2026 年 01 月 27 日 公司研究 评级：买入(维持) [Table_Title] 计提减值退出数禾，不改主业发展韧性 ——分众传媒（002027）公司动态事件点评 最近一年走势 事件: 1 月 23 日，公司公告针对上海数禾计提长期股权投资减值 21.53 亿元， 于 2025 年第四季度按权益法计提数禾的亏损 3.76 亿元，导致公司 2025 年净利润减少 25.29 亿元，2026Q1 归母净利润增加 5.65 亿元，公司同 时减资全面退出上海数禾。 投资要点: 公司维持高分红，新潮收购即将完成。 此次减值为非经常性损益，与公司主业无关。公司此前承诺年分红 金额不低于扣非净利润 80%，据此假设下年股息率 4.2%（依据 2026 年 1 月 23 日股价）。此外，1 月 13 日公司公告收购新潮传媒获深 交所受理，收购完成后双方在大小客户资源互补、高低线媒资覆盖、 表现 1M 3M 12M 分众传媒 3.3% -0.1% 20.4% 沪深 300 1.1% 1.0% 22.8% 市场数据 2026/01/26 当前价格（元） 7.42 52 周价格区间（元） 6.21-8.76 总市值（百万 ...

2026 年 01 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn 联系人 ： 谢婧茹 S0350125070015 xiejr01@ghzq.com.cn [Table_Title] 市场回暖与 AI 赋能双重驱动，金融信息服务价 值持续释放 ——同花顺（300033）公司动态研究 最近一年走势 | 相对沪深 | 300 表现 | | 2026/01/26 | | --- | --- | --- | --- | | 表现 | | 1M | 3M 12M | | 同花顺 | | 8.9% | -1.9% 18.4% | | 沪深 300 | | 1.1% | 1.0% 22.8% | | 市场数据 | 2026/01/26 | | --- | --- | | 当前价格（元） | 355.03 | | 周价格区间（元） 52 | 232.00-435.00 | | 总市值（百万） | 190,864.13 | | 流通市值（百万） | 111,177.84 | | 总股本（万股） | 53,760.00 | | 流通股 ...

2026 年 01 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 徐凝碧 S0350524110001 xunb@ghzq.com.cn [Table_Title] 2025Q4 营收利润加速增长，预计净息差趋势继 续向好 《招商银行（600036）2025 年三季报点评：Q3 营收同比增速转正，资产质量稳中向好（买入）* 股份制银行Ⅱ*林加力，徐凝碧》——2025-10-30 《招商银行（600036）2025 年中报点评：净利润 增速转正，资产质量稳中向好（买入）*股份制银 行Ⅱ*林加力，徐凝碧》——2025-09-02 《招商银行（600036）2024 年年报点评：资产规 模、客户存款和零售客户 AUM 增速突破两位数（买 ——招商银行（600036）2025 年业绩快报点评 最近一年走势 | 相对沪深 | 300 | 表现 | 2026/01/26 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 招商银行 | ...

Group 1: Company Overview - The company, SmartSens, is expected to achieve a revenue of 8.8 to 9.2 billion yuan in 2025, representing a year-on-year increase of 47% to 54% [3] - The projected net profit for 2025 is estimated to be between 976 million to 1.031 billion yuan, indicating a significant year-on-year growth of 149% to 162% [3] - The company anticipates a net profit margin of 11.15% for 2025, which is an increase of 4.57 percentage points compared to the previous year, reflecting improved profitability and operational efficiency [4] Group 2: Product Segments - In the smartphone sector, the company has deepened collaborations with multiple clients, leading to a substantial increase in the shipment of high-end products, including 50 million pixel cameras [5] - In the automotive electronics sector, the company has seen a significant rise in the shipment of products used for intelligent driving assistance, contributing to revenue growth [5] - The smart security segment has also experienced growth, with the company increasing its market share in high-end security and smart home applications [5] Group 3: Market Trends and Opportunities - The Chinese government has announced subsidies for consumers purchasing digital and smart products, which is expected to boost sales in the consumer electronics sector [6] - Recent policy changes in Canada and Germany are expected to facilitate the export of Chinese electric vehicles, creating new competitive dynamics in the automotive market [6] - The penetration rate of passenger cars equipped with advanced driving assistance systems (L2 level) in China has reached 64%, indicating a growing market for intelligent driving technologies [6] Group 4: Financial Projections - Revenue projections for SmartSens from 2025 to 2027 are estimated at 90.5 billion, 122.45 billion, and 152.43 billion yuan, with year-on-year growth rates of 52%, 35%, and 24% respectively [8] - The projected net profits for the same period are 10.03 billion, 15.17 billion, and 19.83 billion yuan, with year-on-year growth rates of 155%, 51%, and 31% respectively [8] - The company maintains a "buy" rating with corresponding price-to-earnings ratios of 41, 27, and 21 for the years 2025, 2026, and 2027 [8]

