Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Leshushi (02698), highlighting its sustained high growth and profitability driven by localized production and distribution in emerging markets, particularly Africa [1] Group 1: Company Overview - The company is a leading cross-border hygiene product brand focused on emerging markets, primarily selling baby diapers and sanitary napkins, with the highest sales in Africa [1] - The founders maintain concentrated control, and the core management team has experience in emerging markets and fast-moving consumer goods, with a combined ownership of approximately 27.79% [1] Group 2: Financial Performance - The company is expected to achieve a revenue CAGR of 19% and a net profit CAGR of 130% from 2022 to 2024, with projected revenues of $320 million, $411 million, and $454 million for those years, respectively [2] - The adjusted net profit is forecasted to grow significantly, with year-on-year increases of 251.71% and 51.00% in 2023 and 2024, respectively [2] - The gross margin is projected to improve from 23.0% in 2022 to 35.2% in 2024, driven by lower raw material costs and a higher proportion of higher-margin products [3] Group 3: Market Dynamics - The company is positioned to benefit from the expansion of emerging markets, driven by high birth rates and low penetration rates in hygiene products, particularly in Africa, where the market is expected to grow at a CAGR of approximately 8% from 2025 to 2028 [4] - The company has established a competitive advantage through deep localization in operations, with a network of 51 local production lines across eight countries, covering 80% of the local population [4]

记者丨 李依农 编辑丨和佳 李莹亮 受多重因素影响，避险资产持续受益，金价强势攀升。 步入2026年，尽管国际货币基金组织预计全球经济增速仍将保持在3%以上，但地缘政治紧张与贸易政策不 确定性持续构成风险，制约增长动力，也重塑着全球资金流向。在此环境下，黄金、白银等贵金属以及新兴 市场资产正获得越来越多关注。 布思哲进一步指出，在资产配置上，他 将继续超配中国市场，并在全球范围内看好以人工智能为核心的科 技主线 ，认为其仍具备可持续的增长潜力。面对复杂多变的宏观与地缘政治环境，他建议投资者通过跨区 域、跨行业的多元化配置，增强投资组合的抵御能力。 新兴市场经济体是增长的关键驱动力 南方财经： 从宏观层面来看，你如何看待2026年全球经济增长趋势？ 布思哲： 我们认为2026年全球经济将呈现缓慢增长的态势，不太可能出现全球性的强劲增长。当然会有局 部亮点，但若观察主要经济体（无论是美国、中国还是欧洲），增长预计均将保持在合理水平，不会特别突 出。以美国经济为例，我们已观察到劳动力市场疲软的迹象，这导致2026年增速将较2025年小幅放缓，不 过 科技行业资本支出周期与人工智能发展仍将对经济形成支撑，这意味着经济 ...

Investment Rating - The report gives a "Strong Buy" investment rating for the company [2][7]. Core Insights - The company has achieved sustained high growth and improved profitability through deep localization in emerging markets, with a projected CAGR of 19% for revenue and 130% for adjusted net profit from 2022 to 2024 [6][7]. - The company is a leading cross-border hygiene product platform focused on emerging markets, primarily in Africa, Latin America, and Central Asia, with a strong competitive advantage in its core product categories [6][12]. Company Overview - The company specializes in hygiene products, primarily baby diapers and sanitary napkins, holding the number one sales position in Africa for these categories [6][12]. - The company has transitioned from a trade model to localized supply, manufacturing, and deep distribution, establishing a competitive edge in production, supply, and sales [6][12][14]. Financial Analysis - Revenue is projected to grow from $320 million in 2022 to $454 million in 2024, with respective year-on-year growth rates of 28.59% and 10.46% [20][21]. - Adjusted net profit is expected to rise significantly, with growth rates of 251.71% and 51.00% for 2023 and 2024, respectively [21][24]. - The company’s gross margin is expected to improve from 23.0% in 2022 to 35.2% by 2024, driven by lower raw material costs and a higher proportion of higher-margin products [29][30]. Market Expansion - The company is well-positioned to benefit from the expansion of the hygiene product market in emerging economies, particularly in Africa, where high birth rates and low penetration rates present significant growth opportunities [40][41]. - The African hygiene market is projected to grow at a CAGR of approximately 8% from 2025 to 2029, with the company poised to capture a significant share due to its established presence [42][43]. Competitive Advantages - The company has built a strong moat through deep localization, with 51 production lines across eight African countries, covering 80% of the local population [50][51]. - The company’s early entry into the market has allowed it to establish a comprehensive production, supply, and sales system, enhancing its competitive position [50][51].

