Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve revenue growth in 2025, driven by the synergistic development of "robotics + vehicles + liquid cooling" [1] - The revenue forecast for 2025 is projected to be between 287.50 billion to 303.50 billion yuan, representing a year-on-year growth of 8.08% to 14.10% [8] - The net profit attributable to the parent company is expected to decline by 3.35% to 13.35%, estimated at 26.00 billion to 29.00 billion yuan [8] - The company is planning to issue H shares and list on the Hong Kong Stock Exchange to accelerate its international strategy [8] Financial Performance Summary - Total revenue for 2023 is reported at 19,701 million yuan, with a projected increase to 29,939 million yuan in 2025, reflecting a year-on-year growth of 12.55% [1] - The net profit attributable to the parent company is forecasted to be 2,813 million yuan in 2025, a decrease of 6.25% compared to the previous year [1] - The earnings per share (EPS) is expected to be 1.62 yuan in 2025, with a price-to-earnings (P/E) ratio of 44.48 [1] Market Data - The closing price of the company's stock is 72.01 yuan, with a market capitalization of approximately 125,141.54 million yuan [6] - The company has a price-to-book (P/B) ratio of 5.38 [6] Operational Insights - The company has secured a 15 billion yuan order in its thermal management business, indicating strong demand in international markets [8] - The company’s revenue growth is supported by its Tier 0.5 collaboration model and a diverse product portfolio [8]

Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry [1] Core Views - SANY Heavy Industry is positioned as a global leader in the construction machinery sector, benefiting from both cyclical recovery and systemic advantages [1] - The company is expected to fully benefit from the current industry recovery cycle, with projected net profits of 85 billion, 111 billion, and 127 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 25, 19, and 17 [1] Summary by Sections 1. Domestic and International Resonance - The construction machinery industry is entering a new cycle, with exports becoming a core driver of growth, expected to account for 50% of total sales by 2025 [13][14] - Domestic excavator sales are projected to recover moderately, with a peak expected in 2028 at 250,000 units, indicating significant growth potential [17][21] - The overseas market is anticipated to enter a new upward cycle in 2026, aligning with domestic recovery [35] 2. Global Leadership and Multi-Category Development - SANY Heavy Industry has established a diversified product system centered around excavators, maintaining a leading position in key categories [1] - The company benefits from a stable shareholding structure and strong control by the founding team, which enhances operational stability [1] 3. Integrated Product, Channel, and Service Strategy - SANY focuses on high-margin core categories, enhancing product competitiveness through significant R&D investment and technological advancements [1] - The company has developed a robust sales network through a shareholding dealer model, improving market penetration and resilience [1] 4. Valuation Rationality - The report suggests that SANY's valuation is reasonable, with expectations for steady upward movement as overseas expansion continues [1] - The company's operational quality is improving, with significant enhancements in profit margins and cash flow metrics [1]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The report highlights the critical role of rhenium as a strategic metal in aerospace, emphasizing its increasing demand driven by advancements in aircraft and commercial space engines, while also noting the supply constraints due to its scarcity [8][9]. - By 2030, global rhenium demand is projected to rise from 75 tons in 2019 to 191 tons, with China's demand increasing from 8 tons to 56 tons, primarily fueled by the aerospace sector [17][18]. - The report underscores the high dependency of both the US and China on imported rhenium, with the US relying on imports for 82% of its consumption [9][10]. Summary by Sections 1. Rhenium: A Strategic Metal for Aerospace - Rhenium is essential in high-temperature alloys used in aircraft engines and rocket engines, with its unique properties allowing for higher performance under extreme conditions [8]. - The global rhenium consumption in 2019 was approximately 75 tons, with the US being the largest consumer [9][10]. - The report forecasts that by 2030, rhenium demand in the aerospace sector will significantly increase due to advancements in engine technology and the growth of commercial space ventures [17][18]. 