1. Report Industry Investment Rating No information provided in the document. 2. Core View of the Report - From January 20th to January 26th, the bond market seller sentiment index declined, while the buyer sentiment index started to rise from negative to 0. The bond market allocation force steadily entered the market, and the suppression of the equity market slowed down, driving the long - term bonds to have a repair market. However, the expected time for reserve requirement ratio cuts and interest rate cuts is still far off, and the market has a strong expectation of range - bound fluctuations in the market. The seller sentiment cooled slightly, and the market's judgment on the subsequent space remains cautious [5]. 3. Summary According to the Directory 3.1 Seller Market Sentiment 3.1.1 Seller Market Interest Rate Bond Sentiment Index - From January 20th to January 26th, the unweighted tracking index was 0.07, a decrease of 0.07 compared with January 13th - January 19th. Some institutional market views turned neutral. Currently, institutions generally hold a neutral - to - bullish view, with 5 bullish, 22 neutral, and 3 bearish. 17% of institutions are bullish, believing that the warming of easing expectations and the decline in capital interest rates establish a favorable environment, combined with fundamental support and reverse layout opportunities. The bond market has a ceiling but also room below, showing a short - term bearish and long - term bullish pattern. 73% of institutions are neutral, thinking that the recovery of the fundamentals and supply pressure pose a suppression, but the allocation force and loose capital supply provide support, and the regulatory desirable range restricts the downward space. The bond market may maintain range - bound fluctuations. 10% of institutions are bearish, expecting that the lack of confidence during the "15th Five - Year Plan" period is expected to reverse, the long - term low - interest - rate expectation faces correction, and in the short term, under the suppression of supply shocks and the recovery of risk appetite, the bond market still has downward pressure [13]. 3.1.2 Buyer Market Interest Rate Bond Sentiment Index - From January 20th to January 26th, the unweighted tracking sentiment index was 0.00, an increase of 0.15 compared with January 13th - January 19th. The sentiment index started to rise from negative to 0. Currently, institutions generally hold a neutral view, with 5 bullish, 16 neutral, and 5 bearish. 19% of institutions are bullish, believing that the expected cooling of the stock market and hedging demand form a bullish support. The long - term decline of the population and real estate cycles establishes a low - interest - rate environment, combined with the warming of expectations for reserve requirement ratio cuts and interest rate cuts and the alleviation of previous suppression factors, the bond market sentiment is significantly bullish. 62% of institutions are neutral, stating that although the expectation of MLF interest rate cuts and moderately loose monetary policy provide some support, under the money - attracting effect of the stock market and the constraints of the central bank's desirable range, the bond market may maintain a volatile pattern. 19% of institutions are bearish, believing that the long - term fundamentals weaken under the expectation of stable inflation and economic improvement, combined with the supply pressure of ultra - long - term bonds and credit risk disturbances. Without new bullish factors, it is difficult to break through the central bank's range downward [14].

Core Insights - The report addresses three main issues: recent bond market review, changes in institutional behavior, and future outlook for the bond market [2] - The bond market is undergoing a transformation characterized by a dual behavior of institutions [3] Group 1: Institutional Behavior Changes - The supply side pressure is evident with local government bond issuance expected to reach 1.94 trillion yuan in Q1 2026, with high issuance volumes in January and March [5] - The demand side shows a deterioration in traditional allocation demand, with major banks and insurance companies showing decreased willingness to absorb long-term bonds [5] - The trading side indicates a shift where rural commercial banks are retreating while brokerages are becoming more active, particularly in trading 10Y and 30Y bonds [16][17] Group 2: Supply and Demand Dynamics - The issuance plan for government bonds in Q1 2026 is heavily concentrated in February and March, with various maturities being offered [6] - The report highlights that large banks are focusing on realizing profits from older bonds, while insurance institutions are primarily buying local bonds instead of national bonds [7] - The trading volume remains low, and the volatility is expected to decrease further as banks increase their trading in 10Y bonds [23] Group 3: Future Market Outlook - The report suggests that the bond market may experience further adjustments, with brokerages likely to increase their trading of long-term bonds [13] - There is a notable pressure for profit-taking among joint-stock banks, particularly in 10Y national bonds, which may influence future trading strategies [14] - The report anticipates that the yield spread between 30Y and 10Y bonds may widen, while the spread between 10Y national bonds and national development bonds may narrow [23]

