Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Insights - The importance of aerospace and satellite technology is increasingly recognized, with the acceleration of space infrastructure construction benefiting the related industry chain in the long term [2][12] - The report highlights significant recent developments in the commercial aerospace and satellite industry, including the launch of new satellite networks and rockets, which are expected to enhance the application potential of satellite infrastructure [1][11] - The report suggests focusing on incremental directions in space infrastructure, such as space computing power, 3D printing, terminal direct connection, and inter-satellite connectivity, as well as value-enhancing segments in low Earth orbit satellites [2][12] Summary by Sections Industry Performance - The report indicates that the industry has shown a relative return of 14.7% over the past month, 9.2% over three months, and 23.8% over twelve months, with absolute returns of 16.5%, 11.2%, and 47.4% respectively [6][13] Recent Developments - The report details various recent events, including the launch of the "TeraWave" satellite communication network by Blue Origin, which will consist of 5,408 low Earth orbit satellites, and the successful launch of multiple satellites by different companies [1][11] - It also mentions the approval of policies in Beijing to support the development of commercial satellite remote sensing data resources from 2026 to 2030, indicating a favorable regulatory environment for the industry [1][11] Investment Focus - The report recommends paying attention to companies involved in satellite and space asset management, safety, and applications, as well as those engaged in testing and simulation services [2][12]

Investment Rating - The report maintains an "A" rating, indicating a leading position in the market [5] Core Insights - The coal mining industry is experiencing a dual transformation towards green and intelligent technologies, with significant growth potential for mining trucks in the new energy era [1] - The demand for unmanned mining trucks is expected to surge due to advancements in smart mining construction and supportive policies, with projections indicating a fleet exceeding 10,000 units by 2026-2027 [1][22] - The transition to new energy mining trucks is becoming mainstream, driven by mature technologies in pure electric and hybrid models, alongside favorable policies and cost advantages [2][37] Summary by Sections 1. Special Research - The continuous release of open-pit coal mine capacity is creating substantial growth opportunities for mining trucks, with open-pit coal mines accounting for approximately 25% of China's total coal production in 2023 [16] - The number of unmanned mining trucks is projected to increase from 88 units in 2020 to over 4,000 by 2025, with a forecast of surpassing 10,000 units by 2026-2027 [1][22] - The industry is accelerating its green transformation, with new energy mining trucks expected to see sales exceed 1,500 units in 2023 and forecasted to surpass 2,000 units by 2025 [2][37] 2. Market Information Tracking - The report tracks coal prices, with the average price of thermal coal reported at 685 RMB/ton as of January 21, 2026, remaining stable compared to January 7, 2026 [10] - Coking coal prices have seen an increase, with the main coking coal price at 1,770 RMB/ton as of January 20, 2026, up by 150 RMB/ton from January 6, 2026 [10] 3. Industry Dynamics - Recent policies from the National Energy Administration and other departments are promoting the construction of zero-carbon factories and the use of new energy vehicles in mining operations [9] - The report highlights the importance of smart mining and unmanned truck applications, supported by various national policies aimed at enhancing safety and efficiency in mining operations [35] 4. Investment Portfolio and Recommendations - The report suggests focusing on companies with strong positions in the coal sector, such as China Shenhua, Shaanxi Coal and Energy, and China Coal Energy, which are expected to benefit from stable profits and cyclical recovery [11] - It also recommends monitoring companies involved in the production of new energy mining trucks, including XCMG, SANY Heavy Industry, and others, as they are well-positioned to capitalize on the growing market [2][43]

