Group 1: Research Basic Information - The research object is Zhongwei Co., Ltd., belonging to the battery industry, and the reception time is January 27, 2026. The listed company's reception staff includes Wang Jianqiang, the representative of the securities affairs, Tang Boya, the person - in - charge of investor relations, Wei Mingze, the deputy general manager of the capital center, and Xue Zhao, the deputy director of the board of directors' office [16] Group 2: Detailed Research Institutions - The research institutions include insurance asset management companies like Ping An Asset, fund management companies such as Xingquan Fund, Ruiyuan Fund, Boshi Fund, Penghua Fund, Dacheng Fund, and ICBC Credit Suisse, an asset management company named Dunhe Asset, others like Lingzhan Capital, and a securities company called Huachuang Securities [17] Group 3: Company Overview - The company has horizontally expanded from nickel - based materials (ternary precursors) and cobalt - based materials (cobalt tetroxide) to phosphorus - based materials (iron phosphate, lithium iron phosphate) and sodium - based materials, and vertically integrated the complete industrial chain from upstream resources, mid - stream smelting to downstream materials and recycling, constructing an ecological layout. It has also strengthened the autonomy of the industrial chain by deploying key resources such as nickel, lithium, and phosphorus in Indonesia, Argentina and other places [20][21] Group 4: Responses to Investor Questions - **Nickel ore resource control**: The company has locked in the supply of 600 million wet tons of nickel ore resources through investment, shareholding, long - term cooperation agreements, and off - take agreements, and has established a nickel raw material industrial base in Indonesia, integrating the vertical industrial chain of resources - smelting - materials [21] - **Nickel smelting capacity**: The company has built a nickel resource smelting capacity of 195,000 metal tons, with an equity volume of about 120,000 metal tons, expected to reach full production in 2026, and the products are mainly nickel matte, ferronickel, and electrolytic nickel [22] - **Impact of nickel price increase on profit**: The company's strategic layout of upstream nickel, phosphorus, lithium and other mineral resources globally will benefit from the increase in nickel ore price due to the tightening of export quotas. The increase in LME nickel price will have a positive impact on the company's operating profit [22] - **Smelting technology route advantage**: The company uses multiple technology routes such as oxygen - enriched side - blowing and RKEF to form a combined smelting process advantage, enabling flexible production scheduling among different products (electrolytic nickel, high - grade nickel matte, ferronickel) to respond to nickel price and downstream demand changes. The oxygen - enriched side - blowing technology developed independently since 2021 can adapt to laterite nickel ore with a grade of over 1.2% [22] - **Future smelting expansion plan**: Currently, the company has no plan to add new smelting capacity in Indonesia, and will focus on strengthening the resource - end layout and promoting the release of material - end capacity [23] - **Matching of smelting capacity and product structure**: The company's current total smelting capacity is about 195,000 metal tons per year, with an equity capacity of about 120,000 metal tons per year. It can adjust the production scheduling dynamically among high - grade nickel matte, electrolytic nickel, and ferronickel according to profitability and switch flexibly based on the LME nickel price and discount coefficient [23][24] - **Phosphorus ore or lithium iron phosphate capacity layout in Indonesia**: Currently, the company's business layout in Indonesia focuses on the nickel industrial chain, and there is no large - scale construction of phosphorus ore or lithium iron phosphate production capacity. Phosphorus ore resources are mainly deployed in the Guizhou base in China to form an integrated supporting system with the lithium - battery material business [24] - **Sustainability of terminal demand for nickel - based materials**: In 2025, Zhongwei ranked first in the ternary precursor market in terms of shipments. The company is optimistic about the growth space of nickel - based materials due to the upgrade of the domestic terminal demand structure, the continuous increase in electric vehicle penetration in Europe driven by policy, and the commercialization of solid - state batteries promoting the growth of high - nickel ternary materials [24]

