Investment Rating - The report maintains an investment rating of "Outperform the Market" for the industry [1]. Core Insights - Major international companies are focusing on AI application deployment, with innovations in vertical scenarios such as healthcare and e-commerce. OpenAI's ChatGPT Health and Anthropic's Claude for Healthcare are examples of AI solutions targeting compliance and professional services in healthcare [2]. - Domestic companies are also advancing AI applications, with Alibaba's "Ant Aifu" upgrading health services and ByteDance's Volcano Engine becoming the exclusive AI cloud partner for the Spring Festival Gala. The stock prices of newly listed AI companies like Zhiyu and Minimax have surged significantly post-IPO [2]. Summary by Sections 01 International Companies' AI Application Deployment - OpenAI launched ChatGPT Health, which has received over 230 million health-related inquiries weekly, focusing on data integration and compliance [9]. - Anthropic introduced Claude for Healthcare, covering clinical services and personal health management while adhering to strict data security standards [14]. 02 Domestic Companies' AI Application Deployment - Alibaba's "Ant Aifu" aims to become the leading health app in China, integrating with major health devices and offering various health services [32]. - ByteDance's Volcano Engine is set to enhance the Spring Festival Gala experience through AI, marking its third collaboration with the event [37]. - Deepseek is expected to release its V4 flagship model, which promises significant advancements in AI capabilities [39]. 03 Industry Chain Overview - The report outlines various application directions and key companies in sectors such as healthcare, e-commerce, and gaming, highlighting potential investment opportunities [49].

证券研究报告 | 2026年01月16日 六福集团（00590.HK） 同店进一步加速增长，海外拓展顺利 |  | 公司研究·公司快评 |  | 商贸零售·专业连锁Ⅱ | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 张峻豪 | 021-60933168 | zhangjh@guosen.com.cn | 执证编码：S0980517070001 | | 证券分析师： | 柳旭 | 0755-81981311 | liuxu1@guosen.com.cn | 执证编码：S0980522120001 | | 证券分析师： | 孙乔容若 | 021-60375463 | sunqiaorongruo@guosen.com.cn | 执证编码：S0980523090004 | 事项： 公司公告：公司发布 2025 年 10-12 月经营数据，整体零售值同比增长 26%，同店销售增长 15%，均环比上 一季度实现加速。 国信零售观点：1）分区域看，全球市场均表现较好：中国香港同店销售增长 15%，中国澳门增长 22%，海 外增长 11%；中 ...

2026年01月16日 证券研究报告 | 2 户外新消费研究系列： 2025年景气度回顾与产业前沿洞察 行业研究 · 行业专题 纺织服饰 投资评级：优于大市（维持） 证券分析师：丁诗洁 证券分析师：刘佳琪 0755-81981391 010-88005446 dingshijie@guosen.com.cn liujiaqi@guosen.com.cn S0980520040004 S0980523070003 请务必阅读正文之后的免责声明及其项下所有内容 报告摘要： 请务必阅读正文之后的免责声明及其项下所有内容 l ISPO Beijing 2026展会亮点。1）展会品类结构变化：滑雪品牌及相关产品增加，而露营品牌数量减少，与户外展区合并为攀登徒步露营区 域。2）伯希和加码专业产品和营销，鞋类产品增加：伯希和发布会以"从世界之巅到全球赛场"为主题，发布对登山运动员、运动队的赞助 支持，以及与国际体育组织、赛事体系的合作，参展产品集中展示了专业登山、滑雪及冬奥会定制装备，此外鞋子产品有单独货架展出。3） 羊毛参展商和产品增加：羊毛材质在户外服饰中的渗透率提升趋势明显，本次展会羊毛相关面料和产品较之前都有所增加 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company's retail performance showed a low single-digit decline in sales for the fourth quarter ending December 31, 2025, with offline channels experiencing a mid-single-digit decline and e-commerce remaining flat. The total number of sales points in China was 6,091, a net decrease of 41 from the previous quarter [2][3] - The fourth quarter saw a narrowing decline in sales compared to the third quarter, primarily due to a reduction in the decline of offline channels. The inventory turnover ratio improved to 4-5 months, and new product launches were frequent, including the opening of flagship stores and outdoor stores [2][3][5] - The company is expected to benefit from effective cost control and government subsidies, leading to an upward revision of profit forecasts for 2025-2027, with projected net profits of 26.2 billion, 28.0 billion, and 32.9 billion yuan respectively [2][11] Summary by Sections Retail Performance - For the fourth quarter, the company's sales point performance (excluding Li Ning YOUNG) recorded a low single-digit decline year-on-year. The offline channel saw a mid-single-digit decline, while e-commerce remained stable. The total number of sales points decreased by 41 from the previous quarter [2][3] Sales and Discounts - The fourth quarter saw a low single-digit decline in sales, which improved compared to the third quarter. Retail and wholesale channels experienced low and mid-single-digit declines respectively, while e-commerce remained flat. The discount levels deepened slightly, with inventory turnover improving to 4-5 months [4][5] New Products and Store Formats - The company launched a series of new products in the fourth quarter, including innovative running shoes designed for wet weather. Additionally, the company opened its first outdoor specialty store and a flagship "Dragon Store" in Beijing, targeting the middle-class consumer segment [5][11] Financial Forecasts - The company revised its profit forecasts upward, expecting net profits of 26.2 billion, 28.0 billion, and 32.9 billion yuan for 2025, 2026, and 2027 respectively, reflecting a year-on-year change of -13.1%, +7.0%, and +17.3% [11][12]

