Investment Rating - The report does not provide a specific investment rating for the company, but it indicates a positive outlook with expectations of profitability recovery and growth in the coming years [1]. Core Insights - The company is expected to turn a profit in 2025, with a projected net profit attributable to shareholders of 20.60 million to 30.00 million yuan, representing a year-on-year increase of approximately 128.89% [7]. - The company is focusing on expanding its core business in lithium battery materials, particularly in NCA and cobalt acid lithium products, while also investing in advanced materials for future growth [7]. - Cost control measures and digital transformation initiatives are being implemented to enhance production efficiency and reduce manufacturing costs [7]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 1,793.91 million yuan - 2025E: 2,352.92 million yuan (growth rate: 31.16%) - 2026E: 3,007.73 million yuan (growth rate: 27.83%) - 2027E: 3,851.80 million yuan (growth rate: 28.06%) [2][10] - **Net Profit Forecast**: - 2024A: -71.30 million yuan - 2025E: 20.60 million yuan (growth rate: 128.89%) - 2026E: 45.56 million yuan (growth rate: 121.19%) - 2027E: 74.55 million yuan (growth rate: 63.62%) [2][10] - **Earnings Per Share (EPS)**: - 2024A: -0.16 yuan - 2025E: 0.04 yuan - 2026E: 0.10 yuan - 2027E: 0.16 yuan [2][10] - **Return on Equity (ROE)**: - 2024A: -3.85% - 2025E: 1.06% - 2026E: 2.29% - 2027E: 3.62% [2][10] Business Segment Analysis - **Cobalt Acid Lithium Products**: - Revenue in 2025E: 1,202.45 million yuan (growth rate: 57.50%) - Gross margin expected to improve to 9.00% in 2025E [10]. - **NCA Materials**: - Revenue in 2025E: 1,073.25 million yuan (growth rate: 12.50%) - Gross margin expected to increase to 3.80% in 2025E [10]. - **Other Businesses**: - Revenue in 2025E: 77.21 million yuan (growth rate: 1.00%) - Gross margin expected to stabilize at 1.00% [10]. Strategic Initiatives - The company is enhancing its production capabilities through lean and intelligent manufacturing practices, aiming to improve efficiency and reduce costs [7]. - It is also focusing on the development of advanced materials for solid-state batteries and other innovative products to strengthen its competitive position in the market [7].

Investment Rating - The report suggests a positive outlook on the real estate industry, indicating a preference for stable and high-quality real estate companies [46]. Core Insights - The real estate market is showing signs of stabilization, with a potential for continued policy easing to support recovery. The report highlights the importance of focusing on financially sound real estate firms [46]. - Recent data indicates a year-on-year increase in second-hand housing transactions by 11.7% in 14 cities, while new housing transactions have decreased by 18.1% [18][19]. - The report notes a significant decline in new housing transaction volumes, particularly in second-tier cities, which saw a 20% year-on-year drop [18]. Summary by Sections Market Review - The real estate sector experienced a decline of 2.2% in the week of January 26-30, underperforming the CSI 300 index by 2.3 percentage points [12]. - Trading volume for the week was 146.65 billion yuan, reflecting a 13.3% decrease compared to the previous week [12]. Basic Data - The total market capitalization of the real estate industry is 1,253.122 billion yuan, with a circulating market value of 1,218.269 billion yuan. The industry’s price-to-earnings ratio (TTM) stands at 61.8, compared to 14.2 for the CSI 300 [4]. Industry and Company Dynamics - Recent policy changes have relaxed the "three red lines" requirements for many real estate companies, allowing only those in distress to report financial metrics regularly [36]. - The report highlights significant company activities, including new financing and mergers, which may enhance competitive positioning in the market [39][40][41]. Investment Recommendations - The report recommends focusing on several companies across different segments: 1. Development: China Resources Land (1109.HK), Longfor Group (0960.HK) 2. Commercial: China International Trade (600007.SH), New City Holdings (601155.SH) 3. Property Management: Poly Property (6049.HK), China Overseas Property (2669.HK) 4. Brokerage: Beike-W (2423.HK) [46][48].

