Summary of Energy Storage Industry Update - February 24, 2026 Industry Overview - The energy storage industry is experiencing significant growth, with January 2026 showing a doubling in installed capacity compared to the previous year [1] - The data indicates a robust performance in both new installations and bidding activities [1] Key Metrics - **Installed Capacity**: In January 2026, the domestic new installed capacity reached 3.78 GW and 10.90 GWh, representing a year-on-year increase of +62% and +106% respectively, effectively doubling the previous year's figures [1] - **Bidding Activity**: The bidding volume for January 2026 was 12.3 GW and 36 GWh, with a year-on-year increase of +60% and +130% after adjusting for the impact of bulk procurement in January 2025, indicating sustained high growth [1] Market Segmentation - **Independent Storage**: Independent storage accounted for 90% of the new installations, with a breakdown of new installations as follows: - Independent storage: 3.2 GW and 9.6 GWh, year-on-year increases of +249% and +298% [1] - Other types: New energy storage accounted for 8%, thermal power storage for 2%, and area-based storage for 1% [1] Regional Insights - The provinces contributing most to the new installations include: - Xinjiang: 32% - Jiangsu: 21% - Hebei: 11% - Guangdong: 8% - Shanxi: 6% [2] Investment Landscape - Third-party enterprises have emerged as the primary investors in the energy storage sector, with the following distribution of investment sources: - Five major and six minor companies: 17% - Two grid companies and two construction firms: 5% - Local energy groups: 33% - Third-party enterprises: 45% [2] - The internal rate of return (IRR) for storage projects is considered attractive, suggesting a strong investment appeal [2] Future Outlook - The second quarter is anticipated to enter a peak season for the industry, with expectations of an explosion in orders [3] - Recommended companies for investment include: - Integrated sector: Haibo Sichuang (leading domestic large storage), Kelun Electronics (announced U.S. orders), and Sunshine Power (currently undervalued) - Battery sector: Ningde, yw, xwd, ph - Material sector: Lithium carbonate, Enjie, Tianci, Yuno [3] Conclusion - The energy storage industry is poised for continued growth, driven by strong demand, attractive investment returns, and a competitive landscape among various stakeholders. The upcoming quarters are expected to see increased activity and order volumes, making it a promising sector for investment.

Summary of Company and Industry Insights Company: Green Tea Key Points - **2025 Performance Forecast**: Green Tea expects a net profit of approximately 460 million to 508 million CNY for 2025, representing a year-on-year growth of 31.4% to 45.1% [1] - **Adjusted Net Profit**: The adjusted net profit is projected to be between 481 million and 532 million CNY, with a year-on-year increase of 33.2% to 47.4% [1] - **Revenue Growth Drivers**: The growth in profit is primarily attributed to the continuous expansion of the store network, which is expected to increase revenue by approximately 696 million to 1.174 billion CNY, along with improved operational efficiency enhancing store profitability [1] Company: Chalk Key Points - **2025 Performance Forecast**: Chalk anticipates a revenue of no less than 2.656 billion CNY for 2025, with a year-on-year decline of no more than 4.8% [2] - **Adjusted Net Profit Decline**: The adjusted net profit is expected to be no less than 270 million CNY, reflecting a year-on-year decrease of up to 25.5% [2] - **Impact of Industry Competition**: The decline in revenue is mainly due to intensified industry competition leading to a drop in sales of training services and books [2] - **AI Product Performance**: Feedback from users indicates strong sales for Chalk's AI products, with over 30 million users served by the end of 2025, including more than 2.38 million paying users [2] - **AI Product Engagement**: As of November 2025, Chalk's AI interview product has accumulated 4.88 million reviews, becoming a crucial part of the user preparation process [2] - **Investment in AI Development**: Chalk plans to reallocate 60.8 million HKD of unutilized IPO funds, with 12 million HKD dedicated to AI vertical model research and commercialization, and 48.8 million HKD for AI talent and infrastructure development [2] - **Strategic Focus**: Through ongoing technological investment and a decade of educational research content, Chalk aims to capitalize on the integration of vocational education and artificial intelligence, maintaining its first-mover advantage in the "AI + Employment" sector [2]

Summary of Conference Call Notes Company and Industry Involved - The focus is on **China International Marine Containers (CIMC)** and its modular data center business, with a comparison to **Comfort Systems (FIX)** [1] Core Points and Arguments - **CIMC's Stock Performance**: The company experienced a significant stock increase, primarily benefiting from the rise in the oil and gas sector due to geopolitical risks between the US and Iran [1] - **Modular Data Center Demand**: The strong performance of FIX's financial results indicates robust demand for modular data centers, which aligns with industry trends and is a point of interest for CIMC [1] - **FIX's Financial Performance**: - FIX reported total revenue of **$9.1 billion** for 2025, representing a **30% year-over-year increase** [1] - Modular revenue accounted for approximately **18%** of total revenue, translating to **$1.6 billion**, with a **37% year-over-year growth** [1] - **Order Growth**: In Q4 2025, FIX secured new orders worth **$2.4 billion**, reflecting an **85% quarter-over-quarter increase**, with over **50%** of these orders being modular [1] - **Capacity Constraints**: FIX's existing modular capacity of **3 million square feet** is nearly saturated, leading to new orders being scheduled for delivery as late as 2027 and some extending to 2028 [1] - **Supply Chain Issues**: Delays in key component deliveries have hindered the timely completion of modular projects, contributing to the backlog of orders [1] Other Important but Possibly Overlooked Content - The geopolitical context affecting the oil and gas sector is crucial for understanding the market dynamics influencing CIMC's stock performance [1] - The saturation of FIX's modular capacity suggests potential opportunities for CIMC to capture market share as demand continues to grow [1]

