Investment Rating - The report maintains a rating of "Buy" for the electronic industry, with a focus on specific stocks such as 香农芯创, 东山精密, 兆易创新, 北方华创, 中微公司, and 胜宏科技 [6][62]. Core Insights - The release of AI models by Alibaba and ByteDance is expected to significantly increase the demand for computing power, particularly in video generation applications, which are more resource-intensive than text generation [2][12]. - The report highlights that the domestic AI applications are transitioning from "technology development" to "scaled deployment," indicating a robust demand for AI computing resources [2][12]. - Kioxia reported record revenue of 543.6 billion yen (approximately 3.547 billion USD) for FY25Q3, driven by increased average selling prices (ASP) and bit shipments, with expectations for continued growth in the NAND market due to AI-driven demand [3][46][61]. Summary by Sections Section 1: AI Model Releases and Computing Power Demand - Alibaba's Qwen-Image-2.0 model integrates image generation and editing, supporting 1K token input and 2K resolution, enhancing performance significantly [1][13]. - ByteDance's Seedance 2.0 model, released on February 12, 2026, demonstrates a 3-5 times increase in computing power consumption compared to standard video generation models, addressing complex motion and interaction scenarios [2][19][20]. Section 2: Kioxia's Financial Performance - Kioxia's FY25Q3 revenue reached a historical high of 543.6 billion yen, with a quarter-over-quarter growth of 21.3%, attributed to increased ASP and bit shipments [3][46]. - The company anticipates FY25 revenue between 2.18 trillion yen and 2.27 trillion yen, with a focus on data center and enterprise SSD shipments driving profitability [3][61]. Section 3: Related Stocks and Market Opportunities - The report identifies several key stocks in the semiconductor and AI sectors, including companies involved in computing power chips, storage modules, and semiconductor equipment, indicating a broad range of investment opportunities [62][63].

Credit Data Overview - In January 2026, new RMB loans amounted to 4.71 trillion, slightly above the market expectation of 4.5 trillion but lower than the seasonal average of 4.98 trillion[2] - New social financing (社融) reached 7.22 trillion, exceeding both market expectations of 6.51 trillion and the seasonal average[7] - The growth rate of outstanding social financing decreased to 8.2%, down 0.1 percentage points from the previous month[7] Loan Structure Analysis - Short-term loans for residents increased by 1.097 trillion, indicating a potential marginal improvement in consumer spending due to early consumption subsidies[6] - Long-term loans for residents continued to decline for four consecutive months, with a decrease of 1.466 trillion, primarily due to weak real estate sales[6] - Corporate short-term loans surged to 2.05 trillion, reflecting increased cash flow pressures, while medium to long-term loans fell by 2.8 trillion, indicating weak corporate investment sentiment[6] Monetary Policy Outlook - The central bank is expected to maintain a cautious approach to monetary easing, focusing on the effectiveness of fiscal policies and key economic indicators such as real estate and exports[3] - The overall economic environment is characterized as "weak reality," with significant downward pressure remaining due to insufficient domestic demand and weak confidence[3] Key Economic Indicators - M1 growth rose to 4.9%, driven by a lower base and accelerated activation of resident deposits[8] - M2 growth increased to 9%, supported by accelerated fiscal spending[8] - In January, total deposits rose by 8.09 trillion, with a notable decrease in resident deposits by 3.39 trillion, indicating a shift in deposit behavior[8]

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) [3] Core Viewpoints - Kingsoft Office is positioned to be a core beneficiary of the new AI office trend, particularly with the launch of Claude for Excel and Claude for PowerPoint, which introduce AI functionalities to enhance user experience in office software [1][2][3] - The company is recognized as a leading provider of office software and services in China, with a strong technical foundation and market positioning, which is expected to drive growth in the AI office sector [3] Financial Projections - Revenue projections for Kingsoft Office are estimated to be CNY 6.01 billion, CNY 7.12 billion, and CNY 8.42 billion for the years 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 17.4%, 18.5%, and 18.3% [3][5] - Net profit attributable to the parent company is projected to reach CNY 1.86 billion, CNY 2.22 billion, and CNY 2.71 billion for the years 2025, 2026, and 2027 respectively, with growth rates of 13.1%, 19.3%, and 22.3% [3][5] - The report highlights an expected EPS of CNY 4.01, CNY 4.79, and CNY 5.85 for the years 2025, 2026, and 2027 [5] Market Position - Kingsoft Office serves users in over 220 countries and regions, with products compatible across major operating systems including Windows, Linux, MacOS, Android, and iOS [3] - The company is recognized for its strong market position and technological capabilities, which are expected to enhance its competitive edge in the AI office software market [3]

