教育行业周报 招生规范、产教融合与高校创新协同推进教育发展 glmszqdatemark 行业动态：（1）2 月 9 日，广东省教育厅发布《关于进一步规范普通中小学招生 入学工作的指导意见》。《意见》涵盖规范义务教育招生行为、加强普通高中招生 管理、保障特殊群体受教育权利、加强新生入学管理等方面。（2）2 月 9 日，《江 苏省人工智能与知识产权双向赋能行动方案(2026—2030 年)》正式出台。《行动 方案》推动人工智能与知识产权深融互促；支持高校院所开展人工智能与知识产 权交叉学科建设，为双向赋能培养复合型人才。（3）2 月 10 日，教育部党组书 记、部长怀进鹏撰文《高质量举办"中俄教育年" 支撑引领两国教育合作高水平 发展》。中方将同俄方一道，完善协同育人体系，在职业教育领域共同培育适应两 国产业需求的技术技能人才；打造联合创新平台，聚焦基础学科、新兴学科、交 叉学科等领域开展联合科研。（4）2 月 10 日，海南大学空天智能学院正式揭牌成 立。海南大学、文昌市政府和文昌国际航天城管理局共建空天智能学院合作协议 签约暨发展战略研讨会在文昌国际航天城举行。空天智能学院将坚持"航天特色、 据挖掘等核心领 ...

学设计课程组合，建设产教融合实习实训基地等主要任务展开。在专业设置方面 重点增设低空经济、人工智能、高端装备、城市更新、民生紧缺等领域新专业。 2026 年 02 月 24 日 推荐 维持评级 教育行业周报 招生规范、产教融合与高校创新协同推进教育发展 glmszqdatemark 行业动态：（1）2 月 9 日，广东省教育厅发布《关于进一步规范普通中小学招生 入学工作的指导意见》。《意见》涵盖规范义务教育招生行为、加强普通高中招生 管理、保障特殊群体受教育权利、加强新生入学管理等方面。（2）2 月 9 日，《江 苏省人工智能与知识产权双向赋能行动方案(2026—2030 年)》正式出台。《行动 方案》推动人工智能与知识产权深融互促；支持高校院所开展人工智能与知识产 权交叉学科建设，为双向赋能培养复合型人才。（3）2 月 10 日，教育部党组书 记、部长怀进鹏撰文《高质量举办"中俄教育年" 支撑引领两国教育合作高水平 发展》。中方将同俄方一道，完善协同育人体系，在职业教育领域共同培育适应两 国产业需求的技术技能人才；打造联合创新平台，聚焦基础学科、新兴学科、交 叉学科等领域开展联合科研。（4）2 月 10 日 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

医药周报 20260223: 春节期间医药行业重点事件梳理 glmszqdatemark 医药行情回顾&分析&近期判断 1）行情回顾：节前一周（2.9-2.13）医药生物指数环比-0.81%，跑输创业板指数和沪深 300 指数。在所有行业中，节前一周（2.9-2.13）医药涨跌幅排在第 20 位。医药本周缩量 调整，节前交易平淡。结构上看，脑机接口方向表现不错。医药成交总额 4011.15 亿元， 沪深总成交额为 104636.79 亿元，医药成交额占比沪深总成交额比例为 3.83%（2013 年 以来成交额均值为 7.09%）。 2）原因分析：我们认为医药板块近期市场关注度较低，行业整体缺乏显著催化剂，行情仍 以结构性机会为主，前期内部的板块轮动也未能形成持续趋势。我们认为脑机接口或因侵 入式三类证进展预期等多重利好因素表现相对不错。近一段时间医药板块的行情持续验证 我们此前判断，创新产业链和科技创新四大"从 0 到 1"方向路都有演绎，创新药产业逻 辑强，核心标的逐步进入价值赔率区间，中长期维度强化布局。 3）近期观点：医药这轮产业时代底层逻辑是创新和出海，2025 年市场交易的是创新药通 过 BD 出海 ...

