Core Viewpoints - The latest strategies from top brokerages indicate a bullish sentiment in the A-share market, with a focus on sectors like technology, traditional manufacturing, and resource pricing power [1][2][3][4][5][6][7][8][9][10][11][12][13][14] Group 1: Market Trends - The A-share market is experiencing a "rally" phase, with significant trading volume and a risk appetite resurgence, as evidenced by the Shanghai Composite Index surpassing 4100 points [4][6] - The market is expected to maintain its upward trajectory until the Spring Festival, driven by favorable macroeconomic indicators and increased participation from institutional investors [3][4][11][13] Group 2: Sector Focus - Brokerages recommend focusing on technology sectors, particularly AI applications, commercial aerospace, and robotics, which are anticipated to benefit from policy support and market trends [3][7][12][14] - Traditional manufacturing and resource sectors are highlighted for their potential in pricing power enhancement, with suggestions to increase allocations in non-bank financials [2][4][8] Group 3: Investment Strategies - Investment strategies emphasize a balanced approach, suggesting a mix of growth-oriented and cyclical sectors, with a focus on themes like "anti-involution" and price recovery in industries such as chemicals and metals [7][8][14] - The importance of monitoring market sentiment and performance metrics is stressed, particularly as the market enters a period of earnings announcements and potential volatility [12][13]

Group 1 - Major brokerages have released their latest strategic views, focusing on resource and traditional manufacturing pricing power, with a bullish outlook for the spring market [1][2] - The A-share market is expected to continue its upward trend, supported by strong PMI and inflation data, as well as increased willingness of external funds to enter the market [2][3] - The market has seen a significant increase in trading volume, with the Shanghai Composite Index reaching 4100 points, indicating a recovery in risk appetite [3][4] Group 2 - The spring market is characterized by a strong performance of technology and cyclical growth sectors, with a focus on themes such as commercial aerospace and brain-computer interfaces [4][5] - The current market environment suggests a potential for continued upward momentum, driven by liquidity and favorable policies, with a recommendation to focus on sectors like AI applications and renewable energy [6][7] - The market is expected to maintain its heat in the short term, with policy support likely to bolster investor confidence and attract various types of capital [8][9] Group 3 - The "fifteen five" planning year is anticipated to bring focus to new productivity sectors, with technology innovation and growth sectors expected to see significant opportunities [12] - Key investment themes include industrial metals and chemicals, driven by price recovery expectations and structural improvements in supply and demand [12] - The commercial aerospace sector is highlighted as a key area for investment, supported by systemic policy deployments and increasing capital inflows [11][12]

Core Viewpoint - The global shared mobility market is undergoing a critical transition from human-driven to automated systems, exhibiting significant regional differentiation [1] North America - The North American ride-hailing market is dominated by Uber and Lyft, which have solidified their pricing power [1] - In the Robotaxi sector, Waymo holds a monopoly, while Tesla is aggressively entering the market [1] - Chinese Robotaxi companies face challenges due to a 2025 U.S. Department of Commerce ban on hardware and software, complicating their commercialization paths [1] Europe - The regulatory environment in Europe is fragmented and stringent, causing local automakers to lag in L4 algorithm development [1] - This situation creates a unique "hybrid model" opportunity, where "U.S./local platforms + Chinese technology" could break through [1] - The collaboration of Uber and Lyft with Baidu Apollo indicates that technology output without branding may be a superior solution for penetrating the European market [1] Middle East - The Middle East presents a unique "three highs and one low" characteristic: high customer spending, high policy support, high infrastructure investment, and low energy costs [1] - Gulf countries are eager to reduce their dependence on oil and view autonomous driving as a national strategy [1] - Chinese companies like WeRide and Pony.ai are benefiting from dual advantages of road rights and licenses, making this region an ideal training ground and commercialization area for overseas expansion [1] Southeast Asia - The ride-hailing market in Southeast Asia is large but has low customer spending, with low labor costs leading to potential cost disadvantages for Robotaxi [1] - In the short term, large-scale deployment of Robotaxi is not cost-effective, and two-wheeled vehicles remain the mainstream option [1] - Singapore, with its high labor costs, may achieve Robotaxi commercialization [1]

