Core Viewpoint - The report from China Galaxy Securities indicates that the logic for rising gold prices will continue due to factors such as the Federal Reserve's interest rate cuts, weakening dollar credit, and central bank gold purchases [1] Group 1: Federal Reserve Actions - On December 11, the Federal Reserve lowered the benchmark interest rate by 25 basis points to a range of 3.50%-3.75%, aligning with market expectations, and has cumulatively cut rates by 75 basis points this year [1] - Federal Reserve Chairman Jerome Powell's statements during the press conference were generally dovish, contributing to expectations of further rate cuts [1] - The rising expectations for Fed rate cuts and marginal liquidity easing are likely to support gold prices [1] Group 2: Economic and Market Context - Former President Trump has called for the next Federal Reserve chair to lower rates during economic upturns, criticizing the current market logic that "good news is bad for the stock market" [1] - Trump emphasized that lower rates benefit the stock market, economy, and housing affordability, suggesting that stock market gains could significantly boost GDP [1] - Fed Governor Michelle W. Milan warned that not continuing rate cuts next year could risk a recession, although the short-term probability of economic downturn remains low [1] Group 3: Global Economic Factors - The imposition of tariffs by the U.S. has led to trade disputes with multiple countries, ongoing geopolitical conflicts, and concerns over U.S. debt credit, which may drive global central banks and investors to increase their gold holdings [1] - The ongoing process of "de-Americanization" is expected to impact global order and the credit currency system, revealing a long-term logic for rising gold prices [1]

Group 1 - The core viewpoint is that under the backdrop of loose monetary policies both domestically and internationally, foreign capital and southbound funds are expected to continue their net inflow trend, leading to a substantial improvement in the profitability of Hong Kong-listed companies, with the market anticipated to experience both profit and valuation increases by 2026 [1] Group 2 - In terms of investment themes, the focus should be on technology innovation, as the goal of significantly enhancing self-reliance in technology during the 14th Five-Year Plan period will drive investment in this area. The Hang Seng Technology Index has considerable room for valuation recovery, and leading companies are expected to show high growth characteristics [1] - The cyclical industries are also highlighted, where the deepening supply-side reform policies are expected to optimize the supply-demand dynamics in sectors such as steel, building materials, electrical equipment, and paper, leading to steady improvements in capacity utilization and gross margins [1] - The consumption theme is emphasized under the strategy of expanding domestic demand, with expected growth in performance and valuations at historically low levels, particularly in sectors like service consumption, "trade-in" programs, and new consumption [1] - Overall, the investment strategy for Hong Kong stocks in 2026 should focus on the flow of funds ("water") and the quality of performance ("quality"), with a high sensitivity to global liquidity, domestic policy implementation, and corporate profit recovery [1]

Core Insights - The new "new three samples" (robots, artificial intelligence, and innovative drugs) represent a shift in China's economic focus from factor expansion to innovation-driven growth, emphasizing the importance of technological path definition and standard-setting rights [1][2][10] - The transition reflects a systemic reassessment of growth paradigms and competitive logic, moving away from traditional resource input models towards a focus on technological breakthroughs and original innovation [2][3] Group 1: New "New Three Samples" - Robots, AI, and innovative drugs are not merely a change in industrial preference but are seen as foundational technologies for future industries, providing a sustainable technological base for broader industrial evolution [10][11] - The core constraints for these new samples are not capital and labor but rather algorithm capabilities, computing power, foundational models, and clinical data accumulation [2][3] Group 2: Robotics Industry - China has the most comprehensive and responsive robot industry chain globally, with significant advantages in scale production and product iteration speed [4][5] - The country is at a critical juncture, poised to transition from "running alongside" to "leading" in the robotics sector, contingent on overcoming foundational technology and high-end segment challenges [5] Group 3: Artificial Intelligence - China leads globally in AI application but faces limitations in foundational technologies; vast data resources provide a unique advantage but are not a panacea for all technical shortcomings [6] - To advance from a partial lead to a comprehensive one, China must enhance investments in high-end chips, computing systems, and foundational algorithms while improving data marketization and international standard-setting participation [6] Group 4: Innovative Drugs - The rapid increase in outbound transactions indicates that Chinese pharmaceutical companies are gaining recognition in global markets, yet the proportion of original drugs remains low, highlighting the need for breakthroughs in original innovation and global development capabilities [7][8] - The industry's evolution is marked by a shift from generic and modified drugs to first-in-class and best-in-class assets, with improvements in target selection and early clinical validation capabilities [7][8] Group 5: Strategic Implications - The development direction of the new "new three samples" signifies a significant upgrade in the concept of industrial security, integrating technology, biological, and data security into a unified framework [3] - The strategic importance of these technologies extends beyond immediate industrial growth, shaping long-term competitive capabilities and national security [3][10]

