Core Insights - Chengdu XianDao is a platform-based R&D enterprise focused on new drug discovery, aiming to build a scalable, efficient, and expandable drug discovery system [1][4] - The company utilizes a leading trillion-level DNA-encoded compound library (DEL) as its core technology platform, empowering over 1,000 R&D projects for more than 600 global clients [1][4] - Future strategies include deepening the R&D value chain with AI and automation technologies, while also expanding capabilities horizontally [1][4] Group 1: Company Strategy and R&D Focus - The core strategy involves creating a scalable and efficient drug discovery system centered around the DEL technology platform [4] - The company aims to explore new types of tool molecules and therapeutic molecules, focusing on discovery, optimization, and transformation [1][4] - The DEL technology is being applied to challenging target areas such as PPI and GPCR, enhancing the breadth and depth of target exploration [5][6] Group 2: HAILO Platform and AI Integration - The HAILO platform integrates DEL, AI, and automation for molecular optimization, enhancing data integration and molecular optimization efficiency [2][7] - The AI assistant HANDS facilitates a closed-loop system from data acquisition to business implementation, improving R&D efficiency [8][9] - HAILO's high-throughput capabilities support the entire process from target validation to lead compound optimization, significantly improving overall efficiency [9] Group 3: Clinical Development and Pipeline - The self-developed project HG146 is in Phase II clinical trials for recurrent or metastatic adenoid cystic carcinoma, with positive preliminary efficacy and safety signals [10] - The company is preparing to communicate with the National Medical Products Administration (CDE) regarding the next steps for HG146's development and registration [10] - The subsidiary Xianyan Biotech is advancing its pipeline, with LDR2402 entering Phase II clinical trials and LDR2515's IND application accepted by CDE [11] Group 4: M&A and Investment Strategy - The company is cautiously evaluating investment or acquisition opportunities that enhance core business, extend the industry chain, or possess breakthrough technology potential [12][13] - The focus is on companies that can strengthen existing operations, extend to upstream and downstream of the industry chain, or are in emerging exploration stages [13] - The company aims to balance short-term goals with long-term strategies through systematic resource integration and market expansion [13]

Group 1 - The core viewpoint of the report indicates that the market for wood pulp is experiencing price increases in the external market, while domestic prices are showing signs of slowing growth. The report anticipates a continued rise in pulp prices by January 2026, with gradual price transmission for white paper and ongoing increases for black paper [1][6]. Group 2 - Cultural paper prices are under pressure due to weak demand, with the average market price for 70g wood pulp high white double glue paper at 4730 yuan/ton, a slight decrease of 0.04% month-on-month. Factors influencing this include cautious purchasing behavior from distributors and a lack of effective price transmission from wood pulp to paper [2]. - White cardboard prices are rising, with the average market price for 250-400g flat white cardboard at 4237 yuan/ton, an increase of 0.98% month-on-month. This is attributed to low price levels and cost pressures, with some traders raising prices by 50-100 yuan/ton [3]. - The price of corrugated paper is under pressure, with the average market price for AA-grade 120g corrugated paper at 3129 yuan/ton, reflecting a month-on-month decline of 1.29%. Contributing factors include a mixed sentiment among suppliers and limited improvement in demand from the packaging sector [4]. - The waste paper market is experiencing an overall price decline, with the average price for waste yellow board paper at 1767 yuan/ton, a decrease of 6.18% month-on-month. This is due to increased supply and a bearish outlook from downstream paper mills [5]. - The wood pulp market is characterized by a mixed price trend, with external prices for broadleaf pulp continuing to rise while domestic prices are stabilizing. The average price for wood pulp is influenced by fluctuations in futures contracts and varying supply-demand dynamics [6].

