投资建议 我们首次覆盖宁德时代港股，给予"跑赢行业"评级，H 股目标价580.00 港元，对应2026 年预期市盈率 26.5 倍。 理由 我们预计后续销售服务费及销售返现计提的逐步冲回有望增厚利润。公司注重股东回报，23 年以来持 续保持较高分红率水平。 我们与市场的最大不同？市场担心中长期市场份额及盈利稳定性，但我们认为公司国际化业务及产能规 模扩张，中长期市场份额有望稳固；同时，公司凭借产业链较强议价能力、产品及客户结构优化、以及 新产品持续迭代的溢价，盈利能力有望稳中有升。 潜在催化剂：下游新能源车/储能需求超预期；公司业绩超预期。 盈利预测与估值 我们预计公司港股25-26 年EPS 分别为15.27 元和19.74 元，24-26 年CAGR 为31.6%。港股目前交易于26 年23.1x P/E。首次覆盖H 股给予跑赢行业评级，港股目标价580.0 港元，对应26 年26.5x P/E，有14.9% 上行空间。同时，我们维持A 股跑赢行业评级和445 元目标价不变，A 股目前交易于26 年19.4xP/E，目 标价对应26 年23.1x P/E，有19.0%上行空间。 风险 下游需求不及预期，原 ...

Core Viewpoint - Jiangsu Yanghe Brewery Co., Ltd. (referred to as "Yanghe") emphasizes high-quality development and cultural heritage in the Chinese liquor industry, aiming to integrate corporate growth with national development and social responsibility [3][4]. Group 1: Corporate Responsibility and Social Engagement - Yanghe actively supports national aerospace initiatives, linking the dreams of ordinary people with significant national achievements, such as the successful launch of the Long March 5 rocket [4]. - The company has established various charitable foundations, including the "Dream Blue Public Welfare Fund" and the "Dream Education Development Fund," contributing to educational support across China [4]. - In recognition of its charitable efforts, Yanghe was awarded the "Jiangsu Charity Award" by the Jiangsu Provincial Government, being one of the 30 most charitable enterprises [4]. Group 2: Production Capacity and Quality Assurance - Yanghe boasts over 70,000 premium fermentation pits and 2,020 ancient fermentation pits, recognized by Guinness World Records as the largest group of liquor fermentation pits [5]. - The company has an annual production capacity of 160,000 tons of raw liquor, with high-end ceramic jar liquor reserves of 340,000 tons and a total storage capacity of 1 million tons [5]. - Yanghe continues to refine its craftsmanship, with products like "Dream Blue Handcrafted Class" receiving certification as "Chinese High-End Vintage Liquor" [5]. Group 3: Cultural Heritage and Innovation - Yanghe's brewing tradition dates back to the Han Dynasty, with its techniques recognized as a national intangible cultural heritage [6]. - The company actively participates in cultural projects, including collaborations with television series and cultural exhibitions, to promote traditional Chinese culture [6]. - Yanghe has launched various cultural and creative products, integrating traditional craftsmanship with modern trends [6]. Group 4: Global Market Expansion - Yanghe has accelerated its internationalization efforts, becoming the official beverage sponsor for the Shanghai Cooperation Organization Tianjin Summit, showcasing its quality on a global stage [7]. - The company currently operates in 86 countries and regions, with plans to establish five overseas cultural exchange centers in Cambodia, Thailand, Malaysia, Canada, and the United States by 2025 [7]. - Yanghe aims to connect global markets through its products, participating in nearly 30 international wine exhibitions annually [7].

1、2025年营业收入预计40.37亿至42.16亿，同比增长约13%-18%，主要得益于业务波动不利影响显著缓 解，创新消费电子、汽车电子和健康环境等板块业务协同稳定发展。2、公司持有的参股公司的股份产 生较大的公允价值变动收益，预计增加归属于上市公司股东的净利润3.81亿元。3、受如下因素的影 响，预计2025年度公司的期间费用有一定幅度的增长：（1）公司坚持创新驱动，继续加大技术研发投 入，积极开拓布局新业务、新产品和新客户，持续深化国际化布局；（2）本年度实施新一期股权激励 计划，新增股份支付费用2,006.52万元；（3）汇率波动等。 格隆汇1月8日丨盈趣科技(002925.SZ)公布，预计2025年归属于上市公司股东的净利润54,000.00万元– 66,000.00万元，比上年同期上升114.69%–162.40%，扣除非经常性损益后的净利润22,000.00万元– 26,000.00万元，比上年同期下降7.60%–上升9.20%。 ...

