Investment Rating - The industry investment rating is maintained at "Accumulate" [1] Core Viewpoints - The port coal price remains strong, with a current spot price of 751 RMB/ton, reflecting an increase of 29 RMB/ton week-on-week [1] - Supply has slightly improved with an average daily inflow of 1.749 million tons in the Bohai Rim region, up 26.28% from the previous week [1] - Demand has also increased, with an average daily outflow of 1.6735 million tons, marking a 16.03% increase week-on-week [1] - Despite the increase in inventory to 23.968 million tons, the market remains supported by limited low-priced coal offers, leading to stable prices [1] - The report anticipates that coal prices will maintain a fluctuating trend due to weak demand recovery in downstream industrial power plants and high temperatures affecting residential demand [1] Summary by Sections 1. Market Review - The Shanghai Composite Index rose by 1.98% to 4,162.88 points, while the coal sector index increased by 5.92% to 3,179.62 points [10] - The trading volume for the coal sector was 72.994 billion RMB, a slight decrease of 0.79% from the previous week [10] 2. Price Trends - The price of thermal coal at the Daqing South Suburb increased by 37 RMB/ton to 644 RMB/ton, while the price at Yanzhou decreased by 10 RMB/ton to 950 RMB/ton [16] - The Bohai Rim thermal coal price index rose by 3 RMB/ton to 685 RMB/ton [19] 3. Supply and Demand Dynamics - The average daily inflow of coal in the Bohai Rim region increased by 36,400 tons, while the outflow increased by 23,130 tons [29] - The number of anchored vessels in the Bohai Rim region rose by 7.64% to 116 vessels [33] 4. Shipping Costs - Domestic shipping costs increased by 11% to 29.78 RMB/ton [35] 5. Recommendations - The report suggests focusing on resource stocks, particularly recommending Haohua Energy and Guanghui Energy as elastic targets due to their low valuations [38]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a steady annual revenue growth of 8% in 2025, driven by structural increases in green and intelligent mining equipment [7] - The growth is attributed to four strategic focuses: new energy, intelligence, large-scale production, and internationalization, with new energy products becoming the core revenue driver [7] - The company has a leading advantage in the non-road wide-body dump truck sector and is well-positioned for long-term growth through its advancements in new energy and autonomous driving technologies [7] Financial Summary - Total revenue for 2025 is projected at 65.97 billion yuan, a year-on-year increase of 7.37% [7] - The net profit attributable to shareholders is expected to be 8.58 billion yuan, reflecting an 8.19% increase year-on-year [7] - Earnings per share (EPS) for 2025 is estimated at 1.86 yuan, with a projected price-to-earnings (P/E) ratio of 11.49 [1][8] - The company anticipates continued revenue growth, with projections of 7.94 billion yuan in revenue and 1.12 billion yuan in net profit by 2027 [1][8]

Core Insights - The report highlights the significance of the upcoming "Two Sessions" in March 2026, which is expected to influence China's policy direction for the year and the next five years, thereby impacting capital market trends [1] - Historical analysis indicates a "Two Sessions Effect" in A-shares, characterized by pre-session index increases, small-cap outperformance, and excess returns in the TMT sector before and after the sessions [1][2] - The report categorizes years based on total policy expectations, noting that strong expectations lead to significant market impacts, while stable expectations result in structural market trends [2][3] Market Trends - Historically, the A-share index tends to rise in the 20 trading days leading up to the Two Sessions, with an 81% win rate and an average increase of 2.40% [4] - During the sessions, the market experiences uncertainty, leading to a win rate drop to 50%, but post-session, the win rate increases again to 75% with an average increase of 2.44% in the following 20 trading days [4][5] - Small-cap indices, represented by the CSI 2000 and CSI 1000, show significant outperformance before the sessions, with win rates of 80% compared to larger indices [4][5] Sector Performance - The consumer and TMT sectors are expected to perform well, with high win rates and positive returns due to policy announcements and economic targets set during the sessions [4][5] - Specific sectors such as social services, beauty care, and textiles are highlighted for their strong performance before and after the sessions, benefiting from cyclical economic policies [4][5] - The report emphasizes the importance of structural highlights in 2026, particularly in expanding domestic demand and fostering new productive forces, such as commercial aerospace and AI applications [6][7] Policy Focus - The report indicates that the 2026 Two Sessions will focus on structural adjustments rather than aggressive total policy measures, with a notable emphasis on expanding domestic demand and optimizing real estate policies [5][6] - The central government's focus on high-quality development and nurturing new productive forces is expected to shape the market landscape, with significant attention on sectors like commercial aerospace and AI [6][7] Investment Strategy - The report suggests that due to the low probability of exceeding total policy expectations, market movements will be stable, with a focus on price increases and AI-related sectors [8] - Key investment areas include AI and related fields, cyclical sectors like chemicals and construction materials, and emerging industries highlighted in government reports [8]

