Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company is focusing on the transformation of traditional cultural IP through immersive consumption scenarios and diversified business models to drive revenue growth, despite facing losses in net profit due to rigid labor and operational costs in 2025 [4] - The company has established strategic partnerships with leading technology firms to enhance its AI and 3D strategy, aiming to integrate culture, technology, and consumption [5] - The company is expected to enter a new phase in 2026, leveraging technological advancements to create digital experience spaces and interactive IP-themed experiences, thus upgrading the industry from traditional displays to immersive and intelligent experiences [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 15.25 billion, 18.14 billion, and 21.60 billion yuan respectively, with corresponding EPS of -0.04, 0.27, and 0.36 yuan [7] - The company is projected to achieve a net profit of -0.26 billion, 1.63 billion, and 2.13 billion yuan for the years 2025, 2026, and 2027, indicating a significant recovery and growth trajectory [10] - The current stock price corresponds to a PE ratio of -208.8 for 2025, 33.4 for 2026, and 25.6 for 2027, reflecting the company's position as a leading player in the digital entrepreneurship sector [7][10]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company is focusing on the transformation of traditional cultural IP through immersive consumption scenarios and diversified business models to drive revenue growth, despite facing operating losses in 2025 due to rigid labor and operational costs [4] - The company has established strategic partnerships with leading tech firms to enhance its AI and 3D strategy, aiming to integrate culture, technology, and consumption [5] - The company is expected to enter a new phase in 2026, leveraging technological advancements to create digital experience spaces and interactive IP-themed experiences, thus upgrading the industry from traditional displays to immersive and intelligent experiences [6] Financial Forecast - The company is projected to achieve revenues of 1.525 billion, 1.814 billion, and 2.160 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of -0.26 billion, 1.63 billion, and 2.13 billion yuan [7][10] - The earnings per share (EPS) are forecasted to be -0.04, 0.27, and 0.36 yuan for the years 2025, 2026, and 2027 respectively, indicating a recovery in profitability [7][10] - The current stock price corresponds to a price-to-earnings (P/E) ratio of -208.8 for 2025, 33.4 for 2026, and 25.6 for 2027, reflecting the company's position as a leader in the digital entrepreneurship sector [7][10]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - In 2025, the year - on - year growth rate of the cumulative revenue of national industrial enterprises above designated size was 1.1% (2.1% in 2024), and the year - on - year growth rate of the total annual profit was 0.6% (-3.3% in 2024). Price improvement was the dominant factor, while the growth rate of industrial added value and operating profit margin remained basically stable. In December 2025, the profit growth rate turned positive, rising from -13% to 5.3%, driven by both volume and price increases [2]. - The stabilization of prices was the core of the annual profit growth. The growth rate of industrial added value of enterprises above designated size remained basically stable compared with 2024, and the policy of "anti - involution" led to an upward trend in PPIRM and PPI year - on - year growth rates since the second half of 2025, with CPI returning to the level of early 2023 by the end of the year. The operating profit margin of industrial enterprises above designated size in 2025 was 5.31% (5.39% at the end of 2024) [3]. - The proportion of mid - stream profits continued to increase, and the equipment manufacturing industry was the core engine. The profit structure of industrial enterprises was further optimized, with the profit share of upstream, mid - stream, and downstream industries being 16:48:36 in 2025 (21:44:36 in 2024). The equipment manufacturing industry's profit increased by 7.7% in 