Summary of Conference Call Industry and Company Overview - The conference call covered updates on the financial, transportation, and materials industries, with a focus on investment opportunities and market dynamics for 2026 [2][4][46]. Key Points and Arguments Financial Industry Insights - The financial sector is entering a positive cycle, with expectations of a gradual rebound in financial asset yields and loan interest rates starting in the second half of the year [4][5]. - The overall fee income has returned to a good growth state, supported by high household financial asset growth and savings rates [4][5]. - The macroeconomic environment is viewed positively, with GDP growth expected to stabilize and PPI pressures decreasing, leading to a more favorable financial landscape [5][6]. - Loan growth has slowed to around 6%, with a rationalization in lending practices and a stable financial policy environment [11][12]. - The financial sector is expected to see a significant increase in valuations due to income rebounds and improved risk management [6][16]. Insurance Sector Outlook - The insurance industry is projected to experience strong growth in new business value and premium income in 2026, driven by attractive product offerings and market share gains in bancassurance channels [20][21]. - The stable interest rate environment and positive capital market sentiment are expected to enhance the profitability of insurance companies [22][23]. - The focus will shift from asset-driven growth to a balanced approach considering both assets and liabilities [20][21]. Securities Industry Trends - The securities sector is anticipated to benefit from a favorable operating environment, with active trading volumes and a supportive regulatory backdrop [29][30]. - IPO activity is expected to increase, particularly in the Hong Kong market, with a projected rise in both the number and size of offerings [31][32]. - The A-share market is also expected to see a recovery in financing volumes, with a focus on balancing dividends and capital raising [33][34]. - Institutional investment is on the rise, leading to increased demand for complex financial products and higher commission revenues for brokerage firms [35][36]. Transportation Industry Analysis - The transportation sector is viewed positively, particularly in aviation, shipping, and express delivery, with opportunities arising from supply-side changes and demand catalysts [48][49]. - The aviation industry is expected to benefit from structural supply constraints and increasing passenger demand, driven by rising travel penetration rates in China [53][54]. - The shipping sector is supported by a tight supply of compliant vessels and geopolitical factors affecting oil transportation [51][58]. - The express delivery market is undergoing consolidation, with potential for growth in overseas markets despite domestic challenges [59][60]. Materials Sector Insights - The materials sector, particularly copper and aluminum, is expected to perform well, with strong demand and supply constraints anticipated [62][64]. - Recent policy changes regarding export subsidies for solar panels and batteries are expected to impact market dynamics positively [64][65]. Additional Important Content - The conference highlighted the importance of maintaining transparency in loan pricing and the gradual normalization of interest rates to support sustainable financial growth [10][12]. - The discussion emphasized the need for financial institutions to manage risks effectively while capitalizing on emerging opportunities in various sectors [17][18]. - The overall sentiment across industries is cautiously optimistic, with a focus on identifying and leveraging growth opportunities while managing inherent risks [46][48].

