Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Insights - The company is positioned to benefit from the optimistic investment expectations in the domestic power grid, with a projected total investment of 4 trillion yuan during the 14th Five-Year Plan. Additionally, the global AIDC trend is leading to a revaluation of the company's worth as a rare asset in energy management [1] - The transition from power IoT to AIDC energy digitalization is highlighted, emphasizing the importance of power quality and collaborative computing in AIDC. The company is expected to align its valuation with technology sectors rather than traditional power grid investment rhythms [1] - The company is expected to see continuous growth in its net profit, with projections of 7.2 billion yuan, 8.7 billion yuan, and 10.5 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 28, 24, and 20 times [3] Financial Summary - Revenue projections for the company are as follows: 2,225 million yuan in 2023, 2,745 million yuan in 2024, 3,101 million yuan in 2025, 3,718 million yuan in 2026, and 4,582 million yuan in 2027, with year-on-year growth rates of 11.1%, 23.3%, 13.0%, 19.9%, and 23.2% respectively [5] - The company's net profit is projected to grow from 525 million yuan in 2023 to 1,046 million yuan in 2027, with year-on-year growth rates of 31.3%, 20.1%, 14.8%, 19.6%, and 20.8% [5] - The latest diluted EPS is expected to increase from 1.07 yuan in 2023 to 2.13 yuan in 2027 [5] Business Strategy - The company leverages its existing capabilities in smart metering, energy management, and comprehensive energy services to create synergies within the group, enhancing its value in data, perception, and underlying platform layers [9] - The company has established a significant presence in overseas markets, with 19% of its revenue coming from international operations in the first three quarters of 2025, and has set up local factories in Indonesia and Saudi Arabia [9] - The company is transitioning its digital capabilities to AIDC energy scenarios, utilizing AI for load forecasting and developing edge computing capabilities to meet the real-time and stability requirements of energy systems [9]

Investment Rating - The report maintains a "Buy" rating for Shenghong Technology (300476.SZ) [2][3] Core Views - Shenghong Technology is expected to achieve a net profit attributable to shareholders of approximately 4.16 to 4.56 billion yuan for the year 2025, representing a year-on-year growth of 260.35% to 295.00% [2] - The company is actively expanding its production capacity and is set to launch new materials, which is anticipated to drive significant revenue growth [2] - The company has established itself as a leader in the HDI (High-Density Interconnect) technology sector, with plans to advance to 10-layer 30-layer HDI product development [2] - Shenghong Technology's revenue is projected to reach 35.8 billion yuan in 2026 and 57.5 billion yuan in 2027, with net profits expected to be 10.5 billion yuan and 18.0 billion yuan respectively [2] Financial Summary - Revenue for 2023 is reported at 7.93 billion yuan, with projections of 10.73 billion yuan for 2024, 19.98 billion yuan for 2025, 35.80 billion yuan for 2026, and 57.54 billion yuan for 2027 [7] - The net profit attributable to shareholders is forecasted to grow from 671 million yuan in 2023 to 18.04 billion yuan in 2027, with significant year-on-year growth rates [7] - The latest diluted EPS is expected to increase from 0.77 yuan in 2023 to 20.73 yuan in 2027 [7] - The company’s return on equity (ROE) is projected to rise from 8.8% in 2023 to 47.8% in 2027 [7]

Investment Rating - The report maintains a "Buy" rating for Shenghong Technology [5] Core Views - Shenghong Technology is expected to achieve a net profit attributable to shareholders of 4.16-4.56 billion yuan in 2025, representing a year-on-year growth of 260.35%-295.00% [1] - The company is recognized as a leader in AI PCB, capitalizing on the growth opportunities presented by AI development [3] - The expansion of production capacity and the release of new products are anticipated to significantly support the company's performance growth in the coming years [1][3] Financial Projections - Revenue is projected to reach 19.98 billion yuan in 2025, with a year-on-year growth rate of 86.2% [4] - The net profit for 2026 and 2027 is expected to be 10.5 billion yuan and 18.04 billion yuan, respectively, with growth rates of 140.6% and 71.8% [4] - The earnings per share (EPS) is forecasted to be 5.02 yuan in 2025, increasing to 20.73 yuan by 2027 [4] Production Capacity and Technology - Shenghong Technology is among the first globally to achieve large-scale production of 6-layer 24-layer HDI products and is advancing in the development of next-generation HDI technologies [2] - The company has the capability for R&D and mass production of high-layer PCBs exceeding 70 layers and is developing technology for over 100 layers [2] - The expansion plans for production bases in Thailand and Vietnam are progressing as scheduled, with domestic production facilities partially operational [2]

