Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The thermal protection materials market is expected to have significant growth potential, particularly driven by the Starship program, with an estimated market space of $90 billion for thermal tiles and $1.17 billion for single launch losses if the production and launch targets are met [4][30][32] - The development of reusable rockets, particularly in China, is advancing rapidly, with ceramic-based materials likely to benefit first [4][60][66] Summary by Sections 1. Thermal Materials: The Core of Commercial Aerospace Thermal Protection - The development of aerospace vehicles increasingly focuses on thermal protection capabilities, which are critical for ensuring rocket recovery [12] - Thermal protection systems (TPS) must meet stringent requirements, including high-temperature resistance, oxidation resistance, lightweight design, and mechanical strength [12][18] - The market for thermal materials is expanding, with significant applications in various stages of rocket launch and recovery [18][19] 2. Overseas Secondary Rocket Reusability Accelerates Validation, Multi-layer Protection for Thermal Materials - NASA has laid the foundation for thermal tile technology, with various materials developed for different temperature tolerances [37] - The Starship's thermal protection structure combines adhesive and cover-type designs, indicating a shift towards more effective thermal protection solutions [42][46] 3. Domestic First-stage Rocket Reusability Progresses Faster, Ceramic-based Materials Benefit First - China's aerospace sector has developed a third-generation thermal material system, with significant applications in crewed spacecraft [58] - The demand for ceramic-based thermal materials is expected to grow as the country advances in reusable rocket technology [66] 4. Related Companies - Torch Electronics focuses on ceramic matrix composites, with significant revenue generation in aerospace applications [72] - Hua Qin Technology specializes in thermal resistance materials, enhancing performance in high-temperature components [73] - Zhonggang Lu Neng is a key supplier of high-end refractory materials, with strong production capabilities for ceramic-based products [74] - Beijing Lier is expanding into aerospace thermal materials, with a short investment recovery period indicating strong profitability potential [75]

Investment Rating - The report maintains a "Recommended" rating for the computer industry, indicating an expected relative increase in stock prices of over 15% compared to the benchmark index within the next 12 months [4][10]. Core Insights - The report highlights the integration of AI in the bidding and procurement sector, driven by new policies from the National Development and Reform Commission and other departments, aiming to enhance efficiency and transparency in the bidding process [6][7]. - It identifies 20 key application scenarios for AI in the bidding process, including document detection, intelligent evaluation assistance, and identification of collusion, which are expected to be implemented by the end of 2026 and 2027 [6][7]. - Companies deeply engaged in AI applications within the bidding sector, such as EazyDevelop, Newpoint Software, and Bosi Software, are anticipated to benefit significantly from these policy changes [7]. Summary by Sections Policy and Development Goals - The report outlines specific goals for AI integration in the bidding process, with a focus on enhancing the efficiency of transactions, competition, and regulatory oversight [6]. - It emphasizes the importance of using intelligent technologies to ensure transparent and fair bidding practices, thereby reducing risks associated with low-cost bidding and enhancing regulatory effectiveness [6][7]. Company Opportunities - EazyDevelop is set to launch an AI bidding system that streamlines the entire bidding process, improving compliance and efficiency [7]. - Newpoint Software's AI applications cover all transaction scenarios, aiming to reduce costs and enhance regulatory efficiency [7]. - Bosi Software's "Sunshine Public Procurement Model" has achieved a 100% accuracy rate in AI-assisted evaluations, significantly reducing the time required for expert evaluations [7]. Investment Recommendations - The report suggests focusing on companies such as EazyDevelop, Newpoint Software, Bosi Software, and others that are well-positioned to leverage AI advancements in the bidding and procurement sector [7].

南京银行（601009.SH）江苏交控拟增持点评 股东增持显信心 glmszqdatemark 2026 年 02 月 11 日 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 11.33 元 | [Table_Author] | 分析师 王先爽 | | --- | | 执业证书： S0590525120014 | | 邮箱： wangxianshuang@glms.com.cn | | 分析师 乔丹 | | 执业证书： S0590526010003 | | 邮箱： qiaodan@glms.com.cn | 相对走势 -10% 3% 17% 30% 2025/2 2025/8 2026/2 南京银行 沪深300 相关研究 1． 南京银行（601009.SH）2025 年度业绩快 报点评：营收双位增长，客户基础夯实- 2026/01/23 [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） | 50,273 | ...

