Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is involved in the production of industrial robots, specifically through its partnership with JingShi Technology, which has launched the Apollo robotic dog aimed at industrial applications [4] - The company has a strong focus on automation and has established a smart factory to support the assembly of JingShi's products, enhancing production capabilities [7] - The report highlights the competitive advantages of JingShi, including high power density drivers, optimized design software, and customized solutions, which create a dual competitive edge of "technical barriers + rapid implementation" [7] Financial Summary - Projected total revenue for 2024 is 557 million, with a year-on-year growth rate of 15.7%, and expected to reach 904 million by 2027 [6] - The net profit attributable to the parent company is forecasted to be 31 million in 2024, with a significant increase to 63 million by 2027, reflecting a growth rate of 41.9% [6] - The company's gross margin is expected to improve from 20.4% in 2024 to 22.7% in 2027, indicating enhanced profitability [6] Sales and Market Position - The company experienced a decline in industrial robot sales in the first half of 2025, but a recovery is anticipated in the third quarter, with a year-on-year sales increase of 16.52% for the first three quarters [7] - The company is positioned in the mid-to-high-end market for welding robots, with leading technical specifications and pricing, contributing to an increase in market share [7] Profitability Forecast - The report adjusts the profit forecast for 2025-2027, estimating net profits of 0.25 billion, 0.45 billion, and 0.63 billion respectively, with corresponding price-to-earnings ratios of 159, 88, and 62 [7] - The company's PE level is noted to be below the average of comparable companies in the robotics sector, which is projected at 162 [7]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2]. Core Insights - In Q4 2025, the overall allocation of public funds in the chemical sector has significantly increased, indicating a bottoming out and potential investment opportunities [2]. - The top ten chemical stocks held by public funds saw a recovery in their market value share, with a notable increase in the proportion of leading blue-chip stocks, suggesting a preference for stable investments in cyclical products with price elasticity [2][12]. - The total market value of the top 30 chemical stocks held by public funds reached approximately 79.89 billion, reflecting a significant increase of about 45.23% compared to the previous quarter [24]. Summary by Sections 1. Q4 2025 Public Fund Chemical Holdings Changes - The proportion of heavy chemical stocks in overall public fund holdings increased by 0.70 percentage points to 2.37%, marking a new high for 2025 [7]. - Regional allocations also saw increases, with East China rising by 0.63 percentage points to 2.33%, South China by 0.96 percentage points to 3.02%, and North China by 0.44 percentage points to 1.44% [7]. 2. Changes in the Number of Funds Holding Chemical Stocks - The number of funds holding chemical stocks increased significantly, driven mainly by blue-chip stocks. The top three stocks with the highest increase in the number of funds were Wanhua Chemical, China National Offshore Oil Corporation (CNOOC), and Hualu Hengsheng, with increases of 119, 85, and 75 funds respectively [15][19]. 3. Total Market Value and Concentration of Chemical Holdings - The total market value of the top 30 chemical stocks held by public funds increased significantly, with these stocks accounting for 84.68% of the total market value of all heavy chemical stocks, an increase of 3.34 percentage points [24]. - The leading stocks by market value included Wanhua Chemical at approximately 89.41 billion, CNOOC at 67.53 billion, and Juhua Co., Ltd. at 59.78 billion [24].

