姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 2 月 10 日 钢材&铁矿石日报 专业研究·创造价值 产业逻辑主导，钢矿偏弱运行 核心观点 螺纹钢：主力期价震荡下行，录得 0.55%日跌幅，量缩仓增。现阶段， 螺纹钢供应有所收缩，而需求同样走弱，供需双弱局面下螺纹钢基本面 弱势未变，淡季钢价继续承压，相对利好则是成本支撑，预计走势延续 震荡偏弱运行，关注库存变化情况。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 一 产业动态 （1）2025 年全国社会物流总额超 368 万亿元，同比增长 5.1% 热轧卷板：主力期价偏弱震荡，录得 0.65%日跌幅，量缩仓增。目前来 看 ...

Group 1 - The core event is the "Doubao New Year" activity, where Doubao will distribute over 100,000 technology gifts and cash red envelopes up to 8,888 yuan during the Spring Festival Gala on February 16 [1][4]. - The prizes include 17 types of popular technology products such as Yushu robots, Songyan power robots, Magic Atom robotic dogs, Tuo bamboo 3D printers, DJI drones, as well as smart consumer products like Xiaomi smartwatches and Supor rice cookers, and usage rights for electric vehicles like the Audi E5 Sportback and Mercedes-Benz CLA [4]. - All technology gifts are integrated with the Doubao large model, enhancing the interaction capabilities of products like the Yushu robot through advanced language models, voice synthesis, and visual understanding [4]. Group 2 - The "Doubao New Year" activity has been launched on the Doubao App, allowing users to participate in the event [5].

Core Insights - The AI marketing battle during the Spring Festival has intensified, with major players like ByteDance's Doubao, Alibaba's Qianwen, and Tencent's Yuanbao launching aggressive promotional campaigns to attract users [1][12]. Group 1: Doubao's Strategy - Doubao, a product of ByteDance, has targeted the high-traffic platform of CCTV's Spring Festival Gala, offering over 100,000 tech gifts and cash prizes up to 8,888 yuan [1][2]. - The prize lineup includes advanced tech products such as robots and drones, as well as consumer electronics like smartwatches and rice cookers, enhancing its appeal [2][5]. - Doubao's campaign aims to leverage its existing user base of over 100 million daily active users, further expanding its reach through this high-profile collaboration [5]. Group 2: Qianwen's Approach - Qianwen, under Alibaba, adopted a more aggressive strategy with its "30 billion yuan free order" campaign, quickly becoming the top free app on the Apple App Store [6]. - The promotional mechanism offers users a 25 yuan no-threshold free order card, incentivizing user acquisition through referrals, which led to over 1 million orders within hours [6]. - However, the overwhelming response caused server issues, prompting the team to address resource allocation to ensure service stability [6]. Group 3: Market Reactions - The marketing frenzy positively impacted related stocks in the beverage sector, with companies like Gu Ming and Cha Bai Dao seeing significant stock price increases [8]. - Despite the successful promotional activities, Alibaba's stock fell by 3%, indicating investor skepticism regarding the sustainability of user acquisition through high subsidies [8]. Group 4: Competitive Landscape - WeChat has intensified competition by blocking promotional activities from Qianwen and other AI applications, citing disruptions to platform order [9][11]. - This action has created a competitive advantage for Tencent's Yuanbao, as it remains unaffected by WeChat's restrictions [11]. Group 5: Strategic Shifts in the Industry - The ongoing AI marketing battle reflects a deeper strategic shift among China's internet giants, with a focus on AI investments and market defense strategies [12]. - Goldman Sachs predicts that by 2026, total AI capital expenditure from major players like ByteDance, Alibaba, and Tencent will exceed $60 billion (approximately 410 billion yuan) [12]. - The current promotional activities are seen as an entry point into a longer-term competition for dominance in the AI space, with a focus on product quality and user engagement [12].

