Core Viewpoint - The report from Industrial Securities initiates coverage on Chongqing Machinery and Electric Co., Ltd. (02722) with a "Buy" rating, highlighting strong growth potential from Chongqing Cummins and Chongqing Hitachi Energy in the coming years, alongside a gradual recovery in profitability as impairment decreases [1]. Group 1: Company Overview - Chongqing Machinery and Electric is a leading equipment manufacturing enterprise under the Chongqing State-owned Assets Supervision and Administration Commission, with a 58.52% stake held by Chongqing Holdings (Group) [1]. - The company's main business includes hydro turbines, electrical wires and cables, gas compressors, industrial pumps, wind turbine blades, and machine tools, while also holding stakes in Chongqing Cummins and Chongqing Hitachi Energy [1]. Group 2: Financial Projections - The company is projected to achieve revenues of 8.92 billion yuan in 2024, representing a year-on-year growth of 10.7%, with a gross profit of approximately 1.555 billion yuan, up 5% [1]. - The net profit attributable to shareholders is expected to reach 431 million yuan in 2024, reflecting a significant year-on-year increase of 42% [1]. - Revenue forecasts for 2025, 2026, and 2027 are 9.678 billion yuan, 10.539 billion yuan, and 11.521 billion yuan, respectively, with net profits of 732 million yuan, 902 million yuan, and 1.019 billion yuan, leading to PE ratios of 9.82, 8.02, and 7.11 times [1]. Group 3: Business Segments - Chongqing Cummins is the only large-bore engine manufacturer in China, benefiting from the booming demand for large-bore engines and data centers, and is actively expanding production capacity [1]. - Chongqing Hitachi Energy specializes in producing transformers rated at 220kV and above, and is positioned to benefit from strong overseas demand for high-voltage power grid construction, with significant growth expected due to the National Grid's investment plan [2].

Group 1 - Core viewpoint: Industrial Securities initiates coverage on Chongqing Machinery and Electric (02722) with a "Buy" rating, highlighting strong growth potential from Chongqing Cummins and Chongqing Hitachi Energy, alongside a gradual recovery in profitability as impairments decrease [1] - Revenue projections: The company is expected to generate revenues of 9.678 billion, 10.539 billion, and 11.521 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 732 million, 902 million, and 1.019 billion yuan [1] - Valuation metrics: Projected PE ratios for the years 2025, 2026, and 2027 are 9.82, 8.02, and 7.11 respectively [1] Group 2 - Company background: Chongqing Machinery and Electric is a leading equipment manufacturing enterprise under the Chongqing State-owned Assets Supervision and Administration Commission, with a 58.52% stake held by Chongqing Holdings [1] - Main business segments: The company’s core operations include hydro turbines, electrical wires and cables, gas compressors, industrial pumps, wind turbine blades, and machine tools, along with stakes in Chongqing Cummins and Chongqing Hitachi Energy [1] - 2024 revenue forecast: The company anticipates a main business revenue of 8.92 billion yuan in 2024, representing a year-on-year growth of 10.7%, with a gross profit of approximately 1.555 billion yuan, up 5% [1] Group 3 - Chongqing Cummins: The company is the only large-bore engine manufacturer for Cummins in China, benefiting from the growth in large-bore engines and data centers, and is actively expanding production capacity [2] - Product range: Chongqing Cummins produces various engine models including QSN/NT, QSK19/K19, QSK38/K38, QSK50/K50, and QSK60 [2] Group 4 - Chongqing Hitachi Energy: This company is a major production base for high-voltage transformers (220kV and above) and is expected to benefit from strong overseas demand and the expansion of its production capacity [3] - Market opportunity: The company is poised to gain from the rapid growth in ultra-high voltage construction, supported by a significant investment plan from the State Grid [3]

Core Viewpoint - Haomai Technology is actively expanding its international production capacity in the tire mold business, with a focus on enhancing overseas operations and maintaining strong order volumes in its large component machinery products [1][2]. Group 1: Company Performance - Haomai Technology's stock price is reported at 84.64 yuan, reflecting an increase of 2.32 yuan or 2.82% from the previous trading day, with a total market capitalization of 67.712 billion yuan [1]. - The company has achieved approximately 800 million yuan in revenue from its CNC machine tool products from January to September 2025, indicating a rise in customer orders and purchasing volume [2]. - As of September 30, 2025, Haomai Technology has 18,120 shareholders, an increase of 1,629 from the previous count, with an average holding value of 3.7369 million yuan per shareholder [2]. Group 2: Industry Position - The rolling price-to-earnings ratio for the specialized equipment industry averages 92.72 times, with a median of 64.25 times, while Haomai Technology's P/E ratio stands at 28.42 times, ranking 28th in the industry [1]. - The company has established subsidiaries in various countries, including the United States, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, with overseas production capacity accounting for approximately 10% of its mold production [1]. Group 3: Business Operations - The company is experiencing full order volumes in its large component machinery products, with production lines operating at full capacity, and has seen good growth in its wind power and gas turbine component businesses in the first half of 2025 [1]. - The company has initiated the use of its 65,000-ton casting expansion project and has newly registered 70,000 tons of casting capacity, with raw materials constituting about 50% of the cost in large component machinery products [1].

