Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are at a turning point, with both thermal coal and coking coal prices expected to rebound. The price of thermal coal is influenced by policies and is expected to go through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and approaching the breakeven point for power plants [4][15] - The report highlights that the current thermal coal price is below the profit-sharing line of 750 CNY/ton, but it is expected to gradually recover to this reasonable price level. The demand for coal is increasing due to the heating season and industrial production ramping up [3][4] - Coking coal prices are more market-driven and are expected to fluctuate based on supply and demand fundamentals. The report provides target prices for coking coal based on the ratio of coking coal to thermal coal prices [4][15] Summary by Sections Investment Logic - Thermal coal prices are expected to rise due to the dual influence of tightening supply and increasing demand. The report outlines that the price recovery will be driven by the repair of long-term contracts and the need to reach a profit-sharing position for coal and power companies [4][15] - Coking coal prices are determined by market dynamics, with target prices provided based on the ratio to thermal coal prices [4][15] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. It identifies four main lines for stock selection: 1. Cyclical logic: Jin控煤业 and 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, and 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华 and 中煤能源 3. Diversified aluminum elasticity: 神火股份 and 电投能源 4. Growth logic: 新集能源 and 广汇能源 [5][16] Key Market Indicators - As of January 24, the price of Qinhuangdao Q5500 thermal coal is 685 CNY/ton, a decrease of 10 CNY/ton from the previous period. The report notes that the price has reached the estimated target range of 800-860 CNY/ton [3][21] - The report also mentions that the average PE ratio for the coal sector is 15.05, and the PB ratio is 1.34, indicating a relatively low valuation compared to other sectors [10][21]

Investment Rating - The investment rating for the mechanical equipment industry is "Positive" (maintained) [1] Core Insights - The humanoid robot sector is showing structural strength with a clear upward trend, as indicated by the recent index movements and increased trading volume [5][14] - Key drivers for the humanoid robot industry include Elon Musk's announcement at Davos regarding the public sale of Optimus by the end of 2026 or early 2027, the debut of the "Magic Atom Robot" at the 2026 Spring Festival Gala, and the verification of mass production capabilities by Yushutech with an expected shipment of over 5,500 units in 2025 [6][15] - The industry is transitioning from technology validation to mass production, establishing a solid foundation for long-term growth [6][15] Summary by Sections Humanoid Robot Sector - The humanoid robot index has entered a phase of oscillating upward movement, outperforming the CSI 300 index with a 0.82% increase [5][14] - The top five performers in the humanoid robot sector for the week include New Coordinates (36.30%), Weichuang Electric (12.31%), and Top Group (11.30%) [5][14] Magic Atom Robot - The "Magic Atom Robot," developed by Chasing Technology, will showcase its capabilities at the 2026 CCTV Spring Festival Gala, marking a significant step in public recognition and market penetration for humanoid robots [20][28] - The performance of the Magic Bot Z1 and Magic Dog robots will be tested in a live environment, demonstrating their advanced motion control and interaction capabilities [21][24] Focus on 2026 Production - The humanoid robot industry is expected to transition from "0-1" to "1-10" in 2025, focusing on technological convergence and certainty in production [35] - The anticipated mass production and commercialization in 2026 will shift the focus to order fulfillment and capacity building, with key beneficiaries identified in various segments such as structural components and motors [42]

