巨子生物（2367.HK）动态跟踪点评 平台优势兑现，双美组合开启医美第二增长曲线 证券研究报告 2026 年 01 月 21 日 公司动态跟踪 | 巨子生物 事件：2026 年 1 月 15 日公司收到中国国家药品监督局颁发的关于"重组 I 型α1 亚型胶原蛋白及透明质酸钠复合溶液"产品的第Ⅲ类医疗器械注册证。 -38% -25% -12% 1% 14% 27% 40% 53% 2025-01 2025-05 2025-09 2026-01 巨子生物 恒生指数 分析师 吴岑 S0800524100002 021-38584327 wucen@research.xbmail.com.cn 于佳琦 S0800525040008 021-38584327 yujiaqi@xbmail.com.cn 公司基于其重组Ⅰ型α1 亚型胶原蛋白技术平台（采用人天然 I 型α1 单链氨 基酸序列 305-1057 位，共 753 个氨基酸，非三螺旋结构），在短期内相继获 批了两款关键的Ⅲ类医疗器械。2025 年 10 月 23 日获批的"重组Ⅰ型α1 亚型胶原蛋白冻干纤维"是国内首个获批的 I 型重组胶原注射剂，形态为需 溶 ...

公司点评 | 瑞达期货 瑞达期货（002961.SZ）更新点评 事件：瑞达期货发布公告，拟以自有资金 5.89 亿元购买申港证券股份有限 公司（以下简称"申港证券"）合计 11.94%的股权。 补足券商牌照，交易价格对应 PB 为 0.85x。公司曾于 2021 年参与网信证 券破产重组招募，对于获取券商牌照具备一定诉求。申港证券由 3 家香港持 牌金融机构、11 家国内机构投资者共同发起设立，其中港资股东（茂宸集团、 裕承环球、嘉泰资本）持股比例合计为 29.32%。从基本面来看，截至 2024 年末，申港证券营业收入/归母净利润分别为 19.19/3.71 亿元，经纪/利息/ 投行/资管/自营占主营业务收入比重分别为 3%/-2%/16%/15%/49%，自营业 务为业绩核心支撑。截至 25Q3 申港证券净资产为 58.26 亿，本次交易为瑞 达期货收购裕承环球 8.11%，嘉泰资本 3.82%股权，合计价格对应 PB 为 0.85X，较证券 II 估值折价 39%，具备一定的性价比，后续需等待监管审批。 强化财富管理协同，提升综合金融服务能力。申港证券在北京、上海、深圳、 湖北、四川、重庆等地分别设有 ...

Group 1: Company Overview - The report on Yihai International (1579.HK) highlights its attractive dividend returns and positive cash distribution, indicating a strong financial position [5][6] - The company has transitioned from a phase of rapid growth to a more stable valuation, with a focus on increasing dividend payouts as it navigates market fluctuations [5][6] - Yihai International's revenue is expected to grow steadily, with projections of CNY 65.7 billion, CNY 69.6 billion, and CNY 73.8 billion for the years 2025 to 2027, reflecting year-on-year growth rates of 0.5%, 5.9%, and 6.0% respectively [6] Group 2: Industry Insights - The compound seasoning market in China is projected to reach CNY 126.5 billion, with significant segments including chicken essence, hot pot seasoning, and recipe-based seasonings [5] - The report notes that the restaurant industry's recovery, particularly in the B-end market, is a key growth driver for Yihai International, with a focus on both large and small business clients [6] - The overseas market is also expanding rapidly, with notable growth in Southeast Asia, the United States, and South Korea, indicating a successful localization strategy [6] Group 3: Market Trends - The real estate sector is experiencing a rebound due to expectations of interest rate cuts and mortgage subsidies, with a recommendation for moderate participation in policy-driven market movements [8][10] - In the pig farming industry, December 2025 saw a year-on-year increase in the number of pigs slaughtered by listed companies, with a total of 19.5 million heads, reflecting a 9.57% increase [12] - However, the revenue for these companies decreased by 24.24% year-on-year in December 2025, primarily due to low pork prices, indicating a challenging market environment despite increased output [13]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on sectors with high growth potential and policy support, indicating a positive outlook for certain segments [3]. Core Insights - The market is driven by dual factors of policy direction and earnings certainty, particularly in sectors like ultra-high voltage and power grid equipment, which are benefiting from a significant investment plan by the State Grid [3]. - The commercial aerospace sector is showing signs of stability due to technological breakthroughs, which are attracting investment into specialized companies [3]. - Short-term focus should be on the implementation pace of State Grid investments and the progress of commercial aerospace technology, as these will directly impact the valuation elasticity of high-end manufacturing sectors [3]. - Long-term potential exists for the North Exchange as a platform for specialized and innovative enterprises, with a focus on balancing growth and valuation [3]. Summary by Sections Market Review - On January 19, the North Exchange A-share trading volume reached 240.3 billion yuan, a decrease of 64.0 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1548.63, up 0.02% [8][13]. - Among 288 companies listed, 118 saw an increase in stock price, while 163 experienced a decline [15]. Key News - The National Bureau of Statistics reported a GDP growth of 5% for 2025, with the total GDP reaching 1,401,879 billion yuan [2]. - Concerns are rising over potential supply shortages of high-speed SSD controller chips due to increased demand driven by AI applications [18]. Company Announcements - Tai Kai Ying announced the lifting of restrictions on 15,275,901 shares, representing 6.91% of its total share capital, effective January 22, 2026 [19]. - Hua Wei Design also announced the lifting of restrictions on 287,850 shares, representing 0.2792% of its total share capital, effective January 22, 2026 [23].

