他指出，过去3至4个月大市由银行、保险及石油股带动上升，这可能因为投资者已重仓科技股有关，惟 因银行股的价值已重估很多，建议投资者可以减持，转而购入科技股。至于石油股，他建议可以选择个 别吸纳，因为个别中资油企有增加派息的可能。 对于内地会否向互联网服务公司上调增值税，他表示难以估计，但中国科技股较外国科技股估值有所折 让，已反映政策上的风险。对于内地电动车行业，他认为仍在整固的过程中，有出海概念的车企，其利 润率会较内销的车企为高，估计几间龙头车企还要扩大市场占有率，因此该行对电动车行业的看法较审 慎。 2月4日，摩根大通私人银行股票策略部亚洲主管冯兆邦表示，恒指有机会从近期高位约27000点回落5至 8%，投资者可以考虑在25000至26000点左右趁低吸纳。 港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 风险提示：此文章不构成投资建议。股市有风险，投资需谨慎。 ...

二、交易进展情况 近日，公司与浙江鑫日新材料有限公司签署了股权转让协议，公司已收到非经营性往来款9,311.18万元 和股权转让价款4,551.06万元。公司将持续关注本次交易后续进展情况，并根据相关规定及时履行信息 披露义务。 江苏新日电动车股份有限公司 关于出售全资子公司80%股权的进展公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、交易概述 江苏新日电动车股份有限公司（以下简称"公司"）于2026年1月5日召开了第七届董事会第五次会议、于 2026年1月22日召开了2026年第一次临时股东会，审议通过了《关于拟转让全资子公司80%股权并签署 股权转让协议的议案》，同意公司将全资子公司浙江新日电动车有限公司80%股权转让给浙江鑫日新材 料有限公司，并签署《股权转让协议》，同时，授权董事长在法律、法规允许的范围内，签署必要的配 套文件并办理股权变更登记等相关手续。具体内容详见公司于2026年1月6日和2026年1月23日在上海证 券交易所网站（www.sse.com.cn）披露的《关于出售全资子公司80%股权的公 ...

Core Viewpoint - The company, Ninebot, is expected to achieve a net profit of between 1.67 billion to 1.85 billion yuan in 2025, representing a year-on-year growth of 54.04% to 70.64%, showcasing strong operational resilience and growth quality in a challenging industry environment [2][3]. Group 1: Financial Performance - Ninebot's net profit is projected to increase significantly by 54% to 71% in 2025, highlighting the maturity of its profit model and operational efficiency despite industry pressures [3]. - The company has invested heavily in research and development, with R&D spending reaching 872 million yuan in the first three quarters of 2025, a 59% increase year-on-year, indicating a commitment to innovation [3]. Group 2: Market Position and Strategy - Since entering the electric two-wheeler market in 2019, Ninebot has focused on a "smart" core strategy, achieving a 70% market share in the domestic smart electric two-wheeler segment, reinforcing its position as a leader in smart mobility [4]. - Ninebot has established a dual-brand strategy with "Ninebot" and "Segway" to expand globally, aiming to transition from "product export" to "brand export" and capture high-value markets traditionally dominated by fuel-powered vehicles [6]. Group 3: Product Development and Innovation - The launch of the "Nimble OS" has strengthened Ninebot's technological moat in software and systems, contributing to its competitive edge in the market [3]. - The company has successfully transitioned its product structure to focus on the mid-to-high-end market, leading in sales within the 4,000 yuan and above price segment, reflecting a shift from "cost performance" to "quality-price performance" [4]. Group 4: Future Outlook - With the milestone of over 10 million units sold, Ninebot is expected to reveal more positive details regarding gross margins, regional growth, and ecosystem revenue in its upcoming annual report, indicating a promising future [6]. - The ongoing dual-brand globalization and continuous AI technology integration are anticipated to unlock greater long-term value for Ninebot in the capital market [6].

