Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - In January 2026, BYD's sales decreased both year-on-year and month-on-month, continuing its push towards high-end products and exports [8] - The company sold 210,000 vehicles in January, representing a year-on-year decline of 30% and a month-on-month decline of 50% [8] - The forecast for 2026 sales is 5.12 million vehicles, an 11% increase year-on-year, with exports expected to reach 1.5 to 1.6 million vehicles, a growth of 44% to 53% [8] - The share of pure electric vehicles is increasing, with January sales of plug-in hybrid vehicles at 122,000 units, accounting for 59% of total sales [8] - BYD's battery installations in January increased by 30% year-on-year, with significant growth in external battery supply and energy storage business [8] - The company anticipates a total ASP (average selling price) increase due to higher prices in high-end and overseas markets [8] Financial Projections - Total revenue is projected to reach RMB 887.06 billion in 2026, with a year-on-year growth of 5.68% [1] - Net profit attributable to shareholders is expected to be RMB 45.04 billion in 2026, reflecting a year-on-year increase of 28.65% [1] - The earnings per share (EPS) for 2026 is estimated at RMB 4.94, with a price-to-earnings (P/E) ratio of 17.82 [1] - The company’s net profit for 2025 is revised to RMB 35.01 billion, a decrease of 13.03% year-on-year [8]

Core Insights - The report indicates that after a period of volatility, the market is expected to regain momentum in February, supported by a decrease in the volatility index from a peak of 102 to around 32, which is historically low [2][3] - The report emphasizes the importance of focusing on two main investment themes: technology growth and cyclical recovery, as funds are likely to rotate towards underperforming sectors [3][4] Investment Themes - **Technology Growth**: The AI industry is experiencing significant positive changes, with expectations for OAI listings and advancements in storage, CPU, and packaging sectors. The report highlights the importance of monitoring policy catalysts and industry developments, particularly in emerging sectors like aerospace, new materials, and quantum technology [6][6] - **Cyclical Recovery**: The report suggests that sectors such as chemicals, real estate, and core consumer assets are expected to see a rebound as market sentiment improves. The report notes that these sectors are currently at low points in their economic cycles, with potential for recovery as institutional positions are historically low [6][6] Recommended Stocks - **Jingsheng Electromechanical (300316.SZ)**: The company is positioned to benefit from increasing demand in space and overseas photovoltaic equipment, with a market cap of 58.3 billion and projected EPS growth from 0.95 in 2026 to 1.17 in 2027 [7][7] - **Nuwai Co., Ltd. (603699.SH)**: As a leading industrial valve manufacturer, the company is expected to see growth driven by LNG and marine vessel demand, with a projected EPS increase from 2.51 in 2026 to 3.00 in 2027 [7][7] - **Longjing Environmental Protection (600388.SH)**: The company is focusing on green electricity and energy storage, with a projected EPS growth from 1.20 in 2026 to 1.37 in 2027 [7][7] - **Chip Microelectronics (688630.SH)**: The company anticipates significant profit growth, with EPS expected to rise from 4.18 in 2026 to 6.08 in 2027 [7][7] - **AVIC High-Tech (600862.SH)**: The company is expected to benefit from the increasing demand for aerospace materials, with projected EPS growth from 1.17 in 2026 to 1.29 in 2027 [7][7] - **Ping An Insurance (601318.SH)**: The company is projected to maintain strong growth in new business value (NBV), with EPS expected to rise from 8.59 in 2026 to 9.74 in 2027 [7][7] - **Rabbit Baby (002043.SZ)**: The company is expected to see steady growth in the decorative board industry, with projected EPS growth from 1.05 in 2026 to 1.15 in 2027 [7][7] - **Wanhua Chemical (600309.SH)**: The company is expected to benefit from improving MDI and TDI market conditions, with projected EPS growth from 5.13 in 2026 to 5.79 in 2027 [7][7] - **Tianfu Communication (300394.SZ)**: The company is positioned to benefit from the demand for optical modules, with projected EPS growth from 4.10 in 2026 to 5.38 in 2027 [7][7] - **Shaanxi Tourism (603402.SH)**: The company is expected to see growth driven by its core tourism operations, with projected EPS growth from 6.65 in 2026 to 7.61 in 2027 [7][7]

