Investment Rating - The report assigns a "Buy" rating to the company with a target price of 10.01 CNY [5][21]. Core Insights - The company is a long-established leader in the glass industry, accelerating its transformation with a focus on automotive glass and TCO (Transparent Conductive Oxide) glass production [2][11]. - The automotive glass market is rapidly expanding, with the company achieving nationwide operational rights and accelerating new vehicle partnerships, which is expected to enhance both volume and profitability [16][24]. - The TCO glass production is nearing mass production, with the company having a leading position in online coating technology, poised to benefit from the upcoming demand surge [17][18]. Financial Summary - The company’s total revenue is projected to reach 5.588 billion CNY in 2023, with a growth forecast of 10.3% to 6.418 billion CNY by 2027 [4][18]. - Net profit is expected to recover from a loss of 125 million CNY in 2023 to a profit of 279 million CNY by 2027, reflecting a significant turnaround [4][18]. - Earnings per share (EPS) are forecasted to increase from -0.13 CNY in 2023 to 0.29 CNY in 2027 [4][18]. Company Overview - The company, established in 1983, is a Sino-British joint venture, with major shareholders including Shanghai Building Materials Group and NSG Group [23][15]. - The governance structure is stabilizing, with Shanghai Building Materials Group increasing its shareholding over the years [31][15]. - The company is focusing on upgrading its deep processing capabilities through targeted fundraising for technological improvements [30][2]. Automotive Glass Market - The automotive glass segment is projected to grow significantly, with revenue expected to reach 20.86 billion CNY in 2025, driven by increased demand for electric and smart vehicles [18][19]. - The gross margin for automotive glass is anticipated to improve from 10.25% in 2023 to 15.00% by 2027, reflecting enhanced product offerings and customer partnerships [16][18]. - The competitive landscape in the automotive glass market is limited due to high capital requirements and operational complexities, favoring established players [39][41]. TCO Glass Production - The TCO glass segment is approaching a production ramp-up, with significant demand expected from downstream clients in the 2025-2027 period [17][18]. - The company’s acquisition of Dalian Yao Pi has improved its online coating utilization, contributing significantly to its profitability [17][18]. - The TCO glass production is supported by advancements in coating technology and resource availability, positioning the company favorably for future growth [17][18].

Investment Rating - The report assigns a rating of "Buy" for the company with a target price of 10.01 CNY [5][21]. Core Insights - The company is a long-established leader in the glass industry, accelerating its transformation with a focus on automotive glass and TCO (Transparent Conductive Oxide) glass production [2][11]. - The automotive glass segment is expanding rapidly, with the company achieving nationwide operational rights and accelerating new vehicle partnerships, which is expected to enhance both volume and profitability [16][24]. - The TCO glass production is nearing mass production, with the company having a leading position in online coating technology, poised to benefit from the upcoming demand surge [17][18]. Financial Summary - Total revenue is projected to reach 5.588 billion CNY in 2023, with a growth forecast of 10.3% to 6.418 billion CNY by 2027 [4][18]. - The net profit attributable to shareholders is expected to recover from a loss of 125 million CNY in 2023 to a profit of 279 million CNY by 2027, reflecting a significant turnaround [4][18]. - Earnings per share (EPS) is forecasted to increase from -0.13 CNY in 2023 to 0.29 CNY in 2027 [4][18]. Company Overview - The company, established in 1983, is a Sino-British joint venture, with major shareholders including Shanghai Building Materials Group and NSG Group [23][31]. - The governance structure is stabilizing, with Shanghai Building Materials Group increasing its shareholding over the years [31][32]. - The business structure has shifted towards higher value-added products, particularly in automotive and TCO glass segments [15][24]. Automotive Glass Market - The automotive glass market is experiencing rapid expansion, with the value per vehicle increasing from approximately 500-800 CNY for traditional vehicles to 1500-2000 CNY for electric and smart vehicles [16][35]. - The company has unified its operational rights across the country and is accelerating the acquisition of new energy vehicle partnerships, which is expected to improve profit margins significantly [16][24]. - The gross margin for automotive glass is projected to rise from 10.25% in 2023 to 13.34% in 2024, driven by new customer acquisitions [16][24]. TCO Glass Production - The TCO glass segment is approaching a production ramp-up phase, with significant demand expected from downstream customers planning large-scale production between 2025 and 2027 [17][18]. - The company has enhanced its online coating utilization rates post-acquisition, allowing for flexible production capabilities across various glass types [17][18]. - The profitability from TCO glass is expected to contribute significantly to the company's overall net profit in the coming years [17][18].

