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]

Summary of Key Points Core Insights - The report highlights a significant narrowing of capital outflows in the market, with a balanced and slightly loose macro funding environment. The central bank conducted a net reverse repo of 756 billion and an additional 800 billion in three-month reverse repos, leading to a decline in short-term interest rates and a slight decrease in long-term rates [4][5]. - The automotive sector showed resilience, with the automotive index outperforming the Shanghai Composite Index during the reporting period. New models from major players like Li Auto and BYD are set to launch, indicating a competitive landscape in the electric vehicle market [10][11][12]. Group 1: Market Overview - The macro funding environment is balanced and slightly loose, with the central bank's actions leading to a net reverse repo of 756 billion and an additional 800 billion in three-month reverse repos [4]. - The stock market is experiencing pressure on the supply side, with a notable decline in equity fund issuance and a decrease in leveraged fund participation. The net outflow from stock ETFs has significantly narrowed, with a net outflow of 56.21 billion [5]. - The demand side of the stock market is facing increased pressure, with a slight rise in equity financing to 12.299 billion and a significant increase in the scale of restricted stock unlocks to 101.98 billion [5]. Group 2: Bond Market Insights - The sentiment in the bond market has shown signs of recovery, with the 10-year government bond yield breaking the 1.80% mark. The sentiment index for both buyers and sellers has improved, with a notable increase in bullish sentiment among sellers [7][8]. - A majority of bond market participants maintain a neutral stance, with 82% of sellers holding a neutral view and 14% adopting a bullish perspective, indicating a cautious optimism in the market [8][9]. Group 3: Automotive Industry Developments - The automotive sector has shown a positive trend, with the automotive index increasing by 0.3% compared to a decline in the Shanghai Composite Index [10]. - New models from Li Auto and AITO are set to launch, targeting both mainstream and high-end markets, which is expected to stimulate consumer interest [11]. - BYD has established a new sub-brand "Linghui" focused on the commercial vehicle market, indicating a strategic expansion into B2B services [12][13].

Group 1: REITs Market Overview - The regulatory standards for REITs have been raised, with all asset types experiencing an increase in January 2026 [3] - The total market value of public REITs reached 228.709 billion yuan, an increase of 10.246 billion yuan from the previous month, indicating heightened market activity [4] - The water conservancy facilities sector saw the highest increase in REITs, with a monthly growth rate of 9.70% [4] Group 2: Chemical Industry Insights - The global chemical industry is entering a new demand cycle driven by anti-involution and AI, with a focus on the upcoming chemical peak season and price increases [6] - The National Chemical Industry Prosperity Index rose to 94.19, reflecting a slight increase of 0.15 from the previous week [6] - Key investment opportunities in the chemical sector include companies in coal chemical, oil refining, polyurethane, and fertilizers, among others [7] Group 3: Traditional Chinese Medicine (TCM) Sector - The TCM sector is expected to benefit from a new development plan aimed at enhancing the resilience and stability of the TCM industrial chain [32] - The plan emphasizes quality improvement and stable supply of raw materials, which is crucial for the efficacy of TCM products [33] - Companies like China Traditional Chinese Medicine, Yunnan Baiyao, and others are highlighted as potential beneficiaries of this policy shift [33] Group 4: Company-Specific Developments - Zhaowei Electric has entered the hearing stage for its Hong Kong listing, with a focus on its "1+1+1" strategy integrating micro-drives, precision drives, and control systems [38] - The company has successfully launched multiple series of dexterous hands, showcasing its technological advancements in micro-drive systems [39] - Revenue projections for Zhaowei Electric are optimistic, with expected revenues of 1.867 billion yuan in 2025, growing to 2.810 billion yuan by 2027 [41]