2. Supply Constraints - Global rhenium supply is limited, with only about 2,600 tons of proven reserves, primarily concentrated in Chile, the US, and Russia [34][35]. - Rhenium is mainly recovered as a byproduct of copper and molybdenum refining, which adds to the supply rigidity [35][36]. - The report notes that China's rhenium production is heavily reliant on imports, with a significant portion of its supply coming from copper and molybdenum smelting processes [34][36]. 3. Demand and Price Dynamics - If domestic rhenium supply does not improve, China could face a supply gap of 51 tons by the long term, indicating a potential price increase for rhenium [17][18]. - The report reviews historical price trends, indicating that rhenium is currently in a new price increase cycle, with ammonium perrhenate prices rising significantly [17][18]. - Profitability analysis shows that if rhenium prices rise to 120 million yuan per ton, net profits could reach 45 million yuan per ton [17][18]. 4. Company Insights: Sains - Sains is positioned as a key player in rhenium extraction, with strategic partnerships and technological advantages in rhenium recovery [17][18]. - The company has initiated a production line for ammonium perrhenate and is expected to expand its rhenium production capacity through partnerships with major mining companies [17][18].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company plans to acquire a 70% stake in Huilian Electronics for no more than 700 million RMB, enhancing its position in the hard alloy sector and entering the PCB tool market [2] - Huilian Electronics is recognized as the fourth largest PCB tool manufacturer in China, with a strong competitive edge in the market [2] - The rise in tungsten prices has led to significant price increases for the company's products, enhancing profit margins due to locked-in low-cost inventory [3] - The company has adjusted its net profit forecasts for 2025-2027, reflecting strong earnings potential driven by product price increases and the acquisition of Huilian Electronics [3] Financial Summary - Projected total revenue (in million RMB): - 2023A: 1,549 - 2024A: 1,862 - 2025E: 2,287 - 2026E: 4,570 - 2027E: 5,266 - Year-on-year revenue growth rates: - 2023A: 30.89% - 2024A: 20.17% - 2025E: 22.83% - 2026E: 99.84% - 2027E: 15.24% [1][10] - Projected net profit (in million RMB): - 2023A: 162.99 - 2024A: 180.73 - 2025E: 213.25 - 2026E: 407.94 - 2027E: 501.45 - Year-on-year net profit growth rates: - 2023A: 10.94% - 2024A: 10.89% - 2025E: 17.99% - 2026E: 91.30% - 2027E: 22.92% [1][10] - Projected EPS (in RMB): - 2023A: 0.65 - 2024A: 0.72 - 2025E: 0.84 - 2026E: 1.62 - 2027E: 1.99 [1][10] - Current P/E ratios: - 2024A: 76.59 - 2025E: 64.91 - 2026E: 33.93 - 2027E: 27.60 [1][10]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Insights - The mining industry is entering a new investment cycle driven by rising metal prices and increasing capital expenditures (CAPEX), with a projected 50% growth in global mining CAPEX by 2030 [6][12] - The report highlights two main themes: 1) Green energy and equipment consumables, and 2) Resources and recycling [6] Summary by Sections Main Line 1: Green Energy and Equipment Consumables - **Longjing Environmental Protection**: Driven by rising metal prices, mining CAPEX is expected to increase, leading to a surge in demand for green electricity and new energy equipment in mining [6][14] - **Sains**: With Zijin Mining's support, there is significant potential in mining pollution prevention and chemical agents, as the company expands its offerings in customized solutions for heavy metal pollution [21][24] - **Jingjin Equipment**: As a leader in solid-liquid separation equipment, the company has a market share of over 40%. The report indicates a recovery in demand and highlights the company's high dividend yield as a safety margin [33][34] - **Yutong Heavy Industry**: The company is experiencing a doubling in sales of new energy mining vehicles, benefiting from the electrification trend. The mining equipment segment saw revenue of 641 million yuan in the first half of 2025, a year-on-year increase of 111% [6][14] Main Line 2: Resources and Recycling - **High Energy Environment**: The company is seeing significant growth in metal resource recycling, with a strategic move into mining. The performance of recycling projects is expected to improve with rising metal prices [6][19] - **Sains**: The price of rhenium, a strategic aerospace metal, continues to rise, and the company is positioned to benefit from this trend through its collaboration with Zijin Mining [6][23] - **Weiming Environmental Protection**: The tightening supply of nickel is driving price increases, and the company is focusing on overseas solid waste management opportunities, particularly in Indonesia [6][19]

