Core Viewpoint - Bank of America Securities predicts that 2026 will be a "Red Horse Year" for the Chinese base metals market, driven by favorable conditions for electrification and AI power infrastructure in 2023 due to factors such as a weak dollar and the US interest rate cut cycle [1] Group 1: Market Drivers - The supply of copper and aluminum remains tight [1] - Demand drivers for this year include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery production, a 41% increase in energy storage systems, and rising AI power demand [1] - The anti-involution policy is becoming more balanced, although recent enforcement has been weak [1] Group 2: Stock Recommendations - Preferred stocks include aluminum companies as alternative investments for AI power supply, with a forecasted price-to-earnings ratio between 8 to 10 times [1] - Positive outlook on gold, copper, lithium (including battery materials), and cobalt stocks; neutral view on coal; bearish on solar energy and construction materials (like steel) due to weak demand and declining steel profit margins [1] Group 3: Specific Stock Picks - Key stock picks include China Aluminum (601600) (02600), Zijin Mining (601899) (02899), China Hongqiao (01378), Shandong Gold (600547) (01787), and Ganfeng Lithium (002460) (01772) [1] - Underperforming stocks identified include Tongwei Co. (600438) (600438.SH), Xinyi Solar (00968), Ansteel (000898) (00347), and China Resources Cement (01313) [1]

Group 1 - The core viewpoint of the article is that 2026 is identified as the "Year of the Red Horse," which is favorable for the Chinese base metals market due to several key factors, including a weak US dollar and a US interest rate cut cycle benefiting metals [1] - Key demand drivers for this year include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery demand, a 41% increase in energy storage systems, and rising AI power demand [1] - Supply constraints for copper and aluminum are expected to continue, contributing to the overall market dynamics [1] Group 2 - The preferred investment stocks include aluminum companies, with a forecasted price-to-earnings ratio between 8 to 10 times, and a "buy" outlook on gold, copper, lithium (including battery materials), and cobalt stocks [1] - The company holds a neutral view on coal and a bearish outlook on solar energy and construction materials (such as steel) due to weak demand and declining steel profit margins [1] - Key stocks that are expected to underperform the market include Tongwei Co., Ltd. (600438.SH), Xinyi Solar (00968), Ansteel Group (00347), and China Resources Cement Technology (01313) [1]

相关报告：智研咨询发布的《2026-2032年中国太阳能电池行业竞争现状及投资决策建议报告》 根据中国海关数据显示：2025年11月中国太阳能电池出口数量为15.37亿个，同比增长106.3%，出口金 额为24.12亿美元，同比增长34.1%。 近一年中国太阳能电池出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

专题：2026全球与中国资本市场展望论坛 全国社保基金理事会原副理事长王忠民发表主旨演讲。王忠民指出，今天我们为什么要到太空去做计算 中心？因为那个地方不用我们大量的电力，太阳能就可以有效实现，那个地方可以发现太空的其它星球 当中的材料等等。那个地方在传输数据的时候，完全是一个新时代的ESG推动的AI的新的应用。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月15日，2026全球与中国资本市场展望论坛举行，大咖云集，共话AI时代财富新逻辑与资本市场未 来。 专题：2026全球与中国资本市场展望论坛 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月15日，2026全球与中国资本市场展望论坛举行，大咖云集，共话AI时代财富新逻辑与资本市场未 来。 全国社保基金理事会原副理事长王忠民发表主旨演讲。王忠民指出，今天我们为什么要到太空去做计算 中心？因为那个地方不用我们大量的电力，太阳能就可以有效实现，那个地方可以发现太空的其它星球 当中的材料等等。那个地方在传输数据的时候，完全是一个新时代的ESG推动的AI的新的应用。 新浪声明：此消息系转载自新浪合作媒体 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the food delivery and quick commerce sector in China, particularly regarding the investment strategies of major players like Alibaba, Guming, and Mixue [2][4]. Core Insights - **Shift to Organic Fundamentals**: The investment thesis for the China food delivery sector is increasingly based on organic growth fundamentals rather than external factors like delivery subsidies [2][2]. - **Alibaba's Investment Plans**: On January 8, Alibaba announced plans to increase investments in food delivery, exceeding market expectations, which positively impacted Guming's stock while negatively affecting Chagee [4][4]. - **Regulatory Developments**: The Chinese State Council is launching an investigation into food delivery platforms to ensure fair competition, with major companies like Meituan and JD.com pledging cooperation [4][4]. - **Same Store Sales Growth (SSSG)**: SSSG remained strong in Q4 2025, despite a reduction in overall subsidy scale, indicating resilience in consumer demand [4][4]. - **Product Innovation**: Guming demonstrated strong product innovation, launching new series that contributed to high SSSG levels, while Mixue is improving its product offerings [4][8]. Financial Metrics - **Mixue's Performance**: - Daily GMV per store increased from RMB 3.9k in 2024 to RMB 4.6k in 2025, an 18% YoY growth. - Delivery mix rose from 28% in 2024 to 40% in 2025, with expectations to normalize around 40% in 2026 [5][7]. - Average Selling Price (ASP) per cup slightly increased from RMB 6.4 to RMB 6.5, while Average Order Value (AOV) rose by 18% to RMB 13 [5][7]. - The number of items per order increased from 1.7 to 2.0, reflecting a richer product offering [7][7]. Expansion Plans - **Store Expansion**: - Mixue plans to expand its store count significantly, targeting 15,000 stores in ASEAN by 2029-2030, implying a CAGR of 25-32% [5][8]. - The estimated store count for Mixue is projected to grow from 52.7k in 2025 to 58.7k in 2026, with a focus on both domestic and international markets [6][6]. Competitive Landscape - **Market Dynamics**: The competitive landscape is evolving with brands like Guming and Mixue exploring new product categories such as coffee, bakery items, and snacks to enhance customer engagement and drive sales [4][8]. - **Delivery Order Mix**: The delivery order mix is expected to stabilize after the subsidy-driven spike, indicating a return to more sustainable growth patterns [7][7]. Conclusion - The food delivery sector in China is poised for growth driven by organic fundamentals, regulatory support, and innovative product offerings. Companies like Guming and Mixue are strategically positioning themselves for expansion both domestically and internationally, with a focus on enhancing customer experience through diverse product lines and improved service delivery.

