Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant advancements in various technology sectors, including distributed quantum sensing, advanced semiconductors, and artificial intelligence, indicating a robust growth trajectory in these fields Summary by Sections 1. Financing Overview - During the period from January 17 to January 23, 2026, a total of 127 financing events occurred in the technology sector globally, with 93 in China and 34 abroad. The leading sectors in domestic financing were advanced manufacturing (58 events), artificial intelligence (17 events), and enterprise services (12 events) [9] 2. IPO Updates - Extreme Vision submitted a prospectus to the Hong Kong Stock Exchange for a mainboard listing, focusing on AI visual technology solutions for various industries [12] - Keda Intelligent also submitted a prospectus for a mainboard listing, aiming to drive digital and intelligent upgrades in China's energy system through AI technology [15] - Yundong Intelligent filed for a mainboard listing, providing vehicle communication and emergency call solutions [18] - Huarui Technology submitted a prospectus for a mainboard listing, specializing in machine vision and autonomous mobile robots [22] - Jiu Wu Intelligent filed for a mainboard listing, focusing on intelligent robotic solutions for industrial scenarios [25] 3. Market Performance Tracking - The report notes a mixed performance in the stock market, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%, while the ChiNext Index fell by 0.34% [28] - The semiconductor index saw a weekly increase of 2.57%, while the automotive electronics and artificial intelligence indices rose by 0.98% and 1.51%, respectively [28] - The report indicates a high turnover rate for the semiconductor and artificial intelligence indices, with turnover rates of 27.7% and 15.4% [28] 4. Advanced Semiconductor Developments - The University of Chicago introduced a high-throughput computation method for electric polarization in solids, addressing challenges in calculating effective polarization [36] - BITS Pilani and the National Autonomous University of Mexico reported a method for healing defect states in monolayer MoSe2 through oxygen passivation, significantly improving its photoresponsivity [43] - The Shanghai Institute of Technical Physics developed a high-performance exciton-polariton photodiode, achieving nearly 100% internal quantum efficiency [47]

Investment Rating - The report assigns an "Accumulate" rating to the company [2][3]. Core Insights - The company has established a global multi-brand matrix, with its core brand Clarks showing signs of profitability recovery after a challenging restructuring period. The new CEO, Victor Herrero, brings a successful retail management system and practical experience. The company is one of the few in the domestic apparel sector with global control over a century-old brand, which significantly enhances its asset attributes compared to merely acquiring operational rights in the Greater China region. The report initiates coverage with an "Accumulate" rating [3]. Financial Summary - The projected financials (in million HKD) for the company are as follows: - Total Revenue: 10,427 in 2024A, 10,426 in 2025E, 11,416 in 2026E, and 12,600 in 2027E, reflecting a decline of 7.1% in 2024A, stable in 2025E, and growth of 9.5% and 10.4% in 2026E and 2027E respectively [5]. - Gross Profit: 4,764 in 2024A, 4,754 in 2025E, 5,260 in 2026E, and 5,867 in 2027E [5]. - Net Profit attributable to the parent company: -70 in 2024A, 206 in 2025E, 508 in 2026E, and 635 in 2027E, indicating a significant recovery with growth rates of 40.8%, 391.9%, and 147.1% for the subsequent years [5]. - PE Ratio: -98.39 in 2024A, improving to 33.45 in 2025E, and further down to 13.54 and 10.83 in 2026E and 2027E respectively [5]. - PB Ratio: 0.82 in 2024A, increasing to 0.91 in 2025E, and then stabilizing around 0.85 and 0.78 in 2026E and 2027E [5]. Business Transformation - The company has undergone a transformation from sports resource integration to a global multi-brand operation over the past 15 years. Since the Li Ning family took control in 2010, the company has completed a metamorphosis from sports talent management and real estate development to a multi-brand footwear and apparel giant through acquisitions and strategic partnerships [16]. - The company has successfully integrated various brands, including LNG, Bossini, and Testoni, and completed the acquisition of Clarks, which has significantly boosted its revenue scale from billions to hundreds of billions [17][18]. Clarks Brand Performance - Clarks is the primary driver of the company's performance, contributing over 86% of total revenue. Despite a 5.3% year-on-year decline in revenue for FY25H1 due to macroeconomic fluctuations and strategic procurement reductions, the company managed to improve its gross margin by 0.1 percentage points through strict discount control and supply chain optimization [21][22]. - The new CEO, Victor Herrero, is expected to implement effective reforms and efficiency improvements at Clarks, leveraging his extensive experience in retail management [41]. Market Position and Valuation - The company is positioned as a rare global asset in the domestic apparel sector, with its market valuation currently not fully reflecting its status as a mature global asset. As business stabilizes in Europe and the U.S., and with further expansion in China and other emerging markets, profit margins are expected to improve, leading to a revaluation from a "retailer" to a "global brand operator" [3][12]. - The report estimates net profits for 2025-2027 to be 206 million, 508 million, and 635 million HKD respectively, applying a PEG valuation method to set a target price of 1.25 HKD per share for 2025E [3].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 38.89 CNY, while the current price is 28.98 CNY [6]. Core Views - The company is expected to achieve improvements in both fundamentals and performance across four dimensions in 2026: high credit growth, leveraging comprehensive operational advantages to increase demand deposits, enhancing middle-income growth through wealth management and international settlement, and optimizing asset allocation to reduce credit cost pressure [2]. Financial Summary - Revenue is projected to grow from 61,585 million CNY in 2023 to 89,866 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of 12.3% [4]. - Net profit attributable to shareholders is expected to increase from 25,535 million CNY in 2023 to 36,718 million CNY in 2027, with a CAGR of 12.4% [4]. - The net asset value per share is forecasted to rise from 26.71 CNY in 2023 to 43.22 CNY in 2027 [4]. - The return on equity (ROE) is projected to stabilize around 13.1% by 2027, while the price-to-book (P/B) ratio is expected to decrease from 1.07 in 2023 to 0.66 in 2027 [4]. Performance Outlook - The company anticipates maintaining a high loan growth rate, stable interest margins, and a decline in non-performing loan generation in 2026, with net profit growth rates forecasted at 8.6%, 10.9%, and 12.4% for 2025-2027 [12]. - The total assets and total loans growth rates for Q4 2025 are expected to be 16.1% and 17.4%, respectively, indicating a leading position among listed banks [12]. - The company has seen a significant increase in demand deposits, with the proportion of demand deposits rising by 3.7 percentage points to 34.4% compared to the beginning of the year [12]. Asset Quality - As of Q4 2025, the non-performing loan ratio is stable at 0.76%, with a provision coverage ratio of 373.2%, indicating effective management of asset quality [12].

