Fixed Income - The secondary market for credit bonds has seen significant activity due to structural interest rate cuts and excess MLF renewals, leading to a notable increase in trading volume [2][9] - The average issuance rate for AA city investment bonds, AA+ industrial bonds, and financial bonds has increased significantly, while the issuance rates for other credit bonds have fluctuated within 10 basis points [10] - The yield on credit bonds has continued to decline, with various types of credit bonds experiencing a reduction in spreads, making coupon-bearing assets increasingly scarce [12] Construction and Building Materials - Infrastructure investment has turned negative for the first time since 2004, with narrow and broad infrastructure completing 18.08 trillion yuan and 24.50 trillion yuan respectively in 2025, showing declines of -2.20% and -1.48% year-on-year [14][15] - New orders in the construction sector are characterized by stability among central enterprises, regional differentiation, and strong overseas demand, with major state-owned enterprises maintaining high order volumes [15][16] - The outlook for infrastructure investment is expected to stabilize and recover gradually, supported by major strategic projects and policy measures [14] Aerospace Industry - SpaceX plans to launch its second-generation Starlink satellite communication system in 2027, which will significantly enhance capacity and data throughput compared to the first generation [21][22] - The global rocket launch service market is projected to exceed $50 billion by 2032, with a compound annual growth rate of 13% from 2023 to 2032 [21] - Six companies in the North Exchange's rocket industry chain have been identified, indicating a growing interest in this sector [21] Pharmaceutical Industry - The introduction of service price guidelines for surgical robots is expected to accelerate the development of the surgical robot industry in China [27][28] - The pharmaceutical market has shown mixed performance, with a focus on innovative drugs and medical technologies such as AI and brain-computer interfaces [25][29] - Key companies to watch include China Biologic Products, Shanghai Yizhong, and Fuyuan Pharmaceutical, among others, as they are expected to benefit from industry trends [30] Media and Internet - Kuaishou's AI video generation model has surpassed 12 million monthly active users, highlighting the growing importance of AI in the media sector [32][37] - The AI sector remains a critical narrative in the global industry, with significant investments in AI marketing, content generation, and e-commerce applications [32] - Companies such as Tencent, Alibaba, and ByteDance are expected to lead in AI product development and commercialization [32]

证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 板块表现： 证券研究报告 煤炭开采 行业点评报告 hyzqdatemark 2026 年 01 月 26 日 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 "查超产"效果延续推升煤价中枢，需求波动致煤价快起快落。2025 年 7 月 10 日， 国家能源局综合司印发《组织开展煤矿生产情况核查促进煤炭供应平稳有序的通 知》，通过"查超产"的形式，展开了煤炭领域"反内卷"。此次供给端政策效果 显著，2025 年 7-12 月，国内原煤产量同比连续 6 个月下跌，煤炭供需平衡显著好 转，秦港 5500 大卡动力煤平仓价由 2025 年 6 月 30 日的 621 元/吨上涨至 2026 年 1 月 20 日的 689 元/吨。单 2025Q4 看，在新能源出力波动、气温偏高和电厂补库 共同导致的月 ...

证券研究报告 交通运输 行业定期报告 投资要点： hyzqdatemark 2026 年 01 月 26 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 民航春运有望景气，快递格局分化延续 投资评级： 看好（维持） —交通运输行业周报（2026 年 1 月 19 日-2026 年 1 月 25 日） 板块表现： 2）中通快递召开 2026 全国网络工作会议，强调"行稳致远"。1 月 20 日，中通快 递召开 2026 年全国网络工作会议。会议剖析当前中通面临的挑战和机遇，展望行业 未来发展，明确了中通作为行业龙头对维护行业健康高质量发展的责任定位，要求 全网调优降本练好内功，旗帜鲜明带头"反内卷"。董事长赖梅松要求中通全网思 想统一，步调一致，以 ...

证券研究报告 固收定期报告 hyzqdatemark 2026 年 01 月 26 日 产业债方面，2025 年 Q4 主动型债基重仓前五大产业债中，公用事业、非银金融、 交通运输等行业的主动型债基重仓前五大产业债持仓市值较高，AA、AA+、AAA- 重仓前五大产业债持仓市值减少较多。整体来看，主动型债基持仓较大的产业主体 主要为央企以及部分省级或直辖市产业主体，主体评级均为 AAA，其中主动型债基 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 2025Q4 债基信用配置有何变化？ ——债基 2025 年 Q4 季报分析 投资要点： 2025Q4，一、二级债基的可转债持仓规模均有所上升，其中 2025Q4 一级债基合计 持有可转债市值为 657 亿元，环比增加 27 亿元；二级债基合计持有可转债市值为 1,063 亿元，环比增加 33 亿元。但从可转债持仓市值占债券持仓市值的比例来看， 2025Q4 一级债基可转债持仓市值占比环比小幅上 ...

