Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [1][11] Core Insights - The strategic restructuring is expected to accelerate the ISG business back to profitability, indicating a positive outlook for the company's future development [2] - In FY2026Q3, Lenovo achieved revenue of approximately $22.204 billion, representing an 18% year-over-year increase and an 8.6% quarter-over-quarter increase. The gross margin was around 15%, with a net profit of $546 million, down 21% year-over-year but up 60% quarter-over-quarter [5][6] Summary by Sections Financial Performance - In FY2026Q3, Lenovo's adjusted net profit was approximately $589 million, a 36% year-over-year increase, reflecting operational leverage improvements and a higher contribution from high-end product offerings [6] - The smart devices business group saw a 14% year-over-year revenue increase, with operating profit rising by 15%, driven by higher average selling prices and improved product mix [6] Business Segments - The infrastructure solutions group reported record revenue of $5.2 billion, a 31% year-over-year increase, aided by an expanding customer base in cloud infrastructure [7] - The solutions services group achieved an 18% year-over-year revenue growth, marking 19 consecutive quarters of double-digit growth, with operating profit margin reaching 22.5% [8] Profitability Forecast - Revenue projections for FY2026 to FY2028 are estimated at $80.144 billion, $87.600 billion, and $93.235 billion, respectively, with non-HKFRS net profits of $1.796 billion, $1.973 billion, and $2.111 billion [9][10]

Investment Rating - The report maintains a "Recommended" rating for the shipping and port sector [1][12] Core Insights - The report addresses key issues by tracking core high-frequency data in the shipping and port sector [5][18] - The overall performance of cargo throughput remains stable, with a notable recovery in iron ore throughput and steady growth in container throughput [12] Summary by Sections 1. Overview: National Import and Export Total and Cargo Throughput - In 2025, the national import and export total reached 45.47 trillion yuan, a year-on-year increase of 3.8%. The import total was 18.48 trillion yuan, up 0.5%, while the export total was 26.99 trillion yuan, up 6.1% [6][19] - Coastal major ports achieved a cargo throughput of 116.34 billion tons in 2025, a year-on-year increase of 3.7%, with foreign trade cargo throughput reaching 50.66 billion tons, up 4.7% [7][32] 2. Container: Shipping Rates and Container Throughput - As of February 6, 2026, the China Container Freight Index (CCFI) was at 1122.15 points, down 20.7% year-on-year and 4.55% month-on-month. The Shanghai Container Freight Index (SCFI) was at 1266.56 points, down 33.22% year-on-year and 3.81% month-on-month [9][36] - In 2025, the container throughput at coastal major ports reached 31.198 million TEUs, a year-on-year increase of 7% [9][41] 3. Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput - The Baltic Dirty Tanker Index (BDTI) was at 1691 points on February 6, 2026, up 87.26% year-on-year and 4% month-on-month. The Baltic Clean Tanker Index (BCTI) was at 917 points, up 29.89% year-on-year and 7% month-on-month [10][42] - In 2025, crude oil imports totaled 578 million tons, a year-on-year increase of 4.4%, while the throughput at major crude oil receiving ports was 389 million tons, down 3.4% year-on-year [10][47] 4. Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput - The Baltic Dry Index (BDI) was at 1923 points on February 6, 2026, up 135.95% year-on-year and 9.14% month-on-month [11][51] - In 2025, iron ore throughput at major receiving ports reached 1.399 billion tons, a year-on-year increase of 4.39%, while coal throughput was 688 million tons, down 1.07% year-on-year [11][64]

Investment Rating - The report assigns a "Buy" rating for the company, Weichuang Electric (688698), marking its first coverage [2][9]. Core Insights - The company is focusing on consolidating its main business while expanding overseas, strategically positioning itself in the robot-driven components market [5][6]. - The company aims to deepen industry demand and continuously promote globalization, with a strong emphasis on technological innovation and market expansion through partnerships [6]. - Revenue projections for 2025-2027 are estimated at 19.77 billion, 24.44 billion, and 31.08 billion yuan respectively, with net profits expected to be 2.88 billion, 3.46 billion, and 4.19 billion yuan [8][9]. Summary by Sections Business Development - The company is enhancing collaboration to drive technological innovation in robot-driven components, including establishing joint ventures in Thailand and other regions [6]. - It plans to implement a three-pronged strategy focusing on comprehensive product offerings, entering new markets, and efficient collaboration to enhance its product structure [6]. Global Expansion - The company is optimistic about overseas market potential, particularly in regions like Asia, Africa, and Latin America, and is committed to expanding its market presence while solidifying existing markets [6]. Financial Forecast - The company anticipates revenue growth rates of 26%, 21%, 24%, and 27% for the years 2024 to 2027, with net profit growth rates of 28%, 18%, 20%, and 21% respectively [8][9]. - Key financial metrics include projected earnings per share (EPS) of 1.14, 1.35, 1.62, and 1.96 yuan from 2024 to 2027, with a return on equity (ROE) expected to rise from 12% to 14% over the same period [8][9].

