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Market Overview - The environmental protection sector rose by 0.3% as of January 16, outperforming the broader market, while the Shanghai Composite Index fell by 0.45% to 4101.91 [1][2] - The top three performing sectors were computer and electronics (both up 3.8%) and non-ferrous metals (up 3.0%), while the bottom three were defense and military (-4.9%), real estate (-3.5%), and agriculture, forestry, animal husbandry, and fishery (-3.3%) [1][2] Subsector Performance - Water sector increased by 0.35% - Water treatment sector rose by 2.60% - Air pollution control sector decreased by 3.87% - Sanitation sector fell by 0.63% - Waste incineration sector grew by 1.16% - Resource recycling sector declined by 1.18% - Other solid waste sectors dropped by 0.64% - Monitoring/testing/instrumentation sector increased by 0.40% - Environmental restoration sector rose by 0.41% - Environmental equipment sector surged by 4.28% [1][2] Industry Dynamics - On January 16, six departments, including the Ministry of Industry and Information Technology, jointly issued the "Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries from New Energy Vehicles" to enhance supervision and management of the recycling and utilization of waste batteries [3] - The Ministry of Industry and Information Technology also issued a notice on the "Guidelines for the Construction and Application of Industrial Green Microgrids (2026-2030)" to promote low-carbon transformation in industrial energy use [3] Strategic Developments - Environmental companies are actively acquiring mineral rights and engaging in technological collaborations to secure upstream mineral resources, which is expected to create synergies and stabilize production costs [4] - High Energy Environment plans to acquire a 45.2% stake in three mining companies, gaining exploration rights for several gold mines with a proven gold metal amount of 4474 kg [4] - Other companies like Beijite and Longjing Environmental Protection are also expanding into the mining sector, indicating a trend towards vertical integration in the industry [4] Investment Recommendations - The "14th Five-Year Plan" emphasizes environmental quality and industrial green low-carbon development, suggesting sustained high demand for energy conservation and resource recycling [5] - Water and waste incineration sectors are expected to maintain stable profitability and positive cash flow, benefiting from market reforms [5] - Key recommendations include: Huanlan Environment, Xingrong Environment, and Hongcheng Environment; companies to watch include: Wangneng Environment, Junxin Co., Wuhan Holdings, Yingke Recycling, High Energy Environment, and Qinda Environmental Protection [5]

Group 1 - The core viewpoint of the report indicates a strong upward trend in precious metal prices, particularly gold and silver, over the past two weeks [1][2] - London spot gold increased by 5.93% to $4611.05 per ounce, while the Shanghai Futures Exchange (SHFE) gold rose by 5.60% to ¥1032.32 per gram, with SHFE gold holdings up by 10.39% to 347,100 contracts [1][2] - London spot silver surged by 22.35% to $90.80 per ounce, and SHFE silver climbed by 31.68% to ¥22,483 per kilogram, with SHFE silver holdings increasing by 12.21% to 719,100 contracts [1][2] Group 2 - The recent rise in gold and silver prices is attributed to several factors, including weaker-than-expected U.S. non-farm payroll growth and a stable unemployment rate [3] - The CME's adjustment of margin requirements for precious metal contracts, shifting from fixed amounts to a percentage of contract value, may lead to increased market volatility and liquidity tightening [3] - Geopolitical tensions, such as U.S. military actions in Venezuela, are expected to provide strong momentum for gold prices in the medium term [4] Group 3 - Long-term trends suggest that the combination of "rate cut trades" and "Trump 2.0" will continue to support gold prices, with central bank purchases providing a strong bottom support [5] - The People's Bank of China has increased its gold reserves for 14 consecutive months, reaching 74.15 million ounces by the end of December 2025, indicating a bullish trend for gold [5] - The report maintains a "positive" rating for the precious metals sector and recommends a focus on specific stocks, including Zijin Mining International, Chifeng Jilong Gold Mining, and others [6]

