Group 1 - The new stock sector is showing signs of convergence in volatility, indicating that an upward active cycle may still be on the way [1][12] - The average increase of new stocks listed since 2025 is approximately 0.0%, with about 33.3% of new stocks achieving positive returns, an improvement from the previous week's 13.8% [12][29] - Structural highlights are emerging, particularly in sectors like photovoltaic and commercial aerospace, suggesting a potential rebound in active momentum [2][12] Group 2 - The average issuance price-to-earnings ratio for new stocks in February is 15.3X for the main board, significantly down from 23.9X in the previous month [13] - The average first-day closing price-to-earnings ratio for new stocks in February is 31.5X, a notable decrease from 58.9X in the previous month [17] - The first-day average increase for new stocks in February is 106.2%, down from 133.1% in the previous month, indicating a cooling in trading enthusiasm [20] Group 3 - Upcoming new stocks include Ai De Technology, Electric Science and Technology Blue Sky, and Linping Development, with varying industry focuses [4][35] - The expected issuance price-to-earnings ratio for new stocks pending listing is 57.1X for the science and technology board and 18.7X for the main board, indicating a slight increase in valuation [7][35] - The report suggests monitoring high-profile new stocks for potential differentiated performance due to rising industry theme heat [35][36] Group 4 - The report highlights specific stocks to watch, including Tongyu New Materials, Fengbei Biological, and He Yuan Biological-U, which are expected to perform well in the current market environment [46] - For mid-term investments, stocks like Jun Ding Da, Mai Jia Xin Cai, and Si Kan Technology are recommended for potential investment opportunities [46]

Group 1 - The report suggests maintaining a balanced allocation in technology growth, certain cyclical, and consumer sectors before the holiday, with potential outperformers including automotive, military, beauty care, machinery, and communication industries for the 2025 annual report performance [1][3] - The consumer sector's short-term rebound may be a valuation correction, with its sustainability under observation due to weak consumer confidence, lack of profit inflection points, and significant valuation recovery already observed [1][3][36] - Current valuations in growing sectors such as pharmaceuticals, automotive, computers, and machinery are relatively low, indicating potential for future growth [1][3] Group 2 - Historical analysis indicates that after adjustments in the spring market, leading sectors supported by policy and industry trends may regain their advantage, particularly technology growth and cyclical sectors [1][3][24] - The report highlights that sectors with strong annual report performance growth forecasts, such as automotive (471.5%), military (398.4%), beauty care (378.3%), machinery (275.6%), and communication (242.1%), are likely to perform well in the short term [1][3][32] - The consumer sector has shown a long-term downtrend since 2021, with six rebound instances averaging 21.56% in magnitude, driven by consumer confidence, low valuations, and profit growth [1][3][36]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - Sustainable Aviation Fuel (SAF) is a crucial method for reducing carbon emissions in aviation, capable of reducing carbon emissions by up to 85% compared to traditional aviation fuels [2][20] - Policies in regions such as the EU, the US, and China are driving the development of SAF, creating significant market opportunities [2][39] - The SAF production landscape is diverse, with various technologies being developed, although there are differences in maturity and feasibility [2][11] - Used Cooking Oil (UCO) is a key raw material for SAF production, and China is the largest exporter of UCO, with an estimated annual collection capacity of about 8.1 million tons [2][5] - Investment recommendations include companies such as Jiaao Environmental Protection, Haineng Technology, and others involved in the SAF sector [2][6] Summary by Sections SAF as a Key Method for Carbon Reduction - SAF is a direct substitute for traditional aviation fuel, with high energy density and compatibility with existing aviation systems, requiring minimal infrastructure changes [20][22] - The SAF supply chain includes various raw materials, primarily waste cooking oils and agricultural residues, with significant potential for carbon reduction [22][23] Policy Driving SAF Development - The EU has set ambitious SAF blending targets of 6% by 2030, 34% by 2040, and 70% by 2050, while the US primarily uses subsidies to promote SAF production [2][39][44] - The global demand for SAF is expected to grow significantly, with projections indicating a need for 35 million tons by 2050 [38][39] Diverse SAF Production Routes - The report highlights multiple production technologies for SAF, with HEFA being the most commercially viable, but AtJ and GFT technologies showing long-term potential [2][29] - The cost of SAF remains high due to technological maturity, limited raw material supply, and an underdeveloped supply chain [23][24] UCO Resource Attributes - UCO is a critical feedstock for SAF production, and China's large population and developed catering industry contribute to a significant UCO supply [2][5] Related Companies - The report suggests monitoring companies such as Jiaao Environmental Protection, Haineng Technology, and others for investment opportunities in the SAF sector [2][6]

