Investment Rating - The report maintains a "Buy" rating for the company, with a target market value of approximately 20 billion yuan, indicating a potential upside of 40% [10][30]. Core Insights - The company has shown a robust order growth in Q4 2025, with new orders amounting to 6.84 billion yuan, a year-on-year increase of 7.3% and a quarter-on-quarter acceleration of 3.1 percentage points, marking the highest quarterly growth in nearly two years [14]. - The company is expected to achieve a production volume of 5.02 million tons in 2025, a year-on-year increase of 11.3%, with a production capacity utilization rate reaching 97% [16]. - The company is focusing on high-demand sectors such as electric cells, shipbuilding, and new energy vehicles, which is expected to enhance its market share [14]. - The company has obtained various international certifications, which will likely increase its export scale [14]. Summary by Sections Order Growth and Market Position - The company has secured significant orders in Q4 2025, with a total of 6.84 billion yuan, reflecting a strong competitive advantage due to its nationwide production base and advanced technology [14]. - The manufacturing PMI index has shown a recovery, indicating a positive trend in domestic manufacturing demand, which supports the company's future order growth [14]. Production Capacity and Efficiency - The company achieved a record production of 1.411 million tons in Q4 2025, with a monthly average of 470,000 tons, marking an 11.9% year-on-year increase [16]. - The implementation of advanced robotic systems and automated production lines has significantly improved production efficiency and capacity utilization [16][20]. Pricing and Profitability - There is potential for price increases in the company's projects due to the current order surplus, which may enhance profit margins [3]. - The company has a strong bargaining power due to its scale and quality, allowing it to negotiate better pricing on large and urgent orders [3]. Long-term Growth Potential - The company is expected to see a 30% increase in steel structure production by 2026, reaching approximately 6.5 million tons, with a projected net profit of 850 million yuan [10][30]. - The introduction of welding robots is anticipated to reduce costs significantly and enhance production capacity, creating substantial profit potential [20][24].

Group 1 - The core view of the report indicates that domestic wind power demand is steadily increasing, with a significant focus on offshore wind development, which is expected to accelerate under the "14th Five-Year Plan" [1][47] - The report anticipates that the installed capacity of wind power during the "14th Five-Year Plan" will reach 130GW annually, with the proportion of wind power in new energy installations expected to rise from 25% to 50% [1][38] - The report highlights that the European offshore wind market is expected to continue its rapid growth, with a total planned capacity of nearly 100GW, supported by government policies and subsidies [2][51] Group 2 - The domestic wind turbine market is experiencing price increases, with an average bidding price for onshore wind turbines rising by approximately 12% in 2025 compared to 2024 [3][13] - The report notes that the domestic turbine manufacturers are gaining market share in overseas markets, with a projected overseas market share of about 14% in 2024 [3][41] - The report emphasizes the importance of high-voltage direct current (HVDC) technology in the domestic submarine cable market, predicting a significant increase in demand for submarine cables due to the growth of offshore wind and power interconnection projects [4][47] Group 3 - The report identifies a turning point in profitability for domestic marine engineering companies, with increased capacity utilization expected to enhance profitability [5][47] - The report suggests that the domestic marine engineering sector is well-positioned to expand in the European market, where demand for offshore wind foundations is high [5][51] - The report highlights the tight supply of offshore wind foundations in Europe, indicating a potential for domestic companies to capture significant market share [5][51] Group 4 - The report recommends focusing on key companies in the wind power sector, including Goldwind Technology, Yunda Co., and Mingyang Smart Energy, among others [6][10] - The report also highlights the importance of companies involved in submarine cables and marine engineering, such as Daikin Heavy Industries and Dongfang Cable [6][10] - The report indicates that component manufacturers, including Delijia and Weili Transmission, are expected to see increased demand due to the growth of the wind power sector [6][10]

