Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the growth projections and strategic acquisitions [1]. Core Insights - The company plans to acquire 51% of Huayan Technology for 449 million yuan, with projected net profits for Huayan of 71 million yuan in 2024 and 40 million yuan in 2025, and a commitment to achieve net profit targets of 75 million, 100 million, and 155 million yuan from 2026 to 2028 [1]. - The acquisition is expected to enhance the company's product offerings and customer relationships, leveraging existing client resources to support Huayan [2]. - The company is experiencing steady growth driven by the 3C peak season and product iterations, with expectations for continued revenue growth in the coming years [3]. Financial Summary - Total revenue is projected to grow from 15,223 million yuan in 2023 to 25,409 million yuan in 2027, with year-over-year growth rates of -7.0%, 12.7%, 11.5%, 15.7%, and 14.7% respectively [5]. - The net profit attributable to the parent company is expected to increase from 1,438 million yuan in 2023 to 2,112 million yuan in 2027, with growth rates of -3.3%, -2.1%, 14.2%, 15.0%, and 14.3% [5]. - The company's gross margin is projected to stabilize around 25% over the forecast period, while the return on equity (ROE) is expected to improve from 13.0% in 2023 to 13.7% in 2027 [5]. Operational Strategy - The company is expanding its overseas presence, having completed its layout in Southeast Asia and Mexico, with plans to establish new bases in Europe, the Middle East, and the United States within the next 2-3 years [3]. - The acquisition of Huayan Technology is part of a broader strategy to extend the company's supply chain and enhance customer loyalty through a more integrated service offering [2].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the growth projections and strategic acquisitions mentioned [1]. Core Insights - The company plans to acquire 51% of Huayan Technology for 449 million yuan, with projected net profits for Huayan of 71 million yuan in 2024 and 40 million yuan in 2025, and a commitment to achieve net profits of 75 million, 100 million, and 155 million yuan from 2026 to 2028 [1]. - The acquisition is expected to enhance the company's product offerings and customer relationships, leveraging existing client resources to drive growth [2]. - The company is experiencing steady growth in its core operations, with expectations for continued expansion in overseas markets, particularly in Southeast Asia and Mexico, and plans to establish new bases in Europe, the Middle East, and the United States [3]. Financial Summary - Total revenue is projected to grow from 15,223 million yuan in 2023 to 25,409 million yuan in 2027, with year-over-year growth rates of -7.0%, 12.7%, 11.5%, 15.7%, and 14.7% respectively [5]. - Net profit attributable to the parent company is expected to increase from 1,438 million yuan in 2023 to 2,112 million yuan in 2027, with growth rates of -3.3%, -2.1%, 14.2%, 15.0%, and 14.3% [5]. - The company's gross margin is projected to stabilize around 25% over the forecast period, while the return on equity (ROE) is expected to improve from 13.0% in 2023 to 13.7% in 2027 [5]. Profit Forecast - The net profit forecasts for the company are 1,608 million yuan in 2025, 1,849 million yuan in 2026, and 2,112 million yuan in 2027, corresponding to price-to-earnings (P/E) ratios of 18.3X, 15.9X, and 13.9X respectively [3][5].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that Philip Morris International (PMI) has set a three-year growth plan focusing on new tobacco products, targeting a revenue CAGR of 6%-8% and an operating profit CAGR of 8%-10% from 2026 to 2028 [3] - PMI's revenue for 2025 reached $40.65 billion, a year-on-year increase of 7.3%, with new tobacco product revenue at $16.85 billion, growing by 15.0% [2][3] - The report anticipates significant growth in the U.S. market, particularly with the launch of IQOS ILUMA, which is expected to stimulate the heat-not-burn (HNB) segment [3] Summary by Sections Financial Performance - In Q4 2025, PMI's revenue was $10.36 