Investment Rating - The report assigns a "Buy" rating to the company, Yihai International (1579.HK) [4][15] Core Insights - Yihai International has transitioned from a high-growth valuation to a low-valuation, high-dividend company, with a focus on cash dividends and a stable return [22][24] - The compound seasoning industry in China is expected to continue growing, with a market size of approximately 126.5 billion yuan, indicating potential for further penetration and expansion [22][30] - The company is poised for growth through its B-end and overseas markets, with significant improvements expected in its affiliate income as it stabilizes alongside Haidilao [2][15] Summary by Sections Company Overview - Since its listing in 2016, Yihai International has experienced a cycle of expansion, valuation bubble, adjustment, and stabilization [22] - The company has shifted its market perception from a high-growth entity to one focused on dividends, with a high payout ratio of 89.97% in 2023 and 95.06% in 2024 [24] Industry Space - The compound seasoning market is entering a phase of steady growth after rapid expansion, with a compound annual growth rate (CAGR) of 6.1% expected from 2020 to 2024 [30] - The market for compound seasonings is driven by trends such as increased restaurant chain rates and urbanization, which support the growth of this segment [30] Growth Outlook - The company anticipates revenue growth from 6.57 billion yuan in 2025 to 7.38 billion yuan in 2027, with corresponding net profits expected to rise from 800 million yuan to 980 million yuan during the same period [15][8] - The B-end market is a key growth area, with the company planning to establish a small B team to enhance its product offerings and directly engage with restaurant clients [2][66] - Overseas markets are also expected to grow rapidly, with projected revenue of 270 million yuan in 2025, reflecting a year-on-year increase of 34.4% [70] Financial Projections - Revenue and profit forecasts for 2025-2027 indicate modest growth, with revenues expected to increase by 0.5%, 5.9%, and 6.0% respectively, while net profits are projected to grow by 8.8%, 10.3%, and 10.2% [15][8]

Group 1: Macroeconomic Overview - The economy achieved a growth rate of 5% in 2025, with significant contributions from external demand [6][8] - The nominal GDP growth rate slowed down, but stabilized in the fourth quarter, with a year-on-year increase of 4.5% [6][8] - Retail sales growth showed a slight recovery, while fixed asset investment saw an expanded decline [7][8] Group 2: Power Equipment Sector - Siyi Electric (002028.SZ) - Siyi Electric reported strong performance in 2025, with total revenue of 21.205 billion yuan, up 37.18% year-on-year, and a net profit of 3.163 billion yuan, up 54.35% [10][11] - The company is expected to achieve net profits of 3.163 billion, 4.423 billion, and 5.924 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 54.3%, 39.8%, and 33.9% [10][11] - The demand for domestic power grid investment exceeded expectations, with the company winning contracts worth 7.015 billion yuan, an increase of 82% [10] Group 3: Nonferrous Metals Sector - Jincheng (603979.SH) - Jincheng signed three mining contracts with a total estimated value of 1.074 billion yuan, enhancing the certainty of future earnings [13][14] - The company’s resource business saw significant growth, with revenue of 4.57 billion yuan in the first three quarters of 2025, up 131.3% year-on-year [14] - EPS for 2025-2027 is projected to be 3.97, 5.50, and 6.37 