- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and price-to-book ratios[1][3][4] - The turnover rates of various indices on January 23, 2026, were as follows: CSI 2000 (4.97%), ChiNext Index (4.05%), CSI 1000 (3.96%), CSI 500 (2.86%), CSI All Share (2.46%), CSI 300 (0.96%), and SSE 50 (0.41%)[4][20] - The risk premium of indices relative to the 10-year government bond yield was observed, with CSI 500 (2.41%) and CSI 1000 (1.93%) showing higher premiums, while SSE 50 (-0.69%) and CSI 300 (-0.46%) had lower premiums. The 5-year percentile rankings for risk premiums were highest for CSI 500 (98.10%) and CSI 1000 (94.21%)[28][32][35] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) values and their historical percentiles were analyzed. CSI 500 and CSI 1000 had the highest PE-TTM percentiles (100.0% for both), while SSE 50 had a lower percentile (80.33%). The current PE-TTM values were: SSE 50 (11.49), CSI 300 (14.09), CSI 500 (39.02), CSI 1000 (51.94), CSI 2000 (174.36), CSI All Share (22.63), and ChiNext Index (43.64)[43][44] - Dividend yields were tracked, with SSE 50 (3.31%) and CSI 300 (2.76%) having relatively higher yields, while CSI 500 (1.20%) and CSI 2000 (0.68%) had lower yields. The 5-year historical percentiles for dividend yields were highest for ChiNext Index (57.11%) and CSI 300 (38.18%)[54][56] - The price-to-book ratio (P/B) was analyzed through the "break net ratio," which measures the proportion of stocks trading below their book value. Current break net ratios were: SSE 50 (24.0%), CSI 300 (16.33%), CSI 500 (10.0%), CSI 1000 (6.8%), CSI 2000 (2.2%), and CSI All Share (5.22%)[58]

Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage with a current price of 19.52 yuan [6]. Core Insights - The company is focused on expanding its production capacity while awaiting a recovery in demand for titanium and titanium alloy products, which are increasingly used in consumer electronics [4]. - The company has a concentrated ownership structure, with the largest shareholder, Jiangsu Tiangong Investment Management Co., Ltd., holding 67.63% of the shares [6]. - The report highlights the significant reliance on a single major customer, Changzhou Soloman, which accounted for 27.88%, 83.45%, and 71.72% of revenue from 2022 to 2024, indicating a high customer dependency risk [6][41]. Company Overview - Jiangsu Tiangong Technology Co., Ltd. was established in January 2010 and is headquartered in Zhenjiang, Jiangsu Province. The company primarily engages in the research, production, and sales of titanium and titanium alloy materials, with its main products being wire, plate, and pipe [12]. - The company has two subsidiaries, holding 55% of Jiangsu Tiangong Soloman Alloy Materials Co., Ltd. and 60% of Jiangsu Tiangong Titanium Crystal New Materials Co., Ltd. [13]. Titanium Industry Analysis - The titanium industry is characterized by a supply chain that includes titanium ore processing into sponge titanium, which is then cast into ingots and processed into various titanium products for applications in chemical, aerospace, and consumer electronics sectors [20]. - The report emphasizes the growing penetration of titanium and titanium alloys in consumer electronics due to their high strength, corrosion resistance, and unique surface texture, with applications expanding from mobile phone casings to cameras and laptops [21]. Financial Forecast - The company is projected to achieve total revenues of 678.27 million yuan, 1,007.10 million yuan, and 1,156.22 million yuan from 2025 to 2027, with growth rates of -15.35%, 48.48%, and 14.81% respectively [5]. - The net profit attributable to shareholders is expected to be 104.59 million yuan, 184.80 million yuan, and 252.86 million yuan for the same period, with growth rates of -39.34%, 76.68%, and 36.83% respectively [5]. Business Analysis - The company's production capacity for titanium and titanium alloy materials is expected to remain stable at 7,000 tons from 2023 to 2024, with production and sales figures showing a positive trend [39]. - Revenue from titanium and titanium alloy products accounted for approximately 94.78% to 95.62% of total revenue from 2022 to 2025, indicating a strong focus on this segment [38]. Management Team - The core management team is primarily composed of individuals born in the 1980s and 1990s, with a strong educational background and extensive industry experience [16].