Investment Rating - The report assigns a rating of "Buy" for the company [7]. Core Insights - The company's development business drag is gradually alleviating, and the value of commercial operations is becoming more prominent, with clear future growth space and direction [1]. - The report is optimistic about the continuous revaluation of corporate value against the backdrop of REITs policy opening [1]. Financial Summary - Total revenue is projected to decline from 119,464 million RMB in 2023 to 40,927 million RMB in 2027, reflecting a decrease of 65.8% over the period [3]. - Net profit is expected to decrease from 879 million RMB in 2023 to 805 million RMB in 2027, with a significant increase of 213.3% in 2024 followed by fluctuations in subsequent years [3]. - The company's price-to-earnings (PE) ratio is forecasted to rise from 9.74 in 2023 to 18.25 in 2027, indicating a potential increase in valuation [3]. Market Data - The stock price has ranged between 1.69 and 2.71 HKD over the past 52 weeks, with a current market capitalization of 17,523 million HKD [4]. Business Strategy - The company has shifted its strategic focus from scale expansion to accelerating de-stocking and ensuring project delivery, confirming a bottom in profit margins [7]. - The commercial sector's operational capabilities are highlighted as a competitive advantage, with a focus on deep operational models and user engagement [7]. Cash Flow and Financing - The company has maintained stable cash flow generation capabilities, with monthly rental income projected at approximately 10.95 billion RMB in 2025, and a significant increase in the interest coverage ratio from 0.87 in 2020 to 4.42 in 1H25 [30][40]. - The company successfully issued various debt instruments, including a 3-year USD 300 million senior unsecured bond, indicating robust refinancing capabilities [30].

Investment Rating - The report maintains a "Buy" rating for Weichai Power with a target price of 38.52 CNY [5][20]. Core Insights - Weichai Power is expected to transition from a heavy-duty truck powertrain manufacturer to a comprehensive supplier of AIDC power generation equipment, driven by the rapid growth in global AIDC investments and the ongoing electricity shortages in the U.S. [2][11]. - The company is projected to achieve net profits attributable to shareholders of 12.4 billion CNY, 15.3 billion CNY, and 28 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.43 CNY, 1.75 CNY, and 3.21 CNY [11][15]. - The report highlights the significant growth potential in the AIDC power generation sector, particularly for Weichai's gas engine generator sets and SOFC technology, as demand for distributed power generation increases [11][36]. Financial Summary - Total revenue is forecasted to grow from 213.96 billion CNY in 2023 to 277.18 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 7.3% [4][18]. - Net profit attributable to shareholders is expected to increase significantly from 9.01 billion CNY in 2023 to 27.96 billion CNY in 2027, with a CAGR of approximately 83.3% [4][18]. - The company's net asset return is projected to rise from 11.4% in 2023 to 23.2% in 2027, indicating improved profitability [4][18]. Business Segment Forecast - The intelligent logistics segment is expected to generate revenues of 91.39 billion CNY, 98.70 billion CNY, and 103.63 billion CNY for 2025, 2026, and 2027, respectively, with corresponding gross profits of 24.60 billion CNY, 27.23 billion CNY, and 28.95 billion CNY [15][18]. - The agricultural equipment segment is projected to achieve revenues of 20.18 billion CNY, 21.19 billion CNY, and 22.25 billion CNY for the same years, with gross profits of 2.68 billion CNY, 2.81 billion CNY, and 2.95 billion CNY [16][18]. - The complete vehicles and key components segment is forecasted to generate revenues of 103.25 billion CNY, 115.64 billion CNY, and 127.20 billion CNY, with gross profits of 20.83 billion CNY, 23.33 billion CNY, and 25.66 billion CNY [16][18]. Market Outlook - The global AIDC investment is expected to grow rapidly, with the total installed capacity of data centers projected to increase from 97 GW in 2024 to 226 GW by 2030, representing a compound annual growth rate of 15% [22][23]. - The report indicates a significant power supply gap in the U.S. AIDC market, with an estimated shortfall of approximately 1.5 GW in 2025, potentially expanding to nearly 7 GW by 2030, creating substantial opportunities for Weichai's gas engine generator sets and SOFC technology [36][39]. - The demand for distributed power generation equipment, such as gas engine generator sets and SOFC, is expected to rise significantly due to the limitations of existing power grids and gas turbine supply capabilities in the U.S. [36][39].