Report Industry Investment Rating There is no information about the report industry investment rating in the text. Core Viewpoints - In January 2026, the bond market showed a recovery trend after hitting the bottom. It overcame the "stock - strong, bond - weak" situation at the beginning of the month, driven by policy expectations and supported by allocation forces. The yield curve initially steepened but later declined due to regulatory actions and central bank support. The 10 - year and shorter - term treasury bonds supported by banks outperformed the 30 - year treasury bonds. The yield of the 10 - year treasury bond decreased by 3.61BP compared to the end of 2025, while that of the 30 - year treasury bond increased by 2.16BP. The 10 - 1 year treasury bond term spread also narrowed to 51.13BP, at the 47% valuation percentile in the past 3 years [3][85]. - In February, the bond market faces the problem of limited odds for long - positions, and the recovery may enter the tail phase. Current interest rates are approaching key psychological levels and previous resistance levels. With the long - term and ultra - long - term treasury bond yields approaching previous lows again, there is limited room for further long - positions under market divergence. Additionally, around the Spring Festival, the market will face nearly 95 billion yuan of certificate of deposit maturities and seasonal liquidity tightening, which may impact the capital market. However, the bond market is unlikely to turn bearish in the short term because the macro - economy needs time to recover, and the central bank is not likely to tighten monetary policy actively [3][86]. - If the bond market recovery enters the tail phase in February, the market will likely enter an observation period with intensified gaming. The possibility of reserve requirement ratio cuts or interest rate cuts in the first quarter has decreased. The 10 - year and shorter - term treasury bonds supported by bank allocation may continue to outperform the 30 - year treasury bonds. After the period of temporary liquidity tightening, the 10 - year and shorter - term treasury bonds may have higher investment value [3][87]. Summary by Relevant Catalogs 1. Important Matters - In January 2026, China's manufacturing PMI was 49.3%, 0.8 percentage points lower than the previous month; the construction industry PMI was 48.8%, 4.0 percentage points lower; the service industry PMI was 49.5%, 0.2 percentage points lower. In terms of production and demand, the production, new order, and new export order indices of the manufacturing PMI all decreased. In terms of inventory, the raw material inventory index decreased, while the finished - product inventory index increased. In terms of prices, the ex - factory price index and the main raw material purchase price index both increased [6]. - On January 22, 2026, the People's Bank of China held the 2026 macro - prudential work meeting. It summarized the work in 2025 and set requirements for 2026, including strengthening the central bank's macro - prudential management function, expanding the scope of macro - prudential policies, and promoting the internationalization of the RMB [7]. - According to Xinhua News Agency, on January 30, US President Trump nominated Kevin Warsh, a former Fed governor, as the next Fed chairman. This nomination needs Senate approval. Warsh has criticized the side - effects of quantitative easing policies and advocates closer cooperation between the Fed and the US Treasury [8]. 2. Money Market 2.1 Open Market Operations and Fund Rate Trends - From January 26 to January 30, 2026, the central bank conducted 7 - day reverse repurchase operations, injecting 176.15 billion yuan and having 118.10 billion yuan mature, with a net injection of 58.05 billion yuan. From February 2 to February 6, 2026, 176.15 billion yuan of base currency is expected to mature and be withdrawn [11]. - Towards the end of January, the capital market tightened marginally. On January 30, R001 rose above 1.5%. During January 26 - 30, the 7 - day open - market reverse repurchase rate was 1.40%. As of January 30, R001, R007, DR001, and DR007 were 1.509%, 1.640%, 1.328%, and 1.593% respectively, with changes of 4.32BP, 10.41BP, - 7.06BP, and 9.91BP compared to January 23. The interest rate centers also changed slightly [12]. 