Core Viewpoint - Since 2021, the chemical and petrochemical industries have seen increased capital expenditures due to high prices of chemical products, initiating a new round of capacity expansion [1] Group 1: Industry Trends - From 2022 onwards, the release of new capacities, combined with a decline in crude oil prices, has led to a continuous drop in the prices of most chemical products [1] - Domestic companies have adopted a strategy of price competition to gain market share, resulting in an overall decline in profitability [1] Group 2: Future Outlook - As of 2024, most chemical product prices are stabilizing at the bottom, and corporate profitability remains under pressure [1] - With the introduction of subsequent growth stabilization plans, it is anticipated that some outdated capacities may be eliminated, leading to a marginal improvement in the overall supply-demand structure of the industry and an increase in product profitability [1]

证券研究报告 | 行业联合报告 2026 年 01 月 14 日 招商证券 | 总量的视野 电话会议纪要（20260111） 研究部/总量研究 【宏观】1 月降息预期打消；【策略】2026 开年产业趋势新变化；【固收】开 年债市急跌的原因及后续展望；【银行】存款到期规模与可能的流向；【非银】 16 连阳，看好券商保险；【地产】REITs：25 年回顾及 26 年展望；【资配】 A 股择时轮动模型年度复盘及展望；【基金评价】公开募集证券投资基金销售 费用解读；【ESG】12 月国内 ESG 动态跟踪 【宏观 张岸天】1 月降息预期打消 12 月美国非农数据细节冷热参差，尽管私营部门就业增速放缓，整体上失业率 回落和时薪增速反弹的数据组合基本打消了海外市场对美联储1 月降息的预期。 分行业来看，周期性行业多表现疲弱，同时政府部门就业增速转正，DOGE 减 员的滞后统计影响出现消退。制造业连续三个月减员，录得-0.8 万人（前值-0.2 万人）。建筑业减员 1.1 万人（前值 2.2 万人），移民政策变化致使供需双弱。 零售业减员 2.5 万人（前值-1.7 万人），运输仓储业减员-0.7 万人（前值-2.5 万人 ...

Core Viewpoint - Dazhu CNC has released a 2025 performance forecast that significantly exceeds market expectations, driven by the expansion of computing power PCB and technological upgrades, indicating strong growth potential in the PCB equipment industry [1] Group 1: Company Performance - Dazhu CNC is the global leader in PCB equipment, maintaining the top position among domestic PCB equipment manufacturers for 16 consecutive years [1] - The company is expected to achieve revenue of 5.79 billion, 9.01 billion, and 12.88 billion for 2025-2027, with net profits of 830 million, 1.51 billion, and 2.16 billion respectively [1] - The corresponding price-to-earnings ratios (PE) are projected to be 61.9, 34.1, and 23.8 for the same period [1] Group 2: Industry Outlook - The trend of expanding computing power PCB and technological upgrades in the downstream market is favorable for Dazhu CNC, reinforcing its core position, technological leadership, and high-end product upgrades in the PCB equipment industry [1] - The company is expected to enter a new phase of high-quality growth due to accelerated production of AI PCBs and the upgrade of high-end products [1] - The strong performance forecast and growth potential of new high-end products support a "strong buy" rating for the company [1]

Core Viewpoint - Zhongji Xuchuang is a global leader in optical modules, benefiting significantly from the surge in AI computing demand through deep partnerships with top North American clients [1] Group 1: Company Strengths - The company has significant advantages in technology, production capacity, and supply chain [1] - Zhongji Xuchuang's silicon photonics capabilities are outstanding, with investments in next-generation optical interconnect technologies such as NPO and OCS [1] - The company is expected to benefit long-term from investments in AI computing [1] Group 2: Product and Market Potential - The 1.6T product is set to ramp up production first, with material capacity adequately prepared, laying the foundation for a significant increase in high-speed optical module production by 2026 [1] - The company has established delivery capabilities through multi-dimensional barriers in capacity, technology, and materials, solidifying its leading position in the market [1] Group 3: Future Outlook - The performance release potential for 2026 and 2027 is considerable, indicating strong future growth [1] - In the post-Moore's Law era, interconnects are equated with computing power, suggesting a promising long-term space for optical interconnects [1] - The company is transforming into a platform-type leader in optical interconnects, with an expected upward shift in valuation [1]

Group 1 - The core viewpoint of the report indicates that Budweiser APAC's profitability in the fourth quarter of last year was pressured by concentrated cost recognition and high base effects, but most negative impacts have been absorbed, and a demand turning point is yet to be confirmed [1] - The report states that the EBITDA forecasts for Budweiser APAC for 2025 and 2026 have been lowered by approximately 5% [1] - The rating for Budweiser APAC is maintained at "Neutral," with a target price set at HKD 7.5 [1]

