Core Viewpoint - Dongwu Securities reports that Mixue Group (02097) is a leading player in the affordable beverage market, with strong sales momentum driven by high-quality, cost-effective products and brand marketing. The company is expected to see net profits of 5.85 billion, 6.52 billion, and 7.30 billion yuan from 2025 to 2027, representing year-on-year growth of 32%, 12%, and 12%, respectively, with corresponding P/E ratios of 24, 21, and 19. The rating is maintained as "Buy" [1]. Group 1: Business Model and Market Position - Mixue Group is a global leader in the fresh beverage industry, offering products priced around 6 yuan (1 USD) including fruit drinks, tea, ice cream, and coffee. The company operates over 46,000 stores as of the end of 2024, with the highest beverage output in China and the second highest globally. Revenue primarily comes from the sale of materials and equipment to its stores through its own supply chain [1]. - The company has built a unique competitive moat in the affordable tea beverage market through over a decade of experience in supply chain management, store franchise management, and product development. The brand's positioning as "high-quality and affordable" resonates with consumers, and its Snow King IP has successfully established emotional connections with customers [2]. Group 2: Market Trends and Growth Potential - The affordable tea beverage segment is expected to continue growing rapidly due to its low price point appealing to mass consumer upgrades, with significant penetration potential in lower-tier markets. The pricing of affordable tea beverages is comparable to packaged drinks, making them essential consumer products with stable growth prospects. The current oversupply of stores in the industry is likely to lead to a trend of eliminating weaker brands, favoring those with strong product and channel capabilities, such as Mixue [3]. - The demand for freshly brewed coffee is on the rise, with "Lucky Coffee" targeting lower-tier markets and becoming the "first cup" of coffee for young consumers in small towns. The brand's marketing, location selection, and supply chain advantages position it well in the market, with a potential for 20,000 stores in the medium term [4].

Core Viewpoint - Dongwu Securities reports that Mixue Group (02097) is a leading affordable beverage brand, with strong sales momentum driven by high-quality, cost-effective products and IP-based brand marketing. The company is expected to see significant net profit growth from 2025 to 2027, with projected figures of 5.85 billion, 6.52 billion, and 7.30 billion yuan, representing year-on-year increases of 32%, 12%, and 12% respectively, maintaining a "Buy" rating [1]. Group 1: Company Overview - Mixue Group is a global leader in the fresh beverage industry, offering products such as fruit drinks, tea, ice cream, and coffee at an average price of approximately 6 yuan (1 USD) [2]. - The company operates over 46,000 stores as of the end of 2024, with its beverage output ranking first in China and second globally [2]. Group 2: Competitive Advantages - Mixue has built a unique competitive moat in the affordable tea beverage market through over a decade of experience in supply chain management, store franchise management, and product development [3]. - The brand's positioning as "high-quality and affordable" resonates with consumers, and its Snow King IP has successfully established a unique emotional connection with customers [3]. Group 3: Market Outlook - The affordable tea beverage segment is expected to continue its rapid growth due to low price points appealing to mass consumer upgrades and significant penetration potential in lower-tier markets [4]. - The current oversupply in the industry is likely to lead to a trend of eliminating weaker brands, with strong brands like Mixue expected to gain market share, projecting domestic store numbers to reach approximately 70,000 and Southeast Asia stores to reach 10,000 to 15,000 [4]. Group 4: Coffee Segment Growth - The demand for freshly brewed coffee is rapidly increasing, with the segment still in the market education phase. Mixue's "Lucky Coffee" targets lower-tier markets, aiming to become the first choice for young consumers in small towns [5]. - The company anticipates a potential for 20,000 stores in the mid-term for Lucky Coffee, leveraging its advantages in branding, location selection, and supply chain collaboration [5].

交易所数据显示，通宇通讯1月5日股价高开后快速下探，随后震荡回升，上午盘中展开冲高走势；下午 盘中一度回落调整，尾盘阶段出现大幅拉升，最终收盘涨幅显著。整体来看，股价经历了先下探再回 升、午后回落调整后尾盘发力拉升的过程，尾盘阶段上攻动能较强，走势呈现明显的先抑后扬特征。 | 分时 | 五日 日K 周K 月K 5分 15分 30分 60分 | | 五档盘口 | | 明细 | | --- | --- | --- | --- | --- | --- | | 最新:45,81 | 涨跌额:3.11 涨跌幅:+7.28% | 均价:44.41 2026-01-05 15:00 | 委比 +90.59% | | 委差 5238.88 | | 46.97 | | | 英5 | 45.86 | 58 | | 45.55 | | 6.674 | | | | | | NN | | 卖4 | 45.85 | 114 | | | | 3.33% | 卖3 | 45.84 | 16 | | 2,70 | | 0.00% | 卖2 | 45.83 | 10 | | | | | 卖I | 45.82 | 74 | | 41.28 | | ...