billion, up 6.8% year-on-year, with new tobacco revenue at $4.35 billion, reflecting a 12.0% increase and accounting for 42% of total revenue [2][3] Market Dynamics - PMI's HNB sales reached 155.1 billion units in 2025, a growth of 11.0%, maintaining a global market share of approximately 76% [4] - In Japan, HNB product penetration reached 32.6% in Q4, with HNB revenue exceeding 50% in December [4] Product Growth - The report notes significant growth in smokeless products, with sales of oral tobacco and vaping products increasing by 18.5% and 100% year-on-year, respectively [5] - The U.S. market for oral tobacco has reached high single-digit penetration, with ZYN maintaining a market share close to two-thirds [5]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that Philip Morris International (PMI) has set a three-year growth plan focusing on new tobacco products, targeting a revenue CAGR of 6%-8% and an operating profit CAGR of 8%-10% from 2026 to 2028 [3] - PMI's revenue for 2025 reached $40.65 billion, a year-on-year increase of 7.3%, with new tobacco product revenue at $16.85 billion, up 15.0% [2][3] - The report anticipates significant growth in the U.S. market, particularly with the launch of IQOS ILUMA, which is expected to stimulate the heat-not-burn (HNB) segment [3] Revenue and Market Performance - In 2025, PMI's total revenue was $40.65 billion, with Q4 revenue at $10.36 billion, reflecting a 6.8% year-on-year increase [2] - The HNB segment achieved a global market share of approximately 76%, with annual sales of 155.1 billion units, marking an 11.0% increase [4] - In Q4, HNB sales reached 38.4 billion units, a 7.5% increase year-on-year, with Japan's HNB penetration rate reaching 32.6% [4] Product Growth and Strategy - The report notes that sales of oral tobacco and vaping products increased by 18.5% and 100% year-on-year, respectively, with Q4 growth rates of 7.3% and 91.4% [5] - The U.S. oral tobacco market, particularly the ZYN brand, continues to grow rapidly, maintaining a market share close to two-thirds [5] - PMI's vaping product VEEV has launched in 47 markets, showing a doubling growth trend and achieving the top market share in eight markets [5]

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry [1]. Core Insights - The IEA and OPEC have revised down their global crude oil inventory expectations for 2026, indicating a more cautious outlook for supply and demand dynamics in the oil market [1][2]. - Predictions for global crude oil supply in 2026 are set at 10870.29, 10765.19, and 10593.14 thousand barrels per day by IEA, EIA, and OPEC respectively, showing an increase compared to 2025 [2][30]. - Global crude oil demand forecasts for 2026 are 10498.05, 10482.61, and 10650.00 thousand barrels per day, reflecting a modest increase from 2025 [2][30]. - The report highlights significant fluctuations in oil prices, with Brent crude at 66.30 USD/barrel, WTI at 62.14 USD/barrel, and a notable increase in prices over the past month [3][9]. Summary by Sections Oil Price Overview - As of February 2, 2026, Brent crude, WTI, Russian ESPO, and Urals prices are 66.30, 62.14, 52.90, and 65.49 USD/barrel respectively, with Brent and WTI showing increases of 9.14% and 8.41% over the past month [9]. Global Crude Oil Inventory - IEA, EIA, and OPEC predict global crude oil inventory changes for 2026 at +372.24, +282.58, and -56.86 thousand barrels per day respectively, with an average change of +199.32 thousand barrels per day [2][24]. Global Crude Oil Supply - The forecast for global crude oil supply in 2026 is 10870.29, 10765.19, and 10593.14 thousand barrels per day by IEA, EIA, and OPEC, with respective increases of +251.53, +138.75, and +122.43 thousand barrels per day compared to 2025 [2][30]. Global Crude Oil Demand - The demand forecast for 2026 is 10498.05, 10482.61, and 10650.00 thousand barrels per day, with increases of +93.22, +113.81, and +136.34 thousand barrels per day from 2025 [2][30]. Related Companies - The report mentions several related companies including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina [3][4].

