Group 1: Internet & Technology Sector Insights - The Hang Seng Technology sector has seen a valuation recovery since early 2025, with a PE-TTM of 20.05, below historical averages, indicating potential for value investment [3] - Southbound capital has accelerated inflow into Hong Kong stocks, with significant increases in holdings of major internet companies, suggesting a focus on profitability and technology business realization [4] - The internet industry is stabilizing in user traffic, with a shift towards high-quality growth driven by generative AI, which is expected to reshape valuations [5] Group 2: Lithium Battery Industry Strategy - The lithium battery industry is entering a new cycle with strong demand driven by policy support and technological advancements, particularly in energy storage and electric vehicles [7] - The supply-demand relationship is improving, leading to price recovery across the lithium battery supply chain, with significant potential for material price increases in 2026 [9] - New technologies, such as solid-state batteries and sodium-ion batteries, are expected to accelerate industrialization, enhancing the growth prospects of the lithium battery sector [10] Group 3: BYD Company Analysis - BYD's January 2026 sales reached 210,000 units, with a strong performance in overseas markets, indicating a robust growth engine for the company [15] - The company is launching new models aimed at high-end markets, which are expected to enhance market share and brand influence [18] - Revenue forecasts for BYD from 2025 to 2027 are projected at 854.9 billion, 995.9 billion, and 1,111.7 billion yuan, with corresponding net profits of 35.73 billion, 50.19 billion, and 62.65 billion yuan [18] Group 4: Leap Motor Company Insights - Leap Motor delivered 32,000 vehicles in January 2026, marking a 27.4% year-on-year increase, with plans to reach a sales target of 1 million units for the year [19] - The company is set to launch several new models, enhancing its product lineup and market presence [20] - Revenue projections for Leap Motor from 2025 to 2027 are estimated at 66.27 billion, 104.12 billion, and 135.41 billion yuan, with significant growth anticipated [20] Group 5: Geely Automobile Performance - Geely's January 2026 sales reached 270,000 units, a 1.3% year-on-year increase, with strong performance in both fuel and electric vehicle segments [23] - The company is expanding its global strategy with new model introductions in overseas markets, which are expected to drive future growth [25] - Revenue forecasts for Geely from 2025 to 2027 are projected at 331.2 billion, 421.8 billion, and 485.8 billion yuan, with a focus on electric and high-end vehicle segments [25] Group 6: Long Wall Motor Company Overview - Long Wall Motor's January 2026 sales were 90,000 units, with a target of 1.8 million units for the year, indicating a positive sales trajectory [27] - The company is investing in new channels and models, which may impact short-term profitability but is expected to enhance long-term growth [28] - Revenue projections for Long Wall from 2025 to 2027 are estimated at 222.8 billion, 275.5 billion, and 309.8 billion yuan, with a focus on international expansion [29] Group 7: SpaceX and Commercial Aerospace Developments - SpaceX's acquisition of xAI and the approval of a million-satellite application signify a strategic push towards space-based computing and energy solutions [31][32] - The integration of AI and satellite technology is expected to drive significant advancements in space energy demand, particularly solar energy [34] - The commercial aerospace sector is anticipated to grow rapidly, with a focus on solar energy solutions and satellite deployment [35]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The net borrowing volume of 30 - year treasury bonds has reached a record high recently. As of February 5, 2026, the borrowing concentration of 2500006 reached 38.85%, indicating a crowded short - position situation [6][12]. - Brokers' net selling of 30 - year treasury bonds has exceeded the net borrowing volume, but the yield to maturity of 30 - year treasury bonds has not risen significantly. The "bullets" of short - sellers may be running out [6][13]. - The buying power of large and small banks for 30 - year treasury bonds is strong, absorbing most of the brokers' net selling [6][13]. - Looking forward, the downward space of 10 - year treasury bonds may be limited due to the large - scale holdings of 10 - year treasury bonds by joint - stock banks at a cost below 1.8% since the fourth quarter of last year. If there are positive factors in the bond market, the downward range of 30 - year treasury bonds may be larger, and the short - sellers' closing positions will narrow the 30Y - 10Y term spread. However, it is also possible that short - sellers will increase their short - selling efforts [6][14]. 