证券研究报告 | 行业周报 gszqdatemark 2026 01 11 年 月 日 电力设备 光伏产品取消出口退税，江苏超 800MW 海上风电项目获核准 光伏：两部门宣布取消光伏等产品增值税出口退税，硅料电池组件价格上涨。近 日财政部、税务总局发布关于调整光伏等产品出口退税政策的公告：自 2026 年 4 月 1 日起，取消光伏等产品增值税出口退税。自 2026 年 4 月 1 日起至 2026 年 12 月 31 日，将电池产品的增值税出口退税率由 9%下调至 6%；2027 年 1 月 1 日 起，取消电池产品增值税出口退税。适时降低或取消光伏产品的出口退税，有助于 推动国外市场价格理性回归，降低我国面临的贸易摩擦的风险。据安泰科统计，本 周多晶硅 n 型复投料成交价格区间为 5.0-6.3 万元/吨，成交均价为 5.92 万元/吨， 周环比上涨 9.83%。n 型颗粒硅成交价格区间为 5.0-6.4 万元/吨，成交均价为 5.58 万元/吨，环比涨幅为 10.5%。据 Infolink，本周 N 型电池片价格如下：183N、 210RN 与 210N 均价再度上调，本周上升至每瓦 0.39 元人民 ...

Investment Rating - The report suggests a positive outlook for the liquor sector, with a recommendation to invest in specific companies based on supply and demand improvements expected in 2026 [1] Core Insights - The snack industry is showing signs of recovery, with companies entering the critical phase of preparing for the Spring Festival, which is expected to boost performance in Q1 2026 due to low base effects and seasonal demand [2] - Companies are adjusting their channel operations and product priorities in response to evolving market demands, leading to gradual improvements in their performance [2] - Specific companies like 甘源食品 (Ganyuan Food) and 劲仔食品 (Jinzai Food) are highlighted for their strategic adjustments and potential for recovery in 2026 [3][4] Summary by Sections Liquor Sector - The liquor market is expected to see a dual improvement in supply and demand by 2026, with short-term sales showing signs of recovery [1] - Recommended companies for investment include 泸州老窖 (Luzhou Laojiao), 古井贡酒 (Guojingongjiu), and 贵州茅台 (Kweichow Moutai) among others [1] Snack Industry - The snack sector is entering a critical preparation phase for the Spring Festival, with companies like 甘源食品 (Ganyuan Food) and 劲仔食品 (Jinzai Food) making strategic adjustments to improve their market positions [2][3][4] - 甘源食品 is expected to recover from a significant revenue decline by leveraging new product launches and channel improvements [3] - 劲仔食品 is shifting focus to new product categories to drive growth, despite facing some revenue pressures [4] Market Trends - The overall food and beverage sector is projected to experience a rebound, with specific attention on the performance of major brands and their strategic responses to market changes [1][2]

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [8]. Core Insights - The steel market is experiencing a recovery phase, with the national average daily pig iron production increasing by 21,000 tons to 2,296,000 tons, and overall steel production showing a slight increase [11]. - Total steel inventory has shifted from a decrease to an increase, with a week-on-week rise of 1.8%, indicating a change in market dynamics [23]. - Apparent consumption of steel has weakened on a month-on-month basis, particularly in rebar, which saw a significant drop in demand [38]. - The report highlights that while steel prices are stable with slight increases, the immediate profit margins are declining, suggesting a need for caution in pricing strategies [67]. Supply and Demand Analysis - **Supply**: The average daily pig iron production has increased, indicating a rise in production capacity utilization, which is currently at 86.1%, up by 0.8 percentage points from the previous week [17]. - **Inventory**: The total inventory of five major steel products has increased to 8.652 million tons, reflecting a 1.7% week-on-week rise and a 10.7% year-on-year increase [25]. - **Demand**: Apparent consumption of five major steel products decreased by 5.3% week-on-week, with rebar consumption dropping by 12.7% [48]. Price and Profitability - The report notes that the current steel price index is 122.5, reflecting a week-on-week increase of 0.4% but a year-on-year decrease of 2.4% [67]. - The immediate profit margins for long-process rebar and hot-rolled coils are negative, indicating that production costs are exceeding sales prices [69]. Key Companies and Recommendations - The report recommends focusing on companies that are expected to benefit from the energy sector's growth, such as Jiu Li Special Materials and Changbao Steel, as well as those involved in pipeline construction and steel production [8].

