Core Viewpoint - The domestic G652D fiber optic prices have been steadily increasing since Q3 2023, indicating strong industry demand and tight overall supply, with robust overseas demand and export performance [1] Group 1: Export Performance - China's optical fiber rod exports from January to November 2025 saw a year-on-year increase of 87.78% in volume and 77.36% in value; optical fiber exports increased by 48.74% in volume and 63.37% in value [1] - The growth rate has notably accelerated since October 2023, reflecting strong global demand for optical fibers and cables [1] Group 2: Market Demand Drivers - Strong growth in exports is attributed to robust global demand, particularly from the AI sector, with Corning's Enterprise Network business in North America experiencing year-on-year growth of 106%, 81%, and 58% from Q1 to Q3 2025 [1] - The demand for G657 fiber is also driven by applications such as battlefield drones, which consume significant amounts of this type of fiber [1] Group 3: Future Demand Projections - The demand for optical fibers is expected to continue growing due to the anticipated increase in global optical module demand, projected to rise significantly through 2026 [1] - There is an expectation that the demand for optical fibers will scale up by 2027, with Data Center Interconnect (DCI) also contributing to substantial demand [1] Group 4: Industry Outlook - Concerns about the supply-demand balance in the optical fiber and cable market persist, but it is believed that manufacturers will approach capacity expansion more rationally compared to the imbalances seen in 2019 [1] - The current demand recovery, coupled with rising prices, may lead to both profit and valuation increases for leading companies in the industry [1]

Core Viewpoint - The A-share market is expected to stabilize and recover in risk appetite, with a spring rally anticipated in 2026 as the overseas environment becomes more stable and liquidity expectations are clarified [1][4][7]. Group 1: Market Outlook - Multiple brokerages indicate that a classic "cross-year-spring" rally is brewing, with significant institutional investors increasing their holdings in broad-based ETFs, providing stable incremental capital to the market [1][10][11]. - The spring market is characterized by a favorable liquidity environment, with historical patterns suggesting a high probability of a rebound before the Spring Festival [7][10]. - The market is currently experiencing a narrow range of fluctuations, influenced by external factors such as U.S. Federal Reserve policies and Japanese central bank actions, but is expected to resonate upward with global markets [8]. Group 2: Investment Strategies - Investors are advised to adopt a strategy of finding buying points and waiting for opportunities, rather than chasing prices, as the market adjustment appears to be sufficient [2][12]. - Focus areas for investment include sectors benefiting from domestic demand, such as AI applications, commercial aerospace, and tourism, as well as cyclical recovery sectors [4][11][13]. - The spring rally is seen as an opportunity to invest in high-growth sectors, with recommendations to pay attention to industries like industrial metals, non-bank financials, and tourism-related services [11][14]. Group 3: Currency and Asset Allocation - Investors are encouraged to adapt to a continuously appreciating RMB environment, with certain industries expected to benefit from improved profit margins due to currency appreciation [3]. - Approximately 19% of industries may see profit margin improvements due to the RMB's appreciation, which could attract investor attention [3].

Group 1: Market Overview - The Shanghai Composite Index experienced a rebound last Friday, with a trading volume of 1.73 trillion yuan, an increase of 70.4 billion yuan compared to the previous trading day [1] - By the close of last Friday, the Shanghai Composite Index rose by 0.36%, the Shenzhen Component Index increased by 0.66%, and the ChiNext Index gained 0.49% [1] Group 2: Insurance Industry Outlook - Zhongtai Securities forecasts that the core premium income and value growth of listed insurance companies are expected to maintain double-digit growth by 2026, driven by asset reallocation and a favorable equity market [2] - The insurance sector is anticipated to benefit from the growth in the number of cooperative outlets and improved production capacity, with individual insurance channels supported by a strong workforce structure [2] Group 3: Fiber Optic Industry Insights - CITIC Construction Investment reports that since Q3 of this year, fiber optic prices in the Chinese market have been rising, indicating strong demand and tight overall supply [3] - The strong overseas demand and robust export performance reflect a thriving global fiber optic market, with leading companies in the industry likely to see both profit and valuation increases [3] Group 4: Real Estate Market Trends - Guojin Securities notes that the new housing market is experiencing a year-end surge, with an increase in quality projects in key cities contributing to an overall market recovery [4] - This week, new housing sales area significantly rebounded, with 434,000 square meters sold across 47 cities, marking a new weekly high since October [4]

Core Insights - Ant Group's AI health application "Ant Aifu" has rapidly climbed to the 3rd position in the Apple App Store download rankings following its new version release [1] - The domestic AI healthcare sector has seen continuous advancements in policy, technology, products, and applications this year [1] - Technological breakthroughs are expected to transition from individual products to a full-chain scenario, with application scenarios moving from large hospitals to grassroots and individual levels [1] Industry Trends - AI healthcare demonstrates significant application value in enhancing medical device functionality, interpreting test results, assisting clinical decision-making, and health management [1] - Medical enterprises and hospitals must prioritize AI healthcare as an innovative direction and competitive trend [1] - With ongoing national policies and industry technology catalyzing developments, the application scenarios for AI healthcare are expected to accelerate [1]

人民财讯12月22日电，中信建投研报称，蚂蚁集团旗下AI健康应用"蚂蚁阿福"新版App发布后，下载量 迅速攀升，位居苹果应用商店下载总榜的第3位。今年以来，国内AI医疗在政策、技术、产品及应用等 方面均有持续进展，技术突破有望从单个产品走向场景全链条，应用场景从大医院下沉到基层和个体。 AI医疗在提升医疗器械功能、检查检验结果解读、辅助临床医生决策、健康管理等多个领域的应用价 值较大，是医疗企业和医院必须重视的创新方向和竞争趋势。在国家政策和行业技术的持续催化下， AI医疗应用场景有望加速落地，建议关注行业投资机会。 转自：证券时报 ...

