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Core Viewpoint - China National Offshore Oil Corporation (CNOOC) aims to become a world-class energy resource group with distinct marine characteristics during the 14th Five-Year Plan and is setting ambitious goals for the 15th Five-Year Plan [4]. Group 1: Achievements and Future Goals - During the 14th Five-Year Plan, CNOOC made significant progress in energy security, quality improvement, and technological advancements, successfully completing major objectives [4]. - For the 15th Five-Year Plan, CNOOC will focus on high-quality development, enhancing core competitiveness, and ensuring energy security while addressing the challenges posed by international oil price fluctuations [4][5]. Group 2: Strategic Initiatives for the 15th Five-Year Plan - CNOOC plans to strengthen its oil and gas core business, enhance exploration and production capabilities, and accelerate overseas production [5]. - The company will refine its refining, chemical, and new materials sectors, optimize product structures, and improve fertilizer production [5]. - CNOOC aims to strategically develop "electricity-hydrogen-carbon" businesses and explore marine mineral resources [5]. Group 3: Operational Focus for 2026 - In 2026, CNOOC will prioritize domestic oil and gas production, enhance investment efficiency, and promote innovation through AI applications [6]. - The company will implement reforms to improve organizational management and ensure safety and environmental protection [7]. - CNOOC will strengthen compliance management and risk prevention measures, particularly in overseas operations [7].

Overall Viewpoint - The National Grid is expected to reach a fixed asset investment of 4 trillion yuan during the "14th Five-Year Plan," representing a 40% increase compared to the "13th Five-Year Plan," with an average annual compound growth rate of 7%, slightly exceeding expectations. This investment is driven by counter-cyclical adjustments, benefiting areas such as ultra-high voltage, main distribution networks, smart technology, and key projects like hydropower and clean energy bases [4]. Group 1: Hydrogen and Ammonia - During the "14th Five-Year Plan," the hydrogen and ammonia sector is expected to benefit from China's future industry developments and the EU carbon tariff in 2026. Shanghai is progressing rapidly, with plans to establish an international green fuel refueling and trading center by 2030, targeting a million-ton level for green methanol and biofuels [5]. Group 2: AIDC Power Supply - The domestic AIDC construction is promising and can align with AI applications for sector rotation. Internationally, the HVDC solutions are expected to expand, and progress in SST technology cooperation is anticipated. The capital expenditure for North American data centers in 2027 will be assessed during the US stock annual report period [5]. Group 3: Power Grid - A resonant pattern is expected to form between overseas and domestic power grid investments, with positive expectations for both. The construction of the hydropower grid and the integration of power and computing resources are areas that require close monitoring due to lower expectations [5]. Group 4: Lithium Battery and Energy Storage - The demand side for lithium batteries is currently competitive, with domestic energy storage tenders for 2026 still needing tracking. The overseas energy storage market is influenced by North American computing and electricity shortages, while domestic storage follows policy expectations and lithium material price trends. The lithium battery industry is currently thriving, but after the price increase expectations are realized, stock prices may lack upward momentum, making it essential to focus on new technologies like solid-state batteries [5].

