26年1月海南客流及离岛免税销售更新 美兰机场（1.1-1.31，春节错位） 1）旅客吞吐量274.6万人次，同比-5.4%；航班起降架次1.9万架次，同比-7.2%。 全月同比增速放缓主要受去年同期包含春节假期错位影响（25年春节假期为1月28-2月4日共8天）。 2）2025年累计旅客吞吐量2685.1万人次，同比-6.4%；累计起降架次18.4万架次，同比-0.5%。 凤凰机场（1.1-1.31，春节错位） 1）旅客吞吐量244.8万人次，同比-1.0%；航班起降架次1.4万架次，同比+1.7%。 2）2025年累计旅客吞吐量2268.6万人次，同比+5.9%；起降架次13.8万架次，同比+5.4%。 # 春节临近三亚酒店涨价趋势已现 春节前第二/三/四周（25.12.29~26.1.25）三亚酒店每晚均价——五星级同比+20%/+8%/+16%，四星级同比 +9%/+6%/-3%，三星级同比+23%/+22%/+20%，三星级以下同比+57%/+29%/+32%。 # 验证旅游景气向上趋势 # 中免销售额： 26年1月预计中免各店铺销售额约50亿元，同比+10%左右，折扣力度82折左右。 2）2025 ...

Company and Industry Summary Company: Schneider Electric Key Points - **North America Business**: The rectifier modules related to Zhongheng are expected to enter the supply chains of Schneider and Eaton, with HVDC solutions being a focus for 2026-2027, primarily involving upstream manufacturers of Schneider [1] - **Market Share**: In 2026, the total expected capacity for ±400V and 800V in North America is projected to be 5GW, with a penetration rate of 16%. Schneider is anticipated to hold a 20% market share, while Megmeet and Zhongheng are assumed to each capture 50%, translating to approximately 500MW to 1GW in orders [1] - **Average Selling Price (ASP)**: In 2026, the supply of edge cabinet power modules in North America is expected to be influenced by Zhongheng's technology in transformers and medium-low voltage distribution panels, allowing entry from rectifier modules to complete cabinets (leasing projects) [1] - **Technology Trends**: From 2026 to 2028, the ±400V technology route is expected to account for nearly 50% of mainstream data centers, although it is considered a transitional solution. The future mainstream power supply method for data centers and microgrids is anticipated to be 800V SST [1] - **Importance of Power Electronics**: The significance of power electronics is expected to increase as the capacity of data centers grows, indicating a short-list of critical components [1] Additional Insights - **Business Progress**: It is expected that in Q1/Q2 of 2026, there will be sample submissions and technical exchanges with North American manufacturers, with bidding and supply expected to materialize in Q3 of 2026 [2] - **Key Timelines**: The bidding process is set to finalize in Q3 of 2026, with medium-low voltage equipment requiring a lead time of three months [2] - **Domestic New Projects**: Most new projects led by Alibaba are adopting HVDC, with Tencent's penetration rate at 40-50% and ByteDance starting at over 30% in Q1 of 2026 [2] - **North American HVDC Penetration**: The penetration rate for HVDC in North America is currently low, but high voltage is rapidly penetrating the market, with an expected increase from 16% in 2026 to over 30% in 2027 [2]

