Group 1 - The core viewpoint is that the ROE of the non-financial real estate sector in A-shares is expected to rise from 7.2% to 7.9% by 2026, indicating a shift from a "low return" phase to a more favorable profitability trend [1] - The investment strategy suggests focusing on four main lines: industrial resource products, equipment exports, consumer recovery, and non-bank financials, with a particular emphasis on tracking the demand for aluminum, copper, steel, and coal driven by power system construction [1] - In overseas markets, the characteristics of "investment stronger than consumption," profit differentiation among large and small enterprises, declining employment, and slowing wage growth are observed, which provide a foundation for a sustained interest rate cut cycle [1] Group 2 - On the domestic consumption front, the drag of housing prices on household spending has diminished, and the recovery of trade settlement rates along with visa-free entry for foreign tourists has led to improved sales net profit margins in sectors such as aviation, hotels, duty-free, and food and beverage [2] - The financial landscape shows a shift of household savings towards "fixed income+" products, with pension and insurance funds continuously increasing their allocation to equities; policy adjustments to lower insurance risk factors and relax brokerage leverage are expected to resonate with the non-bank sector and the recovery of ROE [2]

ETF市场在迎来规模爆发的同时，一场悄然酝酿的"更名潮"正席卷全行业。 据券商中国记者统计，仅2025年12月以来，已有包括易方达、汇添富、华宝、广发在内的十余家基 金管理人发布公告，对其旗下ETF产品的场内简称进行集中变更，涉及产品超百只。 这不仅是公募基金行业对监管层关于规范基金名称要求的集中响应，更是ETF步入6万亿大时代 后，各大管理人重塑品牌辨识度、抢占投资者心智的重要战略举措。 统一"马甲"强化ETF品牌 以易方达为例，2025年12月30日，易方达基金发布公告，宣布变更旗下45只ETF简称，调整将于 2026年1月5日生效。至此，易方达基金成为行业首家完成旗下全部ETF简称调整的基金公司，全部117 只ETF简称均按照"投资标的核心要素+ETF+管理人名称"标准格式统一命名。 2025年12月29日，汇添富基金也发布公告，为了便于投资者理解，自2025年12月29日起，对旗下17 只ETF的简称进行了调整，其中深交所挂牌的部分产品变更场内简称，上交所挂牌的部分产品变更扩位 证券简称，更名格式为"指数关键要素+ETF+汇添富"。以深市产品为例，中证2000指数ETF场内简称变 更为中证2000ET ...

Core Viewpoint - The company aims to enhance its role in supporting green low-carbon transformation and the development of the Guangdong-Hong Kong-Macao Greater Bay Area, aligning with national strategies for high-quality development and green finance [1][3][4] Group 1: Green Development Initiatives - In 2025, the company successfully launched futures and options for platinum and palladium, expanding its offerings in the new energy metal futures sector [2] - The correlation of spot prices for industrial silicon, lithium carbonate, and polysilicon reached 0.99, 0.97, and 0.94 respectively, indicating strong market integration [2] - The introduction of qualified foreign institutional investors (QFII) for trading in industrial silicon, lithium carbonate, and polysilicon marks a significant step in opening up the market [2] Group 2: Market Function and Risk Management - The company has been recognized as a qualified central counterparty (QCCP) by the China Securities Regulatory Commission, enhancing its operational standards and risk management capabilities [2] - The focus will be on innovation in product offerings, particularly in new energy, new materials, and carbon emissions, to better meet industry needs [3] - The company plans to deepen market services and expand its coverage of industrial bases, ensuring that futures tools are accessible to more enterprises [3] Group 3: Future Goals and Strategies - The company is committed to high-quality implementation of the "14th Five-Year Plan" and aims to contribute to the construction of a financial powerhouse and the modernization of China [4] - There is a focus on enhancing international collaboration, including exploring overseas settlement price authorization and building overseas delivery warehouses [3] - The company emphasizes maintaining a strong risk management framework to ensure stable market operations while promoting high-quality development [3]

