Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the importance of the SAF (Sustainable Aviation Fuel) expansion cycle and the value addition of waste oil resources, alongside significant funding for ecological restoration and pipeline construction in the Yangtze River protection initiative [1][12] - The 2026 strategy for the environmental sector focuses on a dual approach of value and growth resonance, driven by carbon neutrality goals [20] Summary by Sections Industry Trends - The SAF market is projected to see a significant increase in demand, with EU mandates requiring a gradual rise in SAF usage from 2% in 2025 to 70% by 2050, translating to a demand of 3.662 million tons by 2050 [12] - Domestic SAF production capacity is expected to reach 1.2 million tons per year by the end of 2025, with planned capacity of 4.4 million tons [12] - The report highlights a 50%+ increase in SAF prices compared to the beginning of the year, indicating a tightening supply situation [12] Investment Opportunities - The report suggests focusing on companies involved in waste oil resource utilization, such as Shanhigh Environmental and Longkun Technology, as the value of waste oil is expected to rise due to increased SAF demand [14] - Companies in the water treatment sector, such as BWS and Energy Conservation Guozhen, are recommended due to the ongoing construction of sewage pipelines and ecological restoration projects funded by over 100 billion yuan [19] Market Performance - The report notes a 64.01% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 18.6% [26] - The average price of biodiesel has decreased to 8,000 yuan per ton, with a corresponding drop in profitability [35] - Lithium battery recycling profitability is improving, with lithium carbonate prices rising by 18.1% week-on-week [36]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The temperature is expected to rise to normal levels, leading to a decrease in gas prices in Europe and the US [4][9] - The overall supply of gas is sufficient, with domestic gas prices showing a week-on-week decrease of 1.4% [21] - The report emphasizes the importance of optimizing costs for city gas companies and the ongoing adjustment of pricing mechanisms [50] Price Tracking - As of January 9, 2026, the week-on-week changes in gas prices are as follows: US HH -27.5%, European TTF -5.7%, East Asia JKM -1.4%, China LNG ex-factory -1.4%, and China LNG CIF -4.8% [4][10] - The average daily gas generation in Europe increased by 26.8% week-on-week and 109.7% year-on-year to 1635.8 GWh [16] Supply and Demand Analysis - The US natural gas market price decreased by 27.5% week-on-week due to rising temperatures, with storage levels down by 1190 billion cubic feet to 32560 billion cubic feet [14] - European gas consumption from January to September 2025 was 313.8 billion cubic meters, a year-on-year increase of 4.1% [16] - Domestic gas consumption from January to November 2025 increased by 1.5% year-on-year to 392 billion cubic meters [21] Pricing Progress - Nationwide pricing adjustments are gradually being implemented, with 67% of cities having executed residential pricing adjustments, averaging an increase of 0.22 yuan per cubic meter [34] - The report indicates that there is still a 10% room for price adjustment in city gas companies [34] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy, all with dividend yields around 4.8% [51] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, such as Jiufeng Energy and Xin'ao Shares [51] - The report suggests paying attention to companies with gas production capabilities, such as Shouhua Gas and New Natural Gas, due to the increasing uncertainty in US gas imports [51]

Group 1 - The report indicates that global markets mostly rose during the week of January 5-9, 2026, with the Hang Seng Index declining by 0.4% and the Hang Seng Tech Index down by 0.9% [1] - The healthcare sector led gains with a 10.1% increase, while telecommunications and information technology sectors faced declines of 2.3% and 1.6%, respectively [1] - The report highlights a significant inflow of southbound funds, totaling 32.65 billion HKD, although its proportion of total trading volume decreased from 51% to 45% [1][2] Group 2 - Investors show strong consensus on which Hong Kong stocks to buy, but there is a lack of consensus regarding potential short-term risks [3] - The report notes that expectations for a delay in the Federal Reserve's interest rate cuts could impact the rebound of Hong Kong stocks, with predictions suggesting only 1-2 rate cuts in 2026 [3] - Key risk factors include the potential ruling on the IEEPA Act and upcoming earnings reports from US tech companies, which could influence market sentiment [3][4] Group 3 - The report recommends maintaining a barbell strategy for overall portfolio allocation, suggesting a focus on value