精工钢构（600496）动态点评 2025Q4 海外订单保持高增，现金流持 续改善，分红率有望显著提升 2026 年 02 月 09 日 公 司 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 【评论】 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 -10% 6% 22% 38% 54% 70% 2025/2 2025/8 2026/2 精工钢构 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 9,254.08 | | 流通市值（百万元） | 9,254.08 | | 52 周最高/最低（元） | 4.75/2.96 | | 52 周最高/最低（PE） | 18.48/11.51 | | 52 周最高/最低（PB） | 1.09/0.68 | | 52 周涨幅（%） | 57.09 | | 52 周换手率（%） | 26.64 | | 注：数据更新日期截止 2026 年 02 月 06 日 | | 相关研究 海外订单高增，奠定增长基础。根据公司经营数据公告披露，2025 年 公司新签海外订单 72.0 亿元，同比+140.1%，对应 Q4 海外新签订单 ...

【行情回顾】 【本周观点】 【风险提示】 医药行业政策风险；研发进展不及预期风险；业绩不及预期风险 挖掘价值 投资成长 医药生物行业周报 ADC 商业化进程提速，本土创新药企多 路径布局产能 2026 年 02 月 09 日 强于大市（维持） 东方财富证券研究所 证券分析师：何玮 证书编号：S1160517110001 证券分析师：崔晓倩 证书编号：S1160525080001 相对指数表现 -10% -2% 6% 14% 22% 30% 2025/2 2025/8 2026/2 医药生物 沪深300 相关研究 《《药品管理法实施条例》全面修订，推动 医药产业创新与监管升级》 2026.02.03 《医药零售高质量发展政策发布，行业有 望加速整合利好龙头》 2026.01.27 《J.P. Morgan 健康大会召开，中国创新药 企扬帆出海》 2026.01.20 《聚焦脑机接口与小核酸药物，JPM 盛会 前奏下医疗布局新浪潮》 2026.01.14 《创新浪潮涌动下，医药板块修复与突破 之路》 2025.12.15 行 业 研 究 / 医 药 生 物 / 证 券 研 究 报 告 本周(2026/02/02- ...

固收市场周报 摊余债基或将支撑信用行情？ 2026 年 02 月 09 日 【固收观点】 【风险提示】 发生超预期信用风险事件。 挖掘价值 投资成长 东方财富证券研究所 证券分析师：吴雅楠 证书编号：S1160525060003 证券分析师：刘哲铭 证书编号：S1160525120003 相关研究 《关于近期资金面波动及央行隔夜逆回购 工具的再探讨——利率周度策略》 2026.02.02 《资金跨月压力可控，10Y 国债收益率震 荡 下 行 — — 利 率 市 场 周 度 回 顾 （20260131）》 2026.02.02 《债券资产荒缓解，权益扰动或仍在持续 ——利率周度策略》 2026.01.23 《权益情绪、资金重于转债估值——可转 债策略周报》 2025.08.11 《看好中长期 回调是机会》 2025.08.04 固 收 研 究 / 固 收 市 场 周 报 / 证 券 研 究 报 告 近期摊余成本法债基集中开放受市场广泛关注，或将对信用债行情有 所支撑。截至 2025 年末，处于存续期内的摊余成本法定开债基共有 255 只，基金资产净值合计 2.04 万亿元左右，环比 2025 年三季度增 加约 ...

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 继续推荐政策持续加码的未来产业成 长赛道，同时重视低位央国企配置机会 2026 年 02 月 08 日 【投资要点】 2）本周，《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村 全面振兴的意见》正式发布，意见要求努力把农业建成现代化大产业， 使农村基本具备现代生活条件，让农民生活更加富裕美好。我们注意 到 2025 年国家发布《逐步把永久基本农田建成高标准农田实施方案》， 并发出通知，要求各地区各部门结合实际认真贯彻落实。主要目标是， 到 2030 年，力争累计建成高标准农田 13.5 亿亩，累计改造提升 2.8 亿亩，统筹规划、同步实施高效节水灌溉，新增高效节水灌溉面积 8000 万亩，测算高标农田建设年空间 2000 亿元，且由于政府补贴能够覆盖 30%左右成本，因此资金确定性较高。高标农田建设企业【棕榈股份】、 水系统建设企业【大禹节水】有望受益。 3）本周，上海启动收购二手住房用于保障性租赁住房工作，浦东新区、 静安区、徐汇区为首批试点区。第一批拟收购房源将着重房型匹配、 布局合理、配套成熟、交通便捷等特点，尽量精准匹配各领域人才" ...

