Strategy Research - The macroeconomic landscape shows a divergence in performance, with strong demand for technology hardware driven by AI infrastructure investment, while chemical prices remain robust due to supply constraints [2][3] - High-end liquor prices are stabilizing, indicating some recovery in consumer spending, although the sustainability of this trend remains uncertain [3][4] Food and Beverage Research - The company Sobo Protein is expected to maintain rapid profit growth in Q4 2025, with projected net profit for 2025 ranging from 178 to 191 million yuan, reflecting a year-on-year increase of 46.89% to 57.62% [8][36] - The company is focusing on high-end manufacturing and energy optimization, which is expected to enhance profitability [37] Automotive Research - The Robotaxi market in China is projected to reach a value of 50 billion yuan, with hardware cost reductions and software iterations driving demand [11][29] - The commercial viability of Robotaxi is approaching a critical point, with both L2 and L4 participants accelerating market penetration [11][29] Consumer Sector - The price of high-end liquor, such as Moutai, has increased by 3.9% for original and 3.0% for bulk, likely due to pre-holiday gifting demand [4][16] - The real estate market remains weak, with significant declines in transaction volumes across major cities, although policies to stabilize the market are being implemented [4][16] Technology and Manufacturing - The price of DRAM storage has shown signs of stabilization, with a slight decrease in DDR4 prices and a slight increase in DDR5 prices, while overall prices remain high [5][17] - Chemical prices continue to be strong, with PX prices increasing by 5.2% [5][17] Logistics and Transportation - Passenger transport demand remains stable ahead of the holiday season, with a slight increase in logistics demand reflected in highway and rail freight volumes [18] - Shipping rates have shown mixed trends, with domestic port throughput increasing, indicating a potential recovery in export activity [18] Industry Tracking: Machinery - The company Hangzhou Steam Turbine has signed its first commercial contract for a self-developed gas turbine, marking a significant step towards industrial application [19][20] - The company is also advancing its "B to A" strategy to enhance financing channels for high-investment R&D projects [21] Industry Research: Pharmaceuticals - The total market value of publicly held pharmaceutical stocks decreased from 397.7 billion to 316.1 billion yuan, indicating a decline in investor confidence [23][24] - The chemical preparation sector remains the largest segment within pharmaceutical holdings, accounting for 37.5% of total holdings [23] Industry Research: Information Technology - The median profit growth for computer companies is significantly higher than revenue growth, indicating a trend of improving profitability despite stagnant sales [25][26] - A notable number of companies are experiencing significant profit declines, highlighting a polarized performance within the sector [26][28]

燃启寰宇智，气贯全球芯（更新） 潍柴动力(000338) 潍柴动力（000338.SZ）AIDC 发电设备深度报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 本报告导读： 新兴的 AIDC 发电设备——往复式燃气发电机组、SOFC 将是潍柴动力的重要业绩 增长点。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 213,958 | 215,691 | 236,480 | 258,350 | 277,184 | | (+/-)% | 22.2% | 0.8% | ...

Investment Rating - The investment rating for ASML is "Buy" [7] Core Insights - The report highlights a significant surge in demand for ASML's products, with Q4 orders exceeding expectations and a positive revenue guidance for 2026, driven by increased EUV capacity and a favorable pricing environment for lithography machines [3][11] - The company is expected to benefit from a long-term trend of increasing lithography intensity, particularly in the context of AI infrastructure investments [3][11] Financial Summary - Revenue projections for ASML are adjusted as follows: FY2026E at €37.126 billion, FY2027E at €45.428 billion, and FY2028E at €46.648 billion, reflecting growth rates of 13.6%, 22.4%, and 2.7% respectively [5][11] - GAAP net profit estimates have been revised to €11.207 billion for FY2026E, €14.707 billion for FY2027E, and €15.383 billion for FY2028E, indicating growth rates of 16.6%, 31.2%, and 4.6% respectively [5][11] - The projected PE ratio for FY2027 is set at 38x, leading to a target price of $1675 for ASML shares [11][12] Order and Revenue Insights - In Q4, ASML reported revenue of €9.72 billion, a year-on-year increase of 4.9%, with equipment sales contributing €7.6 billion, including 14 EUV and 37 ArFi systems [11] - New orders reached €13.158 billion in Q4, a remarkable year-on-year increase of 85.6%, with 56% of orders from memory customers and 44% from foundry customers [11] Market Dynamics - The report indicates that the demand from data centers and AI-related infrastructure is driving simultaneous growth in both foundry and memory sectors, leading to increased demand for advanced logic and DRAM capacity [11] - Price adjustments in the downstream market, such as a 15% increase in AWS EC2 machine learning capacity, are expected to provide ASML and other upstream equipment manufacturers with room for price increases [11]