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies [2][3]. Core Insights - The report highlights a positive outlook for the coal market post-Chinese New Year, driven by supply constraints and inventory depletion, with expectations of significant price increases [9][11]. - Domestic coal prices are stabilizing with slight fluctuations, while port coal prices are accelerating upward [12][11]. - The report anticipates that coal prices will return to a balanced supply-demand state in 2023-2024, with prices expected to fluctuate between 750-1000 RMB/ton [11][12]. Summary by Sections Company Earnings Forecast, Valuation, and Ratings - Recommended companies include: - Jinko Coal Industry (601001): EPS forecast of 1.68 RMB for 2024, with a PE of 10 [2]. - Shanxi Coal International (600546): EPS forecast of 1.14 RMB for 2024, with a PE of 10 [2]. - Lu'an Environmental Energy (601699): EPS forecast of 0.82 RMB for 2024, with a PE of 17 [2]. - Huayang Co., Ltd. (600348): EPS forecast of 0.62 RMB for 2024, with a PE of 15 [2]. - Yancoal Energy (600188): EPS forecast of 1.44 RMB for 2024, with a PE of 12 [2]. - China Shenhua Energy (601088): EPS forecast of 2.95 RMB for 2024, with a PE of 14 [2]. - Shaanxi Coal and Chemical Industry (601225): EPS forecast of 2.31 RMB for 2024, with a PE of 10 [2]. - China Coal Energy (601898): EPS forecast of 1.46 RMB for 2024, with a PE of 10 [2]. - CGN Mining (1164.HK): EPS forecast of 0.04 HKD for 2024, with a PE of 108 [2]. - Xinji Energy (601918): EPS forecast of 0.92 RMB for 2024, with a PE of 8 [2]. - Huaibei Mining (600985): EPS forecast of 1.80 RMB for 2024, with a PE of 7 [2]. - Lanhua Sci-Tech (600123): EPS forecast of 0.49 RMB for 2024, with a PE of 13 [2]. Market Performance - The coal sector outperformed the broader market, with a weekly increase of 1.9% compared to the 0.4% increase in the CSI 300 index [20][17]. - The thermal coal sub-sector showed the highest increase of 3.0%, while the coking coal sub-sector experienced a decline of 3.9% [20][17]. Industry Dynamics - The report notes that domestic coal supply is tightening due to the Chinese New Year holiday, with a significant decrease in port inventory levels compared to the previous year [11][9]. - The report emphasizes the importance of high spot market exposure and recommends focusing on companies with strong balance sheets and high cash flow [12][11].

1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints of the Report - The report aims to select the current growth - value funds in the market for investors with allocation needs. The growth - value strategy focuses on buying companies with competitive advantages at a reasonable price to earn compound growth. The growth - value fund pool shows both stability and offensiveness, with an annualized return of 18.30% from February 2, 2015, to February 6, 2026, and an excess return of 9.31% relative to the partial - stock fund index. The excess return mainly comes from stock selection, and the new portfolio has increased its position in the cyclical sector [1][2][12]. 3. Summaries According to the Directory 3.1 Growth Value Fund Pool Concept Introduction and Historical Performance - **Growth Value Investment Concept Introduction**: The growth - value strategy, popularized by Buffett, prefers companies with excellent business models and strong financials. The current PB_ROE factor return is rising, and the dispersion remains at a high level, indicating that the PB_ROE strategy still has investment advantages [10]. - **Growth Value Fund Pool: High Annual Win Rate**: From February 2, 2015, to February 6, 2026, the growth - value fund pool has an annualized return of 18.3%, an excess return of 9.31% relative to the partial - stock fund index, an annualized volatility of 20.74%, and an annualized Sharpe ratio of 0.88. It can obtain excess returns in bull markets and control drawdowns in market declines. Stock selection is the main source of excess returns, and the portfolio can outperform the partial - stock fund index in most years. In the new adjustment, the portfolio shows high - momentum and high - elasticity attributes, with a significant increase in the cyclical sector [12][14][16]. 3.2 Growth Value Fund Pool Definition and Screening - **Definition of Growth Value Funds**: Growth - value funds are defined by the relatively low - valuation characteristics of their holdings. The research objects are active equity funds, with specific requirements for sample capacity, concentrated holdings, and value exposure. Funds with negative average factor exposures in the PB_ROE factor during the management period and in the past year, ranking in the top 1/3, are defined as growth - value funds [23]. - **Selection of Growth Value Fund Pool**: The selected growth - value funds are those with high and stable industry + stock - selection + dynamic returns. Based on the comprehensive ranking of the momentum and IR of industry + stock - selection + dynamic returns in the past 12 months, the top 10 funds are selected equally weighted. The new portfolio includes 10 funds such as嘉实资源精选 A and银河价值成长 A [24]. 