证券研究报告 | 2026年01月23日 2026年01月24日 2026年01月27日 3、投资建议：看好主品牌发挥跑步品类优势销售稳健增长，专业运动品牌快速增长盈利提升。公司聚焦 跑步领域、发挥跑步品类专业优势，四季度在气温和春节延迟的负面因素影响下，主品牌流水保持同比持 平，跑鞋品类及核心系列"两千公里"、"冠军家族"表现亮眼；专业运动品牌索康尼环比提速至 30%以 上增长，全年 30%的增速达成管理层此前指引。我们看好未来主品牌聚焦大众市场获得稳健增速，索康尼 和迈乐分别聚焦"双精英人群"和户外，保持较快增速，并在未来 3-5 年盈利持续提升。我们维持盈利预 测，预计 2025-2027 年净利润分别为 14.0/14.9/16.0 亿元，同比增长 13.2%/5.9%/7.7%。维持 6.1-6.6 港 元的合理估值区间，对应 2026 年 11-12x PE，维持"优于大市"评级。 评论： 第四季度特步主品牌流水同比持平、折扣保持稳定，库存小幅上升；索康尼流水增长 30%，迈乐流水增 长双位数 公司公告：1 月 23 日，公司发布 2025 年第四季度及全年营运状况，第四季度特步主品牌线上线下全渠 ...

证券研究报告|2026年01月27日 2026年01月27日 固收+基金四季报分析 增配债底强化防御，业绩分化凸显结构机遇 基金个数：按照国信研究"固收+"基金样本池，截至 2025 年四季度末， 发行在外的固收+基金共有 2,091 只，数量占全基金市场的 15.4%。四季 度共发行了固收+基金 85 只，与去年同期比大幅增加；2025 年全年共发 行了固收+基金 192 只，同比也有明显的增长。 基金规模：四季度末，已披露季报的固收+基金总资产和净资产分别为 32,023 亿元和 28,442 亿元，较上季度大幅增加，平均规模也环比上升。 具体分基金类型来看，混合债券型二级基金存续规模最大为 17,331 亿 元，占比 54.1%。 杠杆率：杠杆率方面，四季度末，整体法口径下固收+基金平均杠杆率为 1.13，较上季度末增加了 0.03。平均法口径下固收+基金平均杠杆率为 1.11，较上季度末增加了 0.01。 基金净值增长率：净增长率方面，2025 年 2025 年四季度固收+基金单季 平均净值增长率为 0.46%，增长率较上季度环比有所回落。细分来看， 2025 年四季度不同类型的固收+基金的净值增长率 ...

证券研究报告 | 2026年01月26日 2026年01月27日 TCL 电子（01070.HK） 与索尼达成战略合作，有望加速电视业务全球扩张 优于大市 |  | 公司研究·公司快评 |  | 家用电器·黑色家电 |  投资评级：优于大市（首次） | | --- | --- | --- | --- | --- | | 证券分析师： | 陈伟奇 | 0755-81982606 | chenweiqi@guosen.com.cn | 执证编码：S0980520110004 | | 证券分析师： | 王兆康 | 0755-81983063 | wangzk@guosen.com.cn | 执证编码：S0980520120004 | | 证券分析师： | 邹会阳 | 0755-81981518 | zouhuiyang@guosen.com.cn | 执证编码：S0980523020001 | | 证券分析师： | 李晶 | | lijing29@guosen.com.cn | 执证编码：S0980525080003 | 事项： 公司发布公告，公司与索尼于 1 月 20 日订立不具法律约束力的意向备忘录，拟在 ...

