节前最后一周（2月9日—2月13日）共有65家A股上市公司接受机构调研。从赚钱效应看，超六成机构 调研股实现正收益，其中崇德科技以28.62%的周涨幅位居榜首，光力科技涨26.24%，百川股份涨 24.33%，爱迪特涨24.12%，国投智能、东方钽业等公司涨幅均超10%。 天顺风能接受237家机构调研 天顺风能（002531）是本周机构追捧的香饽饽，周内共有237家机构投资者参与其调研。机构重点关注 该公司2026年海上风电出货预期、国内外产能布局、零碳业务规划等。 在调研中，天顺风能表示，因海上风电出货量与行业施工进度高度相关，且审批和施工环节较长，暂不 做出货量预测。不过，公司在国内外布局多个海上风电相关生产基地，国内盐城射阳、江苏通州湾、揭 阳、阳江、汕尾等地基地分别规划单桩、导管架、支撑桩等产能，漳州基地处于规划阶段。海外德国库 克斯港基地稳步推进，设计产能50万吨单桩。针对海外业务，天顺风能表示明确国内基地分工（揭阳阳 江生产导管架、通州湾生产大型单桩及漂浮模块），海外德国基地生产本地大单桩，利用堆场配合国内 形成全球交付能力，还计划自建特种船保障物流。 天顺风能还表示，零碳业务是公司核心之一，未来 ...

Group 1 - The core focus of institutional research this week (February 9 to February 13) was on 71 listed companies, with Tianshun Wind Power receiving the most attention from 237 participating institutions [1] - Other companies that attracted significant institutional interest include Nanmin Group, Guoneng Rixin, and Doli Technology, with 51, 39, and 35 institutions respectively conducting research on them [1] - In terms of industry focus, institutions are continuing to concentrate on sectors such as industrial machinery, automotive parts and equipment, and non-metallic metals [1]

Core Insights - The article highlights the increasing enthusiasm of private equity firms in conducting research on A-share companies, particularly in strategic emerging industries such as new energy, high-end manufacturing, artificial intelligence, and semiconductors as the 2026 Spring Festival approaches [1] Group 1: Private Equity Research Trends - A total of 874 private equity firms have participated in A-share market research, covering 501 stocks across 28 industries, with a total of 2,845 research instances recorded as of February 14, 2026, indicating strong research interest at the beginning of the year [1] - Notable private equity giants, including Freshwater Spring, Gao Yi Asset, and Panjing Investment, have collectively focused their research efforts on sectors like new energy and high-end manufacturing [1] Group 2: Focused Research on Specific Stocks - 84 stocks have received at least 10 research instances from private equity firms, with Dajin Heavy Industry leading the list with 64 instances, making it the most researched A-share [2] - Other notable companies include Dike Co. and Tian Shun Wind Power, which received 41 and 33 research instances respectively, focusing on topics such as European offshore wind power growth and the impact of rising silver prices on performance [2][3] Group 3: Industry Distribution of Research - The mechanical equipment industry leads with 452 research instances, followed closely by the computer industry with 432 instances, indicating a strong interest in technology and high-end manufacturing sectors [5] - The electrical equipment, pharmaceutical, automotive, and basic chemical industries also received significant attention, each with over 100 research instances, reflecting a diversified investment approach with a focus on technology and manufacturing [5] Group 4: Active Private Equity Firms - 61 private equity firms have conducted at least 10 research instances, with 20 of them being large-scale firms, showcasing active engagement in the market [6] - Zhengyuan Investment leads with 53 research instances, focusing heavily on the computer industry, while other firms like Freshwater Spring and Gao Yi Asset have also shown significant research activity [7][8] Group 5: Market Outlook from Private Equity Firms - Several large private equity firms have expressed cautious optimism regarding the 2026 market outlook, emphasizing the importance of structural and performance-driven opportunities [9] - Freshwater Spring noted the strong performance of precious metals and industrial metals in 2025, suggesting that related industries may present investment opportunities in the current market [10] - Star Stone Investment anticipates a systemic revaluation of core Chinese assets, focusing on high-growth sectors such as artificial intelligence and high-end equipment manufacturing [11]

