净利润增速平稳。公司披露 2025 年业绩快报，2025 年全年实现营收 2127 亿元，同比增长 0.24%；实现归母净利润 775 亿元，同比增长 0.34%。 证券研究报告 | 2026年01月22日 兴业银行（601166.SH）2025 年业绩快报点评 中性 营收增速由负转正 营收增速由负转正。公司四季度单季营收同比增长 7.3%，全年营收同比增长 0.24%，较前三季度同比下降 1.82%改善明显。我们判断主要来自于两方面， 一是净息差同比降幅收窄带来净利息收入增速提升。伴随贷款重定价到期压 力持续下降以及存款成本的改善，公司净息差下降压力持续缓解，预计四季 度净息差维持平稳。二是非息收入降幅收窄。2025 年公司手续费及佣金净收 入增速由负转正，预计该趋势延续。 贷款平稳减速，深化客户经营。期末资产总额 11.09 万亿元，贷款总额 5.95 万亿元，较年初分别增长5.57%和3.70%，较9月末分别增长3.9%和下降0.7%。 预计信贷拖累主要在零售端，居民信贷需求仍疲软，同时公司也在加强零售 信贷管理。期末，负债总额 10.18 万亿元，存款总额 5.93 万亿元，较年初 分别增长 5.88 ...

事项： 公司公告：立高食品发布业绩预告，2025 年全年实现营业总收入 42.6-44.2 亿元，同比增长 11.07%-15.24%； 扣非归母净利润 3.06-3.26 亿元，同比增长 20.61%-28.49%。 国信食饮观点：1）商超渠道节奏良好，成本回落叠加费效提升，利润有望平稳回升；2）资源聚焦高潜渠 道，新品积极布局 2026；3）我们预计 2025-2027 年公司实现营业总收入 43.5/49.3/53.9 亿元（前预测值 为 43.9/48.7/53.2 亿元），同比 13.5%/13.2%/9.3%；2025-2027 年公司实现归母净利润 3.2/3.9/4.4 亿 元（前预测值为 3.2/3.9/4.3 亿元），同比 19.8%/20.9%/14.2%；实现 EPS1.90/2.29/2.62 元；当前股价 对应 PE 分别为 24.4/20.2/17.7 倍，维持"优于大市"评级。 评论： 证券研究报告 | 2026年01月21日 2026年01月22日 立高食品（300973.SZ） 商超渠道节奏良好，新品积极布局 |  公司研究·公司快评 | | |  | 食品饮料·食品加 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [4][38]. Core Insights - The media industry has shown a 3.44% increase, outperforming both the CSI 300 (-0.57%) and the ChiNext Index (1.00%) during the week of January 12-16 [11][12]. - Key companies that performed well include Yidian Tianxia, Liou Shares, People’s Daily, and Visual China, while companies like ST Fanli, Liansheng Technology, Beitou Technology, and Diguang Media faced declines [11][12]. - Bilibili launched a one-stop AI marketing tool, "Bilibili Bid," aimed at enhancing advertising efficiency for brands [15][16]. - Google’s Veo 3.1 received a significant upgrade, improving its video generation capabilities [15][16]. - OpenAI released the GPT-5.2 Codex programming model, enhancing its performance for complex software development tasks [15][16]. - The Qianwen App introduced over 400 new features, covering various services from food delivery to AI tutoring [17]. Summary by Sections Industry Performance - The media sector's performance ranked third among all sectors, with a notable increase of 3.44% [11][12][13]. Key Company Updates - The report highlights the strong performance of companies like Yidian Tianxia and Liou Shares, with significant weekly gains [11][12]. - The report provides earnings forecasts for key companies, indicating a positive outlook for firms like Kayi Network and Jibite [4][38]. Market Trends - The film box office for the week was 259 million yuan, with top films including "Nishan" (58 million yuan), "Zootopia 2" (53 million yuan), and "Avatar 3" (45 million yuan) [17][19]. - In the gaming sector, the top-grossing mobile games in December 2025 were "Whiteout Survival," "Gossip Harbor: Merge & Story," and "Kingshot" [26][27]. AI and Technology Developments - The report emphasizes the acceleration of AI applications in the media industry, particularly in marketing and content creation [3][36]. - Companies are encouraged to explore investment opportunities in AI-driven sectors, including AI marketing and content services [3][36].

