证券研究报告 | 2026年01月16日 科陆电子（002121.SZ） 国网"十五五"计划投资 4 万亿元，公司智能电网及储能业务有望受益 公司研究·公司快评 电力设备·电网设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 事项： 国家电网宣布"十五五"期间固定资产投资预计达 4 万亿元，较"十四五"增长 40%，创历史新高，重点 投向新型电力系统建设。"十五五"期间，国家电网将初步建成主干电网、配电网和智能微电网协同的新 型电网平台；加快推进城市、农村、边远地区配网建设，探索末端保供型、离网型微电网模式；夯实数智 基础设施，实施"人工智能+"专项行动，强化电网数字赋能。此外，国家电网将提升系统调节能力，优 化抽蓄站点布局，支持新型储能规模化发展，提高新能源运行支撑和并网消纳水平。 国信电新观点：国家电网"十五五"期间 4 万亿投资是我国能源转型和新型电力系统建设的关键举措，重 点投资方向包括配电网智能化改造、新型储能与调节能力建设等。2023 年以来科陆电子聚焦智能电网与新 型电化学储 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [2] Core Insights - AI is reshaping user entry points and the distribution of internet traffic, leading to a revolution in the underlying flow distribution mechanisms [4] - The transition from "productivity" to "monetization" in AI applications is expected to accelerate, with 2026 being a critical turning point [5] - The trust level of Chinese consumers in AI applications is significantly higher than that of consumers in the US and Europe, reaching 80% [41][42] Summary by Sections AI Reshaping Entry Points - AI is transforming traditional search engines and user interaction methods, moving from keyword matching to natural language queries, which significantly shortens the interaction path [14][39] - The emergence of Generative Engine Optimization (GEO) is changing the flow distribution logic, compressing the value of traditional intermediaries while amplifying the value of high-quality content sources [4][39] Commercial Monetization Acceleration - By 2026, the global GEO market is projected to reach $24 billion, with the domestic market expected to reach 11.1 billion yuan, indicating exponential growth [5][52] - Marketing service providers are evolving from traditional traffic buying models to those that leverage MarTech capabilities, focusing on AI corpus construction and data cleaning [5][54] Content Industry Upgrade - AI-generated content (AIGC) is not only reducing costs but also creating new supply, particularly in the video sector where AI tools are enabling full-process production at a fraction of traditional costs [6][70] - The audience for AI-generated short dramas is predominantly male, aged 24-30, indicating a new demographic shift in content consumption [70] Investment Recommendations - The report suggests focusing on commercial pioneers in the GEO space, particularly in marketing services and high-quality content [7][54] - There is also potential for growth in lower-tier content sectors such as film IP, gaming, and publishing [7]

- The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, using a 250-day high distance metric[11] - The 250-day high distance is calculated as follows: $ 250 \text{ day high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days[11] - As of January 16, 2026, the 250-day high distances for major indices are: Shanghai Composite Index 1.52%, Shenzhen Component Index 0.60%, CSI 300 1.23%, CSI 500 0.20%, CSI 1000 1.49%, CSI 2000 1.77%, ChiNext Index 0.81%, and STAR 50 Index 1.63%[12][13] - The report identifies 1204 stocks that reached a 250-day high in the past 20 trading days, with the highest numbers in the machinery, electronics, and basic chemicals industries[19] - The highest proportions of new high stocks are in the defense, non-ferrous metals, and petrochemical industries[19] - The report also tracks "stable new high stocks" based on analyst attention, relative strength, trend continuity, price path stability, and new high sustainability[23][26] - The screening criteria for stable new high stocks include: at least 5 buy or hold ratings in the past 3 months, top 20% in 250-day price change, and top 50% in price path smoothness and new high continuity metrics[26] - The report lists 50 stable new high stocks, with the highest numbers in the cyclical and technology sectors, particularly in non-ferrous metals and electronics industries[27]