Core Insights - The 2026 investment strategy conference hosted by Invesco Great Wall Fund highlighted the resilience of the Chinese economy amidst external uncertainties, with expectations for a strong start to the 14th Five-Year Plan driven by technology and policy support [3][4] - Key investment opportunities identified include technology, overseas expansion, domestic demand, and resource commodities, with a focus on proactive management and fundamental analysis to achieve alpha returns [3][4][5] Macroeconomic Strategy Outlook - The Chief Asset Allocation Officer expressed optimism regarding the economic growth potential during the 14th Five-Year Plan, supported by proactive fiscal policies and a stable monetary environment [4] - The focus for investments should be on technology manufacturing as a core driver for the new economic cycle, with a neutral to slightly cautious view on fixed income and a positive outlook for equity markets [4][5] Investment Themes - Four main investment directions were identified: 1. Technology, particularly in AI-related hardware and energy sectors [5] 2. Resource commodities benefiting from global cycles and capital expenditure [5] 3. Opportunities arising from economic transformation, including real estate and non-bank financials [5] 4. Dividend assets that provide stability amidst market fluctuations [5] Global Market Perspectives - The Asia-Pacific Investment Director noted that resilience and rebalancing will dominate market sentiment in 2026, with expectations for a weaker dollar benefiting emerging markets and commodities [6] - Optimism for Asian stocks, particularly Hong Kong and A-shares, is based on improved earnings growth and valuation adjustments [6] AI and Technology Investment Opportunities - The demand for computing power is expected to remain strong, driven by advancements in AI and related technologies [7][8] - Investment opportunities in AI applications are anticipated to accelerate, particularly in B-end applications that enhance productivity [8][9] A-share Market Dynamics - The A-share market is experiencing rapid sector rotations, with a focus on long-term growth sectors rather than short-term trends [10][11] - The importance of understanding industry dynamics and maintaining a disciplined investment approach was emphasized [10][11] Overseas Expansion and Sector Focus - The potential for Chinese manufacturing to expand overseas was discussed, with a focus on capital goods and machinery in Europe and South America [12] - The shift in valuation paradigms for traditional manufacturing companies as they expand internationally was highlighted [12] Fixed Income and Risk Management - The fixed income market outlook remains neutral, with a focus on maintaining balance and managing risks associated with global market fluctuations [14][15] - Strategies for controlling drawdowns in fixed income products were discussed, emphasizing the importance of asset allocation and long-term investment principles [16]

Macro News - In 2025, the total profit of industrial enterprises above designated size in China is projected to reach 739.82 billion yuan, reflecting a growth of 0.6% compared to the previous year [1] - State-owned enterprises are expected to report a total profit of 205.61 billion yuan, a decrease of 3.9% year-on-year, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises will see a profit increase of 4.2% to 174.47 billion yuan [1] - Emerging market ETFs have recorded inflows for the 14th consecutive week, with a total inflow of 6.83 billion USD in the week ending January 23, bringing the year-to-date total to 18.4 billion USD [2] - The inflow into stock ETFs was 6.67 billion USD, while bond ETFs saw an inflow of 15.84 million USD, increasing total assets from 460.4 billion USD to 473.7 billion USD [2] Industry News - China will implement measures to support employment in response to the impact of artificial intelligence, including actions to stabilize and expand job opportunities [4] - A new record has been set in the field of superconductivity with the successful development of a 35.6T superconducting magnet, marking China's advanced level in high-temperature superconducting applications [5] - The establishment of the Interstellar Navigation Institute at the University of Chinese Academy of Sciences aims to support talent development in the field of deep space exploration, which is expected to be crucial for national competitiveness in the next 10 to 20 years [6] Sector Insights - CITIC Securities reports that the securities industry is entering a new growth cycle in 2025, although brokerage stocks may not see significant excess returns due to a lack of independent catalysts [7] - Dongguan Securities notes that tourism demand remains strong, but concentrated during holidays, which may lead to supply-demand mismatches, potentially prompting government support for service consumption [8] - CITIC Securities highlights that the demand for AI computing power is driving upgrades in the optical communication industry, with strong demand for high-speed optical modules despite short-term supply constraints [9]