证券日报网讯 1月9日，汇创达发布公告称，公司于2025年9月16日召开第四届董事会第四次会议、2025 年10月10日召开2025年第二次临时股东会，审议通过了关于公司向不特定对象发行可转换公司债券（简 称"本次发行"）的相关议案。公司聘请了浙商证券股份有限公司（简称"浙商证券"）担任公司本次发行 的保荐机构、主承销商，根据《证券发行上市保荐业务管理办法》的相关规定，浙商证券作为公司新聘 请的保荐机构，将完成原保荐机构东吴证券股份有限公司未完成的持续督导工作。鉴于公司保荐机构已 更换，为保证募集资金督导工作的正常进行，保护投资者权益，根据相关规定，近日公司、全资子公司 东莞市聚明电子科技有限公司与招商银行股份有限公司深圳分行、保荐机构浙商证券重新签订了《募集 资金专户四方监管协议》。 （文章来源：证券日报） ...

Core Viewpoint - The gas turbine industry is expected to enter a new upward cycle due to the accelerating construction of AI data centers, which is leading to a widening power supply-demand gap [1][2] Supply and Demand Dynamics - Demand is rapidly increasing while supply is constrained by supply chain issues and a delivery cycle of 3-5 years, resulting in a clear supply-demand gap; by 2025, global gas turbine order intentions have exceeded 80 GW, but actual deliverable capacity is less than 50 GW [2] - Heavy-duty gas turbines offer advantages in power and long-term stable operation, while medium and small-sized turbines are more flexible and reliable, with stronger demand elasticity in data center scenarios [2] - North America and the Middle East are driving demand, with the U.S. facing increasing constraints on its power system and the Middle East benefiting from low gas prices and data center projects [2] Domestic Equipment Manufacturers' Opportunities - The global gas turbine market is primarily dominated by companies like Siemens, GE, Mitsubishi Heavy Industries, and Caterpillar, indicating significant potential for domestic replacements [3] - Jerry Holdings has secured a $200 million order from a leading U.S. AI company and has sufficient gas turbine production capacity [3] - Haomai Technology focuses on gas turbine power cylinders and components, with a full order book from leading gas turbine companies [3] - Yingliu Technology specializes in high-temperature alloy blades, which are critical components in gas turbines, and is expected to increase its market share [3] - Linde Co. supplies castings for Caterpillar gas turbines and diesel engines, positioning it to benefit directly from market growth [3] Investment Recommendations - The gas turbine industry is recommended for investment due to the combination of explosive demand, supply constraints, and domestic replacement opportunities, highlighting companies like Jerry Holdings, Yingliu Technology, Haomai Technology, and Linde Co. [4]

东吴证券研报指出，古井贡酒周期底部报表出清可期，动销韧性强复苏第一梯队有望。从行业节奏来 看，2026年动销抓手仍是大众消费场景，同时从古井自身节奏来看，深度调整期管理团队稳定有助于销 售策略连续性更利于穿越周期；中期而言，古井省内优势稳固，坚定"全国化、次高端"战略，省外规模 化市场有望培育成型和复制。基于短期和中期判断，古井在白酒中投资排序靠前，维持"买入"评级。 ...

