上 市 公 司 电力设备 买入（维持） | 市场数据： | 2026 年 02 月 27 日 | | --- | --- | | 收盘价（港币） | 25.96 | | 恒生中国企业指数 | 8859.49 | | 52 周最高/最低（港币） | 37.20/13.32 | | H 股市值（亿港币） | 460.09 | | 流通 H 股（百万股） | 761.50 | | 汇率（港币/人民币） | 0.8848 | 一年内股价与基准指数对比走势： -19% 31% 81% 131% HSCEI 中创新航 资料来源：Bloomberg 相关研究 证券分析师 2026 年 03 月 02 日 中创新航 (03931) ——25 年利润预告超预期，景气周期驱动盈利向上 报告原因：有业绩公布需要点评 曾子栋 A0230525070007 zengzd@swsresearch.com 马天一 A0230525040004 maty@swsresearch.com 联系人 曾子栋 A0230525070007 zengzd@swsresearch.com 投资要点： 财务数据及盈利预测 | 2023 | | 2024 ...

Group 1 - The core viewpoint of the article highlights that Zhongchuan Innovation's commercial battery delivery volume increased by 630% year-on-year in January, indicating that the company's market strategy and capacity layout have entered a harvest period [1] - The company's board approved the implementation of an H-share full circulation plan, intending to convert approximately 11.69% of domestic shares into H-shares, pending regulatory approval [1] Group 2 - In the recent stock performance, Zhongchuan Innovation's stock price fluctuated by 11.48% over the past week, with a single-day increase of 5.57% on February 6, driven by the high growth in delivery volume [2] - The closing price on February 12 was 26.80 HKD, with a daily increase of 0.68%, despite a net outflow of funds on that day [2] - The overall sector is supported by favorable industry conditions, such as lithium carbonate prices exceeding 150,000 RMB per ton [2] Group 3 - UBS has recently raised its lithium price forecast by up to 74%, predicting that global lithium demand will double by 2030, driven by electric vehicles and energy storage [3] - The industry is approaching the critical point of "triple parity" in terms of cost, range, and charging time, which is beneficial for the long-term value reassessment of the battery supply chain [3] - Institutions remain optimistic about Zhongchuan Innovation's growth in energy storage shipments, although there have been no new research reports recently [3]

从 内 地 政 策 实 践 展 望 2026 年 施 策 重 点 股 票 环球市场动态 周五 A 股震荡小幅下跌，化工股延 续强势；港股集体下跌，科技股继 续承压；欧洲股市上涨，市场情绪 在消化宏观消息后有所回暖；美股 大幅反弹，道指首次突破 5 万点， 科技股获得大量逢低买盘。 外 汇 / 商 品 伊朗称核谈判是好开始，但市场忧 虑谈判未能降低冲突风险，周五油 价先跌后翻红。美元指数偏软，以 及市场对美伊会谈的忧虑，支持金 价回升。 固 定 收 益 上周五美股及贵金属市场回暖，美 债获利回吐。密歇根大学消费者信 心意外升至半年新高。高市早苗取 得历史性选举胜利，日本国债收益 率上涨。本周将有非农及 CPI数据， 和美债标售。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2026 年 2 月 9 日 恩智浦 (NXPI US; 224.32 美元; 目标价: 257 美元) 汽车市场缓慢复苏。公司 2025 年四季度当季汽车 市场营收以及毛利率略低于预期，引起市场对于复苏节奏的担忧。然而，公司指出过去 90 天积压订单、分销库存等 内部信号均 ...

Market Overview - The Hang Seng Index fell by 1.13%, down 304 points, closing at 26,580 points, while the Hang Seng Tech Index decreased by 0.47% [1] - The early trading volume in Hong Kong stocks reached HKD 139.5 billion [1] New Listings and Performance - Dazhu CNC (301200) (03200) rose by 18%, recognized as China's largest manufacturer of PCB production equipment [1] - Muyuan Foods (002714) (02714) increased by 4.72% [1] - Zhuozheng Medical (02677) surged by 34%, focusing on the mid-to-high-end medical service market [1] Company Highlights - Zhongchuang Innovation (03931) saw a 3.83% increase, with a 630% year-on-year growth in commercial battery deliveries and plans for full circulation of H-shares [1] - Alibaba's Qianwen event completed over one million milk tea orders, boosting shares of Guming (01364) and Cha Baidao (02555) by over 3% [1] - Long Resources (01712) experienced a 30% intraday surge, with expected after-tax net profit growth of up to 3.8 times year-on-year [1] - Changfei Optical Fiber (601869) saw its shares rise by over 10%, with institutions optimistic about fiber optic manufacturers benefiting from price increases [1] - Innovent Biologics (09969) increased by over 11%, achieving profitability for the first time due to the volume of Orelabrutinib and growth in BD revenue [1] - Nine Dragons Paper (02689) rose by over 5%, benefiting from improved self-sufficiency in wood pulp and favorable industry supply-demand dynamics [1] - Jiaxin International Resources (03858) increased by over 5%, supported by supply contraction driving tungsten prices higher [1] - Fuhong Hanlin (02696) rose by over 5%, with a transaction worth approximately USD 388 million for the licensing of Hansoh's rights in Japan to Eisai [1] - Tongda Group (00698) increased by over 6%, expecting to turn a profit of up to HKD 125 million last year [1] - NIO-SW (09866) rose by over 5%, marking its first quarterly profit with an expected adjusted operating profit of up to HKD 1.2 billion [1] Cryptocurrency Market - Cryptocurrency ETFs and related stocks continued to decline, with a sustained sell-off in the crypto market, as Bitcoin fell below USD 65,000 [1] - Bosera Bitcoin (03008) dropped by 8%, while Huaxia Bitcoin (03042) fell by 9% [1]