Group 1 - The company Haomai Technology announced that it will accept investor research from January 19 to January 21, 2026, with Zhao Qianqian, the company's securities affairs representative, participating in the reception and answering investor questions [1] Group 2 - Significant data was released indicating a recovery, with an interview featuring Xu Hongcai discussing that "involution-style competition" has eased to some extent, and the next step of "income supplementation" could create a virtuous cycle [1]

Group 1 - The stock price of Foxit Software (688095.SH) closed at 108.38 yuan, with a decline of 3.83% [1] - Foxit Software was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 8, 2020, with an issuance of 12.04 million shares at a price of 238.53 yuan per share [1] - The highest price recorded for Foxit Software since its listing was 373.00 yuan, achieved on the 9th trading day [1] Group 2 - The total amount raised from the initial public offering (IPO) was 2.872 billion yuan, with a net amount of 2.586 billion yuan after deducting issuance costs [1] - The net amount raised was 2.179 billion yuan more than the original plan of 407 million yuan, which was intended for various projects including PDF product development and global marketing services [1] - The issuance costs for the IPO were 285 million yuan, with underwriting fees accounting for 267 million yuan [1] Group 3 - The strategic placement of shares included 361,200 shares with an investment amount of 86.157 million yuan, representing 3% of the total issuance [2] - The actual controller of Foxit Software is Xiong Yuqian, who holds Chinese nationality and has permanent residency in the United States [2] - Foxit Software announced a cash dividend of 0.8 yuan per share (including tax) and a stock bonus of 0.4 shares for the 2021 fiscal year [2]

Core Viewpoint - The report from Industrial Securities highlights a gradual recovery in demand for consumer goods, particularly in the restaurant chain sector, including frozen foods and condiments, driven by the upcoming Spring Festival stocking season [1] Group 1: Restaurant Sector Recovery - The recovery in the restaurant sector is expected to be driven by both the restoration of dining volume and prices, with a focus on the upcoming peak stocking season [1] - The small B-end (small businesses) is showing better recovery momentum compared to the large B-end (large businesses), with a year-on-year increase of 2.2% in December 2025 for social retail restaurant revenue [2] - The overall growth in social retail dining indicates a shift in recovery momentum towards the small B-end, with consistent improvement in revenue contributions from this segment [2] Group 2: Pricing Strategies - Price recovery is anticipated to come from optimizing product and channel structures, as companies currently lack the ability to raise prices directly [3] - The consumer price index (CPI) has shown a transition from mild deflation to moderate inflation, indicating a gradual recovery in consumer confidence [3] Group 3: Spring Festival Stocking - The Spring Festival is a critical stocking period for sectors such as condiments, snacks, and dairy products, necessitating close monitoring of stocking progress and consumer demand recovery [4]

Core Viewpoint - The report from Industrial Securities maintains an "overweight" rating for Haidilao (06862), highlighting recent management changes aimed at enhancing operational efficiency and promoting innovative development. The return of the chairman to frontline management is expected to improve execution of diverse strategies, with stable brand operations and a projected revenue increase in the second half of the year [1]. Group 1: Management Changes - The company announced management changes on January 13, with Chairman Zhang Yong appointed as CEO, returning to frontline management. Four young executives have been promoted to executive directors, including Li Nana, Zhu Yinhua, Jiao Defeng, and Zhu Xuanyi, who have all progressed through various roles within the company [1]. Group 2: Operational Performance - The table turnover rate for the first half of 2025 is projected at 3.8 times, with restaurant operating revenue expected to reach 18.58 billion yuan. The company anticipates that the turnover rate in the second half of 2025 will outperform the first half, leading to a narrowing of revenue decline for the year [2]. Group 3: Store Development - The estimated number of Haidilao restaurants for 2025 is 1,372, remaining stable compared to the beginning of the year. The company is actively replacing underperforming stores to enhance overall operational quality. Additionally, the estimated number of the subsidiary brand Yanhui is expected to reach 80, with other brands like Jugaogao and Xiaohai Aizha projected to have 39 and 5 stores, respectively [3]. Group 4: Brand Expansion - Since the second half of 2025, the company has intensified its strategy for subsidiary brand development, launching multiple new brands. Jugaogao, focusing on self-service hot pot, has a customer price point of approximately 60 yuan, with rapid store openings in second-tier cities. The company has also entered the sushi market with its first store opening in Hangzhou in October 2025, priced around 90 yuan. Additionally, the first Haidilao Dapaidang hot pot store opened in Guangzhou in December 2025, with a pricing model based on dishes, targeting group gatherings at around 110 yuan per customer. Xiaohai Aizha continues to expand its offerings with a customer price point of about 30 yuan [4].

