Investment Rating - The investment rating for the mechanical equipment industry is "Positive" (maintained) [1] Core Insights - The humanoid robot sector is showing structural strength with a clear upward trend, as indicated by the recent index movements and increased funding attention on core companies [5][6] - Key drivers for the humanoid robot industry include Elon Musk's announcement of the Optimus robot's public sale expected by the end of 2026 or early 2027, the debut of the "Magic Atom Robot" at the 2026 CCTV Spring Festival Gala, and the verification of mass production capabilities by Yushu Technology [6][15] - The industry is transitioning from technology validation to mass production, establishing a solid foundation for long-term growth [6][15] Summary by Sections Humanoid Robot Sector Performance - The humanoid robot index has entered a fluctuating upward channel, with a 0.82% increase, outperforming the Shanghai and Shenzhen 300 index, which saw a slight decline of 0.62% [5][14] - The top five performers in the humanoid robot sector for the week include New Coordinates (36.30%), Weichuang Electric (12.31%), and Top Group (11.30%) [5][14] Upcoming Events and Innovations - The "Magic Atom Robot," developed by Chasing Technology, will showcase its capabilities at the 2026 CCTV Spring Festival Gala, marking a significant step in public recognition and market penetration for humanoid robots [20][28] - The Magic Bot Z1 and Magic Dog are expected to demonstrate advanced motion control and real-time interaction capabilities, which are crucial for their acceptance in mainstream applications [21][24] Focus on Mass Production and Commercialization - The year 2026 is pivotal for the humanoid robot industry, with a focus on "certainty" in production and commercial viability, moving from a "0-1" to "1-10" phase in 2025 [35][42] - Companies with strong production capabilities and clear mass production expectations are highlighted as key investment targets, including structural components and motors [42]

北交所策略专题报告 2026 年 01 月 25 日 农药落后产能出清加速，聚焦合规龙头集中度与盈利修复 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2026 年 1 月 8 日，财政部、税务总局联合发布《关于调整光伏等产品出口退税 政策的公告》，公告指出自 2026 年 4 月 1 日起，取消光伏等部分产品的出口退税， 产品清单中包括草铵膦、精草铵膦、敌敌畏和烯禾啶等多款农药原药品种；本次 调整主要针对农药原药及中间体，而农药制剂的出口退税政策并未变动。本次政 策精准指向产能过剩和高毒禁限用品种，旨在整治长期存在的"内卷外化"顽疾， 倒逼产业转向以技术、品牌和全球价值链为核心的高质量发展轨道。2026 年 1 月 1 日开始施行的"一证一品"政策，将推动大量违规低价产品退出市场，行业 集中度将进一步提升，拥有丰富登记证资源的头部企业将获得绝对优势，登记证 从"准入许可证"变为核心战略资源；"一证一品"助力农药价格脱离"成本线"， 价格体系有望向更合理的方向修复。随着农药行业景气回暖，北交所公司颖泰生 物业绩也得到改善 ...

Group 1 - The report highlights the introduction of the "Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries for New Energy Vehicles," which will take effect on April 1, 2026, mandating a full lifecycle management approach for retired batteries [4][16][17] - The total amount of retired lithium batteries in mainland China is projected to increase from 157,100 tons in 2020 to 455,100 tons in 2024, representing a compound annual growth rate (CAGR) of 30.5% [4][37][39] - The report identifies four companies listed on the Beijing Stock Exchange involved in lithium battery recycling, with a total market capitalization of 10.459 billion yuan as of January 23, 2026 [4][45][46] Group 2 - The chemical new materials sector experienced an average weekly increase of 5.11% in stock prices, with notable companies such as Meibang Technology and Tianli Composite showing significant gains [5][62] - The average price-to-earnings (P/E) ratio for the chemical new materials industry rose to 42.5X, indicating a positive market sentiment [5][62] - The technology sector saw a median P/E ratio increase from 44.3X to 44.7X, with a total market capitalization growth from 546.417 billion yuan to 560.692 billion yuan [6][76][77] Group 3 - The report emphasizes the importance of both tiered utilization and recycling of retired power batteries, with tiered utilization focusing on reusing batteries with remaining capacity for applications such as energy storage systems [25][26] - The recycling process aims to extract valuable materials from waste batteries, with physical and chemical recovery methods being the primary techniques employed [27][29][30] - The report notes that the global processing volume of retired batteries is expected to grow from 338,400 tons in 2020 to 1.3 million tons by 2024, with a CAGR of 40.6% [40]

