国泰海通晨报 2026 年 01 月 29 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【策略研究】：本轮全球宽松周期下，各类资产关联度上升，新任美联储主席的变动有望重塑 全球货币政策路径与市场空间。 2、【建筑工程研究】华电科工：2025 全年公告重大合同同比增 83.8%，其中 2025Q4 重大合同同 比增 87.1%。重大合同快速增长，并将在后续不断落地，预示公司基本面有望受益提升。 3、【美妆研究】若羽臣：公司公告预计 2025 年归母净利润 1.76-2 亿元，同比+67%-89%，主要受 益自有品牌及品牌管理业务加速成长，看好旗下绽家、斐萃等多品牌高增，打开成长天花板。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 方奕(分析师) 021-38031658 fangyi2@gtht.com S0880520120005 黄维驰(分析师) 021-38032684 huangweich ...

南方财经1月29日电，南财投研通数据显示，1月28日，券商给予上市公司目标价共11次，按最新收盘价 计算，目标价涨幅排名居前的公司有赣锋锂业、若羽臣，目标价涨幅分别为50.62%、48.04%，分别属 于能源金属和互联网电商行业。从券商推荐家数来看，1月28日有18家上市公司得到券商推荐，其中经 纬恒润获得3家推荐，若羽臣获得2家推荐，华电科工等获得1家推荐。查看原文：18股获推荐，赣锋锂 业目标价涨幅超50%丨券商评级观察刚刚 ...

Group 1: Macro Overview - The Federal Reserve maintained the policy interest rate at 3.5-3.75% during the January FOMC meeting, expressing a more optimistic outlook on the economy and job market [2] - The Hang Seng Index and Hang Seng Tech Index both rose over 2.5%, with the Hang Seng Index surpassing 27,800 points, marking a new high since 2021 [2] - The report suggests that the first quarter may be a critical period for the Hong Kong stock market, with potential for further growth driven by liquidity, capital, and earnings [2] Group 2: Utility and Environmental Sector - The carbon pricing market is expected to stabilize after a decline in 2025, with projections indicating a price of 150-200 RMB/ton by 2030 [4] - Companies in the green electricity and environmental sectors, such as Longyuan Power and China Everbright Environment, are expected to benefit from the rising carbon costs and green certificate revenues [4] - Potential catalysts for growth include the introduction of policies linking green certificates to carbon quotas and the expansion of the carbon market [4] Group 3: Key Companies - Disco Corporation is positioned to benefit from the new AI chip generation, with a target price of 79,000 JPY, reflecting a 48x FY26E PE [5] - Xiansheng Pharmaceutical has successfully licensed its dual antibody SIM0709 to Boehringer Ingelheim, validating its innovation system and maintaining a "buy" rating [6] - Industrial Fulian expects a significant increase in net profit for 2025, with projections of 35.1-35.7 billion RMB, driven by the launch of new products and vertical integration advantages [8] - Anta Sports is set to acquire a 29.06% stake in PUMA for approximately 1.506 billion euros, enhancing its global brand portfolio and market presence [8] - Jingwei Hengrun anticipates a turnaround in profitability for 2025, projecting a net profit of 0.75-1.1 billion RMB, supported by scale effects [11] - Ruya Chen expects continued high growth in its self-owned brand business, with a projected net profit of 176-200 million RMB for 2025 [12] - Wancheng Group is expected to improve same-store performance and maintain a rapid store opening pace, supported by supply chain efficiency [13] - Ugreen Technology is focusing on AI and NAS integration, with a projected net profit of 653-733 million RMB for 2025 [14]

Core Viewpoint - The internet e-commerce sector experienced a decline of 1.55% on January 28, with Kai Chun Co., Ltd. leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - The internet e-commerce sector saw a net outflow of 172 million yuan from major funds, while retail investors had a net inflow of 174 million yuan [2][3] Group 2: Individual Stock Performance - Kai Chun Co., Ltd. closed at 35.80 yuan, down 3.58%, with a trading volume of 120,800 shares and a transaction value of 437 million yuan [2] - Other notable declines included Focus Technology at 52.08 yuan (-3.25%) and ST Tongpu at 3.00 yuan (-2.91%) [2] - Starway Co., Ltd. had a closing price of 6.81 yuan, with a slight increase of 0.15% [1] Group 3: Fund Flow Analysis - Major funds showed a net inflow of 18.31 million yuan for Starway Co., Ltd., while retail investors had a net outflow of 23.86 million yuan [3] - The stock ST Yigou experienced a significant net outflow of 7.38 million yuan from major funds, indicating a negative sentiment [3]

