Investment Rating - The investment rating for Hengyi Petrochemical is "Buy" (maintained) [1] Core Views - The report highlights the full launch of the Brunei Refinery Phase II project, with an optimized design capacity of 12 million tons per year, aiming for completion by the end of 2028, which will increase the total capacity of the Brunei refinery to 20 million tons per year [7][9] - The report emphasizes the confidence of the controlling shareholder in the company's long-term development, as evidenced by a share buyback plan amounting to no less than 1.5 billion yuan and no more than 2.5 billion yuan, with an adjusted maximum purchase price of 15 yuan per share [8][13] - The company is expected to see significant revenue growth, with projected revenues of 129.23 billion yuan, 147.06 billion yuan, and 154.42 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 4.81 billion yuan, 7.91 billion yuan, and 9.73 billion yuan for the same years [14][15] Summary by Relevant Sections Recent Performance - Hengyi Petrochemical has outperformed the CSI 300 index significantly over the past year, with a 12-month performance of 74.1% compared to the index's 25% [6] Project Developments - The Brunei Refinery Phase II project is expected to enhance the company's integrated industrial chain and scale advantages, improving market share and product structure while reducing production costs [9][10] Market Conditions - The report notes a tightening supply of refined oil in Southeast Asia, with a projected increase in demand and a significant supply gap expected to reach 68 million tons by 2026, creating strategic opportunities for companies with technological advantages [10] Financial Projections - The financial forecasts indicate a recovery in profitability, with net profit growth rates of 106% in 2025 and 64% in 2026, reflecting the company's strong market position and operational efficiency [14][15]

Group 1 - The report highlights that the company plans to issue convertible bonds to raise up to 878 million RMB for investment in new projects, including a 5000 tons/year vitamin K3 and 74,000 tons/year chromium green project, and a 500,000 tons/year sulfuric acid and 50,000 tons/year chromium powder project [3][5] - The innovative "vitamin K3 co-production chromium green" process is expected to break the production bottleneck of chromium green, utilizing chromium-containing waste from vitamin K3 production to create high-quality chromium green, thus enhancing environmental performance and operational results [5][6] - The company has successfully acquired land for the new project in Chongqing, with a total investment of approximately 3 billion RMB, which will significantly drive long-term growth [7][8] Group 2 - The report indicates that the chromium market is experiencing a bullish cycle, with the average price of metallic chromium rising from 67,500 RMB/ton to 82,000 RMB/ton, and chromium oxide green prices increasing from 29,500 RMB/ton to 36,500 RMB/ton [9][10] - The downstream demand for chromium is expected to grow due to the increasing needs in high-temperature alloys used in military and civilian aircraft, gas turbines, and other high-end equipment, which will further boost the market demand for chromium and its raw materials [5][10] - The company is projected to benefit from the chromium market cycle, with revenue forecasts for 2025, 2026, and 2027 estimated at 43.63 billion RMB, 66.42 billion RMB, and 72.52 billion RMB, respectively, alongside net profits of 6.04 billion RMB, 11.96 billion RMB, and 13.70 billion RMB [11]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Insights - The company's share buyback plan demonstrates confidence, with a total buyback amount between 300 million and 600 million yuan, at a price not exceeding 25.97 yuan per share [8]. - The company has shown strong revenue growth in 2025, with projected revenues of 38 billion yuan in 2025 and 44.5 billion yuan in 2026, alongside net profits of 6 billion yuan and 9 billion yuan respectively [10][11]. - The company is positioned in the top tier of global mobile game companies, focusing on SLG (Simulation and Strategy Games) while expanding into casual gaming, indicating a dual-track growth strategy [9]. Financial Performance - The company reported a revenue of 11.6 billion USD for "Whiteout Survival" in 2025, a year-on-year