首华燃气 20260109 摘要 首华燃气 2025 年业绩显著提升，扭转 2024 年巨额亏损局面，天然气 产量实现历史性突破，预计 2026 年年产能超 10 亿方，目标 12 亿方， 成本控制和施工效率符合预期，管道板块超额完成目标。 公司计划 2027 年天然气产量达到 14-15 亿方，长期目标至 2031- 2033 年达到 20-25 亿方，资源储备充足，包括 887 亿方煤层气和 1,200 亿方致密气，但产量增长取决于资本开支规模。 引黄工程按计划进行，探讨临时和正式引黄结合方案，冬季暂停施工， 春季重启。致密气与煤层气合采实验取得初步成果，但全面推广需谨慎 评估，永和 45-43-1 定向井产量可持续约五年。 公司主要供应商为中石油煤层气公司（提供煤层气相关业务）和钻井公 司（如中石油长城钻探），收入已扣除与中石油的分成，成本下降受益 于技术进步、合同优化和产量增加带来的摊薄效应。 公司目标在新的会计年度内将天然气生产成本再下降 10%左右，达到每 方 1.2 元至 1 元左右。煤层气增值税退税取消对公司无影响，因留底未 抵扣增值税额较高。 Q&A 根据目前规划，预计 2027 年的天然气 ...

大族激光 20260109 大族激光作为全球激光设备的龙头公司之一，近年来通过业务平台化拓展了多 个下游行业，包括半导体、新能源和高功率等领域。我们认为，未来一到两年 内，公司将迎来几个重要的增长契机。首先是 PCB 和消费电子业务的同步爆发。 大族数控作为大族激光旗下从事 PCB 业务的子公司，受益于 AI PCB 资本开支 的爆发，其设备需求迅速回暖，并在超快激光器领域实现了技术突破。此外， 消费电子方面，北美大客户（苹果）预计将在 2026 年发布第一代折叠屏手机， 并在 2027 年推出 20 周年纪念款 iPhone 以及第二代 Vision Pro，这些创新将 带动对大族激光设备需求的大幅增加。 大族数控在 PCB 领域有哪些具体表现？ 大族数控作为内资 PCB 板厂上游机械钻孔机和二氧化碳钻孔机的供应商，在 AI PCB 资本开支爆发背景下，其设备需求迅速回暖。此外，大族数控开发了超快 激光器，实现了在镭射钻孔机赛道上的技术突破。尽管过去市场竞争力最强的 是日本三菱，但大族数控凭借超快激光器技术，在加工多层板或 HDI 板时实现 了弯道超车。这种技术因其低热效应，非常适合未来材料升级方向，因此预 ...

华友钴业 20260109 摘要 华友钴业通过产业一体化经营，提升全产业链盈利能力，有效应对新能 源调整周期，股价显著上涨，从年初 15-16 万元升至 45-46 万元，最高 达 48-49 万元。 公司通过管理变革和降本增效，实现稳健发展，印尼资源端项目（华越、 华菲）稳定高产，保障国内下游 MHP 原料供应，正极材料业务显著恢 复，预计 2026 年三元正极材料产量将超过 10 万吨。 华友钴业认为镍价底部在 1.1 万至 1.5 万美元之间，跌破 1.5 万美元将 导致湿法项目亏损，但镍价过高不利于三元材料发展。公司计划未来三 年湿法冶炼产能翻倍，新增波马拉和 SolarWake 项目，并加大镍资源 布局。 公司阿卡迪亚锂矿未来产量将显著增加，配套国内锂盐厂。津巴布韦硫 酸锂项目投产将助力成本下降。公司将优化销售策略，确保竞争优势， 并预计未来碳酸锂需求高涨，但短期内价格难以回到低位。 华友钴业严格执行套期保值制度，以稳健经营为原则。公司将继续加大 印尼镍资源布局，寻求新的资源机会，并将在达到法定条件时披露相关 信息。 Q&A 2025 年华友钴业的业绩表现如何？取得这些成绩的主要原因是什么？ 华友钴 ...

