CITI'S TAKE We hosted a rare earth 2026 outlook call today with Ms. Yang Jiawen, senior rare earth analyst at SMM. Our takeaways: China's rare earth supply discipline has become structural following the extension of smelting and separation quotas to imported ores from 2025. While the loss of US-origin supply has been fully offset through Africa imports and rising recycling, PrNd remains structurally tight. Demand visibility remains solid, supported by NEVs, export license normalization, and early 15th FYP p ...

January 23, 2026 04:07 PM GMT Rowdy Robot | North America M Update RoboFest Silicon Valley Takeaways, 'AlphaGo' Moment for AVs Next stop for RoboFest? Israel, Los Angeles, Austin, Miami… It's a global movement. In other news, we've had quite an eventful week for robotics… Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Resear ...

Summary of the Conference Call for 博威合金 Company Overview - **Company**: 博威合金 (Bohai Alloy) - **Industry**: New Materials and Renewable Energy Key Points Financial Performance and Asset Impairment - In 2025, 博威合金 recognized a total asset impairment of **1.025 billion yuan**, which includes: - Credit impairment losses in the new materials and renewable energy sectors amounting to **19.68 million yuan** - Inventory impairment in the renewable energy sector of **302.97 million yuan** - Impairment related to the Vietnam 3GW solar cell project of **702.56 million yuan** [2][5][6] - The impairment will reduce the company's consolidated profit by approximately **425 million yuan** [4][10] Impact of U.S. Legislation - The U.S. "Inflation Reduction Act" requires that companies can only hold a maximum of **25%** ownership in U.S. renewable energy subsidiaries, which has affected 博威合金's ability to receive federal subsidies [2][3] - Due to high tariffs (307.78%) on solar products exported from Vietnam to the U.S., the company faced challenges in selling its products in the U.S. market, leading to further asset impairments [3][4] Strategic Focus Shift - 博威合金 plans to exit the solar energy sector and concentrate on the development of new materials, including liquid cooling plates and high-speed connectors for electric vehicles [2][9] - The company is actively pursuing the sale of its U.S. solar assets and has potential buyers in negotiations [4][15] - The decision to not expand photovoltaic projects in Morocco was made due to unfavorable market conditions, with a focus now on alloy material production [17] Future Product Development - The new materials segment is expected to see growth, with ongoing collaborations with companies like BYD and Infineon for new product development [11][12] - The company is optimistic about the market potential for new products, including aluminum-copper composite connectors and semiconductor conductive materials [11][12] Communication and Investor Relations - The chairman addressed investor concerns regarding the timing of financial announcements, emphasizing compliance with financial regulations and the importance of transparent communication [8][13] - The company aims to maintain open communication with investors while adhering to confidentiality regulations [13] Market Outlook - Despite challenges in the renewable energy sector, the company remains confident in its core business and the potential for growth in the new materials sector [22] - The company is optimistic about the European market, despite recent economic challenges, and has made management changes to improve operational efficiency [20] Cash Flow and Future Plans - Cash recovered from the sale of U.S. solar assets will be used to replenish working capital and repay debts, with a commitment to prudent investment practices [14][18] - The company has completed impairment provisions for all relevant assets, ensuring no further impact on cash flow [20] Conclusion - 博威合金 is strategically repositioning itself to focus on new materials, navigating regulatory challenges in the renewable energy sector while maintaining a commitment to innovation and operational excellence [22]

艾罗能源受 5 月 1 日起电力补贴政策调整影响，刺激消费者提前下单， 厂家积极向海外仓库和子公司发货，同时出口退税政策调整也促使客户 提前备货，预计第一季度发货量达 1,500 台，接近去年全年发货量。 2025 年艾罗能源在澳大利亚市场实现 4 亿多元销售收入，主要集中在 下半年，欧洲市场占比约 62%，同时关注日本、东南亚及其他亚非拉市 场，公司正在对 25 年数据进行地区和产品细分。 艾罗能源的大储项目研发始于两三年前，2025 年推出产品，主要针对 微网项目和小型用户侧项目，聚焦欧洲等地小型项目，与资金方及 EPC 方合作，已具备成熟的大储解决方案。 艾罗能源的大储能系统定义为 5 兆瓦及以上，主要应用于工商业领域， 销售对象为资金方和 EPC 公司，市场以欧洲为主，并向亚非拉地区渗透， 公司在全球设有销售和技术支持团队。 乌克兰市场对艾罗能源户用储能产品需求不大，2025 年 11 月收到一个 来自东欧的小订单，总计约 1 万台户用储能设备，占比小，公司更看好 亚非拉地区低压户用储能产品的发展机会。 Q&A 艾罗能源 20260123 摘要 请介绍一下艾罗能源在 2026 年的排产和市场进展情况。 ...