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Insights - The company plans to acquire Hebei Kangda for a maximum of 450 million RMB, aiming to enhance its performance and strengthen its presence in the northern home care market [1][2] - The acquisition is expected to create synergies between the existing home care business and Hebei Kangda, which has over 30 years of experience in the northern market [3][9] - The company is projected to achieve revenue of 1.996 billion RMB in 2025, 2.397 billion RMB in 2026, and 2.611 billion RMB in 2027, with year-on-year growth rates of 9.7%, 20.1%, and 9.0% respectively [3][5] - The net profit attributable to the parent company is expected to be 223 million RMB in 2025, 268 million RMB in 2026, and 294 million RMB in 2027, with growth rates of 9.8%, 20.2%, and 9.4% respectively [3][5] Financial Summary - The company’s revenue for 2023 is reported at 1,616 million RMB, with a year-on-year growth of 12.0% [5][10] - The net profit for 2023 is 175 million RMB, showing a significant year-on-year increase of 170.4% [5][10] - The projected earnings per share (EPS) for 2025 is 0.17 RMB, increasing to 0.20 RMB in 2026 and 0.22 RMB in 2027 [5][10] - The current market capitalization is approximately 3.25 billion HKD, with a total share count of 1.33 billion shares [6][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [3][6]. Core Insights - The company plans to acquire Hebei Kangda for a maximum of 450 million RMB, aiming to enhance its market presence in the northern home care market and improve competitiveness [1][2]. - The acquisition is expected to increase revenue and profit, leveraging brand synergy and category share to achieve multi-dimensional collaborative effects [2][3]. - The company is positioned as a leader in the home care segment, with a robust multi-brand and multi-category strategy, focusing on both online growth platforms and offline expansion [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 1,996 million RMB, 2,397 million RMB, and 2,611 million RMB, reflecting year-on-year growth rates of 9.7%, 20.1%, and 9.0% respectively [3][5]. - Net profit estimates for the same period are 223 million RMB, 268 million RMB, and 294 million RMB, with corresponding growth rates of 9.8%, 20.2%, and 9.4% [3][5]. - The current market capitalization corresponds to a PE ratio of 11 times for 2026 [3]. Strategic Acquisition Details - Hebei Kangda has over 30 years of experience in the northern market, specializing in home insecticides and cleaning products, which will enhance the company's resource integration and operational efficiency post-acquisition [9]. - The acquisition is anticipated to solidify the company's market position in household insecticides and cleaning products, thereby reinforcing its leadership in the industry [9]. - Financially, Hebei Kangda reported a revenue of 468 million RMB in 2024, with a net profit of 86 million RMB, indicating strong financial health that will contribute positively to the acquiring company [9].

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [4]. Core Insights - The report emphasizes a stable approach to prevent significant fluctuations in the market, with a focus on long-term investments and reforms to attract capital [2]. - The insurance sector is expected to benefit from an upward cycle in both liabilities and assets, driven by trends such as the migration of bank deposits and stable long-term interest rates [27]. - The securities sector is experiencing heightened market risk appetite and active trading, benefiting from favorable valuations and performance [27]. Summary by Sections 1. Industry Dynamics - The non-bank financial sector, including securities and insurance, showed positive movements with indices increasing by 1.34% and 1.00% respectively, while the insurance sector faced a decline of 2.63% [9]. - The China Securities Regulatory Commission (CSRC) is implementing measures to regulate the derivatives market and promote healthy development through counter-cyclical adjustments [1]. 2. Insurance - The insurance industry is entering an upward cycle, with a reported 14.89% year-on-year increase in premium income for New China Life, totaling CNY 195.9 billion [12]. - The Financial Regulatory Bureau's 2026 work meeting highlighted the importance of risk management and the need for non-bank institutions to focus on their core businesses [12]. 3. Securities - The report notes an increase in the financing margin ratio from 80% to 100%, aimed at reducing leverage and protecting investor rights [16]. - CITIC Securities reported a 28.75% increase in revenue for 2025, amounting to CNY 74.83 billion, with a net profit increase of 38.46% [18]. - The average daily trading volume for stock funds reached CNY 40,908.27 billion, reflecting a 21.22% week-on-week increase [19].