Investment Rating - The report maintains an "Outperform" rating for the media industry [4][36]. Core Insights - The media industry has shown a 3.44% increase, outperforming both the CSI 300 (-0.57%) and the ChiNext Index (1.00%) during the week of January 12-16 [11][12]. - Key companies that performed well include Yidian Tianxia, Liou Co., People's Daily, and Vision China, while companies like ST Fanli and Liansheng Technology saw declines [11][12]. - Bilibili launched a one-stop AI marketing tool, "Bilibili Bid," aimed at enhancing advertising efficiency [15][16]. - Google released a significant upgrade to its AI video generation model, Veo 3.1, enhancing its practical applications [15][16]. - OpenAI introduced the GPT-5.2 Codex programming model, which significantly improves performance and reliability for long-term tasks [15][16]. - The Qianwen App launched over 400 new features, marking a significant advancement in AI capabilities [15][17]. Summary by Sections Industry Performance - The media sector's performance ranked third among all sectors, with a notable increase of 3.44% [11][12][13]. Key Company Updates - The report highlights the strong performance of companies like Yidian Tianxia, which saw a 54% increase, and Liou Co., which increased by 39% [12]. - The report also provides earnings forecasts for key companies, indicating a positive outlook for firms like Kayi Network and Jibite [4]. Market Data - The total box office for the week was 259 million yuan, with the top three films being "Nishan" (58 million yuan), "Zootopia 2" (53 million yuan), and "Avatar 3" (45 million yuan) [2][19]. - In the gaming sector, the top three mobile games in December 2025 were "Whiteout Survival," "Gossip Harbor: Merge & Story," and "Kingshot" [26][27]. Investment Recommendations - The report emphasizes the potential of AI applications in the media sector, particularly in marketing and content creation, suggesting investment opportunities in companies like Zhejiang Wenlian and Huimai Technology [36]. - It also notes the expected growth in the gaming sector driven by new product cycles and AI integration, recommending companies such as Giant Network and JiBit [36].

证券研究报告 | 2026年01月21日 2026年01月22日 立高食品（300973.SZ） 商超渠道节奏良好，新品积极布局 |  公司研究·公司快评 | | |  | 食品饮料·食品加工 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 张向伟 | | | zhangxiangwei@guosen.com.cn | 执证编码：S0980523090001 | | 联系人： | 王新雨 | 021-60875135 | | wangxinyu8@guosen.com.cn | | 事项： 公司公告：立高食品发布业绩预告，2025 年全年实现营业总收入 42.6-44.2 亿元，同比增长 11.07%-15.24%； 扣非归母净利润 3.06-3.26 亿元，同比增长 20.61%-28.49%。 国信食饮观点：1）商超渠道节奏良好，成本回落叠加费效提升，利润有望平稳回升；2）资源聚焦高潜渠 道，新品积极布局 2026；3）我们预计 2025-2027 年公司实现营业总收入 43.5/49.3/53.9 亿元（前预测 ...

证券研究报告 | 2026年01月21日 2026年01月22日 苏农银行（603323.SH）2025 年度业绩快报点评 中性 营收利润增速平稳，资产质量稳健 苏农银行披露 2025 年度业绩快报。公司 2025 年实现营业收入 41.91 亿元， 同比增长 0.41%，实现归母净利润 20.43 亿元，同比增长 5.04%，加权平均 净资产收益率 10.84%，同比下降 0.83 个百分点。 资产规模增长平稳。公司 2025 年末资产总额 2311.03 亿元，较年初增长 8.00%，扩张速度保持平稳。其中年末贷款总额 1394.32 亿元，较年初增长 7.81%；存款总额 1829.59 亿元，较年初增长 7.47%，其中储蓄存款 1125.12 亿元，较年初增长11.03%。公司2025 年末归属于普通股股东的净资产189.75 亿元，较年初增长 5.17%。 营收利润增速平稳，ROE 同比略微回落。公司 2025 年实现营业收入 41.91 亿元，同比增长 0.41%，增速较前三季度上升 0.33 个百分点；2025 年实现 归母净利润 20.43 亿元，同比增长 5.04%，增速较前三季度略升 0 ...