3.3 Multidimensional Analysis of Portfolio Funds - **嘉实资源精选 A**: It believes that resource stocks are not traditional cyclical stocks but have growth attributes. The investment logic focuses on "supply vulnerability constraints + structural growth in demand" [26]. - **银河价值成长 A**: It balances value and growth factors in investment, selects companies with both value and growth potential, and aims for long - term and stable appreciation of fund assets [28]. - **东方兴瑞趋势领航 A**: It focuses on in - depth research on corporate fundamentals, selects high - quality companies with reasonable prices, and pursues sustainable and stable returns [31]. - **华商上游产业 A**: The fund manager takes the industry life cycle as the core clue for investment decisions, focuses on the "cyclical + manufacturing" fields, combines a stable and flexible strategy, pursues absolute returns and risk control, and pays attention to macro and policy guidance [33]. - **中欧周期优选 A**: It analyzes from multiple perspectives of macro, meso, and micro to capture the long - term value of enterprises [35]. - **景顺长城周期优选 A**: Its investment style focuses on multiple indicators such as macro - economy, policy, and liquidity, prefers cyclical industries like non - ferrous metals and energy, and adjusts investment strategies based on historical data analysis [37]. - **融通产业趋势精选 A**: It deeply studies industry development trends, combines macro and micro analyses, pursues balanced and flexible asset allocation, emphasizes the balance between fundamentals and valuation, and adheres to a long - term investment concept [39]. - **新华行业周期轮换 A**: It combines top - down and bottom - up analysis methods, with a thinking mode of "macro - determining the direction, industry - seeking prosperity, and micro - screening companies" [42]. - **华夏景气驱动 A**: It emphasizes in - depth research on industry fundamentals, focuses on marginal changes in individual stocks and industries, and constructs an investment portfolio by selecting high - quality stocks with upward - trending industries and growth space [45]. - **中信保诚周期优选 A**: No specific analysis content is provided in the report.

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 12.64 CNY per share as of February 13, 2026 [2]. Core Insights - The company is transitioning from a traditional steel wheel manufacturer to a new materials platform based on the Avatar niobium micro-alloy, aiming to create multiple growth curves across various industries [6][7]. - The global demand for wheels is expected to rise, with an estimated 530 million wheels needed by 2025, driven by trends in lightweighting and cost reduction [6][37]. - The Avatar niobium micro-alloy demonstrates significant advantages over traditional materials in terms of tensile strength, yield strength, fatigue strength, Vickers hardness, density, and cost, making it suitable for both passenger and commercial vehicles [8][48]. Summary by Sections 1. Transition and Transformation - The company has evolved through three stages: initial growth in steel wheels, a pivot to the Avatar project, and a current focus on the Avatar low-carbon wheel business, which has now entered a growth phase [16][24]. - The company has successfully completed the transition to Avatar low-carbon wheels, covering various vehicle types and re-establishing its growth trajectory [25][36]. 2. Market Demand and Trends - The global wheel demand is projected to increase steadily, with the automotive OEM market being the primary driver, particularly for new vehicle sales [37][38]. - The trend towards lightweighting in the automotive industry is significant, with aluminum wheels currently dominating the market, but the Avatar niobium micro-alloy is positioned to capture market share due to its performance and cost advantages [41][51]. 3. New Materials Platform - The company is building a new materials platform based on the Avatar niobium micro-alloy, which is adaptable across various industries, including electric two-wheelers and commercial aerospace [6][12]. - The Avatar micro-alloy's properties allow it to meet the lightweighting, cost, and aesthetic demands of modern vehicles, positioning it as a competitive alternative to aluminum wheels [51][54]. 4. Financial Projections - Revenue forecasts for the company indicate significant growth, with expected revenues of 33.58 billion CNY in 2024, 44.38 billion CNY in 2025, and 66.14 billion CNY in 2026 [2][12]. - The net profit attributable to shareholders is projected to rise sharply, from 230 million CNY in 2024 to 924 million CNY by 2027, reflecting a strong recovery and growth in core business operations [2][12].

