证券研究报告 | 公司点评 | 游戏Ⅱ 四季度迎来产品线收获期，25 年全年利润高增 ——吉比特点评报告 投资要点 事件： 公司发布 2025 年业绩预告。2025 年公司预计归母净利润 16.9-18.6 亿元，上年同 期 9.45 亿元，同比增长 79%-97%；扣非归母净利润同比增长 88%-105%。单四 季度来看，预计归母净利润 4.8-6.5 亿元，同比增长 66%-125%，环比变化- 16.2%-13.7%。 宏观经济增速大幅下滑导致游戏消费受损，新游上线进度或质量不及预期，国际 贸易政策变化等。 利润高增主要得益于多款新上线产品 新游表现亮眼验证公司研发与发行实力，存量产品稳健运营提供业绩安全垫。具 体来说，2025 年全年公司成功推出《杖剑传说》《问剑长生》《杖剑传说》《道友 来挖宝》等多款新游戏，它们凭借优质的内容品质及有效的推广策略，快速获得 市场认可，为公司贡献了显著利润增量。特别是《杖剑传说》，上线约一月流水 便达到 4.24 亿元，25Q3 流水 7.42 亿元；根据七麦数据，其 2025 年 12 月仍冲至 App Store 游戏畅销榜前 40 水平。同时，公司存量游戏产品持 ...

分析师：邱世梁 执业证书号：S1230520050001 qiushiliang@stocke.com.cn 证券研究报告 | 行业深度 | 汽车零部件 投资要点 乘用车整椅：设计壁垒高；高端车型利润厚；板块估值提升空间大 ——乘用车整椅行业深度系列报告（一） 汽车零部件 报告日期：2026 年 01 月 29 日 行业评级: 看好(维持) 研究助理：顾淳晖 guchunhui@stocke.com.cn 相关报告 1 《汽车轻量化浪潮下，以塑代 钢空间广阔》 2025.12.23 2 《 具身智能与新能源车：此 时此刻恰如彼时彼刻》 2025.12.04 3 《新能源应用驱动行业增长， 龙头持续受益国产化、集成化、 高端化产业趋势》 2025.02.21 http://www.stocke.com.cn 1/54 请务必阅读正文之后的免责条款部分 ❑ 座椅重要程度高：为安全件、驾乘者接触最久的内饰件，近年配置持续提高 我国 GB&QC/T、美国 FMVSS、欧盟 ECE 均对座椅有安全要求，如我国《GB 15083- 2019》要求整椅需通过座椅靠背及头枕吸能试验、座椅靠背及其调节装置的强度 试验等多项检测 ...

证券研究报告 | 行业深度 | 汽车零部件 汽车零部件 报告日期：2026 年 01 月 29 日 乘用车整椅：设计壁垒高；高端车型利润厚；板块估值提升空间大 ——乘用车整椅行业深度系列报告（一） 投资要点 行业评级: 看好(维持) 分析师：邱世梁 执业证书号：S1230520050001 qiushiliang@stocke.com.cn 研究助理：顾淳晖 guchunhui@stocke.com.cn 相关报告 1 《汽车轻量化浪潮下，以塑代 钢空间广阔》 2025.12.23 2 《 具身智能与新能源车：此 时此刻恰如彼时彼刻》 2025.12.04 3 《新能源应用驱动行业增长， 龙头持续受益国产化、集成化、 高端化产业趋势》 2025.02.21 http://www.stocke.com.cn 1/54 请务必阅读正文之后的免责条款部分 ❑ 座椅重要程度高：为安全件、驾乘者接触最久的内饰件，近年配置持续提高 我国 GB&QC/T、美国 FMVSS、欧盟 ECE 均对座椅有安全要求，如我国《GB 15083- 2019》要求整椅需通过座椅靠背及头枕吸能试验、座椅靠背及其调节装置的强度 试验等多项检测 ...