increase of 31%, and 330 million USD for "Endless Winter," a 128% increase [8]. - The company has a robust pipeline of new products, including several titles in both overseas and domestic markets, which are expected to contribute to future growth [8]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.82 yuan, 1.23 yuan, and 1.43 yuan respectively, with corresponding P/E ratios of 20.80, 13.92, and 11.94 [10][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on the anticipated benefits from the chromium salt market cycle [14]. Core Insights - The company plans to issue convertible bonds to raise up to RMB 878 million for investment in new projects, including a 50,000 tons/year chromium powder project and a 7.4 million tons/year chromium green project, which will enhance production capacity and optimize processes [6][8]. - The innovative "Vitamin K3 co-production chromium green" process is expected to break the production bottleneck and improve the quality and stability of chromium green products, aligning with the growing demand in high-temperature alloy markets [8][11]. - The company is well-positioned to benefit from the increasing demand for chromium salts driven by the aerospace and military sectors, with a projected supply-demand gap of 340,900 tons by 2028 [11]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are estimated at RMB 43.63 billion, RMB 66.42 billion, and RMB 72.52 billion, respectively, with corresponding net profits of RMB 6.04 billion, RMB 11.96 billion, and RMB 13.70 billion [11][12]. - The projected P/E ratios for the same years are 34, 17, and 15 times, reflecting a favorable valuation as the company is expected to benefit from the chromium salt market cycle [11][12]. Market Performance - The company's stock has shown significant growth, with a 12-month performance increase of 221.5%, outperforming the Shanghai and Shenzhen 300 index [5]. - As of December 31, 2025, the company's market capitalization stands at RMB 20.477 billion, with a current stock price of RMB 28.81 [5].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The report highlights that Blue Arrow Aerospace's IPO has been accepted, accelerating the commercialization process of the aerospace industry. The company aims to raise 7.5 billion yuan for enhancing the capacity and technology of reusable rockets [7] - The successful launch of the world's first liquid oxygen-methane rocket (Zhuque-2) in July 2023 and the first reusable liquid oxygen-methane rocket (Zhuque-3) in December 2025 marks significant milestones for Blue Arrow Aerospace, which is a leading player in China's commercial aerospace sector [7] - The report anticipates that the commercialization of the aerospace industry will drive the development of the space industry, creating new markets for space energy and applications such as space photovoltaics and space computing [7] Summary by Sections Recent Performance - The electric equipment sector showed a performance of 41.8% over the past 12 months, outperforming the CSI 300 index, which had a return of 17.7% [4] Investment Highlights - The report emphasizes the rapid expansion of the rocket launch market, with a projected 341 launches globally in 2025, a 25% increase year-on-year, and 90 launches in China, a 30% increase [7] - The Chinese commercial aerospace industry is expected to enter a golden development period from 2025 to 2030, with a market size projected to reach 8 trillion yuan by 2030 [7] - The report suggests that companies in the aerospace supply chain are likely to see synchronized improvements in performance and valuation due to the acceleration of the commercialization process [8]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The implementation of the new national subsidy policy for vehicle replacement is expected to boost passenger car demand in Q1 2026 [2][6] - The report indicates that the adjustment of subsidies from fixed amounts to percentage-based will likely enhance the proportion of mid-to-high-end passenger cars [6][7] - The continuation of subsidies for scrapping old commercial vehicles is expected to stabilize market confidence and potentially exceed expectations for heavy truck demand in 2026 [7] Summary by Sections Industry Performance - The automotive sector showed a performance increase of 5.7% over the last month, a decrease of 3.2% over the last