Core Viewpoint - The report from Dongwu Securities indicates that Tianshun Wind Power is currently under short-term pressure but is expected to reach a recovery turning point in the future due to the high prosperity of the offshore wind power industry [1] Financial Performance - From 2019 to 2021, Tianshun Wind Power achieved revenues of 6.058 billion, 8.100 billion, and 8.172 billion yuan, with year-on-year growth rates of +58%, +34%, and +1% respectively [1] - The net profit attributable to shareholders for the same period was 747 million, 1.050 billion, and 1.310 billion yuan, with year-on-year growth rates of +59%, +41%, and +25% respectively [1] - In 2022-2023, due to issues with the progress of key projects, the company's revenue is expected to decline to between 6.7 billion and 7.7 billion yuan, with a significant drop in profitability [1] Industry Outlook - The offshore wind power sector is anticipated to experience a rebound in demand, particularly with the "14th Five-Year Plan" for land and offshore wind installations, which is expected to benefit tower and pile enterprises, leading to an increase in both volume and profit per ton [1] - The company plans to raise no more than 1.95 billion yuan through a private placement to deepen its global layout in "marine engineering + transportation" [1] Future Projections - Given the company's leading position in the domestic offshore wind industry and historical performance issues due to project delays, it is expected that after the commencement of projects in 2026, the company will enter a performance turning point [1] - The investment rating for Tianshun Wind Power is maintained at "Buy" [1]

Group 1 - The core viewpoint of the article highlights that Dongwu Securities sees Northern Huachuang as a leading player in platform-based semiconductor equipment, benefiting from downstream capital expenditure expansion and increased localization rates [1] - The company is expected to benefit from accelerated capacity expansion in advanced logic and memory sectors, with Yangtze Memory Technologies and Changxin Memory Technologies projected to add a combined capacity of 100,000 to 120,000 wafers per month by 2026, focusing on 3D NAND and HBM processes, with total investment expected to reach $15.5 to $18 billion [1] - It is anticipated that by 2025, the localization rate of semiconductor equipment will increase to 22%, with significant breakthroughs achieved in etching, cleaning, and CMP processes, while high-end processes like lithography, thin film deposition, inspection, and coating remain below 25%, indicating substantial replacement opportunities [1] Group 2 - As a leader in domestic semiconductor equipment, the company continues to benefit from equipment localization and product line extension [1] - The ongoing platform-based layout is expected to strengthen the company's leading position in the industry, maintaining a "buy" rating [1]

Group 1 - The core viewpoint of the article highlights Guilin Tourism as a diversified tourism group based in Guilin, with a focus on the recovery of the tourism market and the continuous release of policy dividends [1] - Guilin Tourism operates multiple businesses including scenic area tourism, Li River cruise transportation, Li River Waterfall Hotel, and passenger services, emphasizing the integration of culture and tourism [1] - The company benefits from its connection to state-owned assets in Guilin, which allows it to enjoy policy advantages and optimize profit performance through asset management [1] Group 2 - The tourism market is experiencing a strong recovery, supported by core tourism resources and various measures to enhance development [1] - New projects are expected to open up growth opportunities for Guilin Tourism, reinforcing its position as a leading player in Guangxi's tourism sector [1] - The company is anticipated to have a valuation premium due to expectations of quality improvement and resource integration, leading to an "overweight" rating in the initial coverage [1]

Core Viewpoint - Despite the market's general expectation that the marginal increase in fiscal funds may slow down in 2026, fiscal spending could still exceed expectations due to two main factors: a rebound in prices leading to increased fiscal revenue and a significant amount of unspent fiscal funds from 2025 that can be carried over to the next year [1][2][3] Group 1: Fiscal Spending Dynamics - The fiscal deficit rate may not increase, yet the growth rate of fiscal spending can still rise. Historical data shows instances where the deficit rate did not increase, but spending growth rebounded significantly [1][5][6] - The potential for "no increase in deficit and accelerated spending" may arise from two unexpected sources: a rebound in price growth leading to increased fiscal revenue and unspent funds from 2025 forming a substantial carryover [2][11] Group 2: Revenue from Price Rebound - A rebound in price growth could lead to an increase in tax revenue by approximately 260 billion yuan. The indirect tax system in China is highly sensitive to price fluctuations, with major tax channels such as VAT, additional taxes, corporate income tax, and resource tax accounting for nearly 67% of total tax revenue [2][23] - Historical experience indicates that a 1 percentage point increase in PPI typically results in a 0.5-0.8 percentage point increase in tax revenue growth, suggesting that a projected 1.8 percentage point rebound in PPI could yield around 260 billion yuan in additional tax revenue [2][23] Group 3: Fiscal Surplus from Unspent Funds - The fiscal surplus for 2025 is expected to exceed 500 billion yuan, with a cumulative increase in fiscal deposits reaching 2.04 trillion yuan in the first eleven months, marking a historical high [3][25][27] - The slow progress of fiscal spending in 2025, particularly in infrastructure-related areas, has contributed to this surplus. The focus on debt replacement and settling government debts has limited direct investment in traditional infrastructure projects [3][27]

