摘要内容 事件：据新华社，美国总统特朗普 21 日在瑞士达沃斯与北约秘书长吕特会 晤后称，暂时不会按原定计划向反对美国得到格陵兰岛的欧洲 8 国加征关税。 点评：特朗普认为格陵兰岛涉及核心国家安全利益，我们认为其诉求包括地 理战略位置和油气稀土资源。 格陵兰岛对北极地缘政治较为重要。美国在格陵兰岛有军事存在，包括太空 基地和军事海峡。跨北极航运短期商业不可行，长远来看格陵兰岛可协助管 理海洋基础设施。 海外政策周报 格陵兰岛事件的可能演进与投资含义 证券研究报告 2026 年 01 月 26 日 核心结论 随着陆地和海冰的融化，格陵兰岛丰富的矿产和油气资源将更容易获取。这 些矿产是能源转型和芯片制造的原材料，吸引了许多国家的关注。尽管如此， 短期内资源开发仍面临较多拓展，包括：当地环境恶劣、地处偏远、基础设 施匮乏、开采成本高昂等。 美国获取格陵兰岛面临法律和民意两层障碍。我们认为后续存在四种可能 性：达成协议、长期战略租赁协议（对格陵兰主权限制小）、自由联合契约 和军事干预。我们认为前两种情况的概率较大。 根据美方人士在达沃斯发表的最新消息，丹麦可能让渡格陵兰岛的部分区 域，供其新建军事基地，这些区域将被视 ...

行业周报 | 有色金属 避险情绪逐步升温，贵金属配置价值进一步凸显 有色金属行业周报（2026.1.19-2026.1.25） 核心结论 本周核心关注一：国家统计局显示，2025 年规模以上工业增加值比上年增 长 5.9% 统计局 1 月 19 日公告，2025 年 12 月份，规模以上工业增加值同比实际增 长 5.2%（增加值增速均为扣除价格因素的实际增长率）。从环比看，12 月 份，规模以上工业增加值比上月增长 0.49%。2025 年，规模以上工业增加值 比上年增长 5.9%。 本周核心关注二：美国 11 月 PCE 通胀基本符合预期，美联储下周料维持利 率不变 当地时间周五，美国商务部经济分析局发布了 11 月份的 PCE 物价指数。作 为美联储最青睐的通胀指标，11 月 PCE 通胀数据小幅上行，进一步偏离央 行设定的目标水平，但整体仍符合市场预期。具体数据显示，美国 11 月整体 PCE 物价指数同比上涨 2.8%，预期为 2.8%；环比上涨 0.2%，预期为 0.2%。 本周核心关注三：美联储褐皮书显示，近期美国经济活动温和扩张，但通胀 压力仍存 美联储周三公布的褐皮书显示，美国大多数地区的经济 ...

基金研究点评 强化基金投资之锚，助力公募高质量发展 《公开募集证券投资基金业绩比较基准指引》核心要点梳理及解读 核心结论 事件：2026 年 1 月 23 日，中国证监会发布《公开募集证券投资基金业绩比 较基准指引》（以下简称《指引》）、中国基金业协会发布《公开募集证券投 资基金业绩比较基准操作细则》（以下简称《细则》）。《指引》对于基准的规 范、管理人的内部控制和管理、基准的外部约束、监督管理等方面进行了要 求，明确了自 2026 年 3 月 1 日开始实施。对于存量产品业绩比较基准设置 不符的给予 1 年的实施过渡期。 《指引》共六章二十一条，分为总则、基准的规范、管理人的内部控制和管 理、基准的外部约束、监督管理、附则等六章。主要内容包括： 风险提示：1、政策变更风险；2、基金有风险，投资需谨慎。 分析师 李洋 S0800524030001 13810539222 liyang@research.xbmail.com.cn 联系人 张敏 13111531667 zhangmin@research.xbmail.com.cn 相关研究 腾讯平台指数：个人-机构参与水平出现较大 背离—热门概念与行业机构参与 ...

