Investment Rating - The report indicates a positive outlook for the coal sector, suggesting a bottom reversal investment opportunity in 2026 [2][8]. Core Insights - The report highlights a slowdown in electricity demand growth for 2025, with thermal power generation experiencing its first negative growth in nearly a decade. Despite high new installations of wind and solar power, the utilization hours are deteriorating [5][6]. - Looking ahead to 2026, while green energy construction is expected to slow, the issue of electricity surplus remains severe. The report anticipates a shift in the coal supply-demand balance from surplus to tightness from 2026 to 2030, indicating a potential reversal in thermal coal prices [2][7]. Summary by Sections Electricity Sector - In 2025, the total electricity consumption in China exceeded 10 trillion kilowatt-hours, reaching 10,368.2 billion kilowatt-hours, but the growth rate dropped to 5.0%, significantly lower than the nearly 7% growth in 2023 and 2024. This decline is attributed to weak demand due to a warm winter and reduced growth in energy-intensive industries [16][19]. - The electricity elasticity coefficient for 2025 fell to 1.00, the lowest since 2020, reflecting the impact of weak demand and high energy consumption [21][22]. - By the end of 2025, the total installed capacity reached 389.134 million kilowatts, with record high new installations across wind, solar, and thermal power, but the utilization hours for thermal power saw the largest decline since 2016 [23][29]. Outlook for 2026 - The report forecasts a recovery in electricity demand growth to 4.5%-5.0% in 2026, driven by industrial electrification and data centers, despite a significant drop in new solar installations [6][42]. - Thermal power generation is expected to maintain a substantial scale, with a projected low single-digit growth in electricity generation, although utilization hours for thermal power are anticipated to decline to 4,010 hours, marking a new low [6][53]. Coal Sector - The report predicts a resilient demand for coal, with thermal coal consumption expected to grow in 2026, and overall coal demand likely to stabilize and rise from 2027 to 2030 [7][62]. - Domestic coal supply growth is expected to be limited, with production checks continuing to play a crucial role in controlling supply, thus supporting coal prices in the long term [7][62]. - The report emphasizes the potential for a reversal in the coal price dilemma, with a forecasted improvement in coal prices to a range of 750-800 yuan per ton in 2026, highlighting investment opportunities in companies with low valuations and significant growth potential [8][62].

Investment Rating - The report indicates a positive outlook for the hydrogen energy industry, suggesting a transition from demonstration to large-scale application by 2025 [4]. Core Insights - The hydrogen storage and transportation technology is evolving, with liquid hydrogen showing superior economic efficiency over high-pressure gaseous methods for long-distance transport, which is a key driver for cost reduction and scaling in the hydrogen energy industry [4][10]. - The report anticipates significant advancements in the hydrogen industry during the "14th Five-Year Plan" period, with expectations for large-scale and commercial development [10]. Summary by Sections Liquid Hydrogen Storage and Transportation - Liquid hydrogen is produced by cooling hydrogen gas to -253°C, achieving a volumetric energy density approximately 800 times that of gaseous hydrogen at room temperature [7]. - Current methods for hydrogen storage and transportation include high-pressure gaseous storage, which is suitable for short distances but has limitations in efficiency and cost [7]. Industry Developments - By 2025, several projects are expected to come online, including a liquid hydrogen production facility in Anhui with a capacity of 5.27 tons per day and a hydrogen liquefaction energy consumption of 11.8 kWh/kg-LH2 [8]. - The first commercial liquid hydrogen refueling station in China has been successfully launched, capable of refueling 500 kg per day [8]. Cost Analysis - The liquefaction process is energy-intensive, with current costs estimated at 35.4%-36.0% of the low heating value of hydrogen, and advanced levels of energy consumption expected to drop to 8-10 kWh/kg-LH2 [9]. - Transportation costs for liquid hydrogen over distances of 500 km and 1000 km are approximately 3.30 CNY/kg and 6.63 CNY/kg, respectively, significantly lower than gaseous hydrogen [9]. Future Outlook - By the end of 2025, the cumulative production capacity of green hydrogen is expected to exceed 250,000 tons per year, with costs projected to decrease significantly due to advancements in technology and reductions in electricity costs [10]. - The establishment of a standardized framework for hydrogen transportation and storage is anticipated to alleviate existing bottlenecks and support large-scale hydrogen deployment [10].

