Report Industry Investment Rating - Not provided in the report Core Viewpoints - The report recommends actively subscribing to the Aiwei Convertible Bond, expecting its listing price on the first day to be between 133.78 and 148.51 yuan, with an estimated subscription success rate of 0.0060% [2] Summary by Directory 1. Convertible Bond Basic Information - The Aiwei Convertible Bond (118065.SH) started online subscription on January 22, 2026, with a total issuance scale of 1.901 billion yuan. The net proceeds after deducting issuance fees will be used for four projects [2] - The current bond floor valuation is 98.8 yuan, with a YTM of 2.01%. The conversion parity is 104.4 yuan, and the parity premium rate is -4.29% [2][12] - The convertible bond terms are standard, with a total share capital dilution rate of 9.27% and a dilution rate of 14.93% for the floating shares, indicating relatively small dilution pressure on the share capital [2][13] 2. Investment Subscription Recommendations - Based on comparable targets and empirical results, considering the good bond floor protection of the Aiwei Convertible Bond and the average attractiveness of its rating and scale, the expected conversion premium rate on the listing day is around 35%, corresponding to a listing price between 133.78 and 148.51 yuan [2][15] - The expected priority subscription ratio of original shareholders is 70.50%, and the expected subscription success rate is 0.0060% [16] 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - Aiwei Electronics focuses on high-performance analog-digital mixed signals, power management, and signal chain IC design, with products widely used in various markets. It has multiple certifications and many products are dominant in the smartphone field [17] - Since 2020, the company's revenue has steadily increased, with a compound growth rate of 19.51% from 2020 - 2024. In 2024, the operating income was 2.933 billion yuan, a year-on-year increase of 15.88%. The compound growth rate of net profit attributable to the parent from 2020 - 2024 was 25.82%, and in 2024, it reached 255 million yuan, a year-on-year increase of 399.68% [18] - The company's sales net profit margin and gross profit margin are stable, the sales expense ratio has decreased, the financial expense ratio is stable, and the management expense ratio has decreased. The high-performance analog-digital mixed chips and power management chips contribute significantly to the gross profit [25] 3.2 Company Highlights - Aiwei Electronics is a leading domestic analog-digital mixed enterprise. As of 2025, it has over 1,500 main product models, with product sales exceeding 6 billion pieces in 2024, applicable to consumer electronics, industrial Internet, and automotive fields [34]

证券研究报告·公司点评报告·自动化设备 捷昌驱动（603583） 2025 年业绩预告点评：业绩超市场预期，机 器人零部件深化布局 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,034 | 3,652 | 4,424 | 5,319 | 6,387 | | 同比（%） | 0.91 | 20.37 | 21.13 | 20.25 | 20.07 | | 归母净利润（百万元） | 205.96 | 281.98 | 415.75 | 544.90 | 711.69 | | 同比（%） | (37.16) | 36.91 | 47.44 | 31.07 | 30.61 | | EPS-最新摊薄（元/股） | 0.53 | 0.73 | 1.08 | 1.41 | 1.84 | | P/E（现价&最新摊薄） | 72.09 | 52.66 | 35.71 | 27.25 | 20.86 | [Table_Tag] ...

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20260122 我国 2025 年对外直接投资同比增长 7.1%， 北证 50 上涨 0.69% 2026 年 01 月 22 日 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 执业证书：S0600522100003 研究助理 陈哲晓 《服务器 CPU 面临提价，北证 50 上 涨 0.14%》 2026-01-21 《中国 2025 年全年 GDP 同比增 5%，北证 50 上涨 0.02%》 2026-01-19 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）2026 年第一批 936 亿元超长期特别国债支持设备更 新资金已经下达。近日，2026 年第一批 9 ...

捷昌驱动（603583） 证券研究报告·公司点评报告·自动化设备 2025 年业绩预告点评：业绩超市场预期，机 器人零部件深化布局 2026 年 01 月 23 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 许钧赫 买入（维持） 执业证书：S0600525090005 xujunhe@dwzq.com.cn | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,034 | 3,652 | 4,424 | 5,319 | 6,387 | | 同比（%） | 0.91 | 20.37 | 21.13 | 20.25 | 20.07 | | 归母净利润（百万元） | 205.96 | 281.98 | 415.75 | 544.90 | 711.69 | | 同比（%） | (37.16) | 36.91 | 47.44 | 31.07 | ...

证券研究报告·公司点评报告·自动化设备 捷昌驱动（603583） 2025 年业绩预告点评：业绩超市场预期，机 器人零部件深化布局 买入（维持） 2026 年 01 月 23 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 市场数据 证券分析师 许钧赫 执业证书：S0600525090005 xujunhe@dwzq.com.cn 股价走势 -6% 3% 12% 21% 30% 39% 48% 57% 66% 75% 84% 2025/1/23 2025/5/24 2025/9/22 2026/1/21 捷昌驱动 沪深300 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,034 | 3,652 | 4,424 | 5,319 | 6,387 | | 同比（%） | 0.91 | 20.37 | 21.13 | 20.25 | 20.07 | ...

