Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The space photovoltaic industry is progressing, with significant capital expenditures from major CSP manufacturers exceeding expectations [1] - The demand for energy storage is driven by ongoing electricity shortages in the U.S., highlighting the cost-effectiveness of leading companies [14] - The report emphasizes the importance of new directions such as space photovoltaics, AIDC, and robotics, which are catalyzing investment opportunities [14] Summary by Sections Photovoltaics - The space photovoltaic sector is gaining traction, with SpaceX's application for 1 million satellites accepted by the FCC, indicating a robust future for space-based data centers [20] - The China Photovoltaic Industry Association released cost analysis, indicating that the average full cost of mainstream photovoltaic products is expected to stabilize, providing support for price recovery [21] - The report highlights the potential for significant growth in global photovoltaic installations, with annual additions projected between 725-870 GW during the 14th Five-Year Plan [22] Energy Storage - Sunshine Power announced plans to establish a production base in Poland, aiming for 20 GW of inverter capacity and 12.5 GWh of energy storage systems [39] - The report notes a 45% year-on-year increase in EU battery storage capacity, with large-scale storage systems becoming the main growth driver [39] - January saw a significant increase in independent storage projects, with a total of 12.3 GW/36 GWh of bids, despite a year-on-year decline due to procurement timing [40] Lithium Batteries - The demand for lithium batteries continues to strengthen, with all segments showing a willingness to maintain prices, indicating ongoing profitability improvements [14] - The report recommends focusing on battery segments, particularly companies like CATL and EVE Energy, which are expected to perform well in the medium term [14] Wind Power - The report emphasizes the start of a new wind power cycle during the 14th Five-Year Plan, with significant opportunities in commercial aerospace and offshore wind projects [14] - Companies involved in wind turbine manufacturing and components are highlighted as key investment opportunities [14] Power Equipment - The domestic power grid's investment plan is projected at 5 trillion yuan, with significant improvements in pricing and demand driven by electricity shortages in the U.S. [14] - The report suggests focusing on opportunities in AI for power management and virtual power plants [14] New Directions - The report highlights the importance of developments in humanoid robotics and AIDC technology, with specific companies recommended for investment based on their potential in these sectors [14]

Investment Rating - The report maintains a "Positive" investment rating for the non-bank sector [14]. Core Insights - The report analyzes the performance of insurance and brokerage sectors during historical bull markets in A-shares, highlighting their relative performance and the impact of different market types on their returns [3][17]. - It suggests that the current valuation of the non-bank sector has entered a cost-effective allocation range, recommending a focus on high-elasticity insurance and financial IT stocks while timing investments according to policy and regulatory rhythms [3][9]. Summary by Sections Historical Performance Analysis - Insurance and brokerage sectors have shown certain elastic characteristics during past bull markets, with both sectors achieving relative excess returns in three out of six analyzed bull market cycles [17]. - In different types of bull markets, brokerage firms tend to outperform insurance companies in leverage-driven or rapid bull markets, while insurance performs better in slow or value-driven bull markets [8][18]. - The report notes that brokerage firms often lead in performance at the beginning of bull markets, while insurance companies show resilience throughout the early stages and may gain momentum in the latter stages as interest rates and investment returns improve [8][18]. Current Market Outlook - Since 2025, there has been a notable divergence in performance between insurance and brokerage sectors, reflecting a preference for a structural "slow bull" market in the current cycle [9]. - The current price-to-book (PB) ratio for the securities sector has adjusted to 1.44x, placing it at the 24th percentile since 2012, while the average price-to-earnings value (PEV) for the insurance sector is at the 37.5th percentile [9]. - The report emphasizes that the current market correction presents a favorable time for quality allocations in the sector, with insurance companies expected to see a significant upward trend in return on equity (ROE) driven by improved liability cost management and asset allocation strategies [9][10]. Stock Recommendations - The report recommends stocks that are likely to benefit from the slow bull market, including major life insurance companies such as Xinhua Insurance, China Life, Ping An, and China Pacific Insurance, as well as brokerage and financial IT firms like Jiufang Zhitu, Zhinan Zhen, Tonghuashun, Dongfang Caifu, CICC, Dongfang Securities, and Guotai Junan [10].

