雷科防务今日跌9.99%，成交额71.27亿元，换手率33.07%，盘后龙虎榜数据显示，深股通专用席位买入 454.21万元并卖出1.01亿元，有1家机构专用席位净卖出8303.51万元。中国银河大连黄河路净卖出2.94亿 元。 ...

Core Viewpoint - Lianchi Hospital Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China Galaxy International as the sole sponsor [1] Group 1: Company Overview - Lianchi Hospital is a boutique specialty medical group with Chinese characteristics, operating 5 hospitals and 1 elderly care institution under a group management structure by September 30, 2025 [1] - The company adheres to a "patient-first" philosophy and implements a "human-centered medical" management model, establishing the well-known "Lianchi Medical" brand [1] Group 2: Unique Medical Services - Lianchi Hospital offers distinctive medical service models, including painless management, enhanced recovery after surgery (ERAS), integrated medical and nursing care, and no-companion nursing [1] - According to Frost & Sullivan data, Lianchi Hospital has become one of the most influential medical groups in China [1]

Market Overview - The three major indices collectively rebounded on January 14, with the Shanghai Composite Index rising by 1.2%, the Shenzhen Component Index by 1.98%, and the ChiNext Index by 2.24%. Over 4,700 stocks in the market rose, with more than 100 stocks hitting the daily limit. The trading volume in the Shanghai and Shenzhen markets reached 2.22 trillion yuan, a decrease of 215.5 billion yuan compared to the previous trading day [1]. Sector Performance AI Applications - The AI application sector continued to strengthen, with stocks like Zhejiang Wenlian rising for three consecutive days, and Shiji Information hitting the daily limit. Other notable performers included Guangyun Technology and Zhidema, both rising over 10%. This surge follows Google's announcement of partnerships with major retailers and the launch of an open-source AI protocol for e-commerce [2]. Nonferrous Metals - The nonferrous metals sector experienced a rally, particularly in small and precious metals. Xianglu Tungsten Industry hit the daily limit, while Huaxi Nonferrous, Xingye Silver, and Xiamen Tungsten Industry reached historical highs. The tungsten market has seen significant price increases, with tungsten powder prices exceeding 1.1 million yuan per ton [3]. Semiconductor Equipment - Semiconductor equipment stocks saw continued growth, particularly in the cleanroom segment. Stocks like Shenghui Integration and Yashang Integration hit the daily limit and reached historical highs. The demand for equipment is expected to rise due to increased capacity utilization in domestic wafer fabs and the AI-driven storage supercycle [4]. Quantum Technology - The quantum technology sector experienced fluctuations but ultimately rose, with stocks like Demai Chemical hitting the daily limit. The Ministry of Industry and Information Technology has indicated a focus on quantum technology and brain-computer interfaces during the 14th Five-Year Plan [5]. Institutional Insights Market Outlook - According to Everbright Securities, the recent market adjustment is primarily due to profit-taking, but the overall market sentiment remains optimistic. The indices are expected to undergo a period of consolidation, with structural trends likely to continue [6][7]. AI in Healthcare - CITIC Securities reports that AI in healthcare is set to accelerate the restructuring of the trillion-yuan pharmaceutical market. By 2026, the commercialization of AI in healthcare is expected to become more certain, with a focus on AI drug development and medical data circulation [8]. Brain-Computer Interface Technology - Galaxy Securities notes that brain-computer interface technology is transitioning from laboratory research to industrial production, with significant developments expected from companies like Neuralink. The industry is supported by various policies aimed at promoting commercialization and innovation [9]. Space Photovoltaics - Guojin Securities highlights that space photovoltaics will emerge as a leading sector in the new energy market by 2026, driven by its high value and market recognition. The recent cancellation of export tax rebates is expected to create a "window" for companies to adjust before the seasonal downturn [10].

Core Viewpoint - The passenger car market in December shows significant divergence, with the implementation of the 2026 vehicle trade-in policy expected to benefit the mid-to-high-end market segment [1][3] Market Performance - In December, retail sales of passenger cars reached 2.261 million units, down 14.0% year-on-year but up 1.6% month-on-month; wholesale sales were 2.789 million units, down 9.0% year-on-year and down 7.0% month-on-month [2] - The overall industry inventory decreased by 60,000 units in December, indicating cautious market conditions prompting dealers to actively reduce inventory [2] - The retail penetration rate for new energy vehicles (NEVs) reached 59.1%, up 9.6 percentage points year-on-year, while the wholesale penetration rate was 56.0%, up 6.6 percentage points year-on-year [2] Policy Impact - The 2026 vehicle trade-in policy introduces a proportional subsidy that favors the 150,000 to 200,000 price segment, which is expected to improve the sales structure of new vehicles [3] - The new policy will provide subsidies of 12% (up to 20,000 yuan) for NEVs and 8% (up to 15,000 yuan) for fuel vehicles, with the overall funding for the 2026 policy set at 625 billion yuan, a reduction compared to the previous year's 3 trillion yuan [3] Future Outlook - The consumer purchasing sentiment is expected to stabilize in January 2026 due to the early implementation of the trade-in policy and the backlog of year-end orders [4] - The market is anticipated to experience a smooth transition in sales as the new policy is expected to mitigate price wars and internal competition [4] Sector Performance - In the recent bi-weekly review, the performance of various sectors showed increases, with parts (+7.24%), commercial vehicles (+2.80%), and passenger vehicles (+2.08%) leading the gains [5] - Valuation metrics indicate that the price-to-earnings ratios for sales and services, parts, motorcycles, passenger vehicles, and commercial vehicles are 36.18x, 33.83x, 26.73x, 22.74x, and 16.73x respectively [5]

