Investment Rating - The industry is rated as "Buy" with expectations of an increase exceeding 15% in the next 3-6 months [57]. Core Insights - The report emphasizes that upstream materials are a key inflationary component in the PCB upgrade iteration process, with three main conclusions: the number of PCBs is increasing, the value of PCBs per cabinet/GPU is rising, and upstream materials are undergoing continuous upgrades [2][8]. - The market is focusing on materials that are close to "ultimate" technology or "upgrade" directions, indicating a potential profit release in 2026 [3][18]. - The report highlights the significant price inflation in electronic fabrics, particularly Low-CTE and Q fabrics, driven by supply constraints and increasing demand from high-end applications [4][15][24]. Summary by Sections Upstream Materials - The report identifies that the PCB board count is increasing, and the corresponding value per cabinet/GPU is also on the rise, particularly with the introduction of new PCB designs like the Vera Rubin NVL144 CPX [2][8]. - Continuous upgrades in PCB upstream materials are necessary to meet the higher demands for transmission speed and signal integrity from AI applications [11][12]. - Upstream materials are prone to inflation, with significant price differences observed in various generations of electronic fabrics [15][18]. Electronic Fabrics - The report predicts a continued price increase for Low-CTE fabrics in 2026 due to supply shortages and rising demand from high-end applications [4][36]. - The second-generation Low-Dk fabrics are expected to face a clear supply-demand gap in 2026, driven by the large-scale deployment of Google's TPU V7 and above [36][37]. - Q fabrics are highlighted for their superior performance and scarcity, with a gradual increase in production expected in 2027 [26][34]. Copper Foil - The report notes a clear upgrade trend in HVLP copper foil, with significant price increase potential due to rising demand from AI applications and planned expansions by leading manufacturers [5][41]. - The market for carrier copper foil is identified as a second growth pole, with a current global market size of approximately 5 billion, primarily dominated by Japanese companies [49][50]. Resins - The report discusses the importance of resin types, particularly carbon-hydrogen resins, in high-frequency and high-speed applications, with domestic companies accelerating production to meet demand [51][54].

投资逻辑： 公司为有机硅和草甘膦行业双龙头，反内卷背景下业绩有望修复。 公司全球首创氯-磷-硅三元素的循环经济模式，实现有机硅和草 甘膦生产中的副产物综合利用，氯磷硅三大元素利用率均超 90%。 据百川盈孚统计，公司有机硅国内市占率 7%，排名行业第五；草 甘膦国内市占率为 10%，排名行业第三。过去几年在供需失衡背景 下产品价格走弱导致业绩承压，2025 年前三季度公司营业收入同 比下滑 1.1%至 117 亿元，归母净利润同比下滑 46.2%至 0.7 亿元， 反内卷背景下相关行业供需有望改善，将推动公司业绩实现修复。 硅基材料：供需改善下价格回暖，基础端有弹性且终端有支撑。 有机硅下游制品种类多且终端应用场景丰富，电子和新能源等新 兴领域带来增量需求；供给端国内实际增量有限，海外陶氏 14.5 万吨产能将于 2026 年中期关闭，随着格局优化将推动有机硅景气 向上，目前有机硅 DMC 价格已从 2025 年 11 月初的 1.1 万元/吨涨 至 1.4 万元/吨。公司有机硅单体产能 50 万吨，约 80%用于自产下 游产品，有机硅终端现有产能 20 万吨以上，终端转化率超 45%。 农化：草甘膦价格有望 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 14.24 RMB based on a 30x PE for 2026 [3]. Core Views - The company is a dual leader in the silicone and glyphosate industries, with performance expected to recover against a backdrop of reduced competition [1]. - The company has pioneered a circular economy model utilizing chlorine, phosphorus, and silicon, achieving over 90% utilization rates for these elements [1][21]. - The company’s revenue and profit have been under pressure due to price declines in recent years, but improvements in supply and demand dynamics are anticipated to drive performance recovery [1][2]. Summary by Sections 1. Business Overview - The company operates in three main sectors: crop protection, silicone materials, and new energy materials, with a focus on integrating phosphorus and silicon materials [14]. - The crop protection segment has developed a comprehensive system covering intermediates, active ingredients, and formulations, contributing to food security [14]. - The silicone materials segment has a complete industrial chain from upstream silicon mining to downstream product manufacturing, with applications in over 130 countries [14]. 