- The report highlights the monthly performance of strong stocks, indicating that despite the adjustment of heavyweight stocks, small-cap stocks provided a hedge, but the overall market profitability was weak, with total market turnover dropping from 3.99 trillion yuan on January 14 to 2.16 trillion yuan on February 6[6] - The top 20 stocks with the highest gains in February are listed, including sectors such as space photovoltaics, batteries, copper connections, innovative drugs, real estate, and more, with the highest gain reaching 80.52% for *ST立方[6] - The report provides a detailed analysis of the maximum gains in various sectors since the start of the bull market, with telecommunications and metal materials/mining sectors achieving the highest gains of 218% and 217%, respectively, from February 5, 2024, to February 7, 2026[9]

行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] 印尼 RKAB 的演进、跟踪时点和后续影响？ 报告要点 [Table_Summary] 本周印尼现货出口暂停引发大家对 RKAB 配额 6 亿吨的探讨。印尼 RKAB 历史上的演进模式、 约束性、审核时点如何？后续有何影响？我们认为，虽然历史上配额调整是常态，然而即使后 续产量配额调整至 6 亿吨之上，但印尼 2026 年煤炭产量下降大方向依旧不变。外生冲击有望 打破均衡、弹性想象空间打开。 分析师及联系人 丨证券研究报告丨 [Table_Author] SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 肖勇 赵超 叶如祯 庄越 韦思宇 请阅读最后评级说明和重要声明 %% %% 本周印尼现货出口暂停引发大家对 RKAB 配额 6 亿吨的探讨。印尼 RKAB 历史上的演进模式、 约束性、审核时点如何？后续有何影响？我们认为，虽然历史上配额调整是常态，然而即使后 续产 ...

Investment Rating - The report assigns a "Buy" rating to the company [13] Core Insights - The demand for recruitment and examination training is strong, with an increase in registration numbers and a decline in recruitment scale, leading to heightened competition and willingness to participate in training. The number of college graduates in China is expected to remain high until 2038, providing over a decade of growth opportunities for the industry. The market share of the top three companies in the recruitment training industry is projected to drop to 19.2% in 2024, with Huatu holding 6.6%, Fenbi 6.5%, and Zhonggong 6.1%. Huatu is expected to enhance its market share through its direct admission model and the application of AI technology [3][11][30]. Company Overview - Huatu Shanding, formerly known as Shanding Design, became a subsidiary of Huatu Education in 2019. The company has focused on vocational education since 2023, with a significant shift towards non-degree training, which accounted for approximately 99% of its revenue in the first half of 2025. Huatu Education has over 1,000 learning centers nationwide and employs more than 10,000 staff [8][22][30]. Industry Analysis - The recruitment training industry exhibits stable growth with a restructuring of the competitive landscape. The industry has a counter-cyclical nature, with increased demand during economic downturns. The number of applicants for national exams has risen, while the recruitment scale has decreased, leading to a competitive ratio of 98:1 in 2026. The overall market size for recruitment training is expected to grow from 505 billion yuan in 2026 to 671 billion yuan by 2031, with a CAGR of approximately 6% [9][51][67]. Growth Potential - Huatu is innovating its product offerings and leveraging AI technology to capture long-term student sources. The company plans to establish over 320 local training bases within three years, enhancing its delivery capabilities. The integration of AI across its operations has improved recruitment conversion rates by 35% and increased sales efficiency by over 50% [10][11][30]. Financial Projections - Revenue forecasts for Huatu are set at 3.303 billion yuan, 3.901 billion yuan, and 4.596 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 314 million yuan, 397 million yuan, and 505 million yuan for the same years [3][11].

Investment Rating - The report maintains a "Positive" investment rating for the insurance sector [11]. Core Insights - The insurance sector is expected to benefit from a stable interest rate environment and a slow bull market, leading to improved interest spreads and valuations. If new premium growth remains strong, profitability is likely to improve, further enhancing sector valuations. The report recommends specific stocks including New China Life, Ping An, China Life, and China Pacific Insurance [3][10]. Summary by Sections Insurance Market Outlook - Historical data indicates that the insurance index typically shows positive returns in the five trading days before the Spring Festival, with a success rate of approximately 71.4%. The report anticipates a potential repeat of this trend in 2026, as the conditions appear favorable for premium growth [8][9]. Premium and Profitability Analysis - The report projects that the life insurance market could reach a scale of 4.8 trillion yuan, with a year-on-year growth rate of about 10%. The asset side is expected to benefit from a strong stock market performance, while the focus should be on long-term profitability improvements driven by policy and market changes [9][10]. Long-term Valuation Recovery - The insurance industry's ability and willingness to allocate equity will significantly increase in the foreseeable future, leading to improved interest spreads and enhanced policy profitability. The report emphasizes the importance of long-term perspectives on profitability improvement, suggesting that the sector has substantial room for valuation recovery [10].

固定收益丨深度报告 [Table_Title] 从曲线与成交看地方债投资价值（上） ——走在债市曲线之前系列报告（十四） %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 地方债估值收益率受剩余期限、债券类型、特殊条款等多因素影响。地方债具备的防御属性使 其在 2025 年收益率震荡上行的市场行情中表现稳健。且地方债持有收益胜率保持稳定。各地 区发行以及存量地方债的期限结构存在相似性，地方债存量结构中以十年期居多。而新增专项 债债券类型发行占比相对较高。增值税差异导致新老券收益率受地区、期限影响而存在差异。 地方债提前兑付现象通常会为债券持有人带来资本利得。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 2 [Table_Title 从曲线与成交看地方债投资价值（上） 2] ——走在债市曲线之前系 ...

