Investment Rating - The report provides a recommendation for the technology sector, specifically highlighting key stocks for February 2026 [6]. Core Insights - The report identifies several companies across different segments of the technology industry, including electronics, communications, computing, and media, suggesting a diversified investment approach [6]. - Key companies recommended include: - Electronics: Dongshan Precision, Lanke Technology - Communications: Wolong Materials, Haige Communications - Computing: Zhongkong Technology, Haiguang Information - Media: Kaiying Network, Giant Network [6]. Summary by Category Electronics - **Dongshan Precision**: Positioned for growth due to AI technology advancements, with a focus on optical communication and PCB sectors. The acquisition of Solstice Optoelectronics enhances its market position [9]. - **Lanke Technology**: Expected to benefit from the growth in AI servers and memory interface chips, with a projected increase in DDR5 penetration rates [10]. Communications - **Wolong Materials**: Strong in traditional materials and expanding into new energy products, with significant profit growth expected from 2025 to 2027 [10]. - **Haige Communications**: Focused on commercial aerospace and satellite communication, with anticipated profit recovery post-2025 [10]. Computing - **Zhongkong Technology**: Emphasizes industrial AI transformation, leveraging its self-developed industrial model TPT to enhance customer ROI and operational efficiency [11]. - **Haiguang Information**: A leader in high-end CPUs and DCUs, expected to see significant growth driven by domestic demand for AI computing [12]. Media - **Kaiying Network**: Anticipates new game launches in 2026, with a strong pipeline of products expected to drive revenue growth [13]. - **Giant Network**: Positive performance from existing games and new releases, with ongoing AI integration in gaming expected to enhance user engagement [13]. Financial Projections - The report includes earnings per share (EPS) and price-to-earnings (PE) ratios for the recommended companies, indicating expected growth in profitability from 2024 to 2027 [14].

行业研究丨深度报告丨电子元件 [Table_Title] 液态金属行业五问五答 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 苹果作为全球消费电子硬件创新的引领者，其自身的高端机存量用户 10 亿以上，安卓品牌在 前几年已经给消费者完成折叠屏市场教育阶段，大量 IOS 用户期待苹果的折叠屏手机问世，我 们预期其首代产品将大卖，若后续采用液态金属转轴也会对当下安卓品牌形成很好的示范作 用，液态金属行业或将迎来新一轮高成长。针对市场普遍关注的几个问题，本篇报告以五问五 答的形式行文论述。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 2 / 21 液态金属，即非晶合金，是指与通常情况下金属材料的原子排列呈现的周期性和对称性所不同 的非结晶状态的金属，其内部原子排列为短程有序、长程无序的玻璃态结构，因此又被称为"金 属玻璃"。 产业液态金属应用场景 %% %% %% %% research.955 ...

%% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 行业研究丨深度报告丨软件与服务 [Table_Title] 阿里云（2）：Token 爆发在即，看好全栈玩家突 围 %% %% %% %% research.95579.com 2 [Table_Summary] 观察海外 AI 产业的发展路径，我们发现从大厂密集投入 Capex（2023 年）到 Token 的爆发 （2025 年）并非一蹴而就，中间存在两年的滞后期。国内大厂投入滞后一年，实际是 2024 年 下半年开启正式的 AI 资本开支周期。参照海外的回报周期，国内 token 数量有望在今年迎来真 正的爆发。在 token 爆发的背景下，云厂商作为应用的血液将率先受益。横向对比所有 AI 时代 大厂，我们发现具备全栈式 AI 布局的企业有望率先形成 AI 投资回报的正循环。因为在丰富的 既有场景下，全栈式 AI 玩家更容易将模型的每一次进步转化为业务收入或者业务壁垒。 分析师及联系人 [Table_Author] 宗建树 卢之晗 SAC：S0490520030004 SAC：S0490525120001 S ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [12]. Core Insights - The company, Nanya New Materials, has been deeply involved in the copper-clad laminate (CCL) industry for over 20 years, producing a wide range of products suitable for various applications, including high-frequency and high-speed products for the 5G era [4][10]. - The CCL market in China has shown steady growth since 2018, with an expected market size of 71.2 billion yuan in 2023, driven by increasing demand in telecommunications, computing, consumer electronics, and automotive electronics [7][29]. - The demand for high-frequency and high-speed CCL is significantly driven by advancements in AI and 5G technologies, which require materials with low dielectric constants and low loss factors [44][71]. Company Overview - Nanya New Materials has established a robust production and R&D network centered in Shanghai, with additional facilities in Jiangsu, Guangdong, and Jiangxi, allowing it to adapt to diverse market needs [10]. - The company has developed a comprehensive product line that includes various grades of CCL, catering to the evolving requirements of the electronics industry [10][76]. Industry Dynamics - The CCL industry is experiencing a price increase cycle, with strong upward pressure on prices due to rising costs of key raw materials such as copper foil, resin, and fiberglass cloth [8][35]. - The industry is characterized by a higher concentration compared to the PCB industry, which limits the bargaining power of PCB manufacturers against CCL suppliers [35]. - The demand for high-frequency and high-speed CCL is expected to grow as AI applications expand, necessitating advanced materials that meet stringent performance criteria [76][79].