Overview - The report indicates a marginal improvement in the performance of public REITs in Q4 2025, with significant growth in public utility and consumer revenue, while industrial parks and warehousing have shifted from negative to positive growth. EBITDA declines in energy and transportation sectors have narrowed, and rental housing performance has faced slight pressure. The completion rates for distributable amounts of newly issued REITs for 2024 and 2025 are 79% and 64% respectively [2][13]. Consumer Sector - The consumer sector has shown strong performance during the peak season, with improvements in rental rates and occupancy across most projects. Two-thirds of the projects achieved their highest revenue in the last five periods, indicating overall strong performance [2][13]. Rental Housing - The overall occupancy rate in the rental housing sector remains high, but rental performance is mixed. Government-led projects have stabilized both volume and price, while market-driven projects have adjusted prices downward to maintain occupancy [2][13]. Public Utilities - The public utility sector has seen significant revenue growth due to an increase in waste sources for biomass projects. However, the heating supply in Jinan has underperformed expectations, and water-related projects have experienced seasonal declines [2][13]. Energy Sector - The energy sector is experiencing increased differentiation, with fluctuating power generation and generally declining electricity prices. Natural gas projects are under the most pressure, with EBITDA margins dropping to negative values, while offshore wind and photovoltaic projects remain stable [3][13]. IDC Sector - The IDC sector benefits from long-term contracts with major clients, leading to stable volume and price. The distribution amounts for IDC in Q4 2025 have seen significant growth [3][13]. Transportation Sector - Traffic volume in the transportation sector is influenced by changes in surrounding road networks. Some projects have benefited from traffic recovery due to completed construction, while others continue to face diversion pressures, leading to varied performance [3][13]. Warehousing and Logistics - The warehousing and logistics sector has seen a widening decline in rental rates for market-oriented leasing projects, but this has effectively driven an increase in occupancy rates. Overall, the industry is exhibiting a trend of "price for volume" [3][13]. Industrial Parks - The industrial park market is showing weak recovery and strong differentiation. Commercial office projects are facing significant rental pressure, while manufacturing parks have maintained stable revenue but experienced a general decline in EBITDA [3][13]. Cosmetics and Aesthetic Medicine Sector - The cosmetics sector is expected to see steady growth in brand performance, with retail sales of cosmetics projected to reach 4,653 billion yuan in 2025, a year-on-year increase of 5.1%, outperforming the overall retail market by 1.4 percentage points [14][16]. - Key players in the Hong Kong stock market, such as Up Beauty and Mao Ge Ping, are expected to report significant growth in GMV, driven by strong performance on platforms like Douyin during promotional events [14][16]. E-commerce and Agency Operations - The e-commerce agency sector is experiencing a resurgence, with companies like Yi Wan Yi Chuang and Shui Yang Co. expected to see substantial profit growth due to improved operational efficiency and brand development [16][16].

Investment Rating - The report rates the cosmetics and medical beauty industry as "Overweight" for 2025, indicating an expectation for the industry to outperform the overall market [2][11]. Core Insights - The demand side of the cosmetics and medical beauty sector is expected to accelerate, with retail sales of cosmetics projected to reach 465.3 billion yuan in 2025, a year-on-year growth of 5.1%, surpassing the overall retail growth by 1.4 percentage points [3]. - The performance of Hong Kong-listed beauty companies is strong, with significant growth in GMV (Gross Merchandise Volume) through platforms like Douyin, particularly during promotional events like Double Eleven [3]. - The A-share market shows a mixed performance, with companies like Ruoyuchen and Shanghai Jahwa experiencing substantial improvements in their earnings [3]. - The e-commerce operation sector is rebounding, with companies like Ruoyuchen and Yiwang Yichuang expected to see profit growth exceeding 50% in 2025 [3]. - The medical beauty segment is anticipated to face slight fatigue due to macroeconomic factors, but new product launches are expected to stimulate consumer interest in 2026 [3]. Summary by Sections Cosmetics Sector - Retail sales of cosmetics are projected to grow by 5.1% in 2025, with Q4 growth reaching 9.9% [3]. - Key companies such as Shiseido and Lin Qingxuan are expected to see significant GMV growth, with Lin Qingxuan projected to achieve triple-digit growth [3]. - Investment recommendations include companies with strong channel and brand matrices like Maogeping, Shiseido, and Lin Qingxuan, as well as those with improving earnings like Porlaia and Marubi [3]. Medical Beauty Sector - The medical beauty sector is expected to be impacted by macroeconomic conditions, with companies like Aimeike facing challenges [3]. - Recommendations focus on companies with strong R&D capabilities and broad product pipelines, such as Aimeike and Langzi [3]. E-commerce and Operations - The e-commerce operation sector is recovering, with companies like Ruoyuchen and Qingmu Technology expected to see significant profit growth [3]. - The report highlights the importance of self-operated brands and the potential for high growth in this segment [3]. Key Company Valuations - The report provides a valuation table for key companies, indicating a "Buy" rating for several firms including Porlaia, Maogeping, and Shiseido, with projected PE ratios reflecting growth expectations [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company has released a performance forecast for 2025, expecting revenue between 1.275 billion to 1.413 billion, representing a year-on-year growth of 40.87% to 56.11%. The net profit attributable to the parent company is projected to be between 489 million to 594 million, with a year-on-year increase of 46.42% to 77.86% [5] - The semiconductor equipment demand is expected to grow rapidly, driven by AI investments, with a forecasted total sales of semiconductor manufacturing equipment reaching 133 billion USD in 2025, a 13.7% increase [8] - The company is expected to achieve a breakthrough in orders for its new product STS8600, which targets AI and high-performance computing applications, in 2026 [8] - The profit forecast has been raised, with net profits for 2025-2027 expected to be 542 million, 727 million, and 927 million respectively, corresponding to PE ratios of 68X, 51X, and 40X [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 905 million in 2024 to 2.119 billion in 2027, with year-on-year growth rates of 31.1%, 49.2%, 30.3%, and 20.4% respectively [7] - The net profit attributable to the parent company is expected to increase from 334 million in 2024 to 927 million in 2027, with corresponding growth rates of 32.7%, 62.4%, 34.0%, and 27.5% [7] - The gross profit margin is expected to remain stable around 74% over the forecast period [7]

