Report Industry Investment Rating - Not provided in the report Core Viewpoints - Last week (2/2 - 2/6), bond - type ETFs had a net capital outflow of 4.1 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 6.4 billion yuan, net inflows of 1.2 billion yuan, and net inflows of 1.1 billion yuan respectively. The weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs compared to the previous week were +0.02%, +0.16%, and - 0.07% respectively [2][13]. - There were no newly issued bond ETFs last week [3][17]. - As of February 6, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 130.1 billion yuan, 369.5 billion yuan, and 76.9 billion yuan respectively, with credit - bond ETFs accounting for 64% of the total scale. Compared to the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.7 billion yuan, decreased by 5.3 billion yuan, and increased by 0.9 billion yuan respectively. Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 104.3 billion yuan and 278.2 billion yuan respectively, decreasing by 2.4 billion yuan and 7.9 billion yuan compared to the previous week [4][19][20]. - Last week, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively. The return rate of benchmark - market - making credit - bond ETFs since their establishment has been stable at around 1.47%, and the return rate of science - innovation bond ETFs since their establishment has marginally increased to 0.46% [5][27][29]. - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.14%, - 0.01%, and - 0.03% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.19% and - 0.13% respectively [6][34]. - Last week, the turnover rates were in the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of interest - rate bond ETFs and credit - bond ETFs improved, rising to 165% and 141% respectively, while the weekly turnover rate of convertible - bond ETFs marginally decreased to 138%. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Southern China Securities AAA Science and Technology Innovation Corporate Bond ETF, and Morgan Shanghai Stock Exchange AAA Science and Technology Innovation Corporate Bond ETF had relatively high turnover rates [7][39]. Summary by Directory 1. Issuance Progress Tracking - No new bond ETFs were issued last week [3][17] 2. Existing Product Tracking - As of February 6, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 130.1 billion yuan, 369.5 billion yuan, and 76.9 billion yuan respectively, with credit - bond ETFs accounting for 64% of the total scale. The top two in terms of circulating market value were Haifutong China Securities Short - Term Financing ETF and Bosera Convertible Bond ETF, with values of 68.1 billion yuan and 65.0 billion yuan respectively [4][19][20]. - Compared to the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.7 billion yuan, decreased by 5.3 billion yuan, and increased by 0.9 billion yuan respectively. The product with a significant increase in scale last week was Haifutong China Securities Short - Term Financing ETF, with a month - on - month increase of 3.3 billion yuan, followed by Penghyang China Bond - 30 - Year Treasury Bond ETF and Bosera Shanghai Stock Exchange 30 - Year Treasury Bond ETF [4][20]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 104.3 billion yuan and 278.2 billion yuan respectively, decreasing by 2.4 billion yuan and 7.9 billion yuan compared to the previous week [4][24]. 3. ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively [27]. - The return rate of benchmark - market - making credit - bond ETFs since their establishment has been stable at around 1.47%, and the return rate of science - innovation bond ETFs since their establishment has marginally increased to 0.46% [29]. 4. Premium/Discount Rate Tracking - The premium/discount rate of ETFs measures the deviation between the secondary - market trading price of the fund and its unit net value. A high premium rate usually indicates that the market is optimistic about the fund or its underlying assets, while a high discount rate indicates pessimism or lack of interest [34]. - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.14%, - 0.01%, and - 0.03% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.19% and - 0.13% respectively [6][34]. 5. Turnover Rate Tracking - The weekly turnover rate of ETFs is calculated by dividing the weekly trading volume by the fund shares. Last week, the turnover rates were in the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of interest - rate bond ETFs and credit - bond ETFs improved, rising to 165% and 141% respectively, while the weekly turnover rate of convertible - bond ETFs marginally decreased to 138% [7][39]. - Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Southern China Securities AAA Science and Technology Innovation Corporate Bond ETF, and Morgan Shanghai Stock Exchange AAA Science and Technology Innovation Corporate Bond ETF had relatively high turnover rates [7][39].