2026 年 01 月 29 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20260129）：Immix 在研 NXC-201 获 FDA 突破 性疗法认定 ◼ 走势比较 (10%) 0% 10% 20% 30% 40% 25/2/5 25/4/17 25/6/27 25/9/6 25/11/16 26/1/26 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20260128）：罗氏 减重疗法 CT-388 二期临床成功>>-- 2026-01-28 <<太平洋医药日报（20260127）： Sarepta 基因疗法 Elevidys 三期临 床成功>>--2026-01-28 <<太平洋医药日报（20260126）：英矽 智能 ISM8969 获 FDA 批准临床>>-- 2026-01-27 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师 ...

Group 1: Key Insights - The report highlights multiple positive catalysts for the electronics sector, particularly for Huadian Co., Ltd. (002463), including the upcoming financial disclosures from overseas cloud vendors and domestic supply chain performance forecasts, which will validate the sustainability of computing power demand and industry prosperity [4] - The defense and military industry, represented by Guoke Military Industry (688543), is transitioning from conventional ammunition to intelligent and information-based ammunition, positioning the company to benefit from high industry demand and military trade orders, which are expected to drive significant growth [4] - In the pharmaceutical and biotechnology sector, Huan Huang Pharmaceutical (0013.HK) is advancing its ATTC platform with candidates entering clinical trials, including HMPL-A251, which is a first-in-class drug, and is also expanding the indications for existing drugs, indicating strong future growth potential [5] Group 2: Company-Specific Analysis - Wan Hua Chemical (600309) is reinforcing its position as a global leader in polyurethane, with significant market shares in MDI and TDI, and is expected to enhance profitability through strategic partnerships and cost advantages in its petrochemical segment [6] - Su Kan Agricultural Development (601952) anticipates a slight decline in 2025 profits due to falling grain prices, but expects a recovery driven by rising grain prices and increased farmland area through land transfer initiatives [7] - Yingwei Technology (002837) is poised for substantial growth in the server liquid cooling market, with expectations of doubling industry growth in 2026 and 2027, supported by orders from major overseas clients [8] Group 3: Financial Performance and Projections - China Pacific Insurance (601601) demonstrated strong resilience with a 11% year-on-year increase in net profit to 27.9 billion yuan, driven by robust growth in new business value in its life insurance segment [8] - Jin Jiang Shipping (601083) reported a 64% year-on-year increase in net profit for Q3, indicating strong performance relative to peers, with expectations for continued growth [8] - Xiaoshangcheng (600415) is benefiting from increased rental income and new merchant additions, with projections for profit doubling in 2026 due to enhanced service offerings and improved gross margins [8]

Investment Rating - The industry rating is "Positive," indicating that the overall return of the industry is expected to exceed the CSI 300 Index by more than 5% in the next six months [9]. Core Insights - The real estate sector is experiencing a mixed performance, with the Shanghai Composite Index and Shenzhen Component Index rising by 0.18% and 0.09% respectively, while the Shenwan Real Estate Index fell by 0.93% [3]. - The first land auction of 2026 in Ningbo includes four plots in the Yinzhou District, with a total starting price of over 2.916 billion yuan and a total area of 109,200 square meters [5]. - The individual stock performance within the real estate sector shows significant gains for companies like Shunfa Hengye (7.59%) and Jingneng Real Estate (4.52%), while companies like Shangshi Development (-4.83%) and Rongfeng Holdings (-4.76%) faced declines [4]. Market News - Ningbo has officially launched the auction for four plots in the Baihe Future Community, with a total construction area of approximately 300,000 square meters and a starting floor price of 9,723 yuan per square meter [5]. - Financial Street Holdings completed the issuance of its first medium-term notes for 2026, with a total planned and actual issuance amount of 1.4 billion yuan, at an interest rate of 3.05% [6]. - China Overseas Macro Group announced the issuance of corporate bonds not exceeding 5 billion yuan, with the current issuance scale capped at 1 billion yuan [7].

