Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [2] Core Insights - In January 2026, China's new energy vehicle (NEV) exports doubled year-on-year, reaching a historical high for the month, with a growth rate of 103.6%. NEVs accounted for 49.6% of total exports, an increase of 12.5 percentage points year-on-year. BYD led the exports with nearly 100,000 units, while traditional automakers like Geely, Chery, and SAIC also saw over 200% growth in NEV exports [3][25][22]. Summary by Sections New Energy Vehicle Exports - In 2025, China's NEV exports grew by 70%, with plug-in hybrid vehicles (PHEVs) being the core growth driver. The growth rate for PHEVs was 127.5%, significantly higher than the 32.5% for pure electric vehicles (EVs) [14][15]. - January 2026 saw NEV exports reach 28.6 million units, with a year-on-year increase of 103.6%. BYD's exports approached 100,000 units, while Geely, Chery, and others also reported significant growth [25][27]. Industry News - The retail market for passenger vehicles in January 2026 was 1.544 million units, a decline of 13.9% year-on-year. February is expected to see the lowest sales of the year due to the impact of the Spring Festival [31]. - The Ministry of Industry and Information Technology is seeking public opinion on five mandatory national standards related to intelligent connected vehicles and autonomous driving systems [35]. Market Performance - The automotive sector outperformed the market, with the Shanghai and Shenzhen 300 index rising by 0.36% and the automotive sector increasing by 1.74%, ranking 9th among A-share industries [5][40]. - The passenger vehicle index rose by 1.21%, while the commercial vehicle index saw a significant increase of 6.28% [5]. Investment Recommendations - For passenger vehicles, the demand for high-end domestic luxury cars is exceeding expectations, with recommendations for companies like JAC Motors and Seres. Beneficiaries include Geely [6]. - In the auto parts sector, profitability is expected to improve, with recommendations for companies such as Desay SV and Zhejiang Xiantong, while beneficiaries include Weichai Power and Fuyao Glass [6].

股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2025-02 2025-06 2025-10 网易云音乐 恒生指数 相关研究报告 《业绩延续高增长，曲库扩充与生态 优化共驱成长 —港股公司信息更新 报告》-2025.8.15 《毛利率提升，会员规模扩展有望继 续驱动业绩增长—港股公司信息更新 报告》-2025.2.23 方光照（分析师） 传媒/数字媒体 网易云音乐（09899.HK） 核心主业稳步增长，看好内容扩充/AI 持续驱动成长 2026 年 02 月 14 日 投资评级：买入（维持） | 日期 | 2026/2/13 | | --- | --- | | 当前股价(港元) | 162.80 | | 一年最高最低(港元) | 303.40/123.60 | | 总市值(亿港元) | 354.71 | | 流通市值(亿港元) | 353.87 | | 总股本(亿股) | 2.18 | | 流通港股(亿股) | 2.17 | | 近 3 个月换手率(%) | 22.38 | fangguangzhao@kysec.cn 证书编号：S0790520030004 业绩高增，看好音频内容扩充 ...

行 业 研 究 2026 年 02 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 29% 2025-02 2025-06 2025-10 银行 沪深300 相关研究报告 《信贷轻总量、重结构，"广义存款" 未流失—2025Q4 央行货币政策执行 报告学习》-2026.2.11 《2026 年净息差展望：筑底企稳—行 业深度报告》-2026.2.3 《2026 年初银行存贷形势更新与展望 —行业深度报告》-2026.1.26 存款开门更红，债券融资靠前 ——1 月金融数据点评 刘呈祥（分析师） 吴文鑫（分析师） liuchengxiang@kysec.cn 证书编号：S0790523060002 wuwenxin@kysec.cn 证书编号：S0790524060002 受春节错位效应影响，M1、M2 增速明显回升 1 月 M1 同比增速为 4.9%，环比上升 1.1pct；M2 同比增速为 9.0%，环比上升 0.5pct，或与春节错位效应以及银行主动营销活存趴账有关。1 月新增人民币存 款 8.09 万亿元，同比显著多增（上年为 4.32 万 ...

