Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to issue shares and cash to acquire 100% of Dehua Chip, which is a leading player in the domestic space photovoltaic power sector. This acquisition will enhance the company's capabilities in high-end compound semiconductor research and development [7] - The company has made significant advancements in photovoltaic technologies, including perovskite, heterojunction, and tandem solar cells, achieving notable efficiency breakthroughs [7] - The earnings forecast has been adjusted downwards for 2025-2027 due to the high proportion of performance from wind farm transfers, with expected net profits of 770 million, 2.1 billion, and 3.17 billion yuan respectively for those years [7] Financial Summary - Total revenue is projected to be 27.16 billion yuan in 2024, increasing to 43.2 billion yuan by 2027, with a compound annual growth rate of 11.87% [1][8] - The net profit attributable to the parent company is expected to recover significantly, with a forecast of 346 million yuan in 2024, rising to 3.17 billion yuan by 2027, reflecting a growth rate of 51.10% [1][8] - The latest diluted EPS is projected to increase from 0.15 yuan in 2024 to 1.40 yuan in 2027, indicating strong earnings growth potential [1][8]

Investment Rating - The report maintains a bullish outlook, focusing on long-term opportunities in cyclical industries [2][24]. Core Viewpoints - The macro timing model for January 2026 scored 0, indicating a 76.92% probability of an increase in the Wande All A Index over the following month, with an average expected gain of 3.18% [24][31]. - The report emphasizes the strong upward momentum in cyclical industries, particularly in non-ferrous metals and chemicals, driven by global macro events [24][25]. - Short-term investments in thematic sectors such as commercial aerospace, AI applications, and space photovoltaics have shown significant rebounds, although caution is advised due to potential volatility from rapid price increases [25][27]. Fund Size Statistics - In the period from January 19 to January 23, 2026, the top three increasing equity ETF types were: thematic index ETFs (59.135 billion), industry index ETFs (7.975 billion), and cross-border industry index ETFs (5.346 billion) [9][10]. - The top three increasing equity ETF products were: power grid equipment ETF (7.326 billion), chemical ETF (5.717 billion), and sci-tech chip ETF (3.953 billion) [10][14]. - The top three increasing equity ETF tracking indices were: segmented chemical index (9.829 billion), power grid equipment thematic index (7.326 billion), and SSH gold stock index (5.251 billion) [18][20]. Market Outlook - The report suggests a positive outlook for the A-share market in January 2026, with a focus on the micro-cap index and the CSI 500 leading the market [24][25]. - Long-term recommendations include a focus on non-ferrous metals and chemicals, with silver prices surpassing the psychological level of 100, indicating potential for further increases [24][25]. - The report anticipates a market characterized by oscillating upward trends, recommending a growth-oriented ETF allocation [67][68].

证券研究报告·固定收益·固收点评 固收点评 20260125 二级资本债周度数据跟踪 （20260119-20260123） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20260119-20260123）银行间市场及交易所市场无新发行二级资本 债。 ◼ 二级市场成交情况： 本周（20260119-20260123）二级资本债周成交量合计约 3342 亿元，较 上周增加 691 亿元，成交量前三个券分别为 25 中行二级资本债 02BC （443.52 亿元）、25 广发银行二级资本债 01BC（219.80 亿元）和 25 中 行二级资本债 03A（BC）（77.53 亿元）。 分发行主体地域来看，成交量前三为广东省、山西省和山东省，分别约 为 2521 亿元、299 亿元和 147 亿元。 从到期收益率角度来看，截至 1 月 23 日，5Y 二级资本债中评级 AAA-、 AA+、AA 级到期收益率较上周涨跌幅分别为：-2.18BP、-2.84BP、- 3.84BP；7Y 二级资本债中评级 AAA-、AA+、AA 级到期收益率较上周 涨跌幅分别为：-2.72B ...

