Group 1 - The A-share market is expected to experience a favorable cross-year trend, supported by a better liquidity and exchange rate environment compared to previous years [1] - The strong performance of the RMB and a generally loose domestic liquidity environment are anticipated to contribute to a "good start" for the A-share market after the New Year [1] - Multiple positive factors, including RMB appreciation, concentrated benefits in the technology sector, improved macroeconomic expectations, and positive signals in the funding environment, are likely to drive the continuation of the cross-year trend in the A-share market [1] Group 2 - The current market risk appetite remains high, providing room for high-elasticity technology themes to continue their upward trajectory [2] - Despite the overall valuation level of the technology sector being relatively high, it has not yet entered a frenzy stage, indicating a significant gap from historical bubble periods [2] - Global liquidity expectations are anticipated to further support high-valuation technology assets, with a focus on sectors such as robotics, sports, and non-bank segments, while caution is advised against overcrowded areas like commercial aerospace [2] Group 3 - The improvement in industry prosperity is primarily reflected in price increases, with significant price rises observed in precious metals like gold and silver, as well as in base metals such as copper [3] - The basic chemical sector has seen marginal price increases in methanol, asphalt, natural rubber, and in power equipment, particularly lithium carbonate and lithium hydroxide [3] - The semiconductor sales cycle is on the rise, maintaining industry prosperity, with several foundries and storage manufacturers recently signaling price increases [3]

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 Viewpoint - The report from Zhongtai Securities highlights the rapid development of emerging beverage categories such as sugar-free drinks, tea, and functional beverages, which have led to a significant recovery in equipment demand due to continuous new product launches and capacity expansion by second and third-tier brands [1][2]. Domestic Market - The domestic beverage consumption has undergone significant structural changes, benefiting from the widespread adoption of health-conscious consumption, with emerging categories like sugar-free drinks and functional beverages experiencing rapid growth [2]. - The demand for liquid packaging machinery is driven by the need for line upgrades, with a strong demand for ultra-clean and sterile lines [2]. - The domestic market is expected to see steady growth, with listed companies entering an expansion cycle since 2019, despite intense competition [2]. Overseas Market - Emerging markets have shown overall growth over the past decade, with accelerated growth post-pandemic, particularly in regions like India, Southeast Asia, and Latin America, where consumer spending power is increasing [3]. - Chinese companies are experiencing accelerated export growth due to their significant cost-performance advantages and after-sales service, although their market share remains low, indicating substantial future growth potential [3][4]. - The Asia-Pacific market is witnessing a decline in German companies' deliveries in 2024, while imports from China are on the rise [3]. Industry Outlook - The overall industry is experiencing a positive development trend, with simultaneous increases in revenue scale and profitability due to the resonance of domestic and international market demands [4]. - The global packaging equipment market is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2025 to 2032, while China's packaging machinery industry is expected to grow at an average annual rate of around 8% during the 14th Five-Year Plan period [2]. - Domestic manufacturers have established strong competitive advantages for overseas expansion, including lower costs and faster delivery times compared to Western brands, as well as stable technical service capabilities [4].

来源：中泰证券 报告摘要 一、A 股： 【市场走势】本周A 股市场表现分化，主要宽基指数涨跌不一。上证指数微涨0.13%，但深证成指、创 业板指和北证50 均有所下跌，其中北证50 跌幅最大，下跌1.55%。 风格指数方面，中盘价值和小盘成长表现较好。行业方面，综合金融、石油石化和国防军工领涨，而商 贸零售、电力及公用事业、食品饮料跌幅居前。成交额方面，本周日均成交额为2.1 万亿，环比上涨 15.16%。 【深入剖析】本周为2025 年最后一个交易周。受节假日资金撤出影响，本周创业板等高弹性板块整体 承压。结构方面，近期商业航天板块不断迎来催化。2025 年12 月31 日，上交所官网信息显示，蓝箭航 天空间科技股份有限公司（蓝箭航天）科创板IPO申请获受理，正式冲刺科创板"商业火箭第一股"。受 各种催化影响，A 股卫星与商业航天板块持续占优。 【预期展望】展望A 股市场，预计在政策利好和产业创新的驱动下，市场结构性机会将持续显现。数字 经济、汽车产业链、AI 应用以及商业航天等新兴科技领域有望获得更多关注。在长线资金不断涌入带 来的流动性支持下，本轮"春季躁动"行情或提前启动。建议投资者关注具备技术创新优 ...