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset break rates[1][3][4] - The moving average analysis highlights that indices like the ChiNext Index and CSI 500 have broken above their 250-day highs, indicating strong momentum in these segments[15][16] - Turnover rates are highest for the CSI 2000 (4.46%) and CSI 1000 (3.31%), while the Shanghai Stock Exchange 50 Index has the lowest turnover rate at 0.38%, reflecting varying levels of liquidity across indices[18] - The risk premium analysis, using the 10-year government bond yield as a risk-free rate, shows that the ChiNext Index (1.00%) and CSI 2000 (0.99%) have the highest current risk premiums, while the Shanghai Stock Exchange 50 Index has a negative risk premium of -0.47%[27][31] - PE-TTM analysis reveals that the CSI 500 and CSI 1000 indices are at their 100% historical percentiles, indicating high valuation levels, while the ChiNext Index is at a relatively lower 63.47% over the past five years[42][44] - Dividend yield analysis shows that the ChiNext Index (57.85%) and CSI 300 (37.02%) are at relatively high historical percentiles over the past five years, while the CSI 500 (3.39%) and CSI 2000 (0.41%) are at lower levels[53][55] - The net asset break rate analysis indicates that the Shanghai Stock Exchange 50 Index has the highest break rate at 24.0%, while the CSI 2000 has the lowest at 2.3%, reflecting varying market valuation attitudes across indices[57]

- The report tracks the performance of various broad-based indices in the A-share market, including the CSI 500, CSI 2000, and others, highlighting their daily, weekly, monthly, and yearly changes[2][3][11] - The report compares the indices with their moving averages and their positions relative to the highest and lowest points in the past 250 trading days, noting that indices like CSI 1000, CSI 2000, and CSI All Share have broken through their 5-day moving averages[3][15][16] - The report analyzes the trading volume and turnover rates of the indices, with CSI 2000 having the highest turnover rate at 4.36, followed by CSI 1000 at 3.28[3][18] - The report examines the distribution of daily returns, noting that the ChiNext Index has the largest negative skewness and kurtosis, while the CSI 500 has the smallest[3][23][24] - The report evaluates the risk premiums of the indices relative to the 10-year government bond yield, with CSI 500 and CSI 2000 having high risk premiums at 84.37% and 75.87% respectively[3][26][27] - The report assesses the PE-TTM ratios of the indices, with CSI 500 and CSI 1000 having high percentile values at 100.0% and 99.83% respectively[4][41][42] - The report tracks the dividend yields of the indices, noting that the ChiNext Index and CSI 300 have relatively high 5-year historical percentile values at 58.18% and 37.77% respectively[4][50][52] - The report monitors the net asset value break rates of the indices, with the current break rates being 24.0% for SSE 50, 16.33% for CSI 300, and 10.4% for CSI 500[4][56]

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The battery-grade lithium carbonate market has seen a significant price increase, with spot prices rising by 4,000 CNY to 152,500 CNY per ton, rebounding over 28% from the year's low. Futures contracts also experienced a peak increase of 7.47%, reaching 160,200 CNY per ton, with trading volumes hitting recent highs. This price surge is attributed to improved fundamentals and a shift in market sentiment from cautiousness to proactive stocking [5]. - The demand side indicates that energy storage has become the primary growth driver, with a rapid increase in demand for energy storage systems due to the global energy transition and the ongoing "dual carbon" goals. The consumption of lithium resources in the energy storage sector is expected to enter a long-term growth phase, supported by the construction of new power systems and increasing economic viability of storage solutions [6]. - On the supply side, there is a significant lack of elasticity in lithium carbonate production. Domestic production is constrained by seasonal factors and stricter environmental regulations, while international supply is hindered by policy changes and infrastructure bottlenecks. This rigid supply characteristic is likely to push lithium prices higher [8]. - The profit distribution within the lithium industry chain is shifting towards upstream producers, particularly those with high-quality lithium resources. These companies are expected to benefit significantly from the current price upcycle, while midstream and downstream sectors may face pressure from rising raw material costs [9]. Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong performance with relative returns of 17.16% over one month, 27.22% over three months, and 85.11% over twelve months, alongside absolute returns of 20.46%, 31.2%, and 108.33% respectively [2]. Investment Highlights - The dual growth drivers of energy storage and electric vehicle markets are expected to sustain high demand for lithium resources, creating a robust foundation for price increases and industry growth [6]. - Key companies to watch in the lithium sector include Tianqi Lithium, Ganfeng Lithium, Zhongjin Lingnan, Yongxing Materials, and Dazhong Mining, as they are well-positioned to benefit from the industry's favorable conditions [9].