Core Insights - The first batch of companies listed on the Shenzhen Stock Exchange has released optimistic performance forecasts for 2025, indicating significant year-on-year growth across various sectors including chemicals, new energy, steel, consumer services, and smart logistics [1] Group 1: Company Performance Highlights - Salt Lake Co. expects a substantial increase in net profit for 2025, projected between 8.29 billion to 8.89 billion yuan, representing a year-on-year growth of 77.78% to 90.65% [2] - Tianqi Lithium's net profit is anticipated to reach between 1.1 billion to 1.6 billion yuan, with a remarkable growth rate of 127.31% to 230.63% [2] - Huazhong Steel is expected to achieve a net profit of 2.6 billion to 3 billion yuan, reflecting a growth of 27.97% to 47.66% [3] - Shougang Group forecasts a net profit of 920 million to 1.06 billion yuan, with a growth rate of 95.29% to 125.01% [3] - Kidswant anticipates a net profit of 275 million to 330 million yuan, marking a growth of 51.72% to 82.06% [3] - Chuanhua Zhili is projected to see a net profit between 540 million to 700 million yuan, with an impressive growth of 256.07% to 361.57% [4] Group 2: Common Characteristics of Growth - The companies exhibit five common characteristics that highlight their core logic for development: technological innovation, industry dividends, lean management, capital empowerment, and accelerated transformation [5] - R&D investment and technological breakthroughs are identified as key drivers for performance growth, with companies focusing on overcoming critical technologies and enhancing product value [5] - The companies are benefiting from industry growth, with Tianqi Lithium capitalizing on the booming electric vehicle and energy storage markets, while Salt Lake Co. benefits from the recovery in the potassium and lithium carbonate sectors [6] Group 3: Operational and Strategic Insights - Companies are enhancing operational efficiency through refined management and integration capabilities, with Huazhong Steel achieving record-breaking technical and economic indicators [6] - Capital market tools are being effectively utilized for growth acceleration, with Salt Lake Co. optimizing its equity structure through buybacks and shareholder increases, while Tianqi Lithium is expanding capacity through refinancing and equity incentives [7] - The focus on green low-carbon and digital transformation is becoming crucial for high-quality development, with companies implementing advanced technologies to enhance production efficiency and align with national strategic directions [7]

Group 1 - The market is expected to experience an upward trend at the beginning of the year, driven by a favorable liquidity environment and investor sentiment [1][6][9] - The anticipated balance between external and internal demand will be a significant factor for market performance in 2026, with policies aimed at boosting domestic demand becoming increasingly important [1][2] - The structural bull market is supported by a reassessment of China's technological capabilities and the resilience of external demand amid a complex trade environment [1][4] Group 2 - The Chinese stock market is likely to stabilize and cross important thresholds, aided by overseas liquidity and seasonal factors such as the Spring Festival [2][3] - The "transformation bull" trend is confirmed, with a focus on sectors benefiting from economic transformation and capital market reforms [2][4] - The spring market is expected to continue its upward trajectory, supported by improving economic data and favorable policy signals [3][4] Group 3 - The spring market rally has begun early, with a solid foundation for a bull market in 2026, driven by multiple positive factors including macroeconomic policies and capital inflows [8][12] - Investment strategies should focus on sectors benefiting from new technologies and policies, such as AI, energy storage, and robotics [8][12] - The market is experiencing a shift in internal driving logic, with a need to focus on assets with clearer fundamental signals and lower volatility [7][11]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is set to play a crucial role in the "15th Five-Year Plan" period, focusing on high-quality development and serving the modernization of socialism in China [1] Group 1: Market Stability and Quality Development - The SSE aims to enhance market stability by establishing long-term mechanisms for market stability and improving risk monitoring and early warning systems [2] - There is a strong emphasis on cultivating high-quality listed companies and promoting actions that enhance returns, such as dividends and buybacks [2] - The SSE will focus on the "1+6" reform policies of the Sci-Tech Innovation Board and deepen reforms to attract resources to strategic emerging sectors [2] Group 2: Financial Support for Economic Transformation - The SSE plans to create a financial support platform for the transformation and upgrading of the real economy, ensuring coordinated investment and financing functions [2] - The exchange will leverage its advantages in large-cap blue-chip stocks and hard technology to build a multi-layered product matrix and service system [2] Group 3: Regulatory Strengthening and Market Ecology - The SSE will adopt a "zero tolerance" approach to fraud and financial misconduct, ensuring strict entry standards for listings [3] - There will be a push for index-based investment and the promotion of rational, value, and long-term investment philosophies to attract more long-term capital [3] - The SSE will enhance its global competitiveness by expanding cross-border investment channels and enriching its international product offerings [3] Group 4: Leadership and Governance - The SSE will strengthen the leadership of the Communist Party in its operations, ensuring political and public accountability in its market activities [3] - Continuous efforts will be made to improve party discipline and governance, aligning with the broader goals of the "15th Five-Year Plan" [3]