Group 1: Federal Reserve Policy Outlook - The Federal Reserve is expected to maintain its interest rate policy before the leadership transition, with the target federal funds rate remaining in the range of 3.50%-3.75%[1] - After the leadership change, the Fed may consider expanding its balance sheet in 2026 due to re-inflation pressures and financial stability concerns[1] - The Fed's optimistic view on unemployment indicates signs of stabilization, while inflation is expected to return to 2% after the tariff base effect subsides[1] Group 2: Economic Indicators and Inflation - The December CPI year-on-year growth rate was 2.7%, with core CPI also at 2.6%, indicating stable inflation levels[5] - Tariff-sensitive items such as clothing and furniture showed upward trends in CPI, suggesting ongoing inflation transmission from tariffs[5] - The personal consumption expenditure growth rate decreased from 3.56% in December 2024 to 2.55% in November 2025, reflecting weak demand and high inventory levels[7] Group 3: Market Dynamics and Risks - The U.S. remains in a liquidity "tight balance" state, with bank reserves at 9.76% of GDP, indicating insufficient reserves[8] - Long-term U.S. Treasury yields are expected to fluctuate between 4% and 4.5%, influenced by potential government shutdowns and fiscal policy uncertainties[14] - Risks include unexpected inflation deterioration and liquidity risks exceeding expectations, which could impact market stability[15]

Market Overview - On January 28, the Shanghai Composite Index rose by 0.27%, the CSI 300 increased by 0.26%, the STAR Market 50 fell by 0.08%, the CSI 1000 rose by 0.21%, the ChiNext Index decreased by 0.57%, and the Hang Seng Index increased by 2.58% [3]. - The best-performing sectors on January 28 were non-ferrous metals (+5.92%), oil and petrochemicals (+3.54%), coal (+3.42%), building materials (+2.18%), and steel (+2.16%). The worst-performing sectors were comprehensive (-2.53%), media (-1.77%), national defense and military industry (-1.68%), beauty and personal care (-1.65%), and pharmaceuticals and biology (-1.56%) [3]. - The total trading volume of the A-share market on January 28 was 29,922.89 billion yuan, with a net outflow of 3.427 billion Hong Kong dollars from southbound funds [3]. Key Insights - The report discusses a strategy focused on Elon Musk's concept stocks and thematic index, highlighting that 2026 is seen as a pivotal year for the commercialization of Musk's technological ventures [4]. - Musk's companies, including Tesla, xAI, SpaceX, and Neuralink, are positioned in six key technology areas: AI, robotics, autonomous driving, commercial space, brain-computer interfaces, and new energy [4]. - The market's perspective is shifting from long-term valuation to actual considerations of order flow, revenue realization, and market penetration for Musk's business landscape [4]. - The investment theme is scored based on eight dimensions, with Musk's concept theme receiving a score of 95, indicating high ratings in all areas except valuation level [4]. - A stock pool of 78 beneficiaries related to AI, robotics, autonomous driving, commercial space, brain-computer interfaces, and new energy has been created, with a back-tested excess return of 127.44% compared to the Wind All A Index from early 2025 to the present, and 157.35% from April 9, 2025, to January 23, 2026 [4].