2026 年 01 月 26 日 策略周报 研究所： 证券分析师： 赵阳 S0350525100003 zhaoy05@ghzq.com.cn 证券分析师： 袁野 S0350525030001 yuany03@ghzq.com.cn [Table_Title] 日美错位下的信用重构：告别增长定价 最近一年走势 相关报告 《信用重启与双峰共振——2026 年海外年度策略* 袁野，赵阳》——2026-01-12 《全球流动性"祛魅"，中国资产"重估"*赵阳， 袁野》——2025-12-20 《策略周报：近期海外市场关注的三个焦点问题* 赵阳，袁野》——2025-11-29 ——2025-11-16 《AH 溢价跌破位，港股在交易什么？——策略专 题报告*胡国鹏，袁野，袁稻雨》——2025-10-12 本篇报告解决了以下核心问题：1、研判美联储主席博弈逻辑与胜率切 换 ；2、剖析日本汇债双杀成因及展望 ；3、信用溢价逻辑下的定价逻 辑切换。 核心结论: 国海证券研究所 请务必阅读正文后免责条款部分 美联储主席提名博弈进入"买方实用主义"新阶段，里德尔成为平衡 增长与中性利率的关键锚点。截至 2026 年 1 月 2 ...

Investment Rating - The report maintains a "Recommended" rating for the power equipment industry [1] Core Insights - The report addresses key issues such as global power equipment demand from the perspective of power infrastructure investment, focusing on data center power infrastructure, overseas expansion as a long-term growth driver, and changes in the domestic power industry [6][7] - Global power infrastructure investment is expected to grow over the next decade, with varying power supply and demand situations across different regions [9][10] - Data centers are a significant driver of power infrastructure investment globally, particularly in the United States, where demand is projected to increase substantially [38][39] - The report highlights the importance of technological advancements in the power sector, including the rise of new energy technologies and their implications for power equipment demand [37] Summary by Sections Power Infrastructure - Power infrastructure investment is a direct driver of power equipment demand, with a projected CAGR of 12.7% from 2020 to 2024 [14] - In China, power supply and demand are expected to trend towards balance, with resilient grid investment during the 14th Five-Year Plan [21] - In the U.S., public utility capital expenditures are expected to grow at a CAGR of 4.6% from 2025 to 2029, with a focus on generation investment [28] - European electricity demand is anticipated to rebound, with emerging economies showing strong power demand growth [29] AI Data Centers - Data centers are projected to contribute nearly half of the load growth in the U.S., with significant investments from major tech companies [39] - The U.S. Department of Energy forecasts an increase of 52GW in data center load by 2030 compared to 2024 [41] - Supply bottlenecks exist in power transformers and gas turbines, impacting data center construction timelines [42] Overseas Expansion of Power Equipment - Overseas expansion is a crucial long-term growth driver for power equipment companies, with domestic firms expected to gain market share due to shorter delivery times [50] - The overseas market for power equipment is estimated to be four times larger than the domestic market, presenting significant growth opportunities [54] Power Trading - The domestic power market is undergoing significant changes, with a trend towards increased supply and demand balance and a rising share of new energy sources [62] - By the end of 2025, new energy sources are expected to fully enter the market, leading to substantial changes in operational and revenue models for power companies [72] - The retail market for electricity is projected to grow, with independent electricity sales companies expected to play a more prominent role [75]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Insights - The company is expected to achieve a revenue of 8.8 to 9.2 billion yuan in 2025, representing a year-on-year increase of 47% to 54%, and a net profit attributable to shareholders of 976 million to 1.031 billion yuan, reflecting a year-on-year growth of 149% to 162% [4][5] - The company's revenue growth is driven by significant increases in high-end product shipments across three main sectors: smart security, smartphones, and automotive electronics [5][6] - The company is well-positioned to benefit from ongoing government subsidies for consumer electronics and the expansion of electric vehicle markets in Canada and Germany, which are expected to enhance the demand for its products [6][8] Revenue Performance - The company anticipates a median revenue of 9 billion yuan for 2025, with a year-on-year growth of 51%, and a median net profit of 1.003 billion yuan, with a year-on-year increase of 155% [5] - The expected net profit margin for 2025 is 11.15%, an increase of 4.57 percentage points year-on-year, indicating improved profitability and operational efficiency [5] Product Development and Market Trends - The company has launched several high-end products, including a 50-megapixel camera sensor for smartphones and an 8.3MP automotive-grade CMOS image sensor, which are set to enter mass production in 2026 [6][8] - The company is focusing on enhancing its market share in high-end security and smart home applications, as well as capitalizing on emerging opportunities in machine vision [5][6] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 90.5 billion, 122.45 billion, and 152.43 billion yuan, respectively, with corresponding year-on-year growth rates of 52%, 35%, and 24% [8] - Net profit forecasts for the same years are 1.003 billion, 1.517 billion, and 1.983 billion yuan, with year-on-year growth rates of 155%, 51%, and 31% [8]

