Core Viewpoint - The A-share market is experiencing a strong upward trend, with the Shanghai Composite Index surpassing a nearly 10-year high, indicating a bullish sentiment in the market and a potential for continued growth in the securities sector [1][2]. Group 1: Market Performance - On January 6, the A-share market showed a strong performance, with the Shanghai Composite Index rising over 1%, marking a new high not seen since July 2015, and aiming for a 13-day winning streak [1][2]. - The securities ETF (560090) saw a significant increase of over 3%, with trading volume exceeding 300 million yuan, indicating strong investor interest [1]. - Major securities firms such as Huayin Securities and Huatai Securities experienced substantial gains, with some stocks hitting the daily limit [1][2]. Group 2: Industry Outlook for 2026 - The securities sector is expected to see a "Davis Double" effect in 2026, with a projected overall profit growth of 12%, although there will be increased differentiation among individual firms [3][4]. - Policy support is anticipated to catalyze growth, with a focus on normalizing IPO issuances and expanding product offerings, which could enhance market liquidity [3][4]. - The trading environment is expected to provide a safety net, with improved institutional holdings and valuation levels, suggesting a favorable outlook for the securities industry [3][4]. Group 3: Investment Strategy - The securities ETF (560090) is highlighted as an efficient investment tool for gaining exposure to the securities sector, tracking the CSI All Share Securities Companies Index [4]. - The market is characterized by high trading activity and supportive policies, creating multiple catalysts for the securities sector [4].

智通财经1月6日讯（编辑童古）2016年以来，港股与人民币的正相关关系较为显著；然而，近期人民币 快速升值，港股却一度"踟蹰不前"。申万宏源就此发布研报，解读了背后的逻辑及对未来进行更多分 析。 人民币与港股，谁是谁的"影子"？ 然而，11月13日以来，人民币快速升值1.9%，恒生指数却下跌4.8%、与汇率显著背离；这是2016年以 来12次人民币升值中第3次出现的股汇背离。人民币升值时，港股盈利、资产的重估效应与外资的回 流，或是港股上涨的主因。 1）货币价值重估，当人民币升值时，港股公司赚取的人民币利润折算成港币时会放大。 2）资产重估效应，在港上市地产股等底层资产以人民币计价，在升值时会面临价值重估。 3）全球配置的比较效应，人民币汇率走强多指向中国基本面具有一定相对优势，这会令全球投资者配 置更多中国资产。 人民币升值，港股缘何不涨？ 申万宏源认为，疲软的业绩影响下，重估效应、外资配置效应均未显现第一，2025年港股权重板块较弱 的业绩表现，导致人民币升值对港股盈利放大作用较为有限。 申万宏源认为，人民币汇率与港股的"羁绊"？正相关关系显著，但近期明显背离历史回溯来看，人民币 与港股有着显著的正相关关 ...

Core Viewpoint - Kuaishou-W (01024) maintains a "buy" rating due to significant updates in its KuaLing AI, which are expected to enhance video generation efficiency and drive user and revenue growth [1][2]. Group 1: KuaLing AI Updates - KuaLing AI has launched several updates in December, including the world's first multimodal video model KuaLing O1 and the audio-visual synchronization model KuaLing 2.6, which are anticipated to increase user numbers and payment rates [2]. - The KuaLing O1 model is the first globally to support full-modal editing, improving workflow efficiency, while KuaLing 2.6's audio-visual synchronization is expected to integrate better with gaming, advertising, short dramas, and live streaming [2]. - KuaLing AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [2]. Group 2: Pricing Advantage - KuaLing 2.6 offers a pricing advantage over Google Veo 3.1 and Sora 2, with video generation costs for premium memberships ranging from 0.44 to 0.88 yuan per second, compared to Google Veo's pricing of 0.4 USD per second for standard and 0.15 USD for fast versions [2]. - Kuaishou's KuaLing AI revenue exceeded 300 million yuan in Q3 2025, with an annual revenue forecast of 140 million USD [2]. Group 3: Impact on Core Business - The One series of end-to-end generative models has positively impacted Kuaishou's core business, with the OneRec model contributing to a 4%-5% increase in domestic marketing revenue in Q3 2025 [3]. - The introduction of the OneSearch architecture has improved product matching and user experience, leading to a 5% increase in search order volume in the e-commerce sector [3]. Group 4: Future Outlook - The company is expected to maintain steady growth in its core business through 2026, with previous network attack issues being addressed promptly, allowing for a gradual restoration of live streaming services [4]. - The impact of the lower-margin live streaming business on overall revenue is considered limited due to the growth in core advertising and e-commerce sectors [4].

