Group 1: Key Insights on the Machine Dog Industry - The quadruped robot industry is experiencing rapid application expansion, with strong environmental adaptability and commercial viability [4][12] - Key application scenarios include defense, industrial inspection, emergency rescue, and consumer household use, indicating a promising long-term market potential [4][12] - Domestic brands dominate the market, with over 50 companies actively participating, including notable players like Yushutech and Boston Dynamics [4][12] Group 2: Insights on the Power Generation Sector - In the thermal power sector, both coal and electricity prices are declining, leading to improved profit margins for coal-fired power plants [4][12] - Hydropower utilization hours are expected to increase due to favorable water conditions, with a projected utilization of 3367 hours in 2025, up 12 hours year-on-year [4][12] - Nuclear power is maintaining a high approval rate, with 10 new units expected to be approved in 2025, although profitability may be impacted by declining market electricity prices [4][12] Group 3: Recommendations for Investment - For thermal power, recommended companies include Guodian Power and Inner Mongolia Huadian, which benefit from stable profit margins [5][12] - In hydropower, companies like Yangtze Power and State Power Investment are highlighted for their potential growth due to improved financial conditions [5][12] - In the natural gas sector, companies such as Kunlun Energy and New Hope Energy are recommended due to expected profitability improvements from cost reductions [5][12]

Group 1: Key Insights on the Robotics Industry - Quadruped robots, known as "machine dogs," have strong environmental adaptability and have entered the commercialization phase, excelling in tasks where wheeled or tracked robots struggle [10] - The market for machine dogs is expected to grow significantly due to diverse application scenarios, including defense, industrial use, emergency rescue, and consumer household applications [10] - The machine dog industry is experiencing global competition, with domestic brands currently holding a dominant position, and over 50 domestic companies are now involved in the market [10] Group 2: Key Insights on the Utilities Sector - In the thermal power sector, both coal and electricity prices are declining, which is expected to stabilize revenue through capacity pricing, while coal prices are projected to average 697 RMB/ton in 2025, a decrease of 18.47% year-on-year [10] - Hydropower utilization hours are expected to increase in 2025, with a projected annual utilization of 3367 hours, benefiting from improved water conditions and reduced financial costs due to interest rate cuts [10] - Nuclear power is anticipated to maintain high utilization hours, with a projected 7809 hours in 2025, although performance may be impacted by declining market electricity prices [10] Group 3: Investment Recommendations - For thermal power, recommended companies include Guodian Power, Inner Mongolia Huadian, and Huaneng International Power, which are expected to benefit from stable profitability [10] - In the hydropower sector, companies like Yangtze Power and State Power Investment are recommended due to their expected stable growth in generation capacity [10] - In the natural gas sector, long-term prospects are positive for companies like Kunlun Energy and New Hope Energy, as cost reductions and demand recovery are anticipated [10]

Group 1: Market Dynamics - 30 new private placement projects were disclosed in the last two weeks, marking a 1 project increase from the previous period and setting a new high since 2025[5] - 15 projects were approved by the review committee, an increase of 8 projects, the second highest in the last two months[5] - 657 private placement projects are currently under normal review, with 93 projects awaiting approval, an increase of 3 projects[5] Group 2: Project Analysis - Aobi Zhongguang-UW aims to raise up to 980 million yuan for AI vision and spatial perception technology development, with revenue growth exceeding 50% in the first three quarters of 2024 and 2025[5][23] - China Shenhua plans to acquire 12 companies with an estimated equity value of 143.675 billion yuan, resulting in a 64.72% increase in coal reserves and a 56.57% increase in coal production post-transaction[5][28] Group 3: Fundraising and Pricing Trends - 14 private placement projects were listed in the last two weeks, raising a total of 17.599 billion yuan, a decrease of 84.29% from the previous period[33] - The average benchmark discount rate for competitive projects was 12.77%, down 1.65 percentage points, while the average market price discount rate increased to 17.43%, up 2.81 percentage points[33] Group 4: Performance Metrics - The average absolute return for newly unlocked competitive projects was 40.74%, with an excess return of 14.29%, both down from the previous period[5] - The average market price discount rate for competitive projects was 17.13%, up 4.18 percentage points, indicating a significant variation in industry performance during the "issuance-unlocking" period[5]

