晨会纪要（R3） 晨会纪要 2026 年 01 月 26 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4136.16 | 0.33 | | 深证成指 | 14439.66 | 0.79 | | 创业板指 | 3349.50 | 0.63 | | 科创 50 | 1553.71 | 0.78 | | 北证 50 | 1588.66 | 3.82 | | 沪深 300 | 4702.50 | -0.45 | 上证指数-沪深 300 走势图 -6% 4% 14% 24% 34% 2025-01 2025-04 2025-07 2025-10 上证指数 沪深300 | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 胡跃才 | 分析师 | | 执业证书编号:S0530525070001 | | | huyuecai@hnchasing.com | | 晨会聚焦 一、财信研究观点 【债券研究】债券市场综述 二、重要财经资讯 ...

Group 1 - The report suggests a strategic bullish outlook with tactical flexibility, emphasizing the importance of performance fundamentals in investment decisions [4][7][13] - It identifies a favorable investment window from mid-December 2025 to early March 2026, while cautioning against rapid upward trends in indices [4][7] - Key sectors to watch include commercial aerospace, satellite industries, AI applications, and sectors driven by price increases such as non-ferrous metals and chemicals [4][13] Group 2 - Economic growth is projected at 5.0% for 2025, with a focus on high-quality development and a potential GDP growth target of around 5% for 2026 [7][10] - The real estate market is still in a deep adjustment phase, with new housing sales expected to decline by 8.7% in 2025, indicating a need for careful observation of stabilization points [8][9] - Fiscal policy is expected to maintain a "only increase, not decrease" approach, with significant spending in key areas to support economic growth [10] Group 3 - The public fund industry is anticipated to solidify its high-quality development framework, with new guidelines enhancing the accountability of performance benchmarks for funds [11] - Precious metals are expected to retain investment value due to increasing global instability and ongoing central bank gold purchases, with gold prices nearing $5,000 per ounce [12][13] - The report highlights the importance of monitoring industry-specific data, such as cement price indices and industrial production growth rates, to gauge market trends [19][20]

Investment Rating - The industry investment rating is "Leading the Market" [2][5]. Core Viewpoints - The report emphasizes that the pharmaceutical retail industry is entering a phase of high-quality development, supported by government policies aimed at promoting the sector [5]. - Key initiatives include accelerating the outflow of prescriptions, enhancing industry concentration, and fostering innovation in health services, which are expected to benefit leading retail pharmacies [5]. - The report suggests that leading retail pharmacies are well-positioned to capitalize on these trends due to their strong compliance, refined management capabilities, and financial health [6]. Summary by Relevant Sections Industry Overview - The pharmaceutical retail sector is recognized as a crucial part of the national healthcare system, with a focus on enhancing professional services and emergency supply capabilities [5]. - The report outlines 18 development measures across five areas: improving pharmaceutical services, innovating health services, strengthening emergency services, optimizing industry structure, and regulating industry order [5]. Market Dynamics - The report indicates that the outflow of hospital prescriptions will contribute to growth in the pharmaceutical retail sector, with measures to enhance the efficiency of electronic prescription platforms [5]. - It highlights the encouragement of horizontal mergers and acquisitions among retail pharmacies to increase industry concentration and streamline operations [5]. Future Outlook - The report anticipates that with ongoing consumer promotion policies and a gradual reduction in regulatory impacts, leading retail pharmacies will see improved operational performance [6]. - It recommends focusing on leading retail pharmacies with strong management capabilities, compliance, and advantageous locations, such as Yifeng Pharmacy [6].

Group 1: Market Overview - The three major indices closed higher, with the overall market sentiment improving as previous hot themes rebounded [9] - The Shanghai Composite Index rose by 0.14% to close at 4122.58, while the ChiNext Index increased by 1.01% to 3328.65 [9][10] - The trading volume across the market reached approximately 27,164.05 billion, an increase of 926.58 billion from the previous trading day [10] Group 2: Economic Insights - The first batch of 936 billion yuan in ultra-long-term special government bonds has been allocated to support equipment renewal across various sectors, expected to drive total investment exceeding 460 billion yuan [18] - The People's Bank of China conducted a 2102 billion yuan reverse repurchase operation with a fixed rate of 1.40%, resulting in a net injection of 309 billion yuan [20] Group 3: Industry Dynamics - The International Energy Agency has raised its forecast for global oil demand growth in 2026 to an average increase of 930,000 barrels per day, up from a previous estimate of 860,000 barrels [29] - The China Chain Store and Franchise Association reported that 59.8% of surveyed chain restaurant enterprises expect an increase in the number of stores in 2025, primarily driven by large enterprises [31] - The output of negative electrode materials in China is projected to reach 2.922 million tons in 2025, marking a year-on-year growth of 38.1% [35] Group 4: Company Updates - Daikin Heavy Industries (002487.SZ) anticipates a net profit of 1.05 to 1.2 billion yuan for 2025, representing a year-on-year increase of 121.58% to 153.23% [45] - Boteng Co., Ltd. (300363.SZ) expects its revenue for 2025 to be between 3.35 to 3.5 billion yuan, with a growth rate of 11% to 16% [47] - Founder Technology (600601.SH) forecasts a net profit of 430 to 510 million yuan for 2025, indicating a growth of 67.06% to 98.14% year-on-year [48]