Group 1 - The core viewpoint of the news is that Guangfa Securities plans to raise over HKD 6.1 billion through a combination of H-share placement and convertible bond issuance, with the funds aimed at enhancing the capital strength of its overseas subsidiaries [1][2] - The company intends to issue 219 million new H-shares at a placement price of HKD 18.15 per share, which represents an approximately 8.38% discount compared to the closing price of HKD 19.81 on January 6 [1] - The total principal amount of the convertible bonds to be issued is HKD 2.15 billion, with an initial conversion price of HKD 19.82 per share, reflecting a premium of about 0.05% over the closing price on January 6 [1] Group 2 - The funds raised will be fully allocated to increasing the capital of the company's overseas subsidiaries, thereby enhancing their risk resistance and supporting the development of the real economy [2] - The financing strategy of combining equity and debt is expected to improve the core capital adequacy ratio while locking in low-cost long-term funding, optimizing the liability structure [2] - The trend of Chinese securities firms "going global" is accelerating, with cross-border financial services becoming a core competitive advantage for these firms [2][3] Group 3 - Guangfa Securities' move to strengthen its internationalization reflects a new trend of "capital-driven deepening" in the industry, moving beyond merely establishing representative offices or channel businesses [3] - This trend is likely to accelerate industry differentiation, with leading firms like CITIC Securities and CICC maintaining their lead, while second-tier firms like Guangfa Securities and Huatai Securities are strategically investing to capture niche markets [3] - Firms with strong capital, risk control capabilities, and localized operational abilities will have a stronger voice in the global financial resource allocation [3]

证券日报网讯 1月5日，隆平高科在互动平台回答投资者提问时表示，公司收购隆平发展是基于长期战 略价值的考量，亦是国际化布局的关键举措。隆平发展作为巴西第三大玉米种业公司，具备稀缺的南美 种质资源与成熟市场渠道，有效提升公司国际行业地位和竞争力。上半年，隆平发展通过优化组织结 构、调整经营班子，强化市场研判、优化营销政策与市场运作，推进降本增效和精益降费等系列措施， 正逐步改善经营业绩情况。 （编辑 袁冠琳） ...

Core Viewpoint - The company, Giant Star Technology, expects a net profit attributable to shareholders for the fiscal year 2025 to be between 2.419 billion yuan and 2.764 billion yuan, representing a year-on-year growth of 5.00% to 20.00% [1] Financial Performance - The basic earnings per share are projected to be between 2.0250 yuan and 2.3143 yuan [1] - Despite challenges such as fluctuations in the international trade environment, rising tariff costs, and exchange rate volatility, the company managed to maintain revenue levels year-on-year [1] Strategic Initiatives - The company accelerated its international expansion and launched new production capacities in Vietnam and Thailand [1] - Growth in sales of new products, particularly electric tools, contributed to the overall performance [1] Profitability Factors - The increase in gross profit margin was driven by product innovation and the growth of direct sales through cross-border e-commerce [1] - The net profit attributable to shareholders saw a year-on-year increase due to these factors [1]

Core Viewpoint - The company, Juxing Technology, forecasts a net profit attributable to shareholders for 2025 to be between 2418.81 million and 2764.35 million yuan, representing a year-on-year increase of 5.00% to 20.00% [1] Group 1: Financial Performance - The expected net profit excluding non-recurring gains and losses for 2025 is projected to be between 2308.81 million and 2654.35 million yuan, with a year-on-year increase of 0.20% to 15.20% [1] - The company anticipates that overall revenue for the year will remain flat year-on-year due to the impact of new production capacities in Vietnam and Thailand, as well as significant growth in new products, particularly electric tools [1] Group 2: Market Conditions - The international trade environment has caused significant fluctuations, impacting the company's production and delivery schedules, particularly in the second quarter [1] - The negative effects of tariffs have raised average industry prices, leading to a notable decline in industry sales [1] Group 3: Strategic Initiatives - The company is accelerating its internationalization efforts and product innovation to mitigate the adverse effects of the trade environment [1] - New orders have shown a year-on-year increase, and the company plans to actively develop new businesses and products in 2026 to regain reasonable growth [1] Group 4: Currency Impact - The depreciation of the RMB against the USD has had some negative effects on the company; however, its high level of internationalization and product innovation has significantly reduced the impact of exchange rate fluctuations on profitability [1] - Increased sales from cross-border e-commerce and new products have effectively improved the gross margin [1] Group 5: Future Outlook - The company expects additional costs of 10 million USD due to the relocation of the Arrow factory in the fourth quarter, along with foreign exchange losses affecting the net profit attributable to shareholders for that quarter [1]

Core Viewpoint - The company, Giant Technology, expects a net profit attributable to shareholders for the fiscal year 2025 to be between 2.419 billion to 2.764 billion yuan, representing a year-on-year growth of 5.00% to 20.00% [1] Group 1: Financial Performance - The company anticipates a net profit for 2025 of 2.419 billion to 2.764 billion yuan, which indicates a growth of 5.00% to 20.00% compared to the previous year [1] - Despite challenges such as fluctuations in the international trade environment, rising tariff costs, and exchange rate volatility, the company managed to maintain revenue levels year-on-year [1] Group 2: Strategic Initiatives - The company is accelerating its international expansion and is focusing on new production capacities in Vietnam and Thailand [1] - The growth in sales of new products, particularly in the electric tools segment, has contributed to the company's revenue stability [1] Group 3: Profitability Factors - The increase in gross profit margin is attributed to product innovation and the growth of direct sales through cross-border e-commerce [1]