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the financial, insurance, and transportation industries, with a focus on market trends and investment opportunities for 2026 [1][2][19]. Financial Industry Insights - **Loan Rates**: Loan rates are expected to gradually rebound due to regulatory changes, improved pricing awareness, and a balance in supply and demand. The central bank has shifted its focus from lowering financing costs to maintaining them at low levels, which will reduce pressure for rate cuts [3][4]. - **Market Activity**: An active capital market is beneficial for the financial sector, leading to increased household financial asset growth and significant contributions to fee income from new technologies and economic stabilization [6]. - **Investment Opportunities**: Preferred banks include Ningbo Bank and Minsheng Bank, with strong growth potential. In the insurance sector, China Life Insurance and regional insurers are highlighted as having significant growth potential [5][9]. Insurance Sector Projections - **Premium Growth**: The insurance industry is expected to see strong growth in new premiums and business value in 2026, driven by improved product attractiveness and the expansion of major companies in the bancassurance channel [9]. - **Investment Trends**: In 2025, insurance capital is projected to enter the market at approximately 1.8 trillion RMB, with about 1 trillion RMB flowing into the stock market. A shift from high-dividend stocks to growth stocks is anticipated [11]. Brokerage Industry Outlook - **Operating Environment**: The brokerage industry is expected to have a favorable operating environment in 2026, with active trading and a more friendly regulatory environment. Firms like Dongfang Caifu are expected to perform well due to high trading volumes [12]. - **IPO Activity**: The IPO market is anticipated to remain active, with a significant recovery in financing volumes expected in 2026, benefiting brokers with strong underwriting capabilities [13][14]. Transportation Industry Analysis - **Airline Sector**: The airline industry is in an upward cycle, with supply constraints due to delayed aircraft deliveries and increased demand for air travel in China. Policies promoting tourism and infrastructure investment are expected to support growth [19][20]. - **Shipping and Express Delivery**: The oil shipping sector is poised for growth due to increased demand for compliant vessels, while the express delivery market is expected to consolidate, with leading players gaining market share [19][21]. Market Risks and Challenges - **Risk Management**: The financial sector is effectively managing risks, particularly in manufacturing and small enterprises. Real estate risks are being closely monitored by authorities [7][8]. - **Economic Outlook**: The macroeconomic environment is stable, which is favorable for the financial sector's development. However, the shipping industry faces risks related to macroeconomic demand outlooks [20]. Additional Insights - **Commodity Markets**: The export of photovoltaic components and batteries is expected to increase significantly, impacting the electrolytic aluminum market. The lithium carbonate market is experiencing price increases due to environmental inspections and production delays [22][23]. - **Copper and Aluminum Supply**: The copper market is facing supply constraints, while aluminum prices are supported by strong demand from the photovoltaic sector [25][26]. This summary encapsulates the key insights and projections from the conference call, highlighting the financial, insurance, and transportation industries' dynamics and investment opportunities for 2026.

Investment Rating - The report suggests a positive outlook for the wind power industry, indicating a comprehensive improvement in profitability across the supply chain by 2026 [5]. Core Insights - The report identifies three major trends that are expected to drive a more comprehensive improvement in profitability within the Chinese wind power supply chain in 2026: 1. Domestic onshore wind turbines are anticipated to show significant profitability rebound elasticity, benefiting from improved industry demand. 2. Export profitability and order elasticity are expected to expand across the industry. 3. Domestic offshore wind power is poised for significant potential during the "14th Five-Year Plan" period [24][22]. Summary by Sections Section 1: Outlook for Domestic and Overseas Wind Power Demand in 2026 - The domestic wind power installation is projected to reach 130-140 GW in 2026, with offshore wind contributing 10-12 GW. This growth is expected despite a high base in 2025, primarily driven by onshore wind demand [11][10]. Section 2: Three Major Trends Driving Profitability Improvement - The report outlines three trends that will enhance profitability in the wind power supply chain: 1. Onshore wind turbines are expected to experience a notable rebound in profitability, with component manufacturers also benefiting from favorable industry demand [24]. 2. The acceleration of exports is anticipated to broaden profitability and order elasticity across the industry [40]. 3. The domestic offshore wind sector is expected to have significant potential, particularly during the "14th Five-Year Plan" [24]. Section 3: Profitability Trends in Onshore Wind Turbines - The average price of domestic onshore wind turbines has shown a positive recovery trend, with an increase of approximately 8-10% in the average bidding price from 2024 to 2025 [27][31]. - The report indicates that the recovery in turbine prices is expected to continue, driven by a more stable competitive landscape and a focus on overseas markets by leading manufacturers [31]. Section 4: Export Growth and Market Expansion - Chinese wind turbine exports are accelerating, with new orders exceeding 20 GW in 2024, significantly higher than historical levels. The report forecasts continued growth in export orders through 2025 [42][41]. - The report highlights that the European market presents a substantial opportunity for Chinese manufacturers, with expectations of significant breakthroughs in the coming years [46]. Section 5: Offshore Wind Power Development - The report notes that while the offshore wind sector in Europe is experiencing challenges, government responses are being implemented to address these issues, indicating potential for future growth [49].