[Table_scodeMsg1] 港股研究丨公司深度丨太平洋航运（02343.HK） [Table_Title] 太平洋航运：细水长流，共迈远途 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 太平洋航运是一家深耕于小宗散货海运的公司，由于处于强周期的完全竞争市场，公司业绩随 行业波动，当前行业底部，拐点将至，供给端温和增长，无明显扩张迹象，且老龄化加剧有效 运力收紧，需求端提供向上弹性，西芒杜投产、美联储降息以及或有的俄乌战后重建等多重因 素助力拉涨行业的运量与运距。在运价中枢有望抬升的情况下，太平洋航运凭借其业内领先的 运力规模、经验老道的管理层与船管团队、稳健的多长约运营策略、审慎的资本开支纪律和持 续高分红承诺，展现出显著的周期防御性，且未来有望随着行业景气上行而展现业绩弹性。 分析师及联系人 [Table_Author] 韩轶超 魏爱晓 SAC：S0490512020001 SFC：BQK468 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 [Table_s ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The penetration rate of domestic new energy passenger vehicles has reached 55%, and future sales growth is expected to slow down. However, the increase in battery capacity is anticipated to significantly impact demand, with a projected double-digit growth in battery demand for passenger vehicles by 2026 [2][4] - The domestic new energy passenger vehicle market has entered a consumption-driven growth phase since the end of 2020, with penetration rates increasing from around 10% to an expected 55% by the end of 2025. This growth is accompanied by a slowdown in sales growth due to a higher base [4][17] - The increase in battery capacity is expected to support the growth of battery installations, with single-vehicle battery capacity projected to rise from 52.8 kWh in April 2025 to 61.2 kWh by December 2025 for EVs, and from 23.3 kWh to 33.7 kWh for PHEVs during the same period [4][18] Summary by Sections Market Trends - The market for new energy passenger vehicles is projected to see a slight decline in total vehicle numbers, while new energy vehicles are expected to achieve small single-digit growth due to increased penetration rates. Battery capacity per vehicle is expected to increase by approximately 7%-8%, supporting a battery installation growth rate of around 12% [6][34] Policy and Economic Factors - Positive factors for battery capacity enhancement include changes in the old-for-new policy, which sets a subsidy cap at 8% of the vehicle price in 2026, and changes in purchase tax standards that require PHEVs to have a pure electric range of 100 kWh to qualify for tax exemptions [5][23] - The trend towards larger batteries in range-extended and plug-in hybrid vehicles is expected to continue, addressing consumer concerns about range anxiety and enhancing the perception of electric vehicles' convenience and cost-effectiveness [24] Product Development - Major manufacturers are launching new models with increased battery capacities. For instance, BYD and Geely are introducing models with capacities ranging from 20.79 kWh to 36.62 kWh for their 2026 versions [27][30] - The introduction of large-capacity EVs and PHEVs is expected to further enrich the market, with new models like the Wanjie M9 and NIO ES9 expected to have battery capacities around 100 kWh [31][33]