dividends as a base and aggressive positions in AI technology, non-ferrous metals, and innovative pharmaceuticals [4] - Upcoming events to watch include the JPM Healthcare Conference and key economic data releases from China and the US, which could impact market dynamics [5]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The report predicts that the listing price of Lianrui Convertible Bond on the first day will be between RMB 122.56 and RMB 136.31, with an expected conversion premium rate of around 30% on the listing day. The online winning rate is 0.00087%, and it is recommended to actively subscribe [3][13][14]. - Since 2020, the revenue of Jiangsu Lianrui New Materials Co., Ltd. has been growing steadily, with a compound growth rate of 24.15% from 2020 - 2024. In 2024, the company achieved an operating revenue of RMB 960 million, a year - on - year increase of 34.94%. The net profit attributable to the parent has also been fluctuating, with a compound growth rate of 22.70% from 2020 - 2024. In 2024, it reached RMB 251 million, a year - on - year increase of 44.47% [3][17]. 3. Summary by Relevant Catalogs 3.1. Convertible Bond Basic Information - The total issuance scale of Lianrui Convertible Bond is RMB 695 million. After deducting the issuance expenses, the net proceeds from the offering will be used for the construction of high - performance high - speed substrate ultra - pure spherical powder material project, high - thermal - conductivity high - purity spherical powder material project, and partially for supplementing working capital [3]. - The current bond floor valuation is RMB 98.11, and the YTM is 2.21%. The bond has a 6 - year term, with a face value of RMB 100. The coupon rates from the first to the sixth year are 0.10%, 0.30%, 0.60%, 1.00%, 1.50%, and 2.00% respectively. The company's redemption price at maturity is 110% of the face value (including the last - period interest) [3][11]. - The current conversion parity is RMB 99.5, and the parity premium rate is 0.51%. The conversion period is from July 14, 2026, to January 7, 2032. The initial conversion price is RMB 63.55 per share [3][12]. - The convertible bond terms are mediocre. The total share capital dilution rate is 4.33%, and the dilution pressure on the share capital is small [3][12]. 3.2. Investment Subscription Suggestion - By referring to comparable targets in terms of parity, rating, and scale, as well as recent listed convertible bonds and an empirical model, considering the good bond floor protection, and the attractiveness of the rating and scale of Lianrui Convertible Bond, it is expected that the conversion premium rate on the listing day will be around 30%, and the corresponding listing price will be between RMB 122.56 and RMB 136.31 [13][14]. - The original shareholders' priority subscription ratio is 100%. The actual amount subscribed by the original shareholders is RMB 615.138 million, accounting for about 88.51% of the total issuance. The remaining RMB 79.862 million is issued to public investors online. The online effective subscription number of households is 9.2173 million, and the effective subscription amount is about RMB 917.261 billion, with an online winning rate of 0.00087% [15]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - The report research's specific company is committed to providing industrial powder materials and application services to global customers. Its revenue has been growing steadily since 2020, and the net profit attributable to the parent has also been fluctuating [17]. - The company's operating revenue mainly comes from the electronic materials business, and the product structure changes annually. Since 2022, the revenue of the electronic materials business has been increasing year by year [20]. - The company's sales net profit margin and gross profit margin are stable, the sales expense ratio is decreasing, and the financial expense ratio and management expense ratio are stable [22]. 3.3.2. Company Highlights - The report research's specific company is one of the early enterprises focusing on the high - end industrial powder material field in China. It has strong technical accumulation in key processes such as particle size control, purity control, and surface modification of powder materials, and has a product system covering multiple application scenarios [28]. - The company is an important participant in the electronic - grade silica powder segment, with a high - quality customer structure. Its products are widely used in many electronic materials and high - end manufacturing enterprises at home and abroad [28]. - In recent years, the company's operating revenue has maintained steady growth, and its overall business performance is better than some comparable enterprises in the same industry, with a relatively stable competitive position in the segment [28].

