智通财经APP获悉，招商证券发布研报称，1月重点关注五大具备边际改善的赛道：AI硬件、机器人、 AI应用、有色金属、国产算力。从中长期角度，建议以周期为轴，供需为锚。关注新科技周期下，全 社会智能化的进展(大模型的持续迭代、算力基础设施与AI生态的完善、AI商业模式的落地、以及AI对 消费电子、机器人等赋能)，国产替代周期下相关产业链的自主可控(国产大模型、国产AI应用与算力、 国产集成电路产业链)，以及"双碳"周期下碳中和全产业链的降本增效(光伏、风电、储能、氢能、核 电)，电动化智能化大趋势下电动智能汽车渗透率增加。 招商证券主要观点如下： 存储价格持续上涨，AI需求驱动供需再平衡。 截至2026年1月19日，全球存储产业(以SSD/ NAND Flash为主，兼顾DRAM)正处在一轮明显的涨价上行 期。与过去"消费旺季—补库存"式的短周期波动不同，本轮更像结构性紧缺：上游报价强势回归，下游 被迫在提价、改配置、锁单和备货之间重新取舍。 GEO是一种面向新一代"生成式答案引擎/AI搜索"的内容优化方法，旨在通过技术提升生成式回答中被 优先引用的概率。近日，A股市场中"GEO(生成式引擎优化)"概念快速升温 ...

每经头条（nbdtoutiao）——重磅数据公布：回升！专访徐洪才："内卷式竞争"得到一定缓解，下一 步"补收入"可形成良性循环 （记者 曾健辉） 每经AI快讯，思源电气发布公告称，2026年1月19日15:00-16:00，思源电气接受招商证券等投资者调 研，公司董事会秘书兼财务总监杨哲嵘先生参与接待，并回答了投资者提出的问题。 ...

Core Viewpoint - The company, Siyuan Electric Co., Ltd., held a targeted investor research activity on January 19, 2026, to engage with 27 institutional investors, discussing key operational and financial issues [1][2][3]. Group 1: Financial Performance - The company reported an increase in net profit margin in the fourth quarter, attributed to revenue growth and stable expense management, with expenses growing at a slower rate than revenue [4]. - The company acknowledged that the gross profit margin for its energy storage business is lower compared to other products and emphasized the need to enhance product competitiveness through technology improvements and cost control [5]. Group 2: Cash Flow and Inventory Management - The company explained that the operating cash flow is expected to decline in 2025 due to increased inventory levels resulting from business expansion and rapid growth in certain areas, indicating a temporary pressure on cash flow management [6]. - The company highlighted a notable increase in the bidding volume for projects with the State Grid in 2025, expressing gratitude for customer trust and a commitment to fulfilling production and delivery requirements [6]. Group 3: Share Buyback and Market Strategy - Regarding share buyback plans, the company stated that the current stock price exceeds the buyback price limit, and future buybacks will be executed based on market conditions and regulatory guidelines [7]. - The company reported growth in its medium and low-voltage product lines and is actively launching new products while implementing risk management strategies, including foreign exchange hedging and copper futures to mitigate price risks [8]. Group 4: Investor Engagement - The investor research activity provided institutional investors with deeper insights into the company's operational status and future development plans, with the company committing to continuously enhance its core competitiveness for stable business growth [9].

Core Viewpoint - The commercial aerospace sector is entering a rapid development phase, with low Earth orbit (LEO) satellites becoming a focal point of competition between the US and China, leading to significant growth in supporting energy systems and potential upgrades in technology [2]. Group 1: Commercial Aerospace Development - The US leads the world in the number of operational spacecraft, with China closely following. LEO satellites, due to their low latency and wide coverage, have become a key focus globally, with nearly 70% of satellites in orbit being LEOs. Both countries plan to deploy tens of thousands of satellites to secure scarce frequency and orbital resources [2]. - Both the US and China are encouraging deep participation of commercial capital in the aerospace sector through policies such as establishing funds, simplifying approvals, and opening infrastructure [2]. - Leading companies like SpaceX, Amazon, and China's Xingwang are accelerating the deployment of satellite constellations and expanding into new business areas such as space data centers and in-orbit computing [2]. Group 2: Satellite Power Systems - Satellite power systems, which ensure stable power supply throughout the satellite's lifecycle, consist of solar power generation, lithium battery storage, and power management modules. These systems face unique challenges in space, including strong radiation, extreme temperature variations (over 300°C), and low Earth orbit atomic oxygen erosion [3]. - The cost of satellite power systems accounts for about 20% of the total satellite cost, with nearly two-thirds of that attributed to solar power generation. Reducing costs in this area is a significant industry demand [4]. Group 3: Technological Advancements in Photovoltaics - The current mainstream choice for LEO satellites is gallium arsenide batteries, known for their radiation resistance and thermal performance. Future applications may include two-junction solutions that reduce germanium usage [4]. - P-type PERC silicon products are already in use overseas, while P-type HJT solutions are in testing or trial phases. Perovskite-silicon tandem batteries are also undergoing testing, with the potential to become important or even mainstream solutions in the future [4]. Group 4: High-Performance Batteries and Power Systems - Satellite batteries require high energy density, reliability, and cycle performance, while power modules must withstand radiation, manage extreme heat, and feature efficient DC-DC architectures, indicating high technical barriers [5]. - Key participants in these high-barrier segments are expected to achieve significant profit returns in the future [5]. Group 5: Investment Recommendations - Companies related to photovoltaic power generation include Junda Co., Dike Co., Dongfang Risheng, Maiwei Co., Aotwei, Shanghai Port Bay, Ruihua Tai, and Jingsheng Mechanical [6]. - Companies involved in batteries and power systems include Xinle Energy, Yiwei Lithium Energy, and Weilan Lithium Core [7].