其中，参与本次活动的宇树机器人使用了豆包大模型家族的大语言模型、语音合成模型和视觉理解能力，可以表现出更拟人的音色与语气、流畅的语音互 动。 继通义千问、腾讯元宝等AI产品之后，字节跳动旗下AI应用豆包宣布正式加入春节AI红包大战。2月10日，豆包官方账号发文称，2月16日除夕当晚，豆包 还将通过总台春晚，为全国观众送出超过10万份科技好礼，以及最高8888元新春现金红包。奖品涵盖17种热门科技产品，包括宇树机器人、松延动力机器 人、魔法原子机器狗、拓竹3D打印机、大疆无人机等前沿科技产品，也有小米智能手表、苏泊尔（002032）电饭煲等智能消费品，还有上汽奥迪E5 Sportback和奔驰CLA两款电车的使用权。值得注意的是，这次送出的所有科技奖品都接入了豆包大模型。 打开豆包App,点击"豆包过年" 跟着春晚口播互动,连抽三轮新春好礼 每轮都有机会赢搭载豆包大模型的 10万份科技好礼或最高8888元现金红包 4技好礼墙里 松延动力机器人 Bumi 20 份 魔法原子机器狗 MagicDog-Pro 30 份 上汽奥迪 E5 Sportback (使用权至2026年12月31日) 25 份 奔驰纯电 CLA ...

Group 1 - The core activity of Doubao for the Spring Festival includes distributing red envelopes and technology gifts, officially starting on February 10 [1] - The event is divided into two phases, with the first phase launching on February 13, allowing users to experience AI-generated New Year greetings [1] - On New Year's Eve, Doubao will distribute over 100,000 technology gifts and cash red envelopes up to 8,888 yuan through the Spring Festival Gala [1] Group 2 - The technology gifts include 17 popular tech products such as robots, 3D printers, and electric vehicles, all integrated with Doubao's large model [1] - Specific prizes include 25 units of the Yushu Robot, 20 units of the Songyan Power Robot, and 30 units of the Magic Atomic Robot Dog, among others [4][5] - The event allows users to interact via the Doubao App and participate in three rounds of gift draws, with opportunities to win technology gifts or cash [3]

Core Insights - Doubao has launched its "Doubao New Year" campaign, which includes the distribution of New Year red envelopes to users [1] - The campaign consists of two phases, with the first phase starting on February 13, featuring AI-generated New Year greetings and a lottery for cash prizes [1] - The second phase will coincide with the Spring Festival Gala on February 16, offering users opportunities to win cash prizes up to 8,888 yuan and tech gifts [1] Phase One Summary - The first phase of the Doubao New Year campaign will begin at 20:00 on February 13 [1] - Users can participate in activities on the Doubao app to generate AI New Year greetings and enter a lottery for cash prizes [1] - Winners will be able to withdraw their winnings [1] Phase Two Summary - The second phase will take place during the Spring Festival Gala on February 16, featuring live interaction [1] - Users will have three chances to win cash prizes or tech gifts during the event [1] - The tech gifts include 17 popular products such as robots, 3D printers, drones, projectors, smart rice cookers, and electric vehicle usage rights [1] Partnership Insight - ByteDance's Volcano Engine has become the exclusive AI cloud partner for the Spring Festival Gala, indicating a significant collaboration in program production and video streaming [1]

Core Viewpoint - The article discusses the launch of the "Doubao New Year" event by Doubao, a ByteDance AI application, which aims to engage users through a combination of cash red envelopes and technology gifts during the Spring Festival [3][4]. Group 1: Event Details - The event will distribute over 100,000 technology gifts and cash red envelopes during the Spring Festival, particularly during the live broadcast of the Spring Festival Gala [3][4]. - Users can participate by opening the Doubao app and engaging in interactive activities, with opportunities to win cash prizes up to 8,888 yuan [6][13]. - The event is divided into two phases: the first phase focuses on AI-generated greetings and interactions starting on February 13, while the second phase coincides with the Spring Festival Gala on February 16 [13]. Group 2: Technology Gifts - The technology gift offerings include 17 products, such as robots, drones, and smart appliances, with notable items like the Audi E5 Sportback and Mercedes CLA available for use [14][15]. - These gifts are integrated with Doubao's large model capabilities, enhancing user interaction through advanced AI features [15]. Group 3: User Engagement Strategy - The event emphasizes low participation barriers and diverse reward forms, moving beyond traditional cash giveaways to include tangible tech experiences [18]. - Doubao has designed various AI interactive functions for the Spring Festival, allowing users to create personalized greetings and engage with AI as a "lifestyle assistant" [18]. Group 4: Industry Context - The article highlights a competitive landscape where multiple AI applications, including Tongyi Qianwen and Tencent Yuanbao, are also launching similar Spring Festival activities to attract new users [19]. - Industry experts suggest that the true measure of success for these activities will be user retention and engagement post-festival, rather than just immediate participation metrics [20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a net profit attributable to shareholders of 557 million yuan in 2025, representing a year-on-year growth of 39.2%, which is in line with expectations. The total revenue for 2025 was 6.34 billion yuan, showing a slight year-on-year decline of 0.5% [6] - The company is a leading player in the domestic vehicle-mounted power supply market and is benefiting significantly from the growth of the European new energy vehicle market. The company has adjusted its strategic focus towards global expansion, allocating more resources to faster-growing overseas markets [7] - The company has established deep cooperation with various domestic and international clients, including Stellantis Group, Li Auto, Changan Automobile, and others. The installed capacity of the company's OBC (On-Board Charger) in 2025 was 1.821 million units, accounting for 14.9% of the market share [7] Financial Summary - The company reported total revenue of 5.523 billion yuan in 2023, with a year-on-year growth of 44.1%. The projected revenue for 2024 is 6.372 billion yuan, with a growth rate of 15.4%. The expected revenue for 2025 is 6.342 billion yuan, indicating a slight decline [9] - The gross profit margin is expected to improve from 21.9% in 2025 to 25.0% by 2027, while the net profit margin is projected to increase from 8.8% in 2025 to 12.0% in 2027 [9] - The company's earnings per share (EPS) is projected to be 1.33 yuan in 2025, increasing to 2.03 yuan by 2027, with corresponding P/E ratios of 23.4 and 15.4 respectively [9]