Group 1 - The report highlights the strategic support from the National Medical Insurance Administration for the "going out" strategy of Chinese pharmaceuticals and medical devices, indicating a systematic empowerment phase for international expansion [10][11][12] - By 2025, China is expected to approve 76 innovative drugs, with over 150 transactions for external authorization, amounting to more than 130 billion USD, showcasing the global appeal of Chinese pharmaceutical innovations [11][12] - The medical equipment export market is projected to cover over 190 countries and regions, with a global market share of 8.17% in 2024, ranking China fourth globally [21][31] Group 2 - The report notes that the revenue of medical device manufacturing companies in China is expected to reach 1.42 trillion CNY in 2025, reflecting a year-on-year growth of 5% [16][19] - As of October 2025, the number of medical device manufacturers in China is projected to reach 33,300, indicating a continuous increase in production capacity [19][20] - The number of effective invention patents in the medical device sector is expected to reach 50,525 in 2024, representing a year-on-year growth of 21.63%, which supports innovation in the industry [20][24] Group 3 - The report identifies eight medical device and biopharmaceutical companies listed on the Beijing Stock Exchange, including Danaher Biologics, Beikang, and others, highlighting their market presence [34][30] - Among the 101 companies listed on the New Third Board related to medical devices, 31 are recognized as national-level specialized and innovative "little giant" enterprises, with six expected to achieve a net profit exceeding 70 million CNY in 2024 [34][35] - The report mentions that 14 companies in the medical and biological field are currently awaiting approval on the Beijing Stock Exchange, with an average revenue of 438 million CNY in 2024 [48][51]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector is currently at a low position in terms of fundamentals and valuations, presenting significant investment opportunities as the peak season approaches [4][12] - The food and beverage index experienced a decline of 1.4% from January 19 to January 23, ranking 25th among 28 sectors, underperforming the CSI 300 by approximately 0.8 percentage points [12][13] - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, indicating a mild recovery trend, and has returned to relatively high levels compared to recent years [4][12] - The upcoming Spring Festival is expected to catalyze performance in the sector, with strong demand for consumer goods, particularly in the snack segment, which continues to show upward momentum [4][12] Summary by Sections Weekly Insights - The food and beverage sector is positioned for a recovery as it approaches the peak season, with a notable increase in demand expected during the Spring Festival [4][12] - The sector's current valuation aligns with policy support aimed at boosting consumption, providing a safety margin for investments [4][12] Market Performance - The food and beverage index's performance was weaker than the broader market, with specific sub-sectors like snacks (+6.1%), processed foods (+4.9%), and baked goods (+4.3%) showing relative strength [12][13] Upstream Data - Recent data indicates a decline in some upstream raw material prices, with whole milk powder prices down 13.5% year-on-year as of January 20, 2026 [19][21] - The price of fresh milk was reported at 3.03 CNY per kilogram, reflecting a year-on-year decrease of 2.6% [19][21] Alcohol Industry Data - In December 2025, the production of liquor (65-degree equivalent) decreased by 12.1% year-on-year, with a total production of 354.9 million liters for the year [42][43] Recommended Investment Targets - Key investment opportunities identified include raw milk/dairy products, the snack sector, and the restaurant supply chain, with specific companies highlighted for their growth potential [4][5][12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The pharmaceutical and biotechnology sector is expected to experience a cyclical recovery in raw material prices for animal health products in 2026, following a prolonged decline due to oversupply and weak downstream demand [5][49] - Heparin and iodine contrast agent raw materials are currently at the bottom of their price cycles, with heparin prices declining sharply in Q4 2023 due to market pressures, while iodine prices have seen a recent recovery driven by strong demand from other industries [6][51] Summary by Sections Industry Trends - The pharmaceutical and biotechnology sector saw a decline of 0.39% in the third week of January 2026, outperforming the CSI 300 index by 0.23 percentage points, ranking 27th among 31 sub-industries [7][58] - The offline pharmacy segment experienced the highest increase, rising by 9.66%, while the medical research outsourcing segment faced the largest decline, dropping by 3.96% [7][61] Price Trends - The average price of florfenicol has decreased from the range of 400-700 RMB/kg to a recent range of 100-200 RMB/kg, indicating a significant drop to historical lows [5][47] - Heparin API prices are stabilizing, while iodine raw material prices are expected to rise in 2025 due to previous supply constraints [51][55] Recommended Stocks - Monthly recommended stocks include WuXi AppTec, 3SBio, and CSPC Pharmaceutical Group, among others [8] - Weekly recommended stocks include Kanglong Chemical, WuXi AppTec, and Aopumai [8]

