Investment Rating - The report maintains a "Recommended" rating for Industrial Fulian (601138.SH) with a target price of 57.39 CNY, projecting an EPS of 1.78 CNY for 2024, 3.15 CNY for 2025, and 4.14 CNY for 2026, with corresponding PE ratios of 32, 18, and 14 [51] Core Insights - The ongoing power supply shortage in North America is reshaping the energy landscape, creating new investment opportunities in Solid Oxide Fuel Cells (SOFC) and Multi-layer Ceramic Capacitors (MLCC) as critical solutions to address the energy and circuit operation challenges faced by data centers [7][10] - SOFC technology is highlighted as a key player in resolving the power supply issues for data centers, with a projected global market size of approximately 1 billion USD in 2024, expected to grow to 4.7 billion USD by 2033, reflecting a compound annual growth rate (CAGR) of 15.7% from 2025 to 2033 [16][17] - The rapid development of AI is driving significant demand for MLCCs, particularly in high-performance servers, where the demand for MLCCs is three times higher than that of standard servers, indicating a critical role in stabilizing power supply and filtering interference [40][41] Summary by Sections 1. North America's Power Supply Shortage - The imbalance in power supply and demand in North America is becoming increasingly severe, with projections indicating an average peak power gap of over 20 GW from 2027 to 2030 [7] - The expansion of data centers is intensifying the pressure on power supply, making SOFC a vital solution for addressing these challenges [10] 2. SOFC: The Solution to Data Center Power Challenges - SOFC technology offers high energy conversion efficiency (approximately 60%) and low emissions, making it suitable for distributed generation and combined heat and power systems [12][15] - The market for SOFC is expected to grow significantly, driven by the increasing demand for clean and efficient energy systems [16][17] - Key players in the SOFC market include Bloom Energy, which reported revenues exceeding 400 million USD with a year-over-year growth of 19.5% [21] 3. MLCC: Power and Signal Stabilizers in Circuit Modules - The demand for MLCCs is surging due to the rapid growth of AI, with high-performance servers requiring MLCCs to stabilize power supply and compensate for current fluctuations [40][41] - The global MLCC market is projected to grow from 34.895 billion USD in 2025 to 109.22 billion USD by 2034, with a CAGR of approximately 13.52% [42] - Japanese and Korean manufacturers dominate the high-end MLCC market, while domestic companies like Fenghua Advanced Technology and Sanhuan Group are making strides in R&D and production capacity [48][49] 4. Investment Recommendations - The report suggests focusing on companies involved in servers (Industrial Fulian), SOFC (Sanhuan Group, Weichai Power), and MLCC (Fenghua Advanced Technology, Jiemai Technology, Torch Electronics) as they are well-positioned to benefit from the growing demand in the AI-driven market [50]

