Group 1: Product Development and Applications - The company successfully developed M40J and M55J grade carbon fibers in 2014 and 2018, respectively, with M55J being a key product under the national 863 project, achieving domestic substitution and mass production by 2021 [1] - M40J grade carbon fiber has a wide range of applications, including aerospace, 3C electronics, and fishing rods, while M55J is primarily used in satellite structures and solar panels [2][3] - The company is a core supplier of carbon fiber for China's aerospace satellites and received the Ministry of Industry and Information Technology's manufacturing champion title in December 2025 [1] Group 2: Production Capacity and Costs - Current production capacity for high-strength and high-modulus fibers is 80 tons, with one production line each for M40J and M55J grades; capacity expansion will be considered based on market demand [4] - The production cost of equipment-grade fibers is significantly higher than that of civilian fibers due to lower production efficiency and stringent quality requirements [6] - The company’s T700S and T800S grade fibers generated revenue of 212 million yuan in 2024, with the hydrogen bottle application contributing 120 million yuan [14] Group 3: Market Trends and Challenges - The impact of Toray's price increase on the domestic market requires further observation, primarily depending on supply and demand dynamics [7] - The company is working on the certification of GW300 grade fibers for large aircraft, with expected approval in 2024; however, the delivery of large aircraft may not be significantly affected by carbon fiber materials [8] - The T300 grade fiber business is expected to see a decline in long-term demand, but stable demand is anticipated in the near term [9] Group 4: Future Prospects and Strategic Directions - The company is exploring the wind power carbon beam business, which is expected to grow due to favorable material costs, primarily serving overseas clients [13] - The company has established a complete product system for low-altitude equipment, providing a full supply chain from carbon fiber to composite parts [14] - The company is involved in supplying materials for the AV500 drone, completing the entire process from carbon fiber to assembly [14]

Market Development - The company has established a significant market share in Russia since entering in 2016, driven by long-term partnerships and high-quality products, culminating in a major sales contract worth approximately 6 billion RMB in 2022 [2][3]. - The number of customers in the Russian market continues to grow, indicating substantial market potential despite ongoing competition from established international brands [3]. Product Lifespan and Market Demand - The lifespan of all-steel giant tires varies significantly based on multiple factors, including mining conditions and vehicle specifications [4]. - There are approximately 1,615 active large open-pit mines globally, with around 56,000 giant mining trucks, each requiring an average of 8 tire replacements annually [4][5]. Operational Management Model - The company provides comprehensive tire lifecycle management services, enhancing production safety and efficiency for mining companies while accumulating valuable operational data [5]. Competitive Landscape - The all-steel giant tire market is characterized by high technical barriers and strong customer loyalty, with three major international brands dominating the market. The company ranks closely behind, offering competitive pricing and service advantages [6][7]. Investment Projects and Financial Outlook - The company has three main investment projects with construction periods of 3 years, 2 years, and 3 years, respectively, aimed at expanding production capacity and upgrading technology [8]. - As of July 31, 2025, the company has an order backlog of approximately 1.424 billion RMB, with new contracts and agreements for 4,790 tires valued at about 337 million RMB [10][11]. Future Growth Potential - The company anticipates stronger performance in the all-steel giant tire and related operational management services as mining projects expand and service capabilities deepen [11].

Group 1: Business Overview - The company focuses on commercial aerospace, primarily manufacturing rocket structural components, including major segments like shells, fairings, and engine parts [2][3] - In 2024, the company completed its production line construction with an annual capacity of 10 rockets, which can be increased based on order demand [2][3] Group 2: Market Dynamics - The rocket structural component manufacturing sector is currently experiencing a supply shortage, which is a bottleneck for rapid industry growth [3] - The market is expected to maintain a supply-demand imbalance, with a growing capacity gap anticipated in the coming year [3] Group 3: Competitive Landscape - There are limited suppliers capable of large-scale delivery in the domestic market, primarily located in regions like Beijing-Tianjin-Hebei, Chengdu-Chongqing, and Shandong [3] - The industry has high technical barriers, requiring specialized knowledge and experience, often from teams with "national team" backgrounds [3][4] Group 4: Company Advantages - The company has established stable, small-batch product deliveries to leading private rocket companies, gaining valuable R&D and manufacturing experience [3] - Key advantages include a skilled workforce with extensive experience in the aerospace sector and financial resources for equipment purchases and production line construction [3] Group 5: Technological Considerations - 3D printing technology has specific applications in aerospace but is limited for large structural components due to size and cost constraints [3][4] - The company will continue to monitor advancements in manufacturing technologies, including 3D printing, to assess their potential impact on product structure and manufacturing systems [3] Group 6: Future Growth and Challenges - The introduction of reusable rocket technologies is expected to enhance launch frequency and operational efficiency, potentially increasing demand for new rocket structural components [4] - The manufacturing of rocket structural components is capital-intensive, requiring stable financial support for production line development [4] Group 7: Automotive Business Insights - The company also manufactures high-strength precision fasteners for the automotive industry, with applications in various critical components [7][8] - The automotive sector has shown steady growth, with revenue increasing year-on-year, despite some temporary impacts from capacity adjustments [8][9] Group 8: Strategic Growth Opportunities - Future growth in the automotive sector may come from expanding exports and developing new customer relationships, particularly with key players like NIO and BYD [10][11] - The company aims to enhance its product offerings and increase the value per vehicle through diversification and increased market share [11]