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2026 年 01 月 26 日 投资评级： 看好（维持） 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 张东雪 SAC：S1350525060001 zhangdongxue@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 林若尧 SAC：S1350525070002 linruoyao@huayuanstock.com 周翔 SAC：S1350525070003 zhouxiang@huayuanstock.com 李冉 liran02@huayuanstock.com 板块表现： 如何理解当下生猪与仔猪价格上涨 ——农林牧渔行业周报（20260119-20260123） 证券分析师 投资要点： 生猪：短期供应压力累积，仔猪价格持续上涨 SW 生猪养殖板块跌 1.1%，我们认为主要受市场整体情绪以及行业去产能担忧的影 响。 ...

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [4] Core Views - Infrastructure investment is experiencing a short-term bottoming out, with cumulative year-on-year growth turning negative for the first time since 2004. In 2025, narrow infrastructure (excluding electricity) completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw significant declines, with narrow and broad infrastructure down 12.22% and 15.95% year-on-year, respectively. Despite this, major strategic projects are expected to continue, and infrastructure investment is anticipated to stabilize and recover gradually [5][12][22]. Summary by Sections Infrastructure Investment - In 2025, narrow infrastructure investment completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw a year-on-year decline of 12.22% for narrow infrastructure and 15.95% for broad infrastructure, with significant drops in water conservancy and public facilities management [5][12]. New Orders - New orders in 2025 showed a pattern of stability among central enterprises, with China State Construction, China Railway, China Electric Power, and China Energy achieving new orders of 4.15 trillion yuan, 2.75 trillion yuan, 1.33 trillion yuan, and 1.45 trillion yuan, respectively. Local state-owned enterprises exhibited more significant differentiation, with Shanghai Construction, Shaanxi Construction, and Pudong Construction seeing declines of 35%, 25%, and 23% year-on-year, while Sichuan Road and Bridge saw a substantial increase of 47% year-on-year [6][17]. Market Performance - The construction and decoration index rose by 1.88% during the week, with chemical engineering, steel structure, and international engineering leading the gains at 10.70%, 7.71%, and 4.49%, respectively. A total of 123 stocks in the construction sector rose, with the top five performers being Huawi Design (+51.92%), Zhite New Materials (+49.21%), and others [8][28]. Company Dynamics - Several companies reported significant changes in their financial performance for 2025. For instance, China Metallurgical Group expects a net profit decline of 76.28% to 80.73% due to ongoing losses in the real estate sector and substantial asset impairment provisions. In contrast, companies like Xinjiang Jiaojian anticipate a net profit increase of 50.14% to 125.22% [24][25].

Group 1 - SpaceX plans to launch the second generation of its Starlink satellite communication system in 2027, with overall capacity expected to increase by over 100 times and data throughput capability to improve by more than 20 times compared to the first generation [2][12] - The global rocket launch service market reached USD 16.45 billion in 2023 and is projected to exceed USD 50 billion by 2032, with a compound annual growth rate (CAGR) of 13% from 2023 to 2032 [2][25] - The upstream materials and core components account for 85%-90% of the total cost of rockets, with liquid engine manufacturing constituting approximately 50% of the total cost [2][18] Group 2 - The North Exchange technology growth stocks saw a median price change of +1.25% from January 19 to January 23, 2026, with 108 companies (71%) experiencing an increase [2][44] - The median price-to-earnings (P/E) ratio for the information technology industry increased by 7.40% to 83.6X, while the median market capitalization rose from CNY 2.68 billion to CNY 2.77 billion [2][50] - The North Exchange electronic equipment industry saw its median P/E ratio rise from 62.3X to 65.8X, with the total market capitalization increasing from CNY 148.39 billion to CNY 153.9 billion [2][52] Group 3 - The North Exchange rocket industry chain includes six companies: Xingtou Measurement and Control, Minshida, Suzhou Axis, Xingchen Technology, Kelong New Materials, and KQ Co., Ltd [2][40] - The average launch cost for China's satellite launches is expected to reach CNY 45,000 per kilogram by 2029, while SpaceX's Falcon 9 has a launch cost of CNY 20,000 per kilogram [2][38][37] - The commercial space market in China is projected to grow at an annual rate of over 20%, potentially reaching CNY 9 trillion by 2030 [2][24]

