Core Viewpoint - Daiwa has reassessed its A+H share valuation premium strategy, which involves selecting A+H shares with a minimum premium of 10% to construct a monthly A-share investment portfolio, indicating that this strategy typically yields strong returns when the overall A+H premium narrows rapidly [1] Group 1: Investment Strategy Performance - The latest results show that even when the valuation gap widens or the A-share market outperforms the H-share market, the investment strategy has performed well, with cumulative relative returns increasing from approximately 90% to 107.5% over the past two months [1] - The primary drivers of this performance are attributed to the rise in global metal prices and the recent renewal cycle in China's construction machinery sector, benefiting companies such as Luoyang Molybdenum (603993), Zijin Mining (601899), Sany Heavy Industry (600031), and Weichai Power (000338) [1] Group 2: Foreign Investment Trends - There is a sustained interest from overseas investors in Chinese technology companies; however, due to geopolitical concerns, investors generally prefer holding H-shares [1] - It is anticipated that the repatriation of foreign capital will drive the market capitalization of H-shares, which are significantly lower than their A-share counterparts, including Contemporary Amperex Technology (300750), leading to a potential rapid increase in stock prices post dual listing, which may create re-rating opportunities for their A-shares [1]

Group 1 - The core point of the article is that Weichai Power Co., Ltd. has obtained a patent for a method and device for fault storage, with the patent announcement number CN114610570B and an application date of March 2022 [1] - Weichai Power Co., Ltd. was established in 2002 and is located in Weifang City, primarily engaged in the automotive manufacturing industry, with a registered capital of 87,156.71296 million RMB [1] - The company has invested in 64 enterprises, participated in 5,000 bidding projects, and has 740 trademark records and 5,000 patent records, along with 778 administrative licenses [1] Group 2 - Weifang Weichai Power Technology Co., Ltd. was established in 2017, also located in Weifang City, focusing on research and experimental development, with a registered capital of 17,600 million RMB [1] - This subsidiary has participated in 6 bidding projects, holds 879 patent records, and has 3 administrative licenses [1]

Group 1 - The core point of the article is that Weichai Power Co., Ltd. has obtained a patent for an "abnormal handling method, device, storage medium, and electronic equipment for electronic control units," with the patent announcement number CN116300823B and an application date of March 2023 [1] Group 2 - Weichai Power Co., Ltd. was established in 2002 and is located in Weifang City, primarily engaged in the automotive manufacturing industry, with a registered capital of 87,156.71296 million RMB [1] - The company has invested in 64 enterprises, participated in 5,000 bidding projects, and has 740 trademark records and 5,000 patent records, along with 778 administrative licenses [1] Group 3 - Weifang Weichai Power Technology Co., Ltd. was established in 2017, also located in Weifang City, focusing on research and experimental development, with a registered capital of 17,600 million RMB [1] - This subsidiary has participated in 6 bidding projects, holds 879 patent records, and has 3 administrative licenses [1]

Core Viewpoint - Shandong Heavy Industry Group has officially launched its seventh business segment, Power Energy, aiming to enter the global data center power generation equipment and solid oxide fuel cell markets, indicating a strategic focus on cultivating new growth areas [1] Group 1: Business Development - The Power Energy business is primarily concentrated in Weichai Power, which has established a multi-faceted new energy landscape through its technological accumulation and market presence in data center power generation equipment and solid oxide fuel cells [3] - The rapid growth of the artificial intelligence industry has led to an explosive increase in AI data centers, with energy demand expected to double by 2030, reaching approximately 945 TWh, creating a significant market opportunity for efficient and reliable power solutions [3] Group 2: Product and Market Position - Weichai Power is a leading domestic natural gas engine manufacturer, integrating cutting-edge global technologies into its gas power products, which cover various scenarios including commercial vehicles and power generation equipment [3] - Solid oxide fuel cells (SOFC) are emerging as a leading technology for data center energy supply due to their high energy conversion efficiency and low carbon footprint, with commercial demand expected to accelerate [4] - Weichai Power has positioned itself as one of the earliest companies to integrate SOFC systems, achieving a maximum power generation efficiency exceeding 65% and forming a differentiated competitive advantage [6] Group 3: Market Demand and Product Launch - The demand for backup power in data centers is robust, with diesel generators being the most common backup power source, and Weichai Power has successfully completed product deliveries in various data center projects, enhancing its market recognition [6] - In 2025, Weichai Power is set to launch the world's first 5-megawatt high-speed diesel generator set, marking a significant breakthrough in the global high-end market for data center backup power [6]

