Investment Rating - The report maintains a "Buy-A" rating for Tianfu Communication (300394.SZ) [1] Core Views - The company's performance meets expectations, with anticipated growth in the 1.6T optical engine and CPO, NPO products [1] - The company forecasts a significant increase in net profit for 2025, projected between 1.88 billion to 2.15 billion yuan, representing a year-on-year growth of 40.0% to 60.0% [3] - The report highlights the alleviation of material bottlenecks and the expected ramp-up in the 1.6T optical engine production, driven by strong demand for AI hardware [4] - The company is positioned as a key player in the supply chain for NVIDIA's CPO products, leveraging its manufacturing capabilities [5] Financial Performance and Projections - The company expects revenues to grow significantly, with projected revenues of 5.41 billion yuan in 2025, 10.55 billion yuan in 2026, and 16.64 billion yuan in 2027, reflecting year-on-year growth rates of 66.4%, 95.0%, and 57.7% respectively [8] - Net profit projections for 2025, 2026, and 2027 are 2.01 billion yuan, 3.78 billion yuan, and 5.58 billion yuan, with respective growth rates of 49.3%, 88.6%, and 47.4% [8] - The report indicates a diluted EPS of 2.58 yuan for 2025, 4.87 yuan for 2026, and 7.18 yuan for 2027, with corresponding P/E ratios of 115.4, 61.2, and 41.5 [7][8] Market Position and Competitive Landscape - The report notes that the company is likely to benefit from the strong demand for 1.6T optical modules driven by capital expenditures in North America [7] - The company is expected to play a significant role in the CPO/NPO market, particularly in the Scaleup segment, which is anticipated to have a larger growth curve compared to Scaleout [6][7]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for its stock performance [1]. Core Insights - The company is expected to achieve a net profit of 1.1 to 1.18 billion yuan in 2025, representing a year-on-year growth of 29.8% to 39.2% [3]. - The demand for electronic materials, communication cables, power products, and new energy vehicle products is on the rise, contributing to revenue growth across all business segments, particularly in communication cables and new energy vehicles [3]. - The global high-speed copper cable market is projected to reach 1.9 billion yuan in 2025, with a compound annual growth rate (CAGR) of 26.9% expected until 2029 [4]. - The company is positioned as the third-largest global and the largest domestic manufacturer of high-speed copper communication cables [4]. - The company has deployed 16 imported foamed core wire extrusion machines, leading in global production capacity [6]. - The domestic DC charging gun market is anticipated to grow from 1.7 billion yuan in 2025 to 4.1 billion yuan by 2029, with the company ranking fifth globally and first in DC charging guns [6]. Financial Performance and Forecast - The company forecasts net profits of 1.16 billion yuan for 2025, 1.88 billion yuan for 2026, and 2.57 billion yuan for 2027, with respective year-on-year growth rates of 36.3%, 62.7%, and 36.4% [7]. - Revenue is projected to increase from 5.723 billion yuan in 2023 to 15.896 billion yuan in 2027, reflecting a compound annual growth rate of 30.8% [8]. - The gross profit margin is expected to improve from 32.6% in 2023 to 35.9% in 2027 [8]. - The price-to-earnings (P/E) ratio is projected to decrease from 49.1 in 2023 to 13.4 in 2027, indicating a more attractive valuation over time [8].