Investment Rating - The report maintains an "Overweight" rating for the photovoltaic equipment industry [1]. Core Insights - Elon Musk announced plans for 100GW photovoltaic capacity for both terrestrial and space applications, expected to be completed by the end of 2028 [4]. - The global satellite launch numbers are increasing exponentially, with silicon-based HJT technology being identified as the optimal solution for space photovoltaic applications due to its flexibility, lower costs, and independence from raw material constraints [4]. - The overseas terrestrial photovoltaic market is also experiencing strong demand, particularly in the U.S., where the compound annual growth rate for installed capacity is projected to exceed 20% from 2024 to 2029, with 2025 installations expected to surpass 60GW [4]. - Chinese photovoltaic equipment holds a dominant position globally, with over 80% of the world's capacity in silicon materials, wafers, cells, and modules expected in 2024 [4]. - Key companies recommended for investment include leading HJT equipment manufacturer "Maiwei," low-oxygen monocrystalline furnace leader "Jingsheng," zero-busbar welding machine leader "Aotewei," and slicing equipment leader "Gaomei" [4]. Summary by Sections Industry Trends - The report highlights the exponential growth in satellite launches and the increasing demand for space photovoltaic solutions, positioning silicon-based HJT as a short-term optimal alternative [4]. - The U.S. photovoltaic market is projected to see significant growth, with a forecasted compound annual growth rate exceeding 20% from 2024 to 2029 [4]. Company Recommendations - The report emphasizes investment in leading companies within the photovoltaic equipment sector, particularly those specializing in HJT technology and related equipment [4].

Fund Size Changes - The top three increasing equity ETF types from January 19 to January 23, 2026, are: Theme Index ETF (¥591.35 billion), Industry Index ETF (¥79.75 billion), and Cross-Border Industry Index ETF (¥53.46 billion) [9] - The top three decreasing equity ETF types during the same period are: Scale Index ETF (-¥3348.87 billion), Cross-Border Strategy Index ETF (-¥7.12 billion), and Style Index ETF (-¥0.19 billion) [9] Market Outlook - The macro timing model's score for January 2026 is 0, indicating a 76.92% probability of the Wande All A Index rising in the following month, with an average increase of 3.18% [24] - The report maintains a bullish outlook, emphasizing long-term opportunities in cyclical industries, particularly in non-ferrous metals and chemicals [24] - The price of London silver surpassed the psychological level of 100 on January 23, 2026, indicating potential for further increases [24] Investment Recommendations - The report suggests a focus on growth-oriented ETF allocations, particularly in sectors like commercial aerospace, AI applications, and space photovoltaics, which have shown short-term rebounds [27] - The recommended ETFs include those focused on chemical, electric grid equipment, and semiconductor sectors, with specific stocks highlighted for each ETF [69] Risk Considerations - The model's predictions are based on historical data, which may not hold in the future, and there are risks associated with macroeconomic performance falling short of expectations [70]

本周（20260119-20260123）绿色债券周成交额合计 635 亿元，较上周减 少 13 亿元。分债券种类来看，成交量前三为非金公司信用债、金融机 构债和利率债，分别为 300 亿元、241 亿元和 74 亿元；分发行期限来 看，3Y 以下绿色债券成交量最高，占比约 80.43%，市场热度持续；分 发行主体行业来看，成交量前三的行业为金融、公用事业、交运设备， 分别为 266 亿元、113 亿元和 34 亿元；分发行主体地域来看，成交量前 三为北京市、广东省、湖北省，分别为 187 亿元、81 亿元和 45 亿元。 ◼ 估值偏离度前三十位个券情况： 证券研究报告·固定收益·固收点评 固收点评 20260125 绿色债券周度数据跟踪 （20260119-20260123） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20260119-20260123）银行间市场及交易所市场共新发行绿色债券 20 只，合计发行规模约 84.00 亿元，较上周减少 11.61 亿元。发行年限 多为 3 年、5 年；发行人性质为央企子公司、地方国有企业、大型民企、 中央金融企业 ...

Investment Recommendations - North Exchange has clear medium to long-term allocation value, suggesting a dual strategy of offense and defense[2] - Key sectors to focus on include commercial aerospace, electric new energy, automotive, electronics, and engineering machinery[2] Fund Performance and Holdings - As of Q4 2025, 11 themed open-end funds held a total of 44 North Exchange A-shares, with 9 new stocks added to the portfolio[3] - Approximately 40% of the heavy-weighted stocks maintained the same number of fund coverage, indicating strong asset appeal and stickiness[3] - The total market value of the top ten heavy-weighted stocks decreased by 40% quarter-on-quarter to 1.505 billion yuan[3] Market Trends and Valuation - In Q4 2025, 25% of the heavy-weighted stocks were newly added, reflecting an accelerated adjustment pace compared to Q3 2025[3] - 57% of the heavy-weighted stocks had a market capitalization below 5 billion yuan, showing a preference for small to mid-cap stocks[3] - Valuation dispersion is significant, with P/E ratios ranging from -4244x to 304x among the heavy-weighted stocks[3] Risk Factors - Potential risks include macroeconomic fluctuations, liquidity issues, and corporate earnings falling short of expectations[2]