Investment Rating - The report rates the computer industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - Clawdbot signifies a transition in AI product forms from "scene-level assistants" to "system-level Agent platforms," emphasizing comprehensive execution capabilities across tools and systems [3]. - The evolution of Agents is marked by a clear path from Skills to Claude Excel and Clawdbot, shifting market focus from model parameters to the ability to execute complex tasks and integrate external tools [3]. - Clawdbot's revolutionary aspect lies in its ability to understand high-level user intentions and autonomously break them down into ordered steps, enhancing automation in complex workflows [3]. - The deployment of system-level Agents faces challenges such as high complexity in enterprise deployment, data security concerns, and the need for improved stability and traceability across systems [3]. - The acceleration of Agent deployment does not imply the replacement of traditional software but rather positions Agents as intelligent interaction and automation hubs, enhancing overall efficiency [3]. Summary by Sections AI Application Key Companies Valuation - The report includes a valuation table for key AI application companies, detailing their market capitalization and projected net profits for 2024 to 2027, with notable companies such as Kingsoft Office, Yonyou Network, and Zhongkong Technology [4].

Investment Rating - The report suggests focusing on companies with performance certainty, particularly those in the index, such as Yutong Bus, Minth Group, Jifeng, and Fuda Group [1] Core Insights - The report highlights a potential recovery in wholesale sales due to relaxed tariff policies for vehicle exports to the EU and Canada, benefiting companies like BYD, SAIC, and Xpeng [1] - The expectation for Tesla's Optimus V3 continues to strengthen, indicating valuation elasticity in the robotics industry chain, with a focus on Hengbo, Yinlun, Top, and Sanhua [1] - Domestic cost pressures are significant, leading to a cautious outlook on annual profit forecasts, while overseas export opportunities are promising for companies like BYD and Geely [1] Industry Situation Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the second week of January were 50,000 units, a year-on-year decrease of 22% and a month-on-month decrease of 31% [1] - The traditional raw material price index and the new energy raw material price index both increased recently, with traditional vehicle raw material prices rising by 1.1% month-on-month and 5.4% year-on-year, while new energy vehicle raw material prices increased by 3.2% month-on-month and 19.5% year-on-year [1] Market Situation Update - The total transaction amount in the automotive industry this week was 767.057 billion, with a week-on-week decrease of 8.37%. The automotive industry index closed at 8425.62 points, up 2.51% for the week [1][4] - The automotive industry index's weekly increase was higher than that of the CSI 300 index, which decreased by 0.62% [4] - A total of 219 stocks in the industry rose, while 50 fell, with the largest gainers being New Coordinates, Tieliu, and Weichai Heavy Industry, which rose by 36.3%, 33.0%, and 28.0% respectively [8] Investment Analysis Opinion - The report emphasizes the importance of AI spillover, anti-involution, and demand recovery as key themes. It suggests focusing on intelligent and high-end directions in the vehicle sector, particularly new force car companies like Xpeng, NIO, and Li Auto [1] - Companies with overseas business support for profit totals, such as BYD, Geely, and Leap Motor, are also highlighted [1] - The report notes that the reform of state-owned enterprises may bring breakthrough changes, with attention on SAIC and Dongfeng [1]

