Investment Rating - The report maintains a "Buy" rating for the following companies: Weike Technology (301196.SZ), Nengke Technology (603859.SH), Hehe Information (688615.SH), and Maixinlin (688685.SH) [9][59]. Core Insights - The AI agent platform Moltbook has sparked significant industry interest, attracting over 1.5 million AI agents within days of its launch, indicating a strong growth potential for agent networks and associated infrastructure needs [3][23]. - DeepSeek-OCR2 has introduced a groundbreaking "causal flow" reasoning mechanism, significantly enhancing visual language understanding and achieving state-of-the-art results in benchmark tests [33][41]. - Poetiq has successfully completed a $45.8 million seed round, aiming to optimize LLM capabilities and cost efficiency, showcasing a shift towards more efficient AI solutions [45][46]. Summary by Sections Computing Power Dynamics - The rental prices for computing power remain stable, with notable configurations such as Tencent Cloud's A100-40G priced at 28.64 CNY/hour and Alibaba Cloud's A100-80G at 31.58 CNY/hour [21][22]. - The launch of Moltbook has led to a surge in agent network activity, with over 150,000 posts and 230,000 comments generated by AI agents discussing various technical topics [23][30]. AI Application Dynamics - Kimi's weekly traffic increased by 40.89%, making it the fastest-growing AI application in terms of user engagement [31][32]. - DeepSeek-OCR2's innovative architecture allows for dynamic understanding of visual content, achieving a 3.73% improvement in benchmark scores compared to its predecessor [41][43]. AI Financing Trends - Poetiq's seed funding will be utilized to advance its core technology, which allows for efficient problem-solving with minimal training data, marking a significant advancement in LLM optimization [45][46]. Investment Recommendations - The report emphasizes the importance of investing in AI hardware and applications, particularly in companies like Weike Technology, Nengke Technology, Hehe Information, and Maixinlin, which are positioned to benefit from the growing demand for AI infrastructure [58][59].

Investment Rating - The report maintains a "Buy" investment rating for the company [4][8] Core Insights - The company is experiencing short-term pressure on performance due to intensified competition in the consumer electronics sector and price reductions from clients, leading to a decline in gross margins for certain precision components [4] - Despite the current challenges, the company is accelerating investments in new businesses, particularly in the cooling solutions sector, which is expected to drive future growth [5] - The acquisition of Sainogao has strengthened the company's position in the cooling business, with significant production capacity and new client engagements in North America [5] - The introduction of high surface area carbon black products for lithium battery applications is anticipated to contribute additional revenue, as these products have already secured production approvals from major clients [6] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 12.7 billion, 23.1 billion, and 36.6 billion yuan respectively, with corresponding EPS of -0.57, 2.62, and 4.67 yuan [8][10] - The company is expected to achieve a significant revenue growth rate of 60.5% in 2025 and 81.2% in 2026, with a net profit margin turning positive by 2026 [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company is transitioning from a retail business to a global IP operation platform, with a focus on expanding its store network and enhancing its IP offerings [3][4] - The launch of MINISO LAND stores and the development of humanoid robots signify the company's commitment to integrating AI with its IP strategy [4][5] - The collaboration with the Spring Festival Gala marks a significant step in the company's marketing strategy and brand transformation [5] Summary by Sections Market Performance - The company has shown resilience in its market performance, with a notable comparison to the Hang Seng Index [2] Company Dynamics - MINISO LAND's first store opened in Guangzhou, aiming for annual sales of 100 million yuan, with over 90% of products being IP-related [3] - The company plans to increase its global store count to over 10,000 in the next three years, with a significant portion of stores being upgraded to IP-themed locations [3] AI and IP Integration - The company is developing a humanoid robot based on its IP "YOYO," targeting the home companion market, with expected pricing in the ten-thousand yuan range [4] - The YOYO blind box products have seen significant sales growth, indicating strong market demand for IP-related merchandise [4] Strategic Collaborations - The partnership with the Central Radio and Television Station for the Spring Festival Gala is expected to enhance brand visibility and align with the trend of mainstreaming collectible toys [5] Financial Forecast - Revenue projections for 2025-2027 are 202.57 billion yuan, 241.30 billion yuan, and 287.39 billion yuan, respectively, with corresponding EPS of 2.10, 2.70, and 3.20 yuan [7] - The company is expected to benefit from the growing collectible toy industry and its strategic store expansion, maintaining a favorable outlook on profitability [7]

投入加码，散热业务动能强劲 —捷邦科技（301326.SZ）公司事件点评报告 买入(维持) 事件 捷邦科技发布 2025 年业绩预告，预计 2025 年全年归母净利 润亏损 4000-5500 万元，扣非归母净利润预计亏损 4500- 6000 万元。 2026 年 02 月 03 日 投资要点 ▌ 消费电子竞争加剧，短期业绩承压 受消费电子行业竞争加剧及客户降价压力影响，公司部分精 密功能件及结构件产品单价有所下降，导致相关业务毛利下 滑；同时公司持续加强产业布局，拓展新业务及新产品，期 间费用投入明显增加，叠加 2025 年上半年实施限制性股票与 期权激励计划确认约 2,039 万元股权激励费用，同比增加约 1,320 万元，对当期利润形成阶段性压力。然而随着散热等 新业务投入加速，公司未来成长值得期待。 -60 -40 -20 0 20 40 60 80 100 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/01 (%) 捷邦科技 沪深300 ▌ 散热业务进入放量期，加码液冷布局 公司已完成对赛诺高德 ...