Investment Rating - The report suggests a positive outlook on the Chatbot industry, indicating it has become a "Killer App" in the AI era, with significant user engagement and growth potential [3][6]. Core Insights - Chatbots have emerged as a transformative application in the AI landscape, akin to social media platforms in the internet era, enabling users to become content creators with low barriers to entry [3][9]. - ChatGPT leads the global market with over 870 million monthly active users (MAU) as of November 2025, capturing 63% of the market share, while domestic competitor Doubao has also achieved significant user engagement [3][25]. - The evolution from Chatbot to Agent is anticipated, with potential for Chatbots to develop into comprehensive service platforms, similar to early messaging apps [3][10]. - Monetization strategies are evolving, with current models focusing on subscriptions in overseas markets and free access in domestic markets, suggesting a shift towards a "free + transaction-driven advertising" model in the future [3][10]. Summary by Sections Section 1: Chatbot as a "Killer App" - Chatbots are positioned as the leading application in the AI era, demonstrating rapid user growth and engagement comparable to social media platforms [3][9]. - The user engagement metrics for ChatGPT show a monthly active user count surpassing major social platforms, indicating a shift in user behavior towards AI applications [3][10]. Section 2: Market Dynamics - ChatGPT's user base has reached over 700 million weekly active users (WAU), while Gemini, a competitor, has 650 million active users, showcasing a competitive landscape [25][30]. - The report highlights the importance of user retention, with ChatGPT showing higher retention rates compared to competitors, indicating strong user loyalty [29][30]. Section 3: User Behavior and Engagement - The report notes that ChatGPT's average daily usage time is around 16-17 minutes, reflecting deep integration into users' daily routines [29][30]. - The user overlap between different AI applications suggests that users are leveraging multiple tools for various tasks, indicating a trend towards diversified usage [33][34]. Section 4: Domestic Market Insights - In the Chinese market, Doubao has established a leading position with over 100 million daily active users (DAU), benefiting from the mobile internet's growth trajectory [49][50]. - The report emphasizes the rapid growth of AI applications in China, particularly through in-app integrations with major platforms like WeChat and Douyin [50][56].

MVR-T3011正在评估作为单药及联合疗法，应用于全谱系膀胱癌、头颈部鳞状细胞癌及其他实体瘤适 应症。 全球溶瘤免疫疗法药物市场预计将从2024年的8710万美元增长至2028年的15.60亿美元(复合年增长率 105.7%)，并于2033年进一步扩大至171.45亿美元。中国溶瘤病毒药物市场预计将从2024年的630万美元 增长至2028年的2.23亿美元(复合年增长率143.9%)，并于2033年进一步攀升至32.71亿美元。 公司专注于发现、开发、生产及商业化新型溶瘤免疫疗法和工程化外泌体疗法，拥有一条包括两款溶瘤 免疫疗法产品和五款工程化外泌体产品在内的管线。核心产品MVR-T3011是一款II期阶段的单纯疱疹病 毒1型(HSV-1)新型溶瘤免疫疗法产品，结合肿瘤溶解作用与抗PD-1抗体及IL-12的表达。 亦诺微医药向港交所主板递交上市申请，联席保荐人为花旗和中金公司（601995）。 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中金公司研报指出，我们认为2026年行业仍处于需求减量调结构的趋势中，供需及盈利难见大幅改 善，但反内卷下格局变革带来的结构性行情值得重视，聚焦两条主线：1）差异化产量管控有望推进， 绿色转型领先、被低估的优质现金流资产有望迎来盈利复苏与价值重估。2）高端钢铁材料迎来国产替 代加速拐点，利好具备高成长确定性的特钢龙头。 （责任编辑：王治强 HF013） ...

中金公司研报指出，我们认为2026年行业仍处于需求减量调结构的趋势中，供需及盈利难见大幅改善， 但反内卷下格局变革带来的结构性行情值得重视，聚焦两条主线：1）差异化产量管控有望推进，绿色 转型领先、被低估的优质现金流资产有望迎来盈利复苏与价值重估。2）高端钢铁材料迎来国产替代加 速拐点，利好具备高成长确定性的特钢龙头。 ...

12、本次发行回拨机制:发行人和保荐人(主承销商)在网上网下申购结束后,将根据网上申购情况于2026 年1月23日(T日)决定是否启动回拨机制,对网下、网上发行的规模进行调节。回拨机制的具体安排请参 见今日刊登的《初步询价及推介公告》中的"五、本次发行回拨机制"。 13、获配投资者缴款与弃购股份处理:网下获配投资者应根据《世盟供应链管理股份有限公司首次公开 发行股票并在主板上市网下发行初步配售结果公告》(以下简称"《网下发行初步配售结果公告》"),按最 终确定的发行价格与初步配售数量,于2026年1月27日(T+2日)16:00前及时足额缴纳新股认购资金,认购资 金应当于T+2日16:00前到账。网下投资者如同日获配多只新股,请务必按每只新股分别缴款,并按照规范 填写备注。如配售对象单只新股资金不足,将导致该配售对象当日全部获配新股无效,由此产生的后果由 投资者自行承担。 | 发行费票类型 | 人民币普通股(A股) | | --- | --- | | 发行設設 | 本次公开发行新款 23.072,500 民,占发行后见股本的 25.00%,全部为公开发行 新股 超静本不久开发律器投 | | 每段面值 | 人民 ...