2. Silicone Materials - The company’s silicone segment is expected to benefit from improving supply-demand dynamics, with prices showing signs of recovery [1][54]. - The domestic market for silicone has a strong demand base, with a compound annual growth rate of over 10% in recent years [54]. - The company has a silicone monomer capacity of 500,000 tons, with approximately 80% used for self-produced downstream products [1]. 3. Glyphosate Sector - Glyphosate prices are expected to improve due to the promotion of genetically modified crops, with domestic production capacity constrained by policy [2]. - The company has a glyphosate active ingredient capacity of 80,000 tons, with a formulation conversion rate exceeding 70% [2]. - The company has developed a diverse product portfolio in the agricultural sector, including over 100 varieties of herbicides, insecticides, and fungicides [2]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 147 billion RMB in 2025, with a net profit of 1.1 billion RMB, reflecting a significant recovery from previous lows [3]. - The earnings per share (EPS) are expected to grow from 0.081 RMB in 2025 to 0.673 RMB by 2027 [3]. - The report anticipates a recovery in profitability, with net profit expected to increase by 484% in 2026 [3]. 5. Market Position and Competitive Landscape - The company holds a 7% market share in the domestic silicone market, ranking fifth, and a 10% share in glyphosate, ranking third [1]. - The company’s revenue structure has shifted, with the agricultural segment's contribution increasing from 41% in 2020 to 49% in the first half of 2025 [24]. - The company’s profitability has shown volatility, particularly in the silicone materials segment, which has experienced significant fluctuations in gross margins [24].

Investment Rating - The industry is rated as "Buy" with an expected increase of over 15% in the next 3-6 months [57]. Core Insights - The report emphasizes that upstream materials are a key inflationary component in the PCB upgrade iteration process, with three main conclusions: the number of PCBs is increasing, the value of PCBs per cabinet/GPU is rising, and upstream materials are undergoing continuous upgrades [2][8]. - The market is focusing on materials that are close to "ultimate" technology or "upgrade" directions, indicating a potential profit release in 2026 [3][18]. - The report highlights the significant price inflation in electronic fabrics, particularly Low-CTE and Q fabrics, driven by supply constraints and increasing demand from AI applications [4][15][26]. Summary by Sections Upstream Materials - The report identifies that the PCB upgrade process is characterized by increasing PCB quantities and value, with a focus on the evolving requirements for materials such as electronic fabrics, copper foil, and resins [2][8]. - It notes that the industry trends for upstream materials lag behind PCB developments by 0.5-1 year, suggesting a delayed but strong profit release potential in 2026 [3][21]. - The sensitivity of material prices to market trends is highlighted, indicating that cost structures and supply dynamics are favorable for upstream materials [3][22]. Electronic Fabrics - The report predicts a continued price increase for Low-CTE fabrics due to supply shortages and rising demand, particularly from high-end applications [4][38]. - Q fabrics are expected to see significant adoption starting in 2027, with a strong short-term outlook due to supply constraints [26][34]. - The second-generation Low-Dk fabrics are anticipated to face a clear supply-demand gap in 2026, driven by the large-scale rollout of Google's TPU V7 and above [36][37]. Copper Foil - The report discusses the clear upgrade path for HVLP copper foil, with major producers expanding capacity and confirming strong demand trends [5][41]. - The market for carrier copper foil is identified as a second growth area, with a current global market size of approximately 5 billion, primarily dominated by Japanese firms [49]. - Price increases for HVLP copper foil are expected, supported by strong demand from AI and high-performance computing applications [46][45]. Resins - The report highlights the importance of resin types in high-frequency and high-speed applications, with carbon-hydrogen resins being the mainstream choice for advanced PCBs [51][54]. - Domestic companies are accelerating production to meet the growing demand for high-performance resins, indicating a shift towards local supply chains [54].