Core Insights - The year 2026 marks the beginning of the "14th Five-Year Plan" and is seen as a pivotal moment for China's asset management industry, facing new opportunities amid ongoing international volatility and the transformative impact of AI on investment research [2] - The upcoming HED China Summit aims to address critical questions regarding policy direction, low interest rate challenges, and the potential disruption caused by AI in asset allocation decisions [2] Group 1: Macro Outlook - Dongwu Securities' Chief Economist, Lu Zhe, will provide an in-depth analysis of the "New Cycle of the 14th Five-Year Plan: Asset Allocation Outlook," covering growth and structural targets, fiscal and monetary policy coordination, and trends in exchange rates and commodities [4] - A roundtable discussion featuring experts from major banks will combine macro policy guidance with wealth management experience, offering strategic insights for the industry [4] Group 2: Practical Strategies - The summit will focus on actionable solutions to asset allocation challenges in a low-interest-rate environment, with presentations on global macroeconomic trends and multi-asset strategies [5] - Insights into the futures asset management sector and its investment strategies for 2026 will be shared by industry leaders [6] Group 3: Quantitative Focus - A dedicated forum on "The Next Phase of Chinese Quantitative Strategies" will address key concerns in the quantitative field, including innovations in quantitative stock strategies and the development of cross-border funds [7] - Discussions will also focus on the opportunities for institutional funds in quantitative stock strategies, facilitating connections between quantitative firms and mainstream investors [7] Group 4: Efficient Collaboration - The summit emphasizes practical outcomes by facilitating high-efficiency business connections between mainstream institutional investors and private fund managers through tailored networking opportunities [8] Group 5: Industry Recognition - The "19th Jiefu Honor Night" awards ceremony will recognize outstanding contributions in asset management, insurance, and banking, serving as a benchmark for excellence in the industry [9] - The summit aims to create a high-level exchange platform for industry elites to address challenges and seize opportunities, contributing to the high-quality development of the asset management sector in 2026 [9]

Core Viewpoint - Dongwu Securities initiates coverage on Meili Tianyuan Medical Health (02373) with a "Buy" rating, highlighting its unique "Double Beauty + Double Health" ecosystem, proven acquisition integration capabilities, and excellent operational efficiency, which are expected to drive significant growth in the industry [1] Group 1: Company Overview - The company, established in 1993, has developed a comprehensive beauty and health management service system that includes traditional beauty, medical beauty, and sub-health assessment and intervention [2] - It operates four major brands: Meili Tianyuan, Beili Shi, Xiuker, and Yanyuan, and has strengthened its market position through acquisitions of Nairui'er and Siyuanli, forming a synergistic ecosystem of "life beauty + medical beauty + traditional health + sub-health medical" [2] Group 2: Financial Performance - The company demonstrates strong growth resilience, with revenue increasing from 1.503 billion in 2020 to 2.572 billion in 2024, representing a compound annual growth rate (CAGR) of 11.3% [3] - In the first half of 2025, revenue accelerated to 1.459 billion, a year-on-year increase of 28.2% [3] - Net profit attributable to shareholders rose from 151 million in 2020 to 228 million in 2024, with a year-on-year growth of 34.9% in the first half of 2025, reaching 156 million [3] - Gross margin improved to 49.33% in the first half of 2025, while net margin optimized to 10.67%, reflecting effective cost control and an increase in high-margin business [3] - The company commits to a dividend payout ratio of no less than 50% of net profit attributable to shareholders over the next three years, indicating strong dividend levels [3] Group 3: Industry Outlook - The traditional beauty, light medical beauty, and sub-health sectors are expected to continue expanding, with projected market sizes of 640.2 billion, 415.7 billion, and 29 billion respectively by 2030 [4] - As young consumers increasingly prioritize standardized services and stable experiences, leading companies are expected to gain significant advantages, leading to higher market concentration [4] - The overlapping consumer base in traditional beauty and light medical beauty allows for effective cross-referrals, enhancing customer conversion rates [4] Group 4: Business Synergy and Growth Strategy - The company's core business model exhibits strong synergy, utilizing its extensive and trusted life beauty services as a front-end traffic source to efficiently convert to high-ticket medical beauty and sub-health services, with a cross-business conversion rate of 28.7% in 2024 [5] - The company employs a strategy of "directly operated stores as benchmarks, franchising for coverage," leading to rapid expansion of its store network, which is expected to reach 554 by the end of 2024 [5] - The company has a robust target selection system and post-acquisition digital integration capabilities, as evidenced by the significant improvement in net margin following the acquisition of Nairui'er, showcasing its strong integration and empowerment capabilities [5]