Group 1: Company Overview - The report focuses on Dengkang Oral Care (001328.SZ), a state-owned enterprise established in 2001, primarily producing oral hygiene products such as toothpaste, toothbrushes, and mouthwash [4] - The company aims to double its revenue and profit during the "14th Five-Year Plan" period, with a compound annual growth rate (CAGR) of 10.6% for revenue and 20.6% for net profit from 2019 to 2024 [4] - Adult toothpaste constitutes approximately 80% of the company's revenue, which is the main driver of recent growth [4] Group 2: Industry Analysis - The toothpaste market in China is the largest segment of the oral care industry, with a market size of approximately 30 billion yuan in 2023 [5] - The market is characterized by intense competition, with established brands dominating offline channels, while new brands are emerging in the e-commerce space [5] - Price sensitivity among consumers is low, and there has been a gradual increase in toothpaste prices since 2013, with a shift towards higher-priced functional products [5] Group 3: Competitive Advantages - Dengkang Oral Care has established competitive barriers through brand strength, research and development capabilities, and distribution channels [6] - The brand "Ling Suan Ling" has maintained vitality and is undergoing a transformation towards professionalization and modernization [6] - The company has a strong offline distribution network and is rapidly expanding its online presence, with e-commerce revenue expected to grow by 52% year-on-year in 2024 [6] Group 4: Growth Potential - There is significant room for product structure optimization, with the company introducing high-end products that enhance its product range [7] - The average factory price of products has increased from 2.63 yuan/100g to 3.30 yuan/100g from 2019 to 2024, reflecting a CAGR of 4.6% [7] - The company has successfully implemented a mature strategy for its flagship products on platforms like Douyin, indicating strong consumer demand and brand recognition [7] Group 5: Market Expansion Opportunities - The company is expanding into the whitening and gum care segments, which have larger market sizes compared to sensitivity products, with potential revenue increases of 3.9 billion yuan and 4.76 billion yuan, respectively [8] - The market for gum care and whitening toothpaste is estimated at 8.523 billion yuan and 7.061 billion yuan, respectively, indicating substantial growth opportunities [8] Group 6: Financial Forecast and Valuation - Revenue projections for Dengkang Oral Care are estimated to reach 1.747 billion yuan, 2.105 billion yuan, and 2.506 billion yuan for 2025-2027, with net profits expected to be 177 million yuan, 221 million yuan, and 271 million yuan for the same period [9] - The price-to-earnings (PE) ratios are projected to be 42X, 33X, and 27X for 2025-2027, reflecting the company's growing brand influence and successful product optimization [9]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export market remains robust, with a year-on-year growth of 27% in January 2026, totaling 1.26 million units exported [10][14] - Domestic sales in January 2026 reached 340,000 units, reflecting a year-on-year increase of 17% [14] - The overall motorcycle sales (domestic and export) for January 2026 amounted to 1.6 million units, marking a 27% year-on-year growth [14] Industry Data Update - In January 2026, the motorcycle sales by displacement categories were as follows: - Sales of motorcycles with displacement between 150cc and 250cc reached 170,000 units, up 13% year-on-year [15] - Sales of motorcycles with displacement over 250cc totaled 64,000 units, up 8% year-on-year [15] - The total sales for motorcycles in January 2026 included 340,000 units domestically and 1.26 million units exported [14][19] Company Data Update - **Chunfeng Power**: - Total sales in January 2026 were 19,000 units, a 44% increase year-on-year [22] - Electric motorcycle sales surged by 208% year-on-year, totaling 29,000 units [22] - **Qianjiang Motorcycle**: - Total sales in January 2026 were 35,000 units, down 4% year-on-year [29] - Sales of motorcycles with displacement between 150cc and 250cc increased by 141% year-on-year [29] - **Longxin General**: - Total sales in January 2026 were 81,000 units, down 42% year-on-year [37] - Sales of motorcycles with displacement over 250cc increased by 28% year-on-year [37]