2.2 Certificate of Deposit Rate Trends and Repurchase Transaction Situations - In the primary market, last week, the issuance scale of certificates of deposit was 377.12 billion yuan, a decrease of 211.21 billion yuan from the previous week; the maturity scale was 428.40 billion yuan, a decrease of 277.99 billion yuan from the previous week; the net financing scale was - 51.28 billion yuan, an increase of 66.78 billion yuan from the previous week. As of the 5th week of 2025, the cumulative issuance scale of certificates of deposit for the whole year has reached 1.71 trillion yuan [17]. - The largest issuer of certificates of deposit last week was joint - stock banks, with a net financing scale of 21.35 billion yuan. The issuance scales of state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 22.18 billion yuan, 206.90 billion yuan, 203.47 billion yuan, and 22.73 billion yuan respectively, accounting for 4.9%, 45.4%, 44.7%, and 5.0%. Their net financing scales were - 16.94 billion yuan, 21.35 billion yuan, 2.42 billion yuan, and - 7.39 billion yuan respectively [19]. - The issuance interest rates of certificates of deposit decreased compared to the previous week. For state - owned banks, the average issuance interest rates of 3 - month and 1 - year certificates of deposit were 1.56% and 1.58% respectively, with changes of - 1.10BP and - 1.75BP. For joint - stock banks, they were 1.57% and 1.60% respectively, with changes of - 0.63BP and - 1.92BP. For city commercial banks, they were 1.68% and 1.69% respectively, with changes of 4.25BP and - 6.94BP. For rural commercial banks, they were 1.62% and 1.67% respectively, with changes of - 3.78BP and - 3.59BP [20]. - In the secondary market, last week, the interest rates of certificates of deposit generally increased due to the relatively tightened liquidity at the end of the month. The yields of AAA - rated 1 - month, 3 - month, 6 - month, 9 - month, and 1 - year certificates of deposit increased by 0.00BP, 0.50BP, 1.17BP, 0.50BP, and 0.50BP respectively. The 1Y - 3M spread is currently at the 47.07% percentile [23]. 3. Bond Market Primary Market - In January 2026, the issuance rhythm of government bonds was higher than the average of the past four years. As of January 30, the cumulative net financing scale of various treasury bonds was about 0.43 trillion yuan, and that of various local bonds was about 0.78 trillion yuan, higher than the average of 2022 - 2025. The issuance scale of long - term government bonds (10 - year and above) also showed certain characteristics. The net financing of 10 - year treasury bonds in January 2026 was higher than that of 2023 - 2025 due to the issuance of relevant bonds. The issuance rhythm of local bonds was postponed, and the issuance progress of special bonds for replacing hidden debts needs further observation [26][27][29]. - Last week, the supply scale of treasury bonds decreased significantly compared to the previous week. The total number of interest - rate bond issuances was 90, with an actual issuance amount of 624.275 billion yuan and a net financing amount of 460.465 billion yuan. Among them, the number of treasury bond issuances was 0, with a net financing amount of - 113.34 billion yuan; the number of local bond issuances was 68, with a net financing amount of 388.805 billion yuan; the number of policy - bank bond issuances was 22, with a net financing amount of 185.00 billion yuan [32]. - As of last week, the issuance scale of special refinancing bonds has reached 0.56 trillion yuan, mainly in long - term and ultra - long - term. The regions with relatively large issuance scales include Jiangsu, Zhejiang, Henan, Jiangxi, and Sichuan, accounting for about 49.24% of the total issuance scale [37]. Secondary Market - Last week, large - scale banks continued to prefer treasury bonds with a maturity of less than 10 years. However, the short - term interest rates increased slightly due to the tightened liquidity at the end of the month. In contrast, the medium - and long - term treasury bonds still showed a recovery trend. The yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year treasury bonds changed by 1.80BP, - 2.09BP, - 2.04BP, - 1.82BP, - 1.86BP, and 0.19BP respectively. The 10Y - 1Y treasury bond yield spread decreased from 54.79BP to 51.13BP. The yields of the same - term policy - bank bonds also changed, and the 10Y - 1Y policy - bank bond yield spread increased from 39.76BP to 40.32BP. The implied tax rate of the 10 - year policy - bank bond increased slightly from 7.28% to 8.82% [39]. - The average daily turnover rates of the 10 - year treasury bond active bond (250016) and the 10 - year policy - bank bond active bond (250215) decreased. The average daily trading volume of the 10 - year treasury bond active bond (250016) was 32.589 billion yuan, a decrease of about 25.24% from the previous week, and its average turnover rate was 7.04%, a decrease of about 2.38 percentage points. The average daily trading volume of the 10 - year policy - bank bond (250215) active bond was 254.788 billion yuan, a decrease of about 2.56% from the previous week, and its average turnover rate was 64.34%, a decrease of about 1.69 percentage points [43]. - The average spread between the 10 - year treasury bond active bond (250016) and the secondary - active bond (250022) was 0.91BP, basically the same as the previous week's liquidity premium. The average spread between the 10 - year policy - bank bond active bond (250215) and the secondary - active bond (250220) was - 2.34BP, a change of about 1.56BP from the previous week [44]. - The 10 - 1 year treasury bond term spread narrowed to 51.13BP, and the 30 - 1 year treasury bond term spread narrowed to 98.91BP. As of January 30, the 10 - 1 year treasury bond yield spread was 51.13BP, a decrease of 3.66BP from the previous week, at the 47.07% percentile since 2022; the 30 - 1 year treasury bond yield spread was 98.91BP, a decrease of 1.61BP from the previous week, at the 70.50% percentile since 2022. Considering the central bank's structural interest rate cut, the possibility of a total interest rate cut is relatively small, and the term spread may further compress [51]. - The long - term treasury - local bond spread generally narrowed last week, while the ultra - long - term treasury - local bond spread widened. As of January 30, the 10 - year local bond - 10 - year treasury bond yield spread was 20.88BP, a decrease of 0.14BP from the previous week, at the 47.32% percentile since 2022; the 30 - year local bond - 30 - year treasury bond yield spread was 16.10BP, an increase of 1.81BP from the previous week, at the 52.88% percentile since 2022 [52]. 4. Institutional Behavior Tracking - Last week, the scale of leveraged trading decreased as the end - of - month approached, with an average of about 7.80 trillion yuan. In the cash - bond market, large - scale banks increased their holdings of treasury bonds with a maturity of less than 10 years, with a total increase of 128.4 billion yuan. Small - and medium - sized banks continued to significantly reduce their holdings of 5 - 10 year treasury bonds, and the reduction intensity increased. Insurance companies significantly bought local bonds with a maturity of more than 10 years but reduced their holdings of treasury bonds with a maturity of more than 10 years. Securities companies' net selling intensity slowed down, and they increased their holdings of 5 - 10 year treasury bonds. Funds significantly increased their holdings of 5 - 10 year policy - bank bonds [55][67]. - The leveraging ratio of institutions in the inter - bank market increased seasonally in December 2025. The leveraging ratios of banks and other institutions increased significantly, while securities companies de - leveraged. In December 2025, the leveraging ratio of all institutions in the inter - bank market was about 119.37%, an increase of about 1.33 percentage points from November. The leveraging ratios of commercial banks, securities companies, and other institutions in the inter - bank market in December 2025 were about 110.30%, 187.68%, and 134.42% respectively [56]. - The 20 - day moving average of the daily trading volume of inter - bank pledged repurchase last week was 8.07 trillion yuan, a change of about 0.20 trillion yuan from the previous week. From the perspective of daily trading volume, the scale of leveraged trading decreased as the end - of - month approached, with an average of about 7.80 trillion yuan. The daily leveraged trading volumes from January 26 to January 30 were 8.45 trillion yuan, 8.32 trillion yuan, 8.03 trillion yuan, 7.76 trillion yuan, and 6.43 trillion yuan respectively [64]. - Based on the net - buying data of institutional investors in the past 20 trading days, the cost of adding positions in 10 - year treasury bonds for small - and medium - sized banks, securities companies, funds, and other products is about 1.880%, 1.848%, 1.861%, and 1.861% respectively. Small - and medium - sized banks and securities companies had relatively weak willingness to replenish positions last week, while funds and other institutions gradually added positions during the downward process [70]. - According to the calculation methods in relevant reports, considering capital occupation and tax costs, commercial banks and insurance companies can obtain relatively higher returns by investing in local bonds because the spread between local bonds and treasury bonds is relatively high [79]. 5. High - Frequency Data Tracking - In terms of high - frequency data, last week, the settlement price of rebar futures decreased by 1.65% compared to the previous week, the settlement price of wire rod futures increased by 4.26%, the settlement price of cathode copper futures increased by 6.17%, the cement price index decreased by 0.58%, and the Nanhua glass index decreased by 0.75%. The CCFI index decreased by 2.74%, and the BDI index increased by 21.91%. In terms of food prices, the wholesale price of pork increased by 0.11%, and the wholesale price of vegetables decreased by 0.88%. In terms of crude oil prices, the settlement prices of Brent crude oil futures and WTI crude oil futures increased by 7.33% and 7.12% respectively. The central parity rate of the US dollar against the RMB was 6.97 [82]. 6. Market Outlook - In January 2026, the bond market showed a recovery trend after hitting the bottom. Affected by the "stock - strong, bond - weak" situation at the beginning of the month, the yield curve steepened. Later, due to regulatory actions and central bank support, the bond market recovered. The 10 - year and shorter - term treasury bonds supported by banks outperformed the 30 - year treasury

