Core Viewpoint - The A-share market has entered a "volatile" phase since mid-December 2025, driven by reduced overseas uncertainties, a stronger RMB, and intensive policy support in various industries [1] Group 1: Market Dynamics - The reduction of overseas uncertainties is attributed to the outcomes of the Federal Reserve's interest rate meeting and the Bank of Japan's interest rate hike [1] - The appreciation of the RMB enhances the attractiveness of RMB assets, creating favorable conditions for a recovery in market risk appetite [1] - There is a significant influx of funds into the market, with the A500 ETF experiencing rapid capital inflow and the margin trading balance surpassing 2.6 trillion yuan [1] Group 2: Investment Opportunities - The report suggests focusing on "two main lines + two auxiliary lines" for investment strategies [1] - Main Line 1 emphasizes opportunities in technology innovation and growth sectors, particularly in key areas such as artificial intelligence, embodied intelligence, new energy, controllable nuclear fusion, quantum technology, and aerospace [1] - Main Line 2 highlights the gradual implementation of anti-involution policies, with a clear profit recovery path in the manufacturing and resource sectors, recommending attention to industries like non-ferrous metals, basic chemicals, and power equipment [1]

Group 1 - The core viewpoint of the article is that 恒昌集团国际 (Hengchang Group International) is undergoing a share placement process, with a significant portion of its shares being transferred and a new share placement agreement established [1] Group 2 - On January 9, 恒昌集团国际's shareholders transferred shares worth HKD 5.4846 million to 日发证券 (Rifa Securities), representing 7.39% of the company [1] - The company has entered into a placement agreement on January 6, 2026, with the placement agent agreeing to facilitate the subscription of up to 33.365 million shares at a price of HKD 0.34 per share, which is a discount of approximately 19.05% from the market price of HKD 0.42 at the time of the agreement [1] - If all placement shares are subscribed, the total proceeds from the placement are expected to be approximately HKD 11.34 million, with a net amount of about HKD 10.54 million, resulting in a net issue price of approximately HKD 0.32 per share, which will be used for general working capital [1]

Group 1 - The core viewpoint of the article is that 恒昌集团国际 (Hengchang Group International) is undergoing a stock transfer and a share placement to raise funds for general operational purposes [1] Group 2 - On January 9, 恒昌集团国际's shareholders transferred stocks worth HKD 5.4846 million from China Galaxy Securities Hong Kong to 日发证券 (Rifa Securities), representing 7.39% of the total shares [1] - The company announced a placement agreement on January 6, 2026, with a placement agent to facilitate the subscription of up to 33.365 million shares at a price of HKD 0.34 per share, which is a discount of approximately 19.05% compared to the closing price of HKD 0.42 on the agreement date [1] - If all placement shares are subscribed, the total proceeds from the placement are expected to be approximately HKD 11.34 million, with a net amount of about HKD 10.54 million, resulting in a net issue price of approximately HKD 0.32 per share [1] - The net proceeds from the placement are intended to be used entirely for the company's general working capital [1]

Core Viewpoint - The probability of interest rate cuts by the Federal Reserve is decreasing, which is putting pressure on Hong Kong stocks. The market is expected to seek a balance between external liquidity pressures and internal policy support [1] Group 1: Sector Recommendations - The technology sector remains a long-term investment focus, with potential for upward movement due to multiple favorable factors such as price increases in the supply chain, mergers and acquisitions, and domestic substitution [1] - The consumer sector is likely to continue benefiting from policy support, and current valuations are relatively low, indicating significant medium to long-term upside potential [1] - The metals sector is influenced by changes in international geopolitical dynamics [1]

随着"十五五"开局，多家主流券商近期密集发布2026年北交所投资策略。其中，"新质生产 力"与"中小盘成长股"成为共识性的布局焦点。开源证券建议关注春季行情中代表新质生产力的产业链 机会；中信建投证券认为，新质生产力、科技创新与战略资源等领域将孕育丰富的结构性投资机会。作 为服务创新型中小企业的核心阵地，北交所正日益成为资本市场布局前沿科技与产业升级的重要战场。 投资逻辑转变 历经前期的市场发展和估值修复，主流券商普遍认为，北交所的投资逻辑正发生深刻变化，已从板 块普涨转向个股价值深度挖掘。在这一新范式下，具备核心竞争力的企业将脱颖而出。 从市场节奏来看，华源证券认为，2025年有多达34家北交所公司股价翻倍，显示出强大的市场弹 性，2026年北交所的"春季躁动"行情值得投资者积极布局。 业内普遍认为，随着市场生态持续优化，一个"优质企业聚集—流动性改善—制度赋能—业绩兑 现"的正循环已在北交所逐步形成。这个曾经聚焦"小而美"企业的市场，正聚力迈向"强而久"的新发展 阶段。对于投资者而言，2026年的北交所，将更考验其精准识别真成长企业的能力。 聚焦新质生产力 "新质生产力"已成为券商展望2026年北交所时绕 ...

2026 年 01 月 11 日 《公募费率改革收官, 非银板块向上突破 动能充盈——非银金融行业周报 (2025/12/29-2025/12/31)》 2026/01/05 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势 -- 2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjg@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 万宏源研究微信服务 续看好全年非银板块价值重 非银金融行业周报（2026/1/5-2026/1/9） 本期投资提示: 时代人行业 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 苏研究招 0 券商：本周申万券商 II 指数收跌 1.90%，跑输沪深 300 指数 0.89pc ...

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]

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and financing conditions [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies saw a 9.1% increase in premium income, while property insurance companies grew by 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices changed by -0.87%, +0.91%, and +1.95% respectively, while the CSI 300 index increased by +2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st in performance [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector is 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank have the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate is 2.0%, with LPR rates at 3.0% for one year and 3.50% for five years. The average interbank borrowing rates for one day, seven days, and fourteen days are 1.33%, 1.50%, and 1.60% respectively [29][30]. Industry News - The China Banking and Insurance Regulatory Commission has released guidelines for data classification and grading in the insurance asset management industry, effective January 1, 2026, aimed at enhancing data security management standards [39][40].

Core Viewpoint - The current stage of AI development differs from the internet bubble period, with hardware supply still in a state of shortage and a safety margin remaining in the market [1] Group 1: AI Development and Market Dynamics - Since 2022, AI technology has led to unprecedented infrastructure investments in the AI industry, creating a boom in the semiconductor hardware sector [1] - Concerns about an "AI bubble" are valid, as capital expenditures of major global cloud providers are expected to exceed their combined operating cash flow by 2026 [1] - Key differences between the current AI phase and the internet bubble include different driving enterprises, incomplete commercialization of AI, limited transmission of investment bubbles to the stock market, and the ongoing loose global monetary environment [1] Group 2: Supply Chain Constraints - The demand for high-performance computing is rigid due to the rapid development of multimodal large models and AI Agent functionalities, leading to a tight supply-demand relationship [2] - Global data center vacancy rates are at historical lows, and the consumption of electricity by data centers is impacting the elasticity of power supply [2] - Domestic computing power is still in a catch-up phase, with supply constraints persisting [2] Group 3: PCB Market Insights - The current PCB upcycle is primarily driven by growth in HDI and high-layer board shipments, with a projected compound annual growth rate of 20.3% for high-end HDI PCBs and 11.6% for boards with 14 layers or more from 2024 to 2029 [3] - The technology barriers for high-end HDI and high-layer boards are significant, with major companies leading the expansion [3] - Capital expenditures in the industry are expected to increase by 8.4% in the first three quarters of 2025 compared to the entire year of 2024, indicating that capacity expansion will still be limited relative to demand growth [3]