Group 1 - The core point of the news is that Zhongjin Lingnan has seen a stock price increase of 5.15%, reaching 6.53 CNY per share, with a trading volume of 786 million CNY and a turnover rate of 2.76%, resulting in a total market capitalization of 29 billion CNY [1] - Zhongjin Lingnan, established on September 1, 1984, and listed on January 23, 1997, is primarily engaged in the mining, selection, smelting, sales, and trading of non-ferrous metals such as lead and zinc [1] - The company's main business revenue composition includes: copper smelting products (65.69%), non-ferrous metal trading (13.52%), lead and zinc smelting products (12.39%), concentrate products (5.45%), battery and composite materials (4.35%), aluminum profiles (0.88%), and others (0.83%) [1] Group 2 - From the perspective of major fund holdings, one fund under Guotai Haitong Asset Management has Zhongjin Lingnan as a significant holding, with 6.1896 million shares, accounting for 0.99% of the fund's net value, ranking as the ninth largest holding [2] - The Guotai Haitong CSI 500 Index Enhanced A fund (014155) has a total scale of 2.316 billion CNY, with a year-to-date return of 5.38%, ranking 1271 out of 5509 in its category, and a one-year return of 47.06%, ranking 1381 out of 4198 [2]

Core Viewpoint - The brokerage sector experienced a collective decline, with all 43 listed brokerages falling on January 8, indicating a potential correction after a rapid increase in stock prices [1][4]. Group 1: Market Performance - On January 8, the brokerage index dropped by 2.7%, with notable declines including Huayin Securities hitting the daily limit down, Hu'an Securities and Huatai Securities falling over 5%, and several others like Xinyi Securities and Guotai Haitong dropping over 4% [4][5]. - Huayin Securities closed at 16.92 yuan per share, with a trading volume of 4.28%, and a total market capitalization of 45.684 billion yuan [5]. Group 2: Investor Behavior - The trading data showed that Huayin Securities was heavily traded, with a net sell of 205 million yuan, indicating significant investor activity despite the price drop [5][6]. - Major selling came from Guotai Haitong and Aijian Securities, while buying interest was noted from Dongfang Securities and China Galaxy Securities [5][6]. Group 3: Future Outlook - Analysts suggest that the current pullback in the brokerage sector is a normal phenomenon following rapid price increases, with a long-term upward trend expected in a slow bull market [5]. - The brokerage sector is anticipated to see improved performance due to factors such as enhanced industry structure, balanced internal business growth, and increased return on equity (ROE) [8]. - By 2025, the brokerage sector is projected to achieve significant earnings growth, driven by a booming capital market and increased brokerage and credit business performance [8][9].

涨价信号：景气发轫与延续的新线索 央行四季度例会指出"促进经济稳定增长和物价合理回升"，价格信号的重要性日趋凸显。自2025年下半 年起，随着国内反内卷政策推进，叠加全球弱美元的宽松环境，涨价逻辑在部分领域逐步开启。 具体来看，三大领域值得关注：一是需求改善但供给收缩的化工板块，如有机硅、制冷剂、农药、溴 素、PTA等，以及新能源领域的碳酸锂、六氟磷酸锂、多晶硅等；二是需求急剧扩张令供给短期难以跟 上的TMT供应链，如存储芯片、覆铜板、电子布等；三是金融与需求属性同步提升的有色板块，如贵 金属、工业金属与小金属等。 2026 年开年以来，A 股市场迎来多重积极信号。国泰海通证券发布研报，认为政策预期、流动性与基 本面共振上修，A 股市场有望迎接春季"开门红"。涨价信号下，产业景气正在发轫与延续。行情看好的 重点在科技、非银、消费。 春季行情逻辑：三大支撑因素 海外流动性宽松预期升温。 美联储下任主席谜底即将揭晓，市场开始憧憬2026年美国降息前景。海外 流动性宽松，叠加春节前结汇，有望推动人民币稳定与升值，为A股市场提供有利的外部环境。 增量资金持续涌入。 以A500ETF为代表的增量资金持续流入市场，叠加险 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：一观大势 核心观点：中国新兴科技产业处于生命周期早期阶段，估值偏高，创新优势显著的公司市值有望增长； 制造和消费产业成熟度更高，全球竞争力稳固的公司估值有望提升。 摘要 ▶从全球比较视野，看中国龙头公司重估机会。在全球经济格局深度调整与科技竞争加剧的背景下，中 国新兴产业正经历从"规模追赶"到"价值重估"的历史性转变。本文系统性梳理了海内外先进制造、科 技、大消费三大领域近百家龙头公司所处的基本面位置以及估值水平，发现在先进制造领域，中国公司 已展现出较高的产业成熟度和更强的全球竞争力，盈利能力突出且估值更具性价比；硬科技正经历 从"跟跑"到"并跑"的关键阶段，应用端具备较好地估值性价比与成长空间；商品消费已展现出较强的盈 利能力，但全球化程度仍待提升，服务消费尚处发展初期，经济结构转型下成长空间广阔。 ▶新兴科技：硬科技加速追赶，应用估值性价比显著。当前，中国新兴科技产业（如半导体、创新药、 通信设备）整体仍处于成长初期，在营收规模和盈利能力上与国际龙头尚有差距，但资本市场已给予较 高估值，体现了对技术自主与产业追赶的乐观预期， ...