Group 1: Industry Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Viewpoints - In the primary market, from February 9 to February 13, 2026, 7 new green bonds were issued in the inter - bank and exchange markets, with a total issuance scale of about 4.001 billion yuan, a decrease of 5.23 billion yuan compared to the previous week. The issuance tenure is mostly 3 years, and the issuers include central enterprise subsidiaries, local state - owned enterprises, Sino - foreign joint - ventures, and private enterprises, with most having an AAA rating. The issuers are from Jiangsu, Guangdong, Hubei, and Yunnan provinces, and the bond types are enterprise ABS, medium - term notes, and ultra - short - term financing bills [1]. - In the secondary market, from February 9 to February 13, 2026, the weekly trading volume of green bonds totaled 57 billion yuan, a decrease of 3.4 billion yuan compared to the previous week. By bond type, non - financial corporate credit bonds, financial institutional bonds, and interest - rate bonds had the top three trading volumes, at 27.4 billion yuan, 21.5 billion yuan, and 6.4 billion yuan respectively. By issuance tenure, green bonds with a tenure of less than 3 years had the highest trading volume, accounting for about 80.77%. By issuer industry, the top three industries in terms of trading volume were finance, public utilities, and transportation equipment, at 24.5 billion yuan, 11.6 billion yuan, and 2.2 billion yuan respectively. By issuer region, the top three regions in terms of trading volume were Beijing, Guangdong, and Hubei, at 17.1 billion yuan, 6.2 billion yuan, and 4.5 billion yuan respectively [2]. - In the week from February 9 to February 13, 2026, the overall valuation deviation of the weekly average trading price of green bonds was not large, and the discount trading amplitude was greater than the premium trading amplitude, with a higher proportion of discount trading. Among the discount bonds, the top three discount rates were for G21 Yikong 1 (-1.5375%), 25 Shuineng G3 (-0.9945%), and 21 Fengcheng Green Bond 01 (-0.6988%), and the remaining discount rates were within - 0.55%. The issuer industries were mainly finance, transportation equipment, and public utilities, and the Zhongzhai implicit ratings were mainly AA, AA -, and AA +, with issuers mostly from Beijing, Guangdong, and Jiangxi. Among the premium bonds, the top three premium rates were for DD162C (0.6303%), 26 Luhongqiao GN001 (Science and Technology Innovation Bond) (0.5681%), and 20 Yunnan 03 (0.2305%), and the remaining premium rates were within 0.22%. The issuer industries were mainly finance, construction, and transportation, and the Zhongzhai implicit ratings were mainly AAA -, AA +, and AA, with issuers mostly from Shanghai, Tianjin, and Henan [3]. Group 3: Summary by Relevant Catalogs Primary Market Issuance - 7 new green bonds were issued, with a total scale of about 4.001 billion yuan, a decrease of 5.23 billion yuan compared to the previous week [1]. - The issuance tenure is mostly 3 years, and the issuers' natures include central enterprise subsidiaries, local state - owned enterprises, Sino - foreign joint - ventures, and private enterprises [1]. - Most of the issuers have an AAA rating, and they are from Jiangsu, Guangdong, Hubei, and Yunnan provinces [1]. - The bond types are enterprise ABS, medium - term notes, and ultra - short - term financing bills [1]. Secondary Market Trading - The weekly trading volume was 57 billion yuan, a decrease of 3.4 billion yuan compared to the previous week [2]. - By bond type, non - financial corporate credit bonds, financial institutional bonds, and interest - rate bonds had the top three trading volumes [2]. - By issuance tenure, green bonds with a tenure of less than 3 years had the highest trading volume, accounting for about 80.77% [2]. - By issuer industry, the top three industries in terms of trading volume were finance, public utilities, and transportation equipment [2]. - By issuer region, the top three regions in terms of trading volume were Beijing, Guangdong, and Hubei [2]. Valuation Deviation of the Top 30 Individual Bonds - The overall valuation deviation of the weekly average trading price was not large, with a greater discount trading amplitude and proportion [3]. - Among the discount bonds, the top three discount - rate bonds were G21 Yikong 1, 25 Shuineng G3, and 21 Fengcheng Green Bond 01, and the issuer industries were mainly finance, transportation equipment, and public utilities [3]. - Among the premium bonds, the top three premium - rate bonds were DD162C, 26 Luhongqiao GN001 (Science and Technology Innovation Bond), and 20 Yunnan 03, and the issuer industries were mainly finance, construction, and transportation [3].

