Investment Rating - The report maintains an "Overweight" rating for the photovoltaic equipment industry [1]. Core Insights - Elon Musk announced plans for 100GW photovoltaic capacity for both terrestrial and space applications, expected to be completed by the end of 2028 [4]. - The global satellite launch numbers are increasing exponentially, with silicon-based HJT technology being identified as the optimal solution for space photovoltaic applications due to its flexibility, lower costs, and independence from raw material constraints [4]. - The overseas terrestrial photovoltaic market is also experiencing strong demand, particularly in the U.S., where the compound annual growth rate for installed capacity is projected to exceed 20% from 2024 to 2029, with 2025 installations expected to surpass 60GW [4]. - Chinese photovoltaic equipment holds a dominant position globally, with over 80% of the world's capacity in silicon materials, wafers, cells, and modules expected in 2024 [4]. - Key companies recommended for investment include leading HJT equipment manufacturer "Maiwei," low-oxygen monocrystalline furnace leader "Jingsheng," zero-busbar welding machine leader "Aotewei," and slicing equipment leader "Gaomei" [4]. Summary by Sections Industry Trends - The report highlights the exponential growth in satellite launches and the increasing demand for space photovoltaic solutions, positioning silicon-based HJT as a short-term optimal alternative [4]. - The U.S. photovoltaic market is projected to see significant growth, with a forecasted compound annual growth rate exceeding 20% from 2024 to 2029 [4]. Company Recommendations - The report emphasizes investment in leading companies within the photovoltaic equipment sector, particularly those specializing in HJT technology and related equipment [4].

Fund Size Changes - The top three increasing equity ETF types from January 19 to January 23, 2026, are: Theme Index ETF (¥591.35 billion), Industry Index ETF (¥79.75 billion), and Cross-Border Industry Index ETF (¥53.46 billion) [9] - The top three decreasing equity ETF types during the same period are: Scale Index ETF (-¥3348.87 billion), Cross-Border Strategy Index ETF (-¥7.12 billion), and Style Index ETF (-¥0.19 billion) [9] Market Outlook - The macro timing model's score for January 2026 is 0, indicating a 76.92% probability of the Wande All A Index rising in the following month, with an average increase of 3.18% [24] - The report maintains a bullish outlook, emphasizing long-term opportunities in cyclical industries, particularly in non-ferrous metals and chemicals [24] - The price of London silver surpassed the psychological level of 100 on January 23, 2026, indicating potential for further increases [24] Investment Recommendations - The report suggests a focus on growth-oriented ETF allocations, particularly in sectors like commercial aerospace, AI applications, and space photovoltaics, which have shown short-term rebounds [27] - The recommended ETFs include those focused on chemical, electric grid equipment, and semiconductor sectors, with specific stocks highlighted for each ETF [69] Risk Considerations - The model's predictions are based on historical data, which may not hold in the future, and there are risks associated with macroeconomic performance falling short of expectations [70]

本周（20260119-20260123）绿色债券周成交额合计 635 亿元，较上周减 少 13 亿元。分债券种类来看，成交量前三为非金公司信用债、金融机 构债和利率债，分别为 300 亿元、241 亿元和 74 亿元；分发行期限来 看，3Y 以下绿色债券成交量最高，占比约 80.43%，市场热度持续；分 发行主体行业来看，成交量前三的行业为金融、公用事业、交运设备， 分别为 266 亿元、113 亿元和 34 亿元；分发行主体地域来看，成交量前 三为北京市、广东省、湖北省，分别为 187 亿元、81 亿元和 45 亿元。 ◼ 估值偏离度前三十位个券情况： 证券研究报告·固定收益·固收点评 固收点评 20260125 绿色债券周度数据跟踪 （20260119-20260123） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20260119-20260123）银行间市场及交易所市场共新发行绿色债券 20 只，合计发行规模约 84.00 亿元，较上周减少 11.61 亿元。发行年限 多为 3 年、5 年；发行人性质为央企子公司、地方国有企业、大型民企、 中央金融企业 ...

