君逸数码战略投资并签约银河通用机器人 近日，君逸数码通过产业基金对北京银河通用机器人股份有限公司进行了股权投资， 双方签署《渠道合作伙伴合作协议》，在特定垂直行业确立深度代理合作关系，以资 本 + 业务双重纽带，深化具身智能生态布局。 投资要点： [Table_Report] 相关报告 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | 股票研究/[Table_Date] 2026.02.13 本报告导读： 计算机《银河通用"干活"机器人登春晚，具身 智能迎来主流时刻》2026.01.25 计算机《上海发布"模速 ...

Group 1: Macroeconomic Insights - The report discusses the transition of the US economy from a "K-shaped divergence" to a "re-inflation" phase, indicating that the lower end of the K-shaped economy is beginning to converge with the upper end, supported by refinancing loans from the high-net-worth group [1][2][16] - It highlights the self-reinforcing mechanism of inflation expectations, where demand-driven inflation can lower real interest rates and compress credit spreads, leading to a unique situation where actual mortgage rates are at a three-year low despite rising long-term US Treasury yields [2][16] - The report notes a shift in global liquidity from easing expectations to tightening, with Bitcoin serving as a barometer for this transition, suggesting a non-typical re-inflation trade influenced by a combination of interest rate cuts and balance sheet reductions [3][16] Group 2: Industry Analysis - Perpetual Bonds - The issuance of perpetual bonds is primarily aimed at reducing corporate leverage, with significant peaks in issuance observed during 2018-2020 and ongoing demand from high-leverage state-owned enterprises since 2023, with annual net financing expected to be between 200-300 billion yuan [5][31] - The report outlines the evolution of issuance terms, noting an increase in the proportion of 5+N terms in recent years, indicating a trend towards longer maturities as credit spreads narrow [6][32] - It discusses the characteristics of perpetual bonds, emphasizing the balance between debt-like and equity-like features, with over 60% of recent issuances containing subordinate clauses to meet accounting standards [7][34] Group 3: Company Coverage - Rongzhi Rixin - The report initiates coverage on Rongzhi Rixin, projecting significant revenue growth driven by AI models and smart devices, with expected revenues of 687 million, 839 million, and 1,047 million yuan for 2025-2027, respectively [9][29] - It highlights the company's comprehensive technology system that enhances diagnostic efficiency by 3-5 times, supported by a substantial database of over 187,000 monitoring devices and 33,000+ failure cases, establishing a strong competitive moat [11][30] - The company is positioned in a high-growth sector, with a focus on industrial equipment maintenance across various industries, and has shown remarkable profit growth, with a 2063.42% increase in net profit year-on-year for the first half of 2025 [12][30]

Investment Rating - The report maintains a "Buy" rating for NetEase Cloud Music [7] Core Insights - The company is enhancing collaboration with copyright holders to enrich audio content, resulting in a year-on-year increase in user scale and activity [3] - The report forecasts NetEase Cloud Music's revenue for 2026-2028 to be 84.3 billion, 92.1 billion, and 101.5 billion RMB, representing year-on-year growth of +8.6%, +9.3%, and +10.1% respectively [26] - Adjusted net profit is projected to be 22.6 billion, 26.1 billion, and 30.0 billion RMB for the same period, with a year-on-year change of -21.2%, +15.8%, and +14.4% [26] Financial Summary - Revenue for 2024 is estimated at 7,950 million RMB, with a slight increase of 1.1% [5] - Gross profit is expected to reach 2,682 million RMB in 2024, with a gross margin of 33.7% [5] - Adjusted net profit for 2024 is projected at 1,700 million RMB, with an adjusted PE of 13.5 [5] - The company achieved a revenue of 39.3 billion RMB in the second half of 2025, reflecting a year-on-year increase of 1.4% [26] - The gross margin for the same period was 35.0%, up by 2.7 percentage points year-on-year [26] Business Performance - Online music revenue in the second half of 2025 was 30.3 billion RMB, up 8.3% year-on-year, with subscription revenue increasing by 11.6% to 25.8 billion RMB [26] - The proportion of subscription revenue in online music services was 85.3% [24] - Social entertainment and other business revenues faced a decline of 16.6% year-on-year, totaling 9.1 billion RMB [26] User Engagement - The platform's user scale and activity both saw year-on-year growth, with the DAU/MAU ratio maintaining above 30% [26] - Daily listening time for mobile users has also shown improvement [26] Strategic Developments - The company has launched its self-developed AI generative recommendation model, Climber, to enhance personalized content distribution [26] - New content from Korean labels has been introduced to supplement the Chinese music library, along with an increase in film soundtracks and variety show music [26]