传媒/游戏Ⅱ 相关研究报告 《看好游戏出海、新游上线及 AI 赋能 深化驱动成长—港股公司信息更新报 告》-2025.11.24 《Q2 业绩高增，看好新游、音乐及教 育业务持续成长—港股公司信息更新 报告》-2025.8.15 《多款新游戏驱动 Q1 业绩亮眼，关注 《无限大》上线—港股公司信息更新 报告》-2025.5.17 网易-S（09999.HK） 2026 年 02 月 14 日 投资评级：买入（维持） | 日期 | 2026/2/13 | | --- | --- | | 当前股价(港元) | 185.70 | | 一年最高最低(港元) | 248.00/131.90 | | 总市值(亿港元) | 5,978.73 | | 流通市值(亿港元) | 5,879.25 | | 总股本(亿股) | 32.20 | | 流通港股(亿股) | 31.66 | | 近 3 个月换手率(%) | 12.42 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-02 2025-06 2025-10 网易-S 恒生指数 在研产品丰富，看好老游焕新/新游上线驱动成长 ——港股公 ...

传媒/游戏Ⅱ 网易-S（09999.HK） 2026 年 02 月 14 日 投资评级：买入（维持） | 日期 | 2026/2/13 | | --- | --- | | 当前股价(港元) | 185.70 | | 一年最高最低(港元) | 248.00/131.90 | | 总市值(亿港元) | 5,978.73 | | 流通市值(亿港元) | 5,879.25 | | 总股本(亿股) | 32.20 | | 流通港股(亿股) | 31.66 | | 近 3 个月换手率(%) | 12.42 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-02 2025-06 2025-10 网易-S 恒生指数 相关研究报告 《看好游戏出海、新游上线及 AI 赋能 深化驱动成长—港股公司信息更新报 告》-2025.11.24 《Q2 业绩高增，看好新游、音乐及教 育业务持续成长—港股公司信息更新 报告》-2025.8.15 《多款新游戏驱动 Q1 业绩亮眼，关注 《无限大》上线—港股公司信息更新 报告》-2025.5.17 在研产品丰富，看好老游焕新/新游上线驱动成长 ——港股公 ...

Investment Rating - The investment rating for Lenovo Group is "Buy" [10] Core Insights - Lenovo's revenue performance exceeded expectations, driven by strong orders for AI servers and robust supply chain resilience, which is expected to stabilize profit margins [6][7] - The company has adjusted its FY2026 earnings forecast upwards due to better-than-expected Q3 performance, maintaining FY2027-2028 earnings projections [6] - Non-GAAP net profit for FY2026 is projected at $1.81 billion, reflecting a year-on-year growth of 25.5% [6] Financial Performance Summary - For FY2026 Q3, Lenovo reported revenue of $22.204 billion, surpassing Bloomberg consensus estimates of $20.76 billion, with a year-on-year growth of 18.1% [7] - Non-GAAP net profit reached $589 million, exceeding expectations of $463 million, with a year-on-year increase of 35.5% [7] - Breakdown of revenue by business segments: - IDG: Revenue of $15.755 billion, up 14.3% year-on-year, with PC shipments growing 14.4% compared to the industry average of 9.6% [7] - ISG: Revenue of $5.176 billion, up 31.4% year-on-year, supported by AI infrastructure orders [7][8] - SSG: Revenue of $2.652 billion, up 17.5% year-on-year, with deferred revenue increasing by 20% [8] Earnings and Valuation Metrics - Projected revenues for FY2026 are $81.289 billion, with a year-on-year growth of 17.7% [9] - Non-GAAP net profit projections for FY2026-2028 are $1.81 billion, $2.07 billion, and $2.36 billion, respectively, with growth rates of 25.5%, 14.5%, and 13.9% [9] - The current P/E ratios are projected at 9.5, 8.3, and 7.3 for FY2026, FY2027, and FY2028, respectively [9]

北交所新股申购报告 2026 年 02 月 13 日 海菲曼(920183.BJ)：稀缺高端电声品牌，品牌跻身全球 HiFi 耳机第一梯队 ——北交所新股申购报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 耳机市场稳步提升，电声产品进一步智能化发展 我国作为全球耳机产业主要生产及消费国，产值继续保持整体增长态势。根据中 国电子音响行业协会统计，我国耳机行业总产值从 2013 年的 492.56 亿元增长至 2021 年的 1,374.22 亿元，CAGR 达到 13.68%。无线耳机是我国耳机行业产值增 速最快的细分产品。根据中国电子音响行业协会统计，我国无线耳机产值从 2013 年的 78.39 亿元增长至 2021 年的 953.51 亿元，CAGR 达到 36.66%。相对于普通 的大众消费级耳机，发烧级耳机的研发、生产对技术要求较高，该市场通常由领 先音频厂商发布的旗舰产品占据。根据 Business Research Insights 数据，全球发 烧级耳机市场 2022 年达到 28.50 亿美元，预计 2028 年达到 41. ...

