Investment Rating - The investment rating for the company is "Buy" and is maintained [13]. Core Insights - The report highlights that the company, Dekang Agriculture, has explored a path of industrial revitalization in the pig farming industry, achieving a model that effectively links farmers and enhances their wealth. The company has established a high-barrier breeding system and restructured production relationships to maximize the potential of farmers [3][18]. - The "Hundred Villages, Million" project has accelerated the implementation of the second farm model, empowering rural revitalization and achieving strong agricultural growth. Dekang's approach transforms industry challenges into a robust competitive advantage, resulting in a pig farming system characterized by low investment, high turnover, and high returns [3][18]. Summary by Sections Breeding Strategy - Dekang has prioritized breeding strategies, successfully building a high-barrier breeding system and genetic resource bank over nearly two decades. The company has established a leading scale and independent technology in breeding, with a core breeding herd of 14,900 heads and purebred pig scale of 147,300 heads by the end of 2024 [9][21][24]. - The company has initiated a comprehensive genomic breeding program since 2019, achieving 100% coverage of its breeding lines and establishing extensive databases for breeding performance [9][21]. Second Farm Model - The second farm model has positioned Dekang as a benchmark in the industry, with advantages such as restructuring production relationships, comprehensive management support for farmers, and fostering closer cooperation between farming enterprises and farmers [10][56]. - By 2025, it is expected that the second farm model will account for over 20% of the company's output, enhancing the efficiency of family farms and significantly improving farmers' management capabilities [10][56]. "Hundred Villages, Million" Project - The "Hundred Villages, Million" project serves as a template for county-level deep cultivation, enhancing rural revitalization and increasing farmers' income. This model integrates government, enterprises, banks, insurance, and farmers, transforming them into modern farm owners with improved management skills [11][18]. - The project aligns with national strategies and policies, contributing to rural revitalization and common prosperity through increased farmer income and stable relationships within the agricultural supply chain [11][18].

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - In the short term, the electricity gap in North America continues to widen, leading to a supply-demand imbalance for gas turbines, which presents an opportunity for gas generator sets to become the primary power source [3][9]. - In the medium to long term, gas generator sets are expected to become a preferred choice for small to medium-sized data centers due to their advantages in speed of delivery and operational efficiency [3][9]. - Domestic companies, such as Weichai Power and Yinlun Co., are well-positioned to benefit from this opportunity due to their production capacity and quick delivery capabilities [3][9]. Summary by Sections Background - The demand for AI computing power has surged, resulting in a projected electricity gap of approximately 73.2 GW in the U.S. from 2025 to 2030, which could increase to 201 GW if data center growth exceeds expectations [6][27]. Demand - Gas generator sets are expected to experience explosive growth in the short term due to the electricity shortage, with a projected demand of about 9 GW for gas generator sets in North America by 2026 [7][56]. - The medium to long-term outlook indicates that gas generator sets will be favored for their modularity and lower redundancy costs, particularly for data centers with capacities around 100 MW [8][58]. Supply - There is a significant supply shortage of gas generator sets from overseas manufacturers, while domestic companies like Weichai Power can deliver quickly due to their ample production capacity [8][73]. Investment Recommendations - The report suggests a strong growth cycle for gas generator sets in North America, driven by the ongoing electricity shortage and the limited supply of gas turbines [9][3].

丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 假期金属价格走强，看好节后配置机遇 报告要点 [Table_Summary] 铜铝节后易涨难跌，重视板块机会。商品端，铜铝节后易涨难跌，中长期经济底部与逆全球化 促进供需结构优化，弹性可期：1）短期，美国对降息及铜关税态度，依然是短期工业金属价格 走势的主导因素，在二者并未发生根本性转变之前，维持铜铝趋势看涨判断，节后国内金三银 四旺季、中美会谈、联储主席换届等均构成催化；2）中期，美联储降息引领全球趋势宽松促进 铜铝周期上行；3）长期，逆全球化加剧各国对资源争夺，铜铝中枢趋势上行。 分析师及联系人 [Table_Author] 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S0490519080004 SAC：S0490522080001 SFC：BQT626 SFC：BUT918 SFC：BWM115 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丨证券研究报 ...

