Investment Rating - The industry investment rating is "Market Weight" [1] Core Insights - In January 2026, excavator sales reached 18,708 units, a year-on-year increase of 49.50%, but a month-on-month decrease of 19.00%. Domestic sales were 8,723 units, up 61.39% year-on-year, while export sales were 9,985 units, up 40.50% year-on-year [3][4] - Loader sales in January 2026 totaled 11,759 units, reflecting a year-on-year increase of 48.47% and a month-on-month decrease of 3.90%. Domestic sales were 5,293 units, up 42.82% year-on-year, while export sales were 6,466 units, up 53.44% year-on-year [3][4] - The issuance of new special bonds in January 2026 amounted to approximately 367.7 billion yuan, a year-on-year increase of 79.54%, which is expected to boost downstream engineering project commencement and equipment demand [4] - The report highlights a recovery in domestic engineering machinery demand, driven by the acceleration of special bond issuance and the commencement of major domestic projects [4] - The electric excavator sales reached 35 units in January 2026, a year-on-year increase of 94.44%, while electric loader sales were 2,990 units, up 175.32% year-on-year, indicating a growing trend towards electrification in the industry [3][4][5] Summary by Sections Excavator Sales - January 2026 excavator sales were 18,708 units, with domestic sales at 8,723 units and export sales at 9,985 units, showing significant year-on-year growth [3][4] Loader Sales - January 2026 loader sales were 11,759 units, with domestic sales at 5,293 units and export sales at 6,466 units, also reflecting strong year-on-year growth [3][4] Special Bonds and Policy Impact - The acceleration of special bond issuance and the initiation of major projects are expected to enhance equipment demand in the engineering machinery sector [4] Electrification Trend - The report emphasizes the importance of electric machinery, with significant year-on-year growth in sales of electric excavators and loaders, indicating a shift towards greener technology [5]

Investment Rating - The report maintains an "Overweight" rating for the virtual power plant sector within the power equipment and new energy industry [2] Core Insights - Virtual power plants are advancing towards market-oriented development, leveraging modern information communication and system integration technologies to aggregate distributed energy resources [6][14] - The Chinese government has issued guidelines to accelerate the development of virtual power plants, aiming for a national regulation capacity of over 20 million kilowatts by 2027 and over 50 million kilowatts by 2030 [35][57] - The market for virtual power plants is expected to expand significantly, with various business models emerging as the sector matures [38] Summary by Sections 1. Virtual Power Plants as a New Smart Grid Control Technology - Virtual power plants are defined as organizations that optimize power systems and participate in market transactions by aggregating distributed energy resources [14] - The development of virtual power plants is supported by national policies, which encourage innovation in business models and services [36][38] 2. Market Space and Development of Virtual Power Plants - The virtual power plant industry has a broad market space and is expected to accelerate towards large-scale development [6][35] - By 2027, the operational management mechanism for virtual power plants is expected to be mature and standardized, with a robust market participation mechanism [35][57] 3. Investment Strategies and Key Companies - The report suggests focusing on companies with strong distributed resource capabilities and advantages in power information technology, such as Guodian NARI (国电南瑞), Nanfang Energy (南网能源), and Dongfang Electronics (东方电子) [58][59][61] - Guodian NARI is noted for its comprehensive solutions covering various trading types and user scales, having established virtual power plant operational service platforms for multiple provincial power companies [58] - Nanfang Energy has a strong customer base and is actively participating in market-oriented power trading and auxiliary services through its virtual power plant initiatives [59] - Dongfang Electronics leverages its extensive experience in the energy sector to develop a full industry chain for virtual power plant construction and operation, focusing on advanced technologies [61]