Market Performance - Emerging markets saw a narrowing of gains, with MSCI Global up by 0.2%, MSCI Developed Markets flat at 0.0%, and MSCI Emerging Markets up by 1.4% [8][11] - In developed markets, the South Korean Composite Index performed the best with a gain of 4.7%, while Germany's DAX was the weakest, down by 1.5% [8] - In the emerging markets, the Hang Seng Index was the top performer, increasing by 2.4%, while Mexico's MXX declined by 0.9% [8] Trading Sentiment - Global markets experienced increased trading volumes, with major indices showing a rise in volatility [24] - The Hong Kong stock market saw a decrease in short-selling ratio to 12.9%, indicating a high investor sentiment [24][27] - North American investment sentiment reached historical highs, with the NAAIM manager exposure index rising to 92.6% [24][27] Fund Flows - The nomination of Kevin Warsh as the next Federal Reserve Chair has triggered hawkish trading expectations [55] - As of January 30, market expectations indicate the Federal Reserve is anticipated to cut rates 2.1 times in 2026, a slight decrease from the previous week [55][58] - The Hong Kong stock market saw a net inflow of HKD 5.9 billion, with significant contributions from the Stock Connect program [62][64] Earnings Expectations - Earnings expectations for Japanese and European stocks were revised upward, with the Hang Seng Index's 2025 EPS forecast adjusted from -2.1% to -2.0% [66] - The S&P 500's 2025 EPS forecast was raised from +10.5% to +11.8%, with the industrial sector seeing the largest upward revision of +7.9% [66] - In the European market, the Eurozone STOXX50's 2025 EPS forecast improved from -4.5% to -4.4% [66]

Investment Rating - The report assigns a rating of "Buy" for the company [7]. Core Insights - The company's development business drag is gradually alleviating, and the value of commercial operations is becoming more prominent, with clear future growth space and direction [1]. - The report highlights the continuous revaluation of corporate value against the backdrop of REITs policy opening [1]. Financial Summary - Total revenue is projected to decline from 119,464 million RMB in 2023 to 40,927 million RMB in 2027, reflecting a decrease of 65.8% over the period [3]. - Net profit is expected to decrease from 879 million RMB in 2023 to 805 million RMB in 2027, with a significant increase of 213.3% in 2024 followed by fluctuations in subsequent years [3]. - The company's price-to-earnings (PE) ratio is forecasted to rise from 9.74 in 2023 to 18.25 in 2027, while the price-to-book (PB) ratio is expected to increase from 0.18 to 0.30 over the same period [3]. Market Data - The stock price has ranged between 1.69 and 2.71 HKD over the past 52 weeks, with a current market capitalization of 17,523 million HKD [4]. Business Strategy and Operations - The company has shifted its strategic focus from scale expansion to accelerating de-stocking and ensuring project delivery, confirming a bottom in profit margins [7]. - The commercial sector has been a significant support for the company during macroeconomic fluctuations, with stable cash flow contributions from rental income [7][30]. - The company has established a strong competitive advantage in the commercial sector, with a focus on deep operational capabilities and optimizing the competitive landscape [7]. Future Projections - The report forecasts earnings per share (EPS) of 0.07, 0.09, and 0.11 RMB for the years 2025, 2026, and 2027 respectively, with a projected net asset value per share of 6.72 RMB in 2026 [7]. - The company is expected to maintain a robust cash flow generation capability, with a significant increase in the interest coverage ratio from 0.87 in 2020 to 4.42 in the first half of 2025 [7][30].

