[Table_Title] 证券研究报告 / 公司动态报告 AI 企业核心算力服务供应商 [Table_Summary] ➢ 智慧城市：全场景赋能，夯实数字化转型底座 公司深耕智慧城市领域，形成了覆盖智慧民生、城市综合管理、智慧园 区三大核心领域的全流程解决方案服务能力。在智慧民生领域，聚焦教 育、医疗等场景，通过大数据、云计算、物联网技术实现客户经营管理 数据化与业务在线化，例如智慧医疗场景下的医疗数据整合与高效调度、 智慧教育领域的资源均衡配置支持等；在城市综合管理领域，服务于市 政、政务、安防等政府机关及事业单位，依托物联网技术打通数据互联 互通壁垒，构建城市综合管理智能化体系；在智慧园区领域，针对政府 主导型、产业地产主导型等不同类型园区，打造智慧园区载体，典型应 用包括智慧农业园区的数字化种植管理与能耗优化。 ➢ 算力：算力服务收入爆发式增长，驱动双主业协同发展 1）业绩及订单大增：算力业务已成为公司绝对核心增长引擎，2025 年 上半年实现营业收入 11.88 亿元，同比大幅增长 567.14%，其中算力服务 收入 10.84 亿元，占总营收比重飙升至 91.28%，归母净利润 6028.04 万 ...

[Table_Title] 证券研究报告 / 公司点评报告 锆铪分离产线投产在即，今年业绩有望增厚 [Table_Summary] 事件：2 月 8 日，公司子公司辽宁华祥锆铪分离半工业化产线完成技术 验证，产品成功产出并且各项指标均达预期标准。 点评 锆铪分离产线投产在即，有望为 2026 年业绩带来积极影响 据辽宁华祥公众号，2 月 8 日，公司子公司辽宁华祥锆铪分离半工业化 产线圆满完成为期 14 天的全流程、全天候连续生产验证，实现连续、高 效、稳定地产出电子级氧氯化锆（Hf＜20ppm；Fe、Ti、Al、Si：＜5ppm） 及高纯氧氯化铪（Zr＜0.1%；Fe、Ti、Al、Si：＜5ppm），产品各项指标 均达预期标准。据生意社、QY Research、Strategic Metals Invest 数据， 2026 年 1 月，99%氧化铪（工业级）市场报价为 6000 元/千克，99.99% 氧化铪（电子级）市场报价预计为 9000-10000 元/千克；2026 年 2 月， 金属铪的市场报价为 12002 美元/千克（折合人民币约 84000 元/千克）。 2025 年业绩预计同比+32.0 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company has established a strong competitive moat in L4 autonomous driving through technology, licensing, mass production capabilities, and operational efficiency. It has developed the WeRide One platform, which integrates AI models, software algorithms, modular hardware design, and cloud architecture, enhancing scalability and versatility [1][28]. - The company has achieved significant milestones in licensing, having obtained autonomous driving licenses in eight countries, including China, UAE, Singapore, France, the USA, Saudi Arabia, Belgium, and Switzerland, positioning it as an industry leader [1][36]. - As of January 12, 2026, the company's global Robotaxi fleet reached 1,023 vehicles, with a target of deploying tens of thousands by 2030 [1][41]. Summary by Sections Company Overview - The company, WeRide, was founded in 2017 and is the only technology firm with autonomous driving licenses in eight countries. It focuses on developing safe and reliable autonomous driving technologies across various applications, including Robotaxi, Robobus, Robovan, and Robosweeper [16]. Technology and R&D - The company emphasizes R&D, with a high proportion of its workforce dedicated to it. As of June 30, 2025, 93.7% of its full-time employees are R&D personnel, including top AI scientists and engineers [28]. - The WeRide GENESIS simulation model significantly enhances the efficiency and capability of autonomous driving algorithms, reducing the time and cost of traditional road testing [31][32]. Licensing and Market Presence - The company has a clear advantage in licensing, having secured multiple licenses in various cities, including Shanghai and Abu Dhabi, where it has commenced fully autonomous operations [2][39]. - The company has successfully launched its Robotaxi services in major cities, including Beijing, Guangzhou, and Abu Dhabi, with plans to expand further [2][45]. Financial Projections - The company forecasts net losses of CNY 1.69 billion, CNY 1.37 billion, and CNY 1.10 billion for the years 2025, 2026, and 2027, respectively, with expected EPS of -CNY 1.65, -CNY 1.33, and -CNY 1.07 [3][5]. Market Strategy - The company is focused on both domestic and international markets, with a robust strategy for global expansion, particularly in the Middle East, where it has established a significant presence [2][82]. - The company aims to achieve single-vehicle breakeven in Abu Dhabi, indicating a viable business model for its Robotaxi services [54][86].