Investment Rating - The report upgrades the investment rating for the pharmaceutical and biotechnology industry to "Recommended" [1][42]. Core Insights - The pharmaceutical sector has shown resilience, with a year-to-date return of 3.28%, outperforming the Shanghai Composite Index by 2.99 percentage points [9][23]. - The report highlights the continuous support from policies, particularly for the traditional Chinese medicine (TCM) sector, which is expected to see significant growth due to government initiatives aimed at enhancing the industry [15][17]. - The report emphasizes the importance of innovation in the pharmaceutical sector, noting that domestic companies are gradually improving their innovation capabilities [42]. Summary by Sections Recent Performance - The Shanghai Composite Index fell by 1.33% while the pharmaceutical sector rose by 0.14%, ranking 15th among 31 primary sub-industries [14][23]. - Within the pharmaceutical sub-sectors, traditional Chinese medicine, medical services, and other segments showed varying performance, with traditional Chinese medicine increasing by 2.56% [14][23]. Policy Developments - On February 5, 2026, the Ministry of Industry and Information Technology and other departments released the "Implementation Plan for High-Quality Development of the Traditional Chinese Medicine Industry (2026-2030)," focusing on enhancing the resilience and stability of the TCM supply chain [15][17]. - The plan aims to improve the quality and stable supply of TCM materials and products, which is crucial for the long-term development of the industry [15][17]. Market Dynamics - The report notes that the TCM sector is expected to experience a recovery in performance starting from mid-2025, with improved financial results anticipated in 2026 [9][17]. - The comprehensive index for TCM materials has been declining since July 2024, which is expected to alleviate cost pressures for TCM companies in 2026 [9][17]. Valuation Metrics - As of February 6, 2026, the pharmaceutical sector's valuation stands at 33.3 times PE, with a premium of 32% compared to the overall A-share market (excluding financials) [24]. - The TTM valuation is at 29.4 times PE, below the historical average of 34.9 times PE, indicating potential for growth [24]. Key Companies to Watch - The report suggests focusing on companies such as Aidi Pharmaceutical, Huadong Medicine, Kangnuo Pharmaceutical-B, and others, which are positioned well within the TCM sector and are expected to benefit from policy support and market dynamics [35][43].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The report highlights a positive outlook for the global chemical industry driven by the new demand cycle from anti-involution and AI, with a focus on the upcoming peak season in the chemical sector leading to price increases [1][2] - Chinese chemical companies are expected to benefit from solid cost and efficiency advantages, entering a long-term upward performance cycle [2] - The report emphasizes the potential for increased dividend yields as supply-side constraints and demand recovery enhance industry profitability [2] Summary by Sections Investment Suggestions - The report suggests focusing on sectors with supply constraints and recovering demand, which are likely to see sustained improvements in industry conditions [2] - Key sectors to watch include: 1. Coal Chemical: Hualu Chemical, Luxi Chemical, Baofeng Energy 2. Oil Refining: Hengli Petrochemical, Satellite Chemical, Sinopec, PetroChina, CNOOC 3. Polyurethane: Wanhua Chemical, Huafeng Chemical 4. Phosphate Fertilizer: Yuntianhua, Yuntu Holdings, Xinyangfeng, Batian Shares 5. Pesticides: Yangnong Chemical, Lier Chemical, Xingfa Group, Limin Shares, Jiangshan Shares, Xin'an Shares, Runfeng Shares 6. Potash Fertilizer: Salt Lake Shares, Yara International, Oriental Iron Tower [2] Supply Drivers - The report notes that domestic anti-involution measures and the exit of European production capacity are expected to support the chemical industry's recovery [3] Demand Drivers - The report identifies several demand-driven opportunities, including: 1. Gas turbines and SOFC upstream: Zhenhua Shares, Yingliu Shares, Longda Shares, Wanze Shares, Sanhuan Group 2. Refrigerants and fluorinated liquids: Juhua Shares, New Zhoubang, Runhe Materials 3. Energy storage industry chain: Chuanheng Shares, Xingfa Group, Yuntianhua, Batian Shares, Yuntu Holdings 4. Robotics materials industry chain: PEEK - Kingfa Technology, Zhongyan Shares, Guoen Shares, Huitong Shares 5. Semiconductor materials industry chain: Photoresists: Yanggu Huatai, Wanhua Shares, Dinglong Shares, Tongcheng New Materials, Jingrui Electric Materials, Jiuri New Materials, Yake Technology [7][10] Recent Performance - The chemical industry has shown strong relative performance, with a 1-month increase of 5.7%, a 3-month increase of 15.4%, and a 12-month increase of 47.2% compared to the CSI 300 index [5] Key Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [29]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - In January 2026, the primary - market REITs products were all of the first - issue type, with consumer infrastructure having the most applications. The secondary - market REITs index rose, and market activity increased. All sectors showed an upward trend, with water conservancy facilities having the largest increase. The turnover rate of new infrastructure was the highest, and the trading volume of park infrastructure was the largest. The valuation yield of equity - type REITs was still lower than that of concession - type REITs [4]. - The concentrated withdrawal of REITs applications in January 2026 may mark that the Chinese REITs market is moving from a concept - driven speculation stage to a value - dominated mature cycle [41][42]. 3. Summary According to the Directory 3.1 Primary - Market Issuance Dynamics - As of January 30, 2026, no new public REITs products were issued in the year, 3 less than the same period in 2025. In the past three months, all applications were first - issue types. There were 10 REITs products in the accepted state, 3 in the in - inquiry state, and 4 with exchange feedback. Consumer infrastructure had the most applications (7), followed by park infrastructure and transportation infrastructure (3 each), energy infrastructure (2), and affordable rental housing and municipal facilities (1 each) [9]. - In January 2026, 14 REITs projects had their exchange review status updated, including details such as project names, asset types, review status, original equity holders, and estimated values [10][11][12]. 3.2 Secondary - Market Review and Analysis 3.2.1 Market Scale - As of January 30, 2026, the total market value of public REITs in the whole market was 228.709 billion yuan, an increase of 10.246 billion yuan from the previous month. The total circulating market value increased to 124.705 billion yuan, with a monthly increase of 3.766 billion yuan. The trading volume in January was 3.118 billion shares, an increase of 0.652 billion shares from the previous month, indicating increased market trading activity [28]. 3.2.2 Price Changes and Volatility - In January 2026, the CSI REITs Total Return Index closed up 4.22%, and the CSI REITs (Closing) Index closed up 3.98%, outperforming the Dividend Index (up 3.32%), the CSI 300 Index (up 1.65%), and the ChinaBond New Composite Wealth Index (up 0.39%), but underperforming the CSI Convertible Bond Index (up 5.82%) [29]. - The volatility of the CSI REITs Total Return Index in January was 0.40%, higher than that of the ChinaBond New Composite Wealth Index (0.05%) but lower than that of the CSI 300 Index (0.72%), the Dividend Index (0.83%), and the CSI Convertible Bond Index (0.92%) [31]. - By project attribute, the weighted average monthly price change of concession - type REITs was 3.45%, underperforming equity - type REITs (5.72%). By underlying asset type, all sectors rose, with water conservancy facilities leading with a 9.70% increase, followed by new infrastructure (+8.41%) [32]. - At the individual bond level, 8 REITs had a monthly increase of over 10% in January 2026, with Hua'an Bailian Consumer REIT leading with a 17.43% increase, while 2 REITs had a decline of over 1%, namely Huaxia Nanjing Expressway REIT (down 1.46%) and E Fund Guangzhou Development Zone High - tech Industrial Park REIT (down 3.17%) [38]. 3.2.3 Secondary - Market News - In January 2026, 5 REITs products withdrew their application documents, including those related to Vanke's Wanke Logistics REITs. This was related to Vanke's capital pressure and the improvement of regulatory review standards. This may mark the Chinese REITs market moving into a value - dominated mature cycle [41][42]. 3.2.4 Turnover Rate and Valuation - In terms of monthly trading volume in January 2026, park infrastructure - type REITs ranked first with 920 million shares, followed by warehousing and logistics (564 million shares), consumer (532 million shares), etc. In terms of monthly average daily turnover rate, the new infrastructure sector led with 1.14% [43]. - As of January 30, 2026, the average cash distribution rate of equity - type REITs was 4.67% (7.90% for energy infrastructure was the highest), and that of concession - type REITs was 8.19% (9.44% for transportation infrastructure was the highest). The ChinaBond REITs valuation yield (IRR) of concession - type REITs (4.83%) was higher than that of equity - type REITs (3.80%). The CSI REITs to ABS valuation ratio of equity - type REITs (1.28) was higher than that of concession - type REITs (1.08) [44].

