Core Viewpoint - The gaming sector in the A-share market has seen a significant rise, with an overall increase of over 60% in 2025, driven by favorable policies and market conditions [1] Group 1: Market Recovery and Growth - The number of approved domestic online games reached a historical high of 1,771 in 2025, a 25.07% increase from 1,416 in 2024 [2] - The recovery in game approvals is attributed to a combination of factors, including improved policies and social attitudes towards the gaming industry [4][5] - In April 2025, the government introduced three measures to support the gaming industry, including tax incentives and support for IPOs and mergers [6] - The approval process for game licenses has been optimized, reducing the time to under a year, with some approvals taking as little as three months [8] - Negative impacts from past regulations, such as restrictions on minors and license suspensions, are gradually dissipating [9] Group 2: Industry Investment and Revenue - Leading gaming companies have significantly increased their R&D expenditures, with Century Huatong, Giant Network, and G-bits spending 760 million, 340 million, and 280 million yuan respectively, all showing over 45% growth year-on-year [11] - The actual sales revenue of the domestic gaming market reached 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68% [13] - The user base grew by 1.35% to 683 million, marking a historical peak [16] - The gaming industry is experiencing a surge in user engagement and spending, with the overall revenue growth for the industry’s stocks showing increases of 22%, 22%, and 29% in the first three quarters of the year [23] Group 3: Evolving Game Genres and Trends - The gaming industry is witnessing a rapid evolution in game genres, with a notable rise in party games and FPS titles since 2022 [30][32] - The success of games like "Genshin Impact" has set a precedent for future game releases, indicating a trend towards innovative and hybrid game types [35] - WeChat mini-games have emerged as a significant growth area, with market revenue reaching 53.54 billion yuan in 2025, a 34.39% increase [39] - The monthly active users of WeChat mini-games reached 500 million, with daily online time increasing by 10% [40] Group 4: Future Outlook and Competitive Landscape - The gaming market is expected to continue expanding, driven by the rise of high-quality mobile games and the integration of AI in game development and operations [46][47] - Despite the positive outlook, competition within the gaming industry is intensifying, prompting companies to pursue mergers and global market expansion [50][51] - The most promising companies are those that can innovate gameplay and develop platform-based gaming experiences, which may lead to growth and valuation increases [55] - The darkest times for the gaming industry appear to be over, signaling a potential turning point for sustained growth [56]

Core Viewpoint - The non-ferrous metal sector has shown remarkable performance, with significant price increases and a strong bullish trend expected to continue into 2026, driven by macroeconomic factors and supply-demand dynamics [2][10][30]. Group 1: Market Performance - As of January 6, 2026, various futures contracts in the non-ferrous metal market have surged, with lithium carbonate futures rising by 8.99% to 137,940 yuan per ton, more than doubling since mid-2025 [4]. - Major contracts for silver, platinum, and palladium have also seen substantial gains, with silver futures up 7.06%, platinum 6.02%, and palladium 5.16% [7]. - Zijin Mining, a leading player in the sector, saw its stock price increase by 6.5%, pushing its market capitalization above 1 trillion yuan, making it the only non-ferrous company in A-shares to reach this milestone [7]. Group 2: Catalysts for Price Increases - The strong price increases in non-ferrous metals are characterized by a notable trend of interlinked price movements, particularly driven by the surge in lithium-related sectors [12][13]. - The recent spike in silver prices was catalyzed by geopolitical events, specifically a U.S. military operation in Venezuela, which heightened market demand for safe-haven assets [16]. - Supply constraints in the copper market, exacerbated by mining accidents and declining ore grades, have contributed to a bullish outlook for copper prices [17]. Group 3: Supply and Demand Dynamics - The aluminum market is experiencing upward pressure due to limited new production capacity and strong demand, with prices nearing historical highs [18]. - Nickel prices are expected to rebound as Indonesia reduces its mining quotas, while rare earth prices are supported by new regulations in Vietnam that restrict exports [18][19]. - Analysts predict that as rare earth prices approach 600,000 yuan per ton, the strength of orders and company performance will validate current valuations [19]. Group 4: Macro and Policy Influences - Historical data indicates that periods of U.S. dollar weakness and low real interest rates typically lead to price increases in precious metals and copper, suggesting a favorable environment for non-ferrous metals [21][23]. - The current liquidity conditions, driven by a shift towards monetary easing and the growth of new technology sectors, are fundamental factors propelling demand for non-ferrous metals [23][24]. - The Chinese market has seen a significant increase in the valuation of quality assets, with long-term capital inflows into the non-ferrous sector, particularly benefiting companies with strong profit growth and integrated supply chains [26][27]. Group 5: Future Outlook - The non-ferrous metal sector is expected to continue its bullish trend into 2026, supported by strong demand from new technologies and supply constraints [28]. - Analysts from various firms express confidence in the ongoing bull market for non-ferrous metals, particularly copper and lithium, as supply-demand gaps widen [28][29]. - The transition of electrolytic aluminum into a high-quality, scarce asset is anticipated to stabilize prices and maintain high profit margins over the long term [29].