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 22.22 CNY per share based on a PE of 37x for 2026 [5]. Core Insights - The global demand for gas turbines is on the rise, which is expected to accelerate the revenue growth of the company's waste heat boilers. The AIDC catalytic gas turbine industry is projected to see significant growth, with demand in the U.S. expected to increase from 4.1 GW to 57.9 GW between 2025 and 2028, with growth rates of 219%, 135%, and 88% for 2026-2028 respectively [2]. - The company is a leading domestic player in waste heat boilers, holding over 50% market share in China and has expanded its presence in overseas markets, targeting regions along the Belt and Road Initiative [2]. - The company has a strong foothold in the solar thermal power sector, with a market share of 58% in total design capacity and 55% in project numbers for significant solar thermal projects in China from 2021 to 2024 [3]. - The nuclear power sector is also seeing a revival, with the company planning to expand its nuclear power business and has already supplied numerous components to major nuclear power groups [4]. Summary by Sections Section 1: Company Overview - The company has evolved from a traditional waste heat boiler leader to a comprehensive supplier of clean energy equipment, with a history of nearly 50 years in the industry [15]. - It has diversified its offerings to include nuclear power and molten salt energy storage systems, participating in significant projects in these areas [15][16]. Section 2: Waste Heat Boilers - Waste heat boilers are critical components in gas-steam combined cycle systems, which enhance energy efficiency and reduce emissions [46]. - The demand for waste heat boilers is expected to rise in tandem with the growth of the gas turbine industry, particularly as global gas turbine manufacturers expand their production capacity [2][50]. Section 3: Solar Thermal Power - The company is positioned well in the solar thermal power market, benefiting from government policies that promote renewable energy integration [3]. - It has established long-term partnerships with leading clients in the solar thermal sector, which is expected to drive future order growth [3]. Section 4: Nuclear Power - The approval of nuclear power units in China is on the rise, which is anticipated to boost demand for nuclear equipment [4]. - The company has been a reliable supplier for major nuclear power projects and is expanding its capabilities in advanced nuclear technologies [4]. Section 5: Financial Projections - Revenue forecasts for the company are projected to be 6.31 billion CNY in 2025, 7.316 billion CNY in 2026, and 8.525 billion CNY in 2027, with corresponding net profits of 431 million CNY, 502 million CNY, and 571 million CNY [5][8].

Quantitative Models and Construction Methods Model 1: Fund Selection Strategy Based on Trading Motivation Factor and Stock Price Difference Income Factor - **Model Name**: Fund Selection Strategy Based on Trading Motivation Factor and Stock Price Difference Income Factor - **Construction Idea**: The strategy aims to select funds with high stock price difference income, active trading motivation, and low possibility of performance dressing[2] - **Construction Process**: - The strategy combines the trading motivation factor and the stock price difference income factor - The trading motivation factor is constructed by classifying the trading motivations of funds[23] - The stock price difference income factor is derived from the stock price difference income in the fund's income statement[23] - The strategy adopts a semi-annual rebalancing approach, rebalancing at the end of March and August each year[23] - **Evaluation**: The strategy significantly outperformed the Wind Partial Equity Hybrid Fund Index in January 2026[2] Model 2: Fund Selection Strategy Based on Fund Manager's Trading Uniqueness - **Model Name**: Fund Selection Strategy Based on Fund Manager's Trading Uniqueness - **Construction Idea**: The strategy aims to capture the unique trading patterns of fund managers to generate excess returns[3] - **Construction Process**: - Construct a network based on the detailed holdings and transactions of fund managers[31] - Develop an indicator to measure the uniqueness of fund managers' trading[31] - The strategy adopts a semi-annual rebalancing approach, rebalancing at the beginning of April and September each year[31] - **Evaluation**: The strategy outperformed the Wind Partial Equity Hybrid Fund Index in January 2026[3] Model 3: Industry Theme ETF Rotation Strategy Based on Application Information - **Model Name**: Industry Theme ETF Rotation