Summary of Conference Call Notes Company and Industry - The conference call discusses the real estate market performance of "我爱我家" (Woya Home) in January 2026, focusing on the second-hand housing market in five core cities in China [1][2]. Key Points and Arguments - **Beijing Market Performance**: - Transaction volume and viewings increased by approximately 10-15% compared to December 2025 [1][2]. - The top two real estate agencies in Beijing also reported a similar increase in transaction volume [1]. - **Shanghai Market Performance**: - Transaction volume rose by approximately 25-30%, while viewings increased by about 10-15% [1][2]. - **Hangzhou Market Performance**: - Transaction volume increased by approximately 10-15%, with viewings rising by 5-10% [1][2]. - **Nanjing Market Performance**: - Transaction volume grew by approximately 20-25%, and viewings increased by 10-15% [1][2]. - **Suzhou Market Performance**: - Transaction volume rose by approximately 15-20%, with viewings also increasing by 15-20% [1][2]. - **Year-on-Year Comparison**: - Compared to January 2025, Beijing's transaction volume increased by approximately 40-45%, and viewings rose by 30-35% [2]. - Shanghai's transaction volume increased by approximately 35-40%, with viewings rising by 45-50% [2]. - Hangzhou's transaction volume increased by approximately 5-10%, while viewings rose by 45-50% [2]. - Nanjing's transaction volume increased by approximately 30-35%, and viewings rose by 40-45% [2]. - Suzhou's transaction volume saw a significant increase of approximately 35-40%, with viewings skyrocketing by 110-120% [2]. - **Listing Volume**: - Compared to the end of December 2025, listing volumes in Beijing and Shanghai decreased by about 3%, while Hangzhou remained stable [2]. Other Important Information - The data reflects a strong recovery in the second-hand housing market across major cities, indicating potential growth opportunities in the real estate sector [1][2]. - The significant year-on-year increases, especially in Suzhou, suggest a robust demand and possibly a shift in market dynamics [2].

【国联民生计算机】独家第一时间优刻得上海线下调研 1）全球云涨价一触即发，公司如何应对 2）25q4公司超预期实现单季度盈利，公司算力、利用率、客户结构等最新基本面跟踪 我们周末重磅报告《 【国联民生计算机】独家第一时间优刻得上海线下调研 时间：本周四下午16点 时间：本周四下午16点 地点：上海优刻得总部 出席人：董秘等 亮点 出席人：董秘等 亮点 1）全球云涨价一触即发，公司如何应对 2）25q4公司超预期实现单季度盈利，公司算力、利用率、客户结构等最新基本面跟踪 我们周末重磅报告《 https://wx.zsxq.com/mweb/views/weread/search.html?… 》与电话会《云服务：下一个Token需求"通 胀"方向纪要》独家强推全球【云涨价】大趋势历史性拐点，市场高度关注；根据业绩预告公司25q4大概率首次扭 亏盈利，我们第一时间安排调研欢迎各位领导参与！ 地点：上海优刻得总部 ...

Summary of Conference Call Records Industry Overview - The market experienced a significant increase in trading volume, reaching 3.3 trillion yuan, indicating heightened activity and volatility within the market [1] - There was a notable divergence in market performance, with popular sectors experiencing widespread declines while lower-priced stocks rebounded [1] Core Points and Arguments - **Increased Risk Aversion**: The primary reason for the market downturn was attributed to rising risk aversion among investors [1] - **Geopolitical Tensions**: Reports suggested that the US military might launch an attack on Iran, leading to a surge in precious metals prices [1] - **Earnings Forecasts**: The peak period for annual earnings forecasts is approaching, prompting investors to avoid stocks that have seen significant price increases to mitigate risks of disappointing results [1] - **Regulatory Actions**: Ongoing regulatory scrutiny is expected to target certain short-term trading practices in the market [1] - The combination of these three factors triggered a substantial market adjustment, with stock price volatility primarily driven by trading activities rather than a change in market trends [1] - The risk associated with earnings forecasts is expected to be a major concern this week, but its impact is anticipated to diminish in the latter half of the week [1] Additional Important Insights - The regulatory authorities are committed to maintaining a gradual upward trend in the market, suggesting that the cooling effect of risk disturbances will lessen over time [2] - The market is expected to experience temporary fluctuations this week, but the outlook remains optimistic for a resurgence in market sentiment by the end of January [2]