Investment Rating - The report assigns an "Accumulate" rating to the company, marking its first coverage [2][46]. Core Insights - The report discusses the business model and characteristics of the chemical warehousing industry, as well as the basic business situation of Hongchuan Wisdom and future opportunities [2][12]. - Hongchuan Wisdom is positioned as a leading private chemical warehousing company, steadily expanding its scale through continuous mergers and acquisitions [5][13]. - The company primarily provides comprehensive warehousing services for petrochemical product manufacturers, traders, and end-users, with a significant focus on terminal tank and chemical warehouse operations [5][14]. Summary by Sections Business Overview - Hongchuan Wisdom has established itself as a leader in the chemical warehousing sector, with a business model that includes terminal tank services and chemical warehouse services [5][13]. - The company has expanded its operations across multiple regions, including key consumption areas in East and South China, forming a collaborative network [5][31]. Industry Characteristics - The chemical warehousing industry is characterized by strict regulations due to the hazardous nature of chemicals, which has led to limited new storage capacity since 2018 [5][29]. - The primary revenue source for the industry is rental income based on storage capacity, with profitability driven by capacity and occupancy rates [16][20]. Financial Projections - Revenue projections for Hongchuan Wisdom are estimated at 1.131 billion, 1.504 billion, and 1.582 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -21.98%, 32.96%, and 5.17% [5][45]. - The net profit attributable to the parent company is projected to be -446 million, 189 million, and 266 million yuan for the same years, with a significant recovery expected in 2027 [5][45]. Competitive Advantages - The company enhances customer loyalty through its service capabilities and delivery warehouse qualifications, which improve operational efficiency and reduce logistics costs for clients [5][37]. - Hongchuan Wisdom operates 14 terminals, with a focus on matching storage capacity with customer needs, thereby improving resource utilization [5][39]. Valuation and Investment Rating - Based on the closing price on February 11, 2026, the projected price-to-earnings (P/E) ratios for 2026 and 2027 are 31.1 and 22.1 respectively, with a price-to-book (P/B) ratio of 2.5 [5][45]. - The report concludes that if the industry recovers, the company is likely to release performance elasticity, justifying the "Accumulate" rating [5][46].

- The report utilizes the Fama Five-Factor Model for analysis, which includes market, size, value, investment, and profitability factors[29][37][41] - The construction process involves analyzing factor sensitivities and decomposing returns and risks based on the five factors. Market factor sensitivity is consistently positive, while value factor sensitivity is notably negative. The formula for factor exposure is $ R_i = \alpha + \beta_1 \cdot MKT + \beta_2 \cdot SMB + \beta_3 \cdot HML + \beta_4 \cdot RMW + \beta_5 \cdot CMA + \epsilon $, where $ \beta $ represents factor sensitivities[37][41][42] - Evaluation of the model indicates strong individual stock selection capabilities, as excess returns are primarily derived from specific stock alpha rather than systematic factor exposure[41][42] - Testing results show that market factor contributes significantly to returns, while value, size, and investment factors exhibit weaker performance. Specific alpha remains a key driver of excess returns[37][41][42]