Investment Rating - The industry investment rating is "Outperform the Market - A" [7] Core Insights - The large-scale deployment of low Earth orbit satellites is imminent, with a total of 203,000 new satellite applications submitted by Chinese institutions by December 2025, indicating accelerated demand for satellite construction and launch [1] - SpaceX plans to deploy a 100GW/year space data center within the next 4 to 5 years, utilizing thousands of satellites to create a space computing network, aiming for a 1000P level computing power deployment by 2027 [1] - Solar wings are identified as the core energy supply solution for space, with flexible solar wings offering significant advantages in terms of size reduction and efficiency [2] - The future direction of space photovoltaics is expected to focus on perovskite and heterojunction tandem cells, which promise high efficiency, lightweight, and low cost [3] Summary by Sections Industry Dynamics - The commercial space industry is accelerating, with a focus on 3D printing service providers, key structural components, and the space photovoltaic industry chain [6] - The global gas turbine capacity is tightening, with domestic supply chains seizing the AIDC prosperity dividend [6] Investment Recommendations - The report suggests focusing on the photovoltaic equipment industry chain, including companies such as Maiwei Co., Aotewi, High Measurement Co., Jiejia Weichuang, Jing Sheng Machinery, Shuangliang Energy, and Dier Laser for equipment, and Jun Da Co. and Dongfang Risen for batteries and components [4]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [1] Core Insights - In 2025, infrastructure and real estate investments declined, with a potential opportunity for increased domestic demand in 2026. The cleanroom and overseas markets are expected to maintain a positive outlook [3][15] - The report highlights that in 2025, China's GDP reached 140 trillion yuan, growing by 5.0% year-on-year, while fixed asset investment (excluding rural households) fell by 3.8% [1][15] - Infrastructure investment decreased by 2.2%, while manufacturing investment grew by 0.6%. Real estate development investment saw a significant decline of 17.2% [1][15] - The report indicates that the construction sector is under pressure due to shrinking downstream demand and slow capital allocation for infrastructure projects, leading to a decline in revenue and performance for construction companies in 2025 [3][17] - In 2026, the demand for infrastructure remains robust, supported by proactive fiscal policies from the government, ensuring that overall spending increases and key areas are prioritized [3][17] Summary by Sections Industry Dynamics - The report notes a decline in narrow and broad infrastructure investment in 2025, with year-on-year changes of -2.20% and -1.48%, respectively. The investment growth rate in December continued to decline [1][15] - The cleanroom construction demand is expected to continue rising, benefiting leading companies in this sector [7][12] Market Performance - The construction industry saw a weekly increase of 1.88%, outperforming major indices such as the Shenzhen Composite Index and the Shanghai Composite Index [18] - The chemical engineering and steel structure sectors performed particularly well, with increases of 10.95% and 7.33%, respectively [18] Key Companies to Watch - Recommended companies include low-valuation state-owned enterprises such as China State Construction Engineering, China Communications Construction Company, and China Railway Construction Corporation, which are expected to see improvements in key operational indicators and dividend payouts [10][11] - Cleanroom engineering leaders like Yaxiang Integration and Shenghui Integration are highlighted for their rapid order growth and strong overseas business performance [11][12] - Companies with significant overseas contracts, such as China National Materials and China Steel International, are also recommended due to their strong growth in international markets [10][11] Financial Metrics - The construction industry’s price-to-earnings (P/E) ratio is reported at 13.28 times, with a price-to-book (P/B) ratio of 0.88 times, indicating a relative valuation position among various sectors [23] - The report identifies companies with the lowest P/E ratios, including Shandong Road and Bridge and China State Construction, suggesting potential investment opportunities [23][26]

