- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting the daily, weekly, monthly, quarterly, and yearly changes in index returns. For example, the CSI 2000 index showed the highest daily increase of 1.14%, while the CSI 500 index had the highest yearly increase of 11.02% [11][12][15] - The comparison of indices with their moving averages and 250-day highs and lows reveals that indices like CSI 500 broke their 250-day high, while indices such as the ChiNext index fell below their 5-day and 10-day moving averages [15] - Turnover rates and trading volume proportions are analyzed, showing that the CSI 2000 index had the highest turnover rate at 4.56%, while the CSI 500 index had a turnover rate of 2.34%. The CSI 300 index accounted for the largest proportion of trading volume at 24.45% [17] - The distribution of daily returns is examined, with metrics such as kurtosis and skewness used to describe the shape of the return distribution. The ChiNext index exhibited the largest negative kurtosis deviation, while the CSI 300 index had the smallest negative kurtosis deviation [23][24] - Risk premium analysis is conducted using the yield of 10-year government bonds as the risk-free rate. The CSI 2000 index showed the highest current risk premium at 1.13%, while the ChiNext index had the lowest at -0.70%. Historical comparisons indicate that the CSI 2000 index's risk premium is at the 79.52% percentile over the past five years [26][30][33] - PE-TTM ratios are analyzed as valuation metrics, with the CSI 500 index showing the highest current PE-TTM value at 37.72 and a 100% historical percentile over the past five years. The ChiNext index had a lower PE-TTM value at 43.34 and a 63.64% historical percentile [41][42] - Dividend yield analysis highlights that the CSI 500 index had a relatively low dividend yield of 1.26%, while the ChiNext index had a higher dividend yield at 0.93%. Historical comparisons show that the ChiNext index's dividend yield is at the 57.93% percentile over the past five years [50][52][54] - The report also examines the proportion of stocks trading below their book value (PB ratio < 1). The CSI 500 index had a current break-net rate of 10.2%, while the CSI 2000 index had the lowest break-net rate at 2.75% [56]

Investment Rating - The report maintains a positive outlook on the Heilongjiang capital market, indicating a bullish trend for 2026, supported by favorable economic conditions and policy implementations [5][20][22]. Core Insights - The report highlights a significant increase in inbound tourism to Heilongjiang, with a 43.8% year-on-year growth in visitor numbers from January 1 to 9, 2026, attributed to visa facilitation measures and the region's unique winter tourism resources [10]. - Heilongjiang's power grid reached a historical peak load of 18.728 million kilowatts on January 14, 2026, reflecting a steady increase in winter electricity demand, with a year-on-year growth of 25.1 thousand kilowatts [11]. - The Heilongjiang index has shown a 3.14% increase since January 2026, maintaining an upward trend despite a slight decline of 1.18% from January 12 to 16 due to market adjustments [20][22]. - The report notes that 11 companies in Heilongjiang have achieved over 5% gains since January, with four companies exceeding 10% growth, including China First Heavy Industries (+34.09%) and Weidi Co., Ltd. (+17.69%) [22][23]. Summary by Sections Inbound Tourism - The report emphasizes the impact of visa policies and winter tourism on the influx of foreign visitors, with specific statistics showing a substantial increase in cross-border traffic at various ports [10]. Power Demand - The report details the record electricity demand in Heilongjiang, outlining measures taken by the State Grid to ensure stable operations during peak loads, including resource allocation and emergency preparedness [11]. Market Performance - The Heilongjiang index's performance is analyzed, indicating a positive trajectory for the year ahead, driven by economic stability and structural upgrades, alongside the effects of favorable policies [20][22]. Company Performance - The report provides insights into the performance of listed companies in Heilongjiang, highlighting strong performers and noting the overall positive sentiment in the market despite some companies experiencing losses [22][23].

