北交所信息更新 农药"反内卷"与海外补库助 "走出泥泞"，亏损收窄迎破局 颖泰生物（920819.BJ） ——北交所信息更新 2026 年 02 月 12 日 投资评级：增持（维持） | 日期 | 2026/2/12 | | --- | --- | | 当前股价(元) | 3.91 | | 一年最高最低(元) | 5.09/3.31 | | 总市值(亿元) | 47.93 | | 流通市值(亿元) | 47.37 | | 总股本(亿股) | 12.26 | | 流通股本(亿股) | 12.12 | | 近 3 个月换手率(%) | 49.23 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 初步核算公司 2025 年归母净利润为-2.50 亿元，同比减亏 57.45% 公司发布 2025 年业绩快报，经过初步核算，公司 2025 年营收为 55.31 亿元，同 比下降 2.27%，归母净利润为-2.50 亿元，同比减亏 57.45%。2025 年农药行业呈 局部回暖、分化复苏态势，公司聚焦产品与基地布局，严格管控成本费用，持续 推进组织优化与 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the optimistic outlook for the liquid cooling industry, driven by strong performance and order growth from key players like维谛, AWS, and Google Cloud [4][5][6][7] - The report emphasizes the significant growth in organic orders and backlog for维谛, indicating a robust demand for liquid cooling solutions [4] - Major cloud service providers, including AWS and Google Cloud, have reported revenue growth exceeding expectations, with substantial increases in capital expenditures, suggesting a positive trend for the AI computing power supply chain [5][6] Summary by Sections 维谛 Performance - In Q4 2025, 维谛's sales reached $2.88 billion, a 23% year-over-year increase, with an adjusted operating profit margin of 23.2%, exceeding expectations [4] - The company experienced a 252% year-over-year growth in organic orders and a backlog increase to $15 billion, up 109% [4] - For 2026, 维谛 projects sales between $13.25 billion and $13.75 billion, with an organic growth rate of 28% and an EPS range of $5.97 to $6.07, reflecting a 43% year-over-year increase [4] AWS and Google Cloud Insights - AWS reported Q4 2025 net sales of $35.58 billion, a 24% year-over-year increase, with capital expenditures of $38.5 billion, up 48% [5] - Google Cloud's Q4 2025 revenue reached $17.7 billion, a 48% increase, with capital expenditures of $27.9 billion, up 95% [5] - Both companies are expected to continue significant capital investments in 2026, indicating strong growth prospects in the cloud computing sector [5] Meta and Microsoft Performance - Meta's Q4 2025 revenue was $59.893 billion, a 24% increase, with capital expenditures of $22.14 billion [6] - Microsoft's FY2026 Q2 revenue was $81.273 billion, a 17% increase, with the intelligent cloud segment growing by 26% [6] - Both companies are also increasing their capital expenditures significantly, reflecting confidence in future growth [6]

北交所信息更新 农药"反内卷"与海外补库助 "走出泥泞"，亏损收窄迎破局 颖泰生物（920819.BJ） ——北交所信息更新 2026 年 02 月 12 日 投资评级：增持（维持） | 日期 | 2026/2/12 | | --- | --- | | 当前股价(元) | 3.91 | | 一年最高最低(元) | 5.09/3.31 | | 总市值(亿元) | 47.93 | | 流通市值(亿元) | 47.37 | | 总股本(亿股) | 12.26 | | 流通股本(亿股) | 12.12 | | 近 3 个月换手率(%) | 49.23 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 初步核算公司 2025 年归母净利润为-2.50 亿元，同比减亏 57.45% 公司发布 2025 年业绩快报，经过初步核算，公司 2025 年营收为 55.31 亿元，同 比下降 2.27%，归母净利润为-2.50 亿元，同比减亏 57.45%。2025 年农药行业呈 局部回暖、分化复苏态势，公司聚焦产品与基地布局，严格管控成本费用，持续 推进组织优化与 ...

北交所研究团队 诸海滨（分析师） 余中天（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 yuzhongtian@kysec.cn 证书编号：S0790525050003 北交所信息更新 商业航天与风电装机双引擎加速，2025 归母净利润预增超 105% ——北交所信息更新 2026 年 02 月 12 日 投资评级：增持（维持） | 日期 | 2026/2/12 | | --- | --- | | 当前股价(元) | 23.77 | | 一年最高最低(元) | 31.77/11.00 | | 总市值(亿元) | 40.60 | | 流通市值(亿元) | 21.04 | | 总股本(亿股) | 1.71 | | 流通股本(亿股) | 0.89 | | 近 3 个月换手率(%) | 664.96 | 2025 预计实现归母净利润 3300～3500 万元，维持"增持"评级 星辰科技发布 2025 全年业绩预告，预计实现归母净利润为 3300～3500 万元，较 2024 年的 1,607.43 万元增长 105.30%～117.74%，实现盈利且净利润同比增幅超 过 50 ...