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry as of February 1, 2026 [1]. Core Insights - The robotics index underperformed the market, with the CSI Robotics Index dropping by 5.7%, lagging behind the Shanghai Composite Index by 5.2 percentage points and the CSI 300 Index by 5.7 percentage points [5][11]. - Tesla's humanoid robot, Optimus, is set for mass production, with plans to shift production capacity from Model S and Model X to Optimus and Cybercab by the end of Q2 2026. By the end of 2026, the robots will handle more complex tasks, with public sales expected by the end of 2027 [16]. - Figure has launched the Helix 02 robot model, featuring a highly integrated control system that allows for advanced humanoid control and dexterous operations [17]. - Galaxy General has introduced the Galbot S1, an industrial-grade heavy-duty robot capable of operating in complex environments with a maximum load capacity of 50 kg and a working height of 2.3 m [19]. - Tianchuang Robotics has formed a strategic partnership with Softcom Tianxu to develop intelligent robotic and digital twin systems for various industrial applications [21]. - The company A-Tongmu has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage the special technology company channel [23]. Summary by Sections Market Review - The robotics index experienced a decline of 5.7% from January 26 to February 1, 2026, underperforming compared to major indices [11]. Industry Dynamics - Tesla's plans for humanoid robot production and the introduction of new models like Helix 02 and Galbot S1 highlight significant advancements in the robotics sector [16][17][19]. - Strategic collaborations, such as that between Tianchuang Robotics and Softcom Tianxu, indicate a trend towards integrated solutions in the robotics industry [21].

1. Report Industry Investment Rating No information provided in the content. 2. Report's Core View - The net - outflow of bond ETF funds has further narrowed, and the capital flow is expected to return to normal. With the obvious signs of the bond market's recovery in the past two weeks, it is expected that after the short - term disturbing factors subside, the capital flow of bond ETFs will return to normal and may be supported by the "good start" allocation funds [4][7]. - Convertible bond ETFs and short - term financing ETFs are favored. The net inflow of convertible bond ETFs has been leading, and short - term financing ETFs have also seen a large inflow of funds. Meanwhile, science and technology innovation bond ETFs and benchmark market - making credit bond ETFs have relatively large net outflows [8]. 3. Summary According to the Directory 3.1 Various Bond ETFs' Net Inflow of Funds - Last week, the net inflow of funds for interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was - 2.754 billion yuan, - 6.89 billion yuan, and + 4.395 billion yuan respectively. The total net inflow of the bond ETF market was - 5.249 billion yuan. The net - outflow pressure of interest - rate and credit bond ETFs continued to narrow, while the net inflow of convertible bond ETFs increased significantly [4][7]. - As of January 30, 2026, the scale of bond ETF funds was 725.475 billion yuan, a decrease of 1.24% from the previous week's closing and 12.51% from the beginning of the year. However, its proportion in the total market ETF scale was 13.26%, a 55bp increase from the previous weekend [7]. 3.2 Share and Net Value Trends of Various Bond ETFs and Their Representative Products - Convertible bond ETFs and short - term financing ETFs had the leading share increase. As of the close on January 23, 2026, the shares of various bond ETFs changed by different degrees compared with the previous week, with the total share of bond - type ETFs increasing by 1.3%. Compared with the end of last month, the total share of bond - type ETFs decreased by 2.4% [20]. - The net values of major bond ETFs generally increased, while the net value of convertible bond ETFs significantly declined. As of the close on January 30, 2026, the net values of selected representative bond ETFs changed to different extents compared with the close on January 16, 2026 and the end of last month [24]. 