Investment Rating - The report maintains an "Overweight" rating for the PCB industry chain, anticipating high growth in 2025 and sustained prosperity in 2026 [1]. Core Insights - The PCB industry is expected to experience significant growth in 2025, driven by increasing demand for AI computing power and the upgrade of PCBs towards high-performance and high-density products. This includes a rise in demand for high-layer boards and advanced HDI products, which will also boost related sectors such as high-end copper-clad laminates, drilling consumables, and equipment [4][61]. - Despite some disruptions in Q4 2025 performance, the growth logic for 2026 remains intact, with new computing platforms and technologies like orthogonal backplanes and CoWoP expected to enhance product value significantly [4][61]. Summary by Sections PCB - Q4 2025 performance may face disruptions, but the growth logic for 2026 remains unchanged. The demand for high-layer and advanced HDI PCBs is increasing, leading to high growth rates for companies like Shenghong Technology, Huadian Co., and Shennan Circuit, with projected net profits of 43.60 billion, 38.22 billion, and 32.48 billion respectively, reflecting year-on-year growth rates of 277.68%, 47.74%, and 73.00% [13][14]. Copper Clad Laminate (CCL) - The CCL sector is expected to see high growth in 2025, benefiting from increased demand for high-end products driven by AI computing power and price adjustments. Major CCL manufacturers are projected to achieve significant profit increases, with companies like Shengyi Technology expected to report a net profit of 33.50 billion, a year-on-year increase of 92.50% [36][41]. Drilling Tools and Equipment - The drilling tool sector is anticipated to exceed market expectations in 2025, with companies like DingTai High-Tech projected to achieve a net profit of 4.35 billion, reflecting a year-on-year growth of 91.74%. This growth is driven by increased demand for high-end PCBs and the optimization of product structures [48][49]. - Equipment demand is expected to rise due to the expansion of PCB production capacity, with companies like Dazhu CNC and Chip Quik projected to see significant profit increases, driven by the growing market for PCB-specific processing equipment [55][57].

Market Performance - The three major indices in the A-share market rose by over 1%, with the Shanghai Composite Index closing at 4123.09, up 1.41% [2] - The Shenzhen Component Index increased by 2.17% to 14208.44, while the ChiNext Index surged by 2.98% to 3332.77 [2] Sector Rankings - The top-performing sectors included Communication (5.17%), Comprehensive (4.70%), and Media (3.50%), while the lowest performers were Oil & Petrochemicals (0.21%) and Food & Beverage (0.37%) [3] - Concept sectors that performed well included Sora Concept (6.07%) and Short Drama Games (5.27%), while the lowest were Combustible Ice (-0.13%) and Horse Racing Concept (-0.03%) [3] Market Outlook - The A-share market showed a strong upward trend, with over 4600 stocks rising, indicating a favorable market sentiment [4] - The government is focusing on promoting effective investment policies, including infrastructure and emerging industries, which is expected to support market growth [4] - The report suggests that A-share valuations remain reasonable, and the medium to long-term market trend is positive, emphasizing the importance of focusing on core assets with solid fundamentals [5]

Market Overview - The A-share market is experiencing fluctuations, with the three major indices continuing their downward trend [1] - The Shanghai Composite Index closed at 4065.58, down 0.25%, while the Shenzhen Component Index fell 0.33% to 13906.73 [2] Sector Performance - The top-performing sectors include: - Oil and Petrochemicals: +2.55% - Basic Chemicals: +2.05% - Electric Equipment: +1.27% - Textiles and Apparel: +0.88% - Light Industry Manufacturing: +0.66% [3] - The underperforming sectors are: - Food and Beverage: -1.86% - Defense and Military: -1.66% - Social Services: -1.37% - Communication: -1.26% - Beauty and Personal Care: -1.20% [3] Future Outlook - The market showed volatility with a low opening followed by a brief recovery, but ultimately closed lower, with the ChiNext Index leading the decline [4] - Chemical sectors showed strength, while consumer sectors like liquor and tourism faced significant declines [4] - The report indicates a shift in investment focus towards a dual-driven model of manufacturing and consumption, with manufacturing sectors entering a profit realization phase and consumer sectors poised for potential recovery as valuations are at historical lows [6]

