Group 1 - The core focus for investment in the upcoming year includes three main areas: domestic AI ecosystem, innovative pharmaceuticals, and commercial aerospace [1][2] - The domestic AI industry is expected to replicate the growth trajectory seen overseas, with significant advancements in large model technology and semiconductor manufacturing [1] - The AI industry chain is anticipated to strengthen progressively, with downstream sectors centered around large models and cloud computing, and upstream sectors including AI chips, storage, semiconductor manufacturing, equipment, and materials [1] Group 2 - The innovative pharmaceutical sector has shown explosive growth over the past 2-3 years, despite a recent pullback due to valuation pressures; companies with international capabilities are seen as good investment opportunities [2] - The commercial aerospace industry is expected to accelerate commercialization over the next 5-10 years, driven by breakthroughs in rocket recovery and low-orbit satellite technologies, making it a sector worth close attention [2]

Core Viewpoint - The Hong Kong stock market is expected to continue the trends of 2025 into 2026, which may be a "reconstruction year" [2][3] Investment Focus Areas - The company is optimistic about three main sectors: 1. Technology sector, focusing on internet, electronic semiconductors, and innovative pharmaceuticals [2][4] 2. Upstream resource commodities, such as oil and coal, which may present good investment opportunities [2][5] 3. Outbound enterprises, with many globally competitive companies in the Hong Kong stock market worth attention [2][6] Market Trends and Variables - In the first half of 2026, the market is likely to favor strong performers, with domestic demand undergoing structural adjustments and the U.S. continuing its monetary easing [3][4] - Two key variables to monitor in the second half of 2026 include: 1. Stability of housing prices in first-tier cities, which could lead to valuation recovery in undervalued sectors like consumption, building materials, and real estate [4] 2. Potential inflation rebound and interest rate hikes following the U.S. midterm elections, which could impact global assets [4] Technology Sector Insights - The technology sector is expected to benefit from global capital and talent influx, with a focus on AI, semiconductors, and energy supply chains [5][6] - The "sell shovels" strategy is recommended, focusing on essential components for AI, such as domestic semiconductors and energy infrastructure [5] Upstream Resource Outlook - The company has maintained a positive outlook on upstream resource commodities for several years, anticipating opportunities in oil and coal if the Federal Reserve lowers interest rates and global industrialization continues [5][6] Outbound Enterprises Potential - Outbound enterprises are seen as a concentrated investment opportunity, with many capable of thriving beyond single market cycles and expected to grow in the future [6][7]

Group 1 - The core viewpoint is that the investment landscape is expected to diversify, with sectors such as non-ferrous metals, electric power equipment, and chemicals being highlighted for potential opportunities [1] - Non-ferrous metals and AI were the standout sectors in the past year, and as market valuations adjust, other industries are becoming more attractive, leading to a more balanced A-share market [1] - The non-ferrous metals sector remains appealing due to global demand and value reassessment, while electric power equipment, chemicals, and aviation are also worth monitoring for their growth potential [1] Group 2 - Investment success relies not only on the speed of information acquisition but also on the depth of understanding, requiring a balance between boldness in rising markets and a stable mindset throughout cycles [2] - The goal is to achieve optimal investment decisions based on rigorous research, focusing on long-term growth potential, reasonable valuations, and controllable risks to deliver sustained returns for investors [2]

Group 1 - Shenzhen's GDP is projected to exceed 3.87 trillion yuan by 2025, with an average annual growth rate of 5.5% during the 14th Five-Year Plan, leading the growth among first-tier cities [1] - The number of listed companies in Shenzhen has reached 600, comprising 426 domestic and 174 overseas companies, reflecting a strong regional business environment [1][3] - Shenzhen ranks third in the total number of listed companies among Chinese cities, but a more insightful metric is the "listing rate per 10,000 enterprises," which stands at approximately 2.12, the highest in the country [2] Group 2 - The industry distribution of Shenzhen's listed companies is concentrated in strategic emerging sectors such as electronic information, advanced manufacturing, digital economy, biomedicine, and financial technology, indicating a strong alignment with innovation-driven development [3] - Shenzhen's government supports companies seeking to go public through special funds, green channels, and collaboration with exchanges, which shortens the compliance and application cycle [3][4] - In 2025, listed companies in Shenzhen achieved a cumulative operating income of 5.20 trillion yuan and a net profit of 457.8 billion yuan, with year-on-year growth rates of 7.36% and 3.98%, respectively, surpassing the national average [5] Group 3 - The Shenzhen government aims to further develop emerging and future industries, including a target of over 10% growth in the value added by the artificial intelligence industry cluster [6] - Plans include the establishment of over 10,000 innovation and industry investment funds, with a total scale exceeding 10 trillion yuan, to support high-growth companies [7] - Shenzhen has 1,333 national-level specialized and innovative "little giant" enterprises, the highest among Chinese cities, indicating a robust support system for potential market leaders [7]