[Table_Title] 证券研究报告 / 公司深度报告 国内欧式起重机龙头，扬帆起航新征程 报告摘要： [Table_Summary] 国内欧式起重机龙头深耕中高端市场：法兰泰克成立于 2002 年，2017 年在上交所上市，是国内欧式起重机龙头，全球知名的工业起重机领先 品牌。公司目前产品种类包括欧式起重机、电动葫芦和工程机械部件等， 下游覆盖先进装备制造、交通物流、造纸、能源电力、汽车船舶等二十 多个专业领域。 船舶等细分下游高景气，新签订单创同期历史新高，业绩表现强劲 作为国内欧式起重机龙头，公司聚焦高端客户定位，发挥下游行业覆盖 面广阔、聚焦各个下游行业头部客户群的优势，在船舶、自动化等多个 细分领域实现了重大突破，新签订单创同期历史新高。公司业绩表现持 续强劲：2025 年前三季度，公司实现归母净利润 1.71 亿元，同比增长 38.87%。未来，随着船舶、有色、水利等细分下游多点开花，公司业绩 有望维持强势表现。 加大在水利水电行业布局，铸就和提升国电大力的龙头地位 国电大力是法兰泰克全资子公司，是专注于水利水电建设的科技型企业。 水电在能源转型中占据关键地位，重大水电项目建设稳步推进，随着总 ...

电网投资增长有望提升公司业绩 [Table_Summary] 1、"十五五"期间电网投资有望大幅增加。"十五五"期间，国家电网公 司固定资产投资预计达到 4 万亿元，较"十四五"投资增长 40%，以扩 大有效投资带动新型电力系统产业链供应链高质量发展。"十五五"期间， 国家电网锚定国家自主贡献减排目标，服务经营区风光新能源装机容量 年均新增 2 亿千瓦左右，推动非化石能源消费占比达到 25%、电能占终 端能源消费比重达到 35%。 "十五五"期间，国家电网将初步建成主配 微协同的新型电网平台，"西电东送、北电南供"能源输送网络进一步巩 固。加快特高压直流外送通道建设，跨区跨省输电能力较"十四五"末 提升超过 30%。国家电网公司将继续发挥国民经济"稳定器"和"压舱 石"作用，通过持续稳定的高强度投资，加快建设以主干电网和配电网 为重要基础、智能微电网为有益补充的新型电网平台，全力保障国家能 源安全，为加快建设新型能源体系、全面建成能源强国作出新的更大贡 献。 2、电力监测和电力软件业务优势突出。公司拥有覆盖发电、输电、变电 环节的完整的电力在线监测产品体系。精准对接国家电网泛在电力物联 网方案的感知层设备和平 ...

报告摘要： [联合水务是 Table_Summary] 拥抱科技和走向国际的综合性水务投资运营商。公司业务范 围主要集中于供水及衍生业务、污水处理与资源化利用、水环境和水生 态修复，以及 EPC 及 PPP 建造工程类业务。通过投资、建设和运营等方 式，公司拥有 26 个国内运营公司和 1 个海外孟加拉国公司，在水务领域 从"水源头"到"水龙头"形成了完整的产业链。近年来，公司以智慧 运营赋能高质量发展，推出无人船等科技产品，在立足国内市场的基础 上，公司积极开拓东南亚、中东国际市场，推动绿色低碳可持续发展。 [Table_Title] 证券研究报告 / 公司深度报告 公用水务投资运营商，"科技+出海"赋能增长 国内国外双重机遇，行业发展空间可观。国内城乡融合持续推进，供水 业务、污水处理稳健增长。生态用水需求量持续升高，财政支持水环境 治理，共同推动水环境和水生态修复业务的发展。公司孟加拉项目的成 功运营，对于业务出海国际化具有里程碑意义和示范效应。南亚、东南 亚和中东地区的水务市场潜在空间广阔，"一带一路"沿线国家存在交流 合作的商业机遇。未来，随着国内水价上调和提标改造建设的逐步推进， 公用事业水务行业 ...

Investment Rating - The report rates the coal mining industry as "Outperforming the Market" [5] Core Insights - Coal remains a dominant energy source in China, with consumption expected to reach 92.16 exajoules in 2024, accounting for 55.8% of global consumption [1][24] - The industry has seen significant improvements in profitability due to the elimination of outdated production capacity, with the number of coal mines decreasing from 10,800 in 2015 to under 4,300 by 2024, and average output per mine increasing from 340,000 tons/year to over 1.1 million tons/year [1][24] - The market for coal mine intelligence is projected to reach 586.8 billion yuan by 2024, with a compound annual growth rate of 15.74% expected until 2030 [2] Summary by Sections 1. Policy Guidance and Smart Mining Development - The integration of AI and modern technologies into coal mining is essential for high-quality development, with policies being established to support this transition [10][15] - The government has set ambitious targets for smart mining, aiming for 60% of coal mining capacity to be intelligent by 2026 and 30% of mining faces to operate under smart conditions [15][19] 2. Investment in Fixed Assets and Safety - Coal companies are increasing fixed asset investments, focusing on smart upgrades to enhance safety and efficiency [24][25] - The profitability of coal enterprises has improved significantly, with capital expenditures closely linked to previous year's profits, ensuring a steady flow of orders for smart mining companies [31] 3. Market Potential and AI Integration - The smart mining market is expected to grow significantly, with the number of intelligent mining faces projected to reach 907 by 2024, indicating a penetration rate of approximately 21.09% [2][3] - AI applications in the coal sector are expanding, with various models being developed by major coal enterprises and IT companies [3] 4. Related Companies - Key companies in the sector include Yunding Technology, Beilu Zhikong, and Gongda Gaoke, which are leading the charge in smart mining technologies [4][9]