3. Summary by Directory 3.1 This Week's Bond Market Review - As of February 5, 2026, the borrowing concentration of 2500006 reached 38.85%, higher than the previous peaks in April and September 2025, indicating a crowded short - position [12]. - From December last year to February 5, 2026, the net borrowing volume of the top 3 active bonds increased by 46.4 billion yuan, and the overall net selling was 125.9 billion yuan. This year, the net borrowing volume and net selling were 35.5 billion yuan and 60.5 billion yuan respectively, showing that brokers are "using inventory" to sell [13]. - The net borrowing increment of 25T6 + 25T2 this year was 36 billion yuan, and the cumulative net selling of spot bonds was 37.4 billion yuan, suggesting that short - sellers' "bullets" may be scarce [13]. - The buying power of large and small banks for 30 - year treasury bonds is dominant, absorbing the brokers' net selling [13]. - In the future, the downward space of 10 - year treasury bonds may be limited, and if there are positive factors, the 30 - year treasury bonds may decline more, narrowing the 30Y - 10Y term spread. There is also a possibility that short - sellers will increase short - selling [14]. 3.2 Bond Yield Curve Tracking 3.2.1 Key Maturity Interest Rates and Spread Changes - As of February 6, compared with February 2, the 1 - year treasury bond yield rose 1.31bp to 1.32%; the 10 - year treasury bond yield fell 0.98bp to 1.81%; the 30 - year treasury bond yield fell 3.00bp to 2.25% [20]. - The spread between 30 - year and 10 - year treasury bonds fell 2.02bp to 44.08bp, and the spread between 10 - year CDB bonds and 10 - year treasury bonds fell 0.82bp to 15.43bp [23]. 3.2.2 Treasury Bond Term Spread Changes - As of February 6, compared with February 2, the 3Y - 1Y treasury bond spread fell 3.18bp to 6.02bp; the 5Y - 3Y spread fell 0.29bp to 17.43bp; the 7Y - 5Y spread rose 0.23bp to 11.13bp; the 10Y - 7Y spread rose 0.95bp to 14.37bp; the 20Y - 10Y spread fell 1.12bp to 42.91bp; the 30Y - 20Y spread fell 0.90bp to 1.17bp [26]. 3.3 Bond Market Leverage and Funding Situation 3.3.1 Balance of Inter - bank Pledged Repurchase - As of February 6, 2026, compared with February 2, the balance of inter - bank pledged repurchase rose 0.33 trillion yuan to 13.00 trillion yuan [30]. 3.3.2 Changes in Inter - bank Bond Market Leverage Ratio - As of February 6, 2026, compared with February 2, the inter - bank bond market leverage ratio rose 0.16pct to 107.71% [31]. 3.3.3 Pledged Repurchase Turnover - From February 2 to February 6, the average pledged repurchase turnover was 8.75 trillion yuan. The average overnight turnover was about 7.95 trillion yuan, and the average overnight turnover ratio was 90.82% [35][36]. 3.3.4 Inter - bank Funding Operation - From February 2 to February 6, bank fund lending increased. As of February 6, large - scale banks' net fund lending was 5.86 trillion yuan, small and medium - sized banks' net fund borrowing was 0.49 trillion yuan, and the net lending of the banking system was 5.36 trillion yuan. - As of February 6, DR001 was 1.2750%, DR007 was 1.4613%, R001 was 1.3605%, and R007 was 1.5288% [38]. 3.4 Duration of Medium - and Long - Term Bond Funds 3.4.1 Median Duration of Bond Funds - As of February 6, the median duration of medium - and long - term bond funds (de - leveraged) was 2.74 years, up 0.05 years from February 2; the median duration (including leverage) was 2.91 years, up 0.06 years from February 2 [49]. 3.4.2 Median Duration of Interest - Rate Bond Funds - As of February 6, the median duration of interest - rate bond funds (including leverage) was 3.67 years, up 0.05 years from February 2; the median duration of credit - bond funds (including leverage) was 2.69 years, up 0.09 years from February 2. The median duration of interest - rate bond funds (de - leveraged) was 3.34 years, up 0.02 years from February 2; the median duration of credit - bond funds (de - leveraged) was 2.52 years, up 0.03 years from February 2 [53]. 