Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry [10] Core Insights - Starting from April 2025, the main raw material for air conditioners, copper, has entered a new price increase cycle, with prices accelerating since mid-November. As of January 14, 2026, the LME copper spot settlement price reached $13,335 per ton, reflecting a 53.5% increase compared to the beginning of 2025. In response to cost pressures, several air conditioning companies, including Aux, Midea, and others, have announced price increases ranging from 3% to 8% [2][4][16] - The report analyzes the impact of rising copper prices on air conditioner gross margins and evaluates the effectiveness of manufacturers' price increase strategies based on a review of the previous raw material price increase cycle [4][16] Summary by Sections Introduction - The report discusses the resumption of the copper price increase cycle starting in April 2025 and its implications for air conditioning manufacturers, highlighting the need for price adjustments in response to rising costs [4][16] Theoretical Impact of Rising Copper Prices on Air Conditioner Profitability - Raw material costs account for approximately 54% of air conditioner production costs, with copper, steel, and plastic comprising 22%, 12%, and 10% respectively. The high proportion of copper makes air conditioners particularly sensitive to copper price fluctuations. The report estimates that if copper prices rise by 15%, 30%, and 50%, air conditioner gross margins would theoretically decline by 2.1, 4.2, and 7.1 percentage points respectively [5][20][25] Effectiveness of Price Increases to Mitigate Cost Pressures - The report suggests that manufacturers would need to raise product factory prices by 3.0%, 5.9%, and 9.8% to effectively counteract the pressure on profitability from copper price increases of 15%, 30%, and 50% respectively. A review of the previous raw material price increase cycle (2020Q2-2022Q1) indicates that while price increases can mitigate cost pressures in the short term, sustained rapid increases in raw material prices may still pose challenges to profitability [6][36][47] Investment Recommendations - In light of the current cost uncertainties, the report recommends focusing on leading white goods companies with significant cost advantages and well-integrated supply chains, specifically highlighting Midea Group, Haier Smart Home, and Gree Electric as key investment opportunities [7][56]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [11] Core Insights - In the inflation cycle, the prices of commodities such as copper and gold are rising, benefiting construction state-owned enterprises with quality mining rights, while the chemical industry is also expected to show profit resilience due to price elasticity [2][10] Summary by Relevant Sections Resource Sector - China Railway has invested in five modern mines, producing significant quantities of copper, cobalt, molybdenum, lead, zinc, and silver, with a revenue increase of 8.04% year-on-year in resource utilization business [6] - China Power Construction holds a 25.28% stake in Huagang Mining, with copper and cobalt production figures reported for 2025 [7] - Shanghai Construction's mining operations include a significant gold mine in Eritrea, contributing to substantial revenue from gold sales [8] - Sichuan Road and Bridge has developed a resource reserve system focusing on various minerals, with significant overseas projects [9] Chemical Industry - China Chemical has a broad chemical industrial layout, including significant production capacities for various chemicals and advancements in technology for epoxy propylene production [10] - The company has also made progress in potassium and phosphate mining, with substantial production and sales figures reported for 2025 [10] Market Performance - The construction sector's performance has varied, with specific sub-sectors showing positive growth rates year-to-date, such as chemical engineering and steel structure [20][21]

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 不动产的价值和价格 ——房地产行业周度观点更新 报告要点 [Table_Summary] 核心城市住房不存在系统性过剩，也不仅仅是商品，我们可以从资产视角去探讨定价问题，关 键矛盾在于价值和价格的关系。在低租售比背景下，租金涨幅对持有回报率有决定性作用，如 果中短期内没有明显的租金上涨，那么持有住房资产的回报率仍不及可比利率。房价的短期变 化跟合理价值关系不大，主要取决于边际，尤其是产业政策的扰动，社会预期是分层的，对合 理价值的判断也有差异；在房价经历较长时间和较大幅度的调整之后，自然需求和政策干预， 都有可能带来房价的缓和甚至一定修复。 分析师及联系人 [Table_Author] SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 刘义 侯兆熔 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 不动产的价值和价格 2] ——房地产行业周度观点更新 [Table_Summary2] 核心观点 止跌回稳的政策目标对市场 ...

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 业绩预告期仍为重点配置时期 报告要点 [Table_Summary] 本周非银板块整体表现较强，部分公司披露 2025 年业绩预告，整体延续高增态势。券商方面， 本周证监会召开资本市场"十五五"规划上市公司座谈会，另外市场交投有所回升，整体维持 历史高位；保险方面，中长期来看三季报以来印证了存款搬家、增配权益和新单成本改善逻辑， 中长期 ROE 改善确定性进一步提升，估值有望加速修复，健康慢牛下建议积极增配保险。 分析师及联系人 [Table_Author] SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 吴一凡 谢宇尘 盛晓双 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title2] 业绩预告期仍为重点配置时期 [Table_Summary2] 核心观点 1）本周非银板块整体表现较强，部分公司披露 2025 年业绩预告，整体延续高增态势。券商方 面，本周证监会召开资本市场"十 ...

