证券研究报告 | 2026年01月28日 大金重工（002487.SZ） 优于大市 全年业绩高增，打造海工全链条服务能力 风险提示：海外海风进度不及预期；原材料价格大幅上涨；行业竞争加剧。 投资建议：上调盈利预测，维持"优于大市"评级。 考虑到公司在手订单结构和海工产业链布局进展，上调 26-27 年盈利预测。 我们预计公司 2025-2027 年实现归母净利润 11.19/17.55/22.62 亿元（原预 测值为 11.94/16.55/20.96 亿元），当前股价对应 PE 分别为 38/24/19 倍。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,325 | 3,780 | 5,646 | 8,600 | 10,663 | | (+/-%) | -15.3% | -12.6% | 49.4% | 52.3% | 24.0% | | 净利润(百万元) | 425 | 474 | 1119 | 1755 | 2262 | | (+/-%) ...

资讯日报：阿里巴巴发布最新人工智能推理模型 股票市场概览 港股市场表现 美股市场表现 ⚫ 周一（1月26日），美股三大指数高开高收，集体上涨。受 地缘政治与财政风险攀升影响，避险情绪推动贵金属价格显 2026 年 1 月 27 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常跌 | 間微跌 | 年初至今 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 湖铁 | | | | | | (%) | | 恒生指数 | 26.766 | 0.06 | 0.06 | 4.43 | | 恒生科技 | 5,726 | (1.24) | (1.24) | 3.81 | | 恒生国企 | 9.147 | (0.15) | (0.15) | 2.62 | | ┣证指数 | 4.133 | (0.09) | (0.09) | 4.13 | | 日经225 | 53.847 | (1.79) | (1.79) | 5.06 | | 新加坡海峡 | 4.891 | (0.62) | (0.62) | 0.00 | | 标普500 | 6,950 | 0.50 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1][6] Core Views - The major U.S. banks maintain good performance growth supported by credit expansion and resilient net interest margins, but deteriorating asset quality and rising provisioning pressures pose significant future concerns [3][50] - The overall performance of the four major U.S. banks shows good growth, with JPMorgan Chase experiencing a slight decline in net profit primarily due to a provision of $2.2 billion related to the acquisition of Goldman Sachs' Apple credit card business [2][4][48] Summary by Relevant Sections Performance Overview - In 2025, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo reported net profits of $57 billion, $30.5 billion, $14.3 billion, and $21.3 billion respectively, with year-on-year changes of -2.4%, +13.1%, +12.8%, and +8.2% [2] - JPMorgan Chase's revenue reached $182.4 billion, a 2.6% increase year-on-year, while its net profit declined by 2.4% [4] - Bank of America achieved revenue of $113.1 billion, a 6.8% increase, and net profit of $30.5 billion, a 13.1% increase [4] - Citigroup's revenue was $85.2 billion, a 5.6% increase, with net profit of $14.3 billion, a 12.8% increase [5] - Wells Fargo reported revenue of $83.7 billion, a 1.7% increase, and net profit of $21.3 billion, an 8.2% increase [5] Credit Expansion and Asset Quality - The total loan amounts for the four major banks in 2025 were $1.49 trillion, $1.19 trillion, $0.81 trillion, and $0.99 trillion, reflecting growth rates of 10.8%, 7.7%, 9.3%, and 7.3% respectively [14] - Asset quality pressures are evident, with non-performing loan rates, net charge-off rates, and non-performing loan generation rates rising to levels comparable to those during the pandemic [22][30] Net Interest Margin and Income - Despite the Federal Reserve's cumulative rate cuts of 175 basis points in 2024-2025, the net interest margin for 2025 showed signs of stabilization or slight recovery, attributed to a greater decline in funding costs compared to asset yields [3][36] - Bank of America and Citigroup reported net interest margins of 2.08% and 2.49%, respectively, with year-on-year increases of 11 basis points and 7 basis points [36] - Fee income grew significantly due to recovering consumer confidence and a favorable capital market environment, while other non-interest income remained subdued [45]

