Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [10] Core Insights - The competition in the instant retail sector is intensifying, shifting from simple subsidy wars to a comprehensive competition for traffic entry and fulfillment capabilities [2][5] - Major e-commerce players are actively engaging in the instant retail space, with initiatives such as Taobao's "30 billion free order" campaign and Meituan's acquisition of Dingdong Maicai, indicating a strategic shift towards enhancing supply chain infrastructure [5][32] - The reliance on third-party logistics platforms is increasing, with SF Express being highlighted as the largest third-party instant delivery platform, showcasing superior service efficiency and coverage [5][37] Summary by Sections Instant Retail Competition - E-commerce giants are ramping up efforts in instant retail, with Taobao's initiatives driving significant increases in order volumes, particularly in beverage categories [5][27] - AI technology is being leveraged to optimize user decision-making and enhance fulfillment efficiency, with notable increases in order volumes driven by AI capabilities [27][28] Supply Chain Integration - Meituan's acquisition of Dingdong Maicai for $717 million aims to strengthen its supply chain capabilities in the fresh produce sector, addressing infrastructure gaps in its existing operations [5][32] - Dingdong Maicai has established a robust supply chain with over 1,000 front warehouses and a significant user base, positioning it as a key player in the market [32][33] Third-Party Delivery Platforms - The strategic value of third-party delivery platforms is becoming more pronounced, with SF Express leading the market in terms of service quality and operational scale [5][37] - SF Express is projected to achieve significant revenue growth, with expectations of a 33% year-on-year increase in revenue for the second half of 2025 [41][44] Transportation Trends - The report tracks spring transportation data, indicating stable growth in domestic passenger volumes despite slight fluctuations in ticket prices and capacity [48][49] - The logistics sector is experiencing a surge in express delivery volumes, particularly during the holiday season, with a year-on-year growth of 687% in express collection volumes [8]

Investment Rating - The report maintains a "Buy" rating for the company [13] Core Viewpoints - Aima Technology, as a leader in the electric two-wheeler industry, has a solid foundation and a clear growth path. The industry is in a mature stage dominated by replacement demand, with increasing market concentration due to new national standards raising compliance and technical barriers [4][11] - The company is actively cultivating two new growth curves: electric tricycles and overseas markets, leveraging its brand and channel advantages to increase market share [4][9] Industry Demand Trends and Competitive Advantages - The demand side is driven by replacement and structural upgrades. The domestic electric two-wheeler ownership is at a high level, with replacement demand becoming the main source of consumption. The market is entering a stable development phase [8][29] - The competitive landscape shows a clear trend towards concentration, with the "dual oligopoly" structure solidifying. The new national standards are expected to accelerate the exit of tail brands, releasing market share for leading companies [8][39] Future Growth Potential - The company is focusing on the electric tricycle market, which has high growth and profitability potential. The domestic market is fragmented, and Aima is expected to continue increasing its share [9][10] - In overseas markets, particularly Southeast Asia, there is significant growth potential due to low electric penetration rates and supportive policies [9][10] Asset Quality and Shareholder Returns - The company has a healthy asset structure with high cash reserves and low interest-bearing debt. As of Q3 2025, cash assets accounted for a significant portion of total assets, and the company has a low interest-bearing debt ratio of 6.87% [10][22] - The company has increased its cash dividend payout ratio to 45% in the first half of 2025, indicating a commitment to shareholder returns [10][22] Investment Recommendations - The company's main business is solid, and it is expected to strengthen its leading position in the industry. The report forecasts net profits of 2.294 billion, 2.568 billion, and 2.921 billion yuan for 2025-2027, with corresponding P/E ratios of 11.44, 10.22, and 8.99 times, respectively [11]

丨证券研究报告丨 报告要点 行业研究丨点评报告丨软件与服务 [Table_Title] AI 应用正当时：字节发布 Seedance2.0，AI 视 频生成迈上新台阶 [Table_Summary] 近日字节在飞书里发布最新视频模型 Seedance 2.0 的产品介绍文档，目前已经在即梦平台上 线，会员用户（至少 69 元）可以直接使用，支持文本/图片生视频，也支持视频和音频作为参 考素材输入。2026 年大模型进入"模型×场景"深度融合阶段，互联网平台在模型、算力与数 据侧具备系统性优势，2C 入口争夺有望全面展开；在 B 端，规则清晰、高价值的已具备规模 化落地条件，也是海外头部厂商重点突破方向。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 宗建树 郭敬超 刘思缘 SAC：S0490520030004 SAC：S0490525120002 SFC：BUX668 请阅读最后评级说明和重要声明 [Table_Title AI 应用正当时：字节发布 2] Seedance2.0，AI 视 频生成迈上新台阶 ...

