Group 1 - A-shares opened higher with the Shanghai Composite Index up 0.22% and the ChiNext Index up 0.52%, driven by active performance in the storage chip sector, with stocks like Jiangbolong and Demingli rising over 5% [1] - Huaxi Securities suggests that regulatory "counter-cyclical adjustments" will support a "slow bull" market in A-shares, with overall valuations remaining reasonable and investor risk appetite high, supported by macro policies and moderate corporate earnings recovery [1] - The focus for investment will shift towards performance lines as the year-end earnings forecast disclosure period approaches, with key sectors including technology, chemicals, and high-growth forecasts in electronics and machinery [1] Group 2 - Dongfang Securities anticipates a significant rebound in the stock market post-Spring Festival, highlighting that the technology sector remains a focal point for market funds due to strong performance across various sub-sectors driven by AI technology [2] - The investment style of "favoring the new and disfavoring the old" is expected to continue, with sectors like photovoltaic, liquor, and pig farming facing performance pressure due to market fluctuations and supply-demand adjustments [2]

Core Viewpoint - Hikvision's profit growth is gradually improving, with the application of large models expanding [1] Financial Performance - In 2025, the company's operating revenue is projected to be 92.52 billion yuan, remaining stable year-on-year [1] - The net profit attributable to shareholders is expected to reach 14.19 billion yuan, representing an 18% year-on-year increase [1] - By Q4 2025, the company is estimated to achieve a net profit of 4.87 billion yuan, reflecting a 26% year-on-year growth [1] Cash Flow and Management - The company has strengthened its accounts receivable management, leading to a significant increase in operating cash flow [1] - This improvement provides a solid foundation for the company's stable operation and sustainable development [1] AI and Industry Applications - The company has developed its own large model, significantly expanding its AI application capabilities [1] - With years of vertical industry focus, the company has built leading industry application capabilities and an efficient AI engineering implementation system, allowing for quick responses to industry demands [1] Market Outlook - Government initiatives since the end of 2024, such as the construction of resilient cities and the "AI+" action plan, are expected to boost demand for Hikvision's video surveillance products [1] - Based on comparable companies' 2026 PE valuation level of 27 times, the target price is set at 47.52 yuan, maintaining a "buy" rating [1]

Core Viewpoint - The chemical industry is experiencing a collective shift in business strategies driven by multiple factors, leading to a recovery in industry prosperity [1] Group 1: Industry Trends - The long-standing focus on market share in China's chemical industry is being transformed, with companies now facing increased barriers to entry due to supply-side reforms, environmental checks, and dual carbon goals [1] - Internal policy adjustments and external anti-dumping investigations are signaling a necessary change in the expectations surrounding market share [2] Group 2: Business Strategy Shifts - Companies are moving towards sacrificing existing market share to enhance short-term return rates, as merely halting expansion is no longer sufficient to address inventory and excess capacity [2] - The change in business strategies is primarily driven by shifts in the mindset of entrepreneurs and management, marking a significant departure from previous industry recovery patterns [2] Group 3: Selection Criteria for Investment - The preferred selection criteria for the industry include the strength of expansion constraints and the depth of leading companies' advantages, with stronger constraints leading to lower expectations for market share-driven growth [3] - The depth of leading companies' advantages not only constrains industry expansion but also determines the potential recovery in industry return rates [3] Group 4: Investment Recommendations - Recommended investment opportunities include: - MDI: Wanhua Chemical (600309) - Petrochemicals: Sinopec (600028), Rongsheng Petrochemical (002493), Hengli Petrochemical (600346) - Phosphate Chemicals: Chuanheng Shares (002895), Yuntianhua (600096), Xingfa Group (600141) - PVC: Zhongtai Chemical (002092), Xinjiang Tianye (600075), Chlor-alkali Chemical (600618), Tianyuan Shares (002386) - Polyester Bottle Chips: Wankai New Materials (301216) [4]

