Investment Rating - The report maintains a positive outlook on the electronic industry, indicating an "Overweight" rating for the sector, driven by AI computing and semiconductor localization trends [3][4]. Core Insights - The electronic industry is expected to leverage AI computing as a growth engine, with strong performance anticipated in PCB, storage, AI/GPU chips, and semiconductor equipment sectors [3][4]. - The semiconductor equipment and parts sector is experiencing a recovery in demand, particularly benefiting from domestic production [3][4]. - The storage sector is witnessing a significant increase in profitability due to the AI industry trend, with a notable rise in demand and prices for storage products [3][6]. - The AI server and chip sectors are seeing a surge in demand both domestically and internationally, particularly for cloud servers and high-speed switches [3][6]. - The PCB sector is expected to benefit from high-end AI PCB product demand, with companies like Shenghong Technology and Shenyin Electronics leading in performance [3][8]. Summary by Sections 2025 Industry Outlook - The electronic industry is projected to thrive with AI as the main driver and semiconductor localization as a catalyst, with strong performances expected across various sub-sectors [4][5]. - Specific forecasts for companies include: - Jiangfeng Electronics: Revenue of approximately 4.6 billion, net profit growth of 7.5% to 27.5% [5]. - ShenGong Co.: Revenue growth of 42.04% to 48.65%, net profit growth of 118.71% to 167.31% [5]. - Zhongwei Company: Revenue of 12.385 billion, net profit growth of 28.74% to 34.93% [5]. Semiconductor Storage Sector - The storage sector is benefiting from increased demand driven by AI, with prices stabilizing and then rising due to supply-demand imbalances [6][7]. - Key company forecasts include: - Jiangbolong: Expected net profit growth of 150.66% to 210.82% [7]. - Aibin Storage: Revenue growth of 49.36% to 79.23%, with net profit growth of 427.19% to 520.22% [7]. PCB Sector - The PCB sector is expected to continue benefiting from high-end AI product demand, with companies like Shenghong Technology and Shenyin Electronics showing strong performance [8][9]. - Forecasts for Shenghong Technology indicate a net profit increase of 260% to 295% [8].

行 业 及 产 业 非银金融 2026 年 02 月 10 日 预计 NBV 增速亮眼，市场波动阶 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《资、负两端均表现亮眼，3Q25A 股险企 利润大增 68%——保险行业 2025 年三季 报业绩综述》 2025/11/05 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 联系人 孙冀齐 A0230523110001 看好 ——保险行业 2025 年年报前瞻 风险提示：长端利率下行、权益市场波动、大灾频发、监管政策影响超预期。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 预计 A 股险企 2025 年归母净利润 yoy+22.7%至 4264 亿元。4Q25 资本市场 阶段性波动叠加 2H2 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating expectations for the sector to outperform the overall market [12]. Core Insights - The report highlights the significant growth potential for Silver Wheel due to increased demand for gas power generation units driven by the booming AI industry in North America, which is leading to a surge in data center electricity demand [2][3]. - XPeng Motors experienced a decline in January sales, attributed to industry-wide factors and policy changes, but the launch of its new range-extended model is expected to enhance future performance [4]. - Leap Motor's sales also saw a decrease, primarily due to subsidy reductions, yet the company remains optimistic about achieving its annual sales target of 1 million units [5][6]. Summary by Sections Silver Wheel - The company is poised for market value growth due to new gas power generation unit demand, driven by the AI industry's expansion and increased electricity needs in data centers [2][3]. - Caterpillar's generator business has become its fastest-growing segment, with a reported revenue increase of 44% year-over-year in Q4 2025, indicating strong market demand [3]. - Silver Wheel's established partnership with Caterpillar positions it well to benefit from the latter's capacity expansion and product needs [3]. XPeng Motors - XPeng's January sales reached 20,011 units, reflecting a year-over-year decline of 34% and a month-over-month decline of 46% [4]. - The decline is linked to broader industry trends and the impact of subsidy reductions, but the company’s new model, the XPeng GX, is expected to drive future sales and profitability [4]. - The GX model features advanced technology and is positioned to address consumer concerns about range anxiety, enhancing its competitive edge [4]. Leap Motor - Leap Motor's January sales totaled 32,059 units, with a significant month-over-month decline, yet it remains within the industry average [5][6]. - The sales drop is primarily due to subsidy cuts, but the company is focused on its D and A series models to support sales growth [5]. - Despite concerns regarding partnerships, the collaboration with Stellantis is expected to continue, potentially enhancing Leap Motor's market position [6].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][3] Core Insights - The report highlights an upward trend in the dye, PVA, and vitamin sectors, with price increases expected post-holiday. It emphasizes the importance of positioning in the spring chemical sector [2][3] - Oil prices are expected to remain in a relatively loose range, supported by a stronger bottom, with Brent crude projected between $55-70 per barrel. Coal prices are stabilizing, and natural gas costs are anticipated to decline due to increased export facilities in the U.S. [2][3] - The report suggests focusing on specific sectors such as textiles, agriculture, exports, and beneficiaries of "anti-involution" policies for investment opportunities [2][3] Summary by Sections Industry Dynamics - Current macroeconomic judgment indicates that oil supply is slowing due to OPEC+ production delays and peak shale oil output. Demand is stabilizing with global economic improvements, leading to a forecast of stable oil demand [3][4] - The chemical industry is experiencing a recovery phase, with PPI showing a slight increase and manufacturing PMI at 49.3%, indicating some volatility in manufacturing operations [4] Investment Analysis - The report recommends investments in the textile chain, agricultural chain, export chain, and sectors benefiting from anti-involution policies. Specific companies to watch include: - Textiles: Lu Xi Chemical, Tongkun Co., Rongsheng Petrochemical, Hengli Petrochemical - Agriculture: Hualu Hengsheng, Baofeng Energy, Yuntianhua, Xingfa Group - Exports: Juhua Co., Sanmei Co., Wanhu Chemical, and others [2][3] - Key materials for growth include semiconductor materials, panel materials, and biobased materials, with specific companies highlighted for each category [2][3] Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for 2024-2027, with recommendations for "Increase" or "Buy" ratings for several firms [15][16]