Core Viewpoint - The report from China Merchants Securities maintains a "strongly recommended" rating for Yihai International (01579), highlighting performance improvement and high dividends as key attractions. The company is expected to benefit from positive changes in related party transactions and continued double-digit growth in third-party business, particularly in overseas and B-end markets [1] Group 1: Performance and Dividends - The core highlights for the company are performance improvement and high dividends. Previously, the decline in related party business prices constrained performance and affected valuation, but this obstacle is expected to improve. The company has initiated high dividends starting in 2023, with future dividend rates expected to remain high [1] - The estimated EPS for 2025 and 2026 is projected to be 0.81 and 0.88 yuan, respectively, with a corresponding valuation of 15X for 2026. The dividend yield for both years is expected to exceed 6%, driven by restaurant recovery and improvements in related party transactions [1] Group 2: Revenue and Profitability - For the second half of 2025, the company anticipates low single-digit revenue growth, with improvements in gross sales margin due to increased factory prices and enhanced channel expenses to support market demand. The overall profit growth is expected to exceed 20% [2] - The company is focusing on improving supply chain efficiency, which is expected to positively impact gross margins. A one-time payment of historical dividend prepayment taxes in 2024 will lead to a higher tax rate, but the tax rate is expected to normalize in 2025, releasing approximately 50 million in profits [2] Group 3: Third-party Business Growth - The third-party business is stable, with significant growth in B-end and overseas markets. The company is reforming direct channels to recover profits and has successfully partnered with major retailers like Hema and Dingdong Maicai. The overseas business is expanding rapidly, particularly in Southeast Asia, with a dual-brand strategy [3] - The B-end revenue is expected to double in 2025, primarily driven by partnerships with key clients. The company plans to enhance the profitability of the B-end by optimizing product offerings and reducing reliance on distributors [3] Group 4: Related Party Business Improvement - The return of the founder of Haidilao is expected to boost morale and management within the company, leading to improved related party business. The founder's emphasis on quality management and new brand development is anticipated to benefit Yihai as a supplier [4] - As the overall demand in the restaurant sector recovers, the gross margin and supply volume of Yihai's related party business are expected to improve [4]

Core Viewpoint - The report from China Merchants Securities maintains a "strongly recommended" rating for Yihai International (01579), highlighting performance improvement and attractive dividends as key points, with expectations for a high dividend payout ratio in the future [1] Group 1: Performance Improvement and Dividends - The company's core highlights are performance improvement and high dividends, with previous price reductions from related party businesses having constrained performance and valuation, but this pressure is expected to ease [1] - The company is anticipated to maintain a high dividend payout ratio starting in 2023, with expected earnings per share (EPS) of 0.81 and 0.88 yuan for 2025 and 2026 respectively, corresponding to a valuation of 15X in 2026 [1] - The expected dividend yield for 2025 and 2026 is projected to exceed 6%, with a target valuation of 22X for 2026, leading to a target stock price of HKD 21.5, representing a 44% upside [1] Group 2: Revenue and Profitability Insights - For the second half of 2025, the company expects low single-digit revenue growth, with improvements in gross sales margin due to increased factory prices and enhanced channel support for distributors [2] - The company is also expected to improve supply chain efficiency, contributing positively to gross margins, while a one-time tax payment in 2024 is projected to lead to a profit release of around 50 million yuan in 2025 [2] Group 3: Third-Party Business Growth - The third-party business is stable, with significant growth expected in B-end and overseas markets, particularly in Southeast Asia, South America, Africa, and the Middle East [3] - The B-end revenue is projected to double in 2025, driven by deepening cooperation with key clients and the establishment of a small B-end team aiming to optimize product offerings [3] Group 4: Related Party Business Improvement - The return of Haidilao's founder, Zhang Yong, is expected to boost morale and management within the company, with a focus on enhancing the quality of products supplied to Haidilao [4] - The association with Haidilao is anticipated to improve Yihai's related party business, with expectations for increased gross margins and supply volumes as the restaurant sector recovers [4]

从业绩端看，随着2023年三大核心产品陆续纳入集采，公司短期业绩有所波动，但2024年起创新产品陆 续上市商业化及独家药品快速增长给公司业绩带来拐点，2025年上半年收入和利润增速均实现转正。 招商证券国际发表报告指，首次覆盖康哲药业并给予"强烈推荐"评级，公司消化集采影响，由中国最大 CSO(合同销售组织)向Pharma(制药)转型，并迈向全链条发展创新药企。 从产品端看，早期公司以代理进口原研药的CSO经营模式为主，但随着2018年启动转型以来，以海外授 权+国内合作+自主研发方式快速丰富产品结构，同时聚焦专科，独立营运皮肤健康、眼科和东南亚业 务，成为全链条发展创新药企。 ...