Group 1: TSMC Performance and Projections - TSMC reported a net profit of NT$505.7 billion for Q4 2025, a year-on-year increase of 35.0%, exceeding market expectations of NT$467.0 billion [3] - The company anticipates a nearly 30% growth in sales (in USD) for 2026, driven by strong customer demand [3] - TSMC plans to increase its capital expenditure for 2026 to between $52 billion and $56 billion, indicating a significant rise in spending over the next three years [3] Group 2: Semiconductor Industry Trends - The semiconductor sector has seen substantial growth, with the Shenwan Electronics Secondary Index showing year-to-date increases of 16.51% for semiconductors and 13.30% for other electronics [1] - The 8-inch wafer foundry prices are expected to rise due to steady growth in AI-related Power IC demand and increased orders for 2026 [4] - The utilization rate of 8-inch wafer foundries is projected to improve, supported by rising demand for AI applications, which will drive both volume and price increases in the semiconductor supply chain [4] Group 3: Stock Performance of Key Companies - Notable stock performance this week includes TSMC up by 5.80%, while Qualcomm saw a decline of 10.33% [2] - Other companies like Micron Technology and Intel also experienced gains of 5.12% and 3.10% respectively, while major players like Apple and Tesla faced declines [2]

Group 1: Market Overview - COMEX gold price increased by 2.26% to $4620.5 per ounce, influenced by geopolitical risks, resulting in a strong market fluctuation [4] - LME copper price rose by 1.41% to $13148.5 per ton, while Shanghai copper decreased by 0.63% to ¥100,800 per ton [2] - LME aluminum price increased by 0.71% to $3171.5 per ton, while Shanghai aluminum fell by 1.66% to ¥23,900 per ton [3] Group 2: Supply and Demand Dynamics - Copper inventory in major regions increased by 17.2% week-on-week, with a year-on-year increase of 212,800 tons [2] - Domestic aluminum oxide production capacity reached 110.32 million tons per year, with an operating rate of 80.82% [3] - Rare earth exports in November increased by 12% month-on-month and 28% year-on-year, reaching a historical high for the same period [5] Group 3: Price Movements - The price of praseodymium and neodymium oxide rose by 8.01% this week [5] - Tungsten concentrate price increased by 6.33% due to tight supply conditions [5] - Lithium carbonate price rose by 20.1% to ¥158,300 per ton, while lithium hydroxide price increased by 21.2% to ¥153,700 per ton [5] Group 4: Industry Insights - The copper wire and cable industry is expected to see a decrease in operating rates due to weak downstream consumption [2] - High aluminum prices are suppressing downstream consumption and industry operating rates [3] - The demand for enameled wire is supported by the peak season effect in the home appliance industry [2]

Core Insights - The total number of ESG bonds issued in China has reached 3,911, with a total outstanding amount of 5.76 trillion RMB, where green bonds account for the largest share at 62.28% [1][3] - In the current month, 58 ESG bonds were issued, amounting to 34 billion RMB, while in the past year, 1,267 ESG bonds were issued with a total value of 1,372 billion RMB [1][3] Domestic Developments - The People's Bank of China is expanding the carbon reduction support tool to include projects with direct carbon reduction effects, such as energy-saving renovations and green upgrades, with an annual operation limit of 800 billion RMB [2] - The quarterly operation volume will be determined based on monetary policy needs and the loan issuance by financial institutions [2] International Developments - Starting January 1, 2026, the EU will implement a carbon border adjustment mechanism (CBAM), requiring importers to pay carbon taxes on high-carbon products, which necessitates compliance from non-EU exporters [2] - Chinese exporters must provide necessary information regarding carbon emissions and third-party verification to facilitate customs clearance [2] ESG Product Tracking - There are currently 955 ESG products in the market with a total net asset value of 1,173.33 billion RMB, where ESG strategy products represent the largest share at 45.01% [3] - In the past year, 189 ESG public funds were issued, totaling 71.178 billion units [3] - The market has 1,221 ESG bank wealth management products, with pure ESG products making up 53.48% [3] Index Tracking - As of January 16, 2026, most major ESG indices have underperformed compared to the market, with the Wind All A Sustainable ESG index showing the highest increase of 0.1% [4] - Over the past year, major ESG indices have generally increased, with the Wind All A Sustainable ESG index rising by 28.99% [4] Expert Opinions - An expert from the University of International Business and Economics emphasizes the need to understand the upgraded ESG regulatory requirements, highlighting the competitive pressures faced by Chinese supply chains due to stricter international rules [5][6] - The expert notes that the evolution of ESG regulations reflects a normal competitive balancing mechanism among nations, with historical precedents in trade standards [6]