Investment Rating - The investment rating for the company is suggested to be "actively participate" due to its low initial valuation and low liquidity ratio [25]. Core Insights - The company focuses on automotive interior components, serving both domestic and international mainstream automakers. It has established a stable supply chain relationship with over 30 major manufacturers, including Volkswagen and BYD [5][9]. - The company is increasing its investment in the development of new energy products and technologies aimed at energy conservation and aesthetic enhancement, aligning with the trend of electric vehicles [10]. - Revenue is projected to reach 1.066 billion yuan in 2024, with a three-year CAGR of +9.29%, and net profit is expected to be 130.86 million yuan, with a CAGR of +42.36% [10]. Summary by Sections 1. Business Focus and Expansion - The company was established in 2007 and is headquartered in Shanghai, primarily producing door trim strips, instrument panels, and center consoles for passenger vehicles. It has a notable presence in the supply chains of major automotive manufacturers [9]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an issue price of 29.62 yuan per share. The initial issuance scale is 15.6 million shares, accounting for 25% of the total shares post-issuance, with expected fundraising of 462 million yuan [15][16]. 3. Industry Situation - The automotive industry in China continues to grow rapidly, maintaining its position as the world's largest market for fifteen consecutive years. Despite fluctuations due to macroeconomic factors, the industry still has significant growth potential, especially with the rise of new energy vehicles [17][18]. 4. Competitive Advantages - The company has established a strong brand image and stable partnerships with leading domestic and international automotive manufacturers. It possesses a comprehensive range of manufacturing processes to meet diverse market demands [19]. 5. Comparable Companies - The company is compared with peers in the automotive parts industry, showing a favorable gross margin of 28.93% for 2024, which is higher than many competitors [21][26].

行 业 研 究 / 行 业 点 评 相关研究 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 券 研 究 报 告 证券分析师 行 业 及 产 业 非银金融/ 证券Ⅱ 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 2026 年 02 月 10 日 优化再融资措施意在扶优服科，券 商中介机构业务迎来发展机遇 看好 ——沪深北交易所发布《优化再融资一揽子措施》点评 事件：2026/2/9，沪深北交易所同步发布《优化再融资一揽子措施》。 请务必仔细阅读正文之后的各项信息披露与声明 注：中信证券、招商证券、东方证券、国联民生数据采用业绩快报/预告 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 ⚫ 坚持扶优限劣。对经营治理、信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融 资审核，进一步提高再融资效率。 支持优质上市公司将募集资金用于与主营业务有 ...

社会服务 上 市 公 司 2026 年 02 月 10 日 中国东方教育 (00667) —— 职教培训景气上行，运营效率持续提升 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2026 年 02 月 09 日 | | --- | --- | | 收盘价（港币） | 6.21 | | 恒生中国企业指数 | 9168.33 | | 52 周最高/最低（港币） | 9.15/2.61 | | H 股市值（亿港币） | 137.71 | | 流通 H 股（百万股） | 2,217.53 | | 汇率（港币/人民币） | 0.8897 | 一年内股价与基准指数对比走势： -9% 91% 191% 291% 02/10 03/10 04/10 05/10 06/10 07/10 08/10 09/10 10/10 11/10 12/10 01/10 HSCEI 中国东方教育 资料来源：Bloomberg 相关研究 - 职业技能培训景气提升，公司招生增长提速：大学低速扩招错配高中快速扩招，我们预计受高 考落榜生数量持续增加，高中毕业生职业技能培训市场将迎来持续景气提升。受 21 至 24 年 高中持续扩 ...