Investment Rating - The investment rating for Lenovo Group is "Buy" and is maintained [8]. Core Insights - Lenovo achieved revenue of $22.204 billion in FY2026Q3, representing an 18% year-on-year growth; gross margin was 15.1%, a decrease of 0.6 percentage points; net profit attributable to shareholders was $546 million, down 21% year-on-year, primarily due to one-time restructuring costs and non-cash items; adjusted net profit was $589 million, up 36% year-on-year [2][5]. Business Overview - Lenovo's revenue reached a historical high this quarter, with all three business segments (IDG, ISG, and SSG) achieving double-digit year-on-year growth. The main growth driver was Lenovo's AI-related businesses, which saw a 72% year-on-year revenue increase, accounting for 32% of total revenue [5]. IDG Segment - The IDG segment generated revenue of $15.755 billion in FY2026Q3, a 14% year-on-year increase. Global PC shipments increased by 9.6% year-on-year to 76.4 million units in 2025Q4, driven by AIPC demand and the end of Windows 10 support. Lenovo's PC shipments grew by 14.4% year-on-year, increasing its global market share to 25.3% [5]. ISG Segment - The ISG segment reported revenue of $5.176 billion in FY2026Q3, a 31% year-on-year increase. The AI server business was a core growth engine, with a backlog of $15.5 billion in orders. Strategic restructuring initiated in Q3 is expected to yield net cost savings of RMB 1.4 billion over the next three years [5]. SSG Segment - The SSG segment achieved revenue of $2.652 billion in FY2026Q3, an 18% year-on-year increase, with an operating profit margin of 22.5%. AI services revenue grew by triple digits, and non-hardware-bound operations and project solutions accounted for about 60% of revenue [5]. Profit Forecast - Given the company's multi-terminal strategy covering PCs, servers, and smartphones, and its deep engagement with AI trends, Lenovo is expected to achieve net profits of $1.671 billion, $1.905 billion, and $2.200 billion for FY2026, FY2027, and FY2028, respectively, maintaining the "Buy" rating [5].

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - As of February 22, the cumulative year-on-year growth rate of national express delivery volume for the first five weeks of the year is 1.9%, a significant slowdown compared to 29.3% in the same period last year. This slowdown is attributed to increased compliance costs due to precise tax audits and the positive price growth resulting from regulatory measures against excessive competition. The industry is expected to maintain single-digit growth rates through 2026, with leading companies likely to gain market share [2][4][5]. Summary by Sections Industry Overview - The express delivery volume growth has significantly slowed, with the current growth rate at 1.9% compared to 29.3% last year. This is primarily due to increased compliance costs for merchants and a positive price growth trend since September 2025 [4][5]. Market Dynamics - The leading express companies are expected to see their market share increase as the competitive landscape shifts. In January, the growth rates for major companies were as follows: YTO Express at 29.8%, Shentong Express at 25.6%, and Yunda Express at 10.8% [4][5]. Recommendations - The report recommends focusing on leading express companies such as Zhongtong and Yuantong, which are currently valued at historical lows. Attention is also drawn to SF Express, which has been optimizing its product structure and is expected to see a profitability turnaround [5]. Logistics Data - Air freight prices have remained stable despite the off-peak season, with strong demand for high-tech products contributing to this trend. The average utilization rates for Eastern Airlines and Southern Airlines logistics are reported at 10.7 hours and 14.0 hours, respectively [7][28].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The high - frequency data during the 2026 Spring Festival shows that the "quantity" of travel and tourism consumption continued to recover, but the price recovery lagged; the logistics was differentiated, with strong foreign trade resilience and weak production and consumption logistics; the volume of hotels and scenic spots increased while the price decreased, and the box office was weak; the real - estate market continued to be under pressure, with weak transactions in both new and second - hand housing. With the price increase in the second half of last year and the carry - over effect, it is highly likely that the subsequent fundamentals will shift from "trading price for volume" to "trading volume for price". Currently in a low - interest - rate environment in China, minor fundamental changes have limited impact on the bond market, and the view of a volatile bond market is maintained. The short - end of the bond market depends on the central bank, and the carry - trade strategy may continue. The long - end, especially the 30 - year treasury bond, needs to focus on fiscal efforts and the bank's carrying capacity. In the medium - term, the inflation theme should be monitored [1][4][7][77]. 