Group 1: Core Insights - The global AI industry is experiencing a dual iteration of computing power models, leading to the commercialization of AI applications such as ChatGPT Health, with significant advancements in AI-assisted healthcare and humanoid robots [2][6] - AI chip companies are launching next-generation platforms to enhance computing power support, with NVIDIA introducing the Vera Rubin platform and several collaborative design chips, thereby reducing the cost threshold for enterprises to operate large models [3][5] - Overseas companies are accelerating the commercialization of large AI models through substantial financing, while domestic firms are exploring market opportunities via open-source tools and engineering innovations [4][6] Group 2: Key Events - On January 6, AMD unveiled a comprehensive AI chip covering data centers, AI PCs, and embedded edge applications, with plans for a 2nm process MI500 series to be launched in 2027 [5] - On January 7, xAI announced it had exceeded $20 billion in Series E funding, significantly surpassing market expectations, with funds allocated for GPU cluster expansion and Grok 5 model training [5] - OpenAI launched "ChatGPT Health" on January 7, which integrates user health information with electronic medical records, tapping into a projected global AI healthcare market expected to reach approximately $505.59 billion by 2033 [5][6] Group 3: Industry Trends - The AI healthcare sector is entering a commercialization acceleration phase, with companies like OpenAI and Ant Group's AI medical app making significant strides in personalized consultation services [6] - In the humanoid robotics sector, collaborations such as DeepMind with Boston Dynamics are integrating advanced models into new generation humanoid robots, showcasing capabilities for various applications [6] - The report highlights a noticeable market trend towards higher elasticity in technology growth styles, with funds being preemptively allocated to capitalize on potential spring market movements [7] Group 4: Recommended Companies - The report recommends companies such as Ding Tai Gao Ke, which is experiencing high growth driven by AI PCB demand [8] - It also highlights Zhi Pu as a new AI player in the Hong Kong market, focusing on model iteration and ecosystem development [8] - MINIMAX-WP is noted as a benchmark for AI expansion overseas, with a multi-modal layout for future growth [8]

Group 1: Investment Rating - No information provided about the industry investment rating Group 2: Core Viewpoints - There is a possibility of RRR cuts and interest rate cuts in Q1 2026, but the likelihood of a rate cut is lower than that of an RRR cut [3] - The bond market is in a headwind period, and the downward space for interest rates driven by loose policies is limited [3] Group 3: Summary by Related Catalogs Event - The Central Economic Work Conference held from December 10th to 11th, 2025, set the tone for policies in 2026. The implementation timing of RRR cuts and interest rate cuts has become a point of contention in Q1 [1] Factors for RRR Cuts - To supplement the seasonal liquidity gap, the liquidity gap in January 2026 is about 190 billion yuan after considering fiscal deposits, cash flow, and bank reserve requirements [3] - The local government bond issuance plan in Q1 2026 is front - loaded compared to the previous year, with the total quarterly issuance decreasing but a need to hedge the high issuance in January [3] - To reduce bank liability costs, RRR cuts have the lowest capital cost for banks, and can help stabilize the net interest margin and create conditions for subsequent interest rate cuts [3] Factors for Interest Rate Cuts - From the fundamental perspective, the economy in 2025 showed a "high - first - then - low" trend, and an interest rate cut can help achieve a good start in 2026 [3] - If an RRR cut is implemented, it can reduce bank liability costs and open up space for interest rate cuts [3]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 出口退税产业有预期，太空光伏远期空间大 2026 年 01 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -8% -1% 6% 13% 20% 27% 34% 41% 48% 55% 62% 2025/1/13 2025/5/13 2025/9/10 2026/1/8 电力设备 沪深300 ◼ 风险提示：投资增速下滑，政策不及市场预期，价格竞争超市场预期 相关研究 《锂电价格快速联动，太空光伏远期 空间大》 2026-01-05 《锂电储能淡季不淡、碳酸锂价格超 预期上涨》 2025-12-29 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 10595 上涨 5.02%，表现强于大盘。（本周，1 月 5 日-1 月 9 ...

