Group 1 - The core viewpoint is that external demand is expected to drive a recovery in the titanium dioxide market, with Longbai Group enhancing its competitiveness through a full industry chain layout [1] - China's titanium dioxide production capacity accounts for over 50% of global capacity, and the country has been increasing its influence in the global market as traditional European and American producers face operational pressures [1] - The rigid growth in demand from emerging countries and the irreplaceability of Chinese production capacity are anticipated to drive a recovery in the titanium dioxide market, presenting opportunities for leading companies like Longbai Group to achieve both volume and profit growth [1] Group 2 - The report indicates that due to significant increases in raw material prices, such as sulfur, and a decline in titanium dioxide prices, the company's net profit forecasts for 2025-2027 have been revised down to 1.847 billion, 2.825 billion, and 3.320 billion yuan respectively [1] - The target price is set at 23.80 yuan based on a 20x PE ratio for comparable companies in 2026, while maintaining an "overweight" rating [1]

Core Viewpoint - The report from Dongfang Securities indicates that the rising gold prices have significantly suppressed domestic gold jewelry consumption, while the consumption of gold bars and coins, which have more investment attributes, has rapidly increased year-on-year, greatly exceeding that of gold jewelry [1] Group 1: Industry Trends - In 2025, China's gold consumption is projected to be 950.096 tons, a year-on-year decrease of 3.57%. Gold jewelry consumption is expected to decline to 363.836 tons, down 31.61%, while gold bars and coins are anticipated to rise to 504.238 tons, an increase of 35.14% [1] - The closing price of Au9999 gold on the Shanghai Gold Exchange at the end of December 2025 is expected to rise by 58.78% compared to the opening price at the beginning of the year [1] - The impact of high gold prices on the consumption structure of gold jewelry is expected to continue into 2026 [1] Group 2: Company Performance - In 2025, companies with strong brand operations and clear product differentiation are expected to show rapid growth despite industry pressures. Notable examples include: - Chao Hong Ji, with a projected non-recurring profit growth of 125%-175% [2] - Cai Bai Co., with a projected non-recurring profit growth of 39%-64% [2] - Man Ka Long, with a projected non-recurring profit growth of 26% [2] - Chow Tai Fook, with a 16.9% sales growth in mainland China in Q4 2025, and a 53.4% increase in same-store sales for fixed-price products [2] - Luk Fook Holdings, with a projected non-recurring profit growth of 43% for FY2026H1 [2] - Companies that rely on wholesale and franchise models, with weak brand operation and digital capabilities, are facing significant operational pressure due to the sustained rise in gold prices in 2024 and 2025 [2] Group 3: Future Outlook - The report highlights that the rise of Chinese culture and confidence presents significant opportunities for domestic gold jewelry brands to expand internationally, particularly in Southeast Asia, Australia, and North America [3] - The focus for investment opportunities in 2026 will be on companies with strong branding, differentiation, and active international expansion, such as Chao Hong Ji, Lao Pu Gold, Chow Tai Fook, and Luk Fook Holdings [4]

Group 1 - The core viewpoint is that the space photovoltaic industry has significant potential, driven by both domestic and international developments, particularly with SpaceX's plans for a solar energy satellite network and China's increasing satellite launch capabilities [1][2] - The global market for space photovoltaics could reach 8GW annually, with a potential market size of 8 trillion yuan, even if the cost of components decreases significantly [2] - China's photovoltaic industry is strong, with leading manufacturers in equipment and materials, such as Maiwei and Aotwei, which are expected to gain incremental orders due to the expansion of overseas leaders [3] Group 2 - The report suggests focusing on key photovoltaic equipment manufacturers like Aotwei, Maiwei, and others that are likely to benefit from the expansion of overseas leaders [3] - It also highlights core material manufacturers like Dongfang Risen and others that have established deep relationships with overseas clients, which will drive profit growth [3]