Investment Rating - The report maintains a "Buy" rating for Weichai Power with a target price of 38.52 CNY [5][20]. Core Insights - Weichai Power is expected to transition from a heavy-duty truck powertrain manufacturer to a comprehensive supplier of AIDC power generation equipment, driven by the rapid growth in global AIDC investments and the ongoing electricity shortages in the U.S. [2][11]. - The company is projected to achieve net profits attributable to shareholders of 12.4 billion CNY, 15.3 billion CNY, and 28 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.43 CNY, 1.75 CNY, and 3.21 CNY [11][15]. - The report highlights the significant growth potential in the AIDC power generation sector, particularly for Weichai's gas engine generator sets and SOFC technology, as demand for distributed power generation equipment is expected to rise sharply [11][36]. Financial Summary - Total revenue is forecasted to reach 236.48 billion CNY in 2025, 258.35 billion CNY in 2026, and 277.18 billion CNY in 2027, reflecting growth rates of 9.6%, 9.2%, and 7.3% respectively [4][18]. - Net profit attributable to shareholders is expected to grow significantly, with a year-on-year increase of 83.8% in 2023, followed by 26.5% in 2024, and further growth in subsequent years [4][15]. - The company's return on equity (ROE) is projected to increase from 11.4% in 2023 to 23.2% by 2027 [4][12]. Business Segments - The intelligent logistics segment is expected to generate revenues of 91.39 billion CNY, 98.70 billion CNY, and 103.63 billion CNY for 2025, 2026, and 2027, respectively, with corresponding gross profits of 24.60 billion CNY, 27.23 billion CNY, and 28.95 billion CNY [15][18]. - The agricultural equipment segment is projected to achieve revenues of 20.18 billion CNY, 21.19 billion CNY, and 22.25 billion CNY over the same period, with gross profits of 2.68 billion CNY, 2.81 billion CNY, and 2.95 billion CNY [16][18]. - The complete vehicles and key components segment is anticipated to see revenues of 103.25 billion CNY, 115.64 billion CNY, and 127.20 billion CNY, with gross profits of 20.83 billion CNY, 23.33 billion CNY, and 25.66 billion CNY [16][18]. Market Outlook - The global AIDC investment is expected to grow rapidly, with the total installed capacity of data centers projected to increase from 97 GW in 2024 to 226 GW by 2030, representing a compound annual growth rate of 15% [22][23]. - The report indicates a significant power supply gap in the U.S. AIDC market, with an estimated shortfall of approximately 1.5 GW in 2025, potentially expanding to nearly 7 GW by 2030, creating substantial opportunities for Weichai's gas engine generator sets and SOFC technology [36][39]. - The demand for distributed power generation equipment is expected to rise due to insufficient supply from traditional power sources, positioning Weichai Power favorably in the market [36][39].

产业策略 [table_Header]2026.02.03 医药产业运行数据专题：减速提质，创新渐入 佳境 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 丁丹(分析师) | | | 0755-23976735 | | | dingdan@gtht.com | | 登记编号 | S0880514030001 | | | 贺文斌(分析师) | | | 010-68067998 | | | hewenbin@gtht.com | | 登记编号 | S0880525040034 | | | 张拓(分析师) | | | 0755-23976170 | | | zhangtuo@gtht.com | | 登记编号 | S0880523090003 | [Table_Report] 往期回顾 走向积极所有权：治理觉醒与价值重塑——2026 年全球可持续投资趋势展望 2026.01.12 国企竞争力提升与上海国资实践 2025.12.22 呼吸系统专题（一）：慢阻肺治疗缺口突出， PDE3/4 及多疗法共破局 2025.09.26 医药上市公司 2025 中报专题：创新 ...