Core Viewpoint - The company, Xinshi Electric Vehicle New Materials (06128), is acquiring a 40% stake in Chuangchi from shareholder Yan Bo for HKD 1.5 million, which will enhance its position in the growing electric vehicle and battery sectors [1] Group 1: Acquisition Details - The acquisition agreement was signed on February 3, 2026, and is expected to be completed within 14 days [1] - Upon completion, the ownership structure of Chuangchi will be 58% by Allied Apex, 21% by Yan Bo, and 21% by Wang Sheng [1] - Chuangchi will become an indirect non-wholly owned subsidiary of the company, allowing for consolidation in the financial statements [1] Group 2: Strategic Implications - The investment in Chuangchi is viewed as a strategic opportunity for the company to establish a business presence in the high-growth electric vehicle and related battery industries [1] - The board believes that the agreement and acquisition price were negotiated fairly and align with normal commercial terms [1] - Increasing the stake in Chuangchi is expected to strengthen the company's position in the electric vehicle market, benefiting both the company and its shareholders [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 佈 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本 公 佈 僅 供 說 明 用 途 並 不 構 成 在 香 港、美 國 或 任 何 其 他 地 方 認 購 任 何 證 券 的 任 何 邀 請，本 公 佈（或 其 任 何 部 分）或 分 發 本 公 佈 之 事 實 亦 不 會 構 成 任 何 認 購 證 券 合 約 或 邀 請 的 基 準 或 有 關 依 據，且 僅 供 說 明 用 途。分 發 本 公 佈 可 能 在 若 干 司 法 管 轄 區 受 到 法 律 限 制，而 獲 得 本 公 佈 內 容 提 述 資 料 的 人 士 應 自 行 了 解 及 遵 守 任 何 該 等 限 制。任 何 未 能 遵 守 此 等 限 制 之 情 況 可 能 構 成 任 何 有 關 司 法 管 轄 區 的 違 法 行 為。本 公 佈 提 述 的 證 券 尚 未 根 據 任 何 證 券 法 律 及 規 例 發 行、登 ...

2月2日，台州市黄岩区进入"两会时间"。 站在"十四五"收官与"十五五"开局的历史交汇点，这座台州主城区的重要一极，提出以"一区四城"的整 体战略谋划未来发展路径。 "一区"，即以智造强区为核心引擎；"四城"，则是打造公园美城、活力水城、文化名城、幸福悦城—— 智通财经（www.thepaper.cn）注意到，这一定位超越了单一的经济增长目标，着眼于产业竞争力与城市 综合品质的同步提升。 面对台州市"传承垦荒志、再创新辉煌"的总体号召，黄岩明确要"在主战场打主攻"。"一区四城"的实 践，正是其扛起主城区担当、为全市大局多作贡献的关键抓手。 智造强区的硬核进阶 制造业是黄岩的根基，"智造强区"的指向，是从传统制造向以创新和技术驱动的高级形态转变。 数据体现了制造业的支撑作用。2025年，黄岩区规上工业增加值增长8.2%，领先于全区GDP增速。产 业内在结构也在持续调整：过去一年，全区新增1家国家级制造业单项冠军、5家国家级专精特新"小巨 人"企业及23家省级专精特新中小企业。模具、电动车等本土优势产业通过产业链整合向上延伸，汽车 用高强度轻量化塑件产业获评省级中小企业特色产业集群。 智通财经注意到，更具前瞻性的 ...

Group 1: Private Enterprises and Market Trends - The core viewpoint emphasizes the increasing internal motivation of private enterprises in China, showcasing their confidence and innovative spirit in navigating challenges and seizing new opportunities [1][6] - Private enterprises are focusing on innovation and practical solutions, as seen in the case of Anhui Shenghua Bo Automotive Electric Co., which invested 150 million yuan in automating its production lines, achieving a product qualification rate of 99% and capturing over 30% of the national market share for wipers [1] - The health food sector is also expanding, with companies like Binzhou Zhongyu Food Co. planning to invest 2.7 billion yuan in new product lines, including dietary fibers and protein peptides, to tap into the growing health consumption market [2] Group 2: Technological Advancements and Consumer Services - Companies are leveraging technology to enhance consumer services, as demonstrated by Xiaoxiang Supermarket, which has optimized its supply chain for deep-sea fish, reducing the time from catch to delivery to under 36 hours [3] - The instant retail market in China is projected to reach 971.4 billion yuan by 2025, with expectations to exceed 1 trillion yuan by 2026, indicating significant growth potential in this sector [3] - The introduction of smart air conditioning products by companies like Aux is a response to market demand, with plans for increased R&D investment to develop new health-focused air management systems [4] Group 3: International Expansion and Supply Chain Strategies - Private enterprises are increasingly looking to expand internationally, as seen with Yadea Technology's strategy to establish a factory in Vietnam, contributing to double-digit growth in overseas sales [5] - Payment platforms like PingPong are addressing the challenges faced by chain brands in international markets by offering comprehensive management solutions for global operations [5] - The Chinese manufacturing system is positioned to rapidly develop in the field of embodied intelligence, supported by a highly coordinated supply chain [5] Group 4: Policy Support for Private Enterprises - Recent policy measures, including structural interest rate cuts and expanded financial support for equipment upgrades, are aimed at fostering the growth of private enterprises [6] - The introduction of a 500 billion yuan special guarantee plan for private investment is expected to stimulate innovation and provide substantial momentum for high-quality economic development in China [6]