股票研究/[Table_Date] 2026.01.25 [Table_Industry] 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 | | | 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 | [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 | 本报告导读： 1 月 25 日央视首次官宣 26 年春晚"指定具身大模型机器人"，银河通用从宁德时代、 博世等产线转战舞台，获评"打工人"代表。银河通用的轮式底盘+折叠腿的人形 Galbot，本质是一具身智能大模型的载体。春晚这一国民级 IP 绑定"干活型"具身智 能，有望 ...

Investment Rating - The report assigns an "Overweight" rating for the lithium battery materials industry [1] Core Insights - The report emphasizes the shift away from excess supply mentality, highlighting the potential for non-linear profit growth among leading companies in the lithium battery materials sector due to rigid supply against continuously growing demand [3][4] - It suggests a focus on lithium-related materials such as lithium iron phosphate, lithium carbonate, hexafluorophosphate, and aluminum foil, while also considering heavy asset-related materials like separators [4] - The report forecasts significant growth in the electric vehicle (EV) market and explosive growth in energy storage, with global EV sales expected to reach 23.54 million units in 2025, a 29.1% increase year-on-year [4] - It notes that the energy storage battery shipments are projected to reach 640 GWh in 2025, marking an 82.9% year-on-year growth [4] - The report anticipates a demand cycle to commence in 2026, supported by favorable domestic and international policies [4] Summary by Sections Investment Recommendations - The report recommends focusing on leading companies in the lithium battery materials sector, including 盛新锂能 (Shengxin Lithium Energy), 湖南裕能 (Hunan Youneng), 天赐材料 (Tianci Materials), and others, while also highlighting battery leaders like 宁德时代 (CATL) and 亿纬锂能 (EVE Energy) [4][7] Market Data - The report provides operational data for several listed companies in the lithium battery sector, indicating varying levels of profitability and cash flow, with 宁德时代 (CATL) showing a net profit of 49 million in Q3 2025 and a debt-to-asset ratio of 61% [6] - It includes a table summarizing earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, with 宁德时代 (CATL) having an EPS of 14.90 for 2025E and a PE ratio of 23.29 [7]

