Group 1 - The core point of the article is the establishment of Haibo Technology (Alashan League) Engineering Technology Co., Ltd. with a registered capital of 50 million yuan [1] - The company's business scope includes sales of wind power equipment, advanced power electronic devices, capacitors and their supporting equipment, and battery leasing [1] - Haibo Technology is wholly owned by Haibo Technology (688411) [1]

Group 1 - The global AI computing power infrastructure is entering a period of explosive growth, leading to increased demand for high-power and stable power supply, which highlights the importance of computing power infrastructure [1] - The electric equipment sector is gaining attention, with Shennma Electric (603530) being mentioned as a key player in the ultra-high voltage and smart grid sectors, making it a relevant company in the industry chain [1] - The potential widening supply-demand gap in electric equipment related to computing power infrastructure positions Shennma Electric as a hot stock due to its involvement in both high and low voltage equipment [1] Group 2 - On February 6, 2026, Shennma Electric's stock price increased by 2.14%, closing at 47.63 yuan per share, with a trading volume of 32.34 million yuan and a net outflow of 1.36 million yuan from main funds [2] - Year-to-date, Shennma Electric's stock has risen by 15.94%, with a 4.77% increase over the last five trading days [2]

业绩经营情况 公司2025年前三季度营业收入94.43亿元，同比微降0.68%，归母净利润2.15亿元，同比增长13.80%；截 至2025年9月30日，股东户数2.78万，香港中央结算有限公司新进为第四大流通股东。分红方面，A股上 市后累计派现14.46亿元，近三年累计10.12亿元。 以上内容基于公开资料整理，不构成投资建议。 截至2026年2月6日，长城科技融资余额为1.87亿元，占流通市值的3.44%，处于近一年70%分位的高位 水平；当日融资净买入为-451.05万元，显示短期融资资金流出，但整体余额仍较高。此前的2月2日， 融资余额为1.89亿元，融资净买入-317.97万元。融资数据的变化可能反映市场情绪波动。 行业政策现状 电力设备板块近期受AI算力和绿色能源转型驱动，例如2025年12月AI电力峰会等事件曾提振电网设备 需求预期。行业政策如新能源车和光伏领域的支持措施，可能长期影响公司业务。 经济观察网长城科技（603897）近期融资余额处于近一年高位，但短期呈现净流出；公司前三季度营收 微降，净利润增长。电力设备行业受AI算力与绿色能源转型政策驱动。 资金面情况 ...

Group 1 - The core viewpoint of the news indicates a collective adjustment in hard technology sectors such as CPO, storage chips, and semiconductor equipment, with a decline in AI application concepts as of the morning session on February 11 [1] - The ChiNext 100 Index, ChiNext 200 Index, and ChiNext Composite Index all experienced a drop of 0.5%, while the ChiNext 50 Index and ChiNext Growth Index fell by 0.9% [1] Group 2 - The ChiNext 200 ETF is designed to track the ChiNext 200 Index, which consists of 200 stocks from the ChiNext board that are smaller in market capitalization and have good liquidity, focusing on small-cap "growth potential" technology enterprises [7] - The electronic and biomedical sectors, along with machinery equipment, account for nearly 70% of the ChiNext 200 Index, with the electronic sector having a significant share [7] - The ChiNext Composite Index ETF aims to track the comprehensive index of the ChiNext board, covering large, medium, and small-cap styles, with a focus on artificial intelligence, semiconductors, and new energy [7]

