Group 1 - The Hang Seng Technology Index increased by 1.93% and the Hang Seng Index rose by 1.32% [1] - Notable stock performances include: Zhaoyi Innovation up by 45.06%, Dali Group Holdings up by 13.35%, and Rongchang Bio up by 8.84% [1] - Declining stocks include: Times Angel down by 4.96%, Master Kong Holdings down by 4.18%, and CIMC Enric down by 3.72% [1]

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Core Viewpoint - Huayuan Securities initiates coverage on CIMC Enric (03899) with a "Buy" rating, highlighting the company's alignment with the clean energy transition and a record high order backlog, indicating strong and visible growth prospects [1] Group 1: Business Overview - CIMC Enric operates under CIMC Group (000039) and focuses on three main business segments: clean energy, chemical environment, and liquid food, providing key equipment, engineering services, and system solutions [2] - Revenue projections for 2024 are estimated at 17.18 billion, 3.12 billion, and 4.45 billion for the clean energy, chemical environment, and liquid food segments respectively, with operating profits of 0.96 billion, 0.35 billion, and 0.35 billion, accounting for 57.6%, 21.2%, and 21.1% of total profits [2] - The company expects to achieve net profits of 1.095 billion and 0.767 billion for the full year 2024 and the first three quarters of 2025 respectively, with a backlog of orders amounting to approximately 30.76 billion, a year-on-year increase of 10.9% [2] Group 2: Clean Energy Segment - The clean energy segment has seen significant new orders, with a total of 16.99 billion signed in the first three quarters of 2025, representing a year-on-year increase of 5.14% and accounting for approximately 86.5% of total new orders [3] - The waterborne clean energy equipment segment alone secured 8.65 billion in new orders, a year-on-year increase of 16.2%, with a backlog of around 20 billion, scheduled for production until 2028 [3] - Factors driving demand include increased domestic natural gas consumption and the commissioning of new LNG receiving stations, as well as the global shipping industry's transition to low-carbon fuels [3] Group 3: Project Developments - Key projects include the coking gas hydrogen production and LNG co-production projects, with significant capacities planned for 2024 and 2025, contributing to the company's growth in key equipment and operational services [4] - The company is also advancing its green methanol initiatives, with a biomass-based green methanol project in Zhanjiang expected to commence production in December 2025, and further expansions planned for 2027 [4] Group 4: Aerospace and Chemical Environment - CIMC Enric is expanding into the commercial aerospace sector, with expected revenues and order backlogs nearing 100 million by 2025, driven by high-frequency launches [4] - The chemical environment segment, led by CIMC HuanKe (301559), holds a leading position in the market, with approximately 79% of its revenue coming from overseas [4] - The liquid food segment, primarily operated by CIMC ChunKe (872914), has a strong international presence, with 89% of its revenue derived from foreign markets [4]

Core Viewpoint - Huayuan Securities initiates coverage on CIMC Enric (03899) with a "Buy" rating, highlighting the company's alignment with the clean energy transition and a record high order backlog, indicating stable growth and high visibility in performance [1] Group 1: Business Overview - CIMC Enric operates under CIMC Group, focusing on three main business segments: clean energy, chemical environment, and liquid food, providing key equipment, engineering services, and system solutions [2] - Revenue projections for 2024 are estimated at 17.18 billion for clean energy, 3.12 billion for chemical environment, and 4.45 billion for liquid food, with operating profits of 0.96 billion, 0.35 billion, and 0.35 billion respectively [2] - As of September 2025, the company has an order backlog of approximately 30.76 billion, a year-on-year increase of 10.9%, marking a new high [2] Group 2: Clean Energy Segment - The clean energy segment has seen significant new orders, with a total of 16.99 billion signed in the first three quarters of 2025, a year-on-year increase of 5.14%, accounting for about 86.5% of total new orders [3] - The waterborne clean energy equipment segment alone secured 8.65 billion in new orders, a year-on-year increase of 16.2%, with a backlog of around 20 billion, scheduled for production until 2028 [3] - Factors driving growth include increased domestic natural gas consumption and the commissioning of new LNG receiving stations, as well as the low-carbon transition in the global shipping industry [3] Group 3: Comprehensive Services - Key projects such as the coke oven gas hydrogen co-production LNG project and biomass-based green methanol project are set to contribute to performance through equipment, processes, and operations [4] - The coke oven gas hydrogen co-production projects in Yingkou and Lingang are expected to commence production in September 2024 and July 2025, respectively, with additional projects planned for 2026 [4] - The green methanol project in Zhanjiang is expected to start production in December 2025, with further expansions planned for 2027 [4] Group 4: Aerospace and Chemical Environment - CIMC Enric's equipment manufacturing has expanded into the commercial aerospace sector, with expected revenues and order backlogs nearing 100 million by 2025 [5] - The chemical environment segment, led by CIMC HuanKe, holds a leading position globally, with approximately 79% of its revenue coming from overseas markets [6] - CIMC HuanKe maintains about 50% market share in the tank container industry, while CIMC ChunKe has a strong presence in the bio-fermentation equipment sector, with 89% of its revenue from international markets [6]