事项： 摩根大通、美国银行、花旗集团和富国银行披露 2025 年四季度业绩快报，2025 全年分别实现净利润 570/305/143/213 亿美元，同比分别下降 2.4%、增长 13.1%、增长 12.8%和增长 8.2%。 核心观点：美国大行在信贷扩张与息差韧性支撑下维持较好业绩增长，但资产质量恶化和拨备压力上升构 成未来主要隐忧。美国四大行业绩整体呈现较好增长，摩根大通净利润小幅下降主要是四季度因将接受高 盛的苹果信用卡业务而计提了 22 亿美元拨备。驱动因素具体来看，（1）规模上，信贷扩张明显提速，商 业贷款和信用卡贷款成为主要驱动力，反映科技投资热潮与降息环境下居民消费需求的回暖。（2）然而， 资产质量压力凸显不容忽视。2023~2025 年四大行不良率、净核销率及不良生成率指标持续攀升，基本上 已经和疫情时期水平相当，信用卡净核销率甚至处在多年来的最高水平，显示风险正在积聚。但公司拨备 覆盖率处在近几年相对较低的水平，表明美国大行或没有为未来不良暴露做好充分的准备。（3）净息差 彰显了较强韧性。尽管美联储在 2024~2025 年累计降息 175 个基点，但 2025 年净息差呈现企稳甚至小幅 回 ...

证券研究报告 | 2026年01月28日 | 晨会纪要 | | --- | | 数据日期:2026-01-27 | 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） | 4139.90 | 14329.90 | 4705.69 | 15566.64 | 4197.40 | 1555.97 | | 涨跌幅度（%） | 0.17 | 0.09 | -0.02 | -0.18 | 0.46 | 1.51 | | 成交金额（亿元） | 12894.32 | 16055.49 | 7152.67 | 5563.34 | 7450.42 | 1021.42 | 【常规内容】 宏观与策略 固定收益专题研究: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 行业与公司 化工行业专题:炼油化工专题-供给长期收缩叠加成本下行，炼油炼化利 润迎来中期修复 电子行业周报：缺货涨价从结构性到全面性，AI 算力+存力持续高景气 传媒互联网周报：元宝春节豪分 10 亿元现 ...

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages to widespread price increases in the electronics sector, driven by sustained high demand for AI computing and storage capabilities. This inflationary trend is expected to enhance the earnings outlook for related companies [1]. - The report expresses optimism for 2026, predicting it to be a year of significant growth for domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing (foundry and equipment) and those in the overseas storage and computing supply chain [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39%. Sub-sectors such as optical optoelectronics saw a rise of 3.21%, whereas consumer electronics declined by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the electronics supply chain, leading to price increases across various components [1]. Semiconductor and Storage - The report notes a significant increase in storage prices, with NAND Flash prices rising by 18% and DRAM prices by 33% over the past month. This has led to increased cost proportions for PC manufacturers [3]. - Companies like 德明利 (Demingli) and 江波龙 (Jiangbolong) are expected to see substantial profit growth due to the ongoing storage cycle [3]. PCB Industry - The report indicates that rising raw material prices and demand growth are positively impacting the performance of PCB upstream manufacturers. Companies in this sector are expected to exceed market expectations [4]. - Recommendations include companies like 生益科技 (Shengyi Technology) and 芯碁微装 (Xinqi Micro) [4]. Key Company Recommendations - The report recommends several companies for investment, including 蓝特光学 (Lante Optics), 翱捷科技 (Aojie Technology), and 中芯国际 (SMIC), among others, based on their potential in the current market environment [1][9].

国信纺服观点： 1、标的概况：PUMA 现管理层正推动品牌复苏，短期产生一次性成本，致力于 2027 年恢复增长； 4、风险提示：关税政策不确定性；品牌形象受损；市场的系统性风险。 5、投资建议：看好集团多品牌全球化运营下，持续好于行业的成长潜力。此次安踏对 PUMA 的收购，是公司全 球化战略的进一步深化，PUMA 在全球运动鞋服市场份额领先，在多个专业运动项目以及欧洲等重点市场具有领 先地位和先进经验与安踏集团品牌矩阵有协同性和互补性；PUMA 虽然短期增长乏力、盈利承压，但现管理层正 推动品牌复苏，致力于 2027 年恢复增长，安踏加入后更有望焕发品牌新增长活力。我们维持盈利预测，预计公 司 2025-2027 年归母净利润分别为 132.1/139.3/155.8 亿元，可比口径的利润增长分别为+10.7%/5.5%/11.9% （2024 年剔除 Amer 上市和配售权益摊薄所得的可比口径利润为 119.3 亿元）。维持 107-112 港元目标价，对应 2026 年 20-21X PE，维持"优于大市"评级。 评论： 标的概况：PUMA 现管理层正推动品牌复苏，短期产生一次性成本，致力于 2027 ...

