Investment Rating - The report suggests a positive outlook for the basic chemical industry, particularly due to rising oil prices and improving product demand [3][5]. Core Insights - The report highlights that the continuous rise in crude oil prices, driven by geopolitical tensions and OPEC+ decisions, is expected to support the recovery of the refining sector [3][5]. - PTA and polyester filament prices are on the rise, with PTA industry measures contributing to improved market conditions [4][5]. - The report emphasizes the potential growth of bio-jet fuel (SAF) as a renewable energy source, recommending attention to companies like Zhuoyue New Energy [5]. Summary by Sections 1. Industry and Product Tracking - Crude oil prices have increased, with WTI at $61.29 per barrel and Brent at $66.23 per barrel, reflecting a week-on-week rise of 3.11% and 3.16% respectively [3]. - PTA prices have risen to 5140 CNY per ton, with polyester filament prices also increasing, indicating a recovery in the market [4][10]. 2. Key Chemical Product Price Tracking - Key products such as nicotinamide (up 8.96%), acetonitrile (up 8.72%), and styrene (up 7.96%) have shown significant price increases, while industrial-grade dimethyl carbonate and epoxy propane have seen declines [10]. - The report notes that the price of glyphosate has risen to 23296 CNY per ton, with a weekly increase of 200 CNY per ton [15]. 3. Refining Sector - The refining sector is expected to benefit from stable oil prices and increased demand, with companies like Hengli Petrochemical and Satellite Chemical recommended for investment [5]. 4. Agricultural Chemicals - The prices of ammonium phosphate and potassium chloride have increased, with ammonium phosphate priced at 3821 CNY per ton [17][20]. 5. Fluorochemicals - Prices for refrigerants R22 and R125 have risen, supported by supply constraints and environmental regulations [22][24].

2026 年 01 月 26 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源+AI 周报（第 40 期 20260118-20260124）：储能量价齐升， 太空、AI 主题延续 ◼ 走势比较 | 电站设备Ⅱ | 无评级 | | --- | --- | | 电气设备 | 无评级 | | 电源设备 | 无评级 | | 新 能 源 动 力 | 无评级 | | 系统 | | ◼ 推荐公司及评级 相关研究报告 <<【太平洋新能源】新能源+AI 周报 （第 39 期 20260111-20260117）：聚 焦涨价环节、AI+>>--2026-01-22 <<【太平洋新能源】新能源+AI 周报 （第 38 期 20251228-20260110）：储 能、AI+有望超预期，短期"太空光伏" 升温>>--2026-01-11 <<光伏行业 2026 年投资策略：反内 卷加速供需重塑，重视新技术、新场 景>>--2026-01-07 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：钟欣材 电话： 报告摘要 2、碳酸 ...

Investment Rating - The report does not provide specific investment ratings for the industry sectors mentioned [2]. Core Insights - The overall industry strategy focuses on the simultaneous rise in energy storage volume and price, with ongoing themes in space and AI [3]. - The new energy vehicle supply chain is entering an upward cycle, benefiting companies like CATL and EVE Energy due to the electrification upgrade and optimization of energy storage patterns [3]. - By the end of December 2025, China's electric vehicle charging infrastructure is expected to reach 20.092 million units, a year-on-year increase of 49.7% [3]. - Global energy storage battery shipments are projected to reach 640 GWh in 2025, a year-on-year increase of 82.9%, with CATL maintaining a leading position [3][25]. - The solid-state battery sector is entering a critical phase of engineering and industrialization, with companies like Xiamen Tungsten and Peking University Technology benefiting [4]. Summary by Sections Energy Storage and New Energy - The energy storage trend continues to improve, with companies like Sungrow Power and Huaneng Power benefiting from a significant increase in domestic procurement, which exceeded 100 GWh for the first time [5]. - The average price of lithium battery storage systems has rebounded by 6.39% to 0.5226 yuan/Wh [5]. - AI expansion and global grid upgrades are driving demand for power equipment, benefiting companies like TBEA and Sanyuan Electric [5]. Lithium Carbonate and Battery Materials - The supply and demand for lithium carbonate are exceeding expectations, with companies like Salt Lake Potash and Hunan Youneng benefiting from favorable market conditions [4]. - The cost of phosphoric iron lithium cathode materials has increased, with processing fees rising by 318.7 yuan/ton compared to November averages [4][27]. AI and Robotics in New Energy - The integration of AI and humanoid robots in the new energy sector is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from advancements in robotics [7]. - Tesla's shift towards becoming a robotics company is expected to create new growth cycles, with significant implications for the automotive industry [7][26]. Market Trends and Projections - The report highlights that the global energy storage battery shipment is expected to reach 1,090 GWh in 2026, a year-on-year increase of 70% [25]. - The market for commercial energy storage products is evolving, with larger capacity batteries becoming mainstream and driving innovation in the sector [29].