Macro Strategy - The report highlights the investment value of the Guangfa CSI Media ETF (512980.SH), which is closely tracking the CSI Media Index (399971.SZ) and has a management fee of 0.5% per year and a custody fee of 0.1% per year [10] - As of January 16, 2026, the ETF has a circulation scale of 10.759 billion yuan, leading in scale and liquidity, with an annualized return of 29.47% and a volatility ratio of 0.89, indicating reasonable risk control [10] - The underlying index focuses on AI applications, with a high weight of GEO concept stocks, including major companies like BlueFocus and Rock Mountain Technology, which account for 31.43% of the index [10] - The report notes that the media sector is experiencing a bull market driven by AI technology transformation and the assetization of data elements, contrasting with the previous bull market driven by mobile internet traffic [10] Company Analysis Kangning Jereh Pharmaceutical-B (09966.HK) - The company is expected to have total revenues of 414 million yuan and 471 million yuan in 2025 and 2026, respectively, with a new forecast for 2027 at 563 million yuan [6] - The net profit forecast for 2025 and 2026 has been adjusted down to -115 million yuan and -97 million yuan, respectively, due to increased R&D expenses [6] - The company maintains a "Buy" rating as it anticipates a gradual reduction in losses with the upcoming domestic launch of product KN026 and the submission of JSKN003 for listing [6] Fuan Energy (002911) - The company reported a net profit of 1 billion yuan for 2025, a year-on-year increase of 17.3%, driven by strong growth in its energy and chemical business [17] - The forecast for net profit for 2025-2027 has been raised to 1 billion, 1.07 billion, and 1.12 billion yuan, respectively, reflecting a growth of 17.3%, 7.0%, and 4.4% [17] - The company maintains a "Buy" rating, supported by a stable natural gas business and diversified growth strategies [17] Huace Testing (300012) - The company expects a net profit of 1.01-1.02 billion yuan for 2025, with a growth rate of 10%-11%, and a strong performance in Q4 with a net profit increase of 15%-20% [18] - The report emphasizes the company's strategic focus on traditional markets and emerging sectors, which is expected to drive growth [19] - The company maintains an "Overweight" rating, with adjusted net profit forecasts for 2025-2027 at 1.02 billion, 1.16 billion, and 1.29 billion yuan [19] Tianfu Communication (300394) - The company forecasts a net profit of 1.88-2.15 billion yuan for 2025, representing a year-on-year increase of 40%-60% [20] - The growth is attributed to the acceleration of the AI industry and global data center construction, which has driven demand for high-speed optical devices [20] - The company is positioned to benefit from the upcoming commercial launch of its 1.6T optical engine products [20]