yuan, with corresponding PE ratios of 19, 14, and 12 [14] Group 4: Nonferrous Metals Sector - Northern Rare Earth (600111.SH) - Northern Rare Earth expects a net profit of 2.176-2.356 billion yuan for 2025, representing a year-on-year increase of 116.67%-134.60% [16][17] - The company’s performance in Q4 2025 is expected to show significant growth due to a sharp increase in rare earth prices [16][17] - The price of praseodymium and neodymium oxide rose to 685,000 yuan per ton, a year-on-year increase of 62.71% [16] Group 5: Nonferrous Metals Sector - Luoyang Molybdenum (603993.SH) - Luoyang Molybdenum forecasts a net profit of 20-20.8 billion yuan for 2025, a year-on-year increase of 47.80%-53.71% [19][20] - The company achieved a copper production of 741,100 tons, exceeding its production plan [19] - The dual-core strategy focusing on copper and gold is expected to drive future growth, with significant acquisitions planned [20]

Economic Growth - The economy is projected to grow by 5% in 2025, with significant contributions from external demand[1] - In Q4 2025, GDP is expected to grow by 4.5% year-on-year, marking a decline for three consecutive quarters[1] - Net exports are expected to contribute 1.6 percentage points to GDP growth, an increase of 0.1 percentage points from 2024[1] Nominal GDP and Price Index - The nominal GDP growth rate is expected to slow down, with a year-on-year increase of 4% in 2025, down from 2024[1] - The GDP deflator is projected to decrease by 1% year-on-year, indicating deflationary pressures[1] - In Q4 2025, nominal GDP is expected to grow by 3.8% year-on-year, a slight recovery from Q3's 3.7%[1] Industrial and Service Sector Performance - Industrial output is expected to grow by 5.2% year-on-year in December, up from 4.8% in November[2] - The service sector production index is projected to increase by 5% year-on-year in December, compared to 4.2% in November[2] Retail and Consumer Confidence - Retail sales are expected to grow by 3.7% year-on-year in 2025, a slight increase from 3.5% in 2024[2] - The consumer confidence index is anticipated to rise to 90.3 in November, indicating improved consumer sentiment[2] Investment Trends - Fixed asset investment is projected to decline by 3.8% in 2025, with a significant drop of 15.1% year-on-year in December[3] - Infrastructure investment is expected to decrease by 16%, manufacturing investment by 10.6%, and real estate investment by 35.8%[3] Real Estate Market - The sales area of commercial housing is expected to decline by 8.7% year-on-year in 2025, with sales revenue down by 12.6%[3] - Real estate prices in 70 major cities are expected to continue their downward trend, with no signs of stabilization by year-end[3]

Investment Rating - The report maintains an "Overweight" rating for the company [6][11]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.176 to 2.356 billion yuan in 2025, representing a year-on-year increase of 116.67% to 134.60%. The non-recurring net profit is projected to be between 1.96 to 2.14 billion yuan, with a year-on-year increase of 117.46% to 137.43% [1][6]. - In Q4 2025, the company anticipates a net profit of 635 to 815 million yuan, which is a year-on-year increase of 6.01% to 36.06% and a quarter-on-quarter increase of 4.10% to 33.61%. This growth is primarily driven by a significant rise in rare earth prices [1][6]. - The overall market demand for rare earths is stable, and the company is actively promoting innovation, talent development, industrial upgrades, and management reforms, which have laid a solid foundation for substantial profit growth [2][6]. Financial Summary - The company’s earnings per share (EPS) for 2025 is projected to be 0.62 yuan, with price-to-earnings (P/E) ratios of 81.7, 56.8, and 44.5 for the years 2025, 2026, and 2027 respectively [2][4]. - Revenue is expected to grow from 32.966 billion yuan in 2024 to 40.852 billion yuan in 2025, reflecting a growth rate of 23.9% [4][10]. - The net profit attributable to shareholders is forecasted to increase significantly from 1.004 billion yuan in 2024 to 2.259 billion yuan in 2025, indicating a growth rate of 125% [4][10].

