Core Viewpoint - The restaurant supply industry is experiencing a gradual easing of competition, with a consensus forming around this trend. The key to significant improvement in the sector in 2026 will depend on demand-side changes, with a prolonged bottoming period expected if demand remains stagnant [1][3]. Group 1: Industry Competition - Recent years have seen a weak recovery in the restaurant sector, leading to increased competition under pressure for market share. However, the marginal benefits from price competition have significantly decreased, and leading companies are advocating for rational competition. The profit margins in the sector rebounded in Q3 2025, indicating this shift [1][3]. - As the peak season approaches in Q4 2025 and January 2026, competition continues to ease, with companies like Anjijia adjusting promotional policies for certain products [1][3]. Group 2: New Growth Opportunities - Leading companies are actively seeking new growth through new products, channels, and markets. Anjijia is focusing on new product development and has adjusted its strategy to embrace supermarket customization, becoming a supplier for major retailers like Walmart and Sam's Club. The company is also planning to enter the halal market, which presents significant potential [2]. - Baoli Foods is enhancing its B2B business by tapping into existing customers and attracting new ones, while also maintaining a steady pace of new product launches in the C-end market [2]. - Babbi Foods has received positive feedback for its new store model, which is performing at 2-3 times the efficiency of traditional takeout stores, indicating potential for exceeding store opening expectations [2]. - Yihai International is expected to maintain robust growth in its B2B and overseas businesses, with a gradual stabilization anticipated for its related parties [2]. Group 3: Market Outlook - The market consensus is optimistic about the easing competition in the industry, with key uncertainties revolving around demand recovery, sustained improvement in market structure, and the potential for new products/channels/markets to generate significant incremental growth. The Consumer Price Index (CPI) is rising, which may restore consumer confidence, and there is anticipation for more domestic demand stimulus policies [3]. - The current low valuation of the sector suggests potential for a "Davis Double," where earnings exceed expectations, leading to a significant price increase [3]. Group 4: Investment Recommendations - The restaurant supply sector has passed its worst operational phase, with competition becoming more rational. Leading companies are making strides in new products, channels, and markets. Given the low valuations, the sector is expected to show elasticity, and a positive outlook is maintained. Key investment recommendations include Anjijia Foods, Baoli Foods, Lihai Foods, Babbi Foods, and Yihai International [4].

Group 1 - The humanoid robot industry is entering its initial commercialization phase, with significant progress observed in both domestic and international markets, indicating a potential acceleration in the global commercialization process of humanoid robots [1] - At CES 2026, over 4,000 companies participated, with nearly 25% being Chinese exhibitors, particularly in the humanoid robot sector, where at least 28 Chinese companies showcased their innovations, demonstrating China's technological capabilities [1] - Notable Chinese companies like Zhiyuan Robotics and Yushu Technology presented their flagship products, including the Lingxi X2 and the G1 humanoid robot, which showcased advanced functionalities and interactive capabilities [1] Group 2 - Several international companies also made strides in humanoid robotics at CES 2026, with LG introducing its first humanoid robot CLOiD for home applications, and Boston Dynamics unveiling the new electric Atlas robot with advanced features [2] - The Atlas robot, equipped with 56 degrees of freedom and a battery life of 4 hours, is set to collaborate with Google DeepMind for future enhancements, indicating a strong focus on innovation in the robotics field [2] Group 3 - Hangzhou Xinjian Electromechanical Transmission Co., Ltd. has initiated its listing guidance, with plans to prepare for an IPO, highlighting its role as a core component supplier for Tesla's humanoid robot, Optimus [3] - The company specializes in manufacturing various components, including worm gears and electric drive joints, and is recognized as a "little giant" enterprise in China [3]

Group 1 - The core viewpoint of the report highlights the significant presence of Chinese companies at CES 2026, with 16 out of 23 exhibitors in the AI glasses category being from China, indicating a strong market focus and innovation in this sector [1][3] - The CES 2026 event showcased approximately 4,300 companies from over 160 countries, with Chinese exhibitors accounting for about 22% of the total, second only to the United States [2] - The report emphasizes the shift in AI development from "digital intelligence" to "physical AI," marking a trend towards deeper integration of AI with hardware [2] Group 2 - Several Chinese smart glasses companies made notable announcements at CES, including Thunderbird's launch of the X3Pro Project eSIM glasses, which support independent functions like calls and real-time AI translation [3] - ByteDance's "Doubao" AI glasses are set to enter the shipping phase, with plans for multiple configurations, including a no-screen version expected to launch in Q1 2026 [3] - Alibaba's Quark glasses sold out of new inventory by December 23, and an OTA upgrade was implemented on December 31, enhancing features like payment and translation [3] Group 3 - The industry trend indicates a focus on lightweight designs, with mainstream products now weighing between 30-50 grams, aiming to return to everyday accessory status [4] - The integration of multimodal technologies is driving AI from passive responses to proactive services, encompassing audio, visual, and tactile experiences [4] - AI glasses are evolving into independent smart terminals capable of functions like calls, internet connectivity, and complex AI computations [4] Group 4 - Global smart glasses shipments are projected to grow by 110% year-on-year in the first half of 2025, maintaining a high growth trajectory [5] - The inclusion of smart glasses in national subsidy programs is expected to provide additional market growth opportunities [5] - A recent policy announcement by the National Development and Reform Commission and the Ministry of Finance includes smart glasses in a new consumer subsidy initiative, which is anticipated to drive further demand [5] Group 5 - Recommended stocks in the sector include Kangnait Optical (02276), Doctor Glasses (300622), and Aishide (002416), with Tianyin Holdings (000829) also mentioned as a relevant stock [6]

