Investment Rating - The report maintains a positive outlook on the humanoid robotics industry, suggesting that the overall returns will exceed the CSI 300 index by more than 5% in the next six months [47]. Core Viewpoints - The humanoid robotics industry is experiencing continuous catalysis, with significant investment opportunities emerging. The CES 2026 highlighted a shift towards practical applications of humanoid robots, with over half of the exhibitors being Chinese companies [12][10]. - Notable developments include Xiaopeng Motors announcing the mass production of humanoid robots in 2026, and Tesla's Elon Musk expressing confidence in humanoid robot advancements, with plans for a production line capable of manufacturing 1 million units by the end of 2026 [12][10]. - The report emphasizes the ongoing technological iterations among manufacturers and the accelerated capitalization of leading companies, indicating a potential rapid industrialization of humanoid robots [12][10]. Industry Summary Industry Opinions and Investment Suggestions - The humanoid robotics sector is highlighted as a key area for investment, with a focus on the practical deployment of technology showcased at CES 2026 [12][10]. Industry Key News - The report notes significant sales growth in various machinery sectors, including a 14% increase in 3C devices and a 38.1% increase in automotive cranes, while engineering machinery saw a decline [13][39]. Key Company Announcements - New Jian Transmission has initiated listing guidance, focusing on products applicable in humanoid robotics and other sectors [12][10]. - The establishment of a joint research center between Shanghai Jiao Tong University and Jieka Robotics aims to enhance core technologies in general-purpose intelligent robotics [21]. - The report mentions a significant financing round of 1 billion yuan for a company in the embodied intelligence sector, indicating strong investor interest [22].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report This week, the public REITs market showed a slight increase, with an increase in trading volume. The indices of both equity - type and franchise - type public REITs rose. Most public REITs products increased in price, and the trading volume and turnover rate of different types of public REITs mostly increased. In the primary market, 20 public REITs have been issued since 2025, and 30 public REITs funds are waiting to be listed. There are also relevant policies and market dynamics, and public REITs have high - dividend, medium - low - risk advantages and high allocation cost - effectiveness [2][5]. 3. Summary According to the Directory 3.1 Secondary Market: Slight Increase in the Public REITs Market This Week - The public REITs market rose slightly. As of January 9, 2026, the China Securities REITs Index rose 1.86% to 793.05, and the China Securities REITs Total Return Index rose 1.89% to 1028.93 [10]. - The trading volume in the REITs market increased. The total trading volume this week was 835 million shares, a 191.96% increase from last week, and the trading amount was 3.551 billion yuan, a 179.83% increase from last week. The turnover rate this week was 3.01%, compared with 1.03% last week [11]. - The indices of equity - type and franchise - type public REITs both rose, with increases of 2.50% and 1.31% respectively. Different sub - types within them also showed varying degrees of increase [15]. - The trading volume and turnover rate of most different types of public REITs increased. The trading volume of most types of public REITs increased, while the trading volume of municipal facilities - type public REITs decreased. The turnover rate of most types of public REITs increased, while that of municipal facilities - type public REITs decreased [22][23]. - Most public REITs products increased. Among the 78 public REITs, 71 increased and 7 decreased. Some products with high increases and decreases are listed, along with products with high turnover rates and trading volumes [25]. 3.2 Primary Market: 30 Public REITs Funds Waiting to be Listed - Since 2025, 20 public REITs have been issued. As of January 9, 2026, a total of 79 public REITs have been issued, with a total issuance scale of 20.3374 billion yuan. There were no new issuances in January 2026 [30]. - There are 30 public REITs funds waiting to be listed, including 17 for initial offerings and 13 for additional offerings. In terms of project status, there are different numbers of projects in different stages. In terms of types, different subtypes have corresponding numbers of projects [34]. 3.3 Public REITs Policies and Market Dynamics - The nine departments including the Ministry of Commerce proposed to increase credit supply and innovate financial products, and support eligible projects to issue infrastructure - related REITs [36]. - The additional offering shares of Huaxia Fund China Resources Youchao REIT will be listed on January 12, 2026, with an additional offering of 448 million shares and a total raised funds of 1.133 billion yuan [37]. - Jiangxi Province supports private enterprises to revitalize existing assets through issuing infrastructure REITs [38]. 3.4 Investment Suggestions - This week, the REITs index rose slightly, and the trading amount in the public REITs market increased. The indices of equity - type and franchise - type public REITs rose. Most of the 78 public REITs increased. - The market is expected to continue to expand as 20 public REITs have been issued this year with a scale of over 3 billion yuan, and 30 REITs funds are waiting to be listed. - In the context of asset shortage, public REITs have high - dividend, medium - low - risk advantages and high allocation cost - effectiveness [5][39].

