Core Insights - The report emphasizes that in 2026, the media internet sector will undergo a dual reconstruction driven by the transition from AI as a "technical infrastructure" to "application deep water zone," focusing on entry form migration, distribution rule repricing, and supply-side capacity explosion [1][11] - AI Agents are set to replace traditional apps as the new super entry point, shifting the traffic distribution logic from "time capture" to "efficient execution" [1][12] - AIGC (AI-Generated Content) is expected to lead to a significant increase in content production capacity, with zero marginal cost production becoming a reality, thus redefining the value of quality data and IP [1][11] Group 1: AI Agents and Traffic Distribution - AI Agents signify a generational leap in human-computer interaction, evolving from GUI to IUI, fundamentally changing the traffic distribution logic [1][12] - The traditional "click-jump" model is being replaced by a "dialogue-execute" paradigm, where AI Agents understand user intent and execute tasks across applications [1][12] - The emergence of AI Agents is expected to create a new operational layer that could potentially replace single apps as the primary distribution entry point [1][12][19] Group 2: AIGC and Content Supply - AIGC is anticipated to transition from a phase of "cost reduction and efficiency enhancement" to a "new demand creation" explosion by 2026, significantly increasing content supply [1][41] - The production barriers for video, 3D, and gaming assets are expected to lower drastically, leading to a surge in content supply and a devaluation of mediocre content [1][41] - Content consumption is evolving from passive viewing to active engagement, with new formats like "generative interactive dramas" and "AI companion games" emerging [1][43] Group 3: Investment Recommendations - The investment strategy in the media internet sector is shifting towards high-quality assets in both traffic distribution and content supply, focusing on companies that can effectively capture user intent and provide quality content [1][41] - Companies with operational system bases or super Agent platforms are likely to gain new traffic distribution rights and bargaining power, while mid-tier apps lacking exclusive content may face risks of being "pipelined" [1][19] - Key players in the AI Agent space include Alibaba, Tencent, and ByteDance, which are actively developing their AI capabilities to secure new traffic entry points [1][25][40]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The release of SnapDevelop Professional Edition marks a significant upgrade in core functionalities, providing developers with an efficient and flexible development platform through intelligent tools and seamless integration [1][2] - SnapDevelop aims to lower the development threshold for enterprise applications, significantly reducing manual coding workload and shortening development cycles, with AI programming assistants capable of generating 50%-80% of code, achieving a 3-5 times efficiency improvement [2] - The company has initiated a dual-line strategy of "IDE+AI" and "AI+IDE," with SnapDevelop representing the "IDE+AI" path, and has already gained 20,000 trial users by mid-2025 [2] - The professional version is priced at 2,660 yuan per person per year, targeting team collaboration and unlocking advanced capabilities [2] - The company anticipates significant market potential for its upgraded SnapDevelop Professional Edition, with projected EPS of 0.57, 1.12, and 2.24 yuan for 2025-2027, corresponding to P/E ratios of 164.81, 84.73, and 42.11 times [2][3] Financial Summary - Total revenue is projected to grow from 320 million yuan in 2023 to 783 million yuan in 2027, with a CAGR of 42.4% [3] - Net profit attributable to the parent company is expected to increase from 56 million yuan in 2023 to 272 million yuan in 2027, reflecting a significant growth rate of 101.2% in 2027 [3] - The gross margin is forecasted to improve from 46.2% in 2023 to 54.8% in 2027, indicating enhanced profitability [3] - Return on equity (ROE) is projected to rise from 5.4% in 2023 to 23.2% in 2027, showcasing improved efficiency in generating profits from equity [3]

