1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - On February 13, platinum and palladium prices generally declined. The PT2606 contract fell 3.92% to 523.8 yuan/gram, and the PD2606 contract fell 3.1% to 416.8 yuan/gram. During the Spring Festival holiday, overseas platinum and palladium prices rose significantly. As of 15:00 on the 23rd, London spot platinum rose about 6.94% and London spot palladium rose about 5.65%. It is expected that the prices of platinum and palladium on the Guangzhou Futures Exchange may rise significantly after the holiday. [7] - At the macro - level, the US Supreme Court's ruling on IEEPA tariffs being illegal and Trump's new tariff policy have increased market uncertainty. The deadlock in US - Iran negotiations and the increasing possibility of US military action against Iran have boosted the prices of gold and silver, and also provided some impetus for platinum and palladium. [7] - In terms of fundamentals, platinum demand benefits from the development of hydrogen energy and commercial aerospace, and investment demand remains high. The global supply - demand gap in 2026 is maintained, providing support for platinum prices. For palladium, the supply side has changed. Nornickel, the world's largest palladium supplier, expects a 11% year - on - year decrease in production in 2026, and the US Commerce Department's preliminary support for anti - dumping duties on Russian palladium imports (with a tax rate close to 133%) have driven up palladium prices. [7] - In the short term, platinum and palladium may remain relatively strong, but with large fluctuations. Investors are advised to be cautious about chasing the rise after the holiday, as Trump's new tariff policy may affect market sentiment and weaken the short - term upward momentum of the market. [7] 3. Summary According to Relevant Catalogs Domestic Price (yuan/gram) - Platinum futures main contract closing price: 523.8, previous value 544.9, down 3.87% [4] - Spot platinum (99.95%): 520, previous value 543, down 4.24% [4] - Platinum basis (spot - futures): - 3.8, previous value - 1.9, up 100.00% [4] - Lithium futures main contract closing price: 416.8, previous value 430.05, down 3.08% [4] - Spot lithium (99.95%): 414, previous value 434, down 4.61% [4] - Lithium basis (spot - futures): - 2.8, previous value 3.95, down 170.89% [4] International Price (15:00, dollars/ounce) - London spot platinum: 2168.6, previous value 2027.9, up 6.94% [4] - London spot palladium: 1749.514, previous value 1656, up 5.65% [4] - NYMEX platinum: 2180.2, previous value 2026.8, up 7.57% [4] - NYMEX palladium: 1786.5, previous value 1668.5, up 7.07% [4] Internal and External 15:00 Spread (yuan/gram) - Dollar/yuan central parity rate: 6.9398, previous value 6.9457, down 0.08% [4] - Guangzhou platinum - London platinum: - 22.96, previous value 33.18, down 169.19% [4] - Guangzhou platinum - NYMEX platinum: - 25.88, previous value 33.46, down 177.36% [4] - Guangzhou lithium - London palladium: - 24.30, previous value 12.18, down 299.55% [5] - Guangzhou palladium - NYMEX palladium: - 33.62, previous value 9.02, down 472.68% [5] Price Ratio - Guangzhou Futures Exchange platinum/palladium ratio: 1.2567, previous value 1.2671, down 0.0103 [5] - London spot platinum/palladium ratio: 1.2395, previous value 1.2246, up 0.0150 [5] Inventory (troy ounces) - NYMEX platinum inventory: 186269, previous value 186269, unchanged (0.00%) [5] - NYMEX palladium inventory: 578195, previous value 578195, unchanged (0.00%) [5] Position - NYMEX total position of platinum: 69291, previous value 69061, up 0.33% [5] - NYMEX non - commercial net long position of platinum: 12347, previous value 12084, up 2.18% [5] - NYMEX total position of palladium: 16538, previous value 16789, down 1.52% [5] - NYMEX non - commercial net long position of palladium: 513, previous value 492, up 4.09% [5]