Inflation Data Summary - January CPI in the U.S. showed a year-on-year increase of 2.4%, below the expected 2.5% and previous value of 2.7%[2] - Core CPI remained steady at 2.5%, matching expectations but down from 2.6% previously[2] - The decline in energy inflation was a key driver for the lower CPI, with international oil prices weakening year-on-year[2] Market Reactions - The mild inflation data alleviated concerns about the Federal Reserve's liquidity tightening, providing temporary relief to capital markets[2] - Following the release of the CPI data, market expectations for interest rate cuts were pushed forward, with projections indicating potential cuts as early as June[2] - Precious metals, particularly gold, saw significant gains, with prices reaching around $5000 per ounce[2] Economic Indicators - The manufacturing PMI returned to the expansion zone, indicating positive momentum in the manufacturing sector[2] - Non-farm payrolls exceeded market expectations, contributing to a shift in market sentiment regarding Federal Reserve policies[2] Seasonal Factors - January typically experiences seasonal inflationary pressures, but the CPI's moderation was notable given these trends[2] - The end of holiday discounts and the timing of corporate price adjustments usually contribute to inflationary increases at the start of the year[2] Risks and Considerations - Potential risks include significant changes in U.S. trade policies and geopolitical factors that could lead to increased market volatility[3]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 12.64 CNY per share as of February 13, 2026 [2]. Core Insights - The company is transitioning from a traditional steel wheel manufacturer to a new materials platform based on the Avatar niobium micro-alloy, aiming to create multiple growth curves across various industries [6][7][12]. - The global demand for wheels is expected to rise, with an estimated 530 million wheels needed by 2025, driven by trends in lightweighting and cost reduction [6][37]. - The Avatar niobium micro-alloy demonstrates significant advantages over traditional materials in terms of tensile strength, yield strength, fatigue strength, Vickers hardness, density, and cost, making it suitable for both passenger and commercial vehicles [8][48]. Summary by Sections 1. Transition and Transformation - The company has evolved through three stages: initial growth in steel wheels, a transformative phase starting in 2012 with the Avatar project, and a current focus on the Avatar low-carbon wheel business [16]. - The company has successfully completed the transition to Avatar low-carbon wheels, with production and customer expansion leading to a return to growth in its core business [24][25]. 2. Market Demand and Trends - The global wheel demand is projected to increase steadily, with lightweighting and cost reduction being major trends influencing the market [37][41]. - The Avatar niobium micro-alloy is positioned to meet the growing demand for lightweight and cost-effective solutions in the automotive sector, particularly in the context of electric vehicles [51][54]. 3. New Materials Platform - The company is building a new materials platform based on the Avatar niobium micro-alloy, which has applications across various industries, including electric two-wheelers, intelligent robotics, commercial aerospace, and low-altitude flying vehicles [12][27]. - The company has established a comprehensive system integrating talent, materials, processes, equipment, and patents to create a strong competitive advantage [8][13]. 4. Financial Projections - Revenue forecasts for the company are as follows: 33.58 billion CNY in 2024, 44.38 billion CNY in 2025, 66.14 billion CNY in 2026, and 88.96 billion CNY in 2027, with corresponding net profits of 0.23 billion CNY, 0.97 billion CNY, 4.56 billion CNY, and 9.24 billion CNY [2][6]. - The earnings per share (EPS) are projected to increase significantly, reaching 0.93 CNY by 2027, with a corresponding price-to-earnings (PE) ratio decreasing from 543 in 2024 to 14 by 2027 [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The deep - value fund pool has a long - term stable performance, with an annualized return of 12.63% from February 2, 2015, to February 6, 2026, and an annualized excess return of 10.02% compared to the CSI 300. It also has an annualized volatility of 19.98% and an annualized Sharpe ratio of 0.63, indicating high - return stability. The excess return mainly comes from dynamic adjustment, style, and stock - picking, and it shows strong absolute returns even in a growth - dominant market. The current portfolio has increased its holdings in the consumer sector and reduced those in the manufacturing sector [7][12][15]. 