Key Points Summary Industry Overview - The mining machinery industry is expected to enter a new cycle of prosperity due to supply shortages and rising prices of metal commodities, influenced by anticipated interest rate cuts from the Federal Reserve [1][2] Company Recommendations XCMG Machinery - Leading in complete open-pit mining machinery, comparable to Caterpillar and Komatsu - Projected mining machinery revenue for 2025 is 13 billion (including spare parts), a year-on-year increase of 50% - Target for 2030 mining machinery revenue is 40 billion, with a CAGR of 25-30% [1] SANY International - Mining machinery accounts for 40% of total revenue - Overseas mining trucks are expected to contribute significantly to growth in 2026, with overseas mining machinery expected to exceed 50% of mining machinery business (6 billion) - Channel model adjustments are anticipated to enhance profitability; target for overseas mining machinery business in 2028 is 13 billion, aiming for over 100% growth in three years [1] Shantui - Leading in mining bulldozers, aiming to create a complete open-pit excavation solution - Expected sales of mining equipment to account for over 10% in 2025 [2] NPE Mining Machinery - Leading in wear-resistant parts for mineral processing, comparable to Meiyit Electric Steel - Projected mining machinery revenue for 2025 is 1 billion, with over 50% from overseas - Anticipated new product launches and overseas capacity expansion could lead to a new performance upturn, with a mid-term revenue target of 2 billion and profit target of 400 million by 2028 [2] New Sharp Co., Ltd. - Main business in hard alloys and rock drilling tools, comparable to Sandvik - Projected mining machinery revenue for 2025 is 1.8 billion, with 40% from overseas; recognized as a leading comprehensive solution provider for mining consumables [2] Nanmin Group - Main business in crushing and screening machinery, comparable to Metso/Sandvik - Projected mining machinery revenue for 2025 is 800 million, with 20% from overseas - Strategic changes include signing a ten-year operation contract for a large iron ore project and investing in a Zimbabwean gold mine, transitioning to an "equipment + operation" overseas model [2] Zhejiang Mining Co. - Main business in crushing and screening machinery, comparable to Metso/Sandvik - Projected mining machinery revenue for 2025 is 700 million, with 20% from overseas - Strategic changes include acquiring a lead-silver mine in Kazakhstan, initiating a dual-driven development phase of "mining machinery overseas + mining operation" [2]

Summary of Key Points from Conference Call Records Company: Junshi Biosciences (君实生物) Industry: Biopharmaceuticals Core Insights and Arguments - **Discovery of VV116**: The Wuhan Institute of Virology published findings on January 26, indicating that VV116 exhibits high inhibitory activity against the Nipah virus, including strains NiV-M and NiV-B [1] - **Mechanism of Action**: VV116, a novel oral nucleoside antiviral drug, demonstrated significant suppression of the Nipah virus in both its active form and its metabolites [1] - **Efficacy in Animal Models**: In a lethal dose infection model using golden hamsters, VV116 administered at a dose of 400 mg/kg increased the survival rate of the experimental animals to 66.7% and significantly reduced viral loads in target organs such as the lungs, spleen, and brain [1] Additional Important Information - **Broad Pipeline**: Junshi Biosciences has a wide-ranging portfolio that includes antiviral drugs, small nucleic acids, bispecific antibodies, antibody-drug conjugates (ADC), cytokines, and vaccines [1] - **Underestimation of Company Value**: The company is considered severely undervalued, with projections indicating strong performance in 2025. This could lead to a positive feedback loop for the company [2] - **Accelerated Innovation Pipeline**: Junshi currently has over 50 products in development, with 5 products in Phase III clinical trials or registration stages (IL-17, subcutaneous Trelagliptin, PI3K, Claudin18.2 ADC, BTLA) and 5 products in Phase II clinical trials, nearing or entering Proof of Concept (PoC) stages (PD-1/VEGF, EGFR/HER3 ADC, SNA spherical small nucleic acids, DKK1 monoclonal antibody, CD20/CD3 bispecific antibody) [2] - **Potential for Global Expansion**: There is speculation that if Junshi can successfully enter international markets, it may become the next billion-dollar biopharmaceutical company [2]