3.5 Changes in Bond Lending Balance - As of February 5, compared with February 2, the borrowing volume of 10 - year CDB bonds increased [56].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The domestic energy storage market continues to thrive, and the demand for space photovoltaic is further strengthened. The recent acquisition of xAI by SpaceX and the approval of a million-satellite application by the FCC are expected to drive rapid growth in space energy, particularly solar wing demand [4][5] - The report highlights the positive changes and potential catalysts across various sectors within the power equipment industry, maintaining an overall "Recommended" rating for the sector [6] Summary by Sections Recent Performance - The power equipment sector has shown a performance increase of 3.0% over the last month, with a 54.2% increase over the past year, outperforming the CSI 300 index, which has decreased by 3.1% in the last month and increased by 20.8% over the past year [3] Key Events and Insights - In the photovoltaic sector, the approval of SpaceX's satellite application is expected to significantly boost demand for solar energy solutions. The report suggests focusing on companies involved in photovoltaic battery equipment and components, such as Maiwei Co., Jiejia Weichuang, and others [4] - The wind power sector is expected to accelerate following the signing of the "Hamburg Declaration," which commits nine countries to develop 100GW of offshore wind power, potentially benefiting domestic manufacturers [5] - The energy storage market saw a total order volume of 36.3GWh in January 2026, with significant contributions from regions like Ningxia and Hebei. The average price for a 4-hour system has increased by 42% compared to the lowest point in July 2025 [6] - The lithium battery sector is witnessing accelerated industrialization of dry electrode equipment, with companies like Xianzhong Intelligent and others leading the way [6] Recommendations - The report recommends focusing on key players in the photovoltaic sector, such as Longi Green Energy and Aiko Solar, as well as companies in the wind power sector like Goldwind Technology and Mingyang Smart Energy [5][6] - In the energy storage space, companies like Sungrow Power Supply and EVE Energy are highlighted as potential investment opportunities [6]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a tightening supply due to the upcoming Spring Festival, with production rates decreasing as some private coal mines begin to close [4][14] - Indonesian coal production is expected to be significantly reduced, which may lead to increased global coal prices and affect import costs for China [4][14] - Demand remains high, particularly from power plants, despite a slight decrease in daily consumption [4][14] - The report emphasizes the long-term upward trend in coal prices driven by rising costs and government policies, suggesting that coal companies with strong fundamentals will continue to perform well [7] Summary by Sections 1. Thermal Coal - As of February 6, thermal coal prices at northern ports are at 695 CNY/ton, with a weekly increase of 3 CNY/ton [14][15] - Production capacity utilization in the Sanxi region has decreased by 1.23 percentage points, leading to a tightening supply [22] - The import price of coal is rising due to production cuts in Indonesia, which may impact domestic prices [14][22] 2. Coking Coal - Coking coal production capacity utilization has increased by 1.14 percentage points to 87.0%, mainly due to the recovery of large mines in Shanxi and Shandong [5][37] - The average price of main coking coal at ports is 1,660 CNY/ton, reflecting a decrease of 140 CNY/ton [39] - Demand from steel mills is increasing, supporting the coking coal market [38][51] 3. Coke - The first round of price increases for coke has led to some companies releasing their stock, with the average price remaining stable at 1,530 CNY/ton [51] - The production rate of independent coking plants has increased, indicating a recovery in the sector [57] - The overall supply-demand balance for coke remains stable, with attention needed on steel mill production rates [51][62] 4. Anthracite - Anthracite prices remain stable, with production levels high but slightly affected by the upcoming holiday [71] - The demand from downstream chemical industries is still present, supporting anthracite prices [71] 5. Key Companies and Profit Forecasts - The report highlights several key companies in the coal sector, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, with positive earnings forecasts and investment ratings [9]