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [24]. Core Views - The food and beverage sector is currently at a phase of bottoming out, with a focus on the upcoming Spring Festival inventory buildup as a catalyst for growth [1][5]. - The liquor sector is experiencing a slow recovery in demand, with a focus on stabilizing expectations before discussing recovery, particularly for leading brands like Kweichow Moutai and Shanxi Fenjiu [6][19]. - The snack sub-sector has shown strong performance, with significant growth in companies like Mingming Hen Mang, which plans to go public in Hong Kong [20][22]. Summary by Sections Sub-industry Ratings - No ratings for liquor, beverages, and food sectors [3]. - Recommended companies include: - Kweichow Moutai: Buy - Shanxi Fenjiu: Buy - Guming: Buy - Mixue Group: Increase Holding - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy [3]. Industry Performance - The food and beverage sector saw a decline of 1.57%, ranking 28th among 31 sub-industries [5][14]. - The top-performing sub-sectors were snacks, pre-processed foods, and cooked foods, with increases of 6.44%, 5.02%, and 4.25% respectively [5][14]. - The top five stocks in the sector included: - Haoxiangni (+19.59%) - Weizhi Xiang (+17.23%) - Wancheng Group (+14.32%) - Quanyuan (+13.57%) - CITIC Nia (+9.69%) [5][14]. Liquor Sector Insights - The liquor index fell by 2.80%, with a focus on the upcoming Spring Festival for potential recovery [6][19]. - Current prices for Moutai products are: - Feitian Moutai (loose bottle): 1560 RMB, up 10 RMB from last week - Pu'er Moutai: 810 RMB, unchanged from last week [6][19]. Consumer Goods Sector Insights - Several companies are planning IPOs in Hong Kong, with Mingming Hen Mang aiming to raise between 32.37 billion to 33.36 billion HKD [20][22]. - The company reported a GMV of 661 billion RMB for the first three quarters of 2025, a 74.5% year-on-year increase [20][22]. - Dongpeng Beverage plans to issue 40.89 million H shares, with an expected listing date of February 3, 2026 [20][22].

Investment Rating - The report maintains a positive outlook on the photovoltaic industry, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [42]. Core Viewpoints - The photovoltaic industry is experiencing favorable developments, particularly in equipment demand. The cancellation of the export VAT rebate for photovoltaic products starting April 1, 2026, is expected to accelerate the elimination of outdated capacity and shift the industry from price competition to technological competition, promoting high-quality development [4][10]. - Elon Musk announced at the World Economic Forum that SpaceX and Tesla are advancing solar energy production, aiming for an annual capacity of 100GW within three years. The potential for solar energy generation in space is highlighted, as it can receive sunlight continuously and efficiently, opening new demand scenarios for photovoltaic equipment [4][10]. Summary by Sections Industry Viewpoints and Investment Recommendations - The report emphasizes the positive outlook for the photovoltaic industry, driven by policy changes and technological advancements. The cancellation of export VAT rebates is seen as a move to enhance global competitiveness for leading companies with technological advantages [4][10]. Industry Key News - The report notes significant developments in the engineering machinery sector, with a 26% year-on-year increase in import and export trade for engineering machinery in December 2025, amounting to $6.63 billion. Exports alone saw a 27.2% increase [11]. - The report highlights the construction activity in various provinces, with 18 provinces reporting an equipment utilization rate exceeding 50%, indicating robust infrastructure investment across the country [12][14]. Key Company Announcements - The report includes announcements from several companies, such as Shuangliang Energy winning a bid for a significant thermal power project valued at approximately RMB 2.36 billion, which will enhance energy supply and support industrial heating needs in the region [20]. - Other companies, like Nankuang Group and Precision Technology, are also making strides in securing contracts and projecting positive earnings growth for 2025, reflecting a strong demand for their products and services [21][28].

Investment Rating - The industry investment rating is "Positive," indicating that the overall return of the industry is expected to exceed the CSI 300 Index by more than 5% in the next six months [48]. Core Views - The report highlights that Kuaishou's AI user base and revenue have achieved breakthrough performance, indicating that domestic AI video model capabilities are now among the global leaders, with ongoing commercialization value [5]. - The application of AI technology in the production of animated dramas addresses previous challenges of high costs and long production cycles, suggesting a new phase of large-scale production for video content like animated and short dramas [5]. - The animated drama market is projected to reach a scale of 22 billion yuan in 2026, contributing 50% of the growth in the short drama industry, with a compound growth rate of 12% in user scale and 24% in playback volume from June to December 2025 [4]. Summary by Sections Industry Ratings - The film sector is rated as "Positive" [3]. User Growth and Revenue - In January 2026, Kuaishou's Keling MAU surpassed 12 million, with a month-on-month increase of 30% in daily revenue. The monthly paid user count grew by 350% [3][5]. - In December 2025, Kuaishou's monthly revenue exceeded 20 million USD [5]. AI Application in Content Creation - AI is applied in various stages of animated drama production, with cost reductions exceeding 70% and efficiency improvements over 80% [4]. - The average playback volume of AI-generated dramas is the highest, indicating audience acceptance of AI-generated content [5]. Market Projections - The animated drama market is expected to grow significantly, with a projected scale of 22 billion yuan in 2026 [4]. - The report suggests that as AI video generation technology continues to evolve, there will be a new phase of large-scale production for video content [5]. Company Recommendations - The report recommends paying attention to companies like Bona Film Group [5].