Group 1: Shipping Industry - The global shipping market is expected to improve in 2026, with specific attention on container ships, bulk carriers, and tankers [1][5] - The resumption of operations in the Red Sea is crucial for container ships, while the West Simandou iron ore mine is anticipated to reshape global iron ore trade flows, benefiting bulk shipping [1][5] - OPEC+ has begun to increase production, leading to a tight supply-demand balance in the tanker market due to US sanctions on Russia [1][5] Group 2: Weigao Group (1066.HK) - Weigao Group is positioned for a transformation driven by R&D, with expectations of net profits of 2.091 billion, 2.287 billion, and 2.507 billion yuan from 2025 to 2027, reflecting growth rates of 1.18%, 9.37%, and 9.62% respectively [9][10] - The global biopharmaceutical market is projected to grow at a CAGR of 10.4% from 2024 to 2030, with significant demand for filters and consumables [9] - The company has a robust product portfolio with 927 domestic product registrations and 1,084 patents, including 218 invention patents [9] Group 3: AI Animation Industry - The continuous iteration of generative AI models is providing a technological foundation for the cost-effective and high-quality development of AI animation [16][18] - AI animations are gaining market acceptance, with significant growth in production and viewership, exemplified by the rapid increase in the number of AI animations launched on platforms like Douyin [16][17] - The cost advantages of AI animations compared to traditional animation methods are notable, with production costs significantly lower [17][18] Group 4: 3D Printing in Commercial Aerospace - 3D printing technology is effectively reducing costs and increasing efficiency in the commercial aerospace sector, with significant reductions in the number of parts and production time for rocket engines [20][21] - The domestic 3D printing equipment market is experiencing growth, with exports reaching 3.777 million units valued at 8.9 billion yuan in 2024 [21][22] - The technology is also being applied in the production of micro-nano satellite components, showcasing its advantages in mass production [21][22] Group 5: Zijin Mining (601899.SH) - Zijin Mining's Giant Dragon Copper Mine Phase II has commenced production, increasing annual copper output from 190,000 tons to an expected 300,000-350,000 tons in 2026 [28][29] - The mine's production capacity has significantly increased, positioning it as China's largest copper mine and one of the world's highest-altitude, low-grade copper mines [29][30] - The company anticipates further growth with plans for a Phase III project that could increase copper reserves and production capacity [30]

金工量化周报 沪深 300 ETF 合计净流出超 2300 亿元 ——ETF 市场扫描与策略跟踪（2026.01.25） 核心结论 摘要内容 全球市场概况：上周， A 股市场表现分化，其中，中证 500 指数涨幅最大， 为 4.34%；港股市场有所下跌，恒生指数下跌 0.36%。涨幅居前的 ETF 跟 踪标的多为航空航天板块指数。 ETF 新发情况：上周内地市场上报股票 ETF 17 只，新成立股票 ETF 9 只。 美国市场上周新成立权益型 ETF 8 只，均为主动 ETF。 A 股 ETF 资金流向：上周，净流入排名前 10 的多为 TMT 板块 ETF；净流 出前 10 的多为沪深 300 指数 ETF。宽基 ETF 中，跟踪中证 2000 指数的 ETF 净流入居前，跟踪沪深 300 指数的 ETF 净流出居前；行业 ETF 中，医 药生科板块 ETF 净流入居前；主题 ETF 中，金融科技 ETF（159851）净流 入居前，上海国企 ETF（510810）净流出居前；主动 ETF 中，沪深 300 指 增 ETF 净流入居前，300 增强 ETF 净流出居前；Smart Beta ETF 中，红利 ...