Core Insights - The report indicates a policy easing combined with structural interest rate cuts, predicting a decline in market interest rates in January [4][52][77] Group 1: Overseas Monetary Market Indicators - The expectation for interest rate cuts in overseas markets has weakened, with short-term US Treasury rates rebounding to around 3.7% [6] - The Federal Funds rate and SOFR rates have remained stable since December [6] Group 2: Domestic Monetary Market Indicators - Price indicators show that the interbank and exchange repo rates generally increased in December, with R001, GC001, R007, and GC007 changing by -7BP, 14BP, 7BP, and 14BP respectively [11][19] - Volume indicators reveal that the overnight transaction volume in both interbank and exchange markets increased compared to the previous month, although the proportion slightly declined [34] - The excess reserve ratio is estimated to be 1.6% for December and 1.1% for January [4][42] Group 3: January Funding Outlook - The central bank's supportive stance, combined with the seasonal tendency for liquidity to ease after the year-end, suggests a decline in market interest rates in January [4][52] - The central bank is expected to net withdraw liquidity in January, with a slight decrease in the excess reserve ratio anticipated [72] Group 4: Short-term Bond Yield Changes - In December, the yields on short-term bonds showed mixed trends, with 1-year government bonds and 1-year policy bank bonds changing by -3BP and -2BP respectively [25] - The yield spread between 1-year AAA short-term financing bonds and government bonds slightly widened by 6BP [25] Group 5: Money Market Fund Returns - The 7-day annualized yield for the Yu'ebao fund was 1.02% in December, with the average yield for the top ten money market funds showing a slight increase [28] Group 6: Seasonal Trends in Monetary Indicators - December saw a significant reduction in fiscal deposits, with a decrease of 13,845 billion yuan, while January is expected to see a seasonal increase in fiscal deposits of around 4,000 billion yuan [59] - The M0 increased by 3,892 billion yuan in December, with an expected increase of 7,000 billion yuan in January due to cash demand ahead of the Spring Festival [53]

- The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, using a 250-day high distance metric[11] - The 250-day high distance is calculated as follows: $ 250 \text{ day high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days[11] - As of January 16, 2026, the 250-day high distances for major indices are: Shanghai Composite Index 1.52%, Shenzhen Component Index 0.60%, CSI 300 1.23%, CSI 500 0.20%, CSI 1000 1.49%, CSI 2000 1.77%, ChiNext Index 0.81%, and STAR 50 Index 1.63%[12][13][15] - The report identifies 1204 stocks that reached a 250-day high in the past 20 trading days, with the highest numbers in the machinery, electronics, and basic chemicals industries[19] - The highest proportions of new high stocks are in the defense, non-ferrous metals, and petrochemical industries[19] - The report also tracks "stable new high stocks" based on analyst attention, relative stock strength, trend continuity, price path stability, and new high sustainability[23][26] - The screening criteria for stable new high stocks include: at least 5 buy or hold ratings in the past 3 months, top 20% in 250-day price change, and top 50% in price path smoothness and new high continuity metrics[26] - This week's stable new high stocks include 50 stocks such as Asia Integration, Yuanjie Technology, and Zhongji Xuchuang, with the highest numbers in the cyclical and technology sectors[27][30]

Investment Rating - The report maintains an "Outperform" rating for the media industry [2] Core Insights - AI is reshaping user entry forms and the distribution of internet traffic, leading to a revolution in the underlying distribution of industry chain value [4] - The transition from "productivity" to "monetization" in AI applications is expected to accelerate, with 2026 being a critical turning point [5] - The rise of Generative Engine Optimization (GEO) signifies a shift from traditional SEO to a model that prioritizes data structure and authority, impacting how content is valued and distributed [4][5] Summary by Sections AI Reshaping Entry Forms - AI is transforming user interaction from keyword-based searches to natural language queries, significantly shortening the information retrieval process [4][14] - The traditional search engine era is ending, giving way to a new era characterized by AI-driven search capabilities [4][14] Commercial Monetization Acceleration - By 2026, the GEO market is projected to reach $24 billion globally, with the domestic market expected to hit 11.1 billion yuan, indicating exponential growth [5][52] - Chinese consumers exhibit a high trust level in AI applications at 80%, compared to 35% in the U.S. and 40% in Europe, particularly in personalized shopping recommendations [5][41][42] Content Industry Upgrade - AI-generated content (AIGC) is not only reducing costs but also creating new supply, with AI-driven video production becoming increasingly viable [6][58] - The emergence of AI anime short dramas is expected to open new market opportunities, particularly among younger male audiences [6][70] Investment Recommendations - The report suggests focusing on the GEO direction, particularly in marketing services and high-quality content, while also considering potential rebounds in content sectors like film and gaming [7][52] - Companies that can optimize AI data and content will likely benefit from the shift towards GEO, with a new emphasis on brand authority and content quality [55][56]