2025, driving the growth of all industrial enterprises' profits by 2.8 percentage points [4]. - The willingness of enterprises to expand their operations was weak. The year - on - year growth rate of finished product inventory of industrial enterprises above designated size in 2025 was 3.9%, 0.6 percentage points higher than in 2024. At the end of December, the asset - liability ratio of industrial enterprises was 57.6%, a slight increase of 0.1 percentage points year - on - year, and the liability growth rate was 4.2%, a decrease of 0.6 percentage points year - on - year. Inventory turned to passive destocking at the end of the year [7]. - Overall, the continuous recovery of industrial enterprises' profits in 2025 was the result of the effectiveness of "anti - involution" and industry policies, price stabilization, and industrial upgrading. High - tech manufacturing provided the core growth impetus. The market's core driver may gradually shift from "risk preference repair" and "policy expectation" to "profit verification" and "industry trend" [8]. Group 3: Summary by Related Catalogs Price Stabilization as the Core of Annual Profit Growth - Volume: The year - on - year growth rate of industrial added value of enterprises above designated size was 5.9% in 2025, basically the same as in 2024, indicating stable expansion of industrial production [3]. - Price: The policy of "anti - involution" led to an upward trend in PPIRM and PPI year - on - year growth rates since the second half of 2025, and CPI had recovered to the level of early 2023 by the end of the year [3]. - Profit Margin: The operating profit margin of industrial enterprises above designated size in 2025 was 5.31%, compared with 5.39% at the end of 2024 [3]. Mid - stream Profit Proportion Continued to Increase, with Equipment Manufacturing as the Core Engine - Industry Profit Structure: The profit share of upstream, mid - stream, and downstream industries was 16:48:36 in 2025 (21:44:36 in 2024), showing an optimization of the profit structure of industrial enterprises [4]. - Equipment Manufacturing Industry: In 2025, the profit of the equipment manufacturing industry increased by 7.7% compared with the previous year, driving the growth of all industrial enterprises' profits by 2.8 percentage points. Seven out of the eight major industries in the equipment manufacturing industry saw profit growth, with double - digit growth in the railway, ship, aerospace, and electronics industries [4]. - Upstream Raw Material Industry: Supported by the "anti - involution" policy and the recovery of some commodity prices, the profit decline of industries such as coal mining and non - ferrous metal smelting continued to narrow or the growth rate turned positive [4][6]. - Consumer Goods Manufacturing Industry: Affected by the relatively slow recovery of terminal demand, the year - on - year profit growth rates of consumer goods industries such as food manufacturing and textiles were still negative or at a low level, showing obvious structural weakness [6]. Weak Willingness of Enterprises to Expand Operations - Inventory: The year - on - year growth rate of finished product inventory of industrial enterprises above designated size in 2025 was 3.9%, 0.6 percentage points higher than in 2024. At the end of the year, inventory turned to passive destocking under the background of profit improvement and rising upstream raw material prices [7]. - Asset - Liability Ratio and Liability Growth Rate: At the end of December, the asset - liability ratio of industrial enterprises was 57.6%, a slight increase of 0.1 percentage points year - on - year, and the liability growth rate was 4.2%, a decrease of 0.6 percentage points year - on - year [7]. Asset Allocation Viewpoint - The continuous recovery of industrial enterprises' profits in 2025 was the result of the effectiveness of "anti - involution" and industry policies, price stabilization, and industrial upgrading. High - tech manufacturing provided the core growth impetus. The market's core driver may gradually shift from "risk preference repair" and "policy expectation" to "profit verification" and "industry trend" [8].