Core Viewpoint - The liquid packaging industry is experiencing a positive development trend with simultaneous growth in revenue scale and profitability, driven by structural changes in domestic beverage consumption and the rise of health-conscious products [1][3]. Domestic Market - Significant structural changes in domestic beverage consumption have occurred, with rapid development of sugar-free drinks, tea beverages, and functional drinks, leading to increased demand for equipment [2][3]. - The domestic market is entering an expansion cycle post-2019, with fierce competition expected to continue, resulting in stable growth [2][3]. - The average annual growth rate of China's packaging machinery industry is projected to be around 8% during the 14th Five-Year Plan period, with an average profitability growth rate of 7% for industry players [2]. Overseas Market - Emerging markets have shown overall growth in the past decade, with accelerated growth post-pandemic, particularly in India, Southeast Asia, and Latin America, driven by rising consumer spending [3]. - Chinese companies are benefiting from significant cost advantages and after-sales service, leading to accelerated export growth, despite currently low market share in overseas markets [3][4]. Competitive Advantages of Domestic Manufacturers - Domestic equipment has lower acquisition and long-term maintenance costs compared to brands from Europe, the US, and Japan, with efficient logistics and production timelines that meet the needs of emerging markets [4]. - Domestic enterprises have the capability to provide highly customized products and stable technical services, which are essential for meeting the demands of new markets [4]. - The trend of global investment favoring emerging countries and the upgrading of the food and beverage industry in countries like Vietnam and Indonesia creates ongoing demand for packaging equipment [4]. Recommended Stocks - Companies to watch include Dali Long (002209.SZ), Xin Meixing (300509.SZ), Yongchuang Intelligent (603901.SH), and Zhongya Co., Ltd. (300512.SZ) [4].

Group 1 - The core viewpoint of the news is that Zhejiang Weixing Industrial Development Co., Ltd. has seen a decline in its stock price, with a drop of 1.03% to 10.58 CNY per share, and a total market capitalization of 12.578 billion CNY as of December 31 [1] - The company was established on May 11, 1988, and listed on June 25, 2004, focusing on the research, manufacturing, and sales of clothing accessories such as buttons, zippers, and metal products, as well as high-end military satellite navigation products [1] - The revenue composition of the company's main business includes zippers at 55.30%, buttons at 39.61%, other clothing accessories at 3.62%, and others at 1.47% [1] Group 2 - From the perspective of fund holdings, one fund under Zhongtai Securities Asset Management has a significant position in Weixing shares, specifically the Zhongtai ESG Theme 6-Month Holding Mixed Fund, which reduced its holdings by 2,300 shares, now holding 59,300 shares, accounting for 4.05% of the fund's net value [2] - The fund was established on January 23, 2024, with a latest scale of 14.923 million CNY, and has achieved a year-to-date return of 16.35%, ranking 4931 out of 8085 in its category [2] - The fund manager, Wang Luyao, has been in position for 1 year and 344 days, with the fund's total asset scale at 14.9234 million CNY, achieving a best return of 37.47% during the tenure [3]

