Core Viewpoint - The tourism market is expected to see a strong start in 2026, with domestic travel during the New Year holiday showing growth in both the number of travelers and total spending compared to 2024 [1] Group 1: Domestic Travel Performance - The number of domestic travelers and total spending during the New Year holiday is projected to increase by approximately 5% and 6% respectively compared to the 2024 New Year holiday [1] - The overall performance of domestic tourism aligns with expectations, while inbound and outbound travel numbers have exceeded forecasts [1] Group 2: Duty-Free Sales - Duty-free sales data has outperformed expectations, with sales from offshore duty-free shops increasing by about 50% compared to the 2024 New Year holiday [1] - Continuous policy benefits are being released, prompting duty-free businesses to actively launch promotional activities [1] Group 3: Hotel and Scenic Area Performance - Hotel night stays have shown significant growth, although prices still have a gap compared to the 2024 New Year holiday [1] - Scenic areas have generally performed well, with prominent mountainous scenic spots being particularly outstanding [1] Group 4: Future Outlook - The upcoming Spring Festival will have a nine-day holiday, which is expected to further enhance travel enthusiasm and market performance [1]

Overall Market Outlook - The domestic tourism market is expected to perform well in 2026, with a projected increase of approximately 5% in domestic travel volume and 6% in total spending during the New Year holiday compared to 2024 [1] - The recovery trend remains K-shaped, with a low base effect for mid-tier consumer leaders and a shift from pilot exploration to large-scale replication in outbound demand [1] Domestic Travel Performance - During the New Year holiday, 142 million domestic trips were made, representing a 5.2% increase from 2024, with total spending reaching 84.789 billion yuan, up 6.3% [1] - The average spending per person increased by 1.1% compared to 2024, driven by a rich supply of winter tourism options [1] - The total inter-regional movement of people was estimated at 590 million, with a daily average of 198 million, marking a 19.5% year-on-year increase [1] Duty-Free Sales - Duty-free sales during the New Year holiday saw a significant increase, with 442,000 items sold, a 52.4% year-on-year growth, and total shopping amounts reaching 712 million yuan, up 128.9% [2] - The number of shoppers increased by 60.6% compared to the previous year, indicating strong recovery post-border closure [2] Scenic Spots Performance - Major scenic spots showed strong performance, with Songcheng performing 67 shows, a 52.3% increase from 2024, and Huangshan receiving over 75,000 visitors, up 76.5% [3] - Emei Mountain and Jiuhua Mountain also reported significant increases in visitor numbers, with growth rates of 20.9% and approximately 30% respectively [3] Online Travel Agency (OTA) Trends - The "please take 3 days off for 8 days" trend boosted long-distance travel demand, with significant increases in flight and hotel bookings [4] - High-quality hotels and boutique accommodations saw a notable rise in bookings, with domestic hotel reservations increasing by 280% on January 1 [4] Hotel Industry Insights - The average daily rate (ADR) for hotels during the New Year holiday was 204.3 yuan, a 13.8% increase from 2025, although still lower than 2024 [6] - The occupancy rate for hotels was 59.4%, showing a 2.9 percentage point increase from 2025 [6] Restaurant Sector Activity - Restaurant consumption was vibrant, with a 142% increase in traffic for the "must-eat" list during the New Year holiday [7] - Major cities reported significant growth in restaurant sales, with Beijing's dining sector up 4.6% and Guangzhou's up 18.9% year-on-year [7]

Core Viewpoint - The tourism market in 2026 is expected to see a strong start, with domestic travel and spending during the New Year holiday showing significant growth compared to 2024 [1] Demand Side - Domestic travel during the New Year holiday increased by approximately 5% in terms of the number of trips and about 6% in total spending compared to the same period in 2024 [1] - Outbound travel exceeded expectations, indicating a robust recovery in travel demand [1] - The K-shaped recovery trend is anticipated to continue, with low base effects benefiting leading brands in the mid-range consumer segment [1] Supply Side - The supply side is supported by continuous innovation and policy guidance, which enhances emotional value and market sentiment [1] - AI is expected to improve efficiency and optimize costs within the industry [1] Key Recommendations - Focus on three main investment lines: 1. Companies with high demand elasticity in the recovery phase, such as leading gaming and ready-to-drink beverage brands [1] 2. Quality targets in leisure travel [1] 3. Leading companies in cyclical sectors that demonstrate stable operations and growth potential [1]

