【建投医药&机械】外骨骼机器人行业系列报告之二：产业链上下游共振，国内市场蓬勃发展 ☀核心观点：近年来政策支持力度逐步加大，外骨骼机器人迈入商业化加速阶段，市场规模快速增长，C端市场有 望放量。 部分国产公司情况：目前的产品以医疗康复为主，逐步拓展消费类、工业类产品。 政策支持：近年来支持力度逐步加大，国内外骨骼机器人市场蓬勃发展。 商业化加速：外骨骼机器人迈入商业化加速阶段，核心驱动来自技术、支付和应用三方面。 市场规模：假设未来外骨骼机器人在医疗康复、工业、消费等领域得到普及应用，外骨骼机器人远期市场潜在需 求有望达到千万台级别、市场规模可达百亿级。 核心零部件：外骨骼机器人需求增长有望带动电机、减速器、姿态传感器等部件市场扩容。 政策支持：近年来支持力度逐 【建投医药&机械】外骨骼机器人行业系列报告之二：产业链上下游共振，国内市场蓬勃发展 ☀核心观点：近年来政策支持力度逐步加大，外骨骼机器人迈入商业化加速阶段，市场规模快速增长，C端市场有 望放量。 行业的产品创新、性能改善、成本降低有望推动商业化加速落地，建议关注上游零部件企业信捷电气、华依科技 等，以及中下游企业翔宇医疗、程天科技等业务布局及进展。 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the solid-state battery sector, particularly in relation to the deployment of a satellite constellation by SpaceX, named "SpaceX Orbital Data Center System" [1][2]. Core Insights and Arguments - SpaceX plans to deploy up to 1 million satellites in orbits ranging from 500 to 2000 kilometers, aiming for global computational coverage [1]. - Over 94% of the satellites in the constellation will require energy storage batteries to ensure continuous power supply during shadow periods [2]. - Each satellite is estimated to need a 100 kWh battery, leading to a total energy storage requirement of 100 GWh for the entire constellation [2]. - Solid-state batteries are identified as the optimal choice for these satellites due to their advantages such as wide temperature range, radiation resistance, and long endurance, which are better suited for space environments compared to traditional liquid batteries [2]. - The energy density of solid-state batteries can reach twice that of liquid batteries, significantly reducing weight and launch costs, which is crucial for the deployment of 1 million satellites [2]. - The demand for 100 GWh of energy storage is expected to accelerate the development of the solid-state battery industry as SpaceX's satellite plans progress [2]. Investment Recommendations - There is a strong bullish outlook on the solid-state battery sector due to upcoming catalysts, including the CASIP solid-state battery conference and announcements regarding sample results and production line tenders [3]. - Key companies in various segments of the solid-state battery supply chain are highlighted: - **Complete Line Equipment**: XianDao Intelligent, HaiMuXing, LiYuanHeng - **Dry Electrode Equipment**: HongGong Technology, NaKeNuoEr - **Isostatic Pressing Equipment**: RongQi Technology, LiTong Technology - **PACK Pressurization Devices**: XianHui Technology, HangKe Technology - **Solid Electrolyte Equipment**: HongGong Technology, LingGe Technology - **High-Pressure Formation and Capacity**: HangKe Technology, HuaZi Technology - **Laser Welding Equipment**: LianYing Laser - **Lithium Iodide & Lithium Sulfide**: BoYuan Shares - **Solid Thermal Insulation Materials**: BoZhong Precision Engineering [3].

Summary of Conference Call Records Company: Hongsheng Co., Ltd. (宏盛股份) Key Points - **Market Reaction and Misconceptions** Recent decline in Hongsheng's stock price attributed to market rumors regarding Quanta's supply of liquid-cooled cabinets leaking, leading to a perceived loss of market share. However, the liquid cooling industry is still in its early stages, and leakage incidents are common. The introduction of new suppliers typically takes 1-2 years, making a complete switch to new suppliers unlikely in the short term [1][2] - **Core Competitive Advantages** Hongsheng's core competitive advantages lie in its welding capabilities, manufacturing processes, and customer relationships, particularly with Suzhou Hexin, a key Taiwanese manufacturer. The Quanta incident is viewed as a short-term impact rather than a long-term concern [1][2] - **Strategic Partnerships** Hongsheng has entered the liquid cooling components supply chain through its joint venture with Suzhou Hexin (Hexin holds 51% and Hongsheng holds 49% of the investment returns). This partnership enhances Hongsheng's position in the market [1][2] - **Industry Trends and Future Outlook** The liquid cooling technology is essential for addressing the heat dissipation challenges in data centers. The market for ASIC liquid cooling systems is projected to reach 29.4 billion yuan by 2026, while NVIDIA's liquid cooling systems are expected to reach 58.1 billion yuan, indicating a vast market potential [2] - **Product Development and Market Positioning** Hongsheng is actively aligning with industry trends by expanding its product offerings related to liquid cooling. Currently, the main product is heat exchangers, but the company is also developing complete sidecar cabinets, including overall CDU and liquid cooling solutions, positioning itself to benefit from the industry's growth [3] Additional Important Information - **Long-term Business Logic** Despite recent volatility, the long-term business logic for Hongsheng remains intact, with ongoing collaborations with other Taiwanese ODMs, such as Delta, expected to contribute positively to the company's performance [2] - **Lifecycle of Liquid Cooling Products** The lifecycle of liquid cooling products is relatively short (1-2 years), emphasizing the importance of market interaction capabilities for companies in this sector [1] This summary encapsulates the essential insights from the conference call records, highlighting Hongsheng's strategic positioning and the broader industry context.