Investment Rating - The industry investment rating is "Leading the Market" and the rating has been maintained [3][7]. Core Insights - The construction machinery industry is experiencing a structural recovery and growth opportunities, supported by continuous sales growth in earthmoving machinery and accelerated electrification [6][7]. - In December 2025, major companies sold 23,095 excavators, a year-on-year increase of 19.2%, with domestic sales of 10,331 units (+10.9%) and exports of 12,764 units (+26.9%) [6]. - The sales of loaders in December 2025 reached 12,236 units (+30%), with domestic sales of 5,291 units (+17.6%) and exports of 6,945 units (+41.5%) [6]. - The sales of electric loaders in December 2025 were 2,722 units, a significant increase of 218.74%, achieving an electrification rate of 22.25% (+13.17 percentage points) [6]. - The operating rate of truck cranes was excellent in 2025, while tower crane sales faced pressure, with truck cranes leading in construction activity due to their adaptability to heavy infrastructure and energy projects [6]. - Road machinery sales showed steady growth, with sales of graders, rollers, and pavers increasing by 8.35%, 23%, and 24.8% respectively in 2025 [6]. Summary by Sections Sales Performance - In 2025, the total sales of excavators reached 235,257 units (+17%), with domestic sales of 118,518 units (+17.9%) and exports of 116,739 units (+16.1%) [6]. - The sales of various types of cranes in December 2025 were as follows: truck cranes (1,911 units, +38.1%), crawler cranes (385 units, +68.1%), and tower cranes (395 units, -30.8%) [6]. Market Trends - The construction machinery industry is expected to maintain a positive trend into 2026, with non-earthmoving machinery such as certain cranes and road machinery also following the recovery led by excavators [6][7].

晨会纪要（R3） 晨会纪要 2026 年 01 月 22 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4116.94 | 0.08 | | 深证成指 | 14255.12 | 0.70 | | 创业板指 | 3295.52 | 0.54 | | 科创 50 | 1535.39 | 3.53 | | 北证 50 | 1519.75 | 0.14 | | 沪深 300 | 4723.07 | 0.09 | 一、财信研究观点 【债券研究】债券市场综述 二、重要财经资讯 【财经要闻】市场监管总局发布 2025 年综合整治"内卷式"竞争十大典 型案例 【财经要闻】财政部发布《关于全面推行财政电子票据跨省报销工作的 通知》 上证指数-沪深 300 走势图 -5% 5% 15% 25% 35% 2025-01 2025-04 2025-07 2025-10 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.c ...

Investment Rating - The industry investment rating is "Leading the Market" [7][9] Core Insights - The report highlights that Xinghuan Fusion has completed the largest fusion financing at the beginning of the year, accelerating the commercialization process of nuclear fusion [8] - The nuclear fusion industry is characterized by high energy density, nearly unlimited fuel reserves, and no long-lived high-level radioactive waste, making it a potential "ultimate energy" source for humanity [8] - The report emphasizes the strategic support from the government, with significant investments from state-owned enterprises and local state-owned assets, indicating strong backing for the development of nuclear fusion technology [8] Summary by Sections - **Investment Highlights**: Xinghuan Fusion completed a 1 billion yuan A-round financing, setting a record for private nuclear fusion companies in China. The company is progressing with its CTRFR-1 fusion device and has established a strategic partnership with the Jiading District government to advance research and commercialization [8] - **Market Potential**: The report notes that there have been 19 public investment events in the domestic nuclear fusion sector, with a total estimated financing amount of 14.7 billion yuan. Companies like China Fusion Energy Co., Ltd. and Nova Fusion have also secured significant funding [8] - **Future Development**: The report outlines that nuclear fusion projects are currently in various stages of development, with the potential for significant breakthroughs that could unlock vast market opportunities. The company plans to complete engineering validation by 2028 and start construction of a commercial demonstration reactor around 2032 [8]

