1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The recovery of prices will form the fundamental basis for the upward movement of bond yields in 2026. If the PPI month - on - month can maintain 0.15 - 0.2%, it is only a matter of time before the year - on - year price recovery reaches 2%. The "potential inflation 2.0%" will form the lower limit of the 10 - year treasury bond. The 10 - year treasury bond is expected to fluctuate in the range of 2 - 3%, with a central value of 2.5% [1][5]. - The economic recovery falling short of expectations has been disproven. Coupled with possible broad credit and broad fiscal policies at the beginning of 2026, the economic cycle will accelerate its recovery. If there are broad monetary policies, it will be a chance to reduce holdings, similar to 2025. Attention should be paid to whether the PPI month - on - month can remain positive. If inflation rises month - on - month, there is a possibility of tightened funds, and short - term bond yields will also rise. Real estate is a lagging indicator, and it may bottom out after the recovery of various economic indicators and the rise of the stock market [6]. 3. Summary by Relevant Catalogs 3.1 2026 January Price Data - CPI: The year - on - year increase in CPI fell, and the month - on - month increase was the same as the previous value. The year - on - year increase was lower than expected, mainly due to the Spring Festival date difference. The core CPI increased by 0.3% month - on - month, showing a mild recovery [3][4]. - PPI: The PPI increased month - on - month for four consecutive months, and the year - on - year decline further narrowed. It is expected that prices will enter a "positive growth" phase, which is one of the expected differences in 2026 [4]. - Price Index Base Period Rotation: The impact of this base period rotation on the year - on - year indices of CPI and PPI is generally small. The weights of service items in the CPI have increased, while those of consumer goods have decreased [4]. 3.2 Market Conditions - On February 11, the long - term yield fluctuated downward. From the divergence index, funds were the main buyers of bonds. After the release of inflation data, the CPI year - on - year increase was lower than expected, and with the buying of trading desks, the active 10 - year treasury bond broke through the 1.79% mark, reaching a minimum of 1.7840% [6].

- The report focuses on the significant rise of the Space Solar Power Index (8841929.WI), which tracks companies related to the space solar power theme. Since April 7, 2025, the index has increased by 82.89%, significantly outperforming the Wind All A Index during the same period. In 2026 alone, the index has risen by 30.17% as of February 11, attracting substantial market attention [3][15][16] - The report analyzes public fund holdings in the Space Solar Power sector. Using a complex process based on fund net value, disclosed holdings, and research activities, it was found that public fund allocations to this sector have been recovering since September 2024 [4][18][20] - ETF holdings in the Space Solar Power sector have been in a declining trend since September 2024. This dynamic is highlighted as an important observation point for market fund movements, especially given the rapid growth of index investment products, with public ETF fund total scale surpassing 6 trillion yuan by the end of Q4 2025 [4][22][23] - Margin financing balances in the Space Solar Power sector have shown a significant increase since February 2026, indicating a bullish sentiment among investors [4][25][26] - The report provides detailed insights into institutional research activities, identifying companies such as Xizi Clean Energy, Solar Energy, and Jinko Solar as the most frequently researched over the past three months [5][27] - Snowball platform analysis reveals that stocks like ST Jingji, Jiejia Weichuang, and Jinko Solar have garnered the highest attention from influential Snowball users since January 20, 2026 [5][28][29] - Analysis of major fund flows shows that stocks such as ST Jingji, Jept Optics, and Tori New Energy have experienced the highest net inflows of major funds since January 20, 2026. Major funds are represented by large and ultra-large orders [5][32][33] - The report highlights stocks that appeared on the Dragon Tiger List since January 20, 2026, including Jinjing Technology, Jiejia Weichuang, and Mingyang Smart. The Dragon Tiger List reflects the most active trading dynamics in the market [5][33][34] - High-frequency shareholder data analysis identifies companies like Lead Intelligent, Tori New Energy, and China Satellite as having the highest shareholder count growth, which may indicate potential risks for subsequent stock price movements [5][35][36]

