渤海证券研究所晨会纪要（2026.01.26）-20260126

Macro and Strategy Research - The US economy shows strong internal momentum with a 0.3% month-on-month increase in personal consumption expenditures adjusted for inflation in November 2025, marking the highest growth rate since the second half of 2025 [2] - In Europe, inflation dropped below 2% year-on-year in December 2025, indicating easing pressure, supported by labor costs and year-end consumption [3] - Domestic economic growth in China for 2025 is expected to meet targets despite a slowdown in the fourth quarter, with net exports providing structural support in early 2026 [3] Fixed Income Research - The bond market continues to show signs of recovery, with mid- to long-term bonds performing well, driven by a strong equity market and manageable bank liability pressures [5][7] - The issuance of special bonds increased significantly, with a total of 56 bonds issued, amounting to 619.1 billion yuan during the reporting period [7] - The overall bond market is characterized by a recovery trend, with the yield on 7-year government bonds declining the most [7] Industry Research - Nine departments in China have issued opinions to promote high-quality development in the pharmaceutical retail industry, indicating potential benefits for leading chain pharmacies and an expected operational turning point [10][12] - The SW pharmaceutical industry index shows a price-to-earnings ratio of 52.01, with a valuation premium of 266% relative to the CSI 300 index [11] - The report suggests focusing on investment opportunities in innovative drugs, CXO, and upstream life sciences, while also monitoring segments like small nucleic acids [12]