证券研究报告 | 2026年01月26日 2026年01月27日 TCL 电子（01070.HK） 与索尼达成战略合作，有望加速电视业务全球扩张 优于大市 |  | 公司研究·公司快评 |  | 家用电器·黑色家电 |  投资评级：优于大市（首次） | | --- | --- | --- | --- | --- | | 证券分析师： | 陈伟奇 | 0755-81982606 | chenweiqi@guosen.com.cn | 执证编码：S0980520110004 | | 证券分析师： | 王兆康 | 0755-81983063 | wangzk@guosen.com.cn | 执证编码：S0980520120004 | | 证券分析师： | 邹会阳 | 0755-81981518 | zouhuiyang@guosen.com.cn | 执证编码：S0980523020001 | | 证券分析师： | 李晶 | | lijing29@guosen.com.cn | 执证编码：S0980525080003 | 事项： 公司发布公告，公司与索尼于 1 月 20 日订立不具法律约束力的意向备忘录，拟在 ...

| 晨会纪要 | | --- | | 数据日期:2026-01-26 | 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） | 4132.60 | 14316.63 | 4706.96 | 15595.08 | 4178.14 | 1532.79 | | 涨跌幅度（%） | -0.08 | -0.85 | 0.09 | -1.33 | -1.33 | -1.34 | | 成交金额（亿元） | 14518.59 | 17963.42 | 7968.32 | 6285.86 | 8384.90 | 1089.16 | $$\overline{{{\prod_{i\in\mathbb{R}}}}}\frac{\Delta}{\Delta}\pm\overline{{{\prod_{i\in\mathbb{R}}}}}$$ (4) [ (4) 36 $\mu$H$\mu$H$\mu$H$\mu$] 宏观与策略 固定收益周报:公募 REITs 周报（第 51 期）- ...

本周医药板块表现弱于整体市场，医疗服务板块领跌。本周全部 A 股上涨 1.17%（总市值加权平均），沪深 300 下跌 0.62%，中小板指上涨 0.87%， 创业板指下跌 0.34%，生物医药板块整体下跌 0.39%，生物医药板块表 现弱于整体市场。分子板块来看，化学制药下跌 1.11%，生物制品上涨 0.07%，医疗服务下跌 2.17%，医疗器械上涨 0.30%，医药商业上涨 4.26%，中药上涨 0.89%。医药生物市盈率（TTM）38.51x，处于近 5 年历史估值的 84.35%分位数。 25Q4 公募基金医药持仓分析： 风险提示：研发失败风险；商业化不及预期风险；地缘政治风险；政策 超预期风险。 重点公司盈利预测及投资评级 | 公司 | 公司 | 投资 | 总市值 | | 归母净利润（亿元） | | | | PE | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | (亿元) | 2024A | 2025E | 2026E | 2027E | 2024A | ...

Core Insights - The report emphasizes the importance of innovation in the pharmaceutical and biotechnology industry, particularly focusing on the overseas expansion of innovative drugs and the adoption of new technologies [1][4]. - The investment rating for the sector is maintained at "outperform the market" [2]. Group 1: Market Overview and Trends - The overseas market for innovative drugs and the CXO industry is expected to perform exceptionally well in 2025, driven by continuous business development (BD) activities, strong clinical data, and supportive policies [4]. - The domestic supply and demand remain stable, with a shift in payment systems favoring innovation. National health expenditure increased by 4.7% year-on-year in the first 11 months of 2025, marking a recovery after two years of decline [4]. - The report highlights the significant growth potential in new drug forms such as dual antibodies and small nucleic acid drugs, as well as innovations in AI healthcare and brain-machine interfaces [4]. Group 2: Investment Recommendations - The report recommends focusing on companies with global competitiveness and differentiated innovation capabilities, as well as domestic CXO leaders with high barriers in cost control, technology accumulation, and production capacity [4]. - Recommended stocks include Mindray Medical, WuXi AppTec, Kelaiying, Aier Eye Hospital, and several others, with specific mention of H-shares like Kelun-Bio and CanSino Biologics [4][5]. Group 3: Financial Performance and Projections - The report provides a detailed strategy portfolio for 2026, listing companies along with their projected net profits and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [5]. - The pharmaceutical sector's overall performance in 2025 was strong, with significant gains in sub-sectors such as medical services and chemical pharmaceuticals, driven by BD collaborations and clinical data releases [12][23]. Group 4: Fund Holdings and Market Sentiment - As of Q4 2025, the net asset value of pharmaceutical funds decreased by 9.0%, with a notable shift where passive funds surpassed active funds for the first time since 2019 [25][32]. - The report indicates a decline in the proportion of pharmaceutical holdings in both active and non-pharmaceutical funds, with a concentration in chemical preparations and other biological products [32][40].

