Investment Rating - The mechanical equipment sector is rated as "stronger than the market" based on its relative performance compared to the CSI 300 index [2][25]. Core Insights - The mechanical equipment sector experienced a decline of 3.49% this week, while the CSI 300 index increased by 0.08%. The best-performing sub-sector was other automation equipment, which rose by 2.93% [2][3][4]. - The report highlights the potential growth in the satellite internet industry, particularly with SpaceX's application to launch up to 1 million satellites, which could enhance AI applications and create a stable business model in China [2]. - In the semiconductor equipment sector, ASML's recent performance exceeded expectations, indicating strong demand and a positive outlook for global wafer fabrication capacity [2]. - The humanoid robot segment is expected to benefit from advancements in hardware architecture and AI capabilities, with companies like Tesla planning to ramp up production of humanoid robots [2]. - The report also discusses the advancements in nuclear fusion technology, with the FLAME device achieving significant experimental progress, potentially offering a more economical path for commercialization [2]. Summary by Sections Mechanical Equipment Sector - The sector's PE-TTM valuation decreased by 3.35%, with notable declines in refrigeration and air conditioning equipment (-7.41%) and printing and packaging machinery (-7.09%) [2][8]. - The report recommends focusing on companies such as North Huachuang (002371) and Shengmei Shanghai (688082) in the semiconductor equipment space [2]. Commercial Aerospace - Companies to watch include Western Materials (002149), Yingliu Co., Ltd. (603308), and Srey New Materials (688102) as the low-orbit satellite network evolves into a "space information infrastructure platform" [2]. Semiconductor Equipment - ASML's Q4 2025 results showed a net sales of €9.7 billion and a gross margin of 52.2%, with a strong order backlog indicating sustained demand [2]. Humanoid Robots - The report emphasizes the advancements in humanoid robots, particularly with Tesla's Optimus robot, which is set to begin mass production by the end of 2026 [2]. Nuclear Fusion - The report highlights the progress in fusion technology, particularly the FRC approach, which could significantly reduce construction costs compared to traditional methods [2].

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The demand for Moutai during the Spring Festival exceeded expectations, leading to a rapid recovery in wholesale prices. The price of Moutai increased from 1610 RMB to 1710 RMB within two days, indicating a strong upward trend [3] - The industry is currently at a low valuation, with pessimistic expectations fully priced in. A weak recovery in demand is anticipated as policy pressures ease, and the industry is expected to undergo a clearer phase of performance improvement [2] - The report highlights that the white liquor sector is showing signs of recovery, with leading companies like Guizhou Moutai and Shanxi Fenjiu being recommended for their stable pricing and attractive dividend yields [2] Summary by Sections Industry Performance - The food and beverage industry increased by 1.56% in the week of January 26-30, outperforming the Shanghai Composite Index, which decreased by 0.44%. The white liquor sector led the gains with a 3.86% increase [3][8] - The report notes a significant divergence in performance among sub-sectors, with snacks and health products experiencing declines of 6.07% and 5.59%, respectively [3] Moutai's Market Dynamics - Moutai's management is pushing for market-oriented reforms, reducing the supply of non-standard products and eliminating bundled sales, which has alleviated pressure on distributors and reduced channel selling pressure [3] - The demand side is benefiting from concentrated gift-giving during the Spring Festival, alongside the expansion of the i Moutai channel, which allows consumers to purchase at fair prices, leading to sustained incremental demand [3] Fund Allocation Trends - The allocation of active equity funds in the food and beverage sector has decreased slightly to 4.1%, with a notable reduction in white liquor holdings. However, there is a marginal increase in allocations towards consumer goods, indicating a search for more certain and better-valued targets within the consumption sector [3]

