Investment Rating - The report maintains a positive outlook on the automotive industry, specifically recommending companies like Uxin and Daimay as strong investment opportunities [2][5]. Core Insights - The second-hand car export market faces significant challenges, including the non-standard nature of vehicles and a complex transaction chain. Japan's experience in this sector offers valuable lessons, such as stringent vehicle inspection policies and the establishment of standardized auction platforms [3][4]. - The automotive parts sector has not seen the anticipated year-end surge due to exhausted subsidies and consumer hesitance. The report suggests focusing on companies with strong alpha, such as Shuanghuan Transmission and Yinlun, which have stable growth and high market ceilings [4]. - Daimay is highlighted as a stable, undervalued company with significant growth potential, particularly in the automotive interior and robotics sectors. The company has made substantial progress in expanding its client base, including partnerships with major players like Tesla [5][7]. Summary by Sections Second-Hand Car Export - The second-hand car export market is hindered by trust issues and a lack of standardized practices. Japan's strict vehicle inspection policies and auction platforms provide a model for improvement. Uxin, with a current inventory of nearly 7,000 vehicles, is positioned for growth in this market [2][3]. Automotive Parts Sector - The automotive industry did not experience the expected late-year demand surge due to depleted subsidies and cautious consumer behavior. The report emphasizes the need to monitor the continuation of trade-in policies and suggests focusing on companies with strong alpha characteristics, such as Shuanghuan Transmission and Yinlun [4]. Daimay - Daimay is recognized for its stable performance and low valuation, with 80% of its revenue coming from overseas markets. The company is well-positioned to withstand domestic market pressures and has made significant strides in the robotics field, particularly in electronic skin technology [5][7].

Group 1: Gold Market Outlook - The long-term price of gold is expected to rise due to persistent high U.S. fiscal deficits and ongoing de-dollarization trends, supported by global central bank purchases of gold [9][10] - Tactical timing for gold investments in 2026 should focus on U.S. Treasury yield trends and volatility, as changes in the U.S. interest rate cycle may increase gold price volatility [9][10] - The demand for gold has significantly increased since 2022, primarily driven by central bank purchases, with expectations for a rebound in ETF demand in 2025 [9][10] Group 2: Alibaba's Cloud Business - Alibaba is positioned as a leading cloud provider in China, with a comprehensive self-developed technology stack that includes chips, servers, and cloud computing operating systems [10][13] - The growth of AI cloud services is expected to continue, driven by easing upstream chip pressures and increasing AI penetration in the market [10][13] - Alibaba's revenue projections for FY2026-FY2028 are estimated at 1,038.6 billion, 1,143.4 billion, and 1,250.6 billion RMB, with adjusted net profits of 101.9 billion, 145.5 billion, and 183.6 billion RMB respectively [10][13] Group 3: Jiangzhong Pharmaceutical - Jiangzhong Pharmaceutical has diversified its business into OTC, prescription drugs, and health consumer products, enhancing its market presence [21] - The company is focusing on expanding its OTC market with strong brand products, aiming for stable growth in its gastrointestinal health segment [21] - Future revenue projections for Jiangzhong Pharmaceutical are 854 million, 939 million, and 1,051 million RMB for 2025-2027, with a target valuation indicating a 36% growth potential [21] Group 4: AI-Driven E-commerce Operations - The e-commerce operation sector is experiencing a resurgence due to increased demand for brand agency services on platforms like Tmall, aided by AI technologies [16][17] - The company is leveraging AI to enhance operational efficiency and expand its client base, which is expected to drive revenue growth [16][17] - Future profit projections for the company are 111 million, 146 million, and 181 million RMB for 2025-2027, with a focus on maintaining a competitive edge in the market [16][17] Group 5: Honor Technology - Honor Technology is strategically positioned in the smart glasses and solid-state battery sectors, with significant growth potential in AI visual inspection technology [14][15] - The company has established partnerships with major clients like Apple and Meta, enhancing its market position in the consumer electronics sector [14][15] - Future growth in the solid-state battery market is anticipated, with the company actively developing inspection equipment for this emerging technology [14][15]