Report Summary 1. Reported Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The cost control ability of the speed increaser will continue to improve with the full production of the intelligent factory and the implementation of various measures, which will bring better profit returns to the company [22][26]. - Although the short - term personnel investment for the speed increaser factory increases costs, in the long run, the large - scale development of the speed increaser business will be a new profit growth point for the company [26]. - The completion and operation of the wind power speed increaser intelligent factory will comprehensively enhance the company's competitiveness from the aspects of market expansion, cost control, and financial health [27][28]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Weili Transmission [17]. - Industry: Not specified [17]. - Reception time: January 27, 2026 [17]. - Listed company reception personnel: Vice - President and Secretary of the Board of Directors, Zhou Jianlin [17]. 3.2 Detailed Research Institutions - Reception object type: Securities company [20]. - Institution: Huachuang Securities [20]. - Number of relevant personnel: 2 [20]. 3.3 Research Institution Proportion No relevant information provided. 3.4 Main Content Data Company Overview - Investors on - site visited the company's showroom and factory. The vice - president and secretary of the board of directors introduced the company's growth history, main business, and core products [22]. Questions and Answers - **Cost optimization of speed increaser products**: - **Technical optimization**: Increase R & D investment, optimize internal structure design, and reduce raw material costs [22]. - **Intelligent production**: Improve efficiency and reduce costs through automation, intelligent logistics, and informatization management. The scale effect will further reduce production time and labor costs. The rooftop photovoltaic power station reduces energy consumption [23]. - **Supply chain management**: Build a supplier evaluation system, follow the "reasonable low - price" principle, and optimize the production cost structure [24]. - **Operation management**: Optimize internal management, expand the market, and form a positive cycle of cost and scale [25]. - **Impact of early recruitment on short - term profit**: Although short - term personnel investment increases costs, it will support the operation of the intelligent factory. In the long run, it will become a profit growth point [26]. - **Product quality control**: Establish a Quality Assurance Center, implement quality management throughout the production cycle, and use PLM and APQP4Wind tools to manage R & D quality. Obtain international quality management system certifications [26][27]. - **Impact of the intelligent factory on competitiveness**: - **Market strategy**: Meet the industry trend, fill the supply gap of high - power speed increasers, and expand customer cooperation [27]. - **Capacity and efficiency**: Improve multi - dimensional efficiency through intelligent technology and shorten the order response cycle [27][28]. - **Business benefits**: Bring revenue growth, cost reduction, and financial improvement [28]. - **Refinancing progress**: The company plans to issue A - shares to specific objects, raising no more than 600 million yuan. The funds will be used for the wind power speed increaser intelligent factory (Phase I) and working capital. The relevant resolutions have been passed by the shareholders' meeting, and it still needs regulatory approval [28][29].

冰轮环境分析师会议 调研日期：2026年01月26日 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 调研行业：通用设备 参与调研的机构：中邮证券、西南证券、西部证券等 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | ...

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Report Summary of Tonglian Precision Analyst Meeting 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The company adheres to a diversified development strategy, focusing on precision manufacturing and responding to market trends. With the development of new intelligent terminal products and the release of new business orders, the company's overall profitability is expected to improve. The expansion of downstream application areas also provides long - term development impetus [23]. - The non - MIM business of the company has grown rapidly in recent years, driven by its ability to match customer customization needs, output differentiated technical solutions, and rely on multi - process collaboration capabilities [25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Information - Research object: Tonglian Precision [16] - Industry: Electronic components [16] - Reception time: January 19, 2026 [16] - Reception personnel: Board Secretary Huang Rongfang, Securities Affairs Representative Tang Lei, and Securities Affairs Specialist Lü Yibo [16] 3.2. Detailed Research Institutions | Research Institution | Institution Type | Related Personnel | | --- | --- | --- | | Zhaohui Zhixing Private Fund | Others | Li Heng [17] | Dachron Capital | Others | Dong Yi [17] | Changjiang Securities | Securities Company | Wang Zihao [17] | Minsheng Jiayin Fund | Fund Management Company | Dong Shixuan [17] 3.3. Company Introduction - The company specializes in R & D, design, production, and sales of precision components. It is building a comprehensive technical solution platform for precision components, with diverse manufacturing capabilities such as MIM, high - precision wire - cutting, and high - precision CNC machining. It is also making technical reserves and capacity layout in new materials and technologies [21]. - The company's products are mainly customized and are widely used in automotive, consumer electronics, medical, and other fields. In terms of revenue sources, they are mainly used in new consumer electronics, including folding - screen phones, tablets, and smart wearables [21]. 