Investment Rating - The report indicates a positive investment outlook for the craft beer industry, highlighting its structural prosperity and growth potential [3]. Core Insights - The craft beer sector in China is experiencing significant growth, with a projected market size increase from 125 billion yuan in 2019 to 632 billion yuan by 2024, reflecting a CAGR of 38.3%, which is substantially higher than the 2.6% growth of industrial beer [3][10]. - The report emphasizes that craft beer represents a high-end direction in the industry, catering to the diverse and personalized consumption trends in the Chinese market [3][11]. - The company, Jinxing Beer, is positioned as a leading player in the craft beer segment, ranking as the third largest craft beer producer in China with a market share of 14.6% as of Q3 2025 [3][31]. Summary by Sections 1. Craft Beer Industry Overview - The craft beer market in China is projected to grow from 632 billion yuan in 2024 to 1,821 billion yuan by 2029, maintaining a CAGR of 23.6% [3][10]. - By 2024, craft beer is expected to account for 9% of the total beer market by retail value, increasing to 20% by 2029 [3][10]. 2. Jinxing Beer: A New Force in Craft Beer - Jinxing Beer is the eighth largest beer company in China and the largest flavored craft beer producer, focusing on innovation within the craft segment [3][31]. - The company has seen rapid revenue growth, with projected revenues of 3.6 billion yuan in 2023, 7.3 billion yuan in 2024, and 11.1 billion yuan in Q1-Q3 2025, reflecting year-on-year growth rates of 105% and 191% respectively [3][39]. 3. Revenue Growth and Profitability - The company's revenue from craft beer reached 8.7 billion yuan in Q1-Q3 2025, accounting for 78% of total revenue, with a staggering year-on-year growth of 2,332% [3][39]. - The net profit margin has improved significantly, with net profit margins of 3.4%, 17.2%, and 27.5% for 2023, 2024, and Q1-Q3 2025 respectively [3][48]. 4. Competitive Landscape - The craft beer market is characterized by a fragmented competitive landscape, with a CR5 of only 22%, indicating significant opportunities for growth and market entry [3][18]. - Jinxing Beer leads the flavored craft beer segment with a market share of 15% [3][18]. 5. Product and Market Strategy - Jinxing Beer has developed a diverse product matrix, including innovative craft beers that incorporate traditional Chinese elements, such as tea flavors [3][31]. - The company has adopted a dual-channel strategy, enhancing both online and offline sales, with significant growth in online sales following the launch of its craft beer products [3][40]. 6. Financial Analysis - The report highlights a strong improvement in gross margins, driven by a shift in product mix towards higher-margin craft beers, with gross margins increasing from 27.3% in 2023 to 47.0% in Q1-Q3 2025 [3][48]. - The company plans to utilize raised funds for production capacity expansion, brand enhancement, and product innovation to sustain growth [3][59].

前沿生物-U(688221.SH)事件点评 与 GSK 达成 2 个小核酸合作，有望谱写全球发展新篇章 glmszqdatemark 此次与跨国药企 GSK 的合作也是公司全球发展战略的重要契机。一方面彰显了前 沿生物在早期 siRNA 药物发现与开发领域的专业能力，正获得国际市场认可；另 一方面，首付款及后续里程碑付款，可以改善公司现金流，助力公司实现研发资 源的高效配置与战略聚焦。未来，前沿生物可以借助 GSK 在全球临床开发与商业 化方面的资源与经验，加速公司管线的国际化价值转化，并为后续推进产品商业 化、拓展全球合作奠定坚实基础。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 129 | 159 | 220 | 285 | | 增长率（%） | 13.3 | 23.1 | 38.0 | 29.5 | | 归属母公司股东净利润（百万元） | -201 | -186 | -182 | -174 | | 增长率（%） | 38. ...

Investment Rating - The report maintains a recommendation for the food and beverage industry [3] Core Insights - The current operating cycle for mass consumer goods has been characterized by oversupply, leading to declines in price and profit margins [9] - Demand has weakened since 2021, with restaurant demand growth dropping from double digits to low single digits [9] - Prices for mass consumer goods have been on a downward trend since 2021, with leading companies experiencing significant price reductions [9] - The report anticipates that prices may have reached a bottom in 2025, with potential for recovery in 2026 if demand improves [27] Summary by Sections Review of Current Operating Cycle - The food and beverage sector has faced a supply-demand imbalance, resulting in continuous price declines from 2021 to 2025, affecting prices, profits, and valuations [12] - Capital expenditure in the mass consumer goods sector grew at a compound annual growth rate (CAGR) of 14% from 2017 to 2022, leading to significant capacity expansion [9][12] Price Outlook for 2025 - The report suggests that prices may have reached a phase of stabilization, with indicators showing improvements in consumer price index (CPI) and food CPI [27] - Restaurant revenue data indicates a potential bottoming out of demand, with a recovery in consumer spending expected [27] Investment Recommendations - For the restaurant supply chain, the report recommends focusing on frozen foods, seasoning products, and beer, highlighting companies like Anjuke Foods and Yihai International for their market share growth and pricing strategies [42][43] - In the dairy industry, the report suggests monitoring companies such as Modern Farming and Yili Group, anticipating price improvements in the second half of 2026 [42][43]

