Group 1 - The report highlights a significant increase in the activity of the credit bond secondary market due to structural interest rate cuts and excess MLF operations, with a weekly transaction volume reaching 9,929 billion yuan, marking a high point since July 2025 [10][12]. - Vanke's 1.1 billion yuan bond ("21 Vanke 02") extension was approved with a high vote of 92.11%, providing a precedent for the handling of other extended bonds [12][15]. - The net financing amount for credit bonds (excluding asset-backed securities) was 185.1 billion yuan, an increase of 120.1 billion yuan compared to the previous week, with total issuance rising to 418.6 billion yuan [16][19]. Group 2 - In the primary market, the average issuance rates for AA city investment bonds, AA+ industrial bonds, and financial bonds increased significantly, while other credit bonds showed fluctuations within 10 basis points [20][21]. - The secondary market saw a 1,350 billion yuan increase in transaction volume, with the turnover rate for credit bonds showing slight fluctuations [22][26]. - Credit spreads for AA+ electronic and non-bank financial sectors expanded significantly, while the AA+ pharmaceutical and biological sector saw a compression of 6 basis points [34][49]. Group 3 - The report indicates that the yields on credit bonds have continued to decline, with various credit products experiencing a reduction in spreads, making coupon assets increasingly scarce [50]. - The report suggests that mid-to-short-term credit bonds will remain a preferred choice for bond funds seeking safety, particularly recommending a focus on 3-5 year bank capital bonds [6][50].

证券研究报告 晨会 hyzqdatemark 2026 年 01 月 25 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年01月23日 华源晨会精粹 20260125 固定收益 25Q4 理财资产配置有何变化——中国银行业理财市场年度报告（2025 年）点评：截至 25 年末，银行理财市场存续规模 33.29 万亿元，较 25Q3+1.2 万亿 元，较 24 年末+3.3 万亿元。由于债券收益率处于历史低位，我们预计 26 年混合类 产品存续规模会持续回升。2026 年理财规模仍有望增长 3 万亿以上。截至 25 年末， 全市场一共有 191 家理财机构，其中有 159 家银行机构，32 家理财公司，较 25Q3 分别-22 家/持平。我们预计至 26 年底，理财市场或将向理财公司持续转移。25Q4 理财大幅增配公募基金，减配权益类资产和同业存单，债券投资占比处于近年低位。 低利率时代，25Q4 理财产品平均收益率走弱。2026 年债市行情可能好于预期。建 议关注超长债波段操作机会，建议重点配置 3-5Y 资本债以获取票息，超长债搓波段， 关注多资产投资机会。 风险提示。财政政策超预期发力，导 ...

Investment Rating - The investment rating for the home appliance industry is "Positive" (maintained) [1] Core Insights - The report emphasizes the rapid implementation of AI and smart hardware, highlighting the transition of domestic brands from followers to leaders in the global market. Companies like YingShi Innovation, Anker Innovation, and XGIMI are identified as key players [4][8] - AI technology is reshaping product definitions in the home appliance and smart hardware sectors, enhancing product performance and user experience while accelerating global expansion [8] Summary by Sections AI + Smart Hardware - The report focuses on the "redefining products" direction of AI + smart hardware, with domestic brands making significant strides in global markets. Companies such as YingShi Innovation, Anker Innovation, and XGIMI are highlighted as representatives of this trend [4][8] AI + Photography - YingShi's "YingLing" panoramic drone launched in December 2025 achieved over 30,000 units shipped in its first month, confirming its potential as a blockbuster product. AI technology is expected to lower creative barriers and optimize effects, driving growth in the smart imaging sector [9] AI + Office and Audio - Anker's collaboration with Feishu to launch the AI recording device aims to penetrate the business market by leveraging Feishu's enterprise customer resources. Additionally, Anker's Soundcore Sleep A30 headphones utilize AI to generate personalized sleep soundscapes, enhancing their practical performance [12] AI + Security and Energy Storage - Anker's Eufy Security system has achieved multi-dimensional recognition capabilities for humans, pets, and vehicles, enhancing home security management efficiency. The SOLIX V1 Smart EV Charger optimizes energy efficiency through AI-driven scheduling and gesture recognition [17] AI + Glasses - The report notes a surge in AI glasses products from companies like XGIMI and TCL, with a focus on lightweight and practical designs. The market is in a penetration acceleration phase, with diverse product definitions emerging [19] Market Performance - The home appliance sector saw a 2.0% increase in January 2026, outperforming the CSI 300 index by 0.4%. Sub-sectors such as black appliances and kitchen appliances showed notable monthly gains of 13.4% and 5.4%, respectively [21][22] Key Data Tracking - As of January 23, 2026, the Chinese yuan appreciated by 149 basis points against the US dollar, continuing its upward trend. The LME copper spot price was $12,921 per ton, reflecting a week-on-week decrease of 0.6% but remaining at a high level [24][28]