Group 1 - The positive factors for stabilizing profits are increasing, including weak endogenous economic recovery, policy support, and potential improvements in PPI and real estate [4][11][18] - The PPI is expected to show marginal improvement due to seasonal demand and supply-demand balance driven by "anti-involution" policies [4][18][22] - The real estate market is experiencing a downtrend, but there are signs of potential stabilization, with some data showing slight improvements [4][28][29] Group 2 - The core factors influencing the height of the liquidity bull market are policies and stock market funds, with smaller bull markets focusing on profits while larger bull markets are driven by macro liquidity [4][11][18] - The capital market's institutional dividends can easily drive large-scale bull markets, and the "asset shortage" logic is expected to enhance the willingness to allocate funds to the stock market [4][18][22] - The regulatory policy adjustment rhythm will be crucial in the mid-term of the bull market, with significant changes in investor behavior expected as the market progresses [4][11][18] Group 3 - The style judgment indicates that small-cap growth stocks remain a trend, but there will be volatility in the mid-term of the bull market [4][29][31] - Long-term trends favor small-cap stocks, but there may be significant quarterly fluctuations influenced by new resident funds and growth-value style disturbances [4][31][32] - Growth style is likely to maintain a performance advantage over value style [4][31][32] Group 4 - Industry allocation suggests a foundation in finance, with technology as the main line and themes rotating actively [4][33][39] - Non-bank financials are gaining elasticity and have certain allocation value, while technology is expected to see a second wave of growth in the later stages of the bull market [4][33][39] - Key sectors to watch include power equipment, certain cyclical industries, and new consumption, focusing on improvements in ROE [4][39][42][44]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that Hon Hai achieved record monthly and quarterly revenues, with December 2025 revenue reaching 862.9 billion New Taiwan Dollars (NTD), a year-over-year increase of 31.77% and a month-over-month increase of 2.20% (in USD, YoY +36.4%, MoM +1.1%) [2] - For Q4 2025, Hon Hai reported revenue of 2.6 trillion NTD, marking a year-over-year increase of 22.07% and a quarter-over-quarter increase of 26.51% (in USD, YoY +26.4%, QoQ +23.6%) [2] - The total revenue for 2025 reached 8.1 trillion NTD, representing an 18.07% year-over-year growth (in USD, YoY +20.8%) [2] - The growth in AI cloud products is driving overall business growth, with strong performance across cloud network products, computer terminal products, and components in Q4 2025, particularly benefiting from robust demand for AI servers [2] - AI cabinet shipments are expected to continue increasing in Q1 2026, despite the traditional off-season for ICT products, with expectations of high revenue levels due to the high base from Q4 2025 [2] - The investment suggestion emphasizes the significant growth of the subsidiary, Industrial Fulian, in the AI server business, which is becoming a major growth driver for the group [2] Summary by Sections Revenue Performance - December 2025 revenue reached 862.9 billion NTD, marking a historical high [2] - Q4 2025 revenue was 2.6 trillion NTD, also a historical high [2] - Full-year revenue for 2025 was 8.1 trillion NTD, the highest in history [2] AI Product Growth - AI cloud products are experiencing strong growth, significantly contributing to overall business performance [2] - AI cabinet shipments increased by 300% quarter-over-quarter in Q3 2025, with expectations for continued high double-digit growth in Q4 [2] Future Outlook - Q1 2026 is expected to see continued growth in AI cabinet shipments, with revenue anticipated to be at the upper end of the past five years' range [2] - Industrial Fulian's cloud computing business saw over 75% year-over-year growth in Q3 2025, driven by AI cabinet product deliveries and sustained demand for AI computing power [2]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the projected growth and performance metrics. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 800-850 million yuan in 2025, representing a year-on-year growth of 85.5%-97.1% [2] - The fourth quarter of 2025 is projected to see a net profit of 218 million yuan, indicating a robust growth rate of 68.2% year-on-year [2] - The electric low-speed vehicle segment, particularly electric golf carts, is anticipated to be the main driver of growth for the company [3] - The company has established a significant presence in North America, with over 50 signed dealers and a strong demand for its products, leading to a sell-out situation upon arrival [3] - The company has initiated diverse brand marketing strategies, including partnerships with major sports leagues, enhancing brand visibility [3] Financial Performance Summary - Total revenue is projected to grow from 2,144 million yuan in 2023 to 7,056 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 25.5% [5] - The net profit attributable to shareholders is expected to increase from 280 million yuan in 2023 to 1,603 million yuan in 2027, reflecting a CAGR of 28.6% [5] - The gross margin is forecasted to stabilize around 38% from 2025 onwards, indicating strong profitability [5] - The return on equity (ROE) is projected to rise significantly from 9.5% in 2023 to 31.6% in 2027, showcasing improved efficiency in generating profits from equity [5] - Earnings per share (EPS) is