Investment Recommendations - North Exchange has clear medium to long-term allocation value, suggesting a dual strategy of offense and defense[2] - Key sectors to focus on include commercial aerospace, electric new energy, automotive, electronics, and engineering machinery[2] Fund Performance and Holdings - As of Q4 2025, 11 themed open-end funds held a total of 44 North Exchange A-shares, with 9 new stocks added to the portfolio[3] - Approximately 40% of the heavy-weighted stocks maintained the same number of fund coverage, indicating strong asset appeal and stickiness[3] - The total market value of the top ten heavy-weighted stocks decreased by 40% quarter-on-quarter to 1.505 billion yuan[3] Market Trends and Valuation - In Q4 2025, 25% of the heavy-weighted stocks were newly added, reflecting an accelerated adjustment pace compared to Q3 2025[3] - 57% of the heavy-weighted stocks had a market capitalization below 5 billion yuan, showing a preference for small to mid-cap stocks[3] - Valuation dispersion is significant, with P/E ratios ranging from -4244x to 304x among the heavy-weighted stocks[3] Risk Factors - Potential risks include macroeconomic fluctuations, liquidity issues, and corporate earnings falling short of expectations[2]

Group 1: Fund Redemption Trends - The peak period for resident fund redemptions is expected to be over, indicating reduced passive selling pressure on active equity funds in 2026[2] - As of Q4 2025, active equity fund shares decreased to 2.65 trillion units, a reduction of 716 billion units from the previous quarter, with net redemptions reaching 1,256 billion units[1] - In H2 2025, net outflows from active equity funds amounted to 388.9 billion yuan, the highest semi-annual outflow since 2016[2] Group 2: Asset Migration and Fund Types - The trend of residents moving assets is significant, with a peak in maturing deposits and new financial products expected in 2026, which will provide additional liquidity to the stock market[3] - By Q4 2025, the scale of fixed income plus funds reached 2.6 trillion yuan, reflecting a 9.8% quarter-on-quarter increase, indicating its role as a key channel for resident funds entering the market[4] - Index funds saw a significant increase, with their market value reaching 4.70 trillion yuan in Q4 2025, while active equity funds dropped to 3.37 trillion yuan, widening the gap from 1 trillion yuan to 1.3 trillion yuan[4] Group 3: Sector Allocation Insights - The TMT sector's allocation in active equity funds is expected to increase, with a current allocation at 37.79%, down from 39.81% in Q3 2025, indicating room for growth[5] - Resource sector allocations reached a historical high of 13.3% in Q4 2025, with significant increases in non-ferrous metals and basic chemicals, suggesting ongoing bullish trends in resource prices[8] - The median net profit growth rate for all A-shares in 2025 is projected at 17.8%, with a higher forecast of 46.71% for the ChiNext board, indicating strong earnings recovery potential[10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has successfully expanded its store formats, with the introduction of "锅圈小炒" (small stir-fry restaurants) expected to create new growth opportunities. This new format utilizes a standardized supply chain and smart cooking robots, allowing for quick meal preparation and competitive pricing compared to takeout [7] - The company has demonstrated strong same-store sales growth, even in the face of high comparatives, indicating effective product innovation and refined membership management. The management's deep involvement in store operations and flexible supply chain management has been highlighted as a previously underestimated capability [7] - The financial forecasts have been revised upwards due to anticipated better performance in store openings and same-store revenue. The projected net profits for 2025-2027 are 4.5 billion, 6.0 billion, and 7.6 billion RMB, respectively, reflecting year-on-year growth rates of 94%, 34%, and 27% [7] Financial Summary - Total revenue is projected to grow from 6,100 million RMB in 2023 to 10,916 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 19.06% [1] - The net profit attributable to the parent company is expected to increase from 239.64 million RMB in 2023 to 755.98 million RMB in 2027, with significant growth in the coming years [1] - The earnings per share (EPS) is forecasted to rise from 0.09 RMB in 2023 to 0.28 RMB in 2027, indicating a strong improvement in profitability [1]

