目 录 | | 每日报告精选（2026-01-21 09:00——2026-01-22 15:00） | 2 | | --- | --- | --- | |  | 策略观察：《AI 硬件景气强化，科技制造出海延续》2026-01-22 | 2 | |  | 行业跟踪报告：消费电子《核聚变材料空间广阔，国内企业积极突破》2026-01-22 | 3 | |  | 行业专题研究：水泥制造业《水泥出海国别研究之乌干达》2026-01-21 | 3 | |  | 行业专题研究：可选消费品《智能眼镜产品力系列深度一：AR 的崛起，不是偶然》2026-01-21 | 4 | |  | 公司首次覆盖：北汽蓝谷（600733）《双品牌驱动营收增长，积极布局自动驾驶》2026-01-22 | 5 | |  | 海外报告：康耐特光学（2276）《业绩预增 30%，智能眼镜景气持续》2026-01-21 | 6 | |  | 公司公告点评：华秦科技（688281）《签订日常经营合同，航发特种功能材料再获大单》2026-01-21 | 6 | |  | 公司跟踪报告：中国汽研（601965）《25Q4 业绩预增，强检 ...

Group 1: Strategy Observation - The report highlights the strengthening of AI hardware demand and the continuation of technology manufacturing overseas, with the semiconductor industry experiencing further improvement due to increased AI penetration and export growth in power equipment [4] - Prices of lithium carbonate have surged significantly due to supply constraints and improved downstream demand expectations, while pork prices have also seen improvements supported by consumption policies [4] - Traditional real estate and durable goods sectors continue to face pressure, with a notable decline in retail sales of passenger vehicles [5] Group 2: Industry Tracking - Consumer Electronics - Domestic companies are making breakthroughs in powder metallurgy processes, particularly in nuclear fusion materials, which are expected to benefit from a surge in downstream demand [8] - Tian Gong International, a leader in powder metallurgy, has set ambitious performance targets, indicating strong growth confidence [8] - The company is focusing on high-boron steel and advanced low-activation steel for nuclear fusion applications, leveraging its powder metallurgy technology for cost advantages [9] Group 3: Industry Research - Cement Manufacturing - Uganda is identified as a key market for cement exports, with a rapidly growing economy and increasing cement demand driven by urbanization [12] - The country has a favorable supply structure with only three clinker production lines, leading to a competitive market landscape [13] - Despite high cement prices, profitability remains challenging due to high production costs and logistical issues [14] Group 4: Industry Research - Consumer Discretionary - The smart glasses industry is entering a growth phase, with companies like Mingyue Lens expected to benefit from collaborations with leading brands [16] - The introduction of new smart glasses models, such as Ray-Ban Meta, is anticipated to enhance user experience and expand market applications [17] - The supply chain for AI glasses is broadening, with various players from different sectors entering the market, indicating a significant expansion of the industry [18] Group 5: Company Coverage - BAIC Blue Valley - The company is positioned as a pioneer in China's new energy vehicle sector, with a dual-brand strategy driving revenue growth [21] - Projected revenues for 2025, 2026, and 2027 are estimated at 290 billion, 582 billion, and 889 billion CNY respectively, with a focus on autonomous driving technology [21][22] - The company has seen a significant increase in sales volume, with expectations for continued growth through new model launches [23] Group 6: Company Tracking - Hikvision - The company is expected to achieve a net profit of 141.88 billion CNY in 2025, reflecting a year-on-year growth of 18.46% [40] - Hikvision's strategic shift towards high-quality, sustainable profit growth has led to improved operational efficiency and profitability [41] - The integration of AI into its product offerings is anticipated to drive long-term growth [42] Group 7: Company Tracking - Anfu Technology - The company is focusing on expanding its market presence in the semiconductor sector while maintaining strong performance in its core battery business [45] - Projected earnings per share for 2025 to 2027 are expected to show significant growth, driven by strategic acquisitions and market expansion [45] - The company is leveraging its established brand to enhance its competitive position in the charging market [46] Group 8: Overseas Report - Netflix - The company is projected to achieve revenues of 51.1 billion, 57.6 billion, and 64.6 billion USD from 2026 to 2028, with a focus on expanding its content offerings [48] - Netflix's advertising revenue is expected to double, contributing significantly to its overall financial performance [51] - The acquisition of Warner Bros. is anticipated to enhance content diversity and production capabilities [51]