expected to grow from 2.57 yuan in 2023 to 14.70 yuan in 2027, indicating strong earnings growth potential [5] Operational Developments - The company has made significant advancements in its North American manufacturing capabilities, achieving production efficiency comparable to its domestic facilities [4] - A second production line is being prepared to further enhance capacity and support market expansion in North America [4] - The establishment of a 140,000 square meter local warehousing and manufacturing base in North America is aimed at ensuring efficient product flow from production to end-users [4] - A localized team of nearly 400 personnel has been assembled to cover all business operations, enhancing market responsiveness and service quality [4]

[Table_ReportType] 行业点评报告 [Table_ReportDate] 2026 年 1 月 5 日 郭雪 环保公用行业联席首席分析师 [T事ab件le：_1Su月mm4ar日y]，国务院印发《固体废物综合治理行动计划》（以下简称《行 动计划》），旨在加强固体废物综合治理，推进美丽中国建设，加快经济社会 发展全面绿色转型。《行动计划》明确了到 2030 年的主要目标，并部署了 推动源头管控和减量、规范收集转运和贮存、提升资源化利用水平、增加无 害化治理能力、实施重点领域专项整治等方面主要任务。 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 行业研究 [Table_Title] 加强固体废物综合治理，提高资源节约集约利 用水平 点评： [Table_Author] [Table_Auth ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a significant recovery in domestic tourism during the 2026 New Year holiday, with 142 million domestic trips, a 5.2% increase compared to the 2024 New Year holiday, and reaching 115% of the 2019 level [6][14] - Total domestic travel expenditure reached 84.789 billion yuan, up 6.3% from the 2024 New Year holiday, recovering to 112% of the 2019 level [6][14] - The average spending per person was 597 yuan, a 1.1% increase from the 2024 New Year holiday, recovering to 97% of the 2019 level [6][14] - There was a notable increase in passenger transport volume, with significant growth in waterway and highway transport [14] - Scenic spots such as Huangshan, Changbai Mountain, and Danxia Mountain saw substantial visitor increases, with ticket bookings for domestic scenic spots increasing over four times year-on-year [16] - Duty-free sales in Hainan experienced rapid growth, with 442,000 items sold, a 52.4% increase, and shopping revenue reaching 712 million yuan, up 128.9% [22] - Cross-border travel demand surged, with 6.615 million people entering and exiting the country, a 28.6% increase [26] - Retail sales in key business districts showed strong consumer vitality, with total sales reaching 4.04 billion yuan, a 16.3% year-on-year increase [34] Summary by Sections Domestic Tourism - Domestic travel during the 2026 New Year holiday reached 142 million trips, a 5.2% increase from 2024, and 115% of the 2019 level [6] - Total expenditure was 84.789 billion yuan, a 6.3% increase from 2024, recovering to 112% of the 2019 level [6] Scenic Spots - Significant visitor growth at scenic spots, with Huangshan, Changbai Mountain, and Danxia Mountain seeing increases of 76%, 66%, and 81% respectively compared to 2024 [16][18] Duty-Free - Hainan's duty-free sales reached 712 million yuan, a 128.9% increase, with 442,000 items sold, reflecting a 52.4% growth [22] Cross-Border Travel - Cross-border travel reached 6.615 million people, a 28.6% increase compared to the previous year [26] Retail - Retail sales in Beijing's key business districts totaled 4.04 billion yuan, with a 16.3% year-on-year increase [34] Investment Recommendations - The report suggests focusing on the travel chain, including hotels (e.g., Shoulv Hotel, Jinjiang Hotel), scenic spots (e.g., Three Gorges Tourism, Huangshan Tourism), and OTA (e.g., Ctrip Group) [35] - In the retail sector, it recommends focusing on duty-free (e.g., China Duty Free Group, Wangfujing) and retail department stores (e.g., Chongqing Department Store, He Bai Group) [35]

Investment Rating - The industry investment rating is "Positive" [1] Core Views - International oil prices experienced slight increases due to geopolitical tensions in Venezuela and Ukraine, with Brent and WTI prices at $60.75 and $57.32 per barrel respectively as of January 2, 2026 [2][9] - The oil and petrochemical sector showed a strong performance, with a 3.92% increase in the sector index compared to a slight decline in the broader market [10] - The report highlights the increase in U.S. crude oil production and refinery processing rates, indicating a robust demand environment [57][62] Summary by Sections Oil Price Review - As of January 2, 2026, Brent crude futures settled at $60.75 per barrel, up $0.51 (+0.85%) from the previous week, while WTI crude futures rose to $57.32 per barrel, an increase of $0.58 (+1.02%) [31] - The geopolitical situation, particularly in Venezuela and Ukraine, is influencing market dynamics, balancing risks of supply surplus against geopolitical tensions [2][9] Offshore Drilling Services - The number of global offshore self-elevating drilling rigs increased to 375, with notable additions in Africa, Europe, and North America [40] - Floating drilling platforms