Inflation Data Overview - In January 2026, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, while the core CPI (excluding food and energy) rose by 0.8% year-on-year[4] - The Producer Price Index (PPI) saw a month-on-month increase of 0.4% but a year-on-year decrease of 1.4%[4] Seasonal Effects and Consumer Demand - The January CPI year-on-year drop to 0.2% was influenced by the late timing of the Spring Festival, which typically weakens food price increases[4] - Historical data suggests that seasonal disturbances like this are often corrected in February, indicating potential recovery in CPI[5] Core CPI and Consumer Recovery - The core CPI's month-on-month increase of 0.3% marks a six-month high, reflecting improving consumer demand supported by effective consumption policies[4] - Price increases in household goods and services, such as travel and entertainment, indicate a robust recovery in service consumption[4] PPI Trends and Influences - The PPI's year-on-year decline narrowed to -1.4%, with a month-on-month increase of 0.4%, both reaching their highest values since October 2023[4] - Factors contributing to PPI recovery include the "anti-involution" policy and international commodity price increases[4] Risks and Future Outlook - Potential risks include policy measures falling short of expectations, unexpected changes in the domestic economy, and fluctuations in exports[4]

Investment Rating - The investment rating for Nanjing Bank is "Recommended" [1] Core Views - The report highlights that the continuous increase in shareholding by major shareholders reflects strong confidence in Nanjing Bank's future development [7] - Jiangsu Communications Holding Co., Ltd. is expected to increase its stake, potentially raising its ownership to 19.99%, which could further boost the company's stock price [7] - Nanjing Bank is focusing on the Yangtze River Delta region, maintaining double-digit credit growth and achieving stable asset quality [7] Financial Projections - Revenue projections for Nanjing Bank are as follows: - 2024: 50,273 million yuan - 2025: 55,540 million yuan (growth rate of 11.3%) - 2026: 61,207 million yuan (growth rate of 10.5%) - 2027: 66,794 million yuan (growth rate of 10.2%) [7][10] - Net profit attributable to shareholders is projected as: - 2024: 20,177 million yuan - 2025: 21,807 million yuan (growth rate of 9.1%) - 2026: 23,846 million yuan (growth rate of 8.1%) - 2027: 25,961 million yuan (growth rate of 9.4%) [7][10] - Earnings per share (EPS) estimates are: - 2024: 1.72 yuan - 2025: 1.67 yuan - 2026: 1.84 yuan - 2027: 2.01 yuan [7][10] Shareholder Activity - Major shareholders have increased their holdings significantly since 2022, with a total increase of 1.288 billion shares, representing 10.42% of the total share capital by the end of 2025 [7][8] - The total market value of the shares acquired by major shareholders amounts to approximately 136.52 billion yuan [8]

宏观数据动态点评 春运"火"，长假"旺"？ glmszqdatemark 2026 年 02 月 10 日 [Table_Author] 分析师：陶川 分析师：钟渝梅 执业证书：S0590525110006 执业证书：S0590525110008 邮箱：taochuan@glms.com.cn 邮箱：zhongyumei@glms.com.cn 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 今年春运的"火"，能否映射出假期内需的"旺"？2026 年春运，在"史上最长" 春节假期的强劲驱动下，正以前所未有的热度拉开帷幕，流动规模有望创下新高。 这背后，是超长假期、天气晴好、运力保障等因素共同促成的"天时地利人和"。 然而值得注意的是，与客运系统持续高位运行形成对比，大宗商品与部分线下服 务消费的复苏节奏则显得相对平缓。这一"出行热、消费温"的冷暖图景，不仅 勾勒出年初内需复苏的真实轮廓，可能也为年后不久的全国两会政策基调提供了 重要注脚。 2026 年春运将迎来一幅"万马奔腾"的胜景。根据交通运输部官方预测，今年春 运 40 天全社会人员流动总量有望创历史新高，同时单日 ...

[Table_Author] | 分析师 | 周泰 | | --- | --- | | 执业证书： S0590525110019 | | | 邮箱： | zhoutai@glms.com.cn | | 分析师 | 卢佳琪 | | 执业证书： S0590525110022 | | | 邮箱： | lujiaqi@glms.com.cn | MONGOL MINING（0975.HK）深度报告 从 Coking 变 Mining，综合矿业龙头崛起 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 单位/百万美元 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 1,040 | 846 | 1,301 | 1,457 | | 增长率（%） | 0.5 | -18.7 | 53.8 | 11.9 | | 归母净利润 | 242 | 97 | 274 | 383 | | 增长率（%） | 1.0 | -60.0 | 182.5 | 40.1 | | EPS | 0.23 | 0.09 ...