Macro Strategy - The report discusses the "K-shaped differentiation" in China's consumption market, highlighting the split between high-end quality consumption and high cost-performance consumption driven by changes in income structure and demographic shifts [6][8] - Consumers are increasingly valuing emotional and spiritual needs alongside practical value, leading to a shift in consumption behavior towards both high-value luxury and highly affordable options [6][8] Fixed Income - The report analyzes the current state of urban investment bonds in Fujian Province, indicating a high-pressure regulatory environment to maintain debt reduction achievements, with a continued "asset shortage" expected [2][12] - Fujian's economic performance is strong, with a GDP of 57,761 billion RMB in 2024 and a growth rate of 5.50%, ranking above the national average [12] - The province's local government debt is increasing, with a wide-ranging debt ratio of 40.35% and a total debt of 2,285.13 billion RMB, indicating a need for careful management of refinancing and liquidity [12][11] Industry Analysis - Gujing Gongjiu is positioned as a leading brand in the liquor industry, with a focus on maintaining stability during market adjustments and leveraging its strong brand and distribution channels to recover sales [4][13] - The company is expected to see a recovery in sales as consumer demand stabilizes, with projected revenues of 187.05 billion RMB in 2025, reflecting a decline of 20.7% year-on-year, but a positive growth forecast of 10.3% by 2027 [4][13] - Gujing Gongjiu's strategy emphasizes national expansion and a focus on mid-to-high-end products, with a strong competitive position in both local and regional markets [4][13] Company Specifics - Botai Che Lian is recognized as a leading provider of smart cockpit solutions, with a significant market presence and partnerships with major companies like Qualcomm and Huawei, enhancing its competitive edge [5] - The company anticipates rapid revenue growth driven by high-end domain control product orders, projecting revenues of 34.58 billion RMB in 2025, increasing to 78.39 billion RMB by 2027 [5] - Botai's strategic focus on integrating software, hardware, and cloud services positions it well within the rapidly growing smart cockpit market, with a projected market size of 1,290 billion RMB in 2024 [5]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1]. Core Views - The non-ferrous metals sector experienced an 8.56% increase in the week from January 5 to January 9, outperforming the overall market [14]. - The optimism in the market is driven by expectations of two interest rate cuts by the Federal Reserve in 2026, alongside a slowdown in the U.S. labor market [29]. - The report highlights the volatility expected in the gold and silver markets due to BCOM rebalancing from January 9 to January 15 [51]. Summary by Sections Market Review - The Shanghai Composite Index rose by 3.82%, with the non-ferrous metals sector ranking fourth among 31 sectors [14]. - All sub-sectors within non-ferrous metals saw gains, with small metals up 11.67%, new materials up 9.02%, industrial metals up 8.52%, precious metals up 7.28%, and energy metals up 6.30% [14]. Industrial Metals - **Copper**: Prices increased, with LME copper at $12,998 per ton (up 4.1%) and SHFE copper at ¥101,410 per ton (up 3.23%). Supply disruptions and macro bullish sentiment support the price [33]. - **Aluminum**: LME aluminum reached $3,136 per ton (up 3.81%) and SHFE aluminum at ¥24,330 per ton (up 6.13%). The copper-aluminum price ratio supports upward price trends [37]. - **Zinc**: LME zinc prices rose to $3,154 per ton (up 0.85%) and SHFE zinc at ¥23,970 per ton (up 2.99%). Inventory levels increased [41]. - **Tin**: LME tin prices surged to $45,560 per ton (up 13.19%) and SHFE tin at ¥352,540 per ton (up 9.17%). Market sentiment is driven by macro expectations and funding emotions [46]. Precious Metals - **Gold**: COMEX gold closed at $4,518.40 per ounce (up 4.07%) and SHFE gold at ¥1,006.48 per gram (up 2.96%). The labor market data indicates a slowdown, maintaining expectations for interest rate cuts [50]. - **Silver**: The report notes a significant drop in London silver leasing rates, indicating a shift in market dynamics and potential for increased volatility [51].