证券研究报告 | 公司点评 | 城商行Ⅱ 青岛银行(002948) 报告日期：2026 年 01 月 28 日 业绩全面超预期 ——青岛银行 2025 年业绩快报点评 投资要点 ❑ 青岛银行 25A 利润高增，ROE 逆势提升，同时贷款投放提速，不良额率双降。 ❑ 业绩概览 青岛银行快报显示，25A 营业收入、归母净利润同比分别增长 8.0%、21.7%，增 速较 25Q1-3 提升 2.9pc、6.1pc。25Q4 末不良率为 0.97%，环比下降 13bp；拨备 覆盖率为292%，环比提升22pc。25A青岛银行ROE为12.68%，同比提升1.2pc。 25Q4 末青岛银行贷款、存款分别同比增长 16.5%、16.4%，增速环比分别提升 3.2pc、3.9pc。存贷增速均提升，判断主要得益于青岛银行采取早投放早收益策 略，在 25Q4 加大了贷款投放以及存款揽存，提前开启开门红投放。 ❑ 不良额率双降 25Q4 末不良率为 0.97%，环比下降 13bp；不良额为 38.41 亿元，环比下降 7%； 25Q4 末拨备覆盖率为 292%，环比提升 22pc，拨备进一步增厚。 ❑ 盈利预测与估值 青岛银行 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the market index [3]. Core Insights - The company is well-positioned to benefit from multiple industry trends, including photovoltaic, semiconductor, and hydrogen energy equipment sectors [1]. - The projected net profit for the company from 2025 to 2027 is estimated to be 0.71 billion, 0.73 billion, and 0.87 billion yuan, reflecting year-on-year growth rates of 11%, 3%, and 20% respectively [3]. - The company's revenue is expected to grow significantly, with forecasts of 2.53 billion, 2.72 billion, 3.41 billion, and 4.12 billion yuan for the years 2024 to 2027, representing growth rates of 12%, 7%, 26%, and 21% respectively [4]. Summary by Relevant Sections Hydrogen Energy Equipment - The company covers the entire manufacturing chain of hydrogen energy equipment, focusing on core manufacturing processes [2]. Financial Summary - The company’s revenue and net profit forecasts indicate a strong growth trajectory, with a projected revenue increase from 2.53 billion yuan in 2024 to 4.12 billion yuan in 2027 [4]. - The estimated P/E ratios for the years 2025, 2026, and 2027 are 93, 90, and 75 respectively, suggesting a decreasing valuation multiple over time [3]. Photovoltaic Equipment - The company is involved in advanced photovoltaic technologies, including PERTOP, HJT, and perovskite cell production lines, which are expected to drive demand and revenue growth [7]. - The PERTOP2.0 production line has an annual capacity exceeding 2.0 GW with a cell conversion efficiency of 25.1%-25.6% [7]. Semiconductor Equipment - The company has successfully entered the semiconductor sector with the delivery of horizontal PVD equipment, which is crucial for semiconductor device production [7].