Group 1: Express Delivery Industry - The express delivery business volume is expected to grow by 13.7% year-on-year by 2025, with some companies benefiting from price increases amid reduced competition [2] - During the week of January 5-11, the total collection volume of postal express reached approximately 4.107 billion pieces, a week-on-week increase of 7.1% and a year-on-year increase of 4.1% [2] - The total delivery volume for the same week was about 4.16 billion pieces, with a week-on-week increase of 6.0% and a year-on-year increase of 9.0% [2] - By 2025, the express delivery industry in China is projected to achieve a revenue of 1.5 trillion yuan and a business volume of 199 billion pieces, representing year-on-year growth of 6.5% and 13.7% respectively [2] - The report recommends investing in SF Holding (002352) due to valuation, operational resilience, and improved shareholder returns, while also being optimistic about Zhongtong Express [2] Group 2: Logistics Industry - The chemical product price index (CCPI) in China is at 4024 points, showing a year-on-year decrease of 7.7% but a month-on-month increase of 1.1% [3] - The domestic sea freight price for liquid chemicals is 169 yuan/ton, reflecting a year-on-year decrease of 8.98% [3] - Shanghai has launched a plan to promote high-level autonomous driving, aiming to enhance the competitiveness of smart connected technologies and expand the application of L3 autonomous vehicles [3] - The report recommends Hai Chen Co., Ltd. (300873) due to improved demand in the logistics sector [3] Group 3: Aviation Industry - The average daily number of flights in China has decreased by 5.66% year-on-year, with domestic flights down by 6.18% and international flights down by 2.58% [4] - The Brent crude oil futures price is at $64.13 per barrel, showing a month-on-month increase of 1.25% and a year-on-year decrease of 19.76% [4] - The report recommends investing in the aviation sector, specifically China National Aviation (601111) and China Southern Airlines (600029), due to expected profit elasticity from supply-demand optimization [4] Group 4: Shipping Industry - The China Container Freight Index (CCFI) is at 1209.85 points, reflecting a month-on-month increase of 1.3% but a year-on-year decrease of 22.5% [5] - The Shanghai Container Freight Index (SCFI) is at 1574.12 points, showing a month-on-month decrease of 4.4% and a year-on-year decrease of 31.3% [5] - The report indicates that the dry bulk freight index (BDI) is at 1586.4 points, with a year-on-year increase of 51.2% [5] - The report highlights that the highway freight traffic has decreased year-on-year by 2.02%, with a total of 55.089 million trucks passing through highways during the week of January 5-11 [5]

Group 1 - The core viewpoint of the report highlights the significant price increases in semiconductor packaging services driven by strong demand for AI chips and rising raw material costs, with price hikes expected to range from 5% to 30% across various companies [1][4] - TSMC has raised its capital expenditure guidance for 2026 to between $52 billion and $56 billion, a substantial increase of up to 36.9% from 2025, with 10-20% of this investment allocated to advanced packaging and testing [2] - Major companies are actively expanding capacity to meet the growing demand for advanced packaging, with significant investments announced by firms such as Changdian Technology and Tongfu Microelectronics for new facilities and production lines [3] Group 2 - The semiconductor packaging industry is experiencing structural demand growth, particularly for AI and storage chips, leading to a tightening of standard storage chip packaging capacity as resources shift towards advanced packaging [4] - The increase in prices for raw materials such as gold, silver, and copper is contributing to higher packaging costs, prompting packaging companies to raise prices to maintain profitability [4] - Investment recommendations focus on domestic companies actively engaging in high-end advanced packaging, such as Changdian Technology and Tongfu Microelectronics, as well as potential beneficiaries in the sector [5]

