Core Insights - NetEase Youdao is leveraging its self-developed AI technology to connect Guangdong manufacturing with 30 million overseas influencers, enhancing brand visibility for Guangdong products [1] - Since 2021, NetEase has been expanding its self-developed games internationally, planning to utilize game IPs for further content creation and cultural export [1] - AI technology is significantly improving marketing efficiency, with advertising conversion rates increasing by 25%-40% and material production cycles reduced by 90%, aiding companies in penetrating overseas markets [1] Industry Impact - The AI marketing technology from NetEase is being adopted across multiple industries, assisting well-known companies like Miniso, Midea, GAC, and BYD in successfully expanding into international markets [1]

Core Viewpoint - The U.S. Department of Defense has added Unitree Technology to its blacklist, citing concerns over potential military applications of its technology, reflecting broader anxieties about China's advancements in robotics and artificial intelligence [1][5][12]. Company Overview - Unitree Technology is recognized as a leading company in quadrupedal and humanoid robotics, holding over 60% of the global market share in quadrupedal robots [3][5]. - The company has developed its own motors and motion control algorithms, breaking the long-standing foreign monopoly in the field [3][5]. Market Position and Competitive Advantage - Unitree's robots are significantly more affordable, with a price of 99,000 RMB compared to Boston Dynamics' Spot at 530,000 RMB, showcasing a cost advantage of over five times [5][9]. - The company boasts a complete domestic supply chain, with over 90% of its core components sourced and produced in China, enhancing efficiency and reducing costs [7][12]. Technological Progress and Achievements - Unitree has made significant advancements in robotics, with notable performances at major events like the Spring Festival Gala and the Winter Olympics, demonstrating its technological capabilities [9][12]. - The company has consistently improved its products, with the H1 humanoid robot showcasing advanced control capabilities and the H2 and G1 robots achieving high dynamic collaborative performances [9][12]. Implications of U.S. Blacklisting - The U.S. blacklist may impose restrictions on Unitree, including limitations on U.S. government purchases and investments, but the company is expected to withstand these challenges due to its self-reliant supply chain and strong domestic market [5][12][14]. - The blacklisting is viewed as a recognition of Unitree's technological strength, indicating that the company poses a significant challenge to U.S. technological dominance [11][14].

Group 1 - The A-share market experienced a positive start to the Year of the Horse, with the Shanghai Composite Index rising by 0.87% and the Shenzhen Component Index increasing by 1.36% on February 24 [2] - The Hang Seng Index fell by 1.82%, and the Hang Seng Tech Index decreased by 2.13% on the same day [2] - As of February 24, there were 8 A+H listed companies experiencing an AH price inversion, where H-share prices exceeded A-share prices, representing approximately 4.6% of the total 174 A+H listed companies [3] Group 2 - The companies with AH price inversion include leading firms across various sectors such as new energy, banking, innovative pharmaceuticals, semiconductors, home appliances, mining, and machinery [4] - The phenomenon of AH price inversion is relatively rare, with no companies experiencing it a year ago on February 24, 2025 [2][4] - The average AH premium rate is typically around 125%, considering the 20% dividend tax on H-shares and the tax exemption for A-shares held for over a year [5] Group 3 - On February 24, the trading volume of A-shares for China Merchants Bank was 75.47 million shares, which is 7.7 times that of its H-shares at 9.8 million shares [5] - The market capitalization of China Merchants Bank is approximately 1.005 trillion yuan, with an AH premium rate of 0.89, indicating an 11% discount of A-shares relative to H-shares [5] - CATL, another leading company, saw its A-shares decline by 0.93% while H-shares fell by 3.13%, with A-share trading volume being 12.5 times that of H-shares [6] Group 4 - The AH premium index closed at 116.99 on February 24, indicating that A-shares are trading at a premium to H-shares, and this index has been on a downward trend since April 9, 2025 [11] - The index has dropped from a high of 144.85 to a low of 113.56, marking an eight-year low [11] - Analysts suggest that the recent trend of foreign capital favoring Hong Kong stocks may be influenced by the appreciation of the yuan, which could lead to a convergence of AH premiums [13] Group 5 - Morgan Stanley highlighted investment opportunities in sectors such as technology and cyclical recovery, particularly in leading companies within these fields [13] - Tianfeng Securities expressed a cautiously optimistic outlook for the Hong Kong market, suggesting a focus on value-oriented investments while maintaining growth as a secondary consideration [13]

