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]

申万宏源研究研报指出，盐湖股份2025全年业绩超预期，现金收购五矿盐湖51%股权。从2025年全年来 看，氯化钾价格同比上涨，碳酸锂价格下半年回暖，带动公司业绩同比增长；此外公司顺利通过高新技 术企业资格复审，在本年度末对可抵扣暂时性差异确认递延所得税资产，导致公司净利润增加。现金收 购五矿盐湖51%股权将扩大公司钾锂资源控制规模和产销规模，公司业绩规模与盈利稳定性有望提升。 下游需求超预期，Q4碳酸锂价格快速反弹。由于碳酸锂景气回暖，叠加钾肥景气维持高位，上调2025- 2027年盈利预测，预计分别实现归母净利润85.26、120.41、140.87亿元（调整前分别为61.23、71.54、 81.73亿元），对应PE估值分别为17X、12X、11X，维持"买入"评级。 ...

Group 1: Swine Breeding Industry - The swine breeding sector is experiencing intensified losses, with a gradual reduction in production capacity beginning to take shape. The report recommends a left-side investment strategy in this area [1] - As of January 4, the national average selling price of external three yuan pigs is 12.44 yuan/kg, reflecting a week-on-week increase of 0.2%. The price rebound before New Year's Day is attributed to reduced market supply and increased consumer demand [1] - The current industry faces a significant supply surplus, with self-breeding sows under 50 heads experiencing a loss of 10.29 yuan per head, while those with 5,000-10,000 heads are making a profit of 28.31 yuan per head. The expectation is for continued price stabilization and losses in breeding operations [1] Group 2: Beef Industry - The introduction of country-specific quotas and additional tariffs on imported beef is expected to alleviate pressure on domestic supply. The new tariff of 55% applies to quantities exceeding the quota and will be in effect for three years [2] - As of December 25, the national price for fattened bulls is 25.47 yuan/kg, showing a week-on-week decrease of 0.24%, while the average price for calves is 31.62 yuan/kg, down 1.34%. The wholesale market average for beef is 65.92 yuan/kg, with a slight decrease of 0.11% [2] Group 3: Poultry Industry - The white feather broiler breeding sector is entering a hatching pause, while downstream prices continue to rise. The average selling price for broiler chicks is 3.37 yuan/chick, down 0.6% week-on-week, while the price for broiler meat has reached a new high of 3.80 yuan/kg, up 4.7% [3] - The average price for chicken meat cuts is 9,663.7 yuan/ton, reflecting a week-on-week increase of 3.2%. The ongoing supply surplus in white chicken is expected to be a key theme for 2025-2026, with a focus on leading companies and long-term value [3]

Core Viewpoint - The company is actively promoting financial literacy among university students through targeted educational activities, aiming to instill rational investment concepts and enhance financial awareness among the youth [1][4][5]. Group 1: Event Overview - Two educational events were held on December 16 and 24 at Shanghai Business School and East China Normal University, attracting over 100 students and faculty members [1]. - The events featured interactive teaching methods and practical financial knowledge, receiving positive feedback from participants [1]. Group 2: Content and Focus - At Shanghai Business School, the focus was on "Capital Market Practices and Risk Prevention," addressing common financial pitfalls faced by students, such as campus loans and illegal stock recommendations, using real-life case studies [4]. - The session included discussions on low-risk investment tools like government bond reverse repurchase agreements and mutual fund investments, with students actively engaging in Q&A sessions [4]. Group 3: Educational Approach - The event at East China Normal University emphasized "Financial Knowledge Popularization and Financial Literacy Development," tailored to the diverse academic backgrounds of students [5]. - The content covered personal credit maintenance, consumer rights protection, and the cultivation of rational investment principles, using simple language to build a comprehensive financial knowledge framework [5]. Group 4: Student Feedback and Impact - Students expressed that the events clarified practical financial concepts, with specific feedback highlighting the relevance of the information presented compared to textbook knowledge [7]. - The activities are part of the company's commitment to social responsibility and aim to foster a culture of rational investment among the younger generation [7].

申万宏源策略 【申万宏源策略】周度研究成果（20251229 - 20260104) 原创 阅读全文 ...

Core Viewpoint - The A-share market is expected to experience a "structural bull" in 2025, followed by a "comprehensive bull" in the second half of 2026, according to Shenyin Wanguo's chief analyst Fu Jingtai [1] Group 1: Market Phases - The A-share bull market follows a "two-stage" pattern, with structural bulls occurring in 2013 and 2016-2017, followed by comprehensive bulls in 2015 and 2020-2021 [1] - During the structural bull phase, institutional holdings and valuations of core sectors reach initial high points, leading to a qualitative change in profit accumulation [1] Group 2: Future Expectations - The comprehensive bull phase is anticipated to be driven by further upgrades in core industry trends, continuous expansion in improving fundamentals, and a positive cycle of incremental capital inflow [1] - The A-share market is expected to embrace global "competitive thinking," transitioning from "catching up" to "leading" in external circulation, which opens up transformation space for China's development [1] Group 3: Investment Focus - The leading themes for the 2026 bull market are expected to focus on three main directions: the AI industry trend extending from computing power to applications, breakthroughs in the robotics industry, and the revaluation of advanced manufacturing in energy storage and photovoltaics [1] - In the first half of 2026, cyclical and value sectors are likely to have relative advantages during market adjustments, with particular attention on excess returns in the basic chemicals and industrial metals sectors [1]