Group 1: Strategic Direction - The company's core strategic direction remains focused on deepening the "environmental protection + new energy" dual-driven development path, with a particular emphasis on hydrogen-based energy products as a key growth engine [1] - In 2026, the company plans to achieve an annual production capacity of 200,000 tons of electrochemical methanol that meets EU certification standards [5] Group 2: Market Impact and Recognition - Increased societal focus on hydrogen energy since the second half of 2025 has positively influenced the company's hydrogen-based energy product business, garnering broader market attention and recognition [2] - The company was awarded the title of "2025 New Energy and New Materials Excellent Competitiveness Listed Company" by Daily Economic News in December 2025, reflecting its successful transition from a traditional environmental leader to a comprehensive new energy service provider [2] Group 3: Competitive Advantages - The company possesses significant first-mover advantages in the hydrogen energy sector, having strategically positioned itself early in the industry, which has allowed it to capitalize on emerging opportunities [3] - It has established differentiated competitive barriers through advanced core technologies, including a mature alkaline electrolysis hydrogen production process and innovative energy management systems [4] Group 4: Project Development and Resource Utilization - The company is actively advancing integrated hydrogen energy projects in resource-rich areas such as Jilin Liaoyuan and Heilongjiang Anda, leveraging local resources and support for project implementation [4] - The complete industrial chain from "wind and solar power generation to hydrogen production and hydrogen-based derivatives" is being developed, creating a replicable business model with regional demonstration effects [4]

Group 1: Company Performance - The company's production and operations are currently stable, but there has been a slight decline in performance in the first three quarters of 2025 due to the downturn in the coal industry [2] - The management is focused on maintaining stability and is actively incubating a mining inspection robot business to create new profit growth points in the future [2] Group 2: Mining Robot Development - The company is developing a quadruped robot for underground mining inspections, with the overall design plan completed and key components validated [3] - The development process faces technical challenges, particularly regarding explosion-proof requirements, leading to some uncertainty in progress [3] - The company aims to complete prototype assembly and system debugging as soon as possible and will provide timely updates on the robot's progress [3] Group 3: Market Demand and Strategy - The national strategy supports the replacement of mining jobs with robots, with policies indicating that by 2026, the replacement rate for coal and non-coal mining hazardous positions should be no less than 30% and 20%, respectively [3] - There is a strong demand from clients for the development of robotic products to support their intelligent transformation strategies and improve safety levels in mining operations [3] Group 4: Team and Subsidiary Information - The core development team for the robot currently consists of approximately 50 members [3] - The company has established Chongqing Saifute Intelligent Robot Co., Ltd., in which it holds a 40% stake, focusing on the research, manufacturing, and sales of intelligent industrial robots [3] Group 5: Commercial Aerospace Business - The company has a stake in Chongqing Zhi Yu Xing Internet of Things Technology Co., Ltd., which possesses core technology capabilities and has launched satellite communication terminal products [3] - The satellite communication business is currently in the market promotion stage, with potential risks of underperformance [3]

Group 1: Company Overview - Hebei Xianhe Environmental Protection Technology Co., Ltd. is listed under stock code 300137 and is known for its environmental monitoring solutions [1] - The company has developed from monitoring equipment production to a comprehensive service system encompassing environmental monitoring, big data analysis, and remediation [3] Group 2: Investor Relations Activity - The investor relations activity included a tour of the company exhibition hall and the ecological environment big data application center, showcasing the company's history, honors, main products, and monitoring systems [2] - The meeting involved discussions on various topics, including market opportunities and competitive landscape in the environmental monitoring sector [2] Group 3: Market Opportunities - The implementation of the "dual carbon" policy is expected to create growth in carbon monitoring equipment [2] - The air monitoring sector is seeing opportunities due to standard adjustments and the need for PM2.5 equipment updates, while the water monitoring market is stabilizing with anticipated growth in groundwater monitoring [2] Group 4: Financial Performance - The company has faced continuous losses from 2022 to 2024, primarily due to strict credit impairment and asset impairment policies affecting net profit [3] - The receivables from government clients are experiencing delays in payment, but improvements are expected with the advancement of debt reduction policies [3] Group 5: Future Development - The company aims to deepen its digital transformation by increasing investment in artificial intelligence, industry models, and IoT technologies to enhance its smart environmental solutions [3] - There are currently no plans for injecting other companies under the actual controller into Xianhe Environmental Protection [3]