出口跨境电商货物连夜装机。 杭州外贸出口规模排名实现新突破。据钱江海关统计，2025年杭州（含省级公司，下同）出口6467 亿元，同比增长8.7%，在全国城市中出口规模排名居第八位，较2024年上升一位。 出口的增长为杭州全年外贸进出口增长提供了关键支撑。2025年，杭州外贸进出口总值9069.5亿 元，增长6.1%，占全省外贸进出口总值的16.4%。 排名晋升的背后，是新兴市场开拓、产品结构优化与跨境电商等新动能的强劲驱动。 2025年，杭州对主要新兴市场出口均保持增长。其中，对拉美、中东、非洲分别出口614.6亿元、 507.3亿元、339.2亿元，增长11.2%、15.1%、17.9%，增速均高于全省。同期，杭州对金砖成员国及伙 伴国出口1777.3亿元，增长9.0%；对共建"一带一路"国家出口3207.2亿元，增长14.1%。 2025年，杭州高新技术产品出口1001.1亿元，增长9.9%，领先全市出口增速1.2个百分点，占全市 出口15.5%，占全省高新技术产品出口的30.7%。其中，电动汽车、锂离子蓄电池、光伏产品等"新三 样"产品出口255.7亿元，增长49.9%。 新业态方面，2025年杭州通 ...

Core Viewpoint - MSCI is seeking feedback on the potential reclassification of Greece from emerging market status to developed market status, aiming for implementation during the August index review [1] Group 1 - MSCI states that recent feedback from international institutional investors supports the decision to exempt Greece from size and liquidity sustainability rules [1] - Investors view the EU as a highly integrated economic and financial group, making the differential treatment of Greece's market classification appear inconsistent [1]

投资者上周继续涌入新兴市场股票和债券交易所交易基金（ETF），这是此类ETF连续第14周录得资金 流入。数据显示，截至1月23日当周，投资于多个新兴市场国家或特定国家的美国上市新兴市场ETF合 计录得资金流入68.3亿美元，而前一周流入71.3亿美元。今年迄今为止，资金流入累计184亿美元。其 中，股票ETF流入66.7亿美元，债券ETF流入1.584亿美元，总资产从4604亿美元增至4737亿美元。中国 资金流入最多，达16.5亿美元，以iShares安硕核心MSCI新兴市场ETF为首。前一周，中国流入规模16.9 亿美元，也在各市场中居首。哈萨克斯坦的资金流出最大，为474,801美元。 ...

2026 年 01 月 26 日 个人投资者相关股票产品发行 -海外创新产品周报 20260126 相关研究 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 由万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 载 9T3 证券分析师 沈思逸 A0230521070001 美国 ETF 创新产品：个人投资者相关股票产品发行。上周美国共 19 只新发产品，多只与 个人投资者关注的股票相关的 ETF 发行。Tuttle Capital 上周发行一只 "Meme Stock" 策略产品，产品主要投资于社交媒体上受到个人投资者关注的 15-30 只股票，并通过看 跌期权价差策略增厚收益; Defiance 发行的"Retail Kings" ETF 同样关注个人投资者相 关股票,产品采用主动管理,投资于个人投资者参与度高、讨论较多、趋势强的股票,涉 及 AI、半导体、航空航天等科技领域，持仓 30-50 只股票、季度调仓。 美国 ET ...

Group 1 - Malaysia's total trade is projected to exceed 3 trillion ringgit in 2025, marking a historical high amid rising global trade uncertainties, with a year-on-year growth of 6.3% [1] - Exports for 2025 are expected to surpass 1 trillion ringgit for the fifth consecutive year, reaching 1.607 trillion ringgit, a 6.5% increase, while imports will grow by 6.2% to 1.455 trillion ringgit [1] - Malaysia has achieved a trade surplus for the 28th consecutive year since 1998, with manufactured goods, particularly electrical and electronic products, driving export growth [1] Group 2 - The Malaysian Ministry of Finance forecasts a trade growth of 3.3% in 2026, with exports increasing by 2.8% and imports by 3.9%, supported by resilient domestic demand and ongoing investment activities [2] - The report emphasizes that higher utilization of free trade agreements will be key to expanding Malaysian products into diverse markets, aiding export growth [2] - Expanding market access to emerging markets is expected to create more opportunities for Malaysian exporters, reducing reliance on traditional markets [2]