[Table_Title] / 证券研究报告 行业深度报告 乾崑智驾跨越百万丰碑，高楼引望迈向千万瀚海 报告摘要： L3 商业化拐点确立，高阶智驾由"可选"变为"优选"。 批 L3 准入许可，标志着高阶智驾从技术验证迈向准入运营元年。政策明 确了责任主体与运营边界，打通了商业化闭环。行业竞争逻辑已从单纯 的算力、雷达数量竞赛，转向"端到端大模型"驱动的系统工程。市场 考核指标从硬件参数切换为平均接管里程（MPI）及通行效率。头部厂商 凭借"量产-数据-算法"的正向飞轮，正加速驱动行业集中度提高 。 [Table_Summary] 工信部核发首 乾崑智驾技术日臻成熟，合作模式逐步丰富。华为 ADS 系统经历四代进 化，ADS 4.0 引入 WEWA 架构与世界模型，实现"类人"向"超人"进 化。在 P3、C-ICAP 等国内外权威测评中持续霸榜，与传统豪强（BBA 等）拉开显著代差，占据高净值用户心智。通过"零部件、HI、鸿蒙智 行"三层金字塔模式，华为灵活适配车企需求。实际运营中，乾崑智驾 用户活跃率高达 98%，智驾里程与泊车调用量呈现爆发式增长 。 产与人员的彻底剥离，并引入赛力斯、阿维塔等车企参股，确立 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage in the market [4][6]. Core Insights - The company is a leader in the African hygiene products industry, with a projected revenue of $450 million in 2024 and a three-year CAGR of 19%. Net profit is expected to reach $95 million, with a CAGR of 130% [1][4]. - The African hygiene products market is still in its early industrialization stage, presenting significant growth potential. The market for baby diapers, pull-ups, and sanitary pads is estimated to be $3.8 billion in 2024, with a projected growth rate of approximately 8% over the next five years [2][40]. - The company has established competitive barriers through a multi-brand strategy, a robust local supply chain, and a mature sales network, covering over 30 African countries and reaching more than 80% of the local population [3][62]. Summary by Sections Company Overview - The company, established in 2009, has become a leading brand in Africa's hygiene products sector, launching several brands including Softcare, Maya, Veesper, Cuettie, and Clincleer [1][16]. Market Potential - Africa's GDP is expected to grow at around 4%, with a high birth rate of approximately 4% and a low penetration rate of hygiene products (20% for diapers compared to 80% in developed markets) [2][40]. - The market for disposable hygiene products in Africa is projected to grow significantly, with the baby diaper market expected to reach $2.59 billion by 2024, growing at a CAGR of 6.2% [49]. Competitive Advantages - The company has a diverse brand portfolio that covers various market segments, with Softcare being the leading brand in terms of sales volume [3][62]. - The company has developed a comprehensive sales network and local manufacturing capabilities, with eight factories across Africa, making it the largest local manufacturer in the hygiene products sector [3][62]. Financial Analysis - The company’s revenue is projected to grow from $411 million in 2023 to $454 million in 2024, with a net profit increase from $64.68 million to $95.11 million during the same period [5][24]. - The expected earnings per share for 2024 is $0.19, with a price-to-earnings ratio of 2.39 [5][4]. Investment Forecast - Revenue projections for 2025-2027 are estimated at $529 million, $610 million, and $703 million respectively, with corresponding net profits of $115 million, $133 million, and $156 million [4][5].

[Table_Info1] 巨星科技(002444) 机械设备 [Table_Date] 发布时间：2026-02-09 [Table_Title] 证券研究报告 / 公司深度报告 产品+渠道+品牌构建核心竞争力，地产+补库周期有望共振 报告摘要： [Table_Summary] 中国工具出海龙头企业，品牌和产品矩阵不断完善，收入利润持续增长。 公司通过创立自有品牌（WORKPRO、DuraTech 等）和收购全球工具细 分行业龙头品牌（PREXISO、LISTA、Shop-Vac 等）完善品牌矩阵，同 时切入激光测量仪器、储物箱柜、电动工具等细分行业，形成手工具、 电动工具和工业工具三类主要产品。2011-2024 年，公司营业收入 CAGR 为 15.95%，归母净利润 CAGR 为 17.76%。 工具行业长坡厚雪，美国地产+补库周期有望推动工具产品需求增长。欧 美受 DIY 文化影响成为全球主要工具市场，2025H1 公司欧美地区收入 占比超 90%，其中美洲收入占比为 65%。预计 2024-2026 年全球工具产 品市场规模由 622 亿美元增长至 673 亿美元，CAGR 为 4.02%，同期电 ...