证券研究报告 行业研究 / 行业点评 2026 年 02 月 02 日 行业及产业 医药生物 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《医药行业跟踪报告：医药板块迎来开门红， 2026 年继续看好创新出海和硬科技》 2026-01-13 《2026 年度医药行业策略：创新出海新征程， 寻找需求新增量》2026-01-05 张智聪 S0820525020002 021-32229888-25524 zhangzhicong@ajzq.com ——医药行业跟踪报告 MNC 重金加码中国创新药，中国 IO2.0 双抗出海迈出关键一步 强于大市 投资要点： 医药板块行情复盘：本周（1/26~2/1）市场以震荡调整为主，SW 医药生物指数下跌 3.31%， 在申万一级行业指数中排名 22/31，跑输沪深 300 指数（+0.08%）；各细分板块中，血液 制品（-0.99%）、疫苗（-1.65%）表现相对较好，主要与尼帕病毒概念相关，部分 CXO 个 股由于业绩催化表现较为突出，线下药店（-4.83%）和医院（-4.47%）表现较弱。港股创新 药回调明显，恒生生物科技指 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Insights - The company is expected to see significant growth driven by the expansion of solid-state battery equipment and structural components, with a strong outlook for the electric vehicle and energy storage markets [6][7]. - The company is actively developing new structural components and expanding into high-margin overseas markets, which is anticipated to enhance profitability [6][7]. - The report highlights that the company has a leading market share in lithium battery precision structural components and module/PACK equipment, with revenue expected to grow as lithium battery shipments increase [6][7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 2,448 million CNY - 2024: 2,464 million CNY - 2025: 3,133 million CNY - 2026: 4,633 million CNY - 2027: 5,537 million CNY - The expected growth rates are 35.6% for 2023, 0.6% for 2024, 27.1% for 2025, 47.9% for 2026, and 19.5% for 2027 [5][6]. - The projected net profit for the company is: - 2023: 40 million CNY - 2024: 223 million CNY - 2025: 350 million CNY - 2026: 525 million CNY - 2027: 610 million CNY - The report anticipates a significant increase in net profit, with a growth rate of -142.3% in 2023, followed by 458.2% in 2024, and steady growth thereafter [5][6]. Industry and Company Situation - The company is focused on the development of solid-state battery production equipment and has successfully delivered dry-pressing equipment in collaboration with Qingtao Energy [6][7]. - The global sales of new energy vehicles are expected to continue rising, with significant growth in overseas markets, which will drive demand for lithium battery equipment [6][7]. - The report notes that the company is well-positioned to benefit from the increasing demand for solid-state battery production equipment as the industry progresses towards commercialization [6][7]. Unique Perspectives - Contrary to market views that the lithium battery structural component industry is highly competitive and profitability is limited, the report suggests that the company can enhance profitability through product diversification, production efficiency optimization, and expanding customer resources [6][7]. - The report argues that the demand for lithium battery equipment will increase due to trends such as overseas automakers producing their own modules/PACK and the acceleration of solid-state battery commercialization [6][7].

Investment Rating - The report rates the electric power equipment industry as "Outperforming the Market" [3] Core Insights - In Q4 2025, the electric power equipment industry saw a decrease in the proportion of shares held by active management funds, declining by 0.36 percentage points. This contrasts with 15 other industries that experienced an increase in shareholding [6][18] - The top five industries with increased shareholding were transportation, non-ferrous metals, basic chemicals, oil and petrochemicals, and non-bank financials, while the industries with decreased shareholding included media, real estate, computers, defense, and telecommunications [6] - Notable increases in holdings were observed in companies such as Tianhua New Energy, Tianci Materials, and Sany Heavy Energy, while significant reductions were seen in companies like Yiwei Lithium Energy, Goldwind Technology, and Longi Green Energy [10][13] Summary by Sections 1. Overall Industry Situation - The electric power equipment industry, which includes 398 stocks, experienced a decrease in the proportion of shares held by active management funds in Q4 2025, with a decline of 0.36 percentage points [6][7] 2. Individual Stocks - Tianhua New Energy saw the largest increase in holdings, with a staggering 34,198.66% increase in market value and a 15,595.36% increase in the number of shares held [11] - Other companies with significant increases included Tianci Materials (87.72% increase in market value) and Sany Heavy Energy (946.94% increase in market value) [11] 3. Institutional Holding Changes - Major fund companies such as GF Fund and Huatai-PineBridge significantly reduced their holdings in the electric power equipment sector, with GF Fund's holdings decreasing by 37.51% [15][16] - The top five fund companies by market value in the electric power equipment sector were GF Fund, Huatai Fund, HSBC Jintrust, Huitianfu Fund, and China Europe Fund, with respective holdings of 128.07 billion, 121.79 billion, 88.12 billion, 84.72 billion, and 82.48 billion [15] 4. Active Management Fund Holdings in Electric Power Equipment - The total number of shares held by the top 20 public funds in the electric power equipment sector decreased by 12.89% to 1.516 billion shares, with a corresponding market value of 989.10 billion [18][19]