Core Insights - In January, the mechanical industry index (Shenwan classification) rose by 6.32%, outperforming the CSI 300 index by 4.66 percentage points [2] - The TTM price-to-earnings ratio and price-to-book ratio for the mechanical industry are approximately 41.85 and 3.38 times, respectively, showing a month-on-month increase [2] - The price index changes for steel, copper, and aluminum in January were -0.74%, +6.92%, and +4.78%, respectively [2] Manufacturing and Economic Indicators - The manufacturing PMI for January was reported at 49.30%, a decrease of 0.8 percentage points month-on-month, indicating a contraction in the manufacturing sector [2] - High-tech manufacturing continues to expand, with a PMI of 52.00%, remaining above the critical point [2] Sales Data - In January 2026, a total of 18,708 excavators were sold, marking a year-on-year increase of 49.5% [2] - Domestic sales accounted for 8,723 units (including 24 electric excavators), up 61.4% year-on-year, while exports reached 9,985 units (including 11 electric excavators), up 40.5% year-on-year [2] Investment Recommendations - Key growth and forward-looking stocks include: Boying Welding (301468), Feirongda (300602), Hanzhong Precision (002158), Yingliu Co. (603308), Wanze Co. (000534), Gaolan Co. (300499), and others [3] - Long-term recommended stocks include: Huace Testing (300012), Guangdian Measurement (002967), Yizhiming (300415), and others [3] Sector Focus - AI Infrastructure: Focus on the gas turbine and liquid cooling sectors, with key companies such as Yingliu Co., Wanze Co., and others highlighted for their roles in the energy supply chain [4] - Humanoid Robots: The sector is moving towards commercialization, with several companies receiving large orders, indicating a growing market [5] - Commercial Aerospace: The sector is recognized as an emerging industry, with ongoing technological breakthroughs and upcoming IPOs [6] Specific Company Focus - For humanoid robots, key components include joint modules (Hengli Hydraulic, Huichuan Technology), dexterous hands (Feirongda, Zhaowei Electromechanical), and other critical parts [7] - In AI infrastructure, focus on gas turbine components and cooling systems, with companies like Ice Wheel Environment and Han Zhong Precision being significant players [7] Additional Sector Insights - Autonomous Forklifts: Key companies include Hangcha Group and Anhui Heli [9] - Engineering Machinery: Recommended companies include XCMG, SANY Heavy Industry, and others [10] - Nuclear Power and Controlled Nuclear Fusion: Companies like Jiadian Co. and Zhongmi Holdings are highlighted [11]

Core Viewpoint - The stock of Jili Suoju, a commercial aerospace concept stock, has experienced a significant decline after a clarification announcement, raising questions about the company's previous engagement with investors regarding its aerospace business [2][3][4]. Group 1: Stock Performance and Clarification Announcement - Jili Suoju's stock saw a maximum increase of over 200% in two months but faced consecutive trading halts following a clarification announcement, with a closing drop that saw over 26 billion yuan in sell orders [3][4]. - The company's clarification on February 11 stated that it had not made any statements regarding its status as a leader in commercial aerospace or any related projects, labeling the circulating information as false [3][4]. Group 2: Business Operations and Investor Interaction - Jili Suoju's main products are general lifting slings, with minimal revenue from commercial aerospace, amounting to 996.51 thousand yuan in 2025, which is less than 0.5% of the company's total revenue for that year [4][10]. - Despite the lack of substantial business in commercial aerospace, the company had previously engaged with investors, frequently acknowledging its involvement in the sector during the stock's price increase [4][10]. Group 3: Legal and Regulatory Issues - The company has faced regulatory scrutiny for its information disclosure practices, having been penalized by the China Securities Regulatory Commission for issues related to accounts receivable and governance [12][14]. - Investors have expressed dissatisfaction and are considering legal action, questioning whether the company's previous statements could be classified as misleading, which could lead to potential claims for damages [11][14][15].

Group 1: Macro Insights - The overall sentiment around the Spring Festival is mixed, with positive aspects outweighing the negative; the macro environment remains favorable for the market [3] - Key observations include a decline in new home sales and a drop in movie ticket sales during the holiday, while travel and tourism showed strong activity [3] - The economic performance is still under observation, with credit data showing mixed results and social financing needing further assessment [3] Group 2: Fixed Income Market - The bond market is expected to continue its upward trend post-Spring Festival, supported by a stable demand for bonds from banks and other institutional investors [12][15] - The liquidity environment is anticipated to remain loose, with the central bank likely to smooth out market shocks through rollovers of maturing repos [13][14] - The overall bond market is expected to stabilize due to low financing demand and a favorable trading structure [15][16] Group 3: Transportation Sector - High dividend highway companies are becoming attractive for investment, with dividend yields rising to 4-6% [17] - The growth potential in the transportation sector is driven by infrastructure expansion and investment opportunities in mature operational assets [17] - The revision of the "Highway Management Regulations" is expected to enhance long-term returns for the industry [17] Group 4: Food and Beverage Sector - Baoli Food has transitioned from single product offerings to a comprehensive empowerment model, focusing on compound seasonings and light cooking solutions [19] - The company has shown steady revenue growth, with a projected CAGR of 14.09% from 2022 to 2024, and a net profit of 1.92 billion yuan in Q1-Q3 2025 [19][20] - Investment recommendations include focusing on high-dividend and growth-oriented companies within the food and beverage sector, particularly those with strong B-end customer relationships [32][20] Group 5: Coal Industry - Global energy prices are experiencing divergence, with crude oil prices rising significantly due to geopolitical tensions and supply concerns [29][30] - The increase in oil prices is driven by factors such as military actions in the Middle East and a reduction in U.S. oil inventories [30] - Investment suggestions include focusing on high-performing coal companies and those in niche markets [30]