Group 1 - The mechanical industry experienced a significant increase of 41.69% in 2025, outperforming the CSI 300 index which rose by 17.66%, ranking 6th among 31 primary industries [4][10] - The top three sub-sectors in terms of growth were engineering machinery components, lithium battery equipment, and metal products, with increases of 93.20%, 92.49%, and 80.47% respectively, while the rail transit equipment sector saw a decline of 3.80% [4][10] - The mechanical equipment industry achieved a total revenue of 15,331.75 billion yuan in the first three quarters of 2025, a year-on-year increase of 7.46%, and a net profit attributable to shareholders of 1,101.92 billion yuan, up 16.86% [4][16] Group 2 - The engineering machinery sector is entering a new upward cycle driven by domestic demand recovery, supported by policies and a renewal cycle, with excavator sales in China increasing by 18.59% year-on-year in 2025 [5][20] - Exports of excavators have shown a positive trend, with a cumulative sales volume of 10.40 million units from January to November 2025, reflecting a year-on-year growth of 14.85% [5][27] - The engineering machinery sector's revenue increased by 13.11% year-on-year in the first three quarters of 2025, with a net profit growth of 23.34% [32] Group 3 - The humanoid robot sector is approaching mass production, with major companies like Tesla, Unitree, and Xiaopeng planning to achieve production in 2026 [6][43] - The capital market for humanoid robots is heating up, with over 328 billion yuan raised in the first three quarters of 2025, and several companies have gone public [6][37] - Government policies are actively supporting the development of the humanoid robot industry, with multiple initiatives aimed at fostering innovation and establishing a competitive ecosystem [6][41] Group 4 - The AI industry is experiencing high growth, with significant capital expenditures from leading tech companies, including over 350 billion USD from global giants like Google and Microsoft in 2025 [7][47] - The demand for gas turbines is rising due to the construction of AI data centers, with global sales expected to reach 70,838 MW in 2025, up from 58,381 MW in 2024 [7][50] - The PCB equipment market is benefiting from the rapid development of AI, with a projected compound annual growth rate of 5.3% from 2025 to 2029 [7][53] Group 5 - The general equipment sector is seeing a recovery in domestic demand, particularly in industrial robots, forklifts, and machine tools, with industrial robot production increasing by 29.20% year-on-year [8][62] - Forklift sales in China reached 843,000 units in the first eleven months of 2025, reflecting a year-on-year growth of 14.27% [8][66] - The machine tool sector is also experiencing growth, with a production increase of 12.70% year-on-year, driven by demand from traditional industries and emerging sectors [8][69] Group 6 - The specialized equipment sector is witnessing a rebound in new energy and 3C equipment, with lithium battery equipment demand increasing as major battery manufacturers ramp up capital expenditures [8][8] - The photovoltaic equipment market is evolving towards high-quality development, shifting from price competition to technological differentiation [8][8] - The 3C equipment sector is benefiting from an innovation cycle in consumer electronics, particularly with the rise of foldable screens and AI-enabled devices [8][8]

Group 1 - The "anti-involution" trend is reshaping supply and demand in the photovoltaic industry, with price recovery expected as the market stabilizes. The introduction of energy storage at parity in key markets is accelerating, alleviating pressure on the grid from rapid increases in photovoltaic installations. The long-term demand outlook is optimistic due to rising computing power needs and breakthroughs in photovoltaic technology for space applications [2][12][14]. Group 2 - The penetration of low-silver and silver-free technologies is expected to increase rapidly, with leading companies likely to recover profitability faster than the industry average. The rise in silver prices is driving the adoption of these technologies, which are crucial for cost reduction [3][38][43]. Group 3 - The auxiliary material sector, under pressure for over three years, is expected to see a recovery in profitability as companies diversify their business models. Leading firms are preparing for a second growth phase, which will enhance their revenue streams [4][63]. Group 4 - Beneficiary analysis indicates that companies leading in low-silver and silver-free technology, such as Longi Green Energy and JinkoSolar, are well-positioned to benefit from cost advantages. Companies actively investing in energy storage, like Trina Solar and JA Solar, are also expected to see early recovery in profitability [5][73]. Group 5 - Global demand for photovoltaic installations is projected to grow, with an estimated 600 GW and 610 GW of new installations in 2025 and 2026, respectively. However, growth rates may slow due to market saturation in core regions like China and Europe [8][14]. Group 6 - The supply side is experiencing overcapacity, with significant production increases expected in silicon materials and components. The "anti-involution" movement is leading to reduced capital expenditures, which may help manage supply effectively [12][30]. Group 7 - The photovoltaic industry is witnessing a shift towards new technologies and applications, such as space photovoltaics and perovskite solar cells, which are expected to expand market opportunities significantly [49][54].

