Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies Core Insights - The "Work Plan" issued by the State Council aims to accelerate the cultivation of new growth points in service consumption, focusing on six key areas and three potential areas, which is expected to open up incremental space for service consumption [3][6] - By 2025, the per capita service consumption expenditure in China is projected to reach 13,602 yuan, with a year-on-year increase of 4.5%, accounting for 46.1% of total per capita consumption expenditure [3][11] - The domestic tourism market is expected to see 6.522 billion trips in 2025, a year-on-year increase of 16.2% [3][14] - The ice and snow industry is projected to generate over 187.5 billion yuan in consumption during the 2024-2025 season, with a growth rate exceeding 25% [3][30] - The emotional economy market in China is expected to reach 23,077.67 billion yuan in 2024 and surpass 45,000 billion yuan by 2029 [3][36] Summary by Relevant Sections Service Consumption Growth - The "Work Plan" focuses on optimizing service supply and fostering new service consumption models, particularly in transportation, housekeeping, automotive aftermarket, online audio-visual services, travel services, and inbound consumption [3][6] - The report highlights the increasing contribution of final consumption expenditure to economic growth, projected to be 52% in 2025, up by 5 percentage points from 2024 [9] Market Performance - The median price-to-earnings (P/E) ratio for the North Exchange service consumption sector decreased from 48.2X to 47.7X, with a total market capitalization dropping from 114.684 billion yuan to 112.981 billion yuan [46][51] - The median market cap for companies in this sector fell from 2.038 billion yuan to 1.978 billion yuan [51] Company Insights - Notable companies in the service consumption sector include: - Elderly care: Zhisheng Information, Beiyikang - Sports: Huayang Racing, Kangbiter - Tourism: Meiya Technology - Emotional/experiential consumption: Taihu Snow, Lusi Co., Baixinglong - Education: Digital Human, Tonghui Information - Online audio-visual: Xiange International, Haifiman - Apparel: Zhongfangbiao, Tianfangbiao [3][40] Performance Highlights - The report indicates that 29% of companies in the North Exchange service consumption sector saw stock price increases, with the median stock price change being -2.41% [46] - Top performers included Qiule Seed Industry (+22.55%), Kangnong Seed Industry (+13.50%), and Oufu Egg Industry (+7.05%) [46][56]

Group 1: Transportation Industry - The express delivery sector shows resilient demand, with a "反内卷" (anti-involution) trend driving up prices and releasing profit elasticity for companies, indicating a favorable long-term competitive environment for e-commerce logistics [17] - The civil aviation sector is experiencing a significant recovery, with major airlines like China Southern and Hainan Airlines expected to turn profitable in 2025, while others like China Eastern and Air China are projected to reduce losses, setting a solid foundation for 2026 [8][9] - The shipping market is witnessing a "strong off-season" for dry bulk freight rates due to a combination of concentrated cargo volumes and tight capacity, with the Baltic Dry Index (BDI) showing a notable increase [13][14] Group 2: Energy Storage Industry - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, which is expected to enhance the energy storage sector's growth [21] - By the end of 2025, China's cumulative installed capacity for energy storage is projected to reach 213.3 GW, a 54% year-on-year increase, with new energy storage technologies, particularly lithium-ion batteries, experiencing rapid growth [21] - A total of 13 core companies in the energy storage industry have been identified, including Changhong Energy and Haixi Communications, which are positioned to benefit from the expanding market [21] Group 3: Media and Internet Industry - Google's Project Genie has launched, allowing users to create and edit interactive 3D environments, indicating a significant advancement in AI applications within the media sector [25] - The AI gaming creation tool "TapTap Manufacturing" has been introduced, enabling creators to develop games without leaving the chat interface, showcasing the integration of AI in game development [25] - The competition for AI entry points is expected to continue evolving, with major platforms like WeChat and Douyin playing crucial roles in user education and ecosystem integration [25][28] Group 4: Food and Beverage Industry - Weidong Delicious is recognized as a leading player in the spicy snack sector, capitalizing on the trend of health-conscious consumption and maintaining a strong brand presence [4] - The company has established a robust multi-category product strategy, which is expected to drive growth and sustain high profitability [4] Group 5: Real Estate Industry - China Merchants Shekou is focusing on core cities and leveraging its state-owned enterprise advantages to optimize its asset structure and enhance its competitive position [4] - The company has proactively addressed historical burdens by writing down approximately 22.6 billion yuan in asset and credit impairments since 2020, positioning itself for future growth [4]

