Core Viewpoint - The new investment themes for 2026 are emerging in the commodity market, real industry chain, and foreign exchange market, driven by a scenario where investment exceeds consumption, leading to increased physical consumption across various manufacturing sectors [1] Group 1: Investment Opportunities - Focus on AI investments and the recovery of global manufacturing, particularly in industrial resource products such as copper, aluminum, tin, lithium, crude oil, and oil transportation [1] - Attention to China's equipment export chain, which has global comparative advantages and is confirmed at the bottom of the cycle, including power grid equipment, energy storage, lithium batteries, photovoltaics, engineering machinery, and commercial vehicles [1] - Identify domestic manufacturing sectors that are showing signs of bottom reversal, such as chemicals (dyeing, coal chemicals, pesticides, polyurethane, titanium dioxide) and wafer manufacturing [1] Group 2: Consumer Recovery - Capture the recovery in consumption driven by inbound tourism and rising household income, focusing on sectors like aviation, hotels, duty-free shops, and food and beverages [1] Group 3: Non-Banking Financial Sector - Benefit from the expansion of the capital market and the bottoming out of long-term asset returns, particularly in non-bank financial sectors such as insurance and brokerage [1]

Core Viewpoint - The establishment of a dedicated regulatory body for commercial aerospace in China marks a significant step towards promoting high-quality development in the industry, with the entire supply chain expected to benefit from this initiative [1][2]. Group 1: Regulatory Developments - The China National Space Administration has set up a Commercial Aerospace Department, indicating a move towards specialized regulation in the commercial aerospace sector [2]. - The Shanghai Stock Exchange has released guidelines to facilitate the listing of commercial rocket companies on the Sci-Tech Innovation Board, which is expected to accelerate the IPO process for these companies [1][2]. Group 2: Technological Advancements - China's reusable rocket technology is nearing a breakthrough, with ongoing competition between state-owned and private enterprises [4]. - Recent launches, such as the Zhuque-3 and Long March 12 rockets, have provided critical data for future missions, despite some challenges in achieving successful recovery of rocket stages [4]. Group 3: 3D Printing in Aerospace - The aerospace sector's stringent requirements for component strength, lightweight design, and complex structures align well with the capabilities of 3D printing, which is anticipated to reshape the industry [5]. - Companies like Tianbing Technology and Star River Power are utilizing 3D printing to significantly reduce production costs and time for rocket engines, achieving reductions of 40%-50% in both cost and weight [6].

国金证券发表研究报告指，首予先声药业"买入"评级，目标价20.16港元。该行表示，先声药业创新转 型成效显著，商业化创新药已增至10款，创新药收入占比从2020年的45%提升至今年上半年的77%。短 期来看，核心管线进入密集收获期，药物获纳入医保目录，有望加速放量；重磅失眠药兼具消费属性， 市场潜力大。长期来看，自研管线聚焦差异化，多款产品已实现BD，创新能力持续得到验证，技术平 台和管线可望持续BD出海。另外，公司稳健成长系列品种持续为其带动稳定的现金流。 ...

Core Viewpoint - Guojin Securities has initiated coverage on Connoa-B with a "Buy" rating and a target price of HKD 83.29, highlighting the company's strategic focus on differentiated self-immune chronic disease and oncology sectors [1] Company Overview - Connoa-B has a robust pipeline with multiple ongoing clinical trials, including the core product, Supichibai monoclonal antibody, which has already been approved for market [1] - The CM512 (TSLP/IL-13 dual antibody) is currently expanding into several Phase II clinical trials, while the licensed CMG901 is expected to submit an NDA in the U.S. by 2026 [1] Product Insights - Supichibai monoclonal antibody is the first domestically produced IL-4R monoclonal antibody, providing a significant first-mover advantage [1] - Following the implementation of medical insurance in 2026, the product is anticipated to experience rapid market growth [1] Market Potential - The IL-4R monoclonal antibody targets various type II inflammatory diseases, including atopic dermatitis (AD) and chronic rhinosinusitis with nasal polyps (CRSwNP) [1] - Currently, only two IL-4R monoclonal antibodies have been approved globally, with Sanofi's Dupilumab achieving rapid market penetration since its launch in 2017, and projected global sales exceeding USD 14 billion in 2024 [1]