丨证券研究报告丨 行业研究丨行业周报丨钢铁 [Table_Title] 铁矿供需趋弱，如何展望铁矿石的价格？ 报告要点 [Table_Summary] 2025 年开始，铁矿基本面宽松的格局逐步显现。尽管国内铁水产量不降反增——钢联口径， 247 家样本钢企日均铁水产量 236.79 万吨，同比增 3.1%，意味着铁矿需求端的支撑强劲；然 而，铁矿企业供应量的增长，以及海外对铁矿需求的弱势，使得国内铁矿供给的增长比需求更 显著——结果是，当前铁矿石港口库存达到 1.71 亿吨，为有纪录以来的最高位，超过了 2016~2018 年供改和 2021 年国内粗钢产量平控期间，铁矿港口库存累积的幅度。然而，与铁 矿供需趋弱相矛盾的，是矿价的高居不下。如何展望铁矿石的价格？ 分析师及联系人 [Table_Author] 王鹤涛 赵超 易轰 吕士诚 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490520080012 SAC：S0490525080005 SFC：BQT626 SFC：BUY139 SFC：BUZ394 请阅读最后评级说明和重要声明 %% %% %% %% re ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The space photovoltaic industry is progressing, with significant capital expenditures from major CSP manufacturers exceeding expectations [1] - The demand for energy storage is driven by ongoing electricity shortages in the U.S., highlighting the cost-effectiveness of leading companies [14] - The report emphasizes the importance of new directions such as space photovoltaics, AIDC, and robotics, which are catalyzing investment opportunities [14] Summary by Sections Photovoltaics - The space photovoltaic sector is gaining traction, with SpaceX's application for 1 million satellites accepted by the FCC, indicating a robust future for space-based data centers [20] - The China Photovoltaic Industry Association released cost analysis, indicating that the average full cost of mainstream photovoltaic products is expected to stabilize, providing support for price recovery [21] - The report highlights the potential for significant growth in global photovoltaic installations, with annual additions projected between 725-870 GW during the 14th Five-Year Plan [22] Energy Storage - Sunshine Power announced plans to establish a production base in Poland, aiming for 20 GW of inverter capacity and 12.5 GWh of energy storage systems [39] - The report notes a 45% year-on-year increase in EU battery storage capacity, with large-scale storage systems becoming the main growth driver [39] - January saw a significant increase in independent storage projects, with a total of 12.3 GW/36 GWh of bids, despite a year-on-year decline due to procurement timing [40] Lithium Batteries - The demand for lithium batteries continues to strengthen, with all segments showing a willingness to maintain prices, indicating ongoing profitability improvements [14] - The report recommends focusing on battery segments, particularly companies like CATL and EVE Energy, which are expected to perform well in the medium term [14] Wind Power - The report emphasizes the start of a new wind power cycle during the 14th Five-Year Plan, with significant opportunities in commercial aerospace and offshore wind projects [14] - Companies involved in wind turbine manufacturing and components are highlighted as key investment opportunities [14] Power Equipment - The domestic power grid's investment plan is projected at 5 trillion yuan, with significant improvements in pricing and demand driven by electricity shortages in the U.S. [14] - The report suggests focusing on opportunities in AI for power management and virtual power plants [14] New Directions - The report highlights the importance of developments in humanoid robotics and AIDC technology, with specific companies recommended for investment based on their potential in these sectors [14]

行业研究丨深度报告丨投资银行业与经纪业 [Table_Title] 轮动对比视角复盘，当前非银子行业如何择时选 股？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 历史上 A 股牛市中保险及券商表现如何？不同类型牛市下表现何异？节奏及持续性如何？站 在当前如何展望？我们梳理了 2012 年以来几次 A 股上涨周期中保险及券商指数涨跌及行业相 对表现，并进一步梳理一级行业月度涨跌轮动以探究行情节奏，最后结合当前时点进行分析展 望。我们认为当前估值上非银进入配置性价比区间，择时应合理配合政策及监管节奏增配，配 置上推荐高弹性保险与金融 IT。 分析师及联系人 [Table_Author] SAC：S0490519080007 SFC：BUV596 吴一凡 盛晓双 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 投资银行业与经纪业 cjzqdt11111 [Table_Title 轮动对比视角复盘，当前非银子行业如何择时 2] 选股？ [Table_Summary2] 历史 ...