证券研究报告 | 2026年01月26日 策略周报 融资交易情绪边际降温——1 月第 3 周立体投资策略周报 核心结论：①1 月第 3 周，资金入市合计净流出 1705 亿元，前一周流入 49 亿元。②短期情绪指标处于 05 年以来高位，长期情绪指标处于 05 年以来中 低位。③从行业角度看，以成交额占比为例，过去一周半导体、电子、国防 军工等热度较高。 1 月第 2 周，资金入市合计净流出 1705 亿元，前一周流入 49 亿元。资金流 入方面，融资余额减少 83 亿元，公募基金发行增加 393 亿元，ETF 净赎回 1623 亿元，北上资金估算净流出 93 亿元；资金流出方面，IPO 融资规模 46 亿元，产业资本净减持 118 亿元，交易费用 136 亿元。 短期情绪指标处于 05 年以来高位。短期情绪指标主要看换手率和融资交易 占比，最近一周换手率（年化）为 557%，当前处在历史上由低到高 87%的分 位；最近一周融资交易占比为 9.88%，当前处在历史上由低到高 73%的分位。 长期情绪指标处于 05 年以来中低位。长期情绪指标主要看大类资产比价， 一看价格对比，最近一周 A 股风险溢价（全部 A ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][22] Core Viewpoints - The management's recent share buybacks demonstrate confidence in the company's future and stock price [3][4] - The company's new product series, PUCKY and Starry People, have shown strong demand, with sold-out status on official platforms and significant price premiums on secondary markets, indicating potential for IP value enhancement during the upcoming holiday season [3][5] - The company is expected to see substantial profit growth, with projected net profits for 2025-2027 at 120.2 billion, 170.5 billion, and 208.9 billion respectively, reflecting year-on-year growth of 284.4%, 41.9%, and 22.6% [3][10][15] Summary by Relevant Sections Share Buyback - The company announced a buyback of 500,000 shares at a price of 192.97 yuan per share and the cancellation of 1.4 million shares at 179.60 yuan per share, indicating a total buyback amount of approximately 347.9 million yuan [2][5] Product Performance - Recent trends show that the PUCKY and Starry People series have sold out on official websites, with price premiums on secondary markets ranging from 2-3 times for hidden versions and 70-200% for regular versions, suggesting strong market demand [3][5][9] Financial Projections - The company has revised its profit forecasts, expecting revenues of 356.2 billion, 512.5 billion, and 634.5 billion for 2025-2027, with corresponding year-on-year growth rates of 173.2%, 43.9%, and 23.8% [10][19] - The gross margin is projected to exceed 70% in the first half of 2025, with a steady gross margin of around 71% expected through 2027 [12][19]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][3] Core Views - The management's recent share buybacks demonstrate confidence in the company's future and stock price [4][3] - The company's new product series, PUCKY and Starry People, have sold out on official platforms and are trading at significant premiums on secondary markets, indicating strong IP potential [3][5] - The company is expected to see substantial profit growth, with net profits projected to reach 12.02 billion, 17.05 billion, and 20.89 billion for 2025-2027, reflecting year-on-year growth of 284.4%, 41.9%, and 22.6% respectively [3][10] Summary by Sections Share Buyback - The company announced a buyback of 500,000 shares at a price of 192.97 yuan per share and the cancellation of 1.4 million shares at 179.60 yuan per share, showing a total buyback of 3.47 billion yuan for 1.9 million shares [2][5] Product Performance - Recent trends show that the PUCKY and Starry People series have sold out on the official website, with hidden versions trading at premiums of 2-3 times and regular versions at 70-200% premiums [5][9] Financial Projections - The company has revised its profit forecasts, expecting net profits of 12.02 billion, 17.05 billion, and 20.89 billion for 2025-2027, with corresponding P/E ratios of 23, 16, and 13 [3][10] - Revenue projections for 2025-2027 are set at 35.62 billion, 51.25 billion, and 63.45 billion, with growth rates of 173.2%, 43.9%, and 23.8% respectively [10][19]