Core Viewpoint - The report from Guotai Junan highlights the issuance of the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'" by eight departments on January 7, emphasizing the importance of technology supply and industrial application, and proposing to strengthen policy support to accelerate the "intelligent industrialization" and "industrial intelligence" [1] Group 1: Policy and Implementation - The eight departments aim to promote both "intelligent industrialization" and "industrial intelligence," facilitating deep integration of AI technology and manufacturing applications, thereby supporting the construction of a manufacturing power, a network power, and a digital China [1] - By 2027, China aims to achieve secure and reliable supply of key AI technologies, maintaining a leading position in industrial scale and empowerment levels globally, with plans to promote 3-5 general large models in manufacturing and create 100 high-quality industrial data sets [2] Group 2: Industry Focus and Application - The document emphasizes accelerating application empowerment in key manufacturing sectors such as raw materials, equipment manufacturing, consumer goods, electronic information, and software services, promoting benchmark solutions and experiences [3] - It calls for a comprehensive transformation and upgrade of processes, embedding large model technology into core production and manufacturing stages, enhancing capabilities in design assistance, simulation model construction, production scheduling, and predictive maintenance [3] Group 3: Support Mechanisms - The report encourages local governments to provide support to enterprises through "computing power vouchers" and "model vouchers," enhancing public services for SMEs and reducing development costs [4] - It proposes establishing a collaborative mechanism among departments, promoting local policies tailored to regional conditions, and guiding enterprises to develop in a differentiated manner to prevent "involution" in the industry [4] - The report also highlights the role of the National AI Industry Investment Fund in enriching quality project reserves and attracting more social capital to invest in AI and manufacturing-related technology research and application tasks [4]

Core Viewpoint - Leading tourism companies are expected to benefit from policy support and the growth of employee cultural and sports consumption, leading to potential short-term gains and long-term performance growth [1][2]. Group 1: Policy Support and Industry Growth - The four ministries issued a document to promote employee cultural and sports consumption, aiming to unleash consumption potential by 2030 [2]. - The document outlines the establishment of a comprehensive employee cultural and sports activity system, enhancing service quality to meet diverse cultural needs [2]. Group 2: Encouragement of Activities and Spending - There is encouragement to increase the proportion of union funds allocated to employee cultural and sports activities, with a focus on collective bargaining for funding and scheduling [3]. - The plan includes promoting seasonal trips, with a maximum of four trips per year, and developing exclusive cultural and sports products for employees [3]. - Local unions are encouraged to issue cultural tourism vouchers and organize film exhibitions to enhance employee engagement in cultural activities [3].

Group 1 - The core viewpoint indicates that the brokerage sector is experiencing a period of adjustment, with significant fluctuations in stock prices among leading firms, while the overall market shows signs of increased investment activity, particularly in margin trading [1] - As of January 7, 2026, the margin trading balance in the A-share market reached 2.6047 trillion yuan, marking a historical high with a single-day increase of approximately 24.8 billion yuan [1] - Open Source Securities suggests that regulatory policies are entering a "positive" cycle, which is expected to support the profitability of the brokerage industry in 2026, with low valuations and institutional holdings providing opportunities for investment [1] Group 2 - The leading securities ETF closely tracks the National Securities Leader Index, reflecting the market performance of quality listed companies in the Shanghai and Shenzhen markets [2] - As of December 31, 2025, the top ten weighted stocks in the National Securities Leader Index accounted for 79.13% of the index, with major firms including Dongfang Caifu, CITIC Securities, and Huatai Securities [2]

