Investment Rating - The investment rating for the company is "Buy" [5][10] Core Views - The company is expected to achieve a net profit attributable to shareholders of 835-998 million yuan in 2025, representing a year-on-year growth of 236.90%-302.67%. The net profit after deducting non-recurring items is projected to be 705-868 million yuan, with a year-on-year increase of 299.87%-392.32% [1][5] - The significant growth in performance is attributed to increased production and sales volume, along with a decline in raw material costs. The company has effectively managed costs and improved efficiency through refined management practices and the construction of two 65MW ultra-high temperature subcritical power generation projects [1][2] - The company has also capitalized on market opportunities by optimizing its product mix to increase the sales volume of high-margin products, which has positively impacted its performance [1] Summary by Sections Performance Forecast - The company anticipates a net profit of 918 million yuan in 2025, with a growth rate of 270.2%. The earnings per share (EPS) for 2025 is projected to be 0.40 yuan, with a price-to-earnings (P/E) ratio of 16 [4][9] - The forecast for 2026 and 2027 shows EPS of 0.46 yuan and 0.52 yuan, with corresponding P/E ratios of 14 and 12 [4][9] Financial Data - The company's revenue for 2025 is estimated at 20.458 billion yuan, reflecting a decline of 5.1% from the previous year. The net profit for 2024 is expected to be 248 million yuan, a decrease of 64% [4][9] - The company’s gross margin is projected to improve to 8.8% in 2025, with a net profit margin of 4.6% [9] Market Position - The steel industry is undergoing a transformation towards high-end, green, and intelligent production, with a focus on supply-side reforms. The company is well-positioned to benefit from these trends due to its strong internal incentives and effective cost control [2][4]

证券研究报告 西部证券研发中心 2026年01月30日 分析师 | 周安桐 S0800524120005 zhouantong@research.xbmail.com.cn 联系人 | 程宵凯 chengxiaokai@xbmail.com.cn 联系人 | 喻麟靖 yulinjing@xbmail.com.cn 静水潜流，价值当归 银行板块2026开年策略 • 板块现状：25年10月以来资金对银行板块策略偏审慎，板块整体呈行情趋势缺失、估值中枢向中值收敛，以及资金交易向绩优股集中、 估值分布不均两大特征。 • 资金面趋势：我们认为国资法人是银行板块中长期定价的主导资金，一方面国资稳定控股银行股（25Q2末持股数量、市值占比均在 60%以上）、且交易频次较低，另一方面央企、地方国资系统是上市银行长期经营策略制定与实施的主导方。而银行板块的短中期行 情或更多受险资、公募、宽基ETF等资金流动影响。 ➢ 息差有望趋势企稳：1）贷款端：新发放贷款利率已行至低位，叠加自律机制调节、监管引导行业"反内卷"等因素，预计今年贷款端 收益下行压力或边际缓减；2）存款端：预计今年银行存款重定价效应仍较强，利于银行持续改善负债端 ...

公司点评 | 方大特钢 产销量增长+原燃料成本下降，业绩高增符合预期 证券研究报告 2026 年 01 月 30 日 方大特钢（600507.SH）2025 业绩预增点评 事件：公司公告业绩预增，预计 2025 年归母净利润为 8.35-9.98 亿元，同 比增长 236.90%-302.67%；扣非后归母净利润为 7.05-8.68 亿元，同比增长 299.87%-392.32%。 产销量增长+原料成本下降，业绩高增符合预期。我们按照业绩预告中值可 以测算出 2025Q4 单季度归母净利润为 1.28 亿元，同比增长 116.10%；扣 非后归母净利润为 1.32 亿元，同比增长 471.74%，根据业绩预增公告内容： 1）业绩增长方面，2025 年钢铁行业下游需求仍偏弱运行，钢材价格呈震荡 下行态势，但同期上游主要原燃料价格也显著回落，钢材利润得到一定修复。 在生产端，公司持续推进精细化管理，大力降本增效；建设两套 65MW 超高 温亚临界发电项目，提升能源利用效率。在销售端，公司抢抓市场机遇，通 过优化品种结构，提高高效益产品产销量，有力推动了业绩增长。 2）非经营性损益方面，2025 年公司非经常性损 ...