- The report primarily focuses on the performance of the convertible bond market, highlighting weekly changes in indices such as the Shanghai Convertible Bond Index, Shenzhen Convertible Bond Index, and CSI Convertible Bond Index, with weekly returns of 1.124%, 0.872%, and 1.075%, respectively[7] - The convertible bond market's trading volume and value for the week were 268,485.48 million units and 52,260,646.36 million yuan, showing week-over-week increases of 7.33% and 10.32%, respectively[7] - The median conversion premium rate of the convertible bond market was approximately 33.06%, with an arithmetic average of 45.21%, reflecting slight fluctuations compared to the previous week[12] - The report provides a detailed breakdown of convertible bond prices, categorizing them into ranges such as below 100, 100-110, 110-120, and so on, with the majority (47.12%) priced above 140[32] - The top five performing convertible bonds for the week were Jin 05 Convertible Bond, Aohong Convertible Bond, Shuangle Convertible Bond, Huiche Convertible Bond, and Huayi Convertible Bond, with weekly returns of 98.89%, 57.30%, 57.30%, 35.34%, and 24.20%, respectively[18][19] - The bottom five performing convertible bonds for the week were Zai 22 Convertible Bond, Tianjian Convertible Bond, Guanglian Convertible Bond, Huggong Convertible Bond, and Shentong Convertible Bond, with weekly returns of -25.23%, -19.41%, -16.67%, -12.10%, and -11.45%, respectively[18][19] - The report tracks convertible bond clauses, noting that 110 bonds triggered downward revision clauses, and six bonds were at risk of triggering conditional redemption clauses, including Tianjian Convertible Bond, Sailong Convertible Bond, Shentong Convertible Bond, Zhubang Convertible Bond, Beigang Convertible Bond, and Huazheng Convertible Bond[39]

- 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 ratios[1][3][4] - The turnover rate of indices is calculated using the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Circulating Shares of Constituent Stocks} \times \text{Turnover Rate of Constituent Stocks})}{\Sigma(\text{Circulating Shares of Constituent Stocks})} $ This metric reflects the liquidity and trading activity of the indices[18] - Risk premium is measured relative to the 10-year government bond yield, serving as a benchmark for risk-free rates. The report highlights the mean-reversion behavior of risk premiums across indices, with notable volatility observed in indices like CSI 1000 and CSI 2000[27][28] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) ratio is used as a valuation metric. The report notes that indices such as CSI 500 and CSI 1000 have high PE-TTM percentile rankings (99.92%), indicating elevated valuations compared to historical levels[42][43] - Dividend yield is analyzed as a measure of cash return to investors. The report observes that indices like the CSI 500 (6.78%) and CSI 2000 (2.64%) have relatively low 5-year historical percentile rankings, while indices like the ChiNext Index (57.36%) and CSI 300 (37.77%) rank higher[51][53][55] - The net asset ratio (or "break net ratio") is tracked to assess the proportion of stocks trading below their book value. The report highlights that indices such as the CSI 500 (11.0%) and CSI 2000 (2.85%) have relatively low break net ratios, suggesting market optimism for these indices[57]

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Insights - The National Development and Reform Commission and the Ministry of Finance announced a large-scale equipment update and old-for-new consumption policy for 2026, with an initial allocation of 62.5 billion yuan in special long-term bonds to support this initiative [6] - Consumers purchasing major home appliances such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters that meet first-level energy efficiency or water efficiency standards can receive a subsidy of 15% of the sales price, with a cap of 1,500 yuan per item [6] - In 2025, the old-for-new program generated over 2.6 trillion yuan in sales, benefiting more than 360 million consumers, with over 129 million home appliances replaced [6] - Midea announced a price adjustment for air conditioning products starting January 3, 2026, reflecting the tightening of subsidy boundaries and upgraded standards in the new policy [6] - The price of copper, a key raw material for air conditioning manufacturing, surged over 40% in 2025, creating significant cost pressure for air conditioning production [6] - The air conditioning industry is expected to face ongoing cost pressures from upstream raw materials in 2026, with predictions of copper prices reaching 12,750 USD per ton in the first half of the year [6] - The 2026 subsidy policy focuses on six high-frequency essential home appliances, eliminating subsidies for second-level energy efficiency products, which may lead to a faster industry reshuffle [6] - Companies with strong technological reserves and supply chain control are expected to break through profit bottlenecks, while brands relying on low-price competition will face severe survival challenges [6] Summary by Sections Industry Performance - The industry has shown relative returns of -2.32% over the past month, 1.57% over the past three months, and -12.35% over the past year compared to the CSI 300 index [3] Investment Recommendations - The report suggests focusing on listed companies in the white goods sector such as Midea Group, Gree Electric Appliances, and Hisense Home Appliances, as well as black goods exporters like TCL Electronics and Hisense Visual [6]

