Investment Rating - The report maintains a strong recommendation for the gaming sector, particularly highlighting the performance of "Heart Town" in international markets [1][2]. Core Insights - The media industry has seen a 3.34% increase over the past week, ranking third among all sectors, and a 16.92% increase year-to-date, leading all sectors [1]. - The report emphasizes the potential of key companies in the gaming sector, with several titles showing significant performance improvements in international markets [1]. - The report identifies opportunities in the overseas and female-oriented gaming markets, projecting a 14.08% year-on-year increase in sales revenue for the Chinese market in the first half of 2025, reaching 168 billion yuan [1]. - AI applications are expected to continue influencing the gaming industry positively, enhancing production efficiency and creativity [1]. Summary by Sections Market Performance - The media sector's overall performance shows a 3.34% increase from January 12 to January 18, with the media index outperforming the Shanghai Composite Index [10][1]. - Key companies in the media sector have shown varied performance, with notable increases in stocks like Liou Co. and People's Daily [13]. Gaming Sector Highlights - "Heart Town" has topped the free charts in over 50 regions globally since its international launch on January 8, 2026, indicating strong overseas marketing capabilities [2]. - The gaming market in China is projected to reach 168 billion yuan in sales revenue in the first half of 2025, with a user base of 679 million [1]. - The report highlights the significant growth potential in the female gaming market, with a projected market size of 8 billion yuan in 2024, growing at a rate of 124.1% [1]. Company Performance - Key companies such as Century Huatong and Giant Network are expected to see significant revenue growth from new game launches and international expansions [1]. - The report notes that AI technology is enhancing game production and marketing efficiency, with companies like 37 Interactive Entertainment and Century Huatong investing in related technologies [1].

Group 1: Overall Industry Trends - The growth rate of social retail sales in December continues to narrow, primarily due to high base effects, weak overall demand, and the preemptive effects of previous consumption expansion policies [2][22] - In December, the total retail sales of consumer goods reached 501.202 billion, with a year-on-year growth rate of 0.9%, down from 1.3% in the previous month [14][22] - The retail sales growth in first-tier cities turned negative at -5.0%, significantly dragging down overall performance, while new first-tier, second-tier, third-tier, fourth-tier, and fifth-tier cities also experienced a slowdown [14][22] Group 2: Consumer Demand Insights - Essential consumption categories mostly slowed down, with year-on-year growth rates for staple food, beverages, and clothing declining to 3.9%, 1.7%, and 0.6% respectively, while the decline in tobacco and alcohol sales narrowed to -2.9% [18][22] - Optional consumption showed some improvement, with cosmetics growth expanding to 8.8% and daily necessities turning positive at 3.7% [18][22] - The online retail sales of physical goods grew at a rate higher than the overall retail sales, indicating a continued advantage for channels like instant retail and live streaming [22][23] Group 3: Information Technology Sector - The Philadelphia Semiconductor Index and DXI Index increased, indicating a positive trend in the semiconductor sector [3][8] - Prices for DDR5 and DDR4 DRAM memory continued to rise, while NAND index also showed an upward trend [3][8] - In December, the production of integrated circuits saw a year-on-year growth rate narrowing, while smartphone production experienced a reduced decline [3][8] Group 4: Midstream Manufacturing Sector - The automotive production and sales in December turned negative year-on-year, with a three-month rolling growth rate narrowing to 4.26% [6][8] - The price index for photovoltaic products increased, while prices for upstream products in the new energy sector mostly declined [6][8] - The production of industrial robots saw a narrowing year-on-year growth rate, and the production of metal cutting machine tools turned negative [6][8] Group 5: Resource Sector Trends - The average transaction volume of construction steel declined, and prices for rebar also decreased [4][10] - Coal prices showed mixed trends, with some prices rising while others fell, and overall coal inventory increased [4][10] - The Brent crude oil price increased, while the chemical product price index showed a mixed performance [4][10]