Report Overview - Report Title: "2025 December 25th, Investment Value Analysis of Bank of Communications CSI Smart Selection Shanghai-Hong Kong Technology 50 ETF - Index Fund Product Research Series Report No. 263" [1] - Report Recipient: Zhonggeng Fund [2] - Analysts: Fang Siqi, Deng Hu [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Views - Policy support drives long - term investment opportunities in Chinese technology assets under low - valuation conditions. With multiple central policies from 2023 - 2025, the technology sector has strong fundamentals and growth certainty [3][8]. - Chinese technology stocks have low valuations and significant repair potential. Current index valuations are at historical lows, and as policy dividends are realized, their value will increase, especially in high - growth sectors [3][12]. - The CSI Smart Selection Shanghai - Hong Kong Technology 50 Index selects high - growth technology companies. It covers various technology sectors, has a relatively low valuation, and offers good long - term returns [3]. - The Bank of Communications CSI Smart Selection Shanghai - Hong Kong Technology 50 ETF is an effective tool for investing in the technology sector, being the only ETF tracking this index [3] 3. Summary by Directory 3.1 Policy Support and Mid - to Long - Term Investment Opportunities in Chinese Technology Assets - **Innovation Policy Reinforcement**: Policies aim to reduce R & D costs, strengthen corporate innovation, and guide resources to high - tech areas. The technology finance system is improving, and the sector has mid - to long - term investment value [8]. - **Valuation and Investment Appeal**: Chinese technology stock index valuations are at historical lows, lower than overseas counterparts. There is significant potential for valuation repair as policies take effect and corporate profitability improves [12]. - **Growth Elasticity of Technology Indexes**: Since September 24, 2024, technology indexes have outperformed the broader market, showing high elasticity and resilience. Their relative advantage is expected to continue [16] 3.2 CSI Smart Selection Shanghai - Hong Kong Technology 50 Index - **Focus on Core Technology Assets**: The index selects 50 high - growth technology companies from the Shanghai, Shenzhen, and Hong Kong markets, reflecting the performance of high - potential technology stocks [17][21]. - **Coverage of Popular Technology Sectors**: It has a clear technology - dominated style, covering sectors like electronics, machinery, and power equipment. The top ten components account for 53.27% of the weight, and the index has a relatively low valuation compared to peers [24][29][31]. - **Stable Long - Term Performance**: Since its establishment in 2016, the index has had a cumulative return of 126.38% and an annualized return of about 9.55%. Since September 24, 2024, it has outperformed similar indexes, showing high sensitivity to the technology market [33][34] 3.3 Bank of Communications CSI Smart Selection Shanghai - Hong Kong Technology 50 ETF (517950) - The ETF was established on June 26, 2025, and listed on July 7, 2025. Managed by Cai Zheng and Shao Wenting, it has a management fee of 0.50% and a custody fee of 0.05%. It closely tracks the CSI Smart Selection Shanghai - Hong Kong Technology 50 Index and is the only ETF tracking this index [42][43]

