Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The demand for trendy toys is not a false need; entertainment is a necessity. The "Kidult" trend, driven by demographic changes, media evolution, and consumer psychology, is a long-term trend in the toy industry, exemplified by the increasing market share of companies targeting adult consumers [1][14] - The global entertainment and media industry is projected to reach approximately $3 trillion by 2024, indicating a growing market for diversified entertainment offerings [1][35] Supply-Side Growth Potential - Store Expansion: The company has significant room for growth in retail locations, with a projected increase in global retail stores from 571 in 2025, with a substantial portion located in China [2][58] - Increased Store Traffic: Domestic single-store membership is expected to rise from 145,000 to nearly 200,000, indicating potential for higher customer traffic [2] - Higher Member Spending: The maturity of IPs is expected to drive up member spending, as seen with the SKULLPANDA IP, where the cost to collect all items increased significantly from 5,922 RMB in 2021 to 47,430 RMB in 2025 [2] Demand-Side Competitive Barriers - Artist Talent Barrier: The company has established relationships with mature toy artists, creating a long-term competitive advantage [3] - Marketing Resource Barrier: The company's business model relies on top-tier brand collaborations and celebrity endorsements, which are core competitive barriers [3] - User Data Asset Barrier: The company's direct sales channels enhance its ability to control user data and market feedback, improving operational efficiency [3] Valuation Safety Margin - The company's valuation is expected to be significantly above 10X PE, given its growth stage and the rising influence of China's cultural output on its growth trajectory [3] Profit Forecast and Valuation - The company is projected to achieve revenues of 369.57 billion RMB, 551.72 billion RMB, and 678.11 billion RMB for the years 2025-2027, with adjusted net profits of 123.76 billion RMB, 173.73 billion RMB, and 226.85 billion RMB, reflecting year-on-year growth rates of 295.98%, 40.37%, and 30.58% respectively [4][7] - The target price is set at 359.72 HKD, based on a 25X PE for 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The demand for trendy toys is not a false need; entertainment is a necessity. The "Kidult" trend, driven by demographic changes, media evolution, and consumer psychology, is a long-term trend in the toy industry, exemplified by the increasing market share of companies targeting adult consumers [1][14] - The global entertainment and media industry is projected to reach approximately $3 trillion by 2024, indicating a growing market for diversified entertainment offerings [1][35] Supply-Side Growth Potential - Store Expansion: The company has significant room for growth in retail locations, with a projected increase in global retail stores from 571 in 2025, with a substantial portion located in China [2][58] - Increased Store Traffic: Domestic single-store membership is expected to rise from 145,000 to nearly 200,000, with the opening of the first U.S. store in September 2023 [2] - Higher Member Spending: The maturity of IPs is expected to drive up the average spending per member, as seen with the SKULLPANDA IP, where the cost to purchase all products increased significantly from 5,922 RMB in 2021 to 47,430 RMB in 2025 [2] Demand-Side Competitive Barriers - Artist Talent Barrier: The company has established partnerships with mature toy artists in Hong Kong, creating a long-term competitive advantage [3] - Marketing Resource Barrier: The company's business model relies on top-tier brand collaborations and celebrity endorsements, which are core competitive barriers [3] - User Data Asset Barrier: The company has strong control over user data and market feedback due to its direct sales channels, enhancing operational efficiency [3] Valuation Safety Margin - The company's valuation is expected to be significantly above 10X PE, given its growth stage and the rising cultural influence of China on the global stage [3] Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 36.96 billion, 55.10 billion, and 67.74 billion RMB, with adjusted net profits of 12.38 billion, 17.35 billion, and 22.66 billion RMB, reflecting growth rates of 295.98%, 40.21%, and 30.59% respectively [4][7] - The target price is set at 359.72 HKD, based on a 25X PE for 2026 [4]

资产端的"买 A 卖港"与负债端逐步远去的"回本赎回" 2025Q4 主动偏股基金股票仓位回落至 86.30%(A 股 73.96%，港股 12.34%)，且仓位回落均来自港股配置比例的下降， 而 A 股配置比例则延续回升。结合南下来看，四季度公募基金持仓占南下比例下降至 16.46%，且主要源于主动基金配 置比例的下降，而被动基金的占比仍在提升，2025 年末两者的占比已经十分接近。业绩方面，四季度主动基金的业绩 中位数大约为-0.11%，终结了此前连续三个季度为正的趋势，但自 2018 年以来，主动基金单季度持续盈利的最长时 间即为 3 个季度，相应地，约 48%的主动基金跑赢了其业绩基准。因子暴露方面，四季度表现较好的主动偏股基金在 盈利能力因子、成长因子上的暴露显著高于其他分组，同时依然具备高估值、高股价分位数、强动量的特征，这大多 延续了三季度的特征，四季度主动基金因子暴露的主要边际变化在于各基金分组在基本面因子上的暴露差异可能有所 收敛。负债端方面，2025Q4 权益类基金(主动+被动)负债端重获资金净流入，其背后一方面是被动基金负债增量规模 的回升，另一方面是主动基金净赎回规模的明显回落：1）主 ...