Group 1: Internet & Technology Sector Insights - The Hang Seng Technology sector has seen a valuation recovery since early 2025, with a PE-TTM of 20.05, below historical averages, indicating potential for value investment [3] - Southbound capital has accelerated inflow into Hong Kong stocks, with significant increases in holdings of major internet companies, suggesting a focus on profitability and technology business realization [4] - The internet industry is stabilizing in user traffic, with a shift towards high-quality growth driven by generative AI, which is expected to reshape valuations [5] Group 2: Lithium Battery Industry Strategy - The lithium battery industry is entering a new cycle with strong demand driven by policy support and technological advancements, particularly in energy storage and electric vehicles [7] - The supply-demand relationship is improving, leading to price recovery across the lithium battery supply chain, with significant potential for material price increases in 2026 [9] - New technologies, such as solid-state batteries and sodium-ion batteries, are expected to accelerate industrialization, enhancing the growth prospects of the lithium battery sector [10] Group 3: BYD Company Analysis - BYD's January 2026 sales reached 210,000 units, with a strong performance in overseas markets, indicating a robust growth engine for the company [15] - The company is launching new models aimed at high-end markets, which are expected to enhance market share and brand influence [18] - Revenue forecasts for BYD from 2025 to 2027 are projected at 854.9 billion, 995.9 billion, and 1,111.7 billion yuan, with corresponding net profits of 35.73 billion, 50.19 billion, and 62.65 billion yuan [18] Group 4: Leap Motor Company Insights - Leap Motor delivered 32,000 vehicles in January 2026, marking a 27.4% year-on-year increase, with plans to reach a sales target of 1 million units for the year [19] - The company is set to launch several new models, enhancing its product lineup and market presence [20] - Revenue projections for Leap Motor from 2025 to 2027 are estimated at 66.27 billion, 104.12 billion, and 135.41 billion yuan, with significant growth anticipated [20] Group 5: Geely Automobile Performance - Geely's January 2026 sales reached 270,000 units, a 1.3% year-on-year increase, with strong performance in both fuel and electric vehicle segments [23] - The company is expanding its global strategy with new model introductions in overseas markets, which are expected to drive future growth [25] - Revenue forecasts for Geely from 2025 to 2027 are projected at 331.2 billion, 421.8 billion, and 485.8 billion yuan, with a focus on electric and high-end vehicle segments [25] Group 6: Long Wall Motor Company Overview - Long Wall Motor's January 2026 sales were 90,000 units, with a target of 1.8 million units for the year, indicating a positive sales trajectory [27] - The company is investing in new channels and models, which may impact short-term profitability but is expected to enhance long-term growth [28] - Revenue projections for Long Wall from 2025 to 2027 are estimated at 222.8 billion, 275.5 billion, and 309.8 billion yuan, with a focus on international expansion [29] Group 7: SpaceX and Commercial Aerospace Developments - SpaceX's acquisition of xAI and the approval of a million-satellite application signify a strategic push towards space-based computing and energy solutions [31][32] - The integration of AI and satellite technology is expected to drive significant advancements in space energy demand, particularly solar energy [34] - The commercial aerospace sector is anticipated to grow rapidly, with a focus on solar energy solutions and satellite deployment [35]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The net borrowing volume of 30 - year treasury bonds has reached a record high recently. As of February 5, 2026, the borrowing concentration of 2500006 reached 38.85%, indicating a crowded short - position situation [6][12]. - Brokers' net selling of 30 - year treasury bonds has exceeded the net borrowing volume, but the yield to maturity of 30 - year treasury bonds has not risen significantly. The "bullets" of short - sellers may be running out [6][13]. - The buying power of large and small banks for 30 - year treasury bonds is strong, absorbing most of the brokers' net selling [6][13]. - Looking forward, the downward space of 10 - year treasury bonds may be limited due to the large - scale holdings of 10 - year treasury bonds by joint - stock banks at a cost below 1.8% since the fourth quarter of last year. If there are positive factors in the bond market, the downward range of 30 - year treasury bonds may be larger, and the short - sellers' closing positions will narrow the 30Y - 10Y term spread. However, it is also possible that short - sellers will increase their short - selling efforts [6][14]. 3. Summary by Directory 3.1 This Week's Bond Market Review - As of February 5, 2026, the borrowing concentration of 2500006 reached 38.85%, higher than the previous peaks in April and September 2025, indicating a crowded short - position [12]. - From December last year to February 5, 2026, the net borrowing volume of the top 3 active bonds increased by 46.4 billion yuan, and the overall net selling was 125.9 billion yuan. This year, the net borrowing volume and net selling were 35.5 billion yuan and 60.5 billion yuan respectively, showing that brokers are "using inventory" to sell [13]. - The net borrowing increment of 25T6 + 25T2 this year was 36 billion yuan, and the cumulative net selling of spot bonds was 37.4 billion yuan, suggesting that short - sellers' "bullets" may be scarce [13]. - The buying power of large and small banks for 30 - year treasury bonds is dominant, absorbing the brokers' net selling [13]. - In the future, the downward space of 10 - year treasury bonds may be limited, and if there are positive factors, the 30 - year treasury bonds may decline more, narrowing the 30Y - 10Y term spread. There is also a possibility that short - sellers will increase short - selling [14]. 