Group 1 - The core focus of private equity institutions is on sectors such as technology, manufacturing, and new energy, reflecting a strong research enthusiasm at the beginning of 2026 [1][2][6] - A total of 874 private equity securities institutions have participated in A-share market research, covering 501 stocks across 28 primary industries, with a cumulative research frequency of 2845 times [1][6] - The most researched stock is Dajin Heavy Industry, which has been surveyed 64 times, indicating its prominence among private equity interests [2][4] Group 2 - The mechanical equipment industry leads with 452 research instances, followed closely by the computer industry with 432 instances, showcasing a strong preference for these sectors [5][6] - The top ten stocks by research frequency include Dajin Heavy Industry, Haida Ruisheng, and Huajin Technology, all of which are leaders in their respective fields [4][6] - Private equity institutions are particularly focused on companies with strong growth potential and technological barriers, especially in the context of China's push for new industrialization [6][9] Group 3 - Notable private equity firms such as Zhengyuan Investment and Dazhuo Asset have been actively involved in research, with Zhengyuan leading with 53 research instances [7][8] - The research focus of major private equity firms includes sectors like machinery, electronics, and biomedicine, indicating a broad interest in technology and healthcare [8][9] - The overall sentiment among private equity firms is cautiously optimistic, emphasizing the importance of structural and performance-driven investment opportunities for 2026 [9][10]

Group 1: Chip Sector Insights - A total of 13 A-share listed companies received over 100 institutional visits in the past month, with a strong focus on the chip sector, particularly companies like Yintan Zhikong, Jingzhida, Zhongji Xuchuang, Huanyu Electronics, and Obsidian Zhongguang leading in reception numbers [1] - Yintan Zhikong has transitioned from electronic component distribution to semiconductor chip R&D and manufacturing since 2019, with chip-related business now accounting for nearly 10% of total revenue, generating approximately 400 million yuan annually [3] - Jingzhida is advancing its next-generation high-speed testing products for ASIC chips and plans to accelerate the launch of high-end prototypes for computing power chip testers this year [3] - Zhongji Xuchuang is addressing high-end optical chip supply constraints by increasing supplier diversity and securing long-term production capacity as silicon photonics gain market share [3] - Huanyu Electronics has developed three business lines in AIDC related to computing power boards, optical communication, and server power supply, aligning with its parent company's advanced packaging technology [3] - Obsidian Zhongguang has established a comprehensive R&D matrix integrating chips, algorithms, and optical machines, successfully completing over 10 chip tape-outs to position itself in the embodied intelligence sector [3] Group 2: Photovoltaic Sector Insights - The photovoltaic sector is also attracting significant institutional interest, with Jinko Solar discussing the potential of perovskite solar cells in space applications, which could enhance energy density by 7 to 10 times compared to ground-based systems, potentially opening up trillion-level application scenarios [4] - Guoneng Rixin has disclosed strategic considerations for investing in Sanas Zhihui, aiming to create a complementary business loop in the operation and maintenance services of new energy power plants [4]

Group 1: Industry Research Highlights - The most popular industries for institutional research in the week of February 9-13, 2026, ranked by the total number of institutional surveys, are machinery, automotive, basic chemicals, and electronics, with a notable focus on power equipment and machinery in the past five days [11][13]. - Over the past 30 days, the industries with the highest number of institutional surveys are machinery, electronics, pharmaceuticals, and basic chemicals, with machinery and electronics receiving significant attention [13][14]. Group 2: Company Research Highlights - In the week of February 9-13, 2026, the companies with the highest number of institutional surveys, where the number of institutional ratings exceeds 10, include Huari Precision, China National Heavy Duty Truck Group, and Guoneng Rixin [17][20]. - Over the past 30 days, the companies with the most institutional surveys and ratings exceeding 10 are Jiemai Technology, Ice Wheel Environment, and Shanghai Bank [19][21]. Group 3: Key Company Insights 1. **Guoneng Rixin** - Focused on strategic upgrades driven by electricity trading and policies, leveraging its self-developed "Kuangming" new energy model 3.0 to create a closed loop of "prediction-decision-execution-optimization" [23][24]. - The National Development and Reform Commission's new pricing mechanism for independent energy storage significantly enhances project return expectations, driving demand for electricity trading operations [24]. - The company is expanding its investment in new energy assets through its subsidiary Rixin Hongsheng [23]. 2. **Changan Automobile** - Announced a share repurchase plan of 1-2 billion yuan to optimize capital structure and enhance shareholder confidence, alongside a product roadmap that includes 43 new models over the next three years, with over 80% being new energy vehicles [25][26]. - The Avita 06T, a product of its collaboration with Huawei, features advanced technologies and aims to produce the world's first sodium-ion battery passenger vehicle [27]. 3. **Huari Precision** - Expected to achieve a net profit of 180-200 million yuan in 2025, representing a year-on-year increase of 68-87%, driven by recovering downstream demand and product performance improvements [29]. - The company ranks second in domestic production of hard alloy CNC blades and is transitioning towards becoming a comprehensive cutting solution provider [28][29]. - It has a strong focus on R&D, with 32 authorized invention patents and a commitment to high-precision manufacturing capabilities [29][30].