Core Viewpoint - Shenghong Co., Ltd. (300693) has clarified that it is not currently involved in space photovoltaic energy storage technology and has no plans for solid-state transformer products, which may influence investor sentiment in the short term [1]. Group 1: Company Response - The company has stated that its current business focus does not include the frontier field of space photovoltaic energy storage technology [1]. - Shenghong Co. has confirmed that it does not have any solid-state transformer products or development plans, indicating that such technology is not part of its existing product line [1]. Group 2: Stock Performance - As of February 10, 2026, Shenghong's stock price closed at 38.18 yuan, reflecting a 2.92% decline over the past five days, underperforming compared to the Shanghai Composite Index, which rose by 1.49%, and the electric equipment sector, which saw a decrease of 0.72% [2]. - On the same day, there was a net outflow of 6.4756 million yuan from major investors, with a turnover rate of 1.57%, indicating moderate market activity [2]. - The technical analysis shows that the stock price is near the lower band of the 20-day Bollinger Bands (support level at 36.41 yuan), necessitating attention to whether it can stabilize in the short term [2]. Group 3: Institutional Perspectives - According to a report by Everbright Securities on February 8, 2026, the demand for AIDC power sources is driven by domestic computing power construction, with Shenghong being highlighted as a focus due to its involvement in HVDC and SST technologies [3]. - Guohai Securities also noted on the same day that the domestic energy storage market remains robust, with a procurement volume of 36.3 GWh in January 2026, suggesting potential for Shenghong's business expansion in the energy storage sector [3]. - Analysts are focusing on the company's long-term growth potential, although these insights are based on industry trends rather than recent company announcements [3].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][11]. Core Insights - The company is expected to significantly promote sodium batteries in commercial vehicles, passenger cars, battery swapping, and energy storage in 2026, which will help activate the incremental market for electric vehicles in cold regions [8]. - The company is projected to maintain its position as the global leader in battery shipments in 2025, with aggressive capacity expansion to meet strong demand [8]. - The company’s net profit is forecasted to be RMB 69.52 billion, RMB 90.79 billion, and RMB 112.01 billion for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 37%, 31%, and 23% [10][12]. Company Overview - The company operates in the power equipment industry, with a current H-share price of HKD 511.00 as of February 10, 2026 [3]. - The company has a total issued share count of 4,563.85 million, with H-shares accounting for 155.92 million [3]. - The company’s major shareholder holds a 22.46% stake [3]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are RMB 69.52 billion, RMB 90.79 billion, and RMB 112.01 billion, respectively, with corresponding EPS of RMB 15.25, RMB 19.92, and RMB 24.57 [10][12]. - The H-share price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are expected to be 29, 22, and 18 times, respectively [8][10]. Market Position - The company is expected to achieve a market share of 39.2% in power batteries and 30% in energy storage batteries by 2025, with year-over-year shipment growth rates of 35.7% and 80% respectively [8]. - The company is actively expanding its production capacity, with construction projects valued at RMB 37.366 billion underway, reflecting a 25.6% increase from the end of 2024 [8].

值得一提的是，都逸敏提出投资需要一定的"时代感"。当下的市场环境在寻找新经济的"明珠"方面效率 很高，但是在寻找传统经济的"遗珠"上定价效率一般。新材料作为战略性、基础性产业，不仅是推动现 代制造业高端化、智能化、绿色化转型的核心要素，也与很多传统经济传统行业紧密相关。在市场对传 统经济"遗珠"反应之前，为投资者留出了较大的选股空间。同时，随着基础工业品的需求在提升，我国 经济发展范式不再依赖过量资本投入，基础工业品供给有望长期受限，相关行业盈利逐渐步入修复通 道，比如电解铝、制冷剂等行业已有所表现。 展望2026年新材料相关投资方向，都逸敏非常看好化工领域的投资机会。他认为，化工行业经历了2022 年至2024年三年盈利下行后，于2025年Capex增速转负，很多子行业产能利用率已持续提升至80至 90%，而价差仍在底部。而且在全球需求持续增长的背景下，化工供需拐点向上有望持续修复盈利。从 过往历史来看，PPI拐点也是化工超额收益起点，而2025年7月PPI同比增速已经见底，2026年至2027年 有望转正。很多龙头公司盈利若恢复至历史中枢水平就有不错的向上空间。"涨价会是贯穿 2026 年全年 重要的投资 ...

m 2026 年 2 月 11 日 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | 2025-10-20 | 366.5 | 买进 | | | 产品组合 | | | | | 动力电池 | | | 74% | | 储能电池 | | | 16% | | 电池材料 | | | 4% | 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 宁德时代 (03750.HK) Buy 买进 | H70455@capital.com.tw | | | --- | --- | | 沈嘉婕 目标价(港币) | 456 | 公司基本资讯 | 产业别 | 电力设备 | H 股价(2026/02/10) | 511.00 | | | --- | --- | --- | --- | --- | | 恒生指数(2026/02/10) | 27,183.2 | 股价 12 个月高/低 | 610.5/0 | | | 总发行股数(百万) | 4,563.85 | H 股数(百万) | 155.92 | ...