Summary of the Conference Call for Bohui Paper Industry Company Overview - Bohui Paper Industry is a leading player in the white card paper industry with production bases in Shandong and Jiangsu, totaling a capacity of 4.25 million tons, including 2.65 million tons of white card paper. Together with APP's 4 million tons capacity, they account for nearly 40% of the industry share [2][3] Key Points and Arguments - **Ownership and Management**: APP holds 48.84% of Bohui's shares through market acquisitions and has appointed senior management to enhance operational capabilities. The management team is experienced, and the company has shown a historical revenue CAGR of 15% and a capacity CAGR of 12% [4][5] - **Profitability Fluctuations**: Bohui's profitability per ton has varied significantly with market cycles, peaking at 550 RMB/ton in 2021 and projected to drop to 42 RMB/ton in 2024. The revenue structure shows that whiteboard products account for 61%, cultural paper for 25%, and overseas revenue has increased to 16% [6] - **Market Dynamics**: The paper industry is transitioning from passive destocking to active restocking, with white card companies having raised prices cumulatively by 600 RMB/ton. Factors such as rising hardwood pulp prices, low inventory levels, and profit-seeking behavior are expected to drive white card prices upward [8][9] - **Supply Concerns**: Despite concerns about oversupply, the high concentration of the industry allows major players to collaborate effectively, limiting production and reducing inventory to support price increases. The marginal increase in new supply is expected to alleviate oversupply worries, with prices anticipated to recover from the bottom by 2026 [10] - **Impact of Competitors**: The shutdown of Chenming, which had a production capacity of 2.05 million tons (12% of the industry), has improved overall utilization rates and increased the CR3 ratio, enhancing Bohui's and APP's bargaining power in the market [11] Additional Important Insights - **Financial Performance of APP**: In 2024, APP's revenue is projected to reach 89.4 billion RMB with a profit of approximately 2.8 billion RMB, showcasing its strength as an integrated paper company [12] - **Competitive Advantages**: APP's extensive forestry resources and production capabilities allow for cost reductions in raw materials and energy, enhancing Bohui's operational efficiency. The integration of APP's resources has led to a lower cost of production for Bohui [13][15] - **Resolution of Competition Issues**: APP has committed to resolving competition issues with Bohui by September 2026, which could significantly enhance Bohui's revenue and profit if APP's additional capacities are integrated [16][17] - **Investment Recommendation**: Given the expected improvements in demand, market concentration, and profitability potential, Bohui is considered a highly valuable investment opportunity [18]

Summary of Xin'ao Co., Ltd. Conference Call Company Overview - Xin'ao Co., Ltd. is a leading global wool spinning enterprise with production capacity in worsted yarn and cashmere yarn, achieving steady revenue and profit growth through partnerships with international brands and a global marketing network [2][3] Core Insights and Arguments - Revenue growth is projected at approximately 10% from 2019 to 2024, while profit growth is expected to reach 24% [2][6] - The company has shifted from a sales-driven production model to a production-driven sales model, aiming for high operating rates, which has effectively reduced fixed costs and improved gross margins [2][16] - Despite challenges from tariffs and brand destocking cycles, Xin'ao's revenue and profit have remained stable in the first three quarters of 2026, benefiting from a manufacturing recovery trend in Q4 [2][7] - Xin'ao holds a significant position in the cashmere market, ranking second domestically, and has rapidly expanded its cashmere business through the integration of Ningxia Xin'ao Cashmere and the acquisition of UK-based Duncan [2][19] - The company is actively expanding its product range from knitted to woven categories, narrowing the gap with competitors, and has a 30% share of overseas revenue [2][12] Industry Context - China is the largest wool consumer and the leading exporter of fine cashmere, relying heavily on imports for wool [2][9] - The global wool market is experiencing a recovery phase, with expectations of sustained demand growth from 2026 to 2028 due to low inventory levels and a healthy market environment [5][20] - The cashmere industry is projected to grow significantly, with Xin'ao's cashmere business expected to see a compound annual growth rate exceeding 50% from 2020 to 2024 [2][19] Additional Important Points - Xin'ao has established offices in over 20 countries and actively participates in international sports goods expos to promote its products [4] - The company has a stable and experienced management team, which enhances decision-making efficiency [8] - Xin'ao's raw material reserves are at a historical high, with a 30% increase in wool prices since 2026, leading to increased domestic and overseas order demand [21] - The company’s strategic shift to a production-driven model has resulted in a significant reduction in unit costs, approximately 11,000 yuan per ton lower than in 2019, enhancing competitiveness [16] - The outdoor sports trend is driving demand for functional blended fabrics, providing new growth opportunities for the industry [12]

新天然气 20260109 摘要 三塘湖煤炭资源开发项目勘探报告已通过新疆自然资源厅评审，完成 169 口井的钻探，总进尺约 11 万米，覆盖 32 平方公里，探明 19 亿吨 浅层煤炭资源，含油量显著高于其他区域，正加速采矿审批。 公司规划 1,500 万吨和 1,000 万吨长焰煤分级分质综合利用项目，以及 20 亿方末煤热解气体气化一体化煤制气项目，旨在延长产业链，提高附 加值，并寻求战略合作伙伴共同投资。 甘肃庆阳深部地下煤制气项目稳步推进，已完成 6 个区块资源的获取， 探矿权面积约 462 平方公里，预测储量 28 亿吨，一期计划年采煤 80 万吨，预计生产 3 亿方蓝氢和 1.35 亿吨 LNG。 三棵树煤矿完全成本约为每吨 200 元，未来 1,500 万吨指标中，800 万吨块煤和 700 万吨末煤将用于下游分质分级综合利用项目，煤制气成 本预计控制在每立方米 1 元以内。 公司提高对中能控股持股比例至 52.97%并计划私有化，旨在获取更多 上游资源权益，确保未来投资建设达产后的收益，是天然气能源全产业 链布局的重要一步。 Q&A 请介绍一下新天然气公司 2025 年的整体经营情况。 20 ...