Investment Rating - The report maintains a positive recommendation for the industry, indicating an upward trend in fundamentals despite short-term fluctuations in performance [4]. Core Insights - The non-bank sector's public active equity allocation ratio has increased quarter-on-quarter, with a reduction in underweight levels [2]. - The insurance sector has seen a significant increase in active equity holdings, with a quarter-on-quarter growth of 117% in A-share active equity public fund heavy positions [3]. - The brokerage sector's active equity holdings have also risen, with a quarter-on-quarter increase of 14% in A-share active equity public fund heavy positions [5]. - Multi-financial companies, particularly Jiufang Zhituo Holdings, have shown a notable increase in allocation ratios [6]. Summary by Sections Non-Bank Sector - The total heavy stock allocation in the non-bank financial sector reached 40.9 billion yuan, with a configuration ratio of 2.51%, up by 1.03 percentage points quarter-on-quarter, and an underweight ratio of 3.87%, narrowing by 0.92 percentage points [2]. Insurance Sector - The A-share active equity public fund heavy positions in the insurance sector reached 28 billion yuan, with a configuration ratio of 1.72%, up by 0.95 percentage points quarter-on-quarter. The underweight ratio is 0.74 percentage points, down by 0.63 percentage points [3]. - Key individual stock allocations include China Life at 0.08%, Ping An at 1.11%, and others, with varying degrees of over- and under-allocation [3]. Brokerage Sector - The A-share active equity public fund heavy positions in the brokerage sector reached 11.8 billion yuan, with a configuration ratio of 0.73%, up by 0.10 percentage points quarter-on-quarter, and an underweight ratio of 2.67 percentage points, narrowing by 0.29 percentage points [5]. - Major holdings include Huatai Securities and CITIC Securities, with slight increases in their respective ratios [5]. Multi-Financial Sector - Jiufang Zhituo Holdings has seen a significant increase in its allocation ratio, while other multi-financial companies are also recommended for their strong performance potential [6].

—— 我们建议投资者采取哑铃型配置策略：一方面布局具有国资背景、卡位核心频轨资源的系统集成商（确定的贝塔 收益），一方面切入商业火箭与卫星核心零部件及配套环节（如相控阵 T/R 组件、激光通信、3D 打印、测试、核 心网）的民营配套龙头（高弹性的阿尔法收益）。重点关注深度绑定商业火箭/星座供应链的 A 股上市公司，它们 将最先受益于行业从样机研制向流水线生产的范式转移。 中子号延期风险、现金流风险、并购整合风险 敬请参阅最后一页特别声明 1 Rocket Lab 正处于其企业生命周期的关键拐点。作为全球仅有的两家能够同时提供高频轨道发射服务和大规模 航天器制造的私营企业之一（另一家为 SpaceX），Rocket Lab 已超越了单纯的小型火箭发射商的范畴，成功蜕 变为一家垂直整合的端到端太空系统巨头。我们认为其已成功构筑了仅次于 SpaceX 的航天全产业链护城河。 发射业务端：在 SpaceX 几乎垄断全球商业发射市场的背景下，Rocket Lab 的战略价值不仅在于跟随，更在于 制衡与填补。小型发射的绝对统治力与国防属性：公司的 Electron 火箭已成为西方世界小型卫星发射绝对龙 头，其高频次、高可 ...

