Core Viewpoint - The Shanghai Composite Index has broken through previous highs, confirming the onset of a spring market rally, with significant trading volume and a resurgence of market sentiment [1] Group 1: Market Overview - The Shanghai Composite Index reached a new high, indicating a new upward wave in the market, with trading volume exceeding 2.8 trillion [1] - The market is experiencing a spring rally, with a focus on the sustainability of hot sectors and increasing trading volume [1] Group 2: Future Market Outlook - The spring rally is expected to continue into January, driven by the resolution of global uncertainties and the easing of year-end funding tightness [1] - Key themes for the rally include technology growth narratives and rising raw material prices, primarily fueled by the AI industry investment boom [1] Group 3: Hot Sectors - In January, technology and raw material price increases are expected to dominate, with a focus on sectors like commercial aerospace, brain-computer interfaces, low-altitude economy, and semiconductors [2] - The rise in raw material prices is seen as a derivative of technology investments, with opportunities in small metals, energy metals, and new chemical materials [2] - Traditional high-dividend sectors are also noted for potential upside as the annual report season approaches [2] Group 4: Specific Trends and Opportunities - The trend of AI hardware remains strong, with a significant increase in token usage for major AI models, indicating a peak in AI applications by 2026 [2] - The domestic production of robots is expected to grow, expanding from humanoid robots to quadrupedal and functional robots, creating opportunities in sensors, controllers, and dexterous hands [2] - The trend towards semiconductor localization continues, with a focus on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The demand for new energy materials is rising due to rapid growth in domestic and overseas energy storage needs, with signs of supply shortages and price increases expected to continue through 2026 [2] - The innovative drug sector is entering a recovery phase after four years of adjustment, with positive net profit growth expected to continue into 2026 [2]

投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游艇操练透报纸圆膏Gr 申门宏源证券 星期三 01月 BES HIST = 1873 = 12 今日申.0 O 今日中签缴...9 令日上. 今日无新股新债 免责声明 ...

Group 1 - The PMI index has returned to the expansion zone, which is favorable for the spring market trend. The manufacturing PMI for December is reported at 50.1%, up from the previous value of 49.2%. This marks the first return to the expansion zone in nine months, indicating a marginal improvement in the economic fundamentals [1] - On Monday, both stock markets opened high and continued to rise, with trading volume increasing significantly. The Shanghai Composite Index closed near its daily high, marking the twelfth consecutive bullish day. The Shenzhen Component Index outperformed, surpassing the high from early October last year. Total trading volume exceeded 2.5 trillion yuan, a substantial increase from the previous trading day [1] - Market hotspots were primarily concentrated in the TMT (Technology, Media, and Telecommunications) and pharmaceutical sectors, with a leading performance from the technology sector. The Shanghai Composite Index has formed a small double bottom pattern and is currently challenging previous high points [1]

申万宏源宏观 海外高频 | 开年行情港股大涨（申万宏观·赵伟团队） 原创 阅读全文 ...

Core Viewpoint - The article discusses the behavior of institutional investors in the bond market, highlighting an increase in the duration of medium to long-term interest rate bond funds, while also noting a widening divergence in investment strategies among institutions [2] Group 1: Institutional Behavior - Institutional investors are increasing the duration of their medium to long-term interest rate bond funds, indicating a shift in investment strategy [2] - There is a growing divergence in the approaches taken by different institutions, reflecting varied expectations regarding interest rate movements and economic conditions [2] Group 2: Market Trends - The report suggests that the bond market is experiencing significant changes, with institutions adapting their strategies in response to evolving market dynamics [2] - The analysis indicates that these changes may lead to increased volatility in the bond market as institutions react differently to economic signals [2]

Core Viewpoint - The article discusses the recent high valuation of equity-linked bonds and warns about the potential risks associated with "double high" convertible bonds [2] Group 1 - The valuation of equity-linked bonds has returned to high levels, indicating a strong market interest [2] - There is a growing concern regarding "double high" convertible bonds, which may pose investment risks due to their elevated valuations [2] - The article emphasizes the need for caution among investors in the current market environment [2]

免责声明 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃拐չ-α葛磊 ● 令日申 今日中签敷 《 股 至信股份 732352 团 国 21.88 发行/行业市盈率 26.85/28.68 申购上限 1.8万股 发行价(元) 股 科马材料 920086 团 11.66 发行/行业市盈率 14.2/28.68 94.14万股 申购上限 发行价(元) 今日无新债 ...

Core Viewpoint - The article discusses the official launch of commercial real estate REITs in China, highlighting the significant changes and implications for the industry [2] Group 1: Market Overview - The introduction of commercial real estate REITs marks a pivotal shift in the investment landscape, providing new opportunities for institutional and retail investors [2] - The total market size for commercial real estate in China is estimated to be around 10 trillion yuan, indicating a substantial potential for REITs to capture a portion of this market [2] Group 2: Regulatory Changes - New regulations have been established to govern the operation of commercial real estate REITs, aiming to enhance transparency and protect investors [2] - The regulatory framework includes requirements for asset management and disclosure, which are expected to improve investor confidence [2] Group 3: Investment Opportunities - The launch of commercial real estate REITs is anticipated to attract significant capital inflows, with projections suggesting that the market could reach 1 trillion yuan in assets under management within the next few years [2] - Investors are encouraged to explore various sectors within commercial real estate, such as office buildings, shopping malls, and logistics centers, which are expected to perform well under the new REIT structure [2] Group 4: Challenges Ahead - Despite the positive outlook, challenges remain, including potential market volatility and the need for effective asset management strategies to ensure sustainable returns [2] - The success of commercial real estate REITs will depend on the ability to navigate these challenges while delivering value to investors [2]

Core Viewpoint - The article discusses the seasonal decline in production and the ongoing need for domestic demand recovery in the context of high-frequency economic data for the specified week [2] Group 1: Economic Trends - Production has shown a seasonal decline, indicating a typical pattern during this period [2] - Domestic demand remains in need of recovery, suggesting potential opportunities for growth in consumer spending and investment [2] Group 2: High-Frequency Data Insights - The high-frequency economic indicators reflect a mixed outlook, with some sectors showing resilience while others lag behind [2] - The analysis emphasizes the importance of monitoring these indicators closely to gauge the overall economic health and potential investment opportunities [2]

申万宏源宏观 热点思考 | 人民币和港股，谁是谁的"影子"？（申万宏观·赵伟团队） 原创 阅读全文 ...