Group 1: Company Insights - Huace Testing expects a net profit of 1.013-1.021 billion yuan for 2025, a year-on-year increase of 10%-11% [4] - The company anticipates a Q4 net profit of 201-209 million yuan, reflecting a growth of 15%-20% year-on-year [5] - The company is focusing on strategic mergers and international expansion, which will gradually release growth momentum [5] Group 2: Military Industry Developments - Major military groups in China have held annual meetings to set goals for the 14th Five-Year Plan and outline key tasks for 2026 [7] - China Aerospace Science and Technology Corporation emphasizes breakthroughs in reusable rocket technology and the development of commercial aerospace [8] - China Commercial Aircraft Corporation is advancing the C919 aircraft's certification and commercial operations, with growing interest from Southeast Asian countries [9] Group 3: Cross-Border E-commerce Performance - The global cross-border e-commerce market is projected to reach 551.23 billion USD by 2025, with a compound annual growth rate of 15.44% from 2025 to 2034 [13] - Jihua Co. expects a net profit of 272-291 million yuan for 2025, a significant increase of 50%-60% year-on-year [13] - Huakai Yibai anticipates a net profit of 132-162 million yuan for 2025, with improved inventory management leading to a recovery in gross margin [13] Group 4: Coal Industry Trends - In Q4 2025, coal sector holdings in actively managed funds increased to 0.36%, indicating a low level of crowding and significant value [17] - The coal price is expected to be supported by tight supply and demand conditions, with a potential upward trend in the price center [19] - Major coal companies are initiating buybacks and asset injection plans, reflecting confidence in the sector's growth and stability [20] Group 5: Banking Sector Performance - Industrial Bank expects a revenue growth of 0.24% and a net profit growth of 0.34% for 2025, with asset quality remaining stable [22] - The bank's asset scale is projected to exceed 11 trillion yuan, with a year-on-year growth of 5.57% [23] - The non-performing loan ratio is stable at 1.08%, with significant reductions in new non-performing loans in key sectors [23] Group 6: Renewable Energy and Technology - Mingyang Smart Energy plans to acquire Dehua Chip, a leader in satellite energy systems, to enhance its capabilities in space photovoltaic technology [25] - The space photovoltaic market is expected to grow significantly, with Mingyang's revenue projected to reach 40.879 billion yuan by 2025, reflecting a 51% year-on-year increase [27] - The company aims to leverage its existing technologies to create synergies with Dehua Chip, enhancing its competitive position in the market [27] Group 7: Robotics Industry Developments - Tesla plans to start selling its humanoid robot Optimus by the end of next year, with ongoing testing to ensure reliability and safety [33] - The humanoid robot industry is expected to see significant growth, with over 140 companies and more than 330 products launched in 2025 [40] - Microsoft has launched its first robot-specific AI model, Rho-alpha, which enhances the adaptability and reliability of robots [41]