Core Insights - The report from Guojin Securities highlights that the revolution in product capabilities is driving an increase in penetration rates for pool cleaning robots, leading to rapid market growth due to their "economical and reliable" features [1][4]. Industry Overview - Pool cleaning robots are automated devices designed to clean pool water, walls, and floors by moving autonomously. Their main advantage is the ability to clean underwater, utilizing a combination of structural, transmission, control, and cleaning components, along with multi-sensor fusion algorithms for intelligent navigation [2]. Market Size - The global pool market is steadily growing, with the total number of pools expected to reach approximately 32.9 million by 2024 and further increase to 39.3 million by 2029, representing a CAGR of 3.6%. Pool cleaning expenditures are projected to rise from $9 billion in 2019 to $12.9 billion by 2024, and reach $16.7 billion by 2029 [3]. Market Growth Drivers - The global shipment of pool robots is expected to reach 4.5 million units in 2024, with a market size of approximately 2.48 billion yuan and a penetration rate of 26.2%. The core driver of demand is the replacement of manual labor. By 2029, shipments are anticipated to grow to 6.6 million units, nearly a 50% increase from 2024. Cordless pool robots offer advantages such as ease of use and flexibility compared to corded models [4]. Competitive Landscape - The industry is highly concentrated, with the top five manufacturers holding over 70% of the market share. Overseas competitors, such as Maytronics, are experiencing a decline in market share, dropping from 48% in 2022 to 34.8% in 2024. Chinese brands are rapidly expanding internationally, leveraging technological innovation and supply chain advantages to gain market share and influence [5]. Key Players - Major Chinese players include: - Wangyuan Technology and Yuanding Intelligent, which are leading brands in pool robots with comprehensive R&D capabilities and a full product matrix including cordless and corded models. They focus on technological breakthroughs in underwater acoustic positioning and AI vision [6]. - Aiper, operated by Yuanding Intelligent, is projected to achieve revenue of approximately 3 billion yuan in 2024, becoming one of the fastest-growing smart cleaning brands globally [6]. - Xingmai Innovation targets the high-end market, emphasizing technology development and product iteration across four core areas: intelligence, mobility, cleaning ability, and user experience [6]. - Siaotuo focuses on ODM manufacturing of cost-effective underwater cleaning robots, targeting the mid-to-low-end market with products priced below $500 [6]. - Companies like Duzhimi Technology, Ecovacs, and Roborock are also entering the pool cleaning sector from the household cleaning robot market [6].

Group 1 - Hubei Yihua has received acceptance from the Shenzhen Stock Exchange for its application to issue convertible bonds to unspecified objects [1] - Tongye Technology plans to acquire 91.69% of Beijing Silingke Semiconductor Technology Co., Ltd. for a total price of 561 million yuan [2] - Heng Rui Medicine has signed an exclusive licensing agreement with Hansoh Pharmaceutical, which includes a payment of 30 million yuan and potential milestone payments up to 190 million yuan [3] Group 2 - Jun Da Co. announced that its strategic cooperation framework agreement with Shangyi Optoelectronics will not significantly impact its current operating performance [4] - Jinchuan Group's wholly-owned subsidiary is jointly investing in a venture capital partnership to invest in Shanghai Gesi Information Technology Co., Ltd. [5] - Baili Tianheng plans to apply for the registration of debt financing tools not exceeding 10 billion yuan [6] Group 3 - Yuanda Environmental Protection announced the resignation of its chairman Chen Bin due to work changes [7] - Aerospace Development reported that its subsidiary's revenue accounted for less than 1% of the total revenue in the first three quarters of 2025 [8] - ST Huluwawa and its chairman Liu Jingping are under investigation by the China Securities Regulatory Commission for information disclosure violations [10] Group 4 - Jia Mei Packaging confirmed that it has no plans for significant changes to its main business or for a reverse merger in the next 36 months [11] - Wangfujing has won the bid for the duty-free project at Beijing Capital International Airport, with a guaranteed operating fee of 113 million yuan for the first year [12] - Siwei Liekong has suspended trading due to potential changes in control [13] Group 5 - Zhongchao Holdings announced a tax payment and late fee totaling 8.2881 million yuan [14] - Yongshuntai plans to conduct foreign exchange derivative trading with a total amount not exceeding 1.7 billion yuan in 2026 [15] - Guojin Securities has been approved to publicly issue company bonds not exceeding 25 billion yuan [16] Group 6 - Jincheng Pharmaceutical's subsidiaries are required to pay a total of 21.5968 million yuan in taxes and late fees [17] - China Shenhua's subsidiary has successfully completed the trial operation of its power generation unit [19] - Yijing Optoelectronics has received a hearing notice regarding the inability to advance its photovoltaic project [20] Group 7 - Jiga Development has received debt waivers totaling 378 million yuan from its controlling shareholder and related parties [21] - ST Lutong plans to apply to the Shenzhen Stock Exchange to revoke other risk warnings after a shareholder repaid funds [22] - Xin'ao Co. is progressing with the privatization of Xin'ao Energy and has completed significant asset restructuring foreign exchange registration [23]