Core Viewpoint - The article emphasizes the strong performance of the "Betting on China" top ten core asset portfolio, which has significantly outperformed major indices, showcasing the effectiveness of the research institute's asset selection strategy [2][3]. Performance Summary - As of January 5, 2026, the "Betting on China" portfolio increased by 3.6%, outperforming the Shanghai Composite Index's 1.4% and the Hang Seng Index's 2.8% [3]. - Year-to-date, the portfolio has risen by 6.14%, surpassing the Shanghai Composite Index's 2.89% and the Hang Seng Index's 4.29% [3][4]. - Notable individual performances include Alibaba (+7.0%), China Ping An (+5.8%), and WuXi AppTec (+4.4%) from January 2 to 5, 2026 [3][4]. Asset Selection - The core assets selected include: - Zhongji Xuchuang (AI computing/advanced manufacturing) with a market cap of 6,778 million RMB - Tencent (AI applications) with a market cap of 49,160 million RMB - Alibaba (AI/cloud computing) with a market cap of 24,500 million RMB - China Ping An (finance) with a market cap of 12,400 million RMB - WuXi AppTec (pharmaceuticals) with a market cap of 15,151 million RMB [2]. Future Outlook - The strong performance at the beginning of the year is seen as just the start of the value release of the core assets, with the research institute committed to identifying quality targets in China's economic transformation [6].

格隆汇新股 广东广州冲出一家IPO，做婴童零辅食产品，毛利率约58%！ 原创 阅读全文 ...

Core Insights - The article highlights the impressive investment performance of amateur investor Duan Yongping, who reported an astonishing return of 1881.8% on his account, showcasing the potential for significant gains in the investment landscape [1]. Group 1 - The article discusses the evolution of ETFs (Exchange-Traded Funds) and their growing popularity among retail investors, indicating a shift in investment strategies [1]. - It emphasizes the importance of understanding market trends and the role of technology in facilitating investment decisions, which has contributed to the rise of amateur investors achieving substantial returns [1]. - The performance metrics shared by Duan Yongping serve as a case study for the effectiveness of strategic investment approaches in the current market environment [1].