Group 1: Automotive Sector - Hesai Technology (2525.HK) - The report projects total revenue for Hesai Technology to reach 3.1 billion, 4.8 billion, and 6.1 billion yuan from 2025 to 2027, with net profit attributable to shareholders expected to be 370 million, 690 million, and 1.09 billion yuan respectively, indicating strong growth potential in high-level autonomous driving and robotics [1][3]. - The market perceives limited space for LiDAR, but the report argues that the vehicle market alone, particularly models priced over 100,000 yuan, will rapidly adopt LiDAR technology, enhancing both the number of units per vehicle and average selling price (ASP) as autonomous driving evolves [3]. - The founders of Hesai have clearly defined roles that complement each other, contributing to the company's strategic advantage. The early market entry into the L4 level, commitment to chip-based LiDAR, and proprietary manufacturing processes reflect the company's forward-looking strategy and management quality [4]. Group 2: Computer Sector - Moltbot - Moltbot, an AI assistant project, aims to make terminal containerization mainstream by allowing users to deploy it on local devices and interact through various messaging platforms, showcasing its ability to execute commands and manage workflows autonomously [5][6]. - The architecture of Moltbot includes a memory system that records conversations and actions, enabling it to summarize discussions and retain key information, thus enhancing user interaction and task management [6][7]. - The introduction of a "session isolation" mechanism allows Moltbot to operate with full system permissions in private conversations while restricting access in group chats, ensuring user data security [7]. Group 3: Non-ferrous Metals Sector - Zijin Mining (601899.SH) - Zijin Mining announced a plan to acquire Allied Gold Corporation for 5.5 billion Canadian dollars (approximately 28 billion yuan), focusing on three large gold mines in Africa, which will enhance its resource base and production capacity [11][12]. - The core assets of Allied Gold are located in resource-rich areas of Africa, with significant gold reserves and production potential, including projects expected to contribute to production as early as 2023-2024 [12][13]. - The acquisition is expected to strengthen Zijin Mining's position in the global gold market, with projected earnings per share (EPS) of 1.95, 2.76, and 3.08 yuan from 2025 to 2027, maintaining a "buy" rating [13].

Investment Rating - The report assigns a "Buy" rating for the company, Hesai Technology (2525.HK), indicating a positive outlook for its stock performance [6]. Core Insights - The company is projected to achieve total revenues of 3.1 billion, 4.8 billion, and 6.1 billion yuan from 2025 to 2027, with net profits of 370 million, 690 million, and 1.09 billion yuan respectively. As a global leader in LiDAR technology, Hesai is expected to rapidly expand in high-level autonomous driving and robotics sectors [1][6]. - The market perception is that the LiDAR space is limited; however, the report argues that there is significant potential, particularly in the automotive sector, where over 100,000 models are expected to adopt LiDAR technology. The report anticipates an increase in the number of LiDAR units per vehicle and an enhancement in average selling price (ASP) as autonomous driving technology evolves [1][14]. Summary by Sections Company Overview - Hesai Technology is recognized as a global leader in LiDAR development and manufacturing, with products widely used in advanced driver-assistance systems (ADAS), autonomous vehicles, and various robotic applications [19][40]. - The company has established a comprehensive product matrix covering multiple scenarios, including ADAS, robotics, and high-precision modeling [19]. Strategic Advantages - The founders of Hesai have clearly defined roles that complement each other, contributing to the company's strategic foresight and technological leadership. The company was an early entrant into the L4 market and has maintained a focus on chip-based LiDAR and mirror technology [2]. - Hesai's research and development capabilities are industry-leading, having introduced the chip-based approach early on. The AT128 LiDAR, launched in 2022, was the first chip-based long-range LiDAR product to achieve automotive-grade mass production [2]. - The proprietary manufacturing processes of Hesai integrate R&D and design, ensuring high performance, reliability, and cost-effectiveness. The company plans to increase its production capacity to 4 million units by 2026 [2]. Financial Projections - Revenue projections for 2023 to 2027 indicate significant growth, with expected revenues of 1.88 billion, 2.08 billion, 3.07 billion, 4.77 billion, and 6.11 billion yuan respectively. The net profit is expected to turn positive by 2025, reaching 367 million yuan [4][13]. - The report highlights a projected compound annual growth rate (CAGR) of 48% from 2025 to 2027, with a focus on expanding customer bases in both domestic and international markets [16]. Market Position and Competitive Landscape - Hesai has secured partnerships with over 22 major OEMs, covering more than 120 vehicle models, including prominent Chinese brands. The company is also expanding its international presence, collaborating with leading Tier 1 suppliers in Japan and Europe [27][28]. - The report emphasizes that Hesai's technology, particularly in SPAD and IPE, positions it well against competitors, enabling it to maintain a competitive edge in the rapidly evolving LiDAR market [32]. Product Development and Innovation - The company has developed a diverse range of LiDAR products tailored for various applications, including the ET, AT, FT, JT, and XT series, each designed to meet specific market needs from L2 to L4 autonomous driving [21][24]. - The introduction of the "Thousand Eye" LiDAR solution, which combines multiple LiDAR units for comprehensive coverage, showcases Hesai's commitment to innovation and market leadership [26].

