Performance Highlights - State Grid Yingda (600517.SH) expects a net profit of 2.3 billion to 2.75 billion CNY, a year-on-year increase of 46.10% to 74.69%[3] - Zhongjin Gold (600489.SH) anticipates a net profit of 4.8 billion to 5.4 billion CNY, reflecting a growth of 41.76% to 59.48%[4] - Shenzhen South Circuit (002916.SZ) projects a net profit of 3.154 billion to 3.342 billion CNY, with an increase of 68% to 78%[5] - Electric Investment and Financing (000958.SZ) forecasts a net profit of 3 billion to 3.5 billion CNY, a significant rise of 187.37% to 235.26%[6] - Oriental Securities (600958.SH) expects a net profit of 5.62 billion CNY, up 67.8% year-on-year[9] Industry Trends - AI and high-end manufacturing are driving growth, with companies like Shenzhen South Circuit and Huadian Electric benefiting from AI computing upgrades[47] - Resource prices are showing differentiation, with gold, tungsten, and lithium companies like Zhongjin Gold and Xiamen Tungsten experiencing performance recovery due to strategic resource demand[48] - The financial sector is witnessing a dual trend of stability and transformation, as seen in Oriental Securities and Guotai Junan's performance amid market activity[49] - The recovery in consumer and service industries is highlighted by Wanda Film's return to profitability, indicating a rebound in content and experiential consumption[50] - The pharmaceutical sector is experiencing significant differentiation, with companies like Chengdu Xian Dao achieving high growth through innovation, while others like Bichang Pharmaceutical face competitive pressures[51]

2026 年 01 月 28 日 策略周报 研究所： 证券分析师： 赵阳 S0350525100003 zhaoy05@ghzq.com.cn [Table_Title] 宏观资金均衡偏松，ETF 继续大幅净流出 ——流动性周报 1 月第 3 期 最近一年走势 投资要点: 相关报告 变迁？*赵阳》——2026-01-16 《流动性周报 1 月第 1 期：资金需求端缓和，两融 余额创历史新高*赵阳》——2026-01-13 《信用重启与双峰共振——2026 年海外年度策略* 袁野，赵阳》——2026-01-12 1. 本周（2026/01/19-2026/01/23，下同）宏观资金面均衡偏松，央行通 过公开市场操作开展 7 天逆回购净投放 2295 亿元。资金价格方面，短端 利率下行、长端利率下行，且长端下行幅度大于短端，期限利差走窄。 2. 股市资金供给端总体结构分化，权益基金发行显著回升，两融余额仍 在高位震荡。融资净流入较多的行业为有色金属、非银金融等，融资净流 出较多的行业有电子、计算机等。股票 ETF 净流出 3331.17 亿元，宽基 ETF 资金主要流入中证 2000、科创 200 等指数，净流出 ...

Core Viewpoint - The report highlights the performance forecasts of various A-share listed companies, indicating significant growth in sectors driven by AI computing power, resource prices, and financial market activity, while also noting challenges faced by traditional industries [4][26][30]. Group 1: Companies with Notable Performance Growth - State Grid Yingda (600517.SH) expects a net profit of 2.3 billion to 2.75 billion yuan, a year-on-year increase of 46.10% to 74.69%, driven by stable growth in its main business and significant investment returns from its financial sector [6]. - Zhongjin Gold (600489.SH) anticipates a net profit of 4.8 billion to 5.4 billion yuan, reflecting a growth of 41.76% to 59.48%, benefiting from higher gold sales prices and improved profitability in its mining operations [6]. - Shenzhen South Circuit (002916.SZ) projects a net profit of 3.154 billion to 3.342 billion yuan, with a growth of 68% to 78%, capitalizing on AI computing upgrades and increased demand in the storage market [6]. - Dongfang Securities (600958.SH) forecasts a net profit of 5.62 billion yuan, a 67.8% increase, supported by a vibrant capital market and strong performance in its wealth management and institutional business [6]. - Chengdu Xian Dao (688222.SH) expects a net profit of 104 million to 127 million yuan, a growth of 102.50% to 147.29%, driven by stable revenue growth and improved gross margins [6]. Group 2: Companies Facing Challenges - Jinjia Co. (002191.SZ) anticipates a loss of 251.95 million to 503.90 million yuan, transitioning from profit to loss due to client structure adjustments and expected impairment provisions [20]. - Mulin Sen (002745.SZ) projects a loss of 1.5 billion to 1.1 billion yuan, also moving from profit to loss due to weak demand in the European market and increased operational costs [21]. - Tianwei Vision (002238.SZ) expects a loss of 160 million to 220 million yuan, influenced by declining rental prices in the data center market and reduced revenue from traditional cable services [23]. Group 3: Industry Trends - The technology growth narrative is clear, with companies like Shenzhen South Circuit and Huadian Co. benefiting from AI computing upgrades and high-end manufacturing demands [26]. - Resource price sensitivity is evident, with companies like Zhongjin Gold and Xiamen Tungsten experiencing performance recovery due to rising prices of strategic resources [26]. - The financial sector shows resilience and transformation, with firms like Dongfang Securities and Guotai Junan benefiting from increased market activity and strategic shifts [27]. - The recovery in consumer and service industries is highlighted by Wanda Film's return to profitability, showcasing the importance of content and experiential consumption [28]. - The pharmaceutical sector is experiencing significant differentiation, with companies like Chengdu Xian Dao achieving high growth through innovation, while others face competitive pressures [29].