Investment Rating - The report assigns an "Overweight" rating for the industry [1]. Core Insights - In January, the ship price structure showed differentiation, with new ship prices experiencing weak fluctuations while second-hand ship prices continued to strengthen [3][4]. - The global new ship price index stood at 184.29 points in January, reflecting a year-on-year decrease of 2.69% and a month-on-month decrease of 0.19%. Notably, the prices for oil tankers and bulk carriers saw slight month-on-month increases of 0.44% and 0.63%, respectively, while container ship prices decreased by 0.38% and gas carrier prices increased by 1.19% [4]. - The second-hand ship price index reached 195.96 points, marking a year-on-year increase of 12.53% and a month-on-month increase of 2.56%. Prices for second-hand ships aged 5 and 10 years increased by 2.79% and 4.25% month-on-month, respectively [4]. - On the cost side, the comprehensive price index for steel in China was 91.19 points, showing a year-on-year decrease of 0.74% and a month-on-month decrease of 0.20% [4]. - Demand-wise, the global new order value in January was $17,784.70 million, representing a year-on-year increase of 38.75%. The new orders and deliveries in terms of tonnage increased by 26.68% and decreased by 4.70% year-on-year, respectively. In China, new orders and deliveries increased by 134.27% and 8.95% year-on-year, corresponding to global market shares of 66.64% and 61.11% [4]. Summary by Sections Price Trends - New ship prices are weak, with a global index of 184.29 points, down 2.69% year-on-year and 0.19% month-on-month [4]. - Second-hand ship prices are strong, with an index of 195.96 points, up 12.53% year-on-year and 2.56% month-on-month [4]. Cost Analysis - China's steel price index is at 91.19 points, down 0.74% year-on-year and 0.20% month-on-month [4]. Demand Insights - Global new orders in January reached $17,784.70 million, up 38.75% year-on-year, with significant increases in China's new orders [4].

股票研究 /[Table_Date] 2026.02.04 印尼削减产量配额，搅动全球煤炭贸易 [Table_Industry] 煤炭 行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 黄涛(分析师) | 021-38674879 | huangtao@gtht.com | S0880515090001 | | 邓铖琦(分析师) | 010-83939825 | dengchengqi@gtht.com | S0880523050003 | 本报告导读： 印尼出口政策调整，大幅削减产量配额；全球煤炭 2026 年起供给收缩需求抬升，看 好上升周期；2026 年中国进口煤量或将进一步下降，国内煤价有望恢复增长。 投资要点： [Table_Report] 相关报告 煤炭《持仓略有提升，焦炭第一轮提价》 2026.02.02 煤炭《国泰海通煤炭行业基本面数据库大全 20260202》2026.02.02 煤炭《Q4 基金持仓持续回升，板块拐点确认》 2026.01.30 煤炭《地产政策多部门联动稳预期，非电需求有 望修复》202 ...