Group 1: Fund Redemption Trends - The peak period for resident fund redemptions is expected to be over, indicating reduced passive selling pressure on active equity funds in 2026[2] - As of Q4 2025, active equity fund shares decreased to 2.65 trillion units, a reduction of 716 billion units from the previous quarter, with net redemptions reaching 1,256 billion units[1] - In H2 2025, net outflows from active equity funds amounted to 388.9 billion yuan, the highest semi-annual outflow since 2016[2] Group 2: Asset Migration and Fund Types - The trend of residents moving assets is significant, with a peak in maturing deposits and new financial products expected in 2026, which will provide additional liquidity to the stock market[3] - By Q4 2025, the scale of fixed income plus funds reached 2.6 trillion yuan, reflecting a 9.8% quarter-on-quarter increase, indicating its role as a key channel for resident funds entering the market[4] - Index funds saw a significant increase, with their market value reaching 4.70 trillion yuan in Q4 2025, while active equity funds dropped to 3.37 trillion yuan, widening the gap from 1 trillion yuan to 1.3 trillion yuan[4] Group 3: Sector Allocation Insights - The TMT sector's allocation in active equity funds is expected to increase, with a current allocation at 37.79%, down from 39.81% in Q3 2025, indicating room for growth[5] - Resource sector allocations reached a historical high of 13.3% in Q4 2025, with significant increases in non-ferrous metals and basic chemicals, suggesting ongoing bullish trends in resource prices[8] - The median net profit growth rate for all A-shares in 2025 is projected at 17.8%, with a higher forecast of 46.71% for the ChiNext board, indicating strong earnings recovery potential[10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has successfully expanded its store formats, with the introduction of "锅圈小炒" (small stir-fry restaurants) expected to create new growth opportunities. This new format utilizes a standardized supply chain and smart cooking robots, allowing for quick meal preparation and competitive pricing compared to takeout [7] - The company has demonstrated strong same-store sales growth, even in the face of high comparatives, indicating effective product innovation and refined membership management. The management's deep involvement in store operations and flexible supply chain management has been highlighted as a previously underestimated capability [7] - The financial forecasts have been revised upwards due to anticipated better performance in store openings and same-store revenue. The projected net profits for 2025-2027 are 4.5 billion, 6.0 billion, and 7.6 billion RMB, respectively, reflecting year-on-year growth rates of 94%, 34%, and 27% [7] Financial Summary - Total revenue is projected to grow from 6,100 million RMB in 2023 to 10,916 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 19.06% [1] - The net profit attributable to the parent company is expected to increase from 239.64 million RMB in 2023 to 755.98 million RMB in 2027, with significant growth in the coming years [1] - The earnings per share (EPS) is forecasted to rise from 0.09 RMB in 2023 to 0.28 RMB in 2027, indicating a strong improvement in profitability [1]

Investment Rating - The report maintains an "Overweight" rating for the photovoltaic equipment industry [1] Core Insights - Elon Musk announced plans for 100GW photovoltaic capacity for both terrestrial and space applications, expected to be completed by the end of 2028 [4] - The global satellite launch numbers are expected to grow exponentially, with silicon-based HJT being the optimal solution for space photovoltaics due to its lightweight, cost-effectiveness, and material availability [4] - The demand for terrestrial photovoltaic markets is also strong, with the U.S. market projected to have a compound annual growth rate exceeding 20% from 2024 to 2029, and an installation capacity expected to exceed 60GW in 2025 [4] - Chinese photovoltaic equipment holds a dominant position globally, with over 80% market share in silicon materials, wafers, cells, and modules by 2024 [4] - Key recommended companies include leading HJT equipment manufacturer "Maiwei," low-oxygen monocrystalline furnace leader "Jingsheng," and global market leader in string welding machines "Aotewei" [4] Summary by Sections Industry Trends - The report highlights the significant growth in satellite launches and the corresponding demand for space photovoltaics, indicating a shift towards silicon-based HJT technology as a preferred solution [4] - The U.S. photovoltaic market is experiencing robust growth, with expectations for substantial increases in installation capacity [4] Company Recommendations - The report recommends focusing on leading companies in the HJT equipment sector, including "Maiwei," "Jingsheng," "Aotewei," and suggests monitoring "Jiejia Weichuang" for integrated equipment solutions [4]