Investment Rating - The report initiates coverage on the company with an "Accumulate" rating [2] Core Insights - The company, Sikan Technology, is a leading domestic manufacturer of 3D scanners, showing steady growth in performance and profitability that exceeds comparable companies in the industry. The company is rapidly innovating its products and expanding into downstream applications such as aerospace and healthcare [1][6] - The global market for 3D visual digitization products is projected to grow from 12.29 billion yuan in 2022 to 40.01 billion yuan by 2027, with a CAGR of 26.6%. In China, the market is expected to grow from 1.49 billion yuan in 2022 to 6.03 billion yuan by 2027, with a CAGR of 32.3% [6][41] - The company holds a significant market share in the domestic handheld and tracking 3D scanning products, ranking first in China and second globally in the manual product segment [6][55] - The company has a high gross margin of over 75%, with a projected revenue CAGR of 27.6% and a net profit CAGR of 21.3% from 2021 to 2024 [6][19] Financial Data and Valuation - The company is expected to achieve total revenue of 3.92 billion yuan in 2025, with a year-on-year growth of 18%, and a net profit of 1.30 billion yuan, reflecting an 8% increase [1][6] - The financial projections for the company from 2023 to 2027 indicate a steady increase in total revenue and net profit, with revenue expected to reach 5.62 billion yuan and net profit 1.68 billion yuan by 2027 [1][6] - The company's price-to-earnings (PE) ratio is projected to decrease from 77.8 in 2023 to 52.8 in 2027, indicating an improving valuation over time [1][6] Market Position and Competitive Landscape - The company is positioned as a leader in the domestic industrial-grade 3D scanning market, with a focus on both industrial and professional-grade products [11][14] - The competitive landscape shows that the top five companies in the manual product market hold a combined market share of 59.1%, with Sikan Technology leading at 16.3% [55][57] - The company benefits from a concentrated ownership structure, with the top three shareholders holding a combined 50.78% of the shares, which may influence strategic decisions [31][32] Growth Opportunities - The company is expanding into multiple emerging sectors, including commercial aerospace and brain-machine interfaces, which opens new growth avenues [6][71] - The increasing demand for 3D visual digitization products across various industries, including automotive, healthcare, and education, supports the company's growth trajectory [47][53] - The trend of domestic substitution in the 3D scanning market is gaining momentum, as local manufacturers improve technology and offer competitive pricing [56][60]

- The report does not contain any quantitative models or factors related to financial engineering or quantitative analysis[1][3][4]

存储行业跟踪报告 TMT 及中小盘/电子 全球存储价格从 25H1 复苏上涨以来，25Q3-Q4 现货/合约价格加速上涨，近期 逐步发现 26Q1 各品类存储价格环比涨幅超预期，我们预计 2026 年全年全球存 储供给整体维持偏紧状态，AI 需求增长持续高于产能扩张速度，其他消费类存 储和利基型存储受到产能挤压和下游恐慌备货等因素，价格涨幅也远超常规水 平，我们认为今年国内存储产业链多环节都将受益于缺货涨价浪潮，核心建议 关注存储原厂+存储模组/芯片公司+存储封测/代工等环节。 ❑ AI 存储引发更多需求增量，多级存储体系优化补充急剧增多的 KV 缓存空间。 推荐（维持） 证券研究报告 | 行业点评报告 2026 年 01 月 21 日 26Q1 价格涨幅超市场预期，关注即将到来的密集财报催化 英伟达在CES 2026主题演讲上发布最新Inference Context Memory Storage Platform （推理上下文存储平台），利用 BlueField-4 DPU 构建在 Pod 级别 运行的专用上下文记忆层，在计算节点层面，KV 分层涵盖 GPU HBM、主机 内存、本地 SSD、ICMS 和 ...

