证券研究报告 电力设备与新能源 统一电力市场赋能储网风光高质发展 行业走势图 (15) (2) 12 25 38 Feb-25 Jun-25 Oct-25 Feb-26 (%) 电力设备与新能源 沪深300 资料来源：Wind，华泰研究 2026 年 2 月 12 日│中国内地 动态点评 电力设备与新能源 增持 (维持) 刘俊 研究员 SAC No. S0570523110003 SFC No. AVM464 karlliu@htsc.com +(852) 3658 6000 边文姣 研究员 SAC No. S0570518110004 SFC No. BSJ399 bianwenjiao@htsc.com +(86) 755 8277 6411 戚腾元 研究员 SAC No. S0570524080002 SFC No. BVU938 qitengyuan@htsc.com +(86) 21 2897 2228 徐嘉欣* 联系人 SAC No. S0570125070136 xujiaxin@htsc.com 华泰研究 2 月 11 日，国务院办公厅关于完善全国统一电力市场体系的实施意见（国 办发〔2026 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 239.40 [2][9][12] Core Insights - The company reported a revenue of RMB 7.759 billion for 2025, a slight decrease of 2.4% year-over-year, which was below Bloomberg's expectation of RMB 7.9 billion. However, the adjusted net profit was RMB 2.86 billion, reflecting a significant year-over-year increase of 68.2% [6][8] - The company plans to increase customer acquisition efforts in 2026, focusing on expanding its paid user base and improving gross margins through enhanced operational efficiency [6][7] - The adjusted net profit forecast for 2026 and 2027 has been revised down to RMB 22.39 billion and RMB 25.20 billion, respectively, reflecting a 16% reduction in expectations [9][12] Financial Performance Summary - Revenue projections for the upcoming years are as follows: RMB 8.619 billion in 2026, RMB 9.339 billion in 2027, and RMB 10.038 billion in 2028, with growth rates of 11.08%, 8.35%, and 7.48% respectively [5][12] - The adjusted net profit for 2026 is projected at RMB 2.239 billion, with an adjusted EPS of RMB 10.27, and a PE ratio of 20.71x [12][14] - The company’s gross margin improved by 2 percentage points to 35.7% in 2025, attributed to a decrease in revenue sharing costs and effective content licensing cost control [8][9] Market Position and Strategy - The company is focusing on the younger demographic passionate about music, aiming to expand its membership base through increased marketing and content production investments [7][9] - The report indicates that the company will continue to optimize promotional expenses, which decreased by 43% year-over-year, contributing to a 33.2% reduction in overall sales expenses [8][9]

Monetary Policy Insights - The central bank emphasizes coordination between monetary and fiscal policies to boost domestic demand, particularly through structural monetary policy tools targeting key areas like technology innovation and small and medium enterprises[1] - The weighted average loan rate (WALR) decreased by 10 basis points to 3.15% in Q4 2025, with general loans dropping by 12 basis points to 3.55%[2] - Social financing growth rate slightly declined from 8.7% at the end of Q3 to 8.3% in Q4 2025, reflecting weaker private sector financing demand[2] Economic Outlook - The central bank perceives short-term resilience in the global economy, but acknowledges increasing uncertainties, particularly in global trade and financial market volatility[2] - Domestic economic conditions are expected to stabilize and improve, supported by strong policy backing and the ongoing development of a unified national market[2] - The GDP for 2025 is projected at 140.2 trillion yuan, with a year-on-year growth of 5.0%[5] Policy Implementation - The central bank plans to utilize various policy tools flexibly, including potential rate cuts and reserve requirement ratio (RRR) reductions, particularly during the upcoming Two Sessions[3] - Emphasis on enhancing financial support for key sectors such as technology innovation and consumer spending, with a focus on green finance initiatives[3] - The central bank aims to maintain liquidity and relatively loose social financing conditions to support balanced credit distribution and low financing costs[3]

Group 1: Inflation Data Overview - In January 2026, China's CPI increased by 0.2% year-on-year, down from 0.8% in December 2025, and below Bloomberg's consensus expectation of 0.4%[1] - The PPI in January 2026 decreased by 1.4% year-on-year, an improvement from the previous month's decline of 1.9%, slightly above the expected decline of 1.5%[1] - Month-on-month, the CPI remained flat at 0.2%, while the PPI increased from 0.2% in December to 0.4% in January[1] Group 2: Seasonal Effects and Core Inflation - The late timing of the Spring Festival in 2026 is expected to suppress January's CPI readings but boost February's figures significantly[2] - Core CPI showed a month-on-month recovery from 0.2% in December to 0.3% in January, marking a six-month high, indicating a gradual recovery in domestic demand[2] - The food CPI turned negative at -0.7% year-on-year in January, down from 1.1% in December, impacting the overall CPI negatively[7] Group 3: PPI Trends and Industry Insights - The PPI's year-on-year decline has narrowed for six consecutive months, with notable improvements in upstream prices for non-ferrous and black metals[8] - The PPI for production materials decreased by 1.3% year-on-year, while the living materials PPI saw a wider decline of 1.7%[8] - The ongoing "anti-involution" market reforms are contributing to price stabilization in certain sectors, with significant increases in prices for educational and entertainment products[8]