Investment Rating - The report maintains a "Buy" rating for Proya (603605.SH) with a current price of 75.51 CNY [3]. Core Insights - Proya launched a new product, the Ruby Microbead Essence, priced at 299 CNY for 30ml, targeting a broad customer base with its unique formulation [9]. - The company is actively expanding its product matrix across multiple brands, including skincare, makeup, and hair care, which is expected to enhance growth potential [9]. - Proya's revenue projections for 2025-2027 are 109.94 billion CNY, 126.65 billion CNY, and 139.95 billion CNY, with respective growth rates of 2.0%, 15.2%, and 10.5% [9]. Financial Forecasts - Revenue (in million CNY) is projected to be 10,778 for 2024, 10,994 for 2025, 12,665 for 2026, and 13,995 for 2027, with growth rates of 21.0%, 2.0%, 15.2%, and 10.5% respectively [2]. - Net profit attributable to shareholders (in million CNY) is expected to be 1,552 for 2024, 1,592 for 2025, 1,859 for 2026, and 2,063 for 2027, with growth rates of 30.0%, 2.5%, 16.8%, and 11.0% respectively [2]. - Earnings per share (CNY) are forecasted to be 3.92 for 2024, 4.02 for 2025, 4.69 for 2026, and 5.21 for 2027 [2]. Product Development and Strategy - Proya is focusing on new product launches to cater to diverse consumer needs, including the MED series for specific skin repair scenarios and a new men's skincare line [9]. - The company is also implementing a share buyback plan to demonstrate confidence in its future growth, with a total buyback amounting to 0.8-1.5 billion CNY [9].

Investment Rating - The report maintains a "Buy" rating for Proya, indicating a positive outlook for the company's stock performance relative to the benchmark index [3][12]. Core Insights - Proya launched a new product, the Ruby Microbead Essence, priced at 299 RMB for 30ml, targeting a broad customer base with its unique formulation [9]. - The company is actively expanding its product matrix across multiple brands, including skincare, makeup, and hair care, which is expected to enhance growth potential [9]. - Proya's revenue projections for 2025-2027 are 10.994 billion, 12.665 billion, and 13.995 billion RMB, with corresponding net profits of 1.592 billion, 1.859 billion, and 2.063 billion RMB, reflecting growth rates of 2.0%, 15.2%, and 10.5% respectively [2][10]. Financial Forecasts - Revenue and profit forecasts for Proya are as follows: - 2024A: Revenue of 10,778 million RMB, net profit of 1,552 million RMB - 2025E: Revenue of 10,994 million RMB, net profit of 1,592 million RMB - 2026E: Revenue of 12,665 million RMB, net profit of 1,859 million RMB - 2027E: Revenue of 13,995 million RMB, net profit of 2,063 million RMB [2][10]. - Earnings per share (EPS) are projected to be 3.92, 4.02, 4.69, and 5.21 RMB for the years 2024A to 2027E, respectively [2][10]. Market Position and Strategy - Proya's multi-brand strategy is designed to capture a wider consumer base and enhance market presence, with a focus on new product launches and brand collaborations [9]. - The company has initiated a share buyback program, reflecting confidence in its future growth and plans for employee stock ownership [9].

Investment Rating - The report gives a "Buy" rating for MONGOL MINING (0975.HK) with a current price of HKD 11.79 [3]. Core Insights - MONGOL MINING has transitioned from a single coking coal producer to a diversified mining company, now involved in gold and copper production, with significant growth potential in these sectors [8][10]. - The company has a strong cost advantage in its coal operations, with a significant increase in coal production and sales expected in the coming years, particularly as it benefits from improved pricing dynamics in the Chinese market [10][52]. - The company is expected to initiate dividend distributions in 2026, with a projected dividend yield of up to 8.7% based on anticipated profit growth [8][10]. Company Overview - MONGOL MINING is the largest privately-owned mining company in Mongolia, focusing on high-quality coking coal, gold, and copper [15]. - The company has undergone significant changes since its IPO in 2010, evolving through various phases including resource integration, debt restructuring, and diversification into precious metals [15][24]. Coal Operations - The company has substantial coal resources, with a total resource volume of 916 million tons and a reserve of 612 million tons, primarily from its UHG and BN coal mines [8][34]. - The coal production is expected to reach 14.67 million tons in 2025, with a focus on increasing the washing rate to enhance product quality and sales [8][42]. Financial Performance - The company has shown a recovery in its financials post-debt restructuring, with a projected net profit of USD 242 million in 2024, increasing to USD 383 million by 2027 [3][10]. - The earnings per share (EPS) are expected to rise from USD 0.23 in 2024 to USD 0.37 in 2027, reflecting strong operational performance and cost management [3][10]. Market Dynamics - The pricing of Mongolian coal is expected to align more closely with the spot market prices in China, benefiting from a reduction in supply and increased demand [10][52]. - The company is well-positioned to capitalize on the anticipated supply shortages in the coking coal market in Inner Mongolia and Hebei, which are projected to continue through 2029 [49][50]. Future Prospects - The BKH gold mine is expected to contribute significantly to profits, with a projected output of 76,500 ounces in 2026, potentially generating USD 97 million in net profit [8][10]. - The company is also exploring further expansion in copper mining, with significant resources identified in its White Hill project [8][10].