Group 1: Event Overview - The Shenzhen Stock Exchange held a special roadshow in Hong Kong titled "Investing in New Opportunities in China," featuring eight listed companies from the Shenzhen market [1] - The event aimed to showcase the investment value of high-quality assets in Shenzhen and the industrial upgrades of these companies to overseas asset management institutions [1] - Since 2023, the Shenzhen Stock Exchange has organized overseas roadshows covering 14 countries and regions, connecting over 2,000 foreign institutional investors [1] Group 2: Company Highlights - Juxing Technology operates 23 production bases globally, with over 95% of its revenue coming from overseas, making it a major supplier for top global retailers [7] - Yilian Network maintains a global market share of over 95% in SIP phones and ranks among the top five in video conferencing systems, benefiting from a dynamic order allocation mechanism [7] - Changying Precision is expanding its production bases in Vietnam and Mexico to meet the diversified supply chain needs of major clients like Apple and CATL [7] - Shenghong Technology is leading the market with advanced materials and technologies, focusing on AI-related products and sustainable development strategies [7][8] Group 3: Consumer Sector Insights - Yunnan Baiyao is projected to exceed 40 billion yuan in revenue in 2024, with a net profit of 4.75 billion yuan, showcasing a strong dividend policy and brand strength [8] - Salted Fish has established a closed-loop system for product development, achieving a rapid iteration cycle and a return on equity of 40.9%, attracting significant foreign investor interest [8] Group 4: Investor Sentiment and Future Outlook - Foreign investors remain optimistic about the Chinese stock market, anticipating a sustainable growth cycle driven by improving fundamentals and long-term growth potential [9] - The "14th Five-Year Plan" emphasizes increasing domestic consumption and technological self-reliance, which may lead to new growth opportunities in the consumer sector and for companies with strong R&D capabilities [9] - The Shenzhen Stock Exchange plans to enhance services for overseas investors and facilitate cross-border investment activities to support domestic and international economic circulation [9]

中国国内大市场蕴含的巨大潜能，也让消费板块成为境外投资者关注的焦点，深市消费类上市公司凭借 鲜明的品牌优势和优异的经营业绩，吸引了境外资本的重点关注。 此次路演活动获得了与会境外投资者的高度评价，通过与深市上市公司的深入交流，境外投资者全面了 解了中国企业在业务出海、产业升级、消费升级等领域的最新进展，切身感受到中国企业在全球产业链 重构中展现出的强大活力和创新能力。 参会境外投资者表示，2026年将继续对中国股票市场保持乐观态度，持续改善的基本面及长期增长动力 有望打造一个更可持续的增长周期。一方面，扩大内需成为2026年政策重点，消费行业或将迎来新的增 长，将对中国消费行业的转型和相关重点企业予以关注。另一方面，产业升级带来的增长机遇，未来将 进一步重点关注拥有稳健研发实力的上市公司。 一方面，在全球化格局深刻调整、全球产业链向供应链韧性与可持续发展转型的背景下，以杭州巨星科 技（002444）股份有限公司（以下简称"巨星科技"）、厦门亿联网络（300628）技术股份有限公司、深 圳市长盈精密（300115）技术股份有限公司为代表的"中国智造"企业正积极重构全球产业链布局，持续 提升全球业务竞争力。 例如 ...

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities [7]. Core Insights - The low-altitude economy is experiencing steady development, with significant policy advancements in vertical industries and tourism, particularly in agricultural applications of drones [3]. - The engineering machinery sector is expected to maintain steady growth, supported by strong competitive advantages of domestic leading enterprises in both supply and demand [4]. - The overall performance of the machinery equipment sector has outperformed the broader market indices, with a weekly increase of 2.57% compared to the Shanghai Composite Index [12]. Weekly Market Review - From January 18 to January 23, 2026, the Shanghai Composite Index rose by 0.84%, while the Shenzhen Component Index increased by 1.11%. The machinery equipment sector outperformed, with a 2.57% increase, ranking 13th among 31 sectors [12][20]. - Sub-sectors such as general equipment, specialized equipment, and engineering machinery saw increases of 3.33%, 2.55%, and 1.33% respectively [12][15]. Key Sector Tracking - The low-altitude economy is projected to promote agricultural productivity, with specific targets set for the deployment of agricultural drones and the training of drone operators by 2030 in Fujian Province [3]. - The engineering machinery sector's tower crane rental industry reported a utilization rate of 55.1% in December 2025, indicating a slight decrease but still reflecting a robust market [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Shen Cheng Jiao, Su Jiao Ke, and Hua She Group. In the complete machine segment, focus on Wan Feng Ao Wei and Yi Hang Intelligent [5]. - In the machinery equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Huazhong CNC and Kede CNC for industrial mother machines [5].