核心观点 证券研究报告 固收 "三高"环境下的应对和选择 华泰研究 张继强 研究员 2026 年 2 月 11 日│中国内地 资产配置周报 近期全球市场呈现出高估值、高共识、高波动的"三高"状态，贵金属、比 特币、海外长债、美元指数、部分科技股等资产均出现了大幅波动。背后源 于全球流动性宽松的环境，市场共识在 AI 时代低成本的快速传播，容易带 来拥挤行情。建议在交易层面兼顾赔率，基于风险因子预算以及资产的负相 关性多元化配置，加强对市场情绪、资金流和仓位的跟踪。配置上，高估值 +高拥挤带来近日的全球市场高波动，不过各国财政+AI 资本开支推动制造 业周期回升的基本面主线仍在延续，秩序重构等主题继续演绎，多数权益和 商品处于相对顺风，建议仍以回调后择机买入为主。国内春节将至，日历效 应对股市或更偏积极，债市在长假期间有票息优势。AI 模型、伊朗局势、 春节期间的消费数据等是关注点。 核心主题："三高"环境下的应对与选择 我们认为当前"三高"的市场环境源于以下几个方面，一是全球货币宽松以 及美元走弱带来的充裕流动性环境；二是全球秩序重构、AI 科技革命等主 线在 AI 时代快速演绎；三是新资金+强叙事+强动量， ...

证券研究报告 工业/能源 储能需求向好，低价内卷转向 华泰研究 2026 年 2 月 11 日│中国内地 动态点评 刘俊 研究员 SAC No. S0570523110003 SFC No. AVM464 徐嘉欣* 联系人 SAC No. S0570125070136 xujiaxin@htsc.com 行业走势图 karlliu@htsc.com +(852) 3658 6000 边文姣 研究员 SAC No. S0570518110004 SFC No. BSJ399 王嵩 研究员 SAC No. S0570525110001 SFC No. BLE051 苗雨菲 研究员 miaoyufei@htsc.com +(86) 21 2897 2228 戚腾元 研究员 SAC No. S0570524080002 SFC No. BVU938 +(86) 21 2897 2228 李科毅* 联系人 +(86) 10 6321 1166 SAC No. S0570125030018 likeyi@htsc.com (11) 3 16 30 43 Feb-25 Jun-25 Oct-25 Jan-26 (%) 电力 ...

证券研究报告 Spotify (SPOT US) 涨价效果初步兑现 | 华泰研究 | 年报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | | 2026 年 2 月 11 日│美国 | | 目标价(美元): 互联网 | 619.44 | | Spotify 公布 25Q4 业绩：总收入 | 45.31 亿欧元略超指引（45 亿欧元）， | 夏路路 | 研究员 | | yoy+7%/+13%（汇率中性）；毛利率 | 33.1%，超指引（32.9%）；经营利 | SAC No. S0570523100002 SFC No. BTP154 | xialulu@htsc.com +(852) 3658 6000 | | 润 7.01 亿欧元，好于指引（6.20 | 亿欧元）；净利润 11.74 亿欧元，大幅超 | | | | | | 詹博 | 研究员 | | 收盘价 (美元 截至 2 月 9 日) | 414.84 | | --- | --- | | 市值 (美元百万) | 85,492 | | 6 个月平均日成交额 (美元百万) | 1,163 | | 52 周价格范围 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 78.00 [1][6]. Core Views - The company's Q4 performance slightly exceeded expectations, driven by increased demand for energy storage and battery chemicals, resulting in a revenue of RMB 9.639 billion for 2025, a year-on-year increase of 22.84% [1]. - The company anticipates further growth in the shipment of organic fluorine products and a gradual reduction in losses from Haidefu, with capacitors showing profit elasticity as new products ramp up [1]. - The report highlights the positive outlook for the 6F price recovery during peak seasons in 2026, which is expected to contribute to profitability [3]. - The company plans to pursue a Hong Kong listing to expand overseas production capacity, with significant investments in projects in Poland and Saudi Arabia [4]. Summary by Sections Q4 Performance - In Q4, the company reported revenue of RMB 3.023 billion, a quarter-on-quarter increase of 38.7% and a year-on-year increase of 27.6%, with net profit attributable to the parent company reaching RMB 350 million, up 45.5% year-on-year [2]. - The profitability from electrolyte products was approximately RMB 100 million, with shipments exceeding 90,000 tons and a net profit per ton exceeding RMB 1,000 [2]. Price Trends and Capacity - As of February 10, the price of 6F was RMB 130,000 per ton, down from an average of RMB 180,000 in December, attributed to seasonal inventory increases [3]. - The company has a 36,000-ton capacity for 6F and is expanding its production capabilities for lithium battery materials and semiconductor chemicals [4][5]. Financial Projections - The company has revised its revenue projections for 2025-2027, expecting net profits of RMB 10.98 billion, RMB 23.47 billion, and RMB 28.66 billion respectively, reflecting significant upward adjustments [6][12]. - The report anticipates a gross margin improvement for the electrolyte business, with expected margins of 12.4%, 21.1%, and 21.1% for 2025, 2026, and 2027 respectively [12][13]. Market Position and Valuation - The company is positioned favorably within the market, with a projected PE ratio of 25 times for 2026, reflecting its strong earnings potential compared to peers [6][14]. - The average PE for comparable companies is noted to be 20 times for 2026, indicating a competitive valuation for the company [14].

