7 May 2026 | 8:00AM HKT Equity Research Guming Holdings Ltd. (1364.HK): Post Holiday Consumer Tour: Recent SSSG trends on track, dine-in improvement among focus areas; Buy (on Michelle Cheng Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decis ...

May 6, 2026 07:41 AM GMT Contemporary Amperex Technology Co. Ltd. | Asia Pacific Marketing Feedback The market underappreciates sodium‑ion battery commercialization by focusing on its limited near‑term earnings contribution rather than its medium‑term inflection potential, while overlooking its strategic role in improving supply security and creating incremental demand beyond simple substitution. Near-term earnings matter less. The market has yet to recognize the strategic importance of sodium ion battery c ...

2026 outlook. Updates on liquid cooling business. The company has established a liquid-cooling team covering the full value chain, including both outdoor and indoor units. Mgmt suggested key clients include data center customers in North America such as Trane, Carrier, and Daikin, as well as domestic customers such as Envicool. Sanhua targets full-year revenue from liquid- cooling business to grow by 50%-100% YoY. Updates on humanoid robots. The robotic BU has expanded to a team of c.300 employees, focused ...

4 May 2026 | 11:49AM HKT Equity Research Gigadevice (603986.SS): Specialty DRAM and NOR Flash to drive sequential growth in 2Q/3Q; 1Q26 Rev/NI beat; Buy Gigadevice reported strong 1Q26 NI growth at 523% YoY (or 159% QoQ) to Rmb1.46bn, supported by Specialty DRAM strength, MCU recovery and NOR Flash mix upgrade, along with improving 1Q26 GM at 57.1% (vs. 1Q25/ 4Q25 at 37.4%/ 44.9%). The company announced the expected related transaction value with CXMT at Rmb5.7bn in 2026E (Link, vs. Rmb1.2bn in 2025), sugge ...

力量发展 20260507 摘要 力量发展核心资产大饭铺煤矿盈利弹性显著，煤价每上涨 100 元，利润 有望增加约 5 亿元，2026 年煤价 800 元/吨假设下预计贡献 17-18 亿 元利润。 宁夏 210 万吨焦煤项目（永安、伟一煤矿）预计 2026 年下半年投产， 主产稀缺肥煤，完全投产后预计贡献约 3 亿元利润。 南非马卡多焦煤矿项目持股 51%，预计 2026 年上半年投产，远期规划 400-500 万吨商品煤，预计贡献 7-8 亿元利润。 塞拉利昂钛矿项目布局高品位金红石资源，一二期全部投产后权益产量 约 38 万吨，有望实现约 3 亿元净利润。 公司历史地产包袱基本清空，待置换价款余额已归零，未来地产业务对 业绩的拖累风险可控且涉及金额有限。 财务结构稳健，2025 年有息负债率仅 8.7%，随资本开支高峰结束，高 股息政策具备可持续性，年分红稳定在 9-11 亿元。 三大增长引擎驱动下，预计 2030 年完全投产后中性情景利润达 30 亿 元，较目前约 18 亿元水平具备显著成长空间。 Q&A 请概括介绍力量发展这家公司的核心投资价值及其业务基本情况？ 力量发展的核心投资价值可概括为三点： ...

6 May 2026 | 7:18AM CST Equity Research CHINA SOLAR: POLY 1Q26 miss on volume and impairment, divergent strategies ahead; reiterate Buy on GCL and Sell on Tongwei/Daqo A 1Q26 miss: The three Poly companies under our coverage (i.e. GCL Tech, Daqo, Tongwei) announced weaker-than-expected 1Q26 earnings due to lower volume (avg. 50% lower than GSe) and higher inventory impairment loss (Rmb685mn for Daqo A and Rmb861mn for Tongwei) from price decline. Looking forward, outlook guided by the three Tier 1 Poly play ...

6 May 2026 | 7:12AM CST Equity Research CHINA CONSUMER DURABLES White goods 1Q26 wrap: Above-expectation growth and margin resilience; Buy Midea Four leading white goods companies in our coverage reported generally better-than-expected 1Q26 results (-1%/-2% revenue/net profits growth yoy for Midea, Haier, Gree and Hisense). Particularly, their margins generally came in better than feared despite cost inflation, thanks to pricing/mix adjustment and efficiency gains. Region wise, domestic growth sequentially ...

29 April 2026 Initiation China Semiconductors Montage Technology: The rising China champion for AI/memory networking, initiating with Outperform, PT CNY220/HKD320 Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Francis Ma +852 2123 2626 francis.ma@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com Montage Technology: the rising China champion for AI/memory networking. Montage is the world's largest memory interface chip supplier. It is strategically expanding into AI datacent ...

J P M O R G A N Asia Pacific Equity Research 30 April 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Sanhua Intelligent A/H 1Q26 lands better than feared and keeps guidance intact despite FX and commodity headwinds, with AIDC and robotics progressing s ...

中国 证券研究 2026 年 4 月 30 日 华勤技术 - A 增持 1 季度收入符合预期，展现韧性；下半年超节点项目 规模交付料将推动数据中心增长提速 华勤技术 2026 年 1 季度收入符合预期（同比增长 16%），毛利率改善， 由于税率优惠，盈利较摩根大通预测高出 16%。管理层仍有信心在智能 手机需求疲软情况下，实现 2026 年收入同比增长超 15%及更高盈利。值 得注意的是，公司加强了与国内头部云服务商在 AI/通用服务器及交换机 方面的合作，预计随着国产 GPU 供应改善，超节点项目将于 2026 年下 半年开始规模交付。此外，华勤提高了在晶合集成的持股比例以增强供 应链稳定性。我们看好华勤技术，因为其多元化的业务布局及可靠执行 支撑盈利强劲增长（摩根大通预测 2025-28 年复合增长率为 27%）。作 为具有全栈能力的头部数据中心解决方案提供商，我们认为公司估值理 应上调，重申对该股的"增持"评级。 603296.SS, 603296 CH 股价（2026 年 4 月 30 日）： 103.61 元 目标价（2026 年 12 月）： 135.00 元 证券研究报告 科技 证券分析师: 刘 ...