Investment Rating - The report indicates a positive outlook for the non-ferrous metals sector, highlighting strong performance and potential for upward momentum in earnings [1][4][5]. Core Insights - The non-ferrous metals sector has shown significant growth, with notable increases in net profits for companies like Northern Rare Earth and Luoyang Molybdenum [4][5]. - The report emphasizes the impact of macroeconomic factors, including U.S. inflation rates and China's monetary policy adjustments, on the industry [2][3][17]. - The ongoing demand for rare earth products and the strategic importance of metals like tungsten and lithium are highlighted as key investment opportunities [51][52][53]. Summary by Sections Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index by 3.48 percentage points, with a weekly increase of 3.03% [10]. - Key stocks such as Hunan Silver and Silver Industry saw significant gains, while others like Youyan Powder Materials faced declines [10]. Key Focus Areas - U.S. CPI increased by 2.7% year-on-year in December 2025, influencing market expectations for interest rate adjustments [16]. - The People's Bank of China announced measures to support economic growth through monetary policy, which may benefit the non-ferrous metals sector [17][18]. - China's foreign trade reached a record high of 45.47 trillion yuan in 2025, indicating robust demand for exports [19]. Company Performance - Northern Rare Earth expects a net profit increase of 116.67% to 134.60% in 2025, driven by effective inventory management and increased sales [20][21]. - Luoyang Molybdenum anticipates a net profit growth of 47.80% to 53.71%, attributed to rising product prices and effective cost control [22]. Metal Prices and Inventory Changes - Industrial metals like copper and aluminum are experiencing price fluctuations, with copper prices at $12,803 per ton and aluminum at $3,134 per ton [23][25]. - Lithium carbonate prices have risen to 153,100 yuan per ton, reflecting strong demand in the energy metal sector [44]. Strategic Metals - Tungsten prices are on the rise, with strategic initiatives in place to support the industry, including government policies aimed at enhancing the rare earth supply chain [51][52][53].

