Core Viewpoint - The report from Founder Securities indicates that while the intensity of external economic shocks may decrease in 2026 compared to 2025, five major risks still require close attention. Group 1: Geopolitical Risks - Geopolitical risks have evolved from tail risks to core macro variables since 2025, and are expected to remain high in 2026. The U.S. under Trump's second term is a significant risk point, with potential aggressive policies and a likely Democratic majority in the House of Representatives [2][22]. - The ongoing Russia-Ukraine conflict may lead to "aid fatigue" in Europe, complicating policy coordination amid internal political shifts [2][26]. Group 2: Tariff Disturbances - Although there is potential for tariff risks to ease in 2026, the disturbances to international trade remain significant. Current tariffs may suppress trade growth, with WTO predicting a mere 0.5% growth rate for global merchandise trade in 2026 [3][39]. - If the Supreme Court rules the IEEPA tariffs unconstitutional, U.S. tariff rates could drop from 16.8% to 9.3%, potentially alleviating inflationary pressures [3][36]. Group 3: Federal Reserve Independence - Trump's ongoing pressure on the Federal Reserve to lower interest rates raises concerns about the central bank's independence. The upcoming change in Fed leadership is a focal point, with candidates like Kevin Hassett potentially undermining this independence [4][58]. - A decline in Fed independence could increase stagflation risks and negatively impact U.S. dollar assets, while benefiting short-term U.S. Treasuries and gold [4][62]. Group 4: Technology Stock Bubble - The AI-driven surge in U.S. tech stocks has led to high valuations, with the S&P 500 PE ratio at 25.6X and the Nasdaq at 34.4X as of early January 2026. The top ten stocks account for 32.8% of the market [5][65]. - Despite concerns over financial sustainability and profitability in the AI sector, the risk of a bubble bursting is considered low, given the current economic conditions and Fed's likely continuation of a rate-cutting cycle [5][63]. Group 5: Fiscal Sustainability Concerns - High long-term interest rates in developed economies are expected to persist, putting pressure on stock markets. The global fiscal deficit rates are likely to remain elevated, with the U.S. "Great Beautiful Act" exacerbating debt pressures [6][28]. - The K-shaped recovery in the stock market may continue, with interest-sensitive sectors like real estate and consumer goods facing challenges, while the AI industry remains relatively insulated [6][28].

Core Viewpoint - The report from Founder Securities indicates that Bailong Chuangyuan is expected to accelerate in Q4 2025, with annual performance likely exceeding expectations, driven by the release of domestic demand for allulose sugar [1] Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 366 million yuan for the year, representing a year-on-year increase of 48.9% [1] - For Q4 2025, the expected net profit attributable to shareholders is 101 million yuan, reflecting a year-on-year growth of 60.6% [1] Operational Efficiency - The company is focusing on cost reduction and efficiency improvement, with a higher proportion of high-value-added resistant dextrin sales [1] - The introduction of customized products is expected to enhance customer loyalty [1] Market Potential - The first batch of application products for allulose sugar has been launched, indicating a potential rapid growth in domestic demand [1] - The company's production layout is leading in the industry, positioning it to continuously benefit from high industry prosperity [1] Recommendation - The report maintains a "strong buy" rating for the company [1]

格隆汇1月23日｜方正证券研报指出，高德红外深耕红外领域二十余年，完成全产业链科研生产布局； 内需外贸双轮驱动，军民业务共振有望迎来爆发。目前公司主营业务涵盖红外焦平面探测器芯片、红外 热成像整机及综合光电系统、完整装备系统总体、传统非致命性弹药及信息化弹药四大板块，已成为国 内装备制造与光电系统领域最具竞争力的企业之一。25年随着采购计划延期因素的消除及民品业务的需 求扩容，公司业绩实现暴力反转。在智能驾驶领域，公司全力推进与合资车企品牌和主流新势力品牌的 技术交流，争取试点项目，建立技术标杆案例。随着前期创新成果产业化不断落地，公司在新兴市场的 业务空间有望持续打开。公司作为红外领域及装备系统总体领域龙头企业，在内需外贸双轮驱动下，军 民品业务有望共振迎来爆发。首次覆盖，给予"推荐"评级。 ...

Core Viewpoint - The brokerage sector's performance has significantly lagged behind the overall market, with a mere 6% increase in the brokerage concept index compared to over 18% gains in major indices like the Shanghai Composite Index in 2025, despite a more than 60% year-on-year increase in net profits for 42 listed brokerages [1][3]. Group 1: Performance Discrepancy - The brokerage concept index underperformed the market, with a 6% increase compared to over 18% for the Shanghai Composite Index and nearly 50% for the ChiNext Index [3]. - Despite a strong year-on-year growth of over 60% in net profits for listed brokerages, their stock prices have not reflected this performance, indicating a stark divergence between earnings and market valuation [3][4]. Group 2: Reasons for Underperformance - The brokerage sector's stock prices often move ahead of actual earnings, leading to a situation where the market has already priced in future growth, resulting in profit-taking when actual results are released [4]. - A structural shift in the A-share market has favored high-growth sectors like technology, causing funds to flow away from traditional cyclical stocks like brokerages, which are perceived as lacking short-term explosive growth narratives [4][5]. - The cyclical and fragile nature of brokerage earnings, heavily reliant on market volatility and trading activity, has diminished their growth appeal, with a significant portion of revenue tied to self-operated businesses [4][5]. Group 3: Investor Sentiment and Strategy - Investors are advised to remain patient and not to rush into buying brokerage stocks without clear catalysts, such as a shift in fund flows back to undervalued cyclical stocks or favorable policy developments [9]. - For investors currently holding brokerage stocks, it is suggested to assess the fundamentals and consider holding or gradually increasing positions in well-capitalized, leading brokerages while being cautious with smaller firms [8][9]. - New investors should focus on long-term trends in the brokerage industry, including financial technology applications and international business expansion, while being selective about which stocks to invest in [9].