以太坊基金会确立后量子安全路线，智能体通信标 准加速商业闭环 产业研究中心 产业观察 [table_Header]2026.02.02 摘要：AI、量子计算跟区块链底层协议结合加深，加密合规化进展仍在加速 [Table_Summary] 量子防御提上日程，智能体经济确立交互标准 以太坊基金会确立后量子安全为首要战略，底层加密原语面临迭代 Optimism 发布 Superchain 后量子路线图，模块化层级同步跟进安全升级 Celestia 推出私有区块空间解决方案，利用零知识证明平衡数据可用性 ERC-8004 标准部署主网，定义 AI 智能体无需信任通信接口 StoryProtocol 联合 OpenLedger 推出 IP 授权标准，实现可编程版权管理 KiteAI 发布主网路线图，重构适应机器代理的高频支付技术栈 ZetaChain2.0 启动 AI 应用测试，全链抽象能力赋能跨链隐私记忆 Tezos 完成 Tallinn 协议升级，优化共识算法大幅降低区块延迟 Zcash 基金会发布 2026 战略，推进 FROST 门限签名技术普及 美股企业试水资产上链，ETF 策略向收益增强演进 VanEck ...

Market Pricing Status - The market transaction activity has slightly increased, but the profit effect has decreased. The average daily trading volume for the entire A-share market rose to 3.1 trillion yuan, while the proportion of stocks that increased in value dropped to 23.6% [6][8][15] - The median weekly return for all A-shares decreased to -3.4%, indicating a decline in profitability [6][8][15] A-Share Liquidity Tracking - Financing funds have seen a slight inflow, while ETF funds experienced a significant outflow. The new issuance scale of equity funds decreased to 35.09 billion yuan, and the overall stock position of public funds has declined [6][20][29] - Private equity confidence index increased by 0.5% compared to December, but the positions have marginally decreased [6][20][41] - Foreign capital inflow into A-shares was 4.13 million USD, with the northbound capital transaction proportion dropping to 0.1% [6][20][42][44] - The IPO fundraising was 5.55 billion yuan, and the scale of private placements was 4.55 billion yuan [6][20] - ETF funds saw a massive outflow of 319.37 billion yuan, with the passive trading proportion decreasing to 9.1% [6][20][28] A-Share Industry Allocation - Financing and ETF funds have both seen outflows from the electronics sector. In terms of foreign capital, net inflows were highest in non-ferrous metals (+119.5 million USD) and automobiles (+38.1 million USD), while transportation (-1.3 million USD) and public utilities (-1.1 million USD) saw net outflows [6][20][3.1] - Financing funds showed net inflows in non-ferrous metals (+13.45 billion yuan) and basic chemicals (+2.05 billion yuan), while defense and electronics sectors experienced net outflows of 2.82 billion yuan and 5.95 billion yuan, respectively [6][20][3.3] - The top sectors for net inflows in the ETF market included non-ferrous metals and chemical ETFs, while electronics, non-bank financials, and banks saw significant outflows [6][20][3.2] Hong Kong and Global Fund Flow - Southbound capital inflow has slowed down, while global foreign capital has marginally flowed into the US and Asian markets. The Hang Seng Index rose by 2.4% during this period [6][20][4.1] - The net buying amount of southbound capital decreased to 2.71 billion yuan, which is at the 15% percentile since 2022 [6][20][4.2] - In the global context, foreign capital inflows were highest in the US (+6.27 billion USD), South Korea (+2.83 billion USD), and China (+2.64 billion USD) [6][20][4.3]