1. Report Industry Investment Rating The provided content does not include the industry investment rating. 2. Core View of the Report The report focuses on the localization dilemma of the traditional risk parity model with "low volatility and low returns" in a low - interest - rate environment. By introducing the "Relaxed Risk Parity (RRP)" framework and a dynamic return anchoring mechanism, it constructs an all - weather enhanced strategy that does not rely on macro - timing and balances "risk diversification" and "return elasticity", achieving a logical advancement from localization adaptation to global allocation [1]. 3. Summary According to Relevant Catalogs 3.1 Introduction - In the low - interest - rate era, the traditional single - asset investment framework faces challenges. Asset allocation has become a core source of returns. The mainstream asset - allocation models include the mathematical optimization system and the macro - cycle system, but they face "acclimatization" in the Chinese market. The RRP framework is introduced to solve the problems [15][16][18]. 3.2 Global - scale Main Asset - Allocation Model Introduction - **Logic Divergence and Evolution Path of Mainstream Models**: The mainstream models are divided into the mathematical optimization system starting from the Markowitz mean - variance model and the macro - cycle system represented by the Merrill Lynch Clock. The former evolves from capital allocation to risk allocation, and the latter deepens from state segmentation to timing rotation [20][21][22]. - **China - adaptation Process of Asset - Allocation Models**: The traditional Merrill Lynch Clock has "acclimatization" in the Chinese market. A currency - credit model is proposed as a local alternative. The risk - parity strategy also has a localization dilemma due to the lack of leverage tools and hedging products, and the RRP framework is a solution [26][30]. 3.3 What is Risk Parity? - **Allocation and Hedging, Risk Parity and Factor Parity**: Risk parity is an asset - allocation philosophy based on "risk budgeting". It has evolved into the asset/macro parity mode represented by Bridgewater and the factor parity mode represented by AQR and academia [32]. - **Logical Architecture and Core Calculation Rules**: Based on Euler's theorem, the risk - parity strategy decomposes the total portfolio risk into the risk contributions of each asset and makes them equal through optimization algorithms [33]. 3.4 Relaxed Improvement of Risk Parity - **Logical Reasoning and Core Modeling of RRP**: The traditional risk - parity model has defects such as over - reliance on low - volatility assets and loss of mean - variance efficiency. The RRP framework relaxes the hard constraint of equal risk contributions to a soft - penalty term and constructs a comprehensive optimization model [43][44]. - **Back - test Results**: - **From "Defensive Trap" to "Efficiency Leap"**: Compared with the standard risk - parity portfolio (V1), the relaxed risk - parity portfolio (V2) has significantly improved in terms of annualized return, Sharpe ratio, winning rate, and has more flexible bond - leverage use and dynamic portfolio structure [70]. - **From "Local Trial - and - Error" to "Global Allocation"**: The globalized relaxed risk - parity portfolio (V3) has a diversified structure and lower trading friction. It can use the dislocation of Sino - US economic cycles to achieve better performance [76][79]. - **Generalization Ability of the Model under Different Parameter Windows**: When the parameter - estimation window is extended from 1 year to 2 years, the RRP model still shows better risk - return characteristics, proving its long - term effectiveness [85]. 3.5 Subsequent Strategy Optimization - **AI - enabled**: Introduce a deep - reinforcement learning framework to construct an intelligent agent that can dynamically adjust core parameters according to the macro - environment [86]. - **Response to Extreme Environments**: Use the idea of volatility parity and graph - theory algorithms to improve the robustness of the strategy in extreme environments [88]. - **Paradigm Reconstruction**: Shift from asset - based to factor - based risk control, and construct a three - dimensional allocation system [89].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Insights - The company is well-positioned to benefit from multiple industry trends, including photovoltaic, semiconductor, and hydrogen energy equipment [1] - The company has a comprehensive layout in hydrogen energy equipment, covering core manufacturing processes [2] - Revenue is projected to grow significantly, with expected revenues of 2,719 million yuan in 2025, 3,413 million yuan in 2026, and 4,121 million yuan in 2027, reflecting growth rates of 7%, 26%, and 21% respectively [4] Financial Summary - The forecasted net profit attributable to the parent company for 2025, 2026, and 2027 is expected to be 71 million yuan, 73 million yuan, and 87 million yuan, with year-on-year growth rates of 11%, 3%, and 20% respectively [3][4] - The company's earnings per share (EPS) is projected to be 0.5 yuan in 2025 and 0.6 yuan in 2027 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 93 in 2025 to 75 in 2027 [3][4] Business Segments - In the photovoltaic equipment sector, the company offers advanced production lines for PERTOP, HJT, and perovskite technologies, with significant production capacities and high conversion efficiencies [7] - The semiconductor equipment segment has successfully delivered horizontal PVD equipment, marking the company's entry into the semiconductor field [7] - The hydrogen energy segment includes comprehensive manufacturing lines for fuel cells and electrolyzers, showcasing the company's capabilities in this emerging market [7]

证券研究报告 | 公司点评 | 光伏设备 迈为股份(300751) 报告日期：2026 年 01 月 28 日 太空 HJT 光伏星辰大海，半导体设备成长曲线加速 ——迈为股份点评报告 投资要点 ❑ 光伏设备：HJT+钙钛矿设备多轮驱动，受益地面+太空光伏新需求 公司主要产品包括：HJT 异质结电池生产线+钙钛矿叠层设备。我们认为：在白 银价格大幅上涨、及 P 型 HJT 在太空光伏的应用潜力，未来公司 HJT 设备在地面 +太空领域有望齐发力，龙头公司成长空间大。 1）光伏 HJT 设备—— 预 计 公 司 2025-2027 年 归 母 净 利 润 为 7.8/10.1/11.3 亿 元 ， 同 比 变 化 - 16%/+30%/+12%；对应 PE 为 123/95/85 倍。维持"买入"评级。 ❑ 风险提示：光伏行业技术迭代风险、半导体设备研发不及预期风险。 财务摘要 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 9830 | 7223 | 8593 ...