Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance that exceeds the market by more than 5% over the next six months [23] Core Insights - The CES 2026 event highlighted the continuous enhancement of global AI computing power platforms, with significant advancements from major chip manufacturers like NVIDIA and AMD [3][5] - NVIDIA's Rubin platform has achieved full-scale production, while AMD introduced its Helios platform, showcasing the ongoing improvements in AI computing infrastructure that are expected to drive the global AI industry forward [6][19] - The report emphasizes the synergy between the enhancement of AI computing infrastructure and the iterative upgrades of global large models, which will foster sustained growth in the AI sector [3][19] Summary by Sections Industry News and Commentary - CES 2026 concluded on January 9, 2026, showcasing advancements in AI computing chips from companies like NVIDIA and AMD [3][6] - NVIDIA's Rubin platform is designed for building advanced AI supercomputers and is now in full production, with products expected to be available in the second half of 2026 [7] - AMD's Helios platform aims to provide significant computational power for large parameter model training, enhancing bandwidth and energy efficiency [8] Weekly Market Review - The computer industry index rose by 8.49% this week, outperforming the CSI 300 index by 5.70 percentage points [12] - As of the last trading day, the overall P/E ratio for the computer industry was 58.8 times, with 325 out of 359 A-share component stocks experiencing price increases [16] Investment Recommendations - The report suggests a strong focus on AI-related investment opportunities, particularly in AI computing and algorithms [19] - Recommended stocks in AI computing include Haiguang Information, Longxin Zhongke, and Inspur Information, while strong recommendations in AI algorithms include Hengsheng Electronics and Zhongke Chuangda [19]

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [40] Core Insights - The support policies for controllable nuclear fusion are being issued continuously, which is expected to accelerate the industrialization process. The global fusion power generation is projected to increase from 2 TWh in 2035 to 375 TWh in 2050, and nearly 25,000 TWh by 2100. The share of fusion in the global power structure is expected to reach 15% by 2075 and 27% by 2100 [3][11] - The global nuclear fusion industry value is expected to grow to $843.5 billion by 2040, indicating a vast market potential. The industry has been included in several national planning documents, such as the "2030 Carbon Peak Action Plan" and the "14th Five-Year Plan for Modern Energy System" [3][17] - The recent promulgation of the "Atomic Energy Law" in September 2025 provides legal support for the development of controllable nuclear fusion, reducing regulatory uncertainties and promoting the long-term sustainable development of fusion energy in China [6][8] Summary by Sections Industry Dynamics - The semiconductor industry index rose by 10.61% this week, outperforming the CSI 300 index by 7.82 percentage points. Since the beginning of 2025, the semiconductor industry index has increased by 61.48%, outperforming the CSI 300 index by 40.54 percentage points [31] - The controllable nuclear fusion has been recognized as a key low-carbon frontier technology in national policies, with various supportive measures being implemented [8][6] Market Forecast - According to ITEA, fusion power generation is expected to reach 375 TWh by 2050 and nearly 25,000 TWh by 2100, with a significant increase in its share of the global power structure [11] - Precedence Research forecasts that the global nuclear fusion market value will reach $4.72 trillion by 2030 and $843.5 billion by 2040, with a CAGR of 6% from 2030 to 2040 [17]

Investment Rating - The report maintains a "Strong Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The oil price is supported in the short term by geopolitical risks, particularly due to tensions between the U.S. and Venezuela, as well as instability in the Middle East [6]. - The supply of oil from Venezuela may see a recovery, but significant uncertainties remain regarding the scale of production due to the need for substantial investment [6]. - The fluorochemical sector is expected to maintain high levels of activity due to supply constraints and favorable demand driven by policy support [6]. - The semiconductor materials sector is experiencing a positive cycle with improving fundamentals and domestic substitution trends [7]. Summary by Sections Oil and Petrochemicals - Geopolitical tensions are influencing oil prices, with WTI crude futures rising by 2.72% and Brent crude by 3.70% in early January 2026 [6]. - The U.S. Treasury Secretary indicated potential easing of sanctions on Venezuela, which could lead to increased oil supply, but investment interest from U.S. companies remains cautious [6]. - The macroeconomic outlook includes a projected 150 basis point rate cut by the Federal Reserve in 2026, with stable employment growth signals [6]. Fluorochemicals - The supply quota for HFCs has increased slightly, with a total of 797,845 tons for 2026, which is a year-on-year increase of 5,963 tons [6]. - The demand for refrigerants is expected to grow due to continued government subsidies and favorable policies, particularly in the home appliance and automotive sectors [6]. - The production of household air conditioners is projected to increase by 11% year-on-year in January 2026, indicating strong demand [6]. Semiconductor Materials - The semiconductor materials sector is benefiting from a positive inventory destocking trend and improving end-market fundamentals [7]. - The report suggests that the sector may see further upward movement due to cyclical recovery and domestic substitution [7]. - Companies to watch include Shanghai Xinyang, Lianrui New Materials, and Qiangli New Materials [7].