Group 1 - The central bank reported a significant increase in new RMB loans in December 2025, totaling 910 billion, with an annual growth rate of 6.4%, down 1.1 percentage points from the beginning of the year. The total new RMB loans for 2025 reached 16.3 trillion, a decrease of 1.8 trillion year-on-year [4][5] - In December, corporate loans increased by 1.07 trillion, up 580 billion year-on-year, indicating that corporate loans continue to play a stabilizing role in loan issuance. The "stabilizing investment" policy in 2026 is expected to further boost corporate lending [5] - The total social financing (社融) in December was 2.2 trillion, with an annual growth rate of 8.3%, reflecting a decrease of 645.7 billion year-on-year [8] Group 2 - The M2 money supply growth rate rose to 8.5% in December, with a month-on-month increase of 0.5 percentage points, driven by increased fiscal spending and a significant rise in non-bank deposits. M1 growth rate, however, fell to 3.8%, down 1.1 percentage points from the previous month due to high base effects [9] - The structural policies are focused on enhancing the effectiveness of financial tools, with measures such as loan interest subsidies and guarantees being implemented to support economic recovery and investment in key sectors [10] - The demand for residential loans remains under pressure, with a negative growth of 916 billion in December, continuing the trend of negative growth observed since October. The total residential loans for 2025 were 441.7 billion, a decrease of 2.28 trillion year-on-year, indicating weak demand in the retail sector [6][7]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 市场观点纷繁芜杂，光大研究荟萃本周重点报告，涵盖总量、行业、公司研究，为您筛选有价值的 声音。 每周六早8点，"研选"助您快速厘清投资"点线面"！ 发布日期： 2 0 2 6 / 0 1 / 1 2 分析师：张旭 行业研究 9个热点问题看理财新叙事——银行理财2025年回顾与2026年展望 总量研究 引入混合神经网络的中长期国债收益率预测——量化学习笔记之二 本文模型包含宏观经济、货币政策、市场情绪等输入变量来丰富学习维度，在 长短期记忆神经网络（LSTM）的基础上，引入门控神经网络（GRU）、卷积 神经网络（CNN）和注意力机制（ATT）构建多层混合神经网络模型，最优模 型预测：相较于2 0 2 6年1月末，2月末的十年期国债收益率将 ...

Group 1 - Leading photovoltaic module companies are accelerating their entry into the energy storage sector, with companies like Canadian Solar, Trina Solar, Jinko Solar, JA Solar, and LONGi Green Energy making significant moves in this area [3][4] - The energy storage market is a key focus for photovoltaic companies, with both commercial and residential storage sectors being targeted for development [3] Group 2 - Photovoltaic companies have two main advantages in entering the energy storage field: strong customer and channel alignment, and established global sales and service systems that facilitate market expansion [4] - The trend of integrating photovoltaic and energy storage projects is becoming more prevalent, especially in countries with underdeveloped electricity markets and in mature markets where bundled projects can secure higher Power Purchase Agreement (PPA) prices [4] Group 3 - The growth potential for photovoltaic companies in the energy storage sector is significant, with three key indicators to assess their success: commitment to entering the storage market, expansion in overseas markets over the next 1-2 years, and the ability to convert channel, brand, and service advantages into profit contributions [5]

Core Viewpoint - The company is a leading player in high-precision intelligent dispensing equipment, with a strong focus on R&D and production of core components, and has established itself as a key supplier in the Apple supply chain [4][5]. Group 1: Company Overview - The company was established in 2015 and went public on the New Third Board in June 2022, followed by listing on the Beijing Stock Exchange in October 2023 [4]. - It is recognized as a technology-driven high-tech enterprise and has received national honors such as the "Specialized and Innovative 'Little Giant'" [4]. Group 2: Product System and Market Position - The product range includes core components and complete dispensing equipment, with a strong emphasis on dispensing valves, which are the company's core competitive products [5]. - The company became an approved supplier for Apple in 2017 and has integrated into the supply chain for all Apple products by 2023, with revenue from the Apple supply chain accounting for 91.7% of total revenue, primarily from earphone products [5]. Group 3: Market Potential - The Chinese dispensing equipment market is expanding, driven by the widespread use of adhesives and unique advantages of dispensing technology [6]. - The global consumer electronics market is projected to exceed $1 trillion in 2024, with significant growth opportunities in automotive electronics and power batteries, particularly in the context of new energy vehicles, which are expected to reach 12.87 million units sold in China in 2024 [6]. Group 4: Investment Projects and Strategic Acquisitions - The company is undertaking a fundraising project to enhance production capacity for high-precision products and scale production for the semiconductor and new energy battery industries [7]. - The acquisition of Guangdong Pusen in 2024 aims to strengthen competitive advantages by complementing product offerings and sharing resources for technological collaboration [8].