Summary of Conference Call Records Company Overview - **Company**: Sichuan Jiuzhou - **Industry**: Military and Aerospace Key Points 1. Stock Price Safety Margin - The controlling entity, Jiuzhou Group, is about to launch a convertible bond project, with an expected premium of at least 30% on the conversion price compared to the current stock price in six months [1] - The group is undergoing a management change, with market value management being a top priority for 26 years, supported by a strong and professional business team [1] 2. Positioning of the Listed Platform - Jiuzhou Group aims to achieve a revenue target of 100 billion by the end of the 14th Five-Year Plan, with the group having only realized 46 billion in revenue over 25 years [1] - The listed company is expected to be a major contributor to revenue growth during the 14th Five-Year Plan, with value creation driven from top to bottom, focusing on both organic and external growth [1] - National strategic funds are expected to invest in the group, with a focus on capital operations through the listed company, highlighting the value positioning of the listed company as a core military asset [1] 3. Short-term Beta Catalysts - The low-altitude economy is being promoted by five ministries, with the listed company being a domestic leader in low-altitude safety infrastructure hardware [2] - The company anticipates doubling its revenue in the low-altitude business over the next three years, with higher profitability, leveraging a strategic partnership with Huawei for advanced 5G-A multi-detection technology [2] - The company is a strategic partner of COMAC, historically trusted as a key supplier, with significant potential in the C919 and C929 aircraft systems, indicating strong competitive advantages [2] 4. Fundamentals and Valuation - The company's performance has been slightly pressured due to the broader environment, but core business contributions are at the bottom of the cycle, aligning with key construction directions of the 14th Five-Year Plan [2] - A cash acquisition of a comprehensive RF business is expected to be consolidated soon, serving as a catalyst for performance improvement [2] - Jiuzhou Group is the only local state-owned enterprise with core military product development capabilities, benefiting from the military-civilian integration cluster in Mianyang, with Sichuan Jiuzhou aiming for a market value target of 40 billion during the 14th Five-Year Plan [2]

Summary of Conference Call Notes Industry Overview - The document discusses the rare price disparity of yttrium oxide, which has reached 80 times between domestic and international markets, indicating a significant market anomaly [1] - The ongoing geopolitical tensions between China and Japan are expected to persist in the short term, limiting any potential reversal in this price disparity [1] Key Companies Mentioned - **Aidi Te**: Primarily produces zirconia blocks and has a stake in a powder company, positioned to benefit from the price changes in the market [1] - **Guoci Materials**: Engaged in the integrated production of powder and blocks, also likely to gain from the price dynamics in the industry [1] Core Insights and Arguments - The market should focus on downstream products that can transmit price changes, specifically zirconia powder and zirconia blocks, as these are expected to be the most favorable products in the current market environment [1] - The cost of yttrium oxide for Dongcao Powder has already surpassed the selling price of end products, indicating that a price increase is inevitable [1]

出口链：关税变化利于终端销售，海外产能依然具有超额优势 对等&芬太尼关税无效最高法院宣布Trump基于《国际紧急经济权利法》（IEEPA）的全球对等关税与芬太尼关税 无效。 Trump宣布2月24日执行150天税率为10%的商品临时进口关税。 终端价格利好&竞争格局稳定无论家居或非家居品类关税整体看均有所下降，对应终端价格有望下调，利于出口 需求。 从竞争维度看，家居品类国内与东南亚关税差距小幅收窄（10%），非家居品类东南亚超额优势未变，综合竞争 环境预期稳定。 跨境电商成本将有直接优化轻工中大件跨境电商供应链东南亚转移比例多在50%-80%之间，本次国内关税降低 10%将直接降低龙头成本。 投资建议：本次政策变动对产业链整体需求利好，其中跨境电商成本优化最为直接，建议关注致欧科技、恒林股 份，其他建议关注保温杯、塑料制品等非家居品类赛道龙头。 出口链：关税变化利于终端销售，海外产能依然具有超额优势 对等&芬太尼关税无效最高法院宣布Trump基于《国际紧急经济权利法》（IEEPA）的全球对等关税与芬太尼关税 无效。 Trump宣布2月24日执行150天税率为10%的商品临时进口关税。 政策变动对不同品类关税 ...