Company Overview - Lianchi Hospital has submitted a listing application to the Hong Kong Stock Exchange, with China Galaxy International as the exclusive sponsor [1] - The company is positioned as a high-quality specialty medical group with a focus on patient-centered care and innovative medical service models [1] - By September 30, 2025, the company plans to operate 5 hospitals and 1 elderly care facility, with a total building area of approximately 117,900 square meters and 786 registered beds [1] Operational Performance - As of September 30, 2025, the company has a medical team consisting of 341 practicing physicians and assistant doctors [1] - The outpatient visits, inpatient admissions, orthopedic surgeries, and childbirths are expected to maintain a high level through 2023, 2024, and the first nine months of 2025 [1] - According to Frost & Sullivan, Lianchi Orthopedic Hospital ranks first in Shandong Province and third nationwide in terms of private hospital knee surgery volume for 2024 [1] Industry Trends - The Chinese healthcare service market is experiencing overall growth, with the private hospital sector being one of the fastest-growing components [2] - Revenue from private hospitals increased from RMB 437.9 billion in 2019 to RMB 689.2 billion in 2023, reflecting a compound annual growth rate (CAGR) of 12.0% [2] - It is projected that the revenue for private hospitals will reach RMB 1.88 trillion by 2030, with a CAGR of 12.2% from 2024 to 2030 [2]

Core Viewpoint - The AI industry is experiencing continuous catalysis, and the commercialization of AI applications has vast development potential, particularly in generative search (GEO) and content interaction [1] Group 1: AI Application Development - AI applications, especially generative search, are continuously being explored and developed [1] - Content interaction is emerging as a significant breakthrough point, enhancing user engagement and experience [1] Group 2: Investment Recommendations - The company suggests focusing on increasing AI investments in core internet assets in the Hong Kong stock market [1] - Attention should also be given to AI applications and related industry chain sectors, including Hong Kong tech giants and AI-enabled applications [1]

Core Viewpoint - China Galaxy Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling up to 30 billion yuan to professional investors [1]. Group 1 - The company has been granted a registration approval for the issuance of corporate bonds with a total face value not exceeding 30 billion yuan [1]. - The approval from CSRC is valid for 24 months from the date of consent, allowing the company to issue the bonds in multiple tranches during this period [1]. - The company will comply with relevant laws, regulations, and the requirements of the approval, and will fulfill its information disclosure obligations in a timely manner [1].

中国银河证券指出，脑机接口技术正从实验室迈向产业化生产。近期，马斯克旗下公司Neuralink宣布， 计划在2026年启动脑机接口设备的大规模量产，并推进全自动化外科手术流程。全球脑机接口产业正迎 来快速发展，其技术路径主要分为侵入式和非侵入式两种，产业链覆盖材料、芯片、手术及医疗康复等 多个领域。近年来，我国从国家到地方层面密集出台的系列政策以及医保定价、优先审批等支持措施， 明确了脑机接口产业发展方向，并为中国脑机接口产业的商业化落地和创新追赶提供了强力保障。 ...

（文章来源：第一财经） 中国银河证券表示，把握"AI飞跃 + 百年变局"共振下的超级铜周期。回顾历史，每一轮超级铜周期都 对应一段清晰而强大的宏观叙事，而本轮周期同时叠加了"人工智能科技革命"与"全球秩序重塑"两大长 期逻辑，其持续性和战略意义不亚于战后重建、我国对外开放等历史阶段。中国银河证券认为，铜价依 然有较大上行空间。其一，虽铜价已履创新高，但根据历史复盘结果，剔除通胀因素之后的铜价尚未达 到前几轮超级周期的高度。其二，国际货币秩序正在重塑，美元作为大类资产价格锚的基础正在弱化， 如果以黄金作为标尺，当前铜金比价仍然处在历史低位。投资层面，应以中长期视角重新审视铜的配置 价值，重点关注铜资源端、优质矿企及与电力、AI 基础设施高度相关的产业链环节，把握超级铜周期 下由需求扩张与供给刚性共同驱动的投资机会。 ...

Core Insights - The AI industry is experiencing continuous catalysis, with significant potential for commercialization of AI applications, particularly in generative search (GEO) [1] - Beyond content generation, content interaction is emerging as a crucial breakthrough point, enhancing user engagement and providing unique interactive experiences, especially in gaming and other content sectors [1] Industry Recommendations - Increased investment in Hong Kong's core internet assets and AI applications is recommended, focusing on sectors where AI empowerment is deepening [1] - Suggested areas of focus include: 1) Hong Kong technology giants; 2) AI applications and related industry chains [1]