Investment Rating - The report maintains an investment rating of "Leading the Market-A" [6] Core Insights - The construction industry showed a month-on-month improvement in December, with a composite PMI output index of 50.7%, up 1.0 percentage points from the previous month, indicating overall expansion in production and business activities [1][16] - The construction business activity index for December was 52.8%, an increase of 3.2 percentage points, while the new orders index was 47.4%, up 1.3 percentage points [1][16] - The government is actively promoting infrastructure investment, with a total of approximately 295 billion yuan allocated for early-stage "two heavy" construction projects and central budget investments [2][17] - The construction industry is expected to see continued marginal improvement driven by favorable fiscal policies and the implementation of debt reduction and "anti-involution" measures [3][4][18] Summary by Sections Industry Dynamics - The construction industry experienced a month-on-month improvement in December, with significant increases in both the business activity index and new orders index [1][16] - The State Council emphasized the importance of the national water network construction, which is expected to drive substantial investment and collaboration across various sectors [1][16][33] Market Performance - The construction sector saw a decline of 0.44% this week, performing better than the Shanghai and Shenzhen 300 index, which fell by 0.59% [19][20] - Notable sub-sectors such as landscaping engineering and steel structures showed positive performance, with increases of 2.01% and 1.30%, respectively [19] Key Investment Opportunities - The report suggests focusing on undervalued state-owned enterprises in the construction sector, including China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved operational metrics and dividend increases [4][11] - The Xinjiang region is highlighted for its robust infrastructure investment, particularly in coal chemical projects, which are anticipated to maintain high levels of activity [10][11] - Cleanroom engineering companies like Yaxiang Integration and Shenghui Integration are recommended due to the rising demand driven by advancements in AI technology and increased capital expenditure in the semiconductor industry [3][11][13]

Investment Rating - The report assigns an investment rating of "Outperform" relative to the market, indicating a projected return that exceeds the CSI 300 Index by 10% or more over the next six months [6]. Core Insights - The geopolitical situation in Venezuela, particularly the recent military actions by the U.S., is expected to have limited short-term impact on oil prices due to the current low production levels of approximately 1 million barrels per day [3]. - Venezuela holds the world's largest proven oil reserves, estimated at around 300 billion barrels, which represents about 17% of global reserves. This heavy crude oil is highly complementary to the U.S. light crude production, potentially enhancing operational efficiency and profitability for U.S. refineries [2]. - The potential for increased foreign investment in Venezuela's oil infrastructure could lead to a significant rise in oil exports, possibly reaching 3 million barrels per day in the medium term, which may exert downward pressure on oil prices [3]. Summary by Sections Oil Supply and Demand - Venezuela's current oil production is about 1 million barrels per day, with exports around 900,000 barrels per day, indicating a limited supply situation [3]. - The U.S. refineries, primarily located along the Gulf Coast and West Coast, are designed to process heavy, high-sulfur crude oil from Venezuela and Mexico, making access to Venezuelan oil crucial for their operational efficiency [2]. Market Impact - The short-term market impact of the U.S. military actions is expected to be minimal due to the already factored-in geopolitical risks and the current oversupply in the global oil market [3]. - In the medium term, the anticipated return of U.S. oil companies to Venezuela could revitalize the country's oil production capabilities, which have been hindered by mismanagement and sanctions [3]. Refinery Operations - Chinese refineries are significant buyers of Venezuelan oil, with over 70% of Venezuela's oil exports directed to China, accounting for about 7% of China's total oil imports [10]. - The recent geopolitical developments may lead to a temporary decline in refinery operations in China due to potential supply disruptions, which could increase prices for refined products like diesel and asphalt [10].