3.3 Share and Net Value Trends of Each Benchmark Market - Making Credit Bond ETF - The share outflow was concentrated. As of the close on January 30, 2026, the shares of 8 existing credit bond ETFs changed to different degrees compared with the close on January 23, 2026 [29]. - The net values increased slightly. As of the close on January 30, 2026, the net values of 8 credit bond ETFs increased by 0.03% - 0.06% compared with the close on January 23, 2026, and increased by 0.19% - 0.31% compared with the end of last month [31]. 3.4 Share and Net Value Trends of Each Science and Technology Innovation Bond ETF - Most products had a net outflow of shares. The net inflow of shares of 24 existing science and technology innovation bond ETFs last week was - 69.59 million shares, a decrease of 2.38% compared with the previous week. Some products had significant net outflows, while a few had net inflows [36]. - The net values continued to rise. As of the close on January 30, 2026, the net values of some science and technology innovation bond ETFs ranked high. The median net values of the first - batch and second - batch science and technology innovation bond ETFs increased by 0.04% compared with the previous week, and the median net values of products tracking different indexes also increased to different degrees [38]. 3.5 Market Performance of Single Bond ETFs Last Week - Convertible bond ETFs had a significant decline. Only convertible bond ETFs, Shanghai Stock Exchange Convertible Bond ETF, 30 - year Treasury Bond ETF Boshi, and 30 - year Treasury Bond ETF had a decline in net value last week [41]. - In terms of the premium - discount rate, most bond ETFs showed a discount, while only convertible bond ETFs and Shanghai Stock Exchange Convertible Bond ETF had a positive premium rate. In terms of scale change, most bond ETF products' scales decreased, but convertible bond ETFs and short - term financing ETFs had a large net inflow [41]. 3.6 Marginal Changes in the PCF Lists of Benchmark Market - Making Credit Bond and Science and Technology Innovation Bond ETFs - The estimated values of the modified durations of credit bond ETFs and E Fund Corporate Bond ETF changed relatively significantly, with an increase of 0.11 years and a decrease of 0.09 years respectively. The estimated values of the modified durations of most science and technology innovation bond ETFs were shortened, possibly due to the defensive portfolio strategy to avoid market volatility risks [43][45]. - Some bonds were repeatedly included in the PCF lists of benchmark market - making credit bond ETFs, belonging to industries such as coal, non - bank finance, and optional consumer retail. Some new - listed bonds were repeatedly included in the PCF lists of science and technology innovation bond ETFs, and some bonds were excluded from multiple science and technology innovation bond ETFs [44][45][48].

Core Insights - The report highlights that the North Exchange (北交所) experienced a year of significant excess returns in 2025, with the North Exchange 50 Index rising by 38.8%, outperforming the CSI 300 by 21.1 percentage points [60]. - The report emphasizes the importance of liquidity improvements in 2026, driven by various factors including increased retail participation and the introduction of passive investment products like the North Exchange 50 ETF [7][54]. 2025 Sector Review - In 2025, the North Exchange showed a characteristic of "stable revenue, pressured profits," with overall revenue growing by 7.0% year-on-year in Q3 2025, while net profit attributable to shareholders declined by 4.8% [5][17]. - The report notes that sectors such as robotics, AI, military industry, and semiconductors demonstrated significant performance, indicating a strong correlation with the broader market [5][60]. 2026 Liquidity Outlook - The liquidity outlook for 2026 is expected to improve systematically, with increased retail investment and the launch of passive products anticipated to bring substantial incremental funds [7][54]. - Historical data suggests that previous market rallies in the North Exchange were driven by liquidity expansion, indicating a solid foundation for market support in 2026 [7]. Investment Themes - The investment strategy for 2026 focuses on three dimensions: technology growth sectors such as semiconductors and AI, macroeconomic recovery signals in consumer and cyclical sectors, and unique assets in the North Exchange that are key to domestic substitution and growth [8][5]. - The report highlights the importance of identifying high-scarcity and performance-driven targets within these themes [8]. New Stock Market Insights - The average first-day gain for new stocks in 2025 was an impressive 368.1%, primarily due to