Group 1: Manufacturing PMI Insights - The manufacturing PMI for January dropped to 49.3%, a significant decline compared to December, exceeding seasonal expectations[7] - Compared to November, the manufacturing PMI remained stable, indicating no significant strengthening in economic conditions[8] - The production index contributed 150% to the PMI, primarily driven by a recovery in upstream production[8] Group 2: Demand and Price Dynamics - New export orders increased by 0.2 percentage points, while new orders remained flat, suggesting stronger external demand compared to domestic demand[8] - The main raw material purchase price index rose by 3.0 percentage points to 56.1% compared to December, indicating cost-push inflation[8] - The finished goods inventory index increased to 48.6%, reflecting a trend of passive accumulation of inventory due to weak demand[8] Group 3: Non-Manufacturing Sector Performance - The non-manufacturing PMI fell to 49.4%, indicating a return to contraction territory[8] - The construction PMI dropped to 48.8%, influenced by seasonal factors as projects halted ahead of the Spring Festival[8] - The service sector PMI remained stable at 49.5%, supported by increased domestic travel demand during the holiday[8] Group 4: Economic Outlook and Risks - The report highlights concerns over the lack of demand support for production recovery and the potential impact of high raw material prices on industrial profitability[8] - Recent policy measures aim to stimulate demand and investment, with a focus on new consumption sectors[8]

Group 1: Metal Sector - Shandong Gold - Shandong Gold's net profit forecast for 2026 is projected to reach CNY 108.14 billion, with a PE ratio of 25.21[10] - The company has a resource reserve of 2,058 tons and an equity reserve of 787 tons, indicating significant undervaluation potential[14] - The recovery of the Jiaoji Gold Mine is expected to contribute 10 tons of gold annually once fully operational[14] Group 2: Building Materials Sector - Oriental Yuhong - Oriental Yuhong's operating performance is expected to bottom out, with net profits projected at CNY 18 billion in 2025, increasing to CNY 29 billion by 2027[21] - The company plans to increase revenue through retail price hikes of 3-4% and overseas expansion, potentially adding CNY 25 billion in revenue from international operations[21] - The domestic construction materials market is expected to see a 47% decline in sales area compared to 2021, leading to significant supply exit in the sector[18] Group 3: Transportation Sector - ZTO Express - ZTO Express is expected to achieve a net profit of CNY 104.45 billion in 2026, with a PE ratio of 11.80[10] - The company has improved its cash flow, with cash reserves exceeding CNY 300 billion and a debt ratio below 30%[44] - The competitive landscape in the express delivery sector is stabilizing, with a focus on improving profitability and operational efficiency[43]

Market Outlook - The market is expected to maintain a fluctuating upward trend around the Spring Festival in February 2026, with a focus on the "Technology + Resources" mainline market[3] - Key attention should be given to the earnings reports of US tech stocks and the potential validation of AI industry trends[3] Investment Strategy - Focus on three main lines: - Technology sector, including optical modules, storage, semiconductor equipment, and energy storage, addressing the issues of electricity shortages in the US, chip shortages domestically, and global storage shortages[3] - Non-ferrous metals, with increased volatility expected after January, particularly in industrial metals and chemicals[3] - Hot topics such as robots participating in the Spring Festival Gala and updates on AI large models[3] Recommended Stocks - **Metals**: Shandong Gold (EPS: 1.78, PE: 30.6 in 2026E)[20] - **Chemicals**: Juhua Co. (EPS: 2.51, PE: 15.7 in 2026E)[20] - **New Energy**: Junda Co. (EPS: 1.67, PE: 60.5 in 2026E)[20] - **Machinery**: Dier Laser (EPS: 2.87, PE: 30.6 in 2026E)[20] - **Military Industry**: Aero Engine Corporation (EPS: 0.35, PE: 132.9 in 2026E)[20] - **Non-Banking**: New China Life (EPS: 10.68, PE: 7.8 in 2026E)[20] - **Automotive**: Top Group (EPS: 1.92, PE: 37.7 in 2026E)[20] - **Electronics**: Jingce Electronics (EPS: 1.15, PE: 115.3 in 2026E)[20] - **Communication**: Zhongji Xuchuang (EPS: 17.40, PE: 37.3 in 2026E)[20] - **Media**: Giant Network (EPS: 2.12, PE: 20.8 in 2026E)[20] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation due to factors like slow job growth and reduced market demand[22] - Significant changes in individual stock fundamentals could lead to substantial declines in revenue or net profit[22]