Q&A 太白股份在当前黄金珠宝市场中的表现如何？ 太白股份在当前黄金珠宝市场中表现出色，主要得益于其独特的产品结构和市 场策略。首先，太白的产品结构中有 80%是投资金条，这使得它在金价上涨的 行情中受益显著。投资金条的消费需求与股市类似，呈现"买涨不买跌"的心 态，因此近期太白的销售额持续增长。此外，北京地区整体黄金零售销售额也 处于高位增长状态。 税改对太白股份有何影响？ 菜百股份 20260125 摘要 金条消费呈现"买涨不买跌"心态，太百股份销售额随金价上涨而增长， 北京地区黄金零售额亦保持高位增长，为公司业绩提供支撑。 税改优化竞争格局，太百股份作为上金所会员单位，在投资金业务上受 益明显，深圳水贝市场性价比优势减弱，提升了内地企业竞争力。 太百股份通过推出艺术金条等创新产品，增加产品溢价，吸引消费者。 同时，利用北京地区门店优势，提供社交和服务，绑定核心客户群体。 消费者选择太百黄金，因其门店提供社交、服务等功能，尤其在北京地 区，老年人视其为社交场所。馆藏结合式门店设计提供全面服务，提高 客户粘性。 金价上涨对太百股份业绩有正面影响，公司通过京津冀地区渠道扩张和 灵活调整套保敞口增加业绩弹性，高 ...

Summary of the Conference Call for Zijin Mining Industry Overview - Geopolitical easing has not reduced global asset reallocation, with expectations for a dovish Federal Reserve chairman candidate, which is favorable for non-ferrous metals. Demand for non-ferrous metals is expected to resonate upwards over the next five years [2][4] - Recent funding trends show a return to net inflows, with gold and copper experiencing net outflows while other sectors saw net inflows. A consolidation phase is anticipated due to seasonal factors and high prices, with a potential upward trend post-Chinese New Year [2][5][6] Key Points on Metals Gold - As of the end of 2025, investment-grade gold will account for only 3% of global disposable financial assets, significantly below the historical peak of 5%. This indicates substantial room for gold allocation, which could drive prices higher [2][7] Copper - Electrolytic copper demand is weak, with inventory accumulation noted. However, its financial attributes support copper prices, and downstream replenishment demand is emerging, suggesting limited downside risk for copper prices [2][8] Aluminum - Aluminum prices are low, with stable demand benefiting from export tax rebates and significant growth in photovoltaic demand. The supply-demand balance is relatively strong compared to copper [2][9][10] Lithium Carbonate - The lithium carbonate market is experiencing robust demand despite the seasonal downturn, with battery companies actively seeking exports. Supply remains stable, and prices are expected to maintain high levels [2][11] Rare Earths - Rare earth prices have risen from 520,000-530,000 to around 670,000, an increase of approximately 20%. Supply is constrained due to national quota controls, while downstream demand continues to grow, indicating a long-term supply-demand imbalance [2][12] Company-Specific Insights on Zijin Mining - Zijin Mining's profit forecast has been significantly revised upwards, with expected net profit of approximately 80.8 billion by 2026. The company is well-positioned for future growth due to a complete management system and ongoing mine upgrades [2][15] - The company is expected to maintain strong growth and profitability, with copper production projected to reach 1.2 million tons and gold production at 105 tons [2][16] - The valuation of Zijin Mining is expected to benefit from its strong growth potential and liquidity, with a target market value revised to 1.6 trillion, reflecting a 20% valuation premium [2][17] - Zijin Mining has completed five resource acquisition projects in the past two years, enhancing its resource reserves and production capacity. Continued acquisitions in 2026 could further strengthen its market competitiveness [2][18] Conclusion - The overall outlook for non-ferrous metals, particularly for Zijin Mining, is positive, with strong demand projections and strategic growth through acquisitions. The company is expected to capitalize on favorable market conditions and maintain a leading position in the industry [2][15][18]

巴比食品 20260125 巴比食品在疫情期间经历了哪些重要变化？ 疫情期间，巴比食品认识到传统的加盟开店模式遇到了挑战，因此开辟了团餐 业务作为第二增长曲线。同时，公司通过并购外延方式实现扩张，例如 2022 年在武汉进行并购，并在 2024 年和 2025 年持续进行并购。然而，由于行业 芭比的新店型从外带店向堂食店转型，拓展小笼包、现熬粥等中式简餐 品类，使日销售额从 3,000 多元跃升至七八千元甚至八九千元，客单价 从 5-10 元提升到 10-15 元。 预计 2026 年芭比将在华东和华中开设约 2000 家堂食新店型门店，若 按日销 7,500 元计算，预计贡献 12.9 亿元收入和 1.8 亿元以上利润。 公司对未来开拓计划充满信心，期望通过规模效应释放业绩。 供需壁垒等因素，无论是内生门店还是并购门店的经营效果都不理想。此外， 公司还推出了新的小笼包堂食店型，这种新型门店突破了单店日销天花板，为 加盟商提供更高盈利和快速回本的机会。 摘要 巴比食品以加盟门店为主，辅以直营、团餐和新零售等多元渠道，截至 2024 年底加盟店接近 6,000 家，2016-2024 年收入复合增长率约 11% ...