1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The regional spread of urban investment bonds has shown a significant differentiation, with the spread in economically strong regions remaining low and the spread in weak - qualified regions still high. As platforms complete the clearance of implicit debts and exit the "list", market attention will shift to regional economic resilience and platform self - hematopoietic ability [1][15]. - The term spread of low - rated urban investment bonds has widened, indicating market concerns about the long - term solvency of weak - qualified entities after transformation. The market also has high requirements for liquidity compensation for weak - qualified urban investment bonds [17][21]. - Urban investment bonds with a remaining term of less than 2 years have relatively strong safety margins and can be explored according to return requirements. For longer durations, medium - to high - grade urban investment bonds with strong self - hematopoietic abilities and stable cash flows should be selected. Insurance institutions with stable liability ends can appropriately focus on the coupon allocation value of high - grade urban investment bonds over 5 years [2][22]. 3. Summary by Directory 3.1. Analysis of Urban Investment Bond Spreads in the Second Half of Debt Resolution - **Regional spread differentiation**: The "package debt resolution policy" has effectively alleviated the liquidity risk in weak - qualified regions, causing the regional spread to decline rapidly in the early stage of the policy. Since the second half of 2025, the regional spread has dropped below 150bp, but the absolute spread between strong and weak regions is still significant. The credit spread in economically and fiscally strong regions such as Jiangsu, Zhejiang, and Guangdong remains at a low level of 30 - 40bp, while that in weak - qualified regions such as Guizhou is still above 150bp [11][15]. - **Term spread differentiation**: As the key point approaches, the pricing center of the term spread of urban investment bonds has shifted upward, and the widening range of the term spread of low - rated bonds is relatively higher. For example, the 3Y - 1Y term spread center of AAA - rated urban investment bonds has increased by 10bp from - 6.6bp in 2024, while that of AA(2) - rated bonds has increased by 17bp. The difference between the spreads of 1 - 2Y and 3 - 5Y low - rated urban investment bonds in Jiangsu has reached a new high since the end of 2025 [17][21]. 3.2. Overview of Credit Bond Yields - Last week (January 12 - 18, 2026), credit bond yields mainly declined. Financial bonds outperformed general credit bonds, long - term varieties outperformed short - term ones, and credit bonds mostly outperformed interest - rate bonds of the same term. Among them, bank secondary perpetual bonds in financial bonds performed the best [23]. 3.3. Primary Market - **Issuance volume**: The issuance scale of credit bonds increased week - on - week but decreased year - on - year, and the net financing scale decreased both week - on - week and year - on - year. From January 12 to 18, the credit bond issuance scale was 351.271 billion yuan, a week - on - week increase of 41.8 billion yuan and a year - on - year decrease of 216 billion yuan. The net financing amount was 61.793 billion yuan, a week - on - week decrease of 90.3 billion yuan and a year - on - year decrease of 157.8 billion yuan [31]. - **Issuance term**: The average issuance term of credit bonds decreased week - on - week. Last week, the average issuance term was 2.7 years, a decrease of 0.17 years compared with the previous week. The issuance terms of industrial bonds, urban investment bonds, and financial bonds decreased by 0.57 years, 0.2 years, and 0.46 years respectively [40]. - **Issuance cost**: The average issuance interest rate of credit bonds decreased. Last week, the average issuance interest rate was 2.18%, a week - on - week decrease of 4.1bp. The average issuance interest rates of industrial bonds, urban investment bonds, and financial bonds decreased by 0.6bp, 1.1bp, and 1.8bp respectively [42]. - **Cancellation of issuance**: The number and scale of cancelled credit bond issuances increased week - on - week. From January 12 to 18, 15 bonds were cancelled, an increase of 7 compared with the previous week, and the total scale of cancelled issuances was 8.308 billion yuan, an increase of 1.662 billion yuan [46]. 3.4. Secondary Market - **Trading volume**: The trading volume of various credit bond varieties increased compared with the previous week. The trading volumes of urban investment bonds and industrial bonds increased by more than 40 billion yuan. In terms of remaining term and implicit rating, there were different trends in the trading proportion of each variety [51][52]. - **Trading liquidity**: The turnover rates of credit bonds increased last week. The turnover rates of urban investment bonds, industrial bonds, and financial bonds increased from 1.58%, 1.99%, and 3.21% to 1.80%, 2.10%, and 3.51% respectively. The turnover rates of different terms of each variety showed different trends [55]. - **Spread tracking**: The spreads of urban investment bonds mostly narrowed last week, with the average narrowing amplitude ranked as 1Y>10Y>7Y>3Y. Except for Shanghai and Gansu, the spreads of each province narrowed. The spreads of AAA - rated industrial bonds mostly widened, while those of AA - rated industrial bonds mostly narrowed. The spreads of bank secondary perpetual bonds, securities company subordinated bonds, and insurance subordinated bonds all narrowed [60][65][66]. 3.5. Weekly Hot Bonds Based on qeubee's bond liquidity scores, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of liquidity scores were selected for investors' reference [70]. 3.6. Review of Credit Rating Adjustments According to domestic rating agencies, there were no bonds with upgraded or downgraded debt ratings last week [75].