截至9月30日，东方证券股东户数18.38万，较上期增加2.56%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，东方证券实现营业收入127.08亿元，同比减少9.74%；归母净利润51.10亿元，同比增长 54.76%。 分红方面，东方证券A股上市后累计派现161.55亿元。近三年，累计派现50.34亿元。 1月20日，东方证券涨0.48%，成交额5.63亿元。两融数据显示，当日东方证券获融资买入额5236.75万 元，融资偿还6705.35万元，融资净买入-1468.60万元。截至1月20日，东方证券融资融券余额合计25.65 亿元。 融资方面，东方证券当日融资买入5236.75万元。当前融资余额25.61亿元，占流通市值的3.26%，融资 余额超过近一年80%分位水平，处于高位。 融券方面，东方证券1月20日融券偿还3.49万股，融券卖出2.29万股，按当日收盘价计算，卖出金额 24.18万元；融券余量34.54万股，融券余额364.74万元，低于近一年30%分位水平，处于低位。 资料显示，东方证券股份有限公司位于上海市黄浦区中山南路119号东方证券大厦,中国上海市黄浦区中 山南路318 ...

特此公告。 上海东方证券资产管理有限公司 2026年01月 21日 东方红益恒纯债债券型证券投资基金（以下简称"本基金"）C类基金份额（基金代码：021836）于2026 年01月20日发生大额赎回。为确保基金份额持有人利益不因份额净值的小数点保留精度受到不利影响， 经上海东方证券资产管理有限公司（以下简称"本公司"）与基金托管人协商一致，决定自2026年01月20 日（含）起提高本基金 C类基金份额净值精度至小数点后8位，小数点后第9位四舍五入。本基金C类基 金份额将自大额赎回对基金份额持有人利益不再产生重大影响时起，恢复基金合同约定的净值精度，届 时不再另行公告。 投资者可通过本公司客服电话400-920-0808，或登录本公司网站（https://www.dfham.com/）获取相关信 息。 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保 证最低收益。请充分了解基金的风险收益特征，审慎做出投资决定。 ...

Core Viewpoint - The company, Obi Technology Group, focuses on the development of 3D visual perception technology and aims to enhance the understanding of the world through AI vision in various applications [1][2]. Group 1: Company Overview - Obi Technology Group was established on January 18, 2013, primarily engaged in technology promotion and application services [3]. - As of September 30, 2025, the company had 29,224 shareholders, an increase of 9,189 from the previous count, with an average holding value of 1.3725 million yuan and an average shareholding of 13,700 shares [3]. Group 2: Market Position and Financials - The latest stock price of Obi Technology Group is 99.99 yuan, down by 2.47 yuan or 2.41% from the previous trading day, with a total market capitalization of 40.11 billion yuan [1]. - The rolling price-to-earnings ratio for the electronic components industry is 88.37, with a median of 64.86 [1]. Group 3: Technological Development - The company has built a "full-stack technology R&D capability + full-field technology route layout" for its 3D visual perception technology system, integrating multiple complex disciplines such as optics, mechanics, electronics, chip design, algorithms, SDK, and firmware development [2]. - Since 2015, the company has been expanding its technology and business in various types of robotics, covering applications in humanoid robots, commercial services, elderly rehabilitation, home care, logistics, and agricultural intelligence [2]. Group 4: Product Applications - Obi Technology Group has formed a strategic partnership with a leading global consumer 3D printing and scanning company, providing core underlying technology for several benchmark products, including consumer-grade 3D printers equipped with AI lidar and high-precision handheld 3D scanners [2]. - The company has successfully commercialized chip-level high-precision 3D scanning technology, establishing several benchmark products in digital twin and 3D digitization scenarios, thus gaining a significant first-mover advantage in the industry [2].