北交所策略专题报告 2026 年 01 月 25 日 铁拓机械借并购进军高端数控机床制造，北证已 49 家并购重组事件 ——北交所并购重组专题报告第十六期 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 《高端仪器智能化、数字化取得进展， 2025 年 归 母 净 利 润 预 计 同 比 增 214~237% — 北交所信息更新》 -2026.1.23 《美德乐（920119.BJ）：高精度输送领 军企业，锂电回暖 2025H1 在手订单升 至 18 亿—北交所新股申购报告》 -2026.1.20 《ELSD 打开第二增长曲线，2025 年 预 计 归 母 净 利 润 同 比 +64.48% ～ 85.95%—北交所信息更新》-2026.1.20 北 交 所 研 究 北交所是中小企业并购重组首选地，已 49 家次公布重要并购重组事件 从新"国九条"到"并购六条"，2024 年起，并购重组市场迎来了诸多积极信号。 产业整合、跨界并购，为产业发展注入了新的动力。2025 年 10 月 29 日，中共 北京市委金融委员会办公室制定《北京市关于助力并购重 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The total retail sales in China for 2025 reached CNY 501,202 billion, with a year-on-year growth of +3.7%. December's retail sales showed a modest increase of +0.9% [25][34] - The retail sector is experiencing a gradual recovery, with service retail outperforming goods retail. Online sales are rebounding, while offline supermarkets, convenience stores, and specialty shops are performing relatively steadily [4][27] - The high-end traditional gold market is expanding, with brands like Laopu Gold gaining traction among high-net-worth consumers, supported by strong sales during promotional events [34][38] Summary by Sections Retail Sector Overview - The retail and social service indices reported increases of 2.16% and 3.20% respectively from January 19 to January 23, 2026, with the retail index ranking 16th among 31 sectors [6][15] - The jewelry sector has shown the highest growth, with an increase of 8.66% in the past week and 11.51% year-to-date [18][20] Consumer Trends - Essential consumer goods are stable, with food and oil products performing particularly well. In contrast, optional consumer goods show mixed results, with cosmetics and jewelry performing better than clothing and home appliances [31][33] - The online retail market for physical goods reached CNY 130,923 billion in 2025, growing by +5.2%, accounting for 26.1% of total retail sales [27][30] Investment Recommendations - Focus on high-quality companies in high-demand sectors driven by emotional consumption themes, particularly in gold and jewelry, with recommendations for brands like Laopu Gold, Chao Hong Ji, and Chow Tai Fook [7][41] - Emphasize offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, recommending companies like Yonghui Supermarket and Aiyingshi [7][39] - Highlight domestic beauty brands that innovate in emotional value and safety, recommending brands like Mao Ge Ping and Proya [7][39] - Consider differentiated medical beauty product manufacturers and expanding chain medical institutions, with recommendations for companies like Meili Tianyuan and Aimeike [7][39]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has transitioned from a single product leader to a platform enterprise in the automotive parts industry, with a focus on eight major product lines and an active expansion into emerging fields like robotics. The expected revenue for 2025-2027 is projected to be 296 billion, 359 billion, and 454 billion yuan, with net profits of 28.3 billion, 36.2 billion, and 48.5 billion yuan respectively. The current market valuation corresponds to PE ratios of 51, 40, and 30 times [4][5] Summary by Sections Company Overview - The company has over 40 years of experience in the automotive parts sector, evolving through three key stages: initial entry, business expansion, and rapid growth, particularly in the context of electric vehicles and robotics [17] Business Model and Strategy - The core drivers of the company's sustained growth are binding key customers for volume increases and a platform-based layout that enhances the value per vehicle. The company has successfully partnered with major