Group 1: Market Opportunities and Strategic Focus - The capital market's multi-level system is becoming more inclusive and stable, providing significant opportunities for the securities industry as a key service provider for direct financing [2] - The company aims to implement the requirements from the 20th Central Committee's Fourth Plenary Session, focusing on core business, governance improvement, and development positioning [2] - The company is committed to enhancing financial capabilities and innovation to meet diverse client needs while promoting high-quality capital market development [2] Group 2: Wealth Management Business Development - The company has adopted a customer-centric approach, enhancing its service capabilities and product offerings, resulting in a net income of CNY 4.485 billion from brokerage fees in the first three quarters of 2025, a year-on-year increase of 65.55% [3] - Continuous improvement in investment advisory services and a shift towards a buyer advisory business model are key strategies for building the company's wealth management brand [3] Group 3: Investment and Trading Business Performance - In the first three quarters of 2025, the company achieved investment income and fair value changes of CNY 12.629 billion, reflecting a year-on-year growth of 57.15% [4] - The FICC business focuses on deep research and market opportunities, maintaining a strong market position while developing customer-oriented light capital business [4] Group 4: Investment Banking Business Strategy - The company is transitioning from a project-centered to a customer-centered investment banking model, aligning with national policies to support the real economy [5] - Emphasis on enhancing comprehensive capabilities in capital, pricing, sales, collaboration, risk control, and technology to meet clients' financial service needs throughout their lifecycle [5] Group 5: Financial Technology Development - The company is accelerating digital transformation and integrating technology with business innovation, developing a one-stop intelligent wealth management platform [6] - Future plans include leveraging AI technology to enhance customer service experiences and internal operational efficiency, aiming to build a standardized and intelligent system [6]

Group 1: Strategic Focus Areas - The bank's fundamental direction remains unwavering in serving the real economy and supporting agriculture and small enterprises, focusing on "three rural issues," small and micro enterprises, and regional industrial development [2] - The bank aims to enhance financial supply precision and effectiveness while achieving steady development through its commitment to serving the real economy and "supporting agriculture and small enterprises" [2] - The bank will continue to push forward in key areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance, leveraging its resources and comparative advantages [2] Group 2: Loan Focus for 2026 - The bank plans to deepen loan investments in key areas, particularly targeting the innovative "10+1" industrial system in Qingdao, with a focus on the manufacturing industry's financing needs [2] - Emphasis will be placed on expanding sustainable development-linked loan applications and enhancing the "carbon accounting digital platform" to support local "dual carbon" goals [2] - The bank will introduce specialized products like "Marine High-tech Loans" and "Port Supply Chain Finance" to support the marine industry, establishing a distinctive brand [3] Group 3: Customer Management and Marketing Strategies - The bank has identified 36,800 high-quality corporate clients in its "white list," aiming for comprehensive marketing outreach [3] - A priority approval mechanism for white list clients will be established to enhance approval efficiency and ensure effective marketing and loan disbursement [3] - The bank will focus on optimizing loan structures by directing resources towards private enterprises and strategic emerging industries, promoting products like "Green Carbon Transformation Loans" and "Manufacturing Leading Loans" [3]

| 投资者关系活动类 | 特定对象调研 分析师会议 ☑ | | --- | --- | | 别 | | | | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他： | | 参与单位名称及人 | 工银瑞信袁路欣 | | 员姓名 | | | 时间 | 2026 年 1 月 8 日上午 | | 地点 | 北京金融街威斯汀酒店 楼 1 | | 上市公司接待人员 姓名 | 本行高管及相关部门人员 | | | 年的息差情况，2026 年息差展望？ 1.2025 | | | 答：2025 年，我行息差环比基本持平。资产端，受存量贷款重定价叠 | | | 加贷款市场报价利率（LPR）进一步下降等因素影响，生息资产平均收益率 | | | 预计有所下降；负债端，通过积极调整存款业务品种，紧跟市场利率变化 | | | 调整存款定价策略，带动负债付息率下降，负债成本较同期改善，对净息 | | | 差支撑效果显著。展望 2026 年，负债成本压降空间依旧积极，息差企稳趋 | | | 势有望保持。 | | | 2.如何发力 2026 年的财富管理业务？ | | 投资者关系活动主 | 年我行 ...

Group 1: Company Overview and Operations - The company has received 16 imported foaming core extrusion machines since 2025, with delays in the arrival of other equipment due to shipping issues [2] - The production lines for high-speed communication cables are versatile and can switch between different products, allowing for dynamic capacity optimization based on market demand [3] Group 2: Competitive Advantages - The company’s advantages in the high-speed communication cable sector include technical expertise, large-scale production capabilities, and strong partnerships with key clients [4] - The subsidiary, Letin Intelligent, has decades of experience in product development and process control, positioning the company as a leader in technology within the industry [4] Group 3: Product Development and Market Strategy - The company has developed a single-channel 448G high-speed communication cable sample, which is currently being validated by key clients [5] - The impact of rising copper prices on the gross margin of high-speed communication cable products is minimal due to strategic procurement and the relatively low proportion of copper in the overall material costs [6] Group 4: Future Expansion Plans - The company plans to establish three new production bases focused on communication cables and electronic materials, with a particular emphasis on high-speed communication cables due to their rapid growth [6] - The company has received regulatory approval for its Hong Kong stock issuance project, with all related activities progressing as planned [6]