Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: Home Appliances Key Points and Arguments Market Performance and Strategy - Haier Smart Home has achieved stable revenue growth in the domestic market, significantly exceeding the industry average, despite an overall industry decline of 4.3% in 2025, with Q4 experiencing a drop of over 20% [2][3] - The company plans to deepen digital transformation in the Chinese market, enhance low-end market development, and improve global product competitiveness, aiming for profit growth to outpace revenue growth by 2026 [2][3] - The company expects double-digit growth in the global air conditioning business for 2026, with domestic sales projected to maintain mid-to-high single-digit growth [2][10] Cost Management and Supply Chain - To address rising raw material costs, particularly copper, Haier Smart Home is accelerating the application of new materials and optimizing its assessment mechanisms [5] - The company plans to increase its self-manufactured compressor ratio from 2-3 million units last year to 6 million units this year, which is expected to alleviate some cost pressures [5] - The overall industry price increase is anticipated to help mitigate the impact of rising raw material prices [5] Digital Transformation and Efficiency - Haier Smart Home has implemented digital inventory, digital marketing, and digital store transformations, which have laid a foundation for future growth [3] - The company has achieved an 80% coverage rate in county-level specialty stores by September 2025, with further expansion expected in 2026 [9] - Enhanced JTOC (Just-in-Time Order Completion) technology is expected to improve supply chain efficiency and customer experience [9] Product Development and Market Focus - The Casarte brand is expected to achieve double-digit growth in 2025, with a focus on high-end product lines, particularly in central air conditioning and kitchen appliances [12] - The company is also exploring humanoid robotics, focusing on exoskeleton and companion robots, while investing in core technologies [13] North American Market Outlook - The North American market is expected to perform better in 2026 compared to 2025, with revenue and profit growth projected to be close to the median [15] - The recovery of the real estate market is seen as a potential driver for demand in the home appliance sector [15] Emerging Markets and Global Strategy - Haier Smart Home plans to increase investment in emerging markets, particularly in Pakistan and India, leveraging successful experiences from these regions [4][18] - The company aims for 15%-20% growth in regions like the Middle East and Africa, with a focus on enhancing marketing services and optimizing product management [18] Cost Reduction and Capital Expenditure - The company is committed to ongoing cost reduction and efficiency measures through digital inventory and supply chain optimization [20] - Total capital expenditure is expected to increase by approximately 1 billion yuan this year, with a focus on enhancing overseas supply chain resilience [21] Shareholder Returns and M&A Plans - Haier Smart Home aims to increase its dividend payout ratio and enhance shareholder returns following a peak in capital expenditure [22] - While there are no specific M&A plans currently, the company remains open to opportunities as they arise [23] Additional Important Insights - The company is cautious about adopting aluminum-copper technology until it matures, prioritizing product quality and user experience [7][8] - Sports marketing has proven effective in enhancing brand visibility and customer confidence, particularly in Europe [19]

航发科技 20260122 摘要 航发科技由航发成发控股，实控人为中国航发集团，主营业务涵盖内贸 航空衍生品、外贸产品及民品三大领域，内贸核心产品包括叶片、机匣 等，具备全产业链生产制造能力，但在国内军品市场份额有限。 2024 年，航发科技内贸收入同比下降 25%，但外贸收入同比增长 16% 至 11.6 亿元，占比超过 30%，外贸业务毛利率稳定在 16%-17%，内 贸业务毛利率约为 10%，整体利润实现增长，经营稳健。 公司受益于装备更新换代及后市场需求增长，外贸业务与客户形成良好 粘性，将随全球航空与燃气轮机市场发展而增长，同时持续增加研发投 入，支持新型号研发，确保未来竞争力。 航发科技在燃机业务方面具有较高准入壁垒，得益于长期积累的生产管 理经验和与外贸客户的合作，通过海外航空主机厂认证，与客户合作超 过 20 年，形成较强粘性，未来有望持续稳定增长。 航发轴承是中国航发集团下属唯一航空轴承产品平台，资产稀缺性强， 2013 年至 2024 年营收从 2.4 亿元增长至 9.1 亿元，复合增速约为 13%；净利润从 1,400 万元增长至 1.18 亿元，复合增速超过 20%。 Q&A 航发科技 ...

科顺股份 20260122 摘要 科顺股份 2025 年计提历史减值损失，旨在优化 2026 年财务报表，为 新一年轻装上阵，预计此举将大幅减少 2026 年应收账款计提，使报表 更清晰地反映经营成果。 公司发布丙烯酸类涂料涨价函，预计 2026 年毛利率提升约两个百分点。 原材料沥青价格预计同比下降 8~10%，采购均价降至 3,100~3,200 元/吨，显著改善成本结构，提升盈利水平。 地产市场两极分化，央国企积极拿地开工，利好科顺股份。市政基建项 目因政府资金改善而加速，工商建筑板块高端项目增多，民建领域保持 30%增长，共同推动业务增长。 海外市场采取"小步快跑"策略，预计 2026 年收入接近 7 亿元，未来 三到四年内计划布置 3 至 4 个工厂。转型升级包括扩充协同性强的新业 务、投资前沿技术和收并购，构建第二增长曲线。 公司积极管理应收账款和工抵房，全面核算地产项目，实现动态平衡。 预计 2025 年清理所有风险点，2026 年应收账款计提大幅减少，财务 状况逐步改善。 Q&A 2025 年科顺股份的整体经营情况如何？近期涨价函的覆盖范围和涨幅如何？ 2025 年，科顺股份的全年收入趋势与前 ...