Core Viewpoint - The express delivery industry is expected to maintain a single-digit growth rate, with a projected year-on-year increase of 5% in express delivery volume by November 2025, indicating a continued trend of slow growth and effective implementation of anti-involution policies [1][2][4]. Group 1: Industry Growth and Trends - The express delivery volume growth rate is expected to drop to single digits in Q4, with the Double Eleven shopping festival showing a year-on-year increase of 9%, a slowdown compared to the 21% growth in 2024 [2]. - The anti-involution measures implemented since July 2025 have effectively driven price recovery in the e-commerce express delivery sector, which may influence the growth trend of small and light packages and enhance the quality of express delivery demand [2][3]. Group 2: Profitability and Market Share - The anti-involution policies have led to an increase in single-package revenue, with YTO, Yunda, and Shentong seeing increases of 0.16, 0.25, and 0.44 yuan per package respectively since July [3]. - The market concentration has stabilized, with the industry CR8 remaining at 86.9 in November, indicating a slight recovery in market share for YTO since Q4 2025, attributed to AI integration and infrastructure upgrades [3]. - The net profit margins for major companies in Q3 2025 were as follows: Zhongtong -0.9%, YTO +0.07%, Yunda -1.5%, and Shentong +0.5% year-on-year, with expectations for continued profitability recovery in Q4 [3]. Group 3: Regulatory Environment and Future Outlook - The anti-involution measures have been effectively enforced, with the State Post Bureau emphasizing the need to combat "involutionary" competition, leading to price stabilization and gradual expansion of price increases to key regions [4]. - The positive effects of the current anti-involution policies are expected to continue, supporting healthy competition and ongoing profitability recovery in the industry [4]. - Future focus should be on the regulatory strength of anti-involution measures and the competitive strategies of companies within the industry [4]. Group 4: Investment Recommendations - The recommendation is to maintain a bullish rating on the express delivery sector, highlighting leading companies such as Zhongtong Express and Jitu Express, which are expected to benefit from profitability improvements and high overseas volume growth [5]. - SF Express is noted for its operational mechanisms that drive volume growth, with short-term performance fluctuations attributed to proactive market expansion strategies and necessary long-term investments [5].

Core Viewpoint - The aviation industry in China is expected to continue its recovery, with significant improvements in demand and a potential turnaround in profitability by 2025, driven by a strong rebound in passenger traffic and strategic pricing adjustments [2][5]. Group 1: Short-term Outlook - The upcoming New Year holiday is anticipated to see robust air travel demand, with significant increases in both volume and pricing compared to previous years [4]. - The Spring Festival travel peak is expected to maintain active business and personal travel, although the holiday's impact may be weaker than in previous years [4]. Group 2: Demand and Supply Dynamics - Passenger traffic is projected to grow by 5-6% in 2025, with domestic routes increasing by 4% and international routes by over 20% [2]. - The industry is entering a low growth phase in supply, with a projected fleet size increase of approximately 3.7% by November 2025 compared to the end of 2024 [2]. Group 3: Performance Metrics - The passenger load factor is expected to reach a historical high, with a year-on-year increase of 1.7 percentage points, while ticket prices remain at historically low levels [2]. - Domestic ticket prices are estimated to decrease by 2-3% year-on-year, while international ticket prices may see significant increases in the latter half of the year due to strong inbound demand [2]. Group 4: Quarterly Performance Expectations - In Q1, passenger traffic is expected to reach new highs due to strong personal demand, but ticket prices may decline by about 10% year-on-year, limiting profitability improvements [3]. - Q2 is projected to see significant reductions in losses due to active business travel and favorable supply-demand conditions [3]. - Q3 may experience weaker business demand, impacting profitability despite a slight increase in ticket prices driven by recovering demand from September [3]. - Q4 is expected to continue the trend of significant loss reduction, supported by strong holiday travel and stable load factors [3]. Group 5: Long-term Outlook - The Chinese aviation industry is anticipated to enter a "super cycle," with sustainable growth in demand and a recovery in pricing and profitability expected to begin in 2026 [5]. - The market has achieved price liberalization, and the focus on improving network quality will be crucial for traditional airlines' future profitability [5].

国内企业深耕钛合金，有望受益于下游需求爆发 从钛合金中游环节看，国内天工国际深耕高端钛合金线材，目前已供应多家国际头部消费电子公司并持 续扩充产能，未来有望受益于大客户折叠机等需求放量。 钛合金持续渗透，同时制粉技术及3D打印工艺发展有望持续推动钛合金应用拓展 风险提示 苹果首款折叠屏产品有望26年发布，将进一步带动钛合金需求提升。钛及钛合金由于其高强度、高耐腐 蚀性能和良好的表面纹理，在折叠屏中用量有望显著提升。主要应用在(1)中框：钛合金中框抗弯曲能 力显著优于铝合金同时实现轻量化，可以更好保护屏幕和内部元器件。(2)屏幕衬板：它的作用是支撑 屏幕保证显示效果和触控体验，同时在折叠和展开过程中，引导屏幕以特定的弧度弯曲，减小折痕。使 用纯钛衬板可以显著降低机身重量，以平衡重量、性能和加工成本。(3)其他：由于钛合金具有更好的 韧性和抗腐蚀性能，其未来有望应用在折叠屏轴盖等料号中。同时3D打印钛合金提供了极高的设计自 由度，能制造CNC无法实现的复杂中空或一体化结构，目前逐步应用在航空航天、医疗领域中，并向 高端消费电子产品渗透。未来随着3D打印工艺、制粉技术等的成熟，该行认为，钛合金在折叠机、 AR/VR ...

