Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that leading companies are expected to benefit significantly from the trend of carbon reduction, with a stable yet slightly strong market structure for potassium chloride [3] - The PVC industry is undergoing a transformation towards mercury-free production, driven by regulatory pressures and environmental concerns, which will increase production costs for traditional methods [5][6] - The report notes that the chlor-alkali industry is experiencing significant losses, with net profits dropping from 182 RMB/ton in Q3 2025 to -49 RMB/ton in Q4 2025, indicating a critical need for capacity exit [7] Summary by Sections Industry Overview - The PVC industry is facing a transition to mercury-free production methods, which will require significant investment and may lead to the exit of smaller, less profitable companies [6][7] - The Water Mercury Convention aims to phase out mercury use in PVC production by 2032, impacting production costs and methods [6] Market Dynamics - The chlor-alkali sector is currently in a state of widespread loss, with the profitability of caustic soda declining, making it difficult to maintain the current production balance [7] - The cancellation of export tax rebates for PVC and anticipated restrictions on high-energy-consuming industries are expected to accelerate the exit of outdated production capacity [7] Beneficiary Companies - Potential beneficiaries from these industry changes include Xinjiang Tianye, Zhongtai Chemical, Chlor-alkali Chemical, Jiahua Energy, Junzheng Group, Beiyuan Group, and Kaili New Materials [8]

Group 1: Macro Economic Insights - The profits of industrial enterprises ended a three-year decline, with a cumulative year-on-year growth of 0.6% in 2025, compared to a previous value of 0.1% [4] - December 2025 saw a significant improvement in profit year-on-year, rising by 18.4 percentage points to 5.3%, despite a revenue decline of approximately 3.2% [5][6] - The profit margin for industrial enterprises showed a recovery, with contributions from various factors indicating a positive trend in profitability [7] Group 2: Industry Trends and Recommendations - The heavy truck sales in 2025 exceeded one million units, marking a year-on-year growth of approximately 27%, driven by policies encouraging vehicle replacement [59] - The domestic market for new energy heavy trucks saw explosive growth, with sales reaching 231,100 units in 2025, a year-on-year increase of 182% [60] - The report highlights the potential for investment opportunities in the heavy truck sector, particularly with companies like China National Heavy Duty Truck Group and Foton Motor showing strong performance [62] Group 3: Sector-Specific Insights - The food and beverage sector, particularly companies like Gan Yuan Foods, is expected to see significant growth in Q1 2026 due to seasonal stocking and favorable comparisons to low base figures [16] - The communication sector is poised for growth, with companies like Guanghui New Network benefiting from increased demand for data center services driven by AI developments [17] - The semiconductor industry, represented by companies like Zhongwei Company, is experiencing strong growth in specific segments, such as integrated circuit manufacturing, with year-on-year increases of 172.6% [7] Group 4: Investment Strategies - The report suggests a focus on technology and cyclical sectors, with recommendations for investments in industries such as military, media, AI applications, and renewable energy [10] - The potential for theme-based investments in 2026 is highlighted, with key themes including AI, embodied intelligence, nuclear fusion energy, quantum technology, and brain-computer interfaces [23][25] - The report emphasizes the importance of selecting new themes over old ones to avoid value traps and to capitalize on emerging trends [24]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that leading companies are expected to benefit significantly from the trend of carbon reduction, with a stable yet slightly strong market structure for potassium chloride [3] - The PVC industry is undergoing a transformation towards mercury-free production, driven by regulatory pressures and environmental concerns, which will increase production costs for traditional methods [5][6] - The report notes that the chlor-alkali industry is experiencing significant losses, with a net profit of -49 RMB/ton in Q4 2025, indicating a challenging market environment [7] Summary by Sections Industry Overview - The chlor-alkali industry is facing a historical shift due to multiple factors, including the Minamata Convention, which aims to phase out mercury use in PVC production by 2032 [6] - The transition to mercury-free catalysts will likely increase production costs by approximately 100 RMB per ton for PVC manufacturers [6] Market Dynamics - The report indicates that the chlor-alkali industry is currently in a state of widespread losses, with Q4 2025 showing a significant decline in profitability compared to Q3 2025 [7] - The cancellation of export tax rebates for PVC and anticipated restrictions on high-energy-consuming industries are expected to accelerate the exit of outdated production capacities [7] Beneficiary Companies - Potential beneficiaries identified include Xinjiang Tianye, Zhongtai Chemical, Chlor-alkali Chemical, Jiahua Energy, Junzheng Group, Beiyuan Group, and Kaili New Materials [8]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes the transition to the "SuperNode" era in computing infrastructure, driven by the increasing computational demands of AI models, which are evolving from pre-training to multi-faceted scaling [14][17] - The SuperNode architecture relies on enhanced interconnectivity, integrating multiple computing chips into a logical "super GPU/ASIC" to overcome the limitations of traditional single-server setups [39] - The report identifies three main investment themes: "Network End + AIDC + Computing End" and four key sectors: "Optical + Liquid Cooling + Power Supply + Chips" [7] Summary by Sections 1. Transition to SuperNode Era - The evolution of AI models necessitates a shift in computational infrastructure, with demands for higher performance and efficiency [14] - The report highlights the rapid growth in model parameters and training data, indicating a need for advanced computational clusters [14] 2. SuperNode Architecture - SuperNode clusters are defined as large-scale GPU/ASIC systems that expand from thousands to millions of computational units, utilizing both Scale Up and Scale Out strategies [17] - The architecture includes components such as computing nodes, switch trays, and power supply units, which are essential for the operation of SuperNode systems [80] 3. Upgrades in Key Components - The report notes that the increasing penetration of SuperNode servers will drive demand for high-power supplies, liquid cooling systems, and optical communication technologies [5][80] - Specific companies are highlighted as beneficiaries in the sectors of optical modules, liquid cooling, server power supplies, and exchange chips [7] 4. Domestic SuperNode Development - The report discusses the progress of domestic SuperNode solutions, particularly Huawei's Atlas 900 A3 and Atlas 960, which are designed to enhance the performance of domestic AI clusters [6][112] - The performance of domestic chips is shown to improve significantly when deployed in SuperNode configurations, effectively compensating for individual chip limitations [112]