东方证券发布研报称，应重视垂类多模态AI应用机会，看好技术突破、成本优化带来产业趋势加速发 展，带动用户增长、付费渗透和商业化再上台阶。此外，尤其关注有多模态AI应用出海布局的公司， 起量速率或更快。 东方证券主要观点如下： 年初至今，多模态视频生成赛道国产模型加速迭代，推动行业技术整体上行，与海外差距显著收窄 最大的边际变化在于，智能分镜降低用户进入门槛，多模态统一架构支持创作意图表达更高效灵活且可 控性提升，该行判断26年B端和C端拓展均会有较大进展，模型厂商在卷技术的同时，重点观测景气内 容赛道的AI渗透。 视频生成赛道迭代提速，推动行业技术跃升，海内外技术差距持续收窄 今年整体看，国内视频生成厂商进一步加速模型研发节奏，如快手可灵【2.0版本(25年4月)→2.5版本(25 年9月)→2.6版本(25年12月)→3.0版本(26年2月)】、即梦Seedance【1.0版本(25年6月)→1.5版本(25年12 月)→2.0版本(26年2月)】。随着各家最新模型发布，国内供给侧的技术天花板进一步提升，物理规律合 理性、运动流畅性、指令遵循能力等基础属性均显著增强，分镜能力、音画同出(海外前沿模型率先突 ...

Core Insights - The report emphasizes the continuous influx of incremental funds into the market, highlighting investment opportunities in the non-bank financial sector [1][7] - The industry rating remains at "Buy," indicating a positive outlook for the sector [2] Group 1: Market Performance - As of February 6, 2026, the Shanghai Composite Index closed at 4065.58 points, down 1.27%, while the Shenzhen Component Index fell 2.11% [12] - The average daily trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, reflecting a 3.38% decrease [7] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with a marginal improvement in long-term interest rate spreads [18] - China Ping An Group increased its stake in China Life H shares, indicating positive industry trends [18] - The first quarter of 2026 is anticipated to show better-than-expected performance for some insurance companies due to a low base in the first half of 2025 [18] Securities Sector - A significant increase in new accounts was observed in January 2026, with 491.58 million new A-share accounts opened, a 213% year-on-year increase [19] - The balance of margin trading reached a historical high, providing strong support for interest income in the securities industry [22] - The Hong Kong IPO market is active, with 384 companies applying for listings as of February 6, 2026, and a daily trading volume of 2202 billion yuan in January, a 94% year-on-year increase [24][28] Group 3: Investment Recommendations - The report suggests focusing on specific stocks within the insurance sector, including China Ping An (A/H), China Life (A/H), and New China Life (A/H) [18] - In the securities sector, recommended stocks include Guotai Junan (AH), CICC (H), and Huatai Securities (AH) due to their potential for performance improvement [7][18]

Core Viewpoint - The Shanghai Stock Exchange has issued a regulatory warning to Da Xin Accounting Firm and its signing accountants due to inadequate professional responsibilities in the application process for a simplified stock issuance by Jilin Aolaide Optoelectronic Materials Co., Ltd. [1][2] Group 1: Regulatory Actions - Da Xin Accounting Firm and signing accountants Li Nan and Wang Bo failed to report administrative penalties related to similar business activities, impacting the review process [2] - The actions of Da Xin Accounting Firm violated the relevant provisions of the Shanghai Stock Exchange's review rules [2] Group 2: Company Financing Activities - Aolaide was listed on the Shanghai Stock Exchange on September 3, 2020, with an issuance price of 62.57 yuan per share, raising a total of 1.144 billion yuan, with a net amount of 1.060 billion yuan after deducting issuance costs [2][3] - The company has raised a total of 1.235 billion yuan from two fundraising activities [4] - Aolaide's recent fundraising plan aims to raise up to 275.71 million yuan for projects related to OLED display core materials and to supplement working capital [5]

Group 1 - The core viewpoint of the articles highlights the strong performance of A-share brokerage firms in their margin financing and securities lending (two-in-one) business, with a significant increase in new accounts and profitability forecasts for 2025 [1][2] - In January 2026, the number of new margin financing accounts reached 190,500, representing a month-on-month growth of 29.5% and a year-on-year increase of 157% [1] - Major brokerages like CITIC Securities and Guotai Junan are expected to maintain their market leadership, with CITIC Securities forecasting a net profit exceeding 30 billion yuan for 2025, while Guotai Haitong anticipates a net profit growth rate of over 100% [1] Group 2 - The brokerage sector's performance is driven by robust growth in brokerage and proprietary trading businesses, with smaller firms like Guolian Minsheng expected to see net profit growth exceeding 400% in 2025 [1] - The overall market activity is supported by policy measures aimed at counter-cyclical adjustments, leading to a historical high in margin financing balances, which is expected to boost brokerage performance [1][2] - The average daily trading volume and high margin financing balances are key factors contributing to the projected high net profit growth for listed brokerages, with many firms expecting profit increases exceeding 70% [2] Group 3 - Related Hong Kong-listed brokerage firms include Huatai Securities, GF Securities, China Galaxy, Guotai Haitong, CICC, CITIC Securities, and others [3]