证券研究报告 晨会 hyzqdatemark 2026 年 01 月 11 日 投资要点： 源引金融活水 润泽中华大地 力，满足广大职工日益增长的精神文化需求。预计带动文旅景区产业链、酒店业态 发展，建议关注酒旅板块全年投资主线。毛戈平近期与 L Catterton Asia Advisors 签 订战略合作框架协议。根据协议，双方在全球市场扩张、收购及战略投资、资本结 构进一步优化、人才引进与治理方面达成战略合作意向。公司作为国内高端彩妆品 牌，创始人 IP 深度赋能品牌，护肤&彩妆品类稳步增长，线下&线上优势显著，当前 品牌势能处于稳步向上阶段，大单品矩阵仍在高速增长，我们看好公司的 IP 品牌价 值稀缺＋渠道禀赋＋后续成长潜能，未来业绩增长确定性较高，继续重点推荐。 风险提示：零售环境修复不及预期风险；国际局势变动风险；市场竞争加剧风险。 公用环保 中集安瑞科(03899.HK)首次覆盖：在手订单创新高，绿醇/LNG/航天装备 等有望构建新增长极：装备制造为基，以"关键装备+核心工艺+综合服务"为战略， 三大主业齐头并进。清洁能源：新签订单亮眼，LNG 运力需求提升及航运业低碳转 型有望带动板块业绩稳增 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The commercial aerospace sector is experiencing robust growth driven by policy support, indicating a critical turning point in commercialization. Satellite frequency and orbital resources are scarce strategic assets globally, with developed countries like the US leveraging early investments and SpaceX's advantages to secure significant frequency resources. China has recognized commercial aerospace as a vital strategic area, intensifying policy support to accelerate satellite network deployment [3][8] - Solar photovoltaic (PV) technology is the primary long-term energy source for satellites, with current applications focused on communication satellites. The global solar PV market is projected to reach between 80 billion to 120 billion yuan, assuming the price of gallium arsenide batteries is approximately 200,000 yuan per square meter and an annual launch of 4,000 to 6,000 satellites, each with solar wings of 100 square meters. Elon Musk's plan to deploy 100GW of computing power annually by 2030 could transition space PV from "satellite auxiliary power" to "large-scale energy infrastructure," potentially expanding the market from a hundred billion to a trillion yuan scale [4][8][9] Summary by Sections Section 1: Electric New Energy - The solar PV market is set to expand significantly, driven by the unique energy demands of satellites and large-scale space data centers. The technology is evolving from multi-junction gallium arsenide to P-type HJT and perovskite/silicon tandem cells, which are better suited for the harsh conditions of space. P-type HJT batteries offer advantages such as radiation resistance, lightweight, high efficiency, and cost-effectiveness, making them ideal for space applications [9] - The market for HJT technology is expected to grow as it moves away from competitive pressures in the terrestrial PV market, positioning it as a mainstream technology globally [9][10] Section 2: Investment Recommendations - Key companies recommended for investment include Maiwei Co., Jin Feng Technology (H), and Zhongji Anruike. Companies related to equipment such as Jiejia Weichuang and Aotewei are suggested for attention, along with battery and module companies like Dongfang Risheng, Junda Co., Jinko Solar, Trina Solar, and Mingyang Smart Energy. Other companies in the commercial aerospace supply chain include Jin Feng Technology (A), Jiufeng Energy, Xinle Energy, Guoci Materials, Jing Shan Light Machine, Saiwu Technology, Jinjing Technology, and Taisheng Wind Energy [10]