丨证券研究报告丨 中国经济丨点评报告 [Table_Title] 财政支出：谁在压降，谁在扩张？ ——12 月财政数据点评 报告要点 [Table_Summary] 2025 年财政收官，主要有以下看点：1）2025 年广义财政收支同比均不及预算水平，但广义财 政支出同比略好于 2024 年。2）第一本账最为刚性，但 2025 第一本账支出完成度为 2003 年 以来最低，重点支持了社保就业、节能环保、卫生健康等三项，基建类压降明显。3）2025 年 12 月广义财政收入当月同比-19%，中央非税收入因高基数大幅回落，税收也跟随经济表现有 所回落。4）2025 年 12 月广义财政支出当月同比-0.4%，边际提速，集中于基建和服务消费。 展望 2026Q1，预计财政仍将前置，增长与化债两手抓，经济大省挑大梁，共同助力"开门红"。 分析师及联系人 [Table_Author] 于博 宋筱筱 SAC：S0490520090001 SAC：S0490520080011 SFC：BUX667 SFC：BVZ974 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Tab ...

行业研究丨专题报告丨家用电器 [Table_Title] xTool：全球科技工具品牌，龙头地位持续巩固 报告要点 [Table_Summary] 公司专注于全球科技工具市场，产品以激光工具为核心，并拓展至材料打印领域。行业层面， 全球市场规模预计保持快速增长，其中激光类稳步渗透，材料打印类（尤其 DTF）增长显著。 公司地位稳固，在激光市场及核心细分领域份额持续领先，并快速切入材料打印市场，位列全 球前三。财务方面，公司收入稳健增长，毛利率保持较好水平。整体来看，公司已在高增长赛 道建立领先优势，具备持续发展的基础。综上，建议把握科技工具优质赛道及产业链投资机会。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 家用电器 cjzqdt11111 [Table_Title2] xTool：全球科技工具品牌，龙头地位持续巩固 [Table_Summary2] 公司概览：全球化布局深化，产品矩阵持续丰富 xTool 是一家全球消费科技品牌 ...

[Table_scodeMsg1] 公司研究丨深度报告丨宁德时代（300750.SZ） [Table_Title] 迈向应用创新，再造宁德时代——换电篇 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 从宁德时代近两年的战略方向看，动力、储能电池持续的材料体系研发、极限制造创新仍是重 点和基础，与之同时面向市场应用的集成产品、商业模式创新有被更多的提及。因此，我们将 宁德时代的研究重点，从锂电池制造转向应用创新布局，关注换电与车电分离、滑板底盘、数 据中心储能集成、零碳电网等业务进展。本篇报告将重点介绍宁德时代的换电战略。 分析师及联系人 [Table_Author] SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 邬博华 曹海花 叶之楠 [Table_scodeMsg2] 宁德时代（300750.SZ） cjzqdt11111 [Tab ...

行业研究丨深度报告丨汽车与汽车零部件 [Table_Title] 重卡新视界系列之新能源重卡：如何展望 2026 年重卡新能源渗透率以及带电量趋势？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 从政策导入到经济性驱动，国内重卡电动化加速同时带电量持续提升，2026 年新能源重卡渗透 率预计为 33.0%，同比提升 4.1pct；平均带电量预计将达 498KWh，同比增长 15.6%；电动重 卡持续放量，传统车企新能源重卡业务有望迎来格局和盈利双修复，重点推荐中国重汽。 分析师及联系人 [Table_Author] 高伊楠 吴优 SAC：S0490517060001 SFC：BUW101 请阅读最后评级说明和重要声明 2 / 25 %% %% %% %% research.95579.com 2 [Table_Title 重卡新视界系列之新能源重卡：如何展望 2] 2026 年重卡新能源渗透率以及带电量趋势？ [Table_Summary2] 复盘：从政策导入到市场驱动，重卡电动化加速 国内新能源重卡发展历程主要可以划分为两个阶段 ...