2026 年 01 月 25 日 北交所定期报告 新股审核及上市提速，关注专精特新 小巨人及业绩超预期企业 本周市场回顾： 本周上证指数上涨 0.52%，北证 A 股指数上涨 2.33%，跑赢上证综指 1.81pct，北证 50 指数上涨 2.4%,跑赢上证综指 1.89pct，创业板指 数上涨 1.23%，科创板指数上涨 1.5%； 流动性方面，本周北证 A 股总成交额为 1320.1 亿元，北证 50 总成交 额 427.7 亿元，占北证 A 股总成交额的 32.4%，环比-0.62pct。北证 A 股日均成交额 264.02 亿元，环比-34.3%，区间日均换手率为 4.27%， 较上一区间下降 2.11pct； 估值方面，截至 2026 年 1 月 23 日，北证 A 股市盈率中位数为 45.61X； 同期科创板、创业板 PE 中位数分别为 36.5 倍、37.2 倍。 个股表现&新股上市情况： 截至 2026 年 1 月 23 日，北交所上市公司总数为 290 家，较上周增加 2 家，涨幅靠前的分别为:华维设计、连城数控、亿能电力、欧普泰、 美邦科技、流金科技、特瑞斯、天力复合、能之光、民士达；跌幅 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 56.97 CNY within six months [6][9]. Core Insights - The company, Jin Chengzi, is a leading player in the laser control system sector, focusing on both horizontal and vertical business expansion. It has over 20 years of experience in the laser industry and aims to strengthen its position through continuous innovation and strategic acquisitions [1][17]. - The company is actively developing its 3D printing business and plans to acquire Samit, a unicorn company, to enhance its capabilities in fast-reflecting mirrors, which are crucial for future industries such as aerospace and quantum communication [4][39]. - The market for 3D printing is rapidly expanding, with significant growth expected in industrial applications, particularly in aerospace and consumer sectors. The importance of control systems in this market is increasing, positioning Jin Chengzi for future growth [3][41]. Summary by Sections 1. Company Overview - Jin Chengzi specializes in laser processing control systems, which serve as the "brain" of equipment, integrating modeling, path planning, and execution control [2][45]. - The company has a comprehensive product line that includes software, controllers, and galvanometers, serving over a thousand clients across various industries such as consumer electronics, new energy, semiconductors, automotive, and pharmaceuticals [2][24]. 2. 3D Printing and Future Prospects - The 3D printing market is projected to grow from billions to hundreds of billions, with Jin Chengzi's control systems expected to play a significant role in this transformation [3][41]. - The company has been investing in 3D printing technology since 2014 and has developed high-precision galvanometers that meet international standards, enhancing its competitive edge in this field [43][44]. 3. Strategic Acquisitions - The planned acquisition of Samit aims to strengthen the company's fast-reflecting mirror capabilities, which are essential for applications in commercial aerospace and quantum communication [4][39]. - This acquisition is expected to complement Jin Chengzi's existing product lines and expand its market reach into high-growth sectors [4][39]. 4. Financial Performance and Projections - The company has maintained stable revenue growth, with projected revenues of 2.61 billion CNY in 2025, 3.26 billion CNY in 2026, and 4.17 billion CNY in 2027, alongside net profits of 0.48 billion CNY, 0.73 billion CNY, and 1.05 billion CNY respectively [9][11]. - The gross margin for the core business remains high, around 70%, indicating strong profitability and effective cost management [29][30].

Investment Rating - The report assigns a "Buy-A" rating to the company with a 6-month target price of 126.87 CNY, corresponding to a 40x PE for 2026 [2][3]. Core Insights - The company is expected to achieve a net profit of 180-200 million CNY in 2025, representing a year-on-year increase of 68.29%-86.99% [1]. - The anticipated revenue for 2025-2027 is projected to be 1.05 billion, 1.26 billion, and 1.45 billion CNY, with year-on-year growth rates of 38.3%, 20.0%, and 14.7% respectively [2]. - The company is actively exploring new opportunities in AI software, enhancing its product offerings and operational efficiency [1]. Financial Performance Summary - The company's revenue for 2025 is estimated at 1,050 million CNY, with a net profit of 188 million CNY, reflecting a net profit margin of 17.9% [3][6]. - The projected net profit for 2026 is 302 million CNY, with a net profit margin increasing to 24.0% [3][6]. - The earnings per share (EPS) for 2025 is expected to be 1.98 CNY, increasing to 3.17 CNY in 2026 [3][6]. Market Position and Strategy - The company is positioned as a leading domestic player in the tool manufacturing sector, likely to see an increase in market share and profitability as manufacturing demand stabilizes [2]. - The introduction of the "HuaRui Smart Plus" industrial software is expected to enhance processing efficiency by 5-30%, thereby optimizing management costs and extending tool lifespan [1].

