Export Performance - December 2025 exports increased by 6.6% year-on-year, exceeding the 3% consensus forecast from Reuters[9] - Monthly exports reached $35.778 billion, with a trade surplus of $11.414 billion[7] - The growth in exports was driven by strong performance in automobiles and high-tech products, with respective year-on-year growth rates of 16.6% and 12.1%[9] Trade Dynamics - Exports to Hong Kong showed significant improvement, contributing an additional 0.97 percentage points to overall export growth[9] - The automotive sector's robust performance was influenced by the EU's proposed minimum import price policy, leading to a "rush to import" effect[9] Import Trends - December imports rose by 5.7% year-on-year, surpassing the 0.9% forecast from Reuters[9] - Key imports included integrated circuits and high-tech products, with respective growth rates of 13.5% and 8.7%[9] Future Outlook - Export growth in 2026 is expected to be supported by the manufacturing cycle, Belt and Road investments, and price advantages of export goods[3] - Structural opportunities are identified in sectors such as AI and infrastructure, driven by ongoing global manufacturing recovery and investment trends[3] Risk Factors - Uncertainties surrounding U.S. tariff policies may impact China's export outlook, with potential legal challenges to tariff implementations[48]

- The report focuses on the analysis of the industries where Northbound funds have increased their holdings, particularly highlighting sectors such as power and new energy equipment, electronics, and metal materials and mining[1][5][13] - Northbound funds' total holdings in A-shares amounted to approximately 2.59 trillion yuan as of December 31, 2025, representing an increase of about 46 billion yuan compared to September 30, 2025[1][5][13] - Relative to the CSI 300 Index, Northbound funds were significantly overweight in the power and new energy equipment sector, with an allocation ratio of approximately 18.0%, compared to 8.6% in the CSI 300 Index, resulting in an overweight of about 9.5%[5][15] - The top five primary industries with the highest net inflows of Northbound funds in Q4 2025 were metal materials and mining, electronics, power and new energy equipment, telecommunications, and insurance[6][20] - The top five secondary industries with the highest net inflows of Northbound funds in Q4 2025 were new energy vehicle equipment, basic non-ferrous metals, communication equipment, precious metals, and components and devices[6][25]

Investment Rating - The report maintains a positive investment rating for the industry [12] Core Insights - The global black electrical market showed signs of stabilization in Q3 2025, with a slight year-on-year decline in shipment volume but a narrowing of the decline, indicating reduced downward pressure [4][10] - The Mini LED TV market is experiencing rapid growth, although the pace of penetration is slowing due to a deceleration in growth in the Chinese market [9][10] Market Conditions - In Q3 2025, the global TV market exhibited a "stable volume with slight decline, and both price and revenue falling" pattern, with total shipments reaching 52.55 million units, a year-on-year decline of 0.63% [23] - The OLED TV segment continued to grow, with shipments reaching 1.54 million units, a year-on-year increase of 7.75% [23] - The overall market revenue for black electrical products was $23.018 billion, down 6.76% year-on-year, with the average price per unit dropping to $438.02, a decrease of 6.17% [23] Competitive Landscape - Korean brands Samsung and LGE saw a slight recovery in global market share in Q3 2025, primarily through pricing strategies, although average product prices fell [8] - Chinese brands like TCL and Hisense achieved shipment growth due to strong performance in emerging markets, while Xiaomi faced challenges in the Chinese market but performed well in Western Europe [8][47] Structural Changes - The penetration rate of Mini LED TVs is experiencing a temporary slowdown, with demand concentrated in China, Western Europe, and North America [9][10] - TCL and Hisense are leading in shipment volume and growth in the Mini LED segment, while LGE has a smaller scale but is experiencing rapid growth from a low base [9] Investment Recommendations - The report suggests that despite the phase of adjustment in the Chinese market, Chinese brands are showing resilient growth, particularly in emerging markets [10][43] - The competitive landscape indicates that while there is a significant price gap between Chinese and Korean brands, there is substantial room for growth through premiumization and structural upgrades [10]

Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - In FY2026Q1 (from September 1, 2025, to November 30, 2025), the company achieved revenue and net profit of 1,027.7 billion yen and 147.4 billion yen, respectively, representing a year-on-year increase of 15% and 12%. Both figures exceeded Bloomberg consensus estimates of 990.2 billion yen for revenue and 130.1 billion yen for net profit [2][4] - The performance of Uniqlo in Japan and overseas showed year-on-year revenue growth of 12% and 20%, respectively. The Greater China region saw a revenue increase of 7%, marking a return to positive growth, while other regions continued to experience high growth [2][4] Summary by Sections Latest Performance - For FY2026Q1, the company reported revenue of 1,027.7 billion yen and net profit of 147.4 billion yen, with year-on-year growth of 15% and 12%, respectively. This performance surpassed market expectations [2][4] Regional Performance - Japan: Revenue increased by 12% year-on-year, with strong sales in autumn/winter products and a double-digit growth in sales from overseas tourists, contributing to a same-store sales growth of 11% [10] - Greater China: Revenue grew by 7% year-on-year, rebounding from a decline of 10% in the previous quarter, driven by colder weather and improved operational efficiency [10] - Other Asia and Oceania: Revenue increased by 22% year-on-year, with double-digit same-store growth in markets like South Korea and Southeast Asia [10] - North America and Europe: Revenue rose by 33% year-on-year, supported by new store openings and strong sales of winter products [10] Inventory and Guidance - As of FY2026Q1, inventory increased by 6% year-on-year, primarily due to increased stocking of winter products. The company plans to optimize inventory by the end of the next quarter [10] - The revenue guidance for FY2026 is set at 38,000 billion yen (an increase of 11.7% year-on-year), with net profit expected to reach 4,500 billion yen (up 3.9% year-on-year) [10]

