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 ...

9 January 2026 | 6:32PM HKT Equity Research Anji Micro (688019.SS) Accelerated advanced nodes expansion to support CMP Slurry growth; Rising demand from AI memory; Buy 688019.SS 12m Price Target: Rmb331.00 Price: Rmb263.66 Upside: 25.5% We are constructive on Anji Micro as CMP slurry local leader, riding on accelerated advanced node (memory, advanced logic) capacity expansion and Gen-AI trend to drive memory demand. We expect to see rising capex spending from local memory suppliers to expand new capacity, a ...

Flash | 08 Jan 2026 12:28:42 ET │ 11 pages Jinko Solar (688223.SS) Update on AI-assisted Perovskite Solar Cell Development and Space Solar Power CITI'S TAKE Jinko Solar hosted an investor call today introducing its partnership with XtalPi (2228.HK, NR) on the AI-assisted R&D of perovskite tandem solar cells. Key takeaways include: (i) Jinko aims to commercialize perovskite tandem solar cell products by 2028E; (ii) the AI-driven R&D process could shorten the development cycle by up to 70%; and (iii) the comp ...

9 January 2026 | 1:32AM HKT Equity Research China Semis Tour: SmartSens (688213.SS) COO visit: Automotive CIS in expansion; Smartphone CIS driven by spec upgrade We hosted SmartSens (688213.SS, Not Covered) COO in our China Semis Tour in Shanghai on Jan 7. SmartSens is a local CIS supplier that focuses on the automotive, smartphones, surveillance, and robotics markets. Management is positive on smartphones CIS spec upgrade, driven by brand clients' emphasis on AI imaging capabilities and highlights SmartSen ...

Summary of StarPower Conference Call Company Overview - **Company**: StarPower (603290.SS) - **Industry**: Semiconductor, specifically focusing on power semiconductors including SiC (Silicon Carbide) and GaN (Gallium Nitride) technologies Key Points 1. Revenue Growth Outlook for 2026 - Management is optimistic about revenue growth across various end markets in 2026 - **AI Servers**: Growth driven by the AI infrastructure cycle, with collaborations with global-tier power supply vendors for SiC devices expected to expand in 2026 [2] - **Automotive**: Anticipated increase in EV penetration rates and SiC adoption, with efforts to engage more global-tier car OEMs, particularly in Europe [2] - **Industrial**: Growth through penetration of global-tier customers such as Delta, Schneider, ABB, and Siemens [2] - **Photovoltaic**: Market share expansion despite modest end demand [2] - **Home Appliances**: Strong growth supported by increased market share and IPM capacity expansion [2] 2. SiC and GaN Technology Outlook - The pricing gap between SiC and IGBT (Insulated Gate Bipolar Transistor) has narrowed from Rmb2,000-3,000 to within Rmb1,000, driven by lower SiC substrate costs [3] - SiC devices are expected to be used in EVs priced at Rmb200k+ in 2025, potentially decreasing to Rmb100k+ in 2026 [3] - Management maintains that their SiC pricing remains competitive due to superior quality, with a yield rate of 80% [3] - Expansion into GaN technology is underway, with products capable of covering over 1,000V, targeting applications in EVs and AI data centers [3] 3. Pricing Trends - Management expects the pricing decline in power semiconductors to moderate to normal levels by 2026, as some smaller vendors may exit the market due to losses [4] - Despite ongoing pricing pressures, the company anticipates a stable gross margin trend in 2026 due to product mix upgrades [7] 4. Valuation and Price Target - The company is rated Neutral with a 12-month target price of Rmb121.20, representing a 21.0% upside from the current price of Rmb100.17 [10] - Valuation methodology includes applying a 31.0x target P/E multiple to the 2026E EPS [8] 5. Key Risks - Risks include stronger or weaker-than-expected IGBT market growth, variability in new design wins and market share gains, and competition levels [9] Additional Insights - The company is focusing on upgrading its product mix to mitigate pricing pressures in the power semiconductor market [1] - Management's proactive approach in expanding product lines and capturing new markets is viewed positively, although the overall market conditions remain challenging [1][2]

Summary of MetaX Conference Call Company Overview - **Company Name**: MetaX (688802.SS) - **Industry**: Semiconductor, specifically focusing on AI chips and GPU technology - **Profile**: A leading local GPU fabless supplier specializing in high-performance GPU R&D, offering diversified GPUs and GPU servers tailored for AI use cases and cloud infrastructure in China [3][17] Key Points Discussed 1. AI Computing Cluster and Product Migration - Management emphasized their commitment to product migration and expanding AI computing clusters, with most clusters currently exceeding 1,000 AI chips and gradually increasing towards 10,000 AI chips [4] - The next generation of AI chips is targeted for mass production in Q1 2026, featuring enhancements in both computing power and memory compared to current models [4] 2. Market Outlook - Management maintains a positive outlook on AI demand in China, anticipating industry growth to reach triple digits by 2026 [5] - The company aims to achieve a growth rate that exceeds the market average through market share expansion across various end markets, including education, financial industries, hospitals, energy, telecommunications, and internet companies [5][8] 3. New Product Launch: C600 Platform - The recently launched C600 platform features in-house IP architecture capable of supporting SuperPod clusters, with plans for different versions catering to pure inferencing or a combination of training and inferencing [9] - Expected shipments of the C600 platform are projected to ramp up in 2026, with specifications including 144GB bandwidth memory and MetaXLink for SuperPod supporting up to 256 cards [9] 4. Demand for AI Chips - Management's positive view on the rising demand for computing power for AI training and inferencing aligns with expectations for local suppliers of AI chips to benefit from the Gen-AI trend and localization efforts [2] 5. Long Verification Process for China Cloud - The verification process for cloud services can take up to 12 months due to varying testing requirements and customized AI server needs for each cloud service provider (CSP) [8] Additional Insights - The company is focused on avoiding customer concentration by targeting a diverse range of end markets [5][8] - Future product developments are planned, with another new generation expected to enter mass production in 2027, further enhancing computing power [4] This summary encapsulates the key discussions and insights from the MetaX conference call, highlighting the company's strategic focus on AI technology and market growth potential in China.