投资逻辑 商业航天全球产业共振方兴未艾，2026 年中国商业火箭公司将迎来多款中大型火箭的首飞及回收验证，2027 年有望 开始火箭密集发射及卫星大规模组网。我们从一二级产业研究的视角，梳理了商业火箭产业链的各个环节发展现状、 技术方向及投资标的。 商业火箭的发射成功记录以及对应的运载能力能够体现这家公司在未来商业运营中的竞争力。成功完成大载荷或可回 收飞行的商业火箭公司有望在可靠性和成本方面取得先发优势，2026~2027 年是中国商业火箭公司关键的验证窗口 期。从发射历史来看，至今发射成功的商业火箭多为中性和小型固体火箭，天兵科技、蓝箭航天有中大型液体火箭发 射记录。从运载能力来看，在不回收的情况下，800 公里近极轨道载荷能力至少需要做到 2.8 吨才能实现盈利。从回 收经验来看，商业火箭公司中朱雀三号在 2025 年 12 月进行了一子级返回回收场试验，预计 2026 年大部分商业火箭 公司都将进行可回收验证。由于回收可能牺牲载荷运载能力，部分公司可能在发展初期选择以一次性火箭来协助卫星 组网。回收方式方面，宇石空间、大航跃迁、深蓝航天等公司预计进行"筷子"捕获臂回收方式的研发。 发动机的设计能力、推 ...

Investment Rating - The report maintains a positive outlook on the CXO sector for the year 2026, indicating strong demand and recovery in global orders [3][26]. Core Insights - Illumina's release of the Billion Cell Atlas marks a significant advancement in life sciences, transitioning from static genomic data to a comprehensive dataset that integrates AI for drug discovery [3][8]. - Regulatory developments in China and the US are accelerating drug approval processes, with China's implementation of eCTD and the US FDA's support for Bayesian methods enhancing clinical trial efficiency [3][23]. - The CXO sector is expected to see robust growth, supported by major players like Lonza and WuXi AppTec, who are expanding capacity and reporting increased order volumes [3][26]. Summary by Sections Industry Frontiers - Illumina's Billion Cell Atlas is the largest human genome perturbation dataset to date, aimed at accelerating drug discovery through AI [3][8]. - Regulatory dynamics indicate a race for faster drug approvals, with China's NMPA adopting eCTD and the FDA endorsing Bayesian statistical methods for clinical trials [3][23]. - The global order recovery is evident, with a positive outlook for the CXO sector throughout 2026, as major companies report growth and increased demand [3][26]. Capital Trends - GSK's acquisition of RAPT Therapeutics for $2.2 billion focuses on developing an anti-IgE monoclonal antibody for food allergies, highlighting the potential in the allergy treatment market [4][31]. - Novartis has entered a $1.5 billion agreement with SciNeuro to advance a new antibody project targeting Alzheimer's disease, indicating ongoing investment in neurodegenerative treatments [4][36]. Weekly Perspective - The report emphasizes the transition to an AI-driven era in drug discovery, suggesting that previous advantages in research may diminish as the landscape evolves [5][37]. - The demand for CXO services is expected to remain strong, driven by AI-enabled drug discovery and regulatory advancements [5][38].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The primary market for science and technology innovation bonds continues to grow at a high - speed. The secondary market's performance is closely tied to the capital flow of science and technology innovation bond ETFs, with short - term bonds expected to remain volatile. High - grade medium - and short - term bonds in hard - tech fields such as communications and pharmaceuticals will continue to receive liquidity premiums [2][4] Summary by Directory I. How Aggressive are Science and Technology Innovation Bonds? 1. Primary Issuance Scale and Structure - The primary market for science and technology innovation bonds maintains a high - speed growth trend. From January 12 to January 16, 2026, the new supply scale of science and technology innovation bonds reached 58.92 billion yuan, with bonds with a term of less than 1 year accounting for about 60%. The overall market demand for new science and technology innovation bonds has recovered, but the subscription enthusiasm is still lower than that of non - science and technology credit bonds [2][12] 2. Secondary Trading Activity and Pricing - **Rating and Industry Distribution**: The ratings of outstanding science and technology innovation bonds are highly concentrated. Bonds with an implied rating of AA+ and above account for 73.3%, and AA - rated medium - quality individual bonds account for 22.4%. The industry distribution is dominated by traditional industries, and bonds in construction decoration, public utilities, and comprehensive industries account for 38.7%. Textile and apparel, pharmaceutical biology, communications, power equipment, and non - banking finance industries have an excess spread of over 9bp compared to all credit