- The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the electric grid equipment industry, highlighting significant growth driven by multiple factors including government policies and technological advancements in AI [1][2]. Core Insights and Arguments - Electric grid equipment has seen a surge in demand, primarily due to: 1. The release of a prospectus by Si Yuan Electric for its Hong Kong IPO 2. The State Council's issuance of the "Implementation Opinions on Improving the National Unified Electricity Market System" 3. Continuous advancements in AI technology impacting the electricity sector [1] - In North America, the logic of AI-related electricity shortages is becoming clearer, with demand consistently exceeding expectations. This is compounded by rigid supply capacities and delays in production expansions by major overseas manufacturers. By 2030, there is projected to be a 10% shortage of electric transformers in Europe and North America [1]. - Domestic companies are expected to benefit from the overflow of overseas orders, with leading firms in international markets likely to continue outperforming expectations [1]. Investment Recommendations - The call provides specific investment suggestions based on the anticipated growth in the electric grid sector: 1. High-voltage equipment exports and components: Si Yuan Electric, TBEA, Huaming Equipment, etc. 2. Domestic ultra-high voltage and main grid: Pinggao Electric, China XD Electric, XJ Electric, Guodian NARI, etc. 3. Companies focused on the electricity market: Guoneng Rixin, Oriental Electronics, etc. [2]. Additional Important Content - The "14th Five-Year Plan" outlines a total investment of 5 trillion yuan, establishing a foundation for long-term high prosperity in the domestic electricity market [2]. - The goal is to fully establish a national unified electricity market system by 2035, promoting the participation of various power sources from the "Shagehuang" renewable energy base in the electricity market [2].

- The report does not contain any quantitative models or factors for analysis[1][2][3][4]

Macro Analysis - The January non-farm payroll data exceeded expectations, primarily driven by recovery in the private sector, with both production and service sectors showing significant job growth, indicating signs of stabilization in the US economy [1] - The improvement in employment aligns with the recent upward trends in US manufacturing and services PMI, suggesting a positive economic outlook [1] - Given the strong employment performance, the likelihood of the Federal Reserve restarting interest rate cuts in the first quarter is low [1] Industry Research - The implementation of the national electricity market framework "Document No. 4" highlights the importance of base-load power sources and the continuous improvement of business models among various participants [2] - The green electricity environment premium is gradually being confirmed, promoting the enhancement of overall consumption across various application scenarios [2] - Key investment opportunities include Long Jiang Power and Huaneng International, as well as Electric Investment Green Energy and Jinkai New Energy, with a focus on the carbon market and expanding application scenarios [2] Company Research - Xidi Zhijia (3881.HK) is positioned to benefit significantly from the scaling of autonomous mining trucks, with projections indicating a Non-IFRS net loss of 76 million yuan in 2025, followed by net profits of 75 million and 357 million yuan in 2026 and 2027 respectively [3] - The company is expected to maintain its industry-leading position due to its advantages in technology, scenarios, and commercialization [3] - The initial coverage of Xidi Zhijia is rated as "Buy" [3] Internet Media - NetEase Cloud Music (9899.HK) focuses on differentiated music content and exceptional product functionality, with an emphasis on expanding its membership base [4] - The adjusted net profit forecasts for 2026 and 2027 have been lowered to 2.21 billion and 2.47 billion yuan, respectively, reflecting a decrease of 15% and 13% from previous estimates [4] - The company is expected to see improved profitability in the medium to long term due to scale effects, maintaining a "Buy" rating [4] Overseas TMT - Semiconductor Manufacturing International Corporation (SMIC) (0981.HK) is experiencing high utilization rates but faces increased depreciation pressure due to new production line investments [5] - The net profit forecasts for 2026 and 2027 have been adjusted to 1.08 billion and 1.25 billion USD, respectively [5] - The stock is rated as "Buy" for both Hong Kong and A-share markets, benefiting from AI computing demand and domestic substitution trends [5]