Core Viewpoint - The company, Yunnan Zhenye, is responding to the rapid growth in demand for commercial satellites, particularly low-orbit communication satellites, which has significantly increased the need for space solar cells and, consequently, for gallium arsenide wafers [1] Group 1: Company Developments - The company plans to implement a "gallium arsenide wafer construction project for space solar cells" starting in March 2025, with a construction period of 18 months [1] - The project aims to increase production capacity from the existing base, targeting an annual output of 1.25 million gallium arsenide wafers by the end of 2025, and a total capacity of 2.5 million wafers upon full completion [1] - Currently, the project is progressing as scheduled, with plans to produce 866,700 solar cell gallium arsenide wafers in 2025, including 496,600 wafers in the first half of 2025 (combined for 4-6 inch wafers) [1] Group 2: Industry Trends - There is a notable growth trend in the global usage of solar gallium arsenide wafers, driven by the increasing demand for space solar cells due to the expansion of satellite networks [1]

Group 1 - The core viewpoint of the article highlights that germanium-based solar cells have advantages over silicon-based solar cells, including higher photoelectric conversion efficiency and stable performance [1] - Currently, germanium-based solar cells are primarily used in space vehicles, such as satellites [1]

Core Viewpoint - The company is enhancing its investment analysis to ensure the feasibility of power consumption and improve the value of green electricity through various strategies [1] Group 1: Investment Strategies - The company is conducting in-depth research on consumption conditions and analyzing node sections to ensure feasible consumption [1] - The company is proactively increasing energy storage to achieve stable output and enhance the value of green electricity [1] - The company is strengthening power marketing to lock in loads, thereby improving consumption and electricity prices [1] Group 2: Existing Power Plants - The company is currently undertaking energy storage renovation work on existing power plants in suitable areas to enhance consumption rates [1]

Core Viewpoint - The company is actively engaged in the solar energy sector, focusing on the research, development, production, and sales of photovoltaic cells and modules, with a notable efficiency achievement in perovskite-silicon tandem cells exceeding 30% [1] Group 1: Manufacturing Strategy - The company has established a photovoltaic cell and module manufacturing facility in Zhenjiang, participating independently in market competition [1] - The company is implementing a light-asset cost reduction operational strategy to enhance efficiency [1] - The company is strengthening research and development of perovskite-silicon tandem cells to tackle cutting-edge technologies and improve competitiveness [1] Group 2: Innovation and Digital Transformation - The company is pursuing digital transformation and innovation, leveraging a platform-based approach and highlighting existing intelligent operation and maintenance products [1] - The company aims to explore integrated solutions for specific scenarios through its innovative business initiatives [1]

Core Viewpoint - The company reported a significant increase in renewable energy subsidy funds received for its photovoltaic power generation projects in 2025, indicating strong growth in government support for the renewable energy sector [1] Summary by Categories Financial Performance - The company received a total of 3.318 billion yuan in renewable energy subsidy funds from January 1, 2025, to December 31, 2025, which represents a 142.90% increase compared to the same period last year [1] - Among the total subsidy funds, 3.152 billion yuan came from national renewable energy subsidies, marking a 155.64% increase year-on-year [1] Future Outlook - The company will continue to monitor the distribution of subsidy funds and actively cooperate with relevant work to ensure ongoing support for its projects [1]