Core Viewpoint - The company, Guanghe Technology, has submitted its application to list on the Hong Kong Stock Exchange, with CITIC Securities and HSBC as joint sponsors. The company focuses on manufacturing key components for computing servers, specifically customized PCBs for various computing scenarios [1]. Group 1: Company Overview - Guanghe Technology is primarily engaged in the research, development, production, and sales of customized PCBs used in computing servers and other computing applications [1]. - The company ranks third globally among PCB manufacturers for computing servers based on cumulative revenue from 2022 to 2024, and it holds the top position among PCB manufacturers for computing servers based in mainland China [1]. Group 2: Revenue Breakdown - Revenue from computing scenario PCBs accounted for 67.8%, 69.4%, 72.5%, 73.2%, and 73.9% of total revenue for the years 2022, 2023, 2024, and the nine months ending September 30, 2024, respectively [1]. Group 3: Industry Trends - According to Frost & Sullivan, the demand for comprehensive electronic devices is continuously growing due to the proliferation of AI, expansion of data centers, vehicle networking, robotics, and IoT applications. This trend presents significant growth opportunities for PCBs as a critical component of electronic products [1].

人民财讯12月15日电，中信证券研报表示，从OpenAI企业端AI的数据来看，2025年企业级AI处于场景 探索阶段，用户数和流量实现高增，能力平权和人员降本价值凸显，且行业整体渗透率仍有较大提升空 间。展望2026年，中信证券认为以强化学习技术发展为基础的Agent主线仍将持续演进，带动AI从降本 到增收打开更多应用场景，其中数据分析、代码生成、人力招聘、销售辅助、智能客服等场景需求较为 清晰。建议持续关注AI在财务、人力、销售、生产、供应链等管理软件核心模块上的商业进展。 ...

Core Viewpoint - The report from CITIC Securities indicates that the growth rate of social financing in November remains stable at 8.5%, with a clear differentiation in credit structure, highlighting improvements in corporate loans and bond financing, while household financing continues to be weak [1] Group 1: Financing Trends - The overall stability of entity financing is noted, with corporate loans and bond financing showing improvement [1] - Household financing remains weak, indicating a potential area of concern for consumer spending and economic recovery [1] Group 2: Policy Environment - The Central Economic Work Conference has clarified the direction for fiscal and investment support, creating a favorable environment for banks to expand their balance sheets and provide medium to long-term loans to enterprises [1] - Emphasis is placed on prudently resolving local and real estate risks to solidify asset quality [1] Group 3: Market Expectations - Expectations for bank interest margins and risk remain stable, which is beneficial for the performance of the equity market [1]

中信证券研报表示，2026年将是北美主要云计算厂商收入加速增长的一年，来自大客户的AI训练、推 理料将成为主要需求驱动力，传统云业务需求亦稳步复苏，而数据中心、定制芯片的投产等将会进一步 缓解算力供给端的紧缺程度。综合来看，从订单兑现的节奏，以及各家云厂商的数据中心储备情况来 看，我们预计2026年谷歌GCP、亚马逊AWS、微软Azure云计算收入同比增速相较2025年进一步加速。 我们持续看好一线云厂商在2026年的投资机遇。 ...

Core Viewpoint - Green liquid fuels, including green methanol, green ammonia, and SAF, are key drivers for decarbonization in shipping, aviation, and chemical industries, benefiting from enhanced carbon tax policies and ongoing cost reductions, with potential for nearly tenfold growth in the next five years and a long-term market space reaching trillions of yuan [1] Industry Summary - The green liquid fuel sector is entering a rapid development phase, supported by favorable policies and cost efficiencies [1] - Domestic manufacturers are leveraging abundant and inexpensive green electricity resources, comprehensive equipment supply, and downstream support systems to accelerate the development of the green liquid fuel industry and business models [1] Investment Focus - It is recommended to pay close attention to integrated production manufacturers of green hydrogen, ammonia, and methanol, as well as core equipment suppliers such as electrolyzers [1]

（文章来源：第一财经） 中信证券研报表示，从OpenAI企业端AI的数据来看，2025年企业级AI处于场景探索阶段，用户数和流 量实现高增，能力平权和人员降本价值凸显，且行业整体渗透率仍有较大提升空间。展望2026年，我们 认为以强化学习技术发展为基础的Agent主线仍将持续演进，带动AI从降本到增收打开更多应用场景， 其中数据分析、代码生成、人力招聘、销售辅助、智能客服等场景需求较为清晰。建议持续关注AI在 财务、人力、销售、生产、供应链等管理软件核心模块上的商业进展。 ...

Core Insights - 2026 is expected to be a year of accelerated revenue growth for major cloud computing companies in North America, driven primarily by demand for AI training and inference from large customers [1] - Traditional cloud business demand is also showing steady recovery, while the production of data centers and custom chips will further alleviate the tightness in computing power supply [1] - Based on the pace of order fulfillment and the data center reserves of various cloud providers, it is anticipated that the year-on-year revenue growth rates for Google GCP, Amazon AWS, and Microsoft Azure will accelerate further in 2026 compared to 2025 [1] - The company maintains a positive outlook on investment opportunities for leading cloud providers in 2026 [1]

Core Viewpoint - Green liquid fuels, including green methanol, green ammonia, and SAF, are key drivers for decarbonization in shipping, aviation, and chemical industries, benefiting from increased carbon tax policies and ongoing cost reductions, with potential for nearly tenfold growth in the next five years and a long-term market space reaching trillions [1] Industry Summary - The green liquid fuel sector is entering a rapid development phase, supported by favorable policies and cost efficiencies [1] - Domestic manufacturers are leveraging abundant and inexpensive green electricity resources, comprehensive equipment supply, and downstream support systems to accelerate the development of the green liquid fuel industry and business models [1] Investment Focus - It is recommended to pay close attention to integrated production manufacturers of green hydrogen and ammonia, as well as core equipment suppliers such as electrolyzers [1]

中信证券研报认为，近期美国政府宣布将允许英伟达面向中国市场恢复销售H200，如果放开销售，短 中期可缓解中国AI产业在高端计算资源短缺方面的痛点，且由于H200目前主要是在AI训练环节优势较 大，不会和国产算力的推理场景直接竞争。我们看好国内AI产业从"跟跑"转向"并跑"，拉动整体产业的 投资机会。 ...

Group 1 - The central economic work conference has set a positive tone for policies in 2026, which is expected to boost corporate profits and market confidence, leading to a gradual unfolding of the year-end market rally [2][3] - The conference emphasized the continuation of a "more proactive fiscal policy" and "moderately loose monetary policy," focusing on enhancing domestic demand and improving consumer sentiment [2][3] - The market has completed its adjustment phase, and the year-end rally is anticipated as liquidity improves and institutional repositioning occurs [4] Group 2 - The technology sector remains a key focus for the upcoming spring market, with specific attention on areas such as robotics, nuclear power, and small satellites [6] - Growth stocks are expected to rebound during the year-end rally, with high-quality segments in consumer electronics, gaming, wind power, and batteries being highlighted for their investment value [6] - The long-term logic of the AI industry continues to evolve, suggesting that if more growth stocks can deliver on performance, the technology growth sector may experience a second wave of accelerated growth [6]