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including their daily returns, moving averages, turnover rates, and valuation metrics such as PE-TTM and risk premiums[1][2][3] - The turnover rate calculation is based on the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Circulating Shares of Constituents} \times \text{Turnover Rate of Constituents})}{\Sigma(\text{Circulating Shares of Constituents})} $ This formula reflects the liquidity and trading activity of the indices[18] - The risk premium is calculated using the yield of 10-year government bonds as the risk-free rate, and the report highlights the relative investment value and deviation of indices based on this metric[27][28] - The PE-TTM metric is used as a valuation reference, with the report observing that indices like CSI 500 and CSI 1000 have high PE-TTM percentiles (99.83% and 99.59%, respectively), indicating elevated valuations compared to historical levels[42][43] - Dividend yield is analyzed as a measure of cash return, with indices like the CSI 500 and CSI 2000 showing relatively low dividend yields (5.95% and 2.4%, respectively), while the ChiNext Index has a higher 5-year historical percentile (58.51%)[51][53][55] - The report also examines the net asset value (NAV) break rate, which reflects the proportion of stocks trading below their book value, with the CSI 500 and CSI 2000 showing lower break rates (10.2% and 2.55%, respectively), suggesting relatively optimistic market sentiment for these indices[57]

Investment Rating - The industry investment rating is upgraded to "Overweight" [1] Core Views - The report expresses a long-term positive outlook on the electrolytic aluminum sector, driven by significant price increases and structural supply constraints [3][4] - The demand for electrolytic aluminum is expected to grow due to both traditional and emerging applications, with a notable increase in demand from sectors like new energy vehicles and data centers [5][6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong performance with relative returns of 83.5% and absolute returns of 107.28% [2] Supply Side Analysis - Global electrolytic aluminum production capacity is constrained, with China's capacity at 45 million tons per year, accounting for 55% of global capacity. The overall operating rate remains above 98%, with minimal growth expected [4] - The global supply growth rate is projected at a compound annual growth rate (CAGR) of only 1.4% from 2025 to 2030, significantly lower than the expected demand growth rate of 2.3% [4] Demand Side Analysis - Traditional applications are stabilizing, while new applications are experiencing rapid growth. For instance, the demand from new energy vehicles is expected to add 330,000 tons of electrolytic aluminum in 2026 [6] - The shift towards aluminum replacing copper in various applications is accelerating, with a projected replacement scale exceeding 700,000 tons by 2025 [6] Cost Analysis - The use of green electricity is improving production economics, with the cost of producing aluminum decreasing by approximately 15% compared to traditional coal power methods [7][8] - The current production cost of electrolytic aluminum in China is about 2,000 yuan lower than the global average, enhancing competitive advantages [7][8] Investment Recommendations - The report recommends focusing on investment opportunities within the aluminum sector, highlighting companies such as Nanshan Aluminum, China Aluminum, Yun Aluminum, and Zhongfu Industrial as key players to watch [8]