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1]. Core Insights - International oil prices experienced fluctuations due to geopolitical developments, including the potential resumption of nuclear talks between the U.S. and Iran, which initially eased risks but later saw a resurgence following military incidents [2][9]. - As of February 6, 2026, Brent and WTI oil prices were reported at $68.05 and $63.55 per barrel, respectively, reflecting a decrease of 1.83% and 2.55% from the previous week [2][25]. Summary by Sections Oil Price Review - Brent crude futures settled at $68.05 per barrel, down $1.27 (-1.83%), while WTI futures were at $63.55, down $1.66 (-2.55%) [2][25]. - The Urals crude price remained stable at $65.49 per barrel, and ESPO crude fell to $54.91, down $0.55 (-0.99%) [2][25]. Offshore Drilling Services - The number of global offshore self-elevating drilling rigs was 370, a decrease of 6 from the previous week, while floating drilling rigs totaled 132, down by 2 [28]. U.S. Oil Supply - U.S. crude oil production was reported at 13.215 million barrels per day, a decrease of 481,000 barrels from the previous week [35]. - The active rig count in the U.S. increased by 1 to 412 rigs as of February 6, 2026 [35]. U.S. Oil Demand - U.S. refinery crude processing averaged 16.029 million barrels per day, down by 180,000 barrels from the previous week, with a refinery utilization rate of 90.50%, a decrease of 0.4 percentage points [43]. U.S. Oil Inventory - Total U.S. crude oil inventories stood at 836 million barrels, a decrease of 3.241 million barrels (-0.39%) from the previous week [52]. - Strategic oil inventories increased slightly to 415 million barrels, while commercial inventories decreased to 420 million barrels [52]. Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [3].

Report Industry Investment Rating - The investment rating for the steel industry is "Bullish" [2]. Report's Core View - The current inventory accumulation pressure of the five major steel products is relatively limited, with the overall inventory at a relatively low level in history and the inventory accumulation speed slower than in previous years. Coupled with the supply support formed by the potential slight contraction of local production capacity due to recent safety inspections, the steel inventory pressure is limited. Currently, the profit per ton of general steel is considerable. Against the backdrop of the industry's "anti - involution," the performance improvement space of general steel companies is large, and they are expected to experience value restoration. The steel sector is also expected to present an opportunity for allocation. Based on the judgment of the steel industry cycle, the steel sector has strong "anti - involution" attributes and a large profit restoration space. High - quality steel enterprises have excellent upward elasticity brought about by the gradual restoration of performance and the room for the sector's valuation to rise due to the improvement of the supply pattern. The sector still has medium - to - long - term strategic investment opportunities, so the "Bullish" rating for the industry is maintained [2][3]. Summary According to the Table of Contents 1. This Week's Performance of the Steel Sector and Individual Stocks - The steel sector fell 3.02% this week, underperforming the broader market. The CSI 300 fell 1.33% to 4643.60. The top three sectors in terms of gains and losses were food and beverage (4.44%), textile and apparel (2.23%), and banking (2.09%) [10]. - The special steel sector fell 2.10%, the long - product sector fell 1.88%, the plate sector fell 3.84%, the iron ore sector fell 1.74%, the steel consumables sector fell 3.02%, and the trade and distribution sector fell 4.006% [2][13][17]. - The top three stocks in the steel sector in terms of gains and losses were Boyun New Materials (9.79%), Dazhong Mining (5.92%), and Shengde Xintai (4.72%) [15]. 2. This Week's Core Data Supply - As of February 6, the daily average hot metal output was 228.58 million tons, a week - on - week increase of 0.60 million tons (0.26%) and a year - on - year increase of 0.06% [25]. - As of February 6, the blast furnace capacity utilization rate of sample steel enterprises was 85.7%, a week - on - week increase of 0.22 percentage points [25]. - As of February 6, the electric furnace capacity utilization rate of sample steel enterprises was 48.1%, a week - on - week decrease of 7.59 percentage points [25]. - As of February 6, the output of the five major steel products was 720.8 million tons, a week - on - week decrease of 1.55 million tons (0.21%) [25]. Demand - As of February 6, the consumption of the five major steel products was 760.7 million tons, a week - on - week decrease of 41.08 million tons (5.12%) [35]. - As of February 6, the trading volume of construction steel by mainstream trading companies was 3.5 million tons, a week - on - week decrease of 3.25 million tons (48.24%) [35]. - As of February 1, 2026, the commercial housing transaction area in 30 large and