证券研究报告 汽车 行业定期报告 hyzqdatemark 2026 年 02 月 02 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 秦梓月 SAC：S1350525070008 qinziyue@huayuanstock.com 联系人 板块表现： 主机厂原材料涨价后续影响分析 ——汽车行业周报（20260126-20260201） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 2025Q4 以来碳酸锂、六氟磷酸锂等电池原材料及铜、铝等价格均出现上涨。2020 年以来汽车原材料价格的明显上涨主要分为两轮：第一轮为 2020 年（尤其 2020Q3 开始）~2022 年（主要截至 2022Q1），彼时汽车主要原材料价格出现普涨，其中碳 酸锂涨幅居前，电池级碳酸锂价格由 2020Q3 的平均 4 万元/吨涨至 2022Q4 的平均 55 万元/吨；第二轮则为 2025Q4 以来的碳酸锂、六氟磷酸锂等电池原材料及铜、铝 等价格的上涨，2026 年 1 月 28 日电池级碳酸锂、六氟磷酸锂、LME 铜现货结算价、 中国铜 ...

Quantitative Models and Construction Methods - **Model Name**: Sparse Auto Encoder (SAE) **Model Construction Idea**: The model aims to compress high-dimensional features into low-dimensional sparse coding while ensuring the reconstructed features retain most of the original information. It also incorporates autoregressive loss and sparsity penalties to enhance robustness and reduce overfitting [7][8][9] **Model Construction Process**: 1. **Encoding**: Compress input features into sparse coding $ \text{code}_{i}=\text{Encoder}(x_{i}) $ Here, $ x_{i} $ represents input features, and $ \text{code}_{i} $ is the compressed sparse coding [8] 2. **Decoding**: Reconstruct features from sparse coding $ \hat{x}_{i}=\text{Decoder}(code_{i}) $ $ \hat{x}_{i} $ represents reconstructed features, which should closely resemble $ x_{i} $ [8] 3. **Prediction**: Predict future index returns using hidden layer features $ \hat{y}_{i}=\text{Predictor}(res_{i}) $ $ \hat{y}_{i} $ represents the predicted future returns [8] 4. **Loss Function**: Combines prediction error, reconstruction error, and sparsity penalty $$ Loss=\frac{1}{N}\sum\nolimits_{i=1}^{N}\left(\mathcal{J}(y_{i},{\hat{y}}_{i})+\lambda_{1}\mathcal{L}\left(x_{i},{\hat{x}}_{i}\right)+\lambda_{2}SparseLoss(code_{i})\right) $$ $ \mathcal{J} $ measures prediction error, $ \mathcal{L} $ measures reconstruction error, and $ SparseLoss $ applies sparsity penalties using KL divergence or vector norms [9][12] **Evaluation**: The model effectively selects features, enhances robustness, and learns the "true" patterns of index movements [11] - **Wavelet Transform for Noise Reduction** **Construction Idea**: Decompose time-series data into multiple components to isolate noise and retain meaningful information [19][20] **Construction Process**: 1. Select parent wavelet $ \varphi $ and mother wavelet $ \psi $ $ \varphi_{jk}=2^{-j/2}\varphi(2^{-j}-k) $ $ \psi_{jk}=2^{-j/2}\psi(2^{-j}-k) $ Parent wavelet captures low-frequency trends, while mother wavelet captures high-frequency fluctuations [19][20] 2. Reconstruct time-series data using wavelet coefficients $$ x(t)=\sum\nolimits_{k}s_{j,k}\varphi_{j,k}+\sum\nolimits_{k}d_{j,k}\psi_{j,k}+\ldots+\sum\nolimits_{k}d_{1,k}\psi_{1,k} $$ Coefficients $ S_{J,k} $ and $ d_{j,k} $ are calculated as: $ S_{J,k}=\int\varphi_{J,k}x(s)ds $ $ d_{j,k}=\int\psi_{J,k}x(s)ds $ [20] **Evaluation**: Reduces overfitting risks by filtering out noise and retaining meaningful components [21] Model Backtesting Results - **SAE Model** **Performance on CSI 500 Index**: - Multi-strategy annualized return: 43.86% - Long-only annualized return: 23.30% - Short-only annualized return: 16.68% - Sharpe ratio: 2.07 (multi-strategy), 1.39 (long-only), 1.28 (short-only) - Maximum drawdown: -14.00% (multi-strategy), -16.04% (long-only), -14.30% (short-only) [29][33][34] **Performance on CSI 1000 Index**: - Multi-strategy annualized return: 51.21% - Long-only annualized return: 26.00% - Short-only annualized return: 20.01% - Sharpe ratio: 1.41 (long-only), 1.27 (short-only) - Maximum drawdown: -22.08% (long-only), -19.85% (short-only) [43][46][47] **Performance on CSI 2000 Index**: - Multi-strategy annualized return: 32.40% - Long-only annualized return: 32.56% - Sharpe ratio: 1.62 (long-only) - Maximum drawdown: -25.59% (long-only) [55][56] **Performance on CSI All Share Index**: - Multi-strategy annualized return: 18.74% - Long-only annualized return: 18.83% - Sharpe ratio: 1.26 (long-only) - Maximum drawdown: -16.95% (long-only) [55][56] Quantitative Factors and Construction Methods - **Input Features** **Construction Idea**: Use common technical indicators and derived metrics from daily K-line data as model inputs [16][18] **Construction Process**: 1. **Technical Indicators**: - RSI: $ RSI=(N\text{-day absolute closing price increase})/(N\text{-day absolute closing price decrease}) $ - OBV: $ OBV=\text{sum of closing price change signs} \times \text{turnover rate} $ - MACD: $ DIF=12\text{-day EMA}-26\text{-day EMA} $ $ DEA=DIF\text{'s 9-day EMA} $ $ MACD=DIF-DEA $ [16][17] 2. **Derived Metrics**: Rolling averages, relative positions of moving averages, volatility metrics, and other derived indicators [16][18] **Evaluation**: The feature set is comprehensive but not optimized, as no additional filtering was applied to avoid overfitting [18] Factor Backtesting Results - **RSI, OBV, MACD** **Performance**: Incorporated into the SAE model, contributing to the overall strategy performance across indices [16][18] Key Observations - The SAE model performs better on smaller-cap indices like CSI 2000 and CSI 1000 compared to CSI 500, indicating its effectiveness in smaller market segments [62] - Multi-strategy returns are balanced between long and short positions, with no significant bias toward either direction [42][54] - The model's robustness and sparsity design mitigate overfitting risks and enhance generalization across different market conditions [11][21] - Setting appropriate thresholds for signal generation improves strategy stability and reduces transaction costs [66]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [5][9][47]. Core Insights - The company, known as a leader in the spicy snack sector, has successfully capitalized on the industrialization of snacks and has redefined standards and consumer perceptions in the spicy strip market. The company benefits from a strong brand and channel power, ensuring its competitive edge [5][6][11]. - The domestic spicy snack market is growing rapidly, with significant potential in the konjac market. The company has established a strong presence in both spicy strips and konjac snacks, leveraging its first-mover advantage and comprehensive advantages in product categories, branding, and distribution channels [6][25][39]. - The company is expected to maintain high profitability driven by its konjac product line, with projected net profits for 2025-2027 of 1.384 billion, 1.696 billion, and 2.012 billion RMB, respectively, reflecting growth rates of 29.53%, 22.52%, and 18.65% [7][46]. Summary by Sections Market Performance - As of January 30, 2026, the closing price of the company's stock is 12.29 HKD, with a market capitalization of approximately 29.88 billion HKD [3]. Financial Projections - The company is projected to achieve revenues of 73.73 billion, 86.51 billion, and 99.69 billion RMB for the years 2025-2027, with year-on-year growth rates of 18%, 17%, and 15% respectively [9][46]. - The konjac product line is expected to see revenue growth rates of 38%, 26%, and 21% during the same period, indicating strong market demand [10][46]. Competitive Landscape - The spicy snack market in China is characterized by a high concentration of brands, with the company holding a significant market share of 28% in the spicy strip segment, far ahead of competitors [25][35]. - The company has a robust distribution network, covering approximately 690,000 retail outlets across China, and is actively exploring international markets, including North America and Southeast Asia [40][39]. Growth Drivers - The company is focusing on product innovation and expanding its product offerings, including new flavors and overseas market penetration, which are expected to drive future growth [40][11]. - The report highlights the company's strategic initiatives to enhance its brand positioning and operational efficiency, which are anticipated to sustain its competitive advantage in the market [39][40].