Core Viewpoint - The company emphasizes its commitment to green development and aims to enhance its role in supporting the green low-carbon transition and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, aligning with national strategies and initiatives [1][3]. Group 1: Green Development Initiatives - In 2025, the company successfully launched futures and options for platinum and palladium, expanding its offerings in the new energy metal futures sector [2]. - The correlation of spot prices for industrial silicon, lithium carbonate, and polysilicon reached 0.99, 0.97, and 0.94 respectively, indicating strong market functionality [2]. - The company has introduced qualified foreign institutional investors (QFII) to participate in trading of industrial silicon, lithium carbonate, and polysilicon, enhancing international cooperation [2]. Group 2: Strategic Goals for the Future - The company plans to focus on product innovation in areas such as new energy, new materials, and carbon emissions, while accelerating the development of weather-related futures [3]. - There is an intention to deepen market services and expand the coverage of the "Green to New" industry service plan, ensuring that futures tools reach more real enterprises [3]. - The company aims to enhance its openness by exploring overseas settlement price authorization and the construction of overseas delivery warehouses [3]. Group 3: Commitment to High-Quality Development - The company is dedicated to implementing the strategic tasks and major initiatives of the "14th Five-Year Plan" for the futures market, contributing to the construction of a financial powerhouse and supporting China's modernization [4].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) is committed to becoming a world-class exchange by enhancing product offerings, improving risk management, and promoting high-quality development in alignment with national policies and directives [1][2][3] Group 1: Product Development and Market Functionality - Over the past year, SHFE has successfully launched new futures and options products, including aluminum alloy, printing paper, fuel oil, asphalt, and pulp, to support the modernization of the industrial system [2] - The number of products available for Qualified Foreign Institutional Investors (QFII) has increased to 32, facilitating a more open and standardized international business environment [2] - The exchange has enhanced its delivery and settlement capabilities, particularly for natural rubber futures, thereby strengthening the global influence of "China prices" [2] Group 2: Risk Management and Operational Stability - SHFE has focused on solidifying market risk management to ensure the safe operation of the system and protect investors' rights [2] - The exchange has established 138 integrated service bases nationwide to support enterprises in cost reduction and risk management [2] Group 3: Future Directions and Strategic Goals - In the new year, SHFE aims to implement the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on optimizing product functionality and enhancing the international impact of "Shanghai prices" [3] - The exchange is dedicated to building a high ground for external openness and reinforcing its regulatory framework [3]

Group 1 - The A-share market is expected to enter a phase of improved overall environment and deepening structural characteristics by 2026, driven by enhanced global liquidity and accelerated realization of industry trends represented by AI [1] - The global and domestic liquidity environment is anticipated to improve simultaneously, providing a solid foundation for the market, with external constraints on A-shares significantly reduced due to a potential acceleration in the Federal Reserve's interest rate cuts [1] - The domestic monetary policy will continue to support high-quality economic development and industrial upgrades, maintaining reasonable liquidity [1] Group 2 - The 2026 A-share market may exhibit significant concentration of leading companies and fundamental-driven structural characteristics, with a focus on a few technology growth leaders capable of delivering real and sustained performance [2] - Leading companies will have strong barriers to entry and sustained growth, with some acting as key links in the global AI supply chain, achieving high certainty growth through technological barriers and customer loyalty [2] - Investment logic will focus deeply on fundamentals, with market pricing closely tied to companies' ability to sustain rapid growth over the next one to two years, ensuring that scarce leading companies have solid fundamental support as long as valuations are not excessively stretched [2]

东方财富证券首席策略分析师陈果表示，2026年市场虽然可能有波动，但牛市仍在，整体策略可概括 为"踏浪逐牛"。潜在超预期因素包括中国企业盈利修复、AI（人工智能）产业进展及中美务实合作的可 能性。 他表示，进入2026年，配置上建议把握当前确定性较高的两大方面：一是AI成长板块，二是受益于商 品价格回暖的周期板块。若外部环境变化，则内需板块机会或将上升。具体聚焦三大线索：一是AI泛 科技链（如半导体、海外算力、有色、电网设备、端侧AI等）；二是供需有望反转的周期行业（如海 风、储能、锂电设备、光伏、化工以及油/煤领域等）；三是出海优势方向（如工程机械、创新药）。 他提醒，在风险层面，市场波动或将源于美国再通胀与AI商业化进程的博弈，投资者需灵活应对。战 略布局上，建议投资者把握逢低配置机会；若外部环境恶化（如AI发展叙事受挫），则可转向内需政 策加码的相关主线。（许盈） 陈果表示，2025年面对房地产等内需老经济下行及外部关税挑战，中国股市仍走出"信心重估牛"。这得 益于多领域"DeepSeek事件"，让市场重新认识到中国新经济的活力与AI全球竞争力。 ...