Group 1: Commodity Price Trends - Since August 2023, precious metals and industrial metals have shown significant price increases, with gold rising by 45.6% and silver by 103% since August 2025, while COMEX copper has increased by 15% since September 2023, raising expectations for oil price increases[2] - Historical analysis of commodity cycles from 1992-2021 indicates a valid transmission logic from precious metals to industrial metals and then to oil, driven by monetary easing and economic recovery[2] - The current commodity cycle differs from previous ones, with precious metal price increases occurring ahead of monetary easing, driven by de-dollarization expectations and geopolitical risks[2] Group 2: Key Support Factors for Oil Prices - Two main support factors for oil prices are identified: the desire of oil-producing countries to raise prices and geopolitical premiums due to global political and economic challenges[2] - The U.S. is seen as a key player in oil price dynamics, with potential motivations to raise prices post-midterm elections, as inflation concerns may ease[2] - OPEC countries, particularly Saudi Arabia, are also inclined to raise oil prices to ensure fiscal stability, especially under increasing financial pressures[2] Group 3: Investment Insights - Brent crude oil prices are projected to rise to the range of $75-80 per barrel within the year, driven by the dual logic of rising expectations and geopolitical premiums[3] - Upstream resource sectors are expected to directly benefit from rising oil prices, enhancing profitability and dividend stability, making high-dividend stocks more attractive in a declining interest rate environment[3] - Oil price increases are likely to boost capital expenditures in oil companies, creating lagging benefits for oil service and high-end equipment sectors[3]

Investment Rating - The report maintains a "Buy" rating for the telecommunications industry [1] Core Insights - The integration of mobile networks and satellite communications is enhancing coverage strength, while infrastructure development in the low-altitude economy continues to increase [3] - There is a clear demand for low-altitude communication, with an anticipated rise in the demand for 5G-A integrated sensing base stations [3] - The combination of 5G-A and satellite communication solutions is expected to improve navigation and positioning accuracy in low-altitude airspace [3] - Investment recommendations are provided, emphasizing the potential growth in the sector [3]

Core Insights - The report highlights the performance of the Beijing Stock Exchange (BSE) on February 12, 2026, with the BSE 50 index closing at 1,533.17 points, reflecting a change of 0.50% [3] - The overall trading volume on the BSE was 19.263 billion yuan, with a total of 721 million shares traded, indicating a decrease compared to the previous week's average daily trading volume of 20.484 billion yuan [3] - The report notes that the BSE's overall valuation stands at a price-to-earnings (P/E) ratio of 47.22 times, which is higher than the P/E ratios of the ChiNext and STAR Market, at 46.32 times and 78.83 times respectively [3][10] Market Performance - On February 12, 2026, the BSE saw mixed performance across various sectors, with the pharmaceutical and biotechnology sector leading with a gain of 6.2%, while the oil and petrochemical sector experienced a decline of 6.8% [3] - Among the 294 listed companies on the BSE, 113 companies saw their stock prices rise, while 171 companies experienced declines, with Haisheng Medical leading the gains at 172.86% [3][7] Valuation Analysis - The average P/E ratio for the BSE-listed companies is reported at 47.22 times, with the highest sector valuation in non-ferrous metals at 123.5 times, followed by telecommunications at 93.5 times [3][10] - The report indicates a continuous trend of higher valuations for BSE companies compared to those listed on the ChiNext [10] Trading Activity - The trading activity on the BSE was characterized by a turnover rate of 2.80%, with notable trading volumes in companies such as Binhang Technology, which had a transaction volume of 1.549 billion yuan [3][6] - The report provides detailed data on the top gainers and losers, with Haisheng Medical and ST Yunchuang being highlighted for their significant price movements [7][8]

Inflation Forecasts - The CPI is expected to have a mild recovery, with an annual growth rate of 0.6% for 2026, with quarterly estimates of 0.7%, 0.4%, 0.6%, and 0.8% respectively[1] - The PPI is projected to turn positive after April, with an annual growth rate of approximately 0.5%, with quarterly estimates of -0.9%, 0.5%, 1.1%, and 1.2%[3] Price Movements - In January, the CPI increased by 0.2% month-on-month and 0.2% year-on-year, down from 0.8% in the previous year[4] - The PPI rose by 0.4% month-on-month in January, marking the fourth consecutive month of increase, while the year-on-year decline narrowed to -1.4% from -1.9%[6] Food Prices - The impact of the Spring Festival timing on food prices was significant, with vegetable prices decreasing by 4.8% month-on-month, while pork and egg prices rebounded by 1.2% and 2.7% respectively[4] - The overall food price index reflects a mixed trend, with some items experiencing price increases while others decline[11] Sector Analysis - Non-food items showed a slight increase of 0.2% month-on-month, driven by seasonal demand, while energy prices continued to be a drag on overall inflation[6] - The adjustment in the weight of food items in the CPI indicates a stronger influence of pork prices on the overall index due to the new base year[7] Future Outlook - The report suggests that global supply constraints and geopolitical uncertainties will continue to support resource prices, impacting both CPI and PPI in 2026[29]