Overall Industry Review - The food and beverage sector significantly underperformed the market, with a year-to-date decline of -0.62%, lagging behind the Shanghai Composite Index by 15.0 percentage points [7][11] - The snack sector showed strong performance with a year-to-date increase of 28.88%, driven by channel expansion and a total revenue growth of 30.97% in the first three quarters of 2025 [11] - The beverage sector, particularly soft drinks, benefited from travel demand and low-price, high-frequency consumption, achieving a revenue and profit growth in double digits [11][14] Alcoholic Beverages - The liquor sector exhibited weak performance, with a decline in sales and prices, particularly for white liquor, which saw a year-on-year revenue drop of -5.83% and a net profit decline of -6.93% in the first three quarters of 2025 [11][44] - The overall white liquor sector's revenue decreased by -5.8% and net profit by -6.9% in the first three quarters of 2025, with a significant drop in Q3, where total revenue fell by -18.4% [44] - The report indicates that the white liquor industry is in a prolonged adjustment phase, with the current downturn lasting 57 months, marking the longest adjustment period in history [35][40] Future Outlook - The central economic work conference emphasized the importance of boosting domestic demand in 2026, with expectations for policy support to stimulate recovery [3] - The report suggests focusing on sectors with low bases for recovery, such as frozen foods and beverages, which are expected to benefit from demand recovery and new product opportunities [3][4] - The report highlights the potential for structural opportunities in the food and beverage sector, particularly in overseas markets and cost improvements, recommending companies like Anqi Yeast and Mijiu Group for their overseas expansion strategies [4][34] Investment Strategies - The report identifies four key investment themes for 2026: opportunities in overseas markets, cost benefits, new product launches, and value-for-money consumption [4] - Companies with strong platform capabilities and innovative products, such as Dongpeng Beverage and Wancheng Group, are recommended for their potential in the beverage sector [4] - The report also emphasizes the importance of identifying companies that can adapt to a low-inflation, low-confidence environment by offering high-value products [14]

Investment Rating - The report maintains an "Accumulate" rating for Jinjiang Shipping (601083) with a target price based on the last closing price of 11.16 [1][5]. Core Insights - Jinjiang Shipping has reported a significant increase in profits, with total revenue for the first three quarters of 2025 reaching 5.176 billion RMB, a year-on-year increase of 21.37%. The net profit attributable to shareholders was 1.185 billion RMB, up 64.76% year-on-year [3][4]. - The company operates a total of 53 vessels, with a total capacity of 58,000 TEU, ranking 35th globally among container shipping companies and 8th in mainland China [4]. - The company has signed contracts for the construction of 2+2 vessels of 1100 TEU and initiated a project for 4+4 vessels of 1800 TEU, indicating a commitment to enhancing operational efficiency [4][5]. Financial Summary - For 2024, the projected revenue is 5.970 billion RMB, with a year-on-year growth of 13.36%. The net profit is expected to be 1.021 billion RMB, reflecting a growth of 37.45% [6]. - The diluted earnings per share (EPS) for 2025 is estimated at 1.11 RMB, with a price-to-earnings (PE) ratio of 10.01 [6]. - The company has a dividend policy that includes a cash dividend of approximately 515 million RMB for the 2024 report, translating to a dividend yield of about 4.3% based on the stock price at the time of the report [3].