Investment Rating - The investment rating for the industry is "Positive" and maintained [7] Core Insights - Google has established a comprehensive AI ecosystem, including TPU computing infrastructure, the Gemini multimodal model family, AI Studio, and the Vertex AI developer platform, which continuously empowers its AI layout and strengthens its data moat [2][10] - The acceleration of AI applications is moving towards realization, with a positive outlook on the performance of large model companies like Zhiyu and Minimax post-IPO. Key marginal factors include (1) model capability enhancement and release event catalysts; (2) advancement of business models (C-end traffic entry logic & B-end labor replacement logic). A paradigm shift in models by 2026 is expected to bring excess opportunities, with a long-term positive view on AI industry upgrade opportunities [2][10] Summary by Relevant Sections AI Applications - Google is actively expanding its AI strategy across various segments, focusing on providing infrastructure and open-source models in healthcare. Notable developments include the Vertex AI Search for Healthcare tool optimized for medical scenarios and partnerships like the one with Color Health for breast cancer screening assistance [10] AI for Science - Google has a significant advantage in AI for Science (AI4S) due to its extensive experience and capabilities in the field. The company has developed world-class scientific intelligence models and tools, applying AI across multiple scientific domains such as biology, meteorology, and physics [10] Edge Deployment - Google has a well-established edge deployment strategy, focusing on embodied intelligence, AI glasses, AI phones, Google TV, and Robotaxi services. The latest data shows significant growth in Robotaxi services, with a 80% increase in service volume compared to earlier months [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has recently won a bid for the 2026 2D vision project with a contract amount of RMB 120 million, which is expected to positively impact its operational performance [2][4]. - The company is positioned as a leader in the 3C vision sector and has shown strong competitive advantages, with continuous high growth in its performance throughout 2025 [9]. - The recovery of downstream industries, particularly in the 3C and lithium battery sectors, is anticipated to support the company's revenue growth [9]. - The integration of AI and vision technologies is expected to enhance the company's market competitiveness and customer loyalty [9]. - Future prospects indicate that AI and embodied intelligence will gradually materialize, with the company expanding its product offerings in robotics and related technologies [9]. Summary by Relevant Sections Project Announcement - The company announced its successful bid for the 2026 2D vision project, with a bid amount of RMB 120 million [4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of RMB 1.012 billion, a year-on-year increase of 38.06%, and a net profit of RMB 183 million, also up by 38.43% [9]. Market Position and Future Outlook - The company is expected to benefit from the recovery in the 3C and lithium battery industries, with a projected increase in market share and new business expansions [9]. - The company has established a product matrix that integrates vision, sensing, motion, and AI, enhancing its competitive edge [9]. - The establishment of a robotics division aims to leverage advanced vision technologies for various robotic applications, indicating a strategic shift towards higher-value sectors [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is a high-quality international engineering state-owned enterprise, with engineering, equipment, and operation & maintenance forming the "three driving forces" for growth. The company will further focus on three major areas: the building materials chain, mining chain, and green energy & environmental protection chain during the 14th Five-Year Plan, enhancing its long-term growth logic [3][4]. Summary by Relevant Sections - The company has significantly reduced its reliance on domestic cement engineering, with overseas orders accounting for 69% of total orders and domestic engineering orders only 9%. The company’s return on equity (ROE) is 15%, the highest among construction state-owned enterprises, with a debt-to-asset ratio of 61% [10]. - The overseas cement engineering business is driving stable growth in engineering operations. The equipment segment has a gross margin and cash flow significantly higher than other businesses, with new equipment orders of 7.2 billion yuan in the first three quarters of 2025, a year-on-year increase of 45%. The overseas equipment orders grew by 79%, while domestic equipment orders increased by 20% [10]. - The company expects steady growth during the 14th Five-Year Plan, with revenue and performance growth projected at 5-10%. If acquisitions and business transformations are realized, the growth rate could be further revised upwards. The company anticipates significant contributions from its equipment and operation & maintenance businesses in 2026, with an optimistic growth outlook of over 10% [10]. - The company’s high dividend yield provides a safety margin, with a projected dividend payout ratio of approximately 44% and 48% for 2025 and 2026, respectively, leading to a dividend yield of 5.3% in 2026. Even with a 20% increase in stock price, the dividend yield remains above 4.4%, indicating a significant safety margin [10].

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The communication sector rose by 1.50% in the first week of 2026, ranking 28th among primary industries in the Yangtze River region. Year-to-date, the sector has also increased by 1.50% [2][5] - NVIDIA launched the Rubin platform at CES 2026, which integrates computing, storage, and networking, enhancing the demand for high-speed optical interconnects. This is expected to increase optical connection density and bandwidth requirements [6][8] - Chinese enterprises and institutions have applied to the ITU for over 200,000 low-orbit satellites by the end of 2025, accelerating the layout of low-orbit satellite internet and securing scarce frequency resources [7][8] Summary by Sections Market Performance - In the first week of 2026, the communication sector's stock performance included significant gains for companies with market capitalizations over 8 billion yuan, with Nanjing Panda (+49.1%), Tongyu Communication (+42.3%), and Dawi Technology (+35.3%) leading the gains. Conversely, Hengbao Co. (-8.1%), Cambridge Technology (-8.0%), and Dingtong Technology (-7.6%) experienced the largest declines [5] NVIDIA Rubin Platform - The Rubin platform features a modular Superchip and full liquid cooling, significantly increasing computing density. The NVL72 unit integrates 72 Rubin GPUs, providing approximately 200 PFLOPS NVFP4 computing power, with internal bandwidth of 14.4TB/s and external bandwidth of 1.6Tb/s [6] - The platform introduces a POD-level context memory system that alleviates inference KV cache bottlenecks, allowing for low-latency sharing across GPUs and nodes, with a single GPU card capable of approximately 16TB of context storage [6] - The integrated architecture of the Rubin 576 Superpod enhances optical interconnect density, with a total bandwidth of approximately 260TB/s [6] Satellite Projects in China - The report highlights that the large-scale application for low-orbit satellite constellations by Chinese entities is aimed at securing limited space resources, thus accelerating the development of low-orbit satellite internet [7] Investment Recommendations - The report recommends several companies across various segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid cooling: Yingweike - Hollow-core optical fibers: Fenghuo Communication, Hengtong Optic-Electric - Domestic computing: Runze Technology, Guanghuan New Network - AI applications: Bosijie, Heertai, Tuobang Co. - Satellite applications: Huace Navigation, Haige Communication [8]