涨价对大盘销量无明显影响，但能促进格局集中 除了本轮大宗上行外，过去10年还经历了2轮原材料上涨周期，分别为供给侧改革驱动(2016-2017)和疫 情后的流动性与供应链短缺(2020-2021)。复盘每轮原材料大幅上涨后，家电企业都会采取一定的提价动 作，且基本为龙头企业带头提价。提价和后续大盘销量并无明显关系，即提价并未明显影响家电板块销 量，板块销售更多还是受到地产政策、更新替换周期和外部补贴政策(如以旧换新)三重因素影响。但每 轮提价动作后，行业格局呈现出集中趋势。如2020-2021年铜价(其他大宗类似)价格上行后，空调/冰箱 终端销售均价同比提升均超过10%，提价后空调在21年6月~22年2月显示出CR3市占率持续提升趋势;冰 箱也在21年9月~22年1月CR3市占率提升明显。龙头企业格局更稳固，产品定位也多为中高端，价格向 下游传导也更为顺畅。 智通财经APP获悉，东方证券发布研报称，家电企业陆续宣布涨价，将原材料成本向下游传导。龙头企 业格局更稳固，产品定位也多为中高端，价格向下游传导也更为顺畅。该行判断定位中高端用户的细分 赛道(如3D打印、AI眼镜)存在加速渗透机会。该行推荐经营稳健的龙头 ...

Core Viewpoint - Dongfang Securities predicts Geely Automobile's net profit attributable to shareholders for 2025-2027 to be 17.041 billion, 20.604 billion, and 24.318 billion yuan respectively, maintaining a target price of 20.79 yuan (23.37 HKD) and a "buy" rating [1] Group 1: Sales Performance - In January, Geely Automobile's total sales reached 270,200 units, a year-on-year increase of 1.3%, slightly better than industry expectations [2] - The overall automotive market in January was affected by policy transitions, with a retail market scale of approximately 1.8 million units, a 0.3% year-on-year increase [2] Group 2: Product Strategy and Export Growth - Geely's "oil-electric dual drive" strategy showed significant results in January, with brand sales of 217,400 units, a month-on-month increase of 25.8% [3] - New energy vehicle sales reached 124,300 units, a year-on-year increase of 2.6%, while fuel vehicle sales were 145,900 units, a year-on-year increase of 0.2% [3] - Exports in January totaled 60,500 units, a year-on-year increase of 121.2%, indicating successful overseas expansion [3] Group 3: High-end Brand Development - Zeekr brand sales reached 23,900 units, a year-on-year increase of 99.7%, indicating successful high-end positioning [4] - The upcoming Zeekr 8X model aims to cover the full-size high-end SUV market, showcasing the brand's commitment to high-end development [4] - The launch of the WAM world behavior model and the new generation G-ASD at CES 2026 highlights Geely's advancements in AI and autonomous driving technology [4]

Core Viewpoint - Geely Automobile is expected to achieve net profits of 17.041 billion, 20.604 billion, and 24.318 billion RMB for the years 2025 to 2027, maintaining a target price of 20.79 RMB and 23.37 HKD, with a "Buy" rating maintained [1] Group 1: Sales Performance - In January, Geely's total sales reached 270,200 units, a year-on-year increase of 1.3%, slightly outperforming industry expectations [1] - The overall retail market for narrow passenger vehicles in January is estimated at approximately 1.8 million units, with a year-on-year growth of 0.3%, while the retail of new energy passenger vehicles is expected to be around 800,000 units, growing approximately 7.5% [1] Group 2: Strategic Developments - Geely's brand sales in January reached 217,400 units, with a month-on-month increase of 25.8%, driven by the "oil-electric dual" strategy [2] - New energy vehicle sales in January were 124,300 units, a year-on-year increase of 2.6%, while fuel vehicle sales were 145,900 units, a year-on-year increase of 0.2% and a month-on-month increase of 76.8% [2] - Geely's exports in January reached 60,500 units, a year-on-year increase of 121.2% and a month-on-month increase of 50.1%, indicating successful overseas expansion [2] Group 3: Brand Performance - The Zeekr brand achieved sales of 23,900 units in January, a year-on-year increase of 99.7%, while Lynk & Co. sold 28,900 units [3] - The Zeekr 9X has become the sales champion in the large SUV segment, while the Zeekr 009 has been the sales champion in the MPV segment for two consecutive years [3] - The upcoming Zeekr 8X aims to cover the full-size high-end SUV market and is expected to feature advanced technology [3]