Investment Rating - The report assigns a "Buy" rating for MINIMAX-WP (00100.HK) as a first-time recommendation [1]. Core Insights - MINIMAX has launched M2.5, the world's first production-grade model designed natively for agent scenarios, which is expected to redefine programming agents [8]. - The M2.5 model has shown significant early adoption, with a token usage of 3.07 trillion within the first week of its release, indicating strong market demand [8]. - The financial projections for MINIMAX indicate substantial revenue growth, with expected revenues of $30.52 million in 2024, $69.88 million in 2025, and reaching $398.10 million by 2027, reflecting a compound annual growth rate of 105.16% from 2025 to 2027 [1][9]. Financial Projections - Total revenue is projected to grow from $3.46 million in 2023 to $398.10 million in 2027, with a year-on-year growth rate peaking at 782.17% in 2024 [1]. - The net profit attributable to the parent company is expected to remain negative in the near term, with losses projected at $(465.24) million in 2024 and $(476.52) million in 2027 [1]. - The Non-IFRS net profit is also projected to be negative, with estimates of $(244.20) million in 2024 and $(476.52) million in 2027 [1]. Market Data - The closing price of MINIMAX is reported at HKD 763.50, with a market capitalization of approximately HKD 177.54 billion [5]. - The stock has experienced a 52-week range of HKD 220.00 to HKD 980.00, indicating significant volatility [5]. - The price-to-earnings ratio (P/E) is currently at (117.55) for the latest diluted earnings per share [1].

Investment Rating - The report assigns a "Buy" rating for MINIMAX-WP (00100.HK) as a first-time recommendation [1]. Core Insights - MINIMAX has launched M2.5, the world's first production-grade model designed natively for agent scenarios, which is expected to redefine programming agents [8]. - The revenue forecast for MINIMAX is projected to grow significantly, with total revenue expected to reach $69.88 million in 2025, $194.04 million in 2026, and $398.10 million in 2027, reflecting year-on-year growth rates of 128.94%, 177.68%, and 105.16% respectively [1]. - The company is expected to experience a substantial increase in token usage, with M2.5 achieving a token call volume of 3.07 trillion within the first week of its launch, indicating strong market demand [8]. Financial Projections - The total revenue for MINIMAX is forecasted as follows: - 2023: $3.46 million - 2024: $30.52 million - 2025: $69.88 million - 2026: $194.04 million - 2027: $398.10 million [1]. - The net profit attributable to the parent company is projected to be negative, with estimates of $(269.25) million in 2023, $(465.24) million in 2024, and $(616.52) million in 2025, before improving to $(428.28) million in 2026 and $(476.52) million in 2027 [1]. - The EPS (Earnings Per Share) is expected to be $(0.86) in 2023, $(1.48) in 2024, $(1.97) in 2025, $(1.37) in 2026, and $(1.52) in 2027 [1]. Market Data - The closing price of MINIMAX is reported at HKD 763.50, with a market capitalization of approximately HKD 177,538.77 million [5]. - The company has a price-to-earnings (P/E) ratio of (117.55) for the current price and latest diluted earnings [1].