Investment Rating - The report maintains an "Overweight" rating for the electronic industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [31]. Core Insights - Google's Q4 performance exceeded market expectations, with a 17% year-on-year growth in search revenue and a 48% increase in cloud computing revenue, driven by the acceleration of enterprise-level AI products [27][19]. - The passive components industry is experiencing price increases, with multilayer ceramic capacitors (MLCC) seeing price hikes of up to 20% as demand continues to rise [19][27]. - The SW electronic sector's PE TTM (excluding negative values) is at 62.07 times, placing it in the 97.56th percentile over the past decade, indicating high valuation levels [9][14]. Market Review and Valuation - The SW electronic sector has seen a cumulative decline of 6.81% over the past two weeks (01/23-02/05), underperforming the CSI 300 index by 5.68 percentage points, ranking 31st among the Shenwan industries [9][11]. - In February, the sector has declined by 4.70%, again underperforming the CSI 300 index by 3.94 percentage points, ranking 29th [9][11]. - Year-to-date, the sector has increased by 5.31%, outperforming the CSI 300 index by 4.44 percentage points, ranking 18th [9][11]. Industry News - Apple's Q1 FY2026 revenue grew by 16% year-on-year, with iPhone sales revenue increasing by 23%, surpassing analyst expectations [19]. - Anthropic's new AI model, Claude Opus 4.6, shows enhanced programming capabilities and can generate high-quality professional outputs, significantly reducing the time required for financial analysis tasks [19]. - Recent price increases in upstream materials, including copper-clad laminates and electronic fabrics, are expected to persist due to the current supply-demand dynamics [27]. Company Announcements - Shengyi Technology expects a net profit of 3.25 to 3.45 billion yuan for 2025, representing a year-on-year increase of 87% to 98% [19]. - Luxshare Precision's board approved a foreign exchange derivatives trading plan, allowing transactions up to 4.9 billion USD over three years [20]. Industry Data - Global smartphone shipments reached 336 million units in Q4 2025, reflecting a year-on-year growth of 2.28% [21]. - In December 2025, China's smartphone shipments totaled 22.87 million units, a decline of 29.40% year-on-year [21]. - Liquid crystal panel prices for various sizes have shown slight increases, with 32-inch panels priced at 35 USD, reflecting a month-on-month change of 1 USD [24]. Weekly Perspective - Google's Q4 results indicate a significant increase in AI-driven search queries and cloud services, with capital expenditures expected to exceed market forecasts, suggesting ongoing benefits for the Google chain [27].

2026 年 2 月 6 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 半导体行业 超配（维持） 半导体行业双周报（2026/01/23-2026/02/05） 行 业 存储芯片公司 25Q4 业绩表现亮眼 半导体行业指数近两周涨跌幅：截至2026年1月22日，申万半导体行业指数 近两周（2026/1/23-2026/2/5）累计下跌7.68%，跑输沪深300指数6.55个 百分点；2026年以来申万半导体行业指数累计上涨9.77%，跑赢沪深300指 数8.90个百分点。 SAC 执业证书编号： 半导体行业（申万）指数走势 行业新闻与公司动态：（1）铠侠：在AI ...

Investment Rating - The report maintains a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [28][37]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.91% from January 23 to February 5, 2026, which is approximately 0.74 percentage points lower than the index [12]. - Most sub-sectors within the industry recorded negative returns during the same period, with offline pharmacies and vaccine sectors showing the best performance, increasing by 3.01% and 0.12% respectively, while other sectors like biological products and chemical preparations saw declines of 3.28% and 3.27% [13]. - Approximately 34% of stocks in the industry recorded positive returns, while 66% experienced negative returns during the reporting period [14]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 51.00 times as of February 5, 2026, indicating a decrease in industry valuation [18]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.91% from January 23 to February 5, 2026 [12]. - Most sub-sectors recorded negative returns, with offline pharmacies and vaccines performing relatively well [13]. - About 34% of stocks in the industry had positive returns, with significant variations in individual stock performance [14]. - The industry valuation has decreased, with a PE ratio of approximately 51.00 times [18]. 2. Industry News - The 11th batch of national procurement results is set to be implemented in February, with notifications already released by 17 provinces [26]. - The National Medical Insurance Administration has issued a notice to accelerate the cultivation and opening of application scenarios in the medical insurance field [25]. 3. Company Announcements - Jianyou Co., Ltd. announced that its subsidiary received FDA approval for its product, sodium selenite injection [27]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector as part of the 14th Five-Year Plan, with ongoing policy support [28]. - Recommended sectors for investment include medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, hospital and diagnostic services, traditional Chinese medicine, innovative drugs, biological products, and CXO services [29].

