Group 1 - The company exports products to Brazil and is exploring local manufacturing options [1] - The company employs financial instruments such as forward contracts and currency swaps to hedge against USD depreciation and foreign exchange risks [1] - The company’s new projects in Fuzhou and Hefei are expected to reach a total production capacity of 3 million sets each by the end of 2025, after which they will enter a ramp-up production phase [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福耀玻璃工業集團股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03606 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | 第 1 頁 共 10 頁 v 1.2.0 FF301 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600660 | 說明 | A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,002,986,332 | RMB | | 1 RMB | | 2,002,986,332 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,002,986,332 | RMB | | 1 RMB | | 2,002,986,332 | 本月底法定/註冊股本總額： RMB 2,609,743,532 FF301 第 1 頁 共 10 頁 v 1.2.0 致：香港交易及結算所有限公司 公司名稱: 福耀玻 ...

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric (00042), Sinopec Oilfield Service (01033), and Zhejiang Shibao (01057) leading in premium rates, while CATL (03750), China Merchants Bank (03968), and Heng Rui Medicine (01276) are at the bottom of the list [1] Premium Rate Rankings - The top three AH shares by premium rate are: - Northeast Electric (00042) with a premium rate of 864.29% - Sinopec Oilfield Service (01033) with a premium rate of 361.80% - Zhejiang Shibao (01057) with a premium rate of 345.22% [1] - The bottom three AH shares by premium rate are: - CATL (03750) with a premium rate of -14.10% - China Merchants Bank (03968) with a premium rate of -4.16% - Heng Rui Medicine (01276) with a premium rate of 0.99% [1] Deviation Value Rankings - The top three AH shares by deviation value are: - Sinopec Oilfield Service (01033) with a deviation value of 89.71% - Northeast Electric (00042) with a deviation value of 34.53% - Zhongwei New Materials (02579) with a deviation value of 25.28% [1] - The bottom three AH shares by deviation value are: - Zhejiang Shibao (01057) with a deviation value of -53.92% - Changfei Optical Fiber (06869) with a deviation value of -35.50% - Nanhua Futures (02691) with a deviation value of -30.81% [1] Additional Insights - The report includes detailed tables showing the premium rates and deviation values for various AH shares, indicating significant disparities in market valuations between H-shares and A-shares [2]

行业重点新闻 吉利汽车。 （2）零部件：行业反内卷背景下，盈利能力有望拐点向上，叠加下游扩展，成长性依旧较高，推荐： 德赛西威、浙江仙通、美力科技、博俊科技、金固股份，受益标的：潍柴动力、科博达、华域汽车、双 环传动、福耀玻璃、旭升集团、伯特利、瑞鹄模具、松原股份。 风险提示：乘用车行业需求不及预期；汽车行业竞争加剧；电动智能化转型不及预期；政策支持力度不 及预期；原材料价格大幅波动风险。 （1）特斯拉 Robotaxi 战略揭秘：双座 Cybercab 主攻九成出行场景，ModelY/Robovan 补位；（2）特斯 拉首次披露FSD 付费用户数据：约110 万人，占公司累计车辆销量约12%；（3）上海推出汽车置换更 新补贴：购买新能源车补贴车价8%，最高不超1.5 万元；（4）国家能源局：2027 年底将建成2800 万个 充电设施，预计拉动投资2000 亿元以上；（5）文远知行发布通用仿真模型WeRideGENESIS，几分钟 即可构建仿真城市环境；（6）玉柴发布全球首个飞轮增程技术品牌，最高发电效率突破 4.8kWh/L； （7）潍柴超10 万台份额超50%，龙擎/玉柴领涨，燃气重卡动力2025 年净 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The automotive sector is experiencing a significant shift with the introduction of Tesla's Robotaxi strategy, focusing on a dual-seat Cybercab to address 90% of travel scenarios [5][13] - Tesla has disclosed that approximately 1.1 million Full Self-Driving (FSD) paid users account for about 12% of its total vehicle sales, with a year-on-year growth of 38% [14] - The Shanghai government has introduced a subsidy for replacing old vehicles with new energy vehicles, offering an 8% subsidy on the purchase price, capped at 15,000 yuan [14] - The National Energy Administration plans to establish 28 million charging facilities by the end of 2027, expected to drive over 200 billion yuan in investments [15] - The global humanoid robot shipment is projected to increase by 508% in 2025, with Chinese manufacturers leading the market [20][22] Market Performance - The automotive sector underperformed the market, with the A-share automotive index declining by 4.67%, ranking 29th among primary industries [6][25] - The passenger vehicle index fell by 1.84%, while the commercial vehicle index decreased by 1.21% [6] - The automotive parts index saw a decline of 6.82%, with various segments experiencing different levels of performance [6] Investment Recommendations - For passenger vehicles, there is an unexpected demand in the domestic high-end luxury market, with recommendations for Jianghuai Automobile and Seres, while Geely Automobile is identified as a beneficiary [7] - In the automotive parts sector, profitability is expected to improve, with recommendations for Desay SV, Zhejiang Xiantong, Meili Technology, and others, while Weichai Power and others are seen as beneficiaries [7]

