[Table_Reportdate] 2026年01月05日 公 司 简 评 增持（首次覆盖） 报告原因：业绩点评 [招商银行（ Table_NewTitle] 600036）：业绩寻底，红利与 价值属性兼备 ——公司简评报告 [table_main] 投资要点 银 行 [Table_QuotePic] -11% -5% 1% 8% 14% 20% 26% 32% 25-01 25-04 25-07 25-10 招商银行 沪深300 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 公 司 研 究 [Table_invest] [证券分析师 Table_Authors] 王鸿行 S0630522050001 whxing@longone.com.cn [数据日期 Table_cominfo] 2026/01/05 收盘价 42.35 总股本(万股) 2,521,985 流通A股/B股(万股) 2,062,894/0 资产负债率(%) 89.92% 市净率(倍) 0.84 净资产收益率(加权) 10.47 12个月内最高/最低价 48.55/38.13 [T ...

Group 1 - Major global institutions, including Merrill Lynch, Goldman Sachs, JPMorgan, and UBS, have increased their holdings or newly invested in multiple A-shares in the third quarter of this year, focusing on sectors such as technology, healthcare, and chemical materials [1][2] - A total of 22 A-share listed companies have seen QFII (Qualified Foreign Institutional Investor) appear in their top ten circulating shareholders as of the end of the third quarter [2] - The investment trend by foreign institutions is interpreted as a positive signal for the market, indicating their long-term confidence in China's economic transformation and industrial upgrading [1][8] Group 2 - For example, Zhongce Rubber has seen four well-known QFII institutions, including Merrill Lynch and Goldman Sachs, enter its top ten circulating shareholders, with Merrill Lynch holding 6.355 million shares [3][5] - XWYD (StarNet) has also attracted multiple QFII interests, with UBS and Barclays becoming new top shareholders [6][7] - The A-share market is currently viewed as having high cost-effectiveness after a phase of adjustment, with structural investment opportunities gradually emerging [8][9] Group 3 - The structural growth trends in sectors such as technology and innovative pharmaceuticals continue, with specific focus areas including computing chips, storage, liquid cooling, cloud services, and AI applications [9] - Investment opportunities are expected to arise in the domestic chip industry and related sectors due to the effects of recent policies aimed at reducing competition [8][9] - The market sentiment fluctuations have created opportunities for reassessment and positioning in these sectors [9]