【华西中小盘】官媒点名SiC，下游需求急速增长 2.1人民日报报道，数据中心变压器爆单至27年，点名使用SiC有望成为变压器未来重要趋势。 利空出尽，行业迎来反转 11.21台达电子宣布称，美团的数据中心采用了他们搭载了SiC技术的固态变压器（SST）。 近期各家SiC企业发布25年业绩预期，市场误读认为行业继续下行，叠加科技情绪不佳，市场表现下 【华西中小盘】官媒点名SiC，下游需求急速增长 2.1人民日报报道，数据中心变压器爆单至27年，点名使用SiC有望成为变压器未来重要趋势。 11.21台达电子宣布称，美团的数据中心采用了他们搭载了SiC技术的固态变压器（SST）。 利空出尽，行业迎来反转 近期各家SiC企业发布25年业绩预期，市场误读认为行业继续下行，叠加科技情绪不佳，市场表现下行，但实际市 场交易的是未来需求的增量，属于错杀。 未来三大需求AI电力、先进封装、AR眼镜需求量有望是当前市场7倍以上。 如人民日报点名的AI电力领域，下游已经在加速扩产， ➠50亿投资的泗水8英寸碳化硅晶圆厂竣工 11月 ➠株洲8英寸碳化硅晶圆线量产（36万片） 1月 ➠8英寸碳化硅芯片生产线通线（72万片） 据以上不完 ...

Summary of Conference Call Records Company Overview - **Company**: 长江军工 (Changjiang Military Industry) - **Industry**: Unmanned Aerial Vehicles (UAV) Key Points Financial Performance - The company announced a profit forecast for 2025, expecting a net profit attributable to shareholders of 0.8 to 0.95 billion yuan, and a net profit excluding non-recurring items of 0.39 to 0.46 billion yuan [1] - In 2024, the company reported a net loss attributable to shareholders of -0.54 billion yuan and a net loss excluding non-recurring items of -0.63 billion yuan [1] - The forecasted net profit for 2025 represents a year-on-year growth of 262.04% compared to 2024 [1] Product Development and Market Strategy - The company is enhancing its existing platform technology capabilities and accelerating the development and verification of new UAV systems [1] - There is a focus on enriching the product system, improving system integration, and adapting to various scenarios to strengthen overall competitiveness [1] - The company is also accelerating market layout, responding to market demand, and deepening expansion in both domestic and international markets [1] Contract and Revenue Growth - The company reported a significant increase in product delivery volume compared to the previous year, which has strongly supported a substantial increase in annual revenue and improved operational efficiency, leading to a turnaround from loss to profit [2] - On January 9, 2026, the company announced a major contract worth over 1 billion yuan, which accounts for more than 50% of the company's revenue for the current accounting year [2] - The contract pertains to UAV systems, and the counterparty is not related to the company, indicating steady progress in domestic UAV deployment [2] Future Outlook - For 2026, the company plans to continue leveraging existing model platforms while new models like the Wing Loong-X and Wing Loong-6 are expected to break into overseas markets [2] - The Yunying series of UAVs is anticipated to open up revenue opportunities in the small to medium-sized UAV segment [2]

目前 【金银大跌 持赢私募回应回撤传闻：称传闻不实】财联社2月2日电，贵金属市场今日巨震，一则关于"持赢私募回 撤50%"的的市场消息引发广泛关注。 对此，持赢私募相关人士回应记者称，传闻不实。 【金银大跌 持赢私募回应回撤传闻：称传闻不实】财联社2月2日电，贵金属市场今日巨震，一则关于"持赢私募回 撤50%"的的市场消息引发广泛关注。 对此，持赢私募相关人士回应记者称，传闻不实。 实际回撤数据需要等待明日托管人复核后才能知晓，此外，申赎情况也会对最终回撤数据产生影响。 自去年8月底以来，公司未对相关产品进行加仓操作，此次产品出现波动系市场获利回吐所致。 实际回撤数据需要等待明日托管人复核后才能知晓，此外，申赎情况也会对最终回撤数据产生影响。 自去年8月底以来，公司未对相关产品进行加仓操作，此次产品出现波动系市场获利回吐所致。 目前，公司旗下相关产品持仓以黄金为主，杠杠率较低。 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the gold and silver markets, with significant price volatility observed recently, particularly in response to macroeconomic factors such as the nomination of Kevin Warsh as the next Federal Reserve Chairman [1][2]. Core Insights and Arguments - **Gold Price Fluctuations**: Gold prices surged to nearly $5,600 per ounce before experiencing a significant 9% decline, while silver prices dropped over 26% [1][2]. - **Long-term Bullish Outlook**: Despite recent volatility, the commodity team maintains a bullish long-term outlook for gold, raising the price target to $6,300 per ounce by the end of 2026 [2]. - **Central Bank Demand**: There is a sustained demand for gold from investors and central banks, with purchases expected to average 717 tons per quarter, significantly exceeding the 380 tons needed to maintain price equilibrium [2]. - **Price Elasticity**: Central banks are increasingly basing their buying strategies on tonnage rather than monetary value, indicating a price inelasticity in their purchasing behavior [2]. - **Risks from Developed Markets**: Potential adjustments in reserve strategies by central banks in developed markets could pose risks, but significant changes in purchasing behavior are not anticipated unless gold prices reach $8,000 per ounce [2]. Silver Market Insights - **Demand Dynamics**: Silver prices have recently benefited from strong demand in China and India, although they face risks of excessive corrections [3]. - **Market Balance**: Anticipated price increases may lead to substitution effects and increased recycling, contributing to market balance, with an expected rise in the gold-to-silver price ratio [4]. Additional Important Content - **Technical Analysis**: Technical indicators suggest that the upward trend in gold prices is not yet over, with key support levels likely to hold [4]. - **Asset Performance**: Physical assets are expected to continue outperforming paper assets, although periods of consolidation and significant corrections are anticipated during this bull market [4].