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) [3] Core Viewpoints - Kingsoft Office is positioned to be a core beneficiary of the new AI office trend, particularly with the launch of Claude for Excel and Claude for PowerPoint, which introduce advanced AI functionalities to enhance user experience in office software [1][2][3] - The company is recognized as a leading provider of office software and services in China, with a strong technical foundation and market positioning, which is expected to drive significant growth in the AI office sector [3] Financial Projections - Revenue projections for Kingsoft Office are estimated to be CNY 6.01 billion, CNY 7.12 billion, and CNY 8.42 billion for the years 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 17.4%, 18.5%, and 18.3% [3][5] - Net profit attributable to the parent company is projected to be CNY 1.86 billion, CNY 2.22 billion, and CNY 2.71 billion for the years 2025, 2026, and 2027 respectively, with growth rates of 13.1%, 19.3%, and 22.3% [3][5] - The report highlights an expected EPS of CNY 4.01, CNY 4.79, and CNY 5.85 for the years 2025, 2026, and 2027 [5] Market Position - Kingsoft Office serves users in over 220 countries and regions, with products compatible across major operating systems including Windows, Linux, MacOS, Android, and iOS [3] - The company is recognized for its strong market position and technological capabilities, which are expected to enhance its competitive edge in the AI office software market [3]

Investment Rating - The report provides a positive investment rating for the coal mining industry in Mongolia, highlighting its rich resources and potential for growth in exports, particularly to China [19][25]. Core Insights - Mongolia has abundant coal resources, with proven reserves of 252 million tons as of the end of 2020, including 135 million tons of lignite and brown coal, and 117 million tons of anthracite and bituminous coal [7][11]. - The coal mining sector is crucial for Mongolia's economy, with coal accounting for over 90% of the country's primary energy consumption, primarily used for power generation and exports [24][25]. - The report emphasizes the strategic importance of coal exports to China, which accounted for 94.9% of Mongolia's coal exports in 2024, showcasing the reliance on this market for growth [22][25]. Summary by Sections Coal Resource Overview - Mongolia's coal resources are mainly distributed across five regions, with the northern and southern areas being the most productive, contributing to 99% of the total output [7][11]. - The country has approximately 300 coal mines, with a significant portion of high-quality coking coal suitable for metallurgical processes [11][19]. Production and Export Trends - Coal production in Mongolia has seen fluctuations, with a peak of 32 million tons in 2011, primarily driven by export demand [21]. - The report forecasts a cumulative coal production of 97.72 million tons by 2024, reflecting a compound annual growth rate (CAGR) of 10.3% from 2013 to 2024 [21]. - In 2025, coal production is expected to slow down due to a decline in demand from the Chinese coking coal market [21]. Infrastructure and Trade Ports - Key coal export ports include Gashuunsukhait, Tsagaan Khad, and Mandula, with ongoing improvements in cross-border railway and logistics infrastructure to enhance export capacity [28][32]. - The report outlines various railway projects aimed at increasing coal export volumes by approximately 4 million tons annually [32]. Company Insights: Mongolian Coal - Mongolian Coal is identified as the largest high-quality coking coal producer and exporter in Mongolia, with a diversified resource portfolio including gold and copper [40][41]. - The company has strategically shifted towards resource diversification, reducing reliance on coal by expanding into gold and copper mining [46][90]. - As of mid-2025, the company reported total coal reserves of 612 million tons, with a focus on enhancing production capabilities and market presence [56][61]. Financial Performance - The company's revenue has shown significant growth, particularly from 2015 to 2019, driven by increased demand from infrastructure projects in China [55]. - The report notes a typical cyclical fluctuation in revenue, with a notable increase in 2022 and 2023, followed by a decrease in the first half of 2025 [55][61]. Cost Structure and Pricing - The report details the cost structure of coal production, with average costs remaining stable around $77 per ton from 2018 to the first half of 2025 [71]. - Pricing strategies are influenced by market dynamics, with a focus on maintaining competitive pricing in the context of international coal markets [68][70].