行业深度研究 | 航海装备Ⅱ 船舶：国家队破局高端，民企新秀势头强劲 船舶行业系列报告之一 摘要内容 回顾 2025 年，受多重因素叠加影响，全球新船市场交易节奏放缓：一边是 新船价格持续处于相对高位，另一边是航运运价相对低迷，形成价格错位； 同时，美国加征关税及相关 301 调查带来的贸易限制与不确定性，则进一步 加剧了船东的观望情绪。而转机在于，2025 年 11 月 9 日，美国贸易代表办 公室（USTR）已宣布暂停一年对中国针对海运、物流和造船行业以获取主 导地位的 301 调查行动。 展望 2026 年，全球各主要船型景气度预计向好：1）集装箱船：密切关注红 海复航情况，支线型集装箱船有望成为亮点；2）散货船：2025 年 11 月投 产的西芒杜铁矿预计在未来几年内将重塑全球铁矿石的贸易流向，并为散货 航运市场带来增长；3）油轮：OPEC+已逐步开启增产，美制裁俄导致运力 供需紧张。 重点标的分析： 中国船舶：中国船舶是中国船舶集团有限公司核心军民品主业上市公司，下 属有江南造船、大连船舶、武昌船舶、广船国际、外高桥造船和澄西船舶修 造等 22 家子公司。沪东中华后续亦承诺三年内注入上市公司主体。中 ...

行业周报 | 建筑装饰 看好中国化学为代表的煤化工专业工程 建筑建材行业周报 20260119-20260123 核心结论 新型煤化工是对石油化工的有益补充。当前，全球能源格局深度调整，我国 石油和天然气对外依存度居高不下，保障能源与产业链供应链安全至关重 要。尤其近期委内瑞拉、伊朗等事件影响，我们认为新型煤化工的重要性凸 显。目前我国化工用油占比或约 27%，化工用煤或约 7%。在海外化工产能 有限、国内严控大炼化的背景下，我国新型煤化工技术、规模全球领先，有 望输出一带一路等海外国家，实现高质量出海。比如我国甲醇制烯烃：三代 技术铺路，智能迭代加速；DMTO-Ⅲ技术采用新一代催化剂和创新工艺，单 套装置年处理甲醇能力达 360 万吨，甲醇消耗显著降低，推动煤化工产业向 大型化、低碳化迈进。我们认为，中国化学在煤制天然气、煤制烯烃以及煤 制油的前端煤气化制合成气方面具有明确优势。以中国化学为代表的专业工 程企业有望率先受益于新型煤化工的发展。截至 2026/1/23，个股情况：中 国化学（0.83xPB、8.97xPE，wind 一致预期 2025 年归母净利润预计同比 +10.33%，下同）、东华科技（1 ...

行业周报 | 电力设备 马斯克公布 200GW 光伏计划，Optimus 预计 2027 年公开销售 证券研究报告 电新行业周报 20260119-20260125 核心结论 马斯克公布 200GW 光伏计划剑指太空 AI，明阳智能收购中山德华 100%股权。马斯克 在达沃斯世界经济论坛宣布 SpaceX 与特斯拉三年内将在美实现 200GW 光伏产能。近 期，明阳智能发布公告，拟通过发行股份及支付现金方式收购德华芯片 100%股权。商业 航天板块景气度持续，推荐福斯特、迈为股份、明阳智能、金风科技，建议关注华菱线 缆、琏升科技、东方日升、泰胜风能、钧达股份、海优新材、赛伍技术、宇晶股份、永 贵电器、天合光能。固态电池板块推荐当升科技，建议关注先惠技术、先导智能、纳科 诺尔、宏工科技。光伏板块推荐标的：爱旭股份，建议关注帝科股份、聚和材料。 AWS 上调 GPU 价格推动算力价值重估，反映全球高性能 GPU 资源持续稀缺。AI 算力 数据中心配套推荐思源电气、东方电气、四方股份、伊戈尔，建议关注联德股份、西子 洁能、科士达。 马斯克预计 Optimus 机器人将于 2027 年底上市公开销售。1 月 22 日 ...