证券研究报告 SpaceX：从"变革"中崛起的"星际先行者" 东吴证券研究所所长助理、计算机首席分析师 王紫敬 执业证书编号：S0600521080005 联系邮箱：wangzj@dwzq.com.cn 2026年2月2日 核心观点 ◆ 1. 传统主业：由"星链"与"火箭发射"构筑的万亿航天基本盘 ◆ SpaceX已通过技术代差重塑了航天经济学，其核心收入来源由星链（Starlink）和火箭发射业务组成 。星链已从早期的空间互联网集群进化为全球维度的数字资 产，截至2026年1月，在轨卫星已超9500颗，全球活跃用户达900万，Payload Space预计2025年星链将贡献公司约70%的收入 。特别是通过收购频谱许可证和部署 DTC（手机直连）技术，星链正转型为全球移动运营商，消除通信盲区 。火箭发射则是其物理支撑，猎鹰9号作为世界上最成功的商业复用火箭，已将发射成本 压低至传统火箭的十分之一 。这种强大的发射能力不仅支撑了星链的快速组网，更确立了SpaceX在全球商业发射市场近乎垄断的地位 。 ◆ 2. 太空算力：从地球代偿到构建"在轨智能"的生态闭环 ◆ 随着星舰带来的发射成本大幅下行，每一枚卫星正在 ...

Investment Rating - The report maintains an "Increase" rating for the industry, highlighting potential growth opportunities in the environmental sector [1]. Core Insights - The environmental industry is experiencing growth driven by new technologies and market dynamics, particularly in waste management and renewable energy sectors [1][6]. - Key companies such as Longjing Environmental, High Energy Environment, and Sains are positioned to benefit from rising demand and technological advancements [1][6]. - The report emphasizes the importance of carbon neutrality initiatives and the transition to green energy as critical drivers for future growth [1][6]. Summary by Sections Industry Trends - The environmental sector is projected to see significant growth, with a focus on waste-to-energy technologies and the expansion of renewable energy sources [1][6]. - The report notes a 70.9% year-on-year increase in sales of new energy sanitation vehicles, with penetration rates rising to 21.11% [21]. Company Analysis - **Jingjin Equipment**: The company holds a market share of over 40% in the filter press sector, with a strong focus on overseas expansion and integrated consumables [9][10]. - **Longjing Environmental**: The company is launching electric mining trucks, benefiting from a dual strategy of green electricity and mining equipment [1][6]. - **Sains**: The company is capitalizing on rising rhenium prices driven by aerospace demand, with a significant increase in rhenium prices noted [1][6]. Investment Strategy - The report outlines a three-pronged investment strategy focusing on value realization, quality growth, and carbon neutrality initiatives [1][6]. - Key recommendations include companies like Huanlan Environment, Green Power, and Yuxing Shares for their strong operational cash flow and growth potential [1][6]. Market Performance - The environmental and public utility index has seen a decline of 2.24%, underperforming compared to the broader market indices [46]. - Notable stock performances include Jingjin Equipment with a 15.74% increase, indicating strong market interest [47].