OpenClaw 带来 AI Agent 全新突破，引起市场高度关注 OpenClaw 是一款由程序员 Peter Steinberger 开发的开源 AI Agent 应用，2026 年 1 月 25 日在 GitHub 上发布后短时 间内便获得 AI 社区高度关注，后续快速出圈获得市场广泛关注。其获得关注的核心原因在于：自动实现高自由度的 智能化应用，完全文本对话形式就可以实现其他 Agent 产品需要通过代码、或是用工作流工具才能完成的复杂功能， 兼顾易用性与专业性；部署相对简单快速，且对本地设备要求不高，可在个人 Linux、macOS 或 Windows 系统中安装； 支持集成到飞书、钉钉等手机应用中，具有极高的使用便捷性。以上特性大幅降低了使用门槛，让一般使用者也能拥 有高度定制化的个人 Agent，也因此使其得到更广泛的普及。 本文首先展示 OpenClaw 的部署与初步使用方法，并着重介绍其最具有特色的几个功能模块。随后，我们结合具体案 例介绍 OpenClaw 的应用效果，展现其在日常生活或工作中能带来的实际效率提升。 如何快速上手 OpenClaw? OpenClaw 最适合部署的环境是 ...

Investment Rating - The report indicates a positive outlook for the industry, suggesting a potential for significant growth in the coming months [6][44]. Core Insights - The report highlights a rapid release of computing power demand driven by the dual forces of training and inference, with 2026 identified as a pivotal year for this transition [6]. - Major internet companies are intensifying their competition in AI, leading to a surge in demand for high-quality, multi-modal models, which in turn is expected to drive substantial growth in computing power requirements [11][25]. - The supply side is expected to improve structurally, with domestic computing power resources becoming more abundant, thus supporting the anticipated demand explosion [6][32]. Summary by Sections 1. Rapid Release of Computing Power Demand - The "arms race" in large models continues unabated, with leading internet firms like ByteDance, Alibaba, and Tencent releasing new models with trillions of parameters, enhancing their competitive edge [11][12]. - The demand for inference computing power is rising at an unexpected rate, with significant user growth reported for AI applications, particularly the Doubao app, which reached 226 million monthly active users by December 2025, marking a year-on-year increase of over 200% [6][25]. 2. Supply Side Improvements and Domestic Production Acceleration - The approval of NVIDIA's H200 AI chips for the Chinese market is expected to alleviate computing power shortages for major internet firms, facilitating faster model iterations [32]. - Domestic computing power chips have reached a performance level that is now considered "good enough," with significant advancements in local chip development and deployment [33]. 3. Full-Chain Inflation in Domestic Computing Power - The report predicts that the computing power industry will enter a "full-chain inflation" cycle in 2026, with growth expected across various segments including AIDC, cloud services, and supporting power equipment [38]. - Major tech companies are projected to increase their capital expenditures significantly, with estimates suggesting that the four largest tech firms in Silicon Valley will spend up to $650 billion in 2026 [40]. 4. Related Companies - The report lists several companies as relevant to the industry, including Dongyangguang, Hanwha, Haiguang Information, Wangsu Technology, and others, indicating a broad spectrum of potential investment opportunities [4][44].

公司是全球遮阳板龙头，向大内饰产品布局 ASP 提升至 4000 元， 主业收入放量可期；2025 年开始向机器人行业切换，开拓第二成 长曲线。结合公司经营情况，我们预测 2025-2027 年归母净利分 别为 8.1/9.9/10.9 亿元，公司股票现价对应 PE 估值为 30/24/22 倍。首次覆盖，给予公司"买入"评级。 深耕遮阳板、头枕二十余载，向大内饰+机器人布局。2001 年公司 配套通用遮阳板起家，2008 年开始生产头枕，2017 年切入特斯拉； 2018 年收购 Motus 后公司具备海外生产能力，2023 年发展大内 饰，获得特斯拉、Rivian、通用等顶棚订单，2025 年成立机器人 子公司，向后展望大内饰+机器人两条主线并行，开启新成长周期。 遮阳板全球市占率超四成，传统业务价值量稳步提升。据公司公 告，2018 年收购 Motus 后公司遮阳板产品的全球市占率超 30%， 且市占率稳步提升，2024 年遮阳板产品全球市占率提升至 44.5%； 虽然零部件行业订单受年降影响，但公司通过产品升级，近几年遮 阳板产品 ASP 稳步提升，从 2022 年的 64.69 元提升至 2024 ...