bonds in the industry [3][19] - **Liquidity**: In late December 2025, the science and technology innovation bond ETF had a volume - boosting market, which strongly pushed up the turnover rate of component bonds. However, at the beginning of 2026, continuous capital outflows caused the turnover rate of science and technology innovation bonds to drop to 1.65% [3][26] - **Yield**: Due to the partial alleviation of negative factors affecting the bond market such as the "seesaw effect" of the stock market and the disappointment of monetary easing expectations, the average yield of high - grade science and technology innovation bonds on the exchange with a term of 1 - 3 years has dropped to 1.94%. The price of 3 - 5 - year bonds fluctuated in a narrow range, which is related to the ETF capital outflows during the week [3][29] - **Internal Pricing of Bond Types**: In the latest week, the spread between the component bonds and non - component bonds of the science and technology innovation bond index has marginally increased to 20.2bp, and the spread between inter - bank bonds and component bonds has also widened to 5.1bp. For 1 - 3 - year bonds, there is still a compression space of 17bp between inter - bank bonds and index component bonds [4][33]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The economic growth is characterized by slower steel inventory accumulation compared to previous years, with power plant daily consumption fluctuating at a high level, while inflation shows a nationwide increase in pork prices and oil prices oscillating within a range [2][3] 3. Summary of Each Section 3.1 Economic Growth: Slower Steel Inventory Accumulation than Previous Years 3.1.1 Production: High - level Fluctuation of Power Plant Daily Consumption - Power plant daily consumption is fluctuating at a high level. On January 20, the average daily consumption of 6 major power - generating groups was 857,000 tons, a 3.8% increase from January 13. On January 16, the daily consumption of power plants in eight southern provinces was 2.152 million tons, a 5.3% decrease from January 8 [5][12] - The overall blast furnace operating rate has declined. On January 16, the national blast furnace operating rate was 78.8%, a 0.5 - percentage - point decrease from January 9, and the capacity utilization rate was 85.5%, a 0.6 - percentage - point decrease from January 9. However, the blast furnace operating rate of Tangshan steel mills increased by 0.8 percentage points to 90.8% on January 16 compared to January 9 [5][16] - The tire operating rate has significantly rebounded. On January 15, the operating rate of all - steel truck tires was 62.9%, a 4.9 - percentage - point increase from January 8, and the operating rate of semi - steel car tires was 73.4%, a 7.6 - percentage - point increase from January 8. Meanwhile, the operating rate of looms in the Jiangsu and Zhejiang regions has continued to decline [5][19] 3.1.2 Demand: Slower Steel Inventory Accumulation than Previous Years - The sales volume of new houses in 30 cities has weakened month - on - month. From January 1 - 20, the average daily sales area of commercial housing in 30 large and medium - sized cities was 160,000 square meters, a 48.0% decrease from the same period in December, a 39.5% decrease from the same period in January last year, and a 38.4% decrease from the same period in January 2024 [5][25] - The retail growth of the automotive market is weak. In January, retail sales decreased by 32% year - on - year, and wholesale sales decreased by 40% year - on - year [5][29] - Steel prices have declined weakly. On January 20, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil decreased by 0.6%, 0.5%, 0.6%, and 0.3% respectively compared to January 13. The inventory accumulation of steel is slower than in previous years [5][34] - Cement prices have continued to break previous lows. On January 20, the national cement price index decreased by 0.6% compared to January 13, with prices in the East China and Yangtze River regions showing slightly weaker performance than the national average [5][37] - The glass price has ended its rebound. On January 20, the active glass futures contract price was 1,064 yuan/ton, a 4.9% decrease from January 13 [5][42] - The near - end decline of the container shipping