芳源股份 20260122 摘要 方圆股份通过多元化转型，拓展镍钴锰盐、碳酸锂及 NCM 前驱体业务， 受益于高镍二元前驱体放量、硫酸钴价格上涨及回收体系投产，于 2025 年下半年扭亏为盈，预计相关因素在 2026 年仍具持续性。 公司总产能约 9.6 万吨，前驱体 3.5 万吨，碳酸锂 2.4-2.5 万吨，其余 为镍钴锰盐类产品，并根据市场需求灵活调整前驱体与盐类产品比例， 以最大化产能利用。 目前硫酸钴月产量超 1,000 吨，碳酸锂接近 1,000 吨，前驱体预计 1 月 发货 1,000-1,200 吨，硫酸镍超 1,000 吨，并与亿纬、巴莫等签订长 期协议，保障稳定供应。 公司未来重点发展高镍二元前驱体、机器人及家用储能市场，加大回收 料处理能力，拓展国内外市场，与大型企业合作，优化资源配置，实现 可持续增长。 2026 年主要产品目标销量为每月 1,500 吨硫酸镍、1,500 吨碳酸锂、 1,500 吨前驱体及 1,000-1,500 吨硫酸钴，其中硫酸钴受高钴料供应限 制面临挑战。 Q&A 方圆股份在过去几年中经历了哪些重大变化？这些变化对公司的业务和财务状 况产生了什么影响？ 方圆股份 ...

航天电子 20260122 摘要 航天电子是航天科技集团旗下唯一整体上市平台，核心业务为航天电子 配套，营收占比超 80%，包括测控通信、惯性导航等，受益于航天任务 增加和空间站建设。 公司剥离民品业务后专注于军品市场，业绩有望提升。受益于中国星网 和上海垣信千帆两个核心星座的建设，总计 2.8 万颗卫星，为公司长期 发展提供动力。 在火箭配套领域，公司产品占火箭成本的 20%-30%，市场地位重要。 在卫星领域，电子元器件及机电伺服系统占整体价值量的 60%以上，公 司技术优势显著。 公司在商业航天领域具有重要地位，与航天科技集团协同合作，在测控 通信、惯性导航等高价值产品领域具备强大竞争力，覆盖航天器八大系 统中的七个。 公司是科技集团唯一指定的精确制导武器单位，也是全军无人作战的重 要单位，无人机产品涵盖旋翼到固定翼，小型巡飞到大型无人僚机全领 域。 自上市以来，公司营收和利润持续增长。然而，由于民品产品亏损影响，公司 在 2020 年和 2023 年出现了业绩下滑。自 2025 年剥离民品业务后，公司专 注于军品市场，有望进一步提升业绩稳定性。 Q&A 航天电子在国内商业航天领域的地位如何？ 航天电子 ...

Vi e w p o i n t | 16 Jan 2026 14:58:05 ET │ 12 pages China Banks Our take on recent monetary stimulus; Fiscal stimulus on the way; Time to revisit China banks +852-2501-2367 calvin.leung@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. CITI'S TAKE On Jan 15, PBoC held a press conference and announced new supportive monetary policies (summarized in Fig 1), including: i) expansion of relending facilities quota/coverage with additional relending quo ...

大金重工 20260122 摘要 大金重工预计 2025 年净利润显著增长，主要得益于海外海上风电项目 交付量和金额的快速增长，以及产品建造标准提高带来的附加值提升， 系统化服务如运输和本地化安装也进一步提升了项目价值。 全球海上风电累计发电量已达 84.4GW，未来规划新增大量固定式和浮 式项目，但现有规划可能无法满足包括 AI 数据中心在内的新兴用电需求， 谷歌在丹麦的数据中心耗电量巨大，需要大量海上风电支持。 英国第七轮 CFD 结果远超市场预期，政府大幅提高预算，显示出对海上 风电发展的积极态度，并调整了过去的反补贴政策，固定式和浮式基础 设施的补贴价格均大幅提高，刺激了开发商的投资积极性。 大金重工积极布局欧洲市场，与莱茵能源、JAR-BP 合资公司、道达尔等 主要业主保持紧密合作，并自 2024 年以来布局欧洲码头服务，包括波 罗的海奥登塞码头以及德国库克斯芬码头，以支持其欧洲市场的发展。 库克斯芬码头是德国唯一规划为海上风电母港的码头，大金重工锁定该 码头资源，意味着在德国所有海上风电项目中处于第一梯队，这种合作 基于对整个海上风电发展的推动，达成了长期合作协议。 2025 年业绩显著增长的主要 ...

