丨证券研究报告丨 行业研究丨行业周报丨钢铁 [Table_Title] 铁矿供需趋弱，如何展望铁矿石的价格？ 报告要点 [Table_Summary] 2025 年开始，铁矿基本面宽松的格局逐步显现。尽管国内铁水产量不降反增——钢联口径， 247 家样本钢企日均铁水产量 236.79 万吨，同比增 3.1%，意味着铁矿需求端的支撑强劲；然 而，铁矿企业供应量的增长，以及海外对铁矿需求的弱势，使得国内铁矿供给的增长比需求更 显著——结果是，当前铁矿石港口库存达到 1.71 亿吨，为有纪录以来的最高位，超过了 2016~2018 年供改和 2021 年国内粗钢产量平控期间，铁矿港口库存累积的幅度。然而，与铁 矿供需趋弱相矛盾的，是矿价的高居不下。如何展望铁矿石的价格？ 分析师及联系人 [Table_Author] 王鹤涛 赵超 易轰 吕士诚 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490520080012 SAC：S0490525080005 SFC：BQT626 SFC：BUY139 SFC：BUZ394 请阅读最后评级说明和重要声明 %% %% %% %% re ...

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]

行业研究丨深度报告丨投资银行业与经纪业 [Table_Title] 轮动对比视角复盘，当前非银子行业如何择时选 股？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 历史上 A 股牛市中保险及券商表现如何？不同类型牛市下表现何异？节奏及持续性如何？站 在当前如何展望？我们梳理了 2012 年以来几次 A 股上涨周期中保险及券商指数涨跌及行业相 对表现，并进一步梳理一级行业月度涨跌轮动以探究行情节奏，最后结合当前时点进行分析展 望。我们认为当前估值上非银进入配置性价比区间，择时应合理配合政策及监管节奏增配，配 置上推荐高弹性保险与金融 IT。 分析师及联系人 [Table_Author] SAC：S0490519080007 SFC：BUV596 吴一凡 盛晓双 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 投资银行业与经纪业 cjzqdt11111 [Table_Title 轮动对比视角复盘，当前非银子行业如何择时 2] 选股？ [Table_Summary2] 历史 ...

- 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]

——如何看待消费级 3D 打印需求裂变 行业研究丨深度报告丨电子设备、仪器和元件 [Table_Title] 智造进化，妙"印"生花 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 纵观消费级 3D 打印的发展历程，是一个硬件、软件、生态不断完善，使用成本和学习门槛不 断降低的迭代史；2020 年是消费级 3D 打印元年，硬件端的持续降本提质，软件端从无人机衍 生出的运动控制补偿算法及 AI 技术的赋能，生态端的持续完善共同催化消费级 3D 打印从"能 用"进步至"好用"，市场开启增长；2026 年有望成为行业奇点时刻，AI 大模型在建模环节的导 入，将极大程度降低学习门槛及使用门槛，将产品推向更广阔的大众市场，从"好用"进一步迭 代至"爱用"，B 端持续降本提质，G 端政策推动，C 端快速渗透，开启千亿市场的星辰大海。 分析师及联系人 [Table_Author] 杨洋 陈亮 SAC：S0490517070012 SAC：S0490517070017 SFC：BUW100 SFC：BUW408 请阅读最后评级说明和重要声明 2 / ...