the valuation gap between primary and secondary markets [9]. - The North Exchange has a robust pipeline of new listings, particularly from advanced manufacturing sectors, which is expected to continue [9]. Industry Structure - As of December 31, 2025, the North Exchange had 287 listed companies, with 61.0% concentrated in mechanical equipment, electric power equipment, and other high-end manufacturing sectors, significantly higher than the corresponding figures for the ChiNext and STAR Market [10][12]. - The report indicates a strong focus on advanced manufacturing and "specialized, refined, distinctive, and innovative" enterprises, with a notable increase in the proportion of such companies over the years [14][16]. Financial Performance - In Q3 2025, the North Exchange's companies experienced a decline in net profit margins, with a year-on-year drop of 4.8%, contrasting with the growth seen in other markets [17][24]. - The report notes that the return on equity (ROE) was adversely affected by pressures on net profit margins and asset turnover rates, indicating a need for operational efficiency improvements [25][31]. Sector Profitability - The report highlights significant profitability disparities across sectors, with industries like automotive and home appliances showing strong growth resilience, while sectors such as media and pharmaceuticals faced severe profit declines [39]. - The automotive sector, in particular, saw a remarkable profit increase of 110.5%, indicating robust demand and market share gains [39]. Investment Participation - Institutional participation in the North Exchange has been increasing, with the number of funds holding North Exchange stocks rising significantly [40]. - The report notes that the North Exchange theme funds have outperformed the average industry returns, with several funds achieving returns exceeding 40% in 2025 [47][49]. Market Trends - The North Exchange's liquidity improved significantly in 2025, with daily trading volumes increasing from 29.9 billion yuan in 2023 to 266.9 billion yuan in 2025 [58]. - The report indicates that the North Exchange's volatility has decreased, reflecting a more stable trading environment [58].

Investment Rating - The report suggests focusing on innovative drugs, brain-computer interfaces, and AI medical applications, indicating a positive outlook for these sectors [1]. Core Insights - The pharmaceutical industry index decreased by 3.31% this week, underperforming the CSI 300 index by 3.39 percentage points. However, since the beginning of 2026, the pharmaceutical sector has increased by 3.14%, outperforming the CSI 300 by 1.49 percentage points [5][12]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 29.40 times, with a premium of 61.10% relative to the entire A-share market [22]. - Notable sub-sectors include blood products, which had the best performance this week with a decline of only 1.0%, while the top three performing sectors since the beginning of the year are hospitals (+12.0%), offline pharmacies (+9.3%), and medical R&D outsourcing (+6.7%) [28]. Summary by Sections Investment Strategy - The report highlights a robust combination of companies including 恒瑞医药 (Hengrui Medicine), 百济神州-U (BeiGene), 美好医疗 (Meihua Medical), and others, indicating their potential for growth and investment [19]. Market Performance - The pharmaceutical industry index's performance this week was ranked 23rd, while its year-to-date performance ranked 22nd among all sectors [5][20]. - The report notes that 60 stocks in the pharmaceutical sector had positive returns this week, while 420 stocks declined [35]. Company News - 先声药业 (Xiansheng Pharmaceutical) has authorized勃林格殷格翰 (Boehringer Ingelheim) for its drug SIM0709, with an upfront payment of €42 million and a total deal value of €1.058 billion [13]. - 石药集团 (Shijiazhuang Pharmaceutical) has partnered with 阿斯利康 (AstraZeneca) for a long-acting peptide project, which includes an upfront payment of $1.2 billion and potential milestone payments totaling $3.5 billion [14]. - 同源康 (Tongyuan Pharmaceutical) has its drug TY9591 included in the priority review list, expected to be launched in 2026, targeting EGFR mutation NSCLC brain metastasis patients [15]. Financial Data - The total market capitalization of the pharmaceutical industry is approximately ¥52,861.60 billion, with a circulating market value of ¥48,153.47 billion [3]. - The industry’s TTM PE ratio stands at 37.3, compared to the CSI 300's PE ratio of 14.2, indicating a significant premium for the pharmaceutical sector [3]. Additional Insights - The report emphasizes the importance of innovative drug development and strategic partnerships in driving growth within the pharmaceutical industry, particularly in the context of emerging therapies and technologies [1][19].