Core Viewpoint - Dongwu Securities initiates coverage on Meili Tianyuan Healthcare (02373) with a "Buy" rating, highlighting its unique "Double Beauty + Double Health" ecological model, proven acquisition integration capabilities, and excellent operational efficiency, which are expected to drive sustained industry leadership and significant growth [1] Group 1: Company Overview - Established in 1993, the company has developed a comprehensive beauty and health management service system covering traditional beauty, medical beauty, and sub-health assessment and intervention [2] - The company owns four major brands: Meili Tianyuan, Beili Shi, Xiuker, and Yanyuan, and has strengthened its industry position through acquisitions of Nairui'er and Siyuanli, forming a synergistic ecological closed loop [2] Group 2: Financial Performance - The company demonstrates strong growth resilience, with revenue increasing from 1.503 billion in 2020 to 2.572 billion in 2024, representing a compound annual growth rate (CAGR) of 11.3% [3] - In the first half of 2025, revenue accelerated to 1.459 billion, a year-on-year increase of 28.2% [3] - Net profit attributable to shareholders rose from 151 million in 2020 to 228 million in 2024, with a year-on-year growth of 34.9% in the first half of 2025, reaching 156 million [3] - Gross margin improved to 49.33% in the first half of 2025, while net margin optimized to 10.67%, reflecting effective cost control and a higher proportion of high-margin business [3] - The company commits to a dividend payout ratio of no less than 50% of net profit attributable to shareholders over the next three years, indicating strong dividend levels [3] Group 3: Industry Outlook - The traditional beauty, light medical beauty, and sub-health sectors are expected to see long-term growth, with market sizes projected to reach 640.2 billion, 415.7 billion, and 29 billion respectively by 2030 [4] - As young consumers increasingly prioritize standardized services and stable experiences, the competitive landscape is expected to consolidate further, benefiting leading companies [4] Group 4: Business Synergy and Growth Strategy - The company's core business model exhibits significant synergy, utilizing its extensive and trusted beauty services as a front-end traffic source to efficiently convert to higher-priced medical beauty and sub-health services, with cross-business conversion rate reaching 28.7% in 2024 [5] - The company employs a strategy of "directly operated stores as benchmarks, franchising for coverage," leading to rapid expansion of its store network, totaling 554 by the end of 2024 [5] - The company has a mature target selection system and post-acquisition digital integration capabilities, as evidenced by the significant improvement in net profit margin following the acquisition of Nairui'er, validating its strong integration and empowerment capabilities [5]

Core Insights - During the "14th Five-Year Plan" period, the capital market reform in Jiangsu has deepened, significantly enhancing its ability to serve the real economy, with the securities industry achieving remarkable growth and facilitating over 7 trillion yuan in direct financing for enterprises [1][4]. Group 1: Industry Development - Jiangsu's securities companies have total assets nearing 1.6 trillion yuan, a 62% increase from the end of the "13th Five-Year Plan," with net assets growing 20 percentage points above the national average [2]. - The industry has achieved a cumulative net profit of 86.8 billion yuan, serving over 32 million clients, with 1,024 branch offices, accounting for 9% of the national total, ranking third in the country [2]. - Leading firms like Huatai Securities have leveraged financial technology to enhance service offerings, exemplified by the launch of the AI trading app "AI Zhangle," which has over 1.66 million downloads [2]. Group 2: Strategic Initiatives - Guolian Minsheng Securities has achieved significant growth through mergers and acquisitions, with its asset and performance metrics rising over 20 rankings since the start of the "14th Five-Year Plan" [3]. - Nanjing Securities has successfully completed a 5 billion yuan private placement, focusing on investment banking and wealth management, while Donghai Securities has strengthened its local service capabilities, resulting in substantial performance growth [3]. Group 3: Financial Services to the Real Economy - Jiangsu's securities industry has diversified its financial supply system, implementing innovative measures such as establishing guiding funds and promoting REITs, facilitating over 7 trillion yuan in direct financing, including 106 companies completing initial public offerings [4]. - The industry has led the nation in nurturing companies for the Sci-Tech Innovation Board and the Beijing Stock Exchange, effectively channeling resources into new productive sectors [4]. - Jiangsu Securities Association has played a crucial role in connecting local development needs with 29 securities institutions signing strategic cooperation agreements with local governments [4]. Group 4: Social Responsibility and Future Outlook - The industry emphasizes cultural leadership and social responsibility, with firms investing over 10 billion yuan in A-shares to stabilize market expectations and committing to creating over 1,300 jobs by 2025 [5][6]. - Future plans include continuing to deepen reforms and innovations while enhancing professional service capabilities to support national strategies and promote high-quality regional economic development [6].