three months, and a significant increase of 24.2% over the last year [3] Policy Impact - The new subsidy policy for 2026 includes support for scrapping and replacing vehicles, with specific subsidies for purchasing new energy vehicles and fuel-efficient cars [6] - The maximum subsidy for purchasing new energy vehicles is 12% of the vehicle price (up to 20,000 yuan), while for fuel-efficient cars, it is 10% (up to 15,000 yuan) [6] Market Outlook - The report suggests that the automotive industry will continue to see opportunities in high-end self-owned brands and the acceleration of smart technology integration [7] - Recommended companies include Jianghuai Automobile, Great Wall Motors, Geely, BYD, BAIC Blue Valley, and SAIC Group [7] - The report also highlights potential growth in the heavy truck sector, with expected sales of over 86,000 units in 2026 [7]

2026 年 01 月 04 日 策略周报 研究所： 证券分析师： 赵阳 S0350525100003 zhaoy05@ghzq.com.cn 证券分析师： 陈艺鑫 S0350525010003 chenyx03@ghzq.com.cn [Table_Title] 若人民币汇率持续升值，风格行业如何选择 ——策略周报专题 最近一年走势 相关报告 鹏》——2025-06-17 本篇报告解决了以下核心问题：1、人民币强升值或弱升值期间，配置什 么风格或行业胜率弹性较高？2、当下应该关注哪些性价比较高的行业？ 核心要点: 国海证券研究所 请务必阅读正文后免责条款部分 《投资黄金如何增强收益——策略周报*陈艺鑫， 胡国鹏》——2025-09-28 《策略周报：反内卷行情有望进入第二阶段*陈艺 鑫，袁稻雨》——2025-08-24 《投资红利如何增强收益-——红利系列报告*陈艺 鑫，胡国鹏》——2025-07-25 《基于"三步走"的黄金交易策略*陈艺鑫，胡国 《我国财政货币双宽松下，大类资产如何配置*陈 艺鑫，胡国鹏》——2025-03-09 1、根据内需经济复苏强弱，将 2015 年 811 汇改后人民币升值阶段 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a tightening in production and shipment, with downstream power plants showing an increase in daily consumption, leading to a marginal improvement in supply-demand dynamics [2][12] - The report highlights that coal prices are expected to have support due to anticipated production reductions before the Spring Festival and potential temperature drops [12][63] - The long-term trend for coal prices is upward, driven by factors such as rising labor costs, increased safety and environmental investments, and higher taxation by local governments [5][66] Summary by Sections Thermal Coal - As of December 31, the price of thermal coal at northern ports is 678 RMB/ton, with a weekly decrease of 3 RMB/ton but a daily increase of 8 RMB/ton [12][63] - Production capacity utilization in the Sanxi region decreased by 4.85 percentage points due to increased maintenance during the New Year holiday [12][63] - The daily consumption of the six major power plants increased by 39,000 tons week-on-week [12][63] - The inventory of the six major power plants decreased by 118,000 tons to 13.375 million tons, down 276,000 tons year-on-year [12][29] Coking Coal - The production capacity utilization for coking coal decreased by 3.14 percentage points to 79.5% [3][64] - The average customs clearance volume at Ganqimaodu port decreased by 133 trucks week-on-week [3][64] - The price of main coking coal at ports remained stable at 1,740 RMB/ton as of December 31 [3][36] Coke - As of December 31, major steel mills have initiated the fourth round of price reductions for coke, indicating a weak market [3][44] - The average profit per ton of coke increased by 4 RMB/ton week-on-week [3][46] - The production rate of independent coking plants showed differentiation, with overall production rates declining slightly [3][47] Investment Opportunities - Recommended stocks include China Shenhua, Shaanxi Coal, and China Coal Energy for their stable performance and high dividends [5][66] - Other notable stocks include Yanzhou Coal, Jinkong Coal, and Huayuan Co. for their growth potential and strong cash flow [5][67]

Core Insights - The report emphasizes that the wind power sector is expected to break the cyclical pattern and maintain growth in 2026, driven by both onshore and offshore wind energy expansion globally, with a focus on green energy applications [10][12] - The report identifies four main investment themes for 2026: 1) Resonance of policies between China and Europe for offshore wind, 2) Green energy catalyzing non-electric utilization, 3) Profitability elasticity of major manufacturers, and 4) Sustained demand in the components sector [10][16] Group 1: Industry Overview - In 2025, the wind power sector faced cyclical pressures, but by the third quarter, the relative advantages of wind power became more pronounced due to policy impacts on the electricity market and non-electric utilization, leading to a projected double-digit