Group 1: Macro Economic Overview - The bond market shows a slight increase in long-term interest rates, but the overall weakness remains unchanged. The possibility of a significant decline in the bond market is increasing, and short positions can be re-established under risk control [4][17]. - The A-share market is experiencing a rebound, with the Shanghai Composite Index showing signs of strength in previously underperforming sectors such as technology and entrepreneurship. The report anticipates a broad market rally as the year-end approaches, with technology expected to yield excess returns [5][20]. - The US stock market is experiencing light trading post-Christmas, with major indices showing volatility. The report notes a shift in momentum for previously weak stocks like Oracle and Nvidia, indicating a potential upward trend in risk assets [6][26]. Group 2: Sector Analysis - In the A-share market, sectors such as robotics and chemicals are gaining momentum, while traditional sectors like insurance and banking are expected to stabilize and continue their upward trend. The consumer sector is anticipated to become a new target for recovery as policy support deepens [5][20]. - The commodity market is showing an upward trend, with the Wenhua Commodity Index rising by 0.65%. The report maintains that the upward momentum for precious metals, non-ferrous metals, and new energy sectors remains intact, although high volatility may affect short-term trading strategies [7][31]. - The foreign exchange market indicates a significant appreciation of the RMB against the USD, with the onshore RMB reported at 6.9912. This aligns with expectations of a controlled appreciation trend under central bank guidance [6][29]. Group 3: Policy and Regulatory Developments - Domestic policies include a new tax regulation on personal housing sales, where properties sold within two years will incur a 3% tax, while those sold after two years will be exempt. This policy is set to take effect on January 1, 2026 [9][37]. - The government has announced the early issuance of 625 billion yuan in special long-term bonds to support consumer goods replacement programs, indicating a proactive approach to stimulate consumption [9][37]. - The automotive industry is set to benefit from a push for the large-scale application of intelligent robotics in manufacturing processes, which is expected to enhance productivity and innovation within the sector [9][38].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - This week, the public - offering REITs market rose slightly, with an increase in trading volume. The indices of property - type and franchise - type public - offering REITs both increased. Most public - offering REIT products rose this week [2][5][11]. - As of December 26, 2025, a total of 79 public - offering REITs have been issued, with a total issuance scale of 203.374 billion yuan. 20 public - offering REITs have been issued since 2025, and there are 28 public - offering REIT funds waiting to be listed, which is expected to expand the market [32][34][42]. - In the context of the asset shortage, public - offering REITs have the advantages of high dividends and medium - low risks, with a relatively high allocation cost - performance [5][42]. 3. Summary According to the Directory 3.1 Secondary Market: Public - Offering REITs Market Rose Slightly This Week - Index performance: As of December 26, 2025, the CSI REITs index rose 1.39% to 783.86 compared with last week, and the CSI REITs total return index was 1014.80, up 1.56% from last week [11]. - Trading volume: The total trading volume of the REITs market this week was 711 million units, a week - on - week increase of 36.47%. The trading amount was 3.135 billion yuan, a week - on - week increase of 36.19%. The interval turnover rate this week was 2.62%, compared with 1.95% last week [13]. - Sub - index performance: The indices of property - type and franchise - type public - offering REITs both rose, increasing by 1.63% and 3.23% respectively. Among property - type REITs, the sub - types such as affordable rental housing, warehousing and logistics all rose; among franchise - type REITs, municipal facilities and water conservancy facilities decreased, while energy infrastructure, transportation infrastructure, and ecological environmental protection increased [14][18]. - Trading volume and turnover of different types: The trading volumes of different types of public - offering REITs all increased, with significant increases in some types. The daily average turnover rates of some types also increased [22][23]. - Single - target performance: Most of the 78 public - offering REIT products rose, with 63 rising and 15 falling. Some products had relatively high turnover rates and trading volumes [26]. 3.2 Primary Market: 28 Public - Offering REIT Funds Waiting to Be Listed - Issuance situation: As of December 26, 2025, a total of 79 public - offering REITs have been issued, with a total issuance scale of 203.374 billion yuan. 20 public - offering REITs have been issued since 2025, and one was newly issued in November 2025, with a scale of 1.505 billion yuan [32]. - Pending listing: There are 28 public - offering REIT funds waiting to be listed, including 15 initial offerings and 13 expansions. In terms of project status, 10 have passed, 7 have been feedback, 4 have been questioned, 5 have been accepted, and 2 have been reported. By type, there are different numbers of projects in different sub - categories [34]. 