Investment Ratings - The report maintains an investment rating of "Buy-A" for Haida Group (002311.SZ) and "Buy-B" for Shengnong Development (002299.SZ) and Wen's Shares (300498.SZ) [2] Core Insights - The pig prices are expected to face downward pressure after the peak season, with self-breeding pig farming profits currently in the negative [4] - The feed industry is undergoing accelerated consolidation, with market share shifting towards leading companies with R&D advantages and scale [4] - The report highlights opportunities for Haida Group due to its efficient internal management and strong service advantages in the industry chain [4] - The report suggests that the pig farming industry may experience a significant capacity reduction in 2026, which could improve the fundamentals and valuations of the sector [5] - The pet food sector is expected to continue growing, with a shift in competition from marketing to R&D and supply chain management [6] Summary by Sections 1. Industry Performance - The agricultural sector saw a decline of 1.92% in the week of February 2-8, 2026, with the food and feed additives, meat chicken farming, and pig farming sectors performing relatively well [3][13] 2. Pig Farming - As of February 6, 2026, the average prices for external three-way cross pigs in Sichuan, Guangdong, and Henan were 11.65, 11.96, and 12.38 CNY/kg, respectively, showing a week-on-week decline of 4.12%, 1.64%, and 1.98% [4][22] - The average pork price was 18.34 CNY/kg, down 1.45% from the previous week [4][22] - Self-breeding pig farming profits were reported at -38.09 CNY/head, a decrease of 63.19 CNY/head from the previous week [4][22] 3. Poultry Farming - The price of white feather chickens was reported at 7.53 CNY/kg, down 2.71% week-on-week, with a loss of 0.26 CNY per chicken [37] 4. Feed Processing - The average price of feed for fattening pigs remained stable at 3.37 CNY/kg as of January 29, 2026 [41] 5. Aquaculture - As of February 6, 2026, the price of sea cucumbers was 120 CNY/kg, and the price of shrimp was 320 CNY/kg, both remaining stable [47] 6. Crop and Oilseed Processing - As of February 6, 2026, corn was priced at 2368.43 CNY/ton, with a slight decrease of 0.33% week-on-week, while soybean prices remained stable at 4072.11 CNY/ton [56][57]

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 4,123.09, up 1.41%, indicating broad growth potential [4] - The Shenzhen Component Index increased by 2.17%, while the ChiNext Index rose by 2.98%, reflecting a strong market sentiment [4] Company Insights - Under Armour reported a 4% decline in revenue for FY2026, with Q3 revenue dropping 5% to $1.3 billion and a net loss of $431 million [8] - In North America, Under Armour's revenue fell by 10% to $757 million, while international markets saw a 3% increase, with EMEA growing by 6% and Latin America by 20% [8] - The company's gross margin decreased by 3.10 percentage points to 44.4%, primarily due to higher tariffs and pricing pressures [8] - For FY2026, Under Armour anticipates an 8% revenue decline in North America and a 6% decline in the Asia-Pacific region, with an expected operating loss of $154 million [8] Industry Dynamics - In 2025, China's gold consumption is projected to decline by 3.57% to 950.096 tons, with jewelry consumption dropping by 31.61% [8] - The demand for gold is diversifying, with a notable increase in gold bars and coins consumption, which is expected to surpass jewelry consumption for the first time [8] - The textile and apparel sector saw a 1.32% increase, outperforming the broader market, with specific segments like textile manufacturing and apparel showing significant gains [9] Investment Recommendations - The report suggests focusing on brands like Bosideng, which is expected to meet its sales targets due to product innovation and extended sales periods [9] - Companies like Geely and Jiangnan Buyi are highlighted for their stable performance and high dividend yields, with Jiangnan Buyi maintaining an average payout ratio of 84% from 2021 to 2025 [9] - In the home textile sector, companies like Luolai Life and Mercury Home Textile are recommended due to their strong product performance and market positioning [9] - The report emphasizes the potential of companies involved in gold investment, such as Caibai Co., which is expected to see significant profit growth due to rising gold prices [10]