1. Report's Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - FINQ issued two high - concentration AI ETFs last week, with unique investment strategies [2][6]. - In the past week, US domestic stock ETFs had an inflow of nearly $30 billion, while international stock and bond products had outflows. The Nasdaq ETF had an outflow again, the Vanguard S&P 500 ETF had a stable inflow, and BlackRock's small - cap products had an inflow. Among bond products, high - yield bonds had an outflow and investment - grade bonds had an inflow [2][7]. - This year, due to high volatility in the US market, long - volatility products related to the VIX index have performed well, with some products having gains of over 10% [2][10]. - As of December 2025, the total amount of non - money mutual funds in the US decreased compared to November. From January 21 to 28, 2026, domestic stock funds had an outflow, international stock product outflows expanded, and bond product inflows expanded [2][14]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: FINQ Issues High - Concentration AI ETFs - Last week, there were 18 new ETF products in the US, and new strategy types emerged in single - stock products. GraniteShares launched a new single - stock snowball product, with the annualized snowball return of the NVIDIA - linked product reaching 17.83%. NEOS issued a series of accelerated high - yield ETFs. Tuttle Capital issued a UFO - related product. FINQ issued two AI ETFs, one investing in the top 13 - 16 S&P 500 component stocks scored by an AI model, and the other being a market - neutral ETF holding about 10 stocks with the highest and lowest scores respectively [2][5][6]. 3.2 US ETF Dynamics 3.2.1 US ETF Fund Flows: International Stock and Bond Products Have Outflows - In the past week, US domestic stock ETFs had an inflow of nearly $30 billion, while international products had an outflow. The Nasdaq ETF had an outflow again, the Vanguard S&P 500 ETF had a stable inflow, and BlackRock's small - cap products had an inflow. In the precious metals market, silver ETFs had an inflow and gold ETFs had an outflow. Among bond products, high - yield bonds had an outflow and investment - grade bonds had an inflow [2][7][9]. 3.2.2 US ETF Performance: VIX Index - Related Products Lead in Gains - This year, due to high volatility in the US market, long - volatility products have performed well. For example, the 2 - times long - term VIX index product had a gain of over 15%, and short - term VIX index products had gains of over 10% [2][10]. 3.3 Recent Fund Flows of US Ordinary Mutual Funds - In December 2025, the total amount of non - money mutual funds in the US was $23.64 trillion, a decrease of $0.09 trillion compared to November. According to Wind data, the S&P 500 fell 0.05% in December, and the scale of US domestic equity products decreased by 1.03%. From January 21 to 28, 2026, domestic stock funds had an outflow of $12.849 billion, international stock product outflows expanded to $5 billion, and bond product inflows expanded to $16.7 billion [2][14].

Investment Rating - The report assigns a rating of "middle to upper level" based on the AHP score of 2.24, which places the company in the 30.4% percentile of the non-technology innovation system AHP model [5][10]. Core Insights - The company is positioned as a leader in the thermal runaway protection for power batteries, with a diversified business structure that supports stable growth. It has established itself as a primary supplier to major global automotive manufacturers and battery producers, capturing a market share of 15%-20% in the global battery system mica material safety protection market, ranking second [5][12]. - The company has successfully entered the supply chain of CATL and achieved scale production in its copper-aluminum composite materials business, which is expected to see significant revenue growth in the coming years [5][14]. - The company anticipates a revenue of 1.08998 billion yuan for 2025, representing a year-on-year growth of 20.05%, with a net profit forecast of 177.47 million yuan, up 3.32% year-on-year [5][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for the company is calculated at 2.24, with an expected allocation ratio of 0.0226% for Class A and 0.0194% for Class B investors under a neutral scenario [10][11]. Fundamental Highlights and Features - The company focuses on thermal runaway protection for power batteries and has a stable business in electrical insulation, while also accelerating the development of new products like copper-aluminum composites [12][20]. - The company has diversified its operations to reduce reliance on any single business or customer, enhancing its overall risk resilience [12][20]. Financial Comparison with Peers - The company has shown significant revenue growth from 475 million yuan in 2022 to 908 million yuan in 2024, with a compound annual growth rate (CAGR) of 38.24% to 63.75%, outperforming comparable companies [25][26]. - The gross margin has increased from 28.40% in 2022 to 37.02% in 2024, although it experienced a decline to 33.92% in the first half of 2025 due to changes in sales mix and external factors [30][31]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 20.7 million new shares, with proceeds allocated to the production of 7.25 million sets of new thermal runaway protection components and the construction of a new production base [35][36].