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Views - The company is expected to experience new growth drivers from its clean energy, LNG, and aerospace equipment sectors, with a record high backlog of orders [5][10] - The company operates under the CIMC Group, focusing on clean energy, chemical environment, and liquid food sectors, providing key equipment, engineering services, and system solutions [6] - The company anticipates revenue of 171.8 billion, 31.2 billion, and 44.5 billion from its three main business segments in 2024, with respective operating profits of 9.6 billion, 3.5 billion, and 3.5 billion [6] Summary by Relevant Sections Market Performance - The clean energy sector has seen a significant increase in new orders, with a total of 169.9 billion in new orders for the first three quarters of 2025, representing a year-on-year increase of 5.14% [7] - The backlog of orders in the clean energy sector is approximately 200 billion, with production scheduled until 2028 [7] - The company is positioned to benefit from the rising domestic natural gas consumption and the global shipping industry's transition to low-carbon alternatives [7] Clean Energy Projects - Key projects include the coke oven gas hydrogen co-production LNG project and biomass-based green methanol projects, which are expected to contribute significantly to revenue [8] - The company has ongoing projects with capacities of 100,000 tons of LNG and 15,000 tons of hydrogen, with expected production dates in 2024 and 2025 [8] Financial Forecasts - The company forecasts net profits of 12.2 billion, 14.6 billion, and 17.4 billion for 2025-2027, with respective growth rates of 11.5%, 19.6%, and 19.2% [10] - The current stock price corresponds to a price-to-earnings ratio of 15.3, 12.8, and 10.8 for the years 2025-2027 [10]

Summary of Key Points Core Viewpoint - As of January 9, a total of 73 stocks reached their 52-week highs, with notable performances from Lingxiong Technology (02436), Delai Construction (01546), and Zhipu (02513) showing significant growth rates of 104.99%, 38.89%, and 22.22% respectively [1]. 52-Week Highs - Lingxiong Technology (02436) closed at 11.760, with a peak price of 15.600, achieving a high rate of 104.99% [1]. - Delai Construction (01546) closed at 0.161, reaching a maximum of 0.250, with a high rate of 38.89% [1]. - Zhipu (02513) had a closing price of 158.600 and a peak of 165.000, resulting in a high rate of 22.22% [1]. - Other notable stocks include Asia Pacific Satellite (01045) with a high rate of 20.64% and Rongda Technology (09881) at 12.87% [1]. 52-Week Lows - The stocks reaching their 52-week lows include Lishi International (00842) with a closing price of 0.850, marking a decline of 39.29% [2]. - Bokan Vision Cloud - B (02592) closed at 2.930, with a decrease of 16.90% [2]. - Lingzai Technology Finance (00093) reached a low of 0.485, reflecting a drop of 14.77% [2].

Core Viewpoint - CIMC Enric (03899) has seen a nearly 4% increase in stock price, attributed to its strong position in the aerospace storage equipment sector and potential for growth driven by government initiatives in commercial aerospace [1] Group 1: Company Performance - CIMC Enric's stock price rose by 3.9% to HKD 10.62, with a trading volume of HKD 65.8062 million [1] - The company has a solid technical foundation in low-temperature and high-pressure special equipment, positioning itself as a key supplier in the aerospace storage equipment market [1] Group 2: Business Outlook - CIMC Enric's related business revenue and backlog are expected to exceed RMB 100 million by 2025, with approximately half of the revenue coming from overseas markets [1] - According to Citigroup, CIMC Enric's management indicated that the company's revenue from related businesses has already surpassed RMB 10 million this year, with 50% derived from international sources [1] - The recent action plan by the China National Space Administration to promote high-quality and safe development in commercial aerospace (2025-2027) may catalyze rapid growth for CIMC Enric's business [1]