汽车 | 汽车零部件 北交所|首次覆盖报告 hyzqdatemark 2026 年 02 月 02 日 证券分析师 证券研究报告 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | 2026 | | | 年 | 01 | | 日 | | | | 月 | 30 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 14.68 | | | | | | | 一 年 内 | | 高 | / | | | 低 | | | 最 | 最 | | | | （元） | | | | | | | | 26.68/10.38 | | | | | | 总市值（百万元） | | | | | | | | | | | | 2,227.14 | | 流通市值（百万元） | | | | | | | | | | | | 2,008. ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2026 年 02 月 02 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 1）圆通速递举行 2025 年工作总结暨 2026 年工作部署大会，强调"守底线、强基 石、开新路"。1 月 26 日，圆通速递 2025 年工作总结暨 2026 年工作部署大会召开， 圆通速递董事局主席喻渭蛟表示：要打造安全畅通、便捷高效、自主可控、可持续、 有韧性的供应链；要贯彻执行国家邮政局局长赵冲久关于深入推进交通强国邮政篇 建设等 9 个方面的工作，要以"守底线、强基石、开新路"为管理理念和工作指南， 做好各项重点工作。圆通速递总裁潘水苗围绕"守底线、强基石、开新路"对 2026 年重点工作作了具 ...

Investment Performance - The January stock portfolio achieved a return of +15.42%, outperforming the Shanghai Composite Index and CSI 300 Index by 13.77 percentage points and 8.31 percentage points respectively [2] - The portfolio included one Hong Kong stock with a return of 11.04%, while the Hang Seng Index rose by 6.85% [2] - The top-performing sectors included non-ferrous metals (+23%), media (+18%), and oil and petrochemicals (+16%) [2] February Investment Strategy Outlook - The A-share market has seen increased volatility since late January, influenced by valuation levels and external factors such as precious metals and the US dollar index [3] - The strategy suggests selecting stocks with solid fundamentals and low implied expectations, while maintaining a balanced portfolio to avoid overexposure to any single sector [3] - Key indicators to monitor include the trends in precious metals, the US dollar index, and A-share market trading volume [3] February Stock Recommendations Power Equipment and New Energy - Zhongtian Technology (600522.SH) is recommended due to its leadership in optical fiber and expected benefits from increased demand driven by AI investments and a significant investment plan from the State Grid [5][6] Electronics - Helin Micro-Nano (688661.SH) is favored for its potential growth in the chip testing market, driven by increased complexity and demand for FT probes [7] Robotics - Amperelong (301413.SZ) is highlighted for its expansion in automotive sensor products and its role in the emerging field of humanoid robots [9][10] Media - Alibaba-W (09988.HK) is recommended due to its rapid growth in cloud services and AI-related products, with a significant market share in China's public cloud IaaS market [12][13] Transportation - Southern Airlines (600029.SH) is positioned to benefit from high capacity and operational efficiency, with a projected increase in passenger volume [14] New Materials - Huafeng Aluminum (601702.SH) is expected to benefit from the demand for aluminum materials in the new energy vehicle sector and the trend of "aluminum replacing copper" [16] Building Materials - China Jushi (600176.SH) is recommended as it is positioned to benefit from a market shift in electronic fabrics and the ongoing demand for fiberglass [17] Real Estate - China Merchants Shekou (001979.SZ) is favored for its strong asset structure optimization and focus on core cities, which positions it well in the current market environment [18] Non-Banking Financials - China Life (601628.SH) is expected to perform well in 2026, with strong sales and investment returns [19] North Exchange - Haixi Communications (920405.BJ) is recommended due to its expanding energy storage business and stable traditional operations [22]

Group 1 - The report highlights the recent issuance of a notification by the National Development and Reform Commission and the National Energy Administration to improve the capacity pricing mechanism for power generation, which aims to adapt to the needs of the new power system and market structure [6][9]. - As of the end of 2025, China's cumulative installed capacity of new energy storage is expected to reach 213.3 GW, representing a year-on-year growth of 54%. The market share of lithium-ion batteries in new energy storage is projected to increase significantly from 8.2% at the end of the 13th Five-Year Plan to 65.8% by the end of the 14th Five-Year Plan [12][19]. - The report identifies 13 core companies in the energy storage industry chain listed on the Beijing Stock Exchange, including Changhong Energy, Haixi Communication, and others, which are involved in various aspects of energy storage technology and products [28][29]. Group 2 - The median price-to-earnings (P/E) ratio for the new energy industry on the Beijing Stock Exchange has decreased from 37.1X to 35.9X, with the median market capitalization dropping from 27.2 billion to 24.2 billion [31][32]. - The report notes that the median P/E ratio for electronic equipment companies on the Beijing Stock Exchange has declined from 65.8X to 61.1X, indicating a shift in market valuation trends [31][32]. - The report indicates that the median P/E ratio for mechanical equipment companies has decreased from 44.6X to 42.3X, reflecting changes in investor sentiment and market conditions [31][32].

证券研究报告 房地产 | 房地产开发 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 02 日 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 175,008 | 178,948 | 159,571 | 149,719 | 144,614 | | 同比增长率（%） | -4.37% | 2.25% | -10.83% | -6.17% | -3.41% | | 归母净利润（百万元） | 6,319 | 4,039 | 1,073 | 1,472 | 1,687 | | 同比增长率（%） | 48.20% | -36.09% | -73.42% | 37.15% | 14.57% | | 每股收益（元/股） | 0.70 | 0.45 | 0.12 | 0.16 | 0.19 | | ROE（%） | 5.28% | 3.64% | 0.96% | 1.31% | 1.49% | | 市盈率（P/ ...