该行预计主要上市中资券商去年及今年盈利分别升46%及15%。受行业利好及再杠杆支撑，国泰海通、 中金公司及广发证券盈利增长料跑赢。该行提到，成本效率在牛市时属重要，但监管机构对券商股本融 资维持审慎态度。该行偏好具强劲资本状况的券商，包括国泰海通、中金及广发证券H股，因增长展望 良好及ROE具上行空间；降中国银河H股评级至"中性"，因缺乏增长催化剂。 美银证券发表研究报告指，中资券商股今年迎来五大核心主题，包括再杠杆启动股本回报率(ROE)扩 张；财管业务受惠家庭资产重新配置；投行业务增长受在岸复苏及离岸强劲势头带动；离岸扩张提振经 营杠杆及ROE上行；以及行业持续整合。 ...

Core Insights - The A-share and Hong Kong IPO markets have shown signs of recovery in 2025, leading to discussions about a potential "IPO boom" [1] - The last significant IPO year for both markets was in 2021, marking a peak in IPO numbers and fundraising [2] A-share Market Summary - In 2025, the number of new A-share listings increased to 116, with total fundraising reaching 131.8 billion yuan, nearly doubling year-on-year [3] - The average fundraising amount per IPO rose significantly to 11.36 million yuan, with average underwriting fees for brokers increasing to 0.58 million yuan [7] - The focus has shifted from quantity to quality, with a notable increase in the "value" of individual projects [7] - The largest IPOs in recent years have transitioned from traditional sectors to technology-driven companies, particularly in semiconductors and renewable energy [11] - Leading brokers like CICC and CITIC Securities have maintained their competitive edge, with CICC involved in three of the largest IPOs in the past five years [12][13] Broker Competition in A-share Market - The competition among brokers has evolved, with CITIC Securities and CICC dominating the top spots in underwriting [13][14] - In 2025, the merger of Haitong Securities and Guotai Junan created a new leader in underwriting volume, while the competition in the lower tiers has intensified [14] - CITIC Securities has consistently led in underwriting revenue, with significant contributions from high-quality projects [15][16] Hong Kong Market Summary - The Hong Kong IPO market has experienced a "V-shaped" recovery, with total fundraising in 2025 exceeding 285.8 billion HKD, reclaiming the top position globally [20] - The average fundraising amount per IPO surged to 24.43 million HKD in 2025, driven by large projects from leading companies [20][22] - The narrative of the Hong Kong IPO market has shifted from internet-driven stories to technology and manufacturing innovations [22] Broker Competition in Hong Kong Market - Foreign investment banks like Morgan Stanley and Goldman Sachs continue to hold key positions in large IPO projects, while Chinese brokers are increasing their participation [23][24] - The rise of Chinese brokers, particularly in joint underwriting roles, reflects their growing influence in the Hong Kong market [24][25] - Futu Securities has consistently led in the number of IPOs underwritten, while traditional bank-affiliated brokers are also making significant contributions [25][28] Future Outlook - The consensus indicates a more active IPO market in 2026, but challenges related to supply and market absorption capacity are anticipated [29] - The ability of brokers to price assets and manage project depth will be crucial for success in the upcoming years [29]

从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓三生国健。国泰海通创新医药混合发起A（014157）三季度 持有股数13.1万股，占基金净值比例为5.04%，位居第六大重仓股。根据测算，今日浮盈赚取约39.69万 元。 国泰海通创新医药混合发起A（014157）成立日期2021年12月23日，最新规模1.05亿。今年以来收益 7.94%，同类排名1609/8836；近一年收益25.4%，同类排名5041/8091；成立以来亏损3.53%。 1月13日，三生国健涨5.07%，截至发稿，报62.84元/股，成交2.49亿元，换手率0.66%，总市值387.59亿 元。 国泰海通创新医药混合发起A（014157）基金经理为李子波。 资料显示，三生国健药业(上海)股份有限公司位于中国(上海)自由贸易试验区李冰路399号，成立日期 2002年1月25日，上市日期2020年7月22日，公司主营业务涉及抗体药物的研发、生产及销售业务。主营 业务收入构成为：销售商品75.24%，提供委托加工服务15.37%，授权许可7.94%，租赁服务1.44%。 截至发稿，李子波累计任职时间4年23天，现任基金资产总规模30. ...