Group 1 - The event organized by China Merchants Securities aims to enhance national financial literacy and fulfill corporate social responsibility through immersive learning experiences for finance students [1][2] - Students visited the Shenzhen Stock Exchange Financial Expo Center to understand the development of China's capital market and its role in supporting state-owned enterprise reform and financing for technology innovation [1] - The immersive experience highlighted the integration of technology in finance, allowing students to grasp the logic behind technological advancements reshaping the financial industry [1] Group 2 - The visit to the Shenzhen Wanjindu Deep Run Building Securities Office included discussions on practical aspects of the securities industry, career challenges, and growth paths from employees in various positions [2] - Senior wealth advisors shared insights on the integration of financial technology and wealth management, as well as practical asset allocation strategies, providing students with a closer look at industry practices and trends [2] - This visit is part of China Merchants Securities' initiative to deepen the integration of industry and education, aiming to cultivate professionals with both theoretical knowledge and practical skills for the financial sector [2]

Core Viewpoint - Jiu Ri New Materials announced that it will continue to receive ongoing supervision from its sponsor, China Merchants Securities, for its initial public offering on the Sci-Tech Innovation Board, despite a change in the designated representative due to personnel changes [1] Group 1 - China Merchants Securities was originally appointed to oversee the ongoing supervision of Jiu Ri New Materials' IPO, with representatives Sun Yue and Liu Xianguang responsible for this duty [1] - The legal period for ongoing supervision was set to end on December 31, 2022, but the company has not yet fully utilized the funds raised from the IPO [1] - Zhang Liwen has been appointed to replace Liu Xianguang as the designated representative to ensure the continuity of supervision [1]

Group 1 - The core point of the article is that Ruiskanda's stock price has dropped significantly, closing at 10.69 yuan, which represents a decline of 6.72% and indicates that the stock is currently in a state of underperformance [1] - Ruiskanda was listed on the Shanghai Stock Exchange on April 20, 2017, with an initial public offering of 56.8 million shares at a price of 13.72 yuan per share, raising a total of 779 million yuan [1] - After deducting issuance costs of 59.7 million yuan, the net funds raised amounted to 720 million yuan [1] Group 2 - The issuance costs included a sponsorship and underwriting fee of 42.86 million yuan paid to China Merchants Securities [1] - The lead underwriters for the IPO were Zhou Jinfeng and Sun Shijun [1]

Core Viewpoint - Dameng Data announced the receipt of a letter from China Merchants Securities regarding the change of the sponsor representative for its ongoing supervision duties related to its initial public offering on the Sci-Tech Innovation Board [2] Group 1 - China Merchants Securities was originally appointed as the sponsor for Dameng Data's IPO and listing on the Sci-Tech Innovation Board [2] - The previous designated sponsor representatives, Liu Xianguang and Bao Xiaolei, were responsible for ongoing supervision, but Liu Xianguang will no longer be able to fulfill these duties due to a job change [2] - Yang Lizhi has been appointed to replace Liu Xianguang to ensure the continuity of the ongoing supervision work [2]

Group 1: A500 ETF Market Overview - As of January 12, the total scale of 40 A500-related ETFs reached 300.89 billion yuan, with 8 ETFs exceeding 10 billion yuan, accounting for 85.16% of the total scale [1] - The A500 ETF managed by Huatai-PB became the first A500 index ETF to exceed 50 billion yuan, with a scale of 50.84 billion yuan [1] - The second and third largest A500 ETFs are managed by Southern Fund and Huaxia Fund, with scales of 47.22 billion yuan and 42.33 billion yuan, respectively [1][3] Group 2: A500 ETF Scale Details - The top A500 ETFs by scale include: - A500 ETF Huatai-PB: 50.84 billion yuan [3] - A500 ETF Southern: 47.22 billion yuan [3] - A500 ETF Huaxia: 42.33 billion yuan [3] - A500 ETF Guotai: 38.09 billion yuan [3] - A500 ETF E Fund: 34.29 billion yuan [3] - A500 ETF GF: 19.40 billion yuan [3] - A500 ETF Fortune: 14.17 billion yuan [3] - A500 ETF Harvest: 10.60 billion yuan [3] Group 3: Market Sentiment and Trends - The current macro environment is favorable, with ample liquidity supporting market risk appetite, contributing to a positive response in global stock markets [5][7] - There is a strong inclination for new capital inflow as institutions prepare for the upcoming Spring Festival and Two Sessions, indicating a robust demand for A-shares [5] - The market is expected to continue its upward trend, with a focus on structural opportunities and sector rotation, particularly in commercial aerospace and technology sectors [7][8]