| 晨会纪要 | | --- | | 数据日期:2026-01-15 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4112.60 | 14306.72 | 4751.42 | 15440.35 | 4193.07 | 1493.94 | | 涨跌幅度（%） | -0.32 | 0.40 | 0.20 | 0.12 | -0.39 | -0.46 | | 成交金额（亿元） | 11759.15 | 17295.81 | 6740.58 | 5966.58 | 8412.62 | 958.46 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ ($\frac{\pi}{10}$) 宏观与策略 宏观快评:12 月金融数据解读-企业融资超季节性回暖 策略专题:26 年 A 股向上的五大微观动能——2026 年牛市展望系列 2 行业与公司 证券研究报告 | 2026年01月 ...

核心观点 锚定经济结构性矛盾，精准落地结构性货币政策工具。此次结构性货币政策利率调整，既是对中央经济工 作会议精神的快速响应，也是破解我国当前经济结构性矛盾的关键抓手。结构性货币政策多年来持续加码， 以抵押补充贷款（PSL）利率调整为例，自 2022 年以来其利率已累计调降过 3 次，从最初的 2.80%逐步降 至 2025 年 5 月的 2.00%，此次再次调降至 1.75%。这一持续调降的背后，是政策对重点领域支持的连贯性， 以增强市场预期稳定性。这既畅通了货币政策传导机制，缓解了重点领域与薄弱环节的融资压力，又从根 本上防范总量宽松可能带来的风险积累，充分彰显结构性货币政策在平衡稳增长与调结构中的核心作用。 证券研究报告 | 2026年01月15日 银行业点评 精准滴灌，稳定银行息差预期 |  行业研究·行业快评 | | |  银行 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 田维韦 | 021-60875161 | tianweiwei@guosen.com.cn | 执证编码：S0980520030002 | | ...

证券研究报告 | 2026年01月16日 2026年01月15日 继续聚焦风险化解 金融监管总局 2026 年监管工作会议学习体会 |  行业研究·行业快评 | | |  银行 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 陈俊良 | 021-60933163 | chenjunliang@guosen.com.cn | 执证编码：S0980519010001 | | 证券分析师： | 王剑 | 021-60875165 | wangjian@guosen.com.cn | 执证编码：S0980518070002 | 事项： 金融监管总局召开 2026 年监管工作会议，系统总结 2025 年工作，统筹安排 2026 年重点任务。与 2025 年 工作要求相比，今年整体要求变化不大，仍然是推进中小金融机构风险化解、严密防范化解房地产和融资 平台等领域风险、提高行业高质量发展能力、加强和完善金融监管、提升金融服务经济社会质效，其中风 险化解仍然占据首要位置。 评论： 金融监管总局召开 2026 年监管工作会议，工作要求较 2025 ...