Summary of Conference Call Notes Company and Industry Involved - The focus is on **沃尔核材 (Wolfe Materials)**, specifically regarding their **RubinUltra** product line and the copper connector solutions. Core Points and Arguments - **New Technology Impact**: The introduction of **BiDi (bidirectional transmission)** technology is expected to significantly extend the lifecycle of copper cables on the Nvidia (Nv) side, effectively doubling the bandwidth of connectors [1] - **Market Demand Growth**: There is a notable increase in demand from major companies like **Google** and **Amazon**, which is anticipated to open up substantial market space for copper cables, particularly in the context of **ASIC (Application-Specific Integrated Circuit) cabinets** [1] - **Future Projections**: The demand from these tech giants is projected to exceed Nvidia's solutions by 2026, indicating a strong market shift towards copper connectors [1] - **Profit Expectations**: The profit expectations for 2027 are optimistic, suggesting that the anticipated profits should be factored into Wolfe Materials' market valuation [1] Other Important but Potentially Overlooked Content - The ongoing debate regarding the viability of copper connectors versus alternative solutions is expected to continue, but there is a growing optimism among proponents of copper technology [1] - The company encourages further inquiries for detailed breakdowns and elasticity assessments related to their offerings [1]

价格端，香港中原城市领先指数较25年3月低点+8%。 #人口、股市、利率、政策等多重利好共振，助力香港楼市复苏： 1）人才 【申万交运&房地产】多利好共振助力复苏，香港楼市新周期起点，推荐香港港铁公司投资机会 #香港楼市全面复苏，成交量价回升态势良好，存量供给相对紧缺：香港住宅成交量价自25年3月以来稳步回 升，25年香港一手、二手私人住宅买卖合约金额同比均+14%。 4）楼市政策再松绑、减轻房屋交易成本。 #关注香港核心资产投资机会：关注新鸿基地产、恒基地产、新世界发展、信和置业等；商业地产业务方面，推荐 恒隆地产、嘉里建设，关注太古地产、希慎兴业、九龙仓置业、领展房产基金等。 #关注香港核心资产投资机会：推荐港铁公司： 1）公司是香港轨道交通的核心运营主体，采用"铁路+物业"发展模式，网络拓展配套土地反哺，公司拥有庞大的 土地储备资源，香港房地产市场回暖预计公司将加快推出储备土地。 2）公司以香港业务为营运核心，香港车务营运票价具备提价机制，客流逐步复苏增长；香港车站商务、香港物业 租赁及管理业务顺周期属性较强，租金预计将伴随香港经济恢复；中国内地及国际业务稳步推进，国际市场寻求 机会。 【申万交运&房地 ...

摩根士丹利| ASML控股 NV（欧洲）：财报前瞻 Into the print（财报前瞻） ASML将于本周晚些时候（1 月 28 日周三）发布财报。 我们预计其订单量表现强劲，且我们的核心逻辑将开始兑现。 市场讨论焦点集中在 2027 年，但我们认为订单量将从 2025 年第四季度延续至 2026 年实现扩张。 摩根士丹利| ASML控股 NV（欧洲）：财报前瞻 Into the print（财报前瞻） ASML将于本周晚些时候（1 月 28 日周三）发布财报。 我们预计其订单量表现强劲，且我们的核心逻辑将开始兑现。 市场讨论焦点集中在 2027 年，但我们认为订单量将从 2025 年第四季度延续至 2026 年实现扩张。 我们重申 "增持"评级（首选标的），并维持 1400 欧元的目标价。 核心要点 2027 年盈利增长有望达到峰值，预计将交付 80 台 EUV 设备。 投资者在财报前关注的关键指标包括：2025 年第四季度订单量、2026 年营收增长、毛利率、EUV 及 DUV 营收增 长。 风险提示：2027 年 EUV 设备的需求可能触及峰值。 英特尔本季度的业绩，印证了我们 2026 财年的预测 ...