Group 1 - The core viewpoint of the news is the performance and business structure of Zhongtai Securities, which has a market capitalization of 51.786 billion yuan and a stock price of 6.54 yuan per share, reflecting a decline of 1.06% [1] - Zhongtai Securities was established on May 15, 2001, and went public on June 3, 2020, with its main business activities including securities brokerage, investment consulting, financial advisory related to securities transactions, underwriting, proprietary trading, margin financing, and fund distribution [1] - The revenue composition of Zhongtai Securities is as follows: wealth management business contributes 37.46%, asset management 22.53%, investment business 12.50%, credit business 11.08%, futures business 7.91%, investment banking 4.97%, and other businesses 3.78% [1] Group 2 - From the perspective of major circulating shareholders, Guotai Fund's ETF, which entered the top ten circulating shareholders of Zhongtai Securities, holds 72.0164 million shares, accounting for 1.83% of circulating shares, with an estimated floating loss of approximately 5.0412 million yuan [2] - The Guotai CSI All-Share Securities Company ETF was established on July 26, 2016, with a current scale of 55.334 billion yuan, and has a year-to-date return of 4.19%, ranking 3825 out of 4189 in its category [2] - The fund manager of the Guotai CSI All-Share Securities Company ETF is Ai Xiaojun, who has a tenure of nearly 12 years, with the fund's total asset scale at 169.029 billion yuan and a best return of 286.92% during his tenure [3]

Core Viewpoint - Beijing Weitongli Electric Co., Ltd. has been approved for its initial public offering (IPO) on the Shenzhen Stock Exchange, marking it as the 109th company to pass this year [1]. Company Overview - Weitongli specializes in the research, production, and sales of a range of electrical connection products, including hard connections, flexible connections, contact components, laminated busbars, and CCS products [1]. - The company plans to raise approximately 159.38 million yuan for projects including the construction of an electric connection base in Zhuzhou, intelligent upgrades for production bases in Wuxi and Beijing, and the establishment of a research and development center [2]. Shareholding Structure - As of the signing date of the prospectus, Huang Haoyun directly holds 105.78 million shares, representing 56.57% of the company, and serves as the chairman and general manager [1]. - Huang Haoyun, along with family members and associated entities, collectively holds 85.51% of the shares, establishing a unified action relationship among them [2]. Underwriting and Approval - The underwriting institution for Weitongli's IPO is Zhongtai Securities, marking it as the third successful IPO project for the firm this year [1]. - The company was reviewed and approved during the 37th meeting of the Shenzhen Stock Exchange's listing review committee for 2025 [1].

Group 1 - The core viewpoint presented is that under the trend of reform, securities firms are positioned to lead the public fund sales channel due to the transformation of residents' asset allocation and the construction of a professional service system [1] - The optimization of residents' asset allocation structure is identified as the underlying logic and core driver for the development of the public fund industry, highlighting unprecedented opportunities in the current market [1] - A comparison between the asset allocation patterns of residents in China and the U.S. underscores the significant development potential of domestic public funds, as the demand for wealth management shifts from "capital preservation" to "value appreciation" [1] Group 2 - Securities firms are expected to become the main sales channel for public funds due to their professional attributes and ecological advantages, with 79% of American households investing through intermediary channels, indicating a trend towards independent advisory roles [1] - The current public fund sales landscape in China is characterized by a dominance of banks, the rise of third-party platforms, and breakthroughs by securities firms, which are well-suited to take on the role of independent advisors [1] - To achieve this, securities firms need to focus on a "research + advisory" dual core strategy, building a customer-centered service system that emphasizes deep research and a transformation from "selling products" to "making allocations" [2]

Core Viewpoint - Shandong Securities Regulatory Bureau has decided to impose corrective administrative measures on Zhongtai Futures Co., Ltd. due to management deficiencies and internal control issues [1][3]. Group 1: Management Issues - Zhongtai Futures has not effectively executed job responsibilities and performance assessments in some branches, indicating an incomplete management system [1][2]. - The company has violated Article 51 of the Futures Company Supervision and Administration Measures (CSRC Order No. 155) [2]. Group 2: Internal Control Deficiencies - Zhongtai Futures has engaged in activities that resemble corporate brokerage under the guise of individual brokerage and has inadequately reviewed internet marketing platforms, reflecting internal control flaws [1][3]. - This behavior violates Article 56 of the Futures Company Supervision and Administration Measures [2]. Group 3: Regulatory Actions - The Shandong Securities Regulatory Bureau has mandated Zhongtai Futures to rectify these issues within 30 days and report back in writing [3]. - The decision will be recorded in the securities and futures market integrity database [1][3].