Strategy Based on Application Information - **Construction Idea**: The strategy aims to select industry theme ETFs similar to the applied ETFs to capture market investment hotspots[4] - **Construction Process**: - Conduct event-driven research on the entire issuance process of funds[36] - Construct the industry theme application similarity factor (T+1) based on the information disclosed during the application material public stage[36] - The strategy adopts a monthly rebalancing approach, with a transaction fee rate of 0.1% per side[36] - **Evaluation**: The strategy significantly outperformed the CSI 800 Index in January 2026[4] Model Backtesting Results Fund Selection Strategy Based on Trading Motivation Factor and Stock Price Difference Income Factor - **Monthly Return**: 10.96%[27] - **Annualized Return**: 11.56%[27] - **Annualized Volatility**: 21.60%[27] - **Sharpe Ratio**: 0.54[27] - **Maximum Drawdown**: 48.39%[27] - **Annualized Excess Return**: 3.87%[27] - **Excess Maximum Drawdown**: 19.22%[27] - **Information Ratio (IR)**: 0.64[27] - **Monthly Excess Return**: 3.60%[27] Fund Selection Strategy Based on Fund Manager's Trading Uniqueness - **Monthly Return**: 8.03%[35] - **Annualized Return**: 14.26%[35] - **Annualized Volatility**: 19.47%[35] - **Sharpe Ratio**: 0.73[35] - **Maximum Drawdown**: 37.26%[35] - **Annualized Excess Return**: 5.70%[35] - **Excess Maximum Drawdown**: 10.84%[35] - **Information Ratio (IR)**: 1.10[35] - **Monthly Excess Return**: 0.86%[35] Industry Theme ETF Rotation Strategy Based on Application Information - **Monthly Return**: 22.66%[40] - **Annualized Return**: 22.45%[40] - **Annualized Volatility**: 21.39%[40] - **Sharpe Ratio**: 1.05[40] - **Maximum Drawdown**: 34.89%[43] - **Annualized Excess Return**: 13.84%[43] - **Excess Maximum Drawdown**: 19.07%[43] - **Information Ratio (IR)**: 0.76[43] - **Monthly Excess Return**: 18.18%[43]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 22.22 CNY per share based on a PE of 37x for 2026 [5]. Core Views - The global demand for gas turbines is on the rise, which is expected to accelerate the revenue growth of the company's waste heat boilers. The AIDC catalytic gas turbine industry is projected to see significant growth, with demand in the U.S. expected to increase from 4.1 GW to 57.9 GW between 2025 and 2028, with growth rates of 219%, 135%, and 88% in 2026, 2027, and 2028 respectively [2]. - The company is a leader in the domestic waste heat boiler market, holding over 50% market share, and is expanding its presence in overseas markets, particularly in regions along the Belt and Road Initiative [2]. - The company has a strong foothold in the solar thermal power sector, with a market share of 58% in total design capacity and 55% in project numbers for significant solar thermal projects in China from 2021 to 2024 [3]. - The nuclear power sector is also seeing a revival, with the company planning to expand its nuclear power business and has already supplied numerous components to major nuclear power groups [4]. Summary by Sections Section 1: Company Overview - The company has evolved from a traditional waste heat boiler leader to a comprehensive supplier of clean energy equipment, with a history of nearly 50 years in the industry [15]. - It has diversified its business into nuclear power and molten salt energy storage, participating in significant projects and partnerships [15][16]. Section 2: Waste Heat Boilers - The demand for waste heat boilers is expected to rise alongside the gas turbine industry, with the company positioned to benefit from this trend [2]. - The company has seen a 16.81% year-on-year increase in new waste heat boiler orders, amounting to 1.967 billion CNY in 2025 [2][19]. Section 3: Molten Salt Energy Storage - The company is well-positioned to benefit from the growing solar thermal power market in China, with significant policy support and projected capacity growth [3]. - The company has established deep collaborations with leading clients in the solar thermal sector, enhancing its order prospects [3]. Section 4: Nuclear Power - The approval of nuclear power units in China is on the rise, which is expected to drive demand for nuclear equipment [4]. - The company has a long-standing partnership with major nuclear power groups and is expanding its capabilities in advanced nuclear technologies [4]. Section 5: Financial Forecast and Valuation - The company is projected to achieve revenues of 6.3 billion CNY in 2025, 7.3 billion CNY in 2026, and 8.5 billion CNY in 2027, with corresponding net profits of 431 million CNY, 502 million CNY, and 571 million CNY [5][8]. - The company’s PE ratios are expected to decrease from 35x in 2025 to 26x in 2027, reflecting its growth potential and market positioning [5].