本周（20260224-20260227）二级资本债周成交量合计约 1132 亿元，较 上周减少 913 亿元，成交量前三个券分别为 25 中行二级资本债 02BC （64.91 亿元）、25 中行二级资本债 03A(BC)（49.11 亿元）和 25 建行 二级资本债 03BC（34.75 亿元）。 分发行主体地域来看，成交量前三为广东省、山东省和山西省，分别约 为 794 亿元、113 亿元和 58 亿元。 证券研究报告·固定收益·固收点评 固收点评 20260228 二级资本债周度数据跟踪 （20260224-20260227） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20260224-20260227）银行间市场及交易所市场无新发行二级资本 债。 ◼ 二级市场成交情况： 从到期收益率角度来看，截至 2 月 27 日，5Y 二级资本债中评级 AAA-、 AA+、AA 级到期收益率较上周涨跌幅分别为：4.90BP、5.15BP、5.15BP； 7Y 二级资本债中评级 AAA-、AA+、AA 级到期收益率较上周涨跌幅分 别为：5.21BP、3.11BP、3 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - This week (20260224 - 20260227), the primary market saw 2 new green bonds issued in the inter - bank and exchange markets, with a total issuance scale of about 750 million yuan, a decrease of 3.251 billion yuan from last week. The secondary market had a total green bond turnover of 51.4 billion yuan, a decrease of 5.6 billion yuan from last week. The overall valuation deviation of green bonds' weekly average trading price was not large, with the discount trading amplitude smaller than the premium trading, and the discount trading ratio less than the premium trading [1][2][3] Group 3: Summary by Related Catalogs Primary Market Issuance - This week, 2 new green bonds were issued, with a total scale of about 750 million yuan. The issuance term was 3 years, the issuer was a local state - owned enterprise, the subject rating was AAA, the issuer regions were Jiangsu and Fujian, and the bond types were private placement notes and medium - term notes [1][5] Secondary Market Transaction - The total weekly turnover of green bonds was 5.14 billion yuan, a decrease of 560 million yuan from last week. By bond type, the top three in trading volume were non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds, with 2.47 billion yuan, 1.95 billion yuan, and 640 million yuan respectively. By issuance term, green bonds with a term of less than 3 years had the highest trading volume, accounting for about 85.40%. By issuer industry, the top three industries in trading volume were finance, public utilities, and transportation equipment, with 2.21 billion yuan, 1.26 billion yuan, and 200 million yuan respectively. By issuer region, the top three regions in trading volume were Beijing, Guangdong, and Hubei, with 1.59 billion yuan, 540 million yuan, and 430 million yuan respectively [2] Valuation Deviation of the Top 30 Individual Bonds - **Discount Bonds**: The top three discount - rate bonds were 25 Puyang G1 (- 0.8235%), 25 Puzhi G3 (- 0.6151%), and 25 Heying Weineng ABN001BC Priority A1 (Sci - tech) (- 0.2975%). The subject industries were mainly finance, transportation, and public utilities, the ChinaBond implicit ratings were mainly AA, AA +, and AAA -, and the regional distributions were mainly in Beijing, Chongqing, and Shandong [3][13] - **Premium Bonds**: The top three premium - rate bonds were 25 Shuineng G1 (0.8064%), 26 Jiaozi G1 (0.3285%), and 20 Guangdong Bond 05 (0.2891%). The subject industries were mainly finance, public utilities, and transportation equipment, the ChinaBond implicit ratings were mainly AAA -, AA +, and AA, and the regional distributions were mainly in Guangdong, Fujian, and Beijing [3][14]

Investment Rating - The report maintains an "Accumulate" rating for the jewelry industry [1] Core Insights - The jewelry industry is experiencing a significant increase in gold prices, which have risen approximately 130% since March 2024. This has led to complex fluctuations in consumer sentiment regarding gold jewelry consumption [9][10] - A survey conducted during the 2026 Spring Festival revealed that 67% of respondents had purchased gold in the past three years, and 55% had done so in the past year, indicating a growing trend in gold purchases despite rising prices [55][56] - The report identifies two scenarios that could lead to a recovery in consumer sentiment towards gold jewelry: a stabilization of gold prices over 3-5 quarters or a gradual rise to a new high [57][58] Summary by Sections Industry Trends - Gold prices have shown a rapid increase, with a 60% rise from August 2018 to February 2024, and a 55% increase in 2025 alone [9] - The survey indicates that 71% of respondents primarily purchase gold jewelry from brand stores, highlighting the importance of brand value in the gold jewelry market [56] Survey Insights - The survey covered 485 respondents, primarily urban white-collar workers, and revealed that 67% felt that people around them were making money from gold purchases, which could stimulate demand [51][22] - 78% of respondents who bought gold in the past year purchased jewelry rather than gold bars, indicating that investment and consumption needs are intertwined [57] Investment Recommendations - The report recommends focusing on companies with a direct sales model, such as Lao Pu Gold, Cai Bai Co., and Liufu Group, which are expected to benefit from rising gold prices and increased sales [60][61] - It also suggests monitoring franchise-based brands like Chow Tai Fook and Lao Feng Xiang, which are currently undervalued but may see a recovery in demand [60][62]