3.4. Q&A Summary - **Future performance expectations**: Based on current business plans and the industry environment, with the development of new business and the release of scale effects, the company's profitability is expected to improve. However, future performance may be affected by various factors [23]. - **Smart glasses business**: The company's products can be used in hinges, frames, etc. of smart glasses, and can adapt to multiple processes. The company has established cooperation intentions with some well - known customers, and the mass - production rhythm depends on customer needs [23][24]. - **Capacity expansion cycle**: The company obtains production sites through self - built industrial parks, leased factories, or asset acquisitions. It generally prepares relevant production capacity two to three months before the mass production of new business, aiming to achieve "capacity landing and immediate efficiency creation" [24]. - **Growth drivers of non - MIM business**: The company can quickly match customer customization needs, output differentiated technical solutions, and rely on multi - process collaboration capabilities, which drive the rapid growth of non - MIM business [25]. - **Revenue proportion of MIM and non - MIM business**: In the first three quarters of 2025, MIM revenue accounted for about 30% of total revenue, and non - MIM revenue accounted for about 60% [25]. - **Advantages of MIM process**: Compared with other precision metal processing technologies, MIM has obvious comprehensive cost advantages for high - precision, high - complexity, and high - metal - performance precision components that require mass production [25]. - **Applicability of existing product lines to new business**: For new business products that match existing processes and production capacity, the current production lines can meet production needs. For new processes such as semi - solid die - casting and 3D printing, corresponding production capacity will be added according to customer orders and market demand [26]. - **Leading advantage of MIM process**: The leading advantage of the company's MIM process mainly comes from the differentiated process route design, which shortens the process and improves efficiency [26][27]. - **Precision components for drones**: The company provides precision components such as shaft brackets and gimbal counterweights for drones, mainly produced by the MIM process [27]. - **Stock - based payment expenses**: The stock - based payment expenses in 2025 are expected to be basically the same as in 2024. In 2026, the overall stock - based payment expenses will decrease due to the completion of the vesting period of the 2022 restricted stock incentive plan [27]. - **Overseas business and capacity deployment**: The company has established an overseas production base in Vietnam to reduce the impact of geopolitics. Some new overseas customers require overseas production and delivery capabilities, which the Vietnamese production base can meet [27][28]

Group 1: General Information - The report is about a research on Chuangyuan Technology in the environmental protection industry on January 26, 2026 [1][2][17] - Participating research institutions include Yongying Fund and Zheshang Securities [2][18] Group 2: Company Business Introduction Jiangsu Sujing - As a leading overall solution provider in the domestic clean environmental protection field, its core products cover four categories: air purification equipment and systems, biosafety equipment and systems, energy - saving and environmental protection equipment and systems, and gas production and purification. These products are widely used in emerging industries such as new information technology, energy conservation and environmental protection, biomedicine, new energy, and aerospace [23] Suzhou Electric Porcelain - As a key enterprise in the domestic electric porcelain industry, it has rich technical experience. Its high - voltage porcelain insulators for power transmission and transformation are mainly used in ultra - high and extra - high voltage power transmission lines, high - speed railways, urban rail transit, and power station electrical fields. It has strong R & D capabilities, participates in formulating national and industry standards, and has maintained a leading position