- The AI-based global asset allocation model suggests a weight of 74.76% for the government bond index, 24.97% for SHFE gold, and 0.27% for the Hang Seng Index for February[5][44] - The model's performance in January showed a monthly return of -0.25%, compared to the benchmark strategy's return of 0.14%[5][44] - Historical performance from January 2021 to January 2026 indicates an annualized return of 7.22%, a Sharpe ratio of 1.07, and a maximum drawdown of 6.66%[46] - The stock-bond allocation model, based on macro timing and risk budgeting, suggests stock weights of 10.19%, 16.91%, and 70.00% for conservative, balanced, and aggressive profiles, respectively, for February[6][50] - The model's performance in January showed monthly returns of 3.65%, 1.22%, and 0.39% for aggressive, balanced, and conservative profiles, respectively[6][50] - Historical performance from January 2005 to January 2026 indicates annualized returns of 20.15%, 10.85%, and 5.87% for aggressive, balanced, and conservative profiles, respectively[51][57] - The dividend timing model recommends a 100% position in the CSI Dividend Index for February[7][58] - The model's performance shows an annualized return of 15.85%, an annualized volatility of 17.26%, a maximum drawdown of -21.22%, and a Sharpe ratio of 0.90[7][59] - The model's recent one-month return is 0.00%, compared to the CSI Dividend Total Return Index's return of 3.76%[7][59]

Macro Liquidity - The US dollar index has rebounded, and the degree of "inversion" in the China-US interest rate spread has narrowed. The nominal and real yields of 10Y US Treasuries have both declined, indicating a decrease in inflation expectations [1][15] - Offshore US dollar liquidity has marginally loosened, while the domestic interbank funding environment remains balanced and slightly loose. The term spread (10Y-1Y) has narrowed [1][22] Market Trading Activity - Market trading activity has decreased, with most indices experiencing an increase in volatility. Sectors such as media, communication, retail, military, and building materials have trading heat above the 90th percentile [2][30] - The volatility of most indices has increased, with military, petrochemical, and non-ferrous metal sectors reaching above the 80th percentile [2][32] Institutional Research - The banking, electronics, new energy, military, and computer sectors have seen high research activity. The research intensity in new energy, military, media, food and beverage, and utilities sectors has continued to rise [3][42] Analyst Forecasts - Analysts have continued to raise net profit forecasts for the entire A-share market for 2026/2027. The proportion of stocks with upward revisions in net profit forecasts has increased [4][50] - Specific sectors such as non-ferrous metals, retail, communication, pharmaceuticals, and machinery have also seen upward adjustments in their 2026/2027 net profit forecasts [4][21] - The net profit forecasts for the ChiNext Index and the SSE 50 have been raised for 2026/2027, while the forecasts for the CSI 500 and CSI 300 have been adjusted differently [4][23] Northbound Trading Activity - Northbound trading activity has decreased, continuing to net sell A-shares, but the magnitude of selling has slowed. In the top 10 active stocks, the buy-sell ratio in sectors like communication, food and beverage, and machinery has increased [5][31] - For stocks with northbound holdings of less than 30 million shares, there has been a net buying in sectors such as chemicals, non-ferrous metals, and petrochemicals, while net selling has occurred in TMT, pharmaceuticals, and military sectors [5][33] Margin Financing Activity - Margin financing activity has continued to decline, reaching the lowest point since July 2025. Last week, there was a net sell of 51.596 billion yuan across various sectors, with electronics, non-ferrous metals, communication, and chemicals being sold off the most [6][35] - Only the communication and non-bank financial sectors saw an increase in the proportion of financing purchases [6][38] Active Equity Funds and ETFs - Active equity funds have continued to increase their positions, particularly in non-ferrous metals, media, and steel sectors, while reducing positions in finance, food and beverage, and new energy sectors [8][45] - The correlation of active equity funds with large/mid/small-cap value has increased, while the correlation with growth has decreased [8][48] - New equity fund establishment has decreased, with both active and passive funds seeing a decline in scale. ETFs have seen renewed net subscriptions, primarily driven by individual investors [8][50]