Investment Rating - The report assigns a "Buy" rating for XCMG Machinery (徐工机械) as a first coverage [1]. Core Views - XCMG Machinery is recognized as a leading player in the Chinese construction machinery industry, leveraging mixed ownership reform, globalization, and diversification to drive performance growth [7][13]. - The company has successfully transitioned from a local state-owned enterprise to a globally competitive modern listed company, maintaining a leading position in traditional sectors while expanding into emerging strategic areas such as aerial work machinery and mining machinery [7][13]. - The report highlights the expected recovery in both domestic and international markets, with a focus on the resurgence of overseas industry demand [7][43]. - Mining machinery is identified as a second growth curve for the company, with advancements in electrification and globalization creating competitive advantages [7][43]. Summary by Sections 1. Company Overview - XCMG Machinery has evolved into a global leader in the construction machinery sector, with a comprehensive product range including cranes, earth-moving machinery, and concrete machinery [13][15]. - The company has a clear ownership structure that combines state control with market-driven mechanisms, enhancing operational vitality [29]. 2. Market Dynamics - The construction machinery industry is entering a new cycle, with exports becoming a core growth driver, expected to account for 50% of total sales by 2025 [43][47]. - Domestic excavator demand is projected to grow significantly, with an expected average annual increase of over 20% from 2025 to 2028 [7][50]. 3. Financial Performance - The report forecasts XCMG's total revenue to reach 134.84 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 13.64% from 2025 to 2027 [1]. - The net profit attributable to shareholders is expected to grow from 70 billion yuan in 2025 to 119 billion yuan in 2027, reflecting strong earnings potential [1]. 4. Competitive Advantages - XCMG's mining machinery segment is positioned as a new growth point, with a focus on high-margin aftermarket services and a complete solution approach [7][43]. - The company is advancing in electrification, achieving a closed-loop supply chain for battery systems, which enhances its market penetration in new energy products [7][43].

Core Conclusions - The report highlights the marginal changes in smart driving regulations, with the national standards for L3/L4 autonomous driving now open for public consultation, indicating a potential turning point for intelligent driving in China [2] - The report emphasizes the acceleration of Robotaxi services in North America, particularly with Tesla's Cybercab production and Waymo's expansion into new cities, suggesting a strong outlook for smart vehicle technology [2] - Investment recommendations favor B-end software companies over C-end hardware companies, with specific stock picks for both H-shares and A-shares [2] AI Smart Car Investment Framework - The report outlines a spiral upward iteration in hardware and software development, indicating that each significant upgrade disrupts existing paradigms [7] - It predicts a shift in investment focus from hardware opportunities in the early stages to software opportunities as the industry matures [7] L4 RoboX Monthly Tracking - Tesla's Robotaxi business is rapidly advancing, with plans for a fully autonomous service in Austin by June 2025, showcasing a "test-expand-operate" rhythm [22] - The report tracks the expansion of Tesla's Robotaxi service area, which has grown significantly from an initial 20 square miles to 243 square miles in Austin [26] L2-L3 Smart Driving C-end Monthly Tracking - The report forecasts a total retail sales volume of 22 million vehicles in 2026, reflecting a year-on-year decline of 3.2% [52] - It provides detailed projections for passenger car sales, including a significant increase in the penetration rate of new energy vehicles, expected to reach 60% by 2026 [52]