Investment Rating - The report indicates a positive outlook for the power industry, emphasizing the continuation of green transformation and market-oriented reforms in 2026 [1]. Core Insights - The power industry is expected to maintain a balance between supply and demand, with a significant increase in renewable energy installations and generation, while coal power transitions to a peak-shaving role [1][4]. - The overall credit status of the industry remains strong, with high-rated state-owned enterprises dominating the bond issuance landscape, reflecting significant financing advantages [1][19]. - The report highlights the need for improved system regulation and consumption capacity to support the accelerated green transition of the power supply structure [3][4]. Supply Capacity Analysis - The total installed power generation capacity in China reached 3,890 million kilowatts by the end of 2025, marking a 16.1% year-on-year increase, with renewable energy being the main driver of this growth [3]. - Wind and solar power installations reached a combined total of 1,840 million kilowatts, with solar power growing by 35.4% and wind power by 22.9% year-on-year [3]. - The transition of coal power to a peak-shaving role is becoming more pronounced, although the system's regulation and consumption capacity require urgent enhancement [3][4]. Demand Matching Capability Analysis - The total electricity consumption in China was 10.37 trillion kilowatt-hours in 2025, reflecting a 5.0% year-on-year growth, although the growth rate has slowed compared to previous years [6]. - The demand for electricity is expected to continue growing steadily in 2026, driven by the third industry and urban residents' electricity consumption [9]. Price Change Analysis - Fuel prices have declined, but installation costs are expected to rise, leading to continued pressure on electricity prices in 2026 [10][16]. - The average on-grid electricity price is anticipated to face downward pressure due to the marketization of electricity pricing and the rising costs of renewable energy installations [10][16]. Policy Direction - The report emphasizes that the focus for 2026 will be on deepening the green transition and improving the unified market system, with policies aimed at promoting efficient consumption of renewable energy [17][18]. - The establishment of a new power system and the construction of a national unified electricity market are highlighted as key areas for policy development [17][18]. Credit Rating Situation Analysis - The bond issuance scale in the power industry reached 1,797.64 billion yuan in 2025, a significant increase of 62.24% year-on-year, with the majority of issuers being high-rated state-owned enterprises [19][20]. - The report notes that the credit ratings of power enterprises remain high, with most issuers rated AAA, reflecting the industry's overall strong credit quality [20][26]. Cycle Development Outlook - The power demand is expected to grow steadily alongside economic recovery and electrification processes, maintaining a balance between supply and demand [28]. - The report anticipates that the electricity pricing mechanism will become more flexible, with potential downward pressure on market transaction prices [28][29].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The processing fee of copper concentrates remains at a historical low. Some smelters have advanced their maintenance due to raw material shortages, resulting in a 1.2% month-on-month decline in electrolytic copper production in January [2]. - The long - term logic of the US economic resilience and the booming demand for new energy/AI infrastructure remains unchanged [2]. - The domestic social inventory of copper continues to increase, with a stronger inventory - building intensity than in previous years [2]. - The combination of concentrated profit - taking by long positions, the rebound of the US dollar, and weak spot demand has triggered a stampede - style decline [2]. - The shortage at the mine end and the long - term demand logic support the bottom, but high inventory pressure, profit - taking by funds, and the rebound of the US dollar have caused significant fluctuations. The short - term market has entered a period of sharp oscillations [3]. 