Company and Industry Summary Company: Pop Mart Key Points - **High Store Traffic During Spring Festival** This year's Spring Festival saw higher customer traffic and longer queues compared to previous years. Notable regional pop-up events included: - Beijing APM featuring SP and My Little Pony pop-ups - Shanghai Central Plaza with the Little Wild Beautiful Pharmacy pop-up - Shanghai BFC and Qingdao MixC hosting POPBakery pop-ups This indicates a strong consumer interest and engagement during the holiday season [1] - **New Product Launches and Restocks** The company launched several new products, including the 10th anniversary editions of Marry Full Throttle, Starry People, and Labubu, alongside sufficient restocks of classic items. This has enhanced the in-store experience, allowing for immediate purchases [1] - **New Store Opening in Bangkok** A new store has opened in Bangkok, Thailand, expanding the company's footprint in international markets [1] - **Collaboration with McDonald's** The collaboration between McDonald's and DIMOO has generated significant interest, with a promotional offer of "beverage + 89 yuan for a collectible figure." The resale value of the figures on secondary markets has surged by 50-80%, indicating strong demand [1] Additional Insights - **Impact of Cross-Brand Collaborations** Historical data shows that collaborations with other brands have significantly boosted user acquisition and sales for Pop Mart. Examples include: - Luckin Coffee & Labubu in April 2024 - Heytea & Starry People in December 2025 - Honor & MOLLY in January 2026 These partnerships have proven effective in attracting new customers and increasing sales [2] - **Development of MOLLY Sub-Series and New IPs** The MOLLY brand continues to expand with the introduction of a fourth sub-series, AngryMolly, alongside the existing SPACEMOLLY, ROYALMOLLY, and BabyMolly. Additionally, a new IP named Merodi (Willstudio) has been announced, with expectations for other distinct styles like KeyA to follow. This demonstrates the brand's ability to extend its intellectual property effectively [2]

二、恶化期，访华结束后，按照特朗普的性格，很可能存在"反悔"操作（参考2019PhaseI协议后），此时特朗普可 能通过法案大礼包（类似大美丽法案的综合法案）形式将关税相关的法案纳入其中，此时风险偏好可能出现180° 的转向和恶化，这或发生在5月底6月初； 三、TACO期，中期选举前特朗普不会真的落地关税，但需要确立关税的合法性（通过立法彻底确定），并借此逼 出宽松的财政政策（在大法案包中，例如关税分红）和货币政策（让Warsh给更多降息），这或发生在26Q3。 二、恶化期，访华结束后，按照特朗普的性格，很可能存在"反悔"操作（参考2019PhaseI协议后），此时特朗普可 能通过法案大礼包（类似大美丽法案的综合法案）形式将关税相关的法案纳入其中，此时风险偏好可能出现18 向前看，这150天内（2026.2.24-7.24）特朗普的贸易政策可能经历几个阶段： 一、缓和期，交易叙事聚集在特朗普访华和中美谈判上，此时市场风险偏好仍处于改善路径上，但越临近访华， 市场交易"卖现实"的概率越大； 向前看，这150天内（2026.2.24-7.24）特朗普的贸易政策可能经历几个阶段： 一、缓和期，交易叙事聚集在特朗普访 ...

Summary of Key Points Industry or Company Involved - The discussion revolves around the U.S. trade policies under the Trump administration, specifically focusing on tariffs and their legal implications. Core Points and Arguments - On February 20, the U.S. Supreme Court ruled that the large-scale tariff measures implemented by the Trump administration under the International Emergency Economic Powers Act lacked clear legal authorization [1] - On the same day, President Trump announced plans to sign an order to impose an additional 10% tariff on global goods, based on the Trade Act of 1974, Section 122, on top of existing tariffs [1] Other Important but Possibly Overlooked Content - The adjustment of U.S. tariffs can be facilitated through three main tools: six types of executive actions, congressional legislation, and treaty negotiations or terminations [2]

板块逻辑已实质性从单一"地产基建贝塔"切换为"内需更新底座+出海阿尔法"双轮驱动。 工程机械处于8-12年自然更新周期，非洲与拉美市占率分别升至49%与38.2% 工程机械板块当前正处于第三轮完整周期的上行初期，市场核心关注点聚焦于2026年作为新五年规划开局之年与 8-12年自然更新周期叠加的爆发力。 板块逻辑已实质性从单一"地产基建贝塔"切换为"内需更新底座+出海阿尔法"双轮驱动。 尽管面临部分区域关税扰动，但中国企业在非美市场加速突围，2020-2024年间在非洲、拉美市占率分别升至49% 与38.2%，年均提升约5pct，且液压系统（成本占比超30%）的自主可控进一步夯实盈利弹性。 当前具备同比、环比双重低基数优势，需密切关注2026年一季度数据超预期的可能性，以验证新旧动能转换下的 业绩兑现。 尽管面临部分区域关税扰动，但中国企业在非美市场加速突围，2020-2024年间在非洲、 工程机械处于8-12年自然更新周期，非洲与拉美市占率分别升至49%与38.2% 工程机械板块当前正处于第三轮完整周期的上行初期，市场核心关注点聚焦于2026年作为新五年规划开局之年与 8-12年自然更新周期叠加的爆发力。 ...