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, indicating a positive outlook based on ongoing technological innovation and demand growth [5][6]. Core Insights - The total market value of pharmaceutical stocks held by public funds decreased from 397.7 billion to 316.1 billion yuan, reflecting a decline of 2.58% from Q3 2025 to Q4 2025. The proportion of pharmaceutical stocks in all public fund holdings fell to 7.95%, down 2.58 percentage points from the previous quarter [6][9]. - The highest proportion of holdings in the pharmaceutical sector is in chemical preparations, other biological products, and medical research outsourcing, which accounted for 37.5%, 20.9%, and 16.4% of the total holdings, respectively [6][13]. - The top five pharmaceutical stocks by market value held by public funds in Q4 2025 were: Heng Rui Medicine (32 billion), WuXi AppTec (30.6 billion), Innovent Biologics (16.7 billion), Mindray Medical (15.2 billion), and CanSino Biologics (10.8 billion) [6][24]. Summary by Sections 1. Pharmaceutical Holdings Proportion - The proportion of pharmaceutical stocks held by public funds decreased to 7.95% in Q4 2025, down from Q3 2025, with a notable decline in non-pharmaceutical public fund holdings [9][10]. 2. Market Value of Pharmaceutical Sub-sectors - In Q4 2025, the market value of pharmaceutical sub-sectors held by public funds was as follows: 1. Chemical preparations: 118.6 billion yuan (37.5%) 2. Other biological products: 66 billion yuan (20.1%) 3. Medical research outsourcing: 51.7 billion yuan (16.4%) 4. Medical devices: 33.3 billion yuan (10.5%) 5. Medical consumables: 9.8 billion yuan (3.1%) [13][12]. 3. Public Fund Heavy Holdings - The number of public funds holding the top five pharmaceutical stocks in Q4 2025 was as follows: Heng Rui Medicine (507 funds), WuXi AppTec (448 funds), Mindray Medical (204 funds), Innovent Biologics (202 funds), and BeiGene (162 funds) [17][21]. - The market value growth of public fund heavy holdings in Q4 2025 saw significant increases for Heng Rui Medicine (+20.1 billion), WuXi AppTec (+5.7 billion), China National Pharmaceutical Group (+5 billion), Yingke Medical (+2.2 billion), and Yuyue Medical (+1.8 billion) [28].

稀缺原丝龙头，受益于风电需求回升 吉林碳谷(920077) 吉林碳谷首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | 杨冬庭(分析师) | 0755-23976166 | yangdongting@gtht.com | S0880522080004 | 本报告导读： 公司是稀缺的碳纤维原丝龙头，在碳纤维行业底部运行区间原丝盈利稳定度好于碳 丝，伴随 25 年风电需求回暖，公司产销和盈利同步回升。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,049 ...

股票研究 /[Table_Date] 2026.02.04 [Table_Industry] 机械行业 杭汽轮自主燃机获取商业化合同，"B 转 A"加速推进 [Table_Invest] 评级： 增持 燃气轮机行业重点事件跟踪 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | 本报告导读： 杭汽轮自主燃机完成首个商业化合同签订，迈出工业化应用关键步伐。同时，公司 "B 转 A"进程加速推进，有望拓展其融资渠道，支持自主燃机等高投入研发项目。 投资要点： [Table_Report] 相关报告 机械行业《出口链月度跟踪：汇率与运价边际回 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 落，海外需求结构分化》2026.02.04 机械 ...

稀缺原丝龙头，受益于风电需求回升 吉林碳谷(920077) 本报告导读： 公司是稀缺的碳纤维原丝龙头，在碳纤维行业底部运行区间原丝盈利稳定度好于碳 丝，伴随 25 年风电需求回暖，公司产销和盈利同步回升。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,049 | 1,603 | 2,498 | 2,858 | 3,250 | | (+/-)% | -1.7% | -21.8% | 55.8% | 14.4% | 13.7% | | 净利润(归母) | 231 | 94 | 198 | 289 | 365 | | (+/-)% | -63.2% | -59.4% | 110.6% | 45.9% | 26.6% | | 每股净收益(元) | 0.39 | 0.16 | 0.34 | 0.49 | 0.62 | | 净资产收益率(%) | 9.6% | 3.8% | 7.5% | 9.8% | 11.1% | ...

策 略 研 究 科技资源景气延续，内需或迎景气拐点 [Table_Authors] 方奕(分析师) 中观景气跟踪 2 月第 1 期 本报告导读： 中观景气分化，AI 产业趋势延续，科技硬件需求保持旺盛；供需偏紧的化工品价格 偏强，有色价格剧烈波动；高端白酒价格回升，消费复苏成色仍有待检验。 投资要点： 策略研究 /[Table_Date] 2026.02.04 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 陶前陈(研究助理) | | | 0755-23976164 | | | taoqianchen@gtht.com | | 登记编号 | S0880125070014 | | | 张逸飞(分析师) | | | 021-38038662 | | | zhangyifei@gtht.com | | 登记编号 | S0880524080008 | [Table_Report] 相关报告 融资资金开始回流 2026.02.03 成交活跃度上升，上证 50 估值领涨 2026.02.01 资产概 ...