Summary of Conference Call Records Company and Industry Involved - The records pertain to **Minbao Optoelectronics** and its acquisition of **Xiamen Maida** and **Xiamen Zhizhi Precision** in the **PCB drilling needle** industry [1][2] Core Points and Arguments - **Acquisition Details**: Minbao Optoelectronics plans to acquire 51% of Xiamen Zhizhi Precision for a cash consideration not exceeding **250 million yuan** and intends to acquire an additional 49% through a share issuance priced at **36.05 yuan per share** [1] - **Revenue Projections**: Xiamen Zhizhi Precision is projected to generate revenues of **125 million yuan** and **135 million yuan** in 2024 and 2025 respectively, with net profits of **9.27 million yuan** and **11.27 million yuan** [1] - **Market Position**: Xiamen Zhizhi Precision has over **30 years** of experience in the PCB drilling needle sector and offers a full range of products with sizes ranging from **0.09mm to 0.35mm** [1] - **Client Relationships**: The company has established long-term stable partnerships with notable manufacturers such as **Huatong Computer**, **Jian Ding Technology**, and **Shen Nan Circuit** [2] - **AI Server Board Growth**: The company’s drilling needle products have been successfully integrated into the supply chains of key clients in the rapidly growing **AI server board** market [2] - **Production Capabilities**: Xiamen Zhizhi Precision is one of the few companies in China capable of mass-producing **50 times diameter drilling needles** and has initiated collaborations on high-end drilling needles for AI boards with major clients [2] - **Equipment Production**: The company possesses the capability to produce essential PCB drilling needle manufacturing equipment, addressing issues related to long lead times and high costs of imported custom equipment [3] Other Important but Possibly Overlooked Content - The acquisition of **100% equity** of Jiangxi Maida by Xiamen Zhizhi Precision indicates a strategic consolidation within the industry, enhancing its market position [1] - The self-developed equipment by the company is expected to facilitate smooth expansion in production, which is crucial for meeting increasing market demands [3]

[红包]【申万宏源海外策略】"税收法定原则"的落地——就近期部分行业涉税相关问题的探讨 [爱心]伴随着《 查找图书 》在2026年1月1日起施行，部分涉税安排在近期有所更新。我们认为，鉴于新法相关细 则已较为明确，以互联网、金融为代表的服务性行业现行的税收安排在短期内发生变化的概率相对较低。 [烟花]通信服务的税率变更有历史发展阶段的原因，不宜线性外推：回溯历史，"基础电信服务"和"增值电信服 务"的定义范围有所变化，且"基础电信服务"自身的增值税率亦经历了数次下调。在2014年"营改增"时，政策层面 上对"基础电信服务"的定义更多侧重在传统的通话服务方面，适用11%的税率（随后在18和19年响应降税负简化税 率的要求，这一税率逐步下降至今天的9%），而数字时代的手机流量、网络宽带等业务在当时尚认定为"增值电信 服务"，适用6%的增值税率。但伴随着时代的发展，今次利用增值税从行政条例发展成为法律的契机，将今天这个 数字时代已经非常普遍的手机流量和宽带等服务重新定义为"基础电信服务"适用9%的税率，本身就有顺应历史发 展的含义。且当前增值税法及相关实施细则已在近期公布，短期内再次大幅变化的概率相对较低。 [烟花 ...

Summary of Key Points from Conference Call Company Overview - **Company**: 中集安瑞科 (CIMC Enric) - **Industry**: Environmental Protection and Clean Energy Core Insights and Arguments 1. **Green Ethanol (绿醇) Development**: - Phase one of the 50,000-ton project has achieved a load factor of 90% after commencement [1] - Phase two, targeting 200,000 tons, is expected to be operational by 2027, with additional projects in Hainan planned for 100,000 to 200,000 tons [1] 2. **Steel Plant Gas Production (钢厂制气)**: - Five projects have been announced/signed, with LNG capacity nearing 700,000 tons [1] - Multiple projects under MOU are in progress, with expectations to reach 1,000,000 tons of LNG and 200,000 tons of hydrogen capacity by 2027/2028 [1] 3. **Waterborne Clean Energy Business**: - Anticipated new orders exceeding 10 billion yuan by 2025, with projected revenue surpassing 6 billion yuan [2] - Ship delivery schedules extend to 2028, with a net profit margin of 5% expected in 2025, and annual revenue increases of 1 billion yuan with net profit margin improvements of 1-2 percentage points each year from 2026 to 2027 [2] 4. **Hydrogen Equipment Full Industry Chain Layout**: - High-pressure products hold over 50% market share, and large hydrogen storage ball tanks also have a market share exceeding 50% [2] - As the domestic green ethanol market scales up, biomass gasification furnaces are expected to achieve significant external sales [2] Additional Important Insights - The company is positioned to leverage its strong project pipeline and market share in both green ethanol and hydrogen production, indicating robust growth potential in the clean energy sector [1][2] - The strategic focus on waterborne clean energy and hydrogen equipment aligns with broader industry trends towards sustainable energy solutions, enhancing the company's competitive edge [2]