Group 1 - The Hang Seng Index fell by 1.13%, down 304 points, closing at 26,580 points, while the Hang Seng Tech Index decreased by 0.47% [1] - Three new stocks were listed: Dazhu CNC (03200) rose by 18%, Muyuan Foods (02714) increased by 4.72%, and Zhuozheng Medical (02677) surged by 34% [1] - Zhongxin Hang (03931) saw a 3.83% increase, with a 630% year-on-year growth in commercial battery deliveries and plans for full circulation of H-shares [1] - Long Resources (01712) experienced a 30% intraday surge, with expected net profit growth of up to 3.8 times year-on-year [1] - Changfei Optical Fiber (06869) rose over 10%, with institutions optimistic about fiber optic manufacturers benefiting from price increases [1] - Nuo Cheng Jianhua (09969) increased by over 11%, achieving profitability for the first time due to the volume of Obutinin and growth in BD revenue [1] - Nine Dragons Paper (02689) rose over 5%, benefiting from improved self-sufficiency in wood pulp and favorable industry supply-demand dynamics [1] - Jiaxin International Resources (03858) increased by over 5%, supported by supply contraction driving up tungsten prices [1] Group 2 - Fuhong Hanlin (02696) rose over 5% after licensing rights to Hanshuo in Japan to Eizai for a total transaction amount of approximately $388 million [2] Group 3 - Tongda Group (00698) increased by over 6%, expecting to turn a profit with a maximum earnings forecast of 125 million HKD for the previous year [3] - NIO-SW (09866) rose over 5%, marking its first quarterly profit with an expected adjusted operating profit of up to 1.2 billion CNY for the last quarter [3] - Cryptocurrency ETFs and related stocks continued to decline, with Bitcoin dropping below $65,000 amid ongoing sell-offs in the crypto market [3]

Core Viewpoint - The Hong Kong stock market experienced a collective decline, with major indices falling, while specific sectors showed varied performance, indicating mixed investor sentiment and sector-specific developments. Group 1: Market Performance - The Hang Seng Index fell by 1.13% to 26,580.94 points, the Hang Seng Tech Index decreased by 0.47%, and the National Enterprises Index dropped by 0.52% [1][5]. - Technology stocks generally declined, with Alibaba, JD Group, and NetEase each dropping over 2%, while Meituan, Kuaishou, and Bilibili fell over 1%. Xiaomi Group saw an increase of over 1% [1][5]. Group 2: Sector Highlights - The lithium battery sector showed resilience, with Zhongxin Innovation rising over 3%. The company reported a 630% year-on-year increase in commercial battery deliveries for January 2026, indicating strong market strategy and capacity expansion [2][5]. - The tea beverage sector saw a general rise, with Hu Shang Ayi increasing nearly 4%. This was supported by the launch of the "Qianwen Spring Festival Treat Plan," which included a significant promotional campaign [2][5]. - The photovoltaic solar sector faced collective weakness, with Fuyao Glass declining over 4%. Industry officials highlighted ongoing challenges, including supply-demand mismatches and the need to address industry competition [3][6]. Group 3: New Listings - Three new stocks were listed today, all showing gains. Dazhu CNC rose nearly 18%, Zhuozheng Medical saw a peak increase of over 50% before settling at a 34% rise, and Muyuan Foods increased by over 4% [3][8].

Core Viewpoint - Zhongchuang Innovation (03931) has shown strong performance with a stock price increase of 3.16%, reaching HKD 24.8, and a trading volume of HKD 32.7097 million, indicating positive market sentiment towards the company [1] Group 1: Company Performance - In January 2026, the company reported a significant year-on-year increase of 630% in commercial battery deliveries, highlighting the successful implementation of its market strategy and capacity expansion [1] - The company’s board has approved the conversion of 207,102,914 domestic shares into H-shares, which represents approximately 11.69% of the total issued share capital as of the announcement date [1] Group 2: Regulatory Actions - The company has submitted the filing documents for H-share full circulation to the China Securities Regulatory Commission as of the announcement date [2]