近几个季度，市场一直对AI泡沫保持警惕，希望看到公司在AI技术上投入的数十亿美元能在业绩中得 到回报。 "投资者正在用脚投票，他们正进入那些增长更为显见、且感觉更具持续性的领域，" Wolfe Research董 事总经理兼软件研究主管亚历克斯·祖金表示。 不过，华尔街认为近期软件股的抛售有些过度，并指出AI的益处需要更长时间才能体现。 "企业级应用涉及数据、治理、安全、合规、风险等诸多复杂因素，我们认为其中一些趋势和主题可能 需要更长时间才能完全展现，"他补充道，"我们仍处于采用的'零阶段'。" 智通财经APP获悉，上周，科技巨头的财报后股价表现显著分化，随着华尔街寻求人工智能投资回报的 明确信号以判定市场领头羊，清晰的赢家与落后者已然浮现。 Meta(META.US)股价单日飙升逾10%，投资者对其生产力提升以及AI技术全面整合至社交媒体应用、广 告与购物工具及内部工作流程表示欢迎。 与此同时，特斯拉(TSLA.US)股价在周五抛售后出现反弹，投资者正在消化埃隆·马斯克强调公司从电动 车制造商向自动驾驶和机器人领域转型后，所公布的大规模支出预测。 而科技巨头微软(MSFT.US)在公布业绩后股价重挫，市场 ...

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Insights - The introduction of a national capacity pricing policy for energy storage is expected to benefit leading lithium battery companies significantly [1] - The report highlights a strong growth forecast for energy storage, with an expected increase of over 60% in 2026, driven by robust demand in emerging markets and data center storage [4][8] - The report emphasizes the potential of solid-state batteries and the space photovoltaic sector, indicating a promising outlook for these technologies [4][8] Industry Overview - The energy storage sector is experiencing a surge, with the National Energy Administration reporting an addition of 62.24 GW/183 GWh of new energy storage capacity by 2025 [4] - The report notes a decline in various sectors, including photovoltaic and lithium batteries, with significant price adjustments observed in raw materials [4] - The report discusses the global energy storage market, predicting a compound annual growth rate of 30-50% over the next three years [4] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong market positions and growth potential, with Ningde Times being a global leader in power and energy storage batteries [7] - The report provides earnings forecasts for various companies, indicating a recovery in profitability for several firms, including Ganfeng Lithium and Enjie [4][7] - Specific companies are recommended for investment based on their growth trajectories and market positions, including Ningde Times, Sunshine Power, and others [7][8] Investment Strategy - The report suggests a strong push for energy storage and lithium battery sectors, with a focus on companies that are expected to benefit from the new capacity pricing policy [4][8] - It also highlights the importance of solid-state battery technology and the anticipated growth in the humanoid robotics sector, with Tesla leading the charge [4][8] - The report recommends a diversified investment approach across various segments, including energy storage, lithium batteries, and robotics, to capitalize on emerging opportunities [4][8]

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Viewpoints - The introduction of a national capacity pricing policy for energy storage is expected to benefit leading lithium battery companies significantly [4] - The report highlights a strong growth forecast for energy storage, with an expected increase of over 60% in 2026, driven by high demand and supportive policies [4][8] - The report emphasizes the potential of solid-state batteries and the space photovoltaic sector, indicating a promising outlook for these technologies [4][8] Industry Trends - Energy Storage: The national capacity pricing mechanism has been released, marking a significant policy shift. The National Energy Administration has reported an addition of 62.24 GW/183 GWh of new energy storage capacity by 2025 [4] - Electric Vehicles: The report anticipates a recovery in electric vehicle sales, with a projected increase of 5-10% in domestic sales for 2026 [4] - Lithium Battery Market: The report notes a significant increase in lithium battery shipments, with a forecast of 1100 GWh globally in 2026, representing a 72% year-on-year growth [4] Company Insights - CATL (宁德时代) is highlighted as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [7] - Other companies such as 阳光电源 (Sungrow Power Supply), 固德威 (GoodWe), and 比亚迪 (BYD) are also recommended for their strong market positions and growth potential [7] - The report mentions specific financial forecasts for various companies, indicating expected profitability improvements and revenue growth in the coming years [4][7] Investment Strategy - The report suggests a strong push for large-scale energy storage and lithium battery sectors, with a focus on leading companies that are expected to benefit from policy changes and market demand [4][8] - It recommends investing in companies with strong technological advantages and overseas market expansion capabilities, particularly in the robotics and automation sectors [4][8]