Core Viewpoints - The A-share market has shown a strong start to the year, with the Shanghai Composite Index rising by 3.82%, marking a 16-day winning streak, driven by small-cap growth stocks [2][11] - The average daily trading volume across the A-share market reached 2.85 trillion yuan, a 34% increase from the previous week, with significant inflows into sector-specific ETFs such as those focused on non-ferrous metals and satellites [2][11] - Key sectors leading the market include defense, media, and non-ferrous metals, with the brain-computer interface concept index rising nearly 20% [2][11] Recent Economic Dynamics - Inflation continues to show structural improvement, with the Consumer Price Index (CPI) rising to 0.8% year-on-year in December, the highest since March 2023, primarily driven by food prices [3] - The Producer Price Index (PPI) saw a narrowing decline of 1.9% year-on-year, indicating some price increases in sectors like digital economy and new materials [3] Policy Tracking - Recent policies aim to promote domestic demand through a coordinated fiscal and financial approach, including optimizing loans for service industry operators and small and micro enterprises [4][5] - The government has set ambitious targets for artificial intelligence and manufacturing integration, aiming for significant advancements by 2027 and 2028 [4][5] Market Performance - The A-share market experienced broad gains, with 30 out of 31 sectors rising, particularly in defense, media, and non-ferrous metals, while the banking sector saw a decline of 1.9% [11] - The average daily trading volume and financing balance indicate a robust liquidity environment, with the financing balance nearing 2.6 trillion yuan [11][12] Sector Focus - The report highlights the importance of sectors with high growth potential and policy support, including technology growth (TMT/innovative pharmaceuticals), advanced manufacturing (new energy/defense), and cyclical sectors benefiting from commodity price increases [2][11]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1][7]. Core Views - The company is positioned as a comprehensive stationery supplier and office service provider, with traditional core businesses including writing tools, student stationery, and office supplies. New businesses include the ToB retail e-commerce platform and retail stores [6][10]. - The company is expected to leverage IP and international expansion as new growth drivers, enhancing product pricing and market reach [6][10]. Summary by Sections 1. Company Overview - The company has a stable traditional core business while accelerating exploration of new business opportunities [10]. - Revenue and profit have shown steady growth, with a projected revenue of 24.2 billion yuan in 2024, reflecting a CAGR of 23% from 2014 to 2024 [14][16]. 2. Core Business - The company focuses on enhancing product value through IP, leading to continuous price increases. The sales volume of traditional core products has faced pressure, but the average price has increased due to product structure optimization and IP collaboration [26][30]. - The company has established a unique "Morning Light Partner Pyramid" marketing model, enhancing its competitive edge through extensive retail networks [32]. 3. Office Direct Sales and Retail Stores - The office direct sales segment, represented by the company’s ToB platform, has shown steady revenue growth, achieving 13.8 billion yuan in 2024, with a CAGR of 30% from 2019 to 2024 [39][45]. - The retail store segment, including brands like "Jiumu Zawushang" and "Morning Light Life Museum," has expanded significantly, with 741 stores by 2024, reflecting a 20% year-on-year increase [47][51]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 25.2 billion yuan in 2025, with a growth rate of 4% year-on-year, and 30.4 billion yuan by 2027, maintaining a similar growth trajectory [58]. - The report anticipates improvements in gross margins due to IP enhancements, projecting a gross margin of 18.5% in 2025 [59].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [8]. Core Insights - Recently, China Jushi and China National Materials announced stock incentive plans, highlighting the profitability elasticity of traditional electronic fabrics [1]. - The average price of electronic fabrics (7628) is reported at 9,400 CNY/ton and 4.65 CNY/meter, with continuous price increases attributed to high demand from the AI sector, leading to a production shift towards high-end products [5][6]. - The recent rise in copper prices is expected to create upward pricing pressure on downstream CCL and PCB companies, which may be passed down to the electronic fabric prices [5]. - The significant increase in precious metal prices, particularly platinum and rhodium, is anticipated to push up the prices of raw materials for glass fiber production, with current prices reaching approximately 261 CNY/gram for platinum and 1,428 CNY/gram for rhodium [5]. - The stock incentive plans from both China Jushi and China National Materials reflect confidence in future growth, with ambitious profit growth targets set for the coming years [6][7]. Summary by Sections Stock Incentive Plans - China Jushi plans to grant up to 34.5282 million restricted stocks, accounting for 0.86% of its total share capital, with a target net profit compound growth rate of no less than 38.5% from 2024 to 2026 [6]. - China National Materials aims to grant 15.4 million stock options, representing 0.92% of its total share capital, with a target net profit compound growth rate of no less than 107.0% from 2024 to 2026 [6]. Price Trends - The prices of electronic yarn and electronic fabrics have been rising, with G75 electronic yarn quoted at 9,400-9,700 CNY/ton and 7628 electronic fabric at approximately 4.8-4.9 CNY/meter [5][6]. - The demand for glass fiber products, particularly in wind power and thermoplastics, is expected to remain resilient, allowing manufacturers to pass on cost pressures through price increases [7]. Market Confidence - Recent stock purchases by major shareholders of China Jushi indicate strong confidence in the company's future development, with significant amounts pledged for share buybacks [7].