Core Viewpoint - The company, 巨星科技, is experiencing fluctuations in stock price and is addressing investor concerns regarding currency exchange rates and potential collaborations with other technology firms [1][3]. Group 1: Stock Performance - As of January 27, 2026, the stock price of 巨星科技 closed at 37.23 yuan, down by 0.11%, with a turnover rate of 1.02%, a trading volume of 117,000 shares, and a transaction amount of 435 million yuan [1]. - On the same day, there was a net inflow of 28.63 million yuan from major funds, indicating increased short-term interest in the stock [5][6]. Group 2: Investor Relations - The company is considering suggestions from investors, such as collaborating with 宇树科技 to integrate electric tools into robotic arms [2]. - In response to concerns about the impact of currency fluctuations, the company stated that its global supply chain and production capacity have reduced the impact of RMB exchange rate changes on its operations [3]. - The company confirmed that it does not hold any equity in 宇树科技, despite inquiries from investors regarding potential investments [4].

证券之星消息，1月26日通用设备板块较上一交易日下跌2.34%，昊志机电领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。通用设备板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000410 沈阳机床 | | 1.23 Z | 12.88% | -2599.26万 | -2.73% | -9673.56万 | -10.15% | | 002444 巨星科技 | | 1.06亿 | 15.69% | -1.37亿 | -20.29% | 3103.33万 | 4.59% | | 301377 鼎泰高科 | | 1.01亿 | 8.77% | -1595.56万 | -1.38% | -8528.71万 | -7.39% | | 603308 应流股份 | | 8849.65万 | 6.20% | -2689.08万 | -1.88% | -61 ...

数据来源：国家统计局，智研咨询整理 根据国家统计局数据可知：2025年12月全国通用设备制造业出口货值为761.7亿元，同比增长3.4%； 2025年全国通用设备制造业累计出口货值为7567.6亿元，累计同比增长4.5%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：中集集团（000039），沈阳机床（000410），冰山冷热（000530），宝塔实业（000595）， 中核科技（000777），冰轮环境（000811），秦川机床（000837），博深股份（002282），巨力索具 （002342），泰尔股份（002347），江苏神通（002438），巨星科技（002444），中南文化 （002445），宝馨科技（002514），日发精机（002520） 2019年-2025年全国通用设备制造业出口货值统计图 相关报告：智研咨询发布的《2025-2031年中国通用设备行业市场全景调研及发展趋 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The automotive sector is awaiting a turning point in passenger vehicle sales, with RoboX company making steady progress [5][7] - The tools sector is seeing significant developments, including the establishment of the QuanFeng Vietnam park and exciting new products showcased at CES [6][27] Automotive Sector Summary - The Hang Seng Automotive Theme Index increased by 2.2%, outperforming the Hang Seng Index (-0.4%) and the Hang Seng Technology Index (-0.4%) [5][13] - In December 2025, the passenger vehicle market reached a new high with retail sales of 2,374.5 million units, including 1,280.9 million units of new energy vehicles, marking a 17.6% year-on-year growth [14] - January 2026 passenger vehicle sales are expected to see a slight year-on-year increase, with an estimated total market retail of around 1.8 million units [15] - New vehicle launches have been relatively quiet, with the Geely Galaxy V900 being the only notable release [19][20] - RoboX plans to deploy 100,000 fully customized Robotaxis globally by 2030, enhancing commercial operations [22] Tools Sector Summary - The establishment of the QuanFeng (Vietnam) New Energy Intelligent Manufacturing Base marks a significant step in global strategic layout [39] - At CES 2026, several innovative home robot products were showcased, including the G-Rover by Stone Technology, which features a dual-wheel leg architecture [40] - Milwaukee Tools opened a flagship experience center in the UK, enhancing strategic value and user engagement [53]

AI基金易方达产业机遇混合A（021179）披露2025年四季报，第四季度基金利润412.61万元，加权平均基金份额本期利润0.1396元。报告期内，基金净值增 长率为10.89%，截至四季度末，基金规模为4298.18万元。 该基金属于偏股混合型基金。截至1月22日，单位净值为1.612元。基金经理是杨宗昌，目前管理的2只基金近一年均为正收益。其中，截至1月22日，易方达 供给改革混合近一年复权单位净值增长率最高，达70.29%；易方达产业机遇混合A最低，为55.4%。 基金管理人在四季报中表示，四季度，本基金继续延续三季度以科技创新为配置主线，同时结合自下而上个股挖掘方式构建组合，结合三季度以来市场变化 对组合进行较大调整和再平衡，整体配置在风格上更趋均衡。考虑到存储模组公司、AI 产业链温控及电源公司涨幅较大，估值提升明显，我们大幅减持了 相关持仓。在 TMT 板块内，配置方向转向半导体设备与材料，重点布局受下游存储客户扩产影响较大的股票或者国产替代渗透率较低环节的公司。在周期 板块，我们提高了煤炭行业的配置比例，同时增配化工板块中部分调整较为充分、估值回归合理的个股。汽车板块，我们继续保持了相关公司的 ...

