Group 1: Market Performance - The Shanghai and Shenzhen 300 index decreased by 1.33% during the week of February 2 to February 6, 2026, while the machinery equipment sector increased by 0.38%, ranking 11th out of 31 in the Shenwan industry classification [1][2] - Within the machinery equipment sub-sectors, the best performer was the engineering machinery components, which rose by 7.52% [1][2] - The PE-TTM valuation for the machinery equipment industry increased by 0.45%, with the top three sub-sectors in terms of PE-TTM uplift being engineering machinery components (+7.52%), engineering machinery complete sets (+3.72%), and refrigeration and air conditioning equipment (+2.53%) [1][2] Group 2: Semiconductor Equipment - The report recommends several companies in the semiconductor equipment sector, including North China Innovation (002371), Zhongwei Company (688012), Shengmei Shanghai (688082), and Tuojing Technology (688072), while suggesting to pay attention to Jingce Electronics (300567) [2] - Yangtze Memory Technologies Co., Ltd. (YMTC) is expected to advance its third-phase project production schedule, potentially increasing its global NAND market share to over 10% by 2026 [3] - The capital expenditure of YMTC is projected to significantly exceed that of global peers, accounting for approximately 20% of global NAND flash capital expenditure in 2025 [3] Group 3: Commercial Aerospace - The report highlights that 2026 is anticipated to be a pivotal year for IPO acceleration in China's commercial aerospace sector, with a notable increase in the number of companies planning to go public compared to the same period last year [4] - Among the 15 companies preparing for IPOs or already in the process, 7 are related to rockets (approximately 47%), while 4 are satellite manufacturers (approximately 27%) [4] - More than half of the companies are in the IPO guidance stage or have completed the guidance acceptance, indicating a faster pace in the IPO process for commercial aerospace firms [4] Group 4: Humanoid Robots - The report recommends companies such as Huichuan Technology (300124) and Sanhua Intelligent Control (002050), while suggesting to pay attention to Hanwei Technology (300007) in the humanoid robot sector [5] - Electronic skin technology is entering a phase of large-scale delivery, with orders and deliveries gradually materializing [5] - The humanoid robot prototype Moya, recently released by Shanghai Zhuoyide Robotics, features a lightweight design and improved energy efficiency, with a continuous operation time exceeding 6 hours on a single charge [5]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-10 宏观策略 [Table_MacroStrategy] 海外周报 20260208：1 月美国非农和 CPI 前瞻：关注上行风险——海外 宏观与交易复盘 核心观点：本周（2 月 2-8 日）在美股 AI 软件泡沫担忧引发的科技股大 跌、及随后的动量抛售等交易因素造成的流动性冲击下，海外权益、大宗 商品和比特币等资产经历剧烈波动。我们认为，近期资本市场的流动性冲 击更多来自交易层面，而海外宏观基本面和广义流动性环境并未有显著 变化，这意味着部分资产存在被流动性冲击"错杀"的可能。关注下周公 布的 1 月美国非农就业和 CPI 数据，我们预期二者均存在上行风险，令 本周略有升温的美联储降息预期再度面临回调。 宏观量化经济指数周报 20260208：预计 2026 年 1 月贷款温和增长、社 融小幅同比多增 晨会编辑 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 请务必阅读正文之后的免责声明部分 东吴证券研究所 1 / 37 [Table_Tag] 节前经济供需两端基本符合季节性特征 ...

Investment Rating - The report suggests a positive investment outlook for the North American electricity sector, particularly focusing on gas turbines and related technologies due to the ongoing electricity shortage driven by AI data center demands [2][6][30]. Core Insights - The North American electricity shortage is characterized by a contradiction between the non-linear growth of AI electricity demand and the aging infrastructure of the power grid. The demand side sees a surge in AIDC projects, while the supply side faces challenges with declining stable supply and regional electricity shortages [2][6][24]. - The report highlights that gas turbines are currently the optimal solution for AIDC self-built power generation, with gas internal combustion engines, SOFC, and diesel generation serving as effective supplements [2][37]. - The North American Electric Reliability Corporation (NERC) predicts an average peak electricity gap of over 20GW from 2027 to 2030, with significant risks in Texas, the Mid-Atlantic, the Midwest, and California [2][32]. Summary by Sections Section 1: Current Electricity Shortage in North America - The electricity shortage is driven by the non-linear growth of AI demand and the aging power grid infrastructure. The electricity consumption in the U.S. is expected to reach historical highs in 2025-2026, with data centers' planned installed capacity increasing from 5GW in early 2023 to over 245GW by October 2025 [6][19]. - The average lifespan of power infrastructure in the U.S. is around 35-40 years, leading to frequent outages and an inability to meet the reliability demands of AIDC [15][19]. Section 2: Power Source Selection - Gas turbines are identified as the primary power source, with gas internal combustion engines, SOFC, and diesel generation as supplementary options. The report emphasizes the efficiency and cost-effectiveness of gas turbines, which can achieve over 60% efficiency and have the lowest cost per kilowatt-hour [2][37]. - The report also discusses the expected increase in gas turbine installations, with global new installations projected to approach previous cycle peaks by 2025, driven by the surge in AIDC electricity demand [48][52]. Section 3: Investment Recommendations - The report recommends focusing on various technologies due to the ongoing electricity shortage, suggesting investments in gas turbines, gas internal combustion engines, SOFC, and diesel generation. Specific companies are highlighted for potential investment opportunities, including Jerry Holdings, Yingliu Co., Dongfang Electric, and others [2][37][39].