Investment Rating - The report maintains a positive outlook on the automotive sector, highlighting the potential for growth driven by technological advancements and market dynamics [2]. Core Insights - The report emphasizes the importance of new vehicle announcements and the upcoming Q1-Q2 product cycles, particularly for companies like Li Auto, Xpeng, BYD, Great Wall Motors, and others, driven by enhanced product capabilities due to new technologies [2]. - Tesla's AI transformation is noted as a significant market expectation, with a focus on the valuation flexibility within the robotics supply chain [2]. - The report identifies smart technology as a key growth area for the year, with expectations for Full Self-Driving (FSD) technology to gain traction in China, benefiting companies like Desay SV, Jingwei Hirain, and others [2]. - Domestic cost pressures are acknowledged, leading to a cautious stance on annual profit forecasts, while overseas export opportunities for companies like BYD and Geely are viewed positively [2]. Industry Updates - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the first week of January were 50,000 units, representing a 22% year-on-year decline and a 31% month-on-month decline [2]. - Recent weeks have seen a decrease in traditional and new energy raw material price indices, with traditional vehicle raw material prices down by 2.8% week-on-week and 1.0% month-on-month, and new energy vehicle raw material prices down by 6.7% week-on-week and 2.7% month-on-month [2]. - The total transaction value in the automotive sector for the week was 530.697 billion yuan, a 22.58% decrease from the previous week, while the automotive industry index rose by 0.32% [2][11]. Market Situation - The automotive industry index closed at 8023.01 points, outperforming the Shanghai Composite Index, which fell by 1.33% [11]. - A total of 141 automotive stocks rose, while 127 fell, with the largest gainers being Kailong High-Tech, Xingmin Zhitong, and Yinlun, which saw increases of 72.8%, 21.3%, and 17.1% respectively [16]. - Key events included the release of the 404th batch of new vehicle approvals by the Ministry of Industry and Information Technology, which included several notable models from various manufacturers [3][4]. Investment Analysis - The report suggests focusing on companies that are leveraging AI and smart technology, particularly new entrants like Xpeng and NIO, as well as established players with overseas business support like BYD and Geely [2]. - It highlights the potential for significant changes driven by state-owned enterprise reforms, with attention on SAIC and Dongfeng [2]. - In the components sector, companies involved in robotics and data center cooling are expected to transition from thematic investments to industry trends, with a focus on firms with strong performance and valuation potential [2].

Group 1 - The core event is the launch of the "Doubao New Year" activity on the Doubao App, starting on February 10 [1] - The lottery for cash red envelopes will begin on February 13 at 8 PM, providing users with the chance to win cash prizes [1] - On New Year's Eve, February 16, Doubao will distribute over 100,000 technology gifts and cash red envelopes up to 8,888 yuan during the Spring Festival Gala [1] Group 2 - The technology gifts include 17 popular tech products such as Yushu robots, Songyan power robots, Magic Atom robotic dogs, and Dajiang drones [1] - Other prizes consist of smart consumer products like Xiaomi smartwatches and Supor rice cookers, as well as usage rights for electric vehicles like the Audi E5 Sportback and Mercedes-Benz CLA [1]