Core Insights - The demand for domestic services in Shenzhen has surged as the Spring Festival approaches, leading to significant price increases for services such as cleaning and caregiving [1][2][3] - The industry faces a dual challenge of seasonal demand spikes and long-term structural issues, including a shortage of skilled labor and inadequate job security for workers [1][4] - Despite the high demand, recruitment remains a challenge, with many companies unable to meet the surge in orders due to a lack of available workers [3][5] Price Trends - Prices for domestic services have increased dramatically, with hourly rates rising from an additional 30 yuan to 60 yuan as the festival approaches [1][2] - Specific examples include a cleaning service that went from a base price of 155 yuan to an additional 99 yuan, effectively doubling the cost [2] - The peak pricing period is expected to be from February 13 to 16, with some services charging an additional 60 yuan per hour [2] Labor Market Dynamics - The domestic service industry in Shenzhen has seen a rise in recruitment needs, with a 9.49% increase in demand from December 2025 to January 2026, totaling 17,230 positions [5] - The majority of workers in the industry are from the 70s and 80s generations, with younger generations (90s and 00s) underrepresented [6][7] - The average monthly salary for domestic workers is around 4,000 yuan, with specialized roles like nannies earning significantly more [6] Industry Challenges - The domestic service sector is plagued by deep-rooted issues such as insufficient talent supply and a lack of professional recognition, which deter younger and more educated individuals from entering the field [4][7] - Regulatory challenges exist due to the fragmented oversight of the industry, leading to confusion regarding rights and responsibilities among workers, employers, and service providers [7][8] - There is a pressing need for improved legal frameworks and industry standards to enhance worker protections and service quality [8][10] Recommendations for Improvement - Suggestions include establishing clear labor contracts and a dynamic credit evaluation system for service providers to ensure accountability [11] - The development of differentiated insurance products tailored to various domestic service roles is recommended to enhance protection for workers and consumers [12] - Initiatives to foster collaboration between educational institutions and the industry are proposed to address the skills gap and improve the quality of the workforce [13]

Group 1 - The domestic equestrian sports economy reached 20.99 billion yuan by the end of 2023, with projections to exceed 60 billion yuan by 2030 and potentially reach 75 billion yuan according to the China Equestrian Association, maintaining an annual compound growth rate of 15% to 20% [1][2] - Shenzhen has explicitly encouraged the development of emerging sports projects, including equestrian sports, in its measures to promote high-quality development of the sports industry [1] - The cost of learning equestrian varies significantly, with experience courses priced between 200 to 300 yuan per session, while long-term training packages typically cost 700 to 800 yuan per session for packages of 30 sessions or more [1] Group 2 - The equestrian industry faces multiple challenges, with a significant shortage of professional talent being the primary issue, exemplified by the fact that there are only over 60 registered farriers in the country [2] - High costs associated with equestrian sports remain a major barrier to widespread participation, as the expenses for purchasing and maintaining horses are still prohibitively high, leading to an elitist tendency in the sport [2] - The industry needs to explore innovative business models to maintain professional standards while broadening the base of participation in equestrian culture [2]

Core Insights - The diamond industry is experiencing a significant transformation, with declining global demand and consumer confidence impacting sales, particularly in the U.S. where the import value of finished diamonds is expected to drop by 48% by 2025 [2][3] - De Beers has lowered diamond prices multiple times in response to market conditions, with recent auctions indicating a price reduction of approximately 10%-15% for rough diamonds [3][4] - The perception of diamonds as a valuable investment is changing, with resale values plummeting and consumers increasingly favoring lab-grown diamonds due to their affordability and comparable quality [5][7] Group 1: Market Dynamics - De Beers' recent price cuts are a reaction to a downturn in global diamond demand, with the RapNet Diamond Price Index showing a slight decline in prices for larger diamonds and a significant drop of over 20% for smaller, consumer-grade diamonds [3][4] - The company has adjusted its production guidance for 2024, reducing expected output from 29-32 million carats to 26-29 million carats, reflecting ongoing market challenges [3] Group 2: Consumer Behavior - Young consumers are increasingly opting for lab-grown diamonds, which now account for over 40% of the global diamond jewelry market, a significant increase from 8% in 2019 [7] - The price of lab-grown diamonds has decreased by over 50% from peak levels, making them a more attractive option compared to natural diamonds, which are priced significantly higher [7][8] Group 3: Industry Outlook - The diamond market is expected to shift from a luxury perception to a more accessible commodity status, with a focus on design and craftsmanship rather than material scarcity [8][9] - Smaller and lower-quality natural diamonds are likely to face continued price pressure from lab-grown alternatives, while larger, high-quality diamonds may retain some value but will cater to niche markets [9]

