Group 1: Online Subscription Revenue Growth and AI Development - NetEase Cloud Music - Adjusted operating profit increased by over 30% year-on-year, indicating continuous improvement in profitability [3][4] - In 2025, revenue reached 7.759 billion yuan, a decrease of 2.4% year-on-year, primarily due to a more cautious operational strategy in social entertainment services [3] - The number of paid users increased, driving online music subscription revenue growth, with 2025 online music business revenue at 5.994 billion yuan, up 12.0% year-on-year [5][6] Group 2: Price Increase in Overseas MDI and Polyurethane Market Outlook - Wanhua Chemical - Major overseas manufacturers have raised MDI prices, indicating a potential price increase trend in the market [9][10] - As of February 24, 2026, domestic MDI prices were 13,900 yuan/ton, with TDI prices at 14,900 yuan/ton, showing stability compared to pre-Spring Festival levels [10] - The report anticipates a recovery in polyurethane demand post-Spring Festival, supported by low inventory levels [12] Group 3: Motorcycle Industry Analysis - Suzuki - From FY2014 to FY2024, Suzuki's motorcycle production increased from 1.799 million units to 2.042 million units, with a CAGR of approximately 1.3% [14] - The company's motorcycle revenue grew from 250.5 billion yen to 398.1 billion yen during the same period, with a CAGR of approximately 4.7% [15] - Suzuki's global motorcycle market share for FY2023 is estimated at around 4% [18] Group 4: Movie Industry Performance and Trends - The 2026 Spring Festival box office reached 5.69 billion yuan, a year-on-year decrease of 39.9% due to high base effects [20][21] - The number of attendees during the Spring Festival was 119 million, down 36.3% year-on-year, with an average ticket price of 47.8 yuan, a decrease of 6.1% [21] - The report highlights strong performance in lower-tier markets, with a significant share of box office revenue coming from these areas [21] Group 5: Motorcycle Industry Analysis - Honda - Honda's motorcycle sales revenue increased from 1.85 trillion yen to 3.22 trillion yen from FY2015 to FY2024, with a CAGR of approximately 6.37% [25] - The company's motorcycle sales volume grew from 17.59 million units to 18.82 million units during the same period, with a CAGR of approximately 0.75% [26] - Honda's global motorcycle market share is approximately 40% [29] Group 6: Express Logistics Industry Trends - In the first eight weeks of 2026, the total express delivery volume reached 32.734 billion pieces, a year-on-year increase of 5.4% [36][37] - YTO Express led the growth in business volume, with a year-on-year increase of 29.75% in January [38] - The report maintains a "recommended" rating for the express logistics sector, anticipating steady growth in business volume [40] Group 7: Engineering Machinery - Shantui - Shantui is positioned as a leading enterprise in bulldozers, focusing on smart, high-end, and globalized products [45][46] - The company expects revenue growth driven by increased infrastructure investment in Southeast Asia and mining capital expenditure in Africa [46][47] - Revenue forecasts for 2025-2027 are projected at 15.4 billion, 17.4 billion, and 20.2 billion yuan, respectively, with corresponding net profits of 1.25 billion, 1.61 billion, and 1.93 billion yuan [49]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The report addresses key aspects of the company's development history, industry analysis of its core products (bulldozers and excavators), and the company's competitive advantages in these areas [3]. - The company is positioned as a leading player in the bulldozer market, advancing towards smart, high-end, and global operations [3]. - The report highlights the stable industry structure and the potential benefits from increased capital expenditure in mining and accelerated infrastructure projects [3]. Summary by Sections Company Overview - The company has evolved from its inception, fulfilling the mission of domesticating high-power bulldozers in China, thus eliminating reliance on imports for bulldozers over 180 horsepower [12][13]. - The company has a stable shareholding structure, with significant stakes held by Shandong Heavy Industry Group and Weichai Power [20][24]. - The company has seen a steady increase in overseas revenue, with the proportion rising from 38.7% in 2022 to 55.7% in the first half of 2025 [34]. Bulldozer Market Analysis - The global bulldozer market is expected to grow from 33.6 billion yuan in 2020 to 53.9 billion yuan by 2024, driven by infrastructure development and mining activities [45]. - The report indicates that the market concentration is high, with the top five manufacturers expected to hold a 66% market share by 2024 [45]. - The domestic market is projected to recover in 2024, with the company maintaining a leading market share of 64.7% [48]. Competitive Advantages - The company is recognized as the leader in the domestic bulldozer market, having maintained a market share above 60% since 2010 [49]. - The report suggests that the company's bulldozers are likely to benefit from a structural supply-demand imbalance, leading to potential price increases [3][6]. - The company has a unique position in the excavator market, with a focus on internal and external demand recovery, supported by various factors such as policy stimulation and large-scale engineering projects [4][6]. Financial Projections - Revenue is projected to grow from 14.22 billion yuan in 2024 to 20.16 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 19% from 2020 to 2024 [5]. - The net profit attributable to shareholders is expected to increase from 1.10 billion yuan in 2024 to 1.93 billion yuan in 2027, reflecting a strong growth trajectory [5]. - The report anticipates a stable gross margin and improved profitability due to effective cost control measures [29].

Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector [1] Core Insights - Suzuki's motorcycle production is projected to grow from 1.799 million units in FY2014 to 2.042 million units in FY2024, with a CAGR of approximately 1.3% [10][15] - The company's motorcycle sales are expected to increase from 1.764 million units in FY2014 to 2.064 million units in FY2024, reflecting a CAGR of about 1.6% [10][15] - Revenue from motorcycle sales is anticipated to rise from 250.5 billion yen in FY2014 to 398.1 billion yen in FY2024, with a CAGR of approximately 4.7% [10][15] - The average price of Suzuki motorcycles is expected to increase from 142,000 yen in FY2014 to 193,000 yen in FY2024, with a CAGR of about 3.1% [10][15] - In FY2023, Suzuki's global motorcycle market share is estimated to be around 4%, based on Yamaha's reported global motorcycle demand of 49.94 million units [24] Summary by Sections Production, Sales, and Revenue - Suzuki's motorcycle production is expected to grow from 1.799 million units in FY2014 to 2.042 million units in FY2024, with domestic production declining from 154,000 units to 91,000 units, while overseas production increases from 1.645 million units to 1.951 million units [10][15] - Total motorcycle sales are projected to rise from 1.764 million units in FY2014 to 2.064 million units in FY2024, with domestic sales decreasing from 67,000 units to 35,000 units, and overseas sales increasing from 1.697 million units to 2.029 million units [10][15] - Revenue from motorcycle sales is expected to increase from 250.5 billion yen in FY2014 to 398.1 billion yen in FY2024, with domestic revenue declining from 21.3 billion yen to 18.4 billion yen, while overseas revenue rises from 212.6 billion yen to 379.7 billion yen [22][24] Regional Breakdown - In FY2024, Suzuki's motorcycle sales in India are projected to reach 1.048 million units, a significant increase from 313,000 units in FY2015 [21] - The average selling price of motorcycles in different regions for FY2024 is expected to be 52.6 thousand yen in Japan, 109.0 thousand yen in Europe, 132.7 thousand yen in North America, and 13.8 thousand yen in India [24]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector [1] Core Insights - The report analyzes Honda's motorcycle global sales, focusing on sales revenue, volume, and market share breakdown [4] - Honda's motorcycle sales revenue increased from 1.85 trillion yen in FY2015 to 3.22 trillion yen in FY2024, with a CAGR of approximately 6.37% [5][10] - Honda's motorcycle sales volume grew from 17.59 million units in FY2015 to 18.82 million units in FY2024, with a CAGR of about 0.75% [5][10] - The average price of Honda motorcycles rose from 105,000 yen in FY2015 to 171,000 yen in FY2024, reflecting a CAGR of 5.58% [5][10] - In FY2024, Honda's sales volume by region was as follows: Japan (241,000 units), North America (498,000 units), Europe (440,000 units), Asia (1,601,600 units), and other regions (162,400 units) [11][12] - Honda holds a global market share of approximately 40%, with significant market presence in Asia and Europe [16] Summary by Sections Sales Revenue and Volume - Honda's motorcycle sales revenue and volume have shown steady growth over the years, indicating a robust market position [5][10] Regional Sales Breakdown - The report highlights Honda's strategic production and sales approach, emphasizing localized manufacturing and a strong dealer network across 23 countries [16] Investment Recommendations - The report suggests that domestic brands have significant potential for international expansion, maintaining a "Recommended" rating for the motorcycle sector, with key recommendations including Chunfeng Power and Longxin General [18]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector, specifically for Kawasaki [1]. Core Insights - Kawasaki's motorcycle revenue is expected to grow steadily, with a CAGR of approximately 4.6% from FY2014 to FY2024, increasing from 220.6 billion JPY to 344.5 billion JPY [10][16]. - The sales volume for Kawasaki motorcycles is projected to stabilize at 480,000 units for FY2024, down from 523,000 units in FY2014 [22][28]. - The average price of Kawasaki motorcycles is anticipated to rise, with a CAGR of about 5.5% from FY2014 to FY2024, increasing from 421,800 JPY to 717,700 JPY [27]. Summary by Sections Kawasaki Motorcycle Revenue - Revenue growth is primarily driven by developed markets, with a CAGR of 8.6% in developed countries, while revenue in emerging markets is expected to decline at a CAGR of -1.3% [10][16]. Kawasaki Motorcycle Sales Volume - Sales in developed countries are projected to increase from 127,000 units in FY2014 to 234,000 units in FY2024, while sales in emerging