证券研究报告 | 2026年01月21日 2026年01月22日 策略专题 长线稳定型外资加仓 AH 高景气板块——2025Q4 股市外资季度 动向跟踪 核心结论：①Q4 北向资金整体小幅流入 63 亿元，其中长线外资流出约 140 亿元，短线外资流入约 262 亿元。②结构上 A 股长线外资 Q4 主要增配有色、 电子、电力设备等，短线外资主要增配通信、红利等。③外资 Q4 延续流出 港股约 1700 亿港元，其中长线外资、短线外资分别流出约 700 亿港元、1000 亿港元。④结构上港股长线外资 Q4 主要流入医药生物、有色金属等，而短 线外资 Q4 仅流入半导体和部分消费行业等。 A 股外资：增配有色、新能源、电子。从流向数据看，Q4 北向资金整体小幅 流入 63 亿元，其中长线稳定型外资流出约 140 亿元，短线灵活型外资流入 约 262 亿元。从持股占比看，Q4 陆股通占 A 股自由流通市值比重自上季度的 5.2%下滑至 5.1%，其中稳定型外资持股占比从 67%下滑至 65%，灵活型外资 占比则从 30%上升至 32%。结构层面看，2025Q4 北向资金增配有色、电子等， 减配医药、食品饮料等。从 ...

证券研究报告 | 2026年01月22日 周大福（01929.HK） 销售增长进一步加速，定价首饰占比提升利好毛利率 优于大市 |  | 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 月未经审核的主要经营数据，整体零售值同比增长 17.8%，环比 7-9 月 4.1%的增长加速 13.7pct。其中中国内地市场零售值增长 16.9%，中国香港、中国澳门及其他市场零售值 增 ...

证券研究报告 | 2026年01月21日 2026年01月22日 苏农银行（603323.SH）2025 年度业绩快报点评 中性 营收利润增速平稳，资产质量稳健 苏农银行披露 2025 年度业绩快报。公司 2025 年实现营业收入 41.91 亿元， 同比增长 0.41%，实现归母净利润 20.43 亿元，同比增长 5.04%，加权平均 净资产收益率 10.84%，同比下降 0.83 个百分点。 资产规模增长平稳。公司 2025 年末资产总额 2311.03 亿元，较年初增长 8.00%，扩张速度保持平稳。其中年末贷款总额 1394.32 亿元，较年初增长 7.81%；存款总额 1829.59 亿元，较年初增长 7.47%，其中储蓄存款 1125.12 亿元，较年初增长11.03%。公司2025 年末归属于普通股股东的净资产189.75 亿元，较年初增长 5.17%。 营收利润增速平稳，ROE 同比略微回落。公司 2025 年实现营业收入 41.91 亿元，同比增长 0.41%，增速较前三季度上升 0.33 个百分点；2025 年实现 归母净利润 20.43 亿元，同比增长 5.04%，增速较前三季度略升 0 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4]. Core Views - The company reported a retail value growth of 17.8% year-on-year for the period from October to December 2025, with a sequential increase of 4.1% compared to the previous quarter, accelerating by 13.7 percentage points [3]. - In the mainland China market, retail value grew by 16.9%, while the retail value in Hong Kong, Macau, and other markets increased by 22.9% [3]. - Same-store sales in mainland China increased by 21.4%, with a sequential acceleration of 13.8 percentage points, while franchise stores saw a 26.3% growth, accelerating by 17.7 percentage points [3]. - The high-margin priced jewelry category saw a retail value increase of 59.6% in mainland China, contributing 40.1% to total retail value, an increase of 10.7 percentage points year-on-year [3]. - The company continues to optimize store efficiency, closing 228 stores during the quarter, ending with a total of 5,813 stores, with expectations of a reduced closure rate moving into the fiscal year 2027 [3][4]. Summary by Relevant Sections Sales Performance - The overall retail value growth of 17.8% indicates strong consumer demand, particularly in high-margin jewelry segments [3]. - The acceleration in same-store sales growth reflects effective strategies in product innovation and channel optimization [4]. Product Structure - The significant growth in high-margin priced jewelry suggests a successful focus on premium product offerings, which is expected to enhance overall profitability [3][4]. Store Strategy - The strategy of closing underperforming stores while focusing on enhancing store efficiency is likely to contribute positively to future performance [3][4]. Financial Projections - The projected net profit for the fiscal years 2026-2028 has been revised upwards to HKD 86.37 billion, 96.46 billion, and 105.59 billion respectively, with corresponding P/E ratios of 15.7, 14.0, and 12.8 times [4].