Group 1: Industry Insights - Nvidia (NVDA.US) is expected to use M9 materials in its next-generation Rubin series products, leading to increased demand for PCB drilling needles due to higher processing difficulty and requirements [1] - The global PCB drilling needle market is dominated by the top five companies, with a combined market share of 75.2% as of the first half of 2025, where DingTai High-Tech ranks first with a market share of 28.9% [2] - The demand for high-performance drilling needles is expected to rise significantly due to the increased complexity of manufacturing processes, resulting in higher prices and volumes for drilling needle manufacturers [1][2] Group 2: Company Developments - Minexplosion Optoelectronics (301362.SZ) plans to acquire 100% of Xiamen Maida's stake in Xiamen Precision, which specializes in the production of PCB, FPC, and AI PCB tungsten micro-drills [1] - DingTai High-Tech (301377.SZ) is set to benefit from the current shortage of drilling needles, leveraging its scale and self-manufacturing capabilities to meet the surging demand [2] - Wald (688028.SH) has made progress in internal verification of PCD drilling needles, focusing on applications in PCB and semiconductor materials, with significant advancements in diamond heat dissipation technology [3] Group 3: Production Capacity and Expansion - Xiamen Precision has a monthly production capacity of approximately 15 million units and plans to expand its capacity to over 50 million units in the next 2-3 years [3] - Zhongtung High-Tech (000657.SZ) is focusing on high-end products, with over 50% of its sales coming from premium offerings, and is set to increase its annual production capacity to 140 million units by early 2026 [2] - DingTai High-Tech is also expanding its production capabilities with significant technical upgrades planned for AI PCB-related tools, enhancing its supply capacity for the global AI industry [2]

Group 1: Industry Insights - Nvidia (NVDA.US) is expected to release its next-generation Rubin series products in the second half of next year, utilizing M9 materials and orthogonal backplanes, which significantly increases processing difficulty and leads to a rise in both quantity and price of PCB drill bits [1] - The global PCB drill bit industry is currently facing a shortage, with the top five companies (CR5) holding a combined market share of 75.2% as of the first half of 2025, with DingTai High-Tech leading with a sales volume of 500 million units and a market share of 28.9% [2] - The demand for high-performance drill bits is expected to increase significantly due to the higher requirements for drill bit length, breakage rates, and processing performance associated with advanced materials [1][2] Group 2: Company Developments - Minexplosion Optoelectronics (301362.SZ) announced plans to acquire 100% of Xiamen Maida's stake in Xiamen Precision, focusing on the production of PCB, FPC, IC substrates, and AI PCB tungsten micro-drills, with a product size range of 0.09mm to 0.35mm [1] - DingTai High-Tech (301377.SZ) is set to benefit from the technological iteration in the PCB drill bit market, leveraging its scale and self-manufacturing capabilities to maximize profits amid the current shortage [2] - Wald (688028.SH) has made progress in internal verification of PCD drill bits, focusing on high-hardness and brittle materials for PCB and semiconductor applications, with the ability to process over 8,000 holes in M9 boards without breakage [3] - Xiamen Precision, established in 1995, has a strong technical foundation and plans to expand its production capacity from the current 15 million units per month to over 50 million units in the next 2-3 years [3]

Core Viewpoint - The pet food industry in China is showing strong growth resilience despite overall consumption pressures, with an expected GMV of 30.71 billion yuan in 2025, reflecting a year-on-year increase of 10.2% [1] Long-term Outlook - The number of "new pet owners" is expected to continue growing, driven by the demographic of 20-35 year-olds, with a sustained increase in the number of graduates from 2025 to 2038 [1] - Historical data from Japan indicates that pet food prices can maintain long-term resilience, with China's current pet consumption still below that of Japan [1] Mid-term Trends - The pet food industry is undergoing a consumption upgrade, with high-end cat and dog food segments (60-100 yuan/kg) expected to outpace overall industry growth from 2024 to 2025 [2] - Innovations in production processes and raw materials are driving this consumption upgrade, reflecting the competitive landscape among domestic brands [2] Short-term Insights - The pet food market is experiencing strong growth, with online GMV projected to reach 30.71 billion yuan in 2025, and a significant increase in market share for leading platforms like Taobao and Douyin [4] - The concentration of the industry is increasing, with the top five brands capturing 25.3% of the market share, indicating a trend towards market consolidation [4] Future Industry Outlook - The trend of consumption upgrading is expected to continue, with high-end product segments showing significant growth while low-end segments face declines [6] - The market share of foreign brands is anticipated to rise, particularly in the prescription food segment, as consumer awareness increases [6] - Product innovation is becoming crucial, with functional and prescription foods likely to emerge as new industry trends [6]