Investment Rating - The investment rating for Qilu Bank is "Buy" (maintained) [1] Core Insights - Qilu Bank reported a revenue growth of 5.12% year-on-year and a net profit attributable to shareholders growth of 14.58% for 2025, indicating accelerated revenue growth and improved net interest margin [5][6] - The bank's net interest income for 2025 reached 10.519 billion yuan, a year-on-year increase of 16.48% [5] - The asset quality indicators have shown continuous improvement for seven consecutive years, with a non-performing loan ratio of 1.05% at the end of 2025, down 4 basis points from the end of Q3 2025 [5] Summary by Sections Recent Performance - Qilu Bank's stock performance over the last 12 months shows a 7.4% increase, while the CSI 300 index increased by 23.1% [4] - The current stock price is 5.92 yuan, with a market capitalization of approximately 36.43 billion yuan [4] Financial Metrics - For 2025, the bank's total assets grew by 16.65%, loans by 13.55%, and deposits by 11.37% compared to 2024 [5] - The bank's return on equity (ROE) for 2025 is 12.17%, a slight decrease of 0.35 percentage points year-on-year [5] Earnings Forecast - Revenue growth forecasts for 2025-2027 are 5.12%, 11.26%, and 10.99% respectively, while net profit growth forecasts are 14.58%, 17.44%, and 10.74% [6] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 1.11 yuan, 1.32 yuan, and 1.47 yuan respectively [6] Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 5.32x, 4.49x, and 4.03x respectively, while the price-to-book (P/B) ratios are expected to be 0.65x, 0.59x, and 0.53x [6][7]

Core Insights - The report emphasizes a structural differentiation in the Hong Kong internet and technology sector, highlighting a focus on AI and profitability realization as key investment themes for 2026 [4][5][6]. Valuation Perspective - Since early 2025, the valuation of the Hang Seng Technology sector has been on the rise, with the Hang Seng Technology PE-TTM at 20.05 times as of December 31, 2025, which is 0.77 standard deviations below the historical average [4][9]. - The Hang Seng AH premium index stood at 123.46 as of December 31, 2025, below the historical average of 193.92, indicating a low valuation environment [9]. Funding Perspective - There has been a significant acceleration in southbound capital inflows since 2025, with notable increases in allocations to consumer, technology, and pharmaceutical sectors [5][13]. - The proportion of Hong Kong Stock Connect holdings in internet companies has increased, with Tencent's share rising from 10.1% to 11%, Kuaishou from 11.61% to 16.64%, Meituan from 10.4% to 20.76%, and Kingdee from 24.22% to 28.22% by December 31, 2025 [5][18]. - The anticipated interest rate cuts by the Federal Reserve are expected to provide a liquidity floor for Hong Kong stocks, leading to a market characterized by strong indices, structural differentiation, and increased concentration among leading firms [5][19][21]. Internet Sector Dynamics - User traffic in the internet sector is stabilizing, with a strategic shift towards high-quality growth, driven by generative AI technologies that are penetrating high-frequency demand scenarios [22][28]. - The user base for AI applications is growing robustly, with significant increases in monthly active users (MAU) for various AI apps and platforms [28][30]. - Major internet companies are focusing on AI as a strategic direction, with substantial capital expenditures planned for AI development, including Alibaba's projected capex of 1,252 billion RMB, ByteDance's 1,600 billion RMB, and Tencent's 863 billion RMB for FY2026 [6][35]. AI and Advertising Integration - AI is becoming a critical driver for revenue generation, with domestic companies like Tencent and Alibaba leveraging AI in advertising to enhance efficiency and effectiveness [41][43]. - The report highlights the positive feedback loop between capital expenditure on AI and revenue generation, as seen in global leaders like Google, which is expected to invest between 910 to 930 billion USD in AI-related capital expenditures in 2025 [37][38]. Recommendations - The report maintains a "recommended" rating for the technology sector, focusing on companies such as Tencent, Alibaba, Bilibili, NetEase, Kuaishou, JD Health, and XPeng Motors as key investment targets [7].

