Investment Rating - The industry investment rating is "Positive" and is maintained [5] Core Viewpoints - The current upturn in the mining machinery sector is expected to be more sustained, presenting investment opportunities. The sector is currently in the first phase of a three-phase cycle, which includes bulk raw material development, energy extraction, and construction utilization. Companies involved in mining machinery are likely to benefit from this upward trend [3] - The ongoing geopolitical disturbances globally are expected to enhance the high prosperity of the mining machinery industry. Unlike previous cycles, the current upturn is driven by intensified competition for resources and a stronger demand for supply chain stability, leading to increased capital expenditures by mining companies [8] - The trend towards self-sufficiency in resource supply chains presents significant growth potential for domestic mining machinery manufacturers. Currently, Chinese mining machinery holds a relatively low global market share, with only 19.21% of the top 50 global mining equipment manufacturers' sales attributed to Chinese companies [8] - The Belt and Road Initiative (BRI) is anticipated to drive the export of Chinese mining machinery, further increasing its market share. Increased foreign investment in energy and metal mining projects under the BRI is expected to boost demand for related equipment [8] Summary by Sections - **Investment Suggestions and Targets**: The report identifies several companies that are expected to benefit from the mining machinery industry's upturn, including XCMG Machinery, NPE Mining Machinery, SANY International, Shantui, Tongli Co., and Northern Heavy Industries [3] - **Market Dynamics**: The report highlights that the mining machinery industry's current high prosperity is influenced by rising prices of bulk products and the Federal Reserve's interest rate cuts, but emphasizes that the key factor is the geopolitical landscape and its impact on capital expenditures [8] - **Market Share Analysis**: The report notes that the top five global mining machinery companies are all foreign, with a combined sales figure of approximately $42.2 billion, indicating a significant opportunity for Chinese manufacturers to increase their market share through competitive advantages [8]

宏观经济 | 专题报告 2026 地方两会：竞逐"高质量" 研究结论 报告发布日期 2026 年 02 月 08 日 | 陈至奕 | 执业证书编号：S0860519090001 | | --- | --- | | | 香港证监会牌照：BUK982 | | | chenzhiyi@orientsec.com.cn | | | 021-63326320 | | 黄汝南 | 执业证书编号：S0860525120004 | | | huangrunan@orientsec.com.cn | | | 010-66210535 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 孙国翔 | 执业证书编号：S0860523080009 | | | sunguoxiang@orientsec.com.cn | | | 021-63326320 | | 刘姜枫 | 执业证书编号：S0860526010002 | | | liujiangfeng@orientsec.com.cn | | | 021-633 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.80 CNY based on a 20x PE ratio for comparable companies in 2026 [3][6]. Core Views - External demand is expected to drive a recovery in the industry, while the company strengthens its full industry chain layout to enhance competitiveness [2]. - The company has adjusted its net profit forecasts for 2025-2027 to 1.847 billion, 2.825 billion, and 3.320 billion CNY, respectively, due to rising raw material prices and declining product prices [3]. - The company is the largest titanium dioxide producer globally, with a production capacity of 1.51 million tons, and is actively expanding its overseas presence [10]. Financial Summary - Revenue projections for the company are as follows: 26.765 billion CNY in 2023, 27.513 billion CNY in 2024, 27.823 billion CNY in 2025, 33.349 billion CNY in 2026, and 35.980 billion CNY in 2027, with growth rates of 11.0%, 2.8%, 1.1%, 19.9%, and 7.9% respectively [5]. - The company's gross profit margin is projected to be 26.7% in 2023, decreasing to 21.1% in 2025, and then recovering to 23.4% by 2027 [5]. - The net profit margin is expected to decline from 12.1% in 2023 to 6.6% in 2025, before improving to 9.2% in 2027 [5]. - The return on equity (ROE) is forecasted to decrease from 14.9% in 2023 to 8.0% in 2025, then rise to 13.3% by 2027 [5].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The rapid construction of data centers in the U.S. is increasing the demand for electricity, leading to a rise in the construction of power generation equipment. This trend is expected to strengthen the industry's prosperity [3][8] - U.S. policies are directing technology companies to invest more heavily in power generation equipment, creating investment opportunities within the sector [3][8] - Orders for gas turbine companies have entered a high prosperity state, with significant growth in orders reported by several companies [3][8] Summary by Relevant Sections Industry Overview - The construction of data centers is exacerbating electricity demand in the U.S., with projected growth in commercial electricity sales of 2.4% in 2025 and 4.3% in 2026/2027 according to EIA [8] - Recent U.S. policies are pushing for higher electricity rates for data centers and requiring long-term commitments from them, which is expected to drive further investment in power generation [8] Market Opportunities - Gas turbine companies are experiencing a surge in orders, with GE Vernova reporting a 67% year-on-year increase in gas turbine orders to 10.2 GW for Q4 2025, and Caterpillar seeing a 44% increase in generator sales [8] - The expansion of production capacity by major manufacturers like Caterpillar and GE Vernova is anticipated to enhance industry growth and create investment opportunities in the component sector [8] Investment Recommendations - Recommended stocks include: - Jereh Group (002353, Buy) - Linde (605060, Not Rated) - Yingliu (603308, Not Rated) - Ice Wheel Environment (000811, Not Rated) - Deweir (688377, Not Rated) [3]