medium - sized cities was 1.655 million square meters, a week - on - week increase of 226,000 square meters [35]. - As of February 8, the net financing amount of local government special bonds was 1.0851 trillion yuan, a cumulative year - on - year increase of 121.74% [35]. Inventory - As of February 6, the social inventory of the five major steel products was 940.4 million tons, a week - on - week increase of 49.68 million tons (5.58%) and a year - on - year decrease of 18.04% [43]. - As of February 6, the in - plant inventory of the five major steel products was 397.3 million tons, a week - on - week increase of 9.56 million tons (2.47%) and a year - on - year decrease of 24.13% [43]. Steel Prices - As of February 6, the general steel composite index was 3414.2 yuan/ton, a week - on - week decrease of 13.31 yuan/ton (0.39%) and a year - on - year decrease of 5.51% [49]. - As of February 6, the special steel composite index was 6582.0 yuan/ton, a week - on - week decrease of 2.28 yuan/ton (0.03%) and a year - on - year decrease of 2.88% [49]. Steel Mill Profits - As of January 30, the national average hot metal cost was 2396 yuan/ton, a week - on - week increase of 12.0 yuan/ton [57]. - As of February 6, the profit per ton of construction steel electric furnace at normal electricity price was - 76 yuan/ton, a week - on - week increase of 4.0 yuan/ton (5.00%) [57]. - As of February 6, the profit per ton of blast furnace for rebar was 65 yuan/ton, a week - on - week increase of 14.0 yuan/ton (27.45%) [57]. - As of February 6, the profitability rate of 247 steel enterprises was 39.39%, unchanged from the previous week [57]. Futures - Spot Basis - As of February 6, the spot basis of hot - rolled coils was - 1 yuan/ton, a week - on - week increase of 17.0 yuan/ton [65]. - As of February 6, the spot basis of rebar was 143 yuan/ton, a week - on - week increase of 21.0 yuan/ton [65]. - As of February 6, the spot basis of coke was - 117 yuan/ton, a week - on - week increase of 18.0 yuan/ton [65]. - As of February 6, the spot basis of coking coal was 73.5 yuan/ton, a week - on - week increase of 21.5 yuan/ton [65]. - As of February 6, the spot basis of iron ore was 4.5 yuan/ton, a week - on - week increase of 2.0 yuan/ton [65]. Raw Materials: Price & Profit - As of February 6, the spot price index of Australian powder ore in Rizhao Port (62% Fe) was 764 yuan/ton, a week - on - week decrease of 29.0 yuan/ton [74]. - As of February 5, the ex - warehouse price of main coking coal in Jingtang Port was 1700 yuan/ton, a week - on - week decrease of 80.0 yuan/ton [74]. - As of February 6, the ex - factory price of first - grade metallurgical coke was 1770 yuan/ton, unchanged from the previous week [74]. - As of February 6, the average profit per ton of coke for independent coking enterprises was - 10 yuan/ton, a week - on - week increase of 45.0 yuan/ton [74]. - As of February 6, the price difference between hot metal and scrap steel was 66.3 yuan/ton, a week - on - week decrease of 51.9 yuan/ton [74]. 3. Valuation Table and Key Announcements of Listed Companies Valuation Table of Listed Companies - The table shows the closing prices, net profits attributable to parent companies, EPS, and P/E ratios of multiple listed steel companies from 2024 to 2027 [75]. Key Announcements of Listed Companies - Youfa Group plans to invest in establishing a wholly - owned subsidiary, Guangdong Youfa Pipe Industry Technology Co., Ltd., with a registered capital of 500 million yuan [76]. - Hainan Mining is planning to acquire the control rights of Luoyang Fengrui Fluorine Industry Co., Ltd. through the issuance of shares and payment of cash and raise supporting funds. The company's stock has been suspended since January 29, 2026, with an expected suspension time of no more than 10 trading days [76]. - Hualing Steel has repurchased 56,023,339 shares as of January 31, 2026, accounting for 0.8109% of the total share capital, with a total transaction amount of 278,597,423.90 yuan [78]. - Anyang Iron and Steel expects a loss of about 460 million yuan in 2025, with a year - on - year reduction of about 85.94% in the loss amount. The net profit after deducting non - recurring gains and losses is expected to be about - 748 million yuan, with a year - on - year reduction of about 77.44% in the loss amount [78]. 4. This Week's Important Industry News - The new - home transactions in 10 major cities increased by 26.8% week - on - week, indicating a warming of real estate demand and having a marginal boost to the demand for construction steel [79]. - Indonesia has suspended the spot coal export due to the government's production cut plan, which may affect China's coal supply and be negative for steel prices [79]. - As of February 2, 23 listed steel companies have released their 2025 performance forecasts, with 12 in profit and 11 in loss [79]. - In January 2026, the sales volume of excavators in China was 18,708 units, a year - on - year increase of 49.5%, with domestic sales increasing by 61.4% and exports increasing by 40.5% [79].

Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry, but it provides insights into price trends and market dynamics that could influence investment decisions. Core Insights - The report highlights a cooling in the aromatics market and a downward shift in the price focus of the polyester industry chain [1] - Brent crude oil's weekly average price was $67.33 per barrel, reflecting a decrease of 0.60% [2] - Domestic and international refining project price differentials have shown slight increases, with domestic projects at ¥2515.90 per ton (+0.37%) and international projects at ¥1104.12 per ton (+0.63%) [3] Refining Sector Summary - The report discusses geopolitical factors affecting oil prices, including U.S.-Iran relations and supply recovery from Kazakhstan and the U.S. [2] - Brent and WTI crude prices as of February 6, 2026, were $68.05 and $63.55 per barrel, respectively, showing declines from the previous week [15] - Domestic refined oil prices showed slight fluctuations, with diesel, gasoline, and aviation kerosene averaging ¥6270.57, ¥7588.29, and ¥5140.28 per ton, respectively [15] Chemical Sector Summary - The chemical sector experienced limited support from cost factors, leading to fluctuating prices for various chemical products [2] - Polyethylene prices showed slight fluctuations, with LDPE, LLDPE, and HDPE averaging ¥9300.00, ¥6885.29, and ¥7600.00 per ton, respectively [54] - The report notes that the price of pure benzene increased slightly, with an average of ¥6150.00 per ton, reflecting a price differential of ¥2727.98 per ton [54] Polyester & Nylon Sector Summary - The polyester industry chain saw a price decline, with upstream costs weakening significantly [2] - The report indicates that the market for polyester filament yarn is experiencing a notable decrease in operating rates, leading to reduced demand [2] - Nylon filament prices have seen slight increases, but the price differential remains narrow [2] Market Performance of Major Refining Companies - The report provides stock performance data for six major refining companies, with notable weekly changes including Hengli Petrochemical (-5.29%) and Hengyi Petrochemical (+3.28%) [2] - Over the past month, stock performance varied significantly, with Rongsheng Petrochemical showing a +25.06% increase [2]

证券研究报告 CSP 资本开支快速增长，关注算力链修复机会 [Table_ReportDate] 2026 年 2 月 8 日 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 电子 投资评级 看好 上次评级 看好 [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 郭一江 电子行业分析师 执业编号：S1500524120001 邮 箱：guoyijiang@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮 箱：yangyuxuan@cindasc.com 王义夫 电子行业分析师 执业编号：S1500525090001 邮 箱：wangyifu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] CSP 资本开支快速增长，关注算力链修 复机会 [Table_ReportDate] 202 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11][12] - The supply side is experiencing a reduction in coal production quotas set by the Indonesian government, which is expected to support coal prices in the future [3][11] - The overall coal supply in China is likely to face slight contraction due to regulatory changes and reduced overseas supply, while demand remains resilient, indicating a potential rise in coal prices throughout the year [11][12] Summary by Sections Coal Price Tracking - As of February 7, the market price for Qinhuangdao port thermal coal (Q5500) is 692 RMB/ton, a weekly increase of 1 RMB/ton [31] - The international thermal coal price at Newcastle is 76.3 USD/ton, up by 1.5 USD/ton week-on-week [31] - The price for coking coal at Jingtang port is 1700 RMB/ton, down by 80 RMB/ton [33] Coal Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 87.5%, down by 0.8 percentage points week-on-week [51] - Daily coal consumption in inland provinces has decreased by 81.80 thousand tons/day, a drop of 18.1% week-on-week [52] - The daily coal consumption in coastal provinces has also decreased by 16.30 thousand tons/day, down by 7.22% week-on-week [52] Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, while also considering companies with high elasticity like Yanzhou Coal Mining and others [12][13] - The coal sector is characterized by high performance, cash flow, and dividends, making it a valuable investment opportunity [12][14]