【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， 【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 10月 # 三菱电机 50亿投资的泗水8英寸碳化硅晶圆厂竣工 11月 # 安森美 获36亿补贴新建8英寸碳化硅工厂 12月 # 意法半导体 获83亿信贷建8英寸碳化硅工厂（72万片） # 时代电气 株洲8英寸碳化硅晶圆线量产（36万片） 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、 ...

利润表现： 归母净利润 8.3 亿 – 12.3 亿元，同比增长 105%-204%，低于瑞银预期（15.0 亿元）和市场一致预期（13.2 亿 元）； 瑞银 – 泰格医药 ：2025 预告收入中值超预期，但利润低于预期 泰格医药公布 2025 年业绩预告，收入中值超预期但利润低于预期，我们基于现金流贴现（DCF）模型维持目标价 72.4 元（加权平均资本成本 8.3%，终期增长率 3%），隐含 2026/2027 年 47 倍 / 36 倍市盈率，维持 "买入"评级。 2025 年业绩预告核心数据 收入表现： 全年收入同比增长 1% 瑞银 – 泰格医药 ：2025 预告收入中值超预期，但利润低于预期 泰格医药公布 2025 年业绩预告，收入中值超预期但利润低于预期，我们基于现金流贴现（DCF）模型维持目标价 72.4 元（加权平均资本成本 8.3%，终期增长率 3%），隐含 2026/2027 年 47 倍 / 36 倍市盈率，维持 "买入"评级。 2025 年业绩预告核心数据 收入表现： 全年收入同比增长 1%-16%，达到 66.6 亿 – 76.8 亿元；隐含第四季度收入增长 6.4%-72.9%，中 ...

2025年以来钨价&钴粉价格持续上涨，拉动硬质合金相关产品价格： 25Q1以来贵金属价格开启上涨通道，25年底以来加速上涨，其中碳化钨粉价格从底部300-400元/KG区间上涨至 1400-1500元/KG区间，钴粉价格从底部150-200元/KG区间上涨至500-600元/KG区间。 原材料成本约占硬质合金成本的40-50%，而主要原材料为碳化钨粉、 钨价持续上涨，看好产业链下游刀具&钻头等核心品种 硬质合金价格上涨，刀具&硬质合金制品等核心品种高端产能供不应求： 随着硬质合金价格上涨，数控刀片、硬质合金制品（例如矿用合金齿）、凿岩工具等硬质合金核心品种价格大幅 上涨，且高端产能供不应求。 同时下游企业凭借自身对原材料价格的敏锐判断，大量囤积低价库存，有望迎来收入&盈利能力的戴维斯双击。 投资建议：刀具板块核心推荐【新锐股份】【欧科亿】【华锐精密】；PCB钻针板块核心推荐【鼎泰高科】【中 钨高新】 风险提示：制造业复苏进程不及预期，制造业出口不及预期。 钨价持续上涨，看好产业链下游刀具&钻头等核心品种 2025年以来钨价&钴粉价格持续上涨，拉动硬质合金相关产品价格： 25Q1以来贵金属价格开启上涨通道，25 ...

Summary of Company and Industry Insights Company: JunDa Co., Ltd. (钧达股份) Key Points 1. **H-Share Placement Completion** The company completed its H-share placement on February 2, 2026, at a price of HKD 22.00 per share, resulting in a net amount of approximately HKD 398 million after commissions and fees [1] 2. **Use of Proceeds** The proceeds from the placement are allocated as follows: - 45% for research and production of space photovoltaic battery-related products - 45% for equity investments and collaborations in the commercial aerospace sector - 10% for supplementing working capital [1] 3. **Emerging Business Overview** - **Space Photovoltaics**: The company established a joint venture, Shangrao JunDa, with a 70% ownership stake, focusing on CPI thin-film photovoltaic battery packaging and products combining CPI thin-film with perovskite-silicon stacked layers [1] 4. **Commercial Aerospace Investments** The company anticipates making strategic equity investments in the commercial aerospace industry, targeting entities that align with its strategic direction, possess mature operational capabilities, and have established market positions. This includes potential controlling or significant minority stakes [2] 5. **Investment Outlook** The company expects a rapid recovery in profitability for its battery segment due to a significant decline in silver prices. Additionally, production capacity in Turkey is set to enter the shipping phase, indicating a positive outlook for the core business. The company is optimistic about its future performance, leveraging large-scale production experience and existing resources to extend its commercial aerospace industry chain [2]