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The electronic industry index experienced a weekly change of +1.58%, with semiconductors rising by 2.7% and consumer electronics declining by 1.4% [4] - TSMC plans to build four advanced packaging facilities to enhance backend capacity, driven by strong demand for AI [6] - The AI hardware market is expected to see a surge in product launches, including OpenAI's AI audio headphones with projected shipments of 40-50 million units in the first year [5] Market Review - The semiconductor sector is witnessing a significant increase in demand, with TSMC's 3nm capacity fully booked until 2027 due to AI demand [6] - Major storage companies are entering a price increase cycle as they face unprecedented chip shortages, with Micron indicating that its HBM orders for 2026 are already filled [5] - The import value of key semiconductor equipment in China reached 15.5 billion yuan in December 2025, marking a 244% month-on-month increase [6] Industry Developments - AI infrastructure is rapidly developing, with domestic GPU manufacturers accelerating their self-sufficiency processes [5] - Companies like SK Hynix and Kioxia have reported that their chip and flash memory production capacities for 2026 are already sold out, exacerbating NAND supply pressures [5] - The Nasdaq index saw a slight decline of 0.06% this week, while notable gains were observed in companies like SanDisk (+14.56%) and AMD (+12.01%) [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The pharmaceutical and biotechnology sector is expected to experience a cyclical recovery in raw material prices for animal health products in 2026, following a prolonged decline due to oversupply and weak downstream demand [5][49] - Heparin and iodine contrast agent raw materials are currently at the bottom of their price cycles, with heparin prices declining sharply in Q4 2023 due to market pressures, while iodine prices have seen a recent recovery driven by strong demand from other industries [6][51] Summary by Sections Industry Trends - The pharmaceutical and biotechnology sector saw a decline of 0.39% in the third week of January 2026, outperforming the CSI 300 index by 0.23 percentage points, ranking 27th among 31 sub-industries [7][58] - The offline pharmacy segment experienced the highest increase, rising by 9.66%, while the medical research outsourcing segment faced the largest decline, dropping by 3.96% [7][61] Price Trends - The average price of florfenicol has decreased from the range of 400-700 RMB/kg to a recent range of 100-200 RMB/kg, indicating a significant drop to historical lows [5][47] - Heparin raw material prices have stabilized after a period of decline, while iodine raw material prices are expected to rise again in 2025 due to increased demand [51][55] Recommended Stocks - Monthly recommended stocks include WuXi AppTec, 3SBio, and CSPC Pharmaceutical Group, while weekly recommendations feature companies like Kanglong Chemical and Yao Ming He Lian [8]

Group 1 - The report indicates that the recent market adjustment does not warrant panic, as the spring rally may continue, with small-cap stocks outperforming large-cap stocks in the current environment [2][12][35] - There has been a significant net outflow from broad-based ETFs, particularly from the CSI 300 ETF, which is not seen as a signal to exit the market but rather as a healthy market behavior [3][14][20] - The report highlights that in a bullish market, changes in trading volume often trigger a style switch favoring small-cap stocks, which tend to outperform large-cap stocks when average daily trading volume increases [4][27][28] Group 2 - The investment strategy suggests maintaining a positive outlook on the market, with a focus on technology and cyclical sectors as dual drivers of growth [5][35] - Specific industry allocations are recommended, including technology sectors such as AI hardware, military, media (gaming), and cyclical sectors benefiting from PPI improvements [36][35] - The report emphasizes the importance of monitoring the changes in institutional positions within the AI sector and the transition of new themes in the first year of the 14th Five-Year Plan, such as commercial aerospace and brain-computer interfaces [5][36]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The automotive sector shows a strong performance with a 2.21% increase, outperforming the broader market [6][23] - The demand for high-end domestic passenger vehicles is exceeding expectations, with a favorable competitive landscape [7] - The commercial vehicle index has seen a significant increase of 7.38%, indicating robust growth in this segment [6] Industry News - Geely's self-developed all-solid-state battery is set to complete its first pack line by the end of the year [5][13] - Tesla has adjusted its Model S/3/X/Y and Cybertruck models, removing the standard Autopilot feature and shifting to a subscription model for FSD [5][13] - Xiaopeng Motors has expanded its global sales network to over 1,000 outlets, entering nearly 30 new markets [5][16] - The humanoid robot market is seeing significant growth, with UNITREE announcing over 5,500 units shipped in 2025, potentially leading the industry [5][17] Market Performance - The automotive sector's performance is ranked 16th among A-share industries this week, with a notable increase in the commercial vehicle and auto parts sectors [6][23] - The passenger vehicle sector's PE valuation has decreased, while commercial vehicles and auto parts have seen a 10% increase in PE valuations [10][12] Investment Recommendations - For passenger vehicles, companies like JAC Motors and Seres are recommended due to strong demand and competitive positioning [7] - In the auto parts sector, companies such as Desay SV and Zhejiang Xiantong are highlighted for their growth potential amidst improving profitability [7]