- The report discusses the performance of major domestic market indices over the past week, with the SSE 50, CSI 300, CSI 500, and CSI 1000 indices showing varying degrees of change[2] - The micro-cap stock indicator monitoring includes a rotation strategy based on the relative net value of micro-cap stocks to the "Mao Index" and the 20-day closing price slope of the Wind micro-cap stock index[2][18] - The rotation strategy is currently in a balanced configuration, with part of the positions switching back to the micro-cap stock index based on the 20-day closing price slope and the M1 indicator's 6-month moving average[2][18] - The timing and risk control for micro-cap stocks are monitored using indicators such as the volatility congestion rate and the 10-year government bond yield, which are currently within controllable risk ranges[18][19] - The report also includes a summary of the macroeconomic environment, highlighting the impact of the 2026 Central No. 1 Document on agricultural asset capitalization and the "Happy New Year Shopping" initiative to boost domestic demand[3][37] - The overseas market is experiencing a divergence between manufacturing recovery and employment decline, with AI-driven infrastructure investments in copper and power equipment being seen as opportunities[4][38] - The report suggests a barbell strategy for tactical allocation, focusing on consumer services and AI-related sectors[4][38] - The report tracks the performance of various quantitative stock selection factors, noting that value and volume-price factors performed well, while growth and consensus expectation factors showed some pullback[5][52] - The report includes detailed construction and monitoring of convertible bond selection factors, with positive performance noted for stock value and convertible bond valuation factors[5][57] - The macro timing strategy model recommends a 70% equity position for February, with strong signals from economic growth and monetary liquidity[47][48]

Investment Rating - The report indicates a positive investment outlook for the humanoid robotics industry, highlighting significant advancements and commercialization efforts expected in the coming years [4]. Core Insights - The humanoid robotics sector is experiencing accelerated growth, with Tesla's third-generation humanoid robot, Optimus V3, set to be unveiled soon, aiming for an annual production of one million units. This robot is designed to learn new skills through observation of human behavior [2][27]. - The release of the Bolt humanoid robot by Jingzhi Technology marks a significant achievement, as it is now the fastest humanoid robot globally, capable of running at 10 meters per second, showcasing advancements in dynamic balance and motion control [2][30]. - The Beijing Humanoid Robot Innovation Center has successfully completed over 700 million yuan in market financing, indicating a shift towards market-oriented operations and the development of core platform technologies [3][36]. Summary by Sections Industry Dynamics - The report notes a shift from policy guidance to commercial implementation, with the humanoid robotics industry poised for long-term growth. Key events include the release of the Bolt robot and the announcement of Tesla's Optimus V3 [9][10]. - The central government's focus on integrating AI with agriculture and expanding applications for drones, IoT, and robotics is expected to drive industry growth [10][11]. Humanoid Robotics - Tesla's Optimus V3 is anticipated to be a versatile humanoid robot capable of learning tasks through human interaction, with a production target of one million units [27]. - Jingzhi Technology's Bolt robot has set a new benchmark in speed for humanoid robots, which could enhance applications in emergency response and industrial operations [30]. - The Beijing Humanoid Robot Innovation Center's financing will support the development of autonomous and user-friendly humanoid robots, emphasizing collaboration within the industry [36][37]. Core Components - Lingxin Qiaoshou has signed a strategic cooperation agreement with Fulai New Materials to procure 100,000 tactile sensors, aiming to enhance the capabilities of humanoid robots [3][4]. - The report highlights the importance of technological advancements in electric drive technologies and new materials, which are critical for the evolution of humanoid robotics [4]. Investment Recommendations - The year 2026 is identified as a pivotal moment for humanoid robotics, with expectations for mass production and significant market entry by leading companies [4]. - Key areas of focus include the convergence of Tesla's supply chain, technological iterations, and opportunities within domestic and international markets [4].