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [4]. Core Insights - The report emphasizes a focus on stability and counter-cyclical adjustments to promote healthy development in the non-bank financial sector. It highlights the need for regulatory measures in the derivatives market and the importance of risk management to support the real economy [1][2]. Summary by Sections 1. Industry Dynamics - The non-bank financial sector, including securities and insurance, showed varied performance with indices changing by +1.34% for non-bank financials and -2.63% for insurance during the week of January 12-16, 2026. The overall market indices, such as the Shanghai Composite Index, decreased by -0.57% [9][11]. 2. Insurance - The insurance sector is entering an upward cycle in both liabilities and assets. The long-term benefits from the trend of bank deposit migration and the stabilization of long-term interest rates are noted. The report remains optimistic about the insurance sector, particularly due to the "reporting and operation integration" strategy that enhances industry concentration [12][27]. 3. Securities - The securities sector is experiencing heightened market risk appetite and trading activity. The report indicates that securities firms and IT companies are benefiting from this environment, with a recommendation to focus on companies like China Ping An and Huatai Securities. Recent adjustments in financing margin requirements are aimed at stabilizing market leverage and protecting investor rights [16][19][27]. 4. Investment Recommendations - The report suggests a positive outlook for the insurance sector, driven by favorable trends in both the liability and asset sides. It also highlights the securities sector's potential for growth due to increased trading activity and market confidence. Specific companies to watch include China Ping An, China Life, and Guotai Junan [27].

宏观点评 政策半月观—各部委各地"开年第一会"的信号 证券研究报告 | 宏观研究 gszqdatemark 2026 01 18 年 月 日 核心结论：总体看，近半月政策聚焦 2026 年"开好头、起好步"，具体 有 6 大焦点：一是央行、证监会、商务部等部门陆续召开"开年第一会"， 分别聚焦扩内需、稳经济、综合惩治资本市场财务造假以及强化教育科 技人才支撑；二是开年中央密集调研河南、内蒙古、广东等地，聚焦"菜 篮子"稳产保供、新质生产力、"十五五"良好开局；三是 1.15 央行宣 布推出一揽子货币金融政策，下调各类结构性货币政策工具利率 0.25 个 百分点、并增加部分工具额度，央行也表示降准降息"仍有空间"，进一 步明确了货币宽松大方向，但节奏仍有待观察；四是开年以来 2 场国常 会均围绕促消费，包括 1.9 国常会部署实施财政金融协同促内需一揽子 政策，1.16 国常会研究加快培育服务消费新增长点等促消费举措；五是 各地"开年第一会"定调，上海、辽宁、福建等地均围绕优化营商环境， 海南和重庆聚焦区域建设，湖北聚焦科技创新、河南和云南等地推进重 大项目，广东和江苏聚焦细化落实、靠前发力；六是中央继续松地产 ...

证券研究报告 | 行业研究简报 gszqdatemark 2026 01 18 年 月 日 煤炭开采 2025 全球海运煤炭：贸易量减分化，欧盟进口持续收缩 本周全球能源价格回顾。截至 2026 年 1 月 16 日，原油价格方面，布伦 特原油期货结算价为 64.13 美元/桶，较上周上涨 0.79 美元/桶（+1.25%）； WTI 原油期货结算价为 59.44 美元/桶，较上周上涨 0.32 美元/桶 （+0.54%）。天然气价格方面，东北亚 LNG 现货到岸价为 11.35 美元/百 万英热，较上周上涨 1.71 美元/百万英热（+17.72%）；荷兰 TTF 天然气 期货结算价 37.2 欧元/兆瓦时，较上周上涨 8.78 欧元/兆瓦时（+30.87%）； 美国 HH 天然气期货结算价为 3.11 美元/百万英热，较上周下降 0.06 美元 /百万英热（-1.89%）。煤炭价格方面，欧洲 ARA 港口煤炭（6000K）到 岸价 96.7 美元/吨，较上周上涨 0.2 美元/吨（+0.2%）；纽卡斯尔港口煤 炭（6000K）FOB 价 111.6 美元/吨，较上周上涨 4.3 美元/吨（+4.0%）； ...

Group 1 - The report indicates that the market's short-term adjustment may have reached its limit, with a potential new upward trend expected to begin soon, supported by healthy market dynamics and a majority of sectors showing signs of recovery [6][12][17] - The banking sector is undergoing a transformation, with policies encouraging increased equity asset allocation in bank wealth management, which is expected to drive long-term growth despite short-term challenges [17][18][21] - The geothermal energy sector in the U.S. is experiencing increased demand driven by data centers, with significant investment opportunities identified in companies like Kaishan [23][24] Group 2 - The coal industry is facing a mixed outlook, with global shipping volumes expected to decline, particularly in the EU, while some regions like South Africa and Southeast Asia show growth [26][27] - The pharmaceutical sector is witnessing advancements with the commercialization of innovative drugs like RAY1225, which is expected to enhance long-term competitiveness for companies like Zhongsheng Pharmaceutical [29] - The textile and apparel industry is projected to see a cautious recovery in orders, with recommendations for companies that demonstrate strong operational capabilities and market positioning [31][32]