Investment Rating - The report suggests a focus on investment opportunities in the North American electricity sector, particularly in gas turbines and complementary technologies like gas internal combustion engines, SOFC, and diesel generators [2][6]. Core Insights - The North American electricity shortage is driven by the non-linear growth of AI power demand and the aging of the power grid. The demand side sees a surge in AIDC projects, while the supply side faces challenges with declining stable supply and regional shortages [2][6][24]. - The report highlights that the total electricity supply in the short term can meet demand, but long-term projections indicate a significant peak gap of over 20GW annually from 2027 to 2030, particularly in Texas, the Mid-Atlantic, the Midwest, and California [2][30]. - Gas turbines are identified as the optimal solution for AIDC self-built power generation, with gas internal combustion engines, SOFC, and diesel generators serving as effective supplements [2][37]. Summary by Sections Section 1: North American Electricity Shortage - The current electricity shortage in North America stems from the contradiction between the non-linear growth of AI electricity demand and the aging infrastructure of the power grid. The electricity consumption in the U.S. is expected to reach historical highs in 2025-2026, driven by a significant increase in data center projects [6][15]. - The report notes that the share of electricity consumption from data centers will rise from 2% in 2018 to over 10% by 2028 [6][19]. Section 2: Power Source Selection - Gas turbines are recommended as the primary power source due to their efficiency and cost-effectiveness. The report outlines the advantages of various technologies, including gas internal combustion engines and SOFC, while emphasizing the need for a diversified approach to meet the growing electricity demand [2][37][39]. - The report provides a comparative analysis of different power generation technologies, highlighting gas turbines' high reliability and low emissions as key factors for their selection in AIDC projects [38][39]. Section 3: Investment Recommendations - The report suggests that investment opportunities in North America are expanding from gas turbines to include gas internal combustion engines and SOFC, as the current electricity shortage exceeds the total capacity of various technologies [2][6]. - Specific companies are recommended for investment based on their involvement in gas turbine production and related technologies, including Jerry Holdings, Yingliu Co., Dongfang Electric, and others [2][6].

Core Insights - The main market saw a net inflow of 26.126 billion yuan as of February 9, indicating a positive trend in overall market sentiment [1]. Sector Analysis - The top ten sectors with the largest net outflows of funds were as follows: - **Beverage Industry**: Experienced a net outflow of 1.523 billion yuan, with Huangtai Liquor being the largest contributor to this outflow [2]. - **Precious Metals**: Saw a net outflow of 1.278 billion yuan, primarily driven by Shandong Gold [2]. - **General Equipment**: Had a net outflow of 0.985 billion yuan, with Yingliu Co. being the main affected company [2]. - **Chemical Pharmaceuticals**: Experienced a net outflow of 0.693 billion yuan, with Xinhengcheng as the largest contributor [2]. - **Traditional Chinese Medicine**: Faced a net outflow of 0.635 billion yuan, with Guangdong Wannianqing leading the outflow [2]. - **Biological Products**: Saw a net outflow of 0.540 billion yuan, with Wanze Co. being the most impacted [2]. - **Oil Industry**: Experienced a net outflow of 0.483 billion yuan, with Heshun Oil being the largest contributor [3]. - **Agriculture, Animal Husbandry, and Fishery**: Had a net outflow of 0.422 billion yuan, with Xue Rong Biological being the main affected company [3]. - **Commercial Retail**: Faced a net outflow of 0.418 billion yuan, with Wangfujing leading the outflow [3]. - **Telecommunication Services**: Experienced a net outflow of 0.375 billion yuan, with Erli San being the largest contributor [3].