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]

截至12月29日，中国AA级瓦楞纸120g市场月均价3129元/吨，环比跌幅1.29%，同比涨幅8.50%。影响价 格变动主要原因系：1)供给端，上旬规模纸厂续涨、中小厂让利出货致心态分化，中下旬规模纸厂保价 且结算超预期，市场超跌带动成交重心下移;2)成本端，废纸价格持续走低且中旬跌幅扩大，利空纸 价，月底止跌反弹缓和利空力度;3)需求端，包装环节订单改善有限、后市预期偏空，下游以消耗库存 为主，纸厂库存压力增加压制价格，月底补库量有限。 截至12月29日，12月70g木浆高白双胶纸市场均价为4730元/吨，环比下跌0.04%。影响价格变动主要原 因系：1)纸厂月初提价未落地，市场观望情绪浓;2)年末经销商采购理性，中上旬纸企库存累积;3)出版 订单提货缓解库存压力，带动本白双胶纸部分成交上行;4)木浆市场小幅上涨，但浆纸传导效率一般。 白纸板：提价函推动价格延续上涨，库存水平较低 截至12月29日250-400g平张白卡纸市场成交含税月均价4237元/吨，环比上涨0.98%，同比下跌0.16%。 影响价格变动主要原因系：1)纸价处低位、成本承压，规模纸厂坚持拉涨;2)贸易商跟涨分化，部分提价 50-100 ...

国泰海通主要观点如下： 事件 1月7日，工业和信息化部、中央网信办、国家发展改革委、教育部、商务部、国务院国资委、市场监管 总局、国家数据局8部门联合印发《"人工智能+制造"专项行动实施意见》。一端抓技术供给，推动"智 能产业化"，一端抓赋能应用，加快"产业智能化"，促进人工智能科技创新与产业创新深度融合、人工 智能技术与制造业应用"双向赋能"，加快制造业智能化、绿色化、融合化发展，有力支撑制造强国、网 络强国和数字中国建设。 到2027年目标实现产业规模和赋能水平稳居世界前列 智通财经APP获悉，国泰海通发布研报称，1月7日八部门印发《"人工智能+制造"专项行动实施意 见》，重视技术供给与产业应用，并提出强化政策支持保障，加快推动"智能产业化"与"产业智能化"。 该行认为，八部门强化全方面政策支持保障，推动"智能产业化"与"产业智能化"两端发展，制造业AI有 望迎来发展加速期，建议积极关注：智能制造等AI应用、国产算力。 文件要求加快重点行业应用赋能，包括原材料、装备制造、消费品、电子信息、软件和信息技术服务等 制造业相关重点行业，加快标杆解决方案和经验推广应用;加速全流程转型升级，深化智能工厂梯度培 育， ...

国泰海通发布研报称，龙头旅游企业受益于政策支持，随着职工文体消费的增长，预计这些企业将在短 期内受益于政策推动，长期则有望实现业绩的持续增长。特别是在景区年票、文旅消费券等优惠措施的 推动下，相关行业的消费需求将进一步释放，带来潜在的增长机会。重点关注：1、旅游数据有望持续 超预期，继续看好出行链。2、竞争格局大幅改善。3、红利股。4、AI+。5、超跌股。 国泰海通主要观点如下： 四部委发文推动职文体消费 2026年1月6日，中华全国总工会、文化和旅游部、国家电影局、国家体育总局发布《关于深入推进新时 代职工文体工作高质量发展，扩大职工文体消费的意见》(下文简称《意见》)，表示要进一步扩大职工 文体消费，释放职工消费潜力。《意见》指出，到2030年，基本建成覆盖广泛、层级清晰、特色鲜明的 职工文体活动体系，打造一批具有全国影响力的职工文体品牌项目，推进职工文体服务提质增效，打造 健康文明、昂扬向上、全员参与的职工文化，更好满足职工群众多样化、多层次、多方面的精神文化需 求。 鼓励每年最多开展四次春秋游 鼓励提高工会经费中职工文体活动支出比例。鼓励拓展使用工会会费开展职工文体活动。推动用人单位 与职工就职工文体 ...

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]

国泰海通发布研报称，2025年11月全行业快递件量同比+5%，继续维持个位数增速。反内卷下行业份额 集中趋缓，中通/圆通/韵达/申通25Q3净利率分别同比-0.9/+0.07/-1.5/+0.5pct，环比 +4.8/+0.5/-0.07/+0.6pct，头部企业普遍实现盈利能力修复，预计Q4盈利修复趋势将持续。考虑本轮反内 卷取得的良好效果，以及快递企业盈利修复后的正反馈效应，预计反内卷政策将有望持续，在件量继续 稳健增长的基础上保障行业良性竞争与盈利能力继续修复。 国泰海通主要观点如下： 快递件量增速Q4降至个位数，双十一大促峰值继续平滑 2025年11月全行业快递件量同比+5%，继续维持个位数增速。过去两年轻小件是驱动件量维持较快增长 的重要驱动，2025年7月以来快递反内卷有效推动电商快递行业性价格修复，推测或影响轻小件增长趋 势并提升快递需求品质。其中，电商双十一大促期间件量同比+9%，较2024年大促日均件量21%的增速 放缓，或源于2024年大促首次大幅延长造就高基数，及2025年大促进一步提前启动致件量前移。 大促日均件量是日常的1.18倍，单日件量峰值同比+6.6%，均连续三年收窄，反映大促 ...