Investment Rating - The report assigns a "Buy" rating for Longxin General (隆鑫通用) as a first-time coverage [1] Core Views - Longxin General is a leading company in the motorcycle and all-terrain vehicle sectors in China, with a strategic focus on three main business areas: motorcycles, all-terrain vehicles, and general machinery. The company has made significant advancements in high-end motorcycle series and smart garden machinery through continuous technological innovation [2][4] - The collaboration with Zongshen Power, a major shareholder, is expected to enhance the company's core competitiveness through synergies in technology research and development, supply chain management, and overseas channels [2] - The company is projected to achieve net profits of 1.73 billion, 2.25 billion, and 2.70 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.84, 1.10, and 1.31 yuan. The current stock price corresponds to PE ratios of 18.9, 14.5, and 12.1 times for the same years [2] Financial Summary and Valuation Indicators - Revenue is expected to grow from 13.066 billion yuan in 2023 to 27.396 billion yuan in 2027, with a CAGR of 12.7% from 2020 to 2024 [6][28] - The net profit attributable to shareholders is projected to increase from 583 million yuan in 2023 to 2.698 billion yuan in 2027, with a CAGR of 23.6% during the same period [6][28] - The gross margin is expected to stabilize around 18% from 2024 to 2027, while the net margin is projected to rise from 4.5% in 2023 to 9.8% in 2027 [6][28] - The company’s EPS is forecasted to grow from 0.28 yuan in 2023 to 1.31 yuan in 2027, reflecting strong earnings growth [6][28] Business Development - Longxin General has optimized its business structure by focusing on core areas and divesting non-core businesses, which has led to improved profitability [3][28] - The motorcycle segment is expected to see significant growth, with the high-end "Wuji" brand contributing over 30% of motorcycle revenue by 2024, and a compound annual growth rate (CAGR) of 34.9% from 2020 to 2024 [4][52] - The all-terrain vehicle segment is also experiencing rapid growth, with a revenue increase of 73.9% in 2024 [54] - The company is expanding its global presence, with products sold in over 90 countries and more than 2,000 sales points worldwide [4][39] Strategic Changes - The recent change in shareholding structure, with Zongshen New Manufacturing becoming the controlling shareholder, is expected to bring significant synergies and enhance governance [3][22] - The management team remains stable, with experienced leaders who have been with the company for many years, ensuring continuity in strategic execution [25][26]

Investment Rating - The report assigns a "Buy" rating for Longxin General (603766.SH) for the first time [1]. Core Views - Longxin General is a leading company in the motorcycle and all-terrain vehicle sectors in China, with a strategic focus on three main business areas: motorcycles, all-terrain vehicles, and general machinery. The company has made significant advancements in high-end motorcycles and smart garden machinery through continuous product innovation [2][4]. - The collaboration with Zongshen Power, a major shareholder, is expected to enhance the company's core competitiveness through synergies in technology research and development, supply chain management, and overseas channels [2][3]. - The company is projected to achieve net profits of 1.73 billion, 2.25 billion, and 2.70 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.84, 1.10, and 1.31 yuan, leading to a PE ratio of 18.9, 14.5, and 12.1 times [2]. Financial Summary - The company's revenue is expected to grow from 13.066 billion yuan in 2023 to 27.396 billion yuan in 2027, with a compound annual growth rate (CAGR) of 15.2% [6]. - The net profit attributable to shareholders is projected to increase from 583 million yuan in 2023 to 2.698 billion yuan in 2027, reflecting a CAGR of 19.7% [6]. - The gross margin is expected to stabilize around 18% from 2024 onwards, while the net margin is projected to rise from 4.5% in 2023 to 9.8% in 2027 [6]. Business Development - Longxin General has optimized its business structure by focusing on core areas and divesting non-core businesses, which has led to improved profitability. The motorcycle and engine business revenue is expected to grow significantly, contributing to 75.4% of total revenue by 2024 [20][28]. - The company has established a comprehensive product matrix covering various motorcycle segments, including high-performance models under the "VOGE" brand, which is expected to drive growth in the mid to high displacement motorcycle market [20][39]. - The all-terrain vehicle (ATV) segment is also experiencing growth, with a revenue increase of 73.9% in 2024, supported by a robust product lineup and expansion into international markets [54][58]. Strategic Changes - The recent change in the company's shareholding structure, with Zongshen New Manufacturing becoming the controlling shareholder, is anticipated to bring significant synergies and enhance governance [3][22]. - The management team remains stable, with experienced leaders who have been with the company for many years, ensuring continuity in strategic execution [25][26]. Market Position - Longxin General has established a global distribution network covering over 90 countries and more than 2,000 sales points, enhancing its brand presence and operational capabilities [4][39]. - The company is well-positioned to capitalize on the growing demand for motorcycles and all-terrain vehicles, particularly in international markets, as it continues to innovate and expand its product offerings [4][39].