Investment Rating - The report assigns an "Overweight" rating for the industry [4]. Core Insights - The development of AIDC (Artificial Intelligence Data Centers) is expected to exacerbate the electricity shortage in the U.S., putting significant pressure on the power grid. The report anticipates a substantial increase in energy storage demand due to AIDC, recommending companies such as Haibo Shichuang, Sungrow Power Supply, Canadian Solar, and Xidian New Energy [4][7]. - In 2023, U.S. data centers consumed 176 TWh, accounting for 4.4% of total electricity consumption. The IEA projects that by 2028, this consumption will rise to between 325-580 TWh, representing a CAGR of 26.9% over five years, increasing its share of total U.S. electricity demand to 6.7%-12% [7][26]. - The report highlights the aging U.S. power grid, with approximately 70% of transformers in "overdue service" condition, leading to long queue times for data center grid connections, averaging 1-3 years, and up to 7 years in Northern Virginia [7][38]. Summary by Sections 1. Investment Recommendations - The report emphasizes that the growth of AIDC is driving an electricity gap, increasing pressure on the U.S. power grid. The average queue time for data centers to connect to the grid is 1-3 years, with some areas experiencing delays of up to 7 years [7][10]. - AIDC's energy storage is seen as a short-term solution for peak shaving and frequency regulation, with a projected configuration ratio of 20% and a duration of 4 hours [7][46]. 2. AIDC's Impact on Electricity Demand - The report states that U.S. electricity sales are expected to reach 3975 TWh in 2024, with a year-on-year growth of 2.61%, driven by demand from commercial and industrial sectors, including data centers [10]. - The aging power grid and long queue times for data center connections are significant challenges, with many transformers exceeding their expected lifespan [38]. 3. Future of Energy Storage in AIDC - The report predicts that energy storage will become a mainstream self-supply form for data centers, with configurations expected to increase significantly as the demand for electricity rises [7][61]. - The projected demand for data center energy storage from 2026 to 2030 is expected to grow from 10.1 GWh to 165.7 GWh, with a CAGR of 101% [61]. 4. Key Companies in the Industry - **Sungrow Power Supply**: Recognized as a global leader in solar storage, with a significant market share in the U.S. and a projected revenue growth from 1.17 billion to 24.96 billion from 2020 to 2024 [63]. - **Haibo Shichuang**: A leading domestic energy storage system provider expanding into overseas markets, with successful project collaborations in the U.S. [67].

Macroeconomic Insights - January non-farm employment data exceeded expectations with an increase of 130,000 jobs, significantly higher than the anticipated 65,000[2] - The unemployment rate unexpectedly dropped to 4.3%, despite a rise in labor participation rate[2] - The Federal Reserve may pause interest rate cuts until June, with market expectations for a rate cut probability of less than 6% in March[3] Inflation and Economic Trends - The U.S. economy is transitioning from a "K-shaped" recovery to a "re-inflation" phase, with high-net-worth individuals stabilizing the economy through refinancing[6] - Inflation expectations are self-reinforcing, with actual mortgage rates at a three-year low, contributing to a recovery in the housing sector[8] - The housing affordability index remains above 100, indicating that median-income households can still afford homes despite high prices[21] Industry-Specific Developments - The traditional electronic fabric market is experiencing accelerated price increases due to supply shortages, with prices rising by 0.5-0.6 RMB/m[43] - The AI electronic fabric sector is expected to see significant growth in 2026, driven by demand from AI chips and consumer electronics[46] - The coal industry is projected to benefit from a resurgence in coal power in the U.S., with companies like Peabody Energy and China Shenhua expected to gain[51]