证券研究报告 【平安固收】2025年12月托管月报： 跨年后债券供给上升，市场承接力 面临考验 平安证券研究所固定收益团队 请务必阅读正文后免责条款 刘璐 投资咨询资格编号：S1060519060001 张君瑞 投资咨询资格编号：S1060519080001 2026年1月5日 核心摘要 4 1.1同业存单新增托管量明显下降，地方债小幅下降 2 25年11月新增债券规模同比下降。2025年11月，债券托管余额为193.57万亿元，同比增速为13.37%，较上月下降0.67个百 分点；11月新增托管规模为14397亿元，同比下降 8221亿元。 分券种：25年11月债券供给同比下降，主要受同业存单拖累。25年11月利率债新增托管量同比小降，其中国债和地方债 下降，政金债增加；11月公司信用债新增托管量同比增加374亿元，全靠产业债支撑。 分机构：25年11月银行明显多增配，其余投资者需求偏弱。25年11月10Y国债利率小幅上升3.7BP，银行明显多增配，其 余投资者普遍降仓位。考虑央行买断式逆回购后，25年11月商业银行债券投资同比多增9170亿元，银行增持政府债规模/ 政府债净供给为90.9%，明显上升且处于 ...

Industrial Sector - Daily average pig iron production increased this week, while cement clinker capacity utilization rate improved[1] - The operating rate of petroleum asphalt decreased, while the operating rates for automotive semi-steel and full-steel tires fell[1] Real Estate - New home sales in 30 major cities decreased by 33.7% year-on-year as of January 2, 2026, a decline of 9.6 percentage points from the previous week[1] - The second-hand housing listing price index fell by 0.64% week-on-week as of December 22, 2025[1] Domestic Demand - Retail sales of automobiles in December 2025 were 1.928 million units, down 17% year-on-year, compared to a 7% decline in November[1] - Major home appliance retail sales dropped by 34.4% year-on-year as of December 19, 2025, a decrease of 11.3 percentage points from the end of November[1] External Demand - Port cargo throughput increased by 1.9% year-on-year as of December 28, 2025, but this was a decline of 1.2 percentage points from the previous value[1] - The export container shipping price index rose by 2.0% week-on-week, marking the third consecutive week of increase[1] Price Trends - The Nanhua Industrial Index fell by 0.3% this week, while the Nanhua Black Materials Index rose by 0.1%[1] - The wholesale price index for agricultural products decreased by 1% week-on-week, with some prices for fruits and pork rising while vegetable and egg prices fell[1]

Investment Rating - The industry investment rating is "stronger than the market," indicating that the industry index is expected to outperform the market by more than 5% within the next six months [24]. Core Insights - The overall market performance is stable, with significant differentiation within the consumer sector. The upcoming New Year holiday is expected to boost certain segments, supported by favorable macro consumption policies that may lead to a recovery in consumer demand [3][4]. - The tourism sector shows potential for growth, with leading companies like Ctrip and Huazhu Hotels responding quickly to changing consumer demands. The retail tourism industry is stabilizing, with expectations for sales recovery [3][8]. - The beauty industry is experiencing steady growth, with a focus on companies that can quickly adapt to market dynamics and integrate products, brands, and channels [3]. - The film industry saw a strong performance during the New Year holiday, with box office revenues reaching 734 million yuan, led by the film "Zootopia 2" [14]. - In the food and beverage sector, the home dining market is expanding, with companies like Guoquan showing strong growth potential. The dairy supply-demand relationship is improving, and the restaurant supply chain is stabilizing [3][18]. - In the liquor segment, major companies are experiencing deeper profit adjustments, but leading brands are expected to maintain or increase market share due to superior management and branding [3][19]. Summary by Sections Social Services - The tourism sector is evolving, with a notable increase in travel demand during the New Year holiday, driven by a surge in ticket bookings and hotel reservations [8]. - Turkey has announced visa-free entry for Chinese passport holders, which is expected to enhance tourism flows [8]. Media - The film industry achieved a record box office during the New Year holiday, indicating strong consumer interest and spending in entertainment [14]. Food and Beverage - General - The home dining market is expanding, with companies like Guoquan leading the way. The dairy industry is seeing improved supply-demand dynamics, while the restaurant supply chain is stabilizing [3][18]. Food and Beverage - Alcohol - Major liquor companies are adjusting their profit margins, but leading brands are expected to capture more market share due to their strong brand presence and management capabilities [3][19].