Core Viewpoint - The gas turbine sector is experiencing rapid growth, driven by an increased demand for energy solutions in North America, particularly due to a projected power shortfall in data centers from 44 GW to 47 GW between 2025 and 2028, equivalent to the total electricity consumption of 9 Miami or 15 Philadelphia [1][2] Group 1: Market Performance - Gas turbine concept stocks surged, with Linde Co. hitting the daily limit, and other companies like Yingliu Co. rising over 9% [1] - Several companies, including Jereh and Boying Special Welding, have been the focus of intensive research by multiple brokerages and fund companies [1] Group 2: Industry Insights - The gas turbine industry chain includes key components such as blades, casings, and combustion chambers, with domestic manufacturers like Yingliu Co., Haomai Technology, Feiwo Technology, and Wanze Co. making significant breakthroughs [2] - Jereh has entered the North American data center energy system integration market, providing complete power generation solutions and securing orders worth hundreds of millions from AI clients [2] - The current supply-demand tension is opening up overseas opportunities for Chinese gas turbine manufacturers like Dongfang Electric, Shanghai Electric, and Harbin Electric [2] - The demand for heat recovery steam generators (HRSG) is also increasing alongside gas turbines, with companies like Boying Special Welding, Xizi Clean Energy, Binglun Environment, and Changbao Co. being noteworthy players [2]

【投军工，选"八一"】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖『商业航天、低空经济、大飞机、卫星导航、军工信 息化、可控核聚变』等诸多热门主题，同时是融资融券+互联互通标的，是一键投资军工核心资产的高效工具。 2月9日早盘，军工板块高开震荡，商业航天概念再度领涨，应流股份涨超9%，火炬电子、联创光电、菲利华等多股涨6%。 高人气军工ETF华宝（512810）高开后震荡拉升，一度涨至1.8%，此前2个交易日近1700万元资金进场。 | 分时 多日 1分 ▼ | | | | | | | F9 盘前盘后 蕾加 九转 圆线 下具 <> (2) >> | | | | | | 军工程工作生堂(1 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.849 | | | | 512810[车工ETF华宝] 10:21 价 0.848 涨跌 0.014(1.68%) | | | | 均价 ...

Core Viewpoint - The stock of Yingliu Holdings (SH603308) reached its daily limit with a price of 57.18 yuan, marking a 9.08% increase and a total market capitalization of 38.501 billion yuan, driven by several positive factors [1]. Group 1: Company Performance - The pledge ratio of the controlling shareholder decreased from 48.43% to 37.67%, a reduction of 10.76%, which has narrowed the risk exposure and enhanced market confidence in the company [2]. - Huatai United confirmed that the company's governance, internal control, and information disclosure are fully compliant, providing strong support for stable development [2]. - The company revised 11 internal regulations at once, which may improve decision-making efficiency, and the stability of the executive team, along with the internal promotion of employee directors, indicates an optimization of the governance structure [2]. Group 2: Market Demand and Industry Position - The company focuses on the research, production, and sales of high-end components for specialized equipment, with applications in oil and gas, clean and efficient power generation, engineering, and mining machinery, benefiting from strong market demand in these sectors [2]. - Recent positive performances of related companies in the same sector have created a certain degree of sectoral linkage effect [2]. Group 3: Technical and Financial Aspects - Although specific data on technical indicators and capital flow are not yet available, improvements in the company's fundamentals have attracted market attention [2]. - Potential technical signals such as MACD golden cross and BOLL channel breakout could further drive stock price increases, with the stock hitting the daily limit possibly related to this influx of capital [2].

Core Viewpoint - The military industry sector is experiencing a strong performance, particularly in the commercial aerospace concept, with significant stock price increases for several companies and a notable inflow of funds into military ETFs. Group 1: Market Performance - The military sector opened high and fluctuated, with the commercial aerospace concept leading gains, including a more than 9% increase in Yingliu Co., and over 6% increases in Torch Electronics, Lianchuang Optoelectronics, and Feiliwa [1][6]. - The popular military ETF, Huabao (512810), saw a high opening followed by a rise, reaching an increase of 1.8%, with nearly 17 million yuan in funds entering the market over the previous two trading days [1][6]. Group 2: Industry Developments - On February 7, China successfully launched a reusable experimental spacecraft using the Long March 2F rocket from the Jiuquan Satellite Launch Center, which will conduct technology verification for reusable spacecraft to support peaceful space utilization [1][6]. - During the "14th Five-Year Plan" period, Shanghai aims to establish 500 advanced smart factories, achieve an industrial robot application density of 600 units per 10,000 people, and create over 200 green manufacturing enterprises, targeting new sectors such as smart terminals, commercial aerospace, and low-altitude economy [3][8]. - The military ETF Huabao (512810) covers various popular themes including commercial aerospace, low-altitude economy, large aircraft, satellite navigation, military informationization, and controllable nuclear fusion, serving as an efficient tool for investing in core military assets [3][8].

Group 1 - The core point of the article is that Yingliu Co., Ltd. (603308.SH) experienced a significant stock price increase of 8.56%, reaching a historical high of 56.430 yuan, with a total market capitalization of 38.318 billion yuan [1]