Investment Rating - The report assigns a "Buy" rating to the company [4][15]. Core Insights - The biopharmaceutical industry is rapidly growing, leading to increased demand for consumables such as filters. The global biopharmaceutical upstream market is expected to grow at a compound annual growth rate (CAGR) of 10.4% from 2024 to 2030, reaching a market size of $44.7 billion by 2035 [1][4]. - The company is a leading medical device provider in China, offering comprehensive solutions across various specialized fields. As of June 30, 2025, the company holds 927 product registrations and 1,084 patents domestically, with 905 product registrations and 156 patents overseas [1][4]. - The company is expected to achieve net profits of 2.09 billion, 2.29 billion, and 2.51 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 1.18%, 9.37%, and 9.62% [2][15]. Summary by Sections Company Overview - The company, established in 1988, has become a leader in the medical device and consumables sector in China, focusing on clinical care, orthopedic consumables, drug packaging, and blood technology [20][21]. - The company has a stable shareholding structure, with 46.51% owned by Weigao Group, ensuring experienced management [21][23]. Industry Outlook - The global medical device market is projected to grow from $456.6 billion in 2020 to $623 billion in 2024, with a CAGR of 8.1%. By 2035, the market size is expected to reach $1,157.6 billion [43][44]. - The Chinese medical device market is also expanding, with a projected growth from 729.8 billion yuan in 2020 to 941.7 billion yuan in 2024, at a CAGR of 6.6% [46][48]. Product Lines and Growth Drivers - The company is diversifying its product lines, focusing on high-end consumables and expanding into new markets. The automatic injection pen market is expected to grow significantly, driven by domestic and international demand [11][13]. - The company anticipates revenue growth in various segments, including medical devices, drug packaging, interventional products, orthopedic products, and blood management, with specific growth rates projected for 2025-2027 [11][12][31]. Financial Projections - The company forecasts revenues of 13.42 billion, 14.74 billion, and 16.22 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 2.52%, 9.83%, and 10.04% [2][15]. - The earnings per share (EPS) are projected to increase from 0.46 in 2025 to 0.55 in 2027, reflecting the company's growth strategy and market positioning [2][15].

Investment Rating - The industry rating is "Overweight" [5] Core Insights - In 2025, AI comic dramas are accelerating their implementation across major video platforms, with Douyin creating a new section for AI comic dramas and platforms like Hongguo Short Drama developing dedicated apps [1] - The number of AI comic dramas launched reached 3,000 in the first half of 2025, with a compound growth rate of 83%, and over 6,500 new AI comic dramas were launched on Douyin in September 2025 alone [1][2] - The representative AI comic drama "全民诡异：开局掌握零元购" achieved 320 million views on Douyin in December 2025, while "斩仙台下，我震惊了诸神" reached a total of 1 billion views [2] - AI comic dramas have a significant cost advantage, with production costs as low as 400 RMB per minute compared to 1,300 RMB for high-quality 3D animations and 15,000 to 40,000 RMB for quality short dramas [2] - The profitability of AI comic dramas is evident, with net profits ranging from 200,000 to 300,000 RMB for paid dramas with over 10 million views, and around 100,000 RMB for free dramas on Douyin [2] - Continuous iterations of generative AI models are enhancing the quality of AI comic dramas, providing a technological foundation for cost reduction and high-quality development [3] Summary by Sections Industry Overview - AI comic dramas are rapidly being adopted on various video platforms, with significant growth in content production and viewership [1][2] Financial Performance - The industry shows strong profitability potential, with AI comic dramas achieving substantial view counts and net profits [2] Technological Advancements - The ongoing development of generative AI models is crucial for improving the quality and reducing the costs of AI comic dramas [3] Investment Opportunities - Recommended companies to watch include Zhaochi Co., Bilibili-W, Jiecheng Co., and Reading Group for AI video tools and IP, as well as Danghong Technology and Kuaishou-W for multi-modal large models [3]