Core Viewpoint - The brokerage sector is currently experiencing a "lagging rise," with ROE on an upward trajectory, indicating that while the market performance is delayed, it is expected to improve significantly by 2025 [1] Group 1: Market Outlook - The capital market is projected to maintain high prosperity in 2025, with an average daily stock fund transaction volume of 20.8 trillion yuan, a year-on-year increase of 70.2% [1] - The average daily margin financing and securities lending balance is expected to reach 20.8 trillion yuan, reflecting a year-on-year growth of 32.7% [1] - The A-share IPO scale is anticipated to be 130.8 billion yuan, marking a year-on-year increase of 97.4% [1] Group 2: Financial Performance Projections - The brokerage sector (43 listed brokerages) is expected to see a 34% year-on-year increase in main revenue and a 49% increase in net profit attributable to shareholders in 2025 [2] - The projected net profit for key brokerages in 2025 includes: Guotai Junan (28.3 billion yuan, +117%), Dongfang Securities (6.1 billion yuan, +81%), and Zhongjin Company (8.8 billion yuan, +54%) [2] Group 3: Investment Business - The investment business is expected to perform steadily in Q4 2025, with total investment income projected to grow by 18% year-on-year [2] - The Shanghai Composite Index is expected to show a slight decline of 0.23% in Q4 2025, while the Wind All A Index is projected to increase by 0.97% [2] Group 4: Brokerage and Margin Financing Business - The average daily stock fund transaction volume in Q4 2025 is expected to reach 24.5 trillion yuan, a year-on-year increase of 16.8% [3] - The average daily margin financing balance is projected to be 24.9 trillion yuan, reflecting a year-on-year growth of 39.7% [3] Group 5: Investment Banking Business - The IPO financing scale in Q4 2025 is expected to be 54.9 billion yuan, a year-on-year increase of 165.1% [4] - The refinancing scale is projected to be 138.7 billion yuan, marking a year-on-year increase of 9.5% [4] Group 6: Asset Management Business - The total assets under management (AUM) for public funds are expected to be 37 trillion yuan, a 0.8% increase from the previous quarter [5] - The projected revenue growth for the asset management business in 2025 is expected to be 3% year-on-year [5]

Core Viewpoint - The heat pump industry is experiencing significant growth, with exports expected to reach 16.17 billion yuan in December 2025, reflecting a year-on-year increase of 21.7% [1]. Group 1: Export Growth - Heat pump exports have shown continuous growth for 20 months, with December 2025 exports amounting to 16.17 billion yuan, a year-on-year increase of 21.7% [1]. - The export value of heat pump units reached 12.62 billion yuan in December, up 32.0% year-on-year, while parts exports totaled 3.55 billion yuan, down 4.6% [1]. - Europe has solidified its position as the leading market, accounting for 46.1% of global exports in December, an increase of 6.4 percentage points from November [1]. Group 2: European Market Performance - Exports to 21 European countries (excluding Russia and Ukraine) reached 5.59 billion yuan in December, a year-on-year increase of 48.8%, with cumulative exports for 2025 at 55.41 billion yuan, up 30.9% [2]. - The Netherlands, France, and Spain were the top three markets in December, with year-on-year growth rates of 40.5%, 53.2%, and 127.6%, respectively [2]. - Several European countries, including Germany and Italy, have seen export figures nearly double, with December year-on-year increases of 85.8% and 93.8% [2]. Group 3: Southeast Asia and Africa Markets - ASEAN countries experienced a year-on-year export growth of 12.2% in December, with cumulative growth of 12.3% for the year [3]. - Thailand and Vietnam showed strong performance with year-on-year increases of 27.9% and 17.7%, respectively [3]. - The African market saw a slight decline in December, with exports down 1.9%, but cumulative growth for the year remained robust at 28.6%, led by Nigeria, Libya, and Kenya with increases of 112.6%, 69.8%, and 54.8% [3]. Group 4: Market Potential in Europe - In Germany, heat pump sales are projected to surpass gas boilers for the first time in 2025, although the energy retrofitting of existing buildings is progressing slowly [4]. - Over half of existing homes in Germany still rely on natural gas for heating, indicating a significant potential for heat pump adoption [4]. - The push for clean energy and carbon neutrality in Europe enhances the economic and environmental advantages of heat pumps, suggesting a broad replacement potential in the long term [4].

