Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - Strong Brain Technology has completed approximately 2 billion yuan in financing, making it the second-largest in the global brain-computer interface (BCI) sector, following Neuralink. This financing round was led by IDG Capital and Huaden International, with participation from industry chain companies, enabling product scaling through a "capital + manufacturing" model [4][6]. - The company focuses on non-invasive technology, with its core product, the "Super Sensor," capable of capturing brain electrical signals without the need for surgery. This technology has already assisted individuals with disabilities in performing complex movements, with plans to help one million disabled individuals regain mobility and assist ten million patients in rehabilitation over the next 5-10 years [4][6]. - Neuralink, a key player in the BCI field, is set to initiate large-scale production of BCI devices in 2026 and is advancing fully automated surgical solutions. This invasive technology complements Strong Brain Technology's non-invasive approach, collectively driving the commercialization of global BCI technology [5][6]. - The global BCI market is projected to grow rapidly, with an estimated market size of approximately 2.62 billion USD in 2024, expected to reach 2.94 billion USD in 2025, and potentially grow to 12.4 billion USD by 2034, reflecting a compound annual growth rate (CAGR) of 17.35% over the next decade. In China, the BCI market is anticipated to reach 3.2 billion yuan in 2024 and 6.14 billion yuan by 2028 [6]. Summary by Sections Financing and Market Position - Strong Brain Technology has secured around 2 billion yuan in financing, ranking second globally in the BCI sector, just behind Neuralink [4]. - The financing round was led by IDG Capital and Huaden International, with contributions from various industry chain companies [4]. Technology and Product Development - The company's non-invasive "Super Sensor" technology captures brain signals without surgery, aiding individuals with disabilities [4]. - Plans are in place to assist one million disabled individuals and ten million patients in rehabilitation over the next 5-10 years [4]. Market Growth Projections - The global BCI market is expected to grow from 2.62 billion USD in 2024 to 12.4 billion USD by 2034, with a CAGR of 17.35% [6]. - The Chinese BCI market is projected to grow from 3.2 billion yuan in 2024 to 6.14 billion yuan by 2028 [6].

行 业 华福证券 机械设备 2026 年 01 月 10 日 机械设备 研 究 征和工业发布全球首创链式灵巧手，重塑具身智能核心 部件格局 投资要点： 灵巧手技术突破显著，八大优势定义行业新标准 行 业 定 期 报 告 近日，征和工业正式发布全球首创链式灵巧手"臻手・CHOHO Hand"，依托征和工业三十年链传动领域积淀，融合链条高负载、高 耐磨等基因与仿生学、智能控制技术，实现从"制造"到"智造"、 "链系统"到"灵巧执行"的战略跨越。该灵巧手堪称行业"八边形 战士"，具备高承重（单手承重超 40Kg）、高抗力（抗力达 400N）、 高可靠（耐磨耐火耐蚀）、高耐久（动作循环寿命超 100 万次）、高 精度（指尖重复定位精度±0.1mm）、高能效（传动效率 95%-98%）、 低自重（整机仅 715g）、低成本（5 年维护成本大幅低于传统方案） 八大核心优势，拥有 17 个自由度，可在-20℃~60℃环境稳定工作，能 完成异形件抓取、精细装配等复杂任务。 多场景落地与产业合作推进，助力行业产业化升级 在场景落地方面，"臻手・CHOHO Hand"已实现从实验室到产业 端的跨越，智元机器人、卓益得机器人搭载该 ...

行 轨交设备Ⅱ 2026 年 01 月 10 日 业 研 究 轨交设备Ⅱ 铁路"十四五"圆满收官，路网与效能双突破 投资要点： 路网规模持续扩容，高铁网络领跑全球 行 业 定 期 报 告 2025 年铁路"十四五"规划圆满收官，全国铁路营业里程达 16.5 万公里（较"十三五"增长 12.8%），其中高铁超 5.04 万公里（增长 32.98%），建成世界规模最大、先进发达的高速铁路网。高铁已覆盖 我国97%的城区人口50万以上城市，营业里程超越世界其他国家总和， 位居全球第一。"十四五"期间，京沈、郑渝、贵南等一大批重大铁 路项目开通运营，路网持续完善。 运输效能与综合实力全面提升 "十四五"时期铁路运输实现历史性转变，国家铁路累计发送旅 客 162 亿人、货物 196 亿吨，较"十三五"分别增长 8.7%、24.1%。 交通圈格局持续优化，500 公里内城市群 1-2 小时公交化出行，1000 公里大城市 4 小时当日往返，2000 公里跨区域城市 8 小时朝发夕至。 同时，国铁集团资产总额增至 10.2 万亿元，科技创新、产业链现代化 水平达世界领先，以复兴号为代表的技术树立国际标杆，现代企业制 度不断 ...