智通财经APP获悉，申万宏源发布研报称，目前，机器狗的技术路线从发散走向收敛，软硬件技术相对 成熟，行业已进入商业化应用阶段。在政策和资本的支持之下，全球范围内布局四足机器人市场的企业 和机构数量持续增加，现国内布局企业已达50余家。机器狗产业放量在即，关注相关供应链和生态合作 伙伴。 申万宏源主要观点如下： 四足机器人核心优势在于强地形适应、高动态稳定、灵活机动与高载荷适配，且无需改造环境即可在轮 式/履带式机器人难以作业的场景高效执行任务，是工业巡检、应急救援、特种场景的优选方案。目 前，机器狗的技术路线从发散走向收敛，软硬件技术相对成熟，行业已进入商业化应用阶段。 多维应用场景加速落地，中长期市场空间值得期待 1)国防应用：正加速成为各国推进国防智能化的重要抓手，核心任务集中于侦察监视、火力支援等高风 险、高强度场景，全球主要军事强国已形成较为清晰的发展路径。 四足机器狗环境适应能力强，已进入商业化应用阶段 2)工业应用：正逐渐成为替代人工巡检的重要技术路径，依托"基础平台+按需配置"的模块化架构，目 前已在变电站、管廊、电缆隧道、化工装置和钢铁厂等场景形成较为成熟的应用案例。 3)应急救援：正从技术验 ...

摘要 二、大类资产&海外事件&数据：欧央行2月例会按兵不动，金油共振上涨 金油共振上涨，港股延续下跌。 当周，标普500下跌0.1%；10Y美债收益率下行4bp；美元指数上涨0.5% 至97.6，离岸人民币升至6.93；布油价格下跌3.7%至68.1美元/桶，COMEX金价格上涨1.6%至4958.5美元/ 盎司，COMEX银价格下跌9.4%至76.77美元/盎司。 欧央行2月例会按兵不动，美国12月职位空缺弱于市场预期。 欧央行2月议息会议维持利率不变，欧央行 行长拉加德表示关注欧元走势，可能影响通胀；美国12月JOLT职位空缺654.2万人，市场预期725万人， 金融保险、零售贸易、专业商业服务业空缺率回落幅度最为显著。 风险提示 地缘政治冲突升级；美国经济放缓超预期；美联储超预期转"鹰" 报告正文 二、大类资产&海外事件&数据：欧央行2月例会按兵不动，金油共振上涨 （一）大类资产：金油共振上涨，港股延续下跌 当周，发达市场股指多数上涨、新兴市场股指多数上涨。发达市场股指方面，道琼斯工业平均、法国 CAC40、日经225分别上涨2.5%、1.8%、1.7%；新兴市场股指方面，开罗CASE30、泰国SET指 ...

摘要 2月8日，日本举行众议院提前选举，选举结果将影响日本政治格局及债务风险高低。选举后，日本宽财 政方向不变，但为避免"特拉斯时刻"（Truss moment）重演，节奏或更加谨慎。 选举后，日本宏观政策方向仍是宽财政，但若自民党获得更大优势，政策节奏或更加谨慎。 1月下旬日 本债汇冲击后，自民党对宽财政、弱日元的表态趋于谨慎，选举后的优先事项或是稳定债务风险，继续 扩大财政缺口或引发市场更大的波动，重演2022年英国首相特拉斯仓促下台的历史。 降低食品税税率是重点承诺。 高市承诺两年内暂停征收食品税，由于减税议题有较强的拉票色彩，若自 民党在选举中获得较大优势，减税幅度、落地节奏等调整空间或更大。2月以来，为避免市场担忧，高市 在竞选中已淡化减税承诺，选举后，自民党或采取更温和的替代减税方案。 高市政府或强化关键矿产储备制度，建立日本版CFIUS。 日本计划与美欧共同建立关键矿产伙伴关系； 从单纯的储备延伸到开发、精炼、储备完整链条。此次选举，自民党正式将CFIUS写进选举政策纲领， 计划仿照美国，建立外资审查机构，审查海外对日本的投资，赋予强制剥离权力。 （三）日本债务风险：日本自身主权债务风险较低，选 ...

Core Viewpoint - The majority of brokerages believe that despite recent volatility in the A-share market, market sentiment has been sufficiently released, and the adjustment phase may be nearing its end. The upcoming Spring Festival is expected to bring positive calendar effects, making it a good opportunity to hold stocks during the holiday [1][10][12]. Group 1: Market Sentiment and Predictions - Brokerages suggest that the current external disturbances have not significantly impacted China's industrial fundamentals, and the market's emotional release indicates that the adjustment is largely complete. A spring market rally is anticipated post-Spring Festival, making it advisable to hold stocks during the holiday [1][10][13]. - The sentiment in the market is expected to improve due to the "Spring Festival effect" and increasing event catalysts, which could create a favorable environment for equity assets [14][13]. - Historical data shows that A-shares tend to rise around the Spring Festival, and with manageable external risks, the current market remains in a bullish atmosphere, suggesting that holding stocks during the holiday may be a relatively better strategy [12][10]. Group 2: Investment Strategies and Sector Focus - Investment strategies should focus on maintaining a base in "resources + traditional manufacturing," while also increasing allocations in consumer and real estate chains. There is a recommendation to look for opportunities in the technology sector, particularly in AI-related industries [2][4][18]. - The focus on high-growth technology sectors, such as AI computing, robotics, and semiconductors, is emphasized as a key investment direction, alongside cyclical commodities that are expected to see price increases [18][5]. - The market is expected to experience a rotation, with sectors like TMT (Technology, Media, and Telecommunications) likely to perform better post-holiday, as historical trends indicate a recovery in risk appetite after the Spring Festival [17][11].