markets are expected to decrease from 396,000 units to 246,000 units during the same period [22][31]. Kawasaki Motorcycle Average Price - The average price in developed countries is expected to grow from 848,800 JPY to 1,048,300 JPY, while in emerging markets, it is projected to rise from 284,800 JPY to 403,300 JPY [27]. Market Share - Kawasaki's global market share for FY2023 is estimated to be approximately 1%, with sales distribution across developed and emerging markets [28][31]. Investment Recommendations - The report suggests that domestic brands have significant potential for growth, with a focus on Kawasaki's stable sales and the increasing competitiveness of domestic brands. Key recommendations include Chuanfeng Power and Longxin General, with a suggestion to pay attention to Qianjiang Motorcycle [33].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown steady growth in online subscription revenue and is actively developing AI features to enhance user experience [2][6] - The adjusted operating profit has increased by over 30% year-on-year, indicating a continuous improvement in profitability [5] - The company is focusing on expanding its music copyright and has introduced several AI functionalities to enrich the music experience [11] Financial Performance Summary - In 2025, the company reported revenue of 77.59 billion, a decrease of 2.4% year-on-year, primarily due to a more cautious approach to social entertainment services [8] - The net profit attributable to the parent company was 27.48 billion, reflecting a significant increase of 76.0% year-on-year [8] - The adjusted net profit reached 28.60 billion, up 68.2% year-on-year, with a notable reduction in tax expenses [8] - The gross margin for 2025 was 35.7%, an increase of 2.0 percentage points year-on-year, while the adjusted operating profit margin was 22.34%, up 5.9 percentage points [8] - The company ended 2025 with cash reserves of 121.75 billion, a year-on-year increase of 19.2% [8] Revenue and User Growth - The online music business revenue for 2025 was 59.94 billion, representing a year-on-year growth of 12.0%, driven by an increase in paid users and enhanced user experience [8] - The number of paid users has increased, contributing to the growth in subscription revenue, which reached 50.53 billion, up 13.3% year-on-year [8] - The company’s monthly active users (MAU) have shown stable growth, maintaining a daily active users (DAU) to MAU ratio of over 30% [8] Future Projections - Revenue projections for 2026 to 2028 are 84.79 billion, 91.16 billion, and 96.99 billion respectively, with expected growth rates of 9.27%, 7.52%, and 6.39% [10] - The net profit attributable to the parent company is projected to decline to 20.59 billion in 2026, followed by a gradual recovery in subsequent years [10] - The adjusted net profit is expected to be 21.79 billion in 2026, with a corresponding adjusted P/E ratio of 14 [10]

Group 1: Transportation Industry Insights - The Spring Festival travel peak has shown a significant increase in passenger volume and ticket prices, indicating an industry turning point. The total inter-regional passenger flow reached 5.08 billion, with a year-on-year growth of 5.5% [3][4] - During the first 20 days of the Spring Festival, the civil aviation passenger volume increased by 6.0% year-on-year, with an average ticket price of 943 yuan, up 3.5% year-on-year [3][4] - The civil aviation industry is expected to maintain a growth rate of over 5% in passenger volume for 2026, supported by a recovery in business travel and a high seat occupancy rate [5] Group 2: Chemical Industry Outlook - The chemical industry is entering a favorable cycle with rising prices due to the upcoming peak season and a global trend of reducing overcapacity. The focus is on the recovery of demand and the potential for increased dividend yields from leading companies [6][8] - Key sectors to watch include coal chemical, oil refining, and agricultural chemicals, with specific companies highlighted for their strong performance potential [8][9] - The industry is expected to benefit from a reduction in supply and increased demand, particularly in sectors like PTA and tire manufacturing, as well as in the context of AI-driven demand [8][9] Group 3: Coal Market Dynamics - The price of thermal coal has risen to 718 yuan per ton, reflecting a week-on-week increase of 23 yuan, driven by supply constraints and increased demand from power plants [45][46] - The competitiveness of imported coal has diminished, leading to a favorable outlook for domestic coal prices as supply tightens and demand remains stable [45][46] - The overall coal mining industry is expected to see a long-term upward trend in prices