3. Summary by Directory Copper Futures Market Data | Futures Type | Latest Price | Weekly Change | Weekly Change Rate | Open Interest | Open Interest Weekly Change | Trading Volume | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Copper Main Contract | 103,680 | 2.31% | - | 222,934 | - 8,503 | 789,998 | | Shanghai Copper Index - weighted | 103,894 | 2.40% | - | 657,539 | - 704 | 1,476,870 | | International Copper | 91,890 | 2.02% | - | 6,460 | 996 | 26,587 | | LME Copper 3 - month | 13,650.5 | 6.31% | - | 239,014 | - 38,282 | 103,995 | | COMEX Copper | 628.2 | 8.25% | - | 135,168 | - 7,604 | 197,659 | [4] Copper Spot Market Data | Spot Type | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - ferrous 1 Copper | Yuan/ton | 104,185 | 4,115 | 4.11% | | Shanghai Wumaotrade | Yuan/ton | 102,635 | 2,420 | 2.41% | | Guangdong Southern Reserve | Yuan/ton | 102,590 | 2,350 | 2.34% | | Yangtze River Non - ferrous | Yuan/ton | 102,780 | 2,400 | 2.39% | | Shanghai Non - ferrous Premium/Discount | Yuan/ton | - 150 | 30 | - 16.67% | | Shanghai Wumaotrade Premium/Discount | Yuan/ton | - 205 | - 20 | 10.81% | | Guangdong Southern Reserve Premium/Discount | Yuan/ton | - 180 | - 30 | 20% | | Yangtze River Non - ferrous Premium/Discount | Yuan/ton | - 165 | - 70 | 73.68% | | LME Copper (Spot/3 - month) Premium/Discount | US dollars/ton | - 93.76 | - 10.92 | 13.18% | | LME Copper (3 - month/15 - month) Premium/Discount | US dollars/ton | - 74.71 | 21.91 | - 22.68% | [8][10] Copper Advanced Data | Data Type | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Copper Import Profit and Loss | Yuan/ton | - 106.03 | 544 | - 83.69% | | Copper Concentrate TC | US dollars/ton | - 50.2 | - 3.62 | 7.77% | | Copper - Aluminum Ratio | Ratio | 4.2705 | 0.0729 | 1.74% | | Refined - Scrap Copper Price Difference | Yuan/ton | 6,631.43 | 3,908.48 | 143.54% | [11] Copper Inventory Data | Inventory Type | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Copper Warehouse Receipt: Total | Tons | 156,851 | 10,058 | 6.85% | | International Copper Warehouse Receipt: Total | Tons | 10,615 | - 551 | - 4.93% | | Shanghai Copper Inventory | Tons | 225,937 | 12,422 | 5.82% | | LME Copper Registered Warehouse Receipt | Tons | 132,475 | 11,325 | 9.35% | | LME Copper Cancelled Warehouse Receipt | Tons | 43,600 | - 3,500 | - 7.43% | | LME Copper Inventory | Tons | 176,075 | 7,825 | 4.65% | | COMEX Copper Registered Warehouse Receipt | Tons | 346,849 | 11,455 | 3.42% | | COMEX Copper Unregistered Warehouse Receipt | Tons | 228,284 | 4,330 | 1.93% | | COMEX Copper Inventory | Tons | 575,133 | 15,785 | 2.82% | | Copper Mine Port Inventory | Ten thousand tons | 56.9 | 2.2 | 4.02% | | Social Inventory | Ten thousand tons | 41.82 | 0.43 | 1.04% | [15][17] Copper Mid - stream Production Data | Production Type | Time | Unit | Monthly Value | Monthly YoY | Cumulative Value | Cumulative YoY | | --- | --- | --- | --- | --- | --- | --- | | Refined Copper Production | 2025 - 12 - 31 | Ten thousand tons or percentage | 132.6 | 9.1 | 1,472 | 10.4 | | Copper Products Production | 2025 - 12 - 31 | Ten thousand tons or percentage | 222.9 | - 3.4 | 2,481.4 | 4.7 | [19] Copper Mid - stream Capacity Utilization Data | Capacity Type | Time | Unit | Annual Total Capacity | Capacity Utilization | Monthly MoM | Monthly YoY | | --- | --- | --- | --- | --- | --- | --- | | Refined Copper Rod Capacity Utilization | 2025 - 12 - 31 | Ten thousand tons or percentage | 1,584 | 51.1 | - 12.21 | - 15.06 | | Scrap Copper Rod Capacity Utilization | 2025 - 12 - 31 | Ten thousand tons or percentage | 819 | 20.59 | - 3 | - 6.9 | | Copper Plate and Strip Capacity Utilization | 2025 - 12 - 31 | Ten thousand tons or percentage | 359 | 64.48 | - 1.96 | - 9.8 | | Copper Bar Capacity Utilization | 2025 - 12 - 31 | Ten thousand tons or percentage | 228.65 | 56.72 | 2.64 | - 0.46 | | Copper Tube Capacity Utilization | 2025 - 12 - 31 | Ten thousand tons or percentage | 278.3 | 61.59 | 1.9 | - 18.99 | [21][22] Copper Element Import Data | Import Type | Time | Unit | Monthly Value | Monthly YoY | Cumulative Value | Cumulative YoY | | --- | --- | --- | --- | --- | --- | --- | | Copper Concentrate Import | 2025 - 12 - 31 | Ten thousand tons or percentage | 270.4298 | 7 | 3,031.9797 | 8 | | Anode Copper Import | 2025 - 12 - 31 | Tons or percentage | 61,340 | - 23 | 749,961 | - 16 | | Cathode Copper Import | 2025 - 12 - 31 | Tons or percentage | 258,549 | - 30 | 3,344,261 | - 11 | | Scrap Copper Import | 2025 - 12 - 31 | Tons or percentage | 238,977 | 10 | 2,342,580 | 4 | | Copper Products Import | 2025 - 12 - 31 | Tons or percentage | 440,000 | - 21.8 | 5,320,000 | - 6.4 | [24]