煤炭行业 行业研究 | 行业周报 重点关注动力煤进口扰动及焦煤下游补库 拐点 ——东方证券煤炭行业周报（20260202-20260208） 核心观点 投资建议与投资标的 投资建议：我们认为煤炭板块估值将逐渐向"类债"+"煤价看涨期权"演变，在海外扰动的 影响下，煤价上涨有概率超预期，而这部分"看涨期权"价值目前市场反应还较为有限，建 议逢低配置煤炭板块。 风险提示 经济增速下滑；水电出力超预期；海外煤价大幅下跌；政策实施力度不及预期。 国家/地区 中国 行业 煤炭行业 报告发布日期 2026 年 02 月 07 日 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 看好（维持） ⚫ 《2025-2026 年度全国电力供需形势分析预测报告》发布，用电需求不悲观。（1） 2025 年，我国全社会用电量同比增长 5.0%，中电联预计 2026 年全社会用电量同比 增长 5.0%-6.0%，计算方法是按照 2026 年 GDP 预计增长 5.0%左右，结合近年来 电力消费弹性系数水平、以及不同预测方法对全社会用电量的预测结果 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]

煤炭行业 行业研究 | 行业周报 重点关注动力煤进口扰动及焦煤下游补库 拐点 ——东方证券煤炭行业周报（20260202-20260208） 核心观点 投资建议与投资标的 投资建议：我们认为煤炭板块估值将逐渐向"类债"+"煤价看涨期权"演变，在海外扰动的 影响下，煤价上涨有概率超预期，而这部分"看涨期权"价值目前市场反应还较为有限，建 议逢低配置煤炭板块。 风险提示 经济增速下滑；水电出力超预期；海外煤价大幅下跌；政策实施力度不及预期。 看好（维持） ⚫ 《2025-2026 年度全国电力供需形势分析预测报告》发布，用电需求不悲观。（1） 2025 年，我国全社会用电量同比增长 5.0%，中电联预计 2026 年全社会用电量同比 增长 5.0%-6.0%，计算方法是按照 2026 年 GDP 预计增长 5.0%左右，结合近年来 电力消费弹性系数水平、以及不同预测方法对全社会用电量的预测结果得出；（2） 中电联预计 2026 年全国电力供需总体平衡，局部高峰时段电力供需偏紧；（3）此 前市场预期 2026 年全社会用电量同比增速与 2025 年持平（5.0%水平），我们认为 中电联发布的预测在一定程度上高于此前 ...

特斯拉 V3 即将落地，有望成为明星产品， 行业发展加速 ——机器人产业跟踪 核心观点 投资建议与投资标的 近期我们看到特斯拉持续预热第三代机器人，我们认为产业发展有望迎来提速，行业的 景气度也将随之提升。向前看，我们预计行业将进入产能扩建，而在扩产过程中，我们 认为供应商的制造和管理优势非常重要，因此制造和经营能力领先的企业更具投资机 会。相关标的：拓普集团(601689，买入)、三花智控(002050，买入)、五洲新春 (603667，买入)、恒立液压(601100，未评级)、震裕科技(300953，买入)。 风险提示 厂商生产不及预期、场景需求落地不明确导致低于预期、国家政策变化导致行业发展放 缓、行业融资不及预期、模型发展和数据采集慢于预期、订单执行效果低于预期、产品 降价风险。 机械设备行业 行业研究 | 动态跟踪 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 02 月 06 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 顺应人形机器人拟人化趋势， ...

Investment Rating - The report maintains a "Positive" investment rating for the mechanical equipment industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [7]. Core Insights - The trend towards more human-like robots is expected to enhance the overall freedom of movement, leading to an expansion in the encoder market. Related component manufacturers are likely to benefit, including companies such as Huichuan Technology, Hechuan Technology, and Xinjie Electric [4]. - Tesla's V3 version of the Optimus robot is anticipated to achieve breakthroughs in joint numbers and hand freedom, contributing to the goal of increased human-like characteristics in robots [10]. - Magnetic encoders are expected to benefit more than optical encoders from the increase in robot freedom of movement, as they are more cost-effective for mass production [10]. - AMR sensors are highlighted for their advantages in high-precision and compact designs, making them suitable for applications in dexterous robotic hands, which could lead to revenue growth for domestic manufacturers [10]. Summary by Sections Industry Overview - The report focuses on the mechanical equipment industry, particularly the advancements in humanoid robots and the application of AMR sensors [6]. Market Dynamics - The demand for agricultural machinery is expected to face pressure in 2025, with a potential improvement in 2026 [9]. - Tesla plans to increase investment in its robot production line, enhancing the certainty of mass production for the Optimus robot [9]. Technology Insights - AMR sensors are noted for their higher sensitivity and suitability for compact designs compared to Hall sensors, which are currently used in some robotic applications [11].