Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [6]. Core Insights - The Chinese beauty industry is transitioning from "incremental expansion" to "stock game," with the market expected to reach a scale of 465.3 billion yuan by 2025, reflecting a 5.1% year-on-year growth, marking the maturity of the market [1][6]. - Domestic brands are gaining market share due to their understanding of local consumer needs and agile operations, shifting from market participants to leaders [1]. - The competition has evolved from traffic acquisition to a systematic comparison of brand strength, product technology, and sustainable innovation capabilities [1]. Summary by Relevant Sections Company Performance - The company has successfully transitioned from a "single-core drive" to a "platform group" strategy, with its main brand, Han Shu, contributing 3.344 billion yuan in revenue in the first half of 2025, driven by the expansion into men's skincare and high-end hair care [2]. - The second growth curve represented by the "Yi Ye" brand has seen a revenue surge of 146.5% year-on-year to 397 million yuan [2]. Long-term Growth Strategy - The company has set a clear goal to achieve 30 billion yuan in sales by 2030, supported by three core drivers: scientific research outcomes, brand category expansion, and deepening global layout [3]. - The application of AI in production and marketing, along with talent development, is expected to enhance operational efficiency and support the long-term revenue target [3]. Financial Projections - Revenue is projected to grow from 4.191 billion yuan in 2023 to 12.646 billion yuan in 2027, with a compound annual growth rate (CAGR) of 56.6% in 2024 and 27.4% in 2025 [4]. - Net profit is expected to increase from 461 million yuan in 2023 to 1.609 billion yuan in 2027, with a significant growth rate of 213.5% in 2024 [4]. - Earnings per share (EPS) are forecasted to rise from 1.16 yuan in 2023 to 4.04 yuan in 2027, reflecting strong profitability [4].

Group 1: Company Analysis - Suotong Development (603612.SH) - The company is expected to achieve a net profit attributable to shareholders of 7.30-8.50 billion yuan in 2025, representing a year-on-year growth of 167.98%-212.03% [4] - The main reasons for the high growth include increased prices for prebaked anodes due to strong market demand and rising raw aluminum prices [5] - The company has seen significant growth in production and sales due to new capacity releases from joint ventures with quality downstream customers [5] - The company is the only listed company in the prebaked anode industry and has seen a substantial increase in overseas orders, enhancing its product recognition [5] - The implementation of digitalization initiatives has led to cost reductions and improved profitability [5] - The adjusted net profit forecasts for 2025-2027 are 8.22, 11.25, and 14.14 billion yuan, with corresponding EPS of 1.65, 2.26, and 2.84 yuan, maintaining a "Buy" rating [4][5] Group 2: Company Analysis - Gobiga (920438.BJ) - The company is expected to achieve a net profit of 0.28 billion yuan in 2025, a decrease of 59.6% year-on-year due to multiple factors affecting profitability [7] - The decline in profit is attributed to a lower sales proportion of high-margin specialty glass products and a decrease in overall gross margin by 17.67% [7] - The company is expanding its semiconductor materials and has secured orders worth 1.265 billion yuan for semiconductor glass substrates, indicating a solid growth trajectory [8] - The company plans to invest up to 1 billion yuan in a new specialty electronic fiber project, further expanding its capacity in high-growth sectors [8] - The adjusted revenue forecasts for 2025-2027 are 5.16, 9.20, and 13.26 billion yuan, with net profits of 0.28, 1.19, and 1.90 billion yuan, maintaining an "Accumulate" rating [7][8] Group 3: Industry Insights - The report indicates a potential commodity supercycle driven by geopolitical tensions and fiscal monetization in developed countries [11] - The domestic GDP is expected to improve marginally, with a strong outlook for the beginning of 2026, although consumption and investment remain under pressure [11] - The report suggests that RMB assets can serve as a hedge against sovereign credit crises in developed countries, maintaining a bullish outlook on A-shares and government bonds [11]

Investment Rating - The report assigns an "Overweight" rating to the computer industry, indicating an expected increase in the sector's performance exceeding the market benchmark index by more than 10% over the next 6-12 months [8]. Core Insights - The AI assistant Clawdbot has gained significant attention in the open-source community, functioning as a local AI entity that connects chat software commands, AI models, and operating systems to execute tasks. Its architecture includes four main components: Gateway, Agent, Skills, and Memory [2]. - Alibaba has launched its flagship reasoning model Qwen3-Max-Thinking, which has set multiple global records in key performance benchmarks, showcasing capabilities comparable to GPT-5.2 and Gemini 3 Pro. The model features over 1 trillion parameters and 36 trillion tokens of pre-training data, achieving state-of-the-art performance in various AI benchmarks [4]. Summary by Sections AI Assistant Development - Clawdbot integrates various functionalities, allowing it to perform tasks beyond chatting, such as web research and email access, through its innovative architecture [2]. Model Performance - The Qwen3-Max-Thinking model from Alibaba has achieved significant advancements in reasoning capabilities, utilizing a new test-time scaling mechanism to enhance performance economically while setting new records in scientific knowledge, mathematical reasoning, and coding benchmarks [4].