Market Performance - The Shanghai Composite Index closed at 4075.92, down by 0.64% (-26.29 points) [2] - The Shenzhen Component Index closed at 13952.71, down by 1.44% (-203.56 points) [2] - The CSI 300 Index closed at 4670.42, down by 0.60% (-28.26 points) [2] - The ChiNext Index closed at 3260.28, down by 1.55% (-51.24 points) [2] - The STAR 50 Index closed at 1432.52, down by 1.44% (-20.95 points) [2] - The Beijing Stock Exchange 50 Index closed at 1507.29, down by 2.03% (-31.28 points) [2] Sector Performance - The top-performing sectors included Beauty Care (3.21%), Banks (1.57%), and Food & Beverage (1.31%) [3] - The worst-performing sectors included Non-ferrous Metals (-4.57%), Electric Power Equipment (-3.41%), and Coal (-2.22%) [3] - Concept sectors showing strength included Horse Racing (1.89%) and Duty-Free Shops (1.33%) [3] - Concept sectors underperforming included BC Battery (-5.18%) and Lead Metal (-4.14%) [3] Market Outlook - The market experienced a weak adjustment with all major indices closing lower, particularly the ChiNext Index [4] - Consumer sectors showed resilience with significant activity in Food & Beverage, Retail, and Tourism [4] - The financial sector strengthened in the afternoon, while commodities like Non-ferrous Metals and Oil & Gas faced declines [4] - The overall market sentiment indicated more stocks declining than rising, with over 3700 stocks down [6] Economic Indicators - The total trading volume in the Shanghai and Shenzhen markets was 2.18 trillion, a decrease of 304.8 billion from the previous trading day [6] - Industrial profits for large-scale industrial enterprises are projected to grow by only 0.6% in 2025, below GDP growth [6] - The People's Bank of China emphasized support for key sectors like technology innovation and small to medium enterprises [5] Risks - Potential risks include unexpected declines in the overseas economy and prolonged high interest rates affecting domestic liquidity [7] - Trade tensions between China and the U.S. could further pressure domestic exports [7]

Market Performance - The three major indices collectively declined, with the Shanghai Composite Index closing at 4075.92, down 0.64% or 26.29 points [2] - The Shenzhen Component Index fell by 1.44%, closing at 13952.71, while the CSI 300 Index decreased by 0.60% to 4670.42 [2] - The ChiNext Index experienced the largest drop, closing at 3260.28, down 1.55% or 51.24 points [2] Sector Rankings - The top-performing sectors included Beauty Care (3.21%), Banks (1.57%), and Food & Beverage (1.31%) [3] - Conversely, the worst-performing sectors were Non-ferrous Metals (-4.57%), Electric Power Equipment (-3.41%), and Coal (-2.22%) [3] Market Outlook - The market showed weakness with all three major indices closing lower, particularly the ChiNext Index [4] - Consumer sectors such as Food & Beverage and Retail saw significant gains, while sectors like Non-ferrous Metals and Electric Power Equipment faced notable declines [4] - The report indicates that the market may experience a phase of oscillation with potential upward movement, while also highlighting the need for caution regarding short-term adjustments and profit-taking risks [6] News and Developments - The Ministry of Industry and Information Technology emphasized breakthroughs in key technologies such as computing power chips and industrial large models [5] - The People's Bank of China held a meeting focusing on building a multi-level financial service system to support key areas like domestic demand and technological innovation [5] - Developments in commercial aerospace are expected to enhance launch efficiency and reduce costs significantly [5]