3.3 Public - Offering REITs Policies and Market Dynamics - Dividend information: CICC Puluoshi REIT announced its fourth dividend in 2025, with a cash dividend of 0.4335 yuan per 10 shares. CITIC Construction Investment State Power Investment New Energy REIT had its first dividend, with 1.587 yuan per 10 shares [37][38][39]. - Listing information: On December 26, the additional shares of Guotai Haitong Dongjiu New Economy REIT were listed on the Shanghai Stock Exchange, with 119.3 million additional shares, an issue price of 3.582 yuan per share, and a total raised funds of 427.2 million yuan [40]. 3.4 Investment Recommendations - Market trends: This week, the REITs index rose slightly, and the trading amount of the public - offering REITs market increased. The indices of property - type and franchise - type public - offering REITs rose, with only water conservancy facilities and municipal facilities REITs falling. - Future outlook: The additional shares of Guotai Haitong Dongjiu New Economy REIT were listed this week. 20 public - offering REITs have been issued this year, with a total scale of over 30 billion yuan. 28 REIT funds are waiting to be listed, and the market is expected to continue to expand. - Investment suggestion: In the context of the asset shortage, public - offering REITs have high dividends and medium - low risks, with a relatively high allocation cost - performance [5][42].

Group 1: Key Insights - The report highlights the strong growth potential of the semiconductor testing industry, particularly for companies like Huafeng Measurement and Control (688200), which is positioned to benefit from the increasing demand for simulation and digital testing machines driven by AI chip requirements [4][5][6] - Guoke Military Industry (688543) is noted for its transition from conventional ammunition to intelligent and information-based ammunition, which is expected to enhance its growth prospects in a high-demand industry [4][5] - Purtai (603659) is recognized as a leading global lithium battery materials platform, with its negative electrode and diaphragm businesses expected to show long-term improvement [4][5] Group 2: Company-Specific Analysis - Wanchen Group (300972) is projected to continue expanding its store count, currently exceeding 18,000, while improving net profit margins through scale effects and supply chain efficiencies [5][6] - Top Group (601689) is actively developing new products in collaboration with major clients, including liquid cooling solutions, which have already secured initial orders worth 1.5 billion [7][8] - Zhuoyue New Energy (688196) is expanding its production capacity in the biofuel sector, with a focus on biodiesel and bio-based materials, supported by favorable policies and a projected internal rate of return of 28.94% for new projects [8][9] Group 3: Industry Trends - The report indicates that the server liquid cooling market is expected to experience significant growth in 2026 and 2027, with companies like Yingweike (002837) poised to capture substantial market share [8][9] - The mechanical equipment sector, particularly companies like Binglun Environment (000811), is expanding its presence in various fields, including nuclear power and industrial heat control, which is expected to provide new growth opportunities [9][10] - The AI industry is driving demand for intelligent control systems, with companies like Zhiwei Intelligent (001339) developing products that cater to this emerging market [10]

Investment Rating - The report maintains a "Buy" rating for the company, Invec, with a target price based on the last closing price of 110.59 [1][4]. Core Insights - Invec achieved revenue of approximately 4.026 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 40.19%. The net profit attributable to shareholders was about 399 million yuan, up 13.13% year-on-year [2]. - The company is recognized as a leading provider of precision temperature control and energy-saving solutions, with significant growth potential driven by the increasing power density of computing chips and the construction of data centers in North America and domestically [4][5]. - The company has successfully penetrated the overseas market, including partnerships with major clients like Nvidia, and is expected to gradually capture market share from other CSP manufacturers [3]. Financial Performance Summary - For 2025, the company is projected to generate revenue of 6.781 billion yuan, with a growth rate of 47.8%. The net profit is expected to reach 713 million yuan, reflecting a growth rate of 57.6% [5]. - The gross profit margin for Q3 was reported at 27.32%, an increase of 1.17 percentage points compared to the first half of the year, attributed to a higher proportion of overseas projects and the release of high-value liquid cooling products [2]. - The company anticipates a significant increase in revenue and net profit as the liquid cooling industry experiences explosive growth [2][4].