证券研究报告 智能汽车主线周报： 小鹏汽车发布VLA 2.0，看好智能化 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年1月12日 请务必阅读正文之后的免责声明部分 核心结论 目录 本周板块行情复盘 板块景气度跟踪 核心关注个股跟踪 投资建议与风险提示 注：若无特殊说明，"本周"均代表2026.1.5-2026.1.8 2 ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数-2.0%，智能汽车指数（除特斯拉）-6.9%。截至2025年1 月8日，智能汽车指数PS(TTM）为14.0x，该估值位于2023年初以来96%分位数；智能汽车指数（除特斯 拉）PS(TTM）为7.2x，该估值位于2023年初以来97%分位数。智能汽车指数标的池中黑芝麻智能、四维图 新、浙江世宝-H、千里科技、禾赛涨幅前五。 （ ◼ 本周行业核心变化：1）英伟达黄仁勋在CES 2026上发布开源自动驾驶模型Alpamayo并加速布局Robotaxi； 2）美国拟于2026年1月13日举行听证会讨论新的汽车立法，将无需传统控制的车辆年部署上限从 2500 辆提 高 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [70]. Core Insights - The average prices for pure MDI, polymer MDI, and TDI are reported at 18,043, 14,171, and 14,478 CNY/ton respectively, with TDI showing a week-on-week increase of 59 CNY/ton [2]. - The average prices for ethane, propane, and coal are 1,165, 4,172, and 520 CNY/ton respectively, with ethane decreasing by 85 CNY/ton and propane increasing by 45 CNY/ton [2]. - The average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,213, 1,724, 3,787, and 2,546 CNY/ton respectively, with synthetic ammonia decreasing by 34 CNY/ton and urea increasing by 12 CNY/ton [2]. - The average prices for animal nutrition products such as VA and VE are 62.5 and 54.9 CNY/kg respectively, with no significant changes [2]. Summary by Sections Polyurethane Sector - The average prices for pure MDI, polymer MDI, and TDI are 18,043, 14,171, and 14,478 CNY/ton respectively, with TDI showing a week-on-week increase of 59 CNY/ton [2][16][20]. Oil, Coal, and Olefins Sector - Ethane and propane average prices are 1,165 and 4,172 CNY/ton respectively, with ethane decreasing by 85 CNY/ton and propane increasing by 45 CNY/ton [2][24][31]. - The average price for polyethylene is 6,800 CNY/ton, reflecting a week-on-week increase of 30 CNY/ton [2]. Coal Chemical Sector - The average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,213, 1,724, 3,787, and 2,546 CNY/ton respectively, with synthetic ammonia decreasing by 34 CNY/ton and urea increasing by 12 CNY/ton [2][40][48][49]. Animal Nutrition Sector - The average prices for VA, VE, solid egg amino acid, and liquid egg amino acid are 62.5, 54.9, 17.6, and 14.2 CNY/kg respectively, with no significant changes [2][56][62].

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry, specifically recommending stocks such as Micro-Invasive Brain Science, Xiangyu Medical, and Meihua Medical [1]. Core Insights - The report emphasizes the focus on brain-computer interfaces (BCI) as a strategic high ground in global technology, supported by national policies and significant investments [5][19]. - It highlights the approval of innovative drugs and therapies, such as the human thyroid-stimulating hormone beta and the HER2-targeted therapies, which are expected to set new standards in treatment [2][3]. - The report ranks sub-industries in terms of investment potential, with innovative drugs at the top, followed by research services, CXO, traditional Chinese medicine, medical devices, and pharmacies [3][12]. Summary by Sections Industry Trends - The A-share pharmaceutical index has increased by 7.81% year-to-date, outperforming the CSI 300 by 5.03% [11]. - The report notes a significant rise in the healthcare sector, with medical services and devices showing strong performance [11]. Policy Support for Brain-Computer Interfaces - The "14th Five-Year Plan" identifies brain-computer interfaces as a key future industry, with a clear policy support from the government [18]. - The National Health Insurance Administration has established pricing standards for BCI procedures, indicating a commitment to support this emerging field [19][20]. R&D Progress and Company Dynamics - The report lists several companies with promising drug pipelines, including those focusing on PD1 PLUS, ADC, and small nucleic acids, suggesting specific stocks to watch [14]. - It provides a detailed overview of recent approvals and clinical trials, indicating a robust pipeline for innovative therapies [2][3]. Market Performance - The report highlights the significant gains in the pharmaceutical sector, with specific stocks like Innovation Medical and Sanbo Brain Science showing remarkable increases [11]. - It also notes the performance of H-shares, with companies like Jinfang Pharmaceutical-B and Shengnuo Pharmaceutical-B leading the gains [11].