Core Insights - The report from Huazhong Securities highlights significant growth in energy storage installations in both domestic and international markets, with a focus on new energy storage technologies and upcoming projects in various regions [1][2]. Demand Side - Domestic market: In 2025, new energy storage installations are expected to reach 58.6 GW/175.3 GWh, with a December 2025 tender scale of 22.5 GW/55.8 GWh, showing a year-on-year increase of 75% and a month-on-month increase of 88% [2]. - Indian market: By 2025, energy storage system installations are projected at 0.5 GWh, with tenders for standalone storage at 45 GWh and solar storage projects at 15.2 GWh. The Indian government mandates the integration of 4 GW/17 GWh of electrochemical storage projects by the 2025-26 fiscal year without delays [1][2]. High ROE Market - Germany: By December 2025, energy storage installations are expected to be 394 MWh, a decrease of 20.4% year-on-year. The breakdown includes 210 MWh for household storage, down 26.83% year-on-year, and 159 MWh for large-scale storage [3]. - Italy: In Q2 2025, energy storage installations reached 817 MW/2728 MWh, reflecting a year-on-year increase of 48% and 75% respectively [3]. - The UK: As of Q3 2025, there are 121.76 GW of energy storage projects awaiting construction, an increase of 21.83 GW from Q2 [3]. Leading Indicators - Europe: The average wholesale electricity price in nine core European countries is projected to be €111.44/MWh by December 2025, a 7% increase month-on-month [4]. - Australia: In Q3 2025, the net income from energy storage in the national electricity market reached $111.9 million, a year-on-year increase of 47% [4]. - The US: The number of pending projects has increased by 17% year-on-year, while the prices for utility-scale storage systems have decreased by 11% [4]. Supply Side - In December 2025, the average tender price for domestic energy storage systems is expected to be 0.669/0.455 yuan/Wh for 2/4-hour systems, with a month-on-month change of +12%/-3% [6]. - In the first three quarters of 2025, global energy storage cell shipments reached 410.45 GWh, a year-on-year increase of 98.5%, with total energy storage system shipments at 286.35 GWh [6].

Group 1: Lithium Market - Lithium battery demand remains strong despite the off-season, with a reversal in supply and demand for lithium carbonate, leading to an upward price trend [4] - This week, lithium carbonate prices increased by 12.86% to 158,000 CNY/ton, while spodumene concentrate rose by 5.32% to 1,980 USD/ton [4] - The main futures contract for lithium carbonate rose by 1.94% to 146,200 CNY/ton, although there was a limit down on Friday due to increased regulatory scrutiny and profit-taking by speculative funds [4] Group 2: Copper Market - Copper prices may experience high volatility in the short term due to inventory accumulation and delayed tariff expectations, with LME copper down by 0.50% [2] - Significant inventory increases were noted, with LME copper inventory rising by 3.31% to 144,000 tons, and domestic electrolytic copper social inventory up by 17.20% to 321,000 tons [2] - The operating rate for electrolytic copper rods increased by 9.65 percentage points to 57.47%, indicating a potential demand recovery [2] Group 3: Aluminum Market - Aluminum prices are expected to face high volatility due to inventory accumulation, with domestic aluminum inventory increasing by 29.24% to 185,900 tons [3] - The price of alumina fell by 1.12% to 2,655 CNY/ton, while electrolytic aluminum prices rose by 0.83% to 24,200 CNY/ton [3] - The demand for aluminum may increase due to the "aluminum replacing copper" trend in the home appliance sector, driven by high copper prices [3] Group 4: Cobalt Market - The cobalt raw material supply remains tight, with cobalt prices expected to continue rising, as MB cobalt increased by 0.59% to 25.68 USD/pound [5] - The Democratic Republic of Congo has lifted its cobalt export ban, implementing a quota system instead, which may affect the timing of raw material availability in the domestic market [5] - The structural tightness in cobalt raw materials is expected to persist, supporting upward price momentum [5]