Core Insights - The overall performance of the Beijing Stock Exchange (BSE) on February 11, 2026, showed a decline of 0.44% for the BSE 50 index, closing at 1,525.49 points, while the specialized and innovative index increased by 0.08% to 2,552.04 points [3][4] - The total market capitalization of the BSE reached 9,295.01 billion, with a circulating market value of 5,724.27 billion, indicating a decrease in trading activity compared to the previous week [3][4] - The average price-to-earnings (P/E) ratio for BSE-listed companies was reported at 47.24 times, which is higher than the P/E ratios of the STAR Market (77.90 times) and the ChiNext (45.77 times) [3][11] Market Performance - On February 11, 2026, the BSE recorded a total trading volume of 169.50 billion with 6.51 million shares traded, reflecting a decrease from the previous week's average daily trading volume of 204.84 billion [3][4] - The industry performance was mixed, with the top gainers being non-ferrous metals (1.2%), social services (1.0%), and textiles and apparel (0.5%), while the largest declines were seen in media (-5.7%), telecommunications (-2.0%), and food and beverage (-1.3%) [3][4] Stock Performance - Among the 293 listed companies on the BSE, 73 experienced an increase in stock price, 9 remained flat, and 211 saw a decline. The top gainers included Minshida (+8.44%), Gebijia (+8.05%), and Lingge Technology (+7.58%) [3][8] - Conversely, the largest declines were noted in Kaide Quartz (-7.40%), Optech (-6.05%), and Aide Technology (-5.75%) [3][9] Valuation Insights - The average P/E ratio for the non-ferrous metals sector was the highest at 124.4 times, followed by telecommunications at 91.9 times and food and beverage at 82.7 times [3][11] - The valuation of BSE-listed companies has shown a slight decrease compared to the previous trading day, indicating a potential shift in market sentiment [3][11]

Investment Rating - The report maintains a "Recommended" rating for the media industry [3] Core Insights - The current AI industry is catalyzing significant developments, with the recent "AI Red Packet War" marking a milestone in the commercialization of AI applications, particularly in C-end user engagement [5] - Major companies are competing for C-end traffic entry points, utilizing cash red packets to cultivate user habits and drive user acquisition for their AI assistant applications [5] - The integration of AI assistants with existing platforms is creating a new ecosystem, enhancing user experience and potentially validating commercial pathways for AI applications in various sectors [5] Summary by Sections Industry Overview - The report highlights the ongoing competition among major firms to capture C-end user traffic, emphasizing the importance of user habit cultivation through promotional activities [5] AI Application Development - The report suggests focusing on AI-enabled applications and related sectors, recommending companies such as Kuaishou-W, Worth Buying (AI + E-commerce), BlueFocus (AI + Marketing), Kunlun Wanwei (AI Applications), and Kaiying Network (AI + Gaming) [2] Market Performance - The report includes a performance comparison of the media sector against the CSI 300 index, indicating fluctuations in relative performance over time [4]

Investment Rating - The report provides an investment rating for the industry, indicating a positive outlook with a recommendation for investment based on projected growth rates and market performance [9]. Core Insights - The industry is expected to experience significant growth, with a projected compound annual growth rate (CAGR) of 30% from 2026 to 2028 [5]. - Key players in the industry include major companies such as NV and Google, which are heavily investing in AI technologies [5]. - The report highlights the increasing demand for AI-related products and services, particularly in sectors like high-voltage direct current (HVDC) systems and advanced integrated circuits (AIDC) [5]. Summary by Sections - **Market Trends**: The report notes a 14% growth in AI investments in 2024, with expectations of reaching 40% by 2026, indicating a robust market expansion [5]. - **Technological Advancements**: Innovations in AI technologies, such as AI HVDC systems and UQD manifolds, are driving the industry's growth and attracting significant investments [5]. - **Competitive Landscape**: The report identifies key competitors and their strategies, emphasizing the importance of technological leadership and market positioning in capturing growth opportunities [5].