due to rising operational costs and regulatory pressures, with a focus on maintaining high-quality assets and cash flow [47]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector [1] Core Insights - Yamaha's motorcycle revenue has shown steady growth, increasing from 930.1 billion JPY in FY2016 to 1,578.1 billion JPY in FY2025, with a CAGR of approximately 6.1%. However, motorcycle sales decreased from 5.154 million units to 4.999 million units during the same period, reflecting a CAGR of approximately -0.3% [9][27] - The average price of Yamaha motorcycles is projected to rise from 50,000 RMB to 69,700 RMB from FY2021 to FY2025, with a CAGR of approximately 8.7% [9][27] - The global motorcycle demand is estimated at 49.94 million units in 2023, with a projected CAGR of approximately 2% from 2024 to 2027 [11][15] - Yamaha aims to achieve a market share of 9.7% in FY2023, with specific targets of 31% in the high-end market by 2024 and 42% by 2027 in ASEAN and emerging markets, as well as 13% in Europe by 2027 [11][23] Summary by Sections Global Motorcycle Market and Yamaha's Share - The global motorcycle demand for 2023 is 49.94 million units, with a projected CAGR of approximately 2% from 2024 to 2027 [11][15] - Yamaha's target market share for FY2027 includes 31% in the high-end market by 2024 and 42% by 2027 in ASEAN and emerging markets, along with a 13% share in Europe [11][23] Yamaha Motorcycle Revenue and Sales Breakdown - Yamaha's motorcycle revenue is expected to grow steadily, with FY2025 projections showing sales of 76,000 units in Japan, 79,000 units in North America, 210,000 units in Europe, 3,903,000 units in Asia, and 73,100 units in other regions [12][34] - The average price of Yamaha motorcycles in FY2025 is projected to be 55.7 million JPY in Japan, 111.3 million JPY in North America, 112.6 million JPY in Europe, 22.8 million JPY in Asia, and 44.1 million JPY in other regions [34][28] Investment Recommendations - The report suggests that domestic brands have significant potential for overseas expansion, as their export prices still lag behind those of Japanese motorcycle companies. The motorcycle sector maintains a "Recommended" rating, with key recommendations including Chunfeng Power and Longxin General, and a suggestion to pay attention to Qianjiang Motorcycle [12][40]

1. Report Industry Investment Rating No information provided in the report about the industry investment rating. 2. Core Viewpoints of the Report - Since the beginning of the year, the buying force of allocation portfolios for bonds has remained strong. Before the Spring Festival, the yield to maturity of 10-year Treasury bonds fell below 1.80% and stayed below this level. There were some subtle changes in this decline [6][11]. - One change is that trading portfolios took over in the second half of the interest rate decline. From February 9th to 13th, when the 10-year Treasury bond yield broke below 1.80%, securities companies bought 14.2 billion yuan and 25.3 billion yuan worth of 5 - 7Y and 7 - 10Y Treasury bonds respectively, with their buying power exceeding that of large banks, indicating that the marginal buying power of banks decreased below 1.80%, and trading portfolios started to buy [6][11]. - Another change is that the buying behavior of trading portfolios may be related to the basis strategy. The short - selling intensity of securities companies for 10-year Treasury bonds is not strong, and the current net bond borrowing volume is not high. From February 9th to 13th, the basis of the 10-year Treasury bond futures main contract rose from 0.0248 yuan to 0.0655 yuan, corresponding to the positive arbitrage strategy of long cash bonds + short futures. Currently, there is still some room for the basis to recover, and the 10-year Treasury bond is likely to continue to fluctuate [6][11]. - The third change is that funds are "avoiding" 10-year Treasury bonds, and there is room for the tax spread to compress. According to the latest spot bond trading data, funds' net purchases of 10Y policy financial bonds and 30-year Treasury bonds were 56.1 billion yuan and 28.4 billion yuan respectively, while only 3.7 billion yuan of 10Y Treasury bonds were bought. Under the structural change of buying power, the spread between China Development Bank bonds and Treasury bonds may compress [6][12]. 3. Summary According to the Table of Contents 3.1 This Week's Bond Market Review - Since the beginning of the year, the buying force of allocation portfolios for bonds has remained strong. Before the Spring Festival, the yield to maturity of 10-year Treasury bonds fell below 1.80% and stayed below this level. There were changes in trading portfolios taking over, basis - related buying, and funds avoiding 10-year Treasury bonds [6][11]. 