Investment Rating - The report maintains a recommendation for investment in the aerospace and defense sectors, particularly focusing on companies like MOOG and others involved in commercial aerospace and robotics [3]. Core Insights - MOOG is expanding its capacity in the aerospace sector, aiming to benefit from increased global defense spending and the growth of commercial space activities. The company achieved revenues of $3.861 billion in 2025, a year-on-year increase of 7%, with a net profit of $235 million, up 12% [4][21]. - The electric servo drive systems are expected to benefit significantly from the booming commercial aerospace and humanoid robotics industries, with the market for motors and gear reducers projected to exceed 200 billion yuan [5]. - The report highlights potential investment opportunities in companies like Haoshi Electromechanical, Feiyada, and Yap Group, which are expanding into the aerospace and robotics sectors [6]. Summary by Sections 1. From MOOG's Capacity Expansion - MOOG, a leader in precision motion control for aerospace and defense, is actively expanding its commercial aerospace capabilities. The company has a strong historical presence in NASA and defense projects, with a diversified product line that includes actuators and servo systems [4][12]. - The company completed a significant capacity expansion in June 2025 to meet the increasing demand for weekly space launch tasks from commercial and government clients [24]. 2. Electric Servo Drive Systems - Electric servo systems serve as critical components in connecting control computers to execution structures, with applications in both aerospace and humanoid robotics. The market for these systems is expected to grow substantially due to the maturation of the commercial aerospace and robotics industries [5][32]. - The report forecasts that the market for electric motors and gear reducers will exceed 200 billion yuan as the commercial aerospace and humanoid robotics sectors mature [5]. 3. Investment Recommendations - Haoshi Electromechanical is focusing on high-end CNC machine tools and has begun collaborations in the commercial aerospace sector [60]. - Feiyada, a leading domestic watchmaker, plans to acquire Chang Kong Gear to enter the robotics and aerospace fields [64]. - Yap Group, a global leader in fuel systems, is acquiring Ying Shuang to expand into robotics and aerospace applications [67].

Market Sentiment - The current market sentiment score is 28, indicating a "cold" market environment. Historical trends suggest that when the sentiment score is below or close to 50, the market tends to find support, while scores above 80 may indicate resistance [6][10]. Hot Themes Tracking - **Power Equipment Theme**: The global demand for high-power and high-stability transformers is driven by the significant electricity consumption of AI data centers. The supply-demand balance is severely disrupted, with delivery times in the U.S. reaching 127 weeks. China's State Grid is set to invest 4 trillion yuan during the 14th Five-Year Plan, focusing on ultra-high voltage and smart distribution networks, providing long-term order support for the industry. Relevant stocks include China Xidian (601179) and TBEA (600089) [6]. - **Banking Theme**: Bank stocks are characterized by high dividend yields, with the CSI Bank Index yielding 6.02%, significantly higher than the 10-year government bond yield. In a slowing economy with increased market volatility, bank stocks become important investment targets for long-term funds such as insurance and social security. Relevant stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [6]. - **Consumer Theme**: As the first year of the 14th Five-Year Plan, 2026's macro policies emphasize expanding domestic demand and promoting consumption. The consumer market is undergoing profound changes, characterized by three new trends: "emotional value" (self-consumption in gold and jewelry), "extreme value-for-money" (bulk snacks and discount stores), and "efficiency innovation" (AI e-commerce and brand expansion). Relevant stocks include Yonghui Superstores (601933) and Wangfujing (600859) [6]. Capital Flow Analysis - The top ten stocks with the highest net inflow include Zhongchao Holdings (002471) with 143.78 million yuan, Xinyi Technology (300502) with 71.58 million yuan, and Shenghong Technology (300476) with 67.37 million yuan [11]. - The top ten stocks with the highest net buy in financing include Hunan Gold (002155) with 81.42 million yuan and China Xidian (601179) with 28.19 million yuan [13]. - The top ten industries with the highest net inflow include the power equipment sector with 213.56 million yuan and the food and beverage sector with 61.63 million yuan [16][18].

