Core Viewpoint - The recent policy initiatives in China's pharmaceutical retail industry aim to promote high-quality development through industry integration, prescription outflow, and commercial insurance, signaling a transition towards a more structured and profitable market environment [1][2][3] Industry Transformation - The policy encourages horizontal mergers and acquisitions among pharmaceutical retail enterprises to enhance industry efficiency and service quality [2] - Local governments are optimizing the business environment, including streamlining the application process for drug operating licenses and allowing the continuation of existing medical insurance qualifications during transitions [2] - The retail pharmaceutical market in China is projected to grow from CNY 2.41 trillion in 2020 to CNY 2.95 trillion by 2024, representing a 22.4% increase [2] Shift to Health Services - The industry is transitioning from traditional drug sales to comprehensive health services, enhancing community health support and emergency supply capabilities [3] - Policies are designed to facilitate the transformation of retail pharmacies into health service hubs, encouraging the expansion of services such as health consultations and chronic disease management [3][6] Corporate Responses - Companies like YaoXingTang are actively responding to the new policies by exploring mergers and acquisitions to enhance their service offerings [4] - LaoBaiXing is focusing on improving the quality of its franchise and alliance businesses while identifying potential acquisition targets to strengthen its market position [4] - HeYe Health is developing an integrated service system combining medical, pharmaceutical, and insurance services, aiming to alleviate outpatient medication payment pressures [4] Benefits for Industry Leaders - The new policies are expected to provide long-term benefits to leading retail pharmacies, enhancing their ability to manage outpatient prescriptions and increasing their market influence [6][7] - The industry is moving towards a new profit ecosystem that includes diversified services such as chronic disease management and medication guidance, which will improve revenue sources and customer loyalty [6][7]

Core Viewpoint - In January 2026, Hainan Airlines Holding Co., Ltd. reported significant improvements in operational data, indicating a strong recovery in both regional and international flight operations compared to the previous year [1][2]. Group 1: Operational Data - The group introduced 1 A320NEO, 1 A320, and 1 B737-8 aircraft while retiring 2 B737-800 aircraft, bringing the total fleet to 360 aircraft by the end of January 2026 [2]. - Regional passenger capacity (measured in available seat kilometers) increased by 5.86% year-on-year, with revenue passenger kilometers rising by 33.54% and passenger transport volume increasing by 25.92%. The passenger load factor improved by 16.43 percentage points [2]. - International passenger capacity saw a modest increase of 0.66% year-on-year, with revenue passenger kilometers up by 3.38%, passenger transport volume rising by 2.44%, and a load factor increase of 1.91 percentage points [2]. Group 2: Cargo Operations - Regional cargo and mail revenue ton kilometers surged by 64.06% year-on-year, with cargo and mail transport volume increasing by 90.51% and a cargo load factor improvement of 6.92 percentage points [2]. - International cargo and mail revenue ton kilometers grew by 11.66% year-on-year, with cargo and mail transport volume up by 11.98% and a load factor increase of 3.65 percentage points [2].

Core Viewpoint - The A-share market is expected to continue its upward trend post-Spring Festival, driven by a combination of trend inertia, seasonal effects, and policy environment support [3] Market Characteristics - The A-share market is influenced by multiple factors, exhibiting a complex overall pattern characterized by clear trends, numerous short-term disturbances, and significant structural differentiation [1] - The core driving force for the market's upward trend is the self-propelling nature of the market, supported by regulatory measures to mitigate risks and prevent overheating [1][3] - Key support for the market's upward movement includes improving corporate profit outlooks, increased willingness of residents to invest savings, and ongoing policies to optimize industry competition [1][2] Short-term Market Dynamics - Short-term market fluctuations are influenced by holiday effects, with some funds opting to secure profits before the Lunar New Year, leading to a temporary decrease in trading activity [2] - The performance of U.S. tech giants, Federal Reserve policy, and geopolitical events indirectly affect the rotation of A-share industries [2] Investment Strategy - Post-Spring Festival, the investment logic will focus on "value supporting growth," with a shift from low-risk to high-risk preferences, emphasizing technology and cyclical price increases [5] - Five main investment lines are suggested: 1. AI industry chain focusing on application breakthroughs [5] 2. High dividend assets in stable cash flow sectors [5] 3. Anti-involution sectors benefiting from improved competition [5] 4. Core areas of domestic demand recovery, particularly in health and travel sectors [6] 5. Investment opportunities in strategic and industrial metals [6] Market Outlook - The market is expected to experience a "red envelope market" post-Spring Festival, with potential for further expansion due to the current market's performance being below historical averages [3] - The growth of the A-share market is anticipated to be independent of the overall yearly trend, with a focus on technology growth while balancing risks across multiple sectors [6]