Summary of Humanoid Sector Conference Call Industry Overview - The humanoid sector is entering 2026 with new players, products, and verified use cases, indicating a positive momentum for the industry [1][3] - The China humanoid volume forecast for 2026 has been raised significantly, reflecting rapid verification of new use cases across various industries such as battery, aviation, semiconductors, and logistics [7][8] Key Forecasts and Projections - The humanoid robot sales volume forecast for China in 2026 has been doubled from 14,000 units to 28,000 units, with business sales expected to lead this year [7][14] - A global humanoid component market model projects a revenue opportunity of US$780 billion by 2040, driven by significant internal production for training and verification [7][11] Major Developments and Trends - Major global companies are entering the humanoid market through acquisitions and new product launches, including: - Boston Dynamics launched its Atlas product at CES 2026, partnering with Google DeepMind [7][48] - Mobileye acquired Mentee Robotics for US$900 million, combining AI technology with humanoid robotics [7][42] - Qualcomm introduced the Dragonwing™ IQ10 robotics processor for humanoids [7][51] - The Optimus Gen 3 update from Tesla is anticipated to be a key catalyst for the sector, with significant implications for the China supply chain [7][8] Market Dynamics - The sector is experiencing fast cost deflation, with estimates indicating a 16% year-over-year decline in Bill of Materials (BoM) costs in China, despite rising specifications [8] - The first wave of consolidation is expected as integrators seek to find viable commercialization cases [8] Adoption and Use Cases - There is a strong willingness to adopt humanoid robots among organizations, with a significant percentage planning to launch pilot projects using wheel- or leg-based robots by 2026 [9][10] - The humanoid hype is evident, with numerous companies showcasing robots at CES 2026, particularly from China [8] Government and Policy Support - The Chinese government is actively promoting humanoid and embodied intelligence technologies, with policies aimed at accelerating their development and commercialization [62][66] - The Ministry of Industry and Information Technology (MIIT) is set to release guidelines to support the humanoid robot ecosystem [62][66] Investment and Funding Activity - Significant funding activity has been observed in the humanoid sector, with companies like Skild AI raising US$1.4 billion and Galbot achieving a US$3 billion valuation [42][48] - The number of transactions in the humanoid sector is increasing, indicating growing investor interest [41][42] Conclusion - The humanoid sector is poised for substantial growth in 2026, driven by technological advancements, increased investment, and supportive government policies. The upcoming developments, particularly from major players like Tesla and Boston Dynamics, will be critical in shaping the future landscape of the industry [1][7][8]

泰和新材机构调研报告 调研日期: 2026-01-23 泰和新材集团股份有限公司成立于1987年,是一家专注于高分子新材料科技公司的企业。公司秉持"客户至上、开放协同、守正创新、追求卓越"的价 值观,致力于为人类美好生活赋能。公司通过技术创新和产业链服务,聚焦高性能纤维主业,进行原创性、引领性技术攻关,持续优化产业结构和营销模式, 成为国际高性能纤维产业龙头企业。此外,公司还开拓了新能源汽车、智能穿戴、绿色制造、信息通讯、生物基材料、绿色化工六大新赛道,成为新材料 行业的趋势引领者。泰和新材服务于现代交通、绿色环保、信息通信、医疗卫生、安全防护、纺织服装等领域,推动新材料产业高端化、绿色化、智能 化发展。公司始终坚持"人才引领,创新驱动"的发展战略,实施创新创业双轮驱动,汇聚尖端人才,整合创新资源,领跑新材料产业的发展,努力建设成为行 业领先、股东满意、员工自豪、社会尊敬的卓越企业。 | 2026-01-23 | 董事会秘书 董旭海,董事会办公室人员 | | --- | --- | | 2026-01-23 | | | 特定对象调研 | 公司会议室 | | 鹏华基金 | 基金管理公司 | 张华恩,柳黎,刘玉江 ...

国机精工机构调研报告 调研日期: 2026-01-23 目录 一、调研基本情况 二、调研接待对象 三、主要调研内容 发现报告整理制作 fxbaogao.com 国机精工股份有限公司成立于2013年，股票代码002046。公司隶属于世界500强中国机械工业集团有限公司（国机集团），是国机集团精工业务的拓 展平台、精工人才的聚合平台和精工品牌的承载平台。公司核心企业有三家，分别是成立于1958年的洛阳轴承研究所有限公司、成立于1958年的郑州 磨料磨具磨削研究所有限公司以及成立于1981年的中国机械工业国际合作有限公司。此外，公司还托管白鸽磨料磨具有限公司和成都工具研究所有限 公司两家企业。国机精工是一家多元化、国际化的科技型、创新型企业，业务聚焦精密制造领域，具有雄厚的实力，居国内领先地位。业务涉及航 空航天、汽车与轨道交通、能源环保、船舶兵器、机床工具、石油化工、电子、冶金、建筑等国民经济重要产业，市场遍布全球80多个国家和地区。 公司秉承"合力同行,创新共赢"核心价值观，践行"客户价值创造者、股东价值提升者、员工价值实现者、创新发展引领者"价值取向，实施"一 体四驱"、"六个转型"发展战略，推进"内涵性增长 ...