Investment Rating - The report maintains an "Overweight" rating for the media industry, indicating an expectation that the industry stock index will outperform the benchmark [7]. Core Insights - The launch of Seedance 2.0 by ByteDance on February 7 marks a significant advancement in AI video production, transitioning from low-certainty "blind box generation" to a highly controllable and reusable creative process [2]. - The cost curve for AI comic and short drama production is expected to continue declining, with production costs per episode projected to decrease significantly, and production cycles potentially reduced from 7-10 days to under 3 days [3]. - The market for comic dramas (including AI comic dramas) is anticipated to reach approximately 16.8 billion yuan in 2025 and exceed 24 billion yuan in 2026, with a year-on-year growth rate expected to remain above 40% [3]. - The evolution of multi-modal AI models since 2025 has accelerated the entire video production process, enhancing efficiency from script generation to post-production [4]. - The maturation of AI video industrialization is expected to reshape the value distribution structure within the content industry, benefiting upstream IP holders and midstream production companies that effectively integrate AI tools [5]. Summary by Sections Seedance 2.0 and AI Video Production - Seedance 2.0 enhances narrative consistency and supports multi-modal inputs, significantly improving the stability of generated results and the efficiency of commercial content delivery [2]. Cost and Supply Dynamics - The introduction of new AI models is likely to amplify the cost and efficiency advantages in the production of AI comic and short dramas, leading to rapid supply elasticity and industry growth [3]. Technological Advancements - The continuous iteration of multi-modal AI models has enabled comprehensive coverage of the video production process, driving innovation across various sectors including film, television, and advertising [4]. Industry Value Chain - The report identifies potential beneficiaries within the industry, including upstream IP holders and midstream production companies that leverage AI tools effectively [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 78.00 [1][6]. Core Views - The company's Q4 performance slightly exceeded expectations, driven by increased demand for energy storage and battery chemicals, resulting in a revenue of RMB 9.639 billion for 2025, a year-on-year increase of 22.84% [1]. - The company is expected to see further growth in the shipment of organic fluorine products and a gradual reduction in losses from Haidefu, with capacitors showing profit elasticity as new products ramp up [1]. - The report highlights the anticipated recovery of 6F prices in the peak season of 2026, which is expected to contribute positively to profitability [3]. Summary by Sections Q4 Performance - In Q4, the company reported revenue of RMB 3.023 billion, a year-on-year increase of 38.7% and a quarter-on-quarter increase of 27.6%. The net profit attributable to the parent company was RMB 350 million, up 45.5% year-on-year [2]. - The profitability in Q4 was attributed to price increases in electrolyte raw materials, particularly 6F and additives, which contributed to excess profits [2]. Price Trends and Capacity Expansion - As of February 10, 2026, the price of 6F was RMB 130,000 per ton, down from an average of RMB 180,000 per ton in December, primarily due to seasonal inventory increases. However, limited new production capacity is expected to be released in 2026, which may lead to a price rebound in the peak season [3]. - The company plans to expand its overseas production capacity, including a RMB 200 million investment in Poland for an additional 50,000 tons of electrolyte production and a USD 260 million investment in Saudi Arabia for lithium battery materials [4]. Product Applications and Future Outlook - The company's fluorinated cooling liquids have achieved mass application in semiconductor cooling, data center immersion cooling, and precision instrument cleaning. The upcoming production of high-end fluorochemical products is expected to significantly increase capacity and market opportunities [5]. - The report anticipates an increase in revenue from the electrolyte business, with revised revenue estimates for 2025-2027 reflecting a positive outlook due to high prices and increased production capacity [12].