Investment Rating - The investment rating for the company is suggested to be "actively participate" due to its low initial valuation and low liquidity ratio [25]. Core Insights - The company focuses on automotive interior components, serving both domestic and international mainstream automakers. It has established a stable supply chain relationship with over 30 major manufacturers, including Volkswagen and BYD [5][9]. - The company is increasing its investment in the development of new energy products and technologies aimed at energy conservation and aesthetic enhancement, aligning with the trend of electric vehicles [10]. - Revenue is projected to reach 1.066 billion yuan in 2024, with a three-year CAGR of +9.29%, and net profit is expected to be 130.86 million yuan, with a CAGR of +42.36% [10]. Summary by Sections 1. Business Focus and Expansion - The company was established in 2007 and is headquartered in Shanghai, primarily producing door trim strips, instrument panels, and center consoles for passenger vehicles. It has a notable presence in the supply chains of major automotive manufacturers [9]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an issue price of 29.62 yuan per share. The initial issuance scale is 15.6 million shares, accounting for 25% of the total shares post-issuance, with expected fundraising of 462 million yuan [15][16]. 3. Industry Situation - The automotive industry in China continues to grow rapidly, maintaining its position as the world's largest market for fifteen consecutive years. Despite fluctuations due to macroeconomic factors, the industry still has significant growth potential, especially with the rise of new energy vehicles [17][18]. 4. Competitive Advantages - The company has established a strong brand image and stable partnerships with leading domestic and international automotive manufacturers. It possesses a comprehensive range of manufacturing processes to meet diverse market demands [19]. 5. Comparable Companies - The company is compared with peers in the automotive parts industry, showing a favorable gross margin of 28.93% for 2024, which is higher than many competitors [21][26].

行 业 研 究 / 行 业 点 评 相关研究 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 券 研 究 报 告 证券分析师 行 业 及 产 业 非银金融/ 证券Ⅱ 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 2026 年 02 月 10 日 优化再融资措施意在扶优服科，券 商中介机构业务迎来发展机遇 看好 ——沪深北交易所发布《优化再融资一揽子措施》点评 事件：2026/2/9，沪深北交易所同步发布《优化再融资一揽子措施》。 请务必仔细阅读正文之后的各项信息披露与声明 注：中信证券、招商证券、东方证券、国联民生数据采用业绩快报/预告 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 ⚫ 坚持扶优限劣。对经营治理、信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融 资审核，进一步提高再融资效率。 支持优质上市公司将募集资金用于与主营业务有 ...

社会服务 上 市 公 司 2026 年 02 月 10 日 中国东方教育 (00667) —— 职教培训景气上行，运营效率持续提升 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2026 年 02 月 09 日 | | --- | --- | | 收盘价（港币） | 6.21 | | 恒生中国企业指数 | 9168.33 | | 52 周最高/最低（港币） | 9.15/2.61 | | H 股市值（亿港币） | 137.71 | | 流通 H 股（百万股） | 2,217.53 | | 汇率（港币/人民币） | 0.8897 | 一年内股价与基准指数对比走势： -9% 91% 191% 291% 02/10 03/10 04/10 05/10 06/10 07/10 08/10 09/10 10/10 11/10 12/10 01/10 HSCEI 中国东方教育 资料来源：Bloomberg 相关研究 - 职业技能培训景气提升，公司招生增长提速：大学低速扩招错配高中快速扩招，我们预计受高 考落榜生数量持续增加，高中毕业生职业技能培训市场将迎来持续景气提升。受 21 至 24 年 高中持续扩 ...