Group 1: Core Insights - The global AI industry is experiencing a dual iteration of computing power models, leading to the commercialization of AI applications such as ChatGPT Health, with significant advancements in AI-assisted healthcare and humanoid robots [2][6] - AI chip companies are launching next-generation platforms to enhance computing power support, with NVIDIA introducing the Vera Rubin platform and several collaborative design chips, thereby reducing the cost threshold for enterprises to operate large models [3][5] - Overseas companies are accelerating the commercialization of large AI models through substantial financing, while domestic firms are exploring market opportunities via open-source tools and engineering innovations [4][6] Group 2: Key Events - On January 6, AMD unveiled a comprehensive AI chip covering data centers, AI PCs, and embedded edge applications, with plans for a 2nm process MI500 series to be launched in 2027 [5] - On January 7, xAI announced it had exceeded $20 billion in Series E funding, significantly surpassing market expectations, with funds allocated for GPU cluster expansion and Grok 5 model training [5] - OpenAI launched "ChatGPT Health" on January 7, which integrates user health information with electronic medical records, tapping into a projected global AI healthcare market expected to reach approximately $505.59 billion by 2033 [5][6] Group 3: Industry Trends - The AI healthcare sector is entering a commercialization acceleration phase, with companies like OpenAI and Ant Group's AI medical app making significant strides in personalized consultation services [6] - In the humanoid robotics sector, collaborations such as DeepMind with Boston Dynamics are integrating advanced models into new generation humanoid robots, showcasing capabilities for various applications [6] - The report highlights a noticeable market trend towards higher elasticity in technology growth styles, with funds being preemptively allocated to capitalize on potential spring market movements [7] Group 4: Recommended Companies - The report recommends companies such as Ding Tai Gao Ke, which is experiencing high growth driven by AI PCB demand [8] - It also highlights Zhi Pu as a new AI player in the Hong Kong market, focusing on model iteration and ecosystem development [8] - MINIMAX-WP is noted as a benchmark for AI expansion overseas, with a multi-modal layout for future growth [8]

Group 1: Investment Rating - No information provided about the industry investment rating Group 2: Core Viewpoints - There is a possibility of RRR cuts and interest rate cuts in Q1 2026, but the likelihood of a rate cut is lower than that of an RRR cut [3] - The bond market is in a headwind period, and the downward space for interest rates driven by loose policies is limited [3] Group 3: Summary by Related Catalogs Event - The Central Economic Work Conference held from December 10th to 11th, 2025, set the tone for policies in 2026. The implementation timing of RRR cuts and interest rate cuts has become a point of contention in Q1 [1] Factors for RRR Cuts - To supplement the seasonal liquidity gap, the liquidity gap in January 2026 is about 190 billion yuan after considering fiscal deposits, cash flow, and bank reserve requirements [3] - The local government bond issuance plan in Q1 2026 is front - loaded compared to the previous year, with the total quarterly issuance decreasing but a need to hedge the high issuance in January [3] - To reduce bank liability costs, RRR cuts have the lowest capital cost for banks, and can help stabilize the net interest margin and create conditions for subsequent interest rate cuts [3] Factors for Interest Rate Cuts - From the fundamental perspective, the economy in 2025 showed a "high - first - then - low" trend, and an interest rate cut can help achieve a good start in 2026 [3] - If an RRR cut is implemented, it can reduce bank liability costs and open up space for interest rate cuts [3]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 出口退税产业有预期，太空光伏远期空间大 2026 年 01 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -8% -1% 6% 13% 20% 27% 34% 41% 48% 55% 62% 2025/1/13 2025/5/13 2025/9/10 2026/1/8 电力设备 沪深300 ◼ 风险提示：投资增速下滑，政策不及市场预期，价格竞争超市场预期 相关研究 《锂电价格快速联动，太空光伏远期 空间大》 2026-01-05 《锂电储能淡季不淡、碳酸锂价格超 预期上涨》 2025-12-29 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 10595 上涨 5.02%，表现强于大盘。（本周，1 月 5 日-1 月 9 ...