Core Viewpoint - Kuaishou-W (01024) maintains a "buy" rating due to significant updates in its Keling AI, which are expected to enhance video generation efficiency and drive user and revenue growth [1] Group 1: Keling AI Updates - Keling AI has launched several updates in December, including the world's first full-modal video model Keling O1 and the first audio-visual model Keling 2.6, which are anticipated to increase user numbers and payment rates [1] - The Keling O1 model supports full-modal editing, improving workflow efficiency, while Keling 2.6's audio-visual capabilities are expected to integrate well with gaming, advertising, short dramas, and live streaming [1] - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] Group 2: Pricing Advantage - Keling 2.6 offers a clear pricing advantage over Google Veo 3.1 and Sora 2, with video generation costs for premium memberships ranging from 0.44 to 0.88 yuan per second [2] - In comparison, Google Veo 3.1's standard version is priced at $0.4 per second, while Sora 2-pro is priced at $0.3 per second, making Keling 2.6 competitively priced [2] - Keling AI's revenue exceeded 300 million yuan in Q3 2025, with an annual revenue forecast of $140 million [2] Group 3: Impact on Core Business - The One series of generative models has positively impacted Kuaishou's marketing and e-commerce sectors, with the OneRec model boosting domestic marketing revenue by approximately 4%-5% in Q3 2025 [3] - The introduction of the OneSearch architecture has improved product matching and user experience, leading to a 5% increase in search order volume in the e-commerce segment [3] Group 4: Outlook for 2026 - The company is expected to maintain steady growth in its core business through 2026, despite previous network attacks that have been addressed without significant impact on other operations [4] - The company’s live streaming revenue has been stabilized through strict ecosystem governance, and the growth in core advertising and e-commerce businesses is expected to mitigate the lower-margin impact of live streaming [4]

Core Viewpoint - The article promotes the "Shenwan Hongyuan Research Elite Training Camp," which aims to cultivate industry talents and provide opportunities for students to transition from academic to professional environments [2][8]. Group 1: Training Program Overview - The training camp is open for global recruitment and is free of charge, targeting students with master's degrees or higher, regardless of their major [2][14]. - The program offers a comprehensive curriculum that includes macroeconomic research methods, bond research methods, industry comparison research methods, and company financial analysis [10][11]. - Participants will have access to top-tier mentors, including industry executives and experts, enhancing their understanding of the capital markets [13]. Group 2: Program Structure and Timeline - The application deadline for the program is February 15, 2026, with the camp starting on March 7, 2026 [16]. - The training will include practical workshops, career counseling, and a final presentation where participants can showcase their skills to potential employers [16][19]. - The program has successfully transformed approximately 900 talents in previous sessions, helping them secure positions in leading industry institutions [19].

Core Viewpoint - The report from Shenwan Hongyuan indicates a significant positive correlation between the Renminbi (RMB) and Hong Kong stocks historically, but recent rapid appreciation of the RMB has not translated into gains for Hong Kong stocks due to weak earnings and the absence of revaluation and foreign capital allocation effects [1][2]. Group 1: RMB and Hong Kong Stocks Relationship - Historically, there has been a notable positive correlation between the RMB and Hong Kong stocks, particularly since 2016, with a correlation coefficient of -0.54 between the Hang Seng Index and the USD/RMB exchange rate [2]. - When the RMB appreciates by more than 1.5% in a month, the Hang Seng Index has a 93.5% probability of rising; however, since November 13, the RMB has appreciated by 1.9%, while the Hang Seng Index has declined by 4.8%, indicating a significant divergence [2][3]. Group 2: Factors Affecting Hong Kong Stocks - The weak performance of key sectors in Hong Kong stocks has limited the positive impact of RMB appreciation on earnings, with the Hang Seng Index's expected earnings per share (EPS) continuing to decline since Q4 2025 [3]. - The appreciation of the RMB can amplify both profits and losses for Hong Kong stocks, but recent declines in property and oil prices have hindered the asset revaluation logic that typically benefits the market [3]. Group 3: Future Outlook for Hong Kong Stocks and RMB - The potential for a return to a positive correlation between Hong Kong stocks and the RMB hinges on improvements in earnings and the restoration of foreign capital allocation effects [4]. - The combination of upward earnings growth expectations for the next fiscal year and downward expectations for the current fiscal year may signal a recovery in profit expectations for Hong Kong stocks [4]. - As the year-end profit-taking period concludes, the January effect is expected to be strong, and the resilience of the RMB may continue, supported by the gradual restoration of revaluation and allocation effects [4].