in the State Grid's tenders [24][25] Suzhou Bearing - Its various bearing products are widely used in important assemblies in the automotive industry and other fields such as industrial automation, high - end equipment, and aerospace [25] Group 3: Export Business - In 2024, the company's export revenue was 675 million yuan, accounting for 16.11%. Among them, Suzhou Bearing's export revenue was 311 million yuan, accounting for 46.09%, and Suzhou Electric Porcelain's export revenue was 172 million yuan, accounting for 25.40%. In the first half of 2025, the company's export revenue was 345 million yuan, accounting for 16.58%. Among them, Suzhou Bearing's export revenue was 154 million yuan, accounting for 44.72%, and Suzhou Electric Porcelain's export revenue was 113 million yuan, accounting for 32.84% [25]

1. Report Summary - Report focuses on the institutional research of Shengda Resources in the non - ferrous metals industry on January 26, 2026 [1][2][16] 2. Core Information 2.1 Research Basic Situation - Research object: Shengda Resources [16] - Industry: Non - ferrous metals [16] - Reception time: 2026 - 01 - 26 [16] - Company reception staff: Board Secretary Wang Wei, Securities Affairs Representative Sun Mengying, Investor Relations Manager Cong Peng [16] 2.2 Detailed Research Institutions | Reception Object | Reception Object Type | Institution - related Personnel | | --- | --- | --- | | GF Securities | Securities company | Chen Kaili | | CITIC Securities | Securities company | Gao Mingyang | | Sino - British Life Insurance | Life insurance company | Li Yuanfeng | | Northeast Securities Proprietary | Securities company | Wang Jiahui | | Fuyan Capital | Others | Liu Xianglong, Zhuang Qiyuan | [17] 2.3 Main Content 2.3.1 Company Introduction - Investor Relations Manager Cong Peng introduced the company's basic situation [21] 2.3.2 Q&A - **Copper production of Yichun Jinshi Mining's 460 Highland copper - molybdenum mine**: Currently handling the exploration - to - mining rights transfer. Specific production will be based on post - commissioning data [21] - **Impact of cold weather on Yichun Jinshi Mining**: Located in a cold climate area, expected to have short - term shutdowns due to Spring Festival and extreme climate. Annual effective working days are expected to be over 330 [21] - **Company's future capital expenditure**: For the development and construction of Deyun Mining's Bayan Baolege silver - polymetallic ore project, Yichun Jinshi Mining's 460 Highland copper - molybdenum mine project, and Guangxi Jinshi Mining's Miaohuang copper - lead - zinc - silver ore project; fine - production and management of existing mines, exploration for reserve increase; mergers and acquisitions of high - quality primary metal mineral resources projects [21] - **Completion time and silver production of Dongsheng Mining**: Striving to complete construction in 2026. The production scale of the Bayanwula silver - polymetallic ore is 250,000 tons/year, with an average silver grade of 284.90 g/t. Specific production will be based on post - commissioning data [23] - **Cost of Honglin Mining**: In the trial - production stage, costs are affected by multiple factors. Although safety investment is high, the ore is easy to process, so costs can be well - controlled [23] - **Commissioning time of two newly acquired mines**: Yichun Jinshi Mining focuses on the exploration - to - mining rights transfer of the 460 Highland copper - molybdenum mine in 2026, aiming for construction to start in 2027. Guangxi Jinshi Mining is in the NDRC approval stage for the Miaohuang copper - lead - zinc - silver ore mine construction [23][24] - **Production of Guangxi Jinshi Mining**: The Miaohuang copper - lead - zinc - silver ore has a production scale of 660,000 tons/year, with an average copper grade of 1.68% in sulfide copper industrial ore, an average lead grade of 2.66%, an average zinc grade of 2.40%, and an average silver grade of 83.75 g/t in sulfide lead - zinc - silver industrial ore. Specific production will be based on post - commissioning data [24][25]

Group 1: General Information - Research object: Tianlu Technology [17] - Industry: Optics and optoelectronics [17] - Reception time: January 26, 2026 [17] - Company receptionist: Investor Relations Director Li Yanru [17] Group 2: Research Institutions - Institutions participating in the research: Xitai Asset Management, Zhongyou Securities [2][18] Group 3: Core Views and Business Strategies - The company plans to terminate the original fundraising project "Expansion of Medium and Large-sized Light Guide Plate Project" and invest the remaining funds in the TAC film project of its subsidiary Anhui Jiguang and the reflective polarizing brightness enhancement film project of Suzhou Yijia to achieve the second growth curve [22] - The two optical film projects are domestic substitution projects to solve the "choke point" problem, with TAC film mainly monopolized