这次不管叫它"沃什冲击"还是"贵金属冲击"，也会是银行股开始跑赢 虚假的避险交易：买入贵金属 真正的避险交易：买入银行股 1月初：极致的牛市预期，带来极致的风险偏好，银行被嫌弃BETA不足。 2月初：巨大的冲击，让风险偏好下降，投资风格再平衡，银行股买盘再现。 2025年二季度的银行股行情，也是4月初关税战冲击后开启的。 这次不管叫它"沃什冲击"还是"贵金属冲击"，也会是银行股开始跑赢的分界点。 而且不管冲击是短暂的，还是有一定持续性，它都会提醒投资者：市场总是存在下跌可能性，银行股这样的# 高 夏普资产，是长期底仓的最重要品种。 虚假的避险交易：买入贵金属 真正的避险交易：买入银行股 1月初：极致的牛市预期，带来极致的风险偏好，银行被嫌弃BETA不足。 2月初：巨大的冲击，让风险偏好下降，投资风格再平衡，银行股买盘再现。 2025年二季度的银行股行情，也是4月初关税战冲击后开启的。 ...

Summary of Conference Call Notes Company and Industry Focus - The focus is on **International Composite Materials**, specifically highlighting its position as a **leading manufacturer of second-generation fabrics** [1] - The company is expected to implement **price increases** soon, indicating a positive outlook for revenue growth [1] Core Insights and Arguments - **CTE has received certification from Lisenok** and has secured orders in the **tens of millions** [1] - There is an optimistic outlook for the **Q fabric progress**, with the company expected to rapidly increase production due to binding agreements with downstream customers [1] - The company is identified as the **most anticipated stock** in the **specialty electronic fabric** sector, suggesting significant potential for investment [1] Additional Important Information - The emphasis on the **price increase** and the **certification** received by CTE indicates a strategic positioning that could lead to enhanced market competitiveness [1] - The mention of **tens of millions** in orders reflects a strong demand and potential revenue stream for the company [1]

Summary of Company and Industry Insights from Conference Call Company: JunDa Co., Ltd. (钧达股份) Key Points 1. **Completion of H-Share Placement** JunDa Co., Ltd. has completed its H-share placement, raising a net amount of HKD 397 million. Of this, 45% will be allocated to the research and production of space photovoltaic battery-related products, another 45% will be used for equity investments and collaborations in the commercial aerospace sector, and 10% will be used to supplement working capital [1][2]. 2. **Research and Production of Space Photovoltaic Batteries** The research and production of space photovoltaic battery-related products will be led by Jiangxi JunDa Aerospace Space Technology Co., Ltd., in which JunDa holds a 70% stake. The planned production capacity for CPI films is set to reach 400,000 square meters, and the production line for perovskite tandem batteries will also be constructed simultaneously [1][2]. 3. **Strategic Investments in Commercial Aerospace** The company plans to make one or more strategic equity investments in the commercial aerospace sector, which will achieve clear operational or technological synergies with its existing business or strategic layout. This includes providing a platform for the in-orbit verification and application of its space photovoltaic products [1]. 4. **Outlook for Space Photovoltaic Sector** JunDa is expected to continuously catalyze developments in the space photovoltaic field. The CPI film can be utilized in solar wings and some exposed components of satellites, which is anticipated to contribute to performance early on. The perovskite tandem production line is expected to complete construction, sample delivery, and in-orbit verification this year, with mass production to follow [2]. 5. **Expansion of Production Capacity** JunDa's production capacity in Turkey has recently begun contributing to shipments, and there is potential for further collaboration with North American clients in the future [2].

