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1. Report Industry Investment Ratings - Dechang Motor Holdings (00179.HK): "Buy" rating [8] - H&H International Holdings (01112.HK): "Buy" rating [11] - Hesai (HSAI.O): "Buy" rating [12] - Hundsun Technologies (600570.SH): "Buy" rating [13] - Jiemei Technology (002859.SZ): "Buy" rating [14] 2. Core Views of the Reports Macro Reports - PMI Report: The current economy is in a state of "weak reality" with large downward pressure due to insufficient domestic demand and weak confidence. The 2026 GDP target is expected to be 4.5 - 5%, indicating proactive policies. Short - term attention should be paid to policy, data, and external factors, and the economic momentum and credit expansion in Q2 are also crucial [2] - RMB Exchange Rate Report: The central bank's exchange - rate regulation is in the liquidity management stage with sufficient policy tools. The probability of direct intervention is low. The RMB exchange - rate increase is mainly due to corporate centralized foreign exchange settlement, and the medium - term exchange rate depends on fundamentals and the US dollar index. The 2026 USD/CNY exchange - rate central value is likely to be between 6.8 - 7.1 [3] Financial Engineering Report - March Allocation Suggestion: The economic six - cycle model has retreated to stage 6 of monetary expansion, but the recent decline may be a short - term disturbance. PPI has been rising since July last year, which is beneficial for the cycle sector. The cycle sector's景气指数 has entered the expansion range, and seven industries, mainly pro - cyclical, have shown RS>90 signals and should be focused on [4] Company - Specific Reports - Dechang Motor Holdings: The company has a global layout with dual -主业 of automotive and industrial products. It is前瞻ively positioned in the robot and AIDC liquid - cooling markets. It is expected to benefit from the growth of the automotive motor market and the development of new businesses. The归母净利润 from 2026 - 2028 is estimated to grow year - on - year [8] - H&H International Holdings: The company's performance has reached an inflection point and is continuously improving. ANC, BNC, and PNC businesses have shown growth. The company is on the path of recovery, and its performance and valuation are expected to resonate [11] - Hesai: The company's lidar delivery volume in 2025 exceeded 1.6 million units. It leads in multiple application scenarios such as ADAS, lawn mower robots, and mapping. The shipment volume, revenue, and profit from 2025 - 2027 are expected to increase [12] - Hundsun Technologies: The company's 2025 annual report performance met expectations. With a focus on core business and continuous cost control, it is expected to accumulate growth momentum. The revenue and profit from 2025 - 2027 are estimated [13] - Jiemei Technology: The company plans to acquire 100% of the equity of Changsha Aifusi, which is expected to achieve synergies with its semiconductor business. The demand for passive components is rising, and the company's product price increase is imminent. The revenue and profit from 2025 - 2027 are expected to grow [14] 3. Summary by Related Catalogs Industry Performance - Top Five Industries: The top five industries in terms of performance include Petroleum & Petrochemicals (1 - month: 19.0%, 3 - month: 41.3%, 1 - year: 59.8%), Comprehensive (1 - month: 12.6%, 3 - month: 31.7%, 1 - year: 85.6%), Coal (1 - month: 9.9%, 3 - month: 15.5%, 1 - year: 33.4%), Steel (1 - month: 6.2%, 3 - month: 16.0%, 1 - year: 33.2%), and Utilities (1 - month: 5.3%, 3 - month: 6.9%, 1 - year: 18.4%) [1] - Bottom Five Industries: The bottom five industries are Media (- 11.1% in 1 - month, 4.5% in 3 - month, 21.6% in 1 - year), Commerce & Retail (- 9.2% in 1 - month, - 3.6% in 3 - month, 4.4% in 1 - year), Food & Beverage (- 8.2% in 1 - month, - 6.4% in 3 - month, - 8.6% in 1 - year), Non - Banking Finance (- 7.1% in 1 - month, - 0.7% in 3 - month, 7.3% in 1 - year), and Real Estate (- 7.1% in 1 - month, - 3.5% in 3 - month, 0.9% in 1 - year) [1] Company - Specific Analysis Dechang Motor Holdings (00179.HK) - Business Layout: It has a "4 - continent, 20 - country" global layout, focusing on automotive and industrial products, mainly micro - motors. It is also involved in the robot and AIDC liquid - cooling markets [6] - Market Opportunities: The automotive motor market is growing due to technological updates. The company has a high market share in micro - motors, strong competitiveness in chassis motors and thermal management motors. The AIDC liquid - cooling and humanoid robot markets also have great potential [7][8] - Financial Forecast: The estimated归母净利润 for 2026 - 2028 is 2.8/3.0/3.3 billion US dollars, with year - on - year growth of 8%/6%/9% [8] H&H International Holdings (01112.HK) - Business Performance: In 2025, the company's revenue had low - double - digit growth. ANC, BNC, and PNC businesses all showed growth, and the adjusted profit indicators also improved [10][11] - Financial Forecast: The expected net profit for 2025 - 2027 is 4.2/5.8/7.1 billion yuan, with year - on - year growth of 886.3%/38.2%/22.3% [11] Hesai (HSAI.O) - Business Performance: In 2025, the lidar delivery volume exceeded 1.6 million units, with 1.4 million ADAS lidar units and over 200,000 units in the robot category. The ATX product's first - year delivery exceeded 1 million units [11] - Financial Forecast: The estimated lidar shipment volume from 2025 - 2027 is about 1.62/2.5/3.41 million units, revenue is about 3.09/4.51/5.92 billion yuan, GAAP归母净利润 is about 0.4/0.62/0.99 billion yuan, and non - GAAP归母净利润 is about 0.53/0.8/1.23 billion yuan [12] Hundsun Technologies (600570.SH) - Business Performance: In 2025, the estimated归属上市公司股东的净利润 was 1.229 billion yuan, a year - on - year increase of 17.83%, and the estimated扣非后归母净利润 was 1.005 billion yuan, a year - on - year increase of 20.45% [12] - Financial Forecast: The expected revenue from 2025 - 2027 is 5.786/6.205/6.898 billion yuan, and the归母净利润 is 1.229/1.398/1.582 billion yuan [13] Jiemei Technology (002859.SZ) - Business Layout: The company plans to acquire 100% of Changsha Aifusi, which is expected to achieve synergies with its semiconductor business. The demand for passive components is rising, and product price increases are expected [13][14] - Financial Forecast: The expected total revenue from 2025 - 2027 is 2.151/2.645/3.207 billion yuan, with year - on - year growth of 18.4%/23.0%/21.3%, and the expected归母净利润 is 0.254/0.362/0.526 billion yuan, with year - on - year growth of 25.7%/42.6%/45.1% [14]