Investment Rating - The report maintains an "Increase" rating for the non-bank financial sector, indicating a positive outlook for the industry in the next 6 to 12 months [4]. Core Insights - The total holding of the non-bank financial sector by public funds increased to 2.42% at the end of 2025, up by 0.82 percentage points from Q3 2025. This is still underweight compared to the industry’s market capitalization in the CSI 300 by 8.46 percentage points [4]. - The insurance sector saw a significant increase in holdings, reaching 1.67%, which is an increase of 0.89 percentage points from Q3 2025. The dynamic valuation for the insurance sector was 0.78x PEV, up by 0.12x from the previous quarter [4]. - The brokerage and internet finance sectors experienced a decrease in holdings, with the overall holding at 0.69%, down by 0.06 percentage points from Q3 2025. Traditional brokerages saw a slight increase in holdings, with a valuation of 1.46x P/B at the end of 2025 [4]. - The non-bank financial sector is benefiting from an improving capital market environment, with a significant increase in trading activity, as evidenced by a 155% year-on-year increase in average daily trading volume to 34,444 billion [4]. Summary by Sections Public Fund Holdings Analysis - The top five stocks in the non-bank financial sector include China Ping An, China Pacific Insurance, CITIC Securities, Huatai Securities, and New China Life, with respective market values of 169.64 billion, 58.42 billion, 31.91 billion, 22.87 billion, and 22.78 billion [4]. - Insurance companies have all increased their holdings, with China Ping An showing the largest increase of 10,315 million shares. The holdings for major insurers at the end of 2025 were as follows: China Life (0.08%), Ping An (1.06%), China Pacific (0.36%), New China Life (0.14%), and China Re (0.02%) [4][9]. Brokerage and Internet Finance Sector - The traditional brokerage sector saw a slight increase in holdings, with major firms like CITIC, Guotai Junan, and others receiving increased institutional support, while firms like Huatai and China Galaxy faced reductions [4][10]. - The internet finance sector, represented by stocks like Dongfang Caifu and Tonghuashun, saw a decrease in holdings, indicating a shift in investor sentiment [4][10]. Market Conditions and Recommendations - The report highlights that the non-bank financial sector's attractiveness is increasing due to the ongoing recovery in the equity market and suggests that public funds are still underweight in this sector, presenting potential investment opportunities [4]. - Key recommendations include China Life, Ping An, New China Life, China Re, China Pacific, CITIC Securities, and Tonghuashun as favorable investment options [4].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The real estate market in 2025 is showing signs of stabilization, with a narrowing decline in sales and improvements in key metrics such as new construction and completion rates [4][47]. - The overall development investment in the real estate sector decreased by 17.2% year-on-year, with a total of 8.3 trillion yuan completed in 2025 [9][36]. - New construction area saw a year-on-year decline of 20.4%, but this represents a narrowing of the decline compared to previous years [11][14]. - The total sales area of commercial housing in 2025 was 88.1 million square meters, down 8.7% year-on-year, but the decline is less severe than in 2024 [16][21]. - The total sales amount for commercial housing reached 8.4 trillion yuan, reflecting a year-on-year decrease of 12.6%, which is also an improvement from the previous year [21][24]. - Funding for real estate development showed a year-on-year decline of 13.4%, but this decline is less than in 2024, indicating a slight recovery in cash flow [36][39]. Summary by Sections 1. Construction and Investment Trends - Development investment in 2025 totaled 8.3 trillion yuan, down 17.2% year-on-year, with December alone seeing a 35.8% decline [9][10]. - The cumulative new construction area was 59 million square meters, down 20.4% year-on-year, with December's new construction area declining by 19.4% [11][14]. - The cumulative completion area was 60 million square meters, down 18.1% year-on-year, with December's completion area also showing a decline of 18.3% [14][15]. 2. Sales Performance - The cumulative sales area of commercial housing was 88.1 million square meters, down 8.7% year-on-year, with a narrowing decline compared to 2024 [16][21]. - The cumulative sales amount reached 8.4 trillion yuan, reflecting a year-on-year decrease of 12.6%, which is an improvement from the previous year's decline [21][24]. - In December, the new housing price index decreased by 0.4% month-on-month, while the second-hand housing price index fell by 0.7% [25][31]. 3. Funding and Cash Flow - The total funding for real estate development was 9.3 trillion yuan, down 13.4% year-on-year, with December's funding showing a decline of 26.7% [36][39]. - The breakdown of funding sources includes deposits and prepayments at 2.8 trillion yuan, personal mortgage loans at 1.3 trillion yuan, domestic loans at 1.4 trillion yuan, and self-raised funds at 3.3 trillion yuan, with varying year-on-year changes [40][41]. 4. Investment Recommendations - The report suggests an "Overweight" position in the real estate sector, with specific recommendations for developers such as China Resources Land, China Merchants Shekou, and New Town Holdings, while also advising to pay attention to Poly Developments [47].

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 218.77 | 640.08 | 414.00 | 471.00 | 563.00 | | 同比(%) | 31.12 | 192.58 | (35.32) | 13.77 | 19.53 | | 归母净利润（百万元） | (210.59) | 166.34 | (115.44) | (96.59) | (26.41) | | 同比(%) | 35.35 | 178.99 | (169.40) | 16.33 | 72.65 | | EPS-最新摊薄（元/股） | (0.22) | 0.17 | (0.12) | (0.10) | (0.03) | | P/E（现价&最新摊薄） | (45.43) | 57.52 | (82.88) | (99.05) | (362.23) | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·海外公 ...

Investment Rating - The report maintains a rating of "Buy" for the environmental protection industry [1] Core Insights - The environmental protection industry, particularly in waste incineration, is poised for significant growth, especially in overseas markets such as Southeast Asia and Central Asia, driven by high processing fees and electricity prices [5][10] - The investment potential in the ASEAN countries and India for waste incineration is estimated at approximately 250 billion RMB, with a daily waste incineration capacity increase of about 500,000 tons [5][11] - The profitability of overseas projects, particularly in Indonesia, is enhanced by favorable policies and high revenue from electricity sales, with projected single-ton income significantly higher than domestic projects [19][20] Summary by Sections 1. Waste Incineration Growth and Overseas Market Potential - The ASEAN countries and India are expected to generate a daily waste production of 1.46 million tons by 2024, with a potential waste incineration market space of 248.5 billion RMB if the incineration penetration rate reaches 50% [5][11] - Several domestic waste incineration companies, such as Kangheng Environment and China Tianying, are expanding their operations in Southeast Asia and Central Asia, with significant project footprints established [15][16] 2. Indonesian Policy Driving Business Model Optimization - Indonesia's recent policy changes have shifted the revenue model from local government subsidies to direct agreements with the national electricity company, significantly increasing the electricity price to 0.20 USD per kWh [24][25] - The government plans to construct 33 waste incineration plants nationwide, with a total investment of approximately 5.6 billion USD, indicating a strong commitment to developing the waste-to-energy sector [24][25] 3. Economic Assessment of Indonesian Waste Incineration Projects - Economic assessments show that the single-ton income from Indonesian projects can reach 582 RMB, significantly higher than domestic projects, driven by high processing fees and electricity prices [19][20][31] - The report highlights the sensitivity of project profitability to cost management, with potential increases in return on equity (ROE) if investment and operational costs are optimized [27][28]