Core Insights - Chery Group's new energy vehicle brand iCAUR is set to globally launch its mid-to-large all-round hybrid SUV, the iCAUR V27, on February 8th, 2026, in Dubai, marking its entry into the Middle East market [1][3] Product Development - The iCAUR V27 has undergone rigorous testing, with over 1,000 test vehicles deployed globally, completing more than 50 comprehensive test programs and exceeding 1 million kilometers in durability testing [5] - The V27 features a boxy body over 5 meters long, classic round headlights, and a spacious interior with a "Stellar Cockpit" concept, including a dual panoramic sunroof and a 2,900mm wheelbase for a comfortable five-seat layout [7] Performance and Technology - The V27 is powered by the Golden REEV (Range-Extended Electric Vehicle) technology, offering over 150 kilometers of pure electric range and more than 1,000 kilometers of combined range, catering to various driving needs [7] - The vehicle includes 39 pre-installed ecosystem ports and a range of upgrade accessories, enhancing the user experience and lifestyle [9] Market Strategy - Following the Dubai launch, the V27 is expected to be introduced in additional countries and regions throughout the year, providing a new choice for consumers seeking a classic, new-energy boxy SUV [10]

Core Insights - The company, Mingpu Optoelectronics, aims to strengthen its core competitive advantage in the communication sector through its magnetic components business, leveraging mature technology and a solid customer base [1] - The company is actively exploring high-growth emerging markets such as photovoltaics, energy storage, new energy, and AI computing power, aiming to diversify product applications and enhance business layout [1] - By developing across multiple tracks, the company seeks to create new performance growth points, continuously improving the revenue contribution of its magnetic components business and driving both scale and efficiency growth [1]

Summary of the Conference Call on China's Power Supply and Demand Forecast for 2026 Industry Overview - The conference call discusses the power supply and demand forecast for China in 2026, highlighting the electricity generation landscape and the impact of various energy sources on the market [1][3][14]. Key Points and Arguments Power Supply and Demand Forecast - The overall electricity demand in China is expected to grow by approximately 5% in 2026, with significant increases in residential and tertiary industry consumption, both exceeding 7% [1][5]. - The peak load demand during the summer is projected to increase by about 5.5%, influenced by extreme weather and a higher proportion of electricity consumption from residents and the tertiary sector [2][11]. - By the end of 2026, the redundant installed capacity is expected to approach 200 million kilowatts, indicating a relatively loose supply-demand situation and a low risk of summer electricity shortages [2][12][13]. Electricity Generation Structure - The generation structure is anticipated to see a continued high growth in renewable energy, with its share expected to exceed 25% of total electricity generation [3][9]. - Coal-fired electricity generation is projected to decline by approximately 3%, primarily due to the competitive pressure from renewable energy sources [9][14]. Renewable Energy Capacity - The installed capacity for renewable energy is expected to experience marginal decline in 2026, with wind power capacity maintaining around 125 million kilowatts and solar power capacity potentially decreasing to 150 million kilowatts due to project approval delays and issues related to curtailment [6][7]. - The rapid growth of energy storage, with an expected