Investment Rating - The industry investment rating is "Overweight" indicating an expected increase in the industry’s performance exceeding the market benchmark by more than 10% in the next 6-12 months [2][8]. Core Insights - Moltbot, an AI assistant project, is set to make terminal containerization mainstream. It operates as a self-deploying assistant that interacts through various messaging platforms and utilizes different AI models to perform tasks [2][4]. - The architecture of Moltbot includes a Gateway, Agent, Skills, and Memory, allowing it to manage tasks effectively while maintaining user privacy and security through a session isolation mechanism [3][4]. - Moltbot's capabilities include full control over the user's computer in a main session and a sandbox mode in non-main sessions, ensuring safety against potential malicious commands [4]. Summary by Sections Industry Overview - The report highlights the significant potential of Moltbot in transforming how users interact with their devices through AI, emphasizing its open-source nature and compatibility with various local devices [2][3]. Market Performance - The computer industry has shown a relative performance increase of 31.82% over the past 12 months compared to the CSI 300 index, which increased by 23.60% during the same period [6]. Recommendations - The report suggests focusing on companies involved in terminal containers such as Zhongke Chuangda and Ruantong Power, as well as cloud containers like Yike and CPU manufacturers including Haiguang Information and Longxin Zhongke [5].

Group 1: Fund Analysis - The public FOF fund scale increased in Q4 2025, with a new issuance scale of 458.54 billion yuan, primarily in bond-type funds [6][7] - The proportion of positive returns for FOF was 49%, with the top performer being CITIC Securities' selected fund [6][8] - Fund managers are optimistic about the market outlook, focusing on structural opportunities with technology and cyclical sectors as the main themes [6][11] Group 2: Electric Vehicle Market - The European electric vehicle market is entering a new phase, with a projected penetration rate of 29% in 2025 and 35% in 2026 due to supply-side drivers and supportive policies [14][15] - The introduction of affordable electric models by European automakers is expected to stimulate consumer demand significantly [15] - Chinese lithium battery companies are positioned to capitalize on the growth of the European market, enhancing their competitive landscape [14][16] Group 3: Construction and Decoration Industry - The construction state-owned enterprises are expected to benefit from strategic and professional restructuring policies initiated by the state [18][19] - The market share of major construction state-owned enterprises remains relatively low, with significant competition and operational pressure evident [19][20] - Recommendations include companies like China Communications Construction, China Railway, and China Chemical, which are likely to enhance their competitiveness through restructuring [21] Group 4: Beauty and Personal Care - The beauty industry in China is transitioning from incremental expansion to competitive positioning, with domestic brands gaining market share [23][24] - The company aims to achieve 30 billion yuan in sales by 2030, driven by research and development, brand expansion, and global operations [25] - The application of AI in production and marketing is expected to enhance operational efficiency and support long-term growth [25] Group 5: Basic Chemicals - The price of hafnium has surged by 21.64% since the beginning of 2026, driven by high demand in sectors like semiconductors and aerospace [27][28] - The company is advancing its zirconium-hafnium separation project, which is expected to significantly contribute to future earnings [29] - Hafnium's unique properties make it essential in high-tech applications, indicating strong future demand [28] Group 6: Electronics - The company is set to benefit from the high demand for PCB and packaging substrates, with projected net profits for 2025 expected to increase by 68% to 78% [31][32] - The expansion of production capacity is ongoing, with new facilities in Thailand and South China expected to enhance growth potential [33] - The company is recognized as a leading provider of electronic circuit technology, with a positive outlook for future performance [33]