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. Core Viewpoints of the Report - In December 2025, A-shares rose, U.S. stocks fluctuated, the RMB appreciated, and the fund market performed well with an increase in issuance scale and net inflows into equity ETF funds [2]. - In January 2026, the fundamental model triggers an economic recovery signal, and it is recommended to increase the allocation of equity assets. The growth style and small-cap style are favored [2]. - For fund allocation in January 2026, focus on small-cap and growth styles, pay attention to relatively stable "固收+" funds and short-duration bond funds, and recommend specific funds such as Dongwu Mobile Internet (001323.OF), CITIC Prudential Multi-Strategy (165531.OF), etc. [2]. Summary According to the Table of Contents 2025 December Review Asset Market Performance - **Stock Market**: A-shares rose, with the Shanghai Composite Index up 2.06% and the Science and Technology Innovation 50 up 1.28%. U.S. stocks fluctuated, with the Dow Jones Index up 0.73% and the Nasdaq Index down 0.53%. Hong Kong stocks fell [8][14]. - **Bond Market**: U.S. Treasury yields declined at the short end and rose at the long end, with the 1-year yield down to 3.48% and the 10-year yield up to 4.18%. Chinese government bond yields also declined at the short end and rose slightly at the long end, with the 1-year yield down to 1.34% and the 10-year yield up to 1.85% [8][18]. - **Foreign Exchange Market**: The U.S. dollar index declined, and the RMB appreciated, with the onshore exchange rate rising to around 6.99 [8][22]. - **Commodity Market**: Crude oil prices fell to $60.9 per barrel. Domestic commodity prices rose after fluctuations, while overseas commodity prices fell overall. Among domestic commodities, non-ferrous metals and precious metals led the gains, while agricultural products and energy prices declined [26]. Fund Market Performance - **Fund Performance**: Except for QDII funds, equity funds had the highest overall gains, and flexible allocation funds had relatively large increases [33]. - **Fund Issuance**: The total fund issuance scale in December was 112.9 billion yuan, a 19% increase from the previous month. The issuance scale of equity funds was 32.3 billion yuan, a 29% decrease from the previous month, accounting for 29% of the total issuance [33]. - **Fund Capital Flow**: ETF funds had a net inflow of 241.41 billion yuan (excluding money market funds), and LOF funds had a net inflow of 4.37 billion yuan. Among ETF funds, equity products had a net inflow of 104.98 billion yuan, and bond products had a net inflow of 111.98 billion yuan. Among LOF funds, equity products had a net inflow of 360 million yuan [39]. - **Active Equity Fund Style**: The overall position of active equity funds increased exposure to quality and dividend styles and decreased exposure to prosperity and value potential styles [40]. 2026 January Outlook Overseas Environment - In December 2025, the Federal Reserve cut interest rates as expected, and the market expects the Fed to continue the rate-cutting process in 2026. U.S. long-term bond yields rose [48]. Domestic Environment - The private sector financing growth rate turned upward, inflation factors continued to rise, and the fundamental model triggered an economic recovery signal, suggesting an increase in the allocation of equity assets [51]. Timing Strategy Review - In 2025, the timing strategy based on comprehensive fundamental, market sentiment, and momentum factors had a winning rate of 73%, a cumulative excess return of 4.7%, and a maximum drawdown of only 5% [54]. Trading Perspective - The stock market odds are close to the three-year average, and the A-share market sentiment index shows that the sentiment indicators for the equity market in the next month fluctuated sharply in December and have not yet recovered to the optimistic range [55][59]. Market Style - **Growth Value Style**: The growth value style rotation model recommends the growth style as market factors, U.S. Treasury yields, and style momentum all favor growth [65]. - **Size Style**: The size style rotation model recommends the small-cap style as the credit environment and long- and short-term style momentum favor small caps, although the monetary environment favors large caps [68]. Hong Kong Stock Market - The model based on macro comprehensive indicators turns bullish on Hong Kong stocks as more macro indicators are bullish this month [77]. Domestic Bond Market - Short-term liquidity tightened, long-term interest rates rose, and short-term bonds offer better opportunities than long-term bonds [80]. Fund Allocation Strategy - Increase the allocation of equity assets, focus on small-cap and growth styles in the short term, pay attention to relatively stable "固收+" funds and short-duration bond funds, and recommend specific funds such as Dongwu Mobile Internet (001323.OF), CITIC Prudential Multi-Strategy (165531.OF), etc. [2][82].