Core Insights - The Red Horse strategy emphasizes a diversified and sustainable income structure, focusing on future dividend growth potential rather than just current dividend levels [4][7] - The strategy combines qualitative and quantitative methods to screen for Red Horse industries and stocks, requiring healthy cash flow, good profit quality, and low capital expenditure [4][9] - The performance of the Red Horse portfolio has significantly outperformed major indices during the backtesting period, with a cumulative return of 59.41% compared to 27.03% for the CSI 300 index [9] Red Horse Industry Screening - The screening framework for Red Horse industries focuses on sectors where long-term capital expenditure trends are declining, leading to improved cash flow [7][16] - Potential Red Horse industries are identified based on moderate net profit growth rates and declining long-term averages, while excluding industries with rapidly declining recent performance [8][32] - Emerging Red Horse industries include energy metals, special steel, cement, logistics, general equipment, automotive services, and cosmetics, among others [8][32] Red Horse Stock Selection - The selection of Red Horse stocks prioritizes companies with healthy cash flows, strong profit quality, and low capital expenditures, indicating a solid financial foundation and sustainable dividend potential [9][24] - The Red Horse portfolio is divided into two categories: the Red Horse portfolio and the Red Horse preemptive portfolio, with different rebalancing dates based on earnings report disclosures [9][37] - The Red Horse preemptive portfolio achieved a cumulative return of 70% from April 15, 2025, to January 12, 2026, outperforming other major indices [9][37]

Investment Rating - The report maintains a positive investment rating for the industry, indicating a favorable outlook for future growth [14]. Core Insights - The consumer-grade 3D printing market is experiencing rapid growth, driven by advancements in hardware, software, and ecosystem development, leading to lower costs and reduced learning barriers. The year 2020 marked the beginning of significant growth, with expectations for a market inflection point in 2026 due to the integration of AI technologies [5][12]. - The global consumer-grade 3D printing device shipment is projected to exceed 4 million units in 2024 and reach over 13 million units by 2029, with a compound annual growth rate (CAGR) of 26.7%. The market size is expected to grow from approximately $4.1 billion in 2024 to $16.9 billion by 2029, with a CAGR of 32.7% [9][36]. Summary by Sections Observations on the Phenomenon - Consumer-grade 3D printers have rapidly penetrated the global market, becoming a representative category of new consumer electronics. In China, the popularity of products like Labubu has significantly boosted market visibility, while Chinese manufacturers dominate the international market, holding a substantial share of the billion-dollar market [9][26]. Understanding the Essence - Consumer-grade 3D printing, also known as additive manufacturing, allows for the creation of three-dimensional physical models directly from digital designs, significantly lowering manufacturing barriers and enabling personalized designs. This segment is characterized by its accessibility and broad application potential, including the emergence of 3D printing farms [10][43]. Analysis of Evolution - Since 2020, consumer-grade 3D printing has evolved from being merely functional to being user-friendly, aided by advancements in AI and software that enhance printing accuracy and success rates. The integration of a community-driven model has simplified access to designs and increased user engagement, creating a self-reinforcing cycle of growth [11][70]. Future Outlook - The consumer-grade 3D printing market is poised for significant expansion, driven by government policies promoting its use in education and the growth of 3D printing farms in the B2B sector. The market is expected to reach a ceiling of over $100 billion, with a focus on investment opportunities in competitive and profitable midstream brands [12][84].

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Insights - The financing ecosystem for China's biopharmaceutical industry is gradually entering a positive cycle, driven by the influx of funds from A/H listings and capital increases of innovative drug companies, leading to an improvement in the willingness to invest in R&D [2][41] - The trend of IPOs for innovative drug companies is on the rise, with significant fundraising observed, indicating a widening of the listing channels for innovative drugs [6][29] - The overall financing amount in China's biopharmaceutical sector is showing signs of recovery, with a notable year-on-year increase in investment amounts [8][35] Summary by Sections Innovative Drug R&D Investment Trends - The willingness to invest in R&D for innovative drugs is improving, supported by increased cash flow and favorable financing conditions for both Pharma and Biotech companies [22] - The trend indicators for innovative drug R&D investment are showing positive signs, suggesting a potential upturn in the industry [22] IPO and Fundraising Trends - The IPO fundraising for innovative drug companies in Hong Kong has significantly improved, with a total of 30 billion yuan raised in January 2026, marking a 287% year-on-year increase [29] - The A-share market is also seeing a positive trend in IPO fundraising, with expectations for gradual improvement as the listing channels for unprofitable companies continue to expand [6][29] Financing and Investment Recovery - The total financing amount in China's biopharmaceutical sector reached 1.2 billion USD in January 2026, reflecting a 106% year-on-year increase, indicating a potential recovery from previous lows [8][35] - The trend of external BD upfront payments has become a significant source of funding for R&D, with January 2026 seeing a record high of 2.26 billion USD in upfront payments [9][38]