Core Insights - The industrial internet sector is experiencing a surge in policy implementation, establishing a comprehensive development system that promotes quality improvement and efficiency enhancement in the industry [1][2] Group 1: Policy Framework - Recent policies in the industrial internet sector aim to guide high-quality development, with a focus on integrating AI with manufacturing and enhancing platform capabilities [1] - Key policies include the "AI + Manufacturing" action plan, which sets a target for 2027 and outlines 21 specific measures to strengthen computing power and develop industry models [2] - The "Action Plan for High-Quality Development of Industrial Internet Platforms (2026-2028)" aims for over 450 platforms and more than 1.2 billion device connections by 2028, with a platform penetration rate exceeding 55% [2] - The "Industrial Internet and AI Integration Empowerment Action Plan" focuses on network upgrades for at least 50,000 enterprises and supports the commercialization of new industrial network technologies [2] Group 2: Company Opportunities - Dongtu Technology (300353) is leading the development of international standards and a proprietary operating system, aligning with policy directives for new industrial network upgrades [3] - Sanwang Communication specializes in industrial Ethernet and 5G hardware, leveraging its early advantages in TSN and Ethernet-APL technologies [3] - Yinghantong provides cloud-based edge intelligence solutions, enabling efficient local data processing and decision-making for industrial enterprises, supporting mainstream AI applications [3]

智通财经APP获悉，招商证券发布研报称，首次覆盖，给予康哲药业(00867)"强烈推荐"评级，该行认为 集采对公司业绩影响基本出清，公司通过"海外授权+国内合作+自主研发"构建了丰富的创新药管线， 2024年起多个重磅产品商业化驱动业绩拐点，将进入创新药和国际化驱动增长的新阶段。 招商证券主要观点如下： 康哲是一家以商业化能力为特色的聚焦药品全生命周期的平台型药企 2018年起开启"新康哲"转型，并逐步消化核心产品集采影响，创新化和国际化成为带动公司增长的核心 动力;2024年进入创新产品商业化元年，多个重磅创新药陆续上市，并通过产业国际化公司康联达布局 东南亚等新兴市场业务。 消化集采影响，由"中国最大CSO"向"Pharma"转型，并迈向"全链条发展创新药企" 从业绩端看，随着2023年三大核心产品陆续纳入集采，公司短期业绩有所波动，但2024年起创新产品陆 续上市商业化及独家药品快速增长给公司业绩带来拐点，2025H1收入和利润增速均实现转正。从产品 端看，早期公司以代理进口原研药的CSO经营模式为主，但随着2018年启动转型以来，以海外授权+国 内合作+自主研发方式快速丰富产品结构，同时聚焦专科，独立 ...

Core Viewpoint - The investment in the power grid is transitioning from "stabilizing growth" to an accelerated phase of "building a new power system," with industry prosperity expected to continue throughout the 14th Five-Year Plan [1]. Group 1: Investment Outlook - The State Grid Corporation's fixed asset investment during the 14th Five-Year Plan is expected to reach 4 trillion yuan, a significant increase of 40% compared to the 13th Five-Year Plan [1]. - To achieve the total target of 4 trillion yuan during the 14th Five-Year Plan, an implied annual compound growth rate (CAGR) of approximately 7% is required, consistent with the 13th Five-Year Plan's rate of 7.1% [1]. Group 2: Supply and Demand Dynamics - The overall electricity consumption is steadily increasing, driven by new demands such as electric vehicles and AI computing, maintaining rigid growth [2]. - The explosive growth of wind and solar installations during the 13th Five-Year Plan has led to nearly 80% of the new capacity exceeding the original grid planning capacity, creating a core contradiction of consumption difficulties [2]. - The main solutions to address this contradiction include the construction of external transmission channels (UHV/main grid) and the enhancement of regulation capabilities (energy storage/distribution network) [2]. Group 3: International Market Dynamics - The overseas power grid is entering a "Juglar cycle," with the average service life of equipment nearing a replacement cycle of 30-40 years, compounded by new electricity demands from AI [3]. - Due to limited expansion of local production capacity overseas, leading Chinese companies have strong delivery advantages in areas such as transformers, switches, smart meters, and insulators, potentially achieving greater heights in this investment cycle [3].