2026 年 01 月 27 日 国收+规模创历史新高，TMT ｵ 配置策略分歧凸显 -25Q4 固收+基金季报分析 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 固收+基金规模变化：1）本李度固收+基金规模再度上升，尽管规模变化的斜率不如 2025Q3，但总规模达到 2.18 万亿，已然创历史新高；2）按仓位类型看，中仓位的固收 +基金规模增加较多，按产品类型看,二级债基规模持续增加,一级债基规模小幅下滑; 3) 规模上升最多的产品包括景顺长城景盛双息、永赢稳健增强、华夏稳享增利 6个月滚 动等；4）本季度基金公司累计发行 43 只固收+基金，首发规模合计 457 亿元；5）管理 规模靠前的基金公司在管规模大多上升，景顺长城、汇添富、招商基金旗下固收+基金规 模增长较快，其中景顺长城基金在管固收+基金规模突破 2000 亿元，总规模位列市场第 固收+基金的投资特征：1）从仓位的变化上看，受到权益市场高位震荡的影响，各类固 C 收+产品普遍选择减仓止盈旦调整了行业结构，增持金融、周期等板块，减持医药、消费、 现金制造板块，对 TMT 板块的配置则呈现出较大的分歧；2）管理规模靠前的基金公司 行业配置观 ...

Profit Trends - In December, industrial enterprise profits showed a significant year-on-year increase of 18.5 percentage points to 5.1%[2] - The profit margin contributed positively to profit growth, rising 21.7 percentage points to 8.6%[2] - Other income items, such as investment income, significantly boosted profits, increasing by 23.4 percentage points to 18.3%[2] Revenue and Cost Analysis - December's industrial enterprise revenue fell by 3.0 percentage points to -3.2% year-on-year[37] - The actual revenue growth rate, excluding price factors, decreased by 3.3 percentage points to -1.5%[26] - The cost rate for industrial enterprises improved slightly to 83.6%, remaining stable compared to the previous year[20] Industry Performance - Specific industries, such as non-ferrous processing and coal mining, saw substantial profit increases, contributing 5.7 and 4 percentage points to overall profit growth, respectively[15] - The revenue and cost pressures in these industries did not show excessive changes, indicating a significant impact from other income sources[15] Inventory and Receivables - The nominal inventory growth rate fell by 0.7 percentage points to 3.9% year-on-year[42] - Accounts receivable growth continued to decline, reflecting the acceleration of debt repayment policies, with a decrease of 0.8 percentage points to 4.7%[28] Future Outlook - The ongoing cost pressures remain a key constraint on profit recovery, with a focus on the impact of anti-involution policies on cost improvements in 2026[30] - The implementation of these policies is expected to gradually alleviate cost pressures, although attention is needed on the potential negative effects of upstream price surges on profitability[30]

行 业 及 产 业 行 业 研 究 / 行 业 点 《整车出海、机器人预期强化；同时关注 业绩确定性白马——2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 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 评 证 券 研 究 报 告 汽车 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 27 日 关注业绩支撑的白马反弹，科技与 通胀共振 看好 ——2026/1/19-2026/1/25 汽车周报 本期投资提示： 行业折扣率环比下行，终端让利减少。我们整理懂车帝报价并加权计算得，2025Q4 行业平均折扣率环比-1.33pct 至 12.28%，其中自主品牌折扣率-1.25pct 至 6.91%，合 资品牌折扣率-2.19pct 至 18.03%，豪华品牌折扣率-1.74pct 至 27.38%。 2025Q4 ...