公司点评 | 索通发展 业绩高增长符合预期，期待 2026 年更多惊喜 索通发展（603612.SH）2025 年业绩预增公告点评 3）数智化降本增效显著，助力盈利能力持续提升。2025 年，公司选取试点 工厂，重点推进智能配料、智能排产等系统的落地应用与迭代升级，降本成 果明显，推动公司盈利能力持续提升。 盈利预测：考虑到公司业绩预增的区间数据，我们微调 2025-2027 年归母净 利润分别为 8.22、11.25、14.14 亿元，EPS 分别为 1.65、2.26、2.84 元， PE 分别为 18、13、11 倍，维持"买入"评级。 风险提示：行业需求下降、竞争加剧造成产品价格和毛利率持续下降等。 核心数据 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 15,311 | 13,750 | 16,308 | 19,313 | 22,579 | | 增长率 | -21.1% | -10.2% | 18.6% | 18.4% | 16.9% | | 归母净利润 (百 ...

Group 1: Fund Performance Benchmark Guidelines - The China Securities Regulatory Commission released the "Guidelines for the Performance Benchmark of Publicly Raised Securities Investment Funds," effective from March 1, 2026, with a one-year transition period for existing products [1][7][9] - The guidelines emphasize the selection of benchmarks based on four principles: representativeness, objectivity, constraint, and continuity, and authorize the establishment of a benchmark element library by the fund industry association [7][8] - Strict requirements for benchmark changes are outlined, ensuring that benchmarks remain consistent and can only be changed under specific circumstances [7][8] Group 2: Mijiu Group (2097.HK) Performance and Outlook - Mijiu Group is expanding its main brand into overseas markets, with expectations of exceeding previous forecasts [2][11] - The company has opened three new stores in key U.S. cities, enhancing brand recognition and adapting its menu to local tastes, which is expected to increase customer retention [11][12] - Profit forecasts for 2025-2027 are raised to 6.1 billion, 7 billion, and 8.1 billion yuan respectively, with a current PE ratio of 25, 22, and 19 times [2][13] Group 3: Greenland Island Event and Investment Implications - The U.S. faces legal and public opinion barriers in acquiring Greenland, with four potential outcomes: agreement, long-term strategic lease, free association, or military intervention, with the first two being more likely [3][16][17] - The potential agreement may involve U.S. military bases and critical minerals, benefiting European defense giants and highlighting the importance of mineral resource autonomy in the context of great power competition [3][17] - The U.S. critical mineral supply chain resilience policies may present long-term investment opportunities [3][17] Group 4: Nonferrous Metals Industry Insights - The National Bureau of Statistics reported a 5.9% year-on-year increase in industrial added value for 2025, with a 5.2% increase in December [4][19] - The report indicates a growing preference for precious metals as a hedge amid rising risk aversion [4][19] - Zijin Mining announced the completion of the second phase of the Jilong Copper Mine, which will significantly increase its production capacity and is expected to become the largest copper mine in China [22]

摘要内容 事件：据新华社，美国总统特朗普 21 日在瑞士达沃斯与北约秘书长吕特会 晤后称，暂时不会按原定计划向反对美国得到格陵兰岛的欧洲 8 国加征关税。 点评：特朗普认为格陵兰岛涉及核心国家安全利益，我们认为其诉求包括地 理战略位置和油气稀土资源。 格陵兰岛对北极地缘政治较为重要。美国在格陵兰岛有军事存在，包括太空 基地和军事海峡。跨北极航运短期商业不可行，长远来看格陵兰岛可协助管 理海洋基础设施。 海外政策周报 格陵兰岛事件的可能演进与投资含义 证券研究报告 2026 年 01 月 26 日 核心结论 随着陆地和海冰的融化，格陵兰岛丰富的矿产和油气资源将更容易获取。这 些矿产是能源转型和芯片制造的原材料，吸引了许多国家的关注。尽管如此， 短期内资源开发仍面临较多拓展，包括：当地环境恶劣、地处偏远、基础设 施匮乏、开采成本高昂等。 美国获取格陵兰岛面临法律和民意两层障碍。我们认为后续存在四种可能 性：达成协议、长期战略租赁协议（对格陵兰主权限制小）、自由联合契约 和军事干预。我们认为前两种情况的概率较大。 根据美方人士在达沃斯发表的最新消息，丹麦可能让渡格陵兰岛的部分区 域，供其新建军事基地，这些区域将被视 ...

