- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios[1][3][4] - The turnover rate of the indices is calculated as the weighted average of the turnover rates of constituent stocks, weighted by their free-float market capitalization[19] - The risk premium is measured relative to the 10-year government bond yield, serving as a reference for risk-free rates, to evaluate the relative investment value and deviation of indices[28][30] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation reference to assess the investment value of indices at the current point in time, with historical percentile ranks provided for comparison[40][43] - Dividend yield is analyzed as a measure of cash return, particularly relevant during market downturns or periods of declining interest rates, with historical trends and percentile ranks provided for each index[49][54] - The net asset ratio (or "破净率") is tracked to reflect the proportion of stocks trading below their book value, indicating market valuation attitudes and potential undervaluation[55][58]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Views - The company, Shanghai Bichu Electronics Technology Co., Ltd., specializes in laser cutting control systems and has established a strong competitive position in the market [5] - The company has shown robust revenue growth, with total revenue increasing from 376 million yuan in 2019 to an estimated 1.735 billion yuan in 2024, reflecting a 5-year CAGR of 35.78% [5][22] - The domestic demand for laser equipment is on the rise, driven by the upgrade of China's economic structure towards advanced manufacturing [5][54] - The company maintains a leading market share of approximately 60% in the domestic low-power laser cutting control system market [5] - The report projects the company's EPS for 2025-2027 to be 3.84, 4.69, and 5.72 yuan, respectively, with corresponding P/E ratios of 38.25, 31.34, and 25.68 times [5] Financial Forecast - Total revenue (in million yuan) is forecasted as follows: 2023A: 1,407.11, 2024A: 1,735.46, 2025E: 2,147.11, 2026E: 2,639.22, 2027E: 3,240.17, with growth rates of 56.61%, 23.33%, 23.72%, 22.92%, and 22.77% respectively [4] - Net profit attributable to shareholders (in million yuan) is projected to grow from 728.91 in 2023A to 1,652.40 in 2027E, with growth rates of 52.01%, 21.10%, 25.65%, 22.05%, and 22.07% respectively [4] - The company's return on equity (ROE) is expected to increase from 15.01% in 2023A to 21.44% in 2027E [4] Business Overview - The company provides a range of automation products centered around laser cutting control systems, including follow-up control systems, board control systems, and bus control systems [37] - The laser processing industry is experiencing steady growth, with increasing demand for high-power control systems and ongoing domestic substitution [5][54] - The company has developed a comprehensive service network, covering both domestic and international markets, enhancing its operational efficiency [12] Market Trends - The domestic laser equipment market is projected to grow from 65.8 billion yuan in 2019 to 91 billion yuan in 2024, with a CAGR of 6.70% [5][54] - The global industrial laser market is expected to grow from 5.157 billion USD in 2020 to 8.808 billion USD in 2026, with a CAGR of 9.33% [62] - The laser cutting equipment market in China is forecasted to increase from 31.8 billion yuan in 2020 to 69 billion yuan in 2026, with a CAGR of 13.78% [70]

- The report primarily focuses on tracking and analyzing market data of major broad-based indices in the A-share market, including their performance, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net-breaking rates [1][3][4] - **Market Performance**: All broad-based indices showed positive growth on February 9, 2026, with the highest daily increase observed in the ChiNext Index (2.98%) and CSI 1000 (2.26%). Year-to-date, CSI 500 recorded the highest growth (11.33%), followed by CSI 2000 (10.07%) and CSI 1000 (8.41%) [3][12][16] - **Moving Averages**: All indices surpassed their 5-day moving averages. CSI 500 and CSI 1000 remained below their 20-day moving averages, while other indices exceeded their 10-day and 20-day moving averages [14][15] - **Turnover Rates**: CSI 2000 had the highest turnover rate (4.02%), followed by ChiNext Index (3.55%) and CSI 1000 (2.85%). The turnover rate calculation formula is: $ \text{Turnover Rate} = \frac{\Sigma(\text{Circulating Shares of Constituents} \times \text{Turnover Rate of Constituents})}{\Sigma(\text{Circulating Shares of Constituents})} $ [18] - **Risk Premiums**: Risk premiums were calculated relative to the 10-year government bond yield. CSI 500 (96.67%) and CSI All Share (96.35%) had the highest 5-year percentile values, while CSI 2000 (94.21%) and SSE 50 (92.62%) had lower values. CSI 1000 and CSI 2000 exhibited higher volatility in risk premiums [27][28][30] - **PE-TTM Analysis**: CSI 500 and CSI All Share had the highest 5-year percentile values (99.26%), indicating elevated valuations. Conversely, SSE 50 (83.8%) and ChiNext Index (64.71%) had lower percentile values. The PE-TTM formula is: $ \text{PE-TTM} = \frac{\text{Market Price}}{\text{Trailing Twelve Months Earnings}} $ [38][41][42] - **Dividend Yields**: Dividend yields were tracked to assess cash return rates. ChiNext Index (55.29%) and CSI 300 (37.02%) had the highest 5-year historical percentile values, while CSI 500 (4.46%) and CSI 2000 (0.83%) were significantly lower [47][50][52] - **Net-Breaking Rates**: Net-breaking rates reflect the proportion of stocks trading below their book value. Current rates were highest for SSE 50 (24.0%) and lowest for CSI 2000 (2.4%) [54][57][59]