如何理解珠宝同店和金价的背离，以及如何用金价丈量本轮珠宝反弹高度【东财新消费｜零售】 珠宝并不是简单的越涨越买：黄金饰品对应的是大众/散户需求，逼空行情下量缩/观望是典型的特征，排队增加是 很正常的事情。 但伴随金价进一步上涨，局部抢购潮逐步将兴起，大约在1250元/g或复现25年2月抢购潮。 （本轮补库水位在去年11月，大约成本在900-1000，零售价多定于1500，若一口打折则约1400+，若金价逼近 1250，则一口价性价比绝对意义会超过计重） 1月目前行业同店较大幅度下滑，因金价抑制总需求/促销错期。 但环比伴随金价明显走强。 推荐排序：周生生、老铺、潮宏基、菜百股份，伴随金价上涨以及业绩催化，周生生将成为空间大、流动性改善 的入通简单题，保持第一推荐排序。 珠宝行业需求比做1250-1300元/g黄金虚值期权，并非击中1250期权才会上涨，在此阶段建议以金价为尺，进行灵 活的布局至2月第一周。 如何理解珠宝同店和金价的背离，以及如何用金价丈量本轮珠宝反弹高度【东财新消费｜零售】 珠宝并不是简单的越涨越买：黄金饰品对应的是大众/散户需求，逼空行情下量缩/观望是典型的特征，排队增加是 很正常的事情。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Precious Metals and Non-Ferrous Metals**: Significant price movements observed in precious metals, particularly gold, which surged over 2% to exceed $5100 per ounce, indicating strong market demand and investor interest [1][2]. Core Insights and Arguments - **Gold Market Performance**: The spot price of gold increased by 2.29%, marking a daily rise of over $110, reflecting robust investor sentiment and market dynamics [1]. - **Tungsten Market Trends**: - The price of black tungsten concentrate rose by 11.43% to 536,000 CNY per ton, while ammonium paratungstate increased by 12.06% to 790,000 CNY per ton, indicating tightening supply conditions [2][4]. - Supply constraints are evident as mining production slows down due to reduced extraction quotas, leading to a tightening of market circulation [3]. - **Tin Market Dynamics**: - SHFE tin prices rose by 21.85% to 429,600 CNY per ton, and LME tin prices increased by 21.73% to $54,200 per ton, driven by supply pressures from geopolitical issues in major production areas [4][5]. Additional Important Content - **Biopharmaceutical Sector**: The outbreak of the Nipah virus in West Bengal, India, has raised concerns, with multiple healthcare workers infected, prompting urgent preventive measures in neighboring countries [6]. - **Space Photovoltaics**: - Elon Musk announced plans for SpaceX and Tesla to establish 100 GW of solar capacity in the U.S. within three years, which could significantly boost long-term demand for space photovoltaics [6]. - The commercial space sector is entering a new phase of large-scale deployment, with over 200,000 satellite constellation applications submitted in China [6]. - **Cloud Computing and AI**: AWS has raised its EC2 machine learning capacity block prices by approximately 15%, indicating rising operational costs in the cloud computing sector [7]. - **Oil and Gas Market**: Natural gas prices in the U.S. surged due to winter storms, with futures exceeding $6 per million British thermal units for the first time since 2022, reflecting supply-demand imbalances [7]. Stock Performance Highlights - **Top Gainers**: - In the precious metals sector, stocks such as Hunan Gold, Sichuan Gold, and China Gold saw significant price increases [2]. - In the tungsten sector, stocks like Xianglu Tungsten and Zhongtung High-tech performed well [4]. - In the biopharmaceutical sector, companies like Maike Biotech and Kaili Biotech experienced notable stock gains [6]. - **Market Activity**: The total trading volume in the Shanghai and Shenzhen markets approached 3.3 trillion CNY, reflecting increased market activity compared to the previous trading day [1].