中信证券研报表示，展望2026年，宏观金融条件稳定指向银行经营环境稳定，预计银行息差见底，实体 部门风险缓释中，收入与盈利同步修复。行业投资价值来源于，银行系统性风险再评估带来的净资产重 估，以及稳定回报特征驱动资金流入板块、带来核心权益资产价值重估。2026年，预计银行板块将继续 演绎估值提升方向。 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 中信证券：人心思涨，预计开年市场震荡向上 从机构的赚钱效应来看，2025年在过去10年里能排到第三，过去20年里排到第六。在一个回头来看巨大 的结构性牛市当中，实际上市场既享受了预期差带来的"估值的钱"，也挣到了"业绩的钱"，预期差来自于 对中国自主科技能力的重估以及中美关系，而结构性的超预期业绩来自复杂贸易环境下外需的韧性以及AI 推理需求爆发，这些因素站在2025年初来看并不是那么理所应当会发生。增量流动性只是预期差和业绩 兑现过程中的结果，或者是用于后验的解释牛市形成的理由，投资者过于高估了增量资金对市场的影响。 增量资金入市不会是2026年市场上一个新台阶的主要因素。2026年最大的预期差来自于外需与内需的平 衡，对外"征税"、补贴内需应是大势所趋，今年是个重要的开端。站在开年，考虑到去年末的资金热度并 不算高，人心思涨的环境下开年后市场震荡向上的概率更高。 国泰海通：一年之计在于春 在市场持续反弹之际，中国股市有望跨越与站稳重要关口。海外流动性的宽松，叠加春节前结汇，有望推 动人民币的稳定与升值。以A500E ...

Core Insights - The tourism market is expected to see a strong start in 2026, with domestic travel during the New Year holiday projected to increase by approximately 5% in terms of the number of trips and 6% in total spending compared to the 2024 New Year holiday [1] Group 1: Market Performance - Domestic tourism performance aligns with expectations, while inbound and outbound travel numbers have exceeded forecasts [1] - Duty-free sales have shown significant growth, with offshore duty-free sales increasing by about 50% compared to the 2024 New Year holiday [1] - Hotel occupancy rates have improved, although prices still show a gap compared to 2024 [1] Group 2: Sector Highlights - Scenic spots have generally performed well, with prominent mountainous scenic areas standing out [1] - The upcoming Spring Festival, with a 9-day holiday, is expected to further enhance travel enthusiasm, indicating a positive outlook for the tourism market [1]

Group 1 - The core viewpoint of the articles indicates a positive outlook for the Chinese stock market in 2026, driven by factors such as AI innovation, supportive policies for private enterprises, and improved corporate earnings [1][4][5] - The Shanghai Composite Index achieved an 18.41% increase in 2025, marking its best annual performance since 2020, with the Shenzhen Component Index and ChiNext Index rising by 29.87% and 49.57% respectively [1] - Domestic and foreign institutions are increasingly optimistic about Chinese assets, particularly in the technology sector, which is expected to be a key growth driver in 2026 [2][4][6] Group 2 - Domestic securities firms, such as CITIC Securities, emphasize a shift from valuation-driven gains to performance-driven earnings, suggesting that investors should focus on companies' earnings rather than expecting further valuation increases [2][3] - International investment banks, including UBS and Morgan Stanley, predict a favorable environment for Chinese stocks, citing ongoing support for innovation and the resilience of corporate earnings in a complex trade environment [4][5] - The AI sector is highlighted as a critical area for investment, with expectations for new applications and growth in related industries such as semiconductors and advanced manufacturing [6][7] Group 3 - The overall sentiment among foreign institutions is that structural improvements in the Chinese market will support a broader upward trend, with predictions of significant earnings growth for Chinese companies in 2026 and 2027 [4][5] - The focus on AI and technology is expected to enhance the profitability of the Chinese stock market, with a notable increase in R&D investments driving the digital economy's contribution to GDP [6][7] - Asset allocation strategies suggest an overweight position in Chinese stocks and gold, with a cautious approach to gold due to its current high valuation [7]