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 完善发电侧容量电价机制，2025 年新增光伏 /风电装机 315/119GW 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 02 日 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 公用事业 沪深300 相关研究 《寒潮退潮，美气价格高位回落；欧 洲&国内气价相对平稳》 2026-02-02 《关注火箭可回收路径中稀缺耗材， 九丰能源推进剂特气份额&价值量提 升，全国冬季用电负荷首破 14 亿千 瓦》 证券分析师 袁理 2026-01-27 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：1）《关于完善发电侧容量电价机制的通知》发布。国 家发展改革 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector, indicating a positive outlook for the industry over the next six months [1]. Core Insights - The report highlights the improvement of the capacity pricing mechanism for power generation, which is expected to enhance the value of regulatory assets and reshape the revenue model for coal-fired power plants [6]. - The coal power recovery ratio is set to increase from approximately 30% in 2024-2025 to no less than 50%, leading to a projected increase in average capacity revenue from 0.027 CNY/kWh to 0.040 CNY/kWh by 2026 [6]. - The report emphasizes the expansion of the capacity compensation mechanism, allowing multiple stakeholders to share flexibility premiums, and introduces a new pricing mechanism for independent new energy storage systems [6]. Summary by Sections Industry Trends - The report notes a significant shift in the regulatory framework, with the inclusion of new energy storage and gas power into the capacity compensation framework, enhancing revenue certainty for these sectors [6]. - The establishment of a reliable capacity compensation mechanism is proposed to ensure fair payment for peak contributions, particularly in regions with high renewable energy installations [6]. Investment Recommendations - The report suggests that operators of coal, gas, and pumped storage power plants will benefit from the increased fixed cost recovery ratio and market revenue sharing mechanisms [6]. - Independent new energy storage systems are expected to see improved revenue models due to the implementation of the capacity pricing mechanism, which is favorable for high-quality storage asset operations [6]. - Specific companies to watch include Huaneng International, Huadian International for coal power; South Grid Storage for pumped storage; and Longyuan Power, Three Gorges Energy, and Zhongmin Energy for new energy [6].

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20260202 北交所 2025 年业绩预告点评：预增与预减幅 度同步扩大，关注行业分化下的结构性机会 [Table_Tag] [Table_Summary] 观点 ◼ 预增平均幅度为 90%~124%，13 家实现扭亏，企业盈利修复动能较强。 截至 2026 年 1 月 31 日，共 122 家北交所公司披露 2025 年度业绩预告 公告（不含新股上市盈利预测中的预增），其中 39 家公司实现预增（预 增 26 家、扭亏 13 家），占发布业绩预告公司总数量的比重约 32%。2025 年北交所 13 家扭亏公司数量较 2024 年的 5 家明显增加，显示企业盈 利修复动能较强。从净利润同比增幅来看，2025 年北交所业绩预增平均 幅度为 90%~124%，亦较 2024 年预增幅度（78%~114%）明显提升。24 家预增公司中有 13 家预计净利润同比增幅超 100%，其中宏裕包材以 493%的同比增幅上限居于首位，其次是慧为智能和海能技术，同比增幅 上限分别为 436%和 237%。净利润规模方面，5 家公司预计 2025 年净 利润上限达到亿 ...

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The report highlights the release of a notification regarding the improvement of the capacity price mechanism for power generation, increasing the coal power recovery ratio to 50%, enhancing revenue certainty [4] - It forecasts an addition of 315 GW of solar and 119 GW of wind power capacity in 2025, with a total installed capacity of 3.89 billion kW by the end of 2025, representing a year-on-year growth of 16.1% [4] - The average electricity purchase price in January 2026 decreased by 8% year-on-year [4] - The report emphasizes the need for investment in green energy, coal power, hydropower, nuclear power, and solar assets, recommending specific companies for investment [4] Summary by Sections Industry Trends - The report notes a stable growth in electricity consumption, with a total of 9.46 trillion kWh from January to November 2025, reflecting a year-on-year increase of 5.2% [13] - Cumulative power generation in 2025 reached 9.72 trillion kWh, with a year-on-year growth of 2.2% [23] - The report tracks the average electricity purchase price, which was 374 RMB/MWh in January 2026, down 8% from the previous year [38] Power Generation - The report indicates that coal prices at Qinhuangdao port were 692 RMB/ton as of January 30, 2026, showing a year-on-year decrease of 8.1% [44] - The inflow and outflow rates at the Three Gorges Reservoir were 7460 m³/s and 9230 m³/s respectively, with year-on-year increases of 65.8% and 11.7% [51] - The report highlights the significant growth in renewable energy, with solar and wind power installations increasing by 315 GW and 119 GW respectively in 2025 [4] Investment Recommendations - The report suggests focusing on green energy investments, with specific recommendations for companies such as Longyuan Power, China Nuclear Power, and others in the renewable sector [4] - It also emphasizes the transformation potential in coal power and the benefits of hydropower due to low costs and strong cash flow [4]