证券研究报告 Q4 自有品牌业务延续高增 2026 年 1 月 28 日│中国内地 电子商务 公司发布业绩预告，预计 25 年归母净利润 1.76~2.00 亿，yoy66.6%~89.3%。 公司 Q4 自有品牌延续高增表现，绽家持续拓品类/合作新 IP，高基数下仍 有亮眼同增；斐萃强化抗衰科研能力，高客单进阶产品快速放量中；纽益倍 26M1 以来达播发力下品牌起量显著，布局 AKK 菌单品，AKK 菌 24 年市场 规模 3.25 亿美元，原料端集群效应助推成分持续高热，品牌后续增长潜力 可期。近期取得口服美容品牌美斯蒂克中国区独家总代，继续拓展品牌矩阵。 我们预计公司在强势品牌运营孵化能力赋能下，有望持续捕捉高端家清与口 服美容行业红利。维持增持评级。 绽家：持续拓品类，多 IP 强化香氛心智 25H2 以来陆续上新羽绒服清洁慕斯/极光彩漂粉等单品，持续拓展家清细分 品类。IP 联名方面，奥黛丽赫本 IP 上新护衣喷雾/精油香挂/除臭精油，继 续夯实品牌香氛心智；26M1 新 IP 联名落地，上新 Hello Kitty 系列衣物喷 雾/内衣洗衣液，热门 IP 为大单品持续注入活力。25Q4 绽家延续高 ...

Investment Rating - The report maintains an "Overweight" rating for the company [7]. Core Insights - The company expects a net profit attributable to shareholders of 176 to 200 million RMB for 2025, representing a year-on-year increase of 66.6% to 89.3% [1]. - The company's self-owned brand business continues to show strong growth in Q4, with significant performance from various product lines and collaborations [1][2]. - The report highlights the potential for growth in the high-end home cleaning and oral beauty sectors, driven by strong brand management capabilities [1]. Summary by Sections Self-Owned Brand Business - The self-owned brand business has shown high growth, with the brand "Zhanjia" expanding its product categories and collaborations with new IPs, achieving a GMV of 350 million RMB across three platforms, a year-on-year increase of 107% [2]. - The brand "Feicui" has launched advanced anti-aging products, contributing to a significant increase in average transaction value [3]. Market Potential - The global AKK bacteria market is projected to reach approximately 325 million USD in 2024, with significant growth expected in the Chinese market [4]. - The company has recently become the exclusive agent for the oral beauty brand "Meisidike" in China, further expanding its brand matrix [4]. Financial Forecast and Valuation - The report adjusts the net profit forecast for the self-owned brand business to 108 million, 262 million, and 403 million RMB for 2025, 2026, and 2027 respectively, reflecting a positive outlook [5]. - The target market capitalization is set at 17.617 billion RMB, with a target price of 56.64 RMB per share, based on a PE ratio of 38 for the self-owned brand business [5][12].

业绩高增，自有品牌及品牌管理多点开花 若羽臣(003010) ——若羽臣 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 闫清徽(分析师) | 021-38031651 | yanqinghui@gtht.com | S0880522120004 | | 杨柳(分析师) | 021-38038323 | yangliu3@gtht.com | S0880521120001 | 本报告导读： 公司公告预计 2025 年归母净利润 1.76-2 亿元，同比+67%-89%，主要受益自有品牌 及品牌管理业务加速成长，看好旗下绽家、斐萃等多品牌高增，打开成长天花板。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...

业绩高增，自有品牌及品牌管理多点开花 若羽臣(003010) ——若羽臣 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 闫清徽(分析师) | 021-38031651 | yanqinghui@gtht.com | S0880522120004 | | 杨柳(分析师) | 021-38038323 | yangliu3@gtht.com | S0880521120001 | 本报告导读： 公司公告预计 2025 年归母净利润 1.76-2 亿元，同比+67%-89%，主要受益自有品牌 及品牌管理业务加速成长，看好旗下绽家、斐萃等多品牌高增，打开成长天花板。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...