freight rate index has widened. On January 16, the CCFI index increased by 4.2% compared to December 26, while the SCFI index decreased by 0.5% [5][46] 3.2 Inflation: Nationwide Increase in Pork Prices 3.2.1 CPI: Nationwide Increase in Pork Prices - Pork prices have increased nationwide. On January 20, the average wholesale price of pork was 18.5 yuan/kg, a 2.4% increase from January 13. The month - on - month price has turned upward [5][50] - The agricultural product price index has increased seasonally before the Spring Festival. On January 20, the agricultural product wholesale price index increased by 1.6% compared to January 13. By variety, the price increases are in the order of eggs (5.7%) > pork (2.4%) > vegetables (2.4%) > fruits (1.3%) > mutton (0.7%) > beef (0.4%) > chicken (- 1.3%) [5][54] 3.2.2 PPI: Oil Price Oscillation within a Range - Oil prices are oscillating within a range. On January 20, the spot prices of Brent and WTI crude oil were $68.1 and $60.4 per barrel respectively, a 0.9% and 1.3% decrease from January 13 [5][57] - Copper and aluminum prices have declined. On January 20, the prices of LME 3 - month copper and aluminum decreased by 2.3% and 1.5% respectively compared to January 13. The domestic commodity index has turned upward month - on - month [5][61] - Industrial product prices have shown mixed month - on - month changes. Since January, the prices of glass, coking coal, coke, and steam coal have increased month - on - month, while other industrial product prices have decreased month - on - month. Most of the year - on - year declines in industrial product prices have converged [64]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 133.01 RMB per share based on a 85x PE valuation for 2026, leading to a target market capitalization of 28.5 billion RMB [4]. Core Insights - The company is a leading player in the domestic industrial control sector, benefiting from overseas market expansion, deepening in niche markets, and product matrix expansion. The projected CAGR for revenue and net profit from 2020 to 2024 is 30% and 29%, respectively, indicating long-term stable growth amidst industry cycle fluctuations [2]. - The company is strategically positioned in the humanoid robot core actuator sector, collaborating with industry leaders to accelerate industrialization and build a new growth engine [2]. - The company has established a clear "one core, two new" product strategy, focusing on industrial automation, green energy, and embodied intelligence, which is expected to drive future growth [13]. Summary by Sections 1. Fundamentals - The company has been deeply engaged in the industrial automation control field for 20 years, evolving from a frequency converter manufacturer to a comprehensive solution provider [13]. - The overseas revenue share reached 27% in the first three quarters of 2025, with a significant increase in international market penetration [16]. - The company’s revenue and net profit are expected to grow at a CAGR of 30% and 29% from 2020 to 2024, respectively, with a strong performance in 2021 due to domestic manufacturing recovery [16][19]. 2. Growth Drivers - The humanoid robot sector is anticipated to see mass production starting in 2026, with the company well-positioned to capitalize on this trend [34]. - The company has established a complete product matrix for humanoid robots, including various actuator solutions, and is actively integrating resources with partners to enhance market competitiveness [44][46]. 3. Basic Landscape - The global industrial automation market is approximately 4-5 times larger than the domestic market, with higher average gross margins overseas [3]. - The company’s overseas revenue is projected to grow at a CAGR of 76% from 2020 to 2024, with significant contributions from emerging markets [3]. - The domestic automation market is expected to recover gradually, with a projected CAGR of over 15% from 2025 to 2027 [3]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 280 million RMB, 335 million RMB, and 402 million RMB for 2025, 2026, and 2027, respectively, with growth rates of 14.3%, 19.6%, and 20.0% [4]. - The report emphasizes the company's robust operational performance in the industrial control sector and its leading position in overseas market expansion [4].