Macro Insights - China's exports showed a year-on-year growth of 6.6% in December 2025, with an annual growth rate of 5.5%, driven primarily by high-tech products, integrated circuits, and automobiles. The outlook for exports remains optimistic despite a high comparative base in 2026, supported by overseas fiscal expansion and alignment of China's advantageous industries with global demand [5] - In the U.S., retail sales data for November 2025 indicated a month-on-month increase of 0.6%, surpassing expectations. The rebound in consumer data is attributed to the resolution of tariff policies and government shutdown impacts, with expectations for significant economic data improvements in Q1 2026 if government operations stabilize [5] Industry Developments - The State Grid of China plans to invest 4 trillion yuan in fixed assets during the 14th Five-Year Plan period, representing a 40% increase from the previous plan. This investment aims to enhance the new power system's industrial chain and supply chain, reinforcing the State Grid's role as an economic stabilizer [6] Company Performance - CITIC Bank reported a slight decline in operating revenue to 212.5 billion yuan for 2025, a decrease of 0.5% year-on-year, while net profit attributable to shareholders increased by 3% to 70.62 billion yuan. The bank's expansion remains steady, with a stable profit growth rate [7] - Li Ning Company announced a low single-digit year-on-year decline in retail revenue for Q4 2025, with offline and online channels experiencing mid-single-digit and flat growth, respectively. The company anticipates new contributions from upcoming Olympic and outdoor series [7]

Core Viewpoint - The article highlights the optimistic outlook for China's export growth in 2026, driven by strong overseas demand and the competitive advantages of Chinese exports, despite facing high year-on-year comparison bases [3][4]. Group 1: Export Performance - In December 2025, China's exports increased by 6.6% year-on-year, with a cumulative annual growth of 5.5%, primarily due to robust overseas demand and significant competitive advantages in exports [3]. - High-tech products, integrated circuits, and automobiles were the main drivers of export growth, while labor-intensive products contributed less [3]. Group 2: Future Outlook - The outlook for exports remains optimistic, as the fiscal expansion in major economies like the US and EU is expected to boost demand in 2026 [4]. - The alignment of China's advantageous industries with global demand is anticipated to support continued export growth [4]. - The transition of China's export dynamics towards new growth drivers, such as industrial robots and integrated circuits, aligns with global trends in green transformation and intelligent upgrades, potentially increasing their share in global trade [4]. - The easing of US-China trade tensions is expected to reduce uncertainties in exports to the US in 2026 [4].

Core Viewpoint - The retail performance of Li Ning in Q4 2025 shows a decline in overall sales, with specific challenges in both offline and online channels, despite some improvements compared to Q3 2025 [4][5]. Group 1: Retail Performance - In Q4 2025, Li Ning's overall retail revenue (excluding Li Ning YOUNG) decreased by a low single-digit percentage year-on-year, with offline and online channels experiencing a mid single-digit decline and flat performance, respectively [4]. - The total number of stores at the end of 2025 was 7,609, reflecting a net increase of 24 stores (+0.3%) from the beginning of the year, with Li Ning brand stores (excluding Li Ning YOUNG) and Li Ning YOUNG stores numbering 6,091 and 1,518, respectively [4]. Group 2: Channel Performance - The performance of various channels in Q4 2025 remained weak, although the decline in offline channels was slightly less severe compared to Q3 2025, with overall revenue decline narrowing from mid single-digit to low single-digit [5]. - The online channel's performance weakened compared to Q3, slowing from high single-digit growth to flat [5]. Group 3: New Initiatives - In 2025, the company became an official partner of the Chinese Olympic Committee and launched the "Honor Gold Standard" series of products in December, along with the opening of a new store format called "Dragon Store" in Beijing [6]. - The company plans to open pop-up stores for the Dragon Store in 17 high-tier cities during January and February 2026 to leverage the Spring Festival sales season [6]. - Additionally, the first independent outdoor store, COUNTERFLOW, was opened in Beijing in November 2025, focusing on outdoor products and enhancing the brand's influence in this category [6]. Group 4: Short-term Challenges - The company faces short-term retail pressure due to a weak overall market environment, with increased discounting and a healthy inventory level compared to Q3 [7].