Core Viewpoint - The article highlights the potential investment opportunities in the Hong Kong stock market as it approaches a year-end trading window, with favorable policy support for the consumer sector and low valuation levels in various sub-sectors [1][5][11]. Group 1: Market Insights - Hong Kong stocks are experiencing a year-end trading window, with quality assets entering a high cost-performance zone due to macroeconomic improvements and profit expectations [5]. - The Japanese central bank's recent interest rate hike to 0.75% is expected to improve overseas liquidity expectations, which may positively impact global markets [3]. - The U.S. stock market is anticipated to remain volatile, particularly high-valuation assets, as it navigates between revaluation and sentiment recovery [7]. Group 2: Sector Analysis - The consumer sector is positioned for recovery, with multiple sub-sectors currently at historically low valuation levels, benefiting from policy support aimed at enhancing corporate profitability [11]. - Strong cyclical sectors such as non-ferrous metals, aluminum, chemicals, and machinery are expected to be key trading catalysts in the first quarter of 2026 [6]. - Industrial metals are projected to maintain a long-term positive trend despite short-term price pressures due to uncertainties in interest rates and the dollar [12]. Group 3: Economic Outlook - The overall economic growth in 2026 is expected to remain under pressure, but investment may stabilize at low levels, with gradual improvements in consumption and resilient exports [10]. - The market is likely to transition from a valuation-driven rally to one supported by corporate earnings, with a focus on modernization and capacity expansion as key trends [10]. - The trust in the U.S. dollar is declining, which may influence global economic dynamics and investment strategies [15].

Management Fee Adjustment Plan - The fund manager has the right to adjust the management fee based on the operational conditions of the fund, as the estimated net income per ten thousand shares and the seven-day annualized estimated yield may fluctuate due to market volatility [1] Other Important Information - Investors can obtain relevant information through the following channels: 1. Fund Manager: CITIC Construction Investment Fund Management Co., Ltd. with a nationwide service hotline of 4009-108-108 and website www.cfund108.com [3] 2. Sales Institution: CITIC Construction Investment Securities Co., Ltd. with a customer service phone number of 95587 and website www.csc108.com [3]

王广学 编者按 首先，期货行业要打破边界，提高服务效率。王广学表示，期货公司作为连接期货市场与实体产业的核 心桥梁，必须打破传统"通道式"服务边界，进一步强化生态枢纽功能。通过深化与银行、证券、私募、 政府、交易所等的协同合作，推动服务模式从"方案定制"向"生态赋能"深度升级，持续拓展服务边界、 创新服务工具、优化服务效率。 其次，要着力服务企业稳健"走出去"。当前，大宗商品价格波动风险加剧，出海企业的风险管理需求日 益迫切。期货公司将服务企业出海作为新的着力点，这是契合市场需求、发挥自身专业优势的必然选 择，也是推动实体经济高质量发展的关键路径。具备国际化业务能力的期货公司可以立足国内市场优 势，打造"境内+境外"联动的服务模式，帮助企业更好利用境内境外两个市场、两种资源，应对价格波 动风险、把握定价主动权，提高产业发展所需的关键原材料保障能力。 最后，要创新市场培育模式。市场培育不仅是提升产业客户期货认知的基础工程，更是推动期货工具 从"理论可及"转向"实践可用"的核心纽带。其中，投教基地作为市场培育的核心阵地，正以多元化、专 业化的服务形态，为期货服务产业客户构建起全方位的支撑体系。中信建投期货在重庆打 ...

Group 1 - A-share market shows mixed performance with the Shanghai Composite Index being relatively stable while the ChiNext Index is weaker due to a pullback in the technology manufacturing sector [1][11] - The consensus is forming around a potential "rally" in the market as liquidity expectations improve following key overseas events and a positive policy environment from the Central Economic Work Conference [12][13] - The market style is expected to shift towards small-cap and technology growth sectors during the "rally" window from late January to early March 2026, following a period of value-driven performance [12][13] Group 2 - The strong market performance on Wednesday may indicate the start of the 2026 cross-year market trend, supported by significant net subscriptions in stock ETFs [14] - Continued policy support and stable economic growth are anticipated to bolster market confidence and attract various types of capital inflows [14] - The trend of high-net-worth individuals moving their deposits into the stock market is likely to continue, driven by lower expected returns from other asset classes [15] Group 3 - Incremental capital is entering the A-share market through broad-based ETFs, signaling positive market sentiment as investors prepare for the "spring rally" [16] - The technology and small-cap sectors are expected to perform actively as investors increase their positions [16] - The easing of "AI bubble" concerns and the resolution of liquidity uncertainties are providing a recovery opportunity for the market [17] Group 4 - Investment strategies should focus on three key areas: dividend value, high-growth sectors during the upcoming "rally," and active themes driven by policy and technology [18] - In a strengthening RMB environment, sectors such as aviation, gas, and paper are expected to benefit from cost advantages, while upstream resources and consumer goods may see profit margin improvements [20][21] - The non-bank financial sector, particularly insurance stocks, is showing increased elasticity and may outperform if policy catalysts emerge [21]

中信建投研报称，GEO是一种广告营销技术服务，核心是让品牌在AI搜索中被主动说出来，随AI搜索 起量而增长。据Gartner，到2026年，搜索引擎访问量将下降25%，搜索营销市场份额将被人工智能聊天 机器人和其他虚拟代理抢走。随之而起的GEO市场规模有望达到百亿美元量级，有望推动广告代理公 司从提供营销服务拓展至提供技术服务，提高盈利水平。海外公司已率先布局，2024年起开始涌现，明 星初创公司Profound在1年内完成3轮融资，估值超1亿美元。 ...