Investment Rating - The report upgrades the investment rating of New Oriental-S (09901) to "Buy" [1][13] Core Insights - The report highlights an expected revenue of $1.165 billion for 2QFY26, representing a year-over-year increase of 12.2% [4][9] - The education business, including cultural tourism, is projected to generate $957 million, up 11% YoY, while other businesses, primarily EastBuy, are expected to contribute $208 million, reflecting an 18% YoY increase [4][9] - Non-GAAP net profit attributable to shareholders is anticipated to reach $63 million, surging 77.8% YoY, with a non-GAAP net margin forecasted at 5.4%, expanding by 2 percentage points YoY [4][9] Revenue and Profit Forecast - Revenue for FY26 is maintained at $5.38 billion, with projections for FY27 and FY28 at $5.98 billion and $6.73 billion, respectively [6][13] - Non-GAAP net profit forecasts for FY26, FY27, and FY28 are $555 million, $610 million, and $679 million, respectively [6][13] Business Segment Performance - The overseas study business is expected to see a revenue decline of 3% YoY to $242 million in 2QFY26, with growth challenges in high-end one-on-one services [5][10] - New business segments, including K9 non-academic subject tutoring and learning tablets, are projected to grow 21% YoY to $364 million [5][11] - The number of learning centers is expected to increase to 1,368, up 20% YoY, although the growth rate is moderating [5][11] Margin Improvement - Non-GAAP operating margin is forecasted to expand by approximately 2 percentage points YoY to 4.7% in 2QFY26, with the education business margin at 4.1% and other businesses at 8% [6][12]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [6][7]. Core Insights - The company is transitioning from a cyclical to a growth-oriented business model, focusing on molten salt energy storage, which is expected to enhance both performance and valuation, leading to a "Davis Double" effect [6][7]. - The traditional business is showing signs of recovery, supported by acquisitions that strengthen the company's foundational operations [6][7]. - The molten salt energy storage market is projected to grow significantly, driven by applications in concentrated solar power and flexible coal power generation, with an expected cumulative installed capacity of 19.1 GW by 2030 [6][7]. Summary by Sections 1. Transition from Cyclical to Growth - The company, established in 2001, has built an integrated production chain for nitric acid and its derivatives, becoming a major player in the domestic market [16]. - The company began generating revenue from molten salt-grade potassium nitrate in 2021 and is expected to see significant sales growth in 2025 as production capacity ramps up [16]. 2. Recovery of Traditional Business - Nitric acid prices are expected to stabilize due to a supportive raw material environment, particularly liquid ammonia, which is crucial for production [40][45]. - The company is strategically positioned to benefit from a recovery in nitric acid and potassium nitrate prices, aided by its integrated production capabilities [6][7]. 3. Growth Engine of Molten Salt Energy Storage - The company is developing a complete product matrix for molten salt, with projects in concentrated solar power and compressed air energy storage expected to drive demand [6][7]. - The molten salt market is anticipated to require 206,000 tons by 2030, with significant contributions from the solar power sector as costs decrease [6][7]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 58 million, 86 million, and 115 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 39, 26, and 20 [5][7]. - The target market capitalization is estimated at 2.4 billion yuan, indicating a potential upside of 9% from current levels [7]. 5. Market Dynamics and Competitive Position - The company benefits from a flexible production system that allows for cost optimization and efficient resource allocation across its product lines [62]. - The agricultural-grade potassium nitrate market is expected to grow due to increasing demand for high-quality crops and supportive government policies [50][52].

Group 1: Gold Market Outlook - The long-term outlook for gold prices remains positive due to persistent high U.S. fiscal deficits and a long-term trend of de-dollarization, supported by global central bank purchases of gold [9][10] - In 2026, tactical timing for gold investments should focus on U.S. Treasury yield trends and volatility, as changes in the U.S. interest rate cycle may increase gold price volatility compared to 2025 [9][10] - The demand for gold has significantly increased since 2022, primarily driven by central bank purchases, with a notable rise in ETF demand expected in 2025 [9][10] Group 2: Alibaba's Cloud and AI Strategy - Alibaba is positioned as a leading cloud provider in China with a comprehensive self-developed technology stack, including chips, servers, and AI models, which supports its revenue growth and profit margins [10][13] - The domestic AI cloud market is