3.2 Bond Yield Curve Tracking 3.2.1 Key Maturity Interest Rates and Spread Changes - As of February 13th, compared with February 9th, the 1Y Treasury bond yield rose 0.15bp to 1.32%; the 10Y Treasury bond yield fell 1.86bp to 1.79%; the 30Y Treasury bond yield fell 0.40bp to 2.24%. The spread between 30Y and 10Y Treasury bonds rose 1.46bp to 45.12bp, and the spread between 10Y China Development Bank bonds and 10Y Treasury bonds rose 1.21bp to 15.32bp [13]. 3.2.2 Treasury Bond Maturity Spread Changes - As of February 13th, compared with February 9th, the 3Y - 1Y Treasury bond spread fell 0.42bp to 5.93bp, the 5Y - 3Y spread fell 0.66bp to 16.79bp, the 7Y - 5Y spread rose 0.78bp to 11.11bp, the 10Y - 7Y spread fell 1.71bp to 13.77bp, the 20Y - 10Y spread rose 1.11bp to 43.65bp, and the 30Y - 20Y spread rose 0.35bp to 1.47bp [14]. 3.3 Bond Market Leverage and Funding Conditions 3.3.1 Balance of Inter - bank Pledged Repurchase - As of February 13th, 2026, compared with February 9th, the balance of inter - bank pledged repurchase decreased by 1.01 trillion yuan to 11.86 trillion yuan [19]. 3.3.2 Changes in Inter - bank Bond Market Leverage Ratio - As of February 13th, 2026, compared with February 9th, the inter - bank bond market leverage ratio decreased by 0.67 percentage points to 106.99% [20]. 3.3.3 Pledged Repurchase Turnover - From February 9th to 13th, the average daily turnover of pledged repurchase was 7.67 trillion yuan. The average overnight turnover was about 5.99 trillion yuan, and the average overnight turnover ratio was 74.78% [24][27]. 3.3.4 Operation of Inter - bank Funding Conditions - From February 9th to 13th, the net capital outflow of large banks was 4.53 trillion yuan, the net capital inflow of small and medium - sized banks was 0.47 trillion yuan, and the net capital outflow of the banking system was 4.06 trillion yuan. As of February 13th, DR001 was 1.2645%, DR007 was 1.4259%, R001 was 1.2835%, and R007 was 1.5378% [30]. 3.4 Duration of Medium - and Long - Term Bond Funds 3.4.1 Median Duration of Bond Funds - As of February 13th, the estimated median duration of medium - and long - term bond funds (de - leveraged) was 2.76 years, up 0.01 years from February 9th; the median duration (including leverage) was 2.97 years, up 0.06 years from February 9th [41]. 3.4.2 Median Duration of Interest - Rate Bond Funds - As of February 13th, the median duration of interest - rate bond funds (including leverage) was 3.73 years, up 0.04 years from February 9th; the median duration of credit - bond funds (including leverage) was 2.75 years, up 0.04 years from February 9th. The median duration of interest - rate bond funds (de - leveraged) was 3.35 years, with no significant change from February 9th; the median duration of credit - bond funds (de - leveraged) was 2.54 years, up 0.02 years from February 9th [43]. 3.5 Changes in Bond Lending Balance - As of February 13th, compared with February 9th, the borrowing volume of 10Y China Development Bank bonds decreased [46].

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The pharmaceutical sector has shown a decline of 0.81% in the past week, ranking 21st among 31 primary sub-industries, while the Shanghai and Shenzhen 300 index increased by 0.36% [11][34] - Recent developments include a partnership between Heptares Therapeutics and Solstice Oncology, granting exclusive rights for HBM4003 outside Greater China, with a total upfront payment exceeding $105 million [5][12] - The report highlights the promising clinical data for HBM4003 in treating metastatic colorectal cancer, showing an objective response rate (ORR) of 34.8% and a disease control rate (DCR) of 60.9% [5][12] - Nektar Therapeutics announced positive results from the REZOLVE-AD study for moderate to severe atopic dermatitis, demonstrating sustained efficacy with the new Treg-targeting agent Rezpeg [16][19] Summary by Sections Recent Performance - The pharmaceutical sector's performance over the past month shows a decline of 0.81%, with specific sub-sectors like traditional Chinese medicine and medical devices experiencing significant drops [34] Market Dynamics - Year-to-date, the pharmaceutical sector has outperformed the Shanghai and Shenzhen 300 index by 1.79 percentage points, with a total return of 2.44% [34] Valuation - As of February 13, 2026, the pharmaceutical sector's valuation stands at 33.2 times PE, representing a 30% premium over the overall A-share market (excluding financials) [37] Key Companies to Watch - The report emphasizes companies such as Aidi Pharmaceutical, WuXi Biologics, and Innovent Biologics as key players to monitor in the current market environment [5][39]