行业定期报告 证券研究报告 医药生物 hyzqdatemark 2026 年 01 月 26 日 投资评级： 看好（维持） ——医药行业周报（26/1/19-26/1/23） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 本周医药市场表现分析：1 月 19 日至 1 月 23 日，医药指数下跌 0.39%，相对沪深 300 指数 超额收益为 0.23%。本周，医药市场行情相对平淡，周五医药指数上涨 1.26%，其中仍然是 脑机接口、AI 医疗等主题性板块有一定表现，药店受政策影响亦表现较好。考虑到脑机接口 和 AI 医疗作为未来的产业趋势，板块有望反复活跃，创新药经过 25 年四季度的充分调整， 当前估值性价比高，建议关注相关板块表现。我们建议精选基本面强劲、前期调整充分的创 新药个股，看好未来股价有望走出新高度，同时建议积极关注医疗新科技等板块，以及 26 年 困境反转的底部个股。1）创新药建议关注，A 股）信立泰、泽璟制药、热景生物、科伦药业、 上海谊众、康弘药业、华纳药厂、前沿生物、福元医药、昂利康、恒瑞医药；港股）三生制 药、信达生物、康方生物、中国生物制药、科伦博泰、石药集团、 ...

Investment Rating - The investment rating for the electronics industry is "Positive" (maintained) [4] Core Insights - TSMC's Q4 2025 performance indicates a thriving AI industry driving the upstream supply chain into a growth cycle, with expected revenue of $33.7 billion, a year-on-year increase of 25.5%, primarily due to AI chip demand [4] - The semiconductor testing industry is entering an "inflation" cycle, driven by increased complexity in AI chips, leading to a rise in both demand and prices for testing services and equipment [4] - The global smartphone shipment volume for Q4 2025 is approximately 336 million units, with Apple and Samsung showing resilience against rising storage chip prices, while domestic Android manufacturers face significant sales pressure [4] Summary by Sections Industry Dynamics - Limited supply of H200 chips continues to be a pain point in the domestic market, with demand expected to diversify into a multi-layered structure [7] - Nvidia's CEO Jensen Huang visited China, indicating potential strategic shifts in the semiconductor landscape [7] - Alibaba's T-Head semiconductor unit is planning for an independent listing, reflecting the growing importance of domestic chip design [7] - Baidu's Wenxin assistant has surpassed 200 million monthly active users, highlighting the competitive landscape in AI services [7] Weekly Market Analysis - The electronics sector saw a weekly increase of 1.39% from January 19 to January 23, 2026, with integrated circuit packaging and testing, LED, and analog chip design leading the gains [9][12] Testing Industry Analysis - The semiconductor testing market is projected to grow significantly, with the global testing equipment market expected to reach $32.7 billion by 2025, growing at a CAGR of 3.43% from 2025 to 2032 [19][23] - The demand for testing equipment and consumables is expected to rise due to the increasing complexity of AI chips, with testing times for AI chips expected to increase significantly [30][39] - The global probe card market is also experiencing growth, with a projected increase in revenue driven by the demand for advanced logic and high-performance memory testing [40][42] Investment Recommendations - Recommended companies for investment include testing equipment manufacturers such as Huafeng Measurement and Control, Changchuan Technology, and testing service providers like Weicai Technology and Changdian Technology [45]

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2026 年 01 月 25 日 投资评级： 看好（维持） 证券分析师 联系人 12 月进口煤量同比转正，价差扩大致进口短期回升。据海关总署数据，2025 年 12 月我国煤及褐煤进口 量为 5860 万吨，同比+11.9%，较 11 月回升 31.8pct；2025 年 1-12 月累计进口煤及褐煤 49027 万吨， 同比-9.6%，跌幅较 1-11 月缩窄 2.4pct。国内煤价于 11 月中旬快速回升，进口煤价格优势显著，订单 短暂增加，此外印尼将于 2026 年征收煤炭出口关税，一定程度上促使进口煤年底抢运，上述原因导致 12 月到港进口煤同比转正，但 12 月以来国内煤价显著下跌，进口煤价格优势已经显著缩窄，进口积极 性或再次下降，预计 2026 年 1 月进口煤同环比均有望下降。 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@hu ...