请仔细阅读在本报告尾部的重要法律声明 2 证券研究报告 基础化工/行业深度报告 领先大市（维持） SAF助力航空减排，国内具备UCO特色优势 分析师：骆红永 S0910523100001 2026年02月06日 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 u SAF为航空降碳重要手段。SAF是一种可直接使用的液体燃料替代品，与传统航空燃料相比，其最高可减 少85%的碳排放量，并可使用多种动植物油脂以及废弃油脂生产，不必依赖传统化石能源；与电能、氢能 等其他绿色航空新能源相比，SAF具有能量密度高、制备方式灵活、与现有航空动力系统兼容度高等优势， 应用上不需要对现有的发动机和其他基础设施做太多改造。 u 政策推动SAF发展，打开市场空间。欧盟、美国、中国等国家或地区颁布一系列促进SAF发展的政策。根 据ReFuelEU航空法规要求，2030年、2040年和2050年，欧盟的SAF占比为6%、34%和70%。与欧盟通过强制 掺混和碳市场等政策来推动SAF不同，美国主要通过补贴的形式激励SAF的生产、研发和市场推广。 u SAF路线多样，国内加速布局。SAF领域的技术发 ...

2026 年 02 月 04 日 公司研究●证券研究报告 航宇科技（688239.SH） 公司快报 航发环形锻件供应商，打造空天"一站式"制造 平台 投资要点 | | 国防军工 | 航空军工Ⅲ | | --- | --- | --- | | 投资评级 | | 买入(首次) | | 股价(2026-02-03) | | 元 68.10 | | 交易数据 | | | | 总市值（百万元） | | 12,981.91 | | 流通市值（百万元） | | 12,981.91 | | 总股本（百万股） | | 190.63 | | 流通股本（百万股） | | 190.63 | | 12 个月价格区间 | | 70.08/31.13 | 一年股价表现 资料来源：聚源 升幅% 1M 3M 12M 相对收益 -0.02 33.91 90.61 绝对收益 0.64 34.06 112.7 分析师 贺朝晖 SAC 执业证书编号：S0910525030003 hezhaohui@huajinsc.cn 分析师 周涛 SAC 执业证书编号：S0910523050001 zhoutao@huajinsc.cn 相关报告 | 会计年度 ...

2026 年 02 月 04 日 公司研究●证券研究报告 航宇科技（688239.SH） 公司快报 航发环形锻件供应商，打造空天"一站式"制造 平台 投资要点 | | 国防军工 航空军工Ⅲ | | --- | --- | | 投资评级 | 买入(首次) | | 股价(2026-02-03) | 68.10 元 | | 交易数据 | | | 总市值（百万元） | 12,981.91 | | 流通市值（百万元） | 12,981.91 | | 总股本（百万股） | 190.63 | | 流通股本（百万股） | 190.63 | | 个月价格区间 12 | 70.08/31.13 | 一年股价表现 资料来源：聚源 升幅% 1M 3M 12M 相对收益 -0.02 33.91 90.61 绝对收益 0.64 34.06 112.7 分析师 贺朝晖 SAC 执业证书编号：S0910525030003 hezhaohui@huajinsc.cn 分析师 周涛 SAC 执业证书编号：S0910523050001 http://www.huajinsc.cn/ 1 / 7 请务必阅读正文之后的免责条款部分 航发环形锻件供应商 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% in the next 6-12 months compared to relevant market indices [43]. Core Insights - The company, Haiseng Medical, specializes in the research, production, and sales of anesthesia and monitoring medical devices, with a strong market presence in various clinical departments such as anesthesia, ICU, and emergency [2][7]. - The company has demonstrated a solid financial performance with projected revenues of 306 million CNY in 2023, 304 million CNY in 2024, and 345 million CNY in 2025, reflecting year-over-year growth rates of 14.25%, -0.70%, and 13.68% respectively [10][4]. - The company has established itself as a leading player in the domestic market for anesthesia and monitoring medical consumables, with a comprehensive product matrix and a robust sales network covering over 600 top-tier hospitals [35][36]. Summary by Sections Basic Financial Status - The company is expected to achieve revenues of 3.06 billion CNY, 3.04 billion CNY, and 3.45 billion CNY from 2023 to 2025, with corresponding net profits of 780 million CNY, 710 million CNY, and 860 million CNY [10][4]. - The company’s revenue sources are primarily from anesthesia and monitoring medical devices, which together account for over 80% of total revenue [10]. Industry Situation - The medical device industry is one of the fastest-growing sectors globally, with a projected market size of 6,379.6 billion USD by 2028, driven by increasing health demands [20][21]. - The domestic medical device market has rapidly expanded, with a compound annual growth rate of 14.76% from 2017 to 2024, indicating significant growth potential [24]. Company Highlights - Haiseng Medical has competitive advantages in core technologies, product variety, and marketing channels, having developed advanced technologies that exceed industry standards [35][36]. - The company is actively engaged in product innovation and development, collaborating with universities to enhance its technological capabilities [36]. Fundraising Project Investments - The company plans to invest in three main projects through its IPO, including upgrading production facilities, establishing a research and testing center, and building a marketing service base [37][38]. Peer Comparison - Compared to similar companies, Haiseng Medical's revenue is below the average of its peers, but its sales gross margin is positioned in the mid-to-high range of the industry [39][40].