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - Vertiv's Q4 2025 financial results exceeded expectations, with net sales reaching $2.88 billion, a year-on-year increase of 23%, and organic net sales up by 19% [1] - The company expects optimistic growth for 2026, projecting net sales between $13.25 billion and $13.75 billion, with organic net sales growth of 27%-29% [2] - Vertiv's organic orders surged by 252% year-on-year and 117% quarter-on-quarter, indicating strong market demand [3] - The liquid cooling market is expanding, with domestic manufacturers accelerating the integration of liquid cooling supply chains, benefiting from opportunities in the NVIDIA supply chain [4] Summary by Sections Financial Performance - In Q4 2025, Vertiv reported an adjusted operating profit of $668 million, a 33% increase year-on-year, with an adjusted operating margin of 23.2%, up 170 basis points from Q4 2024 [1] - The backlog of orders reached $15 billion, doubling year-on-year and increasing by 57% quarter-on-quarter, reflecting robust demand [3] Market Trends - The report highlights a trend towards larger orders, with a significant increase in the order-to-shipment ratio of 2.9 times, and extended delivery cycles of 12-18 months for some orders [3] - The liquid cooling market is expected to see accelerated adoption by domestic suppliers, particularly in the North American market, as they seek to capture market share [4] Investment Recommendations - The report recommends focusing on key players in the liquid cooling sector, including Yingweike and Hongsheng Co., while suggesting to pay attention to other companies such as Feilong Co. and Shenliang Environment [5]

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [1] Core Views - The company is viewed as a leading insurance player with a low valuation, and its recovery is expected to be promising [1] - The report highlights the company's stable growth in operating profit and return on equity (ROE), which is significantly more stable compared to its peers [8][21] - The company is focusing on its core insurance business while achieving diversified and steady development [23] Summary by Sections 1. Company Overview - China Pacific Insurance is a leading comprehensive insurance group in China, focusing on life insurance as its main business and achieving balanced development across multiple business segments [14] - The company has a diversified ownership structure, with state-owned assets playing a significant role, enhancing operational efficiency [16] 2. Group Performance - The company has maintained steady growth in operating profit, with a compound annual growth rate (CAGR) of 15.1% in net profit from 2014 to 2024 [8] - The internal value of the company is expected to grow steadily, with projections for 2025-2027 showing increases of 8.1%, 8.3%, and 9.2% respectively [1] 3. Life Insurance Business - The life insurance segment has shown a strong recovery, with new business value (NBV) expected to grow significantly, leading the industry [8] - The company has focused on the bancassurance channel, which has rapidly increased its contribution to new business value [8] 4. Property Insurance Business - The property insurance segment has maintained underwriting profitability, despite some structural adjustments in guarantee insurance business [8] - The company has consistently achieved a combined ratio (COR) that remains competitive within the industry [8] 5. Asset Management - The company has a robust investment strategy, with a high proportion of bond holdings, leading to stable investment returns [8] - The net investment yield has averaged 4.3% from 2020 to 2024, placing the company in a strong position relative to its peers [8] 6. Investment Recommendations - The report indicates that the company's stock is trading at a low valuation compared to its historical levels, suggesting significant upside potential [1] - The expected internal value per share for 2025 is projected to be 63.14 yuan, with further increases anticipated in subsequent years [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading domestic player in the new cooling agent market, particularly the WS series, benefiting from the incremental replacement of traditional menthol [8][20]. - The company is implementing a fundraising project to vertically integrate its production capacity, enhancing its competitive advantages [8]. - Despite facing profit pressure due to weak demand, the long-term growth logic remains intact, with expectations for market recovery and capacity release from fundraising projects [8]. Summary by Sections 1. New Cooling Agents - The company is a leader in the WS series cooling agents, which are increasingly replacing traditional menthol due to their superior properties [8][20]. - The market for new cooling agents is growing rapidly, with global menthol consumption around 40,000 tons per year and a projected CAGR of 6.1% from 2025 to 2031 [16][19]. 2. Fundraising Projects - The fundraising project aims to create self-sufficient raw material advantages, with the first phase already producing 2,600 tons of cooling agents and raw materials annually [8][32]. - The second phase focuses on expanding production capacity and diversifying product lines, particularly in the daily chemical fragrance sector, which is expected to become a new growth curve for the company [8][33]. 3. Profitability and Market Conditions - The company has experienced revenue growth, but profits have been pressured since 2024 due to intensified industry competition [36][45]. - Revenue from 2020 to 2024 showed a compound annual growth rate (CAGR) of 20.58%, while net profit growth was 25.29% [45]. 4. Financial Projections - The company is projected to achieve a net profit of 0.21 billion, 0.30 billion, and 0.41 billion from 2025 to 2027, with corresponding P/E ratios of 75, 52, and 38 [1][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Insights - The company is positioned as a key player in the AIoT sector, benefiting from a robust product lineup and strong R&D capabilities, particularly as a core supplier for Google AIoT [3]. - Revenue forecasts for 2025-2027 have been adjusted to 67.93 billion, 91.77 billion, and 118.76 billion RMB respectively, with net profit estimates revised to 8.71 billion, 15.44 billion, and 23.24 billion RMB [3]. - The company is expected to experience significant growth in 2026, with revenue growth projected between 25% and 45% [8]. Financial Projections - Total revenue for 2025 is projected at 67.93 billion RMB, reflecting a year-over-year increase of 14.63% [8]. - The net profit for 2025 is expected to be 8.71 billion RMB, a 6% increase year-over-year [8]. - The company anticipates a gross margin improvement, with Q4 2025 gross margin reaching 40.46%, up 3.26 percentage points year-over-year [8]. Product and Market Strategy - The company has clear sales targets for its core products, including 30 million units of 6nm chips and over 1 million units of Wi-Fi 6 chips in 2026 [8]. - A diverse business strategy is in place, with collaborations with nearly 270 global operators and partnerships with well-known consumer electronics clients [8]. - The company is implementing proactive inventory strategies to ensure stable supply and pricing for its SoC products, enhancing operational sustainability [8].