Investment Rating - The report rates the construction materials industry as "Overweight," indicating an expectation for the industry to outperform the overall market [2][12]. Core Insights - Domestic cement prices are expected to show a trend of high prices followed by a decline, with an average price of 372.8 RMB/ton in 2025, a decrease of 12.6 RMB/ton year-on-year. Cement production is projected to decline by 7.2% in 2025, with a gradual recovery in profitability anticipated in 2026 due to supply-side improvements [4]. - The glass sector continues to face pressure, with the average price of flat glass expected to drop to 1323.3 RMB/ton in 2025, a significant decrease of 383.4 RMB/ton year-on-year. The industry is entering a period of accelerated cold repairs, which may enhance profitability in the future [4]. - The fiberglass yarn market remains relatively stable, with an expected average price of 3866 RMB/ton in 2025, reflecting a year-on-year increase of 174 RMB/ton. The demand for specialty electronic fabrics is anticipated to grow rapidly, contributing positively to the sector's performance [4]. - Consumer building materials are expected to show strong performance, with companies like Sanke Tree and Han Gao Group maintaining excellent revenue and profit due to strong channel development and brand advantages [4]. Summary by Sections Cement Industry - The average cement price in 2025 is projected at 372.8 RMB/ton, down 12.6 RMB/ton from the previous year. The first quarter's average price is expected to be 400.8 RMB/ton, declining to 358.0 RMB/ton by the fourth quarter. Cement production is expected to decrease by 7.2% in 2025, with a recovery in profitability anticipated in 2026 due to supply-side improvements [4]. Glass Industry - The average price of flat glass is expected to be 1323.3 RMB/ton in 2025, a decrease of 383.4 RMB/ton year-on-year. The industry is entering a cold repair cycle, with daily melting capacity dropping below 150,000 tons. This may lead to improved profitability in the future [4]. Fiberglass Sector - The average price of fiberglass yarn is projected to be 3866 RMB/ton in 2025, an increase of 174 RMB/ton year-on-year. The demand for specialty electronic fabrics is expected to accelerate, contributing positively to the sector's performance [4]. Consumer Building Materials - Companies such as Sanke Tree and Han Gao Group are expected to perform strongly due to their robust channel development and brand advantages. Other companies in the sector are also expected to maintain good operational quality, with potential for significant performance recovery in 2026 [4]. Investment Recommendations - The report suggests focusing on companies with improving quarterly reports and those benefiting from supply-side adjustments. Recommended companies include Conch Cement, Huaxin Cement, and Tianshan Shares in the cement sector, as well as China Jushi and Zhongcai Technology in the fiberglass sector. In consumer building materials, companies like Dongfang Yuhong and Kezhong Shares are highlighted for their strong performance [4].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][3] Core Insights - The chemical macroeconomic outlook indicates a stable increase in oil demand due to global economic recovery, with Brent crude oil expected to remain in the range of $55-70 per barrel [2][3] - The dye, PVA, and vitamin sectors are experiencing upward trends, with price increases anticipated post-holiday, highlighting the importance of positioning in the spring chemical sector [2][3] - The report suggests focusing on specific companies within the textile, agricultural, export, and "anti-involution" sectors for investment opportunities [2][3] Summary by Relevant Sections Chemical Macro Outlook - Oil supply is constrained due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with tariff adjustments and economic improvements [2][3] - Coal prices are expected to stabilize at a long-term bottom, and natural gas costs may decrease as the U.S. accelerates export facility construction [2][3] Price Trends and Recommendations - Dye prices are expected to rise significantly, with companies like Zhejiang Longsheng and Runtu Co. recommended for investment [2][3] - PVA prices have increased from 9,530 CNY/ton to 10,244 CNY/ton, indicating further upward potential, with a focus on Anhui Wuhua [2][3] - Vitamin E prices are projected to rise post-holiday due to production halts during the Chinese New Year, with New Hope Liuhe recommended [2][3] Investment Strategy - The report recommends a diversified investment approach across four main chains: textile, agricultural, export, and sectors benefiting from "anti-involution" policies [2][3] - Key companies to watch include: - Textile: LUXI Chemical, Tongkun Co., and Hengli Petrochemical - Agricultural: Hualu Hengsheng, Baofeng Energy, and Yuntianhua - Export-related chemicals: Juhua Co., Wanhua Chemical, and leading titanium dioxide producers [2][3] Growth Focus - Emphasis on self-sufficiency in key materials, particularly in semiconductor and panel materials, with companies like Yake Technology and Dingsheng Co. highlighted [2][3]