Group 1: Major Asset Performance - The Hang Seng Index and other major indices saw mixed performance, with the Hang Seng Index rising by 2.0% and the Nasdaq falling by 1.5% [2][8][13] - In the US, the S&P 500 sectors mostly declined, with energy and utilities up by 3.3% and 0.9% respectively, while consumer discretionary and information technology fell by 3.2% and 1.5% [8] - Emerging market indices generally increased, with the Korean Composite Index rising by 4.4% and the Ho Chi Minh Index by 3.2% [2] Group 2: Bond Yields - Developed countries' 10-year bond yields mostly increased, with the US yield rising by 5.0 basis points to 4.19% [19] - Emerging market 10-year bond yields also saw increases, with Turkey's yield up by 133.0 basis points to 29.06% [22] Group 3: Currency Movements - The US dollar index rose by 0.4% to 98.46, while other currencies depreciated against the dollar, including the euro and the British pound [25][35] - The offshore and onshore RMB appreciated against the dollar, with the onshore rate at 6.9890 [35] Group 4: Commodity Prices - Most commodity prices increased, with WTI crude oil rising by 1.0% to $57.3 per barrel, while gold and silver prices fell significantly, with gold down by 5.0% to $4317.8 per ounce [40][46] - Base metal prices saw an overall increase, with LME copper up by 2.4% to $12,510 per ton [46] Group 5: Geopolitical Events - The US military conducted airstrikes in Venezuela, escalating tensions in the region [56] - The Japanese government announced a record-high budget for the fiscal year 2026, totaling 122.3 trillion yen, a 6.3% increase from the previous year [61] Group 6: Trade Policy Updates - The US postponed tariff increases on soft furniture and kitchen cabinets from January 1, 2026, to January 1, 2027, maintaining the current 25% tariff rate [66] - The US Trade Representative announced a delay in additional tariffs on Chinese semiconductors for 18 months, starting with an initial rate of 0% [66] Group 7: Federal Reserve Insights - The Federal Reserve's December meeting minutes revealed a division among officials regarding future interest rate cuts, with some advocating for a pause to assess the impact on the economy [68] - Many participants noted that tariffs' inflationary effects are expected to diminish over time [68]

Core Viewpoint - The article discusses the significant correlation between the Hong Kong stock market and the Renminbi (RMB) since 2016, highlighting a recent divergence where the RMB has appreciated rapidly while the Hong Kong stock market has not followed suit, raising questions about the underlying logic of this relationship and potential future developments [1][2][3]. Group 1: RMB and Hong Kong Stock Market Relationship - Historically, there has been a significant positive correlation between the RMB and the Hong Kong stock market, with a negative correlation of -0.54 between the Hong Kong stock index and the USD/RMB exchange rate since 2016 [2][7]. - When the RMB appreciates by more than 1.5% in a month, there is a 93.5% probability that the Hang Seng Index will rise in that month [2][7]. - However, since November 13, 2025, the RMB has appreciated by 1.9%, while the Hang Seng Index has declined by 4.8%, marking a significant divergence from historical trends [2][24]. Group 2: Reasons for the Divergence - The weak performance of key sectors in the Hong Kong stock market has limited the positive impact of RMB appreciation on corporate earnings [3][30]. - The RMB appreciation can amplify both profits and losses, and recent earnings reports indicate a decline in expected earnings per share (EPS) for the Hang Seng Index, which weakens the revaluation effect [3][30]. - The market has been characterized by profit-taking behavior, with low trading volumes limiting the immediate response of the Hong Kong stock market to favorable factors [3][40]. Group 3: Future Outlook for RMB and Hong Kong Stock Market - There is potential for the correlation between the Hong Kong stock market and the RMB to return, driven by improvements in corporate earnings and the restoration of foreign investment allocation effects [4][50]. - The combination of upward growth in next fiscal year earnings and downward revisions in current fiscal year earnings often signals an improvement in earnings expectations [4][50]. - The recovery of the Producer Price Index (PPI) may attract foreign capital inflows, and the reallocation of household savings could have spillover effects on the Hong Kong stock market [4][58].

科创综指成新质生产力定价新锚，指数中电子、医药、计算机机械设备等前四大行业是硬科技的核心载 体，那么，2026年四大行业的增长驱动因素有何差异？申万宏源首席电子分析师杨海晏表示，2026年投 资核心趋势聚焦AI行业从资本开支与模型训练驱动，转向商业化变现能力的关键转变，这一转变关乎 AI行业长远发展及商业模式闭环形成，将带动软件、硬件、电子科技、通信、计算机等多领域受益。 ...

Core Viewpoint - Haixiang New Materials (003011.SZ) is currently trading at 21.66 yuan, reflecting a decline of 1.72% and is in a state of breaking its initial public offering (IPO) price [1] Group 1: Company Overview - Haixiang New Materials was listed on the Shenzhen Stock Exchange on September 30, 2020, with an initial public offering of 18.34 million shares at a price of 38.67 yuan per share [1] - The total funds raised from the IPO amounted to 709 million yuan, with a net amount of 614 million yuan after deducting issuance costs [1] Group 2: Fund Allocation - Of the net funds raised, 475 million yuan is allocated for the construction of a production base for 20 million square meters of PVC flooring, 59.88 million yuan for the establishment of a research and development center, and 80 million yuan for working capital [1] Group 3: Issuance Costs - The total issuance costs for the IPO were 94.75 million yuan, which included underwriting and sponsorship fees of 68.67 million yuan [1] Group 4: Shareholder Returns - On May 28, 2021, Haixiang New Materials announced a stock bonus of 4 shares for every 10 shares held and a cash dividend of 3.00 yuan per 10 shares to all shareholders [1]