Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [5][9][47]. Core Insights - The company, known as a leader in the spicy snack sector, has successfully capitalized on the industrialization of snacks and has redefined standards and consumer perceptions in the spicy strip market. The company benefits from a strong brand and channel power, ensuring its competitive edge [5][6][11]. - The domestic spicy snack market is growing rapidly, with significant potential in the konjac market. The company has established a strong presence in both spicy strips and konjac snacks, leveraging its first-mover advantage and comprehensive advantages in product categories, branding, and distribution channels [6][25][39]. - The company is expected to maintain high profitability driven by its konjac product line, with projected net profits for 2025-2027 of 1.384 billion, 1.696 billion, and 2.012 billion RMB, respectively, reflecting growth rates of 29.53%, 22.52%, and 18.65% [7][46]. Summary by Sections Market Performance - As of January 30, 2026, the closing price of the company's stock is 12.29 HKD, with a market capitalization of approximately 29.88 billion HKD [3]. Financial Projections - The company is projected to achieve revenues of 73.73 billion, 86.51 billion, and 99.69 billion RMB for the years 2025-2027, with year-on-year growth rates of 18%, 17%, and 15% respectively [9][46]. - The konjac product line is expected to see revenue growth rates of 38%, 26%, and 21% during the same period, indicating strong market demand [10][46]. Competitive Landscape - The spicy snack market in China is characterized by a high concentration of brands, with the company holding a significant market share of 28% in the spicy strip segment, far ahead of competitors [25][35]. - The company has a robust distribution network, covering approximately 690,000 retail outlets across China, and is actively exploring international markets, including North America and Southeast Asia [40][39]. Growth Drivers - The company is focusing on product innovation and expanding its product offerings, including new flavors and overseas market penetration, which are expected to drive future growth [40][11]. - The report highlights the company's strategic initiatives to enhance its brand positioning and operational efficiency, which are anticipated to sustain its competitive advantage in the market [39][40].

汽车 | 汽车零部件 北交所|首次覆盖报告 hyzqdatemark 2026 年 02 月 02 日 证券分析师 证券研究报告 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | 2026 | | | 年 | 01 | | 日 | | | | 月 | 30 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 14.68 | | | | | | | 一 年 内 | | 高 | / | | | 低 | | | 最 | 最 | | | | （元） | | | | | | | | 26.68/10.38 | | | | | | 总市值（百万元） | | | | | | | | | | | | 2,227.14 | | 流通市值（百万元） | | | | | | | | | | | | 2,008. ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2026 年 02 月 02 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 1）圆通速递举行 2025 年工作总结暨 2026 年工作部署大会，强调"守底线、强基 石、开新路"。1 月 26 日，圆通速递 2025 年工作总结暨 2026 年工作部署大会召开， 圆通速递董事局主席喻渭蛟表示：要打造安全畅通、便捷高效、自主可控、可持续、 有韧性的供应链；要贯彻执行国家邮政局局长赵冲久关于深入推进交通强国邮政篇 建设等 9 个方面的工作，要以"守底线、强基石、开新路"为管理理念和工作指南， 做好各项重点工作。圆通速递总裁潘水苗围绕"守底线、强基石、开新路"对 2026 年重点工作作了具 ...

Investment Performance - The January stock portfolio achieved a return of +15.42%, outperforming the Shanghai Composite Index and CSI 300 Index by 13.77 percentage points and 8.31 percentage points respectively [2] - The portfolio included one Hong Kong stock with a return of 11.04%, while the Hang Seng Index rose by 6.85% [2] - The top-performing sectors included non-ferrous metals (+23%), media (+18%), and oil and petrochemicals (+16%) [2] February Investment Strategy Outlook - The A-share market has seen increased volatility since late January, influenced by valuation levels and external factors such as precious metals and the US dollar index [3] - The strategy suggests selecting stocks with solid fundamentals and low implied expectations, while maintaining a balanced portfolio to avoid overexposure to any single sector [3] - Key indicators to monitor include the trends in precious metals, the US dollar index, and A-share market trading volume [3] February Stock Recommendations Power Equipment and New Energy - Zhongtian Technology (600522.SH) is recommended due to its leadership in optical fiber and expected benefits from increased demand driven by AI investments and a significant investment plan from the State Grid [5][6] Electronics - Helin Micro-Nano (688661.SH) is favored for its potential growth in the chip testing market, driven by increased complexity and demand for FT probes [7] Robotics - Amperelong (301413.SZ) is highlighted for its expansion in automotive sensor products and its role in the emerging field of humanoid robots [9][10] Media - Alibaba-W (09988.HK) is recommended due to its rapid growth in cloud services and AI-related products, with a significant market share in China's public cloud IaaS market [12][13] Transportation - Southern Airlines (600029.SH) is positioned to benefit from high capacity and operational efficiency, with a projected increase in passenger volume [14] New Materials - Huafeng Aluminum (601702.SH) is expected to benefit from the demand for aluminum materials in the new energy vehicle sector and the trend of "aluminum replacing copper" [16] Building Materials - China Jushi (600176.SH) is recommended as it is positioned to benefit from a market shift in electronic fabrics and the ongoing demand for fiberglass [17] Real Estate - China Merchants Shekou (001979.SZ) is favored for its strong asset structure optimization and focus on core cities, which positions it well in the current market environment [18] Non-Banking Financials - China Life (601628.SH) is expected to perform well in 2026, with strong sales and investment returns [19] North Exchange - Haixi Communications (920405.BJ) is recommended due to its expanding energy storage business and stable traditional operations [22]