2026 年 01 月 27 日 Cowork 获得永久记忆，AI 协作迎来范式革新 推荐(维持) 投资要点 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 11.5 | 4.9 | 33.2 | | 沪深 300 | 1.0 | -0.2 | 23.3 | 市场表现 ▌AI 应用：Gemini 周访问量环比+3.43%，Cowork 获 得永久记忆 -20 -10 0 10 20 30 40 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《计算机行业周报：DeepSeek 开 源含 Engram 模块，千问助理重塑人 机交互》2026-01-19 2 、 《 计 算 机 行 业 周 报 ： 英 伟 达 Rubin 架构重塑算力未来，MiroMind 发布 MiroThinker1.5》2026-01-13 3 、 《 计 算 机 行 业 周 报 ： 小 红 书 Video-Thinker 打 破 工 具 依 赖 ...

2026 年 01 月 27 日 铜铝下游开工率有所回升，高价接受度提升 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 有色金属(申万) 24.5 37.5 131.2 沪深 300 1.1 -0.2 23.3 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 (%) 有色金属 沪深300 相关研究 1、《有色金属行业周报：1 月美联 储进一步降息的概率较高，黄金上 行动力较足》2026-01-20 2、《有色金属行业周报：美国非农 就业人数不及预期，贵金属进一步 上行》2026-01-13 3、《有色金属行业周报：LME 铜库 存注销，推动铜价走高》2025-12- 09 ▌贵金属：PCE 数据温和叠加年内仍将降息，支撑贵 金属价格 价格方面，周内伦敦黄金价格为 4946.25 美元/盎司，环比 1 月 16 日+335.20 ...

2026 年 01 月 28 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：55 分（中性） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 | 1、《双融日报》2026-01-27 | | --- | | 2、《双融日报》2026-01-26 | | 3、《双融日报》2026-01-23 | ▌ 华鑫市场情绪温度指标：（中性） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 55 分，市场情绪处于"中性"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：化工、银行、消费 1、化工主题："十五五"规划强调扩大内需，叠加美国降息 周期，化工品需求预期提升。行业供需双底基本确立，政策 助力产能出清，且资本开支连续两年负增长，供给端持续收 缩。市场普遍预计，2026 年化工行业将迎来周期拐点，有望 实现从估值修复到业绩增长的"戴维斯双击"，开启新一轮 上 升 周 期 。 相 关 标 的 ： 卫 星 化 学 （ 002648 ） 、 云 ...

Investment Rating - The report maintains a "Buy" investment rating for Zhuhai Guanyu (688772.SH) [1] Core Insights - The company is experiencing significant growth in its 3C battery business, with a successful expansion into steel shell batteries, which enhances energy density and space utilization [3][4] - The introduction of low-voltage lithium batteries is progressing smoothly, with substantial orders from leading electric vehicle manufacturers, indicating a strong market position [4] - The company's third-quarter performance is impressive, with a revenue of 4.22 billion yuan, a year-on-year increase of 33.2%, and a net profit of 270 million yuan, reflecting a 62.5% year-on-year growth [5] Summary by Sections Market Performance - The stock has shown a significant performance trend compared to the CSI 300 index, indicating a positive market reception [2] Business Growth - The 3C battery segment is benefiting from national subsidy policies, leading to increased shipments and collaborations with major clients like Apple, Xiaomi, and Huawei [3] - The company has invested 2 billion yuan to expand its steel shell battery production line, expected to be completed by Q3 2026, which will likely drive future sales growth [3] Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 10.32 billion yuan, a 21.2% increase year-on-year, and a net profit of 387 million yuan, up 44.4% year-on-year [5] - The forecast for revenue from 2025 to 2027 is projected to grow from 14.37 billion yuan to 22.73 billion yuan, with corresponding EPS increasing from 0.55 yuan to 1.76 yuan [6][9]

Investment Rating - The report maintains a "Buy" investment rating for Zhuhai Guanyu (688772.SH) [2][6] Core Insights - The company is experiencing significant growth in its 3C battery business, with a strong partnership with major clients like Apple, Xiaomi, and Huawei, and has begun mass production of steel-shell batteries, which are expected to increase shipment volumes in 2026 [3][5] - The introduction of low-voltage lithium batteries is progressing smoothly, with over 700,000 units shipped in the first half of 2025, and the development of sodium-ion batteries for low-temperature scenarios is enhancing the company's competitive edge [4] - The company's Q3 2025 performance showed impressive results, with revenue reaching 4.22 billion yuan, a year-on-year increase of 33.2%, and a net profit of 270 million yuan, up 62.5% year-on-year [5] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 143.7 billion yuan, 183.7 billion yuan, and 227.3 billion yuan respectively, with corresponding EPS of 0.55 yuan, 1.31 yuan, and 1.76 yuan, indicating a strong growth trajectory [6][10]