Investment Rating - The report assigns a rating based on the AHP score of 2.24, placing the company in the 30.4% percentile, indicating a mid-to-upper tier position in the market [10]. Core Insights - The company is positioned as a leader in thermal runaway protection for power batteries, with a diversified business structure that supports stable growth. It has established itself as a primary supplier to major global automotive manufacturers and battery producers, capturing a 15%-20% market share in the global battery system mica material safety protection market, ranking second [5][12]. - The company is expanding its production capacity in Mexico to mitigate the impact of U.S. tariff policies and is expected to see significant revenue growth from new projects and a robust order backlog [17][18]. - The company anticipates a revenue of 1.08998 billion yuan for 2025, reflecting a year-on-year growth of 20.05%, with a net profit forecast of 177.47 million yuan, up 3.32% year-on-year [18]. Summary by Sections AHP Score and Expected Allocation - The AHP score for the company is calculated at 2.24, with expected allocation ratios for different investor categories being 0.0226% for category A and 0.0194% for category B under a neutral scenario [10][11]. Fundamental Highlights and Features - The company focuses on thermal runaway protection for electric vehicle batteries and has a stable market presence in electrical insulation products. It is also accelerating the development of copper-aluminum composite materials, contributing to a second growth curve [5][12]. - The company has diversified its business to reduce reliance on any single sector, enhancing its resilience against market fluctuations [12]. - The company has established a strong global presence, with production capabilities in Mexico and partnerships with major automotive and battery manufacturers [12][14]. Comparable Company Financial Metrics - The company has shown significant revenue growth compared to peers, with revenues of 475 million, 651 million, and 908 million yuan from 2022 to 2024, reflecting compound growth rates of 38.24% and 63.75% [25]. - The gross margin has increased from 28.40% in 2022 to 37.02% in 2024, although it experienced a decline to 33.92% in the first half of 2025 due to changes in sales dynamics [30]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 20.7 million new shares, with proceeds allocated to the production of 7.25 million sets of new thermal runaway protection components and the establishment of a new production base [35][36]. - The expected internal rate of return for the new projects is 27.33% and 15.67% for the thermal runaway protection components and the new production base, respectively [36].

Investment Rating - The investment rating for Jiangfeng Electronics is "Buy" (maintained) [3] Core Insights - Jiangfeng Electronics is accelerating the localization of semiconductor components through the acquisition of control over Kaide Quartz and investment in electrostatic chucks [1] - The company has been recognized as one of the top ten semiconductor material companies in China and has developed key technologies in the sputtering target industry [6] - The investment in a project to produce 5,100 electrostatic chucks aims to address critical material and equipment shortages in the market [6] - The semiconductor components business is experiencing rapid revenue growth, contributing over 20% to total revenue [6] - The revenue forecast for 2025 is maintained at 45.6 billion yuan, with a slight adjustment in net profit expectations [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 36.05 billion yuan in 2024 to 75.39 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 29.1% [2][8] - Net profit attributable to shareholders is expected to increase from 4.01 billion yuan in 2024 to 9.18 billion yuan in 2027, reflecting a CAGR of 37.3% [2][8] - Earnings per share (EPS) is forecasted to rise from 1.51 yuan in 2024 to 3.46 yuan in 2027 [2] - The gross profit margin is expected to improve from 28.2% in 2024 to 31.4% in 2027 [2] - The return on equity (ROE) is projected to increase from 8.9% in 2024 to 14.6% in 2027 [2] Market Data - The closing price of Jiangfeng Electronics on February 9, 2026, was 129.38 yuan, with a price-to-earnings (P/E) ratio of 86 [3] - The market capitalization of circulating A shares is approximately 28.613 billion yuan [3] - The company has a dividend yield of 0.24% based on the most recent dividend announcement [3]