行业： 评级： 汽车 强于大市（维持） 2026年1月28日 证券研究报告 智能化+全球化驱动，把握结构性机会 2026年汽车行业投资策略 分析师：吴迪（汽车首席） SAC：S0820525010001 wudi@ajzq.com 联系人：徐姝婧 SAC：S0820124090004 xushujing@ajzq.com 0. 核心摘要 1. 复盘展望：总量承压，结构突围 2. 行业趋势：智能化+全球化驱动增长 3. 投资建议 目 录 2 0. 核心摘要 1. 复盘展望：总量承压，结构突围 2. 行业趋势：智能化+全球化驱动增长 3. 投资建议 4. 风险提示 4. 风险提示 目 录 3 0. 核心摘要 请务必阅读正文之后的信息披露和免责申明 4 n 复盘：受益于设备更新及消费品以旧换新的"两新"政策助力，以及企业新品密集上市，终端需求持续释放，全年汽车销 量实现较快增长。2025年申万汽车板块整体涨幅+24.3%，同期沪深300指数涨幅+17.7%。2025年中国汽车总销量达 3440万辆，同比+9.4%，其中乘用车销量3010万辆，同比+9.2%，商用车销量430万辆，同比+10.9%。 n 展望：202 ...

Investment Rating - The report rates the industry as "Outperform" [2] Core Insights - The data center industry has become a core incremental application scenario for the power equipment sector, directly driving demand growth and technological iteration [5] - The capital expenditure of major cloud vendors is a key indicator of demand for power distribution equipment, with significant growth observed in both overseas and domestic markets [2][12] - The supply chain remains robust, with companies like NVIDIA and TSMC reporting strong revenue growth, indicating a healthy demand for GPUs and semiconductors [18][23] - AI applications are expanding, with an increase in model updates and API call volumes, which are crucial for assessing the sustainability of capital expenditure cycles in data centers [30][35] Summary by Sections 1. Industry Overview - The semiconductor export from South Korea has significantly increased, with DRAM prices continuing to rise [1] 2. Capital Expenditure Trends - Overseas cloud vendors' capital expenditure reached $99.617 billion in Q3 2025, a year-on-year increase of 80.39% [7] - Domestic cloud vendors like Alibaba and Tencent showed a slowdown in capital expenditure, with Alibaba spending 31.5 billion yuan, up 80.10% year-on-year but down 18.55% quarter-on-quarter [12] - The investment in data centers is expected to remain high, with major cloud vendors planning substantial capital expenditures for AI infrastructure [11][13] 3. Supply Chain Analysis - NVIDIA's revenue for Q3 2025 was $57.006 billion, with data center products contributing $51.215 billion, marking a historical peak [18] - TSMC reported a revenue of 335 billion New Taiwan dollars in December 2025, a year-on-year increase of 20.4% [23] - The price of DRAM surged from $27.14 to $71.25 within two months, reflecting strong server demand [26] 4. AI Application Development - The number of AI models is steadily increasing, with significant updates and a growing number of API calls, indicating a robust application landscape [30] - The price of tokens for high-performing AI models has decreased by over 50% following the release of new models [48] - The weekly token call volume for AI applications was 7.50 trillion, showing a slight decline of 1.96% [35]

Investment Rating - The industry is rated as "Strongly Outperforming the Market" [3][37]. Core Insights - The report highlights a significant increase in the export value of photovoltaic components, reaching approximately $2.314 billion in December 2025, which represents a year-on-year growth of 18.22% [3][31]. - The report indicates that the average price of lithium battery energy storage systems in December 2025 increased by 2.82% compared to the previous month, with a weighted average bid price rising by 6.39% [3][19]. - The domestic photovoltaic installation capacity in November 2025 was 22.02 GW, reflecting a month-on-month growth of 74.76% but a year-on-year decline of 11.92% [3][25]. Summary by Sections Production - The report notes a decrease in the overall production of photovoltaic components in November 2025, with a month-on-month decline of 2.43% and an expected further decrease of 14.77% in December 2025 [3][4]. Prices - As of January 21, 2026, the price of polysilicon remained stable at 54.00 CNY/kg, while the price of TOPCon double-glass components increased by approximately 0.99% to 0.72 CNY/W [3][11]. Domestic Demand - The cumulative newly installed photovoltaic capacity from January to November 2025 reached 274.89 GW, showing a year-on-year increase of 33.25% [3][25]. Overseas Demand - The report states that the export value of inverters in December 2025 was $839 million, marking a year-on-year increase of 26.12% and a month-on-month growth of 9.38% [3][29].