建筑材料行业周报 7628 电子布再提价推升业绩弹性，消 费建材小阳春可期 2026 年 02 月 08 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：闫广 证书编号：S1160526010004 相对指数表现 -10% 2% 14% 26% 38% 50% 2025/2 2025/8 2026/2 建筑材料 沪深300 相关研究 《拥抱景气周期，聚焦涨价链条》 2026.02.01 《新一轮城市更新开启，关注消费建材底 部向上的弹性》 2026.01.25 《政策组合拳助力"开门红"， 看好玻纤 景气度向上》 2026.01.18 《玻纤电子布再次提价，玻璃冷修加速》 2026.01.11 《北京放松限购政策，继续关注地产链底 部向上机会》 2025.12.28 行 业 研 究 / 建 筑 材 料 / 证 券 研 究 报 告 周观点：本周 7628 电子布再次提价，其中国际复材涨价 0.5-0.6 元/ 米，行业供需格局持续向好，电子布产品结构调整所 ...

公 司 研 究 / 基 础 化 工 / 证 券 研 究 报 告 高争民爆（002827）动态点评 大基建稀缺资产业绩略超预期，重视十 五五成长性和配置价值 2026 年 02 月 06 日 【事项】 公司发布 2025 年业绩快报，公司预计业绩略超我们先前预期。公司 2025 年营业总收入 18.25 亿元，同比+7.82%；归母净利润 1.97 亿 元，同比+32.77%。对应 25Q4 单季度营业收入 5.64 亿元，同比 +8.48%，归母净利润 0.71 亿元，同比+89.53%。公司预计 2025 年业 绩略超我们先前预期，其中公司营收同比增长主要系本年度民爆器材 销售收入增加；利润同比大幅增长主要系民爆器材销售收入持续增加， 同时运输业务和芯片模组利润均有大幅度增加。 【评论】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 相对指数表现 -10% 18% 46% 74% 102% 130% 2025/2 2025/8 2026/2 高争民爆 沪深300 | 基本数据 | | --- | | 总市值（百万元） | 10,015.21 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][56]. Core Insights - The company is a leading player in the snack retail industry, with significant growth in revenue and profit projected for the coming years. Revenue is expected to reach RMB 656.97 billion in 2025, RMB 837.49 billion in 2026, and RMB 925.80 billion in 2027, with corresponding growth rates of 66.98%, 27.48%, and 10.54% respectively. Net profit is forecasted to be RMB 23.01 billion, RMB 34.23 billion, and RMB 42.85 billion for the same years, reflecting growth rates of 176.05%, 48.73%, and 25.19% respectively [2][56]. Summary by Sections Company Overview - The company, founded in 2016, has rapidly expanded its store count to 21,041 by November 2025, with 59% of stores located in county and town areas. The company achieved a GMV of RMB 555 billion in 2024 and RMB 661 billion in the first three quarters of 2025, marking year-on-year increases of 262% and 74% respectively [7][15]. Store Expansion and Performance - The company has seen a continuous increase in store numbers, from 1,902 in 2022 to 21,041 by November 2025. The average daily order volume per store has also risen from 385 to 481 orders during the same period, with a year-on-year increase of 4.1% [15][21]. Financial Performance - The company reported revenues of RMB 393.4 billion and RMB 463.7 billion for 2024 and the first three quarters of 2025, respectively, with year-on-year growth of 282% and 75%. Net profits for the same periods were RMB 8.29 billion and RMB 15.59 billion, reflecting growth rates of 281% and 219% [43][44]. Profitability Metrics - The company's net profit margin improved from 1.67% in 2022 to 3.36% in the first three quarters of 2025. The adjusted net profit margin also increased from 1.90% to 3.90% during the same period, indicating enhanced profitability [44][56]. Future Projections - The report forecasts significant revenue and profit growth for the company, with expected revenues of RMB 656.97 billion, RMB 837.49 billion, and RMB 925.80 billion for 2025, 2026, and 2027, respectively. The corresponding net profits are projected to be RMB 23.01 billion, RMB 34.23 billion, and RMB 42.85 billion [2][56].