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1] Core Insights - The textile and apparel industry has shown a weak recovery, with a focus on consumer performance at the retail end, innovation in major home textile products, and the IP economy [10] - The report highlights significant sales growth in certain brands and sectors, indicating potential investment opportunities [10] Summary by Sections Recent Observations - Under Armour reported a 5% year-over-year revenue decline in FY2026Q3, with revenues of $1.3 billion and a net loss of $431 million [19] - North American revenue fell by 10% to $757 million, while international revenue grew by 3% to $577 million, with EMEA up 6% and Latin America up 20% [4][19] Market Performance - The SW textile and apparel sector rose by 1.32%, outperforming the Shanghai Composite Index by 2.66 percentage points [21] - The SW textile manufacturing sub-sector increased by 2.18%, while the apparel and home textile sub-sector rose by 2.25% [22] Company Performance - Notable companies in the textile and apparel sector include Cai Bai Co., which saw a 30.39% increase in stock price, and Bangjie Co., which rose by 25% [32] - Conversely, China Gold experienced a significant decline of 22.21% in stock price [32] Industry Data Tracking - In December 2025, China's retail sales reached 4.51 trillion yuan, a year-over-year increase of 0.9% [55] - The textile and apparel retail sector saw a modest growth of 0.6% year-over-year in 2025 [56] Investment Recommendations - The report recommends focusing on brands like Bosideng, which is committed to product innovation and channel quality improvement, and companies like Ge Li Si and Jiangnan Buyi, which have shown stable operational performance [10] - In the home textile sector, attention is drawn to companies like Luolai Life and Mercury Home Textile, which are driving growth through major product innovations [10] Material Prices - As of February 6, 2026, the price index for cotton in China was 16,025 yuan per ton, reflecting a 1.0% decrease [36] - The gold price was reported at 1,093.85 yuan per gram, down 6.02% [36] Export Data - In 2025, China's textile and apparel exports amounted to $1,425.85 billion and $1,511.82 billion, showing a year-over-year growth of 0.5% and a decline of 5.0%, respectively [47] Retail Sector Insights - The report emphasizes the importance of direct-to-consumer (DTC) channels, with brands like Zegna showing positive growth in this area [69]

| 市场数据：2026 2 | 年 | 月 6 日 | | | --- | --- | --- | --- | | 收盘价（元/股）： | | | 97.30 | | 年内最高/最低（元/ | | | 103.18/33.17 | | 股）： | | | | | 流通 A 股/总股本（亿 | | | 0.91/0.91 | | 股）： | | | | | 流通 股市值（亿元）： A | | | 88.54 | | 总市值（亿元）： | | | 88.54 | 基础数据：2025 年 9 月 30 日 | 基本每股收益(元/股)： | 1.00 | | --- | --- | | 摊薄每股收益(元/股)： | 1.00 | | 每股净资产(元/股)： | 10.36 | | 净资产收益率(%)： | 10.65 | | 资料来源：常闻 | | 分析师： 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 研究助理： 申向阳 事件描述 1 月 22 日，公司发布定增说明书（ ...

其他通用机械 行业动态点评 领先大市-A(维持) 北美数据中心缺电持续，关注气体发电机组国产替代&出海机会 2026 年 2 月 9 日 行业研究/行业动态分析 其他通用机械板块近一年市场表现 事件： 资料来源：常闻 【山证其他通用机械】互联网巨头算力 需求爆发，重视 AIDC 设备投资机会-行 业动态点评 2025.2.18 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 执业登记编码：S0760525120001 相关报告： 【山证其他通用机械】大模型迭代刺激 亿美元，同比增长 18%，增长主要源于终端用户设备销售量提升和经销商补 库需求。利润端，25Q4 营业利润 26.6 亿美元，同比下降 9%；调整后营业利 润率从 24Q4 的 18.3%下降至 15.6%，利润下滑主要受关税上调及铁路部门 存货减值影响。分业务板块来看，动力与能源板块（E&T）是业务增长的主 要推动力，单季营收达到 94 亿美元，同比增长 23%。全球 AI 算力基础设施 的爆发带动公司数据中心备用电源、天然气发电及往复式发动机的需求激 增，销售额增长 37%。2025 年底公司在 ...