Investment Rating - The industry investment rating is "Overweight" (first time) [6] Core Insights - In January 2026, TV panel prices are expected to see a slight increase across the board due to the upcoming World Cup in June and the continuation of national subsidy policies [6] - In Q3 2025, global OLED display shipments increased by 65% year-on-year, with a total of approximately 644,000 units shipped [6] - Major panel manufacturers are maintaining full production capacity, while brand manufacturers are strategically increasing inventory ahead of demand [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -4.82% compared to the CSI 300 index, with an absolute return of 20.21% [3] Market Trends - The demand for TV panels is expected to rise due to the World Cup and subsidy policies, leading to a potential price increase in January [6] - The supply side has seen tight conditions for certain production lines, which may lead to price adjustments for specific panel types [6] Company Insights - ASUS, Samsung, and MSI are the top three companies in OLED display shipments, with market shares of 21.9%, 18.0%, and 14.4% respectively [6] - Samsung is set to launch new Micro RGB TVs in 2026, featuring advanced LED technology [6] Investment Recommendations - Companies to watch include TCL Technology, JD.com A, OLED, Lite-On Technology, and Kangguang Technology due to the expected rise in TV panel prices and OLED shipment growth [6]

- The report tracks and analyzes the market data of major indices such as CSI 500, CSI 1000, and others, focusing on their daily performance, moving averages, and trading volumes[1][2][3] - The indices' daily performance shows that CSI 500 and CSI 1000 had the highest gains on January 7, 2026, with 0.78% and 0.53% respectively, while SSE 50 and CSI 300 had the largest declines with -0.43% and -0.29% respectively[2][3] - The moving averages comparison indicates that all tracked indices are above their 5 to 60-day moving averages, with some indices like CSI 500 and CSI 1000 breaking their 250-day highs[3][14][15] - The trading volume analysis shows that CSI 300 had the highest trading volume share at 23.55%, followed by CSI 2000 at 21.98% and CSI 1000 at 21.88%[4][18] - The turnover rates for the indices are also provided, with CSI 2000 having the highest turnover rate at 4.7, and SSE 50 having the lowest at 0.31[4][18] - The report includes a detailed analysis of the daily return distribution of the indices, highlighting that the ChiNext Index has the highest negative skewness and kurtosis, while CSI 1000 has the lowest[4][25][27] - The risk premium analysis shows that CSI 500 and CSI 1000 have high 5-year percentile values of 76.19% and 65.0% respectively, while CSI 300 and SSE 50 have lower values of 38.57% and 31.27% respectively[4][29][33] - The PE-TTM analysis indicates that CSI 500 and CSI 1000 have high 5-year percentile values of 99.92%, while CSI 2000 and ChiNext Index have lower values of 90.0% and 62.98% respectively[4][44][45] - The dividend yield analysis shows that ChiNext Index and CSI 300 have high 5-year historical percentile values of 57.77% and 32.23% respectively, while CSI 500 and CSI 2000 have lower values of 9.67% and 5.04% respectively[5][52][54] - The report also tracks the net asset value break rate, indicating that SSE 50 has the highest break rate at 24.0%, while CSI 2000 has the lowest at 3.1%[5][59]

- 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][2][3] - The turnover rate of indices is calculated using the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Component Stocks' Free Float Shares} \times \text{Component Stocks' Turnover Rate})}{\Sigma(\text{Component Stocks' Free Float Shares})} $ This metric reflects the liquidity and trading activity of the indices[15] - The risk premium is measured relative to the 10-year government bond yield, serving as a benchmark for assessing the relative investment value and deviation of indices. The report highlights that indices like CSI 500 and SSE 50 exhibit high 5-year percentile values for risk premiums, indicating relatively attractive valuations[25][26][29] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation metric, with indices such as CSI 500 and CSI All Share showing high 5-year percentile values (99.92%), suggesting elevated valuations compared to historical levels[37][40][42] - Dividend yield is analyzed as a measure of cash return to investors, with indices like the ChiNext Index and CSI 300 showing relatively high 5-year historical percentile values (57.93% and 31.65%, respectively), indicating their attractiveness during periods of market downturns or declining interest rates[46][51][53] - The price-to-book ratio (P/B) is evaluated through the "break net ratio," which measures the proportion of stocks trading below their book value. The report notes that indices such as SSE 50 and CSI 300 have higher break net ratios, reflecting market sentiment and valuation levels[52][55]