潍柴动力&中国重汽 20260125 摘要 潍柴动力柴油发电机业务受益于北美和中国市场需求增长，预计到 2028 年全球需求量达 4.4 万台，潍柴有望占据 11%-16%市场份额， 对应 5,000-7,000 台出货量，数据中心领域利润预计可达 35-50 亿元， 总体利润 45-60 亿元。 北美缺电背景下，潍柴动力燃气发电机业务前景良好，美国 AIDC 新增 功率需求巨大。若潍柴占据北美 20%-30%主电源市场份额，到 2030 年总功率可达 1.6GW，对应收入贡献约 30 亿元，净利润 10-15 亿元， 潜在市值 300 亿元。 潍柴动力 SOFC 业务发展迅速，规划到 2030 年产能达 1GW，预计收 入可达 100 亿元，净利润约 20 亿元，对应潜在市值 500 亿元。若能进 一步扩产，市值还有上调空间。 以 2025 年为基准，潍柴动力非电力能源业务贡献约 95 亿归母净利润， 重卡产业链占比 50%-60%。预计 2026 年中金公司非能源业务贡献利 润，总体归母净利润预计 140-150 亿，能源板块占比 20%-25%。 Q&A 潍柴动力在柴油发电机业务方面的表现如何？ 潍柴动 ...

伟明环保 20260125 摘要 伟明环保积极拓展印尼垃圾焚烧市场，受益于印尼总统令对商业模式的 明确，包括国家主权基金投资、电力公司收购电力及地方政府保障垃圾 供应，确保项目规模效应和降低回款风险，电价锁定为 0.2 美元/度，合 同期 30 年，不收取垃圾处置费，现金流稳定。 印尼首批垃圾焚烧项目单体投资额约 10-14 亿元人民币，高于国内项目， 国家主权投资基金持股 30%-51%，资金结构为 30%自有资金和 70% 债权融资，预计 2026 年第一季度启动，中标结果预计在 1 月底或 2 月 初公布。 印尼垃圾焚烧发电潜力巨大，垃圾吨发电量和上网电量均高于中国，单 吨收入约 612-758 元，远超中国水平，市场规模庞大，每年运营收入可 达 300-400 亿元人民币。 伟明环保布局新材料业务，已投运 2 万吨火法高冰镍产能，计划 2026 年上半年再投产 2 万吨，并建设低成本园区控制矿石价格，与邦普合作， 每年供给 2.4-4.8 万吨三元正极材料前驱体。 Q&A 伟明环保的核心投资逻辑是什么？ 伟明环保是国内垃圾焚烧领域的龙头企业，近期印尼垃圾焚烧市场的开启为其 提供了较大的成长空间。此外， ...

Summary of Delton (001389.SZ) Conference Call Company Overview - **Company**: Delton (001389.SZ) - **Industry**: PCB (Printed Circuit Board) - **Focus Areas**: Data centers, cloud computing, 5G communication, automotive, AI Key Points 1. Capacity Expansion - Delton is committed to expanding its capacity in mainland China and Thailand - The third factory in Guangzhou began construction in August 2025, focusing on Multi-layer PCB (MLPCB) and HDI, with mass production expected in Q4 2026 and revenue contributions in 2027 [3] - The Thailand factory started mass production in June 2025, projected to turn profitable by December 2025, and aims to fully ramp up phase 1 by the end of 2026, with the second stage contributing revenues in 2027 [3] 2. General Servers Outlook - Delton is a leading PCB supplier for general servers, serving major server brands and ODMs globally - General servers are currently the major revenue contributor, with an expected increase in AI PCB contributions - Global shipments of general servers are typically 3-5% YoY, but Delton anticipates double-digit shipment growth in 2026 due to strong orders and specification upgrades (e.g., from PCIE 5.0 to 6.0) [4] 3. AI Servers Outlook - Management is optimistic about expanding into AI servers, with the gross margin for AI server PCBs projected to be 5-6 percentage points higher than that for general servers - Delton aims to leverage its experience with Taiwan ODMs to penetrate the AI server PCB market, targeting leading US cloud service providers [8] 4. Market Growth Projections - The global AI server PCB total addressable market (TAM) is expected to grow at a 140% CAGR from 2025 to 2027, reaching approximately US$27 billion by 2027 [1] - This growth is driven by strong demand for high-end AI servers, PCB specification upgrades, and increased capital expenditure for accelerated expansion [1] Additional Insights - Delton's strategy includes enhancing its product mix to improve blended gross margins, indicating a focus on higher-value products in the AI segment [8] - The company is positioning itself to capture rising demand in the AI PCB market, which is becoming increasingly significant in the overall PCB landscape [2]