Core Insights - The report identifies liquid cooling as a strategic investment opportunity, potentially replicating the success of optical modules and PCBs, with strong growth prospects driven by AI computing needs and stringent energy efficiency standards [2][3] - Liquid cooling is characterized by three main features: strong growth, complete narrative, and favorable odds, indicating a favorable market environment for investment [2] - The industry is transitioning from speculative hype to a high-growth phase with confirmed orders, as evidenced by significant order increases from key suppliers like Vidi Technology [3] Industry Trends - The liquid cooling industry is entering a high-growth phase with a 252% year-over-year increase in organic orders reported by Vidi Technology, highlighting strong market demand [3] - Major tech companies like NVIDIA and Google are adopting liquid cooling as a mandatory standard for their next-generation platforms, indicating a shift from optional to essential technology in AI computing [3] - The industry is witnessing a wave of mergers and acquisitions, with companies like Liying Intelligent Manufacturing acquiring liquid cooling suppliers to secure positions in the AI server supply chain [3] Liquid Cooling Industry Chain - The liquid cooling industry chain consists of three main segments: upstream components, midstream system integration and manufacturing, and downstream applications [4] - Upstream includes key technologies and components such as cooling fluids and CDU, which have high technical barriers and value [4] - Midstream integrates upstream components to provide complete liquid cooling server solutions, with technical integration capabilities as a core barrier [4] - Downstream focuses on high-performance data center operators and industry users driving the large-scale adoption of liquid cooling [4]

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The recovery of prices will form the fundamental basis for the upward movement of bond yields in 2026. If the PPI month - on - month can maintain 0.15 - 0.2%, it is only a matter of time before the year - on - year price recovery reaches 2%. The "potential inflation 2.0%" will form the lower limit of the 10 - year treasury bond. The 10 - year treasury bond is expected to fluctuate in the range of 2 - 3%, with a central value of 2.5% [1][5]. - The economic recovery falling short of expectations has been disproven. Coupled with possible broad credit and broad fiscal policies at the beginning of 2026, the economic cycle will accelerate its recovery. If there are broad monetary policies, it will be a chance to reduce holdings, similar to 2025. Attention should be paid to whether the PPI month - on - month can remain positive. If inflation rises month - on - month, there is a possibility of tightened funds, and short - term bond yields will also rise. Real estate is a lagging indicator, and it may bottom out after the recovery of various economic indicators and the rise of the stock market [6]. 3. Summary by Relevant Catalogs 3.1 2026 January Price Data - CPI: The year - on - year increase in CPI fell, and the month - on - month increase was the same as the previous value. The year - on - year increase was lower than expected, mainly due to the Spring Festival date difference. The core CPI increased by 0.3% month - on - month, showing a mild recovery [3][4]. - PPI: The PPI increased month - on - month for four consecutive months, and the year - on - year decline further narrowed. It is expected that prices will enter a "positive growth" phase, which is one of the expected differences in 2026 [4]. - Price Index Base Period Rotation: The impact of this base period rotation on the year - on - year indices of CPI and PPI is generally small. The weights of service items in the CPI have increased, while those of consumer goods have decreased [4]. 3.2 Market Conditions - On February 11, the long - term yield fluctuated downward. From the divergence index, funds were the main buyers of bonds. After the release of inflation data, the CPI year - on - year increase was lower than expected, and with the buying of trading desks, the active 10 - year treasury bond broke through the 1.79% mark, reaching a minimum of 1.7840% [6].

2026 年 02 月 12 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋韬（分析师） 证书编号：S0790525070001 常津铭（研究员） 证书编号：S0790126010044 相关研究报告 太空光伏板块的资金行为监测 ——金融工程定期 《有色金属板块的资金行为监测》 -2025.10.10 《 消 费 板 块 的 资 金 行 为 监 测 》 -2025.11.14 《商业航天板块的资金行为监测》 -2025.12.11 《脑机接口板块的资金行为监测》 -2026.01.09 | 魏建榕（分析师） | 苏俊豪（分析师） | 高鹏（分析师） | | --- | --- | --- | | weijianrong@kyse ...