Group 1 - The European Union Aviation Safety Agency (EASA) has begun flight evaluation tests for the C919 in Shanghai, which is expected to accelerate the global expansion of China's commercial aviation sector [2][3] - EASA's certification is recognized globally, and the C919 has already transported millions of passengers domestically, indicating its initial market validation [2] - The China Aerospace Science and Technology Corporation (CASC) held a meeting emphasizing the advancement of manned lunar missions and deep space exploration, alongside breakthroughs in reusable rocket technology [2][3] Group 2 - The competition for near-Earth orbit resources is intensifying, with low Earth orbit satellite constellations becoming a new arena for major powers, prompting China to accelerate the development of its low Earth orbit satellite systems [3] - The ongoing support from policies, improvements in rocket capacity, and advancements in reusable technology are expected to drive rapid growth in the satellite industry, benefiting the entire supply chain from manufacturing to operation [3] - The 14th Five-Year Plan has commenced, with a focus on military and civilian dual-use technologies, including unmanned systems and deep-sea technology, highlighting the growth potential in the military sector [4]

Economic Overview - Q4 GDP growth achieved 5%, meeting the target despite a downward trend in consumption and investment[5] - December retail sales growth fell to 0.9% YoY, down from 1.3% in November, indicating persistent weakness in domestic demand[5] Consumption Insights - The cumulative retail sales growth for the year was 3.7%, with non-automotive retail sales growing at 4.4%[5] - December saw a significant drop in automotive sales growth, from over 90% in June to -1.5% by year-end, influenced by local registration policies[5] Investment Trends - Fixed asset investment showed a cumulative YoY decline of 3.8%, worsening from -2.6% the previous month, with real estate investment down 17.2% YoY, marking a historical low[5] - High-growth sectors include logistics and emerging technologies, with pipeline transportation investment up 36% and internet services investment up 23.8%[5] Production Performance - Industrial value-added growth in December was 5.2%, better than previous months, with high-tech industries growing 11% YoY, outperforming overall industrial growth[5] - Export delivery value for large industrial enterprises increased by 3.2% YoY in December, ending two months of negative growth[5] Future Outlook - The focus on "strong supply and weak demand" is expected to bring more domestic demand highlights in 2026, potentially boosting consumption and investment[5] - The anticipated "soft opening" for 2026 is supported by fiscal measures and local growth initiatives[5]

Group 1 - S&P Global has awarded Dongfang Securities a Corporate Sustainability Assessment (CSA) score of 53 for 2025, the highest score among Chinese securities firms published to date [1][2] - The CSA score reflects Dongfang Securities' commitment to ESG principles and its leadership in sustainable finance and risk management [1][2] - The company has established a board-level committee to oversee the implementation of ESG goals and policies, enhancing its governance structure [2] Group 2 - Dongfang Securities is integrating sustainable development into its corporate strategy, focusing on optimizing its ESG risk management system and promoting responsible investment [2] - The company is actively engaged in green operations, reducing carbon emissions, and contributing to social welfare and rural revitalization efforts [2] - Recent disclosures include updates to its ESG risk management and responsible investment statements, improving governance transparency [2]

Core Insights - S&P Global has awarded Dongfang Securities the highest score among Chinese securities firms in its Corporate Sustainability Assessment (CSA), achieving a score of 53 for the year 2025 [1][7]. Group 1: ESG Performance - The steady improvement in Dongfang Securities' CSA score reflects the industry's recognition of the company's commitment to ESG principles and its leadership in sustainable finance and risk management [7][8]. - The company has established a board-level committee focused on strategy and sustainability to oversee the implementation of ESG goals and policies [8]. Group 2: Strategic Integration - Dongfang Securities aims to integrate sustainable development deeply into its corporate strategy, promoting the idea of "Enjoying a Better Life" [7][8]. - The company is actively enhancing its ESG risk management system and focusing on responsible investment, aligning ESG efforts with core business operations [8]. Group 3: Operational Practices - The company is committed to reducing operational carbon emissions and is involved in social welfare and rural revitalization efforts, contributing to the consolidation of poverty alleviation achievements [8]. - Recent disclosures include updates to its ESG risk management and responsible investment statements, enhancing the transparency and regulatory compliance of its governance framework [8].