前沿生物-U(688221.SH)事件点评 与 GSK 达成 2 个小核酸合作，有望谱写全球发展新篇章 glmszqdatemark 此次与跨国药企 GSK 的合作也是公司全球发展战略的重要契机。一方面彰显了前 沿生物在早期 siRNA 药物发现与开发领域的专业能力，正获得国际市场认可；另 一方面，首付款及后续里程碑付款，可以改善公司现金流，助力公司实现研发资 源的高效配置与战略聚焦。未来，前沿生物可以借助 GSK 在全球临床开发与商业 化方面的资源与经验，加速公司管线的国际化价值转化，并为后续推进产品商业 化、拓展全球合作奠定坚实基础。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 129 | 159 | 220 | 285 | | 增长率（%） | 13.3 | 23.1 | 38.0 | 29.5 | | 归属母公司股东净利润（百万元） | -201 | -186 | -182 | -174 | | 增长率（%） | 38. ...

有色金属周报 20260219 美国非农超预期+春节来临，金属价格震荡 glmszqdatemark 贵金属：美国 1 月非农数据超预期，降息预期回落，美伊谈判取得阶段性进展但未来变数 较大，长期来看央行购金+美元信用弱化主线难以根本性扭转，继续坚定看好金价上行。 美国 1 月非农新增就业 13 万个，显著高于市场预期的 7 万个，失业率降至 4.3%，低于预 期的 4.4%，降息预期回落，美国和伊朗就核问题进行接触，双方称谈判取得进展，美伊冲 突释放阶段性缓和信号，压制避险需求，但未来双方局势不确定较大，中长期央行购金+美 元信用弱化仍为主线，看好金银价格中枢上移。白银价格可能依然走弱，这轮周期使得光 伏需求承压，银浆成本占比飙升，未来贱金属化成趋势。重点推荐：紫金黄金国际、中国 黄金国际、西部黄金、山东黄金、招金矿业、中金黄金、赤峰黄金、潼关黄金、万国黄金 集团，建议关注灵宝黄金、大唐黄金和集海资源等，白银标的推荐兴业银锡、盛达资源。 风险提示：需求不及预期、供给超预期释放、海外地缘政治风险。 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（X） ...

地产行业点评 "沪七条"促进需求释放，上海楼市政策底或已现 [Table_Author] 邮箱：hmdu@glms.com.cn 邮箱：fangpeng@glms.com.cn 邮箱：xudezun@glms.com.cn 分析师：杜昊旻 分析师：方鹏 分析师：徐得尊 执业证书：S0590524070006 执业证书：S0590524100003 执业证书：S0590525110054 事件 2026 年 2 月 25 日，上海市住房城乡建设管理委、市房屋管理局、市财政局、市 税务局、市公积金管理中心等五部门联合印发《关于进一步优化调整本市房地产 政策的通知》（以下简称《通知》），以更好满足居民刚性和改善性住房需求，促进 房地产市场平稳健康发展，《通知》涉及调减限购、优化公积金、完善房产税三大 方面七条内容，又称"沪七条"。 调减住房限购政策，满足居民合理住房需求。 《通知》对上海的购房限制进行了调减，主要针对非沪籍家庭或成年单身人士， 社保满 1 年（原为 3 年）可在外环内购买 1 套住房，在外环外购房不限套数；社 保满 3 年（与沪籍购房待遇一致）可在外环内购买 2 套住房；持《上海市居住证》 满 5 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, among others [3]. Core Insights - The report highlights that the U.S. non-farm payrolls exceeded expectations with an addition of 130,000 jobs in January, leading to a decrease in the unemployment rate to 4.3%. This has resulted in a cooling of interest rate cut expectations [2]. - The report expresses a positive long-term outlook for gold prices, driven by central bank purchases and a weakening U.S. dollar credit [2]. - The report notes that silver prices may continue to weaken due to pressure from photovoltaic demand and rising costs in silver paste, indicating a trend towards cheaper metals [2]. Summary by Sections Industry and Stock Performance - The report indicates that the SW Non-ferrous Index rose by 1.67% during the week, while the COMEX gold price increased by 1.51% and COMEX silver decreased by 0.33% [9]. - The report provides a detailed performance analysis of key stocks, with several companies recommended for investment based on their earnings forecasts and valuations [3]. Base Metals - The report discusses the fluctuations in base metal prices, noting that aluminum prices have been under pressure due to high inventory levels and seasonal demand declines as the Chinese New Year approaches [25][26]. - Copper prices experienced volatility, initially rising but later falling due to strong U.S. employment data and cautious market sentiment ahead of the holiday [45]. Precious Metals and Minor Metals - The report states that gold and silver prices have seen fluctuations, with gold averaging 1101.52 CNY per gram, down 0.83% from the previous week, while silver prices fell significantly [74]. - The report emphasizes the ongoing geopolitical tensions and their impact on precious metal prices, with a focus on the potential for price recovery as market conditions evolve [78]. Energy Metals - The report highlights a clear shortage in the energy metals sector, particularly lithium and cobalt, with expectations for price increases post-holiday as demand recovers [9]. - Nickel prices are anticipated to rise due to the implementation of Indonesia's nickel ore export quota policy [9].