明阳智能交流反馈 01. 明阳智能卫星能源业务布局（拟收购德华芯片） 德华芯片核心竞争力 全产业链布局：国内唯一实现从外延片到芯片再到电源系统全产业链布局的民营企业，外延片 81 所份额超 80%， 行业占比 35%。 技术领先：掌握关键技术突破，能量变换效率较传统方案提升至56%，已实现量产并拿到 80 颗订单，29 颗开始 交付；25 年 8 月完成首次上星验证（某型号公司获技 明阳智能交流反馈 01. 明阳智能卫星能源业务布局（拟收购德华芯片） 德华芯片核心竞争力 全产业链布局：国内唯一实现从外延片到芯片再到电源系统全产业链布局的民营企业，外延片 81 所份额超 80%， 行业占比 35%。 技术领先：掌握关键技术突破，能量变换效率较传统方案提升至56%，已实现量产并拿到 80 颗订单，29 颗开始 交付；25 年 8 月完成首次上星验证（某型号公司获技术验证星）。 客户资源优质：深度参与中星、中科两大院某型号，是某型号公司、国星（某型号）独家供应，航天五院、轨 道院处于送样阶段；具备军工三证资质。 产能扩张：中科电联拥有 15 条 MOCVD 产线（外延片核心设备），计划扩至 40 条；海光某基地预计 ...

Summary of Conference Call Records Companies and Industries Involved - **Keda Manufacturing**: Plans to acquire 51.55% stake in Tefu International, enhancing net profit and aligning interests with quality shareholders [1][1] - **China Jushi**: Noted a significant price increase in ordinary electronic cloth since Q4 2025 [1][1] - **Consumer Building Materials**: Market expectations remain low, with potential for profit elasticity and demand improvement not fully priced in [1][1] - **China National Materials**: Focus on the elasticity of price and volume for substrate materials driven by CPU demand [2][2] - **Shangfeng Cement**: Stable cash cow from cement business, with new economic investment projects maturing [4][4] - **Hua Xin Building Materials**: Announced share buyback by parent company [4][4] Core Points and Arguments - **Keda Manufacturing**: The acquisition of Tefu International is expected to significantly boost the company's net profit and create a stronger alignment with shareholders [1][1] - **China Jushi**: The price of ordinary electronic cloth has surged, indicating strong demand and potential profitability in the sector [1][1] - **Consumer Building Materials**: The sector is anticipated to see a profit turning point by Q3 2025, supported by improved competition and pricing strategies [1][1] - **China National Materials**: The demand for low-CTE materials is expected to rise due to CPU advancements, indicating a shift in market dynamics [2][2] - **Shangfeng Cement**: The company is well-positioned with a stable cash flow from its cement operations and is awaiting traditional demand recovery [4][4] - **Hua Xin Building Materials**: The increase in shareholding by the parent company reflects confidence in the business's future [4][4] Other Important but Potentially Overlooked Content - **Consumer Building Materials**: The potential for profit elasticity and demand improvement is not yet reflected in market pricing, suggesting an opportunity for investors [1][1] - **Risks**: The industry faces several risks including currency fluctuations, AI demand not meeting expectations, macroeconomic downturns, and unexpected capacity expansions [6][6] - **Investment Recommendations**: Companies with strong alpha characteristics such as Sankeshu, Rabbit Baby, and Hangaogroup are recommended, along with a focus on waterproof leaders like Dongfang Yuhong and Keshun [1][1]

Summary of Conference Call Notes Industry Overview: Chemical Sector - The chemical industry is characterized by global and diversified long-term demand growth [1] - Supply factors include a turning point in domestic capital expenditure, exit of overseas production capacity, anti-involution support, and long-term valuation enhancement due to dual carbon goals [1] - Domestic leading companies are positioned to meet global demand, with a focus on industries with favorable supply and demand dynamics, making price increases inevitable [1] Key Price Increases - Recent price increases have been observed in various chemical products, including TDI, adipic acid, oxalic acid, octanol, spandex, glyphosate, ortho-nitrochlorobenzene, nylon-6 caprolactam, VB3, methionine, and dyes, providing a solid foundation for post-holiday market conditions [1] Investment Recommendations - Recommended investments include leading companies in spandex, polyester, and organic silicon sectors [1] - Leading companies have significantly expanded production capacity over the past few years, with detailed calculations provided [1] - If prices and price spreads return to historical averages, profitability is expected to increase substantially, supported by detailed calculations [1] - Specific companies highlighted for investment include Wanhua, Hualu, Jushi, Baofeng, and Weixing for leading firms; Huafeng and Xinxiang for spandex; Tongkun and Xinfoning for polyester; and Xingfa, Luxi, and Xin'an for organic silicon [1] Market Outlook - The post-Spring Festival demand release is anticipated to further drive price increases, presenting an excellent investment opportunity [2]