Market Overview - On January 7, Hong Kong's major stock indices showed a downward trend, with the Hang Seng Index closing at 26,458.95 points, down 0.94% [1] - The Hang Seng Tech Index also ended its previous week's gains, falling 1.49% to 5,738.52 points [1] - The market turnover exceeded HKD 276 billion, ending the upward momentum of the three major indices from the previous trading day [1] Sector Performance - The biopharmaceutical sector showed significant activity towards the end of the trading session, with notable gains in several stocks [1] - Rongchang Biopharmaceutical (09995.HK) rose over 12%, while 3SBio (01530.HK) and WuXi Biologics (02269.HK) closed with gains of over 7% and 5%, respectively [1] - Other sectors such as paper, non-ferrous metals, and coal also saw some individual stocks increase in value [1] Brokerages - In contrast, brokerage stocks faced pressure, with Guotai Junan International (01788.HK) declining over 5% [1] - Both China Merchants Securities (06099.HK) and Everbright Securities (06178.HK) also experienced declines of over 2% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,2 ...

Core Viewpoint - Mousse Co., Ltd. (001323.SZ) experienced a stock price decline, closing at 25.73 yuan, with a drop of 2.13% [1] Group 1: Company Overview - Mousse Co., Ltd. was listed on the Shenzhen Stock Exchange on June 23, 2022, with an issuance of 40.01 million shares at a price of 38.93 yuan per share [1] - The stock reached its highest price of 61.67 yuan on June 24, 2022, the day after its listing, but is currently in a state of decline [1] Group 2: Financial Details - The total amount raised from the initial public offering (IPO) was 155,758.93 million yuan, with net proceeds of 147,714.38 million yuan after deducting issuance costs of 8,044.55 million yuan [1] - The IPO costs included approximately 5,700.00 million yuan for sponsorship and underwriting fees [1] Group 3: Future Plans - Mousse Co., Ltd. plans to use the raised funds for projects including the construction of a health bedding production line in East China, a digital marketing project, and the establishment of a health sleep technology research center [1] - A dividend plan was announced for August 15, 2025, proposing a stock bonus of 1 share for every 10 shares held, with the ex-dividend date and listing date set for August 21, 2025 [1]

Core Viewpoint - The aviation industry is expected to see a significant recovery in passenger turnover and profitability by 2025, with a projected passenger turnover of 1,099 billion person-kilometers in November 2025, representing an 18.2% increase compared to 2019 and a 9.6% increase compared to 2024 [1]. Aviation Passenger Transport Key Data - Demand: In November 2025, domestic passenger turnover (excluding regional) is projected to be 809 billion person-kilometers, up 19.6% from 2019 and 6.3% from 2024. International and regional passenger turnover is expected to reach 291 billion person-kilometers, reflecting a 14.5% increase from 2019 and a 19.9% increase from 2024 [1]. - Supply: The available seat kilometers in November 2025 are projected to be 1,283 billion, up 12.4% from 2019 and 6.4% from 2024. The passenger load factor is expected to be 85.7%, an increase of 4.2 percentage points from 2019 and 2.5 percentage points from 2024 [2]. - Ticket Prices: In November, the average full ticket price for domestic routes is expected to rise by 3.5% year-on-year, while the bare ticket price is expected to increase by 3.8% [2]. - Performance of Listed Airlines: In November, the year-on-year RPK changes for major airlines on domestic routes are as follows: China Southern +7.4%, Air China +7.4%, China Eastern +5.1%, Hainan Airlines +4.5%, Spring Airlines +17.9%, and Juneyao Airlines +0.8%. The ASK changes for these airlines are +5.4%, +3.8%, +2.1%, +2.8%, +16.3%, and -0.5% respectively [2]. Air Cargo Key Data - In November 2025, the number of international and regional cargo flights is expected to reach 15,977, reflecting a 12.4% increase month-on-month and a 14% increase year-on-year. The theoretical cargo capacity is projected to be 110 million tons, with an 8.2% month-on-month increase and a 12.2% year-on-year increase [3]. - The average TAC Shanghai outbound air freight price index is expected to be 5,469 points, reflecting a 1.5% month-on-month increase and a 16.2% year-on-year increase [3]. Investment Perspective - The increase in holiday time and significant year-on-year growth in industry volume and price suggest a positive outlook for Q1 spring travel performance. The recent seven-day passenger flow shows a year-on-year increase of 12.9%, with domestic passenger flow up 13.7% and bare ticket prices up 7.9% [4]. - The industry is expected to benefit from supply-demand recovery, improved oil and exchange rate conditions, and a clear trend of profitability recovery. The fourth quarter is anticipated to see a significant reduction in losses due to demand growth and stabilized ticket prices, with 2025 expected to be the first year of profitability for major airlines [4]. - Recommended stocks include Air China (601111), China Southern Airlines (600029), Juneyao Airlines (603885), Spring Airlines (601021), and Huaxia Airlines (002928), with a suggestion to pay attention to China Eastern Airlines (600115) [4].

截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 第 1 頁 共 11 頁 v 1.1.1 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | ...