股票研究 /[Table_Date] 2026.01.22 核聚变材料空间广阔，国内企业积极突破 [Table_Industry] 消费电子 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 文紫妍(分析师) | 021-38038321 | wenziyan@gtht.com | S0880523070001 | 本报告导读： 国内企业深耕粉末冶金工艺，并突破核聚变材料卡脖子环节，有望受益于下游需求 爆发。 投资要点： 风险提示。中美贸易摩擦的不确定性；原材料价格剧烈波动 [Table_Report] 相关报告 | 消费电子《钛合金持续渗透，国内企业积极布 | | --- | | 局》2026.01.08 | | 消费电子《豆包 AI 助手问世，端侧硬件有望迎 | | 来爆发》2025.12.03 | | 消费电子《大厂加速推进 AI 手机，硬件创新持 | | ...

等离子体所原所长、中国工程院院士李建刚出席交流活动。他高度肯定天工国际在先进特种钢和粉末冶金方向的长期投入，认为天工作为国内具备材料全 流程制造能力的民营高科技企业，具备参与国家核聚变重大工程的实力和潜力。他尤其赞赏朱小坤主席作为两届全国人大代表，坚持带领企业服务国家战 略需求的使命担当。交流中，等离子体所专家对天工提供的核聚变材料样品及其自测性能数据给予高度认可，认为其材料体系与粉末冶金技术储备已达到 核聚变材料研发的关键指标要求。相关技术瓶颈实现实质性突破，材料性能能够满足聚变堆使用标准，并在聚变堆关键部件中具备良好的工程化应用前 景。 朱小坤表示，核聚变材料是未来材料科技的"战略高地"，也是天工国际长期布局的重要方向。天工愿与等离子体所围绕核聚变结构材料、中子吸收材料 等关键领域开展联合攻关，积极探索共建联合实验室，加速科研成果向工程化和产业化转化进程。 12月10日，天工国际董事局主席朱小坤率集团技术团队赴中国科学院合肥等离子体物理研究所(以下简称"等离子体所")开展合作交流，围绕核聚变特种材 料研发、工程化路径及联合实验室建设等方向进行了深入探讨。 来源：微信公众号.天工国际 此次交流不仅深化了双方 ...

Group 1 - The field of controllable nuclear fusion is accelerating towards commercialization, with significant advancements reported from China and Germany, marking an intensifying global competition in the "artificial sun" race [1] - In China, the BEST project in Hefei has achieved a key breakthrough with the successful development and delivery of the main component, the Dewar base. The total assembly work for BEST is set to officially start in May 2025, with completion expected in two years, aiming for the first demonstration of fusion energy generation globally [1] - Germany's government has approved an action plan to build the world's first nuclear fusion power plant, with over 2 billion euros allocated for research and infrastructure support by 2029 [1] Group 2 - China Galaxy Securities emphasizes the importance of controllable nuclear fusion as the sole direction for future energy, with around 35 countries engaged in fusion research, led by China, the US, Russia, Europe, and Japan [2] - The nuclear fusion industry chain consists of upstream materials, midstream superconducting magnets, first wall structures, vacuum modules, and downstream power plant operations. Companies are advised to focus on core projects in terms of industry development stages, high value, certainty, elasticity, and AI empowerment [2] - Industrial growth potential is highlighted for Tian Gong International (00826), which is positioned in the scarce core materials sector, particularly in titanium alloys and fusion materials, with significant growth opportunities in humanoid robotics [2]