Market Overview - The new stock sector is expected to remain structurally active despite slight disturbances in short-term sentiment, with a focus on AI applications and other emerging themes[1] - The average increase of new stocks listed since 2025 is approximately -0.8%, with about 35.4% of new stocks achieving positive returns[1][29] Recent Performance - In the last trading week, the average first-day increase for newly listed stocks was around 237%, compared to 145% in the previous week, indicating a rise in trading enthusiasm[4][26] - The average first-day trading volume for newly listed stocks was 75.7%, with a notable structural difference in performance among various sectors[26] Upcoming Listings - Two new stocks are set to be listed this week, both from the North Exchange, with an average issuance price-earnings ratio of 14.4X[34] - The upcoming stocks include Tongbao Optoelectronics and Tongling Technology, both in the automotive sector, with expected earnings growth rates of 69.65% and 72.95% respectively[39][37] Investment Recommendations - Focus on technology sectors such as AI, robotics, and commercial aerospace, which have significant long-term growth potential and event-driven catalysts[2] - Consider rotating investments in sectors like innovative pharmaceuticals, new consumption, and new energy, which have shown recent performance stabilization[2] Risk Factors - Potential changes in historical volatility patterns of new stocks, data inaccuracies, systemic risk impacts, and sudden market sentiment shifts pose risks to investors[10]

2026 年 02 月 21 日 公司研究●证券研究报告 海菲曼（920183.BJ） 新股覆盖研究 投资要点 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 38.42 | | 流通股本（百万股） | | | 12 个月价格区间 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huajinsc.cn | | 报告联系人 | 戴筝筝 | | | daizhengzheng@huajinsc.cn | 相关报告 华金证券-新股-新股专题覆盖报告（通领科 技）-2025 年 17 期-总第 654 期 2026.2.12 华金证券-新股-新股专题覆盖报告（固德电 材）-2026 年 15 期-总第 652 期 2026.2.8 华金证券-新股-新股专题覆盖报告（通宝光 电）-2025 年 16 期-总第 653 期 2026.2.8 华金证券-新股-新股专题覆盖报告（海圣医 疗）-2025 年 14 期-总第 651 期 2026.2.4 华金证券- ...

Investment Rating - The report does not explicitly provide an investment rating for the companies discussed. Core Insights - AI technology is reshaping various industries, with significant advancements in AI models and applications, particularly following the launch of OpenAI's ChatGPT-3.5 in November 2022, which marked the beginning of a new era in artificial intelligence [2][15] - Several newly listed companies in the A-share market have integrated AI technology into their operations, seizing opportunities in the AI development strategy across various sectors, including agriculture, office, retail, medical, energy, and consumer fields [2] Summary by Sections AI Applications Surge - AI models are rapidly evolving, with diverse applications emerging across different sectors, driven by advancements from companies like OpenAI, Google, and others [15] - The commercial success of AI applications is evident in products like AI smart glasses, AI toys, and intelligent driving systems, which are gaining popularity and transforming consumer experiences [15][18][19][30] Representative New Stocks in AI - **Top Cloud Agriculture**: A leading company in smart agriculture, developing pest recognition algorithms and smart agricultural products like AR glasses and robotic dogs for field inspections [58][64] - **Hehe Information**: Focused on AI in office applications, offering products like TextIn and Qixin Huiyan that leverage AI for document processing and data analysis [72][74] - **Hanshu Technology**: A provider of digital solutions for retail, including smart shopping carts and AI cameras, enhancing the shopping experience through technology [89][91] - **Chao Yan Co., Ltd.**: Engaged in AI medical diagnostics, offering innovative products for breast cancer screening and ultrasound imaging systems for minimally invasive surgeries [99][108] - **Southern Network Digital**: Concentrating on digital solutions for energy, developing core products like the "Electric Hong" IoT operating system [2] - **Ying Shi Innovation**: Focused on consumer applications, creating AI algorithms for content creation in products like panoramic action cameras [2] Industry Trends - AI technology is deeply embedded in various sectors, including e-commerce, finance, government, energy, and education, demonstrating its commercial viability and transformative potential [44][53] - The AI toy market is projected to exceed 100 billion yuan by 2030, with a compound annual growth rate (CAGR) of over 50% [20] - The report highlights the increasing integration of AI in daily life, enhancing efficiency in personal and work scenarios, such as energy management and document processing [38][43]