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [5] Core Views - The report highlights the impact of recent military actions by the U.S. against Venezuela, which may delay exports of tin, nickel, and bauxite, leading to short-term price stimulation but limited long-term effects. The focus remains on precious metals as safe-haven assets, with a positive outlook on lithium, copper, aluminum, gold, silver, tin, rare earths, antimony, cobalt, tantalum, and uranium [1] - The report notes that gold and silver prices have seen a decline, with COMEX gold and silver closing at $4324.5 and $70.5 per ounce, respectively, reflecting a week-on-week decrease of -4.79% and -7.69%. The Federal Reserve's indication of potential rate cuts post-December is expected to influence market sentiment positively [2] - Industrial metals, particularly copper, are expected to show price elasticity due to supply constraints, with LME copper closing at $12496.5 per ton, up 2.57% week-on-week. The report also mentions a strike at Capstone Mining's Mantoverde copper mine, which could impact supply [2][3] Summary by Sections Precious Metals - Gold and silver prices have decreased, with COMEX gold at $4324.5/oz and silver at $70.5/oz. The market sentiment is influenced by the Fed's potential rate cuts and increased central bank and ETF purchases [2] - The report suggests focusing on companies such as Shandong Gold, Shandong International, and others in the gold sector [2] Industrial Metals - Copper prices are supported by supply constraints, with LME copper at $12496.5/ton and a notable strike affecting production. The report indicates a potential increase in exports post-holiday [2][3] - The report recommends monitoring companies like Jiangxi Copper and Yunnan Copper [3] Aluminum - Aluminum prices remain strong, with LME aluminum at $2997.0/ton. The report notes a slight increase in domestic production capacity but a decrease in downstream demand due to high prices [3] - Suggested companies include China Hongqiao and Nanshan Aluminum [3] Tin - Tin prices have seen fluctuations, with SHFE tin at 327680 yuan/ton. The report anticipates continued high prices due to supply concerns from major producing regions [9] - Companies to watch include Yunnan Tin and Huaxi Holdings [9] Strategic Metals - The report highlights a positive outlook for lithium, with prices at 121580 yuan/ton, driven by increasing demand for energy storage and electric vehicle batteries [10] - Cobalt prices are rising due to supply constraints from the Democratic Republic of Congo, with current prices around 460000 yuan/ton [10] - Companies of interest include Ganfeng Lithium and Huayou Cobalt [10][11] Rare Earths - Rare earth prices are expected to rise, with prices for praseodymium and neodymium oxide at 607500 yuan/ton and 596500 yuan/ton, respectively. The report notes a potential recovery in export demand [12] - Recommended companies include Northern Rare Earth and China Rare Earth [12]

Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [7] Core Views - The approval of Blue Arrow's IPO indicates increased support from the capital market for the commercial aerospace industry, which is expected to accelerate industry implementation [1] - The commercial aerospace sector shows promising prospects, with China completing 19 satellite constellation tasks in 2025, while the US completed 129 tasks, highlighting the growing market space for rocket launches and satellite industries [2] - 3D printing technology is revolutionizing rocket propulsion, with companies like SpaceX and Blue Arrow utilizing this technology to reduce manufacturing costs and improve efficiency [2] - The solar wing technology, featuring high-efficiency solar cells, is set to empower space computing, with flexible solar wings becoming a core infrastructure for high-power satellites [3] Summary by Sections Commercial Aerospace - Blue Arrow's IPO application was accepted, aiming to raise 7.5 billion yuan, marking a significant step for the domestic commercial aerospace sector [1] - The successful launch of Blue Arrow's Zhuque-3 rocket, which is the first domestic attempt at first-stage recovery, signifies advancements in reusable rocket technology [1] Satellite Launches - In 2025, China completed 19 satellite constellation tasks, with a total of 136 satellites in orbit for the GW constellation and 108 for the Qianfan constellation [2] - The US completed 129 satellite launches, with the Starlink program accounting for 122 of these, indicating a competitive landscape in satellite deployment [2] 3D Printing in Rocket Manufacturing - SpaceX's use of 3D laser printing technology has significantly lowered rocket launch costs by enabling continuous manufacturing of engine combustion chambers [2] - Blue Arrow's Tianque series rocket engines also employ 3D printing, achieving a thrust adjustment range of 40% to 110% and shortening component manufacturing time [2] Solar Power in Space - Flexible solar wings equipped with high-efficiency solar cells are becoming essential for satellites, with materials like flexible thin-film gallium arsenide and perovskite showing great potential for future applications [3] Investment Recommendations - Recommended companies include Jiangshun Technology, Bolite, and Huashu Gaoke for 3D printing; Maiwei Co., Jiejia Weichuang, and Jingshan Light Machine for perovskite and crystalline silicon photovoltaic equipment; and Junda Co. and Dongfang Risen for photovoltaic cell components and power manufacturing [4]