深耕遮阳板、头枕二十余载，向大内饰+机器人布局。2001 年公司 配套通用遮阳板起家，2008 年开始生产头枕，2017 年切入特斯拉； 2018 年收购 Motus 后公司具备海外生产能力，2023 年发展大内 饰，获得特斯拉、Rivian、通用等顶棚订单，2025 年成立机器人 子公司，向后展望大内饰+机器人两条主线并行，开启新成长周期。 遮阳板全球市占率超四成，传统业务价值量稳步提升。据公司公 告，2018 年收购 Motus 后公司遮阳板产品的全球市占率超 30%， 且市占率稳步提升，2024 年遮阳板产品全球市占率提升至 44.5%； 虽然零部件行业订单受年降影响，但公司通过产品升级，近几年遮 阳板产品 ASP 稳步提升，从 2022 年的 64.69 元提升至 2024 年的 67.5 元。 从遮阳板到大内饰，单车价值量从约 563 元提升 4000 元。公司原 有产品 ASP 为 563 元（头枕 ASP 320 元、遮阳板 ASP 135 元、顶 棚控制器 108 元），从 2023 年开始公司发行转债扩产顶棚集成系 统 ASP 提升至 4000 元。从遮阳板到顶棚系统，公司具备客户基础 和技 ...

Report Information - Report Title: Convertible Bond Selection + Timing Strategy Weekly Tracking (as of February 2, 2026) - Report Date: February 2, 2025 - Report Source: Financial Products Center, Securities Research Report [1] Core Viewpoints - This week, the three strategies jointly held 6 convertible bonds, namely Lanfan Convertible Bond, Changqi Convertible Bond, Qiaqia Convertible Bond, Fuhan Convertible Bond, Xianle Convertible Bond, and Zheng22 Convertible Bond. The sub - low - price strategy maintained low turnover, and the price center of the increased - holding targets was at a medium - high level. The option strategy also maintained low turnover [2] - The double - low strategy's increased - holding targets this week were mainly affected by the implied volatility, the factor of convertible bond price changes relative to the underlying stock price changes, and the环比 change of the conversion premium rate [6] - From an industry perspective, the model's recommended directions are petroleum and petrochemicals, building materials, building decoration, social services, and basic chemicals. The industry mainline is cyclical, mainly contributed by the factor of conversion price change relative to the underlying stock price change and the conversion premium rate factor. There is a marginal increase in social services [7] Strategy - related Summaries Sub - low - price Strategy - Increased - holding targets: ForceNuo Convertible Bond (123221), YinBang Convertible Bond (123252), etc. [4] - Performance: It fell 1.84% in the past week, with an excess return of - 0.96% compared to the Wind Convertible Bond Low - price Index. It rose 5.44% this year, with an excess return of 1.65% compared to the benchmark. In the past year, the annualized return was 25.15%, the Sharpe ratio was 2.21, the Calmar ratio was 3.96, the maximum drawdown was 6.35%, and the annualized excess return was 4.09% [10][12][26] - Factor: The factor was the average closing price of the past week, with a weight of 100%. The IC mean was - 7.90%, the IC standard deviation was 22.29%, the ICIR was - 35.45%, the frequency of IC>0 was 18.53%, and the p - Value was 0.00% [15] Option Strategy - Increased - holding targets: NaiPuZhuan02 (123265), LianRui Convertible Bond (118064), etc. [6] - Performance: It fell 1.84% in the past week, with an excess return of - 0.96% compared to the Wind Convertible Bond Low - price Index. It rose 7.95% this year, with an excess return of 4.08% compared to the benchmark. In the past year, the annualized return was 32.53%, the Sharpe ratio was 3.09, the Calmar ratio was 6.96, the maximum drawdown was 4.68%, and the annualized excess return was 10.12% [10][12][26] - Factor: The main factor was the intraday amplitude difference of the convertible bond relative to the underlying stock, with a weight of 100%. The IC mean was - 4.40%, the IC standard deviation was 19.04%, the ICIR was - 23.09%, the frequency of IC>0 was 31.38%, and the p - Value was 0.00% [15] Double - low Enhanced Strategy - Increased - holding targets (TOP10): ShuangLiang Convertible Bond (110095), LiZi Convertible Bond (111014), etc. [25] - Performance: It fell 2.63% in the past week, with an excess return of - 1.17% compared to the Wind Convertible Bond Double - low