证券研究报告 | 公司点评报告 2026 年 01 月 21 日 TCL 电子（01070.HK） 索尼战略合作催化价值重估，业绩预告大超预期 消费品/家电 公司短期与索尼战略合作催化价值重估，叠加 2025 年业绩超预期增长及 AI 创新业务雷鸟持续领先行业；长期全球高端电视市场份额持续提升，面板一体 化及全球产能布局构筑核心壁垒，重申"强烈推荐"投资评级。 q 风险提示：索尼交易尚存在不确定，海外贸易摩擦升级，面板价格大幅上涨。 强烈推荐（维持） 目标估值：NA 当前股价：10.89 港元 基础数据 | 总股本（百万股） | 2521 | | --- | --- | | 香港股（百万股） | 2521 | | 总市值（十亿港元） | 27.5 | | 香港股市值（十亿港元） | 27.5 | | 每股净资产（港元） | 6.8 | | ROE（TTM） | 10.2 | | 资产负债率 | 78.6% | | 主要股东 | TCL 实业控股股份有限公司 | | 主要股东持股比例 | 54.5376% | 股价表现 % 1m 6m 12m 绝对表现 4 4 84 相对表现 0 -3 48 资料来源：公司数据 ...

Investment Rating - The report provides investment recommendations for several companies, including strong buy ratings for 帝科股份 (Dike Co., Ltd.) and 亿纬锂能 (EVE Energy Co., Ltd.) [2][3] Core Insights - The commercial aerospace sector is experiencing rapid growth, particularly in low Earth orbit (LEO) satellites, which are becoming a focal point of competition between the US and China. This growth is expected to drive advancements in energy systems that support these satellites [1][7] - The satellite power systems are critical for ensuring stable power supply throughout the satellite's lifecycle, consisting of solar power generation, energy storage, and power management modules. These systems face unique challenges in space, such as high radiation and extreme temperature variations [1][31] - The report highlights the ongoing evolution of photovoltaic (PV) technology, with P-type PERC and perovskite-silicon tandem cells being tested for potential use in space applications. The cost reduction in solar power generation is a significant industry demand [1][36] - High-performance batteries and power systems are identified as high-barrier, high-return segments within the satellite energy systems, with stringent requirements for energy density, reliability, and cycle performance [1][49] Industry Overview - The global aerospace industry is projected to reach a value of $415 billion by 2024, with the number of operational satellites increasing to 11,605, representing a year-on-year growth of 17.81%. The US leads with 8,813 satellites, accounting for 75.9% of the global share [12][13] - The commercial satellite sector is expected to maintain over 70% of the global aerospace market share, with the satellite market projected to grow to $4,808 billion by 2025 and $5,114.9 billion by 2026, reflecting a compound annual growth rate of 6.38% [13][19] - The report emphasizes the importance of government policies in both the US and China that are accelerating the development of the commercial aerospace sector, including funding initiatives and regulatory simplifications [1][27] Company Analysis - Key companies mentioned in the report include: - 帝科股份 (Dike Co., Ltd.) - Strong buy rating, with a market cap of 13.2 billion and projected EPS of 2.48 for 2024 [3] - 亿纬锂能 (EVE Energy Co., Ltd.) - Strong buy rating, with a market cap of 136.9 billion and projected EPS of 1.96 for 2024 [3] - 新雷能 (Newray Energy) - Hold rating, with a market cap of 16.5 billion and projected EPS of -0.92 for 2024 [3] - The report also lists several other companies in the photovoltaic and battery sectors that are positioned to benefit from the growth in commercial aerospace [2][3]

证券研究报告 | 公司点评报告 2026 年 01 月 21 日 颐海国际（01579.HK） 业绩提速股息可观，重视关联方积极变化 消费品/食品饮料 公司核心看点在于业绩改善+高股息，此前公司关联方业务价格不断下调制约业 绩的同时影响公司估值，目前看这一阻力有望得到改善，同时第三方业务在海 外及 B 端业务快速发展下有望延续双位数的增长。公司 23 年开始持续开启高 分红，未来看预计分红率保持较高水平。我们预计 25-26 年 EPS 分别为 0.81、 0.88 元，对应 26 年估值 15X，25-26 年股息率均有望超过 6%，我们看好餐饮 复苏+关联方改善下，公司业绩上修带动估值中枢上移，26 年目标估值 22X， 对应股价 21.5 港元，空间 44%，维持"强烈推荐"评级。 强烈推荐（维持） 目标估值：21.5 港元 当前股价：14.9 港元 基础数据 | 总股本（百万股） | 1037 | | --- | --- | | 香港股（百万股） | 1037 | | 总市值（十亿港元） | 15.4 | | 香港股市值（十亿港元） | 15.4 | | 每股净资产（港元） | 4.3 | | ROE ...