年9月11日，人们在德国慕尼黑国际车展户外展区比亚迪展区参观的资料照片。新华社记者 张帆 摄 近年来，中国汽车，特别是电动汽车，在欧洲市场广受欢迎。2025年，中国车企在欧销售超过81万辆汽 车，比2024年增长99%，去年12月市场渗透率已接近10%。2026年1月，欧洲市场新车销量总量同比下 降3.6%，而中国汽车在欧销量仍同比上涨80%。特别值得注意的是，这是在欧盟对中国电动汽车征收高 达35%巨额关税的情况下，中国车企取得的成绩。 据《金融时报》等外媒近日报道，欧盟委员会正计划发布《工业加速器法案》。该法案要求汽车企业必 须确保其汽车中至少70%的零部件产自欧盟境内，才能获得欧盟国家补贴和公共机构合同，其目的是保 护欧盟汽车产业免受来自中国的激烈竞争。 这是2025 在关税壁垒失效的情况下，欧盟希望通过要求零部件本地生产，达到"一石二鸟"的目的——既阻止中国 车企获得欧盟国家补贴，在关税的基础上进一步削减中国电动汽车的价格优势；又强迫欧洲车企从本地 采购汽车零部件，促进欧盟本土汽车产业的发展和相关供应链的完善。 欧盟此举将严重违反平等、开放的国际贸易规则，是赤裸裸的贸易保护主义。世界贸易组织（WTO） ...

随着全球人工智能军备竞赛愈演愈烈，涨价的旋风正从存储芯片席卷至更为基础的元器件领域。被誉 为"电子工业大米"的片式多层陶瓷电容器（MLCC），正接过内存的接力棒，成为2026年电子元器件产 业链中最耀眼的"涨价明星"。从韩国现货价格近20%的跳涨，到全球龙头村田制作所首度松口考虑提 价，MLCC市场在马年开年便上演了一出供需错配的强势行情。 一台AI服务器吃掉三万颗，需求呈几何级增长 本轮MLCC价格上涨的核心驱动力，源于人工智能服务器带来的爆发式需求。与处理传统数据任务的通 用服务器不同，AI服务器需搭载功耗巨大的高端GPU或ASIC芯片，这对电流的稳定控制提出了前所未 有的严苛要求。 作为电路中稳定电压、滤除干扰信号的关键元件，MLCC的用量在AI服务器中呈现出几何级的增长。据 行业数据显示，一台通用服务器的MLCC用量约为2200颗，而目前的AI服务器需求量则激增至2万颗左 右。随着英伟达下一代GB300等更高算力平台的推出，单台AI服务器的MLCC搭载量甚至将攀升至3万 颗。若考虑到一台AI服务器通常配备约20个电路板，其单台总用量可达数十万颗，这与仅使用约1000 至1300颗MLCC的智能手机相比 ...

Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]

身处汽车产业链的天博智能：突击分红6亿多，7.46亿的应收，48亿的应付、吕氏父子95.57%的表决 权，内控质量堪忧。 账上躺着7个亿收不回来的欠条，手里握着3个亿卖不掉的存货，兜里揣着20亿的扩产计划， 心里装着6个亿落袋为安的分红。这家"单项冠军"的上市之路，怕不是一部黑色幽默大片？ 最近，汽车热管理界的"扛把子"——天博智能科技（山东）股份有限公司（以下简称"天博智能"）向主 板发起了冲锋，保荐人是大名鼎鼎的中信建投 。招股书一抛出来，那数据叫一个亮眼：调温器全球第 三、国内第一，2024年中国销量前十的车企全是它的客户，妥妥的"隐形冠军"范儿 [p. 3, 21]。 乍一看，这是一出"鲁企崛起"的励志大戏。但咱这双眼睛，自从被A股教育过后，看东西就自带"财报 显微镜"和"合规放大镜"。这一照可不得了，这哪是冲刺上市，这分明是在冲喜啊！ 满篇写的都是：钱，收不回来；权，一手遮天；罚，刚交完钱；厂，还没盖好。 一、7.46亿的应收，48亿的应付。 二、 吕氏父子的"王朝"：95.57%的表决权，就问你们服不服？ 再看公司治理这块，那更是"家天下"的典范。 实控人吕新民、吕亚玮父子，俩人直接加间接持股也就 ...