Group 1: Market Overview - At the end of 2025, the bond market was relatively weak, with banks showing overall low allocation to interest rate bonds[7] - In early 2026, as banks' annual KPIs were determined, the bond market began to recover, with significant buying power from banks in the first week of January[7] - The buying power of banks expanded further in mid-January, but participation remained structural and selective rather than broad-based[7] Group 2: Large Banks' Behavior - Large banks increased their allocation to government bonds, particularly focusing on 7-10Y and 1-3Y maturities, while also starting to buy 20-30Y bonds[8] - The buying of policy financial bonds by large banks intensified, mainly in the 1-3Y and 7-10Y categories[8] - Large banks showed a notable increase in selling local government bonds, especially in the ultra-long end[8] Group 3: Small and Medium Banks' Behavior - Small and medium-sized banks exhibited a "front-loading and back-selling" pattern in their trading behavior, with initial strong buying followed by a shift to net selling[15] - In the first week of January, small banks showed concentrated buying in medium to long-term bonds, but this shifted to net selling in the following weeks[15] Group 4: Market Dynamics - The funding market saw a shift with net borrowing turning negative for major borrowing entities, indicating a tightening of liquidity[6] - The primary market experienced an expansion in the price gap between primary and secondary markets for policy financial bonds[6] - In the secondary market, the borrowing volume of active bonds continued to rise, with large banks being the main buyers of 1-3Y and 7-10Y bonds[6]

Investment Rating - The industry investment rating is "Overweight" [4][15]. Core Insights - The weekly average price of liquid gas has slightly decreased, while the weekly average price of liquid argon continues to show a significant year-on-year increase. Rare gases are experiencing low-level fluctuations [2][4]. - Notable events include Guanggang Gas winning a supply contract for TCL's 8.6 generation OLED printing and Hangyang successfully winning contracts for four sets of 100,000 cubic meter air separation units for the National Energy Yulin Circular Economy Coal Comprehensive Utilization Project [2][4]. Price Trends - As of January 22, 2026, the weekly price situation for gases is as follows: 1. Liquid Oxygen: Average price of 333 RMB/ton, down 0.3% month-on-month, down 3.8% year-on-year 2. Liquid Nitrogen: Average price of 362 RMB/ton, up 0.2% month-on-month, down 1.6% year-on-year 3. Liquid Argon: Average price of 1,148 RMB/ton, down 2.63% month-on-month, up 131.22% year-on-year 4. Rare Gases: - High-purity helium (cylinder): Average price of 84.71 RMB/cubic meter, down 2.06% month-on-month, down 13.24% year-on-year - High-purity helium (40L cylinder): Average price of 607.14 RMB/cylinder, down 0.15% month-on-month, down 7.86% year-on-year - Xenon: Average price of 20,785.71 RMB/cubic meter, down 1.02% month-on-month, down 28.33% year-on-year - Krypton: Average price of 190 RMB/cubic meter, unchanged month-on-month, down 39.68% year-on-year - Neon: Average price of 110 RMB/cubic meter, unchanged month-on-month, down 12% year-on-year [4][6][7]. Company Recommendations - Recommended stocks include Hangyang Co., Ltd. and Shaanxi鼓动力, with related stocks being Zhengfan Technology, Fostar, and Zhongtai Co., Ltd. [4][5].