Investment Rating - The report indicates a positive outlook for the biopharmaceutical industry, highlighting the approval of approximately 101 innovative drugs in 2025, marking a significant growth in the sector [3]. Core Insights - The innovative drug sector in China is experiencing robust growth, with 63 domestic innovative drugs (62% of total approvals) and 38 imported innovative drugs (38% of total approvals) approved in 2025 [3]. - The report suggests several companies to watch, including those with high certainty for overseas expansion and those with potential overseas data catalysts [2][20]. - The report emphasizes the importance of upcoming catalysts such as academic conferences and data releases that could impact the sector positively [2]. Summary by Sections Weekly New Drug Market Review - From December 29, 2025, to January 4, 2026, the top five gainers in the new drug sector were Youzhiyou (+12.45%), Aidi Pharmaceutical (+8.07%), Yongtai Biological (+6.72%), Kaituo Pharmaceutical (+6.25%), and Yahong Pharmaceutical (+4.07%). The top five losers were Jakes (+-15.53%), Yunding Xinyao (-15.06%), Kedi (-11.73%), Gelei Pharmaceutical (-8.64%), and Kangning Jere (-8.06%) [1][16]. Weekly Focused Stocks - The report recommends focusing on companies with MNC certification and high certainty for overseas volume, such as Sanofi Pharmaceutical, Lianbang Pharmaceutical, and Kelun Biotech. It also highlights companies with potential overseas data catalysts like Betta Pharmaceuticals and Hengrui Medicine [2][20]. Weekly New Drug Industry Analysis - The report notes that 2025 saw a record high in the number of approved innovative drugs in China, with a total of approximately 101 drugs approved by NMPA, excluding new indications, modified new drugs, biosimilars, traditional Chinese medicine, and vaccines [3][21]. Weekly New Drug Application Approval & Acceptance - No new drug or new indication applications were approved this week, but four new drug or new indication applications were accepted [4][27]. Weekly New Drug Clinical Application Approval & Acceptance - This week, 18 new drug clinical applications were approved, and 52 new drug clinical applications were accepted [5][30].

2026 年 01 月 03 日 基础化工 绿色能源系列报告一：中国 SAF 企业的 突围之路 引言： 近期国内 SAF 政策催化层出，10 月国家发改委将 SAF 纳入中央预算 内投资支持范围；"十五五"规划建议提出"持续推进化石能源安全 可靠有序替代"；11 月国务院白皮书提及"加大先进生物液体燃料、 可持续航空燃料等对传统燃油替代力度"；12 月中国经济年会中表示 明年要"扩大绿电应用，培育氢能、绿色燃料等新增长点"。随着我 国不断明确 SAF 战略地位，国内相关厂商亦已具备先发优势，行业叙 事有望从预期驱动逐步转向业绩驱动。因此，本文将从需求、供给、 成本三个维度，展开分析中国 SAF 企业的突围之路。 需求：SAF 元年验证政策力度，广阔市场乘风而起 SAF 能量密度高、制备方式灵活、与现有航空动力系统兼容度高，是 当前全球航空减碳优选方案，SAF 元年已验证了其政策驱动的刚性， 后续有望迎来两次增长斜率向上：①2025 年欧盟 2%强制掺混政策落 地，据 S&P 预测，此政策将让欧洲市场在今年增加 130 万吨的 SAF 需 求，达到 190 万吨，据 IATA 预测，届时全球消费量则有望达 21 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 4.60 CNY for the next six months [3][4]. Core Insights - The completion of the asset acquisition significantly enhances the company's asset scale and establishes a coal-electricity integrated operation model, with total installed capacity increasing by 241% to 1,104 MW and coal production capacity rising by 67% to 1,000 million tons per year [1][2]. - The acquisition is expected to boost net profit by 9.35 billion CNY (+109%) in 2024, raising EPS from 0.22 CNY to 0.25 CNY (+14%) and ROE from 7.5% to 8.9% [2]. - The company has committed to a dividend payout ratio of no less than 75% from 2025 to 2027, with a DPS of at least 0.19 CNY, corresponding to a dividend yield of 5.5% based on the stock price as of December 29, 2025 [2]. Financial Projections - Projected revenues for 2025-2027 are 26.48 billion CNY, 37.28 billion CNY, and 41.69 billion CNY, with growth rates of -11.8%, 40.8%, and 11.8% respectively [3]. - Expected net profits for the same period are 8.8 billion CNY, 15.4 billion CNY, and 17.6 billion CNY, with growth rates of 2.8%, 74.6%, and 14.0% respectively [3]. - The company anticipates a significant increase in operational efficiency and profitability due to the integration of traditional and renewable energy sources [2].