证券研究报告 行业点评（R3）- 无重点股票 其他电源设备Ⅱ 星环聚能完成开年最大核聚变融资，核聚变产业化 进程加速 投资要点： 风险提示：核电安全事故风险，可控核聚变发展不及预期。 2026 年 01 月 21 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 袁玮志 分析师 执业证书编号:S0530522050002 yuanweizhi@hnchasing.com 相关报告 1 电力设备行业点评：Meta 签署核能供电协议， 看好核电发展 2026-01-16 2 电力设备行业点评：商业航天海上平台基建先 行，拥有码头和成熟海工经验的海工企业有望受 益 2026-01-14 3 电力设备行业点评：全球首台 30 兆瓦纯氢燃 气轮机实现纯氢发电，看好国产氢能装备和燃气 轮机发展 2026-01-06 请务必阅读正文之后的免责声明 % 1M 3M 12M 其他电源设备 Ⅱ 18.07 17.97 60.50 沪深 300 3.39 4.07 23.33 -8% 12% 32% 52% 72% 2025-01 2025-04 2025-07 2025-10 2026-01 其他电源设备Ⅱ 沪深300 | ...

Group 1: Market Strategy and Economic Insights - The market strategy indicates a shift towards cyclical styles while the sci-tech direction is undergoing adjustments, reflecting a change in investor preferences [4][6] - The macroeconomic data shows that the Loan Prime Rate (LPR) has remained stable for the eighth consecutive month, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5% [14][15] - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development have issued measures to support urban renewal actions, which may positively impact related sectors [16][17] Group 2: Industry Dynamics - Southern Power Grid is expected to invest 180 billion yuan in fixed assets in 2026, marking a continuous five-year high with an average growth rate of 9.5%, focusing on new power systems and quality service improvements [23][24] - The Chengdu section of the Chengyu High-Speed Railway has completed its engineering, which is crucial for the CR450 train's operational assessment and design finalization [25][26] Group 3: Company Updates - Zhaoyan New Drug (603127.SH) forecasts a net profit of 233 million to 349 million yuan for 2025, representing a year-on-year growth of 214% to 371% [28][29] - Canan Co., Ltd. (301122.SZ) has received two patent certificates related to its core business, which may enhance its competitive edge in the market [30][31] - New Industry (300832.SZ) has obtained regulatory approval for its myoglobin testing kit, which is significant for early diagnosis of myocardial infarction [32][33] Group 4: Regional Economic Developments - Huasheng Co., Ltd. (600156.SH) has issued a profit warning, expecting a net loss of 46 million to 34 million yuan for 2025 due to intensified market competition and operational challenges during its transition phase [34][35] - Hunan province plans to implement ten measures to boost cultural and tourism consumption, aiming for a 20% increase in inbound tourists and a 15% rise in total spending [37][38]

Investment Rating - The industry investment rating is maintained as "Synchronize with the Market" [3][7]. Core Viewpoints - The 2026 national subsidy policy for home appliances has been launched, with a focus on promoting low-carbon and smart products, while optimizing product structure [7]. - The subsidy scope has been reduced from 12 categories to 6, including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, with a subsidy of 15% on the selling price for energy-efficient products [7]. - The report highlights the rising costs of raw materials, particularly copper, which has increased by 39.18% year-on-year, prompting the industry to invest in aluminum applications for air conditioning [7]. - The robot vacuum cleaner industry continues to innovate, with a focus on deep cleaning capabilities, despite a decline in overall sales volume [7]. - The report suggests that the continuation of national subsidies will bolster consumer confidence, and leading players in the market are better positioned to pass on cost increases to consumers [7]. Summary by Sections - **Investment Highlights**: The national subsidy policy is expected to enhance the effectiveness of consumer incentives, with a focus on energy-efficient products [7]. - **Market Trends**: The report notes a significant increase in the sales of roller brush models, which have gained a market share of 41.20%, indicating a consumer preference for deep cleaning solutions [7]. - **Technological Developments**: Innovations in aluminum applications for air conditioning are being explored to mitigate the impact of rising copper prices, with industry leaders collaborating on standards and practices [7].