证券研究报告 全球跨境电商前景可观，北交所拟上市公司千岸科技、尚睿科技发展自主品牌 ——北交所消费服务产业跟踪第四十九期（20260125） 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 2013-2024 年中国跨境电商市场规模 CAGR 约为 17%，跨境出口电商具备优势。根 据 PrecedenceRESEARCH 数据，2025 年全球跨境电商市场规模为 5512.3 亿美元， 预计从 2026 年的 6363.4 亿美元增至 2034 年的约 2 万亿美元，复合年增长率高达 15.44%。随着我国跨境电商市场规模的快速发展，跨境电商新业态对传统外贸高质 量发展的促进作用越发明显，根据网经社电子商务研究中心的数据，2024 年中国跨 境电商市场规模为 17.66 万亿元，2013-2024 年复合增速约为 17%，其中跨境出口 电商占据了我国跨境电商市场的大部分市场份额。根据 Cognitive Market Research 数据，北美跨境电商市场在全球跨境电商市场占据主导地位，2025 年市场销售收入 达 1.63 万亿美元，预计 2025-2033 年的复合年增长率为 17.9 ...

证券研究报告 建筑装饰 | 工程咨询服务 Ⅱ 北交所|首次覆盖报告 hyzqdatemark 2026 年 01 月 25 日 投资评级： 增持（首次） 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 01 | 月 | 日 | | 23 | | 2026 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 26.56 | | | | | | | | 内 | 最 | 高 | / | | | 48.08/24.40 | | 最 | | 低 | | 一 年 | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | | 3,553.85 | | | | | | | | 流通市值（百万元） | | | | | | 2, ...

证券研究报告 社会服务 | 旅游及景区 非金融|首次覆盖报告 hyzqdatemark 2026 年 01 月 25 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 李禹蒙 liyumeng@huayuanstock.com 市场表现： | 基本数据 | | 年 | 01 | | | 月 | | 日 | | | 2026 | 20 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 13.11 | | | | | | | | 年 内 最 最 低 | / | | | 高 | | | | | | | | 17.77/9.22 | 一 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 8,786.43 | | | | | | 流通市值（百万元） | | | | | | | | | 8,783.03 | | ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights that copper prices are experiencing high-level fluctuations amidst inventory accumulation, with short-term price adjustments expected to be limited due to the financial attributes of copper supported by rising gold prices. The supply-demand balance for copper may shift from tight equilibrium to shortage in the medium to long term, driven by insufficient capital expenditure in copper mines and frequent supply disruptions. The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and others [5] - For aluminum, the report notes that both alumina and aluminum prices are under pressure due to high inventory levels. The short-term outlook for aluminum prices is expected to remain stable amidst high demand, particularly in the air conditioning and consumer goods sectors [5] - Lithium demand remains strong despite seasonal trends, with lithium carbonate prices entering an upward cycle driven by supply-demand reversal. The report recommends focusing on companies with high self-sufficiency in lithium resources [5] - Cobalt prices are expected to continue rising due to tight raw material supply, with the report suggesting companies like Huayou Cobalt and others for investment [5] Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including the U.S. core PCE price index and unemployment claims, which align with expectations [9] - Key announcements include Zijin Mining's completion of the second phase of the Jilong Copper Mine, significantly increasing its production capacity [10] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 6.03% compared to the index's 0.84% rise [11] - The report lists the top-performing stocks in the sector, highlighting significant movements in various sub-sectors [11] 3. Valuation Changes - The report notes that the TTM PE for the non-ferrous metals sector is 33.82, with a change of 1.79, while the PB is 4.18, reflecting a significant premium over the broader market [20][23]