3. Summary by Directory 1.1 Deep - Value Investment Concept Introduction - Deep value is a "cigarette - butt" investment method from Graham. Value investment can be divided into deep value, growth value, and prosperity value. It emerged during the 1929 - 1933 US economic depression. However, the current PB factor return has slightly declined, and the dispersion has decreased, weakening the value - style allocation advantage [7][10]. 1.2 Deep - Value Fund Pool: Stable Historical Returns and High Risk - Return Ratio - From February 2, 2015, to February 6, 2026, the deep - value fund pool had an annualized return of 12.63%, an annualized excess return of 10.02% compared to the CSI 300, an annualized volatility of 19.98%, and an annualized Sharpe ratio of 0.63. It showed stable annual absolute returns, and the excess return mainly came from dynamic adjustment, style, and stock - picking. It prefers low - momentum, low - elasticity, and low - volatility styles, with prominent value attributes and a current bias towards small and mid - cap stocks. The industry allocation is mainly in finance and cyclical sectors, and the new period has increased consumer sector holdings and reduced manufacturing ones [7][12][15]. 2.1 Definition of Deep - Value Funds - Deep - value funds are defined by the absolute low - valuation characteristics of their holdings. The research objects are active equity funds, with a sample size of fund managers with over 1 - year tenure and current scale over 100 million yuan, excluding fixed - term and holding - period products. The funds should have an average equity position of over 60% since the current fund manager took over and an average proportion of the top ten heavy - holding stocks in stock investments of over 35%. Funds with positive average factor exposures of heavy - holding stocks during the management period and in the past year in the BP factor and ranking in the top 1/3 are defined as value - type funds [23]. 2.2 Screening of the Deep - Value Fund Pool - The deep - value fund pool is screened by selecting funds with high expected net profits of holdings. The current portfolio includes funds such as HSBC Jintrust New Power A, Wanjia Select A, etc., with details of fund codes, managers, scales, and this - year's returns provided [24]. 3. Multi - Dimensional Analysis of Portfolio Funds - **HSBC Jintrust New Power A**: Pursues good companies at good prices, uses the DCF cash - flow model for valuation, and internalizes various factors to obtain alpha through in - depth research [26]. - **Wanjia Select A**: Has strong judgment of the macro - economic environment, an absolute - return mindset, and focuses on valuation. Its holdings have low - valuation characteristics, and recent holdings are concentrated in the coal sector, with trading and long - tail holdings contributing relatively high returns [28]. - **Xinyuan Digital Economy A**: Aims to achieve low volatility, focuses on risk control, reduces fund drawdowns through position adjustment and industry diversification, and pursues long - term stable asset appreciation [31]. - **Anxin Enterprise Value Selection A**: Holds the concept of buying and holding good companies at good prices for a long time, focuses on finding companies with sustainable profitability, competitive advantages, and reasonable valuations, and combines industrial and financial perspectives [33]. - **Huatai - Peregrine Growth Smart Selection A**: Considers the safety margin as the cornerstone of investment, evaluates the downside risk of investment targets through multiple indicators, dynamically adjusts the portfolio according to macro factors, controls the single - industry position, diversifies in the manufacturing sector, focuses on the manufacturing field, and promotes a floating - fee mechanism [37]. - **ICBC Value Selection A**: Emphasizes investing within familiar industries and companies, focuses on traditional industries such as public utilities, large finance, and manufacturing for a long time, and believes that it can better grasp the industrial cycle and enterprise value within the ability circle [40]. - **ICBC Innovation Power**: Adheres to the value - investment concept, focuses on finding companies with long - term stable profitability and reasonable valuations, and selects companies based on in - depth research of fundamentals [43]. - **ICBC New Wealth**: Focuses on multi - dimensional balanced allocation of industries and styles, avoids over - concentration in a single industry or stock, and evaluates individual stocks from three dimensions of business model, competitive advantage, and life cycle, combining quantitative and qualitative analyses [45]. - **Harvest Industry Selection A**: Focuses on digging the intrinsic value of enterprises, emphasizes buying high - quality assets at a reasonable or undervalued price, and internalizes factors such as a company's competitive advantage, business model, and industry space into the valuation system through methods like the DCF cash - flow model to protect the safety margin [48].