行 华福证券 机械设备 2026 年 01 月 10 日 业 研 究 机械设备 世界核能协会总干事：2026 全球核能从雄心转向行动 投资要点： 小堆项目蓬勃兴起，全球核电推进提速 行 业 定 期 报 告 世界核能协会（World Nuclear Association）总干事 Sama Bilbao y León 接受 WNN 播客专访时表示，2026 年是全球核能从雄心转向行动 的关键之年，小型模块化反应堆（SMR）成为重要发展亮点。美国和 加拿大涌现出大量 SMR 项目，加拿大已在达灵顿厂址破土动工，美国 及其他地区也正在开展示范项目建设，前景令人振奋。与此同时，多 国核电项目稳步推进，匈牙利、捷克、波兰等国项目有序开展，非洲 埃及、卢旺达等国核电相关项目也有新进展。中国持续推进核电项目， 展现强大工业能力。行业着力推进融资与供应链建设，私营投资者参 与度提升，第二届世界核能供应链大会将在马尼拉举办，《世界核能 供应链报告》将发布，芬兰翁卡洛深层地质处置库投运将为核废料处 理提供示范。 证 券 1）景业智能：拟设立 SMR 子公司景瀚能动，聚焦 AI 数据中心供 电等场景； 研 究 报 2）佳电股份：产 ...

Group 1 - The report highlights that the valuation of convertible bonds does not directly reflect the volatility of the underlying stocks but rather follows the directional changes of the stocks. The market's confidence in the direction of stocks for 2026 remains strong, and the opportunity cost of convertible bonds is expected to be low in the near term [3][4] - The current high valuation of convertible bonds has already factored in significant expected increases in the underlying stocks' prices. The report suggests that the potential for further valuation increases in 2026 may rely more on the recovery of profitability rather than broad-based earnings growth [4][10] - The convertible bond market is expected to exhibit a "dumbbell" structure in 2026, with an increase in the number of new issues and changes in individual bond sizes and industry structures. However, the overall high valuation level may lead to new issues maintaining elevated listing valuations, making secondary market participation less attractive [5][10] Group 2 - The report discusses the construction of a long inflation strategy portfolio, including specific convertible bonds from sectors such as agriculture and electronics, while also preparing a corresponding cash flow strategy portfolio to mitigate potential adverse scenarios [9][10] - The analysis indicates that the high-low price strategy did not yield significant excess returns in 2025, and the report emphasizes the need to maintain a focus on low absolute price screening levels for future selections [6][10] - The report notes that the implied volatility of convertible bonds has recently exceeded the actual volatility of the underlying stocks, indicating a divergence that may reflect market sentiment rather than fundamental value [3][87]

Group 1 - The excess reserve ratio in November remained stable at 1.2%, while government deposits increased to a historical high of 6 trillion yuan, exceeding expectations by 492 billion yuan [2][16][20] - In December, the government deposit is expected to decrease by approximately 1.96 trillion yuan, marking a historical high decline, which will provide liquidity support [3][20][28] - The probability of a reserve requirement ratio (RRR) cut in January has significantly increased, with expectations of a potential release of about 1 trillion yuan in long-term liquidity [8][65][67] Group 2 - In December, the broad fiscal deficit is anticipated to reach a historical high, with a significant decrease in net government debt repayments [3][20][28] - The monetary issuance in December is expected to increase by about 300 billion yuan, while the required reserve ratio may rise by approximately 150 billion yuan [3][20][28] - The average DR001 rate in December dropped to a new low for the year, reflecting a very loose monetary state despite slight fluctuations in DR007 [4][36][45] Group 3 - The liquidity environment is expected to remain stable, with banks' net financing capabilities improving, as evidenced by a historical high in net financing from banks in December [4][37][40] - The anticipated increase in government deposits in January is expected to exert pressure on liquidity, with an expected rise of about 1.66 trillion yuan [8][67][68] - The overall liquidity situation is expected to remain manageable, with the central bank's policies likely to mitigate external pressures [10][45][46]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [20]. Core Insights - The company plans to establish a wholly-owned investment company in the United States through its Thai subsidiary, with an investment of up to $36 million for a project in Pennsylvania that will produce 20,000 tons of pulp molded tableware annually [3][4]. - The company is responding to supply chain shifts and trade barriers by expanding its global footprint, particularly in Thailand and the U.S., to mitigate risks associated with trade policies and tariffs [4]. - The Thai base has shown promising financial performance, with revenue of 61.98 million yuan and a net profit margin of 23.2% in the first half of 2025, suggesting that the U.S. project could replicate this success [5]. Financial Projections - Revenue is projected to grow from 1.33 billion yuan in 2023 to 3.23 billion yuan by 2027, with a significant increase in net profit from 231 million yuan to 704 million yuan over the same period [6]. - The company anticipates a net profit of 302 million yuan in 2025, followed by a substantial recovery to 550 million yuan in 2026 and 704 million yuan in 2027, reflecting a growth rate of 82% and 28% respectively [6]. - Earnings per share (EPS) are expected to rise from 2.26 yuan in 2023 to 6.89 yuan by 2027, indicating strong profitability growth [6]. Market Position and Competitive Advantage - The company is positioned as a leading player in the pulp molded tableware industry, with a robust competitive edge derived from its advanced production capabilities and flexible manufacturing processes [5]. - The establishment of overseas production facilities is seen as a strategic move to enhance market share and adapt to changing global trade dynamics [4][5].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Insights - The copper industry is experiencing a tightening supply situation, with a shift in demand driven by electric vehicles and AI investments, leading to an expected increase in copper prices in 2026 [3][85] - The macroeconomic environment is improving with expectations of interest rate cuts from the Federal Reserve, which may support copper prices [3][30] - Global copper supply is projected to turn into a shortage by 2026, influenced by reduced production forecasts from major mining companies [3][43][60] Summary by Sections Supply and Demand - Chinese smelters and Antofagasta have set the 2026 copper concentrate long-term processing fee benchmark at $0/ton and $0/pound, indicating a tightening global copper supply-demand balance [3][85] - Approximately 200,000 tons of copper smelting capacity in China has been suspended due to extreme pressure on smelting profits, with current processing fees in negative territory [48][85] Macroeconomic Factors - The Federal Reserve's anticipated interest rate cuts are expected to alleviate macroeconomic pressures, potentially boosting investment and consumption [3][30] - The U.S. economy is facing a mid-term election and a change in the Federal Reserve chair, which may lead to a combination of loose monetary and fiscal policies [3][85] Inventory Trends - U.S. copper inventories are expected to continue accumulating due to tariff expectations, while domestic copper social inventories are on a downward trend [3][85] - Global copper inventories remain high, influenced by U.S. market conditions [3][85] Individual Stocks - Key stocks to watch include Jiangxi Copper, Luoyang Molybdenum, Shengton, Cangge, Jincheng, and Northern Copper, with H-shares including China Nonferrous Mining and Minmetals [3][86]