ooo[Table_ReportInfo] 2026 年 01 月 30 日 证券研究报告•宏观定期报告 宏观周报（1.26-1.30） 工业企业利润稳健增长，美联储如期暂停降息 摘要 [Table_Summary] 一周大事记 国内：工业企业利润增速转正，税制改革聚焦科技和制造业。1 月 26 日，商 务部宣布将启动建设数字贸易示范区，同时完善跨境服务贸易负面清单管理， 数字贸易和服务贸易领域将成为外贸稳增长的重要支撑；27日，数据显示 2025 年全年工业企业利润同比增长 0.6%，高技术制造业等新兴领域增速提升明显， 2026 年全年工业企业利润有望稳中有升；28日，全国税务工作会议召开，2025 年全国税费总额达 33.1 万亿元、同比增 0.9%。2026 年税制改革的核心是平 衡央地财政关系、优化税制结构，相关政策效应释放后，地方税收基础将进一 步巩固；同日，国资委在国新办新闻发布会上介绍 2025年国资央企发展情况， 并明确了支持新兴产业和推进央企并购重组的目标，后续国资委与中央企业将 推动国有资本向新兴产业集聚，将央企打造成培养新质生产力的主力军。 海外：美日联合干预汇市，美联储如期暂停降息。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [3]. Core Insights - The top five sectors with the highest excess returns for long positions in January 2026 (excluding comprehensive) are Defense and Military, Communication, Agriculture, Home Appliances, and Electric Equipment & New Energy, with excess returns of 11.41%, 8.40%, 7.85%, 6.01%, and 4.98% respectively [2]. - Over the past year, the sectors with the highest average monthly excess returns (excluding comprehensive) are Real Estate, Home Appliances, Retail, Construction, and Defense and Military, with excess returns of 2.17%, 2.09%, 1.69%, 1.69%, and 1.58% respectively [2]. - The GAN_GRU factor has shown a mean Information Coefficient (IC) of 0.1107 and an annualized excess return of 22.36% from January 2019 to January 2026 [41]. - As of January 28, 2026, the latest IC for the GAN_GRU factor is 0.0003, with a one-year mean IC of 0.0553 [41]. - The top five sectors based on the recent IC performance of the GAN_GRU factor are Defense and Military, Construction, Real Estate, Banking, and Communication, with IC values of 0.3498, 0.2478, 0.2165, 0.1993, and 0.1976 respectively [41]. - The long position combination based on the GAN_GRU factor has shown the highest excess returns in the sectors of Defense and Military, Communication, Agriculture, Home Appliances, and Electric Equipment & New Energy [45]. Summary by Sections GAN_GRU Model Overview - The GAN_GRU model utilizes Generative Adversarial Networks (GAN) for processing time-series features and GRU for encoding these features into stock selection factors [4][13]. GAN_GRU Factor Performance - The GAN_GRU factor has demonstrated significant performance metrics, including a mean IC of 0.1107 and an annualized excess return of 22.36% [41]. - The recent IC rankings for various sectors indicate strong performance in Defense and Military, Construction, and Real Estate [41][45]. Long Position Combinations - The report lists the top ten stocks selected based on the GAN_GRU factor, including companies like Xinhua Insurance, Guanghong Technology, and Guangdong Expressway [50].

Group 1: New Economy Overview - The "new economy" is characterized by information technology and globalization, driven by technological and institutional innovations, representing a profound transformation in economic structure and development methods[2] - In 2024, the value added of the "three new" economies (new industries, new business formats, new models) is projected to reach 24.29 trillion yuan, accounting for 18.01% of GDP, an increase of 0.43 percentage points from the previous year[10] - The third industry constitutes 54.7% of the "three new" economy, highlighting the active role of the new economy in the service sector[10] Group 2: Industrial Sector Insights - The report constructs a monitoring system for the industrial sector's economic climate, focusing on key areas such as new energy, new materials, and aerospace[2] - The industrial sector's economic climate is stabilizing and entering a new cycle, with the manufacturing PMI showing recovery trends since 2020, particularly in high-tech industries[2] - Key industries are experiencing differentiated growth, with the communication equipment sector rebounding strongly, while the computer and home appliance sectors are still seeking a bottom[2] Group 3: Risk Factors - Potential risks include fluctuations in domestic and international economic cycles, adjustments in industrial policies, and geopolitical risks[2]