Index. It rose 6.40% this year, with an excess return of 4.12% compared to the benchmark. In the past year, the annualized return was 30.83%, the Sharpe ratio was 2.18, the Calmar ratio was 3.97, the maximum drawdown was 7.76%, and the annualized excess return was 14.17% [10][12][26] - Factor: Multiple factors were involved, such as the convertible bond price change relative to the underlying stock price change in the past week, the average closing price in the past week, and the 环比 change of the conversion premium rate in the past week, each with a weight of 20% [15] Industry Rotation Strategy - Recommended industries: Petroleum and petrochemicals, building materials, building decoration, social services, and basic chemicals. The top 5 industries and bottom 5 industries are also presented in the report [7][8] - Performance: It fell 1.38% in the past week, with an excess return of 0.10% compared to the Wind Convertible Bond Double - low Index. It rose 4.34% this year, with an excess return of 2.10% compared to the benchmark. In the past year, the annualized return was 23.38%, the Sharpe ratio was 1.71, the Calmar ratio was 3.52, the maximum drawdown was 6.64%, and the annualized excess return was 7.62% [10][12][26] - Factor: Four factors were used, including the Amihud ratio, the double - low factor's historical quantile, the convertible bond price change relative to the underlying stock price change in the past 2 weeks, and the 环比 change of the conversion premium rate in the past month, each with a weight of 25% [15]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 21.94 RMB, corresponding to a target valuation of 20X for 2026 [5]. Core Insights - The company is expected to accelerate the commercialization of AI + trade services, with trade service contributions anticipated to grow at a steeper curve due to the Belt and Road Initiative and the 1039 market procurement model [2]. - The company has established itself as the sole pilot for the import positive list business, which is expected to create a second growth engine [4]. - The CG platform's AI tools are projected to enhance revenue generation, with significant growth in user engagement and profitability [45][48]. Summary by Sections 1. Company Overview - The company has a strong foundation in the Yiwu market, benefiting from deep reform genes and a robust operational mechanism, leading to significant growth in gross profit [15]. - The export business has seen rapid growth, with the 1039 model driving exports from 189.3 billion RMB in 2017 to an expected 471.7 billion RMB in 2024, reflecting a 21.5% year-on-year increase [20]. - The company has established a comprehensive trade ecosystem, enhancing revenue and profit quality through market operations, trade services, and supporting services [26]. 2. New Business Development - The company is expanding its overseas presence, particularly in emerging markets, with a focus on the Belt and Road Initiative, which has led to a 26.9% increase in trade volume with these countries [40]. - The CG platform has entered a revenue-generating phase, with diverse charging models for its services, including basic and value-added service fees [45]. - The AI tools on the CG platform are expected to significantly increase revenue, with a notable rise in user engagement and profitability [48]. 3. Financial Projections - Revenue projections for 2025-2027 are 21.2 billion, 27.8 billion, and 34.4 billion RMB, respectively, with year-on-year growth rates of 34.7%, 31.0%, and 24.0% [5]. - Net profit forecasts for the same period are 4.5 billion, 6.0 billion, and 7.2 billion RMB, with growth rates of 47.4%, 32.8%, and 19.3% [5]. - The company’s gross profit margin is expected to improve, driven by the growth of trade services and market operations [29].