美国就业市场短期仍显现较强韧性 宏观研究团队 ——美国 1 月非农就业数据点评 | 何宁（分析师） | 潘纬桢（分析师） | | --- | --- | | hening@kysec.cn | panweizhen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524040006 | 事件：美国公布 1 月非农就业数据。新增非农就业 13 万，高于市场预期；失业 率为 4.3%，低于市场预期。平均时薪同比增长 3.7%，符合预期。 宏观经济点评 2026 年 02 月 12 日 新增非农就业超预期上行，2025 年数据大幅下修 1. 新增非农就业上行较多，但 2025 年新增就业数据大幅下修 1 月美国新增非农就业 13 万人，较 2025 年 12 月份初值（5.0 万）有较大幅度上 行，高于市场预期的 6.5 万。2025 年 11 月、2025 年 12 月新增非农就业分别下 修 0.2 万、1.5 万，两个月累计下修 1.7 万 。此外，由于 BLS 在年初会对就业数 据进行基准修订，报告还显示 2025 年 3 月的美国总就业人数下修 89.8 万，在 新 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company is expected to see a 46.39% year-on-year increase in net profit attributable to shareholders, with projected revenue of 406 million yuan for 2025 [4] - The core business segments are experiencing a recovery in demand, contributing to stable revenue and profit growth [4] - The company is actively expanding into new product categories and enhancing its overseas business presence [5] Financial Summary - Total revenue is projected to grow from 389 million yuan in 2023 to 662 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 23.7% [7] - Net profit attributable to shareholders is expected to increase from 53 million yuan in 2023 to 103 million yuan in 2027, with a significant growth rate of 18.4% in 2027 [7] - The company's gross margin is projected to stabilize around 30.6% from 2026 onwards [8] Business Development - The company has established a presence in overseas markets, with external sales accounting for approximately 56.88% of total revenue as of Q3 2025 [5] - New factories are in trial production, which will help address capacity constraints once regulatory approvals are obtained [5] - The company plans to diversify its product offerings beyond amino acids to include derivatives, functional peptides, and other innovative products [4]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company has reported a significant increase in its net profit, with a year-on-year growth of 45% in the net profit attributable to the parent company [5] - The semiconductor and consumer sectors are experiencing a dual resonance, driving the company's growth and market positioning [6] - The electronic measurement instrument market is projected to grow steadily, with the market size expected to reach 55.81 billion yuan by 2025, reflecting a compound annual growth rate of 12.33% from 2020 [7] Financial Performance Summary - In 2025, the company achieved a revenue of 232 million yuan, representing a year-on-year increase of 19.57%, and a net profit of 69.1 million yuan, up 37.01% [5] - The company's earnings per share (EPS) are projected to be 0.43 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 82.2, 68.3, and 56.3 for the years 2025, 2026, and 2027 respectively [5][8] - The gross margin is expected to be 58.3% in 2025, with a net margin of 29.8% [8][12] Market and Industry Trends - The company is focusing on the power semiconductor industry, aligning its product development with core testing needs in the sector [6] - The electronic measurement instrument market is benefiting from policy support, the commercialization of 5G, and the rapid penetration of the electric vehicle market [7] - The company is enhancing its market promotion and channel layout, deepening cooperation with strategic customers to solidify its integrated testing service capabilities [6]

金融工程专题 2026 年 02 月 11 日 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 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 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：S0790525070001 常津铭（研究员） 证书编号：S0790126010044 相关研究报告 《量体裁衣：可转债的分层组合方 法》- 2022.02.12 《可转债配置：低估值增强与风格轮 动》- 2024.05.30 《可转债基金：分类、配置与优选》 2024.12.31 可转债指数的复制与增强 ——开源量化评论（120） 魏建榕（分析师） 苏俊豪（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 sujunhao@kysec.cn 证书编号：S0790522020 ...