Investment Rating - The industry rating is "Positive," indicating that the overall return of the industry is expected to exceed the CSI 300 Index by more than 5% in the next six months [9]. Core Insights - The report highlights that the real estate sector is experiencing a mixed performance, with the Shanghai Composite Index and Shenzhen Component Index rising by 0.18% and 0.09% respectively, while the Shenwan Real Estate Index fell by 0.93% [3]. - The report notes that Ningbo has listed four plots of land in the Yinzhou District, with a total starting price exceeding 2.916 billion yuan, marking the first residential land listing in 2026 [5]. - The report provides insights into individual stock performances within the real estate sector, with notable gainers including Shunfa Hengye and Jingneng Real Estate, which saw increases of 7.59% and 4.52% respectively [4]. Market Performance - As of January 27, 2026, the overall market performance shows that most sectors are rising, with the CSI 300 Index experiencing a slight decline of 0.03% [3]. - The report lists the top five gainers in the real estate sector, with their respective increases in stock prices, while also noting the top five decliners [4]. Company Announcements - Financial Street Holdings completed the issuance of its first medium-term notes for 2026, with a total planned and actual issuance amount of 1.4 billion yuan, and an interest rate of 3.05% [6]. - China Overseas Macro Group announced the issuance of corporate bonds for professional investors, with a total scale not exceeding 1 billion yuan for this phase [7]. - Vanke disclosed a borrowing agreement with Shenzhen Metro Group for up to 2.36 billion yuan, which constitutes a related party transaction [7].

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - Sarepta's gene therapy Elevidys has shown positive results in its Phase 3 clinical trial, maintaining higher than baseline scores in the North Star Ambulatory Assessment (NSAA) after three years in patients treated at an average age of 9 [5]. - The pharmaceutical sector experienced a decline of 1.11% on January 27, 2025, underperforming the CSI 300 index by 1.08 percentage points, ranking 27th among 31 sub-industries [4]. - Among sub-industries, other biological products (+0.13%) and in vitro diagnostics (-0.07%) performed well, while vaccines (-3.55%) and offline pharmacies (-2.69%) lagged [4]. Sub-industry Summary - Chemical Pharmaceuticals: No rating [3] - Traditional Chinese Medicine: No rating [3] - Biopharmaceuticals II: Neutral [3] - Other Pharmaceutical Industries: Neutral [3]

Investment Rating - The report maintains a "Buy" rating for the company Berteli (603596) with a target price based on the last closing price of 54.85 [1][10]. Core Insights - The report highlights that 2026 will be the year of commercialization for L3 autonomous driving, with Berteli positioned as a core supplier through its "XYZ + Intelligent Driving Assistance" intelligent chassis solution [4][10]. - Berteli's human-shaped robot screw and motor business is expected to create a second growth curve, leveraging its expertise in electric drive and precision transmission technologies [6][10]. Summary by Sections Company Overview - Berteli focuses on its main business, integrating products such as electronic mechanical brakes (EMB), redundant line control braking systems (WCBS 2.0H), and electric power steering (DP-EPS) [5][10]. - The company has secured a second EMB project with a major domestic automaker, enhancing its position in the market [5][10]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 125 billion, 156 billion, and 201 billion respectively, with corresponding net profits of 14.5 billion, 18.9 billion, and 24.9 billion [10][11]. - The report anticipates a revenue growth rate of 32.95% in 2024, followed by 25.45% in 2025, and 25.39% in 2026 [11]. Market Position - Berteli is recognized as a leader in the intelligent chassis market, with significant market share in the auxiliary intelligent driving front-view integrated machine segment [5][10]. - The company has achieved over 20 million units in cumulative production for its electronic parking brake (EPB) system, solidifying its leadership in the domestic line control market [7][10]. Strategic Initiatives - Berteli is expanding its global production capacity, with projects in Mexico and Germany aimed at enhancing its market reach [9][10]. - The company is focusing on domestic substitution of core components, reducing reliance on foreign key chips [9][10].

Investment Rating - The overall industry rating is "Positive" for the agriculture sector, indicating expected returns above the CSI 300 index by more than 5% in the next six months [7][52]. Core Views - The pig price has rebounded during the peak season, with the national average price at 12.97 CNY/kg, an increase of 0.19 CNY from last week. The average price for 15 kg piglets is 28.03 CNY/kg, up by 2.89 CNY [6][18]. - The livestock industry is experiencing a slowdown in output growth, with a decrease in slaughter rates. The operating rate of large-scale slaughterhouses is 36.48%, down 2.1 percentage points from last week and 24.63 percentage points year-on-year [6][18]. - The industry is transitioning from losses to profitability, although the pace of capacity reduction is slowing. As of December 2025, the number of breeding sows is 39.61 million, a decrease of 2.9% year-on-year [7][19]. - The chicken industry is facing high capacity levels, with prices expected to fluctuate in the medium term. The average price for broiler chickens is 3.7 CNY/kg, down 0.07 CNY from last week [8][21]. - The yellow chicken market is experiencing low capacity levels, with prices expected to rise in the medium term due to tight supply and seasonal demand [22][21]. Summary by Sections Livestock Industry - The pig price has rebounded, but the increase is narrowing. The average price is 12.97 CNY/kg, with a slight increase in piglet prices [6][18]. - The operating rate of slaughterhouses has decreased, indicating a slowdown in the output growth of listed companies [6][18]. - The industry is moving towards profitability, but the capacity reduction is slowing down, with breeding sow numbers at 39.61 million [7][19]. Poultry Industry - The chicken industry is at a high capacity level, with prices expected to remain stable in the medium term. The average price for broiler chickens is 3.7 CNY/kg [8][21]. - The yellow chicken market is experiencing low capacity, with prices expected to rise due to seasonal demand [22][21]. Crop Industry - Grain prices are on the rise, with corn at 2376 CNY/ton and wheat at 2525 CNY/ton, indicating a positive outlook for the planting sector [11][24]. - The seed industry is benefiting from favorable policies and technological advancements, with long-term investment value highlighted [10][23]. Recommended Companies - The report recommends buying shares in Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development, all rated as "Buy" [4].