Group 1: Core Insights - The report on Proya (603605) highlights its establishment of a big product strategy through effective channel management, marketing, and customer targeting, which has led to the successful launch of popular products like the bubble mask [3][4] - Proya's future growth potential is supported by its ability to quickly adapt to market trends and consumer preferences, particularly among younger demographics, as evidenced by its strategic product iterations and emotional marketing [3][4] - The report indicates that Proya's expansion into multiple product categories is underway, with sub-brands targeting specific consumer pain points, which is expected to enhance its market presence and revenue streams [5] Group 2: Financial Projections - Proya is projected to achieve revenues of 10.93 billion, 12.14 billion, and 13.32 billion yuan for 2025-2027, reflecting growth rates of 1%, 11%, and 10% respectively [6] - The net profit attributable to shareholders is expected to be 1.58 billion, 1.78 billion, and 2.00 billion yuan for the same period, with growth rates of 2%, 13%, and 12% respectively, indicating a stable financial outlook [6] Group 3: Industry Analysis - The report on SF Express (9699.HK) emphasizes the rapid growth of the instant delivery sector, driven by increased consumer acceptance and the expansion of e-commerce platforms, which is expected to enhance local retail penetration [10][11] - SF Express has shown significant revenue growth since its establishment, with a projected revenue of 21.97 billion yuan in 2025, reflecting a year-on-year increase of 39.54% [13] - The report notes that the instant delivery industry is anticipated to maintain a compound annual growth rate (CAGR) of approximately 17% from 2025 to 2028, indicating robust market potential [10][11] Group 4: Competitive Positioning - SF Express is positioned as the largest third-party instant delivery platform in China, benefiting from strong brand recognition and resource backing from its parent company, which enhances its competitive edge [11][12] - The report highlights the importance of technological advancements, such as AI and autonomous delivery vehicles, in improving operational efficiency and service quality, which are critical for sustaining growth in the competitive landscape [12][13] Group 5: Coal Industry Insights - The report on Huaibei Mining (600985) identifies the company as a leading player in the coal and coke industry, with a focus on coal production and chemical processing, projecting a recovery in production and pricing in 2026 [14][15] - Huaibei Mining's coal production is expected to rebound significantly in 2026, driven by the resumption of operations at key mines and improved market conditions, with a projected increase in coal prices [15][16] - The company is anticipated to benefit from a favorable pricing environment and cost management strategies, positioning it well for profitability in the coming years [16][18]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The report highlights the growth of the instant delivery sector, driven by the rise of e-commerce platforms and the increasing acceptance of instant retail among consumers. The company is positioned as the largest third-party instant delivery platform in China, having crossed the breakeven point and entered a new growth phase [7][12]. - The company has shown steady revenue growth since its establishment, with a projected revenue CAGR of approximately 34.3% from 2020 to 2024. In the first half of 2025, the company achieved a revenue of 10.236 billion yuan, representing a year-on-year increase of 48.81% [39][7]. - The report anticipates significant revenue growth for the company, projecting revenues of 21.973 billion yuan, 33.956 billion yuan, and 40.901 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 39.54%, 54.54%, and 20.45% [83][82]. Business Development - The company has two main business segments: same-city delivery and last-mile delivery. The same-city delivery segment is benefiting from the growth of the instant retail industry, with a notable increase in revenue from business-to-business (B2B) services [27][21]. - In the first half of 2025, the B2B same-city delivery business generated revenue of 4.467 billion yuan, a year-on-year increase of 55.4%, while the business-to-consumer (B2C) segment generated 1.312 billion yuan, up 12.7% year-on-year [27][26]. - The last-mile delivery segment also saw significant growth, with revenue reaching 4.457 billion yuan in the first half of 2025, reflecting a year-on-year increase of 56.9% [31]. Industry Outlook - The instant retail industry is expected to accelerate, with the non-food delivery market projected to grow at a rate of approximately 27.7% in 2026, while the food delivery market is expected to grow at 5.9% [49][49]. - The report emphasizes the importance of logistics infrastructure and rider capacity as critical strategic resources for expansion in the instant delivery sector, with an expected CAGR of 17% for the industry from 2025 to 2028 [55][55]. Financial Projections - The company is expected to achieve a net profit of 2.38 billion yuan, 4.52 billion yuan, and 6.87 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 79.98%, 89.54%, and 51.95% [83][82]. - The report projects adjusted net profits of 3.76 billion yuan, 5.05 billion yuan, and 7.55 billion yuan for the same years, indicating strong profitability growth [83][82].

Investment Rating - The report maintains a "Buy" rating for Huabei Mining [1] Core Views - Huabei Mining is positioned as a leading coal and coke enterprise in East China, with expected increases in both volume and price in 2026, indicating a potential turning point in profitability [7] - The company has a strong competitive advantage due to its abundant coal resources and favorable location in a region with high demand but limited supply [31] - The report highlights the company's effective cost control measures, which have led to a significant reduction in unit costs [50] Summary by Sections Company Overview - Huabei Mining is a leading integrated coal and coke operator in East China, with its main business segments including coal, coal chemical products, electricity, and construction materials [11][13] - The company is controlled by the Anhui Provincial State-owned Assets Supervision and Administration Commission, with a significant shareholding by Huabei Mining Group [11] Coal Business - The company expects a recovery in coal production in 2026, driven by the resumption of operations at the Xinhukou Mine and the commissioning of the Taohutu Mine [36] - As of H1 2025, the company has a coal reserve of over 2 billion tons and an approved annual production capacity of 34.25 million tons, with a potential lifespan of nearly 60 years based on current reserves [31][29] - The average selling price of coal is expected to rise, with January 2026 prices at 1,660 RMB per ton, reflecting a 28 RMB increase from Q4 2025 [45] Coal Chemical Business - The coal chemical segment is anticipated to reach a profitability turning point, with new projects expected to contribute positively to earnings [7] - The company has a total annual production capacity for coal chemicals of 440,000 tons for coke, 90,000 tons for methanol, and 60,000 tons for ethanol [7] Other Business Segments - The company has additional projects in electricity generation and limestone production, which are expected to enhance overall performance in 2026 [7] - A new 2×660MW ultra-supercritical coal-fired power project is expected to contribute approximately 196 million RMB in annual profit once operational [7] Earnings Forecast and Investment Recommendation - The report forecasts net profits for the company to be 1.495 billion RMB in 2025, 3 billion RMB in 2026, and 4.106 billion RMB in 2027, indicating a significant recovery trajectory [8] - The current price-to-earnings (P/E) ratio is projected to be 23.3 for 2025, dropping to 11.6 for 2026, suggesting a favorable valuation for investors [8]