Core Viewpoint - The report from Guotai Junan maintains a "Buy" rating for October Rice Field (09676), projecting EPS for 2025-2027 to be 0.55, 0.68, and 0.82 RMB, respectively, with a target price of 18.48 HKD for 2026 based on a 25x PE ratio [1] Group 1: Industry Dynamics - The rice industry lacks a total volume logic, but there is growth in the mid-to-high-end rice segment due to structural upgrades, with increasing packaging rates and the proportion of quality products [2] - The industry faces a fragmented and competitive landscape due to low entry barriers and weak brand attributes, leading to slow increases in market concentration [2] - Brands positioned in the mid-to-high-end segment benefit from brand barriers and profit margins, enabling faster growth through resource mobilization [2] Group 2: Company Strengths - The company has established an efficient supply chain in rare geographical areas, ensuring quality and price advantages through direct sourcing [3] - The combination of strong product power, channel strength, and excellent marketing capabilities has resulted in a significantly higher repurchase rate, establishing the company as a leading brand in the mid-to-high-end rice market [3] Group 3: Operational Efficiency - The company has achieved a leading market share by leveraging online channel benefits and maintaining a flat organizational structure with flexible marketing strategies [4] - The growth in online channels is expected to continue, supported by the rise of new retail channels and the introduction of new product categories [4] - Offline channels are also experiencing rapid growth, with increasing revenue contributions from supermarkets, direct customers, and distribution channels [4] Group 4: Product Expansion - The company has a clear path and successful experience in product innovation, with corn proving the effectiveness of brand, channel, and marketing reuse [5] - Despite short-term pressures on corn, long-term potential remains, with expectations for growth driven by new products and offline channels [5] - The introduction of more new products, such as southern rice, is anticipated to open up greater growth opportunities [5]

Core Viewpoint - Cathay Securities maintains a "Buy" rating for October Rice Field (09676), projecting EPS of 0.55/0.68/0.82 RMB for 2025-2027 and a target price of 18.48 HKD for 2026 based on a 25x PE ratio [1] Group 1: Industry Insights - The rice industry lacks overall growth logic, but there is potential for volume growth in the mid-to-high-end rice segment due to structural upgrades, with increasing packaging rates and premium product shares [2] - The industry is characterized by low entry barriers, weak brand attributes, and a fragmented competitive landscape, leading to slow increases in industry concentration [2] - Brands positioned in the mid-to-high-end segment benefit from brand barriers and profit margins, enabling faster growth through resource mobilization [2] Group 2: Company Strengths - The company has established an efficient supply chain in rare geographical areas, ensuring quality and price advantages through direct sourcing, while D2C sales and order-based production enhance product freshness [3] - The company has achieved a significantly higher repurchase rate than the industry average, establishing itself as the leading brand in the mid-to-high-end rice market [3] Group 3: Operational Efficiency - The company has leveraged online channel advantages to achieve a leading market share, supported by a flat organizational structure and flexible channel strategies tailored to local conditions [4] - Future growth is expected from increased online penetration, emerging channels like Pinduoduo, and expansion into new product categories [4] - Offline channels are also growing rapidly, supported by high brand positioning and an efficient supply chain, with revenue shares continuing to rise [4] Group 4: Product Expansion - The company has a clear path and successful experience in product innovation, with corn proving the effectiveness of brand, channel, and marketing reuse [5] - Despite short-term pressures on corn, long-term potential remains, with new products like corn slurry bags expected to drive growth [5] - The introduction of more new products, such as southern rice, is anticipated to open up larger growth opportunities [5]