纯粹的飞机租赁龙头企业 渤海租赁（000415.SZ）动态报告 研究团队：非银金融&交运 报告日期：2026年2月25日 证券研究报告 * 请务必阅读最后一页免责声明 摘要 证券研究报告 * 请务必阅读最后一页免责声明 1 ➢ 公司出售集装箱资产，整体业务回归飞机租赁。近年来渤海租赁飞机租赁及销售收入占比持续提升，2025H1飞 机相关收入占比达到89%，集装箱相关收入占比为10%。2025年公司正式出售集装箱资产，2025年11月公司同 时转让天津渤海持有的皖江金租股份，公司主业将更加聚焦于飞机租赁。 ➢ 飞机子公司后续有望占据更大市场份额。2025年波音空客飞机产能逐步修复，整体交付水平已经优于2019年。 但当前供需缺口依旧较大，当前波音空客全部待交付订单超2万架。从行业格局来看，2025年末仍有155家航司 以及23家租赁商手里拥有波音空客的飞机订单，Avolon预计2030年末该数量将减少为70、11家。后续份额将 进一步向头部飞机租赁商集中。 ➢ 风险提示：利率上行，地缘政治，上游交付延期，债务展期风险，汇率风险，资产处置与业务转型风险，控制 权变动风险。 01 背景：公司出售集装箱资产 02 A ...

纯粹的飞机租赁龙头企业 渤海租赁（000415.SZ）动态报告 研究团队：非银金融&交运 报告日期：2026年2月25日 证券研究报告 * 请务必阅读最后一页免责声明 摘要 证券研究报告 * 请务必阅读最后一页免责声明 1 ➢ 公司出售集装箱资产，整体业务回归飞机租赁。近年来渤海租赁飞机租赁及销售收入占比持续提升，2025H1飞 机相关收入占比达到89%，集装箱相关收入占比为10%。2025年公司正式出售集装箱资产，2025年11月公司同 时转让天津渤海持有的皖江金租股份，公司主业将更加聚焦于飞机租赁。 ➢ 飞机子公司后续有望占据更大市场份额。2025年波音空客飞机产能逐步修复，整体交付水平已经优于2019年。 但当前供需缺口依旧较大，当前波音空客全部待交付订单超2万架。从行业格局来看，2025年末仍有155家航司 以及23家租赁商手里拥有波音空客的飞机订单，Avolon预计2030年末该数量将减少为70、11家。后续份额将 进一步向头部飞机租赁商集中。 ➢ 风险提示：利率上行，地缘政治，上游交付延期，债务展期风险，汇率风险，资产处置与业务转型风险，控制 权变动风险。 01 背景：公司出售集装箱资产 02 A ...