addition of about 66 GW in 2025, is a key factor in reducing the risk of electricity shortages during peak demand periods [1][3]. Coal and Thermal Power Dynamics - The thermal power sector is expected to reach a peak production period, with an anticipated addition of around 70 GW of new capacity from 2025 to 2026 [7]. - The competition among wind and solar power is expected to remain robust, with growth rates around 20%, while coal power may see a decline in competitiveness [7][9]. Market Mechanisms and Pricing - The introduction of a spot market has led to significant price differences at various times, which has pressured coal-fired power generation to abandon low-priced electricity during peak hours, thereby enhancing the competitiveness of thermal power [8][9]. Future Outlook - The overall power generation competitiveness is expected to maintain a moderate growth rate of around 5% in 2026, with renewable energy's share further increasing to over 15% [14]. - The anticipated weak demand for coal is expected to keep coal prices at low levels in 2026 [10]. Additional Important Insights - The growth in electricity demand is driven by improvements in living standards, urbanization, and advancements in energy storage and AI-related industries [5]. - The impact of traditional sectors such as photovoltaic manufacturing and construction is expected to diminish, allowing for a more favorable outlook for overall electricity demand [5].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD. 無錫先導智能裝備股份有限公司 (A joint stock company ...

Group 1 - The core viewpoint of Geely Holding Group is to transform into a technology-driven enterprise by shaping a technology-oriented and service-oriented organizational structure and talent framework [1] - Geely will deepen its "Talent Forest" strategy, focusing on cultivating professionals in new energy and artificial intelligence through industry-education integration, promoting youth and global talent development [1] - Starting in 2026, Geely will invest 50 million yuan initially and a total of 300 million yuan in the future for a youth innovation and entrepreneurship incentive program, directly recruiting specialized high school graduates for targeted training [1] Group 2 - Geely Holding announced its "One Geely, Comprehensive Leadership" 2030 strategic goal, aiming for a global strategic layout through enhanced top-level planning and global collaboration [3] - The key indicators for 2030 include achieving global total sales exceeding 6.5 million vehicles (passenger and commercial), ranking among the top five global automakers, with approximately 75% of sales from new energy vehicles and over one-third from overseas [3] - Geely plans to develop a top-tier global new energy architecture covering A to E class vehicles, with a target to reduce the average development cycle and comprehensive costs of new models by over 30% [3]

Group 1: Company Overview and Acquisition - The acquisition of Changzhou Weipu Semiconductor Equipment Co., Ltd. has been completed, and post-acquisition integration will focus on business, technology, and management synergies [2] - Changzhou Weipu specializes in defect detection equipment for photomasks and wafers, with significant market presence and core technology developed in-house [3] Group 2: Product and Market Position - Changzhou Weipu is one of the few companies in China that has achieved large-scale production of photomask defect detection equipment, with products utilized by major domestic and international wafer and photomask manufacturers [3] Group 3: Strategic Partnerships and Investments - The company has a stake in Shanghai Yudi Optoelectronics, which focuses on precision optical components and satellite laser communication systems, aligning with its strategic planning [4] - The wholly-owned subsidiary, Suzhou Weige Technology Industry Investment Co., Ltd., has established a venture capital fund targeting investments in semiconductor, renewable energy, AI, and aerospace sectors [5]