Core Viewpoint - By 2025, China's automotive industry has transitioned from "following" to "leading," with a focus on product and technological innovation, exemplified by Dongfeng Motor's high-end smart new energy brand, Lantu Auto, which has become a flagship for high-end Chinese brands [1][3]. Group 1: Market Performance - In 2025, Lantu Auto achieved cumulative deliveries of 150,169 vehicles, marking an 87% year-on-year increase, solidifying its position as the leading high-end new energy brand among state-owned enterprises [1]. - Lantu Auto has established a comprehensive product matrix with three flagship models: Lantu Dreamer, Lantu Taishan, and Lantu Pursuit L, becoming the first high-end new energy brand in China to mass-produce SUVs, MPVs, and sedans [5][11]. Group 2: Product Innovation - The Lantu Dreamer has consistently ranked as the top-selling high-end MPV, with an average selling price exceeding 400,000 yuan, indicating strong market penetration [5]. - Lantu Taishan achieved over 5,000 deliveries within 26 days of its nationwide launch, demonstrating high market recognition and establishing itself as a benchmark in the high-end new energy SUV market [7]. - The Lantu Pursuit L, launched on December 10, 2025, completes Lantu's flagship lineup and features advanced technologies such as Huawei's intelligent driving and smart cockpit systems [9]. Group 3: Technological Development - Lantu Auto emphasizes self-research and collaboration to build a technological "moat," with nearly 5,400 patents, of which 85% are invention patents, leading the new energy vehicle sector in patent growth [12][14]. - The company has developed a fully autonomous intelligent electric architecture (ESSA) and a new generation of intelligent multi-mode hybrid technology, showcasing its commitment to innovation and high-quality development [14]. Group 4: International Expansion - Lantu Auto has entered over 40 countries and regions, including key markets in Europe, the Middle East, and Central Asia, reflecting its global strategy and alignment with national initiatives [15][16]. - The brand has successfully launched in the Middle East, with product and cultural exports, demonstrating confidence in Chinese culture and innovation [18].

Summary of North New Building Materials Conference Call Company Overview - **Company**: North New Building Materials - **Industry**: Building materials, specifically gypsum board, waterproofing, and coatings Key Points Gypsum Board Business - The gypsum board business has shown strong performance in home decoration and renovation sectors, with growth rates exceeding overall market levels. Home decoration now accounts for 35% of the business, while renovation and secondary decoration exceed 40% [2][5] - A price increase for gypsum boards was implemented at the end of October 2025, with expectations for gradual price increases in the fourth quarter. Future sales are projected to exceed the 2021 peak, reaching 3.8 to 4.0 billion square meters over the next five years [2][10] - The high-end product segment of Taishan Gypsum has increased its share to 30%-35% in the first three quarters of 2025, contributing over 50% of revenue and profit due to higher prices and margins [2][11] - Foreign brands in the gypsum board market have focused on profitability and have not engaged in large-scale price cuts, primarily producing through OEM for the mid-to-low-end market [2][12] Waterproofing Business - The waterproofing segment has seen significant growth, with a 80%-90% increase in the first three quarters of 2025, aided by the acquisition of Yuanda Hongyu and the establishment of new business divisions [2][18] - The number of distributors has increased to over 5,000, with partnerships formed with major construction companies [2][18] Coatings Business - The coatings segment, particularly Carpoly, has performed well with significant growth in artistic coatings and stone-like paints. A double-digit growth is expected in 2026, with strong demand in rural exterior wall applications [2][20] Market Dynamics and Strategy - The company maintains a 40% dividend payout ratio while actively pursuing international expansion through new bases in Tanzania, Uzbekistan, and Thailand, which are already profitable [3][21] - The company is adapting to market changes by focusing on high-end products and innovative solutions, while also managing production capacity to avoid oversupply [14][15] - The competitive landscape includes both domestic and foreign brands, with North New Building Materials holding a market share of approximately 67%-68% [16] Future Outlook - The company is optimistic about the real estate market stabilizing, which could lead to increased demand for gypsum boards. The waterproofing sector is expected to continue its growth trajectory as smaller companies exit the market [6][18] - The coatings business is projected to maintain double-digit growth in the coming year [6][20] Additional Insights - Inventory levels among gypsum board distributors are currently low, with most holding one to two months' worth of stock due to price fluctuations [7] - The company is enhancing its digital and smart production capabilities to improve efficiency and reduce costs [15][17] This summary encapsulates the key insights and strategic directions of North New Building Materials as discussed in the conference call, highlighting the company's performance across its various business segments and its outlook for future growth.