6 May 2026 | 11:35AM HKT Equity Research The rising role of RICE and SOFC as BTM prime power in AIDC In our deep dive report published in Feb, we highlighted that RICE and SOFC have increasingly been considered/adopted as the onsite prime power solutions for AIDC, especially in light of the backdrop that global supply for gas turbines will remain extremely tight till 2030. Since then, we have seen more evidence pointing to an accelerating trend. In particular, n Caterpillar (CAT, Coverage Suspended) comment ...

May 7, 2026 12:17 AM GMT Robotics | North America Humanoid Horizons: Money Meets Machines YTD venture funding for humanoid robots has already surpassed 2025 levels- driven by China. Meta continues to build its robotics talent roster with acquisition of US foundation model startup ARI. Meanwhile, humanoids beat human world record at the 2026 Beijing Half Marathon. Key Highlights: | M May 7, 2026 12:17 AM GMT | Adam Jonas, CFA Equity Analyst | Foundation | | --- | --- | --- | | Robotics North America | Morgan ...

6 May 2026 | 1:54PM CST Equity Research Pien Tze Huang (600436.SS): Earnings review: FY25 & 1Q26 missed; TP down to Rmb200; Buy PTH released its FY25 results on Apr 29, 2026. Both its revenue (Rmb9,001mn, -17% yoy) and net profit (Rmb2,159mn, -27% yoy) missed GSe (Rmb9,636mn/2,564mn, respectively). This annual result implied -33%/-89% yoy revenue/net profit decline, respectively. The company also released its 1Q26 results on the same day. Its revenue (Rmb2,741mn, -13% yoy) and net profit (Rmb743mn, -26% yoy ...

7 May 2026 | 12:26AM HKT Equity Research Insta360 (688775.SS): Memory as cost burden for near term; Continuous product migration the long-term gain; Buy Insta360 delivered strong revenue growth at +93% / +83% YoY in 4Q25 / 1Q26, and management announced that their 360 / Action camera's global market share reached 66% / 37% in 2025 (link), reflecting that Insta360 sustained its market leading position. The company proved its strong commitment in product specification upgrades and innovation by delivering con ...

6 May 2026 | 10:04PM HKT Equity Research Shennan Circuits (002916.SZ): MLPCB capacity expansion on rising AI demand; TP raised to Rmb394; Buy We remain constructive on Shennan's migration to AI PCB business (AI switch/ AI server/ Optical transceiver), and growing IC substrate on the memory demand growth. Despite muted demand from automotive PCB and telecom PCB in near-term, we see strong demand from data center clients to support the utilization rate to remain high and specification upgrade towards high-end ...

7 May 2026 | 7:08AM CST Equity Research LONGI GREEN ENERGY TECHNOLOGY CO. (601012.SS) Raise target price on ESS potential; reiterate Buy We turn more positive on Longi's ESS (energy storage system) potential and raise our TP to Rmb26. At the recent analyst briefing on Apr 30, Longi unveiled its ESS business target for the first time post its acquisition of a 62% stake in Suzhou Jingkong in Jan 2026. Specifically, mgmt guided for 6GWh shipment in 2026E and Rmb70bn revenue by 2030E, or c.90GWh sales by GSe. W ...

supporting our thesis that Inovance is better positioned than peers to capture both the automation demand recovery and domestic substitution potential. Paired with the company's planned >30% capacity expansion in May following strong 1Q26 order intake (~40% yoy), we reiterate our expectation for a significant step-up in revenue from 2Q26E driven by both backlog conversion and new order deliveries. Read-across from order trends disclosed by Haitian (1882.HK): Haitian also returned to positive growth in April ...

燃气机需求继续爆发，机器人进入催化期 20260506 摘要 2026 年 4 月新能源车内需承压，预计同比负增长>10%，主因高基数、 补贴退坡及新车交付周期错位；出口市场强劲，比亚迪、吉利等车企出 口量创历史新高。 整车投资逻辑转向高端化与出海：30 万+高端市场竞争格局优、爆款频 出（如极氪、江淮 MPV）；海外渗透率<20%，处于 1-N 爆发初期，看 好具备全球化能力的吉利与比亚迪。 潍柴动力受益 AIDC 电力需求爆发，大缸径发动机 2026 年目标 3,500- 4,000 台；燃气发电机与 SOFC 业务估值具备上修空间，乐观预期市值 可向 4,000 亿目标靠拢。 机器人板块处于低位，特斯拉 V3 量产预期驱动向上动能；铁流股份凭 借旋锻工艺柔轮切入特斯拉供应链，美沪股份谐波减速器及执行器已对 接腾讯、宇树等头部客户。 运价创新 L4 无人车业务进入商业化放量期，2025 年营收占比升至 9%，合作规模超 6,000 台；预计 2028 年实现盈利转正，归母净利润 约 1.28 亿元。 投资策略：5-9 月重点关注高端化板块（江淮汽车）；机器人关注 100- 300 亿市值弹性标的（铁流、恒 ...

中国 证券研究 2026 年 5 月 4 日 中国中免 – A 增持 1 季度复苏趋势进一步得到验证；未来可期；维持" 增持"评级 中免 1 季度业绩进一步验证了 25 年 4 季度以来的复苏趋势，盈利同 比增长 21%，驱动因素包括：1）海南业务表现强劲，销售额增长 28%（而 2025 年为下降 1%），表明市场份额进一步增长（对比根据 海口海关数据，1 季度海南离岛免税整体销售额增长了 26%）；2） 得益于折扣力度和产品结构优化，毛利率稳健（提升 0.2 个百分点） ；3）得益于租金优化和严格的成本控制，销售费用率下降 1 个百分 点；虽然 4）由于上海浦东机场和北京首都机场免税店的转场和重新 开业，机场渠道承压。我们预计复苏趋势将在 2 季度及以后延续，支 撑因素包括：1）4 月海南业务保持稳健（销售额增长双位数）；2） 机场渠道业务逐步放量；3）DFS 大中华区零售业务整合有序推进（ 交易于 3 月 19 日完成交割）；4）得益于折扣改善、产品结构优化以 及汇率有利，毛利率进一步扩张。我们将 26-27 年盈利预测微调约 1%，预计 2026 年销售额/盈利分别增长 12%/41%。我们基于现金流 ...

摘要 三峡旅游 20260507 省际游轮首月运营超预期，4 月平均客座率达 94%，5 月预估 90%，6 月多数航次已售罄。 客源结构优于预期，入境市场占比超 39%（原预估 10-15%），其中港 澳台及北美为核心。 坚持中高端定价，剔除渠道返利后人均结算价 4,600-4,700 元，2026 年盈利预期乐观。 消费结构呈现高端化，总统套房等高级房型最先售罄，家庭亲子游及三 代同游需求火爆。 成本结构以折旧和人工为主，燃油成本仅占营收约 7%，油价波动对利 润影响在 5%以内。 销售渠道差异化，入境游线下占比超 80%，国内游线上占比约 60%， 新业务销售费用率更低。 行业竞争加剧，公司通过"两坝一峡"资源调控应对低价竞争，并持续 推进运力并购整合。 Q&A 2026 年以来，三峡旅游业务的景气度趋势如何？具体到第一季度以及四、五 月份，宜昌地区及公司的业务表现是怎样的？ 2026 年第一季度，公司游船产品的游客接待量相较 2025 年同期增长接近 32%，游客接待总量接近 50 万人次。进入五一假期，尽管游船接待量有不超 过 90%的上限限制，但通过在运力不变的情况下增开班次，游客接待量实现了 2 ...