Investment Rating - The report maintains a rating of "Buy" for the company [4][8]. Core Insights - The company's consolidated revenue for January 2026 increased by 87.6% year-on-year, with a target price raised to 189.2 CNY, reflecting a 43x PE ratio for 2026 [4][6]. - The company is expanding its overseas market presence, particularly in Southeast Asia, and has established a wholly-owned subsidiary in Singapore [6][4]. - The financial forecasts indicate a projected EPS growth of 5.2%, 40.5%, and 20.2% for 2025, 2026, and 2027 respectively [4][7]. Financial Summary - The consolidated revenue for January 2026 was 6.56 billion NTD (approximately 1.44 billion CNY), with a 30.9% decrease month-on-month [4]. - The total revenue for Q4 2025 was 25.08 billion NTD (approximately 5.52 billion CNY), showing a year-on-year increase of 133.7% [4]. - The projected total revenue for 2025 is 76.74 billion NTD (approximately 16.90 billion CNY), reflecting an 18.1% increase [4][7]. - The net profit attributable to the parent company is expected to reach 940 million CNY in 2026, with a net profit margin of 14.7% [7][14]. Valuation Metrics - The current price is 143.78 CNY, with a target price of 189.20 CNY, indicating significant upside potential [8]. - The company has a current PE ratio of 31.8x for 2026, which is relatively high compared to its peers [6][16]. - The company's dividend yield is currently at 1.4%, with a proposed payout ratio of 33.6% for 2024 [6][7].

Investment Rating - The report assigns an "Accumulate" rating to Kelun Pharmaceutical [13] Core Views - The approval of the fourth indication for the subsidiary's core asset SKB264 in China is a positive development, indicating that the sales of innovative drugs are gradually materializing, and there is an expectation for the recovery of the main business [2][13] - The report anticipates total revenue for 2025-2027 to be 174.2 billion, 197.6 billion, and 225.7 billion yuan, respectively, with year-on-year growth rates of -20.1%, 13.4%, and 14.2% [13] - Expected EPS for 2025-2027 is projected to be 0.93, 1.14, and 1.72 yuan [13] - The report highlights that Kelun Pharmaceutical, as a leading company in the industry, has stable business development, and the first product from Kelun Botai is about to be launched overseas, which supports the outlook for the company's innovative drug business [13] Financial Summary - Total revenue for 2023 is projected at 21,454 million yuan, with a year-on-year increase of 12.7% [5] - Net profit attributable to the parent company is expected to be 2,456 million yuan in 2023, reflecting a significant increase of 44.0% [5] - The report provides a detailed financial forecast, including revenue and net profit projections for the next five years, indicating fluctuations in growth rates [5][16] Market Data - The stock price range over the past 52 weeks is between 26.85 and 40.70 yuan, with a total market capitalization of 51,218 million yuan [8] - The report notes that the company has a total equity of 23,708 million yuan and a net asset per share of 14.84 yuan [9] Clinical Development - Kelun Botai has initiated nine registration clinical studies for SKB264 in China, with significant clinical trial results indicating improved progression-free survival (PFS) and overall survival (OS) rates compared to chemotherapy [13]