【国泰海通电子】BE 25Q4业绩前瞻 市场一致预期： 四季度收入6.5亿美金，同比+14%，环比+26%。 Adj.毛利率30.7%，环比+0.3pct，adj.EPS为0.31； 26年收入25亿美金，同比+34%。 Adj.毛利率31.5%，adj.EPS为1.07。 2）26年指引：要看公司交流口径，去年给的指引就偏保守一些。 但考虑到MTAR业绩会称BE在FY26产能会到3GW，那BE实际出货有机会到2GW（对应60亿收入），若正常确收， 那么即使公司给的指引保守，可能指引也不低vs外资卖方预期基本在30亿收入以下 3）产能规划：取决于公司信息披露尺度，不一定更新，有不确定性，但对长期空间来说很重要（部分乐观的亚洲 投资人对此有一定期待） 建议关注的信息： 1）Q4业绩：大概率会beat（出货规模预计 【国泰海通电子】BE 25Q4业绩前瞻 市场一致预期： 四季度收入6.5亿美金，同比+14%，环比+26%。 Adj.毛利率30.7%，环比+0.3pct，adj.EPS为0.31； 26年收入25亿美金，同比+34%。 Adj.毛利率31.5%，adj.EPS为1.07。 建议关注的信息： 1）Q4 ...

Company and Industry Summary Company: Apple Inc. Key Financial Performance - **Q4 2025 Revenue**: $143.76 billion, exceeding market expectations of $138.52 billion, with a year-over-year increase of 46.7% and a quarter-over-quarter increase of 40.3% [1] - **Net Profit**: $42.1 billion, a year-over-year increase of 15.9% and a quarter-over-quarter increase of 53.3% [1] - **Earnings Per Share (EPS)**: $2.84, surpassing market expectations of $2.67 [1] Segment Performance 1. **iPhone**: Revenue of $85.27 billion, a year-over-year increase of 23.3%, driven by the iPhone 17 series, exceeding market expectations of $78.31 billion [2] 2. **Mac/iPad**: - Mac revenue: $8.39 billion, a year-over-year decrease of 6.7%, below market expectations of $9.13 billion [2] - iPad revenue: $8.6 billion, a year-over-year increase of 6.3%, exceeding market expectations of $8.18 billion [2] 3. **Wearables/Home/Accessories**: Revenue of $11.49 billion, a year-over-year decrease of 2.2%, below market expectations of $12.13 billion, impacted by limited supply of AirPods Pro 3 [2] 4. **Services**: Revenue of $33.01 billion, a year-over-year increase of 13.9%, slightly below market expectations of $30.02 billion, with double-digit growth in both developed and emerging markets [2] Regional Performance - Revenue growth by region: - Americas: +11.2% - Europe: +12.7% - Greater China: +37.9% - Japan: +4.7% - Other Asia-Pacific: +18.0% - Strong momentum in emerging markets, with significant growth in the Chinese market driven by iPhone sales [2] Profitability Metrics - **Gross Margin**: 48.2%, a year-over-year increase of 1.3 percentage points and a quarter-over-quarter increase of 1.0 percentage points, exceeding guidance [2] - **Net Margin**: 29.3%, a year-over-year increase of 0.1 percentage points and a quarter-over-quarter increase of 2.5 percentage points [2] Q1 2026 Outlook - **Revenue Growth**: Expected to increase by 13% to 16% year-over-year, considering supply constraints primarily from 3nm advanced process capacity [3] - **Gross Margin Guidance**: Expected to be between 48% and 49% [3] - **Storage Impact**: Minimal impact on Q4 2025 gross margin, but expected to have a slightly larger effect in Q1 2026, already factored into guidance [3] Strategic Insights - Despite challenges from storage constraints, Apple is expected to be less affected and may expand its market share. The guidance for continued growth in Q1 2026 indicates a clear trend towards accelerated AI innovation in 2026-2027 [3] - The value of Apple's supply chain resources is expected to become more prominent, with recommendations to focus on quality leaders like Luxshare Precision and GoerTek for investment opportunities [3]

【中信科技产业】海外AI叙事或重回乐观情形，重视海外算力链新一轮上涨机遇！ 核心判断 近期海外推理与训练算力需求同步走强，亚马逊云、谷歌云相继涨价，台积电上修Capex。 尽管当前AI应用大规模商业化能见度仍有限，但在模型与应用密集催化下，未来3–6个月海外算力需求有望进一步 上行，算力"泡沫论"担忧或阶段性缓解，产业链有望迎来新一轮修复。 推理侧：Agent落地 【中信科技产业】海外AI叙事或重回乐观情形，重视海外算力链新一轮上涨机遇！ 核心判断 近期海外推理与训练算力需求同步走强，亚马逊云、谷歌云相继涨价，台积电上修Capex。 尽管当前AI应用大规模商业化能见度仍有限，但在模型与应用密集催化下，未来3–6个月海外算力需求有望进一步 上行，算力"泡沫论"担忧或阶段性缓解，产业链有望迎来新一轮修复。 推理侧：Agent落地抬升推理算力消耗 MoltBot等新一代Agent显著提升对电脑操作与复杂任务的处理能力，带来更高推理算力消耗。 Anthropic持续推出Claude Code、Agent Skills等产品，拓展Agent应用场景。 OpenRouter数据显示，2026年1月初以来Token调用量持 ...