Investment Rating - The report provides a positive investment rating for the coal mining industry in Mongolia, highlighting its rich resources and potential for growth in exports, particularly to China [19][25]. Core Insights - Mongolia has abundant coal resources, with proven reserves of 252 million tons as of the end of 2020, including 135 million tons of lignite and brown coal, and 117 million tons of anthracite and bituminous coal [7][11]. - The coal mining sector is crucial for Mongolia's economy, with coal accounting for over 90% of the country's primary energy consumption, primarily used for power generation and exports [24][25]. - The report emphasizes the strategic importance of coal exports to China, which accounted for 94.9% of Mongolia's coal exports in 2024, showcasing the reliance on this market for growth [22][25]. Summary by Sections Coal Resource Overview - Mongolia's coal resources are distributed across various regions, with the northern and southern areas being the most productive, contributing to 99% of the total output [7][11]. - The country has approximately 300 coal mines, with a significant portion of high-quality coking coal suitable for metallurgical processes [11][19]. Production and Export Trends - Coal production in Mongolia has seen fluctuations, with a peak of 32 million tons in 2011, primarily driven by export demand [21]. - The report forecasts a cumulative coal production of 97.72 million tons by 2024, reflecting a compound annual growth rate (CAGR) of 10.3% from 2013 to 2024 [21]. - In 2025, coal production is expected to slow down due to a decline in demand from the Chinese coking coal market [21]. Infrastructure and Trade Ports - Key coal export ports include Gashuunsukhait, Tsagaan Khad, and Mandula, with ongoing improvements in cross-border railway and logistics infrastructure to enhance export capacity [28][32]. - The report outlines various railway projects aimed at increasing coal export volumes by approximately 4 million tons annually [32]. Company Analysis: Mongolian Coal - Mongolian Coal is identified as the largest producer and exporter of high-quality coking coal in Mongolia, with diversified mineral resource development including gold and copper [40][43]. - The company has a strategic focus on expanding its resource base and reducing dependency on coal by entering the gold and copper sectors [46][90]. - As of mid-2025, the company reported total coal reserves of 612 million tons, with significant production capabilities from its UHG and BN mines [56][58]. Financial Performance - The company's revenue has shown cyclical fluctuations, with significant growth from 2015 to 2019, followed by a contraction during the pandemic, and a resurgence in 2021-2024 [55]. - The report highlights that coal sales remain the primary revenue source, with hard coking coal contributing the majority of sales [55][67]. Cost Structure and Pricing - The report details the cost structure of coal production, with average costs remaining stable around $77 per ton from 2018 to mid-2025, despite fluctuations in transportation and compliance costs [71][74]. - Pricing strategies are influenced by market dynamics, with hard coking coal prices expected to stabilize around $160-$180 per ton in 2024 [70][71].

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 13 年 月 日 晶苑国际（02232.HK） 订单品类扩充，产能效率提升，制造龙头稳健成长 公司是服饰制造行业龙头之一，未来业务规模有望持续扩张。1）公司合作下游龙 头品牌公司，包括优衣库、Levis、GAP、Adidas 等，所生产的产品品类包括休闲 服、运动服及户外服、牛仔服、贴身内衣、毛衣、以及针织布料。2）2024 年公司 收入同比+13%至 24.7 亿美元/净利润同比+23%至 2.0 亿美元，2025H1 收入同 比+12%至 12.3 亿美元/净利润同比+17%至 0.98 亿美元，预计未来效率提升及 订单增长有望持续驱动公司业绩增长。 产能：积极布局一体化产业链，产能持续扩张以匹配订单需求。1）公司国际化布 局较早，目前员工人数约 8 万人，每年合计成衣出货量超过 4.7 亿件，2024 年末 在越南、中国、孟加拉国、柬埔寨、斯里兰卡的员工占比分别达到 54.3%/16.1%/11.3%/11.9%/5.9%。2）2024~2025 年间公司持续补充产能、招 聘员工，预计效率爬坡与提升将在 2026 年继续体现。我们 ...