Core Insights - The monthly active users (MAU) of securities apps reached 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, achieving a new monthly high for the year [4][3] - Throughout 2025, the MAU of securities apps experienced a recovery after a dip in the middle of the year, with a significant rebound in November leading to a peak at year-end [4][2] - The competition for traffic between third-party platforms and brokerage self-operated apps intensified, with brokerages accelerating the integration of AI technology in advisory and trading scenarios to enhance service models and user experience [4][12] Monthly Active Users Overview - In December 2025, the MAU for securities apps was 175.32 million, with notable monthly changes: November had 172.30 million (up 2.06% month-on-month) and October had 168.82 million (down 3.38% month-on-month) [5][4] - The MAU trend for 2025 showed a starting point of 161.84 million in January, peaking in December after a recovery phase post-May [4][5] Leading Apps and Market Dynamics - The top three securities apps by MAU in December were Tonghuashun (36.70 million), Dongfang Caifu (18.22 million), and Dazhihui (12.97 million) [6][5] - Among brokerage self-operated apps, Huatai's Zhangle Wealth reached over 12 million MAU, followed by Guotai Haitong Junhong with 10.40 million [6][5] - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, indicating a growing concentration in the market [8][7] AI Technology Integration - The application of AI technology in the securities industry has accelerated, with multiple brokerages launching intelligent tools across key areas such as intelligent research, trading, and advisory services [12][11] - Notable advancements include the upgrade of trading robots by Galaxy Securities and the introduction of AI advisory platforms by various brokerages, enhancing service efficiency and user experience [13][12] - Despite the current limitations of AI tools in guaranteeing stable investment returns, their functionality is expanding, addressing various investment challenges and improving investors' capabilities in data analysis and strategy formulation [12][13]

Core Viewpoint - The report from Founder Securities highlights the accelerated globalization strategy of Xinquan Co., Ltd., with a focus on robotics as a new growth curve for the company [1] Group 1: Company Overview - Xinquan Co., Ltd. has a comprehensive product matrix for automotive interior and exterior assemblies, including instrument panel assemblies, door panel assemblies, interior accessories, and bumper assemblies [1] - The instrument panel assembly is projected to contribute 4.36 billion yuan in revenue during the first half of 2025, accounting for 64.4% of total revenue, making it the company's primary product [1] Group 2: Globalization Strategy - The company is accelerating its globalization strategy and expanding production capacity, with overseas markets expected to become a new growth point [1] Group 3: Robotics Development - With Tesla's Optimus set to enter mass production, both domestic and international humanoid robots are anticipated to experience rapid development [1] - On October 30, the company announced an investment of 100 million yuan to establish a wholly-owned subsidiary, Changzhou Xinquan Intelligent Robotics Co., Ltd., to expedite its entry into the robotics sector [1] - The subsidiary was officially established on December 9 and will focus on the research, design, manufacturing, and sales of components related to intelligent robots [1] - The company is currently advancing the mass production of robotic components such as harmonic reducers, actuator modules, and specialized bearings for robot reducers, which are expected to contribute to new growth elasticity in the future [1] Group 4: Investment Rating - The report maintains a "recommend" rating for the company [1]

Core Viewpoint - The announcement details the addition of several sales institutions for various funds managed by Ping An Fund Management Co., Ltd., effective from January 19, 2026, allowing investors to perform various transactions through these institutions [1][8][16][23][26]. Group 1: Sales Institutions - Ping An Fund Management Co., Ltd. has signed sales agreements with Dongfang Securities Co., Ltd., Xibu Securities Co., Ltd., Founder Securities Co., Ltd., Guojin Securities Co., Ltd., and Huaxi Securities Co., Ltd. to act as sales agents for its funds starting January 19, 2026 [1][8][16][23][26]. - Investors will be able to open accounts, subscribe, redeem, invest regularly, and convert funds through these institutions from the specified date [2][9][17][27]. Group 2: Fee Discounts - Investors who subscribe or regularly invest through these sales institutions will enjoy fee discounts, with the specifics of the discount determined by the sales institutions [4][11][18][28]. - The company does not impose restrictions on the discount limits for subscription fees, regular investment fees, and conversion fees, which will be managed based on the sales institutions' provided discount rates [4][11][18][28]. Group 3: Important Notes - Regular investment is a method of fund subscription where investors can set up automatic deductions for fund purchases, with minimum deduction amounts specified in the fund's prospectus [5][12][19][29]. - Fund conversion allows investors to exchange their holdings in one fund for shares in another fund managed by the same management company, subject to the rules outlined in the fund contract [5][12][19][29]. Group 4: Contact Information - Investors can consult details through the respective sales institutions, including customer service numbers and websites for Dongfang Securities, Xibu Securities, Founder Securities, Guojin Securities, and Huaxi Securities [7][14][21][24][31].

Group 1 - The announcement states that the Shanghai Stock Exchange has approved the provision of market-making services for the E Fund CSI Hong Kong Stock Connect Medical Theme ETF, effective from January 19, 2026 [1][3] - The market-making services will be provided by Founder Securities Co., Ltd. to enhance the liquidity and stable operation of the ETF [1]