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Viewpoints - The real estate chain is expected to experience a gradual upward trend, with the industry likely at the bottom of its cycle in 2026. The report suggests that after excessive competition, product prices are gradually recovering, and leading companies are improving operational efficiency. Stock price increases are anticipated to occur through fluctuations rather than a rapid rise [4][5] - The report highlights the importance of focusing on high-dividend stocks and companies in the export industry, as well as those related to renovation consumption. It emphasizes the potential for strategic investments in technology-driven companies and those benefiting from domestic and international market expansions [4][5] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 344.8 RMB/ton, down 2.8 RMB/ton from last week and down 55.0 RMB/ton from the same period in 2025. The average cement inventory ratio is 59.8%, up 0.4 percentage points from last week and up 3.5 percentage points from 2025 [4][14][23] - **Glass**: The average price for float glass is 1144.8 RMB/ton, up 6.0 RMB/ton from last week but down 251.2 RMB/ton from 2025. The inventory of float glass stands at 4,927 million heavy boxes, down 50,000 from last week but up 374,000 from 2025 [4][46][51] - **Fiberglass**: The effective production capacity for fiberglass is projected to reach 759.2 million tons in 2026, a year-on-year increase of 6.9%. The demand for fiberglass is expected to maintain steady growth, supported by wind power and new applications [8][4] 2. Industry Dynamics Tracking - The construction materials sector has shown a positive performance, with a weekly increase of 0.73%, outperforming the Shanghai and Shenzhen 300 index by 0.65% [4] - The report notes that the supply-side adjustments in the cement industry are expected to continue, with a focus on eliminating outdated capacity. This is projected to support profitability in the medium term [4][5] 3. Weekly Market Review and Sector Valuation Table - The report provides a detailed review of price changes, inventory levels, and production rates across various regions for cement and glass, indicating a mixed performance across different areas [4][14][23][46]

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Viewpoints - The real estate chain is expected to experience a gradual upward trend, with the industry likely at the bottom of its cycle in 2026. Price recovery is anticipated as competition eases and operational efficiency improves among leading companies [4][5] - Short-term market sentiment may be impacted by the confirmation of the Federal Reserve Chair nomination and declines in precious metals [4] - Key investment areas include high-dividend stocks, export-oriented industries, and home renovation consumption [4] Summary by Sections 1. Bulk Building Materials Fundamentals and High-Frequency Data - Cement: The national average price for high-standard cement is 344.8 RMB/ton, down 2.8 RMB/ton from last week and down 55.0 RMB/ton from the same period in 2025. The average cement inventory ratio is 59.8%, up 0.4 percentage points from last week [4][14][23] - Glass: The average price for float glass is 1144.8 RMB/ton, up 6.0 RMB/ton from last week but down 251.2 RMB/ton from the same period in 2025. Inventory levels are at 4,927 million heavy boxes, down 50,000 from last week [4][46][51] - Fiberglass: The market remains stable with no significant price changes. The effective production capacity for fiberglass is expected to reach 759.2 million tons in 2026, a year-on-year increase of 6.9% [4][8] 2. Industry Dynamics Tracking - The building materials sector has shown positive performance, with a 0.73% increase in the past week, outperforming the CSI 300 index [4] - The report highlights the importance of monitoring the real estate chain's recovery and the potential for price stabilization in the cement and glass markets [4][5] 3. Weekly Market Review and Sector Valuation - The report indicates that the building materials sector is currently at a historical low in terms of price-to-book ratios, suggesting potential for valuation recovery as industry policies take effect [4][5] - Recommendations include companies like Huaxin Cement, Conch Cement, and China National Building Material, which are expected to benefit from both domestic stability and overseas market expansion [4][5]