2026年开年以来，国内商业航天领域投融资热度持续攀升，单笔融资金额不断刷新纪录，头部企业成为 资本竞逐的焦点。 融资热度走高的背后，政策端的推动是关键因素。2025年6月，证监会发布意见，明确支持商业航天等 前沿科技领域企业适用科创板第五套上市标准。同年12月26日，上交所进一步公布《商业火箭企业适用 科创板第五套上市标准》指引，为商业火箭企业登陆资本市场打通了制度通道。 上市通道的明确，直接激活了一级市场的投资热情。目前，蓝箭航天科创板IPO申请已获受理，中科宇 航已完成IPO辅导，星际荣耀、星河动力、微纳星空等企业也在推进IPO进程。华泰证券通信行业首席 分析师王兴表示："伴随资本市场对硬科技支持力度持续加大，尤其是《指引》的发布，明确支持优质 商业火箭等企业登陆科创板，行业退出预期显著明朗化。在此背景下，一级市场资金快速转向，头部商 业航天企业成为机构重点布局方向，融资额度呈现争抢态势。" 2月12日，星际荣耀宣布完成D++轮融资，金额达50.37亿元，刷新我国商业火箭企业单笔融资最高纪 录，所募资金将主要用于可重复使用液氧甲烷运载火箭型号研制及商业化推进。同日，箭元科技完成由 多家头部机构参与的B轮 ...

Group 1 - The U.S. Supreme Court ruled that the government's imposition of tariffs under the International Emergency Economic Powers Act is illegal, prompting China to evaluate the implications and call for the removal of unilateral tariffs [1][12][30] - The A-share market is expected to perform positively post-Spring Festival, with a focus on technology growth and cyclical resource sectors, including AI assets and commercial aerospace [2][19] - ST Jinglan announced a significant stock price increase of 86.90% over a short period, indicating potential risks for investors if the price continues to rise abnormally [3][21] Group 2 - The Chinese film market set a record for the Spring Festival with total box office revenue exceeding 56 billion yuan, indicating strong consumer demand and a shift towards quality content [5][23] - Many companies continued operations during the Spring Festival, showcasing the resilience and vitality of the Chinese economy [6][24] - The first batch of new stocks for the year includes a high-end audio company and a core supplier for global electric vehicle battery safety components, with expectations for increased market activity [8][25] Group 3 - Frontier Biotech signed a global rights agreement with GlaxoSmithKline for two siRNA products, marking a significant international collaboration in the small nucleic acid drug sector [9][26] - The A-share market is transitioning from expectation-driven trading to a focus on fundamental verification, influenced by tightening monetary policies in major economies [10][27] - International gold and silver prices have seen significant increases, with gold surpassing $5160 per ounce and silver exceeding $87 per ounce, driven by rising demand and geopolitical uncertainties [11][28][29] Group 4 - Consumer behavior during the Spring Festival indicates a trend towards rational spending, with families opting for convenience in food purchases rather than traditional cooking [13][31] - Five chief economists provided insights on strengthening the capital market's stability and growth, emphasizing the need for multi-faceted efforts [14][32] - The 2026 Spring Festival Gala showcased technological advancements, highlighting the integration of robotics and AI in entertainment [15][33] Group 5 - The commercial aerospace sector is experiencing heightened investment interest, with increasing single financing amounts and several companies moving towards IPOs [17][35] - AI applications are facing a critical test following significant promotional efforts during the Spring Festival, with major companies leveraging their platforms for user acquisition [16][34]

Group 1 - A-shares are expected to have a positive start after the Spring Festival, with major indices likely to see an increase in winning rates due to favorable market conditions [1][5][6] - The technology growth sector and cyclical resource products are favored by institutions, with specific attention on areas such as AI assets, commercial aerospace, brain-computer interfaces, copper, aluminum, gold, and engineering machinery [1][5][6][10] - The Hong Kong stock market experienced a broad rally, with the Hang Seng Index rising by 2.53% to surpass 27,000 points, indicating positive market sentiment [2] Group 2 - The National Energy Administration projects that by 2025, the newly installed capacity for photovoltaic power will reach 317 million kilowatts, a 14% year-on-year increase, reflecting rapid growth in the solar energy sector [4] - Investment strategies suggest focusing on four main lines: copper, aluminum, tin, crude oil, and rare earths; electrical grid equipment, energy storage, engineering machinery; aviation, duty-free, hotels, and food and beverage; and non-bank financials [7][8] - Five major investment directions are highlighted: food and beverage, robotics, chips driven by AI demand, energy sectors including electric grid upgrades and new energy vehicles, and commercial aerospace, which is expected to enter a period of rapid growth in the next two years [10]