Core Viewpoint - The event "For China's Economy, Cheers to Entrepreneurs" highlighted the emergence of a new generation of entrepreneurs in China, focusing on advanced technologies such as brain-machine interfaces, autonomous driving, and low-altitude economy, showcasing their impact on society and the economy [1][3][29]. Group 1: Technological Innovations - Strong Brain Technology's smart bionic hand has assisted over 10,000 individuals with upper or lower limb disabilities, allowing them to live and work normally [29]. - The L4 autonomous vehicle from Pony.ai operates without a driver, demonstrating advancements in autonomous driving technology [29]. - The flying car developed by Huitian has received 7,000 global orders and plans to start deliveries by the end of 2026, with a next-generation model capable of carrying six people for 500 kilometers [29]. Group 2: New Quality Entrepreneurs - The 2025 "Top Ten Economic Figures" includes four entrepreneurs associated with cutting-edge technologies: Liu Debing from Zhipu, Peng Jun from Pony.ai, Han Bicheng from Strong Brain Technology, and Zhao Deli from Huitian [31]. - The evaluation committee also recognized groups involved in "China's Chip Infrastructure," highlighting the shift towards new quality productivity driven by technological breakthroughs and innovative resource allocation [31][32]. Group 3: Economic Strategy and Consumer Focus - The "14th Five-Year Plan" emphasizes enhancing the competitiveness of traditional industries while promoting new demand to drive supply [32]. - Three representatives from the consumer and lifestyle sector were recognized: Leng Youbin from China Feihe, Ma Yin from Anaya, and Wu Xiangdong from Zhenjiu Lidu Group [32]. Group 4: Historical Context of Entrepreneurs - The evolution of Chinese entrepreneurs has gone through 15 stages since the reform and opening up, from the emergence of individual private economies to the current focus on high-quality development and innovation [35][36][37]. - The current entrepreneurial landscape is characterized by a significant shift towards new quality productivity, with a focus on advanced manufacturing and technology-driven solutions [51]. Group 5: Future Outlook - The future of China's economy is expected to continue along the path of high-quality development, leveraging new technologies and innovative business models [52]. - The "single person + AI as a company" model represents a new entrepreneurial path empowered by technology, indicating a shift in how businesses operate and innovate [52].

Core Insights - The Chinese automotive industry is transitioning from "scale expansion" to "quality improvement and efficiency enhancement" in 2026, driven by electrification and intelligent transformation [1] - The market competition is shifting from price wars to a "value war" focused on technological innovation, product iteration, quality enhancement, and experience optimization [1] Market Overview - In 2026, the total vehicle sales in China are projected to reach 34.75 million, a slight increase of 1%, while another estimate suggests around 28 million units, growing by 2% [2] - The industry is entering a phase characterized by high sales volume but low growth, with competition focusing on quality and efficiency rather than scale [2] - The central economic work conference emphasizes a policy direction of "stability while seeking progress" and "quality improvement and efficiency enhancement" for the automotive sector [2] New Energy Vehicles (NEVs) - NEVs are expected to achieve significant growth, with sales projected to exceed 20 million units in 2026, solidifying their market dominance [3] - Domestic automakers are leveraging technological innovation and supply chain advantages to produce competitively priced NEVs, shifting from policy-driven sales to market-driven sales as penetration rates exceed 50% [3] Competitive Landscape - Leading domestic automakers like Geely, BYD, and Chery are expected to benefit from product structure upgrades and global expansion, with Geely targeting over 4.5 million units in sales for 2026 [3] - New entrants in the automotive market are experiencing accelerated differentiation, with companies like Leap Motor and Xpeng doubling their sales, while others like NIO are focusing on operational efficiency [4] Internationalization and Global Expansion - The Chinese automotive industry is increasingly focusing on international markets, with exports projected to exceed 8 million units in 2026, primarily driven by NEVs [12] - Major automakers are establishing overseas production facilities to mitigate tariffs and trade barriers, enhancing local integration and responsiveness [13] Technological Innovation - Key areas of technological advancement include power batteries, chips, and software, with significant breakthroughs expected in 2026 [6] - The development of next-generation battery technologies, such as solid-state batteries, is progressing, with initial production expected to begin in 2026-2027 [6] - Intelligent driving technologies are advancing, with L2-level driving assistance features expected to penetrate over 70% of new passenger vehicles by 2026 [7] Emerging Trends - The automotive industry is evolving into a "super platform," integrating various technologies and services beyond traditional transportation [11] - Companies are exploring new growth avenues, including humanoid robots and low-altitude economy sectors, with significant developments anticipated in 2026 [9][10]