Group 1: Domestic and Global New Energy Vehicle Market - The domestic new energy vehicle market in China continues to thrive, with a 31% year-on-year increase in sales from January to November 2025, and a penetration rate of 47.5% [11][12] - In Europe, new energy vehicle sales increased by 30% year-on-year from January to October 2025, with a penetration rate of 28.1% [20][23] - In the United States, new energy vehicle sales decreased by 2% year-on-year from January to November 2025, with a penetration rate of 9.4% [24][29] - The report forecasts that global new energy vehicle sales will reach 2.475 million units in 2026, with China accounting for 1.515 million units [30][26] Group 2: Battery and Materials Supply-Demand Dynamics - The supply-demand dynamics in the battery materials sector are improving, with a 35% year-on-year increase in global power battery installations from January to October 2025 [32] - The market share of CATL in the battery segment slightly increased, with a total installation of 355.2 GWh, representing a 36.6% year-on-year growth [32] - The price of battery-grade lithium carbonate has risen by 62% in 2025 due to supply constraints and increasing downstream demand [37][46] Group 3: New Technologies in Battery Development - Solid-state batteries are gaining traction due to their safety and range advantages, with increased interest from automakers for validation and mass production in 2026 [3] - The sodium-ion battery market is expanding, with a market size of approximately 6 GWh in the first nine months of 2025, reflecting a 202% year-on-year growth [3] Group 4: Investment Recommendations - Recommended companies in the battery sector include CATL, Penghui Energy, and Yiwei Lithium Energy [4] - In the midstream materials sector, companies such as Keda Li, Hunan Youneng, and Longpan Technology are highlighted [4] - For solid-state battery technology, companies like Xingyun Co., and Xiamen Tungsten are suggested for investment [4]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [4] Core Insights - The civil aviation sector is expected to continue addressing "involutionary competition" while focusing on "expanding domestic demand" and "countering involution," indicating a positive long-term outlook for the aviation sector [2][11] - The shipping market is experiencing a recovery in VLCC freight rates due to geopolitical risks, with some shipowners becoming optimistic about future market conditions [2][12] - The logistics sector shows promising growth in express delivery, particularly in overseas markets, with significant increases in package volumes reported [3][15] Summary by Sections Weekly Insights and Market Review - The transportation sector index rose by 0.23% from January 5 to January 9, 2026, underperforming the Shanghai Composite Index by 3.59 percentage points [1][17] - The top-performing segments included highway freight, public transport, and warehousing logistics, with increases of 4.90%, 2.34%, and 2.16% respectively [1][17] Aviation - The civil aviation sector is seeing a recovery in demand, with a focus on maintaining low growth in capacity supply and improving airline profitability as ticket prices stabilize [11] - Key stocks to watch include China Eastern Airlines, China Southern Airlines, and Spring Airlines [11] Shipping and Ports - VLCC freight rates have begun to rise, with the CT1 route rate reaching $54,455 per day as of January 9, 2026 [2][12] - The dry bulk shipping market is facing downward pressure, with the BDI index at 1,688 points as of January 9, 2026 [13][14] Logistics - The express delivery sector is expected to grow, with a focus on overseas expansion and the impact of e-commerce growth on delivery volumes [3][15] - The report highlights the performance of Jitu Express, which saw a 73.6% increase in package volume in Southeast Asia for Q4 2025 [15][16]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Viewpoints - The company is positioned as a leading OTA in the lower-tier market, benefiting from the release of pent-up demand and the enhancement of user value, which drives growth [3][11]. - The online travel market is characterized by strong certainty, with a stable competitive landscape allowing major players to release profits comfortably [2][11]. - The company has shown significant revenue growth, with a projected increase in revenue and net profit over the next few years, driven by the release of demand in the lower-tier market and refined operations [3][11]. Summary by Relevant Sections Company Overview - The company, Tongcheng Travel, was formed by the merger of Tongcheng Network and Elong in 2018, leveraging strengths in transportation ticketing and hotel bookings [1][14]. - It has over 250 million annual paying users, primarily in the lower-tier market, and has seen a significant recovery in performance post-pandemic [1][15]. Market Analysis - The domestic tourism market has rebounded, with tourist numbers and revenue recovering to 109% and 111% of 2019 levels, respectively, indicating a strong recovery trajectory [2][38]. - The OTA market is dominated by a few key players, with Ctrip holding over 50% market share and Tongcheng around 15%, suggesting a stable competitive environment [2][11]. Financial Performance - For the first three quarters of 2025, the company reported revenues of 145.6 billion RMB, a year-on-year increase of 11%, with net profit rising by 41% to 22.9 billion RMB [1][24]. - The adjusted profit margin improved from 16.2% in Q1-Q3 2024 to 18.0% in the same period of 2025, reflecting operational efficiency [1][24]. Growth Drivers - The company is focusing on the lower-tier market, where there is significant potential for growth and increased online penetration in travel services [3][11]. - It is expanding its app and multi-channel traffic strategies, leading to a rise in average revenue per user and overall user engagement [3][11]. Financial Projections - Revenue projections for 2025-2027 are 193.0 billion RMB, 220.6 billion RMB, and 251.2 billion RMB, respectively, with net profits expected to reach 28.5 billion RMB, 33.4 billion RMB, and 39.0 billion RMB [3][5].

