Market Overview - In January 2026, the A-share market showed a growth style dominance with structural differentiation, where the STAR 50 and CSI 1000 indices rose over 10%[4] - The Hang Seng Index and other major indices saw gains exceeding 5%, while the ChiNext and Shanghai Composite Index increased by over 3%[4] Investment Themes - The trading focus in January continued to revolve around "growth stocks and cyclical stocks," driven by technological upgrades in AI, semiconductor equipment, and commercial aerospace sectors[4] - Geopolitical factors led to rising international precious metal prices, benefiting cyclical sectors like copper and aluminum, as well as strategic resources such as lithium and rare earths[4] February Market Outlook - February is expected to be a "window period" for market confidence, driven by high growth expectations in new economies and relatively abundant liquidity before the Spring Festival[4] - The market is likely to see accelerated rotation in sectors like technology and non-ferrous metals, with strong earnings reports becoming focal points[4] Key Stock Recommendations - Top stock picks for February include Zijin Mining (601899.SH) with a projected EPS growth from 1.21 in 2024 to 3.37 in 2026, reflecting a strong outlook due to rising copper prices[6] - Yara International (000893.SZ) is recommended due to expected high potassium fertilizer prices, with EPS forecasted to rise from 1.03 in 2024 to 2.93 in 2026[6] Risk Factors - Risks include unexpected policy changes, commercialization outcomes falling short of expectations, and delays in product development and market entry[4]

儒竞科技：暖通变频控制器龙头，向汽车热管理、工控领域拓展。公司已形成三大业务协同发展的战 略：1）公司成立于2003 年，以暖通设备控制器起家，是基本盘业务。下游客户包括艾默生、麦克维 尔、阿里斯顿、海尔、三菱重工海尔、开利、博世等国内外大型厂商；2）2016 年成立"儒竞电控"子公 司进入新能源汽车热管理领域，近年持续高增，成为第二成长曲线。下游客户包括华域三电、上海光 裕、科博乐等汽车零部件供应商；3）2014 年成立"儒竞自控"子公司进入工业伺服领域，目前处于市场 拓展阶段，业务体量小，未来有望随机器人行业增长逐步放量，或将成为第三成长曲线。 暖通： 商用空调受地产周期低迷影响， 热泵、数据中心打开增长空间。 风险提示：市场竞争加剧的风险；新业务增长不及预期的风险；客户集中的风险。 汽车热管理：构筑第二增长曲线，预计2026 年起恢复高速增长。在全球新能源汽车渗透率快速提升的 背景下， 公司汽车热管理业务持续高增， 2019-2024 年收入CAGR 达88%，在电动压缩机变频驱动器、 PTC 电加热控制器两大细分市场均居市场前列。2025H1， 汽车热管理业务收入2.6 亿元， 同比 +28.2%，增 ...