Core Viewpoint - Wanhua Chemical has been selected as a core asset in the "Global Vision" category for 2026, representing the chemical industry, due to its strong performance and growth potential amid industry recovery and structural upgrades [2][3]. Industry Background - The global chemical industry is expected to emerge from a downturn in 2025, with MDI supply-demand optimization and a recovery in domestic demand driving steady price increases [3][5]. - The industry is projected to see a net profit growth rate of 15%-20% in 2026, with leading companies like Wanhua Chemical benefiting from this recovery [5]. Wanhua Chemical's Competitive Advantages - Wanhua Chemical has a complete industrial chain from raw materials to finished products, with over 30% global market share in MDI, creating significant barriers to entry [7][11]. - The company is positioned to capture market share from smaller competitors during the recovery phase due to its scale, technology, and global presence [7][11]. Business Segments and Financial Performance - The polyurethane segment is a key growth driver, with revenue of 551.43 billion yuan in the first three quarters of 2025, maintaining a high gross margin of 26% [9]. - The petrochemical segment has become the largest business unit, generating 593.19 billion yuan in revenue, benefiting from cost reductions through raw material switching [9]. - The emerging materials segment is expected to grow significantly, with revenue of 238.11 billion yuan in the first three quarters of 2025, focusing on high-value areas like battery materials and semiconductors [10]. Financial Outlook - Wanhua Chemical's net profit for 2026 is projected to reach 180-200 billion yuan, driven by growth across its business segments, with significant increases expected in both the petrochemical and emerging materials sectors [13]. - The company's current price-to-earnings ratio is 19.29, below the average for domestic and international peers, indicating potential for valuation recovery [13]. Conclusion - Wanhua Chemical represents a dual opportunity of cyclical recovery and growth, making it a compelling choice for investment in 2026 as it combines strong fundamentals with a favorable market outlook [15][16].

256亿市值，江苏昆山创新药企再闯IPO，近期达成12亿美元BD 原创 阅读全文 格隆汇新股 ...

Core Viewpoint - The article emphasizes that 2026 will be a pivotal year for China's commercial aerospace sector, transitioning from "quantitative change" to "qualitative change" due to policy support, technological breakthroughs, and capital market momentum [42][43]. Group 1: Market Performance and Trends - On the first trading day of 2026, A-shares experienced a strong opening, with the Shanghai Composite Index rising over 1% and the ChiNext Index increasing by more than 2% [2]. - The satellite industry ETF (159218) saw a significant increase of 3.78%, with a net inflow of 211 million shares, marking a new single-day high [5][18]. - The insurance sector also showed strong performance, with major companies reaching historical highs and total premium income in the insurance industry growing by 7.6% year-on-year [15][17]. Group 2: Commercial Aerospace Developments - The commercial aerospace sector is transitioning from "experimental exploration" to "industrial mass production," becoming a core engine for national competition and economic transformation [3][6]. - In 2025, the satellite internet sector entered a phase of accelerated networking and industrialization, with multiple commercial rocket launches planned [20][24]. - The number of satellite launches in 2026 is expected to increase significantly, with private commercial rocket companies playing a crucial role in meeting high-frequency launch demands [21][26]. Group 3: Investment Opportunities - The commercial aerospace sector is projected to have a compound annual growth rate of 17%, with the global brain-computer interface market expected to reach approximately $12.4 billion by 2034 [14]. - The article suggests that the satellite industry ETF (159218) is a stable and efficient investment tool, covering the entire satellite industry chain and focusing on companies with high revenue from satellite-related businesses [36][40]. - The anticipated breakthroughs in rocket manufacturing and the reduction of launch costs are expected to significantly boost downstream demand for commercial aerospace services [30][31]. Group 4: Challenges and Considerations - The commercial aerospace industry faces challenges such as high volatility and technical uncertainties, making direct investment in individual stocks risky for ordinary investors [34]. - The complexity of the industry supply chain, from materials to satellite applications, complicates the timing of investments [35].

ETF进化论 2026开年第一炸，遇上第一劫 原创 阅读全文 ...

Core Viewpoint - The article discusses a significant IPO in the commercial aerospace sector, highlighting a company that has raised 7.5 billion yuan, positioning itself as a potential competitor to SpaceX in China [1]. Group 1: Company Overview - The company is entering the commercial aerospace market, which is rapidly growing and attracting substantial investment [1]. - The successful fundraising indicates strong investor confidence in the company's business model and future prospects [1]. Group 2: Market Implications - The IPO reflects a broader trend of increasing interest and investment in the aerospace industry within China, suggesting a shift towards more private sector involvement in space exploration [1]. - The emergence of this company could stimulate competition in the market, potentially leading to advancements in technology and reduced costs for space-related services [1].