Investment Rating - The report assigns a "Buy" rating for Longxin General (隆鑫通用) as a first-time coverage [1] Core Views - Longxin General is a leading company in the motorcycle and all-terrain vehicle sectors in China, with a strategic focus on three main business areas: motorcycles, all-terrain vehicles, and general machinery. The company has made significant advancements in high-end motorcycle series and smart garden machinery through continuous technological innovation [2][4] - The collaboration with Zongshen Power, a major shareholder, is expected to enhance the company's core competitiveness through synergies in technology research and development, supply chain management, and overseas channels [2] - The company is projected to achieve net profits of 1.73 billion, 2.25 billion, and 2.70 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.84, 1.10, and 1.31 yuan. The current stock price corresponds to PE ratios of 18.9, 14.5, and 12.1 times for the same years [2] Financial Summary and Valuation Indicators - Revenue is expected to grow from 13.066 billion yuan in 2023 to 27.396 billion yuan in 2027, with a CAGR of 12.7% from 2020 to 2024 [6][28] - The net profit attributable to shareholders is projected to increase from 583 million yuan in 2023 to 2.698 billion yuan in 2027, with a CAGR of 23.6% during the same period [6][28] - The gross margin is expected to stabilize around 18% from 2024 to 2027, while the net margin is projected to rise from 4.5% in 2023 to 9.8% in 2027 [6][28] - The company’s EPS is forecasted to grow from 0.28 yuan in 2023 to 1.31 yuan in 2027, reflecting strong earnings growth [6][28] Business Development - Longxin General has optimized its business structure by focusing on core areas and divesting non-core businesses, which has led to improved profitability [3][28] - The motorcycle segment is expected to see significant growth, with the high-end "Wuji" brand contributing over 30% of motorcycle revenue by 2024, and a compound annual growth rate (CAGR) of 34.9% from 2020 to 2024 [4][52] - The all-terrain vehicle segment is also experiencing rapid growth, with a revenue increase of 73.9% in 2024 [54] - The company is expanding its global presence, with products sold in over 90 countries and more than 2,000 sales points worldwide [4][39] Strategic Changes - The recent change in shareholding structure, with Zongshen New Manufacturing becoming the controlling shareholder, is expected to bring significant synergies and enhance governance [3][22] - The management team remains stable, with experienced leaders who have been with the company for many years, ensuring continuity in strategic execution [25][26]

Investment Rating - The report assigns a "Buy" rating for Longxin General (603766.SH) for the first time [1]. Core Views - Longxin General is a leading company in the motorcycle and all-terrain vehicle sectors in China, with a strategic focus on three main business areas: motorcycles, all-terrain vehicles, and general machinery. The company has made significant advancements in high-end motorcycles and smart garden machinery through continuous product innovation [2][4]. - The collaboration with Zongshen Power, a major shareholder, is expected to enhance the company's core competitiveness through synergies in technology research and development, supply chain management, and overseas channels [2][3]. - The company is projected to achieve net profits of 1.73 billion, 2.25 billion, and 2.70 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.84, 1.10, and 1.31 yuan, leading to a PE ratio of 18.9, 14.5, and 12.1 times [2]. Financial Summary - The company's revenue is expected to grow from 13.066 billion yuan in 2023 to 27.396 billion yuan in 2027, with a compound annual growth rate (CAGR) of 15.2% [6]. - The net profit attributable to shareholders is projected to increase from 583 million yuan in 2023 to 2.698 billion yuan in 2027, reflecting a CAGR of 19.7% [6]. - The gross margin is expected to stabilize around 18% from 2024 onwards, while the net margin is projected to rise from 4.5% in 2023 to 9.8% in 2027 [6]. Business Development - Longxin General has optimized its business structure by focusing on core areas and divesting non-core businesses, which has led to improved profitability. The motorcycle and engine business revenue is expected to grow significantly, contributing to 75.4% of total revenue by 2024 [20][28]. - The company has established a comprehensive product matrix covering various motorcycle segments, including high-performance models under the "VOGE" brand, which is expected to drive growth in the mid to high displacement motorcycle market [20][39]. - The all-terrain vehicle (ATV) segment is also experiencing growth, with a revenue increase of 73.9% in 2024, supported by a robust product lineup and expansion into international markets [54][58]. Strategic Changes - The recent change in the company's shareholding structure, with Zongshen New Manufacturing becoming the controlling shareholder, is anticipated to bring significant synergies and enhance governance [3][22]. - The management team remains stable, with experienced leaders who have been with the company for many years, ensuring continuity in strategic execution [25][26]. Market Position - Longxin General has established a global distribution network covering over 90 countries and more than 2,000 sales points, enhancing its brand presence and operational capabilities [4][39]. - The company is well-positioned to capitalize on the growing demand for motorcycles and all-terrain vehicles, particularly in international markets, as it continues to innovate and expand its product offerings [4][39].

美国就业市场短期仍显现较强韧性 宏观研究团队 ——美国 1 月非农就业数据点评 | 何宁（分析师） | 潘纬桢（分析师） | | --- | --- | | hening@kysec.cn | panweizhen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524040006 | 事件：美国公布 1 月非农就业数据。新增非农就业 13 万，高于市场预期；失业 率为 4.3%，低于市场预期。平均时薪同比增长 3.7%，符合预期。 宏观经济点评 2026 年 02 月 12 日 新增非农就业超预期上行，2025 年数据大幅下修 1. 新增非农就业上行较多，但 2025 年新增就业数据大幅下修 1 月美国新增非农就业 13 万人，较 2025 年 12 月份初值（5.0 万）有较大幅度上 行，高于市场预期的 6.5 万。2025 年 11 月、2025 年 12 月新增非农就业分别下 修 0.2 万、1.5 万，两个月累计下修 1.7 万 。此外，由于 BLS 在年初会对就业数 据进行基准修订，报告还显示 2025 年 3 月的美国总就业人数下修 89.8 万，在 新 ...