Core Viewpoint - The report from Guojin Securities indicates that Xiansheng Pharmaceutical (02096) is expected to experience strong growth due to the resonance of short-term pipeline expansion and long-term innovation iteration, forecasting revenue of 7.63 billion, 9.10 billion, and 11.04 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth of +15.0%, +19.3%, and +21.4% [1] Group 1 - The company has significantly improved its innovation transformation, with the revenue share of innovative drugs rising to 77% by the first half of 2025, up from 45% in 2020 [2] - The company focuses on four core therapeutic areas: neurology, oncology, autoimmune diseases, and anti-infection, leveraging a dual approach of self-research and business development [2] Group 2 - In the short term, the core pipeline is entering a concentrated harvest period, with accelerated inclusion in medical insurance expected to boost performance; key products in oncology and neurology are anticipated to see rapid market release [3] - The insomnia drug Dali Leisheng, which has a fast onset and non-addictive properties, is expected to have significant market potential due to its consumer attributes [3] Group 3 - In the long term, the self-research pipeline focuses on differentiated targets, with several products already achieving business development; the innovative capabilities of the company continue to be validated [4] - The NMTiADC new technology platform is expected to overcome ADC resistance, with related products entering clinical trials to accelerate the validation of platform strength [4]

Group 1 - The A-share private placement market is experiencing a significant recovery in 2025, with public and private funds collectively investing over 410 billion yuan, and a floating profit ratio generally exceeding 30% [1] - Public funds have allocated over 352.6 billion yuan in private placements, marking an 18% year-on-year increase, while private funds have contributed 59.80 billion yuan, a 23.48% increase [1] - The focus of investment is on hard technology and emerging industries, indicating strong confidence from institutional investors in the technology innovation sector [1] Group 2 - Guojin Securities has been approved to publicly issue bonds not exceeding 250 billion yuan, which will enhance its capital strength and optimize its debt structure [2] - The issuance of these bonds is expected to provide funding support for business expansion and positively impact the company's stock valuation [2] - This large-scale financing is anticipated to invigorate market trading sentiment and inject new momentum into the overall healthy development of the capital market [2] Group 3 - Public fund dividend enthusiasm has surged this year, with over 3,600 public funds distributing dividends totaling over 2,400 billion yuan, a three-year high and an increase of over 150 billion yuan compared to last year [3] - The increase in dividends is attributed to the market recovery and efforts to enhance investor satisfaction [3] - High dividend strategies in equity products have notably benefited, reflecting a restoration of market confidence and contributing to stable funding expectations [3] Group 4 - The number of private securities investment funds registered this year has exceeded 12,000, nearly doubling from 6,274 in 2024, indicating active inflow of new capital [4] - Stock strategies dominate the private fund issuance market, accounting for over 60%, suggesting a positive outlook for equity assets among institutional investors [4] - This influx of private funds is expected to provide significant liquidity support to the stock market, enhancing overall market vitality [4]