Investment Rating - The report maintains a "Positive" investment rating for the military industry [2]. Core Insights - The military trade and military-to-civilian transition are highlighted as dominant sectors for investment opportunities [4]. - The gas turbine industry is expected to experience long-term high prosperity driven by domestic and international demand [6]. - China's reusable rocket technology has made significant progress, potentially leading to a low-cost era in commercial aerospace infrastructure [32]. - The construction of low-altitude economic infrastructure is anticipated to accelerate due to a joint initiative from five government departments [64]. - There is a strong outlook for the expansion of Chinese high-tech equipment in overseas defense markets [4]. Summary by Sections Gas Turbine Industry - The rise in electricity consumption due to artificial intelligence (AI) is projected to increase by 160% by 2027, with data centers requiring 500 TWh annually [9]. - Global gas turbine installations are expected to reach nearly 60 GW in 2024, with major players like Mitsubishi Power, GE, and Siemens holding over 75% market share [19]. - Orders for GE and Siemens energy businesses are showing significant growth, reflecting strong downstream demand for gas turbines [20]. - Siemens Energy anticipates a substantial increase in profit margins for its gas business, projecting a rise to 14%-16% by 2026 and further to 18%-20% by 2028 [23]. Reusable Rocket Technology - China's Long March 10 rocket has successfully completed key tests in reusable rocket technology, marking a significant advancement [34]. - The domestic commercial aerospace sector is under pressure to meet ambitious satellite deployment goals, with over 15,000 satellites planned by 2030 [39]. - SpaceX's Starship is rapidly maturing, which may disrupt existing space launch capabilities and enhance Starlink's deployment speed [42]. Low-altitude Economic Infrastructure - A joint initiative from five departments aims to strengthen information communication capabilities to support low-altitude infrastructure development [66]. - The low-altitude economy is expected to mirror the rapid growth seen in the electric vehicle charging infrastructure, with significant investments projected [69]. - The low-altitude intelligent network system is crucial for the application of low-altitude industry scenarios, integrating various technologies for effective communication and navigation [72]. Commercial Aerospace - The commercial aerospace industry is advised to focus on investment opportunities related to space infrastructure construction, including satellite and rocket manufacturing [57]. - The industry is in a rapid expansion phase, with significant market potential driven by satellite deployment needs [63].

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The banking index fell by 1.3% this week, underperforming the CSI 300 and ChiNext indices by 1.6% and 2.5% respectively, indicating a short-term style switch in the market [6][19] - H-shares of banks led the gains, while most A-shares declined, with notable performances from Huaxia Bank and Shanghai Bank due to improved earnings and strong expectations for convertible bond conversions [6][19] - The price-to-book (PB) ratio and return on equity (ROE) of bank stocks remain undervalued, with a continued recommendation for high-quality city commercial banks in Zhejiang, Jiangsu, and Shandong provinces, including Hangzhou Bank, Ningbo Bank, Jiangsu Bank, Nanjing Bank, Qingdao Bank, Qilu Bank, and Suzhou Bank [6][19] - The report also suggests focusing on low-valuation, high-dividend, and convertible bond opportunities, particularly in Industrial Bank [6][19] Summary by Sections Market Performance - The banking sector's trading activity has decreased, with turnover rates falling, although the transaction volume share for state-owned and rural commercial banks has rebounded [8][39] - The average dividend yield for the six major state-owned banks in A-shares is 4.28%, with a spread of 249 basis points over the 10-year government bond yield, while H-shares yield 5.21% [7][29] Profit Growth and Net Interest Margin - The overall asset growth rate for commercial banks reached 9.0% year-on-year by the end of Q4 2025, with major state-owned banks seeing a growth rate of 10.8% [9][44] - The net profit growth for commercial banks was 2.3% year-on-year, indicating a positive trend, particularly among city and rural commercial banks [9][44] - The net interest margin for 2025 is projected at 1.42%, with a marginal stabilization observed, and a further narrowing of the decline expected in 2026 [9][46] Asset Quality - The non-performing loan (NPL) ratios across various banks are stable or improving, attributed to increased write-off efforts, while the provision coverage ratio continues to decline [10][49] - Capital adequacy ratios remain stable, with attention on the potential impact of the second round of fiscal injections for state-owned banks and refinancing for smaller banks in 2026 [10][49]