Investment Rating - The report maintains a "Recommended" rating for the industrial internet sector, indicating a positive outlook for the industry based on favorable fundamentals [4]. Core Insights - The industrial internet sector is experiencing a surge in policy support, which is expected to drive a comprehensive development framework and enhance quality and efficiency in the industry [1][7]. - Key policies include the "Artificial Intelligence + Manufacturing" initiative, which aims to establish 1,000 high-level industrial intelligent entities by 2027, and the "Action Plan for High-Quality Development of Industrial Internet Platforms (2026-2028)," targeting over 450 platforms and 1.2 billion connected industrial devices by 2028 [2][7]. - The report highlights that industrial communication companies are well-positioned to benefit from these policy incentives, leveraging differentiated technologies and scene advantages to support industrial upgrades [1][2]. Summary by Sections Policy Developments - Recent policies have established a framework for integrating AI with industrial internet platforms, focusing on enhancing the quality of industrial internet development and addressing existing challenges such as insufficient differentiation and application depth [7]. - The "Action Plan for AI and Industrial Internet Integration" emphasizes the need for network upgrades in at least 50,000 enterprises, promoting the commercialization of new industrial network technologies [2][7]. Company Highlights - Dongtu Technology is leading the development of international standards and has created a closed-loop ecosystem that aligns with policy directives for new industrial network upgrades, with its TSN and industrial 5G chips recognized in the new industrial network directory [2][8]. - Sanwang Communication focuses on industrial Ethernet and 5G hardware products, with its TSN switches also included in the directory, showcasing its competitive edge in the TSN and Ethernet-APL technology fields [2][8]. - Yinghantong provides cloud-based edge intelligence solutions that enable efficient local data processing and decision-making for industrial enterprises, supporting mainstream AI applications [3].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company has a significant competitive advantage in pig farming and has seen a major contribution to profits from yellow-feathered chickens in Q4. The yellow chicken industry has entered a growth phase since Q4 2025, with the company leading in cost efficiency. The long-term development prospects are viewed positively [1][7]. - The company is expected to achieve a net profit attributable to shareholders of approximately 5.5 to 6 billion yuan in 2025, with a year-on-year decline of 60.6% to 63.8%. The earnings per share (EPS) is projected to be between 0.66 and 0.72 yuan [7]. - The yellow chicken segment is expected to see a 10% increase in output in 2025, with a sales price of 11.4 yuan per kilogram. The company anticipates a profit contribution of approximately 3 to 3.5 billion yuan from yellow chickens in Q4 [7]. - The pig farming segment is projected to have an output of about 2.1116 million pigs in 2025, with a year-on-year increase of 63%. The average sales price is expected to be 13.85 yuan per kilogram [7]. Financial Data and Valuation - Total revenue is projected to grow from 15.354 billion yuan in 2023 to 24.121 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11% [12][17]. - The company’s operating profit is expected to recover from a loss of 402 million yuan in 2023 to a profit of 1.257 billion yuan in 2027 [12][17]. - The return on equity (ROE) is projected to improve from -5.4% in 2023 to 11.8% in 2027, indicating a recovery in profitability [18]. Market Position and Strategy - The company is focusing on expanding its market presence outside of East China, with expectations of maintaining an annual growth rate of 8% to 10% in yellow chicken output [7]. - The company’s cost structure in pig farming is among the best in the industry, with expectations for continued improvement in profitability due to enhanced farming efficiency [7].