- The report highlights the monthly performance of strong stocks, indicating that despite the adjustment of heavyweight stocks, small-cap stocks provided a hedge, but the overall market profitability was weak, with total market turnover dropping from 3.99 trillion yuan on January 14 to 2.16 trillion yuan on February 6[6] - The top 20 stocks with the highest gains in February are listed, including sectors such as space photovoltaics, batteries, copper connections, innovative drugs, real estate, and more, with the highest gain reaching 80.52% for *ST立方[6] - The report provides a detailed analysis of the maximum gains in various sectors since the start of the bull market, with telecommunications and metal materials/mining sectors achieving the highest gains of 218% and 217%, respectively, from February 5, 2024, to February 7, 2026[9]

行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] 印尼 RKAB 的演进、跟踪时点和后续影响？ 报告要点 [Table_Summary] 本周印尼现货出口暂停引发大家对 RKAB 配额 6 亿吨的探讨。印尼 RKAB 历史上的演进模式、 约束性、审核时点如何？后续有何影响？我们认为，虽然历史上配额调整是常态，然而即使后 续产量配额调整至 6 亿吨之上，但印尼 2026 年煤炭产量下降大方向依旧不变。外生冲击有望 打破均衡、弹性想象空间打开。 分析师及联系人 丨证券研究报告丨 [Table_Author] SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 肖勇 赵超 叶如祯 庄越 韦思宇 请阅读最后评级说明和重要声明 %% %% 本周印尼现货出口暂停引发大家对 RKAB 配额 6 亿吨的探讨。印尼 RKAB 历史上的演进模式、 约束性、审核时点如何？后续有何影响？我们认为，虽然历史上配额调整是常态，然而即使后 续产 ...

Investment Rating - The report assigns a "Buy" rating to the company [13] Core Insights - The demand for recruitment and examination training is strong, with an increase in registration numbers and a decline in recruitment scale, leading to heightened competition and willingness to participate in training. The number of college graduates in China is expected to remain high until 2038, providing over a decade of growth opportunities for the industry. The market share of the top three companies in the recruitment training industry is projected to drop to 19.2% in 2024, with Huatu holding 6.6%, Fenbi 6.5%, and Zhonggong 6.1%. Huatu is expected to enhance its market share through its direct admission model and the application of AI technology [3][11][30]. Company Overview - Huatu Shanding, formerly known as Shanding Design, became a subsidiary of Huatu Education in 2019. The company has focused on vocational education since 2023, with a significant shift towards non-degree training, which accounted for approximately 99% of its revenue in the first half of 2025. Huatu Education has over 1,000 learning centers nationwide and employs more than 10,000 staff [8][22][30]. Industry Analysis - The recruitment training industry exhibits stable growth with a restructuring of the competitive landscape. The industry has a counter-cyclical nature, with increased demand during economic downturns. The number of applicants for national exams has risen, while the recruitment scale has decreased, leading to a competitive ratio of 98:1 in 2026. The overall market size for recruitment training is expected to grow from 505 billion yuan in 2026 to 671 billion yuan by 2031, with a CAGR of approximately 6% [9][51][67]. Growth Potential - Huatu is innovating its product offerings and leveraging AI technology to capture long-term student sources. The company plans to establish over 320 local training bases within three years, enhancing its delivery capabilities. The integration of AI across its operations has improved recruitment conversion rates by 35% and increased sales efficiency by over 50% [10][11][30]. Financial Projections - Revenue forecasts for Huatu are set at 3.303 billion yuan, 3.901 billion yuan, and 4.596 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 314 million yuan, 397 million yuan, and 505 million yuan for the same years [3][11].

Investment Rating - The report maintains a "Positive" investment rating for the insurance sector [11]. Core Insights - The insurance sector is expected to benefit from a stable interest rate environment and a slow bull market, leading to improved interest spreads and valuations. If new premium growth remains strong, profitability is likely to improve, further enhancing sector valuations. The report recommends specific stocks including New China Life, Ping An, China Life, and China Pacific Insurance [3][10]. Summary by Sections Insurance Market Outlook - Historical data indicates that the insurance index typically shows positive returns in the five trading days before the Spring Festival, with a success rate of approximately 71.4%. The report anticipates a potential repeat of this trend in 2026, as the conditions appear favorable for premium growth [8][9]. Premium and Profitability Analysis - The report projects that the life insurance market could reach a scale of 4.8 trillion yuan, with a year-on-year growth rate of about 10%. The asset side is expected to benefit from a strong stock market performance, while the focus should be on long-term profitability improvements driven by policy and market changes [9][10]. Long-term Valuation Recovery - The insurance industry's ability and willingness to allocate equity will significantly increase in the foreseeable future, leading to improved interest spreads and enhanced policy profitability. The report emphasizes the importance of long-term perspectives on profitability improvement, suggesting that the sector has substantial room for valuation recovery [10].