第 1页 共 4页 政策研究报告：中国提振消费的战略选择与 国际经验，提振消费、扩大内需-国泰海通 证券 一、研究背景评估 二、范围与边界确认 三、核心摘要提炼 四、关键数据抓取与呈现 五、风险与机遇诊断 第 2页 共 4页 1. 研究背景评估 | 评估维度 | 说明 | | --- | --- | | 研究机构 | 网易传媒 & 知萌咨询 | | 权威性说明 | 网易传媒是国内领先的内容平台，深耕 AI 与内容营销实践；知萌咨询是长期专注消 费趋势的专业机构，自 2017 年起连续发布《中国消费趋势报告》，在趋势研究与战 | | | 略咨询领域具有行业公信力。双方联合发布，报告兼具产业实践与学术深度。 | | 样本数量 | 未披露独立调研样本量，数据综合自 CNNIC、消费趋势报告、公开财报等。 | | 研究时间范围 | 核心数据截至 2025 年底，案例及趋势展望至 2026 年。 | | 时效性评估 | 面向 2026 年趋势预测，数据较新，具备强前瞻性。 | 二、范围与边界确认 | 维度 | 说明 | | | --- | --- | --- | | 研究主题 | AI 驱动的内容营销战略转型与六大趋势 ...

Investment Rating - The report maintains a rating of "Buy" for the company [4][8]. Core Insights - The company's consolidated revenue for January 2026 increased by 87.6% year-on-year, with a target price raised to 189.2 CNY, reflecting a 43 times PE ratio for 2026 [4][6]. - The company is expanding its overseas market presence, particularly in Southeast Asia, and has established a wholly-owned subsidiary in Singapore [6][4]. - The financial forecast indicates a projected EPS growth of 5.2%, 40.5%, and 20.2% for 2025, 2026, and 2027 respectively [4][7]. Financial Summary - The consolidated revenue for January 2026 was 6.56 billion NTD (approximately 1.44 billion CNY), with a year-on-year increase of 87.6% and a month-on-month decrease of 30.9% [4]. - The consolidated revenue for Q4 2025 was 25.08 billion NTD (approximately 5.52 billion CNY), showing a year-on-year increase of 133.7% [4]. - The total revenue for 2025 is projected to be 76.74 billion NTD (approximately 16.9 billion CNY), reflecting an 18.1% increase [4][7]. - The company’s net profit for 2026 is forecasted to be 940 million CNY, with a net profit margin of 14.7% [7][4]. Valuation Metrics - The current price is 143.78 CNY, with a target price of 189.20 CNY, indicating significant upside potential [8]. - The company’s PE ratio for 2026 is projected at 31.8 times, while the historical average PE is around 74.2% [6][4]. - The company has a current dividend yield of 1.4%, with a proposed dividend payout ratio of 33.6% for 2024 [6][4].

Investment Rating - The report assigns an "Accumulate" rating to Kelun Pharmaceutical [13] Core Views - The core asset SKB264 of the subsidiary has received approval for its fourth indication in China, indicating a positive outlook for the sales of innovative drugs and an expectation for the recovery of the main business [2][13] - The report anticipates total revenue for 2025-2027 to be 174.2 billion, 197.6 billion, and 225.7 billion yuan, respectively, with year-on-year growth rates of -20.1%, 13.4%, and 14.2% [13] - Expected EPS for 2025-2027 is projected to be 0.93, 1.14, and 1.72 yuan [13] - The report highlights the stable development of various business segments and the upcoming overseas launch of the first product from Kelun Botai, supporting the continued realization of the company's innovative drug business [13] Financial Summary - Total revenue for 2023 is projected at 21,454 million yuan, with a year-on-year growth of 12.7% [5] - Net profit attributable to the parent company is expected to be 2,456 million yuan in 2023, reflecting a significant increase of 44.0% [5] - The report forecasts a net profit margin of 12.3% for 2023, with a projected increase to 14.0% by 2027 [16] - The company’s total assets are estimated to reach 42,588 million yuan by 2027, with a debt-to-equity ratio of 22.9% [16] Market Data - The stock price range over the past 52 weeks is between 26.85 and 40.70 yuan, with a total market capitalization of 51,218 million yuan [8] - The report sets a target price of 45.41 yuan based on a 40x PE ratio for 2026 [13]