Investment Rating - The report maintains a "Strong Buy" rating for China Merchants Bank (招商银行) with an expected stock performance exceeding the market by over 20% within the next six months [18]. Core Insights - The bank's revenue has returned to positive growth, with a slight increase of 0.01% year-on-year for 2025, and a net profit growth of 1.21% year-on-year [3][6]. - Total assets grew by 7.56% year-on-year by the end of 2025, with loans increasing by 5.37% and deposits by 8.13% [3][6]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio holding steady at 0.94% as of the end of 2025 [6][15]. Summary by Sections Financial Performance - For 2025, the bank's net interest income growth improved to 2.0% year-on-year, while non-interest income decreased by 3.38% [6]. - The projected net profit for 2025 is 151,152 million yuan, with a growth forecast of 1.9% for 2025, 3.5% for 2026, and 4.6% for 2027 [5][6]. Asset Quality - The NPL ratio is projected to decrease slightly to 0.92% by 2026 and 0.91% by 2027, indicating a solid asset quality outlook [15][16]. - The provision coverage ratio is expected to remain high at 406% in 2025, ensuring robust risk mitigation [15][16]. Growth Projections - The bank's total assets are expected to grow from 13,044,679 million yuan in 2025 to 15,730,218 million yuan by 2027, reflecting a steady growth trajectory [15]. - Loan growth is projected at 5.0% for 2025, with a gradual increase to 6.0% in subsequent years [16]. Valuation Metrics - The price-to-earnings (P/E) ratio is forecasted to decrease from 6.4 in 2024 to 5.8 by 2027, indicating an attractive valuation relative to earnings growth [5][6]. - The price-to-book (P/B) ratio is expected to decline from 0.90 in 2024 to 0.72 by 2027, further supporting the investment case [5][6].

中收增速超 30%，活期存款新增占比高达 70% 宁波银行(002142) 宁波银行 2025 年业绩快报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 展望 2026 年，宁波银行有望继续在四个维度实现基本面与业绩双改善：信贷高增 长、以综合化经营优势沉淀活期存款、发挥财富管理及国际结算优势推动中收增长、 优化资产布局减轻信用成本压力。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 61,585 | 66,631 | 72,223 | 80,024 ...

执业证书编号：S0740524120002 复盘日本咖啡发展，现制咖啡为即饮咖啡起到带动作用 饮料乳品 执业证书编号：S0740522030001 Email：hect@zts.com.cn Email：tianhc@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 520.01 | | 流通股本(百万股) | 520.01 | | 市价(元) | 253.36 | | 市值(百万元) | 131,750.49 | | 流通市值(百万元) | 131,750.49 | 1、《从日本小瓶能量饮料看中国能量 饮料发展》2026-01-18 2026-01-14 用端优化明显》2025-10-27 东鹏饮料（605499.SH） 证券研究报告/公司研究简报 2026 年 01 月 25 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | ...

交通运输/物流 建发股份（600153.SH） 全年业绩短暂承压下滑，供应链运营业务稳健盈利 2026 年 01 月 26 日 投资评级：买入（维持） 股价走势图 -10% 0% 10% 20% 30% 2025-01 2025-05 2025-09 建发股份 沪深300 数据来源：聚源 相关研究报告 《营收利润同比收缩，回款比例保持 高位—公司信息更新报告》-2025.9.2 《营收规模有所收缩，增强回报保护 股 东 利 益 — 公 司 信 息 更 新 报 告 》 -2025.4.17 ——公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | |  | 全年业绩短暂承压下滑，供应链运营业务稳健盈利，维持"买入"评级 | 建发股份发布 2025 年业绩预告，公司预计 2025 年度实现归母净利润为-100 亿元 到-52 亿元，预计实现扣非归母净利润为-65 亿元到-33 亿元，同比转亏。受美凯 龙业 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Viewpoints - The company is positioned to benefit from the booming demand for optical modules driven by AI and data center construction, with expected revenue growth from 2025 to 2027 [5] - The company has established a comprehensive global presence with multiple production and R&D bases, enhancing its competitive edge in both domestic and international markets [5] - The company has a strong self-research capability in core optical components, ensuring supply chain stability and cost advantages [5] Summary by Sections 1. Company Overview - The company is a pioneer in the optical electronics field, with three main business segments: intelligent manufacturing, connectivity, and sensing [13] - It has deep integration into the optical electronics industry, leveraging resources from Huazhong University of Science and Technology [13] 2. Company Governance - The company completed a separation reform in 2021, enhancing its market competitiveness and establishing a multi-level incentive system [17] - The management team has a strong background in the optical electronics industry, which aids in aligning with industry trends [19] 3. Company Performance - The company's revenue increased from 61.38 billion to 120.11 billion from 2020 to 2022, driven by the growth of 400G optical modules and products for new energy vehicles [25] - In 2025, the company expects to achieve revenues of 152.38 billion, 226.25 billion, and 298.97 billion for the years 2025, 2026, and 2027 respectively [5] - The gross profit margin has improved, with a notable increase in net profit margin to 11.90% in the first three quarters of 2025 [27] 4. Market Demand and Product Development - The demand for optical modules is expected to surge due to the rapid growth of AI and data centers, with a significant increase in capital expenditure from major cloud service providers [5] - The company is focusing on high-end optical modules, with a complete product system that includes 1.6T optical modules, which are expected to gain market share [5] 5. Financial Forecast - The company forecasts a net profit of 18.49 billion, 25.82 billion, and 33.76 billion for the years 2025, 2026, and 2027 respectively, indicating strong growth potential [5][6]