Group 1 - The report highlights the recent issuance of a notification by the National Development and Reform Commission and the National Energy Administration to improve the capacity pricing mechanism for power generation, which aims to adapt to the needs of the new power system and market structure [6][9]. - As of the end of 2025, China's cumulative installed capacity of new energy storage is expected to reach 213.3 GW, representing a year-on-year growth of 54%. The market share of lithium-ion batteries in new energy storage is projected to increase significantly from 8.2% at the end of the 13th Five-Year Plan to 65.8% by the end of the 14th Five-Year Plan [12][19]. - The report identifies 13 core companies in the energy storage industry chain listed on the Beijing Stock Exchange, including Changhong Energy, Haixi Communication, and others, which are involved in various aspects of energy storage technology and products [28][29]. Group 2 - The median price-to-earnings (P/E) ratio for the new energy industry on the Beijing Stock Exchange has decreased from 37.1X to 35.9X, with the median market capitalization dropping from 27.2 billion to 24.2 billion [31][32]. - The report notes that the median P/E ratio for electronic equipment companies on the Beijing Stock Exchange has declined from 65.8X to 61.1X, indicating a shift in market valuation trends [31][32]. - The report indicates that the median P/E ratio for mechanical equipment companies has decreased from 44.6X to 42.3X, reflecting changes in investor sentiment and market conditions [31][32].

证券研究报告 房地产 | 房地产开发 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 02 日 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 175,008 | 178,948 | 159,571 | 149,719 | 144,614 | | 同比增长率（%） | -4.37% | 2.25% | -10.83% | -6.17% | -3.41% | | 归母净利润（百万元） | 6,319 | 4,039 | 1,073 | 1,472 | 1,687 | | 同比增长率（%） | 48.20% | -36.09% | -73.42% | 37.15% | 14.57% | | 每股收益（元/股） | 0.70 | 0.45 | 0.12 | 0.16 | 0.19 | | ROE（%） | 5.28% | 3.64% | 0.96% | 1.31% | 1.49% | | 市盈率（P/ ...

Investment Rating - Investment rating: Positive (maintained) [5] Core Insights - The report highlights the ongoing development and opportunities in the media and internet sectors, particularly focusing on AI applications and their integration into various platforms [7][8][12] - The gaming sector is expected to see significant growth with new product launches and high user engagement, particularly during the holiday season [6][9] - The film and television industry is poised for growth with new policies promoting content creation and distribution, alongside anticipated successful releases [9][51] Summary by Relevant Sections Gaming Sector - The upcoming limited test for the game "异环" is set to begin on February 4, with significant user engagement expected from major titles like "三角洲行动" and "超自然行动组" [6] - Major gaming companies are advised to be monitored for their exploration of AI integration, which could lead to a reevaluation of their market value [6] Internet Sector - The report emphasizes the importance of AI Agent technology and the competitive landscape for AI applications, suggesting that major companies like Tencent and Alibaba will continue to leverage their platform advantages [8] - The ongoing adjustments in organizational structures within leading internet companies are seen as strategically valuable for long-term growth [8] Film and Television Sector - The film "飞驰人生 3" is officially scheduled for release during the 2026 Spring Festival, with recommendations to monitor related production and distribution companies [9] - The television industry is expected to benefit from new government initiatives aimed at enhancing content supply, with a focus on long-form video platforms and production companies [9] Company Performance - Perfect World anticipates a net profit of between 720 million and 760 million, while Century Huatong expects a significant revenue increase of approximately 68% year-on-year [11][39] - Jiubang Technology forecasts a net profit increase of 79% to 97% for 2025, reflecting strong operational performance [41] Market Overview - The media sector showed a slight increase of 0.21% in the week of January 26 to January 30, 2026, ranking 10th among all industries [15] - The report notes that the approval of 177 domestic online games in January 2026 indicates a positive regulatory environment for the gaming industry [33]