3. Summary by Relevant Catalogs 3.1. Travel: Long holidays release travel demand, and self - driving travel is popular - The demand for family visits and tourism during the Spring Festival was continuously released, and the overall passenger volume remained high. As of the sixth day of the first lunar month, during the first 21 days of the Spring Festival travel rush, the overall passenger volume increased by 6.0% year - on - year. Among different transportation modes, the waterway had the highest growth rate, with railway, civil aviation, highway, and waterway passenger volumes increasing by 5.3%, 5.5%, 6.0%, and 23.1% respectively [10]. - The cross - regional population flow during the Spring Festival travel rush in 2026 reached a new high in recent years, with a significant increase in travel willingness. The peak occurred on the sixth day of the first lunar month, with a 12.3% increase compared to 2025, a 20.6% increase compared to 2024, and a 46.9% increase compared to 2019 [10]. - There was an obvious characteristic of off - peak travel before the festival. The growth compared to 2025 was mainly concentrated in the post - festival peak, while the improvement compared to 2024 started from the 24th day of the twelfth lunar month. The growth compared to 2019 was throughout the whole period, indicating that the long holiday catalyzed the release of residents' travel demand [11]. - The travel choices during the Spring Festival travel rush in 2026 were dominated by self - driving, reflecting residents' preference for short - distance travel. The proportion of non - commercial highway (mainly private cars) flow reached 81.6%, a 11.9 - percentage - point increase compared to 2019 [18]. - The domestic flight volume, passenger volume, and occupancy rate remained prosperous, but the price recovery was weak, and the pattern of "trading price for volume" was difficult to reverse in the short term. The domestic flight volume increased by 4.0% year - on - year, the passenger volume increased by 6.5%, the occupancy rate increased by 1.2%, and the domestic oil - included ticket price decreased by 1.5% [22]. 3.2. Logistics: Foreign trade shows resilience, while production and consumption logistics weaken in advance - The national logistics near the Spring Festival in 2026 showed a pattern of "strong foreign - trade resilience, high - then - low production logistics, and early - weakening consumption logistics". The container throughput maintained a year - on - year positive growth of 9.3% - 12.2% in the four weeks before the festival, but the growth rate of the monitored port cargo throughput fluctuated and declined [34]. - The production logistics was high in the early stage and low in the later stage. The national highway truck traffic volume increased by 4.3% and 2.6% year - on - year in the four and three weeks before the festival respectively, but the growth rate slowed down and turned negative in the last two weeks before the festival, indicating a rapid contraction of production logistics near the holiday [34]. - The consumption logistics contracted in advance. The postal express collection volume declined from 9.2% four weeks before the festival to 0.5% one week before the festival, and the delivery volume declined from 7.9% to 1.4%, suggesting that the peak of New Year goods delivery was earlier than last year [34]. - The railway transportation was stable, and civil aviation continued to grow. The national railway freight volume fluctuated slightly around zero, and the civil aviation flight volume maintained a positive growth of 4.8% - 6.0% [34]. 3.3. Tourism Consumption: Hotels and Scenic Spots See Volume Increase but Price Decrease, and the Box Office is Weak - The hotel occupancy rate increased, but the price was under pressure. The occupancy rate of the overall sample of Chinese mainland hotels increased from 54.7% five weeks before the festival to 64.0% one week before the festival, a year - on - year increase of 11.7%. However, the revenue per available room (RevPAR) and the average daily rate (ADR) decreased compared to last year [40]. - The scenic spots' business improved. The number of tourists in many provincial - level key - monitored scenic spots increased significantly, and the revenue of some popular scenic spots also increased substantially. For example, the revenue of Zhangjiajie Huanglongdong increased by 79% [42][45]. - Hainan's tourism consumption recovered strongly, with both volume and price increasing. The number of passengers at Haikou Meilan Airport increased day by day, and the off - island duty - free shopping also rebounded significantly. From February 15 - 19, the shopping amount, number of people, and per - capita consumption were 13.8 billion yuan, 17.7 million person - times, and 7,797 yuan respectively, with year - on - year increases of 19%, 24.6%, and - 4.5% [45]. - The Spring Festival movie market had a weak performance in both volume and price. The 7 - day cumulative box office from New Year's Eve to the sixth day of the first lunar month was 5.09 billion yuan, with a recovery rate of only 86% compared to 2019, and the average ticket price decreased by 5% year - on - year [47]. 