Group 1: Convertible Bonds Strategy - The report suggests that in the current environment of a slow bull market for equities and deepening supply-demand contradictions in convertible bonds, the demand for fixed income plus allocation is expected to continue driving up the prices and valuations of convertible bonds [3] - It recommends maintaining a non-typical barbell allocation strategy, focusing on technology growth sectors driven by policy support and industrial innovation, while also incorporating low-cycle chemical varieties to respond to potential upward movements or pullbacks in the equity market [3] - The report updates its portfolio by removing two convertible bonds, Bo 23 and Yuguang convertible bonds, and adding Alara and Hebang convertible bonds to enhance defensive positions while awaiting excess returns from industry recovery [3] Group 2: Company Analysis - Saint Bella - The report forecasts that Saint Bella (02508.HK) will achieve adjusted net profits of 118 million, 200 million, and 298 million yuan for 2025-2027, representing year-on-year growth of 180.2%, 69.1%, and 48.9% respectively [5] - The company is in a rapid expansion phase and has completed its transformation from "service + retail" to "service + retail + AI," positioning itself as a rare high-end care group and a provider of unique care scenarios for training AI and home robots [5] - The report initiates coverage with a "buy" rating due to the company's strong growth potential and unique market positioning [5] Group 3: Company Analysis - Tian Shun Wind Power - Tian Shun Wind Power (002531.SZ) announced a domestic marine engineering order worth 870 million yuan, indicating a potential turnaround in its fundamentals [6] - The company is expected to accelerate its overseas orders as its German base's core equipment is being deployed, with a strong domestic market share in offshore wind [6] - Profit forecasts estimate the company will achieve net profits of -200 million, 620 million, and 1.51 billion yuan from 2025 to 2027, with corresponding PE valuations of 28 and 11.5 times for 2026 and 2027, respectively, maintaining a "buy" rating [6]

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 13 年 月 日 晶苑国际（02232.HK） 订单品类扩充，产能效率提升，制造龙头稳健成长 公司是服饰制造行业龙头之一，未来业务规模有望持续扩张。1）公司合作下游龙 头品牌公司，包括优衣库、Levis、GAP、Adidas 等，所生产的产品品类包括休闲 服、运动服及户外服、牛仔服、贴身内衣、毛衣、以及针织布料。2）2024 年公司 收入同比+13%至 24.7 亿美元/净利润同比+23%至 2.0 亿美元，2025H1 收入同 比+12%至 12.3 亿美元/净利润同比+17%至 0.98 亿美元，预计未来效率提升及 订单增长有望持续驱动公司业绩增长。 产能：积极布局一体化产业链，产能持续扩张以匹配订单需求。1）公司国际化布 局较早，目前员工人数约 8 万人，每年合计成衣出货量超过 4.7 亿件，2024 年末 在越南、中国、孟加拉国、柬埔寨、斯里兰卡的员工占比分别达到 54.3%/16.1%/11.3%/11.9%/5.9%。2）2024~2025 年间公司持续补充产能、招 聘员工，预计效率爬坡与提升将在 2026 年继续体现。我们 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 9.73 based on a 27X valuation for 2026 [4]. Core Insights - The company, Saint Bella, is a leading global family care brand group, focusing on high-end postpartum care centers, family care services, and women's health foods, with plans to expand its store network significantly by 2025 [1][14]. - The postpartum care and recovery industry in China is projected to reach a market size of RMB 67.5 billion in 2024, indicating substantial growth potential and a shift towards premium services [2][37]. - The company has demonstrated strong financial performance, with a revenue of RMB 450 million in the first half of 2025, reflecting a year-on-year growth of 25.64%, and an adjusted net profit of RMB 39 million, up 126% [1][4]. Summary by Sections Company Overview - Saint Bella operates a multi-brand strategy with three main brands: "Saint Bella" for high-net-worth families, "Ai Yu" focusing on women's mental health, and "Little Bella" targeting younger markets [1][17]. - The company has expanded its presence internationally, with plans to double its store count in mainland China by 2030 and enter key global cities [3][14]. Industry Analysis - The postpartum care and recovery market is characterized by low penetration rates, suggesting significant room for growth and premiumization [2][37]. - The overall family care industry in China is expected to grow from RMB 392.8 billion in 2019 to RMB 805.3 billion by 2025, with a CAGR of 12.4% [37]. Competitive Advantages - The company leverages a light-asset model for rapid store expansion and has established a standardized care system supported by a team of leading experts [2][3]. - Its multi-brand strategy allows for clear brand positioning and different channel expansion paths, enhancing customer acquisition efficiency [2][3]. Future Development - The company aims to extend its service offerings to include postpartum recovery, family care, and elderly care, thereby maximizing customer lifetime value [3][4]. - Saint Bella is also focusing on integrating AI into its services, aiming to transform the traditional maternal and infant care industry [3][4]. Financial Projections - The company anticipates adjusted net profits of RMB 120 million, RMB 200 million, and RMB 298 million for 2025, 2026, and 2027, respectively, reflecting significant growth rates [4][5]. - Revenue is projected to reach RMB 1.85 billion by 2027, with a consistent growth trajectory across its business segments [5][20].