Investment Rating - The report maintains an "Overweight" rating for the photovoltaic equipment industry [1] Core Insights - Elon Musk announced plans for 100GW photovoltaic capacity for both terrestrial and space applications, expected to be completed by the end of 2028 [4] - The global satellite launch numbers are expected to grow exponentially, with silicon-based HJT being the optimal solution for space photovoltaics due to its lightweight, cost-effectiveness, and material availability [4] - The demand for terrestrial photovoltaic markets is also strong, with the U.S. market projected to have a compound annual growth rate exceeding 20% from 2024 to 2029, and an installation capacity expected to exceed 60GW in 2025 [4] - Chinese photovoltaic equipment holds a dominant position globally, with over 80% market share in silicon materials, wafers, cells, and modules by 2024 [4] - Key recommended companies include leading HJT equipment manufacturer "Maiwei," low-oxygen monocrystalline furnace leader "Jingsheng," and global market leader in string welding machines "Aotewei" [4] Summary by Sections Industry Trends - The report highlights the significant growth in satellite launches and the corresponding demand for space photovoltaics, indicating a shift towards silicon-based HJT technology as a preferred solution [4] - The U.S. photovoltaic market is experiencing robust growth, with expectations for substantial increases in installation capacity [4] Company Recommendations - The report recommends focusing on leading companies in the HJT equipment sector, including "Maiwei," "Jingsheng," "Aotewei," and suggests monitoring "Jiejia Weichuang" for integrated equipment solutions [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a global leader in intelligent driving hard technology products, focusing on autonomous mining trucks and V2X technology, aiming to enhance safety and efficiency in closed environments [8][13]. - The company is expected to benefit from national policies promoting automation in mining, with a projected increase in revenue driven by the growth of autonomous mining truck orders [8][49]. - The report forecasts significant revenue growth, with total revenue expected to reach RMB 1.08 billion in 2025, RMB 2 billion in 2026, and RMB 4.05 billion in 2027, reflecting year-on-year growth rates of 162.90%, 85.53%, and 102.47% respectively [1][8]. Summary by Sections 1. Company Overview - The company was founded in 2017 by Professor Li Zexiang and is recognized as a leading provider of intelligent driving hard technology products [8][13]. - It specializes in autonomous mining trucks and logistics vehicles, as well as V2X technology and intelligent perception solutions [17]. 2. Autonomous Mining Truck Solutions - The company has developed a comprehensive solution for autonomous mining, integrating intelligent driving and V2X technologies, which is applicable to various scenarios [8][37]. - Following a significant mining accident in Inner Mongolia, national policies have accelerated the push for automation in mining, with a target of 60% intelligent capacity in coal mines by 2026 [8][44]. 3. V2X Intelligent Transportation Solutions - The company is a leading provider of V2X intelligent transportation solutions, which enhance traffic safety and efficiency through advanced perception technology and communication functions [77][81]. - The V2X market in China is expected to grow rapidly, with a projected market size of RMB 238 billion by 2030, reflecting a compound annual growth rate of 50.9% from 2024 to 2030 [85]. 4. Financial Projections - The report anticipates that the company will achieve a turnaround in net profit by 2025, with projected net profits of RMB -268.79 million in 2025, RMB 102.72 million in 2026, and RMB 627.06 million in 2027 [1][8]. - The company's revenue growth is primarily driven by the increasing volume of autonomous mining truck orders and accelerated delivery [8][49].

证券研究报告·海外公司深度·工业工程(HS) 希迪智驾（03881.HK） 深耕无人矿卡的智能驾驶平台型企业 2026 年 01 月 24 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 133.41 | 410.04 | 1,078.00 | 2,000.04 | 4,049.56 | | 同比(%) | 327.98 | 207.36 | 162.90 | 85.53 | 102.47 | | 归母净利润（百万元） | (255.08) | (580.71) | (268.79) | 102.72 | 627.06 | | 同比(%) | 3.01 | (127.66) | 53.71 | 138.22 | 510.45 | | EPS-最新摊薄（元/股） | (5.83) | (13.26) | (6.14) | 2.35 | 14.32 | | P/E（现价&最新摊薄） | (43.12) | (18 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - Shaanxi Tourism is positioned as a leading cultural tourism company driven by its dual focus on performance arts and cableway operations, leveraging rich historical and cultural resources in Shaanxi Province [8][14]. - The company is expected to achieve a revenue of CNY 1.263 billion in 2024, representing a year-on-year growth of 16.03%, with a net profit of CNY 511.73 million, up 19.72% [8][14]. - The report highlights the ongoing recovery and growth in the tourism industry, supported by favorable government policies and increasing consumer spending on travel [44][51]. Summary by Sections Company Overview - Shaanxi Tourism operates major businesses in tourism performance, cableway services, and tourism project investment and management, with its flagship performance being the large-scale historical dance drama "The Song of Everlasting Regret" [8][14]. - The company has a strong historical foundation and has been publicly listed since 2026, with significant assets including the Huashan cableway and the performance at Huaqing Palace [8][14]. Industry Outlook - The tourism market is experiencing sustained growth, with domestic travel numbers and spending recovering to pre-pandemic levels, indicating a robust demand for tourism services [44][48]. - Government policies are increasingly supportive of the cultural and tourism sectors, aiming to enhance the integration of culture and tourism [51][52]. Financial Analysis - The company forecasts a total revenue of CNY 1.071 billion for 2023, with a projected net profit of CNY 418.27 million, reflecting a significant year-on-year increase of 662.06% [1][8]. - The earnings per share (EPS) is expected to be CNY 5.41 in 2023, with a price-to-earnings (P/E) ratio of 29.45 [1][8]. Profit Forecast and Investment Recommendations - The report predicts net profits for 2025, 2026, and 2027 to be CNY 394.30 million, CNY 513.89 million, and CNY 588.88 million respectively, with corresponding P/E ratios of 31, 24, and 21 [1][8]. - The company is expected to benefit from new projects and shareholder support, justifying the "Buy" rating [8][14].