Group 1 - The core viewpoint of the articles is that dividend insurance is transitioning to become a key focus in the life insurance industry, driven by regulatory encouragement and market demand in a low-interest-rate environment [1][2][12]. - Dividend insurance is characterized as a floating income product that combines protection and investment attributes, with dividends derived from positive surpluses generated by interest rate differences, mortality differences, and expense differences, with at least 70% of these surpluses distributed to policyholders [1][2][21]. - The development of dividend insurance in mainland China has experienced several phases, including a peak in the early 2010s when it accounted for 75% of industry premiums, followed by a decline from 2013 to 2023 due to market reforms, and a resurgence since 2024 as regulatory policies have favored floating income products [1][2][8][12]. Group 2 - The current transformation of dividend insurance has shown significant results, with over 50% of new policies in the first half of 2025 being dividend insurance, and China Pacific Insurance exceeding 90% [2][12]. - The core logic behind this transformation is that dividend insurance has lower rigid costs, stronger stability under new accounting standards, and shorter effective liability durations, which can effectively alleviate interest rate loss pressures [2][12]. - The expected increase in the proportion of dividend insurance in new policies will enhance the reliability of life insurance embedded value (EV) and gradually increase the proportion of equity allocation in insurance funds, benefiting from long-term stock market returns [2][12]. Group 3 - In overseas markets, floating income products dominate, particularly in mature markets like Europe and the U.S., where the focus has shifted towards universal and investment-linked insurance, while in Hong Kong, dividend insurance remains a core product with significant market share [2][12][4]. - The experience from overseas markets suggests that in a low-interest-rate environment, there are substantial growth opportunities for floating income products, and dividend insurance is seen as a more suitable solution for domestic investors in China [2][12]. - The industry faces challenges such as long-term interest rate declines, equity market volatility, and pressure on new policy premiums, but the shift towards dividend insurance is expected to reshape the liability structure of the industry and promote high-quality development [2][12].

4 1 11 100 6395 r 626- (Cir (56- (0 ed 陈亮 : . , . 111- ( = ) Ma 刘健 t the O T . 4. Jh 顾伟 0 l P t . t . 范力 钱文海 黄德良 王海河 陈戈 张东 钟文岳 刘宗治 高云程 王庆 中金公司党委书记、董事长陈亮： 坚守初心 奋力谱写一流投行建设新篇章 2026年是"十五五"规划开局之年，我国经济长期向好的坚实基础和积极态势将持续巩固，中央经济工作 会议为今年工作指明了方向，助力"十五五"稳健开篇。在这一关键时期，资本市场肩负着服务国家战 略、赋能实体经济的重要使命，金融作为国之重器，更需要在应对外部挑战、维护经济金融安全稳定中 展现更大担当。 2025年恰逢中金公司成立三十周年。三十年来，中金公司始终与国家发展同频共振，以专业服务助力资 本市场建设。站在新的历史起点上，中金公司将坚定不移围绕金融强国建设目标，以打造"让党放心、 让人民满意的国际一流投行"为愿景，积极贡献专业力量。 我们将着力打造"财富投行"与"资产投行"，把握居民财富多元配置趋势，努力做大社会财富"蛋糕"，服 务扩大内需、提振市场信心；深耕"产业投行 ...

Investment Rating - The report assigns a "Buy" rating for the securities industry, indicating an expected stock performance that will exceed the market by more than 10% over the next 12 months [9]. Core Insights - The public fund sales fee reform has been smoothly implemented, with a focus on benefiting investors and addressing market concerns. The reform is expected to save approximately 51 billion CNY in investment costs annually, with a comprehensive fee rate reduction of about 20% [5]. - The new rules on redemption fees have been established to protect market liquidity while benefiting investors. The differentiation in redemption fees is aimed at encouraging long-term investment practices [5]. - The classification of products and supporting policies have been upgraded to create a more refined fee rate regulatory system, promoting the development of index funds and equity funds [5]. - The report emphasizes the importance of wealth management institutions' service capabilities in the context of the growing equity fund market, suggesting a focus on companies like Huatai Securities, CICC, Guotai Junan, and CITIC Securities [5]. Summary by Sections Regulatory Changes - The China Securities Regulatory Commission (CSRC) issued new regulations on public fund sales fees, effective from January 1, 2026, marking the completion of a three-phase fee reduction process [5]. - The third phase of the reform is projected to provide approximately 30 billion CNY in annual benefits to investors [5]. Product Classification - The new regulations simplify redemption fee structures into three tiers and allow flexible arrangements for different types of funds, particularly benefiting individual investors in index funds [5]. - The maximum subscription fee rates have been refined, with specific caps for different fund types, encouraging the growth of index funds [5]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the reforms and the anticipated growth in the equity fund market, including Huatai Securities (AH), CICC (H), Guotai Junan (AH), and CITIC Securities (AH) [5].