行业周报 | 有色金属 避险情绪逐步升温，贵金属配置价值进一步凸显 有色金属行业周报（2026.1.19-2026.1.25） 核心结论 本周核心关注一：国家统计局显示，2025 年规模以上工业增加值比上年增 长 5.9% 统计局 1 月 19 日公告，2025 年 12 月份，规模以上工业增加值同比实际增 长 5.2%（增加值增速均为扣除价格因素的实际增长率）。从环比看，12 月 份，规模以上工业增加值比上月增长 0.49%。2025 年，规模以上工业增加值 比上年增长 5.9%。 本周核心关注二：美国 11 月 PCE 通胀基本符合预期，美联储下周料维持利 率不变 当地时间周五，美国商务部经济分析局发布了 11 月份的 PCE 物价指数。作 为美联储最青睐的通胀指标，11 月 PCE 通胀数据小幅上行，进一步偏离央 行设定的目标水平，但整体仍符合市场预期。具体数据显示，美国 11 月整体 PCE 物价指数同比上涨 2.8%，预期为 2.8%；环比上涨 0.2%，预期为 0.2%。 本周核心关注三：美联储褐皮书显示，近期美国经济活动温和扩张，但通胀 压力仍存 美联储周三公布的褐皮书显示，美国大多数地区的经济 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints On January 23, 2026, the China Securities Regulatory Commission issued the “Guidelines for Performance Comparison Benchmarks of Publicly - Offered Securities Investment Funds” (hereinafter referred to as the “Guidelines”), and the Asset Management Association of China released the “Operating Rules for Performance Comparison Benchmarks of Publicly - Offered Securities Investment Funds” (hereinafter referred to as the “Rules”). The implementation of the Guidelines starts on March 1, 2026, and a one - year implementation transition period is given for existing products with non - compliant performance comparison benchmark settings. The Guidelines aim to standardize the selection and use of performance comparison benchmarks for public funds, strengthen their role as an “anchor” for fund investment, and promote the high - quality development of the public fund industry [1][6]. 3. Summary by Directory Background The performance comparison benchmark is a reference standard set by fund managers for funds based on product positioning and investment objectives. It plays important roles such as determining product positioning, clarifying investment strategies, representing investment styles, measuring product performance, and restricting investment behaviors. Currently, there are problems in the performance comparison benchmarks of public funds, such as the lack of systematic regulatory systems, ineffective use and supervision by institutions, and “style drift” of funds. To address these issues, the China Securities Regulatory Commission issued the Guidelines to protect the legitimate rights and interests of investors [7]. Core Content - **Selecting Benchmark Specifications**: The selection of benchmarks should follow the principles of representativeness, objectivity, constraint, and persistence. The Asset Management Association of China is authorized to establish a benchmark element library, and fund managers can select benchmark elements from it [3][8]. - **Strict Benchmark Change Requirements**: Benchmarks should be persistent and cannot be changed casually. Specific situations and procedures for benchmark changes are clearly defined, and sales institutions are required to inform investors of benchmark changes in a timely manner [9][17]. - **Enhanced Benchmark Information Disclosure**: Information about benchmarks should be disclosed in fund legal documents and regular reports, and the fund trustee should strengthen the review and supervision of the disclosed content [9][10]. - **Strengthened Benchmark Constraint**: Fund managers should establish a full - process control mechanism for benchmarks, strengthen style stability management, and trustees should strengthen investment supervision responsibilities [10]. - **Highlighted Benchmark's Role in Measuring Performance**: Performance assessment, performance display, and fund evaluation should all be carried out in combination with the performance comparison benchmark, and different types of equity funds should not be directly ranked [11]. - **Transition Period Settings**: A one - year transition period is given for existing products with non - compliant benchmark settings. To ensure the objectivity and accuracy of related information, the relevant requirements are aligned with the one - year transition period. A six - month transition period is given for trustees to supervise the stability of fund investment styles [11]. Main Impacts - **Fund Managers**: They should establish an internal control and management system covering the entire process of benchmark selection, disclosure, monitoring, evaluation, correction, and accountability. Benchmark selection should follow four principles, and a department independent of the investment department should be established to monitor style stability. Information about benchmarks should be clearly stated in legal documents and regular reports, and the performance comparison benchmark should be displayed when showing past performance [12][14]. - **Fund Trustees**: They should carefully review the fund investment style library, establish a supervision mechanism for the stability of equity fund investment styles, and clarify rights and obligations with fund managers through agreements [14]. - **Fund Evaluation Institutions**: They should establish a fund evaluation system around the performance comparison benchmark, adjust the fund classification in a timely manner when the benchmark changes, and retain different stages of evaluation results [15]. - **Fund Sales Institutions**: When displaying a list of funds containing investment performance, they should distinguish funds of different investment styles based on the performance comparison benchmark and should not directly rank different types of equity funds [15].