金融工程专题 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 2026 年 01 月 28 日 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790123070037 相关研究报告 《遗传算法赋能交易行为因子 —市场微观结构（20）》-2023.8.6 《深度学习赋能交易行为因子 —市场微观结构（24）》-2024.5.24 《深度学习赋能风格轮动与多 策 略 融 合 — 开 源 量 化 评 论 （103）》-2024.12.12 《深度学习赋能技术分析—开 源量化评论（109）》-2025.6.25 深度学习赋能因子挖掘 2.0：综合应用方案 ——市场微观结构系列（32） 魏建榕（分析师） 盛少成（分析师） weijianrong@kysec.cn ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - AWS and Google have initiated a price increase in cloud services, which is expected to be followed by domestic cloud vendors. This price adjustment reflects strong downstream demand for computing power due to rising costs of CPUs and storage, as well as increased computational needs from complex task execution by AI agents [4][7] - The open-source project Clawdbot has gained significant attention in the tech community, indicating a growing demand for general AI agents that can operate continuously and handle complex tasks, thereby increasing the need for computing power [5][7] - Domestic model vendors are actively developing general-purpose AI agents, which is anticipated to lead to breakthroughs in productivity tools and daily life assistance [6][7] Summary by Sections Cloud Pricing Trends - AWS has raised its EC2 machine learning capacity block prices by approximately 15%, with specific instance costs increasing from $34.61 to $39.80 per hour [4] - Google Cloud will adjust its data transmission prices starting May 1, 2026, with North America seeing a price increase from $0.04 to $0.08 per GB [4] AI Agent Development - Clawdbot, created by PSPDFKit founder Peter Steinberger, has received over 65,800 stars on GitHub since its launch in late 2025, showcasing its compatibility with multiple operating systems and productivity tools [5] - Kimi has released the K2.5 model, enhancing its agent capabilities for everyday office software, while Alibaba's Qianwen app has integrated various services to function as an AI shopping assistant [6] Investment Recommendations - The report suggests focusing on the AI infrastructure supply chain, with key recommendations including companies like Deepin Technology, Parallel Technology, Qingyun Technology, and others that are expected to benefit from the rising demand for computing power [7]

Group 1: Market Trends and Investment Themes - The market is currently in a major cycle of thematic investment, with significant opportunities emerging in areas like humanoid robots, commercial aerospace, and Hainan Free Trade Port[2] - Thematic investments are expected to become more active in 2026, driven by abundant liquidity and technological breakthroughs in AI[2] - Historical patterns show that thematic investments thrive during periods of weak fundamentals and ample liquidity, often triggered by technological breakthroughs and policy guidance[2][17] Group 2: Selection Criteria for Strong Themes - The strategy for selecting strong themes is summarized as "buy new, not old; buy big, not small," aiming to avoid trapped positions and benefit from high elasticity[3][22] - New themes often lack valuation anchors, allowing for greater price appreciation potential compared to established themes[3][22] - Strong themes should encompass significant narratives and capacity, capable of attracting substantial institutional investment[3][23] Group 3: Five Potential Strong Themes for 2026 - The five potential strong themes for 2026 include AI+ (AI for Science), embodied intelligence, nuclear fusion energy, quantum technology, and brain-computer interfaces[27] - AI+ is shifting focus from computational power to accelerated application penetration, with significant growth in AI demand observed in both the U.S. and China[28] - Embodied intelligence is seen as a core battleground for future manufacturing, with the U.S. excelling in software and China in hardware[44][45] Group 4: Specific Insights on Key Themes - Nuclear fusion energy is recognized as a strategic priority, with significant advantages over traditional energy sources, including near-infinite fuel supply and alignment with global carbon neutrality goals[4][27] - Quantum technology represents a disruptive technological revolution, with three core pillars: quantum computing, quantum communication, and quantum measurement, poised to transform existing technologies[5][27] - Brain-computer interfaces are positioned as a national strategic focus, with ongoing breakthroughs expected to drive industry transformation and reshape multiple ecosystems[6][27]