2026 年 02 月 10 日 申万金工 ETF 组合 202602 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 白皓天 A0230525070001 baiht@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 量 化 策 略 - ⚫ 宏观行业组合：针对所有标记为"行业主题"的 ETF，选择成立时间 1 年以上、当期规模 2 亿以上的产品跟踪的行业主题指数，每个月根据历史数据计算经济、流动性、信用的敏 感性得分，然后根据最新的经济、流动性、信用判断指标调整得分方向后进行加总，最终 得到排名前 6 的行业主题指数，然后取对应规模最大的 ETF 进行等权配置。根据申万金 工量化资产配置月报，目前经济前瞻指标回落、流动性偏松，信用指标修正为偏紧，我们 选择对经济不敏感、对流动性敏感、对信用不敏感的 ETF 配置，整体仍偏向 TMT 和消费。 ⚫ 宏观+动量行业组合：基于宏观类配置策略主要存在偏左侧 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

Investment Rating - The report maintains a neutral outlook on the oil and petrochemical industry, indicating that the industry is expected to perform in line with the overall market [3][12]. Core Insights - The report highlights a decline in crude oil prices in Q4 2025, with Brent crude averaging $63.1 per barrel, down 7.4% quarter-on-quarter and 14.7% year-on-year [3][4]. - The petrochemical sector is experiencing a mixed performance, with upstream operations facing pressure while downstream profitability is showing signs of improvement [3]. - The report forecasts a tightening supply-demand balance in the polyester sector, suggesting potential for improved market conditions [3]. Summary by Sections Price Trends - In Q4 2025, Brent crude oil prices averaged $63.1 per barrel, with a range of $59-66 per barrel. Gasoline and diesel prices were adjusted downwards by 325 CNY/ton and 340 CNY/ton respectively [3][4]. - Key petrochemical products showed varied price movements, with notable declines in prices for polyethylene and polypropylene, down 16% and 14.2% year-on-year respectively [4]. Price Differentials - The report notes that the price differential for crude oil catalytic cracking increased to 1374 CNY/ton, up 12.5% quarter-on-quarter, while the differential for ethylene from naphtha decreased by 20.1% [5][6]. - The price differential for PX and PTA expanded, indicating improved margins in the polyester chain [5][6]. Company Performance Forecasts - The report provides earnings forecasts for key companies in the sector, predicting a net profit of 27 billion CNY for China National Petroleum Corporation (CNPC), down 16% year-on-year, while China National Offshore Oil Corporation (CNOOC) is expected to see a profit of 30 billion CNY, up 41% year-on-year [3][7]. - Other companies such as Hengli Petrochemical and Rongsheng Petrochemical are also highlighted, with expected profits of 1.7 billion CNY and 250 million CNY respectively [3][7]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wan Kai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in cost structures [3]. - It also suggests maintaining a positive outlook on offshore oil service companies like CNOOC and Haiyou Engineering, anticipating continued high demand in offshore capital expenditures [3].

研 究 专 题 新 股 发 行 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 A0230524050004 zhumin@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 ______________________________________________________________________________________________________________________________________ 2026 年 02 月 10 日 扶优促新，定向开闸 ——关于优化再融资一揽子措施点评 请务必仔细阅读正文之后的各项信息披露与声明 政策点评 相关研究 - ⚫ 事件： 2026 年 2 月 9 日，沪深北交易所推出优化再融 ...

Group 1: Commercial Aerospace - The commercial aerospace sector is expected to maintain stable or potentially improve its core targets due to cost reduction trends[3] - The first rocket recovery sea platform "Navigator" has been successfully delivered, enhancing recovery efficiency[9] - The commercial aerospace market is entering a new phase with significant bidding activities expected to drive growth in satellite manufacturing and launch services[13] Group 2: Sodium Battery - CATL has begun mass production of sodium-ion batteries, marking a significant advancement in the lithium-sodium transition[3] - The sodium battery technology is projected to achieve cost advantages, with a clear path for cost reduction expected by 2026[25] Group 3: Ugreen Technology - Ugreen Technology is rapidly expanding its overseas channels, with NAS products becoming a significant growth driver[3] - The NAS market is gaining traction due to increasing consumer data storage needs, with Ugreen capturing a growing market share[41] Group 4: Zhongkong Technology - Zhongkong Technology is experiencing a turnaround in performance, with AI applications being reassessed for their value[3] - The company is positioned to benefit from the increasing demand for AI-driven solutions in various sectors[3] Group 5: Yinlun Technology - Yinlun Technology is leveraging AI in energy management, with new product lines expected to outperform traditional business segments[53] - The company is focusing on digital energy thermal management, indicating a broad market potential[55]