- The quantitative model "Bank of China Quantitative Stock Selection" achieved an excess return of 3.18% relative to the Wind Partial Equity Hybrid Fund Index in 2025, with a relative maximum drawdown of only 4.13%, an annualized tracking error of 5.44%, an IR of 0.49, and a return-drawdown ratio of 0.77[2][23][24] - The model demonstrated strong risk management capabilities, with a rolling 3-month annualized tracking error averaging only 5.26% in 2025, and a daily return correlation coefficient with the benchmark index averaging 0.96, indicating stable operations targeting the median of active equity funds[25][26][27] - The model ranked in the top 50% of all active equity funds for most of 2025 in terms of cumulative returns, showcasing its ability to consistently generate stable excess returns[27][29][31] - The return-drawdown ratio of the model ranked in the top 30% of the market (1072/3588), and its relative maximum drawdown ranked in the top 0.5% of all active equity funds (21/3588), reflecting strong drawdown control capabilities[29][30][31]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][24]. Core Viewpoints - The company announced its intention to acquire 67.48% of Zhejiang Jiali Industrial Co., Ltd. for a total transaction price of 1.454 billion yuan, which will make the company the controlling shareholder of Jiali [3]. - The acquisition focuses on the automotive lighting sector, which is expected to enhance the company's strategic positioning and competitiveness in this growing market [3][24]. - The automotive lighting sector is projected to have good growth potential and opportunities for domestic substitution, with the company expected to benefit from synergies in technology, product development, supply chain, and customer resources [3][24]. - The profit forecast for the company has been adjusted downwards due to tariff and exchange rate impacts, with expected net profits for 2025-2027 being 290 million, 340 million, and 380 million yuan respectively, reflecting a year-on-year change of -17%, +18%, and +12% [3][24]. Company Overview - The company is a leading player in general lighting exports in China, with advantages in efficient flexible production, supply chain management, and quality control [3]. - Jiali, the target of the acquisition, is a well-established automotive lighting manufacturer with a diverse customer base, including both domestic and international automotive brands [5]. - Jiali's revenue is primarily derived from automotive lighting, with a stable revenue scale but some pressure on profitability. In 2024, Jiali's revenue is expected to be 2.68 billion yuan, a decrease of 3.9% year-on-year [6]. Industry Insights - The automotive lighting industry in China is expected to grow significantly, with the market size projected to reach approximately 65.12 billion yuan by 2025 and 88.22 billion yuan by 2030, reflecting a compound annual growth rate of 6.3% from 2025 to 2030 [17]. - The industry is characterized by high entry barriers, including customer resources, technology, and quality certification, making it a relatively high-quality segment within automotive components [17]. - Technological advancements in the industry, such as ADB and DLP systems, are enhancing user experience and increasing product value, which may benefit domestic manufacturers with strong technical capabilities [18].

证券研究报告 | 2026年01月15日 金融工程日报 沪指缩量调整，连板率创近一个月新低 风险提示：市场环境变动风险；本报告基于历史客观数据统计，不构成投资 建议。 核心观点 金融工程日报 | 金融工程·数量化投资 | | --- | 证券分析师：张欣慰 联系人：李子靖 021-60933159 021-60875177 zhangxinwei1@guosen.com.cn lizijing1@guosen.com.cn S0980520060001 市场表现：20260115 规模指数中沪深 300 指数表现较好，板块指数中中小 100 指数表现较好，风格指数中沪深 300 成长指数表现较好。基础化工、电 子、有色金属、建材、通信行业表现较好，综合金融、国防军工、传媒、计 算机、商贸零售行业表现较差。长江存储、钨矿、先进封装、钴矿、光刻机 等概念表现较好，卫星互联网、小红书平台、智谱 AI、拼多多合作商、卫星 导航等概念表现较差。 市场情绪：20260115 收盘时有 64 只股票涨停，有 72 只股票跌停。昨日涨 停股票今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-2.08%，昨日 跌停股票今日收盘 ...