Core Insights - The report focuses on the robotics sector within the machinery industry, analyzing trading sentiments and market dynamics, indicating that the robotics sector exhibits characteristics of trading emotions, low trading levels, and rapid rotation, with market trends lasting approximately 2-3 months [2][3] Summary by Sections 1. Latest Report Summary - The report compiles indices for key robotics stocks and segments, including humanoid robots and components such as motors, screws, and reducers, revealing that the humanoid robot sector's trading is influenced by trading sentiment and low trading levels [2] - A review of the 2025 performance indicates that the screw segment outperformed the motor segment, with expectations for the reducer segment to gain traction due to Tesla's cost-reduction initiatives and the potential for domestic supply chain replacements [2] 2. Opportunities in 2026 - From a macro perspective, the report highlights strong transmission and rapid rotation of popular technology themes, with a clear trend of growth in the robotics sector driven by upstream AI developments, suggesting significant trading potential in the near future [3] - The mid-level analysis focuses on performance realization, examining production capacity, shipment orders, and upstream supply chain expansion for robotics manufacturers [3] - On a micro level, the report identifies key catalysts, including Tesla's core supply chain and anticipated events related to domestic supply chains, indicating a favorable outlook for humanoid robots as they enter a phase of technological breakthroughs and commercialization [3]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry [1] Core Insights - The report analyzes the humanoid robot sector, highlighting trading emotions, low trading levels, and rapid rotation, with market trends lasting approximately 2-3 months [6] - It reviews the historical performance of various indices related to the humanoid robot sector and discusses the logic and opportunities for 2025 and 2026 [6] - The report anticipates significant growth in the humanoid robot sector in 2026, driven by macro, meso, and micro factors [6] Summary by Sections 1. Review of 2025 Trading - The humanoid robot sector's performance in 2025 was influenced by trading emotions and low trading levels, with significant events driving market fluctuations [12] - Key events included Tesla's performance announcements and the debut of robots at major events, which significantly impacted trading sentiment [12] 2. Opportunities in 2026 - The report identifies several opportunities for 2026, including: - Macro: Strong transmission and rotation of technology themes, with a clear trend of growth in the robot sector driven by upstream AI [19] - Meso: Expected volume production in humanoid robots, with several companies planning significant production increases [22] - Micro: Specific catalytic events related to major companies and their production plans [25] 3. Key Indices and Components - The report compiles indices for core components of humanoid robots, noting that the screw component outperformed the motor component in 2025 [15] - It highlights the importance of core suppliers and their impact on sector performance, particularly in the screw and motor segments [15] 4. Related Companies and Investment Suggestions - The report suggests monitoring several key companies in the humanoid robot sector, including: - Companies focused on embodied intelligence such as UBTECH and Geek+ [28] - Gear and material suppliers like Harmonic Drive and Keda Li [28] - Motor manufacturers such as Weichuang Electric and Mingzhi Electric [28] - Companies involved in dexterous hands and electronic skin like Hanwei Technology and Nanshan Zhishang [28]