1. Report Industry Investment Rating No relevant content provided 2. Core Viewpoints of the Report - The rise in prices is significantly influenced by short - term and single - commodity factors, and its impact on financing demand is limited due to the short - term and seasonal nature of food price increases and the limited ability of single - commodity price hikes to drive up financing demand [4][25][26] - Monetary policy mainly for demand adjustment may not effectively respond to the current price increases, and price increases have a limited impact on interest rates [4][26] - The bond market is expected to recover. It may remain volatile in January due to supply shocks and have a smoother recovery after late January [5][26] 3. Summary by Related Content CPI Analysis - In December, CPI year - on - year increase expanded by 0.1 percentage points to 0.8%, reaching the highest level since March 2023, and the month - on - month increase was seasonally higher than the average of the past three years [1][8] - The increase in CPI was mainly driven by the expansion of food price increases, especially fresh vegetables and fruits. However, vegetable prices started to decline in late December [1][4][9] - Core CPI increased by 1.2% year - on - year, remaining flat compared to the previous month, with a month - on - month increase of 0.2% turning from decline to rise. Gold prices still had a significant impact on CPI [2] - The other supplies and services sector in CPI increased by 17.4% year - on - year in December, with its growth rate rising by 3.2 percentage points compared to November, likely supported by the increase in gold prices [2][14] PPI Analysis - In December, PPI decreased by 1.9% year - on - year, with the decline narrowing by 0.3 percentage points, and increased by 0.2% month - on - month. The non - ferrous and coal industries still had a large pulling effect [3][22] - Input factors affected domestic non - ferrous metal - related industries, and prices in the coal industry increased for five consecutive months. Seasonal demand also drove up prices in the gas and power industries [3][22] - The prices of industries related to the construction of a unified national market saw their year - on - year declines continuously narrowing, and the prices of industries related to new - quality productivity increased year - on - year [3][22] - In December, the PPI of consumer goods decreased by 1.3% year - on - year, with the decline narrowing by 0.2 percentage points compared to the previous month [3] Impact on the Bond Market - The bond market is expected to recover. The mild implementation of the public fund fee - rate new regulations and the easing of banks' institutional indicator pressure may boost the allocation power and drive the bond market to warm up [5][26] - In January, supply shocks such as the large - scale supply of government bonds and the initial - stage credit shock may cause the bond market to remain volatile, but after late January, the recovery may be smoother [5][26]

Group 1: Core Conclusions - The report presents three key thoughts on the current real estate dilemma, emphasizing that the existing supply exceeds demand, making "net supply" reduction crucial for stabilizing the market [2] - The report highlights that second-hand housing prices provide stronger guidance and leading signals compared to new housing prices, which can be understood from the perspectives of supply, demand, price, and policy [2] - It stresses the importance of recognizing the tail risks associated with the current real estate adjustment, particularly concerning developers, homebuyers, and banks, indicating potential risks may concentrate on banks, especially smaller banks [2] Group 2: Policy Recommendations - Four feasible policy measures are suggested to reduce net supply: optimizing land acquisition, revitalizing distressed and idle properties for public service needs, accelerating the replacement of aging housing, and allowing market forces to phase out "ghost town" housing in lower-tier cities [2] Group 3: Industry Performance Insights - The report provides insights into industry performance, noting that the defense and military industry showed a 59.9% increase over the past year, while the non-ferrous metals sector increased by 103.4% [1] - It also indicates that the banking sector experienced a decline of 2.3% in January, with a modest annual growth of 6.3%, reflecting ongoing challenges in the financial landscape [1]