- The report does not include any quantitative models or factors for analysis or construction[1][3][6] - The content primarily focuses on convertible bond market performance, individual bond performance, valuation analysis, and clause tracking without discussing quantitative models or factors[1][6][8] - No quantitative backtesting results or factor performance metrics are provided in the report[1][6][8]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1] Core Insights - The company is positioned in the smart meter industry, focusing on smart metering terminal products and providing comprehensive smart energy management system solutions. It has successfully expanded into overseas markets, leveraging its experience in international smart meter projects [8][14] - The company has shown stable revenue growth, with a compound annual growth rate (CAGR) of 25.75% in revenue and 41.40% in net profit from 2019 to 2024. The revenue for 2025 is projected to reach 33.69 billion yuan, with a year-on-year growth rate of 14.87% [5][39] - The global smart meter market is expected to grow from USD 23.171 billion in 2023 to USD 36.387 billion by 2028, with a CAGR of 9.5%. The smart electricity meter market is projected to grow from USD 7.8 billion in 2022 to USD 10.7 billion by 2027, with a CAGR of 6.5% [8][51] Company Overview - The company, Chengdu Changcheng Development Technology Co., Ltd., is a subsidiary of China Electronics Corporation, primarily engaged in the research, manufacturing, and sales of smart electricity, water, and gas meters, with a strong export focus [14][18] - The company has a stable shareholding structure, with the State-owned Assets Supervision and Administration Commission of the State Council as the actual controller, holding 50.40% of the shares [37] Financial Analysis - The company has maintained stable revenue growth, with total revenue increasing from 1.475 billion yuan in 2021 to 2.933 billion yuan in 2024. The net profit rose from 208 million yuan to 588.99 million yuan during the same period [39][44] - The gross margin and net margin have shown improvement, with a gross margin of 39.41% and a net margin of 23.97% in the first three quarters of 2025 [44] Industry Development Overview - The smart meter industry is evolving towards greater intelligence, systematization, and modularity, driven by the need for real-time energy data collection and management in the context of energy transformation and carbon reduction goals [47][64] - The domestic market is experiencing increased investment in smart grid infrastructure, with significant growth in the number of smart meter tenders and projects initiated by major state-owned enterprises [62][63]

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios[1][2][4] - The turnover rate of the indices is calculated as the weighted average turnover rate of constituent stocks, with the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Floating Shares of Constituent Stocks} \times \text{Turnover Rate of Constituent Stocks})}{\Sigma(\text{Floating Shares of Constituent Stocks})} $[19] - The risk premium is measured relative to the 10-year government bond yield, serving as a reference for risk-free rates. It evaluates the relative investment value and deviation of indices. The report highlights that indices like CSI 1000 and CSI 2000 exhibit higher volatility in risk premiums compared to others[28][29][32] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation metric to assess the investment value of indices. The report notes that indices such as CSI 500 (98.51%) and CSI 1000 (98.43%) have high 5-year historical percentiles, while indices like SSE 50 (81.9%) and ChiNext Index (60.83%) are relatively lower[40][43][44] - Dividend yield is analyzed as a measure of cash return, particularly relevant during market downturns. The report observes that indices like CSI 500 (7.36%) and CSI 2000 (3.88%) have relatively low 5-year historical percentiles, while ChiNext Index (56.36%) and CSI 300 (38.76%) are higher[50][53][55] - The net asset ratio (P/B ratio below 1) is used to evaluate market valuation attitudes. The report indicates that the current net asset ratios for indices are as follows: SSE 50 (24.0%), CSI 300 (16.67%), CSI 500 (10.6%), CSI 1000 (7.0%), CSI 2000 (2.45%), and CSI All Share (5.5%)[59]