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [53]. Core Insights - The automotive parts sector saw a weekly increase of 3.37%, ranking second among the SW automotive sector, with a year-to-date increase of 47.4% since the beginning of 2025 [2][19]. - The robotics sector experienced a weekly rise of 3.74%, with a year-to-date increase of 68.14% since the beginning of 2025, outperforming the automotive parts sector by 0.37% [2][27]. - Key developments include the announcement of a 7.8 billion yuan contract for Xusheng Group with a North American new energy manufacturer, expected to start production by the end of 2026 [2][42]. - Notable stock performances this week include Xusheng Group (+18.05%), Xinquan Co. (+16.17%), and Hengshuai Co. (+13.24%) [2][42]. Summary by Sections Automotive Parts Sector Weekly Review - The automotive parts sector ranked second in the SW automotive index this week, with a performance of +3.37% [19]. - The sector's PE (TTM) is at 1.3 times that of the entire A-share market, and its PB (LF) is at 1.5 times, indicating a strong valuation relative to the market [25]. - The sector's PE has increased by 8.75 times and PB by 0.74 times since the beginning of 2025 [25]. Robotics Sector Weekly Review - The robotics index increased by 3.74% this week, with a year-to-date performance of +68.14% since the beginning of 2025 [27]. - The latest PE (TTM) for the robotics sector is at 1.39 times that of the entire A-share market, with a PB (LF) at 1.90 times [37]. - The sector's PE has risen by 5.53 times and PB by 0.64 times since the beginning of 2025 [37]. Key Stock Tracking - Core stocks in the automotive parts sector include Fuyao Glass, Top Group, and Junsheng Electronics, with recommendations based on EPS and PE dimensions [48]. - The report highlights the importance of focusing on structural opportunities in the automotive parts sector and certainty in the robotics sector, particularly with upcoming product launches and market applications [2][48].

Market Overview - The equity market experienced an overall increase during the trading period from December 29 to January 9, with the Shanghai Composite Index rising by 3.95% to close at 4083.67 points, and the Shenzhen Component Index increasing by 3.79% to 14022.55 points [6][9] - The convertible bond market also saw a significant rise, with an overall increase of 4.16%, closing at 505.77 points [6][16] - Daily average trading volume in the equity market increased by approximately 31.33% week-on-week, reaching 25595.78 billion yuan [8] Investment Strategy and Outlook - The report suggests maintaining a focus on controlling drawdowns as a primary objective, with a recommendation to adjust expectations for convertible bonds in the current market environment [1] - The strategy emphasizes a dual-sector model, recognizing a "hot technology sector" alongside a "cool traditional sector," indicating a structural growth engine where investment is prioritized over consumption [1] - The report highlights potential investment opportunities in sectors such as consumer electronics, key materials, resources, and power distribution equipment, particularly as the annual report season approaches [1][3] Convertible Bond Market Insights - The report identifies the top ten convertible bonds with the highest potential for price premium recovery, including Liuyuan Convertible Bond and Lihua Convertible Bond [1] - During the trading period, approximately 94.49% of convertible bonds saw an increase, with 78.48% of bonds experiencing gains exceeding 2% [17] - The average daily trading volume for convertible bonds increased significantly by 16.95%, reaching 947.39 billion yuan [17] Sector Performance - In the equity market, 28 out of 31 sectors saw gains, with notable increases in defense, media, computing, and non-ferrous metals, which rose by 13.63%, 13.10%, 8.49%, and 8.56% respectively [14] - The report indicates that the convertible bond market's sentiment is improving, with a significant increase in trading volume and a higher percentage of bonds outperforming their underlying stocks [38][40]