Investment Rating - The report assigns an "Accumulate" rating to Kuaishou-W with a target price of 104 HKD, based on a valuation of 15x PE for traditional business and 30x PS for Kuaishou's AI video model [2][11]. Core Insights - The report highlights the acceleration of AIGC (AI Generated Content) video commercialization, emphasizing Kuaishou's ability to integrate technology, ecosystem, and monetization to unlock long-term value [1][11]. - Kuaishou's revenue is projected to grow from 142 billion RMB in 2025 to 170 billion RMB by 2027, with adjusted net profit expected to increase from 20.6 billion RMB to 28.1 billion RMB during the same period [5][11]. - The global video streaming revenue is anticipated to reach 214.6 billion USD in 2025, with AI video penetration expected to contribute significantly to the total addressable market (TAM) of approximately 25 billion USD [27][11]. Summary by Sections 1. AIGC Video Generation Technology - AIGC is transitioning from a creative tool to a core productivity driver in the content industry, supported by advancements in deep learning and multimodal models [13][15]. - The demand for efficient content supply in industries like media, e-commerce, and advertising is driving the adoption of AIGC technologies [15][23]. 2. Competitive Landscape - The AIGC video generation market is entering a phase of differentiation among general models, vertical capabilities, and platform ecosystems [34][36]. - Kuaishou's Kling 2.5 Turbo ranks highly in performance and cost-effectiveness compared to competitors, showcasing its advantages in integrated audio-visual generation and understanding of the Chinese context [34][36]. 3. Kuaishou's Value Creation - Kuaishou has established a closed loop of technology, ecosystem, and monetization, with significant revenue growth from its AI video model, which reached an annualized revenue run rate of 240 million USD by December 2025 [11][44]. - The report notes that Kuaishou's AI model has generated over 600 million videos and collaborated with more than 30,000 enterprise users, indicating strong commercial potential [11][44]. 4. Financial Projections and Valuation - Kuaishou's financial forecasts indicate a steady revenue growth trajectory, with adjusted net profit expected to grow at a compound annual growth rate (CAGR) of 16% from 2025 to 2027 [5][11]. - The report suggests a conservative valuation approach, applying a 15x PE for traditional business and a 30x PS for the AI segment, reflecting the company's growth potential in the AIGC space [11][11].

Investment Rating - The industry investment rating is "Overweight" [4] Core Insights - The report indicates a slight decline in the weekly average price of liquid gas, while the weekly average price of liquid argon continues to show a significant year-on-year increase. Rare gases are experiencing low-level fluctuations in their weekly average prices. Notable events include Guanggang Gas winning a supply contract for TCL's 8.6 generation OLED printing and Hangyang successfully winning contracts for four sets of 100,000 cubic meter air separation units for the National Energy Yulin Circular Economy Coal Comprehensive Utilization Project [2][4]. Price Trends - As of January 22, 2026, the weekly price data for gases is as follows: 1. Liquid Oxygen: Average price of 333 CNY/ton, down 0.3% month-on-month, down 3.8% year-on-year 2. Liquid Nitrogen: Average price of 362 CNY/ton, up 0.2% month-on-month, down 1.6% year-on-year 3. Liquid Argon: Average price of 1,148 CNY/ton, down 2.63% month-on-month, up 131.22% year-on-year 4. Rare Gases: - High-purity helium (cylinder): Average price of 84.71 CNY/cubic meter, down 2.06% month-on-month, down 13.24% year-on-year - Bottled high-purity helium (40L): Average price of 607.14 CNY/bottle, down 0.15% month-on-month, down 7.86% year-on-year - Xenon: Average price of 20,785.71 CNY/cubic meter, down 1.02% month-on-month, down 28.33% year-on-year - Krypton: Average price of 190 CNY/cubic meter, unchanged month-on-month, down 39.68% year-on-year - Neon: Average price of 110 CNY/cubic meter, unchanged month-on-month, down 12% year-on-year [4][5]. Company Recommendations - Recommended stocks include Hangyang Co., Ltd. and Shaanxi鼓动力, with related stocks being Zhengfan Technology, Fostar, and Zhongtai Co., Ltd. [4][5].

产业观察 [table_Header]2026.01.25 ， 【公链技术周报】以太坊重归去信任化本源，主权 货币与高性能网络竞逐技术高地 产业研究中心 摘要：数字人民币兼容公链技术标准，以太坊或将呈现更显著的去中心化 [Table_Summary] 数字人民币兼容公链标准，以太坊与二层网络共筑去信任化基石 数字人民币智能合约支持 Solidity，技术栈向公链生态靠拢 Vitalik 展望 2026 年以太坊核心方向，重新聚焦自主权与去信任化 Vitalik 计划全面回归去中心化社交，引领数据主权叙事重构 通用 ZK-Rollup 网络 Taiko 推进 Shasta 升级，L2 去中心化迈入新阶段 ProjectEleven 斩获 2000 万美元融资，探索区块链后量子安全过渡路径 Phantom 推出嵌入式方案 PhantomConnect，大幅降低 Web3 开发者门槛 AINFT 发布 MiCA 白皮书，AI 基础设施主动寻求欧盟合规框架 上市公司深入公链共识治理，支付与 AI 赛道加速融合创新 纳斯达克上市公司 AVAXOne 部署验证节点，传统资本介入公链治理 比利时 KBC 银行通过 Bole ...