Investment Rating - Industry rating: Recommended [3] Core Insights - During the Spring Festival of 2026, the global technology sector is characterized by AI-driven deepening, accelerated hard technology transformation, and a bipolar leadership between China and the US, with the practical application and commercialization of technology becoming the core theme [1] - The AI and large model fields have become the absolute core, with global capital and technology intensifying. OpenAI secured a financing round exceeding $100 billion, locking in computational power advantages, while Google is pushing large models deeper into research scenarios [1][6] - The humanoid robot industry is undergoing a critical transformation, with international leading companies completing the transition to fully electric drive, while Chinese companies are seizing opportunities in practical scenarios like "human-machine collaboration" [1][8] - The aerospace and low-altitude economy sectors are showing a trend towards scaling, with both US-China competition and China leading. SpaceX is consolidating its Starlink advantages through high reuse launches, while China's commercial space launch success rate remains at 100% [1][11] Summary by Sections AI - OpenAI finalized a new financing round exceeding $100 billion during the Spring Festival, marking the largest single financing in AI history, which will significantly impact the global AI industry's computational power landscape and competitive dynamics [6] - Google upgraded its flagship large model Gemini 3 Deep Think, enhancing its reasoning capabilities for scientific and engineering scenarios, achieving notable performance in various tests [7] Robotics - Boston Dynamics announced a complete switch of its Atlas humanoid robot to fully electric drive, marking a significant shift towards industrialization and scalability [8][9] - The industry consensus indicates that the core bottleneck for humanoid robots is not mobility or balance but the technology of dexterous hands, which remains a challenge [9] Commercial Aerospace - SpaceX completed its 600th Falcon 9 rocket launch, successfully deploying 24 upgraded Starlink V2 Mini satellites, further expanding the Starlink constellation and enhancing polar coverage and direct mobile communication capabilities [11][12] Semiconductor Storage - Samsung achieved mass production of the HBM4 chip, with a significant price increase of 20%-30% compared to the previous generation, highlighting the high demand for high-end storage chips driven by AI [10] Beneficiary Targets - AI Computing and Applications: Companies such as Cambricon, Industrial Fulian, and Inspur Information [2] - Robotics: Companies like Joyson Electronics and New Spring Co [2] - Large Models: Companies including Zhipu AI and iFLYTEK [2] - Semiconductor Storage: Companies like Zhaoyi Innovation and Changjiang Electronics [2] - Commercial Aerospace: Companies such as Western Materials and Reascend Technology [2]

Group 1 - The company's stock price has experienced a significant deviation, with a cumulative fluctuation of -21.15% over three consecutive trading days (February 11, 2026, February 12, 2026, and February 13, 2026) [1] - In the commercial aerospace sector, the company secured a total order amount of 9.9651 million yuan for the year 2025, which accounts for less than 0.50% of the company's total revenue for that year [1] - From the beginning of 2026 until the disclosure date, the company has obtained a cumulative order amount of 1.2865 million yuan in the commercial aerospace sector, which is not expected to have a significant impact on the company's overall operating performance [1] Group 2 - The company's main products in the commercial aerospace field are general lifting slings, which have a broad applicability [1]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The focus is on increasing allocations in the large aircraft and military trade sectors, with expectations for growth in these areas due to geopolitical events and advancements in core technologies [8] - The large aircraft sector is expected to see accelerated development, particularly with the C919 aircraft, as key components are set to achieve certification and production targets [11][12] - Military trade is anticipated to benefit from heightened defense spending in the Middle East due to regional tensions, with expectations for increased market share for Chinese military exports [12] - The commercial aerospace sector is viewed positively for the first half of the year, despite recent adjustments and lower-than-expected launch activities [13] - Domestic demand in the military sector is expected to recover, with potential for exceeding current market pessimism as the "14th Five-Year Plan" progresses [14] Summary by Sections 1.1 Large Aircraft - The report highlights that the current market has low expectations for the large aircraft sector, particularly regarding the C919's delivery volumes. However, advancements in engine and onboard systems are expected to accelerate, potentially leading to a faster-than-expected development pace in the next two years [11][12] 1.2 Military Trade - The report notes that escalating tensions in the Middle East are likely to increase defense spending and military imports in the region. China's military trade share is expected to rise as countries diversify their defense procurement sources [12] 1.3 Commercial Aerospace - Despite recent adjustments in the commercial aerospace sector, the report maintains a positive outlook for investment opportunities in leading companies, particularly in satellite manufacturing and related technologies [13] 1.4 Domestic Military Demand - The report suggests that the market has been overly pessimistic regarding domestic demand recovery. It anticipates that as geopolitical uncertainties rise and the "14th Five-Year Plan" is implemented, demand in the military sector may recover faster than expected [14] 1.5 Investment Recommendations - The report recommends actively investing in core targets within the large aircraft and military trade sectors, while monitoring the commercial aerospace sector for potential catalysts. Specific companies are highlighted for investment consideration [16]