Core Viewpoint - The Chinese stock market is experiencing a positive trend as it approaches the end of 2025, with significant movements in various sectors and a focus on potential investment opportunities for 2026 [1][30]. Group 1: Market Trends and Predictions - The Shanghai Composite Index has achieved an "eight consecutive days of gains" [1]. - The total scale of Chinese ETFs has surpassed 6 trillion, setting a new historical high [1]. - Major brokerages have provided insights on market trends, with predictions for 2026 focusing on sectors that may dominate [2][5][13]. Group 2: Sector Analysis - Citic Securities highlights that 39 out of 360 industry/theme ETFs reached new highs in December, with a focus on telecommunications, non-ferrous metals, and commercial aerospace as key sectors [3]. - Industry sectors such as chemicals, engineering machinery, and new energy are expected to see increased attention and potential growth due to their long-term return on equity (ROE) improvement [4]. - Guotai Junan emphasizes the importance of capital markets in driving social confidence and investment, marking a shift from traditional investment methods to more capital-intensive approaches [5]. Group 3: Currency and Economic Factors - The recent appreciation of the Renminbi is attributed to a weaker US dollar and seasonal capital inflows, which may support the Chinese stock market [9][30]. - The potential for a significant influx of capital back into China is anticipated, driven by the reversal of previous trends in currency valuation and investment sentiment [9][10]. - The structural transformation of the Chinese economy is expected to reduce uncertainty and enhance investment opportunities, particularly in technology and manufacturing sectors [7][24]. Group 4: Investment Strategies - Investment strategies are shifting towards sectors that benefit from the current economic environment, including AI hardware, renewable energy, and consumer services [19][31]. - Brokers suggest focusing on thematic trading opportunities in sectors like robotics, commercial aerospace, and healthcare, which are expected to gain traction in the upcoming year [19][31]. - The market is advised to adopt a cautious approach, emphasizing low-cost entry points and avoiding high-risk positions as the market stabilizes [35][36].

Market News - The Ministry of Finance announced that a more proactive fiscal policy will continue in 2026, focusing on expanding fiscal expenditure, optimizing government bond tools, enhancing transfer payment efficiency, and improving expenditure structure [3] - The National Bureau of Statistics will release the December PMI data on December 31, with November's manufacturing PMI at 49.2%, a slight increase of 0.2 percentage points from October [4] - The People's Bank of China aims to significantly increase the scale and proportion of various long-term funds invested in A-shares, promoting a virtuous cycle between capital market stability and high-quality economic development [6] - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, expected to save over 1.9 billion yuan in total [7] Sector Developments - The Ministry of Industry and Information Technology established a standardization committee for humanoid robots and embodied intelligence, focusing on key technologies and industry standards [11] - The 2025 Shenzhen Brain Conference aims to create a platform for industry integration and innovation [13] - The 2025 China Green Hydrogen Industry Conference will discuss policies and technological breakthroughs that will impact the green hydrogen industry chain [14] Individual Stock Events - CATL plans to apply sodium batteries on a large scale in various sectors including battery swapping and energy storage in 2026 [17] - Xiaomi's co-founder plans to reduce holdings of up to $2 billion in B-class common stock [17] - ST Huluwawa and its chairman are under investigation for information disclosure violations [17] Lock-up Expiration - A total of 34 companies will have lock-up shares released this week, amounting to 3.697 billion shares with a total market value of approximately 58.895 billion yuan [18] - The peak lock-up expiration date is December 30, with 13 companies releasing shares worth a total of 27.645 billion yuan [18] Institutional Outlook - CITIC Securities highlights that 39 out of 360 industry/theme ETFs reached new highs in December, with a focus on communication and resource-related ETFs [25] - Guojin Securities identifies new investment themes emerging in 2026, emphasizing the importance of AI investments and the recovery of global manufacturing [26] - Zhongtai Securities believes there is still upward potential in the market before the Spring Festival, with opportunities for low-cost positioning [27]