Group 1: Technology and AI - Alphabet (GOOGL US) is expected to maintain good visibility in its advertising business due to the gradual release of its valuation under pressure from AI search, with a projected cloud business growth rate of over 30% for the year [1] - Alibaba (BABA US) is anticipated to see a cloud business growth rate of 28%-30%, driven by strong demand in China, with significant contributions from its instant retail segment [1] - NVIDIA (NVDA US) is projected to achieve revenue exceeding 500 billion, with strong growth expected from its GB300 product line, which constitutes two-thirds of the Blackwell series [1] Group 2: E-commerce and Internet Services - Tencent (700 HK) is recommended as a top pick due to its strong investment in AI and steady growth in its core gaming and advertising businesses, with a target price of 700 [1] - Tencent Music (TME US) is expected to maintain a stable growth trajectory with a focus on subscription and non-subscription revenue streams, despite some margin pressure from new business initiatives [1] - Kuaishou (1024 HK) is projected to see significant revenue growth driven by its AI-enhanced content ecosystem, with a target price of 93 [2] Group 3: Healthcare and Pharmaceuticals - New Oxygen (SY US) is positioned well in the light medical beauty sector, with plans to expand its self-operated stores significantly by 2025, supported by a strong marketing capability and low customer acquisition costs [2] - Hansoh Pharmaceutical (3692 HK) is focusing on expanding its pipeline in oncology and other major indications, with a strong emphasis on innovative drug development [3] - BeiGene (6160 HK) is expected to exceed management's revenue guidance for 2025, driven by strong sales of its BTK inhibitor, with a projected peak sales potential of over 8 billion [4] Group 4: Energy and Materials - Saudi Aramco (ARAMCO AB) is positioned as a central player in global energy supply, with ongoing investments in hydrogen and carbon capture technologies, enhancing its long-term growth prospects [6] - MP Materials (MP US) is the only company in the U.S. with a fully scaled rare earth supply chain, benefiting from strong demand in the defense and renewable energy sectors [6] - Howmet Aerospace (HWM US) is expected to maintain a strong market position in gas turbine components, with a long order backlog supporting stable revenue growth [5]

跃马新程，扬鞭奋蹄。2026年是我国汽车产业从"规模扩张"驶向"提质增效"的关键之年。 面对电动化和智能化变革浪潮，我国汽车产业将在总量高位运行与结构深度调整中，奋力迈向高质量发 展。在国家政策引导和企业集体反思下，单纯以降价为核心的"内卷"有望缓解，而以技术创新、产品迭 代、品质提升、体验优化为核心的"价值战"将全面升级。 激烈的市场竞争，既是企业创新活力的生动体现，也是淘汰赛加速的直观映射。科技创新、供应链重 构、跨界融合、生态出海、政策调整、贸易保护等多种变量相互交织，不仅深刻重塑国内汽车市场竞争 格局，也将影响全球汽车市场走势。 竞争格局加速重构 经历了2025年超预期增长，2026年国内汽车市场正式迈入"高销量、低增长"新阶段。中汽协预计，2026 年汽车总销量达3475万辆，微增1%；车百会预计，2026年国内汽车销量约为2800万辆，增长2%。这个 阶段的核心特征，是销量基数大、增长幅度稳，行业竞争从规模比拼转向质量与效率竞争。 从产品结构来看，在整体市场平稳增长下，新能源汽车将实现量质齐升。新能源汽车仍是产业增长核心 动力，2026年销售量有望突破2000万辆（包括出口），市场主导地位进一步巩 ...