Summary of Conference Call Records Industry Overview - The records pertain to the automotive industry, specifically focusing on heavy trucks, motorcycles, and automotive components. Key Companies and Insights 1. **博俊科技 (BoJun Technology)** - Location: Suzhou Kunshan - Date: January 20 - Core Insight: Focus on stamping parts, with strong performance and low valuation, leading to steady market capitalization growth [1] 2. **伯特利 (Bertley)** - Location: Wuhu - Date: January 20 - Core Insight: Domestic leader in line control braking, with EMB set to lead in production this year and extensive layout in robotics [1] 3. **春风动力 (Chunfeng Power)** - Format: Online meeting via Tencent - Date: January 20 - Core Insight: Anticipation of a significant year for all-terrain vehicles with new product launches; recovery in motorcycle exports and domestic business; continuous growth in extreme core products [1] 4. **瑞鹄模具 (Ruihu Mould)** - Location: Wuhu - Date: January 21 - Core Insight: Domestic equipment business leader, high-quality supplier, successful shipment of collaborative robots [1] 5. **海安集团 (Hai'an Group)** - Location: Fujian Putian - Date: January 22 - Core Insight: Deep ties with major clients like Zijin and Jiangxi Copper, with a gross margin exceeding 45% and a return on equity (ROE) of over 22% [1] 6. **中国重汽A (China National Heavy Duty Truck Group A)** - Format: Online available - Date: January 28 - Core Insight: Focus on international expansion, elimination of National IV standards, and progress in new energy initiatives [1] 7. **中国重汽H (China National Heavy Duty Truck Group H)** - Format: Online available - Date: January 28 - Core Insight: Emphasis on international expansion and high dividends, alongside the elimination of National IV standards and advancements in new energy [2] 8. **潍柴动力 (Weichai Power)** - Location: Weifang - Date: January 29 - Core Insight: Core player in the heavy truck supply chain, benefiting from domestic demand and international expansion; steady revenue and gross margin growth in forklift and supply chain sectors; large displacement engines and SOFC expected to benefit from AI data center demand [2] Additional Important Insights - The records highlight a trend of companies in the automotive sector focusing on international markets and new energy solutions, indicating a shift towards sustainability and global competitiveness. - The emphasis on strong financial metrics such as gross margins and ROE suggests a focus on profitability and operational efficiency within the industry.

Company and Industry Summary Company: Weichai Power Key Points - **Emerging Business Growth**: Weichai Power has established a seventh business segment focused on AIDC (Automated Identification and Data Capture) power, indicating a strategic shift in business drivers [1] - **Large Cylinder Production Forecast**: The company anticipates a production volume of over 13,000 units for large cylinders in 2026, representing a year-on-year growth of nearly 30% [1] - **Data Center Large Cylinder Growth**: For data center large cylinders, the expected production in 2026 is 2,600 units, which marks a 100% increase from approximately 1,300 units in 2025. This includes 800 units for domestic clients and 400 units for overseas clients, primarily large firms like Oracle in the US [1] - **Profit Margins**: The profit per unit for standard large cylinders is projected at 100,000 yuan, while for data center large cylinders, it is significantly higher at 500,000 yuan. This indicates a strong profit elasticity driven by price increases in AIDC large cylinders [1] - **Revenue Contribution from Large Cylinder Business**: The large cylinder segment is expected to contribute over 2.5 billion yuan in revenue in 2026 [1] Industry: Gas Power Generation and SOFC (Solid Oxide Fuel Cell) Key Points - **Certification Status**: The gas generator currently awaits UL certification in the US. Until certification is obtained, customers can use the product, with invoicing to occur post-certification. A small number of units are expected to be delivered this year [2] - **SOFC Business Projections**: For 2026, the SOFC business is expected to deliver 40-50 MW, with planned production capacity of 60 MW. By 2030, the capacity is projected to reach 1 GW, and by 2032, 2 GW, with an estimated price of around 20,000 yuan per kW. This translates to an expected mid-term contribution of 8 billion yuan by 2032, assuming a 20% profit margin [2] - **Main Business Outlook**: In 2026, the company anticipates a total revenue of approximately 14 billion yuan, with the main business contributing around 11.5 billion yuan. The valuation is projected at 1.15 trillion yuan based on a 10x multiple [2] - **Large Cylinder Business Valuation**: The large cylinder business is expected to generate 2.5 billion yuan, with a 20x valuation leading to a potential market cap of 500 billion yuan [2] - **SOFC Option Valuation**: The SOFC business, with a mid-term contribution of 8 billion yuan, is estimated to have an option value of 80 billion yuan, discounted at a 50% rate [2]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 19, 2026 [1][5] - Weichai Power (000338.SZ) leads with a daily increase of 7.69% and a year-to-date increase of 31.10%, with a dividend yield of 3.36% [1][5] - Other notable performers include Daimei Co. (603730.SH) with a daily increase of 6.98% and a year-to-date increase of 13.70%, and Changbao Co. (002478.SZ) with a daily increase of 5.80% and a year-to-date increase of 11.92% [1][5] Group 2 - The overall dividend yield for the index is reported at 4.76%, with a historical price-to-earnings ratio of 1.34 times and an expected price-to-earnings ratio of 11.75 times [2] - The data indicates a positive trend in stock performance, with several companies showing significant year-to-date gains, suggesting potential investment opportunities [4][8]