expected to continue its upward trajectory, driven by easing upstream chip pressures and increasing AI penetration rates [10][13] - Alibaba's strategy includes capturing the consumer-facing AI market by integrating its services across various platforms, enhancing user engagement and data asset accumulation [10][13] Group 3: Rongqi Technology's Market Position - Rongqi Technology focuses on intelligent detection and assembly equipment, with significant growth in its consumer electronics and new energy sectors, particularly in smart glasses and solid-state batteries [14][15] - The company has established strong partnerships with major clients like Apple and Meta, positioning itself well in the AI glasses market, which is expected to see increased demand [14][15] - In the new energy sector, Rongqi is strategically positioned to provide inspection equipment for solid-state batteries, collaborating with leading battery manufacturers [14][15] Group 4: Yiwang Yichuang's E-commerce Operations - Yiwang Yichuang has a solid foundation in e-commerce operations, leveraging AI to enhance operational efficiency and expand its client base [16][17] - The company has seen a recovery in its performance due to strategic adjustments and AI integration, with a projected increase in net profit in the coming years [16][17] - The e-commerce agency sector is experiencing renewed interest, driven by increased demand for brand representation on platforms like Tmall [16][17] Group 5: Jiangzhong Pharmaceutical's Growth Strategy - Jiangzhong Pharmaceutical has diversified its business into OTC, prescription drugs, and health consumer products, enhancing its market presence and brand value [19][20] - The company is focusing on expanding its OTC market share with strong product lines and leveraging its brand strength to drive growth [19][20] - Future growth is anticipated in the health consumer products sector, supported by demographic trends and increasing health awareness [19][20] Group 6: Zhongfu Industrial's Financial Outlook - Zhongfu Industrial is expected to benefit from cost improvements and increased production capacity, leading to enhanced earnings potential [20][21] - The company has a robust dividend policy, indicating strong long-term investment value [20][21] - Projections for net profit growth in the coming years reflect the company's strategic positioning in the aluminum industry [20][21]

Investment Rating - The investment rating for JD is maintained as "Buy" [1][4] Core Insights - The report highlights that JD's revenue for Q4 2025 is expected to decline by 0.4% year-on-year to 345.5 billion RMB, with an adjusted net profit of 216 million RMB, resulting in a net profit margin of 0.1% [4] - The report anticipates that JD's retail revenue growth will be under pressure due to a high base effect from the previous year, particularly in the electronics category, while daily necessities are expected to remain relatively stable [4] - JD's new business losses are projected to narrow, supported by a solid user base and strategic focus on food delivery and international expansion [4] Financial Data and Profit Forecast - Revenue projections for JD are as follows: - 2023: 1,084,662 million RMB - 2024: 1,158,819 million RMB - 2025E: 1,302,344 million RMB - 2026E: 1,402,107 million RMB - 2027E: 1,504,110 million RMB - The year-on-year growth rates are projected at 3.7% for 2023, 6.8% for 2024, 12.4% for 2025, 7.7% for 2026, and 7.3% for 2027 [3][5] - Non-GAAP net profit estimates are as follows: - 2023: 35,200 million RMB - 2024: 47,827 million RMB - 2025E: 26,163 million RMB - 2026E: 37,493 million RMB - 2027E: 52,256 million RMB - The adjusted EPS is projected to be 20.87 RMB for 2023, 31.14 RMB for 2024, 17.44 RMB for 2025E, 25.26 RMB for 2026E, and 35.01 RMB for 2027E [3][5]