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The supply-demand tension continues, with tungsten and tin prices breaking historical highs [4] - Rare earth elements are experiencing a supply tightness, leading to increased prices, particularly for praseodymium and neodymium oxide, which rose by 7.69% to 672,500 CNY/ton [12] - Molybdenum prices are expected to stabilize due to cost support and improved supply-demand dynamics, despite a recent decline [23] - Tungsten prices are at historical highs due to supply contraction and price increases in long-term contracts [30] - Tin prices are strong due to macroeconomic factors and ongoing supply disruptions, with SHFE tin rising by 21.85% to 429,600 CNY/ton [33] - Antimony prices are fluctuating, awaiting signals for export recovery, with recent increases noted [42] Summary by Sections Rare Earths - Praseodymium and neodymium oxide prices increased by 7.69% to 672,500 CNY/ton, while dysprosium decreased by 1.39% to 1,420,000 CNY/ton [12][4] - The supply side remains tight due to policy and supply constraints, while demand from downstream magnetic material companies has shifted from just-in-time purchasing to stockpiling [4] Molybdenum - Molybdenum concentrate prices fell by 1.94% to 4,035 CNY/ton, and molybdenum iron prices decreased by 1.90% to 258,500 CNY/ton [23] - The market sentiment is supported by a stabilization in international molybdenum oxide prices and reduced mine shipments [23] Tungsten - Black tungsten concentrate prices rose by 11.43% to 536,000 CNY/ton, and ammonium paratungstate prices increased by 12.06% to 790,000 CNY/ton [30] - Supply is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable [30] Tin - SHFE tin prices increased by 21.85% to 429,600 CNY/ton, and LME tin prices rose by 21.73% to 54,200 USD/ton [33] - Supply disruptions from key mining regions and strong demand from traditional and emerging sectors are driving price increases [33] Antimony - Antimony ingot prices rose by 1.26% to 160,500 CNY/ton, and antimony concentrate prices increased by 1.42% to 142,500 CNY/ton [42] - The supply remains tight, and demand is expected to decline as the market approaches the Lunar New Year [42]

证券分析师 证券研究报告 商贸零售 行业定期报告 hyzqdatemark 2026 年 01 月 24 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 板块表现： 泡泡玛特 2.5 亿港元回购；美丽田园 25 年业绩预告表现亮眼 投资评级： 看好（维持） ——新消费行业周报（2026.1.19-2026.1.23） 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 联系人 泡泡玛特 2.5 亿港元回购，彰显公司信心。公司近期公告回购 140w 股，合计耗资 2.5 亿+港元。公司低 位回购彰显公司经营信心。近期发布马年新品—马力全开搪胶毛绒，发布当日一分钟内多个平台均显示 "已售罄"。1 月官宣星星人新品系列怦然星动。泡泡玛特新品表现及品牌势能持续强劲。老 IP 持续运 营，新 IP 逐步发力，产品形态从盲盒、毛绒拓展至可动玩偶、饰品等，带动品牌影响力持续破圈。公司 作为中国潮玩行业的头部企业，具备 IP 玩具全产业链运营能力，公司通过出众的 IP 创造、运营能力及渠 道端多样的消费者触达能力持续高质量发展，且伴随公司海外业务逐步扩大、产品海外影响力不断 ...

证券研究报告 汽车 | 汽车零部件 北交所|首次覆盖报告 hyzqdatemark 2026 年 01 月 24 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 胡文瀚 huwenhan@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 日 | | 2026 | 23 | | | 01 | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 81.15 | | | | | | 一 年 内 | 最 | 高 | | | / | | | | 低 | | | | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 4,592.56 | | | | | | 流通市值（百万元） | | | | | | | | 3,542.59 | | | | | | 总股本（百万股） | | | | | | | | ...