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry [5] Core Insights - The media industry has shown a positive performance with a 0.96% increase, outperforming both the CSI 300 (-0.62%) and the ChiNext Index (-0.34%) during the week of January 12-16 [12][13] - Key companies that performed well include Liansheng Technology, BlueFocus Communication Group, and Tiandi Online, while companies like Liou Holdings and Visual China faced declines [12][13] - The report highlights the acceleration of AI applications and commercialization in the industry, particularly in AI marketing and content services [4][42] Summary by Sections Industry Performance - The media industry increased by 0.96%, ranking 21st among all sectors in terms of performance [12][14] - Notable gainers included Liansheng Technology (34%), BlueFocus (26%), and Tiandi Online (24%) [13] Key Developments - Alibaba's Tongyi announced the open-source Qwen3-TTS series, enhancing voice generation capabilities [2][16] - ByteDance launched a new AI Agent platform, significantly improving workplace efficiency [2][17] - OpenAI is considering a revenue-sharing model based on AI-assisted research outcomes, moving away from traditional usage-based fees [2][18] - Tencent's AI application "Yuanbao" will distribute 1 billion yuan in cash during the Spring Festival, aiming to replicate the success of WeChat red envelopes [2][37] Box Office and Entertainment Data - The box office for the week of January 19-25 reached 261 million yuan, with "Return to Silent Hill" leading at 57 million yuan [19][21] - Popular TV shows included "Little Town Big Events" and "Pride and Prejudice" [24][25] - The gaming sector saw significant revenue from titles like "Whiteout Survival" and "Gossip Harbor" [28][31] Investment Recommendations - The report suggests focusing on AI marketing and content services, with specific attention to companies like Zhejiang Wenlian and Huimai Technology [4][42] - The gaming sector is expected to benefit from a strong product cycle, with companies like Giant Network and 37 Interactive Entertainment highlighted as potential investments [4][42] - In publishing, the report recommends monitoring companies like People's Daily Online and Xinhua News for potential growth [4][42]

Investment Rating - The report assigns an "Outperform" rating for the company, marking its first coverage [2][7]. Core Insights - The company is a leading domestic magnetic component manufacturer, enhancing its overseas presence and actively entering the solid-state transformer market [4][5]. - The company plans to establish overseas subsidiaries in Mexico and Vietnam with an investment of up to 500 million RMB to expand its international market presence [3]. - The magnetic components market is projected to reach $27.2 billion by 2031, with a CAGR of 5.1% from 2025 to 2031, driven by demand in various sectors including new energy vehicles and data centers [4][34]. - The solid-state transformer is expected to become a key power supply solution in the AIDC era, with a potential market size of 87 billion RMB by 2030 [5][59]. Summary by Sections Company Overview - Established in 1995, the company has strengthened its magnetic component business through acquisitions and international expansion, including a subsidiary in Vietnam and plans for a factory in Mexico [4][15]. - The company has long-term partnerships with major clients such as BYD, Bosch, and Huawei, enhancing its market position [4][8]. Business Segments - The company’s revenue is primarily derived from magnetic components (83%) and switch power supplies (17%) [25]. - The magnetic components are crucial for applications in electric vehicles, energy storage, and AI servers, with expected revenue growth of 24.8% to 24.2% from 2025 to 2027 [75][76]. Financial Performance - The company reported a revenue of 4.105 billion RMB in the first three quarters of 2025, a year-on-year increase of 24.86%, with a net profit of 232 million RMB, up 52.51% [63]. - The gross margin for magnetic components improved to 12.17% in the first half of 2025, reflecting better operational management [30][70]. Market Trends - The magnetic components industry is experiencing robust growth due to increasing demand in new energy vehicles and data centers, with significant opportunities in solid-state transformers as the market evolves [34][44]. - The company is positioned to benefit from the transition to high-efficiency power supply solutions, particularly in the context of rising power demands in data centers [5][44].

证券研究报告 | 2026年01月27日 $\Delta$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$ 公募 FOF 基金 2025 年四季度概览 截至 2025Q4，全市场已成立FOF产品数量 549 只，合计规模为 2441.88 亿元，相比 2025Q3 增加 26.20%。根据穿透后权益资产占比将FOF划 分为偏债型FOF、平衡型FOF和偏股型FOF，2025Q4 规模分别为 1611.13 亿元、454. ...