Investment Rating - The report initiates coverage with a "Buy" rating for Tongwei Co., Ltd. [3][7] Core Insights - The report highlights that the company is positioned to benefit from the "anti-involution" policies that are expected to restore profitability. It forecasts the company's net profit for 2025-2027 to be -6.098 billion, 2.883 billion, and 5.963 billion yuan respectively, with a target market value of 112.7 billion yuan for 2026 [6][7]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 91.994 billion yuan, with a year-on-year decline of 33.9%. The revenue is expected to recover to 106.471 billion yuan in 2026, reflecting a growth rate of 17.1% [2]. - The company anticipates a net profit attributable to shareholders of -7.039 billion yuan in 2024, improving to 2.883 billion yuan in 2026, representing a significant turnaround [2]. - Earnings per share are expected to be -1.58 yuan in 2024, improving to 0.64 yuan in 2026 [2]. - The gross margin is projected to recover from 6.4% in 2024 to 10.7% in 2026 [2]. Company Overview - Tongwei Co., Ltd. has evolved from a feed production company to a leading player in the photovoltaic industry, establishing a comprehensive supply chain from silicon materials to solar cells and components [6][15]. - The company has a dual business model focusing on "green agriculture and clean energy," making it a global leader in high-purity silicon and solar cell manufacturing [6][15]. Industry Context - The report notes that the photovoltaic industry is undergoing a significant transformation due to new regulations aimed at curbing price wars and ensuring fair competition, which is expected to stabilize prices and improve profitability [6][8]. - The company is well-positioned to leverage its technological advancements and cost control capabilities, which are among the best in the industry [6][8]. Key Assumptions - The report outlines key assumptions for the company's multi-crystalline silicon business, projecting shipment volumes of 350,000, 400,000, and 450,000 tons for 2025, 2026, and 2027 respectively, with prices recovering to 47,000, 65,000, and 80,000 yuan per ton [8]. - For the solar cell and module business, stable shipment volumes of 80 GW are expected for 2025-2027, with prices gradually increasing [8]. Management and Governance - The management team is described as experienced and well-structured, with a strong focus on both the photovoltaic and agricultural sectors, providing a solid foundation for the company's strategic development [36][38].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][9]. Core Insights - The company has successfully transitioned to innovative drug development, particularly in the ADC (Antibody-Drug Conjugate) sector, highlighted by a significant global collaboration with BMS worth $8.4 billion for the EGFR/HER3 dual-target ADC, which positions the company for accelerated growth [6][8]. - The core product, iza-bren, is advancing through clinical trials and is expected to enter commercialization soon, with a potential market approval in 2026 for nasopharyngeal carcinoma [8][41]. - The company has established four major technology platforms that support a diverse pipeline of innovative drug candidates, enhancing its competitive edge in the oncology market [37][41]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2,211 million yuan, with a significant year-on-year decline of 62% due to increased R&D investments [7]. - The company anticipates net losses of 599 million yuan in 2025, with further losses projected for 2026 and 2027 [9]. - The gross margin is expected to decrease from 89% in 2025 to 85.6% by 2027, reflecting the evolving product mix as innovative drugs gain market traction [7][10]. Pipeline Analysis - The company is focusing on the clinical development of iza-bren, with multiple indications being pursued, including high-incidence tumors, and aims to submit additional regulatory applications in the coming years [8][41]. - Other innovative products in the pipeline, such as HER2 ADC and EGFR/HER3 dual-target antibodies, are also under development and could significantly contribute to future revenue [8][11]. Valuation and Market Potential - The target market capitalization for the company is set at 159.4 billion yuan, indicating a 13% upside potential from the current market value [9]. - The report emphasizes that the current market valuation does not fully reflect the potential of the company's diverse pipeline, suggesting further upside as clinical data emerges [11].

证 券 研 究 报 告 2026年黄金配置指南：供需新格局与战术择时策略 主要观点 www.swsresearch.com 证券研究报告 2 ◼ 展望2026年黄金：战略层面，美国财政赤字居高不下+去美元化长期趋势持续（全球央行购金）背景下，金价长期仍有上涨空间。2026 年金价年内战术择时需重点关注美国周期性变化下的美债利率走 势与波动率等交易性指标，相比2025年，2026年美国利率周期边际变化和交易性力量的增加或提升黄金波动性，需要加强战术择时。 ◼ 2026年黄金战略配置逻辑关注供需格局变化和美元信用，中期仍有上行空间。供需格局来看，2022 年以来的金价上涨核心源于黄金供需缺口扩大，而缺口扩大的核心驱动力是需求大幅增加。2022年 以来央行购金是主要需求增量，而2025年ETF需求出现加速回升。1）央行与官方机构购金方面，欧美债务风险与地缘政治风险叠加，以中国为首的央行对黄金的配置性需求趋势将持续，支撑黄金长期 战略配置价值。截至 2025 年 8 月，中国黄金占储备资产比例仅 7%，显著低于 22.4% 的全球平均水平，仍有较大上行空间。而俄罗斯近年阶段性黄金抛售并未阻碍金价系统性牛市，历史数据显 ...