Investment Rating - The report maintains an "Outperform" rating for the media industry [2] Core Insights - AI is reshaping user entry points and the distribution of internet traffic, marking a transition from traditional search engines to generative search engine optimization (GEO) [4] - The commercialization of AI in China is accelerating, with a significant trust level of 80% among consumers, which is higher than in the US (35%) and Europe (40%) [5] - The content industry is evolving with AI-generated content (AIGC) not only reducing costs but also creating new supply [6] Summary by Sections AI Reshaping Entry Points - AI is transforming user interaction from keyword-based searches to natural language queries, significantly shortening the information retrieval process [4][11] - The shift to AI-driven search is leading to a "zero-click" trend, where users can satisfy their information needs without navigating away from the AI interface [4] Commercialization Acceleration - By 2026, the global GEO market is projected to reach $24 billion, with the domestic market expected to hit 11.1 billion yuan, indicating exponential growth [5][52] - Marketing service providers are evolving to leverage AI technologies, focusing on optimizing data structures and enhancing brand visibility in AI models [5] Content Industry Upgrade - AI is enabling full-process production in video content, significantly lowering production costs and expanding audience demographics [6] - The gaming industry is also seeing AI applications enhance user engagement through intelligent non-player characters (NPCs) [6] Investment Recommendations - The report suggests focusing on the GEO direction, particularly in marketing services and high-quality content, while also considering potential rebounds in content sectors like film and gaming [7]

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 ...

Investment Rating - The report maintains an "Outperform" rating for the outdoor apparel and footwear industry [1] Core Insights - The outdoor footwear and apparel industry has been experiencing rapid growth since 2021, with a projected CAGR of 25.3% for outdoor apparel and 18.4% for outdoor footwear from 2021 to 2025. The expected year-on-year growth rates for 2025 are 24.5% and 16.3%, respectively [2][28] - The ISPO Beijing 2026 exhibition highlighted a shift in product categories, with an increase in skiing brands and products, while camping brands saw a decline. The event showcased a growing trend in wool materials within outdoor apparel, indicating a significant increase in the penetration of wool-related products [2][13][21] - Online sales of outdoor footwear are expected to maintain a growth rate of over 40% in 2025, while the growth of outdoor apparel has slowed to low single digits post-Q2 2025. Specific categories like down jackets and quick-dry clothing are showing strong growth, with some quarterly year-on-year increases nearing 100% [2][36] Summary by Sections ISPO Beijing 2026 Exhibition Highlights - The exhibition featured a notable increase in skiing-related brands and products, while camping brands were consolidated into a climbing and hiking area [13] - The brand "Pelliot" emphasized its commitment to professional products and marketing, showcasing a range of footwear and specialized gear for mountaineering and skiing [20] Outdoor Brand Sentiment Tracking - The outdoor footwear and apparel industry continues to grow, with outdoor apparel experiencing a CAGR of 25.3% and outdoor footwear at 18.4% from 2021 to 2025. The penetration rates for outdoor apparel and functional sportswear have increased significantly [28][29] - Online platforms are seeing a faster growth rate for outdoor footwear compared to apparel, with a notable increase in competition among brands. Leading brands like "Kailas" and "Pelliot" are maintaining high growth rates, while others like "The North Face" are experiencing slower growth [36][37] Upstream Sentiment Tracking - Wool materials are gaining traction in the outdoor apparel sector, with sales of wool and cashmere products achieving over 30% year-on-year growth in most quarters since Q4 2021. The penetration of wool products in outdoor apparel is expected to rise significantly, providing a positive outlook for upstream suppliers [21][27]