Investment Rating - The report assigns an "A" rating for the investment in major appliance companies such as Midea Group, Haier Smart Home, and Gree Electric Appliances, indicating a "Buy" recommendation with target prices of 94.68, 31.81, and 50.60 CNY respectively [4]. Core Insights - The 2026 appliance replacement policy is expected to boost consumer demand for home appliances, focusing on energy-efficient products and providing subsidies of 15% of the product price, capped at 1500 CNY per item [1][2]. - The 2026 policy has optimized the subsidy scope, reducing the number of supported appliance categories from eight to six, and lowering the subsidy rate from 20% to 15% for high-efficiency products [2][11]. - The first batch of funding for the 2026 policy amounts to 625 billion CNY, a 23% decrease from the previous year's 810 billion CNY, indicating a potential decline in total subsidy funds for the year [2][12]. Summary by Sections Policy Changes - The 2026 policy focuses on six categories: refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, excluding other appliances like stoves and microwaves [2][11]. - The subsidy for high-efficiency products is now set at 15% of the sales price, with a cap of 1500 CNY per item, and consumers can only receive one subsidy per product category [2][11]. Market Impact - The 2025 replacement policy effectively stimulated appliance consumption, with retail sales of home appliances increasing by 14.8% year-on-year from January to November 2025, and over 12.84 million units replaced [3]. - The introduction of the 2026 policy is expected to improve domestic appliance sales, despite some pressure on consumption due to earlier demand release and high base effects [3][9]. Investment Recommendations - The report suggests focusing on three investment themes: 1. High-quality white goods companies with strong cash flow and high dividend yields, such as Midea Group and Haier Smart Home [9]. 2. Companies with strong global capabilities, particularly in emerging markets where appliance penetration is low [9]. 3. Technology-driven appliance companies that are expanding into new business areas, leveraging AI and robotics to enhance product offerings [9].

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 12.89 CNY, while the current stock price is 10.58 CNY [5]. Core Insights - The company, Guodian Nanzi, has experienced rapid growth in net profit for two consecutive years, driven by its focus on power automation products and expansion into new business areas [2][4]. - The company is well-positioned to benefit from the construction of a new power system in China, with significant investments in power grid and power plant automation expected to drive revenue growth [3][9]. - The company has a diverse industrial system, including power grid automation, power plant automation, rail transit automation, information and safety technology, and power electronics [2][24]. Summary by Sections 1. Company Overview - Guodian Nanzi, established in 1940, is a pioneer in power automation and was the first high-tech company listed on the Shanghai Stock Exchange in 1999 [2][14]. - The company is controlled by the State-owned Assets Supervision and Administration Commission through Huadian Group, which holds a 49.2% stake [2][15]. 2. Business Performance - The company's revenue from power grid automation reached 3.826 billion CNY in 2024, accounting for 42.37% of total revenue, while the power plant and industrial automation segment generated 1.516 billion CNY, representing 16.79% of total revenue [2][24]. - The company has achieved a five-year compound annual growth rate (CAGR) of 15.74% in revenue and 49.89% in net profit [2][27]. 3. Market Opportunities - The demand for power automation products is expected to rise due to the ongoing transformation of the power supply and demand landscape in China, with significant investments in power grid and power plant projects [3][35]. - The company is actively developing solutions for virtual power plants and grid-type energy storage, which are anticipated to create new growth opportunities [4][24]. 4. Financial Projections - The report forecasts net profits of 378 million CNY, 437 million CNY, and 513 million CNY for 2025, 2026, and 2027, respectively, with growth rates of 10.90%, 15.60%, and 17.44% [9][10]. - The company is expected to maintain a stable gross margin of around 23% in the coming years, with potential for improvement as new high-margin products are launched [30][28].

2025 年 12 月 30 日 计算机 数字人民币 2.0 版本，从数字现金迈向数字存款 中国数字人民币推广取得良好成效，2026 年开启 2.0 新阶段 2025 年 12 月 29 日，中国人民银行官方微信号转发中国人民银行党 委委员、副行长陆磊的署名文章《守正创新 稳步发展数字人民币》 （以下简称《文章》）。文中提到，为深入贯彻习近平总书记关于金融 工作的重要论述，顺应实体经济和金融体系对数字人民币发行、流通、 使用的新需求，把握国际货币体系演进的历史趋势，切实提升数字人 民币管理质效和服务能力，在总结十年研发试点经验基础上，中国人 民银行出台了《关于进一步加强数字人民币管理服务体系和相关金 融基础设施建设的行动方案》（以下简称"《行动方案》"），新一代数 字人民币计量框架、管理体系、运行机制和生态体系将于 2026 年 1 月 1 日正式启动实施。 过去十年我国数字人民币产业推广取得良好成效。根据《文章》内 容，我国数字人民币的研究和开发起步较早。2014 年，在党中央、 国务院的统一部署下，中国人民银行启动理论研究和封闭测试。2016 年，中国人民银行提出了具有数字货币特征的电子支付工具（DC/E ...