Group 1 - The article introduces the "Shenwan Hongyuan Research Elite Training Camp," aimed at nurturing industry talents and providing a platform for professional growth in the capital market [2][8]. - The training camp is open to global recruitment, free of charge, and does not limit applicants by major, emphasizing strong faculty support and practical research opportunities [2][8]. - The program aims to enhance participants' understanding of the capital market, offering a comprehensive curriculum that includes core methodologies, financial analysis, and report writing [10][11]. Group 2 - Shenwan Hongyuan Research, established in 1992, is a comprehensive securities research consulting institution in mainland China, focusing on providing investment research services to global institutions [3][6]. - The research team consists of over 300 professionals, covering more than 1,000 key listed companies both domestically and internationally, and offering insights across various investment strategies and economic sectors [6][8]. - The training camp includes practical workshops, career counseling, and opportunities to interact with industry leaders, aiming to prepare participants for internships and employment in top-tier institutions [13][14].

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 中信证券：人心思涨，预计开年市场震荡向上 从机构的赚钱效应来看，2025年在过去10年里能排到第三，过去20年里排到第六。在一个回头来看巨大 的结构性牛市当中，实际上市场既享受了预期差带来的"估值的钱"，也挣到了"业绩的钱"，预期差来自于 对中国自主科技能力的重估以及中美关系，而结构性的超预期业绩来自复杂贸易环境下外需的韧性以及AI 推理需求爆发，这些因素站在2025年初来看并不是那么理所应当会发生。增量流动性只是预期差和业绩 兑现过程中的结果，或者是用于后验的解释牛市形成的理由，投资者过于高估了增量资金对市场的影响。 增量资金入市不会是2026年市场上一个新台阶的主要因素。2026年最大的预期差来自于外需与内需的平 衡，对外"征税"、补贴内需应是大势所趋，今年是个重要的开端。站在开年，考虑到去年末的资金热度并 不算高，人心思涨的环境下开年后市场震荡向上的概率更高。 国泰海通：一年之计在于春 在市场持续反弹之际，中国股市有望跨越与站稳重要关口。海外流动性的宽松，叠加春节前结汇，有望推 动人民币的稳定与升值。以A500E ...

Group 1 - The core viewpoint is that 2026 will be a crucial year for China's economic work, marking the beginning of the "15th Five-Year Plan" and the transition to a period of solid foundation and comprehensive efforts [1] - Analysts from ten major securities firms provide insights on market trends, industry allocations, and major investment opportunities for 2026, aiming to clarify the investment landscape for investors [1] Group 2 - CITIC Securities predicts that A-share company profit growth will show a trend of low growth initially followed by a recovery [2] - The market is expected to be influenced by the US-China trade agreement and the US midterm elections, with three phases of market performance anticipated [4] - Key investment themes include global pricing power in manufacturing, the expansion of Chinese companies overseas, the continuation of the tech trend with AI, and the potential recovery of domestic demand [4] Group 3 - CICC highlights that the restructuring of international order and China's industrial innovation will support A-share performance, with a market trend of initial growth followed by stabilization [5] - Analysts suggest focusing on growth sectors such as AI applications, industries benefiting from external demand, and cyclical sectors nearing recovery [7] Group 4 - GF Securities indicates that the A-share market is likely to maintain a "slow bull" pattern, with corporate profit structures undergoing significant changes [8][10] - The expected nominal GDP growth for China in 2026 is projected to reach 6.45%, significantly higher than in 2025, supporting the overall improvement in corporate profits [21] Group 5 - Analysts from various firms suggest that the market will shift from valuation-driven to profit-driven dynamics, with traditional and emerging industries contributing to profit recovery [15][17] - The focus on new production capabilities and the impact of policies like "anti-involution" are expected to improve competition in traditional industries and boost domestic demand [17] Group 6 - Analysts predict that more industries will enter a profit recovery phase in 2026, with nominal economic recovery and price increases being the most evident trends [18][20] - UBS forecasts that A-share company profit growth could rise to 8% due to improved nominal GDP growth and the narrowing of PPI declines [32] Group 7 - Analysts recommend focusing on four main investment themes: technological self-reliance, consumer sector recovery, "anti-involution" related sectors, and the global competitiveness of Chinese companies [34] - The market is expected to maintain a balanced style between growth and value, with cyclical sectors likely to outperform defensive sectors as the economy recovers [34]