潍柴新能源动力科技有限公司，成立于2017年，位于潍坊市，是一家以从事化学原料和化学制品制造业 为主的企业。企业注册资本15085.714286万人民币。通过天眼查大数据分析，潍柴新能源动力科技有限 公司共对外投资了2家企业，参与招投标项目13次，专利信息639条，此外企业还拥有行政许可12个。 国家知识产权局信息显示，潍柴动力股份有限公司取得一项名为"一种挡箱摘挡的控制方法、装置、设 备和存储介质"的专利，授权公告号CN119163749B，申请日期为2024年10月。 天眼查资料显示，潍柴动力股份有限公司，成立于2002年，位于潍坊市，是一家以从事汽车制造业为主 的企业。企业注册资本871567.1296万人民币。通过天眼查大数据分析，潍柴动力股份有限公司共对外 投资了64家企业，参与招投标项目5000次，财产线索方面有商标信息740条，专利信息5000条，此外企 业还拥有行政许可778个。 来源：市场资讯 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

Group 1 - Weichai Power (02338) has seen a nearly 5% increase, reaching a historical high of HKD 24.68, with a trading volume of HKD 520 million [1][1] - The demand for power generation products for data centers is strong, leading to increased production and sales, prompting the company to accelerate the capacity enhancement of SOFC to meet customer needs [1][1] - Longjiang Securities reports that the global AI wave is driving Weichai's active layout in backup power diesel engines and main power SOFC, with the large-bore business entering a rapid growth cycle and performance continuing to deliver [1][1] Group 2 - SOFC has strong overseas demand, and the company has secured intention orders, with large-scale production expected by 2027, indicating significant future growth potential [1][1]

Group 1: Data Center Business Progress - The rapid iteration of AI technology is driving the acceleration of computing infrastructure, leading to a significant expansion in the data center power equipment market and a surge in demand for high-end engines [2] - The company has established a comprehensive energy solution capability and has successfully delivered projects in various domestic and international regions, with increasing market recognition [2] - Future plans include actively expanding domestic and international strategic customers to further enhance business contributions [2] Group 2: SOFC Business Development - The company is continuously deepening its efforts in the SOFC field through technological innovations and market deployment [3] - A technology licensing agreement was signed with a partner in November 2025, allowing the company to fully master core technologies related to batteries, stacks, systems, and power stations [3] - The company has introduced a new generation of high-power commercial products, achieving significant improvements in power generation efficiency and power density, and has established intent to cooperate with several leading enterprises [3] Group 3: Shareholder Return Outlook - The company is focused on optimizing its profit structure and enhancing its performance and long-term competitiveness [3] - Plans include maintaining a high frequency of cash dividends and share buybacks to improve shareholder returns [3] - The company will consider various shareholder expectations and market changes to sustain a proactive and stable shareholder return policy [3]