Group 1 - The A-share market experienced a collective rise on January 12, with the Shanghai Composite Index increasing by 1.09%, marking a 17-day consecutive gain and reaching a new high not seen in over a decade [1] - The Shenzhen Component and ChiNext Index rose by 1.75% and 1.82% respectively, with over 4,100 stocks gaining and more than 200 stocks hitting the daily limit [1] - The trading volume in the Shanghai and Shenzhen markets reached 3.6 trillion yuan, surpassing 3 trillion yuan for the second consecutive trading day, and increasing by 478.7 billion yuan compared to the previous trading day, setting a new historical record for trading volume [1] Group 2 - Key sectors showing significant gains included software development, internet services, cultural media, aerospace, gaming, communication equipment, computer devices, education, and shipbuilding, while the insurance sector showed weakness [1] - The AI application sector saw notable increases, with several stocks like Yidian Tianxia and Zhide Mai hitting the daily limit, while the commercial aerospace sector also performed well [1] - Institutional perspectives suggest focusing on "two main lines and two auxiliary lines," emphasizing technology innovation and growth sectors, as well as manufacturing and resource sectors for potential recovery [2]

Core Viewpoint - Guangdong listed companies have demonstrated strong high-quality development during the "14th Five-Year Plan" period, with significant achievements in both quantity and quality, positioning themselves as leaders in the national market [1][2]. Group 1: Growth and Performance - As of November 2025, the total market value of listed companies in Guangdong is expected to exceed 30.75 trillion yuan, with a net increase of 14.55 trillion yuan over five years, surpassing the province's GDP for 2024 [2]. - The revenue compound annual growth rate (CAGR) for Guangdong listed companies is 9.2%, with total revenue projected to exceed 10 trillion yuan by the end of 2024 and net profit expected to surpass 800 billion yuan by 2025 [2]. - Over 70% of companies are profitable, with a return on equity of 7.97%, and key operational metrics such as asset turnover are above the national average, indicating strong profitability and operational efficiency [2]. Group 2: Structural Optimization - Among newly listed companies, 237 are technology-based, accounting for 95.18%, an increase of 6.4 percentage points from the end of the "13th Five-Year Plan" [3]. - Guangdong has 413 companies listed on the "Dual Innovation Board," ranking first in the country, creating a new matrix of technology-driven and gradient-growing enterprises [3]. - During the "14th Five-Year Plan," Guangdong listed companies raised over 4.95 trillion yuan through various channels, with high-tech and strategic emerging industries leading in financing amounts [3]. Group 3: Return to Investors - Guangdong listed companies have increased their cash returns to investors, with a cumulative dividend amount exceeding 1.2 trillion yuan during the "14th Five-Year Plan," accounting for 11% of the total dividends paid by listed companies nationwide [4]. - The dividend payout ratio has been steadily increasing, with projected ratios of 41% and 42% for 2023 and 2024, respectively, both above the overall market level by 2 percentage points [4]. Group 4: Innovation and R&D - Innovation is recognized as the greatest advantage and competitiveness of Guangdong listed companies, with 628 high-tech enterprises accounting for 71% of the total, the highest in the country [6]. - R&D personnel in Guangdong listed companies have exceeded 750,000, with a CAGR of R&D investment at 12% and a research intensity of 3.96%, leading to nearly 600,000 intellectual property rights [6]. Group 5: Industrial Structure and Ecosystem - Guangdong has formed a modern industrial system led by advanced manufacturing and strategic emerging industries, with 548 listed companies in key sectors like electronic information and high-end equipment manufacturing [7]. - The province has established nine trillion-yuan industrial clusters, with significant contributions from listed companies in driving the industrial ecosystem and enhancing international competitiveness [9]. - The overseas revenue of Guangdong listed companies increased from 1 trillion yuan in 2020 to 1.9 trillion yuan in 2024, with 78.6% coming from new productivity sectors [9].