Core Viewpoint - The A-share market is experiencing a mixed performance with indices showing slight declines, while certain sectors like precious metals are gaining traction, indicating a potential shift in market dynamics as earnings reports are released [1][2][3] Group 1: Market Performance - On January 21, A-share indices opened lower, with the Shanghai Composite Index down 0.25% and the ChiNext Index down 0.24% [1] - The precious metals sector saw significant gains, with Hunan Silver rising over 6%, while sectors such as electric grid equipment, AI applications, and semiconductors faced declines [1] Group 2: Institutional Insights - Industrial analysts from Industrial Securities suggest that the spring market may reach new highs, emphasizing the importance of fundamental performance as earnings reports are disclosed [1] - Bank of China Securities warns of short-term pressures on the "spring surge" market, indicating that the market may experience fluctuations as it digests previous gains and awaits new catalysts [2] - Dongfang Securities notes that the market is undergoing mild adjustments, which could be beneficial for future upward movement, with active funds seeking more profitable directions [3] Group 3: Sector Focus - Analysts highlight that strong fundamentals in AI applications, particularly in sectors like "AI + entertainment," "AI + office," "AI + gaming," and "AI + marketing," are expected to outperform in the upcoming quarters [2] - The semiconductor sector is anticipated to benefit from strong performance by companies like TSMC, with ongoing demand for memory chips driving growth in the A-share semiconductor industry [2]

Core Viewpoint - The report from Industrial Securities maintains an "overweight" rating for Haidilao (06862), highlighting recent management changes aimed at enhancing operational efficiency and promoting innovative development [1] Group 1: Management Changes - The company announced management changes on January 13, with Chairman Zhang Yong returning to frontline management as CEO [1] - Four young executives have been promoted to executive directors, including Li Nana, Zhu Yinhua, Jiao Defeng, and Zhu Xuanyi, all of whom have significant tenure and experience within the company [1] Group 2: Operational Performance - The table turnover rate for H1 2025 is projected at 3.8 times, with restaurant operating revenue expected to reach 18.58 billion yuan, indicating a recovery in performance for H2 2025 compared to H1 [2] - The company anticipates that the turnover rate in H2 2025 will outperform H1, leading to a narrowing of the revenue decline for the year [2] Group 3: Store Development - The estimated number of Haidilao restaurants for 2025 is 1,372, remaining stable compared to the beginning of the year, with ongoing efforts to improve the quality of existing stores [3] - The company is also actively developing its sub-brands, with an expected 80 stores for the "Yanhui" brand and additional stores for other brands like "Jugaogao" and "Xiaohai Aizha" [3] Group 4: New Brand Initiatives - Since H2 2025, the company has intensified its sub-brand development strategy, launching multiple new brands [4] - The "Jugaogao" self-service hot pot targets individual diners with an average spending of approximately 60 yuan, while the first "Sushi" store opened in October 2025 in Hangzhou with an average spending of around 90 yuan [4] - The "Haidilao Dapaidang" hot pot's first store opened in Guangzhou in December 2025, with a focus on group dining and an average spending of about 110 yuan [4]

Core Viewpoint - The announcement from Xiamen Tungsten New Energy indicates a change in the designated sponsor representative for the ongoing A-share issuance project, ensuring continued oversight of the raised funds [2] Group 1: Company Announcement - Xiamen Tungsten New Energy announced that Industrial Securities is the sponsor and lead underwriter for its 2022 A-share issuance project [2] - The original designated sponsor representatives, Wang Yajuan and Zhou Qian, are responsible for the sponsorship and ongoing supervision until December 31, 2024 [2] - Due to a work change, Wang Yajuan will no longer serve as the ongoing supervising sponsor representative, and Lai Yuchen has been appointed to take over this role [2]