Market Overview - On February 2, 2026, the Shanghai Composite Index fell by nearly 2.5%[1] - The decline was attributed to expectations of tightening overseas liquidity and adjustments in cyclical sectors[6] Market Trends - The spring market rally is not over; adjustments present opportunities for low-cost positioning[11] - Short-term policy expectations remain positive, with limited external risks anticipated[11] Industry Insights - Adjustments in technology growth and certain cyclical sectors are expected to outperform in the near term[12] - From January 30, 2026, the declines in cyclical sectors included a 14.8% drop in non-ferrous metals and an 8.6% drop in steel[13] Performance Forecasts - High growth rates are projected for sectors such as beauty care (451.0%), non-bank financials (271.2%), and defense industry (140.3%) for 2025[17] - The transportation sector and non-ferrous metals are expected to see significant year-on-year profit growth of 31.2% and 22.6%, respectively[19] Risk Factors - Historical experiences may not apply to future market conditions, and unexpected policy changes could impact investment decisions[33] - Economic recovery may not meet expectations due to external disruptions or unforeseen events[33]

2026 年 02 月 01 日 行业研究●证券研究报告 电力设备及新能源 行业快报 容量电价机制升级，新型储能迎发展良机 事件点评 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 | 资料来源：聚源 | | | | | --- | --- | --- | --- | | 升幅% | 1M | 3M | 12M | | 相对收益 | 1.68 | -0.55 | 25.5 | | 绝对收益 | 3.33 | 0.86 | 48.8 | 分析师 贺朝晖 SAC 执业证书编号：S0910525030003 hezhaohui@huajinsc.cn 分析师 周涛 SAC 执业证书编号：S0910523050001 zhoutao@huajinsc.cn 相关报告 电力设备及新能源：AIDC 供电三重挑战下， SST 率军突围-华金证券-电新-行业深度报告 2026.1.19 电力设备及新能源：商业航天崛起，关注轻量 化高效太空光伏技术-华金证券-电新-行业快报 2026.1.7 涪陵电力：电网运营+配电网节能业务双轮驱动 -华金证券-电新-涪陵电力-公司快报 2026.1.3 隆华科技：25Q3 业绩稳 ...

Investment Rating - The investment rating for the company is "Buy" with an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [40]. Core Insights - The company, Aide Technology (920180.BJ), primarily engages in the research, production, and sales of orthopedic medical devices, focusing on spinal, trauma, and sports medicine products, as well as wound healing products [6][8]. - The company has a strong market position in the orthopedic field, particularly in the spinal segment, with a market share of 1.29% in 2023, ranking sixth among domestic companies in the spinal implant market [33]. - Revenue projections for 2023-2025 are 262 million, 275 million, and 302 million yuan respectively, with year-over-year growth rates of -8.22%, 4.87%, and 9.74% [8][3]. - The company has launched new products in the hip and knee joint categories, expanding its product line and aiming for steady revenue growth [34]. Summary by Sections Basic Financial Status - The company achieved revenues of 262.1 million yuan in 2023, with a net profit of 63.6 million yuan, reflecting a year-over-year decline of 31.85% [3][8]. - The revenue for 2024 is projected to be 274.9 million yuan, with a slight recovery in net profit to 67.1 million yuan, indicating a growth of 5.60% [3][8]. Industry Situation - The orthopedic medical device industry is experiencing growth, driven by an aging population and increasing healthcare spending, with the market size expected to grow from 193 billion yuan in 2016 to 246 billion yuan by 2024 [16][17]. - The spinal implant market specifically is projected to recover in 2024, with a market size of 72 billion yuan, following a decline due to national procurement policies [18]. Company Highlights - Aide Technology has developed a comprehensive product matrix covering all areas of orthopedics, with 132 product registrations and a focus on the lower-tier medical market [33][34]. - The company has established a nationwide sales network, collaborating with over 3,000 hospitals across 31 provinces and municipalities [33]. Fundraising Project Investment - The company plans to invest in three main projects through its IPO: an orthopedic consumables expansion project, a research and development center, and a marketing network enhancement project [35][36]. Comparison with Peers - Compared to peer companies like Weigao Orthopedics and Dabo Medical, Aide Technology's revenue and gross margin are below the average, with a projected revenue of 2.75 billion yuan for 2024 [37][38].