交通运输/物流 建发股份（600153.SH） 全年业绩短暂承压下滑，供应链运营业务稳健盈利 2026 年 01 月 26 日 投资评级：买入（维持） | 日期 | 2026/1/23 | | --- | --- | | 当前股价(元) | 9.39 | | 一年最高最低(元) | 11.71/8.68 | | 总市值(亿元) | 272.27 | | 流通市值(亿元) | 272.27 | | 总股本(亿股) | 29.00 | | 流通股本(亿股) | 29.00 | | 近 3 个月换手率(%) | 59.21 | 股价走势图 -10% 0% 10% 20% 30% 2025-01 2025-05 2025-09 建发股份 沪深300 数据来源：聚源 相关研究报告 《营收利润同比收缩，回款比例保持 高位—公司信息更新报告》-2025.9.2 《营收规模有所收缩，增强回报保护 股 东 利 益 — 公 司 信 息 更 新 报 告 》 -2025.4.17 ——公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | | --- | --- | | qidong@kysec.cn | huyaowen@ ...

2026 年 01 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 傅麒丞 S0350524080001 fuqc@ghzq.com.cn [Table_Title] 营收业绩高增，看好高端产品出货量持续提升 ——思特威（688213）2025 年业绩预告点评 最近一年走势 | 相对沪深 300 | 表现 | | 2026/01/23 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 思特威 | 13.2% | -3.7% | 34.3% | | 沪深 300 | 1.8% | 2.1% | 23.6% | | 市场数据 | | | 2026/01/23 | | 当前价格（元） | | | 102.91 | | 周价格区间（元） 52 | | | 74.10-127.81 | | 总市值（百万） | | | 41,401.39 | | 流通市值（百万） | | | 33,292.36 | | 总股本（万股） | | | 40,230.68 | | 流通股本（万股） | | | 32,350.95 | | 日均成交额（百万） | | | ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company is a leading player in the domestic silane crosslinking agent and hydroxylamine salt sectors, with a unique "oxime-silane-hydroxylamine salt" green circular industry chain that showcases industry-leading technology [3][12]. - The company is expected to benefit from the growing demand in the new energy vehicle and electronics sectors, with projected net profits of 201 million, 269 million, and 350 million yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 1.48, 1.98, and 2.58 yuan per share [3][4]. - The company has successfully developed electronic-grade hydroxylamine water solution, breaking the monopoly of foreign manufacturers and supporting the localization of semiconductor cleaning agents [5][12]. Financial Summary - The company’s revenue is projected to reach 1.239 billion yuan in 2024, with a net profit of 211 million yuan, reflecting a year-on-year growth of 11.2% and 22.3% respectively [4][39]. - The gross profit margin is expected to improve from 27.7% in 2023 to 32.5% in 2027, while the net profit margin is projected to increase from 15.5% to 21.7% over the same period [4]. - The company’s earnings per share (EPS) are forecasted to be 1.48 yuan in 2025, 1.98 yuan in 2026, and 2.58 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 38.6, 28.9, and 22.2 [3][4]. Industry Outlook - The fine chemical industry is experiencing rapid growth, with China's fine chemical industry output expected to exceed 11 trillion yuan by 2027, reflecting a compound annual growth rate of over 19.17% from 2024 to 2027 [55]. - The demand for silane crosslinking agents is anticipated to expand significantly, driven by applications in construction materials, energy, electronics, and new energy vehicles [61][66]. - The production of functional silanes in China is projected to grow from 46.90 million tons in 2024 to 59.88 million tons by 2028, indicating a compound annual growth rate of 6.30% [65][68].

证券研究报告·公司点评报告·旅游零售Ⅱ 中国中免（601888） 收购 DFS 大中华区，引入 LVMH 深化战略 合作 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 67,540 | 56,474 | 55,174 | 61,618 | 66,074 | | 同比（%） | 24.08 | (16.38) | (2.30) | 11.68 | 7.23 | | 归母净利润（百万元） | 6,714 | 4,267 | 3,865 | 5,222 | 5,813 | | 同比（%） | 33.46 | (36.44) | (9.42) | 35.11 | 11.31 | | EPS-最新摊薄（元/股） | 3.25 | 2.06 | 1.87 | 2.52 | 2.81 | | P/E（现价&最新摊薄） | 28.76 | 45.25 | 49.95 | 36.97 | 33.21 | [Table_Tag] ...

2026 年 01 月 26 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 67,540 | 56,474 | 55,174 | 61,618 | 66,074 | | 同比（%） | 24.08 | (16.38) | (2.30) | 11.68 | 7.23 | | 归母净利润（百万元） | 6,714 | 4,267 | 3,865 | 5,222 | 5,813 | | 同比（%） | 33.46 | (36.44) | (9.42) | 35.11 | 11.31 | | EPS-最新摊薄（元/股） | 3.25 | 2.06 | 1.87 | 2.52 | 2.81 | | P/E（现价&最新摊薄） | 28.76 | 45.25 | 49.95 | 36.97 | 33.21 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·旅游零售Ⅱ 中国中 ...