市场策略丨深度报告 [Table_Title] 春节后如何"抄作业"？——解析春晚亮点、AI 疑虑、关税和地缘风波 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 大类资产层面，美股止跌回升，黄金、石油强劲反弹。美国最高法院裁定关键关税措施无效， 显著提振全球风险偏好，推动美股反弹、韩股领涨；美伊等地缘局势紧张与政策转向预期推动 黄金与原油等大宗商品价格显著上涨。中国股市层面，春节期间，富时中国 A50 指数期货录得 上涨，而港股恒生科技指数走低。或受美联储偏鹰派纪要及互联网巨头"红包大战"影响，恒 生科技指数整体走低，但 AI、机器人等主题概念股逆市走高。期间，富时中国 A50 指数期货走 高，或意味着全球资本对中国权益市场节后行情保持乐观。 分析师及联系人 [Table_Author] 戴清 李巍东 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 24 %% %% %% %% research.95579.com 2 [Table_Summary2] 大类资产：美股止跌回升，黄金 ...

Investment Rating - The report maintains a "Positive" investment rating for the gaming sector [12] Core Insights - The gaming sector's overall valuation has rebounded to historical midpoints, driven by performance growth, policy optimization, and the application of AI. Long-term products and a rich product pipeline are crucial for enhancing performance certainty and boosting sector valuations [4][6] - The valuation of the gaming sector is currently around 31x TTM P/E, which is approximately at the 64th percentile historically over the past decade. The sector has seen a significant recovery from historical lows, although internal structural differentiation is notable [19][20] - The future outlook for the gaming industry remains strong, with AI and gameplay innovations expected to drive continuous growth, suggesting that the industry's mid-to-long-term valuations may align more closely with leading overseas firms [10][28] Summary by Sections Current Valuation Position - As of January 31, 2026, the gaming sector's P/E ratio (TTM excluding negative values) is approximately 31x, with a historical percentile of around 64%. The overall valuation has recovered from historical lows, but there is significant internal differentiation among companies [19][20] Overseas Valuation Drivers - High-quality IP and platform capabilities are core supports for the valuations of leading overseas gaming companies. These companies benefit from longer development histories and less regulatory impact, providing a key reference for domestic valuations [7][28] LTV and Pipeline - Long-term products and a rich product pipeline are critical for enhancing performance certainty and boosting sector valuations. High LTV products can improve cash flow stability, leading to valuation premiums. The shift from "chasing hits" to "nurturing evergreen titles" is expected to align gaming companies' valuations with those of stable growth consumer stocks or platform companies [8][60] Valuation Review - The gaming industry's valuation center has historically been influenced by the resonance of technology, policy, and performance cycles. Current upward momentum is supported by advancements in AI, stable policy environments, and ongoing performance improvements from new game launches [9][20] Mid-to-Long-Term Outlook - The Chinese gaming market still has significant growth potential in user base and niche markets. The application of new technologies like AI is expected to transform gameplay and business models, providing strong support for industry valuations [10][30]