3.4. Real Estate: Both New and Second - hand Housing Transactions are Weak, and the Volume and Price in First - tier Cities are Declining - The new - housing market had a significant decline in transaction volume. The transaction area of commercial housing in 30 large and medium - sized cities in the two months before the Spring Festival in 2026 was significantly lower than the same period in the past five years. In the first week before the festival, it was only 1.102 million square meters, a year - on - year decrease of 36.6%, and during the Spring Festival week, it was 83,000 square meters, a year - on - year decrease of 20.4% [61]. - The second - hand housing market was weak in both volume and price. The 7 - day moving average (7DMA) of the second - hand housing transaction area in 12 cities was only 247,200 square meters in the first week before the Spring Festival, a year - on - year decrease of 15.3%. The national second - hand housing listing price index continued to decline, with a 7.0% year - on - year decrease in the first week before the festival [61]. - The land market was also sluggish. The premium rate of land transactions in 100 large and medium - sized cities was 2.42% in the first week before the festival, significantly lower than 9.86% in the same period last year [62]. 3.5. How will the Bond Market Price the Spring Festival Holiday Data? - The real - estate market is still in a downward pressure channel, with weak sales volume and price, especially in some first - tier cities where housing prices may decline at an accelerated pace. The consumer data shows a rapid recovery in volume but pressure on prices, continuing the "trading price for volume" trend. With the price increase in the second half of last year and the carry - over effect, it is likely that the fundamentals will shift from "trading price for volume" to "trading volume for price" [77]. - In the current low - interest - rate environment in China, minor fundamental changes have limited impact on the bond market. The view of a volatile bond market is maintained. The short - end of the bond market depends on the central bank, and the carry - trade strategy may continue. The long - end, especially the 30 - year treasury bond, needs to focus on fiscal efforts and the bank's carrying capacity. In the medium - term, the inflation theme should be monitored [77].

Investment Rating - The report maintains a "Positive" investment rating for the electrical equipment industry [12]. Core Insights - The report highlights that the increasing demand for AI is exacerbating the electricity shortage in the U.S., leading to rising electricity prices and a shift towards self-built power sources for data centers [4][20]. - Legislative actions are accelerating the implementation of policies that encourage data centers to build their own power sources, which is expected to significantly boost the demand for transformers and energy storage systems [7][33]. - The report quantifies the expected growth in transformer demand due to self-built power sources, estimating a compound annual growth rate (CAGR) of approximately 38.4% for main transformers and 15.4% for distribution transformers from 2026 to 2030 [54][57]. Summary by Sections Self-Built Power Sources for Data Centers - The report indicates that self-built power sources for data centers in the U.S. are becoming a prevailing trend due to the increasing electricity demand and regulatory pressures [7][20]. - It discusses the anticipated power supply architecture for data centers, which will require higher voltage levels (230-500kV) to accommodate larger capacities [8][34]. Transformer Demand - The report estimates the transformer demand for self-built power sources, projecting that from 2026 to 2030, the demand for main transformers will grow significantly, with specific capacity requirements outlined for different voltage levels [9][52]. - The estimated demand for transformers includes 10.59 GW for 230kV, 14.82 GW for 138kV, and 26.32 GW for 34.5kV in 2026, with substantial increases expected in subsequent years [52]. Energy Storage Demand - The report analyzes the energy storage requirements for data centers, projecting a compound annual growth rate of 23% for energy storage needs, potentially exceeding 150 GWh by 2030 [10][58]. - It outlines various applications for energy storage, including supporting power supply, demand response, and load smoothing, which are critical for managing the fluctuating demands of AI workloads [60][63].