机械设备 行 业 及 产 业 行 业 研 究 / 行 业 深 度 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 联系人 2026 年 02 月 09 日 机器狗：行业应用快速放量，国内 外玩家持续增加 看好 ——机器人系列报告之 36 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 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 证 券 研 胡书捷 A0230524070007 husj@swsresearch.com 究 报 告 - ⚫ 四足机器狗环境适应能力强，已进入商业化应用阶段。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、 ...

2026 年 02 月 09 日 信任命 相关研究 证券分析师 郭中伟 A0230524120004 quozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 郭中耀 A0230124070003 quozy@swsresearch.com 价格波动较大，向好趋势不 金属&新材料行业周报 20260202-20260206 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 波段人分出品 若研究报 申万宏源研究微信服务号 o 一周行情回顾：据 iFind，环比上周 1）上证指数下跌 1.27%，深证成指下跌 2.11%，沪深 300 下跌 1.33%，有色金属（申 万 指数下跌 8.51%，跑输沪深 300 指数 7.18 个百分点，2) 分子板块看，环比上周，贵金属下跌 17.38%，铝下跌 6.24%，能源金属下跌 3.59%，小金属下跌 3.20%，铜下跌 9. ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance in the upcoming periods [40][41]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan in 2025, reflecting a year-on-year growth of approximately 24% [4][5]. - The report highlights the shift in national policy towards carbon emission control, emphasizing the importance of carbon reduction initiatives, which are expected to create investment opportunities in the environmental sector [7]. - Natural gas prices have seen a significant decline due to seasonal factors and increased supply, with the Henry Hub spot price dropping by 39.20% week-on-week to $4.37/mmBtu as of February 6 [12][29]. Summary by Sections 1. Power Sector - The carbon market's trading volume reached 865 million tons in 2025, with a transaction value of 57.663 billion yuan, despite a decrease in average transaction price to 62.36 yuan/ton, down 19.23% year-on-year [4][5]. - Key emission units in the carbon market include 3,378 entities, with the power sector comprising 2,087 units, indicating a strong awareness of carbon reduction among major emitters [4][5]. - Recommendations for investment include companies with diversified revenue sources such as Guodian Power, Inner Mongolia Huadian, and Huaneng International Power, which are expected to benefit from stable capacity income [7][8]. 2. Gas Sector - Natural gas prices have decreased significantly, with the U.S. Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% drop week-on-week, while European prices also fell due to improved supply conditions [12][29]. - The report suggests that the recovery in macroeconomic conditions may lead to a rebound in gas companies' performance, recommending firms like Kunlun Energy and New Hope Energy [31][32]. - LNG prices in Northeast Asia have also declined, with spot prices at $10.70/mmBtu, down 7.76% week-on-week, influenced by seasonal demand and inventory levels [24][29]. 3. Company and Industry Dynamics - The report notes significant developments in the energy sector, including the implementation of a capacity price mechanism for coal and gas power generation, which aims to enhance revenue stability for power plants [36][37]. - Key announcements from companies include performance forecasts indicating substantial profit growth, such as Datang Power's expected net profit increase of 51% to 73% year-on-year [38]. - The report emphasizes the importance of ongoing infrastructure improvements and energy transition initiatives as part of the national economic development plan [37].