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Insights - The domestic copper inventory is beginning to decrease, which may lead to stronger prices [6]. - The gold market is expected to stabilize and rise further due to the anticipated interest rate cuts by the Federal Reserve [5]. - The aluminum supply remains rigid, supporting the investment outlook for the aluminum sector [11]. - Tin prices are expected to be supported by tight supply conditions [11]. - Antimony prices are rebounding after a six-month decline, indicating potential investment opportunities [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 22.6%, a 3-month increase of 35.7%, and a 12-month increase of 128.5% [3]. Precious Metals - Gold prices reached $4981.85 per ounce, with a week-on-week increase of $35.60, or 0.72%. Silver prices were $103.19 per ounce, up $4.19, or 4.23% [4]. Copper and Aluminum - Copper prices closed at $13,440 per ton on the LME, up $460 per ton, or 3.54%. SHFE copper closed at ¥103,170 per ton, up ¥2,120, or 2.10% [6]. - Domestic aluminum prices were ¥24,640 per ton, with a week-on-week increase of ¥510 [7]. Tin and Antimony - Domestic refined tin prices were ¥423,630 per ton, down ¥110, or 0.03%. The supply and demand for tin are weak, leading to a price fluctuation around high levels [9]. - Antimony prices remain supported due to tight supply conditions, with current prices at ¥160,000 per ton [10]. Recommended Stocks - For the gold sector, recommended stocks include Zhongjin Gold, Shandong Gold, and China National Gold International. In the copper sector, recommended stocks include Zijin Mining and Western Mining. For aluminum, recommended stocks are Shenhuo Co., Yunnan Aluminum, and Tianshan Aluminum [12].

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Insights - The domestic copper inventory is beginning to decrease, which may lead to stronger prices [6]. - The gold market is expected to stabilize and rise further due to the anticipated interest rate cuts by the Federal Reserve [5]. - The aluminum supply remains rigid, supporting the investment outlook for the aluminum sector [11]. - Tin prices are expected to be supported by tight supply conditions [11]. - Antimony prices are rebounding after a six-month decline, indicating a positive outlook for the antimony sector [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 22.6%, a 3-month increase of 35.7%, and a 12-month increase of 128.5% [3]. Precious Metals - Gold prices reached $4981.85 per ounce, with a week-on-week increase of $35.60, or 0.72%. Silver prices were $103.19 per ounce, up $4.19, or 4.23% [4]. Copper and Aluminum - Copper prices closed at $13,440 per ton on the LME, up $460 per ton, or 3.54%. SHFE copper closed at ¥103,170 per ton, up ¥2,120, or 2.10% [6]. - Domestic aluminum prices were ¥24,640 per ton, with a week-on-week increase of ¥510 [7]. Tin and Antimony - Domestic refined tin prices were ¥423,630 per ton, down ¥110, or 0.03%. The supply and demand for tin are weak, leading to a price fluctuation around high levels [9]. - Antimony prices remain supported due to tight supply conditions, with current prices at ¥160,000 per ton [10]. Recommended Stocks - The report recommends specific stocks in various sectors, including Zhongjin Gold, Shandong Gold, Zijin Mining, and others across gold, copper, aluminum, tin, and antimony industries [12].

Investment Rating - The report maintains a "Recommended" investment rating for the industry [2]. Core Insights - The essence of investment lies in investing in "people," where a company's long-term value is deeply rooted in the cognition and action philosophy of its founders or core leaders [4]. - The report emphasizes two key dimensions for long-term value creation: the fundamental strategic positioning of the enterprise and the management system that ensures effective execution [5][6]. - The report highlights the importance of selecting companies in industries that are in early or mid-growth stages, which still have significant expansion potential, rather than those that have entered a mature phase with slowing growth [12]. - The report uses examples of two exemplary companies in the agricultural and animal husbandry industry: Muyuan Foods and Haida Group, to illustrate the characteristics of desirable enterprises [7]. Summary by Sections 1. Building Sustainable Competitive Advantages - The report stresses the need for companies to construct core competencies that align with the characteristics of their industry and to continuously strengthen these advantages to reach industry-leading levels [16]. - Muyuan Foods is highlighted for its leading cost control capabilities in the pig farming industry, maintaining a competitive edge through stringent cost management across various dimensions [17]. - Haida Group is noted for its comprehensive product and service capabilities in the feed industry, with a strong focus on specialized and high-quality offerings [22]. 2. Verifying a Credible Execution System - The report discusses the importance of a reliable execution capability in companies, focusing on three dimensions: people, money, and business [29]. - Muyuan Foods has implemented stock incentive plans to deeply bind employee interests with the company's long-term goals, achieving performance targets consistently [33]. - The report emphasizes the need for companies to maintain robust financing channels to seize industry opportunities and support ongoing investments [35]. 3. Dynamic Evolution of Industry Structure - The industry structure is described as being in a constant state of dynamic adjustment, where companies that have built core competencies can capitalize on market share opportunities as they arise [25].

双融日报 2026 年 02 月 02 日 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：40 分（中性） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 1、《双融日报》2026-01-30 2、《双融日报》2026-01-29 3、《双融日报》2026-01-28 ▌ 华鑫市场情绪温度指标：（中性） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 40 分，市场情绪处于"中性"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：化工、银行、消费 1、化工主题："十五五"规划强调扩大内需，叠加美国降息 周期，化工品需求预期提升。行业供需双底基本确立，政策 助力产能出清，且资本开支连续两年负增长，供给端持续收 缩。市场普遍预计，2026 年化工行业将迎来周期拐点，有望 实现从估值修复到业绩增长的"戴维斯双击"，开启新一轮 上 升 周 期 。 相 关 标 的 ： 卫 星 化 学 （ 002648 ） 、 云 天 化 （600096） 2、银行主题 ...