Core Viewpoint - Tianlu Technology announced a strategic partnership with local company Sanlipu to establish a subsidiary, Anhui Jiguang, focusing on the TAC film project, aiming to break Japan's monopoly in this sector amid current geopolitical tensions [1] Group 1 - The collaboration with Sanlipu and the establishment of Anhui Jiguang is a proactive measure to enhance domestic capabilities in the TAC film market [1] - The necessity of the TAC film project has been further emphasized due to the evolving geopolitical landscape, indicating a strategic shift towards local production [1] - The project is expected to advance more decisively with support from various industry stakeholders, highlighting a collective effort to strengthen the domestic supply chain [1]

东 兴 晨 报 东兴晨报 P1 2026 年 1 月 28 日星期三 经济要闻 1. 国税局：2025 年税务部门全年征收各项税费 33.1 万亿元。其中，未扣 除出口退税的税收收入 17.8 万亿元，同比增长 2.7%。支持科技创新和制造 业发展的主要优惠政策减税降费退税超 2.8 万亿元，有力促进新质生产力和 实体经济发展。（资料来源：同花顺） 2. 国资委：1 月 28 日，国务院国资委企业改革局局长林庆苗在国新办新 闻发布会上透露，下一步国资委将聚焦国有资本"三个集中"，以重组整合为 抓手，扎实推进国有经济布局优化和结构调整，加快建设更多世界一流企业。 国有资本"三个集中"，首先是扎实做好新央企组建和战略性重组，更加突出 中央企业在战略安全、产业引领、国计民生、公共服务等领域的支撑作用， 更好把企业做强做优做大。其次，深入推进专业化整合，支持创新能力强的 企业作为主体，开展同类业务横向整合、产业链上下游纵向整合，减少行业 内卷。再次，支持中央企业开展高质量并购，获取核心要素、抢占技术先机， 加快培育发展战略性新兴产业和未来产业。（资料来源：同花顺） 3. 国家移民管理局：2025 年，全国移民管理机构 ...

新华财经北京1月28日电（记者丁雅雯）中国贸促会28日发布的数据显示，2025年11月全球经贸摩擦指 数为101，处于高位。全球经贸摩擦措施涉及金额同比增长7.2%，环比下降2.0%。 从分项指数看，监测范围内的20个国家（地区）共发布30项进出口关税措施，发起19起贸易救济调查， 向WTO提交技术性贸易壁垒（TBT）通报和卫生与植物卫生措施（SPS）通报152项，发布进出口限制 措施12项，发布其他限制性措施212项。其中，贸易救济措施指数在五类分项措施指数中居首位。 （文章来源：新华财经） 从行业指数看，监测范围内13个主要行业中，经贸摩擦措施的冲突点聚焦于电子、医药和化工行业，其 中电子行业经贸摩擦指数居首。 中国贸促会新闻发言人王文帅指出，从国别指数看，监测范围内的20个国家（地区）中，欧盟、美国和 韩国的全球经贸摩擦指数位居前三。当月欧盟发起多项反补贴和反倾销调查，取代了美国连续16个月占 据的全球经贸摩擦措施涉及金额最多的榜首位置。 ...

王文帅表示，当月欧盟发起多项反补贴和反倾销调查，取代了美国连续16个月占据的全球经贸摩擦措施 涉及金额最多的榜首位置。 从行业指数看，监测范围内13个主要行业中，经贸摩擦措施的冲突点聚焦于电子、医药和化工行业，其 中电子行业经贸摩擦指数居首。 中新网1月28日电中国贸促会于1月28日举办新闻发布会，公布了2025年11月份全球经贸摩擦指数，数据 显示，2025年11月份的全球经贸摩擦指数继续处于高位。 中国贸促会新闻发言人王文帅介绍，从综合指数看，11月份全球经贸摩擦指数为101，处于高位。全球 经贸摩擦措施涉及金额同比增长7.2%，环比下降2.0%。从国别指数看，监测范围内的20个国家(地区) 中，欧盟、美国和韩国的全球经贸摩擦指数位居前三。 从分项指数看，监测范围内的20个国家(地区)共发布30项进出口关税措施，发起19起贸易救济调查，向 WTO提交技术性贸易壁垒(TBT)通报和卫生与植物卫生措施(SPS)通报152项，发布进出口限制措施12 项，发布其他限制性措施212项。其中，贸易救济措施指数在五类分项措施指数中居首位。 在涉华经贸摩擦方面，19个国家(地区)涉华经贸摩擦指数为101，处于高位。其中， ...