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios[1][2][4] - The daily return distribution of indices is analyzed, showing that the ChiNext Index has the largest negative skewness and kurtosis deviation, while the CSI 500 has the smallest negative skewness and kurtosis deviation[4][22][23] - Risk premium analysis is conducted using the 10-year government bond yield as the risk-free rate. The CSI 1000 and CSI 500 exhibit relatively low risk premiums, while the SSE 50 and CSI 300 have higher risk premiums in the past five years[4][25][30] - PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation metric. The CSI 500 and CSI 1000 have the highest five-year percentile rankings (98.6% and 98.51%, respectively), while the SSE 50 and ChiNext Index have lower rankings (82.56% and 61.4%, respectively)[41][42][43] - Dividend yield analysis shows that the ChiNext Index and CSI 300 have relatively high five-year historical percentiles (56.12% and 36.86%, respectively), while the CSI 500 and CSI 2000 have lower percentiles (7.36% and 4.05%, respectively)[50][52][54] - The net asset ratio (P/B ratio) analysis indicates that the current net asset ratios for indices such as the SSE 50, CSI 300, and CSI 500 are 24.0%, 16.67%, and 10.4%, respectively, reflecting market valuation attitudes[56][58]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The tungsten price has reached a new high, driven by supply-side constraints and strong demand from high-end manufacturing sectors such as photovoltaic and electric vehicles [4][6][7] - The global tungsten supply is under significant pressure, with production expected to grow only marginally from 82,800 tons in 2024 to 85,500 tons in 2026, reflecting a compound annual growth rate of less than 2% [6] - The demand for tungsten is expected to continue to rise, particularly in the photovoltaic sector, where tungsten wire is increasingly replacing traditional materials, and in the electric vehicle sector, where tungsten is used in high-performance alloys [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong performance with a relative return of 95.34% compared to the CSI 300 index [2] Supply Dynamics - The supply of tungsten is facing continuous contraction due to stricter environmental regulations and rising operational costs, leading to reduced production capacity [6] - The average grade of tungsten ore has declined from 0.42% in 2004 to 0.28% in 2024, increasing mining and processing costs [6] Demand Drivers - The explosive growth in demand from the photovoltaic and electric vehicle sectors is a key driver for rising tungsten prices, with significant increases in tungsten consumption expected in these areas [7] - The market penetration of tungsten wire in silicon wafer cutting is projected to exceed 60% by 2025, indicating a shift towards more efficient materials [7] Investment Recommendations - The report suggests a continued positive outlook for the tungsten sector, highlighting companies such as Xiamen Tungsten, China Tungsten High-tech, Zhangyuan Tungsten, and Xianglu Tungsten as key investment opportunities [8]

- The report does not contain any specific quantitative models or factors, nor does it provide details on their construction or evaluation [1][2][3] - The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and price-to-book ratios [5][6][19][28][40][49][55] - The analysis includes comparisons of indices against their historical averages, standard deviations, and percentile rankings over the past 1 and 5 years, providing insights into valuation and market sentiment [32][43][45][54] - Key indices analyzed include the SSE 50, CSI 300, CSI 500, CSI 1000, CSI 2000, CSI All Share, and ChiNext Index, with detailed metrics such as risk premiums, PE-TTM values, dividend yields, and net asset ratios provided for each index [13][19][32][45][54][58] - The report highlights the relative valuation and investment attractiveness of these indices based on their historical positioning and current market conditions, but does not delve into specific quantitative factor or model construction [43][45][54]

证券研究报告·行业点评报告 2026 年 2 月 4 日 江海证券研究发展部 消费行业研究组 分析师：张婧 执业证书编号：S1410525010001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.42 -2.93 -4.02 绝对收益 -2.76 -2.78 18.06 数据来源：聚源 注：相对收益与沪深 300 相比 注：2026 年 2 月 3 日数据 -15% -6% 4% 14% 24% 34% 2025-02 2025-06 2025-10 2026-02 农林牧渔 沪深300 相关研究报告 1. 江海证券-行业点评报告-农林牧渔行 业：能繁母猪加速去化，关注生猪养殖左 侧布局机会 – 2025.11.25 2. 江海证券-行业点评报告-农林牧渔："反 内卷"叠加亏损减产，生猪养殖有望进入 产能去化周期 – 2025.09.25 3. 江海证券-行业点评报告-农林牧渔行 业：中央一号文件发布，首提农业新质生 产力 – 2025.02.24 农林牧渔行业 聚焦农业现代化，建设农业强国 事件： ◆2026 年中央一号文件发布。2026 年 2 月 3 ...