Investment Rating - The report assigns a "Cautious Recommendation" rating for the company, Visionox [3][56]. Core Insights - Visionox is a leading global supplier of OLED products, focusing on small and medium-sized displays, as well as Micro-LED screens, with applications in smartphones, wearables, tablets, laptops, and automotive displays [6][8]. - The company is expected to benefit from entering a state-owned enterprise era, which will enhance operational stability and reduce financial risks [6][54]. - Revenue projections for 2025-2027 are estimated at 81.5 billion, 80.7 billion, and 86.8 billion yuan, with year-on-year growth rates of +2.8%, -1%, and +7.6% respectively [6][56]. Company Overview - Visionox was established in 2001, evolving from a Tsinghua University OLED project group founded in 1996, and has focused on OLED industrialization for nearly 30 years [6][8]. - The company has a significant market share, ranking third in the global smartphone AMOLED panel market and first in the wearable AMOLED panel market as of 2024 [6][8]. Industry Trends - The penetration rate of AMOLED in smartphones and wearables has exceeded 60%, while the medium-sized display market remains under 20%, indicating substantial growth potential [18][19]. - The introduction of foldable screens is expected to drive further penetration of AMOLED technology in the smartphone market, with a projected increase in shipments [27][22]. - The medium-sized display market is anticipated to expand significantly, particularly in high-end IT and automotive applications, as OLED technology offers superior quality and efficiency compared to traditional LCDs [28][29]. Investment Highlights - Visionox is expected to steadily increase its market share in the small-sized display market, with a projected growth in AMOLED smartphone panel shipments by 16.7% year-on-year [48]. - The company is innovating in the medium-sized display market with proprietary technologies, such as the ViP technology, which enhances production efficiency and reduces costs [48][51]. - The financial quality of the company's reports is expected to improve as the depreciation of fixed assets stabilizes and market conditions become more favorable [52]. Financial Forecast - The company is projected to incur net losses of 21.2 billion, 21.3 billion, and 18.1 billion yuan for the years 2025-2027, reflecting ongoing challenges in profitability [6][56]. - The report anticipates a gradual improvement in the company's financial ratios, including a decrease in research and financial expense ratios over the forecast period [56].

Core Insights - The overall performance of the Beijing Stock Exchange (BSE) on February 10, 2026, showed a decline, with the BSE 50 index falling by 0.61% to 1,532.17 points, while the specialized and innovative index dropped by 1.26% to 2,549.98 points [1] - The total market capitalization of the BSE reached 935.799 billion, with a circulating market value of 576.068 billion, indicating a slight decrease in trading activity compared to the previous week [1] - The average price-to-earnings (P/E) ratio for BSE-listed companies was reported at 47.54 times, which is higher than the P/E ratios of the STAR Market (78.62 times) and the ChiNext (45.98 times) [1] Industry Performance - On February 10, 2026, the media sector led the gains with a rise of 16.8%, followed by the pharmaceutical and biological sector at 6.9%, and the communication sector at 1.4%. Conversely, the oil and petrochemical sector saw a decline of 2.2%, the non-ferrous metals sector fell by 2.0%, and the beauty and personal care sector decreased by 1.9% [1] - Among the 293 listed companies on the BSE, 44 experienced an increase in stock price, while 244 saw a decline. Notably, the new stock Aide Technology surged by 176.79%, while companies like Tongxiang Technology and Meibang Technology faced significant declines of 6.36% and 5.88%, respectively [1][6][7] Valuation Insights - The average P/E ratio for the non-ferrous metals sector was the highest at 123.3 times, followed by the communication sector at 93.3 times and the food and beverage sector at 83.8 times, indicating varying levels of investor confidence across sectors [1][9] - The overall valuation of BSE-listed companies has shown a slight decrease compared to the previous trading day, reflecting market adjustments and investor sentiment [1]

Investment Rating - The report maintains a "Recommended" rating for the media industry [2] Core Insights - The 2026 Spring Festival box office pre-sales have begun, with a total pre-sale revenue exceeding 100 million yuan as of February 10, 2026. The film "Fast and Furious 3" currently leads the pre-sales [4] - The number of films released during the Spring Festival is slightly lower than in previous years, with six films scheduled for release on the first day of the new year, which is below the recent average. However, four of these films have already surpassed 10 million yuan in pre-sale revenue [4] - The report highlights the importance of high-value IP films, noting that several films in the Spring Festival lineup are adaptations of popular IPs, which is expected to drive audience interest and box office performance [4] - The overall box office for the 2025 film market reached 51.8 billion yuan, a 22% increase year-on-year, largely driven by the Spring Festival films. The report emphasizes that the performance of films during this period will set the tone for the entire year's box office [4] - The report suggests that the long nine-day holiday during the 2026 Spring Festival will provide ample opportunity for box office revenue generation, and it recommends focusing on the performance of key films during this period [4] Summary by Sections - **Film Performance**: The report notes that the pre-sale box office for the 2026 Spring Festival has reached 100 million yuan, with "Fast and Furious 3" leading at 34.16 million yuan [4] - **Market Trends**: The report indicates a growing trend in the acceptance of high-quality films among audiences, with a notable interest in films based on established IPs [4] - **Investment Recommendations**: The report advises investors to pay attention to key content producers such as Light Media, Bona Film Group, and Maoyan Entertainment, as well as leading cinema chains like Wanda Film [4]