Overview - The report indicates a marginal improvement in the performance of public REITs in Q4 2025, with significant growth in public utility and consumer revenue, while industrial parks and warehousing have shifted from negative to positive growth. EBITDA declines in energy and transportation sectors have narrowed, and rental housing performance has faced slight pressure. The completion rates for distributable amounts of newly issued REITs for 2024 and 2025 are 79% and 64% respectively [2][13]. Consumer Sector - The consumer sector has shown strong performance during the peak season, with improvements in rental rates and occupancy across most projects. Two-thirds of the projects achieved their highest revenue in the last five periods, indicating overall strong performance [2][13]. Rental Housing - The overall occupancy rate in the rental housing sector remains high, but rental performance is mixed. Government-led projects have stabilized both volume and price, while market-driven projects have adjusted prices downward to maintain occupancy [2][13]. Public Utilities - The public utility sector has seen significant revenue growth due to an increase in waste sources for biomass projects. However, the heating supply in Jinan has underperformed expectations, and water-related projects have experienced seasonal declines [2][13]. Energy Sector - The energy sector is experiencing increased differentiation, with fluctuating power generation and generally declining electricity prices. Natural gas projects are under the most pressure, with EBITDA margins dropping to negative values, while offshore wind and photovoltaic projects remain stable [3][13]. IDC Sector - The IDC sector benefits from long-term contracts with major clients, leading to stable volume and price. The distribution amounts for IDC in Q4 2025 have seen significant growth [3][13]. Transportation Sector - Traffic volume in the transportation sector is influenced by changes in surrounding road networks. Some projects have benefited from traffic recovery due to completed construction, while others continue to face diversion pressures, leading to varied performance [3][13]. Warehousing and Logistics - The warehousing and logistics sector has seen a widening decline in rental rates for market-oriented leasing projects, but this has effectively driven an increase in occupancy rates. Overall, the industry is exhibiting a trend of "price for volume" [3][13]. Industrial Parks - The industrial park market is showing weak recovery and strong differentiation. Commercial office projects are facing significant rental pressure, while manufacturing parks have maintained stable revenue but experienced a general decline in EBITDA [3][13]. Cosmetics and Aesthetic Medicine Sector - The cosmetics sector is expected to see steady growth in brand performance, with retail sales of cosmetics projected to reach 4,653 billion yuan in 2025, a year-on-year increase of 5.1%, outperforming the overall retail market by 1.4 percentage points [14][16]. - Key players in the Hong Kong stock market, such as Up Beauty and Mao Ge Ping, are expected to report significant growth in GMV, driven by strong performance on platforms like Douyin during promotional events [14][16]. E-commerce and Agency Operations - The e-commerce agency sector is experiencing a resurgence, with companies like Yi Wan Yi Chuang and Shui Yang Co. expected to see substantial profit growth due to improved operational efficiency and brand development [16][16].

登录新浪财经APP 搜索【信披】查看更多考评等级 单位：万元 1、业绩预告期间：2025年1月1日至2025年12月31日。 2、业绩预告情况：预计净利润为正值且属于同向上升50%以上情形 （1）以区间数进行业绩预告的 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 ■ 二、与会计师事务所沟通情况 本次业绩预告相关的财务数据未经注册会计师预审计。公司就本次业绩预告与为公司提供年度审计服务 的会计师事务所签字注册会计师进行了预沟通，双方在本次业绩预告方面不存在分歧，具体数据以审计 结果为准。 三、业绩变动原因说明 广州若羽臣科技股份有限公司董事会 2026年1月28日 1、自有品牌业务收入高速增长，绽家在保持多款单品在细分领域的领先优势基础上推出战略单品香氛 洗衣液，上市后实现销售爆发；斐萃在产品端、渠道端持续发力，推动收入高速增长； 2、品牌管理业务实现业绩高增，与多品牌深度合作，进一步巩固了公司在全链路、全渠道数字化服务 领域的领先地位； 3、在内部管理方面，2025年，公司持续推进精细化运营战略，从供应链管理、市场营销，运营管理等 多 ...