3.2 Bond Yield Curve Tracking 3.2.1 Key Maturity Interest Rates and Spread Changes - As of February 6, compared with February 2, the 1 - year treasury bond yield rose 1.31bp to 1.32%; the 10 - year treasury bond yield fell 0.98bp to 1.81%; the 30 - year treasury bond yield fell 3.00bp to 2.25% [20]. - The spread between 30 - year and 10 - year treasury bonds fell 2.02bp to 44.08bp, and the spread between 10 - year CDB bonds and 10 - year treasury bonds fell 0.82bp to 15.43bp [23]. 3.2.2 Treasury Bond Term Spread Changes - As of February 6, compared with February 2, the 3Y - 1Y treasury bond spread fell 3.18bp to 6.02bp; the 5Y - 3Y spread fell 0.29bp to 17.43bp; the 7Y - 5Y spread rose 0.23bp to 11.13bp; the 10Y - 7Y spread rose 0.95bp to 14.37bp; the 20Y - 10Y spread fell 1.12bp to 42.91bp; the 30Y - 20Y spread fell 0.90bp to 1.17bp [26]. 3.3 Bond Market Leverage and Funding Situation 3.3.1 Balance of Inter - bank Pledged Repurchase - As of February 6, 2026, compared with February 2, the balance of inter - bank pledged repurchase rose 0.33 trillion yuan to 13.00 trillion yuan [30]. 3.3.2 Changes in Inter - bank Bond Market Leverage Ratio - As of February 6, 2026, compared with February 2, the inter - bank bond market leverage ratio rose 0.16pct to 107.71% [31]. 3.3.3 Pledged Repurchase Turnover - From February 2 to February 6, the average pledged repurchase turnover was 8.75 trillion yuan. The average overnight turnover was about 7.95 trillion yuan, and the average overnight turnover ratio was 90.82% [35][36]. 3.3.4 Inter - bank Funding Operation - From February 2 to February 6, bank fund lending increased. As of February 6, large - scale banks' net fund lending was 5.86 trillion yuan, small and medium - sized banks' net fund borrowing was 0.49 trillion yuan, and the net lending of the banking system was 5.36 trillion yuan. - As of February 6, DR001 was 1.2750%, DR007 was 1.4613%, R001 was 1.3605%, and R007 was 1.5288% [38]. 3.4 Duration of Medium - and Long - Term Bond Funds 3.4.1 Median Duration of Bond Funds - As of February 6, the median duration of medium - and long - term bond funds (de - leveraged) was 2.74 years, up 0.05 years from February 2; the median duration (including leverage) was 2.91 years, up 0.06 years from February 2 [49]. 3.4.2 Median Duration of Interest - Rate Bond Funds - As of February 6, the median duration of interest - rate bond funds (including leverage) was 3.67 years, up 0.05 years from February 2; the median duration of credit - bond funds (including leverage) was 2.69 years, up 0.09 years from February 2. The median duration of interest - rate bond funds (de - leveraged) was 3.34 years, up 0.02 years from February 2; the median duration of credit - bond funds (de - leveraged) was 2.52 years, up 0.03 years from February 2 [53]. 3.5 Changes in Bond Lending Balance - As of February 5, compared with February 2, the borrowing volume of 10 - year CDB bonds increased [56].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The domestic energy storage market continues to thrive, and the demand for space photovoltaic is further strengthened. The recent acquisition of xAI by SpaceX and the approval of a million-satellite application by the FCC are expected to drive rapid growth in space energy, particularly solar wing demand [4][5] - The report highlights the positive changes and potential catalysts across various sectors within the power equipment industry, maintaining an overall "Recommended" rating for the sector [6] Summary by Sections Recent Performance - The power equipment sector has shown a performance increase of 3.0% over the last month, with a 54.2% increase over the past year, outperforming the CSI 300 index, which has decreased by 3.1% in the last month and increased by 20.8% over the past year [3] Key Events and Insights - In the photovoltaic sector, the approval of SpaceX's satellite application is expected to significantly boost demand for solar energy solutions. The report suggests focusing on companies involved in photovoltaic battery equipment and components, such as Maiwei Co., Jiejia Weichuang, and others [4] - The wind power sector is expected to accelerate following the signing of the "Hamburg Declaration," which commits nine countries to develop 100GW of offshore wind power, potentially benefiting domestic manufacturers [5] - The energy storage market saw a total order volume of 36.3GWh in January 2026, with significant contributions from regions like Ningxia and Hebei. The average price for a 4-hour system has increased by 42% compared to the lowest point in July 2025 [6] - The lithium battery sector is witnessing accelerated industrialization of dry electrode equipment, with companies like Xianzhong Intelligent and others leading the way [6] Recommendations - The report recommends focusing on key players in the photovoltaic sector, such as Longi Green Energy and Aiko Solar, as well as companies in the wind power sector like Goldwind Technology and Mingyang Smart Energy [5][6] - In the energy storage space, companies like Sungrow Power Supply and EVE Energy are highlighted as potential investment opportunities [6]