clients like SAIC-GM, Geely, and Tesla, significantly increasing its per-vehicle value from a few hundred yuan to approximately 30,000 yuan [5][19] Robotics and Automotive Synergy - The company is leveraging its automotive supply chain expertise to enter the humanoid robotics market, which shares significant technological and hardware similarities with automotive systems. The projected market for humanoid robots could reach 140 billion yuan, with a CAGR of 68% from 2026 to 2030 [6][7] Financial Performance and Projections - The company’s revenue and net profit have shown consistent growth, with 2025 projected revenues of 29.6 billion yuan and net profits of 2.83 billion yuan. The company’s gross margin is expected to stabilize around 20% [9][25] Customer Base and Market Position - The company has established a diverse customer base, with Tesla becoming a significant contributor to revenue, accounting for approximately 40% of total revenue by 2023. The company is also expanding its client portfolio to include other major players in the automotive and robotics sectors [19][46] Production Capacity and Efficiency - The company is investing 5 billion yuan to build a core component production base for robotics in Ningbo, while also enhancing its overseas production capabilities to align with customer production schedules [7][55]

Investment Rating - The investment rating for the mechanical equipment industry is "Positive" (maintained) [1] Core Insights - The humanoid robot sector is showing structural strength with a clear upward trend, as indicated by the recent index movements and increased funding attention on core companies [5][6] - Key drivers for the humanoid robot industry include Elon Musk's announcement of the Optimus robot's public sale expected by the end of 2026 or early 2027, the debut of the "Magic Atom Robot" at the 2026 CCTV Spring Festival Gala, and the verification of mass production capabilities by Yushu Technology [6][15] - The industry is transitioning from technology validation to mass production, establishing a solid foundation for long-term growth [6][15] Summary by Sections Humanoid Robot Sector Performance - The humanoid robot index has entered a fluctuating upward channel, with a 0.82% increase, outperforming the Shanghai and Shenzhen 300 index, which saw a slight decline of 0.62% [5][14] - The top five performers in the humanoid robot sector for the week include New Coordinates (36.30%), Weichuang Electric (12.31%), and Top Group (11.30%) [5][14] Upcoming Events and Innovations - The "Magic Atom Robot," developed by Chasing Technology, will showcase its capabilities at the 2026 CCTV Spring Festival Gala, marking a significant step in public recognition and market penetration for humanoid robots [20][28] - The Magic Bot Z1 and Magic Dog are expected to demonstrate advanced motion control and real-time interaction capabilities, which are crucial for their acceptance in mainstream applications [21][24] Focus on Mass Production and Commercialization - The year 2026 is pivotal for the humanoid robot industry, with a focus on "certainty" in production and commercial viability, moving from a "0-1" to "1-10" phase in 2025 [35][42] - Companies with strong production capabilities and clear mass production expectations are highlighted as key investment targets, including structural components and motors [42]

北交所策略专题报告 2026 年 01 月 25 日 农药落后产能出清加速，聚焦合规龙头集中度与盈利修复 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2026 年 1 月 8 日，财政部、税务总局联合发布《关于调整光伏等产品出口退税 政策的公告》，公告指出自 2026 年 4 月 1 日起，取消光伏等部分产品的出口退税， 产品清单中包括草铵膦、精草铵膦、敌敌畏和烯禾啶等多款农药原药品种；本次 调整主要针对农药原药及中间体，而农药制剂的出口退税政策并未变动。本次政 策精准指向产能过剩和高毒禁限用品种，旨在整治长期存在的"内卷外化"顽疾， 倒逼产业转向以技术、品牌和全球价值链为核心的高质量发展轨道。2026 年 1 月 1 日开始施行的"一证一品"政策，将推动大量违规低价产品退出市场，行业 集中度将进一步提升，拥有丰富登记证资源的头部企业将获得绝对优势，登记证 从"准入许可证"变为核心战略资源；"一证一品"助力农药价格脱离"成本线"， 价格体系有望向更合理的方向修复。随着农药行业景气回暖，北交所公司颖泰生 物业绩也得到改善 ...