Group 1: Alibaba's Financial Outlook - The report projects Alibaba's FY2026Q3 total revenue to reach 291 billion yuan, reflecting a year-over-year growth of 4% and a quarter-over-quarter increase of 17% [3] - Adjusted EBITA is expected to decline by 47% to 29.1 billion yuan, with an adjusted EBITA margin of 10%, primarily due to negative growth in traditional e-commerce profits and ongoing investments in instant retail and AI applications [3][4] - The Chinese e-commerce group is anticipated to generate revenue of 166 billion yuan, with a year-over-year growth of 10%, while the international digital commerce group is expected to achieve 41.6 billion yuan in revenue, also reflecting a 10% year-over-year increase [3][4] Group 2: E-commerce Sector Insights - Traditional e-commerce's customer management revenue growth is expected to slow down, with a projected year-over-year increase of only 2.5%, influenced by a weakening overall e-commerce market [4] - The report highlights that the instant retail segment will continue to see significant investment, with Alibaba aiming to capture the leading market share in this area [4] - The adjusted EBITA for the Chinese e-commerce group is forecasted to decline by 40% to 36.2 billion yuan, largely due to the negative profit growth in traditional e-commerce [4] Group 3: Cloud Intelligence Group Performance - The cloud intelligence group is projected to achieve a revenue growth of 36% to 43.2 billion yuan in FY2026Q3, with an adjusted EBITA of 3.9 billion yuan and an EBITA margin of 9% [5] - The report expresses optimism regarding long-term revenue growth for Alibaba Cloud, driven by strong demand for AI cloud services and ongoing investments in self-developed chips [5] Group 4: International Digital Commerce and Other Businesses - The international digital commerce group is expected to see a revenue increase of 10% in FY2026Q3, with an anticipated adjusted EBITA loss of 1.3 billion yuan [6] - Other business segments are projected to incur a significant adjusted EBITA loss of 8 billion yuan, primarily due to investments in AI and instant retail [6] Group 5: AIDC Industry Overview - The AIDC industry is expected to experience a compound annual growth rate (CAGR) of 40.4% from 2023 to 2028, driven by increasing demand for data centers [9] - Major cloud providers are projected to increase capital expenditures significantly, with a forecasted spending of 284.1 billion USD in the first three quarters of 2025 [9] Group 6: Power Supply and Cooling Systems - The report indicates a shift towards high-voltage and integrated power supply systems in response to the growing demand from AIDC construction [10] - The liquid cooling market for AIDC is expected to exceed 100 billion yuan in 2026, driven by the increasing need for efficient cooling solutions [11] Group 7: Energy Consumption Trends - The report analyzes the transition of electricity consumption from traditional industries to high-end manufacturing and modern services, highlighting the strong demand from emerging sectors like AI and new energy vehicles [16][18] - It projects that by 2026, the electricity consumption from the first, second, and third industries will grow by 10.0%, 3.6%, and 8.4% respectively, indicating a resilient overall electricity demand [19]

Investment Rating - The report maintains a "Buy" rating for Alibaba Group (9988.HK) [8] Core Views - The traditional e-commerce sector shows signs of fatigue, while instant retail continues to see significant investment. The focus is on the growth potential under the "Cloud + AI + Chip" full-stack strategy [1][4] - For FY2026Q3, total revenue is expected to reach 291 billion RMB, reflecting a year-over-year growth of 4% and a quarter-over-quarter growth of 17%. Adjusted EBITA is projected to decline by 47% to 29.1 billion RMB, with an EBITA margin of 10% [4][7] - The Chinese e-commerce group is anticipated to generate revenue of 166 billion RMB, a 10% year-over-year increase, while the international digital commerce group is expected to see a 10% revenue growth to 41.6 billion RMB [4][7] Financial Metrics - The report forecasts total revenue for FY2026-2028 to be 1,036,353 million RMB, 1,132,746 million RMB, and 1,235,222 million RMB respectively, with net profit estimates of 108,660 million RMB, 116,635 million RMB, and 149,321 million RMB [6][7] - The diluted EPS is projected to be 5.6 RMB, 6.0 RMB, and 7.7 RMB for FY2026, FY2027, and FY2028 respectively, with corresponding P/E ratios of 25.8x, 24.1x, and 18.8x [6][8] - The report highlights a long-term optimistic outlook for cloud business growth, traditional e-commerce stability, and a reduction in losses for international e-commerce operations [7]