by Japanese suppliers and reflective polarizing brightness enhancement film mainly supplied by US and Japanese companies [22] Group 4: TAC Film Market and Competition - The demand for TAC film is expected to reach 1.229 billion square meters in 2025 [23] - Over 70% of the downstream panel capacity and about 70% of the polarizer capacity after integration are in mainland China [23] - TAC film accounts for over 50% of the polarizer film material cost and is a key material affecting polarizer companies' profitability [23] - Mainland China's TFT - grade TAC film is basically imported, with Japanese manufacturers Fuji Film and Konica Minolta accounting for about 75% of the global market [24] Group 5: TAC Film Project Progress - In terms of factory building construction, Anhui Jiguang obtained the construction permit in June 2025 and the construction is progressing steadily [26] - Main equipment will be delivered and commissioned in the first half of this year [26] - The trial - produced film has been sent to downstream polarizer and panel factories for testing, and the results are consistent with Anhui Jiguang's self - testing [26] Group 6: TAC Film Equipment Procurement - TAC film production lines are customized, requiring the company to have in - depth knowledge of product characteristics [27] - There have been no new TAC film production lines overseas in nearly 10 years, and the company had to purchase equipment in segments globally [27] - Some overseas suppliers' unreasonable demands led to delays, but the company replaced them and will use more domestic equipment in the second phase [27] - Equipment procurement difficulties have been gradually overcome since last下半年, and the first batch of equipment will arrive after the Spring Festival for installation [27]

Report Overview - Reported Company: Heshun Technology [17] - Industry: Plastics Products [2] - Research Date: January 26, 2026 [17] Core Viewpoints - The company adheres to the positioning of "differentiation and functionality", with short - term performance supported by high - end mass production of optical films and long - term growth driven by breakthroughs in domestic high - performance carbon fiber. It aims to build a dual - wheel drive development pattern of "steady growth of film materials and innovative breakthroughs in carbon materials" [24]. Summary by Section 1. Basic Research Information - Research Object: Heshun Technology [17] - Industry: Plastics Products [17] - Reception Time: 2026 - 01 - 26 [17] - Company Reception Staff: Board Secretary, Chief Financial Officer Wu Xueyou; Securities Affairs Representative Yu Xiaolu [17] 2. Detailed Research Institutions - Reception Object Type: Securities Company [20] - Institution: Founder Securities [20] - Representative: Lu Shujian [20] 3. Main Content Company Overview - Founded in 2003, it is a high - tech enterprise integrating R & D, production, and sales of differentiated and functional biaxially oriented polyester film materials. Main products include colored photoelectric base films, other functional films, and transparent films, which can be widely used in consumer electronics manufacturing, automotive, and other fields [22]. - In the future, it will continue to adhere to the core business philosophy of "differentiation and functionality", expand product lines and application fields, and explore new materials, such as high - performance carbon fiber projects [22]. Key Questions and Answers - **BOPET Film Business**: The performance of the BOPET film business is gradually improving. Multiple high - value - added new products have been developed and are about to be sent for samples. However, performance improvement requires time, and the impairment provisions after the capitalization of the raised investment projects affect current profits [22]. - **Purpose of Carbon Fiber Project**: Carbon fiber is a key material in the aerospace field, with the global market monopolized by a few US and Japanese companies. The company aims to enter this field, form strategic synergy with existing BOPET film business, and move towards becoming a leading new material enterprise [22][23]. - **Strategic Plan**: In the short term, focus on high - end optical film production, strengthen technology barriers, and expand the mid - to - high - end market. In the long term, use high - performance carbon fiber business as the second growth curve, gradually promote large - scale production, and expand into high - end application fields [24]. - **Intended Customers of Carbon Fiber Products**: Potential customers are high - end enterprises in aerospace, high - end equipment manufacturing, and high - end industrial applications. The company will actively promote cooperation [25]. - **Equity Incentive Plan**: The company will comprehensively consider various factors such as market conditions, development strategies, and shareholder interests. It will disclose relevant information in a timely manner if there are any decisions [25].