Core Insights - The smart glasses market is experiencing significant growth, with Rokid emerging as a leading player in China, particularly with its Rokid Glasses product expected to receive 300,000 orders by 2025 [1][2] Market Trends - Smart glasses have become a popular item for the upcoming Chinese New Year, with IDC predicting that the shipment volume in China will exceed 4.915 million units by 2026, marking a new phase of scaled growth [1] - The user demographic for smart glasses has expanded beyond tech professionals, now including business people, civil servants, media personnel, teachers, lawyers, and designers, with the proportion of tech workers as users dropping from 50% to about 16% [2] Application Expansion - The application scenarios for smart glasses are diversifying, with significant market share in the cultural tourism sector, where Rokid's AR glasses hold over 90% of the market [3] - Smart glasses are being utilized for various functions such as teleprompting, translation, and information retrieval, as well as in industrial, medical, and educational fields [3] Supply Chain Challenges - Rokid faced production capacity challenges due to a surge in demand, with actual orders for Rokid Glasses reaching 300,000, significantly higher than the anticipated 100,000, leading to delays in fulfilling 30-40% of orders until 2026 [3] - The company is addressing these challenges by collaborating with upstream suppliers to increase production capacity and ensure timely delivery [3] Competitive Landscape - The entry of major companies like Xiaomi, Alibaba, and Li Auto into the smart glasses market is expected to intensify competition, with players categorized into three types: simple audio glasses, non-display smart glasses, and full-featured smart glasses [4] - Rokid positions its products as full-featured smart glasses, emphasizing the importance of system integration, yield rates, production processes, supply chain management, and ecosystem development for future competitiveness [4] Software Ecosystem Development - Rokid is developing a software ecosystem to enhance the functionality of smart glasses, with over 20,000 developers and 4,000 companies already participating in its platform [4] - The company plans to upgrade its products in three phases: solidifying the tool attributes, integrating entertainment and social features, and ultimately expanding to full functionality over the next three to five years [4] Future Outlook - The company believes that smart glasses will not replace smartphones but will transform human-computer interaction, positioning itself as a core platform for interaction in the AI era [5] - With a large base of eyeglass wearers in China and a high acceptance rate for wearing glasses, the market for smart glasses is expected to grow, with Chinese manufacturers projected to account for 45% of global shipments by 2026 [5]

"未来，机器人本体制造或将逐步成为行业准入门槛，真正决定具身智能产品能力的将是大脑。"原力无 限联合创始人刘扬在接受中国证券报记者专访时表示，原力无限发力机器人大模型，探索机器人处理复 杂长程任务、持续学习、理解事件因果的能力并建设AI基础平台，以此提升更多类型的具身智能产品 在应用场景中的表现。 2月4日，原力无限发布了其首款消费级具身智能机器人小原子，提出打造能不断进化的生命体。小原子 在硬件层面打造了通用外设接口，使其能替换手部和其他关键部件，实现功能扩展，并在软件层面通过 官方OTA和开放平台持续升级。 ● 本报记者 王婧涵 方悦 攻坚具身大脑 "机器人未来的竞争本质是大脑的竞争。"刘扬认为，中国拥有强大的制造业基础，随着行业成熟，未来 机器人本体可能逐渐演变为标准化程度较高的硬件载体，而真正的技术能力差异将集中于软件能力也就 是所谓的机器人大脑层面。 他表示，原力无限自创立之初，便将研发重心押注于算法模型与AI基础建设平台（AI Infra）两大方 向。在算法模型层面，原力无限通过聚焦三大维度提升机器人在不同场景中的表现。 首先，聚焦处理长程任务的能力，即机器人能将笼统复杂的用户指令自动分解为一系列 ...