Group 1 - Shenzhen has reached a milestone with over 600 listed companies, including 426 domestic and 174 overseas, with a total market capitalization exceeding 19 trillion yuan as of January 2026 [1] - The history of Shenzhen's listed companies reflects the evolution of China's modern corporate system, starting from the first stock issued in Bao'an in 1983 [2] - The establishment of the SME Board in 2004 and the Growth Enterprise Market in 2009 opened capital channels for private technology enterprises, with Shenzhen companies occupying significant positions [3] Group 2 - Recent years have seen a new wave of companies redefining "Shenzhen speed," with notable listings such as Yuntian Lifei and Youbixuan, showcasing rapid growth and innovation [4] - New companies listed on the Science and Technology Innovation Board and the Growth Enterprise Market indicate Shenzhen's proactive embrace of capital market reforms and alignment with cutting-edge technology [5] - In the first three quarters of 2025, Shenzhen-listed companies achieved a total revenue of 5.20 trillion yuan and a net profit of 457.8 billion yuan, reflecting strong growth in the manufacturing sector [7] Group 3 - The Hong Kong market has seen significant activity, with 27 new companies raising a total of 29.57 billion HKD, and over 70% of these companies experiencing stock price increases on their first trading day [7] - The strong performance of companies like BYD, which raised over 43.5 billion HKD in a single refinancing, highlights the robust capital market environment in Shenzhen [7] - Shenzhen's high-tech exports, including drones and 3D printers, grew by 10.1% in 2025, supported by a solid foundation of national high-tech enterprises [7] Group 4 - The journey from the first stock in 1983 to 600 listed companies today illustrates Shenzhen's transformation from a pilot city to a benchmark for capital markets in China [8] - Each listed company represents a milestone for Shenzhen, indicating that reaching 600 is not an endpoint but a new starting point for further growth [8]

此外，2025年前三季度，深圳上市公司支付各项税费近2850亿元，稳定提供超400万个就业岗位，支付 职工薪酬总额超6200亿元，人均年薪逾20万元，有力促进了社会财富增长与民生改善。同时，龙头企业 投资意愿强劲，在固定资产等长期资产上的投入大幅增长，为经济可持续发展注入持久动能。优必选、 汇川技术等科创企业，不仅自身吸纳大量高端技术人才就业，更带动上下游产业链数千家中小企业发 展，形成"大企业顶天立地、中小企业铺天盖地"的良好生态。 （文章来源：深圳商报） 据悉，"十四五"期间，深圳上市公司累计分红近9900亿元，远超同期股权融资规模，位居全国大中城市 第二；2024年累计现金分红超1800亿元，招商银行、中国平安等龙头企业连续分红超10年；2025年前三 季度，52家上市公司现金分红502.01亿元，再创新高，股利支付率超30%。中国平安、招商银行等蓝筹 股持续稳定的分红，与工业富联等公司新增的中期分红，以及数百亿元规模的股份回购，共同构筑起尊 重和回报股东价值的市场文化，进一步增强投资者信心。 市场也给予了积极的回应。Wind统计数据显示，2025年全年，中国平安股价累计上涨35.87%，表现显 著优于 ...

Group 1 - Shenzhen's listed companies are experiencing a surge in "new quality productivity" focused on hard technology and future industries, with R&D investment nearly doubling during the 14th Five-Year Plan period, reaching 210.3 billion yuan in 2024, a 91.35% increase from 2020 [1] - In the first three quarters of 2025, disclosed R&D expenses totaled 156.33 billion yuan, marking a historical high with a year-on-year growth of 11.59%, significantly outpacing the national average [1] - Approximately 80% of newly listed companies are from the Sci-Tech Innovation Board and the Growth Enterprise Market, with a total of 216 companies, representing over half of A-share Shenzhen enterprises, leading among major cities in China [1] Group 2 - A notable "innovation matrix" has formed in Shenzhen, with companies like UBTECH Robotics, Youjia Innovation, and SUTENG Juchuang leading in future industry directions, showcasing Shenzhen's advantages in the new technological revolution and industrial transformation [2] - The "Robot Valley" in Nanshan, centered around companies like UBTECH and Huichuan Technology, has created an industrial ecosystem, with UBTECH's Walker S1 robot being utilized in factories of major companies like BYD and Geely [2] - Huichuan Technology, valued at nearly 200 billion yuan, has increased its R&D investment from 1.023 billion yuan to 3.147 billion yuan over the past five years, successfully developing key components for humanoid robots [2] Group 3 - Innovation is not limited to individual companies but is also evident in collaborative evolution across industries, exemplified by Shenzhen Hanno Medical's breakthrough in developing China's first ECMO system, set to enter the EU market in May 2025 [3] - Mindray Medical, a major shareholder of Hanno Medical, has played a crucial role in supporting its technological advancements, illustrating the model of larger companies fostering innovation in smaller firms within the industry chain [3]