行业专题报告 | 建筑装饰 建筑央企有望受益于国资央企战略性/专业化重组 证券研究报告 2026 年 01 月 28 日 核心结论 行业评级 超配 政策层面：导向明确，加强国资央企战略性、专业化重组。2024 年 12 月， 国务院国资委召开中央企业负责人会议便已经提出"加大力度推进战略性重 组和专业化整合"。2025 年下半年国资委表述开始频繁，比如 2025 年 9 月， 国务院国资委副主任李镇在国新办举行的新闻发布会上表示，下一步"大力 推动国资央企战略性专业化重组整合"；2025 年 12 月，国务院国资委主任 张玉卓在《充分激发各类经营主体活力》一文中强调，要"加强战略性、专 业化重组，加大力度合并'同类项'，避免重复建设和无序竞争"；2025 年 12 月国务院国资委召开中央企业负责人会议，以及 2026 年 1 月国新办举行 新闻发布会介绍 2025 年国资央企高质量发展情况，均表明 2026 年国资央 企要"大力推进战略性、专业化重组整合和高质量并购"。 行业层面：需求承压，专业化重组或助力建筑央企提升综合竞争力。大建筑 央企市占率相对较低：2024 年八大建筑央企合计市占率达到 21.4%， ...

Group 1 - The core conclusion of the report indicates that in Q4 2025, the scale of public FOFs increased, with 7 fund companies exceeding 10 billion yuan, and E Fund ranking first in scale, while the CR10 concentration ratio decreased to 60% [1][3][34] - In Q4 2025, the number of public FOFs reached 549, with a total scale of 239.34 billion yuan, reflecting an increase of 458.54 billion yuan compared to the previous quarter [3][13] - The report highlights that the new issuance scale reached 458.54 billion yuan, primarily driven by bond-type FOFs, with a positive return ratio of 49% [1][4][17] Group 2 - The report identifies a structural opportunity in the market, focusing on technology and cyclical sectors as the main investment themes [1][7] - The analysis of FOF fund performance shows that the positive return ratio for Q4 2025 was 49%, while the cumulative positive return ratio since 2025 has been 100% [4][7] - The report notes that the allocation strategy for Q4 2025 involved increasing bond fund holdings while reducing equity and commodity fund allocations [5][24] Group 3 - The report emphasizes the significant growth of bond mixed FOFs, which saw an increase of 493.87 billion yuan, accounting for 61.01% of the total scale [21][24] - The top ten FOF funds by scale accounted for 31.75% of the total, with the largest being the E Fund with 143.09 billion yuan [25][26] - The report highlights that 51 fund companies saw an increase in FOF scale, with five companies growing by over 50 billion yuan, notably E Fund and Guotai Junan [30][33]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The price of hafnium has rapidly increased, reaching $11,556.10 per kg as of January 26, 2026, with a growth of 21.64% since the beginning of 2026 and 164.76% since 2025. This surge is driven by demand in the semiconductor, industrial gas turbine, aerospace, and nuclear energy sectors, which has outstripped current supply capabilities, indicating a potential structural shortage of hafnium in the medium term [1][5] - The company is progressing steadily with its zirconium-hafnium separation production line, which is expected to contribute significantly to its earnings. The project aims to produce over 250 tons of hafnium oxychloride and more than 11,740 tons of ultra-pure zirconium oxychloride annually. The company has completed pilot testing, achieving a zirconium purity of 99.999% and hafnium purity of over 99.99%, meeting electronic-grade standards. Some products have already received recognition and orders from downstream semiconductor clients [3][4] Financial Projections - The company is projected to achieve a net profit attributable to shareholders of 1.23 billion, 4.01 billion, and 5.89 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of +62.0%, +226.8%, and +46.8%. The corresponding EPS is expected to be 0.29, 0.95, and 1.39 yuan [3][4] - Revenue is forecasted to reach 1.221 billion, 1.850 billion, and 2.345 billion yuan for 2025, 2026, and 2027, with growth rates of 15.9%, 51.5%, and 26.7% respectively [4][9]