Summary of Key Points from the Conference Call Industry Overview: Agriculture Grain Security - Grain production is stable at approximately 1.4 trillion jin, with a new initiative to enhance grain capacity by an additional 100 billion jin, focusing on increasing the yield of grain and oil crops on a large scale [1][5] - The document emphasizes the importance of maintaining reasonable prices for key agricultural products, including setting minimum purchase prices for rice and wheat, and improving the target price policy for cotton [4][8] Oilseed Production - Efforts are being made to consolidate and enhance soybean production while expanding the production capacity of rapeseed, peanuts, and oil tea to diversify oil supply [2][6] Other Crop Industries - The document highlights the need to promote stable development in cotton, sugar, and natural rubber industries [3][7] Livestock and Dairy - There is a focus on strengthening comprehensive regulation of pig production capacity, consolidating the recovery of beef and dairy industries, and promoting a balanced and healthy development of supply and demand, with multiple measures to boost dairy consumption [9][13] - Support for the development of silage corn and alfalfa production is mentioned, aiming to transform and upgrade grassland livestock farming [10] Aquaculture and Forestry - The promotion of deep-sea aquaculture and modern ocean fishing is emphasized, along with the active development of forest foods and bio-agriculture [11] Export and Anti-smuggling Measures - Support for expanding the export of advantageous and characteristic agricultural products, along with strict legal measures against agricultural product smuggling [12] Agricultural Technology - The document calls for the implementation of seed industry revitalization actions, accelerating the breeding and promotion of breakthrough varieties, and advancing the industrialization of biological breeding [13] - There is a push for the development of high-end intelligent agricultural machinery suitable for hilly areas, integrating artificial intelligence with agriculture, and expanding applications of drones, IoT, and robotics [13][14] Investment Recommendations - Key investment opportunities are suggested in the livestock and pig farming sectors, with specific companies recommended for focus, including: - Livestock: Youran Dairy, Modern Farming, China Shengmu, etc. - Pig farming: Muyuan Foods, Juxing Agriculture, Dekang Agriculture, Wen's Food, Lihua Agriculture, Tiankang Biological, etc. [13] Agricultural Technology Companies - A recommendation to pay attention to agricultural technology firms, particularly those involved in genetically modified seeds and low-altitude, AI-driven agricultural enterprises [14]

伊顿：25Q4数据中心订单同比+200%、 计划分拆汽车部门、专注电气化&航天业务 事件：伊顿发布2025年四季报，公司25Q4实现营业收入70.55亿美元，同比+13%；实现营业利润17.6亿美元，同比 +14%；实现营业利润率24.9%，同比+0.2pcts。 #美洲电气部门订单出货比达1.2、积压订单同比+31%： 美洲电气部门25Q4实现营收35.06亿美元，同比+21%；实 现营业利 伊顿：25Q4数据中心订单同比+200%、 计划分拆汽车部门、专注电气化&航天业务 事件：伊顿发布2025年四季报，公司25Q4实现营业收入70.55亿美元，同比+13%；实现营业利润17.6亿美元，同比 +14%；实现营业利润率24.9%，同比+0.2pcts。 #美洲电气部门订单出货比达1.2、积压订单同比+31%： 美洲电气部门25Q4实现营收35.06亿美元，同比+21%；实 现营业利润10.46亿美元，同比+14%；实现营业利润率29.8%，同比-1.8pcts。 连续12个月滚动订单同比+16%，连续12个月滚动订单出货比达1.2；25年全年积压订单达31亿美元、同比+31%； 25Q4积压订单同比+50% ...