证券研究报告|行业深度报告 电力设备与新能源 行业评级 强于大市（维持） 2026年1月6日 电池变革重要赛点，材料设备全新颠覆 ——固态电池深度研究报告 证券分析师： 邓伟 执业证书编号：S0210522050005 游宝来 执业证书编号：S0210523030002 研究助理： 请务必阅读报告末页的重要声明 李宜琛 华福证券 华福证券 投资要点 2 华福证券 华福证券 Ø 发展固态电池已成为行业共识、全球竞争赛点：理论上能实现高比能、高安全性的固态电池体系，是全球公认的颠覆性 技术。减少液态电解质含量，提升固态电解质占比，逐步实现固态化，是行业发展共识。由此带来的对材料体系、装备 体系的颠覆，迫使全球企业、研究团队展开新一轮的创新竞争，避免在新技术方向上的掉队风险。2027年实现小批量生 产、工艺定型，基本上是国内外企业一致预期的重要时间节点。 Ø 材料端：固态电池颠覆材料环节，重视增量、升级、瓶颈环节。全固态电池颠覆现有体系，核心增量环节是硫化物/氧化 物/卤化物/聚合物固态电解质，其中降本、量产瓶颈在于硫化锂（成本高、工艺放大难）。此外，能量密度的提升依赖 高镍/富锂锰基正极、锂金属/硅碳负极的性能突 ...

Group 1: Fiscal and Monetary Policy - Fiscal expansion in 2026 will shift focus from total scale to structural efficiency, emphasizing investment and consumption equally, with a tilt towards residents and livelihood保障[1] - The government is expected to remain the main entity for leveraging in 2026, with monetary policy aligning closely with fiscal efforts to maintain stable interest rates during periods of slower government leverage[2] - The focus of monetary policy will include reducing traditional capacity expansion credit, monitoring bank liability rates, and addressing long-term variables like debt and exchange rate risks[2] Group 2: Domestic Demand and Investment - Broad fiscal expansion is crucial for stabilizing investment, with a focus on new infrastructure and green projects to halt the decline in investment growth[3] - The 2026 target for new local government special bonds is set at 4.4 trillion yuan, significantly higher than other funding sources, making it a key tool for investment stabilization[3] - Subsidy policies will be optimized to enhance consumption, with a focus on both goods and services, aiming to maximize the utility of limited fiscal resources[3] Group 3: Structural Adjustments and Risks - The government aims to address overcapacity and reduce corporate burdens by clearing debts and setting standards to eliminate outdated production capacity[4] - Trade structure adjustments are necessary to mitigate long-term export risks, with a push towards service exports and optimizing supply chain layouts[6] - Risks include potential underperformance of fiscal and monetary policies, unexpected downturns in the real estate market, and a complex external environment[7]