Group 1 - The total scale of the Stock Connect holdings reached approximately 2.59 trillion yuan in Q4 2025, an increase of 54.06 billion yuan compared to the previous quarter [4][8] - The proportion of holdings in the main board increased by 1.04 percentage points, while the proportion in the ChiNext and Sci-Tech Innovation Board decreased by 0.65 and 0.39 percentage points, respectively [4] - The proportion of holdings in cyclical, growth, and stable styles increased by 2.37, 0.08, and 0.05 percentage points, while consumer and financial styles decreased by 2.37 and 0.15 percentage points [4] Group 2 - The largest sectors by Stock Connect holdings in Q4 were new energy (17.78%, -0.12 percentage points), electronics (13.91%, -0.33 percentage points), and non-ferrous metals (7.18%, +1.96 percentage points) [8] - Non-ferrous metals, communication, and basic chemicals saw significant increases in holdings, while pharmaceuticals, food and beverage, and automotive sectors experienced notable declines [8][14] - The net inflow for non-ferrous metals was 24.872 billion yuan, for communication was 11.278 billion yuan, and for basic chemicals was 5.711 billion yuan, while pharmaceuticals saw a net outflow of 25.665 billion yuan [8] Group 3 - The sectors with the highest overweight ratios were new energy (11.34%), electronics (2.80%), and non-ferrous metals (2.56%), while the lowest were banking (-3.93%), oil and petrochemicals (-2.37%), and computers (-2.26%) [15] - The overweight ratios for non-ferrous metals, communication, and basic chemicals increased by 1.40, 0.47, and 0.29 percentage points, respectively, while those for pharmaceuticals, food and beverage, and banking decreased [15] Group 4 - Core assets and growth stocks such as Zhongji Xuchuang, China Ping An, and Siyuan Electric saw significant changes in foreign holdings, with the concentration of top five holdings decreasing [18] - The top three stocks by Stock Connect holdings were Ningde Times (254.343 billion yuan), Midea Group (77.049 billion yuan), and Kweichow Moutai (75.812 billion yuan) [18] - The largest net inflows were seen in Ningde Times (8.813 billion yuan), Luxshare Precision (5.737 billion yuan), and Weichai Power (5.124 billion yuan) [18] Group 5 - Stock Connect funds are expected to continue increasing their positions in core assets, technology, and cyclical sectors in Q1 2026 [21] - The ongoing Federal Reserve rate cut cycle may favor technology growth and certain cyclical sectors, attracting foreign capital [21] - The expected earnings growth in technology and cyclical sectors, along with favorable policies, may further enhance the attractiveness of these sectors to foreign investors [21][23]

Group 1: Fund Positioning - In Q4 2025, the overall equity position of actively managed equity funds decreased to 86.45%, down by 0.97 percentage points from Q3 2025[4] - The main board's position decreased by 0.2 percentage points to 58.4%, while the Sci-Tech Innovation Board's position fell by 1.0 percentage points to 16.4%; the ChiNext Board's position increased by 1.2 percentage points to 24.8%[5] - The cyclical sector saw the largest increase in position, rising from 18.2% to 21.5%, an increase of 3.3 percentage points[10] Group 2: Sector Adjustments - Actively managed equity funds increased their positions in non-ferrous metals and communications while reducing their holdings in pharmaceuticals and electronics[10] - The top five sectors by position in Q4 2025 were electronics (23.7%), electric power equipment (11.4%), communications (11.1%), pharmaceuticals (8.1%), and non-ferrous metals (8.0%)[13] - The growth sector's position decreased by 2.5 percentage points to 57.6%, while the consumer sector fell by 1.6 percentage points to 14.7%[10] Group 3: Concentration of Holdings - The concentration of holdings in the top 20 stocks increased, with the top 5, 10, 30, and 50 stocks' holdings rising by 1.3, 0.8, 0.6, and 0.2 percentage points respectively[20] - The top stocks with increased holdings included those in the electric power equipment and non-ferrous metals sectors, while reductions were primarily in electronics and media[23] Group 4: Future Expectations - It is anticipated that holdings in the growth, certain cyclical, and consumer sectors may rebound or remain high in Q1 2026 due to policy support and market conditions[27] - The TMT (Technology, Media, Telecommunications), electric new energy, pharmaceuticals, and certain consumer sectors are expected to attract attention for potential investment[28]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][9] Core Insights - January saw a strong start for duty-free shopping, with Hainan's offshore duty-free shopping amounting to 4.53 billion yuan, a year-on-year increase of 44.8% [6] - The implementation of the "zero tariff" policy for residents in Hainan is expected to further stimulate consumption [6] - The demand for high-priced premium and packaged goods has surged, reflecting a robust consumer sentiment during the Spring Festival [6] Summary by Sections Industry Performance - In January, the total duty-free shopping amount reached 4.53 billion yuan, with 560,000 shoppers and 3.367 million items purchased, showing increases of 21.0% and 14.0% year-on-year respectively [6] - The average spending per person was approximately 8,089 yuan, up 19.7%, while the average price per item rose by 27.0% to 1,345 yuan [6] Policy Developments - The "zero tariff" policy allows Hainan residents to purchase specified imported goods up to a value of 10,000 yuan per person per year without paying import duties, VAT, or consumption tax [6] - The first batch of goods includes 202 frequently consumed items, aimed at enhancing the benefits of the free trade port and meeting local consumer needs [6] Supply Side Developments - China Duty Free Group has secured the right to operate duty-free retail in the Haikou West Coast area and is actively engaging in promotional activities [6] - Zhuhai Duty Free Group has transitioned to a major consumer platform focused on duty-free sales, with its first store in Sanya officially opening on February 11 [6] Investment Recommendations - The report suggests focusing on companies such as China Duty Free Group, Wangfujing, and Hainan Airport, as the policy changes and sales data indicate a recovery in the industry [6]