Macro Strategy - The report discusses the "K-shaped differentiation" in China's consumption market, highlighting the split between high-end quality consumption and high cost-performance consumption driven by changes in income structure and demographic shifts [6][8] - Consumers are increasingly valuing emotional and spiritual needs alongside practical value, leading to a shift in consumption behavior towards both high-value luxury and highly affordable options [6][8] Fixed Income - The report analyzes the current state of urban investment bonds in Fujian Province, indicating a high-pressure regulatory environment to maintain debt reduction achievements, with a continued "asset shortage" expected [2][12] - Fujian's economic performance is strong, with a GDP of 57,761 billion RMB in 2024 and a growth rate of 5.50%, ranking above the national average [12] - The province's local government debt is increasing, with a wide-ranging debt ratio of 40.35% and a total debt of 2,285.13 billion RMB, indicating a need for careful management of refinancing and liquidity [12][11] Industry Analysis - Gujing Gongjiu is positioned as a leading brand in the liquor industry, with a focus on maintaining stability during market adjustments and leveraging its strong brand and distribution channels to recover sales [4][13] - The company is expected to see a recovery in sales as consumer demand stabilizes, with projected revenues of 187.05 billion RMB in 2025, reflecting a decline of 20.7% year-on-year, but a positive growth forecast of 10.3% by 2027 [4][13] - Gujing Gongjiu's strategy emphasizes national expansion and a focus on mid-to-high-end products, with a strong competitive position in both local and regional markets [4][13] Company Specifics - Botai Che Lian is recognized as a leading provider of smart cockpit solutions, with a significant market presence and partnerships with major companies like Qualcomm and Huawei, enhancing its competitive edge [5] - The company anticipates rapid revenue growth driven by high-end domain control product orders, projecting revenues of 34.58 billion RMB in 2025, increasing to 78.39 billion RMB by 2027 [5] - Botai's strategic focus on integrating software, hardware, and cloud services positions it well within the rapidly growing smart cockpit market, with a projected market size of 1,290 billion RMB in 2024 [5]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1]. Core Views - The non-ferrous metals sector experienced an 8.56% increase in the week from January 5 to January 9, outperforming the overall market [14]. - The optimism in the market is driven by expectations of two interest rate cuts by the Federal Reserve in 2026, alongside a slowdown in the U.S. labor market [29]. - The report highlights the volatility expected in the gold and silver markets due to BCOM rebalancing from January 9 to January 15 [51]. Summary by Sections Market Review - The Shanghai Composite Index rose by 3.82%, with the non-ferrous metals sector ranking fourth among 31 sectors [14]. - All sub-sectors within non-ferrous metals saw gains, with small metals up 11.67%, new materials up 9.02%, industrial metals up 8.52%, precious metals up 7.28%, and energy metals up 6.30% [14]. Industrial Metals - **Copper**: Prices increased, with LME copper at $12,998 per ton (up 4.1%) and SHFE copper at ¥101,410 per ton (up 3.23%). Supply disruptions and macro bullish sentiment support the price [33]. - **Aluminum**: LME aluminum reached $3,136 per ton (up 3.81%) and SHFE aluminum at ¥24,330 per ton (up 6.13%). The copper-aluminum price ratio supports upward price trends [37]. - **Zinc**: LME zinc prices rose to $3,154 per ton (up 0.85%) and SHFE zinc at ¥23,970 per ton (up 2.99%). Inventory levels increased [41]. - **Tin**: LME tin prices surged to $45,560 per ton (up 13.19%) and SHFE tin at ¥352,540 per ton (up 9.17%). Market sentiment is driven by macro expectations and funding emotions [46]. Precious Metals - **Gold**: COMEX gold closed at $4,518.40 per ounce (up 4.07%) and SHFE gold at ¥1,006.48 per gram (up 2.96%). The labor market data indicates a slowdown, maintaining expectations for interest rate cuts [50]. - **Silver**: The report notes a significant drop in London silver leasing rates, indicating a shift in market dynamics and potential for increased volatility [51].

证券研究报告 智能汽车主线周报： 小鹏汽车发布VLA 2.0，看好智能化 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年1月12日 请务必阅读正文之后的免责声明部分 核心结论 目录 本周板块行情复盘 板块景气度跟踪 核心关注个股跟踪 投资建议与风险提示 注：若无特殊说明，"本周"均代表2026.1.5-2026.1.8 2 ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数-2.0%，智能汽车指数（除特斯拉）-6.9%。截至2025年1 月8日，智能汽车指数PS(TTM）为14.0x，该估值位于2023年初以来96%分位数；智能汽车指数（除特斯 拉）PS(TTM）为7.2x，该估值位于2023年初以来97%分位数。智能汽车指数标的池中黑芝麻智能、四维图 新、浙江世宝-H、千里科技、禾赛涨幅前五。 （ ◼ 本周行业核心变化：1）英伟达黄仁勋在CES 2026上发布开源自动驾驶模型Alpamayo并加速布局Robotaxi； 2）美国拟于2026年1月13日举行听证会讨论新的汽车立法，将无需传统控制的车辆年部署上限从 2500 辆提 高 ...