Investment Rating - The report rates the construction materials industry as "Overweight," indicating an expectation for the industry to outperform the overall market [2][12]. Core Insights - Domestic cement prices are expected to show a trend of high prices followed by a decline, with an average price of 372.8 RMB/ton in 2025, a decrease of 12.6 RMB/ton year-on-year. Cement production is projected to decline by 7.2% in 2025, with a gradual recovery in profitability anticipated in 2026 due to supply-side improvements [4]. - The glass sector continues to face pressure, with the average price of flat glass expected to drop to 1323.3 RMB/ton in 2025, a significant decrease of 383.4 RMB/ton year-on-year. The industry is entering a period of accelerated cold repairs, which may enhance profitability in the future [4]. - The fiberglass yarn market remains relatively stable, with an expected average price of 3866 RMB/ton in 2025, reflecting a year-on-year increase of 174 RMB/ton. The demand for specialty electronic fabrics is anticipated to grow rapidly, contributing positively to the sector's performance [4]. - Consumer building materials are expected to show strong performance, with companies like Sanke Tree and Han Gao Group maintaining excellent revenue and profit due to strong channel development and brand advantages [4]. Summary by Sections Cement Industry - The average cement price in 2025 is projected at 372.8 RMB/ton, down 12.6 RMB/ton from the previous year. The first quarter's average price is expected to be 400.8 RMB/ton, declining to 358.0 RMB/ton by the fourth quarter. Cement production is expected to decrease by 7.2% in 2025, with a recovery in profitability anticipated in 2026 due to supply-side improvements [4]. Glass Industry - The average price of flat glass is expected to be 1323.3 RMB/ton in 2025, a decrease of 383.4 RMB/ton year-on-year. The industry is entering a cold repair cycle, with daily melting capacity dropping below 150,000 tons. This may lead to improved profitability in the future [4]. Fiberglass Sector - The average price of fiberglass yarn is projected to be 3866 RMB/ton in 2025, an increase of 174 RMB/ton year-on-year. The demand for specialty electronic fabrics is expected to accelerate, contributing positively to the sector's performance [4]. Consumer Building Materials - Companies such as Sanke Tree and Han Gao Group are expected to perform strongly due to their robust channel development and brand advantages. Other companies in the sector are also expected to maintain good operational quality, with potential for significant performance recovery in 2026 [4]. Investment Recommendations - The report suggests focusing on companies with improving quarterly reports and those benefiting from supply-side adjustments. Recommended companies include Conch Cement, Huaxin Cement, and Tianshan Shares in the cement sector, as well as China Jushi and Zhongcai Technology in the fiberglass sector. In consumer building materials, companies like Dongfang Yuhong and Kezhong Shares are highlighted for their strong performance [4].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][3] Core Insights - The chemical macroeconomic outlook indicates a stable increase in oil demand due to global economic recovery, with Brent crude oil expected to remain in the range of $55-70 per barrel [2][3] - The dye, PVA, and vitamin sectors are experiencing upward trends, with price increases anticipated post-holiday, highlighting the importance of positioning in the spring chemical sector [2][3] - The report suggests focusing on specific companies within the textile, agricultural, export, and "anti-involution" sectors for investment opportunities [2][3] Summary by Relevant Sections Chemical Macro Outlook - Oil supply is constrained due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with tariff adjustments and economic improvements [2][3] - Coal prices are expected to stabilize at a long-term bottom, and natural gas costs may decrease as the U.S. accelerates export facility construction [2][3] Price Trends and Recommendations - Dye prices are expected to rise significantly, with companies like Zhejiang Longsheng and Runtu Co. recommended for investment [2][3] - PVA prices have increased from 9,530 CNY/ton to 10,244 CNY/ton, indicating further upward potential, with a focus on Anhui Wuhua [2][3] - Vitamin E prices are projected to rise post-holiday due to production halts during the Chinese New Year, with New Hope Liuhe recommended [2][3] Investment Strategy - The report recommends a diversified investment approach across four main chains: textile, agricultural, export, and sectors benefiting from "anti-involution" policies [2][3] - Key companies to watch include: - Textile: LUXI Chemical, Tongkun Co., and Hengli Petrochemical - Agricultural: Hualu Hengsheng, Baofeng Energy, and Yuntianhua - Export-related chemicals: Juhua Co., Wanhua Chemical, and leading titanium dioxide producers [2][3] Growth Focus - Emphasis on self-sufficiency in key materials, particularly in semiconductor and panel materials, with companies like Yake Technology and Dingsheng Co. highlighted [2][3]

2026 年 02 月 10 日 申万金工 ETF 组合 202602 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 白皓天 A0230525070001 baiht@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 量 化 策 略 - ⚫ 宏观行业组合：针对所有标记为"行业主题"的 ETF，选择成立时间 1 年以上、当期规模 2 亿以上的产品跟踪的行业主题指数，每个月根据历史数据计算经济、流动性、信用的敏 感性得分，然后根据最新的经济、流动性、信用判断指标调整得分方向后进行加总，最终 得到排名前 6 的行业主题指数，然后取对应规模最大的 ETF 进行等权配置。根据申万金 工量化资产配置月报，目前经济前瞻指标回落、流动性偏松，信用指标修正为偏紧，我们 选择对经济不敏感、对流动性敏感、对信用不敏感的 ETF 配置，整体仍偏向 TMT 和消费。 ⚫ 宏观+动量行业组合：基于宏观类配置策略主要存在偏左侧 ...