Group 1: Profit Trends - In 2025, the cumulative profit of national industrial enterprises increased by 0.6% year-on-year, reversing a three-year decline[3] - December 2025 saw a significant profit increase of 18.4% year-on-year, reaching 5.3%[4] - The profit margin improved by 15.5 percentage points compared to previous months, indicating a recovery in profitability[4] Group 2: Revenue and Costs - December 2025 revenue decreased by 3.2% year-on-year, a decline of 3.0 percentage points from the previous value[4] - The cost structure for every 100 yuan of revenue in December included costs of 83.6 yuan, expenses of 10.7 yuan, and profit contributions from investment income of 5.6 yuan[5] - The "investment income + other income" significantly improved, suggesting a strong performance in the stock market and commodity prices[5] Group 3: Sector Performance - The profit share of the midstream sector rose to 40.7%, while upstream and downstream sectors saw varying performance[6] - High-tech manufacturing sectors, such as integrated circuit manufacturing, showed remarkable growth rates of 172.6% and 128.0% respectively[6] - The profit growth gap between "anti-involution" and "non-anti-involution" industries narrowed to -2.6 percentage points, indicating a convergence in performance[6] Group 4: Inventory and Economic Outlook - The inventory-to-sales ratio increased, indicating a need for further domestic demand policies to stimulate the economy[7] - Overall, the industrial profit trend suggests a positive outlook for early 2026, supported by anticipated policy measures and a favorable base effect[7] - Risks include potential policy changes, geopolitical tensions, and unexpected economic downturns in the U.S.[7]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is positioned as a high-elasticity player in the egg cycle, with growth driven by international expansion and lysozyme projects [2] - The company anticipates a significant increase in net profit for 2025, projecting a range of 80 million to 92 million yuan, representing a year-on-year growth of 75.44% to 101.75% [2] - The report highlights the successful launch of the Sichuan Oufu processing base, which enhances the company's supply chain capabilities and product gross margins due to declining raw egg prices [3] - The international egg price surge in 2025 presents an opportunity for the company to expand its overseas market presence, with successful exports of its lysozyme project contributing to new profit growth [4] Financial Summary - The company expects revenue to grow from 906 million yuan in 2024 to 1.131 billion yuan in 2025, reflecting a year-on-year increase of 24.8% [6] - The projected net profit for 2025 is 84 million yuan, up from 46 million yuan in 2024, indicating an 84.3% year-on-year growth [6] - Gross margin is expected to improve from 16.6% in 2024 to 18.2% in 2025, while net margin is projected to rise from 5.0% to 7.4% [6][9] - The company's earnings per share (EPS) is forecasted to increase from 0.22 yuan in 2024 to 0.41 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio decreasing from 49.3 to 26.7 [6]

行 业 研 究 2026 年 01 月 28 日 投资评级：看好（维持） 行业走势图 -26% 0% 26% 53% 79% 106% 2025-02 2025-06 2025-10 通信 沪深300 数据来源：聚源 相关研究报告 《重视 AI 云 IAAS 稀缺性：AIDC 及 算力租赁—行业点评报告》-2026.1.27 《重视边际变化：卫星和国产 AI 链— 行业周报》-2026.1.25 《重视硅光和 CPO 链投资机会—行业 点评报告》-2026.1.21 重视通信涨价方向：AI 云 IAAS 和光纤 ——行业点评报告 蒋颖（分析师） jiangying@kysec.cn 证书编号：S0790523120003 亚马逊 AWS 宣布涨价，AI 云基础设施稀缺性或日益凸显 2026 年 1 月 23 日，全球云计算巨头亚马逊云科技宣布对其面向大模型训练的 EC2 机器学习容量块实施约 15%的价格上调，这是 AWS 长达约二十年首次打破。 "只降不涨"的定价传统。机器学习容量块是 AWS 为应对高性能 GPU 等稀缺 计算资源供需失衡所推出的定制化服务模式，用户可提前预订指定型号的 GPU 实例，确保 ...