公司在全球拥有8个生产基地和2个在建生产基地，销售公司及办公室覆盖7个国家及地区，售后服务网 络覆盖24个国家及地区。 市场地位（按2024年出货量计），在全球消费电池制造商中名列第三，市场份额为11.7%。在全球储能 电池市场名列第二，市场份额为17.2%。 全球消费电池出货量预计2025—2029年复合年增长率达26.2%。全球电动汽车销量预计2025—2029年复 合年增长率达20.1%。全球储能电池年出货量预计2025—2029年复合年增长率达23.1%。 亿纬锂能向港交所主板递交上市申请，中信证券为其独家保荐人。亿纬锂能是全球少数在消费电池、动 力电池及储能电池领域均全球领先，能够服务社会经济全场景应用的锂电池平台企业，产品广泛应用于 智能生活、绿色交通和能源转型。 （文章来源：证券时报网） ...

Core Viewpoint - Zhenqu Technology has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and Guotai Junan as joint sponsors. The company focuses on electric vehicle (EV) control solutions and has developed a layered solution set that includes power modules, motor controllers, and power bricks, allowing customers to choose different levels of system integration [1] Group 1: Company Overview - Zhenqu Technology pioneered the concept of "power brick" and achieved mass production of the main drive power brick in 2021, significantly simplifying the assembly of control systems, enhancing platform reusability, and shortening development cycles [1] - The company has expanded its offerings to low-power controllers and domain controllers in the power domain and chassis domain [1] Group 2: Market Position and Achievements - As of September 30, 2025, the company has secured 50 design wins from 13 OEMs, with solutions applied to 82 vehicle models, 54 of which have entered mass production [1] - According to Frost & Sullivan, the company's rankings in the Chinese market by installation volume are as follows: - Motor controllers ranked 11th in 2024 and 8th in the first nine months of 2025 - Dual motor controllers ranked 3rd in the first nine months of 2025 - Main drive power bricks ranked 1st in 2024 and 2nd in the first nine months of 2025 - Power bricks installed in dual motor controllers ranked 1st in the first nine months of 2025 - Power modules ranked 8th in 2024 and 7th in the first nine months of 2025 [1] Group 3: Business Expansion - The company has leveraged its core technology to expand its business into emerging fields such as electric vertical takeoff and landing vehicles (eVTOL) and embodied intelligence [1]

Group 1 - Company has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [1] - Company is a research-driven biopharmaceutical firm based in China, focusing on significant unmet medical needs in oncology, autoimmune diseases, and metabolic diseases [1] - As of December 24, 2025, the company has established a comprehensive and differentiated product pipeline, including two commercialized products, two core products in clinical stages, one candidate in clinical stage, and three candidates in preclinical stage [1] Group 2 - The commercialized products include BPI-D0316, a third-generation EGFR tyrosine kinase inhibitor for EGFR mutation-positive non-small cell lung cancer (NSCLC), which has been approved and included in the National Medical Insurance Drug List in China [1] - Another commercialized product, D-1553, is a KRAS G12C inhibitor, the first self-developed product in this target area to enter clinical stages in China, also approved and included in the National Medical Insurance Drug List [1] - The company has signed an agreement with Zhengda Tianqing to grant exclusive rights for the development, registration, production, and commercialization of D-1553 in mainland China [1] Group 3 - The core clinical-stage product D-2570 is undergoing a registrational Phase III clinical trial for plaque psoriasis and ulcerative colitis (UC), with plans to initiate additional trials for psoriatic arthritis (PsA), systemic lupus erythematosus (SLE), and vitiligo [2] - Tairisig is an oral selective estrogen receptor degrader (SERD) currently in a registrational Phase III clinical trial for ER+/HER2- breast cancer [2] - The global and Chinese markets for oncology drugs, targeted oncology drugs, psoriasis drugs, UC drugs, and SERD drugs show significant growth potential, with the Chinese targeted oncology drug market expected to reach $61.6 billion by 2035 [2]