Core Insights - The recent policy initiatives from nine government departments aim to promote high-quality development in the pharmaceutical retail industry, focusing on industry integration, prescription outflow, and commercial insurance [1][2][3] - The pharmaceutical retail market in China is expected to grow from CNY 2.41 trillion in 2020 to CNY 2.95 trillion by 2024, representing a 22.4% increase [2] - The industry is transitioning from traditional drug sales to comprehensive health services, enhancing community health support and resilience in the health security system [2][3] Industry Transformation - The policy encourages horizontal mergers and acquisitions among retail pharmaceutical companies to enhance efficiency and service quality [3][5] - Local governments are optimizing the business environment for retail pharmacies, including streamlining the application process for drug operation licenses [1] - Jiangxi Province has reported an increase in the retail pharmacy chain rate from 50.2% in 2024 to 60.3% in 2025, surpassing the national average [1] Company Responses - Yao Yi Tang is committed to responding to the new policies by enhancing its community health service capabilities and improving consumer access to quality healthcare [3] - Lao Bai Xing is exploring merger and acquisition opportunities while maintaining communication with potential targets to strengthen its alliance business [3] Industry Leaders' Benefits - The policy is expected to provide long-term benefits to leading retail pharmacies, enhancing their ability to manage outpatient prescriptions and increasing their market position [5][6] - The industry is entering a critical phase of structural transformation, characterized by store closures, increased concentration, and a restructured profit model [4][6] - The focus on diverse services such as chronic disease management and medication guidance will create a new profit ecosystem combining drugs, medical devices, and health management [4]

2026年1月，伦敦金现货价格一度上涨至近5600美元/盎司，伦敦银现货价格更是一度涨至120美元/盎司 上方。但1月30日，伦敦金现货价格单日暴跌超9%，伦敦银现货价格更是下探超26%。 本周，金银价格持续震荡。Wind数据显示，截至2月13日18时，伦敦金现货价格2月以来上涨近2%，回 归至4965美元/盎司上方；伦敦银现货价格则维持下行趋势，2月以来下探超8%，已跌至78美元/盎司附 近。 对于近期贵金属价格走势，申银万国期货研究团队解读认为，短期来看，市场对人工智能的担忧引发金 融市场抛售潮，导致美股科技股大跌，市场风险偏好下降，在流动性冲击下贵金属价格直线跳水。长期 来看，去美元化、地缘风险、央行购金等支撑因素并未发生逆转。待市场充分调整、新的利多因素积聚 后，黄金价格有望重回上行通道。 ● 本报记者 谭丁豪 刘英杰 2026年开年，贵金属价格在冲高后大幅回调。经历一轮极端波动后，2月以来贵金属市场进入震荡整固 阶段，行情由前期的快速上行，转向依托宏观数据验证的震荡格局。受美国就业数据超预期、市场降息 预期延后以及海外股市波动等因素影响，贵金属价格短期走势承压，市场情绪仍在修复。 分析人士认为，此轮 ...