Group 1: Shipping Industry - The global shipping market is expected to improve in 2026, with specific attention on container ships, bulk carriers, and tankers [1][5] - The resumption of operations in the Red Sea is crucial for container ships, while the West Simandou iron ore mine is anticipated to reshape global iron ore trade flows, benefiting bulk shipping [1][5] - OPEC+ has begun to increase production, leading to a tight supply-demand balance in the tanker market due to US sanctions on Russia [1][5] Group 2: Weigao Group (1066.HK) - Weigao Group is positioned for a transformation driven by R&D, with expectations of net profits of 2.091 billion, 2.287 billion, and 2.507 billion yuan from 2025 to 2027, reflecting growth rates of 1.18%, 9.37%, and 9.62% respectively [9][10] - The global biopharmaceutical market is projected to grow at a CAGR of 10.4% from 2024 to 2030, with significant demand for filters and consumables [9] - The company has a robust product portfolio with 927 domestic product registrations and 1,084 patents, including 218 invention patents [9] Group 3: AI Animation Industry - The continuous iteration of generative AI models is providing a technological foundation for the cost-effective and high-quality development of AI animation [16][18] - AI animations are gaining market acceptance, with significant growth in production and viewership, exemplified by the rapid increase in the number of AI animations launched on platforms like Douyin [16][17] - The cost advantages of AI animations compared to traditional animation methods are notable, with production costs significantly lower [17][18] Group 4: 3D Printing in Commercial Aerospace - 3D printing technology is effectively reducing costs and increasing efficiency in the commercial aerospace sector, with significant reductions in the number of parts and production time for rocket engines [20][21] - The domestic 3D printing equipment market is experiencing growth, with exports reaching 3.777 million units valued at 8.9 billion yuan in 2024 [21][22] - The technology is also being applied in the production of micro-nano satellite components, showcasing its advantages in mass production [21][22] Group 5: Zijin Mining (601899.SH) - Zijin Mining's Giant Dragon Copper Mine Phase II has commenced production, increasing annual copper output from 190,000 tons to an expected 300,000-350,000 tons in 2026 [28][29] - The mine's production capacity has significantly increased, positioning it as China's largest copper mine and one of the world's highest-altitude, low-grade copper mines [29][30] - The company anticipates further growth with plans for a Phase III project that could increase copper reserves and production capacity [30]

Global and A-share Market Overview - The A-share market showed mixed performance last week, with the CSI 500 index having the highest increase of 4.34% [1] - The Hong Kong stock market experienced a slight decline, with the Hang Seng Index dropping by 0.36% [1] - The top-performing ETFs were primarily linked to the aerospace sector [1] ETF New Issuance Statistics - A total of 17 stock ETFs were reported in the A-share market last week, with 9 new stock ETFs established [2] - In the US market, 8 new equity ETFs were launched, all of which were actively managed [2] Fund Flows in A-share Market - The top 10 ETFs with net inflows were mainly from the TMT sector, while the top 10 with net outflows were predominantly from the CSI 300 index ETFs [2] - The CSI 2000 index ETF saw the highest net inflow among broad-based ETFs, while the CSI 300 index ETF experienced the largest net outflow [2] - In the industry sector, the pharmaceutical and biotechnology ETFs had the highest net inflows, while the financial technology ETF had the highest net outflow among thematic ETFs [2] Fund Flows in US Stock ETF Market - The US market saw significant net inflows in resource management-themed ETFs, while life sciences-themed ETFs experienced net outflows [3] - Among actively managed ETFs, the Avantis Emerging Markets Equity ETF had the highest net inflow, while the JPMorgan Nasdaq Equity Premium Income ETF saw the largest net outflow [3] - The total net inflow for ETFs investing in A-shares and Hong Kong stocks was $0.81 million [3] ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of 5.75%, with excess returns of 3.27% and 6.38% relative to the CSI Equal Weight and CSI 300 indices, respectively [4] - The 50% base + intraday momentum 2.0 strategy had returns of 2.48% and 1.14% for the CSI 500 ETF and CSI 1000 ETF strategies, respectively, with excess returns of -0.06% and -0.48% compared to the corresponding 50% position ETFs [4]