Investment Rating - The investment rating for the company is "Buy" (首次) [3] Core Views - The company focuses on customized automotive system connectors, primarily producing special fasteners and seat locks, which are widely used in various automotive systems [8][13] - The company has established strong partnerships with major automotive manufacturers and parts suppliers, positioning itself as a key supplier in the automotive fastener and seat lock market [13][14] - The company is actively expanding its product offerings into the new energy vehicle sector and automotive smart electronics, leveraging its R&D and production capabilities [14][15] - Continuous technological development and new product launches are expected to drive long-term business growth [15][16] Financial Data and Valuation - The company’s projected revenues for 2025-2027 are estimated at 784 million, 908 million, and 1,054 million yuan, with year-on-year growth rates of 15.0%, 15.9%, and 16.1% respectively [19] - The projected net profits for the same period are expected to be 111 million, 124 million, and 139 million yuan, with growth rates of 3.6%, 11.8%, and 12.2% respectively [19] - The company’s earnings per share (EPS) are projected to be 0.26, 0.29, and 0.33 yuan for 2025, 2026, and 2027 respectively [19] - The company’s gross margin is expected to remain stable around 30% for the forecast period [19][20] Business Highlights - The company has a strong customer base, being a first-tier supplier to major automotive manufacturers such as Volkswagen China and GAC Honda [14][13] - The company has a market share of approximately 7.45% in the national passenger car seat lock market as of 2023 [14] - The company’s precision components business has seen rapid growth, with a significant increase in the shipment of aluminum precision connectors [15] - The company is expanding its product lines to include electric locks and other innovative solutions for the automotive industry [18]

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the market index by more than 15% over the next 6-12 months [37]. Core Insights - The company, Gude Electric Materials (301680.SZ), focuses on the research, production, and sales of thermal runaway protection components for new energy vehicle batteries and electrical insulation products. It is positioned as a leading supplier in the global thermal runaway protection market for power batteries [8][27]. - The company is projected to achieve revenues of CNY 650.9 million, CNY 907.9 million, and CNY 1.106 billion for the years 2023, 2024, and 2025, respectively, with year-over-year growth rates of 37.00%, 39.48%, and 21.79%. The net profit attributable to the parent company is expected to be CNY 100.5 million, CNY 171.8 million, and CNY 179.2 million for the same years, with growth rates of 56.87%, 70.93%, and 4.30% [9][5]. Summary by Sections Basic Financial Status - The company is expected to generate revenues of CNY 6.51 billion, CNY 9.08 billion, and CNY 11.06 billion from 2023 to 2025, with corresponding net profits of CNY 1.00 billion, CNY 1.72 billion, and CNY 1.79 billion [9][5]. - In the first half of 2025, the main business revenue is categorized into three segments: thermal runaway protection components for new energy vehicle batteries (CNY 302 million, 67.30%), electrical insulation products (CNY 127 million, 28.40%), and others (CNY 19 million, 4.30%) [9]. Industry Situation - The global market for battery system safety protection products is expected to grow significantly, from CNY 1.75 billion in 2020 to CNY 11.54 billion in 2024, with a compound annual growth rate of 60.25% [17]. - The demand for thermal runaway protection materials, particularly mica and aerogel materials, is increasing due to the rapid development of the new energy vehicle industry and the rising energy density of batteries [19][20]. Company Highlights - The company has successfully extended its technology from electrical insulation to thermal protection, becoming a core supplier in the global thermal runaway protection market for new energy vehicle batteries. It has established strong partnerships with major automotive manufacturers and battery producers [27][28]. - The company is actively expanding its new business in copper-aluminum composite materials, which have entered the supply chain of major battery manufacturers, potentially becoming a new growth driver for revenue [28][29]. Fundraising Project Investment - The company plans to invest in two projects through its IPO, including the production of new thermal runaway protection components for new energy vehicles and the construction of a production base for thermal runaway protection materials [30][31].