证 券 研 究 报 告 杠杆资金净流出规模续创25年4月以来新高 ——流动性&交易拥挤度&投资者温度计周报 2026年2月24日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 • 资金流动性： 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 证 券 研 究 报 告 资金流动性：1）资金供给端：偏股型公募新发规模重回历史高位、杠杆资金净流出规模续创25年4月以来新高、 股票型ETF净流出规模扩大、回购金额收缩至历史低位；2）资金需求端：股权融资/产业资本净减持规模均小幅 扩张、南向资金净流入收缩至历史中高位。 | 资金供给 | | | | | --- | --- | --- | --- | | 资金供给主体(亿元) | 上 期 | 本 期 | 近 ...

Real Estate - The real estate market is entering a new adjustment phase, with policies indicating an increase in the proportion of existing home sales starting from March [2] - Developers are shifting focus to quality competition as their funding issues ease, moving away from the risks associated with pre-sales [2][25] - Homebuyers are now more inclined to physically inspect properties, reflecting a shift from speculative buying to practical decision-making [2][25] - In second and third-tier cities like Zhengzhou and Tianjin, the decline in housing prices is slowing, with homeowners adopting a wait-and-see attitude [2] - The market is transitioning from a general decline to a more differentiated performance, with core areas in first-tier cities maintaining demand despite external pressures [2] Automotive Industry - The penetration rate of new energy vehicles is expected to exceed 55% after March, becoming a dominant force in the automotive market [4] - Tax reductions on vehicle purchases are impacting low-priced models, while subsidy reductions are prompting manufacturers to focus on cost-effectiveness [4] - Consumers are shifting from impulsive buying to practical considerations, emphasizing range and reliability in their vehicle choices [4] - The automotive market is experiencing a slow recovery after a decline in sales during the first quarter, with new policies stimulating consumption [10] - Exports are projected to exceed 7 million units, with Chinese brands increasing their share in overseas markets [10][22] Deposit Market - The deposit market has seen a deepening of low interest rate trends since March, with one-year fixed deposit rates stabilizing around 1.35% [6][12] - Households are shifting their investment strategies towards more stable financial products due to shrinking income from deposits [6][12] - The focus on safety and risk diversification is becoming more pronounced among residents, leading to a decrease in high-risk investments [6][18] - The banking sector is adjusting its liability structure in response to pressure on net interest margins, with short-term product rates entering a low range [6][12] Overall Market Trends - The real estate market is experiencing a prolonged bottoming period, with sellers no longer eager to sell at a loss and buyers cautiously testing the waters [14][20] - The automotive industry is moving towards rational competition, with a focus on quality rather than just scale, as consumer preferences evolve [27][32] - The deposit market is characterized by low yields, with households prioritizing capital preservation over high returns [29][34]

Investment Rating - The report indicates a positive outlook for the solid-state battery industry, projecting GWh-level mass production by 2027, driven by collaborative innovation across the entire supply chain [2][6][12]. Core Insights - The solid-state battery industry is rapidly forming a collaborative innovation pattern across "materials, equipment, manufacturing, and applications," with significant advancements expected in materials and processes [6][20]. - Major players like CATL and BYD are expected to dominate the market, focusing on high-end applications in electric vehicles and energy storage [20][21]. - The demand for high-performance batteries is increasing due to the rapid growth of the global electric vehicle market, with solid-state batteries emerging as a strong competitor [20][21]. Summary by Sections Development - Global solid-state batteries are expected to achieve GWh-level mass production by 2027, with a focus on material innovation and process optimization [6][9]. - The supply chain is anticipated to mature over the next 3-5 years, with commercial viability expected around 2030 [9][10]. Process - The electrolyte film formation process is critical, influencing the thickness and ionic conductivity of solid electrolyte membranes [22][23]. - Two main technical routes for semi-solid batteries are identified: one focuses on reducing electrolyte liquid usage, while the other emphasizes in-situ curing processes [22][23]. Equipment - The global solid-state battery equipment market is projected to reach 12 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [31][32]. - The value share of equipment in the front and middle stages of solid-state battery production is expected to increase significantly compared to traditional liquid batteries, with a combined share of around 80% [32][36]. Key Company Updates - Naconor has successfully delivered high-speed wide-format dry electrode equipment to leading domestic manufacturers, marking a significant milestone in solid-state battery production [4.1][21]. - Lingge Technology has secured contracts for solid-state sulfide systems and is advancing its solid electrolyte pilot line [4.2][26]. - Litong Technology is developing isostatic pressing equipment to enhance the interface density between solid electrodes and solid electrolytes [4.3][41]. - Wuhan Blue Electric is focusing on high-precision testing equipment for solid-state batteries, capable of stable testing under low currents [4.4][30].