思科瑞9月20日发布关于实施其他风险警示暨停牌的公告。因思科瑞于2025年9月19日收到中国证 监会四川监管局下发的《行政处罚事先告知书》（川证监处罚字【2025】6号）。依据《事先告知书》 载明的内容，根据《上海证券交易所科创板股票上市规则（2025年4月修订)》相关规定，公司股票将 被实施其他风险警示。 A股股票简称由"思科瑞"变更为"ST思科瑞"；扩位简称由"思科瑞微电子"变更为"ST思科瑞微电子"； 实施风险警示的起始日：2025年9月23日。 (责任编辑：徐自立) 思科瑞于2022年7月8日在上交所科创板上市，公开发行的股票数量为2500.00万股，发行价格为 55.53元/股，保荐人（主承销商）为中国银河证券股份有限公司，保荐代表人为陈召军、姚召五。 思科瑞首次公开发行股票募集资金总额为138,825.00万元，募集资金净额为125,250.66万元。思 科瑞最终募集资金净额较原计划多63,394.25万元。思科瑞于2022年7月5日披露的招股说明书显示，该 公司拟募集资金61,856.41万元，分别用于成都检测试验基地建设项目、环境试验中心建设项目、无锡 检测试验基地建设项目、研发中心建设项目、 ...

Core Viewpoint - The globalization of China's industrial chain and the increasing demand for cross-border asset allocation by domestic institutions and residents, along with the deepening of China's capital market opening policies, provide favorable opportunities and strong momentum for the development of international business by domestic securities firms [1] Group 1: Historical Development Opportunities for Securities Firms - The internationalization of China's industrial chain has significantly increased the demand for cross-border financial services, with non-financial direct investment by domestic investors abroad expected to reach USD 143.9 billion in 2024, a year-on-year growth of 10.54% [2] - Over 50% of A-share companies have disclosed overseas business income, indicating that going global is now a common phenomenon, with 33.36% of listed companies having over 30% of their income from overseas [2] Group 2: Growth in Cross-Border Investment Demand - The cross-border investment demand from institutions and residents has been strong, with foreign securities investment assets increasing from USD 1019.6 billion to USD 1694.1 billion from mid-2022 to mid-2025, reflecting an annual compound growth rate of 18.44% [6] - Foreign institutions' investment in domestic securities has also grown, with the market value of foreign holdings in domestic stocks and securities rising from USD 737.5 billion to USD 1071.8 billion from mid-2020 to mid-2025, with a compound annual growth rate of 7.76% [6] Group 3: Capital Market Opening and Securities Firms' Internationalization - China's accelerated financial market opening has created a favorable policy environment for the internationalization of securities firms, with various mutual recognition and cross-border financial policies being implemented [7] - The trading volume of the Hong Kong Stock Connect has increased from CNY 620.4 billion in 2015 to CNY 16.27 trillion by the end of 2025, reflecting a compound annual growth rate of 38.64% [7] Group 4: Market Landscape and Development Prospects of Securities Firms' International Business - Securities firms' international business encompasses various lines, including cross-border brokerage, wealth management, asset management, proprietary trading, and emerging digital asset businesses, with significant growth potential [9] Group 5: Cross-Border Brokerage and Trading Business - Chinese securities firms provide cross-border