| 市场数据：2026 2 | 年 | 月 6 日 | | | --- | --- | --- | --- | | 收盘价（元/股）： | | | 97.30 | | 年内最高/最低（元/ | | | 103.18/33.17 | | 股）： | | | | | 流通 A 股/总股本（亿 | | | 0.91/0.91 | | 股）： | | | | | 流通 股市值（亿元）： A | | | 88.54 | | 总市值（亿元）： | | | 88.54 | 基础数据：2025 年 9 月 30 日 | 基本每股收益(元/股)： | 1.00 | | --- | --- | | 摊薄每股收益(元/股)： | 1.00 | | 每股净资产(元/股)： | 10.36 | | 净资产收益率(%)： | 10.65 | | 资料来源：常闻 | | 分析师： 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 研究助理： 申向阳 新材料 泛亚微透（688386.SH） 买入-B ...

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the general machinery sector [1][10]. Core Insights - The demand for power in North American data centers is increasing, leading to opportunities for domestic gas generator replacements and overseas expansion [1][10]. - The global power consumption of data centers is projected to double from approximately 415 TWh in 2024 to 945 TWh by 2030, indicating a significant growth trajectory [5]. - Caterpillar's revenue reached a historical high of $67.6 billion in 2025, with a 71% year-on-year increase in orders, driven by the surge in demand for data center backup power and gas engines [6][10]. Summary by Sections Market Performance - The general machinery sector has shown strong performance over the past year, with significant growth in the energy and power segment, which achieved a revenue of $9.4 billion, a 23% year-on-year increase [2][6]. Data Center Power Solutions - The increasing reliance on off-grid power solutions in data centers is driven by the mismatch between data center construction cycles and grid expansion timelines, necessitating the use of gas engines as primary power sources [5][8]. - Wärtsilä has secured orders for 507 MW of gas engines for data centers in the U.S., highlighting the growing trend of using gas engines for primary power supply [3][7]. Engine Market Dynamics - The share of gas engines in data center power generation is expected to rise from 28.6% in 2020 to 53.7% by 2024, with projections indicating a further increase to 70.8% by 2030, corresponding to a market size of approximately 101.8 billion RMB [8][10]. - The advantages of medium-speed engines include shorter delivery times, operational reliability in various environments, cost-effectiveness, and compliance with low emissions standards [9]. Investment Opportunities - The imbalance in supply and demand for gas engines in overseas markets presents an opportunity for domestic manufacturers to expand internationally [10][11]. - Key companies to watch include Weichai Heavy Machinery and Weichai Power, which have advantages in the North American market and in the production of gas engines [11].

Investment Rating - The report upgrades the coal industry investment rating to "Leading the Market - A" [2] Core Viewpoints - The coal supply is expected to contract as mines announce production halts ahead of the Spring Festival, leading to a limited increase in downstream demand for procurement [5] - The financial performance of coal companies shows room for improvement, with manageable supply chain risks [2][6] - The dynamics of the coal market are influenced by external factors such as Indonesia's export suspension and geopolitical tensions, which may lead to short-term volatility [6] Summary by Sections 1. Industry Dynamics - Thermal coal prices are stabilizing but trending weakly due to reduced production as mines prepare for the holiday. As of February 6, the spot price for thermal coal in the Bohai Rim is 697 RMB/ton, with a weekly change of +0.29% [3] - Coking coal production remains focused on safety, with downstream steel mills purchasing based on demand. The price for main coking coal at Jingtang Port is 1,660 RMB/ton, down 7.78% week-on-week [4] 2. Supply and Demand - The total coal inventory at nine ports in the Bohai Rim is 20.424 million tons, reflecting a weekly decrease of 16.84% [3] - The operating rate of sample steel mills is 79.55%, with a slight increase of 0.53 percentage points week-on-week, indicating stable production levels [4] 3. Investment Recommendations - Focus on companies benefiting from the revaluation of physical assets due to a loosening of the US credit system. Recommended stocks include Guanghui Energy, Panjiang Coal, Shanxi Coking Coal, and China Shenhua Energy [6] - The report emphasizes the importance of monitoring downstream replenishment demand and market supply conditions in the coming weeks [5]