9 January 2026 | 9:20PM HKT Equity Research CIMC (000039.SS/2039.HK; NC): Consumer & Leisure Corp Day: Offshore engineering equipment earnings to pick up with strong order Simon Cheung, CFA +852-2978-6102 | simon.cheung@gs.com Goldman Sachs (Asia) L.L.C. Wing Huang +852-2978-0415 | ying.huang@gs.com Goldman Sachs (Asia) L.L.C. c45a43530f604d12bcb9a82b5aa6b9f6 n Offshore engineering equipment: The group provides Engineering Procurement Construction services in FPSO (Floating production storage and offloading ...

Summary of Shenzhen Mindray (300760.SZ) Conference Call Company Overview - Shenzhen Mindray is a leading medical device manufacturer in China, with three core segments: Patient Monitoring and Life Support (PMLS), In Vitro Diagnostics (IVD), and Medical Imaging, contributing 37%, 38%, and 20% of total revenue respectively in FY24 [24][25]. Key Industry Insights - The China medtech sector is a strategic focus for the government, driven by an aging population and increasing healthcare spending. The sector is expected to recover in 2026 after facing challenges in 2024 [3]. - Mindray's overseas business accounts for over 50% of its revenue, with a target to double market share in emerging markets within five years [1][3]. Financial Performance and Projections - **Earnings Summary**: - FY2023: Net Profit of Rmb 11,582 million, Diluted EPS of Rmb 9.558, P/E ratio of 21.3 [5]. - FY2025E: Projected Net Profit of Rmb 9,488 million, a decline of 18.7% YoY, with a P/E ratio of 26.2 [5]. - FY2026E: Expected recovery with Net Profit of Rmb 10,982 million, a growth of 15.7% YoY, and a P/E ratio of 22.6 [5]. - **Valuation**: - Target price set at Rmb 285, indicating a potential upside of 39.9% from the current price of Rmb 203.68 [6][10]. - Mindray appears undervalued compared to domestic peers, trading at approximately 23x FY26 P/E versus 38x for peers [2]. Strategic Initiatives - **Growth Acceleration**: Management anticipates a return to positive domestic growth in 2026 and further acceleration in 2027 [1]. - **Innovation Focus**: Shift towards high-end, higher-margin products and a recurring revenue model, particularly in IVD reagents [1]. - **Digital Ecosystem**: Development of integrated solutions combining equipment, IT, and AI to enhance competitive advantage [1][19]. Risks and Challenges - Potential margin pressure in FY25 due to strategic investments aimed at long-term growth [2]. - Geopolitical risks, particularly U.S.-China trade tensions, could impact revenue and sourcing [27]. - Challenges in maintaining competitive positioning if unable to adapt to technological trends and customer needs [27]. Conclusion - Mindray is positioned as a top pick in the medtech sector, with a strong growth trajectory supported by strategic initiatives and a favorable market outlook. The company is expected to leverage its leading market position to capitalize on emerging opportunities while navigating potential risks [4][25].

9 January 2026 | 5:41PM HKT Equity Research Zhejiang China Commodities City Group (600415.SS, NC): APAC Consumer & Leisure Corp Day — new initiatives unlocking ample growth Bottom line: We hosted Zhejiang China Commodities City Group (600415.SS, Not Covered) for a virtual meeting at our APAC Consumer & Leisure Corp Day on Jan 9, 2026. Key takeaways include: 1) Yiwu's export momentum remains strong with export value +25% yoy in 11M25, and mgmt's tone was optimistic towards export growth into the next few yea ...

9 January 2026 | 5:32PM HKT Equity Research Horizon Robotics (9660.HK): CFO visit: Smart driving with enhanced computing power and AI capability; Positive tone in 2026E We hosted the Horizon Robotics CFO in Beijing on Jan 9. Management remains positive on 2026 business growth, driven by the continuous smart driving trend in China, localization trend, and the company's continuous product mix upgrade toward AD (autonomous driving). We remain positive on Horizon Robotics on its strong R&D across chipsets and s ...