trading channels for clients, utilizing overseas subsidiaries to offer access to foreign stocks, bonds, and derivatives [10] Group 6: Cross-Border Wealth Management Business - The cross-border wealth management business is becoming a key development direction for securities firms, driven by the increasing demand for diversified asset allocation among Chinese residents [15] - The cross-border wealth management products of leading firms like CITIC Securities have seen rapid growth, with overseas product sales reaching USD 8.7 billion in 2024, a year-on-year increase of 151% [17] Group 7: Cross-Border Asset Management Business - The global asset management industry is increasingly focusing on cross-border asset management to capture growth cycles and interest rate differentials across different economies [19] Group 8: Overseas Investment Banking Business - Hong Kong serves as a critical hub for domestic securities firms' overseas investment banking activities, with supportive policies for mainland companies listing in Hong Kong [24] - The scale of equity financing in Hong Kong has significantly increased, with the total equity financing amount reaching HKD 590.6 billion in 2025, 3.26 times that of 2024 [25] Group 9: Overseas Proprietary Business - The overseas proprietary business has become a core profit source for leading securities firms, with a significant portion of their fixed-income investments being allocated to overseas markets [29] Group 10: Second Growth Curve for Securities Firms' International Business - The international business of securities firms is becoming an important revenue component, with firms like Huatai Securities and CITIC Securities showing strong growth in overseas business income [32] - The return on equity (ROE) for international subsidiaries of firms like CITIC Securities is significantly higher than their overall ROE, indicating better profit generation capabilities [34]

中新跨境金融领域互联互通再进一步。 12月26日，中国银河证券境外子公司银河海外通过中国银行新加坡分行顺利完成首笔柜台债券交 易。该笔交易是中新境外柜台债的首笔交易，也是中国银河证券助力资本市场高水平对外开放、推动中 新金融市场互联互通的又一重要进展。 目前，依托在东南亚的长期布局和稳健经营，银河海外在东南亚地区具有重要影响力，在新加坡、 马来西亚、印尼、泰国等主要国家的经纪业务市场份额稳居前列。 中国银行则作为本次唯一获授权落地中新柜台债的中资银行，为境外合格投资者直接参与中国银行 间债券市场搭建了高效便捷的新通道。中国银行新加坡分行提供的专业"一站式"服务，涵盖开户、交 易、登记及清算等全流程，构建覆盖资金循环各环节的安全金融生态体系，为国际投资者进入中国债券 市场提供全方位保障。 当前，中国国际化企业是共建"一带一路"的重要实施主体。中资金融机构也纷纷以服务实体经济为 使命，主动融入国家战略部署。作为"一带一路"框架下的重要合作平台，中新互联互通示范项目持续推 动跨境金融创新与市场互联互通，促进"引进来"与"走出去"相结合。中国银河证券将继续发挥国际化布 局优势，深入参与共建"一带一路"相关项目，积极服 ...

中国银河（601881）证券发布研报称，基于协作机器人行业渗透率提升、越疆(02432)六轴类&商服端快 速拓展、具身智能加速布局的成长性，该行预测公司25-27年将实现营收5.03亿元/6.98亿元/9.10亿元， 增速34.6%/38.7%/30.3%。当前股价对应25-27年PS为25.2/18.1/13.9x，首次覆盖给予推荐评级。 中国银河证券主要观点如下： "机械臂+人形+多足"全形态具身机器人平台企业，技术全栈自研 越疆成立于2015年，是首个构建起协作机器人0.25-30kg负载全覆盖产品矩阵的企业，已推出人形双足/ 轮式和多足机器狗等具身智能产品。公司具备全栈自研能力，技术覆盖硬件平台、软件平台、核心算 法、智能操作全链条，并在安全、AI与机器学习、自主移动作业等领域持续突破，主导了7项国家重大 专项并参与制定多项国家机器人标准，累计取得专利数量位列行业第一。 全球协作机器人25-28年销量CAGR预计超30%，"卷技术"渐成趋势 协作机器人较传统工业机器人具备灵活部署、可适应多品种小批量生产需求等优势。但基于市场起步较 晚，当前其在工业机器人总销量渗透率尚低(24年10.7%)，伴随柔性生 ...