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 美国关税"内乱"，大类资产有何影响？ ——海外利率与大类资产配置周报 报告要点 [Table_Summary] 春节假期中，海外关注三大事件：第一，美国最高法判决芬太尼关税和全球对等关税无效，特 朗普加征 15%全球关税应对，边际利好我国出口，预计今年增速中枢或在 5%以上。第二，美国 四季度 GDP 增速超预期回落，经济 K 型分化显著。第三，美伊分歧严重，中东局势再度升级。 大类资产多数共振回升，原油表现最为强势，商品仍然维持超高波动。综合考虑假期相关海外 事件，贵金属与原油短期最受益。长期而言，年内更看好黄金和铜。前者涨价根本逻辑没有变 化，而对于后者，在供给端中长期刚性的背景下，需求端叙事仍在，年内涨幅或超黄金。 分析师及联系人 [Table_Author] 赵增辉 马骏 SAC：S0490524080003 SAC：S0490525120004 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 美国关税"内乱"，大类资产有何影响？ 2] —— ...

Investment Rating - The investment rating for the steel industry is Neutral, maintained [8] Core Insights - The current steel sector exhibits significant elasticity and potential for exceeding expectations, with low inventory levels alleviating post-holiday destocking pressure. The probability of price increases for finished steel is greater than that of declines, indicating a notable price elasticity if demand or supply is catalyzed [2][5] - The market is expected to show a strong performance post-holiday due to factors such as low inventory, cost support, and the anticipation of a demand peak in March. The sentiment among traders is bullish, supported by the low profitability and inventory levels of steel mills [4][5] - The winter storage effort this year is the weakest in recent years, with total inventory of five major steel products showing a month-on-month increase of 19.16% but a year-on-year decrease of 8.2% [4][5] Summary by Sections Market Performance - During the Spring Festival, the market remained stable, with prices holding steady compared to pre-holiday levels. Post-holiday, the market is expected to experience strong fluctuations due to the inertia of steel mills pushing prices up and low inventory levels in certain regions [4][5] Supply and Demand Dynamics - Demand during the holiday was stable, with a low level of market activity. However, the expectation of a demand peak post-holiday is likely to support prices. Supply is showing divergence, with blast furnaces maintaining normal production while electric arc furnaces are generally offline for maintenance [4][5] - The overall supply is expected to gradually recover after the holiday, with the current production levels remaining low [4] Price Trends - The price of rebar has stabilized around 3,210 CNY/ton, while hot-rolled steel remains at 3,230 CNY/ton, both unchanged from the previous period. The estimated profit for rebar is currently negative, indicating a challenging profitability environment for steel mills [4][5] Investment Opportunities - The report suggests focusing on the steel sector during the peak demand season, with capital markets showing optimism for a rebound in cyclical sectors. Companies with strong volume growth expectations and high profit elasticity, such as Fangda, CITIC, and Baosteel, are highlighted as potential investment targets [6][5]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [9] Core Insights - The PJM market in the U.S. has successfully navigated out of an "involution" phase, driven by both demand recovery from AI and significant supply reforms, including adjustments to capacity market supply curves that led to substantial increases in capacity prices [3][5] - The report suggests that implementing a reliable capacity mechanism in China could yield similar results, emphasizing that policy-driven capacity exit is crucial for resolving supply-demand imbalances [3][7] - The report highlights the importance of forced capacity exit, particularly focusing on "low-carbon" and "environmental" considerations, as effective strategies for addressing overcapacity in various industries [3][7] Summary by Sections Why Focus on U.S. Electricity "Anti-Involution"? - The U.S. officially entered a "national energy emergency" on January 20, 2025, with measures aimed at releasing energy supply, leading to a significant shift in supply-demand dynamics, particularly in the PJM market [5][18] - The PJM market is recognized as a model for electricity market reform globally and is seen as a potential reference for China's electricity market evolution [5][24] Origins and Solutions of "Involution" - The electricity sector's inherent characteristics lead to a persistent oversupply, creating conditions for "involution" [6][29] - The PJM market experienced a complete "involution" cycle from 2016 to 2025, with significant capacity price declines followed by recovery due to policy reforms and demand resurgence [6][7] Policy Initiatives and Challenges - The report discusses the necessity of policy interventions to facilitate the retirement of outdated power generation units, particularly coal and gas plants, to optimize supply capacity [52][53] - The PJM market has seen a significant reduction in coal-fired capacity, with a total of 12.89 million kilowatts retired from 2022 to 2023 [53] Investment Recommendations - The report recommends focusing on quality transitioning coal power operators such as Huaneng International, Guodian Power, and Huadian International, as well as green energy companies like Longyuan Power and Xintian Green Energy, which are expected to benefit from the ongoing reforms [7][8]