Market Overview - On February 10, the Hang Seng Index opened up 175 points, peaked at 370 points, and closed up 155 points (0.6%) at 27,138 points[1] - The Hang Seng Tech Index rose 33 points (0.6%) to close at 5,451 points, with total market turnover of HKD 234 billion[1] - Southbound capital saw a net inflow of HKD 84.66 million, reversing the previous day's net outflow of HKD 1.89 billion[1] Stock Performance - Meituan (3690 HK) fell 2.5%, Alibaba (9988 HK) rose 1.6%, and Tencent (700 HK) dropped 1.6%[1] - AI sector stocks were favored, with Zhizhu (2513 HK) up 14.8% and MiniMax (100 HK) up 4.7%[1] - Semiconductor company SMIC (981 HK) increased by 1.7%, while Zhaojin Mining (1818 HK) fell 5.8% due to a mining accident[1] U.S. Market Insights - U.S. retail sales data for December fell short of expectations, increasing speculation about interest rate cuts by the Federal Reserve[2] - The Dow Jones Index rose 52 points (0.1%) to 50,188 points, while the Nasdaq Index fell 136 points (0.6%) to 23,102 points, and the S&P 500 Index dropped 23 points to 6,941 points[2] Industry Developments - Pop Mart (9992 HK) projected global sales of over 400 million units by 2025, with the THE MONSTERS series expected to exceed 100 million units[3] - The Hang Seng Healthcare Index rose 2.2%, with Innovent Biologics (1801 HK) up 5.0% following a licensing agreement with Eli Lilly[3] - The renewable energy and utilities sector showed mixed performance, with notable gains in power equipment stocks like Dongfang Electric (1072 HK) up 7.1%[4]

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the power generation sector, particularly related to turbine blades and gas turbines, which are identified as critical bottlenecks in overseas power generation [1][2]. Company Highlights - **AIDC Power Sector Update**: The performance of foreign enterprises has been comprehensively reviewed, resulting in a summary of "overall exceeding expectations + overall upward revision of expectations." GEV has publicly raised its guidance twice in two months [1]. - **Key Companies Recommended**: Five companies are core recommendations based on the marginal changes in the economic conditions in Europe and the U.S., which reflect on the domestic supply chain [1]. Specific Companies Mentioned - **应流股份 (Yingliu Co.)**: Recognized as a leading company in turbine blades with an order backlog of 3 billion. It has established strategic partnerships with major players like Baker Hughes and Siemens, and is a core supplier for GE Aviation [2]. - **万泽股份 (Wanze Co.)**: Identified as a secondary leader in turbine blades, recently becoming a new supplier for Siemens in modified turbine blades. It has signed long-term contracts in the Middle East and is a core supplier for domestic commercial turbine blades [2]. - **杰瑞股份 (Jereh Co.)**: Since November, the company has secured four major AIDC power generation orders from the three largest North American clients, totaling 500 million USD, indicating a strong positioning with key customer resources [4]. - **联德股份 (Liande Co.) & 鹰普精密 (Eagle Precision)**: These companies are core suppliers of cylinder blocks and cylinder heads for Caterpillar, which is expanding production in the engine sector [2]. Market Dynamics - The manufacturing sector in Europe and the U.S. is experiencing low inventory replenishment, coupled with a resonance from AI in power generation, leading to significant marginal changes in economic conditions [1]. - Caterpillar has recently received a 2GW internal combustion engine order, indicating a growing demand in the internal combustion and modified turbine sectors [2][3]. Additional Insights - The turbine blade segment is highlighted as having the highest technical barriers and value, emphasizing its importance in the power generation supply chain [2]. - The expansion of Caterpillar is expected to generate considerable incremental orders, reflecting a positive outlook for the industry [3].