北交所新股申购报告 2026 年 02 月 13 日 海菲曼(920183.BJ)：稀缺高端电声品牌，品牌跻身全球 HiFi 耳机第一梯队 ——北交所新股申购报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 高端电声"小巨人"，拥有自主品牌"HIFIMAN" 海菲曼是国内少数拥有全球影响力的高端电声品牌商，主要从事自主品牌 "HIFIMAN"终端电声产品的设计、研发、生产和销售，公司产品包括头戴式 耳机、真无线耳机、有线入耳式耳机、播放设备等。公司专注"还原最真实声音"， 产品定位高端电声市场，致力于为全球用户提供 HiFi（High-Fidelity，高保真） 级听音享受。2025Q1-3，公司实现营业收入 1.64 亿元，同比增长 13.23%，归属 于母公司所有者的净利润为 5,035.42 万元，同比增长 29.49%；毛利率/净利率分 别为 66.88%/30.62%。 耳机市场稳步提升，电声产品进一步智能化发展 我国作为全球耳机产业主要生产及消费国，产值继续保持整体增长态势。根据中 国电子音响行业协会统计，我国耳机行业总产值从 2 ...

行 业 研 究 2026 年 02 月 13 日 投资评级：看好（维持） JX 金属指引明确行业景气度，靶材成为半导体金铲子 ——行业点评报告 陈蓉芳（分析师） 祁海超（联系人） chenrongfang@kysec.cn 证书编号：S0790524120002 qihaichao@kysec.cn 证书编号：S0790125070022 事件：全球靶材龙头 JX 金属指引超预期，市场反应积极 JX 金属（5016.T）专注多种大宗与稀有金属及相关先进材料，在半导体和信息 通信领域均布局全球领先的关键材料。公司下设聚焦事业和基础事业两大板块， 聚焦事业包括半导体材料及信息通信材料，基础事业包括矿石资源及金属回收。 行业走势图 数据来源：聚源 -38% -19% 0% 19% 38% 58% 77% 2025-02 2025-06 2025-10 电子 沪深300 相关研究报告 《关注半导体自主可控和涨价连锁反 应—行业点评报告》-2026.2.9 《靶材：提价趋势渐成，有望持续演 绎 —行业点评报告》-2026.2.5 《美股存储业绩超预期，海内外 CSP 持续加码 AI 资本支出—行业周报》 -2026.2 ...

Investment Rating - The investment rating for Lenovo Group is "Buy" and is maintained [10] Core Insights - Lenovo Group's revenue performance exceeded expectations, driven by strong orders for AI servers and robust supply chain resilience, which is expected to stabilize profit margins [6][7] - The company has adjusted its FY2026 earnings forecast upwards due to better-than-expected Q3 performance, while maintaining FY2027-2028 earnings projections [6] - Non-GAAP net profit for FY2026 is projected to be $1.81 billion, reflecting a year-on-year growth of 25.5% [6] Financial Performance Summary - For FY2026 Q3, Lenovo reported revenue of $22.204 billion, surpassing Bloomberg consensus estimates of $20.76 billion, with a year-on-year growth of 18.1% [7] - Non-GAAP net profit for the same period was $589 million, exceeding expectations of $463 million, and showing a year-on-year increase of 35.5% [7] - Breakdown of revenue by business segments: - IDG: Revenue of $15.755 billion, up 14.3% year-on-year, with PC shipments growing 14.4% compared to the industry average of 9.6% [7] - ISG: Revenue of $5.176 billion, up 31.4% year-on-year, supported by AI infrastructure orders [7][8] - SSG: Revenue of $2.652 billion, up 17.5% year-on-year, with deferred revenue increasing by 20% [8] Valuation Metrics - Projected non-GAAP net profits for FY2026-2028 are $1.81 billion, $2.07 billion, and $2.36 billion respectively, with corresponding year-on-year growth rates of 25.5%, 14.5%, and 13.9% [6] - The current price-to-earnings (P/E) ratios are projected at 9.5, 8.3, and 7.3 for FY2026, FY2027, and FY2028 respectively [9]