Core Viewpoint - The Shanghai Stock Exchange has issued a regulatory warning to Ningbo Tianpu Rubber Technology Co., Ltd. due to its misleading information disclosure regarding its business operations related to artificial intelligence, which led to abnormal stock price fluctuations [1][2]. Group 1: Company Actions and Announcements - On December 29 and 30, 2025, Tianpu's stock price hit the daily limit up for two consecutive trading days, triggering abnormal fluctuation standards [1]. - The company announced that it had no plans to engage in artificial intelligence-related business and that there were no undisclosed significant information [1]. - On December 26, 2025, the company established a wholly-owned subsidiary, Hangzhou Tianpu Xincai Technology Co., Ltd., with a business scope that included integrated circuit chip design and artificial intelligence software development [1]. - Following media reports about the subsidiary, the company changed the subsidiary's business scope to rubber product manufacturing and automotive parts manufacturing on December 31, 2025 [1]. Group 2: Regulatory Findings - The Shanghai Stock Exchange noted that the term "artificial intelligence" is a market hotspot, and the company's previous control transfer plans involved AI-related market entities, leading to multiple instances of abnormal stock price fluctuations [2]. - The company failed to adequately clarify its lack of plans for AI-related business after the establishment of the subsidiary, which could mislead investors [2]. - The company's actions were found to violate several articles of the Shanghai Stock Exchange's listing rules, including inadequate risk disclosure and incomplete information [2]. Group 3: Accountability of Individuals - The then-director Shen Weiyi (acting chairman) and the then-secretary of the board Wu Pinyan were held responsible for the company's violations due to their failure to fulfill their duties regarding information disclosure [3]. - Their actions were found to contravene multiple articles of the listing rules and their commitments made in the declaration and commitment letter [3]. - As a result of these violations, the Shanghai Stock Exchange issued a regulatory warning to both the company and the responsible individuals [3].

Group 1 - The core viewpoint is that 招商证券 has initiated coverage on 极智嘉 with a "Buy" rating and a target price of 35 HKD, indicating a positive outlook on the company's future performance [1] - 极智嘉 is recognized as the largest provider of Automated Mobile Robot (AMR) solutions for warehousing globally, addressing inefficiencies, high costs, and lack of flexibility in traditional warehousing [1] - The company possesses high technical barriers with integrated hardware and software solutions, leading to strong customer loyalty [1] Group 2 - There is significant growth potential for the penetration rate of AMR solutions, which is expected to increase rapidly, allowing the company to benefit as a market leader [1]

Group 1 - Hong Kong brokerage stocks experienced a decline in the afternoon session, with Guotai Junan International falling over 5% [1] - Other notable declines included GF Securities and Huatai Securities, both dropping over 4% [1] - Additional firms such as China Merchants Securities, Xinguang International, and Zhongzhou Securities also saw their stock prices decrease [1]

Core Insights - The course titled "Securities Investment Research: Methodology and Practical Tools" was conducted by China Merchants Securities for students at Southern University of Science and Technology, marking the conclusion of their 2025 educational series [1][4] Group 1: Course Structure and Content - The course provided a comprehensive breakdown of the securities market structure, focusing on the multi-tiered capital market ecosystem composed of primary and secondary markets [3] - Key indices such as CSI, SSE, and SZSE were explained to help students understand market layers, establishing a clear theoretical framework [3] - Practical investment tools were introduced, particularly emphasizing ETF index investment as a means to capture structural market opportunities while managing investment risks [3] Group 2: Educational Collaboration and Impact - The collaboration between China Merchants Securities and Southern University of Science and Technology in 2025 included a diverse financial education content system, featuring courses on fintech, quantitative strategies, and investment research methods [4] - The initiative involved hands-on experiences, such as visits to exchanges and historical museums, promoting deep integration of industry and academia through a "classroom teaching + practical experience" model [4] - The educational series has effectively reached over a hundred students, delivering professional financial knowledge and fostering a solid foundation for talent in the financial industry [4]

招商证券发布研报称，高温合金作为先进金属材料体系的"皇冠明珠"，是航空发动机、燃气轮机及核电 装备等关键领域的核心承力材料，其性能直接决定高端装备的推力、效率与寿命。近年来，受"两机专 项"、国产大飞机C919批产、燃气轮机国产化突破及"双碳"战略驱动，我国高温合金产业链进入加速阶 段。伴随航空发动机换代列装、燃机与核电项目密集投产，行业景气度将持续上行。建议聚焦航空发动 机及燃机核心供应链，维持行业投资评级"推荐"。 招商证券主要观点如下： 风险提示：技术验证进度不及预期、主机厂认证周期延长、原料价格波动、军机与燃机项目节奏调整、 资金与政策支持不确定等 近年行业需求呈爆发式增长，2017-2023年产量从1.9万吨增至4.9万吨(CAGR17.1%)，需求量从2.1万吨 增至5.2万吨(CAGR16.8%)，供需缺口逐步收窄。2024年产量预计达5.7万吨(同比+16.3%)，航空航天 (55%)和电力(20%)为核心需求领域。长期看，航空发动机换代列装、商用飞机国产化、燃气轮机突破等 因素将推动2025-2030年行业年均需求超5.65万吨，其中燃气轮机、航空、汽车为主要增长点。 供给侧：产能扩张与国产 ...