Core Viewpoint - The company is actively engaging with investors and stakeholders to discuss its product developments, market strategies, and future growth prospects, particularly in the PVP product line and high-margin offerings like Euriz. Group 1: PVP Product Insights - The prices of PVP series products are expected to gradually recover in 2026 after a period of high margins due to the European energy crisis and the Russia-Ukraine conflict, which had previously inflated raw material costs [3] - The company anticipates that PVP product sales will enter an upward trend based on market demand and supply dynamics [3] Group 2: New Energy and Photovoltaic Applications - In the new energy battery sector, PVP is utilized as a dispersant for carbon nanotubes, with sales projected to reach approximately 4,000 tons in 2025, expecting a 20% increase in 2026 [4] - In the photovoltaic sector, PVP serves as a key surfactant/dispersant for spherical silver powder, which is crucial for silver paste printing performance and battery efficiency, with 2025 shipments estimated at 200 tons and continued growth expected in 2026 [4] Group 3: Euriz Product Advantages - Euriz (ethylene-vinyl ether/maleic anhydride copolymer) is a high-value product with a high price per ton and a gross margin of approximately 60-70%, with an expected shipment volume of around 900 tons in 2025 [5] - The company is the only manufacturer globally using a non-benzene process for Euriz production, creating a significant technical barrier and is actively seeking partnerships to enhance market presence [5] Group 4: Shareholder Communication and Equity Structure - The company emphasizes effective communication with shareholders and has reached consensus with its top ten shareholders on operational and governance matters [6] - The major shareholder plans to increase their stake in the company by liquidating some personal assets, aiming to optimize the equity structure and stabilize control [6] Group 5: Medical Sector Developments - The company has invested in five cell and gene therapy enterprises, with several products progressing well in their development stages, including one product entering NDA approval and others in clinical trials [7] - Some of these enterprises are positioned to potentially achieve NDA approval and initiate IPOs, with the company collaborating closely with them for market promotion and commercialization [7] Group 6: Strategic Transformation Goals - The company is transitioning from a capacity-led approach to a focus on technology and service leadership, with plans to establish itself as a global leader in functional chemicals by 2025-2027 [8]

Group 1 - The core viewpoint of the articles highlights the significant growth and popularity of FOF (Fund of Funds) products in the A-share market, driven by strong demand from bank clients for diversified asset allocation in a low-interest-rate environment [1][6][7] - Since the beginning of 2026, FOF products have seen a surge in issuance, with many products being sold out in just one day, indicating a robust market interest [2][3] - The total issuance scale of new FOF products in 2026 has reached approximately 300 billion yuan, a substantial increase compared to 61.29 billion yuan in the same period of 2025 [2][3] Group 2 - Major banks are actively promoting FOF products, with several banks creating FOF preferred pools to enhance product visibility and growth [4][5] - The collaboration between banks and fund companies has led to significant increases in FOF product sizes, with some products reaching nearly 100 billion yuan in scale [5][6] - The shift from "fixed income +" to "multi-asset allocation" reflects a broader trend in the FOF market, as new products increasingly incorporate diverse asset classes, including equities and commodities [6][7] Group 3 - The unique advantage of FOF products lies in their ability to diversify investments and improve the risk-return profile, making them attractive in the current market environment where traditional fixed-income assets are underperforming [7] - FOF products are positioned as essential tools for investors seeking stable returns and wealth preservation in uncertain market conditions [7][8] - The focus for FOF management in 2026 will be on diversified allocation to mitigate risks rather than solely pursuing returns from individual asset classes [7]

摘要 二、大类资产&海外事件&数据：欧央行2月例会按兵不动，金油共振上涨 金油共振上涨，港股延续下跌。 当周，标普500下跌0.1%；10Y美债收益率下行4bp；美元指数上涨0.5% 至97.6，离岸人民币升至6.93；布油价格下跌3.7%至68.1美元/桶，COMEX金价格上涨1.6%至4958.5美元/ 盎司，COMEX银价格下跌9.4%至76.77美元/盎司。 欧央行2月例会按兵不动，美国12月职位空缺弱于市场预期。 欧央行2月议息会议维持利率不变，欧央行 行长拉加德表示关注欧元走势，可能影响通胀；美国12月JOLT职位空缺654.2万人，市场预期725万人， 金融保险、零售贸易、专业商业服务业空缺率回落幅度最为显著。 风险提示 地缘政治冲突升级；美国经济放缓超预期；美联储超预期转"鹰" 报告正文 二、大类资产&海外事件&数据：欧央行2月例会按兵不动，金油共振上涨 （一）大类资产：金油共振上涨，港股延续下跌 当周，发达市场股指多数上涨、新兴市场股指多数上涨。发达市场股指方面，道琼斯工业平均、法国 CAC40、日经225分别上涨2.5%、1.8%、1.7%；新兴市场股指方面，开罗CASE30、泰国SET指 ...