Group 1 - The core viewpoint of the report is that the collaborative robot industry is expected to see significant growth, with the company projected to achieve revenues of 503 million, 698 million, and 910 million yuan from 2025 to 2027, reflecting growth rates of 34.6%, 38.7%, and 30.3% respectively [1] - The company, established in 2015, is the first to create a comprehensive product matrix for collaborative robots with payloads ranging from 0.25 to 30 kg, and has developed humanoid, wheeled, and multi-legged robots [2] - The global collaborative robot market is expected to grow at a CAGR of over 30% from 2025 to 2028, with the penetration rate in industrial robots projected to increase from 10.7% in 2024 to 21.3% by 2028 [3] Group 2 - The company leads in global collaborative robot shipments, ranking first in China and second worldwide, with a significant increase in the revenue share of six-axis products, which rose by 8.2 percentage points to 61.2% [4] - The company is actively entering the embodied intelligence sector, continuously iterating on core hardware and achieving substantial commercial progress with orders from major clients [5]

Core Viewpoint - The report from China Galaxy Securities emphasizes the dual opportunities in the pig farming industry, highlighting the importance of breeding sows and farming efficiency, with expectations of a price decline in 2026 but potential rebounds in between [1] Group 1: Pig Farming Industry - In December 2025, the pig price was 11.81 yuan/kg, down 27.4% from the end of 2024 [3] - The breeding profit for self-bred and purchased piglets was -130 yuan/head and -163 yuan/head respectively, indicating ongoing industry losses that may accelerate capacity reduction [3] - As of the end of October, the number of breeding sows was 39.9 million, a decrease of 1.1% month-on-month [3] - The annual average pig price is expected to decline year-on-year, with variations based on the performance of leading pig companies in cost optimization [3] - The report suggests focusing on leading companies with strong cost control, healthy financials, and reasonable valuations [3] Group 2: Agricultural Index Performance - In December, the agricultural index underperformed the CSI 300, with a decline of 0.95% compared to a 2.56% increase in the CSI 300 [2] - Among sub-industry indices, animal health showed a relative increase of 5.35%, while aquaculture and farming sectors declined by 2.01% and 3.81% respectively [2] Group 3: Pet Food Industry - In November, China's pet food export value was 838 million yuan, down 3.81% year-on-year, with export volume at 33,400 tons, up 11.23% [4] - The average export price was 25.08 yuan/kg, marking a year-on-year decrease of 13.51% [4] - Cumulatively from January to November, the export value was 9.196 billion yuan, down 4.18%, with a total export volume of 323,600 tons, up 6.96% [4] - The average export price for the same period was 28.42 yuan/kg, down 10.41% year-on-year [4]

Group 1 - The controlling shareholder, Juyi Group Co., Ltd., has pledged 20.05 million shares to China Galaxy Securities Co., Ltd. for early repurchase [1] - The pledge start date is June 16, 2025, with the original pledge expiration date set for June 15, 2026 [1] - The pledged shares account for 10.43% of the shares held by the controlling shareholder and 2.09% of the total share capital of the company [1] Group 2 - As of the announcement date, the total number of pledged shares has reached 38.34 million, representing 19.94% of the shares held by the controlling shareholder and 3.99% of the company's total share capital [1]