Core Viewpoint - Several A-share companies have announced optimistic earnings forecasts for 2025, with notable increases in net profits driven by rising prices in the non-ferrous metals sector [1][3]. Group 1: Company Earnings Forecasts - Ningbo Fubang (600768.SH) expects a net profit increase of 3099.59% to between 4379.43 million yuan and 5000 million yuan for 2025, attributed to rising silver prices and a significant gain from the sale of a stake in Ningbo Zhonghua Paper Industry [2][3]. - Yiqiu Resources (601388.SH) anticipates a net profit increase of 620% to 970%, with expected profits ranging from 13354.95 million yuan to 19854.95 million yuan, benefiting from lower raw material costs and increased sales prices due to global commodity price hikes [3][4]. - A total of 6 A-share companies are projected to have net profits increase by over 10 times in 2025, excluding ST and delisted stocks [1][2]. Group 2: Industry Insights - Among the companies that have released earnings forecasts, 253 are expected to see net profit growth of over 100% in 2025, with 123 companies turning losses into profits and 130 companies projecting profit increases [4]. - The electronics sector leads with 31 companies, followed by the pharmaceutical and biological sector with 29 companies, and the machinery equipment sector with 27 companies [4]. - The non-ferrous metals sector is highlighted, with 15 companies expecting to double their net profits in 2025, including notable firms like Zhaojin Gold (000506.SZ) and Ganfeng Lithium (002460.SZ) [4][5].

Core Viewpoint - The article discusses the growth and dynamics of the PCB (Printed Circuit Board) industry, particularly focusing on the demand for copper-clad laminates (CCL) driven by advancements in AI applications and the increasing need for high-speed, high-frequency materials [3][13]. Industry Overview - PCB is referred to as the "mother of electronic products," serving as a carrier for electrical connections and functional integration of electronic components. The demand for PCBs is influenced by the terminal market, showing a stable growth trend [3]. - The cost structure of PCBs reveals that copper-clad laminates account for approximately 27.30% of the total cost, making them a crucial substrate in PCB manufacturing [3]. Market Segmentation - CCL can be classified based on material and structure, with different categories suitable for various applications, including communication devices, consumer electronics, and automotive electronics [10]. - High-frequency and high-speed CCLs are emerging to meet the demands of AI applications, characterized by high signal transmission speeds (10-50 Gbps) and low loss [11]. Market Size and Growth - The global AI application CCL market is projected to reach approximately $2.4 billion by 2025, $5.8 billion by 2026, and $18.7 billion by 2027, with a compound annual growth rate (CAGR) of about 18% from 2024 to 2027. The high-speed CCL market is expected to grow at a CAGR of 40%, significantly outpacing the average growth rate of the CCL market [13]. Competitive Landscape - The global CCL production capacity is primarily concentrated in Asia, with Taiwanese and Japanese companies holding significant market shares. The high-end CCL market is dominated by Taiwanese and Japanese manufacturers, while mainland Chinese companies are expected to ramp up production starting in 2026 [13]. - Key players in the CCL industry include companies like Shengyi Technology, Nan Ya Plastics, and Panasonic, each with unique strengths and market positions [17]. Recent Developments - Shengyi Technology plans to invest 4.5 billion yuan in a high-performance CCL project by 2026 [18]. - Jinan Guojiji has approved a fundraising plan to raise 1.557 billion yuan for a high-grade CCL project and R&D center [18]. - Nan Ya Plastics intends to raise up to 900 million yuan for the development of high-frequency CCLs based on AI computing power [19]. - Huazheng New Materials has recently added a high-end production line, increasing its capacity to 14 million sheets per year [19].

Performance Overview - In Q4 2025, convertible bond funds achieved a median return of 1.09%, outperforming first-level bond funds (0.6%), second-level bond funds (0.44%), and mixed bond funds (0.31%) [1] - For the entire year of 2025, the median return for convertible bond funds was 22.43%, significantly higher than first-level bond funds (2.06%), second-level bond funds (4.66%), and mixed bond funds (5.49%) [1] Fund Scale and Demand - In Q4 2025, the scale of second-level bond funds increased by 2506 billion CNY to reach 15535 billion CNY, while first-level bond funds and mixed bond funds saw decreases of 142.5 billion CNY and 7 billion CNY, respectively [1] - The net subscription for second-level bond funds in Q4 2025 was 2344 billion units, while first-level bond funds faced a net redemption of 186 billion units [19] Convertible Bond Holdings - In Q4 2025, the convertible bond holdings of first-level bond funds increased by 0.32 percentage points to 7.97%, while second-level bond funds and mixed bond funds saw declines of 1.07 and 0.88 percentage points, respectively [33] - Public funds focused on increasing holdings in bank bonds, as well as in sectors like new energy, cyclical stocks, and military-related bonds [40] Investment Strategy Insights - The demand for fixed-income plus funds is robust, with second-level bond funds becoming the primary vehicle for this demand, while first-level bond and convertible bond fund scales have marginally declined [3] - Institutions with equity allocation permissions are shifting their demand from first-level bond funds to second-level bond and mixed bond products due to the high valuation of convertible bonds [3]