Investment Rating - The industry investment rating is upgraded to "Overweight" [1] Core Insights - The tungsten powder price has surged to a historical high of 1.2 million yuan per ton, reflecting extreme supply-demand tension and strong market expectations for long-term shortages [3][4] - The demand for tungsten is experiencing a significant expansion, particularly driven by the photovoltaic and new energy vehicle sectors, which are expected to create a structural demand explosion [5][6] - The supply side is tightening, with China's high-grade tungsten ore reserves expected to dwindle to 300,000 tons by 2025, leading to increased mining costs and a prolonged price increase cycle [6] - The industry chain is seeing profits concentrate upstream, with leading companies like Xiamen Tungsten and China Tungsten High-Tech benefiting from resource and technology advantages [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong relative performance with a 1-month return of 18.45%, a 3-month return of 24.21%, and a 12-month return of 82.53% compared to the CSI 300 index [2] Demand Drivers - The photovoltaic sector is witnessing a rapid adoption of tungsten wire, with a market penetration rate exceeding 60% in silicon wafer cutting by 2025, significantly increasing tungsten consumption [5] - The new energy vehicle sector is also contributing to demand, with an expected increase of approximately 10,500 tons of tungsten due to the rising use of tungsten-containing alloys in electric motors and high-precision tools in battery manufacturing [5] Supply Constraints - Global tungsten supply is under pressure, with significant reductions in China's high-grade ore and limited contributions from overseas sources, leading to a potential crisis in tungsten availability [6] Industry Structure - The profit distribution within the tungsten industry is shifting towards upstream players, with companies holding quality tungsten resources poised to capture the benefits of rising prices [7]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights the upcoming IPO of "Ming Ming Hen Mang," a leading company in the snack retail industry, which is set to launch globally on January 20, 2026, with plans to list on the Hong Kong Stock Exchange on January 28, 2026 [5][7] - The snack retail sector is characterized by high-quality price ratios, diverse product structures, and a selection of products that meet consumer demands, positioning it as a mainstream channel in China's snack industry [7] - The company "Ming Ming Hen Mang" has experienced rapid expansion, with nearly 20,000 stores nationwide as of Q3 2025, primarily through a franchise model [7] - The revenue growth of "Ming Ming Hen Mang" is driven by store openings, with a GMV of 66.06 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 74.5% [7] - The report suggests that the snack retail channel will continue to thrive due to its low-priced, high-quality products and favorable in-store experiences for consumers [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -30.07% compared to the CSI 300 index, with absolute returns of -5.41% [2] Company Insights - "Ming Ming Hen Mang" has a gross margin of less than 10%, relying on high turnover for profitability, with a diluted ROE of 21.58% for the first three quarters of 2025 [7] - The company plans to issue approximately 14.1 million shares in its IPO, aiming to raise between 3.237 to 3.336 billion HKD [7]

Investment Rating - The industry investment rating is upgraded to "Overweight" [1] Core Views - The short-term decline in tin prices highlights the medium to long-term investment value [4] - The macro environment is tightening, leading to a decrease in risk appetite [5] - Supply and demand dynamics are weakening, with insufficient fundamental support [7] - The industry chain is experiencing transmission difficulties, causing accelerated capital withdrawal [8] - Despite short-term pressures, tin remains a strategic metal with increasing importance in high-growth sectors [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong relative performance with returns of 82.53% compared to the CSI 300 index [2] Supply and Demand - Supply side: Significant accumulation of visible inventory indicates a loosening of market supply, with production and export activities in major raw material regions recovering [7] - Demand side: Facing seasonal and structural challenges, traditional sectors lack large-scale replenishment motivation, while emerging sectors have not provided sufficient incremental demand [7] Market Sentiment - The tightening macro environment has suppressed market sentiment, with a strong dollar negatively impacting commodity prices like tin [5] - Regulatory measures aimed at curbing speculation have led to a significant reduction in market risk appetite [5] Investment Recommendations - The significant pullback in tin prices poses short-term pressure on related listed companies, with potential compression of profit growth [8] - Long-term investment opportunities in the tin sector are still worth monitoring, particularly in companies like Xingye Yinxin, Xiyu Shares, and Huaxi Nonferrous [8]