有色金属行业周报 大宗商品价格调整，继续看好后市机会 2026 年 02 月 05 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：李淼 证书编号：S1160524120006 证券分析师：孟宪博 证书编号：S1160525030003 证券分析师：张恒浩 证书编号：S1160525090001 证券分析师：蔡子慕 证书编号：S1160525110002 相对指数表现 -10% 22% 54% 86% 118% 150% 2025/2 2025/8 2026/2 有色金属 沪深300 相关研究 《关注国内铜资源增储带来的投资机会》 2026.01.22 《金属价格普遍偏强，关注结构性配置机 会》 2026.01.14 《拉美局势紧张，安全资产黄金或受益》 2026.01.06 《宏观预期乐观，金属价格持续走强》 2025.12.29 《美国通胀压力边际缓解，看好贵金属价 格表现》 2025.12.23 行 业 研 究 / 有 色 金 属 / 证 券 研 究 报 告 铜：铜价韧性仍强。当周（2026/1/23-2026/1/30）LME 铜/SHFE 铜收 于 13337 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3][6]. Core Views - The company, a leader in optical modules, is expected to achieve significant revenue growth driven by strong demand for computing infrastructure and an increasing proportion of high-speed optical modules in its product mix [6][7]. - The company's net profit for 2025 is projected to be between 98.0 to 118.0 billion yuan, representing a year-on-year increase of 89.50% to 128.17% [1]. - The report highlights the company's strategic focus on new optical solutions, including OCS, CPO, and 3.2T optical modules, to capture market opportunities in integrated optics [5][6]. Summary by Sections Financial Performance - The company forecasts a net profit of 109.62 billion yuan for 2025, with a growth rate of 111.97% compared to the previous year [7]. - Revenue projections for 2025, 2026, and 2027 are 386.57 billion yuan, 687.61 billion yuan, and 925.25 billion yuan, respectively, with corresponding growth rates of 62.00% and 77.88% [6][7]. Market Position - The company is positioned as a global leader in optical modules, benefiting from robust demand from end customers for computing infrastructure [6]. - The report notes that the company's high-speed optical module business has shown strong profitability, with net profit estimates of 108 to 131 billion yuan after excluding stock incentive costs [5][6]. Product Development - The company is actively developing new optical solutions to meet evolving market demands, with expectations for rapid growth in 1.6T optical module orders starting in 2026 [5][6]. - The report emphasizes the company's capability to develop customized products for key clients, anticipating significant demand for cabinet optical interconnect products by 2027 [5].

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that over 20 A-share listed brokerages have released positive earnings forecasts for 2025, with many expected to double their profits. Major firms like CITIC Securities and Guotai Junan are projected to achieve net profits exceeding 100 billion CNY [13][14]. - The insurance sector is seeing increased investment in pension and technology innovation, with a significant shift towards equity investments due to declining interest rates and new accounting standards. By the end of 2024, insurance equity investment assets are expected to reach 1.92 trillion CNY, a year-on-year increase of nearly 13% [40][41]. Summary by Sections 1. Securities Business Overview and Weekly Review - As of January 30, 2026, more than 20 A-share listed brokerages have issued earnings forecasts for 2025, with most reporting year-on-year profit growth. Notably, CITIC Securities is expected to achieve a net profit of 300.51 billion CNY, a 38.46% increase [13][14]. - The report anticipates a favorable performance for the securities industry in 2025, driven by a recovery in both primary and secondary markets [13]. 2. Insurance Business Overview and Weekly Review - Insurance capital is increasingly directed towards pension and technology sectors, with significant investments in healthcare and elderly care. By the end of 2025, the market size of China's health and elderly care industry is projected to reach 9.8 trillion CNY [41][42]. - Major insurance companies are establishing specialized health management subsidiaries to enhance service offerings and customer retention, aiming to create a second growth curve through a "product + service" model [42]. 3. Market Liquidity Tracking - The report notes that the central bank conducted a net injection of 530.5 billion CNY in the open market during the week of January 26-30, 2026, indicating a proactive approach to managing liquidity in the financial system [47].