also saw a rise, totaling 131, with increases in Africa and South America [40] Crude Oil Supply - U.S. crude oil production reached 13.827 million barrels per day, reflecting a slight increase of 0.2 million barrels from the previous week [57] - The active rig count in the U.S. rose to 412, indicating ongoing exploration and production activities [57] Crude Oil Demand - U.S. refinery crude processing averaged 16.847 million barrels per day, with a utilization rate of 94.70%, showing a slight increase in operational efficiency [62] - The report notes stable refinery operation rates in China, with major refineries operating at 75.11% capacity [62] Crude Oil Inventory - As of December 26, 2025, total U.S. crude oil inventories stood at 836 million barrels, a decrease of 1.686 million barrels (-0.20%) from the previous week [75] - Strategic reserves increased slightly, while commercial inventories saw a notable decline [75] Finished Oil Products - In North America, average prices for diesel, gasoline, and jet fuel were reported at $89.37, $71.66, and $80.18 per barrel respectively, with corresponding price differentials to crude oil [99]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2] Core Viewpoints - The pharmaceutical and biotechnology sector experienced a weekly return of -2.06%, ranking 28th among 31 primary sub-industry indices, with the medical services sub-sector performing the best at -1.40% [3][9] - Emerging industries such as brain-computer interfaces, robotics, and AI applications are highlighted as key areas of focus for investment in 2026, alongside state-owned enterprise reforms as part of the "14th Five-Year Plan" [3][9] - Long-term investment themes include innovation and international expansion, with recommendations to focus on high-end medical devices and innovative drug supply chains [3][9] Summary by Sections 1. Industry Weekly Viewpoints - The medical services sub-sector had the highest weekly return, while the pharmaceutical commercial sub-sector ranked sixth with a return of -2.68% [9] - The report emphasizes the importance of new industries and state-owned enterprise reforms for investment opportunities in 2026 [3][9] 2. Pharmaceutical Sector Performance and Valuation - The pharmaceutical and biotechnology industry index had a recent one-month return of -2.97%, ranking 29th among primary sub-indices [11] - The current PE (TTM) for the pharmaceutical and biotechnology industry is 28.59 times, slightly below the five-year historical average of 28.62 times [15][18] 3. Market Tracking - The medical services sub-sector showed the smallest weekly decline, while it also had the highest monthly return of 1.91% [28] - The report provides detailed performance metrics for various sub-sectors, indicating a mixed performance across the board [25][28] 4. Industry and Company Dynamics - Recent policy developments include the implementation of a unified basic medical insurance management procedure in Guangdong Province, effective February 1, 2026 [35] - Significant news includes the approval of new drugs and clinical trials by various companies, indicating ongoing innovation in the sector [36][37]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - In 2026, China will expand the scope of subsidies for scrapping and updating vehicles, which is expected to drive continuous growth in industry sales [3][23] - The Robotaxi fleet of Xiaoma Zhixing has reached 1,159 vehicles, exceeding the original target of 1,000 vehicles for the year [3][23] - The new subsidy policy is projected to benefit over 12 million passenger vehicles in 2026, significantly increasing consumer spending and potentially driving new car sales by nearly 1.5 million units [23][24] Summary by Sections Market Performance - The A-share automotive sector outperformed the market, with a weekly increase of 1.44%, ranking fourth among A-share Shenwan first-level industries [3][9] - The SW passenger vehicle index decreased by 1.64%, while the SW commercial vehicle index increased by 0.39% [3][6] Key Industry News - The 2026 subsidy policy for scrapping old vehicles will include more vehicle types and higher subsidy amounts, with a maximum of 20,000 yuan for scrapping and 15,000 yuan for replacement [23] - Xiaoma Zhixing's Robotaxi fleet has expanded rapidly, with 961 vehicles by September 30, 2025, and 667 of them being the seventh-generation model [23] - Firefly has officially launched in Austria, marking a significant step in its European market expansion [23] - Waymo has begun road testing autonomous taxis in London, aiming to expand its robotaxi services internationally [23] - Xiaomi aims to deliver 550,000 vehicles in 2026, focusing more resources on automotive production [24] Upstream Data Tracking - Key material prices such as steel, aluminum, and lithium carbonate are being monitored, with fluctuations potentially impacting production costs in the automotive sector [25][26][27]