Core Insights - The fourth quarter of 2025 saw significant adjustments in the portfolio of renowned fund manager Fu Pengbo, with notable changes in top holdings and investment strategies [1][4]. Group 1: Portfolio Adjustments - In the fourth quarter of 2025, Maiwei Co. replaced China Mobile in Fu Pengbo's top ten holdings, indicating a shift in focus towards high-performing sectors [1]. - Fu Pengbo increased holdings in Cambricon Technologies while reducing positions in several companies including Xinyi Semiconductor, Shenghong Technology, CATL, Tencent Holdings, Dongshan Precision, Luxshare Precision, Alibaba-W, and Juxing Technology [1][3]. Group 2: Market Conditions and Economic Outlook - The central economic work conference and political bureau meeting emphasized maintaining low social financing costs and leaving room for fiscal policy to address future risks, reflecting a cautious yet optimistic outlook for domestic demand policies [1][4]. - The macroeconomic data for the fourth quarter indicated a mixed performance in consumption and investment, with automotive consumption boosted by trade-in subsidies, while real estate remained weak [4]. Group 3: Investment Strategy and Future Outlook - The concentration of the top ten holdings in the fund increased to 70.38%, up from 66.04% in the previous quarter, indicating a strategic focus on fewer, high-potential stocks [5]. - Preparations for the 2026 portfolio include reducing exposure to companies with weak fundamentals and increasing investments in data center cooling, storage, and computing power-related firms, based on industry trends and individual stock research [5]. - The market is expected to see heightened activity in early 2026, with a focus on sectors like AI, non-ferrous metals, and lithium battery materials anticipated to show significant growth [6].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the home appliance industry, focusing on major players such as Midea, Haier, TCL Electronics, and Hisense. The overall performance of the industry is influenced by domestic demand, government subsidy policies, and international market dynamics [1][2][4]. Key Points and Arguments 1. Performance of Major Companies - Midea and Haier are expected to maintain positive revenue growth, with Midea's annual profit growth projected at 14% and Haier's at 12% [1][4]. - Hisense is facing profit pressure, with a slight decline in annual profits [1][4]. - TCL Electronics has exceeded market expectations, driven by an improved product mix in overseas markets [1][4]. 2. Domestic Demand and Pricing Strategies - In Q4 2025, domestic demand is under pressure due to reduced subsidies and high base effects, particularly affecting categories like robotic vacuum cleaners [2][5]. - Midea has announced a price increase of 3-6% for air conditioners, and Gree plans to raise prices as well, which may alleviate pricing competition [1][5]. 3. Investment Recommendations - Three main investment themes are suggested: - The black electronics sector, particularly TCL Electronics and Hisense Visual [6][11]. - Export-related companies [6]. - Innovative small appliance firms [6]. 4. Global Market Outlook - The global television market is expected to perform well in the first half of 2026, benefiting from pre-World Cup inventory replenishment [7]. 5. Impact of Panel Prices - The increase in panel prices is expected to have a minimal impact on company profits, with a projected overall increase of less than 5% [8]. 6. Strategic Partnerships - TCL Electronics has formed a joint venture with Sony, holding a 51% stake, which aims to enhance TCL's competitive position in the high-end market and improve profit margins [9][10]. 7. Future Prospects for the Black Electronics Sector - The black electronics sector is anticipated to have several catalysts in 2026, including business integration at Hisense and strong performance from TCL Electronics [11]. 8. High Dividend Recommendations - Midea and Haier are recommended for their high dividend yields, with expected profit growth in the single digits and attractive valuations [12]. 9. Focus on Tool Chain Companies - In the context of U.S. interest rate cuts, companies in the tool chain sector, such as Juxing Technology and Quanfeng Holdings, are highlighted for their potential due to improving real estate data and demand recovery [13]. Additional Important Insights - The overall retail decline in large appliances is relatively small, indicating resilience in the sector [3]. - The expected valuation recovery for TCL Electronics could reach 12-15 times earnings, with potential stock price increases exceeding 50% [11].