Investment Rating - The report rates the lithium battery industry as "stronger than the market" [3]. Core Insights - The demand for power batteries and energy storage batteries remains robust, with significant increases in average prices for energy storage cells and systems [3]. - In December 2025, domestic battery production reached 201.7 GWh, marking a year-on-year increase of approximately 62% and a month-on-month increase of about 14% [3]. - The average price of industrial-grade lithium carbonate surged to 168,000 CNY/ton as of January 23, 2026, reflecting a weekly increase of 9.80% [3]. - The monthly installation volume of lithium iron phosphate batteries in December 2025 was 79.8 GWh, a year-on-year increase of 30.82% [3]. - The report highlights the importance of focusing on core enterprises in battery cells that lead in overseas layouts and the synergy between power batteries and energy storage [3]. Summary by Sections Production - In December 2025, the production of lithium iron phosphate cathode materials was 26,930 tons, a year-on-year increase of 32.48% [3]. Prices - The average price of lithium iron phosphate (power type) was reported at 47,100 CNY/ton on January 9, 2026, with a 4.43% increase from January 4 [3]. - The average price of three-dimensional power cells rose to 0.47 CNY/Wh and remained stable [3]. Domestic Demand - The report indicates that the monthly installation volume of three-dimensional power batteries was 18.2 GWh, showing a year-on-year growth of 27.27% [3]. - The new energy storage application projects' monthly bidding capacity reached a record high of 21.8 GW/64 GWh in December 2025, with a month-on-month increase of 65% [3]. Overseas Demand - In December 2025, China's power battery exports amounted to 19.0 GWh, reflecting a year-on-year increase of 47.29% [3]. - Global new energy vehicle sales in November 2025 reached 2 million units, a year-on-year increase of 8.53% [3].

Investment Rating - The industry is rated as "Outperform" compared to the market [4][34]. Core Insights - The liquor industry is entering a phase of rapid performance clearing, with demand expected to show weak recovery as policy pressures ease. The industry is currently at a low valuation, and pessimistic expectations are fully priced in. The top liquor companies are stabilizing prices and driving up wholesale prices, which enhances dividend yields and makes them attractive for investment. Long-term, it is recommended to focus on high-quality leading companies with strong performance certainty, such as Kweichow Moutai and Shanxi Fenjiu [4]. - In the consumer goods sector, there are high-growth opportunities, with some segments still benefiting from new products and channels. Companies like Wancheng Group and Dongpeng Beverage, which show good growth momentum, are recommended for investment [4]. Summary by Sections Liquor Sector - As the Spring Festival approaches, the sales of high-end liquor are gradually increasing, with Kweichow Moutai's wholesale prices showing slight recovery. The price of Moutai's regular bottles has increased by 20 yuan to 1560 yuan as of January 25, indicating a recovery in demand. The sales boost is driven by gift-giving and banquet needs during the festive season, highlighting the essential nature of high-end liquor [5]. - The launch of the i Moutai product has effectively reached new consumer groups, contributing to incremental demand. The bottom of the wholesale price may have been established, reducing downward risks significantly [5]. Consumer Goods Sector - The upcoming IPO of "Mingming Hen Mang" is set to further solidify the duopoly in the industry. The company plans to issue 14.1 million shares at a price range of 229.60-236.60 HKD per share. With over 20,000 stores under its brands, it has a strong market presence, particularly in lower-tier markets. The company reported a revenue of 46.371 billion yuan for the first three quarters of 2025, a year-on-year increase of 75.22%, and a net profit of 1.559 billion yuan, up 218.84% [5]. - The introduction of national standards for pre-prepared dishes is expected to accelerate the standardization process in the industry, benefiting leading companies with strong supply chain capabilities. This may lead to increased market concentration as smaller companies face pressure to exit [5].