Investment Rating - The industry rating for the media and internet sector is "Positive" [2][47] Core Insights - Kuaishou's AI product, Keling, achieved a significant milestone with over 12 million monthly active users (MAU) in January 2026, and daily revenue increased by approximately 30% month-on-month [3][4] - The animation drama market is projected to reach 22 billion yuan in 2026, contributing 50% to the short drama industry's growth, with a compound annual growth rate (CAGR) of 12% for user scale and 24% for viewership from June to December 2025 [3][4] - AI technology is being increasingly applied in various stages of animation production, leading to over 70% cost reduction and over 80% efficiency improvement [4] Summary by Sections Sub-industry Ratings - The film industry is rated as "Positive" [2] User and Revenue Growth - Kuaishou's Keling AI user base and revenue have shown breakthrough performance, with a monthly revenue exceeding 20 million USD in December 2025 and a 350% increase in monthly paid users [3][4] Market Size and Growth Projections - The animation drama market is expected to exceed 22 billion yuan in 2026, with AI-generated content gaining significant viewer acceptance [3][4] AI Application in Content Creation - AI is utilized in creative processes, content production, and editing operations, with application ratios ranging from 10%-30% in creativity to 50%-80% in content production [4] Recommendations - The report suggests paying attention to companies like Bona Film Group due to their potential in the evolving landscape of AI-driven content production [4]

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - The pharmaceutical sector experienced a gain of 1.26% on January 23, 2025, outperforming the CSI 300 index by 1.71 percentage points, ranking 10th among 31 sub-industries in the Shenwan classification. Notable performers included offline pharmacies (+6.79%), pharmaceutical distribution (+2.66%), and vaccines (+2.26%), while blood products (+0.58%), medical R&D outsourcing (+0.68%), and in vitro diagnostics (+1.37%) lagged behind [4]. - Takeda's new drug Oveporexton has been proposed for priority review by the National Medical Products Administration (NMPA) in China, aimed at treating narcolepsy type 1 in patients aged 16 and above. The drug has shown positive results in two pivotal Phase 3 studies [5]. Sub-industry Summary - Chemical Pharmaceuticals: No rating [3] - Traditional Chinese Medicine: No rating [3] - Biopharmaceuticals II: Neutral [3] - Other Pharmaceuticals: Neutral [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [62]. Core Insights - The company, Kory Technology, is a leader in advanced manufacturing with a focus on cross-industry applications, having evolved from its initial focus on hard disk automation to a global supplier of industrial automation equipment and smart manufacturing solutions [3][4]. - The company's revenue is projected to decline by 14.34% to 2.448 billion yuan in 2024 due to industry cycles, but a recovery is anticipated in 2025 with a slight growth of 0.22% in the first three quarters [3][14]. - The company's gross margin has consistently remained around 35%, indicating strong profitability support [3][14]. Summary by Sections 1. Company Overview - Kory Technology was established in 2001 and has expanded its business into various sectors including mobile terminals, new energy, automotive, and logistics [3][4]. - The company's main business strategy is centered around the "3+N" framework, with three core business areas: mobile terminals, new energy, and precision components, which together accounted for 81.32% of revenue in 2024 [3][18]. 2. Mobile Terminal Business - The mobile terminal sector is expected to benefit from the rapid growth of the AI market, with a projected CAGR of 39.6% from 2025 to 2029 [4][32]. - Kory Technology has established strong partnerships with major clients such as Apple, Google, and Huawei, positioning itself as a leading supplier of testing equipment for mobile devices [38]. 3. New Energy Business - The demand for lithium batteries is expected to grow significantly, with global shipments projected to reach 6012.3 GWh by 2030 [42]. - The company focuses on mid-to-late stage equipment for lithium battery manufacturing, collaborating with leading firms like CATL and EVE Energy [49]. 4. Precision Components Business - Kory Technology's precision components are positioned in the mid-to-high-end market, with applications across various sectors including hard drives and medical devices [55]. - In the first half of 2025, this segment achieved a revenue of 2.33 billion yuan, representing a year-on-year growth of 31.78% [55]. 5. "N" Business Segment - The company is expanding into high-potential areas such as semiconductors and medical technology, benefiting from the acceleration of domestic substitution [59]. - Kory Technology provides ultra-precision components for semiconductor equipment, with capabilities reaching up to 50nm [59].

医药 医药 2026 年 01 月 22 日 行业日报 看好/维持 太平洋医药日报（20260122）：第一三共 ADC 新药 R-DXd 在华获 突破性疗法认定 ◼ 走势比较 (10%) 0% 10% 20% 30% 40% 25/1/22 25/4/5 25/6/17 25/8/29 25/11/10 26/1/22 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20260121）：礼来 ADC 药物 LY4170156 获 FDA 突破性疗 法认定>>--2026-01-22 <<太平洋医药日报（20260120）：GSK 将以 22 亿美金收购 RAPT>>--2026- 01-21 <<太平洋医药日报（20260119）：武田 Oveporexton 在 华 申 报 上 市 >>-- 2026-01-20 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 ...