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The company achieved a significant turnaround in net profit and net profit after non-recurring items in 2025 compared to 2024, mainly due to increased international market expansion, a product differentiation strategy, cost reduction and efficiency improvement measures, and refined management [22]. - The company's performance improvement in 2025 is mainly based on its long - term product and manufacturing technology accumulation, enhanced overall solution capabilities and globalization service capabilities, as well as timely strategic adjustments in 2024 [23]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Chutian Technology [17] - Industry: Medical devices [17] - Reception time: 2026 - 01 - 26 [17] - Listed company reception staff: Board Secretary Huang Yuting, Securities Affairs Representative Zhou Dewei [17] 3.2 Detailed Research Institutions - Reception object type: Securities company - Institution: China Merchants Securities - Number of related personnel: 2 [20] 3.3 Research Institution Proportion - Not detailed in the content 3.4 Main Content Data 3.4.1 Reasons for the Company's Profit Improvement in 2025 - Increased international market expansion: In 2025, overseas business entered a rapid growth channel, with breakthroughs in Southeast Asia, the Middle East and Africa, and the Americas. The proportion of international business in the company's overall business increased significantly, driving profit growth [22]. - Product differentiation and cost - reduction: Since the second half of 2024, the company adopted a product differentiation strategy to improve order quality and carried out a series of cost - reduction and efficiency - improvement measures, which significantly increased the gross profit margin [22]. - Refined management: Since the second half of 2024, the company carried out refined management measures, and the overall operating cost in 2025 was effectively controlled, with a significant decrease in total period expenses compared to the same period in 2024 [22]. 3.4.2 Industry Trends - Domestic industry competition is still fierce but gradually easing, with characteristics such as accelerated domestic substitution, increased market concentration, expanded advantages of leading enterprises, and international market expansion becoming a new growth point [23]. - The focus of industry competition has shifted from traditional equipment performance to technological integration, system solutions, and global service capabilities [23]. 3.4.3 Overseas Export in 2025 - The company's international sales and service system team has been growing, with local sales and service outlets established in more than 20 key countries and regions. It focuses on five major regions and promotes high - quality sales and services [23]. - The export orders in 2025 increased compared to 2024 [23]. 3.4.4 Pharmaceutical Robot Layout - The company's pharmaceutical robot business layout focuses on the core pharmaceutical equipment industry chain and the medical clean core sector, aiming to upgrade pharmaceutical equipment to unmanned and intelligent levels [23]. - The company has achieved self - production and product implementation of clean robots and sorting robots, which can effectively meet the needs of existing business scenarios [24]. - The core competitive advantages are a deep understanding of application scenarios and downstream pharmaceutical production processes, which can help product iteration and efficiency improvement [24]. 3.4.5 Operating Conditions of ROMACO - ROMACO Group's operating conditions have improved steadily compared to 2024, and its core business indicators and market competitiveness have increased [24]. - Whether goodwill will be impaired and the impairment amount need to be based on formal reports from third - party asset appraisal companies and audit institutions [24]. 3.4.6 New Product Development - The company has been insisting on technological innovation, with a high R & D investment proportion in the industry. It has continuously launched new products and technologies in recent years [25]. - Future products include continuous BFS, fully automatic intelligent lamp inspection machines, etc. The company will continue to implement the "dual - priority" strategy of product and manufacturing technology [25]. 3.4.7 Business Outlook in 2026 - In the business aspect, the company will continue to expand overseas markets, promote the globalization strategy, and increase the proportion of international business in revenue. It will also focus on innovation to drive the integration of the pharmaceutical equipment industry chain with the international market [25]. - In the management aspect, the company will continue to implement "quality improvement and efficiency enhancement", using technological means and management measures to achieve cost reduction and efficiency improvement [25].