Core Viewpoint - The A-share market is expected to continue its upward trend post-Spring Festival, driven by a combination of trend inertia, seasonal effects, and policy environment support [3] Market Characteristics - The A-share market is influenced by multiple factors, exhibiting a complex overall pattern characterized by clear trends, numerous short-term disturbances, and significant structural differentiation [1] - The core support for the market's upward trend includes improving corporate profit prospects, increased willingness of residents to invest, and ongoing policies to reduce competition [1][2] Short-term Market Dynamics - The pre-Spring Festival period has led to a temporary decline in market activity as some funds opted to secure profits amid uncertainty, but this has not altered the core market trend [2] - Historical data shows that since 2009, the average spring market rally has lasted 57 days with an average increase of over 20% [2] Investment Strategy - Post-Spring Festival, the investment logic will focus on "value supporting growth," with a shift from low-risk to high-risk preferences, emphasizing technology and cyclical sectors [4] - Five key investment themes are recommended: 1. Artificial intelligence industry chain, shifting focus from hardware to application [5] 2. High dividend yield assets, particularly in stable cash flow sectors like white goods and banking [5] 3. Anti-involution sectors benefiting from improved competition dynamics, such as coal and steel [5] 4. Core areas of domestic demand recovery, focusing on sectors with strong growth potential like health and tourism [6] 5. Investment opportunities in strategic and industrial metals, anticipating a rebound in prices [6] Market Outlook - The market is expected to experience a "red envelope market" post-Spring Festival, with potential for further expansion if consumer data exceeds expectations [3] - The overall market is projected to maintain a "stable and upward" characteristic, with limited downside potential for indices [3]

Core Viewpoint - The upcoming 2026 Spring Festival consumption season is expected to inject strong vitality into traditional consumption while accelerating the implementation of new business formats and models, shifting the investment logic in the consumption sector from "overall recovery" to "selective structure" [1][4]. Policy Effects - The "2026 'Shopping New Spring' Special Activity Plan" was jointly issued by nine departments, covering six areas: food, accommodation, transportation, tourism, shopping, and entertainment [1]. - The plan includes various promotional activities such as New Year’s Eve dinner packages, home renovation promotions, and increased transportation capacity by civil aviation and railway departments [1][2]. - The Ministry of Commerce announced three major incentives for consumers: trade-in programs, prize invoices, and financial support, aimed at enhancing the supply and promotional activities of retail businesses [2]. Market Dynamics - The restaurant sector is experiencing a surge in demand, with many restaurants in Beijing reporting a booking rate of 90% for New Year’s Eve dinners [3]. - Various cities are creating complex consumption scenarios, such as events in Wangfujing and Nanjing Road that combine culture, food, and interactive experiences [3]. - The trade-in program is gaining traction, with an emphasis on increasing subsidies and enhancing promotional activities during the Spring Festival [3]. Investment Opportunities - Analysts suggest focusing on four main investment lines: 1. Offline retail leaders adapting to consumer trends and regaining traffic [4]. 2. Gold and jewelry brands with fundamental and valuation recovery potential [4]. 3. Domestic beauty brands excelling in high-demand niches [4]. 4. Upstream differentiated medical beauty product manufacturers benefiting from the recovery of medical beauty consumption [4]. - Long-term investment strategies should consider changes in consumer structure and focus on new products, technologies, channels, and markets [5].

雄关漫道，星河璀璨。卅载风雨，铸就金融脊梁。自1995年于改革春潮中破土而生，长城证券便如一道 蜿蜒于资本市场的金融长城，以深圳为原点，将服务的血脉延伸至大江南北。 从首批综合类券商到深交所挂牌上市，其名"长城"，早已超越了地理符号，升华为一种深耕产业、固本 培元的战略定力。当"十五五"的号角吹响，金融强国建设的时代命题如巍峨关山矗立眼前，这家根植于 电力央企沃土、深谙能源产业脉搏的券商，如何在百舸争流中走出一条特色鲜明的"长城之路"？其掌舵 者，长城证券党委书记、董事长王军，给出了他的思考与答案：以产融深度融合服务国家能源战略。 "中型券商的使命不在于规模模仿，而在于将自身资源禀赋转化为不可替代的专业价值。"王军直言。在 他看来，唯有深度融入国家能源战略，深耕电力、能源等关键产业链，坚定不移走产业金融特色发展之 路，才能在服务实体经济主战场中找准定位、扛牢责任，切实践行"国家兴衰，金融有责"的历史担当。 ● 本报记者 赵中昊 葛瑶 活水润泽 沿产业经脉向实而行 金融活水，唯沿产业经脉流淌，方能润泽实体经济之良田。一座现代化电厂的轰鸣，一条完整产业链的 贯通，离不开金融工具的全周期护航。长城证券正以产融协同为 ...