Investment Rating - The investment rating for Tongbao Optoelectronics is "Buy" with an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [36]. Core Insights - Tongbao Optoelectronics specializes in the production and application of LED semiconductor lighting devices, focusing on automotive LED modules and lighting systems. The company has established itself as a significant supplier in the domestic LED automotive lighting module sector, particularly through deep collaboration with its core customer, SAIC-GM-Wuling [2][26]. - The company has shown strong revenue growth, with projected revenues of CNY 5.29 billion, CNY 5.88 billion, and CNY 7.17 billion for 2023, 2024, and 2025 respectively, reflecting year-on-year growth rates of 35.86%, 11.02%, and 21.94% [10][26]. - The net profit attributable to the parent company is expected to be CNY 0.62 billion, CNY 0.83 billion, and CNY 0.80 billion for the same years, with year-on-year growth rates of 69.65%, 33.49%, and -3.66% [10][26]. Summary by Sections Basic Financial Status - For the years 2023 to 2025, the company is expected to achieve operating revenues of CNY 5.29 billion, CNY 5.88 billion, and CNY 7.17 billion, with corresponding year-on-year growth rates of 35.86%, 11.02%, and 21.94% [10][26]. - The net profit attributable to the parent company is projected to be CNY 0.62 billion, CNY 0.83 billion, and CNY 0.80 billion, with year-on-year growth rates of 69.65%, 33.49%, and -3.66% [10][26]. Industry Situation - The automotive industry in China is expected to see a total sales volume of 31.44 million vehicles in 2024, with a year-on-year growth of 4.5%. The domestic sales of new energy vehicles are projected to reach 11.58 million units, reflecting a growth of 39.7% [18][20]. - The automotive lighting system market in China is anticipated to grow significantly, with the market size expected to reach CNY 939 billion in 2024 and CNY 1,014 billion in 2025 [20][22]. Company Highlights - The company has established a strong position in the LED automotive lighting module sector, primarily due to its long-term partnership with SAIC-GM-Wuling, which accounts for 93% of its sales revenue in the first half of 2025 [26][27]. - The company is expanding its product line from LED lighting modules to complete lighting assemblies and is actively developing electronic control systems and energy management systems [27][28]. Fundraising Project Investment - The company plans to invest CNY 34.16 million in a project focused on smart LED modules, charging and distribution systems, and control modules, which will enhance its production capacity and market position [28][30].

Investment Rating - The investment rating for Tongbao Optoelectronics is "Buy" with an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [36]. Core Insights - Tongbao Optoelectronics specializes in the production and application of LED semiconductor lighting devices, focusing on automotive LED modules and lighting [2][7]. - The company has established a strong partnership with SAIC-GM-Wuling, becoming a key supplier in the domestic LED automotive lighting module segment, with 93% of its sales in the first half of 2025 coming from this client [2][26]. - The company is expanding its product line from LED modules to complete lighting assemblies and is actively developing electronic control systems and energy management systems [27]. Summary by Sections Basic Financial Status - The company is projected to achieve revenues of CNY 5.29 billion, CNY 5.88 billion, and CNY 7.17 billion for the years 2023, 2024, and 2025, respectively, with year-over-year growth rates of 35.86%, 11.02%, and 21.94% [10]. - The net profit attributable to the parent company is expected to be CNY 0.62 billion, CNY 0.83 billion, and CNY 0.80 billion for the same years, with year-over-year growth rates of 69.65%, 33.49%, and -3.66% [10]. Industry Situation - The automotive industry in China is expected to see total sales of 31.44 million vehicles in 2024, with a 4.5% year-over-year growth, and the new energy vehicle segment is projected to grow by 39.7% [18]. - The automotive lighting system market in China is anticipated to grow from CNY 939 billion in 2024 to CNY 1,014 billion in 2025, driven by technological upgrades and domestic replacement trends [20]. Company Highlights - The company has a comprehensive production capability for various types of LED automotive lighting modules, including front lights, daytime running lights, and interior lights, and has a market coverage rate of approximately 4.12% for its core products [26]. - The transition from LED modules to complete lighting assemblies has become a significant growth point, with revenues from lighting assemblies expected to increase from CNY 25.56 million in 2022 to CNY 86.61 million in 2024 [27]. - The company is also developing electronic control systems, with expected revenues from EPS controllers reaching CNY 14 million in 2025 [27]. Fundraising Project Investment - The company plans to invest CNY 34.16 million in a project focused on smart LED modules, charging and distribution systems, and control modules, aiming to enhance production capacity and market position [28][30].