Summary of Conference Call Notes Industry Overview - The global construction machinery industry is entering an upward demand cycle, supported by various factors, with a notable shift from earthmoving to both earthmoving and non-earthmoving equipment in 2023 [1][2] - Monthly data indicates that exports of excavators from China and Japan to regions such as North America, Latin America, Africa, the Middle East, and South Asia have shown high growth in December [1] Key Financial Insights - Leading companies in the sector reported significant revenue growth in Q4 2025: - North America: +23% - EAME (Europe, Africa, and the Middle East): +18% - Asia-Pacific: -7% - Latin America: +6% [1] - Caterpillar's construction machinery revenue growth in Q3 2025 was as follows: - North America: +8% - EAME: +6% - Asia-Pacific: +3% - Latin America: -1% - The construction machinery sector in North America and EAME is accelerating, while Latin America has shown signs of recovery [1] Regional Demand Drivers - Southeast Asia's demand is driven by mining and urbanization, while Latin America's demand is supported by real estate and mining sectors. The Middle East and North Africa are focusing on infrastructure and mining [2] - Domestic demand in China is expected to benefit from the renewal cycle, second-hand equipment exports, and large infrastructure projects, with earthmoving demand leading the way [2] Future Projections - The domestic construction machinery market is projected to grow by over 10% in 2026, with export growth expected to exceed 15% [2] - The domestic market is anticipated to be a stable growth driver, while exports will contribute significantly to profit elasticity [2] Investment Recommendations - Long-term sector allocation is advised, with specific recommendations for companies such as XCMG, Hengli Hydraulic, SANY Heavy Industry, Zoomlion, and LiuGong [3]

据产业链调研反馈，谷歌TPUv8p有望引入内存池化，用以拓展内存容量，该方案下，每张TPU有望额外增加数百 GB的内存拓展；内存池化有望逐步迎来规模商业化、放量可期。 【长江电子】#澜起科技第四call：在产业趋势上做配置 #rambus自身因封测品质因素指引不及预期、但不改产业趋势 rambus因自身封测品质因素影响一季度产品交付，Q1业绩指引不及预期至盘后大跌。 但公司#对服务器CPU内存条未来增长指引、MRDIMM等产品放量均给予正面回应、产业趋势持续向上。 #谷歌TPUv8p或引入内存池化、CXL放量可期 据产业链调 【长江电子】#澜起科技第四call：在产业趋势上做配置 #rambus自身因封测品质因素指引不及预期、但不改产业趋势 rambus因自身封测品质因素影响一季度产品交付，Q1业绩指引不及预期至盘后大跌。 但公司#对服务器CPU内存条未来增长指引、MRDIMM等产品放量均给予正面回应、产业趋势持续向上。 #谷歌TPUv8p或引入内存池化、CXL放量可期 伴随着CXL拓展芯片、MRCD/MDB、PCIe Retimer、PCIe Switch的规模起量；我们认为公司远期利润有望达100- 15 ...

传统的量化行业轮动模型追求超额的稳定性，这往往与投资者要的高弹性行业目标不一，但稳健的超额和多空 表现为行业轮动模型因子化提供了基础。 我们将申万金 【申万金工 | 因子观察第2期】 行业轮动模型的因子化：当前减少超额回撤的思路之一 【申万金工 | 因子观察第2期】 行业轮动模型的因子化：当前减少超额回撤的思路之一 传统量价因子的逻辑整体偏向反转，容易在市场快速上行的环境下失效，这就为强动量特征的行业轮动模型因 子化提供了空间。 传统的量化行业轮动模型追求超额的稳定性，这往往与投资者要的高弹性行业目标不一，但稳健的超额和多空 表现为行业轮动模型因子化提供了基础。 我们将申万金工行业轮动模型改造成选股因子，月度IC5.3%，ICIR4.0，表现优异，且近年来弹性高，进攻性 强。 我们将行业轮动因子加入传统的多因子框架，可以有效改进模型超额收益的稳定性，在近两年持续贡献超额。 在指增框架中，行业约束优化一定程度上会限制行业轮动因子的表现，可以考虑在保持个人偏离约束的条件下 适度放松行业约束，可以在增强超额收益的同时降低最大回撤，同时跟踪误差几乎不变。 传统量价因子的逻辑整体偏向反转，容易在市场快速上行的环境下失效 ...