Investment Rating - The investment rating for the home appliance industry is "Positive" (maintained) [4] Core Insights - The rise of AI NAS, driven by Clawdbot, is expected to expand the demand for NAS, with Ugreen Technology likely to benefit significantly from this trend [5][14] - TCL Electronics is set to collaborate with Sony to take over Sony's television business, potentially allowing them to surpass Samsung and become the global leader in market share [22][23] - Stone Technology has launched new domestic floor cleaning robots, focusing on dual technology lines to enhance market penetration [25] - XGIMI continues to experience high growth overseas, with its new product Horizon 20 performing well in international markets [28] Summary by Sections AI NAS and Ugreen Technology - Clawdbot's popularity signifies a shift in AI applications towards local AI agents, creating a demand for edge hardware [8] - NAS is positioned as the optimal hardware for local AI agents due to its data centralization, low power consumption, and scalable computing power [11][12][13] - Ugreen Technology, as a leading consumer NAS provider in China, is expected to gain from the increased demand for local data platforms driven by AI agents [14][16] TCL Electronics and Sony Collaboration - TCL Electronics plans to establish a joint venture with Sony to manage Sony's home entertainment business, which could enhance their global market share [22] - This partnership is anticipated to leverage TCL's resources in panel production and Sony's brand strength to penetrate high-end markets [23] Stone Technology's Product Launch - Stone Technology has introduced two new high-end floor cleaning robots, targeting different market segments with innovative features [25] - The G30S Pro series and P20 Ultra are designed to address existing pain points in cleaning efficiency and user experience [25] XGIMI's Overseas Growth - XGIMI's Horizon 20 has shown strong sales performance in international markets, indicating successful product positioning and market strategy [28] - The company is expected to continue its growth trajectory as it challenges established competitors in the high-end projector market [28] Market Performance - The home appliance sector experienced a decline of 2.9% in the week of January 26 to January 30, 2026, underperforming against the Shanghai Composite Index [32][35] - Specific segments such as black appliances saw a significant drop of 7.2%, indicating varying performance across categories [32]

Investment Rating - The investment rating for the precious metals industry is "Positive" (maintained) [5] Core Viewpoints - The report indicates that despite recent fluctuations in gold and silver prices, the long-term logic for precious metals remains intact. The recent price movements are attributed to various factors including the Federal Reserve's decision to maintain interest rates and political developments in the U.S. [4][6] - The report emphasizes that the "Trump 2.0" and "rate cut trade" themes will continue to provide strong momentum for gold prices in the medium term. It suggests that investors should look for phase-specific allocation opportunities [6] - Long-term expectations are that the combination of "rate cut trade" and "Trump 2.0" will catalyze further price increases for gold, supported by central bank purchases and geopolitical factors [6] Price Trends - Over the past two weeks, as of January 30, 2026, London spot gold increased by 8.04% to $4,981.85 per ounce, while the Shanghai gold price rose by 12.51% to ¥1,161.42 per gram. The holding volume for Shanghai gold decreased by 5.88% to 326,700 contracts [11] - London spot silver rose by 13.65% to $103.19 per ounce, and the Shanghai silver price increased by 24.28% to ¥27,941 per kilogram, with Shanghai silver holding volume down by 8.54% to 657,700 contracts [11] - The report notes that palladium prices increased by 3.70% to $1,820 per ounce, while platinum prices slightly decreased by 0.04% to $2,300 per ounce [11] Economic Data and Federal Reserve Tracking - The report highlights the importance of upcoming U.S. economic data releases, including the ADP employment numbers and unemployment rates, which are expected to influence market sentiment and precious metal prices [6] - The Federal Reserve's current stance is viewed as appropriate, with a focus on balancing inflation and employment risks, which may extend the timeline for potential rate cuts [6] Holding and Trading Volume - The report provides insights into the trading volumes, noting a decrease in holding volumes for both gold and silver in the Shanghai market, indicating a potential shift in market sentiment [11] Price Differentials and Futures Basis - The report states that the gold price differential between domestic and international markets has increased, with the current differential at ¥62.04 per gram, up from two weeks prior [61] - The international gold basis (spot-futures) has risen to $74.35 per ounce, indicating a tightening market [63]

证券研究报告 房地产 行业定期报告 hyzqdatemark 2026 年 02 月 01 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 国务院支持旅居项目建设，关注地产板块配置价值 投资评级： 看好（维持） ——房地产行业周报（26/1/24-26/1/30） | | | 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 0.4%、深证成指下跌 1.6%、创业板指下跌 0.1%、沪深 300 上 升 0.1%、房地产（申万）下跌 2.2%。个股方面，涨跌幅前五的分别为：大悦城(+17.1%)、 京能置业(+12.5%)、新城控股(+11.4%)、京投发展(+7.7%)、招商蛇口(+7.1%)，涨跌幅后五 的分别为：华联控股(-14.9%)、西藏城投(-13.6%)、城建发展(-12.9%)、华夏幸福(-11.9%)、 万通发展(-11.5%)。 联系人 板块表现： ...