丨证券研究报告丨 世界经济与海外市场丨点评报告 [Table_Title] 通胀温和会带来更"鸽"的新主席么？ 报告要点 [Table_Summary] 2025 年 12 月，美国通胀低于预期。具体来看：1）食品通胀升温，但前景可控；2）汽车、服 装通胀均回落，核心商品通胀压力有限；3）住房通胀回升，但核心服务通胀压力可控。往前看， 相较于货币政策节奏，关于美联储独立性的博弈更为重要，考虑到近期特朗普有借由对鲍威尔 的诉讼震慑新任主席之意，加之 12 月通胀持续温和为"鸽派"表态进一步扫清障碍，美联储独立 性受损的概率有所增加，美元指数下行压力较大，黄金配置价值再度凸显。 分析师及联系人 [Table_Author] SAC：S0490520090001 SFC：BUX667 于博 敬成宇 %% %% research.95579.com 1 [Table_Title 通胀温和会带来更 2] "鸽"的新主席么？ ——美国 12 月 CPI 数据点评 [Table_Summary2] 事件描述 2026 年 1 月 13 日，美国劳工统计局公布 2025 年 12 月份的 CPI 数据：美国 12 月 CPI ...

Investment Rating - The report maintains a "Positive" investment rating for the 3D printing industry, particularly in its application within the commercial aerospace sector [3]. Core Insights - The report emphasizes that 3D printing technology is a cost-reduction tool that accelerates the industrialization of commercial aerospace, driven by high demand for advanced applications [5][48]. - The growth of the 3D printing market is significantly influenced by the increasing demand for high-end applications, which is expected to lead to continuous market expansion [22][39]. Summary by Sections Section 1: Disruption of Traditional Industrial Systems - Additive manufacturing, also known as 3D printing, revolutionizes traditional manufacturing by allowing for the "free manufacturing" of parts without the need for traditional tools and multiple processing steps, thus reducing processing time and increasing material utilization [9][19]. - Various types of additive manufacturing processes, such as Powder Bed Fusion and Directed Energy Deposition, are highlighted for their efficiency and precision [14][18]. Section 2: High-End Application Demand - The global market for metal additive manufacturing equipment has seen significant growth, with sales increasing from 202 units in 2012 to 3,793 units in 2023, reflecting a CAGR of 25.15% [27]. - The average price of industrial-grade additive manufacturing equipment has risen from $98,100 in 2019 to $316,900 in 2024, indicating a trend towards larger and more expensive systems [28][29]. - The aerospace and defense sectors are identified as key growth areas for 3D printing, with the market expected to reach approximately $3.379 billion in 2024 and grow to $10.48 billion by 2031, at a CAGR of 17.8% [45]. Section 3: 3D Printing as a Cost-Reduction Tool - The report notes that the high costs associated with rocket launches drive the urgent need for cost reduction through 3D printing, which can significantly lower manufacturing costs and weight of components [51][55]. - 3D printing allows for the integration of complex structures, reducing the need for traditional assembly methods, thus enhancing design flexibility and reducing manufacturing time [55][63]. - The application of 3D printing in rocket engines is highlighted, with examples from SpaceX demonstrating substantial cost and weight reductions in engine components [59][72].