Investment Rating - The report suggests a focus on the space computing industry chain, particularly on upstream and downstream core segments, indicating a positive investment outlook for the sector [8]. Core Insights - Space computing represents a new paradigm of deploying computational facilities in Earth's orbit, transforming the traditional "ground-based computing" into "space-based computing" by utilizing distributed orbital computing clusters [5][6]. - The advantages of space computing include the use of continuous solar energy and near-absolute zero cooling environments, which effectively address the energy and heat dissipation bottlenecks faced by ground data centers [6][7]. - The U.S. is leading the charge with technology companies driving advancements, while China is following a government-led approach with collaborative development across academia and industry [7][8]. Summary by Sections Space Computing Overview - Space computing is characterized by the deployment of computational infrastructure in orbit, leveraging radiation-resistant chips and inter-satellite laser communication to create distributed computing clusters [5][13]. - This model allows satellites to evolve from mere data relays to intelligent nodes, enabling real-time data processing and decision-making in orbit, significantly reducing transmission delays [6][16]. Market Dynamics - The rise of space computing is driven by the exponential growth in global computing demand, particularly under the influence of AI, while traditional data centers face significant energy and cooling challenges [6][24]. - The market for space computing is projected to reach $100 billion by 2030, with a recommendation to focus on key segments such as rocket and satellite manufacturing, laser communication, and space computing chip suppliers [8][24]. Competitive Landscape - Major players in the U.S. include SpaceX, which is developing large-scale space data centers, and other tech giants like Google and Amazon exploring space computing ecosystems [7][8]. - In China, significant projects are underway, including the Beijing GW-level space data center and the "Three-Body Computing Constellation" initiative, indicating a robust governmental push towards space computing [7][8]. Investment Recommendations - The report emphasizes the importance of monitoring the entire space computing industry chain, particularly focusing on core suppliers in rocket and satellite manufacturing, laser communication, and space photovoltaic suppliers [8][24]. - Specific companies recommended for investment include leading firms in laser communication and space photovoltaic technologies, as well as suppliers for SpaceX and space computing chips [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8][10]. Core Insights - The company, relying on the Long White Mountain as a premium water source, is positioned to enhance its brand influence as the region's mineral water representative. The company is expected to improve its profitability following the divestiture of loss-making assets starting January 2026 [3][5][6]. - The mineral water market in China is projected to grow, with the company aiming to expand its market share in Northeast China, particularly in Liaoning and Heilongjiang provinces, where significant sales growth is anticipated [7][8][84]. Summary by Sections Company Overview - Established in 1998, the company originally focused on timber-related industries before transitioning to mineral water production. It underwent significant restructuring in 2017, integrating its mineral water and landscaping businesses, and officially rebranded in 2020 [6][18][24]. Market Position - The company holds a leading position in the mineral water market in Jilin Province, with a projected market share of 30% by 2025. Approximately 76% of its revenue is generated from the Northeast market, indicating strong regional dominance [7][8][84]. Growth Strategy - The company is actively developing markets in Liaoning and Heilongjiang, with expected sales growth rates of 26% and 101% respectively by 2024. The expansion strategy includes enhancing brand visibility through advertising and partnerships with e-commerce platforms [8][84]. Financial Projections - The company anticipates a net profit of 0.15 billion, 0.8 billion, and 1.9 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 0.02, 0.12, and 0.27 yuan [8][84]. Product Quality and Competitive Edge - The company benefits from high-quality water sourced from five locations in Long White Mountain, which is recognized as one of the world's premier natural water sources. Its product offerings emphasize affordability and quality, appealing to consumer preferences [62][67].

世界经济与海外市场丨点评报告 [Table_Title] 关税，美伊与再通胀 ——2026 年春节假期海外市场那些事 报告要点 丨证券研究报告丨 [Table_Summary] 春节假期期间，海外市场主要受到关税风波、美伊冲突、再通胀担忧的影响：美最高法裁定 IEEPA 关税违法令美欧股指领涨，但特朗普援引 122 条款加征关税和美伊冲突升温引发金油同 涨，而 FOMC 会议纪要对再通胀的担忧则令美元和美债利率双双上行。 分析师及联系人 [Table_Author] SAC：S0490520090001 SAC：S0490525070005 SFC：BUX667 于博 黄帅 敬成宇 请阅读最后评级说明和重要声明 风险提示 1、中东地缘政治风险反复或持续冲击能源市场；2、美国外贸政策的法律博弈或加剧跨境资本 波动。 丨证券研究报告丨 %% %% %% %% research.95579.com 1 [Table_Title 关税，美伊与再通胀 2] ——2026 年春节假期海外市场那些事 [Table_Summary2] ⚫ 市场表现：美欧股指领涨，金价油价回升，美元和美债利率上行。 cjzqdt11111 2 ...

- The report analyzes the post-Spring Festival performance of various indices from 2007 to 2025, highlighting structural differences in returns and win rates between small/micro-cap indices and large-cap indices. Specifically, the Wind Micro-Cap Index and CSI 2000 Index showed the highest win rates (89.5%) and median returns (11.22% and 8.47%, respectively) over 20 days post-festival, outperforming indices like CSI 300 and Wind All A Index[2][8][13] - Liquidity recovery post-festival is identified as a key driver for the outperformance of small/micro-cap indices. The Wind Micro-Cap Index exhibited the highest increases in average daily turnover over T+5, T+10, and T+20 intervals (30.7%, 42.7%, and 52.9%, respectively), followed by the CSI 2000 Index (26.4%, 37.0%, and 51.7%). In contrast, the CSI 300 Index showed relatively lower turnover growth (18.9%, 23.1%, and 30.5%)[8][17][18] - Industry-wise, growth and cyclical sectors performed better post-festival, while financial sectors underperformed. The electronics sector had the highest median return over 20 days (9.10%) with a win rate of 84.2%, followed by the environmental protection sector with a win rate of 94.7% and a median return of 7.02%. Other strong-performing sectors included textiles and apparel, paper and packaging, and non-metallic materials, all with win rates above 80% and median returns exceeding 5%[2][19][24]