Investment Rating - The report assigns a "Buy-A" investment rating with a 12-month target price of 19.87 CNY, representing a dynamic P/E ratio of 32X for 2026 [4][6]. Core Insights - Moulding Technology is a leading player in the automotive bumper sector, holding a 13.5% market share in China as of 2022, and is expanding into the robotics sector to create a second growth curve [1][3]. - The global automotive bumper market is projected to reach 200.6 billion CNY by 2025, with a compound annual growth rate (CAGR) of 6.4% from 2022 to 2025, indicating steady growth in the industry [2][61]. - The company is leveraging its expertise in lightweight materials and injection molding processes to enter the robotics market, having secured small batch orders for humanoid robot outer covers [3][82]. Summary by Sections Company Overview - Moulding Technology has over 30 years of experience in the plastic parts sector and has established itself as a leader in the automotive bumper market, with significant partnerships with major automotive brands [1][14]. - The company has expanded its global footprint with production bases in Mexico and has begun to serve North American clients, including leading electric vehicle manufacturers [1][67]. Market Dynamics - The automotive bumper market is experiencing consolidation, with leading companies strengthening their market positions through technological advancements and supply chain efficiencies [2][64]. - The shift towards electric vehicles is expected to further solidify the competitive landscape, with Moulding Technology positioned to benefit from this trend [2][61]. Financial Performance - The company reported a total revenue of 7.136 billion CNY in 2024, with a net profit of 626 million CNY, reflecting a recovery in profitability despite a decline in revenue [9][30]. - The gross profit margin has improved significantly, reaching 19.58% in the first three quarters of 2025, driven by the profitability of its Mexican operations [33][41]. Growth Opportunities - The robotics sector presents a new growth avenue for Moulding Technology, with the company planning to utilize its existing technology in automotive parts to capture market share in this emerging field [3][73]. - The global automotive exterior parts market is expected to grow, with Moulding Technology aiming to increase its market share through product innovation and strategic partnerships [49][52].

Investment Rating - The industry investment rating is "Outperform the Market - A" [5] Core Insights - The industry is experiencing a dual transformation in cost and structure due to high dependence on key intermediates, particularly 2-chloro-4-nitroaniline, which is essential for the production of disperse dyes [1] - The concentration of the disperse dye industry is increasing, with a CR4 of 70.69%, as stricter environmental regulations lead to the exit of non-compliant small and medium enterprises [2] - The implementation of carbon neutrality policies is expected to limit capacity expansion and further concentrate market share among companies with superior energy-saving and environmental protection technologies [2] Summary by Sections Industry Overview - The disperse dye industry is heavily reliant on key intermediates, which may lead to increased production costs and potential market consolidation [1] - Environmental regulations are tightening, resulting in a higher concentration of the industry and the exit of non-compliant firms [2] Company Recommendations - Recommended companies include: - Zhejiang Longsheng: 300,000 tons of dye and 100,000 tons of additives capacity, leading market share [3] - Runtu Co., Ltd.: 118,000 tons of disperse dye capacity [3] - Jihua Group: 75,000 tons of disperse dye capacity [3] - Yabang: Leading in anthraquinone structure disperse dyes [3] - Annoqi: 40,000 tons of disperse dye capacity [3] - Fulai Ant: 24,000 tons of disperse dye capacity [3] - Wanfeng: 10,000 tons of disperse dye capacity, with expansion plans [3] Market Performance - The industry has shown strong relative and absolute returns over the past months, with a 30.3% increase over 12 months [8]

Investment Rating - The investment rating for TCL Electronics is "Buy-A" with a 12-month target price of HKD 13.34, while the current stock price is HKD 10.89 [5][8]. Core Insights - TCL Electronics has signed a strategic cooperation memorandum with Sony to establish a joint venture that will enhance global brand strength and profitability. The joint venture will be 51% owned by TCL and 49% by Sony, focusing on integrated operations for products like televisions and home audio systems, expected to commence in April 2027 [1][3]. - Sony's television business has been underperforming in recent years, with a significant gap in revenue and shipment volume compared to TCL. In 2024, Sony's global television revenue is projected to be RMB 26.6 billion with a shipment of approximately 4.8 million units, while TCL's revenue is expected to be RMB 54.9 billion with around 28.9 million units shipped [2][3]. - The collaboration is anticipated to leverage TCL's strengths in Mini LED technology and supply chain efficiency, combined with Sony's audio-visual expertise, potentially increasing TCL's consolidated revenue and enhancing overall profitability in the television sector [3][4]. Financial Projections - TCL Electronics is projected to achieve a significant increase in adjusted net profit for 2025, estimated between HKD 2.33 billion and HKD 2.57 billion, representing a year-on-year growth of 45% to 60% [3]. - The company aims for continued growth through globalization and a focus on mid-to-high-end products, with expected earnings per share (EPS) of HKD 0.98, HKD 1.21, and HKD 1.48 for the years 2025, 2026, and 2027 respectively [4][9]. - Revenue forecasts indicate a growth trajectory from HKD 99.32 billion in 2024 to HKD 151.2 billion by 2027, with net profit projected to rise from HKD 1.76 billion in 2024 to HKD 3.74 billion in 2027 [9][17].