Investment Rating - The overall industry investment rating is neutral, with specific sub-industry ratings as follows: Chemical Pharmaceuticals - No rating, Traditional Chinese Medicine - No rating, Biopharmaceutical II - Neutral, Other Pharmaceuticals - Neutral [3][9] Core Insights - The pharmaceutical sector experienced a slight increase of +0.29% on January 26, 2025, outperforming the CSI 300 index by 0.19 percentage points, ranking 8th among 31 sub-industries in the Shenwan classification. Notable performers included vaccines (+7.99%), in vitro diagnostics (+3.73%), and blood products (+3.47%), while hospitals (-2.01%), medical R&D outsourcing (-1.36%), and offline pharmacies (-1.18%) lagged behind [4][5] - Recently, the company InSilico Medicine announced that its oral NLRP3 inhibitor ISM8969 received FDA approval for clinical trials aimed at treating Parkinson's disease. The upcoming Phase I trial will assess the safety, tolerability, and pharmacokinetics of ISM8969 in healthy volunteers, highlighting its potential to modulate pathological inflammatory responses in neurodegenerative diseases [5] - Ji'an Medical (002432) expects a net profit of 2.02-2.35 billion yuan for 2025, representing a year-on-year growth of 21.05%-40.83%. Meanwhile, Sangfor Health (688336) anticipates a revenue of 4.2 billion yuan, a 251.76% increase, and a net profit of 2.9 billion yuan, reflecting a 311.35% growth [6]

2026 年 01 月 26 日 行业周报 看好/维持 银行 银行 银行周报（0119-0125）：总量货币政策仍有空间，结构性货币政 策先行落地 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/1/27 25/4/9 25/6/20 25/8/31 25/11/11 26/1/22 ◼ 推荐公司及评级 | 工商银行 | 买入 | | --- | --- | | 农业银行 | 增持 | | 杭州银行 | 买入 | | 江苏银行 | 买入 | 相关研究报告 <<江苏银行 2025 年三季度点评：盈 利能力提升，资产规模稳增>>-- 2025-12-07 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 ◼ 子行业评级 | 国 有 大 型 银 | 看好 | | --- | --- | | 行Ⅱ | | | 全 国 性 股 份 | 看好 | | 制银行Ⅱ | | | 区域性银行 | 看好 | E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S119012 ...

Investment Rating - The industry rating is "Positive," indicating that the overall return of the industry is expected to exceed the CSI 300 Index by more than 5% in the next six months [11]. Core Insights - The report highlights a significant adjustment in Tianjin's housing provident fund loan policy, increasing the maximum loan limits for first and second homes to 1.2 million and 1 million yuan respectively, with additional benefits for families with two or more children [6]. - Nanjing is promoting a new model for real estate development, integrating existing inventory into a "housing ticket supermarket" and enhancing the accessibility of housing provident fund withdrawals for rent payments [7]. - The overall market performance on January 26, 2026, showed a decline in most sectors, with the real estate index dropping by 2.23% [4]. Market Performance - The top five performing stocks in the real estate sector were Suzhou Gaoxin, Wolong Real Estate, Jingneng Real Estate, Guangming Real Estate, and Fenghuang Shares, with increases of 10.06%, 9.97%, 9.94%, 2.54%, and 1.88% respectively [5]. - Conversely, the stocks with the largest declines included Hualian Holdings, Shoukai Shares, Xinhua Lian, Wantong Development, and Urban Construction Development, with decreases of -10.01%, -6.91%, -5.82%, -5.62%, and -5.58% respectively [5]. Sub-industry Ratings - The report does not provide specific ratings for real estate development and real estate services, indicating "No Rating" for both categories [3].