Group 1 - The company, Shimon Supply Chain Management Co., Ltd., is set to conduct an initial public offering (IPO) of 23,072,500 shares, which will represent 25% of the total share capital post-IPO [26][38] - The IPO will be managed by China International Capital Corporation (CICC) as the lead underwriter [3][35] - The offering will utilize a combination of offline inquiries to qualified investors and online pricing for public investors holding non-restricted A-shares [35][38] Group 2 - The initial inquiry period is scheduled for January 20, 2026, from 9:30 AM to 3:00 PM, during which qualified investors can submit their proposed purchase prices and quantities [5][39] - The minimum bid price increment is set at 0.01 yuan, with a minimum subscription quantity of 500,000 shares for offline investors [6][31] - The maximum subscription amount for each investor is capped at 6.9 million shares, approximately 49.84% of the initial offline issuance [6][32] Group 3 - The company will implement a 3% maximum price exclusion ratio, meaning that the highest bids will be excluded if they exceed this threshold [13][14] - The final issuance price will be determined based on the remaining valid bids after the exclusion process, considering various market factors [13][14] - The company and underwriter will ensure that at least 10 valid bids are received for the offering to proceed [13] Group 4 - The offering will include a lock-up period for 10% of the shares allocated to offline investors, lasting six months from the date of listing [15] - The online offering will have no restrictions on trading and will be available for immediate circulation upon listing [15] - Investors must ensure that their proposed subscription amounts do not exceed the lower of their total assets or the asset limits set by the underwriter [12][32] Group 5 - The company will conduct a roadshow on January 22, 2026, to address investor inquiries regarding the IPO [30] - The final allocation of shares will be announced on January 27, 2026, following the conclusion of the subscription period [27][39] - The offering will be subject to a mechanism that allows for adjustments between offline and online subscriptions based on demand [18][39]

Core Viewpoint - The article discusses the impending maturity of a significant amount of household savings deposits in China, which could impact market supply and demand dynamics in 2026, amidst a changing macroeconomic environment. Group 1: Deposit Maturity and Scale - The maturity of household savings deposits is expected to reach between 30 trillion to 60 trillion yuan in 2026, with estimates varying among institutions [1][3][5] - The total amount of domestic RMB deposits in financial institutions was approximately 327 trillion yuan as of November 2025, with household time deposits accounting for 121 trillion yuan [3] - A notable decline in the growth of household time deposits was observed, with an increase of only 11.03 trillion yuan in 2025, the lowest since 2022 [3] Group 2: Market Dynamics and Investment Trends - The expectation of a "deposit migration" process has begun, with significant funds potentially flowing into other wealth management assets as deposit rates decline [2][8] - Various brokerages predict a peak in deposit maturities in 2026, particularly for three-year time deposits initiated in 2023, with estimates suggesting a maturity volume of 38 trillion yuan [6][7] - The overall trend indicates that even a small percentage of funds migrating from deposits could represent a substantial amount due to the large base of total deposits [13] Group 3: Alternative Investment Products - Financial products such as wealth management, insurance, and funds are becoming more common alternatives to traditional deposits, with insurance products showing strong appeal due to their higher yields compared to bank deposits [10][11] - The insurance sector is expected to attract significant funds as it offers stable returns and safety, especially as traditional deposit rates decline [10] - Wealth management products are projected to grow significantly, with estimates suggesting an increase of 3.83 trillion yuan under conservative scenarios in 2026 [9] Group 4: Stock Market Implications - The A-share market has shown signs of increased activity, with a record number of new accounts opened in 2025, indicating potential interest in stock investments [12] - Despite skepticism about a direct correlation between deposit maturity and stock market inflows, the sheer volume of deposits suggests that even minor reallocations could lead to significant capital entering the market [13][14] - Some analysts believe that the current environment may lead to a greater willingness among middle-income groups to invest in the stock market, influenced by positive market sentiment [14]