Group 1: Market Performance - Heilongjiang Province's capital market index rose by 4.82% in December 2025, outperforming the Shanghai Composite Index and Shenzhen Component Index, but slightly underperforming the ChiNext Index[19] - In the last three trading days of December, the Heilongjiang index experienced a minor decline of 0.38%, attributed to normal market adjustments[22] - The overall performance of listed companies in Heilongjiang was weak, with 24 companies reporting negative returns and only 15 achieving positive returns[25] Group 2: Key Company Highlights - Guanglian Aviation saw the highest increase at 112.11%, followed by Aerospace Science and Technology (+51.11%), New Light Optoelectronics (+41.21%), Dapeng Industry (+36.05%), and China First Heavy Industries (+32.56%)[25] - Notably, 12 companies experienced declines exceeding 5%, with four companies, including Renmin Tongtai (-14.68%) and Fuerjia (-14.51%), seeing declines over 10%[25] Group 3: Economic and Policy Developments - Heilongjiang Airport Group achieved record transportation figures in 2025, with 205,000 flight takeoffs and landings, 29.064 million passengers, and 154,000 tons of cargo, marking year-on-year increases of 1%, 1.2%, and 4.8% respectively[3] - The province announced a new consumption upgrade policy on December 31, 2025, offering subsidies for replacing old vehicles and purchasing energy-efficient appliances, with maximum subsidies of 20,000 yuan for new energy vehicles and 1,500 yuan for energy-efficient appliances[10] Group 4: Industry Trends - The establishment of the Huagong Technology Intelligent Manufacturing Northern Headquarters in Harbin, with an investment of 100 million yuan, aims to drive the integration of industry and technology, focusing on the production of intelligent laser weeding robots[12] - The manufacturing sector's PMI rose to 50.1% in December, indicating a return to expansion after eight months, with significant improvements in production and new orders[27]

Group 1 - The report highlights that the Heilongjiang Airport Group achieved record transportation volumes in 2025, with 205,000 flight takeoffs and landings, 29.064 million passengers, and 154,000 tons of cargo, representing year-on-year growth of 1%, 1.2%, and 4.8% respectively [3][9] - The group has expanded its domestic and international routes to 363, connecting 112 cities, and is promoting the integration of "aviation + tourism" to enhance local economic development [3][9] - The report notes the launch of a new consumption upgrade policy in Heilongjiang, providing subsidies for replacing old vehicles and purchasing energy-efficient appliances, aimed at stimulating consumer spending [5][10] Group 2 - The report indicates that the Heilongjiang sector index rose by 4.82% in December 2025, outperforming the Shanghai and Shenzhen indices, with a notable divergence in the performance of listed companies [19][25] - Five companies in the province saw significant gains, with Guanglian Aviation leading at 112.11%, followed by Aerospace Science and Technology (+51.11%) and New Light Optoelectronics (+41.21%) [25][26] - Conversely, 24 companies reported negative returns, with four companies experiencing declines exceeding 10%, including Renmin Tongtai (-14.68%) and Fuerjia (-14.51%) [25][26] Group 3 - The report emphasizes the integration of industry and technology, citing the launch of the Huagong Technology Intelligent Manufacturing Northern Headquarters in Harbin, which focuses on the development of intelligent laser weeding robots [12][13] - The project, with an investment of 100 million yuan and an annual production capacity of 200 units, aligns with the "storing grain in the ground and technology" strategy, showcasing the region's commitment to technological advancement [12][13] - The report also mentions the CE certification obtained by the Kando robot from Harbin, which signifies its readiness for the European market, reflecting the growing recognition of Chinese manufacturing in the global arena [11]