Core Insights - The beer industry in China is entering a new phase of competition, focusing on structural opportunities arising from category and channel innovations [2] - The demand for beer is gradually declining, with a projected slowdown in average selling price (ASP) growth for leading companies to 0.4% in 2024 due to lower-than-expected demand recovery and inflation [2] - The craft beer segment is emerging as a key trend, with an estimated penetration rate of approximately 3% in China, compared to 5-15% in developed countries [3] Category Innovation - The generational shift among consumers is creating significant opportunities for category innovation in the beer market, particularly in craft beer [3] - The craft beer landscape is expected to see limited concentration in the mid-term, with small brands leading flavor innovation and niche markets [3] - Major breweries are likely to benefit from the craft beer trend, as they are not bound by the same scale and independence requirements as craft breweries in Europe and the U.S. [3] Channel Transformation - The rapid growth of new retail channels is driven by consumer demands for convenience, rationality, and differentiation, with new retail beer sales estimated at around 30 billion yuan and a penetration rate of approximately 6% [4] - New retail is leveling the playing field, allowing regional breweries to gain market share in weaker markets and providing opportunities for small breweries to utilize excess capacity through OEM [4] - Despite the rise of new retail, established brands still hold significant competitive advantages in terms of brand recognition, quality control, and scale, which can help them maintain or increase market share [4]

Group 1 - Best has submitted a listing application to the Hong Kong Stock Exchange, with Cathay Securities acting as the sole sponsor [1] - Best specializes in electronic functional enhancement materials, holding a strong market position in acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [1] - The company has established three core technology platforms: inorganic powder technology platform, polymer materials technology platform, and composite materials technology platform [1] Group 2 - According to Frost & Sullivan's revenue statistics for the first half of 2025, Best ranks first in the global acoustic enhancement materials market with a market share of 18.1% [1] - Best ranks second in the global LIB separator coated aluminum oxide ceramic materials market, with a market share of approximately 18.1% [1] - The company ranks fourth in the global acoustic adhesives market, holding a market share of about 3.5%, and ranks third in the global high-reflective glaze market with a market share of 5.0% [1]

Group 1 - The fund contract and prospectus for the Cathay Haitong Low-Carbon Economy Selected Mixed Initiated Securities Investment Fund will be disclosed on January 13, 2026, on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website [1] - The fund manager commits to managing and utilizing fund assets with honesty, diligence, and responsibility, but does not guarantee profits or minimum returns [1] - Investors are advised to fully understand the risk-return characteristics of the fund and make prudent investment decisions [1]

Group 1 - The global market risk appetite continues to rise, benefiting equity assets. Tactical recommendations include overweighting A/H shares, US stocks, and gold, while underweighting US Treasuries and oil [1][23]. - Multiple factors support the performance of Chinese equities, suggesting an overweight in A/H shares. The upcoming economic work conference and the start of the 14th Five-Year Plan in 2026 are expected to lead to further expansion of the broad deficit and more proactive economic policies. The Federal Reserve's expected rate cut in December and the stable appreciation of the RMB provide favorable conditions for monetary easing in early 2026 [2][10][11]. - The "Goldilocks" scenario is emerging, which is favorable for US stock performance. The resilience of the US economy, decreasing inflationary pressures, and ongoing investor focus on AI trends are expected to support a moderate increase in market risk appetite and corporate earnings expectations [2][10][11]. Group 2 - Gold is recommended for overweighting due to its strong resilience and safe-haven attributes amid rising geopolitical uncertainties and ongoing central bank purchases. Despite increased volatility from speculative trading, gold prices are expected to maintain strong resilience in the context of fluctuating global risk assets [3][12][25]. - Short-term oil market dynamics may intensify, suggesting an underweight in oil. Investor expectations regarding oil supply and demand are relatively consistent, and OPEC+ production adjustments are expected to be moderate. Geopolitical events in South America may increase the US's influence on global oil prices, with policies favoring lower oil prices anticipated [3][12][25]. Group 3 - Recent US labor market data shows a mild cooling, with the unemployment rate at 4.4%, below expectations. Non-farm payrolls for December were 50,000, also below expectations, while initial jobless claims were 208,000, slightly better than expected [7][30]. - The resilience of the US economy is indicated by the ISM non-manufacturing PMI at 54.4, above expectations, while the manufacturing PMI was slightly below expectations at 47.9. The Michigan consumer sentiment index for January was 54.0, also above expectations [7][30].