Quantitative Models and Construction Methods 1. Model Name: Event-Driven Stock Selection Strategy Based on Internal Incentive and Commitment Events - **Model Construction Idea**: The model leverages three core internal incentive and commitment events—equity incentives, employee stock ownership plans (ESOPs), and stock repurchase plans—to construct an event-driven stock selection strategy. These events are considered to have significant pricing implications for stock performance[3][4][14] - **Model Construction Process**: 1. **Equity Incentive Strategy**: - Select stocks that announced equity incentive plans within the past 60 calendar days - Exclude stocks that terminated equity incentives by the end of the month - Use equity incentive scale as a positive indicator and executive shareholding ratio as a negative indicator - Normalize scores using z-score and select the top 15 stocks for equal-weighted holding - Rebalance monthly with a transaction fee of 0.3% per side[119][121] 2. **ESOP Strategy**: - Select stocks that announced ESOPs within the past 60 calendar days - Exclude stocks that terminated ESOPs by the end of the month - Use ESOP scale as a positive indicator and select the top 15 stocks for equal-weighted holding - Rebalance monthly with a transaction fee of 0.3% per side[124][127] 3. **Stock Repurchase Strategy**: - Select stocks that announced stock repurchase plans within the past 60 calendar days - Rank stocks by trailing twelve-month (TTM) net profit and select the bottom 15 stocks for equal-weighted holding - Rebalance monthly with a transaction fee of 0.3% per side[131][133] 4. **Multi-Strategy Fusion**: - Combine the above three strategies into a unified portfolio using equal weighting - Rebalance monthly to form a composite investment strategy[138][140] 2. Model Evaluation - **Equity Incentive Strategy**: Demonstrates strong long-term performance with significant excess returns over the benchmark, indicating its effectiveness in capturing pricing signals from equity incentive events[121] - **ESOP Strategy**: Shows robust excess returns, with larger ESOP scales generally leading to higher future returns, reflecting the market's positive response to employee ownership[127] - **Stock Repurchase Strategy**: Exhibits higher volatility and less stable excess returns compared to the other two strategies, but still provides meaningful pricing signals, especially for companies with low current profitability[136] - **Multi-Strategy Fusion**: Combines the strengths of individual strategies, achieving complementary effects and delivering stable excess returns over the benchmark[141] --- Model Backtesting Results 1. Equity Incentive Strategy - Annualized Return: 27.02% - Annualized Volatility: 33.16% - Sharpe Ratio: 0.83 - IR: 1.13 - Maximum Drawdown: -54.89%[121][122] 2. ESOP Strategy - Annualized Return: 20.92% - Annualized Volatility: 29.00% - Sharpe Ratio: 0.73 - IR: 1.05 - Maximum Drawdown: -57.34%[127][128] 3. Stock Repurchase Strategy - Annualized Return: 16.04% - Annualized Volatility: 27.75% - Sharpe Ratio: 0.6 - IR: 0.8 - Maximum Drawdown: -36.15%[136][137] 4. Multi-Strategy Fusion - Annualized Return: 22.62% - Annualized Volatility: 29.58% - Sharpe Ratio: 0.77 - IR: 1.13 - Maximum Drawdown: -56.03%[141][142] --- Quantitative Factors and Construction Methods 1. Factor Name: Equity Incentive Scale - **Factor Construction Idea**: The scale of equity incentives reflects the intensity of management's commitment to improving company performance and aligning interests with shareholders[87] - **Factor Construction Process**: - Calculate the proportion of granted shares to total shares based on equity incentive announcements - Group samples into quintiles and analyze cumulative returns over 60 trading days post-announcement[87][88] - **Factor Evaluation**: Larger equity incentive scales are positively correlated with stronger stock performance, indicating effective alignment of management and shareholder interests[87] 2. Factor Name: ESOP Scale - **Factor Construction Idea**: The scale of ESOPs indicates the degree of employee engagement and alignment with company performance[89] - **Factor Construction Process**: - Calculate the proportion of ESOP shares to total shares based on ESOP announcements - Group samples into quintiles and analyze cumulative returns over 60 trading days post-announcement[89][91] - **Factor Evaluation**: While not strictly monotonic, larger ESOP scales generally lead to better stock performance, making it a useful positive indicator[91] 3. Factor Name: Stock Repurchase Scale - **Factor Construction Idea**: The scale of stock repurchases reflects management's confidence in the company's valuation and future prospects[93] - **Factor Construction Process**: - Use the maximum repurchase amount as a proportion of total shares to measure repurchase scale - Group samples into quintiles and analyze cumulative returns over 60 trading days post-announcement[93][95] - **Factor Evaluation**: Higher repurchase scales are associated with better stock performance, particularly for mid-to-high scale groups[95] --- Factor Backtesting Results 1. Equity Incentive Scale - Highest Quintile Annualized Return: >35%[90] 2. ESOP Scale - Highest Quintile Annualized Return: ~30-35%[92] 3. Stock Repurchase Scale - Second-Highest Quintile Annualized Return: ~50-60%[95] 4. Multi-Strategy Fusion - Annualized Return Range: 21%-28% across different parameter settings[149][150]

Group 1: CPI Analysis - January CPI year-on-year growth decreased to 0.2%, down 0.6 percentage points from the previous value of 0.8%[13] - Food CPI month-on-month growth remained flat at 0.2%, with a decrease of 0.3 percentage points from the previous value[4] - Core CPI month-on-month increased to 0.3%, up 0.1 percentage points from the previous value, marking four consecutive months above seasonal levels[5] Group 2: PPI Analysis - January PPI year-on-year growth improved to -1.4%, up 0.5 percentage points from the previous value of -1.9%[6] - Month-on-month PPI increased by 0.4%, the highest since 2024, with contributions of 0.33 and 0.07 percentage points from input factors and high-end manufacturing respectively[27] - Input factors primarily driven by rising prices of non-ferrous metals contributed significantly to PPI growth[27] Group 3: Future Inflation Predictions - February CPI is expected to remain around 0% month-on-month, with a year-on-year growth forecast of approximately 0.5%[7] - February PPI is anticipated to show a month-on-month decline but a year-on-year increase, with overall PPI for 2026 projected to average around 0.2%[7] - The potential for monthly PPI year-on-year growth turning positive in the second or third quarter of 2026 is noted, depending on international commodity trends and domestic policy[7] Group 4: Risks - Risks include unexpected policy changes and fluctuations in commodity prices that could impact inflation forecasts[34]