Investment Rating - The report indicates a positive investment outlook for the humanoid robotics industry, highlighting 2026 as a critical year for the realization of humanoid robots from concept to mass production [4]. Core Insights - The humanoid robotics sector is experiencing accelerated growth, with Tesla's third-generation humanoid robot, Optimus V3, set to be unveiled soon, aiming for an annual production of one million units. This robot is designed to learn new skills through observation of human behavior [2][27]. - The release of the Bolt humanoid robot by Jingzhi Technology marks a significant achievement, as it is now the fastest humanoid robot globally, capable of running at 10 meters per second, showcasing advancements in dynamic balance and motion control [2][30]. - The Beijing Humanoid Robot Innovation Center has successfully completed over 700 million yuan in market financing, indicating a shift towards market-oriented operations and the advancement of core platform technologies [3][36]. Summary by Sections Industry Dynamics - The report notes a shift from policy guidance to commercial implementation, with significant breakthroughs in the humanoid robotics industry. The release of the Bolt robot and Tesla's upcoming Optimus V3 are pivotal developments [9][10]. - The central government's focus on integrating AI with agriculture and expanding applications for drones, IoT, and robotics is expected to drive long-term growth in the sector [10][11]. Core Components - Lingxin Qiaoshou has signed a strategic cooperation agreement with Fulai New Materials to procure 100,000 tactile sensors, aiming to enhance the development of flexible sensing and robotic dexterity [3][12]. - The report emphasizes the importance of technological iteration and convergence in the industry, particularly in electric drive technologies and advanced materials [4]. Investment Recommendations - The report suggests focusing on five key areas for investment: Tesla's supply chain convergence, technological advancements, opportunities in overseas supply chains, domestic application opportunities, and long-term quality investments [4]. - The anticipated mass production of Tesla's first-generation humanoid robots in early 2026 is expected to significantly increase domestic output from thousands to tens of thousands of units [4]. Recent Industry Events - Key events include the unveiling of the Bolt robot and Tesla's announcement regarding Optimus V3, both of which are expected to have a substantial impact on the market [5][10]. - The completion of significant financing rounds by various companies, including the Beijing Humanoid Robot Innovation Center, indicates strong investor interest and confidence in the sector's future [3][36].

Investment Rating - The industry is rated as "Buy" with an expected increase of over 15% in the next 3-6 months [6] Core Insights - Focus on the elasticity of electricity coal demand, particularly the low base effect in the first half of the year. The electricity consumption in the first half of 2025 is expected to grow significantly due to a low base, with industrial electricity consumption contributing only 40% to the total increase, which is much lower than its usual share [2] - The coal-fired power generation is also anticipated to see high growth in the first half of the year due to a low base, with a year-on-year decline of 2.15% in coal power generation volume [2] - The demand for electricity coal may be driven by overseas data centers and industrialization, which could lead to a tighter supply of imported coal [2] - The report emphasizes the importance of monitoring the marginal demand for coal, which could become a driving force for coal price changes [2] Summary by Sections Section 1: Electricity Demand - The first half of 2025 is expected to see high growth in electricity consumption due to a low base effect, particularly in high-energy-consuming industries [2] - Emerging manufacturing sectors are showing strong demand, contributing to a positive outlook for electricity consumption growth in the first half of 2026 [2] Section 2: Coal Power Generation - Coal power generation is projected to experience high growth in the first half of 2025, with a significant decline in the previous year providing a low base for comparison [2] - The report anticipates that the installed capacity of coal power may not see significant growth, which could lead to better-than-expected coal power generation [2] Section 3: Investment Opportunities - The report suggests focusing on large and medium-sized state-owned enterprises, particularly those enhancing market value management and capital operations [3] - Specific companies highlighted include Guiguan Electric Power, Huadian International, and others that are expected to benefit from improved hydrological data and market conditions [4]