growth in installed capacity for 2026 [10][20] - The report forecasts that installed capacity for onshore and offshore wind in 2026 will reach approximately 110 GW and 10 GW respectively, representing year-on-year growth of 10% and 25% [20][41] Group 2: Key Companies and Profitability Forecasts - The report highlights several key companies with investment ratings, including: - Goldwind Technology (002202.SZ) with a buy rating and projected EPS growth from 0.42 in 2024 to 1.16 in 2026 [7] - Dongfang Cable (603606.SH) also rated as buy, with EPS expected to rise from 1.47 in 2024 to 3.03 in 2026 [7] - New Strong Link (300850.SZ) rated as buy, with EPS projected to increase from 0.18 in 2024 to 2.92 in 2026 [7] - The profitability of major manufacturers is expected to improve significantly, with the average bidding price for main units increasing by 7.4% in 2025, and a high proportion of high-price orders expected to continue into 2026 [10][13] Group 3: Offshore Wind Development - The report notes that both Europe and China are emerging from a low point in offshore wind development, with a significant increase in project approvals and construction expected to drive growth in 2026 [10][56] - The offshore wind policy in China is evolving, with a focus on deep-sea technology and a significant number of projects expected to be initiated, which will enhance demand for high-voltage cables and other components [10][56] Group 4: Component Sector Dynamics - The demand for wind turbine components is projected to remain strong, with expectations of over 20,000 turbines needed annually during the "14th Five-Year Plan" period, indicating a recovery from previous supply chain constraints [10][44] - The report suggests that component manufacturers will benefit from increased capacity utilization and the introduction of new technologies, with specific companies recommended for investment, including New Strong Link and Delijia [10][13]

Investment Rating - The report maintains a "Neutral" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The focus of the industry is shifting from "Business Development (BD)" to "Clinical Development Partnerships (CDP)" as companies aim to enhance their clinical development capabilities for overseas markets. The report emphasizes the importance of core assets and suggests that the industry is entering a strong alpha phase, with a continued positive fundamental outlook despite uncertainties in international expansion [2][12]. - The pharmaceutical sector has underperformed compared to the broader market, with a year-to-date return of 14.29% against the Shanghai Composite Index's 18.36%, indicating a 2.09 percentage point lag [2][3]. - The current valuation of the pharmaceutical sector is 32.9 times PE based on 2026 earnings forecasts, which represents a 37% premium over the overall A-share market (excluding financials). The TTM valuation stands at 29.1 times PE, below the historical average of 35.0 times PE [2][27]. Summary by Sections Recent Performance - For the week of December 22 to 26, 2025, the Shanghai Composite Index rose by 1.95%, while the pharmaceutical sector declined by 0.18%, ranking 25th among 31 sub-industries. The performance of various pharmaceutical sub-sectors was as follows: chemical pharmaceuticals (0.05%), biological products (-0.10%), medical devices (0.08%), pharmaceutical commerce (-1.66%), traditional Chinese medicine (-0.67%), and medical services (-0.25%) [2][8]. Market Dynamics - The report notes that the pharmaceutical sector's performance has been relatively weak, with a year-to-date return lagging behind the broader market. The report suggests that the recent adjustments in the pharmaceutical sector are seen as healthy and that the underlying logic for innovative drugs and devices remains unchanged [2][3]. Valuation Metrics - The report highlights that the pharmaceutical sector's current valuation is 32.9 times PE based on 2026 earnings forecasts, which is a 37% premium compared to the overall A-share market (excluding financials). The TTM valuation is 29.1 times PE, which is below the historical average of 35.0 times PE [2][27]. Key Companies and Developments - The report identifies key companies to watch, including Sanofi, Innovent Biologics, and others, indicating their significance in the ongoing developments within the industry [2][35].