Group 1 - The report highlights the introduction of the "Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries for New Energy Vehicles," which will take effect on April 1, 2026, mandating a full lifecycle management approach for retired batteries [4][16][17] - The total amount of retired lithium batteries in mainland China is projected to increase from 157,100 tons in 2020 to 455,100 tons in 2024, representing a compound annual growth rate (CAGR) of 30.5% [4][37][39] - The report identifies four companies listed on the Beijing Stock Exchange involved in lithium battery recycling, with a total market capitalization of 10.459 billion yuan as of January 23, 2026 [4][45][46] Group 2 - The chemical new materials sector experienced an average weekly increase of 5.11% in stock prices, with notable companies such as Meibang Technology and Tianli Composite showing significant gains [5][62] - The average price-to-earnings (P/E) ratio for the chemical new materials industry rose to 42.5X, indicating a positive market sentiment [5][62] - The technology sector saw a median P/E ratio increase from 44.3X to 44.7X, with a total market capitalization growth from 546.417 billion yuan to 560.692 billion yuan [6][76][77] Group 3 - The report emphasizes the importance of both tiered utilization and recycling of retired power batteries, with tiered utilization focusing on reusing batteries with remaining capacity for applications such as energy storage systems [25][26] - The recycling process aims to extract valuable materials from waste batteries, with physical and chemical recovery methods being the primary techniques employed [27][29][30] - The report notes that the global processing volume of retired batteries is expected to grow from 338,400 tons in 2020 to 1.3 million tons by 2024, with a CAGR of 40.6% [40]

Group 1 - The report highlights the strategic support from the National Medical Insurance Administration for the "going out" strategy of Chinese pharmaceuticals and medical devices, indicating a systematic empowerment phase for international expansion [10][11][12] - By 2025, China is expected to approve 76 innovative drugs, with over 150 transactions for external authorization, amounting to more than 130 billion USD, showcasing the global appeal of Chinese pharmaceutical innovations [11][12] - The medical equipment export market is projected to cover over 190 countries and regions, with a global market share of 8.17% in 2024, ranking China fourth globally [21][31] Group 2 - The report notes that the revenue of medical device manufacturing companies in China is expected to reach 1.42 trillion CNY in 2025, reflecting a year-on-year growth of 5% [16][19] - As of October 2025, the number of medical device manufacturers in China is projected to reach 33,300, indicating a continuous increase in production capacity [19][20] - The number of effective invention patents in the medical device sector is expected to reach 50,525 in 2024, representing a year-on-year growth of 21.63%, which supports innovation in the industry [20][24] Group 3 - The report identifies eight medical device and biopharmaceutical companies listed on the Beijing Stock Exchange, including Danaher Biologics, Beikang, and others, highlighting their market presence [34][30] - Among the 101 companies listed on the New Third Board related to medical devices, 31 are recognized as national-level specialized and innovative "little giant" enterprises, with six expected to achieve a net profit exceeding 70 million CNY in 2024 [34][35] - The report mentions that 14 companies in the medical and biological field are currently awaiting approval on the Beijing Stock Exchange, with an average revenue of 438 million CNY in 2024 [48][51]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector is currently at a low position in terms of fundamentals and valuations, presenting significant investment opportunities as the peak season approaches [4][12] - The food and beverage index experienced a decline of 1.4% from January 19 to January 23, ranking 25th among 28 sectors, underperforming the CSI 300 by approximately 0.8 percentage points [12][13] - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, indicating a mild recovery trend, and has returned to relatively high levels compared to recent years [4][12] - The upcoming Spring Festival is expected to catalyze performance in the sector, with strong demand for consumer goods, particularly in the snack segment, which continues to show upward momentum [4][12] Summary by Sections Weekly Insights - The food and beverage sector is positioned for a recovery as it approaches the peak season, with a notable increase in demand expected during the Spring Festival [4][12] - The sector's current valuation aligns with policy support aimed at boosting consumption, providing a safety margin for investments [4][12] Market Performance - The food and beverage index's performance was weaker than the broader market, with specific sub-sectors like snacks (+6.1%), processed foods (+4.9%), and baked goods (+4.3%) showing relative strength [12][13] Upstream Data - Recent data indicates a decline in some upstream raw material prices, with whole milk powder prices down 13.5% year-on-year as of January 20, 2026 [19][21] - The price of fresh milk was reported at 3.03 CNY per kilogram, reflecting a year-on-year decrease of 2.6% [19][21] Alcohol Industry Data - In December 2025, the production of liquor (65-degree equivalent) decreased by 12.1% year-on-year, with a total production of 354.9 million liters for the year [42][43] Recommended Investment Targets - Key investment opportunities identified include raw milk/dairy products, the snack sector, and the restaurant supply chain, with specific companies highlighted for their growth potential [4][5][12]