丨证券研究报告丨 行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] 美股煤炭指数为何一马当先？ 报告要点 请阅读最后评级说明和重要声明 [Table_Summary] 年初至今，Wind 美国煤炭指数累计上涨 30.6%，远超 SW 煤炭指数涨幅，引发市场关注。实 际上，我们发现由于指数编制原因，美股煤炭指数亮眼的涨幅更多是铀业务等核燃料相关公司 贡献，而主要美国煤炭股今年以来平均涨幅仅 5.5%，不过这并不影响该平均涨幅在 2025 年高 达 40.4%的事实。究其原因，主要是美国 AI 缺电及关税强化本土制造业回流所带来的需求预 期向好，推动资金布局低估值煤炭标的。我们认为美国煤炭行业需求增长有望为国内供需带来 外生冲击，一定程度打开国内煤价弹性想象空间，进而为国内煤炭板块提供上涨助燃剂。 分析师及联系人 [Table_Author] 肖勇 赵超 叶如祯 庄越 韦思宇 SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BU ...

Investment Rating - The report indicates a positive outlook for the hydrogen energy industry, suggesting that it will outperform the relevant market indices in the next 12 months [13]. Core Insights - The report highlights the Chinese government's strong support for hydrogen energy as a key clean fuel in the construction of zero-carbon factories, which is expected to accelerate the industrialization of hydrogen applications [6][9]. - The document emphasizes the potential for hydrogen energy in various industrial applications, with significant projected consumption growth, particularly in sectors like synthetic ammonia and methanol [9]. - The report anticipates that the hydrogen industry will evolve towards large-scale and commercial development during the 14th Five-Year Plan period, with substantial advancements in hydrogen production, storage, and application technologies [9]. Summary by Sections Policy Support - The Chinese government has integrated hydrogen energy into its zero-carbon factory construction framework, recognizing its critical role in industrial decarbonization [6][9]. - The guidance encourages the development of integrated projects for green hydrogen and ammonia, promoting the use of clean hydrogen sources from industrial by-products and renewable energy [6][9]. Market Potential - In 2024, China's hydrogen consumption is projected to reach approximately 36.5 million tons, reflecting a compound annual growth rate of about 2.2% since 2020 [9]. - The report estimates that if green hydrogen can replace gray hydrogen in the production of green methanol and ammonia, it could absorb 6.98 million tons and 9.34 million tons of green hydrogen, respectively [9]. Future Outlook - By the end of 2025, the cumulative production capacity of green hydrogen is expected to exceed 250,000 tons per year, with significant reductions in production costs anticipated due to advancements in technology and economies of scale [9]. - The report forecasts the construction of over 540 hydrogen refueling stations by the end of 2025, alongside a substantial increase in fuel cell vehicle ownership [9].

Investment Rating - The report provides a recommendation for the technology sector, specifically highlighting key stocks for February 2026 [6]. Core Insights - The report identifies several companies across different segments of the technology industry, including electronics, communications, computing, and media, suggesting a diversified investment approach [6]. - Key companies recommended include: - Electronics: Dongshan Precision, Lanke Technology - Communications: Wolong Materials, Haige Communications - Computing: Zhongkong Technology, Haiguang Information - Media: Kaiying Network, Giant Network [6]. Summary by Category Electronics - **Dongshan Precision**: Positioned for growth due to AI technology advancements, with a focus on optical communication and PCB sectors. The acquisition of Solstice Optoelectronics enhances its market position [9]. - **Lanke Technology**: Expected to benefit from the growth in AI servers and memory interface chips, with a projected increase in DDR5 penetration rates [10]. Communications - **Wolong Materials**: Strong in traditional materials and expanding into new energy products, with significant profit growth expected from 2025 to 2027 [10]. - **Haige Communications**: Focused on commercial aerospace and satellite communication, with anticipated profit recovery post-2025 [10]. Computing - **Zhongkong Technology**: Emphasizes industrial AI transformation, leveraging its self-developed industrial model TPT to enhance customer ROI and operational efficiency [11]. - **Haiguang Information**: A leader in high-end CPUs and DCUs, expected to see significant growth driven by domestic demand for AI computing [12]. Media - **Kaiying Network**: Anticipates new game launches in 2026, with a strong pipeline of products expected to drive revenue growth [13]. - **Giant Network**: Positive performance from existing games and new releases, with ongoing AI integration in gaming expected to enhance user engagement [13]. Financial Projections - The report includes earnings per share (EPS) and price-to-earnings (PE) ratios for the recommended companies, indicating expected growth in profitability from 2024 to 2027 [14].