2026 年 01 月 27 日 研 公募新规下的 ETF 组合投资元年 究 报 —2026 年量化和基金研究年度策略 1、《寻找港股新路标》2025-10-23 2、《寻找港股新路标——港股四季 度策略展望》2025-10-09 3、《掘金龙虎榜：活跃资金如何指 导小微盘投资》2025-07-16 | 分析师：吕思江 | S1050522030001 | | --- | --- | | lvsj@cfsc.com.cn | | | 分析师：马晨 | S1050522050001 | | machen@cfsc.com.cn | | | 分析师：武文静 | S1050525120002 | | wuwj1@cfsc.com.cn | | | 分析师：刘新源 | S1050525120004 | | liuxy@cfsc.com.cn | | ▌投资要点 2026 年度策略报告上篇中，我们详细介绍了"系统化宏观策 略"框架。这个框架从宏观+微观的角度，解决了策略研究的 四大要素：大势研判、风格选择、行业比较和基于技术面买 卖点的风险控制，其实质是一个针对 Beta 的多维度选择体 系。 在有了策略研究支持后，仍 ...

Report Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints The equity bull market expectation combined with the rigid demand for convertible bonds has led to persistently high valuations in the convertible bond market. Attention should be paid to the risks of forced redemptions and the double - kill of the underlying stocks and valuations during the earnings disclosure period. [4] Summary by Directory 1. Market Performance - Last week, the median convertible bond price continued to rise to 142 yuan. The average daily trading volume of the entire convertible bond market was 78.6 billion yuan, a 15% decrease from the previous week. The 100 - yuan premium rate continued to rise to 35% at its historical high level. The implied volatility fluctuated around the historical extreme of 45%, and the implied volatility spread dropped from around 13% to around 11%. The trading sentiment of convertible bonds cooled marginally, the trading popularity of low - rated convertible bonds was adjusted, but the turnover rate of small - balance convertible bonds remained high. [1] - Among sub - new bonds, the median price of the underlying stocks rose 2.9%, the median price of convertible bonds rose 3.9%, and the conversion premium rate increased by 2.6%. High - parity convertible bonds rose 2.4%, outperforming the underlying stocks by 0.8%. [1] - In a high - level environment, each industry is mainly composed of equity - like convertible bonds and double - high convertible bonds. Industries with more than 50% of double - high convertible bonds include agriculture, forestry, animal husbandry, and fishery, automotive, computer, and pharmaceutical and biological sectors, with relatively high deviations in convertible bond valuations; industries with more than 50% of equity - like convertible bonds include non - ferrous metals, non - bank finance, military, and machinery and equipment, with high elasticity and strong offensive capabilities. [2] 2. Capital Sentiment - Comparing the share fluctuations of various broad - based indices, bond - type, and major commodity (gold) ETFs, last week, the main ETFs represented by the SSE 50 and CSI 1000 had capital outflows, while the CSI 2000 had an inflow of 25% and the gold ETF's share increased by 12%. [3] - The convertible bond ETF has been sought after by funds recently, with its fund shares increasing significantly for three consecutive weeks, and last week, the shares continued to grow by 6%. The share of interest - rate bonds continued to shrink significantly. [3] 3. Investment Strategy - When selecting bonds, emphasis should be placed on the performance support of the underlying stocks. For the latest earnings forecasts, pay attention to Bojun Convertible Bond and Guoli Convertible Bond. [4] - For new bonds, it is recommended to focus on: Weidao Convertible Bond and Yongxi Convertible Bond in the field of domestic substitution of semiconductors; Ruike Convertible Bond in the field of AI server connectors; Jin 05 Convertible Bond for power grid equipment; Yingliu Convertible Bond for gas turbines; Bo 25 Convertible Bond for automotive parts' wire - controlled braking suppliers; and Jin 25 Convertible Bond. [4]