphasizes the importance of supply-side variables, particularly the operating rates of raw material drugs, and highlights the potential for price recovery in the antibiotic market due to changes in competition and supply dynamics [2] - Multi-departmental policy support is enhancing the value positioning of pharmacies, transforming them from mere sales points to comprehensive health service platforms [3] - The trend of Chinese innovative drugs going global is gaining momentum, with significant licensing deals and the need for continuous clinical data validation to support long-term investment confidence [4] - Major companies are increasingly investing in the small nucleic acid field, which is expected to accelerate the development of the supporting industrial chain [5] - A new pricing system for GLP-1 drugs is forming in China, with expectations for market growth driven by a large patient population [6] - The report highlights the market value of oral autoimmune drugs, with promising clinical trial results for new treatments [7] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.23 percentage points in the last week, ranking 27th among 31 sectors [20] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector index increased by 4.98% over the past month, outperforming the CSI 300 index by 3.21 percentage points [37] - The current PE (TTM) for the pharmaceutical sector is 38.51, above the five-year historical average of 31.06 [43] 3. Recent Research Achievements - The report includes various deep-dive studies on topics such as the growth of the blood products industry and the impact of policies on inhalation formulations [45] 4. Recent Industry Policies and News - Recent policies include the approval of numerous medical device registrations and the promotion of high-quality development in the pharmaceutical retail sector [46][48]